Increased Guidance and Strong Leasing Activity
Kite Realty Group increased the midpoint of its NAREIT and core FFO per share guidance by $0.02 each and raised the same-property NOI growth assumption by 50 basis points. The company executed 7 new anchor leases with prominent retailers like Whole Foods and Nordstrom Rack.
Share Repurchase and Portfolio Optimization
KRG repurchased 3.4 million shares at an average price of $22.35, utilizing approximately $75 million. The company is actively selling noncore assets, with a disposition pipeline totaling approximately $500 million.
Dividend Increase
The Board of Trustees authorized an increase in the dividend to $0.29 per share, representing a 7.4% increase year-over-year, highlighting the company’s commitment to returning value to shareholders.
Improved Leasing Rates and Tenant Mix
Lease rate increased by 60 basis points sequentially. The company is diversifying its tenant mix, with 19 anchor leases signed year-to-date, including 12 different retail concepts.