Kite Realty Group: 2Q Earnings Snapshot
INDIANAPOLIS (AP) _ Kite Realty Group Trust (KRG) on Monday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $36.7 million, or 43 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 43 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 $1.8 million, or 2 cents per share.
The real estate investment trust posted revenue of $81.5 million in the period, which beat Street forecasts. Four analysts surveyed by Zacks expected $80.9 million.
Kite Realty Group expects full-year funds from operations in the range of $1.66 to $1.76 per share.
The company’s shares have climbed slightly more than 6% since the beginning of the year. In the final minutes of trading on Monday, shares hit $14.98, a decrease of 12% in the last 12 months.