Kite Realty Group Trust late yesterday reported $11.6 million in funds from operations in the second quarter, down slightly from a year earlier.
The Indianapolis-based real estate investment trust, which focuses on neighborhood shopping centers, scaled back guidance for its funds from operations for the year, citing higher interest rates and sluggish market conditions.
Stifel Nicolaus this morning downgraded the stock to "Hold" from "Buy." As recently as June 17 the investment firm had changed its recommendation from "Hold" to "Buy."
Kite shares late this morning were trading at $12.26, down 76 cents, or 5.8 percent, on the day.