INDIANAPOLIS (AP) — INDIANAPOLIS (AP) — Kite Realty Group Trust (KRG) on Monday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $112 million, or 50 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 46 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $1.1 million, or 1 cent per share.
The real estate investment trust posted revenue of $204.7 million in the period.
For the year, the company reported funds from operations of $429.6 million, or $1.93 per share. Revenue was reported as $802 million.
Kite Realty Group expects full-year funds from operations in the range of $1.89 to $1.95 per share.
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