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Kite Realty Group Trust Reports Third Quarter 2013 Results

Stocks in this article: KRG

Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today its operating results for the three and nine months ended September 30, 2013.

John A. Kite, Kite Realty Group’s Chairman and Chief Executive Officer, said "We continued to successfully execute on our strategic plan in the third quarter as demonstrated by our solid operating results and balance sheet management. Our 18% FFO per share increase was driven by strong growth in revenue and same property NOI, up 28% and 4.9%, respectively. We significantly increased our flexibility by expanding the borrowing capacity on our unsecured term loan, freeing up availability under our line of credit, while reducing our borrowing costs and further staggering our debt maturities. Our six current development and redevelopment projects are approximately 80% pre-leased with strong tenant lineups and have begun to deliver solid results which will drive our growth into next year.”

Financial Results

  • Funds from Operations, was $0.14 per diluted common share for the third quarter of 2013. As adjusted for certain items, FFO was $0.13 per diluted common share.
  • Revenue from recurring property operations increased 28% in the third quarter over the same period of the prior year.

Funds from Operations For the three months ended September 30, 2013, funds from operations (“FFO”) was $14.0 million, or $0.14 per diluted common share for the Kite Portfolio, compared to $7.9 million, or $0.11 per diluted common share in the same period of the prior year. As adjusted for certain items, FFO for the three months ended September 30, 2013 was $13.1 million, or $0.13 per diluted common share for the Kite Portfolio, compared to $7.9 million, or $0.11 per diluted common share, in the same period of the prior year.

For the nine months ended September 30, 2013, FFO was $35.5 million, or $0.38 per diluted common share for the Kite Portfolio, compared to $22.0 million, or $0.31 per diluted common share in the same period of the prior year. As adjusted for certain items, FFO for the nine months ended September 30, 2013 was $34.8 million, or $0.37 per diluted common share for the Kite Portfolio, compared to $23.8 million, or $0.33 per diluted common share, in the same period of the prior year.

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