Kite reports larger quarterly loss, higher revenue

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Kite Realty Group Trust Inc.'s loss more than doubled in the second quarter as a slight increase in revenue was offset by $1.8 million in interest and depreciation expenses on some of its properties.
The Indianapolis-based real estate investment trust said Thursday that it lost $2.7 million, compared with a loss of $1.1 million in the year-ago period.

Kite saw quarterly funds from operations, or FFO, fall to $8 million, or 11 cents per share, compared with $8.4 million, or 12 cents per share, in the second quarter of 2011. FFO is a common measure of REIT performance.

Revenue for the quarter grew 3.1 percent, to $25.1 million.

The company, which owns interests in 58 retail properties totaling 8.7 million square feet, said the properties were 93-percent leased as of June 30, compared with 93.4 percent as of June 30, 2011.

Kite reported its results after the market closed Thursday. Its shares rose 15 cents, or 3 percent, in morning trading Friday, to $5.08 each.


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