8/12/2023 0 Comments It department kite realty![]() While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.Īhead of this earnings release, the estimate revisions trend for Kite Realty Group: mixed. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.Įmpirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. While Kite Realty Group has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? Kite Realty Group shares have lost about 1.6% since the beginning of the year versus the S&P 500's gain of 8.6%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call. The company has topped consensus revenue estimates four times over the last four quarters. This compares to year-ago revenues of $194.39 million. Kite Realty Group, which belongs to the Zacks REIT and Equity Trust - Retail industry, posted revenues of $206.75 million for the quarter ended March 2023, surpassing the Zacks Consensus Estimate by 3.58%. Over the last four quarters, the company has surpassed consensus FFO estimates four times. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.46 per share when it actually produced FFO of $0.50, delivering a surprise of 8.70%. ![]() This quarterly report represents an FFO surprise of 8.51%. These figures are adjusted for non-recurring items. This compares to FFO of $0.46 per share a year ago. ![]() “As we look to coming out of COVID and the opportunities for both companies, the conversations increased and obviously led us to this point,” Grimes said.Kite Realty Group ( KRG Quick Quote KRG - Free Report) came out with quarterly funds from operations (FFO) of $0.51 per share, beating the Zacks Consensus Estimate of $0.47 per share. Both Midwest companies have been repositioning their portfolios and cleaning up their balance sheets in recent years. Though the deal came together relatively quickly, RPAI Chief Executive Steven Grimes said he and John Kite, who have known each other for years, started talking about a merger a year ago. ![]() That created the nation’s largest open-air retail REIT with 559 shopping centers. The Kite-RPAI deal is also the second major open-air shopping center acquisition this year, following Kimco Realty’s $3.9 billion pact to acquire Weingarten Realty in April. Its top tenants include TJX Cos., parent of Home Goods, TJ Maxx and Marshalls Best Buy Ross Stores and PetSmart. “The free cash flow alone will enable us to have a significant amount of firepower that we can reinvest with the cash in the development pipeline and with future acquisitions.”Ībout 70 percent of the centers have grocery store components, including Albertsons, Ahold Delhaize, Kroger and Publix. “This is a real estate deal above all,” Kite said. ![]()
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