Kite Realty Group: 3Q Earnings Snapshot
INDIANAPOLIS (AP) _ Kite Realty Group Trust (KRG) on Tuesday reported a key measure of profitability in its third quarter. The results met Wall Street expectations.
The real estate investment trust, based in Indianapolis, said it had funds from operations of $33.3 million, or 39 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 39 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 $19.7 million, or 24 cents per share.
The real estate investment trust posted revenue of $74.9 million in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $77.7 million.
Kite Realty Group expects full-year funds from operations in the range of $1.63 to $1.67 per share.
The company’s shares have increased 29% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $18.16, an increase of 13% in the last 12 months.