Kite Realty Group Trust Reports Second Quarter 2013 Results

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

Financial Results
  • Funds from Operations, was $0.10 per diluted common share for the second quarter of 2013.
  • Revenue from Property Operations increased 28% in the second quarter over the same period of the prior year.

Funds from Operations

For the three months ended June 30, 2013, funds from operations (“FFO”) was $10.1 million, or $0.10 per diluted common share for the Kite Portfolio, compared to $7.5 million, or $0.10 per diluted common share in the same period of the prior year. As adjusted for certain one-time items, FFO for the three months ended June 30, 2013 was $10.1 million, or $0.10 per diluted common share for the Kite Portfolio, compared to $8.0 million, or $0.11 per diluted common share, in the same period of the prior year.

For the six months ended June 30, 2013, FFO was $21.5 million, or $0.24 per diluted common share for the Kite Portfolio, compared to $14.1 million, or $0.20 per diluted common share in the same period of the prior year. As adjusted for certain one-time items, FFO for the six months ended June 30, 2013 was $21.7 million, or $0.24 per diluted common share for the Kite Portfolio, compared to $15.9 million, or $0.22 per diluted common share, in the same period of the prior year.

John A. Kite, the Company’s Chairman and Chief Executive Officer, said, "We made additional progress on our de-leveraging strategy by issuing equity and promptly deploying that capital into the acquisition of two quality assets in Indianapolis and Nashville. Our portfolio continues to perform very well with same property net operating income increasing 4.4% and cash rent spreads of 19.7%. We also substantially completed Rangeline Crossing, a quality redevelopment in Carmel, Indiana and transitioned this asset into the operating portfolio at 91.7% leased and we plan to complete several more developments before the end of 2013.”

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