Kite Realty Q3 FFO $0.51/sh; raises 2024 NAREIT FFO & Same Property NOI guidance

KITE REALTY GROUP TRUST

2024-Q3 EPS reported -$0.08 revenue$627,126,000

Net income $16.7M ($0.08 diluted) vs $2.1M YoY; NAREIT FFO $0.51 per diluted share.
Same Property NOI +3.0% in Q3; 2024 guidance raised: Same Property NOI 2.5%-3.0% (midpoint +25bps), NAREIT FFO $2.06-$2.08.
Leased all-time high 1.7M sq ft at 11.1% blended cash leasing spreads; retail portfolio leased 95.0%.
Acquired Parkside West Cobb (Atlanta) for $40.1M; issued $350M 4.95% senior notes due 2031.
Dividend raised 3.8% sequentially ($0.27/sh Q4 2024 payable Jan 16, 2025); net debt/EBITDA 4.9x.

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