Kite Realty Group Trust Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 13, 2024 at 04:23 pm EST
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Kite Realty Group Trust reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 197.26 million compared to USD 199.58 million a year ago. Revenue was USD 200.28 million compared to USD 204.69 million a year ago. Net income was USD 7.98 million compared to net loss of USD 1.13 million a year ago. Basic earnings per share from continuing operations was USD 0.04 compared to basic loss per share from continuing operations of USD 0.01 a year ago. Diluted earnings per share from continuing operations was USD 0.04 compared to diluted loss per share from continuing operations of USD 0.01 a year ago.
For the full year, sales was USD 810.15 million compared to USD 782.35 million a year ago. Revenue was USD 823 million compared to USD 802 million a year ago. Net income was USD 47.5 million compared to net loss of USD 12.64 million a year ago. Basic earnings per share from continuing operations was USD 0.22 compared to basic loss per share from continuing operations of USD 0.06 a year ago. Diluted earnings per share from continuing operations was USD 0.22 compared to diluted loss per share from continuing operations of USD 0.06 a year ago.
Kite Realty Group Trust is a real estate investment trust (REIT). The Company, through its subsidiary, Kite Realty Group, L.P., is engaged in the ownership, operation, acquisition, development and redevelopment of open-air shopping centers and mixed-use assets. The Companyâs primarily grocery-anchored portfolio is located in Sun Belt and various markets in the United States. The Company collects contractual rents and reimbursement payments from tenants under existing lease agreements at each of its properties. The Company owns interests in approximately 180 operating retail properties totaling approximately 28.1 million square feet and one office property with 0.3 million square feet. Of the 180 operating retail properties, 10 contain an office component. The Company also owns two development projects under construction as of this date. The Companyâs subsidiary is Kite Realty Group, L.P.