Kite Realty Q1 2022 Earnings Report
Key Takeaways
Kite Realty Group Trust reported strong first-quarter results, driven by robust demand for open-air retail shopping destinations. The company increased its FFO, as adjusted guidance, and same-property NOI growth for 2022. KRG executed 182 new and renewal leases representing approximately 1.1 million square feet. Acquired $66 million of high-quality Sun Belt assets and upsized share repurchase program to $300 million.
Leased over 1 million square feet with 16.1% comparable blended cash leasing spreads.
Acquired $66 million of high-quality Sun Belt assets.
Share repurchase program upsized to $300 million from $150 million.
Increased same-property NOI growth guidance by 75 basis points at the midpoint.
Kite Realty
Kite Realty
Kite Realty Revenue by Segment
Forward Guidance
KRG is updating its 2022 guidance for FFO, as adjusted, to $1.74 to $1.80 per diluted share from $1.69 to $1.75 per diluted share.
Positive Outlook
- Increased same property NOI range to 2.25% to 3.25%, which represents a 75-basis point increase at the midpoint.
- Decreased bad debt by 25 basis points to 1.25% of total revenues at the midpoint.
- Any transaction activity is expected to be earnings neutral.
Revenue & Expenses
Visualization of income flow from segment revenue to net income