Kite reports larger quarterly loss, higher revenue

  • Comments
  • Print

Kite Realty Group Trust Inc.'s loss more than doubled in the second quarter as a slight increase in revenue was offset by $1.8 million in interest and depreciation expenses on some of its properties.
    
The Indianapolis-based real estate investment trust said Thursday that it lost $2.7 million, compared with a loss of $1.1 million in the year-ago period.

Kite saw quarterly funds from operations, or FFO, fall to $8 million, or 11 cents per share, compared with $8.4 million, or 12 cents per share, in the second quarter of 2011. FFO is a common measure of REIT performance.

Revenue for the quarter grew 3.1 percent, to $25.1 million.

The company, which owns interests in 58 retail properties totaling 8.7 million square feet, said the properties were 93-percent leased as of June 30, compared with 93.4 percent as of June 30, 2011.

Kite reported its results after the market closed Thursday. Its shares rose 15 cents, or 3 percent, in morning trading Friday, to $5.08 each.
 

Please enable JavaScript to view this content.

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In