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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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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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