Kite Realty Q2 net loss $48.6M on $66.2M impairment; FFO $0.53, raises 2024 guidance

KITE REALTY GROUP TRUST

2024-Q2 EPS reported -$0.16 revenue$419,873,000

Net loss $48.6M ($0.22 diluted); excludes $66.2M impairment, adj net income $17.6M ($0.08).
NAREIT FFO $0.53 diluted per share; Same Property NOI +1.8%, raises full-year FFO guidance to $2.04-$2.08.
S&P credit rating upgraded to BBB; Net Debt to Adjusted EBITDA improved to 4.8x all-time low.
Quarterly dividend raised 8.3% YoY to $0.26/share; payable Oct 16 to holders of record Oct 9.
Leased 1.2M sqft at 15.6% blended cash spreads; sold Chicago center for $30.6M.

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