Kite Realty results meet, beat expectations

Kite Realty Group Trust on Thursday reported quarterly results that met or exceeded the expectations of Wall Street analysts.

The real estate investment trust, based in Indianapolis, said it had funds from operations of $42.4 million, or 50 cents per share, in the fourth quarter ended Dec. 31. That compared to $42.9 million, or 50 cents per share, in the same period of 2014.

FFO is a key measure of profitability in its fourth quarter used by REITs. It takes profit and adds back items such as depreciation and amortization.

The FFO results matched the average estimate of eight analysts surveyed by Zacks Investment Research.

The company reported higher-than-expected revenue of $89.3 million in the period, up from $87.4 million in 2014. Four analysts surveyed by Zacks expected $86.5 million.

Quarterly profit was $5.4 million, or 6 cents per share, up from $5.1 million, or 6 cents per share, in the year-ago period.

For the year, the company reported funds from operations of $170.2 million, or $2 per share. Revenue was reported as $347 million.

Kite Realty Group expects full-year FFO in the range of $2.02 to $2.08 per share.

The company's shares have risen nearly 5 percent since the beginning of the year, but are down 10 percent over the last 12 months. They closed Thursday at $27.21 each.