Indianapolis-based Kite Realty Group Trust (NYSE: KRG) is reporting Funds From Operations of $170.2 million in 2015, up from $121.6 million the previous year. Chief Executive Officer John Kite says he is bullish on the year ahead, touting the company’s "robust" development pipeline.
For the fourth quarter 2015, Kite’s FFO was $42.4 million, down from $42.9 million during the same period in 2014. The company is also reporting net income of $15.4 million in 2015, compared to a net loss of $14.2 million the previous year.
"We maintained significant leasing momentum through year-end, as evidenced by a 190 basis point increase in small shops leased for the year," said Kite. "Our same-property net operating income reached the top-end of our expectations, growing 3.5% for the year. Our balance sheet flexibility is the strongest ever with a staggered maturity schedule, strong fixed charge coverage and more than 50% of our asset value unencumbered. Our consistent cash flow growth allowed us to increase our annual dividend by 5.5%, while maintaining conservative payout ratios. With our robust redevelopment pipeline and meaningful lease-up opportunities ahead, we are excited about the future and our ability to create long-term value.”
Kite’s net income for fourth quarter 2015 was $5.4 million, up from $5.1 million during the same period the prior year.