Kite Realty Group Trust lost money in the second quarter but topped analyst expectations when it came to revenue and funds from operations.
The Indianapolis-based real estate investment trust on Thursday reported funds from operations, or FFO, of $44.2 million, or 52 cents per share, in the period. That compared with $41.6 million, or 49 cents per share in the second quarter of 2015.
Kite exceeded the average FFO estimate of nine analysts surveyed by Zacks Investment Research by a penny per share.
FFO is a closely watched performance measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
Kite had a loss of $1.9 million, or 2 cents per share, down from a profit of $4.6 million, or 6 cents per share, a year ago.
Kite said the decrease was primarily attributable to a $4.5 million settlement gain in the second quarter of 2015 and terminated transaction costs of $2.8 million in the second quarter of 2016.
The firm posted revenue of $87.6 million in the period, which also topped Wall Street forecasts. Five analysts surveyed by Zacks expected $87.4 million. Revenue was $83.7 million in the year-ago quarter.
Kite shares fell 14 cents, to $30.14 each, Friday morning. They are up 17 percent since the beginning of the year.