Kite Realty Group: 4Q Earnings Snapshot
INDIANAPOLIS (AP) _ Kite Realty Group Trust (KRG) on Tuesday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Indianapolis, said it had funds from operations of $39.9 million, or 48 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 47 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 a loss of $31.2 million, or 37 cents per share.
The real estate investment trust posted revenue of $86.9 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $86.1 million.
For the year, the company reported funds from operations of $167.1 million, or $2 per share. Revenue was reported as $354.2 million.
Kite Realty Group expects full-year funds from operations to be $1.66 to $1.76 per share.
The company’s shares have risen 20 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $16.93, an increase of slightly more than 9 percent in the last 12 months.