U.S. Markets open in 4 hrs 17 mins

Kite Realty Group reports 3Q results

INDIANAPOLIS (AP) _ Kite Realty Group Trust (KRG) on Thursday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.

The real estate investment trust, based in Indianapolis, said it had funds from operations of $41.8 million, or 49 cents per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 49 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 $622,000, or 1 cent per share.

The real estate investment trust posted revenue of $87.1 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $87.9 million.

Kite Realty Group expects full-year funds from operations in the range of $2.03 to $2.05 per share.

The company's shares have declined 19 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $18.94, a decrease of 26 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