Indianapolis-based Kite Realty Group Trust (NYSE: KRG) is reporting first quarter Funds From Operations of $44.1 million, up from $42.3 million during the same period the previous year. Chief Executive Officer John Kite says the Real Estate Investment Trust has started off the year with momentum.
Kite says his team made meaningful strides toward executing on their three-year road map. "We grew same-property NOI by 3.4 percent. We delivered 125,000 square feet of new owned anchor space and made substantial progress on our 3-R initiative, commencing construction on five of these projects during the first quarter. We remain focused on increasing cash flow and adding value for our shareholders."
Kite Realty is also reporting first quarter net income of $2 million, down from $7.9 million during the first quarter of 2015.