Kite Realty sees decline in quarterly results

February 16, 2011

Indianapolis-based Kite Realty Group Trust on Wednesday reported a fourth-quarter loss on declining revenue.

The real estate investment trust lost $1.2 million during the quarter ended Dec. 31, compared to a profit of $600,000 in the same quarter of 2009.

Revenue was $25.9 million in the recent quarter, down from $29.3 million in the year-ago period.

Funds from operations, or FFO, was $7.8 million, or 11 cents per share, in the fourth quarter, compared to $8.7 million, or 12 cents per share, in the prior year.

FFO is a common performance measure used by real estate investment trusts.

In full-year results, Kite reported FFO of $30.3 million, or 42 cents per share, in 2010 compared to $28.7 million, or 48 cents per share, for 2009.

Company revenue decreased from $115.3 million in 2009 to $101.4 million in 2010. The company lost $8.6 million last year compared to a loss of $1.8 million the year before.


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