Kite Realty Group: 3Q Earnings Snapshot
INDIANAPOLIS (AP) _ Kite Realty Group Trust (KRG) on Wednesday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Indianapolis, said it had funds from operations of $40.1 million, or 48 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 48 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $3.9 million, or 5 cents per share.
The real estate investment trust posted revenue of $85.7 million in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $86.7 million.
Kite Realty Group expects full-year funds from operations in the range of $1.98 to $2.01 per share.
The company’s shares have declined 19 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $15.94, a decrease of 15 percent in the last 12 months.