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Kite Realty improves third-quarter results

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Indianapolis-based Kite Realty Group Trust improved its financial performance in the third quarter, reporting funds from operations of $7.8 million, up from $2.8 million in the same period last year despite a slight dip in revenue.

Funds from operations, or FFO, is a common performance measure used by real estate investment trusts.

Kite’s results of 11 cents per share met analysts’ expectations.

Total revenue for the quarter ended Sept. 30 was $25.2 million, down from $25.7 million a year ago, the developer said Wednesday, attributing the decline to lower construction activity during the quarter.

The company had a net loss of $2.4 million for the third quarter of 2010, an improvement from the $3.4 million loss reported in the prior-year period, when Kite took a $5.4 million charge to write off the value of a Dallas strip center.

CEO John A. Kite said the company’s leasing activity also is picking up. Occupancy in its 51 retail centers was 92 percent, up from 91 percent in the previous quarter.

“These strong leasing efforts will be reflected in improved revenue generation in future quarters,” Kite said in a prepared statement.

Kite signed or renewed 42 leases in the third quarter totaling 349,200 square feet—including the Container Store and BuyBuy Baby, which signed on to join Nordstrom Rack as part of the redevelopment of Rivers Edge shopping center in Indianapolis.

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