Kite Realty Q3 2023 Earnings Report
Key Takeaways
Kite Realty Group Trust reported a net income attributable to common shareholders of $2.1 million, or $0.01 per diluted share, compared to a net loss of $7.8 million, or $0.04 per diluted share for the same quarter last year. Same Property NOI increased by 4.7%. The company raised its 2023 NAREIT FFO guidance range to $1.99 to $2.03 per diluted share.
Leased approximately 1.4 million square feet at 14.2% comparable blended cash leasing spreads
Same Property NOI increased by 4.7% on a year-over-year basis
Acquired Prestonwood Place (Dallas, TX) for $81.0 million
Received a ‘Positive’ credit rating outlook upgrade from S&P Global Ratings
Kite Realty
Kite Realty
Kite Realty Revenue by Segment
Forward Guidance
The Company expects to generate net income attributable to common shareholders of $0.19 to $0.23 per diluted share in 2023. The Company is raising its 2023 NAREIT FFO guidance range to $1.99 to $2.03 per diluted share from $1.96 to $2.00 per diluted share, based, in part, on the following key assumptions at the midpoint: â–ª2023 Same Property NOI growth of 4.5%, which represents a 100-basis point increase. â–ªBad debt reserves of 45 basis points of total revenues for the full calendar year of 2023. â–ªBad debt reserves of 75 basis points of total revenues for the fourth quarter of 2023.
Positive Outlook
- 2023 Same Property NOI growth of 4.5%, which represents a 100-basis point increase.
Challenges Ahead
- Bad debt reserves of 75 basis points of total revenues for the fourth quarter of 2023.
- Bad debt reserves of 45 basis points of total revenues for the full calendar year of 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income