https://assets.capyfin.com/instruments/678fdc13234e27009c5d5d74.png avatar
Kite Realty
🇺🇸 NYSE:KRG
View Company
OverviewEarningsDividends
•
Dec 31, 2023

Kite Realty Q4 2023 Earnings Report

Kite Realty reported increased NAREIT FFO per share and executed new and renewal leases.

Key Takeaways

Kite Realty Group Trust reported its Q4 2023 operating results, with net income attributable to common shareholders of $8.0 million, or $0.04 per diluted share. The company generated NAREIT FFO of the Operating Partnership of $111.1 million, or $0.50 per diluted share, and Same Property NOI increased by 2.8%.

Generated NAREIT FFO of the Operating Partnership of $111.1 million, or $0.50 per diluted share.

Same Property NOI increased by 2.8%.

Executed 192 new and renewal leases representing approximately 1.3 million square feet.

Retail portfolio leased percentage of 93.9% at December 31, 2023, a 50-basis point increase sequentially.

Total Revenue
$200M
Previous year: $205M
-2.2%
EPS
$0.5
Previous year: $0.5
+0.0%
Same Property NOI Growth
2.8%
Previous year: 6.2%
-54.8%
Retail Leased Percentage
93.9%
Previous year: 94.6%
-0.7%
Annualized Base Rent
$20.7
Previous year: $20
+3.4%
Gross Profit
$52.2M
Previous year: $151M
-65.4%
Cash and Equivalents
$41.4M
Previous year: $116M
-64.2%
Total Assets
$6.94B
Previous year: $7.34B
-5.4%

Kite Realty

Kite Realty

Kite Realty Revenue by Segment

Forward Guidance

The Company expects to generate net income attributable to common shareholders of $0.29 to $0.35 per diluted share in 2024 and NAREIT FFO of $2.00 to $2.06 per diluted share, based, in part, on the following assumptions:

Positive Outlook

  • 2024 Same Property NOI range of 1.0% to 2.0%.

Challenges Ahead

  • Full-year bad debt assumption of 0.75% to 1.25% of total revenues.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Kite Realty