Loading...
•
Jun 30, 2022
Kite Realty Q2 2022 Earnings Report
Kite Realty Group Trust reported operating results and raised 2022 guidance.
Key Takeaways
Kite Realty Group Trust reported strong second-quarter results, leasing approximately 1.2 million square feet with blended cash leasing spreads of 13.2%. The company increased its FFO, as adjusted, guidance and same-property NOI growth assumption, reflecting operational outperformance.
Leased approximately 1.2 million square feet at 13.2% comparable blended cash leasing spreads.
Acquired grocery-anchored Palms Plaza (Boca Raton, FL) for $35.8 million.
Upsized revolving credit facility to $1.1 billion from $850 million.
Issued a $300 million unsecured 7-year term loan.
Kite Realty
Kite Realty
Kite Realty Revenue by Segment
Revenue by Segment
Rental Income Revenue
CapyFin.comOther Property-Related Revenue
CapyFin.comFee Income Revenue
CapyFin.com Forward Guidance
The Company is updating its 2022 guidance for FFO, as adjusted, to $1.80 to $1.86 per diluted share from $1.74 to $1.80 per diluted share.
Positive Outlook
- Increased same property NOI range to 3.50% to 4.50%, which represents a 125-basis point increase at the midpoint.
- Decreased bad debt by 25 basis points to 1.00% of total revenues at the midpoint.
- Any transaction activity is expected to be earnings neutral.
- FFO, as adjusted, to $1.80 to $1.86 per diluted share
- Based on pattern of outperformance
Challenges Ahead
- Net loss guidance between $(0.18) and $(0.12)
- Gain on sales of operating properties, net, guidance between (0.12) and (0.12)
- Non-recurring merger and acquisition costs of 0.02
- Prior period collection impact of (0.01)
- Based in part on key assumptions
Revenue & Expenses
Visualization of income flow from segment revenue to net income