Kite Realty Group Trust Inc. reported a profit in the fourth quarter, the first for the Indianapolis-based real estate investment trust in two years.
Kite earned $3.1 million compared with a loss of $1.2 million during the same period in 2010, the company said Wednesday evening. The gain primarily was due to $4.3 million earned from the sale of property Kite owned in a joint venture.
The company last reported a profit in February 2010, when it earned $600,000.
Revenue increased slightly, to $26.7 million, from $25.9 million in the fourth quarter of 2010. Kite attributed the gain to improved occupancy levels partially offset by a decline in construction activity and lower gains on land sales.
For the year, Kite narrowed its loss to $800,000, down from $8.6 million in 2010. Annual revenue was nearly flat at $101.9 million in 2011 compared to $101.4 million in 2010.
Kite saw quarterly funds from operations, or FFO, of $8.6 million, or 12 cents per share, compared with $7.8 million, or 11 cents per share, in the 2010 period. FFO is a common measure of REIT performance.
FFO for 2011 was $31.8 million, or 44 cents per share, compared with $30.3 million, or 42 cents per share, the previous year.
The company, which owns interests in 54 retail properties totaling 8.4 million square feet, said the properties were 93.3-percent leased as of Dec. 31, compared with 92.2 percent at the end of 2010.
Kite shares were up slightly, by 4 cents, to $5.50 each in midday trading.