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Sep 30, 2023
Kite Realty Q3 2023 Earnings Report
Kite Realty reported operating results for the third quarter ended September 30, 2023.
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
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: ▪2023 Same Property NOI growth of 4.5%, which represents a 100-basis point increase. ▪Bad debt reserves of 45 basis points of total revenues for the full calendar year of 2023. ▪Bad 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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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