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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowKite 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.
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