Kite Realty Group Trust reported a loss of $5.1 million in the second quarter, much of it due to costs from its $1.2 billion acquisition of Inland Diversified Real Estate Trust early this month, the Indianapolis-based company said Thursday afternoon.
Kite's $5.1 million loss translated to 4 cents per share, compared with a loss of $8.7 million, or 10 cents per share, in the year ago period. The company attributed $3.3 million of the loss to acquisition costs.
Revenue jumped 40 percent, to $40.1 million in the second quarter, largely due to the acquisition of a nine-property portfolio in November and the delivery of new and redeveloped properties to the market, the company said.
Kite saw funds from operations increase to $14.1 million, or 10 cents per share, compared with $10.1 million, or 10 cents per share, in the second quarter of 2013. FFO is a common measure of performance for real estate investment trusts. Excluding acquisition costs, FFO was $17.4 million, or 13 cents per share.
Occupancy in its portfolio was relatively flat quarter to quarter. Kite, which owned interest in 66 retail properties totaling 11.7 million square feet as of June 30, said the properties were 95.2-percent leased as of June 30, compared with 95.4 percent in the year-ago period.
With the acquisition of Inland, Kite now owns interest in 133 properties totaling 20.6 million square feet.
The company executed 45 new and renewed leased totaling nearly 175,000 square feet in the second quarter.
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