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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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