This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kite Realty Group Trust Reports Fourth Quarter And Full Year 2013 Results

Kite Realty Group Trust (NYSE:KRG) (the “Company”) announced today operating results for the fourth quarter and full year ended December 31, 2013. Financial statements and exhibits attached to this release include results for the three and twelve months ended December 31, 2013 and 2012.

John A. Kite, Kite Realty Group’s Chairman and Chief Executive Officer, said "Our team successfully completed and integrated the acquisition of a $304 million unencumbered portfolio of high-quality retail properties during the quarter, enabling us to expand our presence in our core markets and de-lever our balance sheet. We are eager to begin adding value to these assets through our intense redevelopment and asset management programs. In addition, we delivered two very strong 90% leased development projects to the operating portfolio and expect to deliver another in the first quarter. Our overall operating portfolio also continues to perform very well as we ended the year at 95.3% leased, achieved very solid increases in our cash rent spreads, and grew our same property net operating income by a strong 4.9%. We are looking forward to capitalizing on this solid performance in 2014."

Financial Results

  • Funds From Operations (FFO), was $12.1 million, or $0.10 per diluted common share, for the fourth quarter of 2013, compared to $8.5 million, or $0.10 per diluted common share, for the same period in 2012. As adjusted for certain items, FFO was $13.8 million, or $0.11 per diluted common share, for the fourth quarter of 2013, compared to $8.2 million, or $0.10 per diluted common share, for the fourth quarter of 2012.
  • FFO was $47.6 million, or $0.47 per diluted common share, for the year ended December 31, 2013, compared to $30.5 million, or $0.41 per diluted common share, in 2012. As adjusted for certain items, FFO was $0.48 per diluted common share for the year ended December 31, 2013, compared to $0.43 per diluted common share, in 2012, representing a strong 11.6% growth year over year.
  • Revenue from recurring property operations increased 39% in the fourth quarter of 2013 over the fourth quarter of 2012 and 28% for the year ended December 31, 2013 compared to the year ended December 31, 2012.

For the three months ended December 31, 2013, FFO was $12.1 million, or $0.10 per diluted common share for Kite Realty Group, L.P.’s real estate properties in which the Company owns an interest (to which we refer as “Kite Portfolio”), compared to $8.5 million, or $0.10 per diluted common share, for the same period in the prior year. As adjusted for certain items, FFO for the three months ended December 31, 2013 was $13.8 million, or $0.11 per diluted common share for the Kite Portfolio, compared to $8.2 million, or $0.10 per diluted common share, for the same period in the prior year. FFO per diluted common share in 2013 reflects the Company’s issuance of 36.8 million common shares in November 2013 to fund the acquisition of a portfolio of nine retail operating properties.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs