INDIANAPOLIS (AP) _ Kite Realty Group Trust (KRG) on Thursday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Indianapolis, said it had funds from operations of $28.7 million, or 33 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 31 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $6.8 million, or 8 cents per share.
The real estate investment trust posted revenue of $68.4 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $65.2 million.
For the year, the company reported funds from operations of $112 million, or $1.29 per share. Revenue was reported as $266.6 million.
Kite Realty Group expects full-year funds from operations in the range of $1.24 to $1.34 per share.
The company's shares have increased 17% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $17.50, a decline of roughly 2% in the last 12 months.
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