Indianapolis — Downtown-based Kite Realty said it recorded a net loss of $3.4 million for the third quarter, compared with net income of $2.9 million a year ago.

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 for the Kite portfolio totaled $8.2 million, or 12 cents per diluted share, a drop from $12 million, or 32 cents per share, in the third quarter of 2008. (Star report)