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Kite Realty Group Trust (KRG-0.81%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing reports that Kite Realty owns interests in 179 operating retail properties totaling approximately 27.7 million square feet, excluding one property classified as held for sale, and two office properties with 0.4 million square feet.
The company realized net income attributable to common shareholders of $4.1 million for the year ended December 31, 2024, and generated Funds From Operations (FFO) of $463.7 million.
Same Property Net Operating Income (NOI) grew by 3.0% in 2024 compared to 2023, driven by contractual rent growth and higher base rents.
Kite Realty executed new and renewal leases on 720 spaces, achieving a blended cash leasing spread of 12.8% on 542 comparable leases. The operating retail portfolio was 95.0% leased as of December 31, 2024.
The company completed a public offering of $350.0 million aggregate principal amount of 5.50% senior unsecured notes due 2034 and $350.0 million aggregate principal amount of 4.95% senior unsecured notes due 2031.
Total debt outstanding as of December 31, 2024, was approximately $3.2 billion. The company maintains investment-grade credit ratings from three agencies.
Kite Realty's primary business objectives include increasing cash flow and property value, achieving sustainable growth, and maximizing shareholder value through ownership and development of high-quality shopping centers.
The company is focused on maintaining a strong balance sheet and has $1.1 billion in borrowing capacity on its revolving credit facility.
Kite Realty is committed to environmental, social, and governance (ESG) initiatives, including energy efficiency projects and community development efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kite Realty Group Trust annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.