The stock price of Kite Realty Group Trust (KRG) closed the recent trading session at $21.37, 1.34% less than the previous trading session. The stock gained 2.95% to $22, during the after-hours. KRG announced the financial results for the fourth quarter of the financial year 2021. The company also filed form 8-K with the SEC on February 14, 2022, to report a major event.
Financials
On February 14, 2022, Kite Realty Group announced the financial results for Q4 of the fiscal year 2021, that ended on December 31, 2021. The main highlight for the fourth quarter of FY21 are
- The total revenue of KRG increased from $68.3 million in Q4 of FY20 to $162.9 in the fourth quarter of FY21.
- Loss per share of the company was $0.52 in the Q4 of fiscal year 2021 as compared to the loss per share of $0.08 in the same quarter of fiscal year 2020.
- Net loss attributable to the common shareholders of KRG was reported to be $98.1 million in the fourth quarter of FY21 against the net loss of $6.7 million in Q4 of FY20.
- Adjusted EBITDA for the Q4 of FY21 was $120.2 million.
CEO Remarks
The Chief Executive Officer (CEO) of KRG, John A. Kite, said that 2021 was an exceptional year for KRG, due to their fine operations and a merger with RPAI. He added that due to the merger there was a 33% increase in KRG’s FFO (Funds from operations) per share.
Mr Kite concluded that with the high calibre portfolio, balance sheet, and an exceptional team of KRG, they are in the start of making a long-term value.
About KRG
Kite Realty Group Trust (KRG) is a real estate investment trust (REIT) that is one of the biggest public proprietors and administrators of open-air malls and mixed-use assets. The company was founded in 1968 and is headquartered in Indianapolis, Indiana, United States of America (USA).
