Kite Realty Q2 core FFO beats consensus; raises 2023 same-property NOI guidance midpoint by 75 bps

KITE REALTY GROUP TRUST

2023-Q2 EPS reported $0.17 revenue$415,509,000

Q2 2023 core FFO per share exceeded consensus by $0.03, driven by lower bad debt and higher termination fees.
Same-property NOI growth guidance raised to 3.0%-4.0% from prior midpoint of 2.75%.
Blended cash lease spreads on 63 signed leases were 11.6%; leased percentage up 40 bps for anchors and 10 bps for shops.
Net debt to adjusted EBITDA at 5.3x; portfolio 94.2% leased (per supplemental).
Management maintains 2023 bad debt reserve assumption of 1.25% of revenues; no additional Bed Bath & Beyond revenue expected.

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