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Jun 30, 2023
Kite Realty Q2 2023 Earnings Report
Kite Realty reported operating results, featuring increased net income and same property NOI, along with raised 2023 guidance.
Key Takeaways
Kite Realty Group Trust reported strong second-quarter results, marked by a significant increase in net income attributable to common shareholders, a notable rise in same property NOI, and the leasing of over 1.3 million square feet. The company also lowered its leverage to an all-time low and raised its 2023 NAREIT FFO guidance range.
Net income attributable to common shareholders increased to $32.1 million, or $0.15 per diluted share.
Same Property NOI increased by 5.7%.
Leased over 1.3 million square feet at 14.8% comparable blended cash leasing spreads.
Leverage lowered to 5.0x, an all-time low for KRG.
Revenue by Segment
Forward Guidance
The Company expects to generate net income attributable to common shareholders of $0.21 to $0.25 per diluted share in 2023. The Company is raising its 2023 NAREIT FFO guidance range to $1.96 to $2.00 per diluted share from $1.92 to $1.98 per diluted share.
Positive Outlook
- 2023 same property NOI range of 3.0% to 4.0%, which represents a 75-basis point increase at the midpoint.
- Bad debt reserves of 1.25% of total revenues for the remainder of 2023.
- Company expects to generate net income attributable to common shareholders of $0.21 to $0.25 per diluted share in 2023.
- The Company is raising its 2023 NAREIT FFO guidance range to $1.96 to $2.00 per diluted share from $1.92 to $1.98 per diluted share.
- Assumes no additional revenue from Bed Bath & Beyond Inc.
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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