Kite Realty Group Trust Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 01, 2023 at 01:45 am IST
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Kite Realty Group Trust reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 205.84 million compared to USD 196.21 million a year ago. Revenue was USD 208.76 million compared to USD 202.61 million a year ago. Net income was USD 32.06 million compared to USD 13.13 million a year ago. Basic earnings per share from continuing operations was USD 0.15 compared to USD 0.06 a year ago. Diluted earnings per share from continuing operations was USD 0.15 compared to USD 0.06 a year ago.
For the six months, sales was USD 408.9 million compared to USD 387.1 million a year ago. Revenue was USD 415.51 million compared to USD 397 million a year ago. Net income was USD 37.45 million compared to net loss of USD 3.67 million a year ago. Basic earnings per share from continuing operations was USD 0.17 compared to basic loss per share from continuing operations of USD 0.02 a year ago. Diluted earnings per share from continuing operations was USD 0.17 compared to diluted loss per share from continuing operations of USD 0.02 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.