Indianapolis Kite Realty Group sees 3Q net loss
Downtown Indianapolis-based Kite Realty said it recorded a net loss of $3.4 million for the third quarter, compared to net income of $2.9 million in the prior year.
The real estate trust cited lower construction activity, lower gains from sales of property and an impairment charge of $5.4 million that was due to writing off the net book value on the Galleria Plaza property in Dallas.
Kite’s revenue for the third quarter of 2009 was $25.9 million, down from $34.3 million for the same period in 2008.
Excluding the effect of the losses to the bottom line caused by the Dallas property, funds received from operations (also known as FFO) for the Kite portfolio totaled $8.2 million, or 12 cents per diluted share. That was a drop from $12 million, or 32 cents per share, in the third quarter of 2008.
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