"The solid performance across our portfolio has contributed to our strong third quarter results," says John A. Kite, president and chief executive officer in a statement announcing the company's third quarter numbers.
For the nine months ending Sept. 30, total revenues increased 151% to $66.8 million from $26.6 million for the same period in 2004. Net income for the nine month period was $5.5 million compared to a $1.3 million loss during the first nine months of 2004.
In a cautionary note, the Indianapolis-based REIT, which owns an interest in 43 properties totaling more than 6 million sf in nine states, primarily in Indiana, Texas and Florida, said that rising fuel costs and material shortages, which have impacted its portfolio by putting downward pressure on the company's development yield, are expected to continue in the coming months.
In October, the REIT completed an offering of totaling 9.4 million shares that generated gross proceeds of more than $250 million, about $127 million of which was used to pay down the company's outstanding debts. As a result of that equity offer, Kite Realty said it was revising its guidance forecasts to $1.10 to $1.14 per diluted share, down from a previous estimate of $1.16 to $1.23.
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