Kite Realty Group Trust on Wednesday reported second-quarter financial results that topped Wall Street expectations.
Some portfolio managers believe the market is painting the retail sector with too broad a brush. Yes, they say, many malls will go under, as will many retailers. But developers focusing on high-end properties—a description that fits both Simon and Kite—should fare just fine.
Kite Realty Group Trust saw higher revenue and better-than-expected funds from operations in the first quarter, but profit slipped.
The Indianapolis-based real estate investment trust on Thursday posted revenue of $89.1 million in the period, up from $87.1 million last year.
Kite Realty Group Trust has built an admirable record of picking winning locations for its centers and keeping them vibrant with tens of millions of dollars in upgrades.
Kite Realty Group Trust lost money in the second quarter but beat analyst expectations when it came to revenue and funds from operations.
The Indianapolis-based company spent $2.8 million in the second quarter on a potential purchase it ultimately decided not to pursue.
Retail real estate firm WP Glimcher denied last week that it was in talks to merge with Indianapolis-bases Kite Realty Group Trust. Now its CEO is gone, and directors are reevaluating its portfolio.
Shares in WP Glimcher Inc. fell nearly 7 percent Monday after the Columbus-based retail landlord refuted reports it was involved in merger negotiations with Indianapolis-based Kite Realty Group Trust.
At least one industry analyst that follows Indianapolis-based Kite Realty said a union between the two companies wouldn’t make sense, given that most of Kite’s properties are strip centers and WP Glimcher’s are shopping malls.
Indianapolis-based Kite Realty Group Trust is in merger talks with fellow retail landlord WP Glimcher Inc., Reuters reported late Wednesday, citing people familiar with the matter.
Kite Realty Group Trust is planning to turn the retail center on the southwest corner of 116th Street and Rangeline Road in Carmel “inside out.”
Indianapolis-based Kite Realty Group Trust on Thursday reported funds from operations and revenue that beat the predictions of analysts.
The Indianapolis-based real estate company said it had funds from operations of $43.9 million in the period, slightly beating Wall Street expectations.
The Indianapolis-based real estate company earned first-quarter profit of $5.1 million and revenue of $86.8 million, which more than doubled from the same period last year.