Kite Realty beats analyst expectations with 4Q performance

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.

Please enable JavaScript to view this content.

Editor's note: IBJ is now using a new comment system. Your Disqus account will no longer work on the IBJ site. Instead, you can leave a comment on stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Past comments are not currently showing up on stories, but they will be added in the coming weeks. Please note our updated comment policy that will govern how comments are moderated.

{{ articles_remaining }}
Free {{ article_text }} Remaining
{{ articles_remaining }}
Free {{ article_text }} Remaining Article limit resets in {{ count_down }} days.