Kite Realty reports 2022 FFO $1.93/share; 2023 SPNOI guidance 2.0%-3.0%

KITE REALTY GROUP TRUST

2022-FY EPS reported -$0.06 revenue$801,996,000

2022 same-property NOI grew 5.1% vs original guidance of 2.0%; FFO per share $1.93, up from $1.72 midpoint.
2023 SPNOI growth guided at 2.0%-3.0%; bad debt assumption 1.25% of revenue; Bed Bath & Beyond/Party City/Regal impact $0.03/share.
Net debt-to-EBITDA at 5.2x; available liquidity nearly $1.2 billion; $44M active development spend remaining.
Anchor leased % up 110 bps, shop leased % up 170 bps YoY; leased-to-occupied spread represents $33M NOI, ~89% coming online in 2023.
Total leasing volume hit record high; 67% of ABR in Sun Belt markets; 60% ABR from grocery-anchored community/neighborhood centers.

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