Kite Realty Group Trust (KRG) Reports Q2 EPS of $0.02, Revenues Beat

Kite Realty Group Trust (NYSE: KRG) reported Q2 EPS of $0.02. Revenue for the quarter came in at $91.74 million versus the consensus estimate of $88.16 million.

“We continued through the second quarter with strong operational performance and execution on our objectives,” said John A. Kite, Chairman and Chief Executive Officer. “We reached several key milestones during the quarter – improving our operating portfolio’s ABR, lowering our Net Debt to EBITDA ratio, and raising our liquidity level to an all-time high. We contributed three operating properties into a strategic partnership at cap rates that demonstrate the private market value of our well-positioned, open-air shopping centers while also reducing our leverage. We continue progress on our Big Box Surge, and we expect to complete four additional 3-R projects by year end with solid projected returns.”

Second Quarter HighlightsFinancial Results

• Realized net loss attributable to common shareholders of $1.4 million, or $0.02 per common share, including a $14.8 million impairment charge.
• Generated Funds from Operations of the Operating Partnership (FFO), as defined by NAREIT, of $45.7 million, or $0.53 per diluted common share.

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

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