INDIANAPOLIS (AP) _ Kite Realty Group Trust (KRG) on Wednesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $42.9 million, or 51 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 50 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 net income of $5,000, or less than 1 cent on a per-share basis.
The real estate investment trust posted revenue of $90.1 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $88.8 million.
Kite Realty Group expects full-year funds from operations to be $2 to $2.06 per share.
The company's shares have dropped almost 10 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $21.15, a decline of 23 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KRG at https://www.zacks.com/ap/KRG
Keywords: Kite Realty Group, Earnings Report