Kite Realty Group: 2Q Earnings Snapshot
INDIANAPOLIS (AP) _ Kite Realty Group Trust (KRG) on Wednesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $44.6 million, or 53 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 50 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 $1.4 million, or 2 cents per share.
The real estate investment trust posted revenue of $91.7 million in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $88.2 million.
Kite Realty Group expects full-year funds from operations to be $1.98 to $2.01 per share.
The company’s shares have declined 13 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $17.02, a drop of 18 percent in the last 12 months.