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Sep 30, 2024
Kite Realty Q3 2024 Earnings Report
Kite Realty Group reported its Q3 2024 operating results.
Key Takeaways
Kite Realty Group reported a net income attributable to common shareholders of $16.7 million, or $0.08 per diluted share, for the third quarter ended September 30, 2024. The company raised its 2024 NAREIT FFO and Same Property NOI Guidance. An all-time high volume of approximately 1.7 million square feet was leased at 11.1% comparable blended cash leasing spreads.
Generated NAREIT FFO of the Operating Partnership of $113.9 million, or $0.51 per diluted share.
Same Property NOI increased by 3.0%.
Executed 205 new and renewal leases representing approximately 1.7 million square feet.
Retail portfolio leased percentage of 95.0% at September 30, 2024, a 20-basis point increase sequentially.
Revenue by Segment
Forward Guidance
The Company now expects to generate net income attributable to common shareholders of $0.02 to $0.04 per diluted share in 2024. The Company is updating its 2024 NAREIT FFO guidance range to $2.06 to $2.08 per diluted share from $2.04 to $2.08 per diluted share, based, in part, on the following assumptions:2024 Same Property NOI range of 2.5% to 3.0%, which represents a 25-basis point increase at the midpoint.Full-year bad debt assumption of 0.6% to 0.8% of total revenues.
Positive Outlook
- Net income attributable to common shareholders of $0.02 to $0.04 per diluted share in 2024.
- 2024 NAREIT FFO guidance range to $2.06 to $2.08 per diluted share
- 2024 Same Property NOI range of 2.5% to 3.0%
- Full-year bad debt assumption of 0.6% to 0.8% of total revenues.
- Amended credit facility provides the Company with the ability to obtain more favorable pricing in certain circumstances when the Company’s total leverage ratio meets defined targets.
Challenges Ahead
- Economic uncertainty (including a potential economic slowdown or recession, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending)
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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