Kite Realty Q1 net income up 67% to $23.7M; raises 2025 FFO guidance, acquires Legacy West for $785M

KITE REALTY GROUP TRUST

2025-Q1 EPS reported $0.11 revenue$221,762,000

Q1 net income $23.7M ($0.11/diluted) vs $14.2M ($0.06) YoY; Core FFO $0.53/share; Same Property NOI +3.1%.
Acquired Legacy West (Dallas) for $785M ($408M at 52% share) via JV with GIC; assumed $304M mortgage at 3.8%.
Raised 2025 Core FFO guidance to $2.00-$2.06 (from $1.98-$2.04); NAREIT FFO guidance to $2.04-$2.10.
Declared Q2 dividend $0.27/share, up 8% YoY; net debt/Adjusted EBITDA 4.7x at quarter end.
Leased 844k sq ft at 13.7% blended cash spreads; bankruptcies impacted retail lease rate by ~140 bps.

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