Kite Realty Group ( NYSE: KRG ) on Monday turned in Q4 earnings that topped Wall Street expectations and jumped from a year ago thanks to the retail REIT's solid same-store net operating income growth and overall portfolio operations.
The company expects funds from operations per share to be $1.89-$1.95 for 2023, versus $1.91 consensus. Full-year same-property NOI is expected to be 2.0%-3.0%.
2023 bad debt assumption of 1.25% of total revenues. And additional disruption related to Bed Bath & Beyond ( BBBY ), Party City Holdings and Regal Cinemas of 0.75% of total revenues ($0.03 of FFO per share).
Q4 FFO of $0.50 per share , exceeding the average analyst estimate of $0.46, surged from $0.03 in the year-ago quarter. Revenue of $204.69M, surpassing the $198.58M, rose from $177.86M in Q4 2021.
Total expenses were $179.31M, down from $244.25M a year before.
During the quarter, KRG executed 173 new and renewal leases representing over 1.0 million square feet.
Retail portfolio leased of 94.6% at Dec. 31, 2022, increased 60 basis points from Q3 and 120 bps Y/Y.
Conference call on Feb. 14 at 1:00 p.m. ET.
Earlier, Kite Realty FFO of $0.50 beats by $0.04, revenue of $204.69M beats by $6.11M .
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Kite Realty Group Q4 top, bottom lines beat on same-property NOI growth, lower costs