Indianapolis-based Kite Realty Group Trust on Tuesday reported quarterly financial results that surpassed Wall Street expectations.
The real estate company said its funds from operations in the fourth quarter were $34.7 million, or 40 cents per share, down from $40.9 million, or 48 cents per share, during the same period a year earlier. The results topped the average estimate of seven analysts surveyed by Zacks Investment Research, who predicted FFO of 39 cents per share.
FFO is a closely watched measure in the real estate investment trust industry. It takes net income and adds back items such as depreciation and amortization.
Kite said it had a fourth-quarter profit of $15.3 million, or 18 cents per share, as compared with a loss of $31.2 million, or 37 cents per share, during the fourth quarter of 2018.
The company posted revenue of $75.3 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected revenue of $73.1 million.
For the year, the company reported FFO of $143 million, or $1.66 per share, as compared with $171.2 million, or $2 per share, in 2018. Revenue was reported as $315.2 million, compared with $354.2 million in 2018.
Kite said it expects full-year funds from operations in the range of $1.48 to $1.52 per share and profit in the range of 13 cents to 17 cents per share.
Shares of the company were trading at $17.35 Wednesday, down 3.6% from Tuesday’s close. The company’s share price has decreased roughly 8% since the beginning of the year.
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