Kite Realty Group Trust Earnings: Here’s Why Shares are Up Now

Kite Realty Group Trust (NYSE:KRG) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.18%.

Kite Realty Group Trust Earnings Cheat Sheet

Results: Adjusted Earnings Per Share decreased 0% to $0.1 in the quarter versus EPS of $0.10 in the year-earlier quarter.

Revenue: Rose 22.72% to $30.9 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Kite Realty Group Trust reported adjusted EPS income of $0.1 per share. By that measure, the company missed the mean analyst estimate of $0.1. It beat the average revenue estimate of $27.83 million.

Quoting Management: John A. Kite, the Company’s Chairman and Chief Executive Officer, said, “We made additional progress on our de-leveraging strategy by issuing equity and promptly deploying that capital into the acquisition of two quality assets in Indianapolis and Nashville. Our portfolio continues to perform very well with same property net operating income increasing 4.4% and cash rent spreads of 19.7%. We also substantially completed Rangeline Crossing, a quality redevelopment in Carmel, Indiana and transitioned this asset into the operating portfolio at 91.7% leased and we plan to complete several more developments before the end of 2013.”

Key Stats (on next page)…

Revenue decreased 3.8% from $32.12 million in the previous quarter. EPS decreased 28.57% from $0.14 in the previous quarter.

Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.11 and has not changed. For the current year, the average estimate has moved up from a profit of $0.45 to a profit of $0.46 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)

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