INDIANAPOLIS (AP) _ Kite Realty Group Trust (KRG) on Wednesday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Indianapolis, said it had funds from operations of $30 million, or 36 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 38 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 $74,000, or less than 1 cent on a per-share basis.
The real estate investment trust posted revenue of $69.9 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $70.8 million.
The company's shares have dropped 55% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.74, a decline of 47% in the last 12 months.