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Kite sees smaller loss, more revenue in 2nd quarter

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Kite Realty Group Trust saw a smaller loss and higher revenue in the second quarter compared to the same quarter a year ago, the Indianapolis-based real estate investment trust announced late Thursday.

Kite lost $1.1 million for the second quarter of 2011 compared to a net loss in the prior year of $4 million.

Total revenue for the second quarter was $25.3 million, an increase from $24.8 million for the same period in 2010. This increase was attributed to an improvement in revenue from property operations.

Kite saw funds from operations, or FFO,  of $8.4 million, or 12 cents per share, compared to $7.5 million, or 11 cents per share in the prior year. FFO is  common measure of REIT performance.

The company, which owns interests in 53 retail properties totaling about 8 million square feet, said the properties were 93-percent leased as of June 30, compared to 92.3 percent as of the end of the prior quarter.

During the second quarter, Kite executed 40 new and renewed leases totaling nearly 281,200 square feet
 

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