Indianapolis-based Kite Realty Group Trust on Friday reported a wider first-quarter loss than a year ago thanks to declining revenue and a big dividend payment to preferred shareholders.
The real estate investment trust reported a first-quarter loss of $2.2 million for the period ended March 31, compared to a $1.1 million loss reported during the same period last year.
The company said the wider loss stems from a $1.4 million dividend payment on preferred shares issued in late 2010.
Revenue was $24.4 million, down from $25.6 million for the same period in 2010. The company blamed the drop on a $1.9 million decline in construction volume and reduced gains on land sales.
Funds from operation, or FFO, was $6.9 million, or 10 cents per diluted share, which compares to $7.1 million, or 10 cents per diluted share, during the same period last year. FFO is a common performance measure used by real estate investment trusts.
The company reaffirmed its FFO guidance for the year of 40 cents to 45 cents per diluted share, which is in line with analyst expectations.
Kite said it executed a combined 33 new and renewal leases totaling about 183,000 square feet during the recent quarter.
Kites shares rose 7 cents in early-morning trading, to $5.02 each.