Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowKite Realty Group Trust reported financial results for the first quarter that topped analyst predictions.
The Indianapolis-based real estate investment trust said it had funds from operations of $42.9 million, or 51 cents per share, in the period.
That topped the average FFO estimate of seven analysts surveyed by Zacks Investment Research of 50 cents per share.
FFO is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had profit of $5,000, or less than 1 cent on a per-share basis, down from $1.4 million, or 2 cents per share, in the same quarter of 2016.
The real estate investment trust posted revenue of $90.1 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $88.8 million. Revenue was $88.6 million a year ago.
Kite Realty Group said it expects full-year funds from operations to be $2 to $2.06 per share.
The company's shares closed at $21.15 each Wednesday, down almost 10 percent since the beginning of the year and 23 percent in the last 12 months.
Please enable JavaScript to view this content.
