Kite Realty Group Trust (KRG) Misses Q3 EPS by 23c

Kite Realty Group Trust (NYSE: KRG) reported Q3 EPS of ($0.24), $0.23 worse than the analyst estimate of ($0.01).

“As previously announced, we have completed our Project Focus disposition program. We now have a top-tier balance sheet to complement a high-quality portfolio concentrated in the southern U.S.,” said John A. Kite, Chairman and CEO. “Additionally, our operations team continued to deliver strong results, leasing another 562,000 square feet this quarter and raising our portfolio leased rate to 95.4%. We look forward to a strong finish in 2019 and continued momentum into 2020.”

• Realized net loss attributable to common shareholders of $19.7 million, or $0.24 per common share, for the third quarter and $15.8 million, or $0.19 per common share, for the nine months ending September 30, 2019.
• Generated Funds from Operations of the Operating Partnership as adjusted (FFO) of $33.3 million, or $0.39 per diluted common share, for the third quarter and $108.3 million, or $1.26 per diluted common share, for the nine months ending September 30, 2019.
• Increased Same-Property Net Operating Income (NOI) by 2.3%. Year-to-date Same-Property NOI grew by 2.0%.

For earnings history and earnings-related data on Kite Realty Group Trust (KRG) click here.

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