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Dec 31, 2022
Kite Realty Q4 2022 Earnings Report
Kite Realty reported mixed results for Q4 2022, with increased FFO but a net loss attributable to common shareholders.
Key Takeaways
Kite Realty Group Trust reported a net loss attributable to common shareholders of $1.1 million, or $0.01 per diluted share, for the quarter ended December 31, 2022. However, the company increased FFO, as adjusted, per share by 16.3% year-over-year and achieved a retail portfolio leased percentage of 94.6%.
Generated NAREIT FFO of the Operating Partnership of $111.8 million, or $0.50 per diluted share.
Generated FFO, as adjusted, of the Operating Partnership of $112.0 million, or $0.50 per diluted share, a 16.3% per share increase year-over-year.
Same Property NOI increased by 6.2%.
Retail portfolio percent leased of 94.6% at December 31, 2022, a sequential increase of 60 basis points and a 120-basis point increase on a year-over-year basis.
Revenue by Segment
Forward Guidance
The Company expects to generate net income attributable to common shareholders of $0.03 to $0.09 per diluted share in 2023 and NAREIT FFO of $1.89 to $1.95 per diluted share in 2023.
Positive Outlook
- 2023 same property NOI range of 2.0% to 3.0%.
- Full-year bad debt assumption of 1.25% of total revenues.
- Transaction activity is expected to be earnings neutral.
Challenges Ahead
- Additional disruption related to Bed Bath & Beyond Inc., Party City Holdings Inc. and Regal Cinemas of 0.75% of total revenues ($0.03 of FFO per diluted share).
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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