Kite Realty Q2 2024 Earnings Report
Key Takeaways
Kite Realty Group Trust reported a net loss attributable to common shareholders of $48.6 million, or $0.22 per diluted share, for the second quarter ended June 30, 2024. This loss was driven by a $66.2 million impairment charge. Excluding this charge, net income would have been $17.6 million, or $0.08 per diluted share. The company leased approximately 1.2 million square feet with 15.6% comparable blended cash leasing spreads and increased their dividend by 8.3% year-over-year. They also improved Net Debt to Adjusted EBITDA to 4.8x and received a credit rating upgrade to BBB from S&P Ratings.
Generated NAREIT FFO of the Operating Partnership of $117.5 million, or $0.53 per diluted share.
Same Property NOI increased by 1.8%.
Executed 160 new and renewal leases representing approximately 1.2 million square feet with blended cash leasing spreads of 15.6%.
Retail portfolio leased percentage of 94.8% at June 30, 2024, an 80-basis point increase sequentially.
Kite Realty
Kite Realty
Kite Realty Revenue by Segment
Forward Guidance
The Company now expects to generate net income attributable to common shareholders of $0.00 to $0.04 per diluted share in 2024 and is updating its 2024 NAREIT FFO guidance range to $2.04 to $2.08 per diluted share.
Positive Outlook
- 2024 Same Property NOI range of 2.0% to 3.0%, which represents a 50-basis point increase at the midpoint.
- Full-year bad debt assumption of 0.5% to 1.0% of total revenues, which represents a 5-basis point decrease at the midpoint.
Revenue & Expenses
Visualization of income flow from segment revenue to net income