Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowKite Realty Group Trust on Thursday reported fourth quarter results that fell slightly short of Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations, or FFO, of $42.9 million, or 50 cents per share, in the period. FFO is a closely watched performance measure in the REIT industry.
The results just missed the average estimate of eight analysts surveyed by Zacks Investment Research, who predicted FFO of 51 cents per share in the quarter. Kite's FFO was $42.4 million, or 50 cents per share, in the same quarter of 2015.
The company said it turned a profit of $3.4 million, or 4 cents per share, in the quarter, down from $11.3 million, or 6 cents per share, in the year-ago period.
Kite posted revenue of $88.9 million in the period, also barely missing Street forecasts. Five analysts surveyed by Zacks expected $89 million. Revenue was $89.3 million in the fourth quarter of 2015.
For the year, the company reported FFO of $175.8 million, or $2.06 per share. Revenue was reported as $354.1 million.
Kite said it expects full-year funds from operations to be $2 to $2.06 per share.
The company's shares closed Thursday at $23.94 each prior to the eraning announcement. Shares are up 2 percent since the beginning of the year, but down 10 percent over the last 12 months.
Please enable JavaScript to view this content.