Kite Realty Group Trust on Wednesday reported second-quarter financial results that topped Wall Street expectations.
The real estate investment trust, based in Indianapolis, said it had funds from operations of $45.1 million, or 54 cents per share, in the period, up from $40.6 million, or 49 cents per share, in the same quarter of 2016.
The results topped the average estimate of seven analysts surveyed by Zacks Investment Research for FFO of 51 cents per share.
FFO is a closely watched financial performance measure in the REIT industry. It takes earnings and adds back items such as depreciation and amortization.
The company reported a profit of $10.2 million, or 12 cents per share, after losing $1.9 million, or 2 cents per share, in last year’s second quarter.
Kite posted revenue of $92.6 million in the period compared with $87.6 million a year ago. The revenue topped analyst predictions of $88.2 million.
The company said its overall real estate portfolio, which consists mostly of retail properties, was 94.6 percent leased in the quarter, and its small-shop lease percentage rose to a new high of 89.2 percent.
“We are now halfway through 2017, and we continue to excel from an operational perspective,” said CEO John Kite in written comments. “During the second quarter, we maintained our leasing momentum and further progressed in our efforts to diversify our tenant base."
Kite said it expects full-year FFO of $2.01 to $2.05 per share.
Shares in Kite closed at $20.22 each, down 14 percent this year.