Kite Realty Q2 2023 Earnings Report
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.
Kite Realty
Kite Realty
Kite Realty 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