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Kite reports quarterly profit, smaller annual loss

IBJ Staff
February 9, 2012
Keywords
Commercial Real Estate, Financial Results, Kite Realty Group, Real Estate & Retail, Real Estate Investment Trust
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Kite Realty Group Trust Inc. reported a profit in the fourth quarter, the first for the Indianapolis-based real estate investment trust in two years.

Kite earned $3.1 million compared with a loss of $1.2 million during the same period in 2010, the company said Wednesday evening. The gain primarily was due to $4.3 million earned from the sale of property Kite owned in a joint venture.

The company last reported a profit in February 2010, when it earned $600,000.

Revenue increased slightly, to $26.7 million, from $25.9 million in the fourth quarter of 2010. Kite attributed the gain to improved occupancy levels partially offset by a decline in construction activity and lower gains on land sales.

For the year, Kite narrowed its loss to $800,000, down from $8.6 million in 2010. Annual revenue was nearly flat at $101.9 million in 2011 compared to $101.4 million in 2010.  

Kite saw quarterly funds from operations, or FFO, of $8.6 million, or 12 cents per share, compared with $7.8 million, or 11 cents per share, in the 2010 period. FFO is a common measure of REIT performance.

FFO for 2011 was $31.8 million, or 44 cents per share, compared with $30.3 million, or 42 cents per share, the previous year.

The company, which owns interests in 54 retail properties totaling 8.4 million square feet, said the properties were 93.3-percent leased as of Dec. 31, compared with 92.2 percent at the end of 2010.

Kite shares were up slightly, by 4 cents, to $5.50 each in midday trading.

 

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  1. First, the Athenaeum is going to have to get past the hurdle with the Lockerbie residents and the agreement that the parcel would be residential. Second, and in my opinion, this prime piece of property should include parking, PLUS, a black box theater(s), some market rate and affordable artist housing and a plan to renovate and reconfigure the second story theater. I would negotiate to add the DeHaan property surface parking lot into the development mix, place a one story surface parking garage on the DeHaan lot on the street level (for the Dehaan tenants use during the daytime) and add a second story to the garage that would become an addition to the current second story theater and then change the direction of the theater by moving the stage across the alley and on top of the DeHaan lot parking. You can add all the stage elements that are currently missing from the Athenaeum stage to make it more attractive for use by Ballet, Opera and traveling productions. Plus, the theater changes would probably help solve some of the soundproofing issues. Alas,it does not seem to be a part of the strategic plan to conduct a study to determine best use of the property. Seems like the current plan is a quick and easy move that ignores the property best use/potential and any strategic property planning for the effect on future generations.

  2. I recall that MSA's pilings are still in the ground and hard to remove. It’s not likely any proposal will include significant underground construction/parking because of this. Start adding 2 floors of retail, 8 floors of parking and 5-10 floors of possible hotel, and/or 10-20 floors of residential, and you are at 30 floors already with possible expansion of all the uses. But then again I could be wrong.

  3. Accoriding to their website there is no deadline to the Do Not Call list. What is this article referring to??

  4. On what planet are they entitled to this largesse from the stockholders? These people make multi-million dollar salaries: Pay for your own personal travel.

  5. It matters because they're already paid enormously fat salaries: Pay for your own personal travel. Being "taxed on it" isn't a valid excuse--so what? They're still being gifted a raft of luxury perks from somebody else's money on top of an enormous, lavish salary.

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