Kite Realty Group Trust (NYSE:KRG) Q3 2023 Earnings Conference Call October 31, 2023 1:00 PM ET

Company Participants

Bryan McCarthy - SVP, Corporate Marketing and Communications

John Kite - Chairman and CEO

Tom McGowan - President and COO

Heath Fear - EVP and CFO

Conference Call Participants

Craig Mailman - Citi

Lizzy Doykan - Bank of America

Connor Mitchell - Piper Sandler

Dori Kesten - Wells Fargo Securities

Wesley Golladay - Baird

Michael Mueller - JPMorgan

Linda Tsai - Jefferies

Todd Thomas - KeyBanc Capital Markets

Operator

Good day, and thank you for standing by. Welcome to the Third Quarter 2023 Kite Realty Group Trust Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to turn the call over to the Senior Vice President of Corporate Marketing and Communications, Mr. Bryan McCarthy.

Bryan McCarthy

Thank you, and good afternoon everyone. Welcome to Kite Realty Group's third 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 are 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 thanks everyone for joining us today.

KRG demonstrated another quarter of exceptional execution across our best-in-class operating platform. Since the outset of project focus in late 2018, we have strategically positioned our portfolio and balance sheet to thrive in any environment.

As a result of our operational intensity, we've outpaced our peers in three key metrics: ABR growth, blended cash spreads, and FFO growth. Regardless of how the next few years unfold, KRG is in the enviable position of moving forward with confidence.

Turning to our third quarter results, we generated FFO per share of $0.51. Our same-property NOI grew by 4.7% as compared to the same period in 2022, primarily driven by minimum rent growth, lower levels of bad debt, and overage rent.