Kite Realty Group Trust took a loss in the first quarter but still topped Wall Street expectations with the rest of its financial results.
The Indianapolis-based real estate investment trust on Wednesday reported a loss of $17.9 million, or 21 cents per share, in the period, compared with a gain of $437,000 in the first period a year ago.
Kite reported higher-than-expected funds from operations of $42.5 million, or 51 cents per share, in the quarter. Funds from operations, or FFO, is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 49 cents per share.
The company reported revenue of $89.8 million in the period, down from $90.1 million a year ago. Five analysts surveyed by Zacks expected $88.5 million.
Kite Realty Group maintained its guidance for full-year FFO in the range of $1.98 to $2.04 per share.
Kite shares rose 1.5 percent Thursday morning, to $14.39 each.