Kite Realty Group Trust (KRG) has reported a 99.64 percent plunge in profit for the quarter ended Mar. 31, 2017.
Revenue during the quarter went up marginally by 1.76 percent to $90.11 million from $88.55 million in the previous year period.
Cost of revenue for the quarter was almost stable at $23.28 million, when compared with the previous year period. Gross margin for the quarter expanded 51 basis points over the previous year period to 74.16 percent.
Total expenses were $81.99 million for the quarter, up 15.72 percent or $11.14 million from year-ago period. Operating margin for the quarter contracted 1097 basis points over the previous year period to 9.01 percent.
Operating income for the quarter was $8.12 million, compared with $17.69 million in the previous year period.
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $0.10 to $0.16.
Revenue from real estate activities during the quarter went up marginally by 1.76 percent or $1.56 million to $90.11 million.
Income from operating leases during the quarter went up marginally by 2.20 percent or $1.48 million to $68.95 million. Revenue from tenant reimbursements was $18.57 million for the quarter, up 2.29 percent or $0.41 million from year-ago period.
Revenue from other real estate activities during the quarter was $2.60 million, down 11.46 percent or $0.34 million from year-ago period.
"We started off 2017 with continued strength in our leasing and property operation objectives and are making progress toward our strategic goals," said John Kite, chief executive officer. "We executed 80 new and renewal leases for 509,000 square feet to dynamic retailers and opened 41 new tenants. We grew same-property NOI by 3.1%, or 4.0% excluding the impact of the 3-R initiative. Our team continues to be focused on adding value to properties through redevelopment and capital recycling."
Receivables remain almost stable Net receivables stood at $52.33 million as on Mar. 31, 2017.
Total assets stood at $3,623.46million as on Mar. 31, 2017. On the other hand, total liabilities were at $1,926.04 million as on Mar. 31, 2017.
Return on assets was at 0.22 percent in the quarter.
Total debt was at $1,726.87 million as on Mar. 31, 2017. Shareholders equity was at $1,620.17 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 1.07 percent in the quarter.
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