Kite Realty Group Trust (NYSE:KRG) Q1 2023 Earnings Conference Call May 2, 2023 1:00 PM ET

Company Participants

Bryan McCarthy - Senior Vice President, Corporate Marketing & Communications

John Kite - Chairman & Chief Executive Officer

Heath Fear - Executive Vice President & Chief Financial Officer

Tom McGowan - President & Chief Operating Officer

Conference Call Participants

Craig Mailman - Citi

Todd Thomas - KeyBanc

Floris Van Dijkum - Compass Point

Alex Goldfarb - Piper Sandler

Michael Mueller - JPMorgan

Anthony Powell - Barclays

Operator

Good day, and thank you for standing by. Welcome to the Kite Realty Group Trust First Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Bryan McCarthy. Please go ahead.

Bryan McCarthy

Thank you, and good afternoon, everyone. Welcome to Kite Realty Group's first quarter earnings call. Some of today's comments contain forward-looking statements that are based on assumptions of future events and are subject to inherent risks and uncertainties. Actual results may differ materially from these statements.

For more information about the factors that can adversely affect the company's results, please see our SEC filings, including our most recent Form 10-K. Today's remarks also include certain non-GAAP financial measures. Please refer to yesterday's earnings press release available on our website for reconciliation of these non-GAAP performance measures to our GAAP financial results.

On the call with me today from Kite Realty Group, our Chairman and Chief Executive Officer, John Kite; President and Chief Operating Officer, Tom McGowan; Executive Vice President and Chief Financial Officer, Heath Fear; Senior Vice President and Chief Accounting Officer, Dave Buell; and Senior Vice President, Capital Markets and Investor Relations, Tyler Henshaw. I will now turn the call over to John.

John Kite

Thanks, Bryan, and good morning, everyone. KRG's strategy for 2023 is a straightforward plan anchored in our best-in-class platform. We intend to lease space at attractive risk-adjusted returns, operate our high quality portfolio at sector leading margins and maintain a rock-solid balance sheet. This plan focuses on our key strengths with the ultimate goal of delivering sustainable value for all stakeholders.

I'm pleased to report that KRG's first quarter results exceed our 2023 plan, and our streak of outperformance continues. We generated FFO per share of $0.51, beating consensus estimates by $0.04 per share, and representing an 11% increase over the comparable period last year. Our same property NOI growth for the quarter was 6.5% as compared to the same period in 2022. Heath will provide more details around the components of each metric.