IBJNews

Kite Realty Trust reports wider first-quarter loss

Back to TopCommentsE-mailPrintBookmark and Share

Indianapolis-based Kite Realty Group Trust on Friday reported a wider first-quarter loss than a year ago thanks to declining revenue and a big dividend payment to preferred shareholders.

The real estate investment trust reported a first-quarter loss of $2.2 million for the period ended March 31, compared to a $1.1 million loss reported during the same period last year.

The company said the wider loss stems from a $1.4 million dividend payment on preferred shares issued in late 2010.

Revenue was $24.4 million, down from $25.6 million for the same period in 2010. The company blamed the drop on a $1.9 million decline in construction volume and reduced gains on land sales.

Funds from operation, or FFO, was $6.9 million, or 10 cents per diluted share, which compares to $7.1 million, or 10 cents per diluted share, during the same period last year. FFO is a common performance measure used by real estate investment trusts.

The company reaffirmed its FFO guidance for the year of 40 cents to 45 cents per diluted share, which is in line with analyst expectations.

Kite said it executed a combined 33 new and renewal leases totaling about 183,000 square feet during the recent quarter.

Kites shares rose 7 cents in early-morning trading, to $5.02 each.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
ADVERTISEMENT