Kite Realty Group Trust on Thursday reported first-quarter results that topped Wall Street expectations
The real estate investment trust, based in Indianapolis, said it had funds from operations of $44.1 million, or 52 cents per share, in the period, up from $41.3 million, or 50 cents per share, a year ago.
The FFO number exceeded the average estimate of eight analysts surveyed by Zacks Investment Research of 50 cents per share. FFO is a closely watched measure in the REIT industry that takes profit and adds back items such as depreciation and amortization.
Kite posted revenue of $88.6 million in the quarter, which also topped forecasts. Five analysts surveyed by Zacks expected revenue of $87.2 million. Revenue in the same quarter a year ago was $86.8.
Profit for the period was $1.4 million, or 2 cents per share, down from $5.1 million, or 6 cents per share, in the same quarter of 2015.
Kite said it expects full-year funds from operations in the range of $2.02 to $2.08 per share.
Shares in Kite closed at $24.47 Thursday, up nearly 6 percent since the beginning of the year.