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Kite reports narrower loss on higher revenue, occupancy

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Kite Realty Group Trust Inc. saw a narrower loss in its third quarter compared to one year ago, along with higher revenue and occupancy rates at its retail properties, the Indianapolis-based real estate investment trust announced Wednesday evening.

Kite lost $600,000 in the third quarter of 2011, compared to a net loss of $2.4 million during the same period in 2010. The smaller loss was due in large part to a $1.9 million reduction in depreciation and amortization expense.

Total revenue for the third quarter was $25.5 million compared to $25.3 million during the same period in 2010. The company attributed the increase in revenue to an improvement in occupancy levels and new property acquisitions, gains that were partially offset by a decline in construction volumes and lower gains on land sales.  

Kite saw funds from operations, or FFO, of $7.9 million, or 11 cents per share, compared to $7.8 million, or 11 cents per share, in the prior year. FFO is a common measure of REIT performance.

The company, which owns interests in 53 retail properties totaling 8.1 million square feet, said the properties were 93.1-percent leased as of Sept. 30, compared to 93 percent as of the end of the second quarter.

During the third quarter, Kite executed 47 new and renewed leases totaling nearly 202,100 square feet. 

In its report, Kite noted the opening of Nordstrom Rack and The Container Store at its renovated Rivers Edge shopping center at 82nd Street and Dean Road. A BuyBuy Baby store is slated to open at the end of November at the center, which is now 100-percent leased.

The company said it has no remaining 2011 debt maturities.

Kite shares closed at $4.04 apiece on Wednesday, up 9 cents.

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  1. Now if he'd just stay there...

  2. Daniel - what about the many US citizens who do NOT follow what the Bible teaches? The Hindus, Jews, Muslims and others who are all American citizens entitled to all rights as Americans?? This issue has NOTHING to do with "What the Bible says..." Keep all Churches separate from State! Pence's ongoing idiocy continues to make Indiana look like a backwards, homophobic state in the eyes of our nation. Can't we move on to bigger issues - like educating our kids?

  3. 1. IBJ should link to the referenced report. We are in the age of electronic media...not sharing information is lazy. Here is a link http://www.in.gov/gov/files/Blue_Ribbon_Panel_Report_July_9_2014.pdf 2. The article should provide more clarity about the make-up of this panel. The commenters are making this item out to be partisan, it does not appear the panel is partisan. Here is a list of the panel which appears to be balanced with different SME to add different perspectives http://www.in.gov/activecalendar/EventList.aspx?view=EventDetails&eventidn=138116?formation_id=189603 3. It suggests a by-pass, I do not see where this report suggests another "loop". 4. Henry, based on your kneejerk reaction, we would be better off if you moved to another state unless your post was meant as sarcasm in which case I say Well Done. 5. The article and report actually indicates need to improve rail and port infrastructure in direct contradiction to Shayla commentary. Specifically, recommendation is to consider passenger rail projects... 6. People have a voice with their elected officials. These are suggestions and do not represent "crony capitalism", etc. The report needs to be analyzed and the legislature can decide on priorities and spending. Don't like it, then vote in a new legislature but quit artificially creating issues where there are none! People need to sift through the politics and provide constructive criticism to the process rather than making uninformed comments in a public forum based on misinformation. IBJ should work harder to correct the record in these forums when blatant errors or misrepresentations are made.

  4. Joe ... Marriage is defined in the Bible ... it is mentioned in the Bible often. Marriage is not mentioned once in the US or Indiana Constitution ...

  5. Daniel - Educate me please: what does the Bible have to do with laws? If the government wasn't in the business of marriage to begin with, then it wouldn't have to "define" marriage at all. Marriage could be left as a personal, religious, or otherwise unregulated action, with no ties to taxes, legal status, etc. Then people could marry whomever they want, and all this silliness would go away. Remember to vote Libertarian in November.

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