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Kite Realty
🇺🇸 NYSE:KRG
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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.

Total Revenue
$207M
Previous year: $207M
+0.0%
EPS
$0.51
Previous year: $0.51
+0.0%
Same Property NOI Growth
3%
Previous year: 4.7%
-36.2%
Retail Leased Percentage
95%
Annualized Base Rent
$21
Gross Profit
$154M
Previous year: $159M
-3.4%
Cash and Equivalents
$118M
Previous year: $58.3M
+101.5%
Free Cash Flow
$77.6M
Total Assets
$7.13B
Previous year: $7.05B
+1.1%

Kite Realty

Kite Realty

Kite Realty Revenue by Segment

Forward Guidance

The Company now expects to generate net income attributable to common shareholders of $0.02 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)
  • Financing risks, including the availability of, and costs associated with, sources of liquidity
  • The Company’s ability to refinance, or extend the maturity dates of, the Company’s indebtedness
  • The level and volatility of interest rates
  • The financial stability of the Company’s tenants

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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