Hilliard Lyons analyst Carol Kemple upgraded Kite Realty Corp to Buy citing valuation and maintained its $27 price target.

The company said, "The Company expects to generate net income attributable to common shareholders of $0.30 to $0.36 per diluted share in 2024. The Company is raising its 2024 NAREIT FFO guidance range to $2.02 to $2.08 per diluted share from $2.00 to $2.06 per diluted share, based, in part, on the following assumptions: 2024 Same Property NOI range of 1.5% to 2.5%, which represents a 50-basis point increase at the midpoint. Full-year bad debt assumption of 0.55% to 1.05% of total revenues, which represents a 20-basis point decrease at the midpoint."

Reports Q1 revenue $207.44M, consensus $207.86M. "The KRG team continued its strong momentum into the first quarter of 2024, generating approximately 13% blended cash leasing spreads and driving higher embedded rent bumps," said John A. Kite, chairman and CEO. "Based on our first quarter outperformance, we are increasing our 2024 NAREIT FFO per share guidance by $0.02 and our same-property NOI growth assumption by 50 basis points at the midpoint. Our best-in-class operating platform, balance sheet, and team have continued to deliver results and create value for all stakeholders."