Kite Realty Reports Increase in Q2 FFO

(photo courtesy of Kite Realty Group)

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Indianapolis-based Kite Realty Group Trust (NYSE: KRG) is reporting second quarter Funds from Operations of $29.8 million, compared to $26.2 million during the same period last year. Chief Executive Officer John Kite says the company delivered “exceptional operational results” as it capitalized on strong retailer demand for its open-air shopping centers.

“Given the continued leasing momentum and reduced tenant fallout, we raised guidance an additional $0.02 at the midpoint,” said Kite.

Two weeks ago, the company announced plans to merge with Chicago-based Retail Properties of America Inc. (NYSE: RPAI)  in a deal valued at $7.5 billion. The companies expect to close the deal in the fourth quarter of 2021.

During the quarter, the company says it signed new anchor leases, including Adidas at Portofino Shopping Center in Houston and Old Navy at Crossing at Killingly Commons in Connecticut.

You can connect to the full earnings report by clicking here.