Kite Realty reports quarterly profit, annual loss

Back to TopCommentsE-mailPrintBookmark and Share

Kite Realty Group Trust on Wednesday reported a profit of $600,000 for the quarter ended Dec. 31, opposed to a loss of $4.4 million during the same period in 2008.

The Indianapolis-based developer’s fourth-quarter performance met the expectations of analysts, who estimated earnings at 12 cents per share.

Kite said funds from operations fell to $8.7 million, or 12 cents per share, compared to $10 million, or 24 cents per share, for the fourth quarter in 2008. Funds from operations, or FFO, is a common performance figure used by real estate investment trusts to define the cash flow from their operations.

The company’s revenue in the last quarter fell 42 percent, to $29.3 million, reflecting a decline in construction activity, the company said.

For the entire year, FFO dropped to $28.7 million, or 48 cents per share, compared with $45.1 million, or $1.17 per share, for 2008. Adjusted FFO in 2009, which excludes costs for an impairment, was 57 cents per share.

Kite lost $1.8 million in 2009, compared with a profit of $6.1 million the previous year. The company attributed the loss to the share of a $4.4 million write-off in connection with the bankruptcy of Circuit City, and its share of a $2.7 million loss from the sale of a property.

Revenue for the year fell 23 percent, to $142.1 million.

In 2009, Kite renewed or signed 114 leases, totaling about 673,000 square feet.

“We reorganized, refocused and strengthened our leasing department, which resulted in one of the highest levels of annual leasing production in our history,” company CEO John A. Kite said in a prepared statement. “Despite the market setbacks in 2009 and the industry challenges in 2010, we believe we are well-positioned to take advantage of the changes in the real estate market cycle.”

Kite owns 51 retail properties with about 8.4 million total square feet of space, and four commercial properties that add another 500,000 square feet.


Post a comment to this story

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

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
Subscribe to IBJ
  1. I never thought I'd see the day when a Republican Mayor would lead the charge in attempting to raise every tax we have to pay. Now it's income taxes and property taxes that Ballard wants to increase. And to pay for a pre-K program? Many studies have shown that pre-K offer no long-term educational benefits whatsoever. And Ballard is pitching it as a way of fighting crime? Who is he kidding? It's about government provided day care. It's a shame that we elected a Republican who has turned out to be a huge big spending, big taxing, big borrowing liberal Democrat.

  2. Why do we blame the unions? They did not create the 11 different school districts that are the root of the problem.

  3. I was just watching an AOW race from cleveland in 1997...in addition to the 65K for the race, there were more people in boats watching that race from the lake than were IndyCar fans watching the 2014 IndyCar season finale in the Fontana grandstands. Just sayin...That's some resurgence modern IndyCar has going. Almost profitable, nobody in the grandstands and TV ratings dropping 61% at some tracks in the series. Business model..."CRAZY" as said by a NASCAR track general manager. Yup, this thing is purring like a cat! Sponsors...send them your cash, pronto!!! LOL, not a chance.

  4. I'm sure Indiana is paradise for the wealthy and affluent, but what about the rest of us? Over the last 40 years, conservatives and the business elite have run this country (and state)into the ground. The pendulum will swing back as more moderate voters get tired of Reaganomics and regressive social policies. Add to that the wave of minority voters coming up in the next 10 to 15 years and things will get better. unfortunately we have to suffer through 10 more years of gerrymandered districts and dispropionate representation.

  5. Funny thing....rich people telling poor people how bad the other rich people are wanting to cut benefits/school etc and that they should vote for those rich people that just did it. Just saying..............