Kite Realty Group Trust Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the Full Year Ending December 31, 2015
Feb 5 15
Kite Realty Group Trust announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported total revenue of $87,447,885 compared to $35,978,480 a year ago. Operating income was $21,120,242 compared to $7,550,938 a year ago. Income from continuing operations was $5,786,192 compared to $190,664 a year ago. Net income attributable to Kite Realty Group Trust common was $5,113,299 or $0.06 per basic and diluted share compared to net loss attributable to Kite Realty Group Trust common of $1,659,158 or $0.06 per basic and diluted share a year ago. Basic and diluted income per common share from continuing operations was $0.06 compared to basic and diluted loss per common share from continuing operations of $0.07 a year ago. Funds from operations of the operating partnership was $42,285,133 or $0.50 per basic and diluted share compared to $12,106,737 or $0.40 per basic and diluted share a year ago. Funds from operations allocable to the company was $41,402,553 compared to $11,438,280 a year ago. Funds from operations of the Kite Portfolio, as adjusted was $42,944,515 compared to $13,754,477 a year ago. Basic and diluted FFO per share of the operating partnership, as adjusted was $0.50 compared to $0.46 a year ago.
For the year, the company reported total revenue of $259,527,715 compared to $129,488,327 a year ago. Operating income was $29,328,780 compared to $27,591,765 a year ago. Loss from continuing operations was $16,452,378 compared to $726,597 a year ago. Net loss attributable to Kite Realty Group Trust common was $14,157,033 or $0.24 per basic and diluted share compared to $11,305,986 or $0.48 per basic and diluted share a year ago. Basic and diluted loss per common share from continuing operations was $0.29 compared to $0.37 a year ago. Funds from operations of the operating partnership was $94,108,176 or $1.56 per diluted share compared to $47,622,758 or $1.88 per basic and diluted share a year ago. Funds from operations allocable to the company was $91,567,255 compared to $44,428,013 a year ago. Funds from operations of the Kite Portfolio, as adjusted was $121,616,635 compared to $48,517,403 a year ago. Diluted FFO per share of the operating partnership, as adjusted was $2.02 compared to $1.92 a year ago.
The company currently expects its reported FFO, as defined by NAREIT, for the year ending December 31, 2015, to be between $1.90 to $2.00 per diluted common share and net income to be within a range of $0.18 to $0.28 per diluted common share. While other factors may impact FFO and net earnings, the company's 2015 guidance is based primarily on the following assumptions: Portfolio leased percentage ranging from 95% to 96% at December 31, 2015; An increase of 2.5% to 3.5% in same-property NOI compared to the prior year; The impact from the previously announced asset sale of $318 million, including the second tranche, which is expected to close on or before March 16, 2015, subject to normal closing conditions; Midpoint of guidance assumes $80 million in acquisitions during 2015; Opportunistically accessing the unsecured bond market and utilizing the proceeds to repay near-term maturities and certain borrowings under the line of credit; General and administrative expenses ranging from $16 million to $18 million for 2015; and No acquisition costs or costs related to the prepayment of debt or calling of outstanding preferred securities. For the period, the company expects depreciation and amortization and other to be $1.82.
Kite Realty Group Trust Approves and Adopts Amendments to the Company's First Amended and Restated Bylaws
Jan 22 15
On January 19, 2015, the Board of Trustees of Kite Realty Group Trust approved and adopted amendments to the company's First Amended and Restated Bylaws, as amended. As part of these Amendments, Article II, Section 8 of the Bylaws was amended to replace the current plurality-vote standard for uncontested trustee elections with a majority-vote standard, effective June 1, 2015. As a result, at each meeting of shareholders at which the election of a trustee is uncontested, beginning with the 2016 annual meeting of shareholders, a nominee will be elected as a trustee only if the number of votes cast for a nominee's election exceeds the number of votes cast against that nominee's election. Trustees will continue to be elected by a plurality of the votes cast in contested elections. An election will be considered to be contested if the number of nominees exceeds the number of trustees to be elected as of the last day on which a shareholder could timely provide notice to the company's secretary of the shareholder's intent to nominate a person for election to the Board pursuant to the advance notice provisions set in Article II, Section 12 of the Bylaws. The Board also amended Article II, Section 2 of the Bylaws to provide that, effective immediately, the date of the annual meeting of shareholders may be any date set by the Board of Trustees after the annual report has been delivered to shareholders. The Bylaws previously required the annual meeting of shareholders to be held between April 15 and May 15 of each year.
Kite Realty Group Trust Presents at 18th Annual Wells Fargo Real Estate Securities Conference, Feb-24-2015
Dec 24 14
Kite Realty Group Trust Presents at 18th Annual Wells Fargo Real Estate Securities Conference, Feb-24-2015 . Venue: Th Plaza Hotel, 5th Ave at Central, Park South, New York, NY 10019, United States.