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Retail Properties of America boosts guidance

May 02, 2016 4:49 PM ETKite Realty Group Trust (KRG) StockKRGBy: Stephen Alpher, SA News Editor
  • Q1 operating FFO of $65.7M or $0.28 per share vs. $62.3M and $0.26 one year ago.
  • Same-store NOI up 3.1% Y/Y, with proceeds from the old Circuit City bankruptcy improving the result by 75 bps, and the Sports Authority BK hurting by 80 bps.
  • Same-store portfolio leased of 95.2% down 40 bps Y/Y. Retail portfolio annualized base rent per occupied square foot of $16.64 up 6% Y/Y.
  • Company is 40% of its targeted sales for the year (whether closed or under contract). As such, it's boosted its disposition guidance to $600M-$700M.
  • Full-year operating FFO guidance is boosted by two cents at both ends to $1.03-$1.07 per share.
  • Conference call tomorrow at 11 ET
  • Previously: Retail Properties of America beats by $0.02, beats on revenue (May 2)
  • RPAI flat after hours

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