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Mar 31, 2022
Kite Realty Q1 2022 Earnings Report
Kite Realty had an exceptional first quarter, executing strongly across all operations and increasing full-year guidance.
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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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