Kite Realty flies past predictions with quarterly results

April 26, 2017

Kite 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.



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