Kite Realty Group Trust reported higher profit and revenue from a property portfolio that’s grown significantly from the same time last year.
The Indianapolis-based real estate company said late Thursday that it earned first-quarter profit of $5.1 million, or 6 cents per share, compared with $2.2 million, or 7 cents per share, in the year-ago period.
Kite saw funds from operations, or FFO, increase to $42.3 million, or 50 cents per share, compared with $17.5 million, or 51 cents per share, in the first quarter of 2013. FFO beat analyst expectations by 1 cent.
Kite’s reduction in FFO per share was driven by the sale of 15 properties that it unloaded in December and March.
FFO is a common measure of performance for real estate investment trusts.
Revenue more than doubled, to $86.8 million, in the first quarter, largely due to the addition of properties in the portfolio of Inland Diversified Real Estate Trust Inc., which Kite purchased last summer. Analysts had expected revenue of $85.9 million.
Occupancy in its portfolio was mostly flat. Kite, which owned interest in 117 properties totaling 23.3 million square feet as of March 31, said the properties were 95.1-percent leased, compared with 95.3 percent in the same period last year.
Kite executed 77 leases totaling 377,470 square feet during the first quarter.
Company shares closed at $26.20 each Thursday prior to the release of the earnings report, down 2.6 percent for the day.
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