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Kite Realty Group reports lower funds from operations

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Kite Realty Group Trust’s funds from operations in the second quarter fell to $7.5 million, or 11 cents per share, compared to $8.9 million, or 15 cents per share, for the second quarter of 2009, the Indianapolis-based developer said Wednesday.

Funds from operations, or FFO, is a common performance figure used by real estate investment trusts to define cash flow from their operations.

The company’s performance met the expectation of analysts.

Kite's loss of $4 million in the second quarter resulted from a $3.5 million non-cash depreciation charge related to the redevelopment of three properties, as well as decreased construction activity and lower profits on land and outlet sales.

Kite reported a profit of $300,000 in the year-ago period and a loss of $1.1 million in the previous quarter.

Second-quarter revenue fell nearly 21 percent, to $24.8 million.

“We are again pleased with the momentum of our leasing efforts during the quarter as we increased our retail leased percentage by 100 basis points and signed several new anchor tenant leases,” CEO John A. Kite said in a prepared statement. “We continue to look for select growth opportunities while maintaining our focus on liquidity and the balance sheet.”

Occupancy in its 51 retail centers was 91 percent, up slightly from 90 percent in the previous quarter.

Kite signed or renewed 39 leases in the second quarter totaling 216,200 square feet. The amount included 35,000 square feet from a new anchor lease for Nordstrom Rack to replace an Office Depot at Rivers Edge in Indianapolis.

Rental rates for the 16 lease renewals were 0.4 percent below previous rents.

Company shares closed Wednesday at $4.98 each, after reaching $5.97 in late April.
 

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  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

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  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

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