Q1 Same Property NOI Rises 3.6% as Board Boosts Buyback to $600M
Kite Realty Group posted Q1 net income of $11.4 million ($0.06 per share) and Core FFO of $109.1 million ($0.52 per share), with Same Property NOI up 3.6%. The board expanded its buyback to $600 million and declared a $0.29 Q2 dividend.
1. Q1 Financial Results
Net income attributable to common shareholders was $11.4 million, or $0.06 per diluted share, down from $23.7 million, or $0.11 per diluted share, last year. The Operating Partnership generated Core FFO of $109.1 million, or $0.52 per share, and NAREIT FFO of $109.4 million, or $0.52 per share.
2. Operating Performance
Same Property NOI increased 3.6% year-over-year. The company executed 151 new and renewal leases covering 707,000 square feet, achieved blended cash leasing spreads of 13.5%, and saw portfolio ABR rise 6.5% to $22.89 per square foot, with overall occupancy up 90 basis points to 94.7%. Signed-not-open pipeline stands at approximately $36.0 million of NOI.
3. Capital Allocation
Kite Realty sold Coram Plaza (138,385 sq ft) for $12.5 million as part of portfolio recycling. The Board upsized the share repurchase program from $300 million to $600 million and repurchased about 6.0 million shares at an average price of $25.19 for $152.3 million this quarter, totaling 16.9 million shares bought back for $400 million since 2025.
4. Balance Sheet, Dividend and Guidance
Net debt to Adjusted EBITDA stood at 5.2x at quarter end. A Q2 dividend of $0.29 per share was declared, a 7.4% increase. Full-year 2026 guidance was affirmed at net income of $0.33–$0.39 per share and NAREIT/Core FFO of $2.06–$2.12 per share, with Same Property NOI growth expected at 2.5%–3.5%.