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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kite Realty Group Trust New | NYSE:KRG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.34 | -1.59% | 21.05 | 21.83 | 20.865 | 21.69 | 2,146,691 | 01:00:00 |
Maryland (Kite Realty Group Trust)
|
|
11-3715772
|
Delaware (Kite Realty Group, L.P.)
|
|
20-1453863
|
(State or other jurisdiction of incorporation or organization)
|
|
(IRS Employer Identification No.)
|
|
|
|
30 S. Meridian Street, Suite 1100
Indianapolis, Indiana 46204
|
||
(Address of principal executive offices) (Zip code)
|
||
|
|
|
Telephone: (317) 577-5600
|
||
(Registrant’s telephone number, including area code)
|
||
|
||
Not Applicable
|
||
(Former name, former address and former fiscal year, if changed since last report)
|
Kite Realty Group Trust
|
Yes
x
|
No
o
|
Kite Realty Group, L.P.
|
Yes
x
|
No
o
|
Kite Realty Group Trust
|
Yes
x
|
No
o
|
Kite Realty Group, L.P.
|
Yes
x
|
No
o
|
Large accelerated filer
|
x
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
Smaller reporting company
|
o
|
|
|
|
|
|
|
|
|
Emerging growth company
|
o
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
Non-accelerated filer
|
x
|
Smaller reporting company
|
o
|
|
|
|
|
|
|
|
|
Emerging growth company
|
o
|
Kite Realty Group Trust
|
Yes
o
|
No
x
|
Kite Realty Group, L.P.
|
Yes
o
|
No
x
|
•
|
enhancing investors' understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
|
•
|
eliminating duplicative disclosure and providing a more streamlined and readable presentation of information because a substantial portion of the Company's disclosure applies to both the Parent Company and the Operating Partnership; and
|
•
|
creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.
|
|
|
Page
|
Part I.
|
|
|
|
|
|
Item 1.
|
|
|
|
|
|
Kite Realty Group Trust:
|
|
|
|
|
|
|
Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017
|
|
|
|
|
|
Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2018 and 2017
|
|
|
|
|
|
Consolidated Statement of Shareholders' Equity for the Three Months Ended March 31, 2018
|
|
|
|
|
|
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2018 and 2017
|
|
|
|
|
Kite Realty Group, L.P. and subsidiaries:
|
|
|
|
|
|
|
Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017
|
|
|
|
|
|
Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2018 and 2017
|
|
|
|
|
|
Consolidated Statement of Partners' Equity for the Three Months Ended March 31, 2018
|
|
|
|
|
|
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2018 and 2017
|
|
|
|
|
Kite Realty Group Trust and Kite Realty Group, L.P. and subsidiaries:
|
|
|
|
|
|
|
Notes to Consolidated Financial Statements
|
|
|
|
|
Item 2.
|
Cautionary Note About Forward-Looking Statements
|
|
|
|
|
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosure about Market Risk
|
|
|
|
|
Item 4.
|
Controls and Procedures
|
|
|
|
|
Part II.
|
OTHER INFORMATION
|
|
|
|
|
Item 1.
|
Legal Proceedings
|
|
|
|
|
Item 1A.
|
Risk Factors
|
|
|
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
|
|
|
Item 3.
|
Defaults upon Senior Securities
|
|
|
|
|
Item 4.
|
Mine Safety Disclosures
|
|
|
|
|
Item 5.
|
Other Information
|
|
|
|
|
Item 6.
|
Exhibits
|
|
|
|
|
SIGNATURES
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
Assets:
|
|
|
|
||||
Investment properties, at cost
|
$
|
3,865,567
|
|
|
$
|
3,957,884
|
|
Less: accumulated depreciation
|
(671,384
|
)
|
|
(664,614
|
)
|
||
|
3,194,183
|
|
|
3,293,270
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
28,753
|
|
|
24,082
|
|
||
Tenant and other receivables, including accrued straight-line rent of $32,182 and $31,747 respectively, net of allowance for uncollectible accounts
|
57,172
|
|
|
58,328
|
|
||
Restricted cash and escrow deposits
|
9,795
|
|
|
8,094
|
|
||
Deferred costs and intangibles, net
|
108,612
|
|
|
112,359
|
|
||
Prepaid and other assets
|
20,342
|
|
|
16,365
|
|
||
Total Assets
|
$
|
3,418,857
|
|
|
$
|
3,512,498
|
|
|
|
|
|
||||
Liabilities and Equity:
|
|
|
|
|
|||
Mortgage and other indebtedness, net
|
$
|
1,650,547
|
|
|
$
|
1,699,239
|
|
Accounts payable and accrued expenses
|
102,851
|
|
|
78,482
|
|
||
Deferred revenue and intangibles, net and other liabilities
|
90,940
|
|
|
96,564
|
|
||
Total Liabilities
|
1,844,338
|
|
|
1,874,285
|
|
||
Commitments and contingencies
|
—
|
|
|
—
|
|
||
Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests
|
48,834
|
|
|
72,104
|
|
||
Equity:
|
|
|
|
|
|
||
Kite Realty Group Trust Shareholders' Equity:
|
|
|
|
|
|
||
Common Shares, $.01 par value, 225,000,000 shares authorized, 83,675,982 and 83,606,068 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
|
837
|
|
|
836
|
|
||
Additional paid in capital
|
2,073,316
|
|
|
2,071,418
|
|
||
Accumulated other comprehensive income
|
5,147
|
|
|
2,990
|
|
||
Accumulated deficit
|
(554,313
|
)
|
|
(509,833
|
)
|
||
Total Kite Realty Group Trust Shareholders' Equity
|
1,524,987
|
|
|
1,565,411
|
|
||
Noncontrolling Interest
|
698
|
|
|
698
|
|
||
Total Equity
|
1,525,685
|
|
|
1,566,109
|
|
||
Total Liabilities and Shareholders' Equity
|
$
|
3,418,857
|
|
|
$
|
3,512,498
|
|
|
Three Months Ended
March 31, |
|
||||||
|
2018
|
|
2017
|
|
||||
|
|
|
|
|
||||
Revenue:
|
|
|
|
|
||||
Minimum rent
|
$
|
68,965
|
|
|
$
|
68,946
|
|
|
Tenant reimbursements
|
18,373
|
|
|
18,570
|
|
|
||
Other property related revenue
|
1,063
|
|
|
2,596
|
|
|
||
Fee income
|
1,362
|
|
|
—
|
|
|
||
Total revenue
|
89,763
|
|
|
90,112
|
|
|
||
Expenses:
|
|
|
|
|
||||
Property operating
|
12,470
|
|
|
12,953
|
|
|
||
Real estate taxes
|
10,754
|
|
|
10,330
|
|
|
||
General, administrative, and other
|
5,945
|
|
|
5,470
|
|
|
||
Depreciation and amortization
|
38,556
|
|
|
45,830
|
|
|
||
Impairment charge
|
24,070
|
|
|
7,411
|
|
|
||
Total expenses
|
91,795
|
|
|
81,994
|
|
|
||
Operating (loss) income
|
(2,032
|
)
|
|
8,118
|
|
|
||
Interest expense
|
(16,337
|
)
|
|
(16,445
|
)
|
|
||
Income tax benefit of taxable REIT subsidiary
|
23
|
|
|
33
|
|
|
||
Other expense, net
|
(151
|
)
|
|
(139
|
)
|
|
||
Loss from continuing operations
|
(18,497
|
)
|
|
(8,433
|
)
|
|
||
Gains on sales of operating properties
|
500
|
|
|
8,870
|
|
|
||
Net (loss) income
|
(17,997
|
)
|
|
437
|
|
|
||
Net loss (income) attributable to noncontrolling interests
|
80
|
|
|
(432
|
)
|
|
||
Net (loss) income attributable to Kite Realty Group Trust common shareholders
|
$
|
(17,917
|
)
|
|
$
|
5
|
|
|
|
|
|
|
|
|
|
||
(Loss) income per common share - basic and diluted
|
$
|
(0.21
|
)
|
|
$
|
0.00
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding - basic
|
83,629,669
|
|
|
83,565,325
|
|
|
||
Weighted average common shares outstanding - diluted
|
83,629,669
|
|
|
83,643,608
|
|
|
||
|
|
|
|
|
||||
Cash dividends declared per common share
|
$
|
0.3175
|
|
|
$
|
0.3025
|
|
|
|
|
|
|
|
||||
Net (loss) income
|
$
|
(17,997
|
)
|
|
$
|
437
|
|
|
Change in fair value of derivatives
|
2,214
|
|
|
1,496
|
|
|
||
Total comprehensive (loss) income
|
(15,783
|
)
|
|
1,933
|
|
|
||
Comprehensive loss (income) attributable to noncontrolling interests
|
23
|
|
|
(466
|
)
|
|
||
Comprehensive (loss) income attributable to Kite Realty Group Trust
|
$
|
(15,760
|
)
|
|
$
|
1,467
|
|
|
|
Common Shares
|
|
Additional
Paid-in Capital
|
|
Accumulated
Other
Comprehensive
Income
|
|
Accumulated
Deficit
|
|
Total
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balances, December 31, 2017
|
83,606,068
|
|
|
$
|
836
|
|
|
$
|
2,071,418
|
|
|
$
|
2,990
|
|
|
$
|
(509,833
|
)
|
|
$
|
1,565,411
|
|
Stock compensation activity
|
69,914
|
|
|
1
|
|
|
1,446
|
|
|
—
|
|
|
—
|
|
|
1,447
|
|
|||||
Other comprehensive income attributable
to Kite Realty Group Trust |
—
|
|
|
—
|
|
|
—
|
|
|
2,157
|
|
|
—
|
|
|
2,157
|
|
|||||
Distributions declared to common
shareholders |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,563
|
)
|
|
(26,563
|
)
|
|||||
Net loss attributable to Kite
Realty Group Trust |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,917
|
)
|
|
(17,917
|
)
|
|||||
Adjustment to redeemable noncontrolling
interests |
—
|
|
|
—
|
|
|
452
|
|
|
—
|
|
|
—
|
|
|
452
|
|
|||||
Balances, March 31, 2018
|
83,675,982
|
|
|
$
|
837
|
|
|
$
|
2,073,316
|
|
|
$
|
5,147
|
|
|
$
|
(554,313
|
)
|
|
$
|
1,524,987
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Consolidated net (loss) income
|
$
|
(17,997
|
)
|
|
$
|
437
|
|
Adjustments to reconcile consolidated net (loss) income to net cash provided by operating activities:
|
|
|
|
|
|||
Straight-line rent
|
(951
|
)
|
|
(1,321
|
)
|
||
Depreciation and amortization
|
39,216
|
|
|
46,372
|
|
||
Gains on sales of operating properties
|
(500
|
)
|
|
(8,870
|
)
|
||
Impairment charge
|
24,070
|
|
|
7,411
|
|
||
Provision for credit losses
|
458
|
|
|
791
|
|
||
Compensation expense for equity awards
|
1,639
|
|
|
1,552
|
|
||
Amortization of debt fair value adjustment
|
(990
|
)
|
|
(773
|
)
|
||
Amortization of in-place lease liabilities, net
|
(2,576
|
)
|
|
(850
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
|
|||
Tenant receivables and other
|
1,346
|
|
|
(1,424
|
)
|
||
Deferred costs and other assets
|
(7,694
|
)
|
|
(5,277
|
)
|
||
Accounts payable, accrued expenses, deferred revenue and other liabilities
|
238
|
|
|
(1,805
|
)
|
||
Net cash provided by operating activities
|
36,259
|
|
|
36,243
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Capital expenditures, net
|
(18,070
|
)
|
|
(23,869
|
)
|
||
Net proceeds from sales of operating properties
|
61,637
|
|
|
22,754
|
|
||
Collection of note receivable
|
—
|
|
|
—
|
|
||
Change in construction payables
|
2,807
|
|
|
2,422
|
|
||
Net cash provided by investing activities
|
46,374
|
|
|
1,307
|
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Proceeds from issuance of common shares, net
|
23
|
|
|
—
|
|
||
Repurchases of common shares upon the vesting of restricted shares
|
(319
|
)
|
|
(200
|
)
|
||
Acquisition of partner's interest in Fishers Station operating property
|
—
|
|
|
(3,750
|
)
|
||
Loan proceeds
|
52,922
|
|
|
33,200
|
|
||
Loan payments and related financing escrows
|
(101,363
|
)
|
|
(37,170
|
)
|
||
Distributions paid – common shareholders
|
(26,546
|
)
|
|
(25,272
|
)
|
||
Distributions paid – redeemable noncontrolling interests
|
(978
|
)
|
|
(1,020
|
)
|
||
Net cash used in financing activities
|
(76,261
|
)
|
|
(34,212
|
)
|
||
Net change in cash, cash equivalents, and restricted cash
|
6,372
|
|
|
3,338
|
|
||
Cash, cash equivalents, and restricted cash beginning of period
|
32,176
|
|
|
28,912
|
|
||
Cash, cash equivalents, and restricted cash end of period
|
$
|
38,548
|
|
|
$
|
32,250
|
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
Assets:
|
|
|
|
||||
Investment properties, at cost
|
$
|
3,865,567
|
|
|
$
|
3,957,884
|
|
Less: accumulated depreciation
|
(671,384
|
)
|
|
(664,614
|
)
|
||
|
3,194,183
|
|
|
3,293,270
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
28,753
|
|
|
24,082
|
|
||
Tenant and other receivables, including accrued straight-line rent of $32,182 and $31,747 respectively, net of allowance for uncollectible accounts
|
57,172
|
|
|
58,328
|
|
||
Restricted cash and escrow deposits
|
9,795
|
|
|
8,094
|
|
||
Deferred costs and intangibles, net
|
108,612
|
|
|
112,359
|
|
||
Prepaid and other assets
|
20,342
|
|
|
16,365
|
|
||
Total Assets
|
$
|
3,418,857
|
|
|
$
|
3,512,498
|
|
|
|
|
|
||||
Liabilities and Equity:
|
|
|
|
|
|||
Mortgage and other indebtedness, net
|
$
|
1,650,547
|
|
|
$
|
1,699,239
|
|
Accounts payable and accrued expenses
|
102,851
|
|
|
78,482
|
|
||
Deferred revenue and intangibles, net and other liabilities
|
90,940
|
|
|
96,564
|
|
||
Total Liabilities
|
1,844,338
|
|
|
1,874,285
|
|
||
Commitments and contingencies
|
—
|
|
|
—
|
|
||
Redeemable Limited Partners’ and other redeemable noncontrolling interests
|
48,834
|
|
|
72,104
|
|
||
Partners Equity:
|
|
|
|
||||
Parent Company:
|
|
|
|
||||
Common equity, 83,675,982 and 83,606,068 units issued and outstanding at March 31,
2018 and December 31, 2017, respectively |
1,519,840
|
|
|
1,562,421
|
|
||
Accumulated other comprehensive income
|
5,147
|
|
|
2,990
|
|
||
Total Partners Equity
|
1,524,987
|
|
|
1,565,411
|
|
||
Noncontrolling Interests
|
698
|
|
|
698
|
|
||
Total Equity
|
1,525,685
|
|
|
1,566,109
|
|
||
Total Liabilities and Equity
|
$
|
3,418,857
|
|
|
$
|
3,512,498
|
|
|
Three Months Ended
March 31, |
|
||||||
|
2018
|
|
2017
|
|
||||
|
|
|
|
|
||||
Revenue:
|
|
|
|
|
||||
Minimum rent
|
$
|
68,965
|
|
|
$
|
68,946
|
|
|
Tenant reimbursements
|
18,373
|
|
|
18,570
|
|
|
||
Other property related revenue
|
1,063
|
|
|
2,596
|
|
|
||
Fee income
|
1,362
|
|
|
—
|
|
|
||
Total revenue
|
89,763
|
|
|
90,112
|
|
|
||
Expenses:
|
|
|
|
|
|
|||
Property operating
|
12,470
|
|
|
12,953
|
|
|
||
Real estate taxes
|
10,754
|
|
|
10,330
|
|
|
||
General, administrative, and other
|
5,945
|
|
|
5,470
|
|
|
||
Depreciation and amortization
|
38,556
|
|
|
45,830
|
|
|
||
Impairment charge
|
24,070
|
|
|
7,411
|
|
|
||
Total expenses
|
91,795
|
|
|
81,994
|
|
|
||
Operating (loss) income
|
(2,032
|
)
|
|
8,118
|
|
|
||
Interest expense
|
(16,337
|
)
|
|
(16,445
|
)
|
|
||
Income tax benefit of taxable REIT subsidiary
|
23
|
|
|
33
|
|
|
||
Other expense, net
|
(151
|
)
|
|
(139
|
)
|
|
||
Loss from continuing operations
|
(18,497
|
)
|
|
(8,433
|
)
|
|
||
Gains on sales of operating properties
|
500
|
|
|
8,870
|
|
|
||
Consolidated net (loss) income
|
(17,997
|
)
|
|
437
|
|
|
||
Net income attributable to noncontrolling interests
|
(351
|
)
|
|
(432
|
)
|
|
||
Net (loss) income attributable to common unitholders
|
$
|
(18,348
|
)
|
|
$
|
5
|
|
|
|
|
|
|
|
||||
Allocation of net (loss) income:
|
|
|
|
|
||||
Limited Partners
|
$
|
(431
|
)
|
|
$
|
—
|
|
|
Parent Company
|
(17,917
|
)
|
|
5
|
|
|
||
|
$
|
(18,348
|
)
|
|
$
|
5
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
||||
Net (loss) income per unit - basic & diluted
|
$
|
(0.21
|
)
|
|
$
|
0.00
|
|
|
|
|
|
|
|
||||
Weighted average common units outstanding - basic
|
85,642,329
|
|
|
85,529,910
|
|
|
||
Weighted average common units outstanding - diluted
|
85,642,329
|
|
|
85,608,193
|
|
|
||
|
|
|
|
|
||||
Distributions declared per common unit
|
$
|
0.3175
|
|
|
$
|
0.3025
|
|
|
|
|
|
|
|
||||
Consolidated net (loss) income
|
$
|
(17,997
|
)
|
|
$
|
437
|
|
|
Change in fair value of derivatives
|
2,214
|
|
|
1,496
|
|
|
||
Total comprehensive income (loss)
|
(15,783
|
)
|
|
1,933
|
|
|
||
Comprehensive income attributable to noncontrolling interests
|
(351
|
)
|
|
(432
|
)
|
|
||
Comprehensive (loss) income attributable to common unitholders
|
$
|
(16,134
|
)
|
|
$
|
1,501
|
|
|
|
General Partner
|
|
Total
|
||||||||
|
Common Equity
|
|
Accumulated
Other
Comprehensive
Income
|
|
|||||||
Balances, December 31, 2017
|
$
|
1,562,421
|
|
|
$
|
2,990
|
|
|
$
|
1,565,411
|
|
Stock compensation activity
|
1,447
|
|
|
—
|
|
|
1,447
|
|
|||
Other comprehensive income attributable to Parent Company
|
—
|
|
|
2,157
|
|
|
2,157
|
|
|||
Distributions declared to Parent Company
|
(26,563
|
)
|
|
—
|
|
|
(26,563
|
)
|
|||
Net loss
|
(17,917
|
)
|
|
—
|
|
|
(17,917
|
)
|
|||
Adjustment to redeemable noncontrolling interests
|
452
|
|
|
—
|
|
|
452
|
|
|||
Balances, March 31, 2018
|
$
|
1,519,840
|
|
|
$
|
5,147
|
|
|
$
|
1,524,987
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Consolidated net (loss) income
|
$
|
(17,997
|
)
|
|
$
|
437
|
|
Adjustments to reconcile consolidated net (loss) income to net cash provided by operating activities:
|
|
|
|
||||
Straight-line rent
|
(951
|
)
|
|
(1,321
|
)
|
||
Depreciation and amortization
|
39,216
|
|
|
46,372
|
|
||
Gains on sales of operating properties
|
(500
|
)
|
|
(8,870
|
)
|
||
Impairment charge
|
24,070
|
|
|
7,411
|
|
||
Provision for credit losses
|
458
|
|
|
791
|
|
||
Compensation expense for equity awards
|
1,639
|
|
|
1,552
|
|
||
Amortization of debt fair value adjustment
|
(990
|
)
|
|
(773
|
)
|
||
Amortization of in-place lease liabilities, net
|
(2,576
|
)
|
|
(850
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Tenant receivables and other
|
1,346
|
|
|
(1,424
|
)
|
||
Deferred costs and other assets
|
(7,694
|
)
|
|
(5,277
|
)
|
||
Accounts payable, accrued expenses, deferred revenue and other liabilities
|
238
|
|
|
(1,805
|
)
|
||
Net cash provided by operating activities
|
36,259
|
|
|
36,243
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Capital expenditures, net
|
(18,070
|
)
|
|
(23,869
|
)
|
||
Net proceeds from sales of operating properties
|
61,637
|
|
|
22,754
|
|
||
Change in construction payables
|
2,807
|
|
|
2,422
|
|
||
Net cash provided by investing activities
|
46,374
|
|
|
1,307
|
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Contributions from the General Partner
|
23
|
|
|
—
|
|
||
Repurchases of common shares upon the vesting of restricted shares
|
(319
|
)
|
|
(200
|
)
|
||
Acquisition of partner's interest in Fishers Station operating property
|
—
|
|
|
(3,750
|
)
|
||
Loan proceeds
|
52,922
|
|
|
33,200
|
|
||
Loan payments and related financing escrows
|
(101,363
|
)
|
|
(37,170
|
)
|
||
Distributions paid – common unitholders
|
(26,546
|
)
|
|
(25,272
|
)
|
||
Distributions paid – redeemable noncontrolling interests
|
(978
|
)
|
|
(1,020
|
)
|
||
Net cash used in financing activities
|
(76,261
|
)
|
|
(34,212
|
)
|
||
Net change in cash, cash equivalents, and restricted cash
|
6,372
|
|
|
3,338
|
|
||
Cash, cash equivalents, and restricted cash beginning of period
|
32,176
|
|
|
28,912
|
|
||
Cash, cash equivalents, and restricted cash end of period
|
$
|
38,548
|
|
|
$
|
32,250
|
|
|
|
Balance at
|
||||||
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
Investment properties, at cost:
|
|
|
|
|
||||
Land, buildings and improvements
|
|
$
|
3,781,646
|
|
|
$
|
3,873,149
|
|
Furniture, equipment and other
|
|
8,757
|
|
|
8,453
|
|
||
Land held for development
|
|
31,142
|
|
|
31,142
|
|
||
Construction in progress
|
|
44,022
|
|
|
45,140
|
|
||
|
|
$
|
3,865,567
|
|
|
$
|
3,957,884
|
|
|
2018
|
|
2017
|
||||
Noncontrolling interests balance January 1
|
$
|
698
|
|
|
$
|
692
|
|
Net income allocable to noncontrolling interests,
excluding redeemable noncontrolling interests |
—
|
|
|
1
|
|
||
Noncontrolling interests balance at March 31
|
$
|
698
|
|
|
$
|
693
|
|
|
Three Months Ended
March 31, |
|
||||
|
2018
|
|
2017
|
|
||
Parent Company’s weighted average basic interest in
Operating Partnership |
97.6
|
%
|
|
97.7
|
%
|
|
Limited partners' weighted average basic interests in
Operating Partnership |
2.4
|
%
|
|
2.3
|
%
|
|
|
2018
|
|
2017
|
||||
Redeemable noncontrolling interests balance January 1
|
$
|
72,104
|
|
|
$
|
88,165
|
|
Net (loss) income allocable to redeemable noncontrolling interests
|
(80
|
)
|
|
432
|
|
||
Distributions declared to redeemable noncontrolling interests
|
(1,008
|
)
|
|
(1,033
|
)
|
||
Liability reclassification due to exercise of redemption option by joint venture partner
|
(22,461
|
)
|
|
(8,261
|
)
|
||
Other, net, including adjustments to redemption value
|
279
|
|
|
(2,048
|
)
|
||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at March 31
|
$
|
48,834
|
|
|
$
|
77,255
|
|
|
|
|
|
||||
|
|
|
|
||||
Limited partners' interests in Operating Partnership
|
$
|
38,764
|
|
|
$
|
44,530
|
|
Other redeemable noncontrolling interests in certain subsidiaries
|
10,070
|
|
|
32,725
|
|
||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at March 31
|
$
|
48,834
|
|
|
$
|
77,255
|
|
•
|
Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access.
|
•
|
Level 2 fair value inputs are inputs other than quoted prices included in Level 1 that are observable for similar instruments, either directly or indirectly, and appropriately consider counterparty creditworthiness in the valuations.
|
•
|
Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an instrument at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate.
|
|
|
For the Three Months Ended March 31,
|
||||
|
|
2018
|
|
2017
|
||
Cash and cash equivalents
|
|
28,753
|
|
|
22,641
|
|
Restricted cash
|
|
9,795
|
|
|
9,609
|
|
Total cash, cash equivalents, and restricted cash
|
|
38,548
|
|
|
32,250
|
|
|
|
|
|
|
|
As of March 31, 2018
|
||||||||||||||
|
Principal
|
|
Unamortized Net Premiums
|
|
Unamortized Debt Issuance Costs
|
|
Total
|
||||||||
Senior unsecured notes - fixed rate
|
$
|
550,000
|
|
|
$
|
—
|
|
|
$
|
(5,377
|
)
|
|
$
|
544,623
|
|
Unsecured revolving credit facility
|
46,600
|
|
|
—
|
|
|
(1,729
|
)
|
|
44,871
|
|
||||
Unsecured term loans
|
400,000
|
|
|
—
|
|
|
(1,587
|
)
|
|
398,413
|
|
||||
Mortgage notes payable - fixed rate
|
542,266
|
|
|
8,207
|
|
|
(694
|
)
|
|
549,779
|
|
||||
Mortgage notes payable - variable rate
|
113,423
|
|
|
—
|
|
|
(562
|
)
|
|
112,861
|
|
||||
Total mortgage and other indebtedness
|
$
|
1,652,289
|
|
|
$
|
8,207
|
|
|
$
|
(9,949
|
)
|
|
$
|
1,650,547
|
|
|
As of December 31, 2017
|
||||||||||||||
|
Principal
|
|
Unamortized Net Premiums
|
|
Unamortized Debt Issuance Costs
|
|
Total
|
||||||||
Senior unsecured notes - fixed rate
|
$
|
550,000
|
|
|
$
|
—
|
|
|
$
|
(5,599
|
)
|
|
$
|
544,401
|
|
Unsecured revolving credit facility
|
60,100
|
|
|
—
|
|
|
(1,895
|
)
|
|
58,205
|
|
||||
Unsecured term loans
|
400,000
|
|
|
—
|
|
|
(1,759
|
)
|
|
398,241
|
|
||||
Mortgage notes payable - fixed rate
|
576,927
|
|
|
9,196
|
|
|
(755
|
)
|
|
585,368
|
|
||||
Mortgage notes payable - variable rate
|
113,623
|
|
|
—
|
|
|
(599
|
)
|
|
113,024
|
|
||||
Total mortgage and other indebtedness
|
$
|
1,700,650
|
|
|
$
|
9,196
|
|
|
$
|
(10,607
|
)
|
|
$
|
1,699,239
|
|
|
Outstanding Amount
|
|
Ratio
|
|
Weighted Average
Interest Rate |
|
Weighted Average
Maturity (Years) |
||||
Fixed rate debt
1
|
$
|
1,477,467
|
|
|
89
|
%
|
|
4.11
|
%
|
|
5.5
|
Variable rate debt
|
174,822
|
|
|
11
|
%
|
|
3.38
|
%
|
|
3.8
|
|
Net debt premiums and issuance costs, net
|
(1,742
|
)
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
Total
|
$
|
1,650,547
|
|
|
100
|
%
|
|
4.04
|
%
|
|
5.3
|
____________________
|
|
1
|
Fixed rate debt includes, and variable rate date excludes, the portion of such debt that has been hedged by interest rate derivatives. As of March 31,2018, $385.2 million in variable rate debt is hedged for a weighted average 3.0 years.
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2018
|
|
2017
|
||||
Amortization of debt issuance costs
|
|
$
|
660
|
|
|
$
|
682
|
|
•
|
We retired the
$33.3 million
loan secured by our Perimeter Woods operating property through a draw on our Credit Facility;
|
•
|
We borrowed
$19.6 million
on the Credit Facility to fund development activities, redevelopment activities, tenant improvement costs, and other working capital needs;
|
•
|
We used the
$63.0 million
net proceeds from the sale of
two
operating properties to pay down the Credit Facility; and
|
•
|
We made scheduled principal payments on indebtedness totaling
$1.5 million
.
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
Acquired lease intangible assets
|
$
|
98,215
|
|
|
$
|
107,668
|
|
Deferred leasing costs and other
|
69,617
|
|
|
68,335
|
|
||
|
167,832
|
|
|
176,003
|
|
||
Less—accumulated amortization
|
(59,220
|
)
|
|
(63,644
|
)
|
||
Total
|
$
|
108,612
|
|
|
$
|
112,359
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Amortization of deferred leasing costs, lease intangibles and other
|
$
|
4,710
|
|
|
$
|
6,145
|
|
Amortization of above market lease intangibles
|
754
|
|
|
1,189
|
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
Unamortized below market lease liabilities
|
$
|
76,600
|
|
|
$
|
83,117
|
|
Retainage payables and other
|
4,285
|
|
|
3,954
|
|
||
Tenant rent payments received in advance
|
10,055
|
|
|
9,493
|
|
||
Total
|
$
|
90,940
|
|
|
$
|
96,564
|
|
•
|
national and local economic, business, real estate and other market conditions, particularly in light of low growth in the U.S. economy as well as economic uncertainty caused by fluctuations in the prices of oil and other energy sources and inflationary trends or outlook;
|
•
|
financing risks, including the availability of, and costs associated with, sources of liquidity;
|
•
|
our ability to refinance, or extend the maturity dates of, our indebtedness;
|
•
|
the level and volatility of interest rates;
|
•
|
the financial stability of tenants, including their ability to pay rent and the risk of tenant bankruptcies;
|
•
|
the competitive environment in which we operate;
|
•
|
acquisition, disposition, development and joint venture risks;
|
•
|
property ownership and management risks;
|
•
|
our ability to maintain our status as a real estate investment trust for federal income tax purposes;
|
•
|
potential environmental and other liabilities;
|
•
|
impairment in the value of real estate property we own;
|
•
|
the impact of online retail competition and the perception that such competition has on the value of shopping center assets;
|
•
|
risks related to the geographical concentration of our properties in Florida, Indiana and Texas;
|
•
|
insurance costs and coverage;
|
•
|
risks associated with cybersecurity attacks and the loss of confidential information and other business disruptions;
|
•
|
other factors affecting the real estate industry generally; and
|
•
|
other risks identified in this Quarterly Report on Form 10-Q and, from time to time, in other reports we file with the Securities and Exchange Commission (the “SEC”) or in other documents that we publicly disseminate, including, in particular, the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31,
2017
.
|
•
|
Capital Recycling.
We completed the sale of two non-core operating properties: Trussville Promenade in Birmingham, Alabama, and Memorial Commons in Goldsboro, North Carolina. These sales generated $63.0 million in gross proceeds, which were utilized to reduce outstanding debt.
|
•
|
Under Construction Redevelopment, Reposition, and Repurpose (
“
3-R
”
) Projects.
Our 3-R initiative, which includes a total of 10 projects under construction or active evaluation for modification, continued to progress in the first quarter of 2018. There are
six
projects currently under construction, which have an estimated combined annualized return of approximately 8% to 9%, with aggregate costs for these projects expected to range from
$61.5 million to $66.5 million
.
|
◦
|
Burnt Store Marketplace
in Punta Gorda, Florida – We completed construction and transitioned this property back to the operating portfolio. We invested $8.9 million to demolish and rebuild the 45,000 square-foot Publix and to upgrade the center for a projected annualized return of 11.5%.
|
◦
|
Portofino Shopping Center
in Houston, Texas – We successfully opened Nordstrom Rack in March 2018. We expect total costs for this project to range between $6.5 million to $7.0 million, with an estimated annualized return of approximately 8.0% to 8.5%.
|
Property Name
|
|
MSA
|
|
Disposition Date
|
|
Owned GLA
|
|
Cove Center
|
|
Stuart, FL
|
|
March 2017
|
|
155,063
|
|
Clay Marketplace
|
|
Birmingham, AL
|
|
June 2017
|
|
63,107
|
|
The Shops at Village Walk
|
|
Fort Myers, FL
|
|
June 2017
|
|
78,533
|
|
Wheatland Towne Crossing
|
|
Dallas, TX
|
|
June 2017
|
|
194,727
|
|
Trussville Promenade
|
|
Birmingham, AL
|
|
February 2018
|
|
463,836
|
|
Memorial Commons
|
|
Goldsboro, NC
|
|
March 2018
|
|
111,022
|
|
Property Name
|
|
MSA
|
|
Transition to Operating Portfolio
|
|
Owned GLA
|
|
Parkside Town Commons – Phase II
|
|
Raleigh, NC
|
|
June 2017
|
|
291,713
|
|
Property Name
|
|
MSA
|
|
Transition to
Redevelopment
1
|
|
Transition to Operations
|
|
Owned GLA
|
|
Courthouse Shadows
2
|
|
Naples, FL
|
|
June 2013
|
|
Pending
|
|
124,802
|
|
Hamilton Crossing Centre
2
|
|
Indianapolis, IN
|
|
June 2014
|
|
Pending
|
|
92,283
|
|
City Center
2
|
|
White Plains, NY
|
|
December 2015
|
|
Pending
|
|
360,880
|
|
Fishers Station
2
|
|
Indianapolis, IN
|
|
December 2015
|
|
Pending
|
|
175,229
|
|
Beechwood Promenade
2
|
|
Athens, GA
|
|
December 2015
|
|
Pending
|
|
348,815
|
|
The Corner
2
|
|
Indianapolis, IN
|
|
December 2015
|
|
Pending
|
|
26,500
|
|
Rampart Commons
2
|
|
Las Vegas, NV
|
|
March 2016
|
|
Pending
|
|
79,455
|
|
Northdale Promenade
3
|
|
Tampa, FL
|
|
March 2016
|
|
June 2017
|
|
173,862
|
|
Burnt Store Marketplace
4
|
|
Punta Gorda, FL
|
|
June 2016
|
|
March 2018
|
|
95,795
|
|
____________________
|
|
1
|
Transition date represents the date the property was transferred from our operating portfolio into redevelopment status.
|
2
|
This property has been identified as a redevelopment property and is not included in the operating portfolio or the same property pool.
|
3
|
This property was transitioned to the operating portfolio in the second quarter of 2017; however, it remains excluded from the same property pool because it has not been in the operating portfolio four full quarters after the property was transitioned to operations.
|
4
|
This property was transitioned to the operating portfolio in the first quarter of 2018; however, it remains excluded from the same property pool because it has not been in the operating portfolio four full quarters after the property was transitioned to operations.
|
|
Three Months Ended March 31,
|
||||||||||
($ in thousands)
|
2018
|
|
2017
|
|
Net change 2017 to 2018
|
||||||
Revenue:
|
|
|
|
|
|
||||||
Rental income (including tenant reimbursements)
|
$
|
87,338
|
|
|
$
|
87,516
|
|
|
$
|
(178
|
)
|
Other property related revenue
|
1,063
|
|
|
2,596
|
|
|
(1,533
|
)
|
|||
Fee income
|
1,362
|
|
|
—
|
|
|
1,362
|
|
|||
Total revenue
|
89,763
|
|
|
90,112
|
|
|
(349
|
)
|
|||
Expenses:
|
|
|
|
|
|
||||||
Property operating
|
12,470
|
|
|
12,953
|
|
|
(483
|
)
|
|||
Real estate taxes
|
10,754
|
|
|
10,330
|
|
|
424
|
|
|||
General, administrative, and other
|
5,945
|
|
|
5,470
|
|
|
475
|
|
|||
Depreciation and amortization
|
38,556
|
|
|
45,830
|
|
|
(7,274
|
)
|
|||
Impairment charge
|
24,070
|
|
|
7,411
|
|
|
16,659
|
|
|||
Total expenses
|
91,795
|
|
|
81,994
|
|
|
9,801
|
|
|||
Operating (loss) income
|
(2,032
|
)
|
|
8,118
|
|
|
(10,150
|
)
|
|||
Interest expense
|
(16,337
|
)
|
|
(16,445
|
)
|
|
108
|
|
|||
Income tax benefit of taxable REIT subsidiary
|
23
|
|
|
33
|
|
|
(10
|
)
|
|||
Other expense, net
|
(151
|
)
|
|
(139
|
)
|
|
(12
|
)
|
|||
Loss from continuing operations
|
(18,497
|
)
|
|
(8,433
|
)
|
|
(10,064
|
)
|
|||
Gains on sales of operating properties
|
500
|
|
|
8,870
|
|
|
(8,370
|
)
|
|||
Consolidated net (loss) income
|
(17,997
|
)
|
|
437
|
|
|
(18,434
|
)
|
|||
Net loss (income) attributable to noncontrolling interests
|
80
|
|
|
(432
|
)
|
|
512
|
|
|||
Net (loss) income attributable to Kite Realty Group Trust common shareholders
|
$
|
(17,917
|
)
|
|
$
|
5
|
|
|
$
|
(17,922
|
)
|
|
|
|
|
|
|
||||||
Property operating expense to total revenue ratio
|
13.9
|
%
|
|
14.4
|
%
|
|
|
($ in thousands)
|
Net change 2017 to 2018
|
||
Properties sold during 2017 and 2018
|
$
|
(2,377
|
)
|
Properties under redevelopment during 2017 and/or 2018
|
848
|
|
|
Properties fully operational during 2017 and 2018 and other
|
1,351
|
|
|
Total
|
$
|
(178
|
)
|
($ in thousands)
|
Net change 2017 to 2018
|
||
Properties sold during 2017 and 2018
|
$
|
(438
|
)
|
Properties under redevelopment during 2017 and/or 2018
|
351
|
|
|
Properties fully operational during 2017 and 2018 and other
|
(396
|
)
|
|
Total
|
$
|
(483
|
)
|
($ in thousands)
|
Net change 2017 to 2018
|
||
Properties sold during 2017 and 2018
|
$
|
(321
|
)
|
Properties under redevelopment during 2017 and/or 2018
|
59
|
|
|
Properties fully operational during 2017 and 2018 and other
|
686
|
|
|
Total
|
$
|
424
|
|
($ in thousands)
|
Net change 2017 to 2018
|
||
Properties sold during 2017 and 2018
|
$
|
(1,935
|
)
|
Properties under redevelopment during 2017 and/or 2018
|
(2,177
|
)
|
|
Properties fully operational during 2017 and 2018 and other
|
(3,162
|
)
|
|
Total
|
$
|
(7,274
|
)
|
|
Three Months Ended
March 31, |
|
||||||||
($ in thousands)
|
2018
|
|
2017
|
|
% Change
|
|
||||
Number of properties for the quarter
1
|
102
|
|
|
102
|
|
|
|
|
||
|
|
|
|
|
|
|
||||
Leased percentage at period end
|
94.6
|
%
|
|
95.1
|
%
|
|
|
|
||
Economic Occupancy percentage
2
|
93.3
|
%
|
|
94.0
|
%
|
|
|
|
||
|
|
|
|
|
|
|
||||
Same Property NOI
3
|
$
|
53,623
|
|
|
$
|
52,843
|
|
|
1.5%
|
|
|
|
|
|
|
|
|
||||
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure:
|
|
|
|
|
|
|
|
|
||
Net operating income - same properties
|
$
|
53,623
|
|
|
$
|
52,843
|
|
|
|
|
Net operating income - non-same activity
4
|
11,554
|
|
|
13,987
|
|
|
|
|
||
Other income (expense), net
|
1,234
|
|
|
(107
|
)
|
|
|
|
||
General, administrative and other
|
(5,945
|
)
|
|
(5,470
|
)
|
|
|
|
||
Impairment charge
|
(24,070
|
)
|
|
(7,411
|
)
|
|
|
|
||
Depreciation and amortization expense
|
(38,556
|
)
|
|
(45,830
|
)
|
|
|
|
||
Interest expense
|
(16,337
|
)
|
|
(16,445
|
)
|
|
|
|
||
Gains on sales of operating properties
|
500
|
|
|
8,870
|
|
|
|
|
||
Net loss (income) attributable to noncontrolling interests
|
80
|
|
|
(432
|
)
|
|
|
|
||
Net income attributable to common shareholders
|
$
|
(17,917
|
)
|
|
$
|
5
|
|
|
|
|
____________________
|
||||||||||||
1
|
Same Property NOI excludes seven properties in redevelopment,
the recently completed Northdale Promenade, Burnt Store Marketplace, and Parkside Town Commons - Phase II, as well as
office properties (Thirty South Meridian and Eddy Street Commons).
|
|||||||||||
2
|
Excludes leases that are signed but for which tenants have not yet commenced the payment of cash rent. Calculated as a weighted average based on the timing of cash rent commencement and expiration during the period.
|
|||||||||||
3
|
Same Property NOI excludes net gains from outlot sales, straight-line rent revenue, lease termination fees, amortization of lease intangibles and significant prior period expense recoveries and adjustments, if any.
|
|||||||||||
4
|
Includes non-cash activity across the portfolio as well as net operating income from properties not included in the same property pool.
|
|
Three Months Ended
|
||
($ in thousands)
|
March 31,
2018 |
||
Development Projects
|
$
|
348
|
|
Under Construction 3-R Projects
|
6,597
|
|
|
3-R Opportunities
|
1,514
|
|
|
Recently completed developments/redevelopments and other
1
|
5,663
|
|
|
Recurring operating capital expenditures (primarily tenant improvement payments)
|
3,948
|
|
|
Total
|
$
|
18,070
|
|
____________________
|
|
1
|
This classification includes Parkside Town Commons - Phase II, Holly Springs Towne Center - Phase II, and Burnt Store Marketplace.
|
($ in thousands)
|
Scheduled Principal Payments
|
|
Term Maturity
1
|
|
Total
|
||||||
2018
|
$
|
4,106
|
|
|
$
|
4,254
|
|
|
$
|
8,360
|
|
2019
|
5,974
|
|
|
—
|
|
|
5,974
|
|
|||
2020
|
5,919
|
|
|
42,339
|
|
|
48,258
|
|
|||
2021
|
4,625
|
|
|
406,475
|
|
|
411,100
|
|
|||
2022
|
1,113
|
|
|
405,208
|
|
|
406,321
|
|
|||
Thereafter
|
7,236
|
|
|
765,040
|
|
|
772,276
|
|
|||
|
$
|
28,973
|
|
|
$
|
1,623,316
|
|
|
$
|
1,652,289
|
|
Unamortized net debt premiums and issuance costs, net
|
|
|
|
|
|
|
(1,742
|
)
|
|||
Total
|
|
|
|
|
|
|
$
|
1,650,547
|
|
____________________
|
|
1
|
This presentation reflects the Company's exercise of its option to extend the maturity date by one year to July 28, 2021 for the Company's unsecured credit facility.
|
•
|
Net proceeds of
$61.6 million
related to the sale of Trussville Promenade and Memorial Commons in the first quarter of 2018, compared to net proceeds of
$22.8 million
over the same period in 2017, which related to the sale of Cove Center;
|
•
|
Decrease in capital expenditures of
$5.8 million
and an increase in construction payables of
$2.8 million
. In 2017, we substantially completed Parkside Towne Commons - Phase II, the expansion of Holly Springs Towne Center - Phase II, and multiple other redevelopment properties.
|
•
|
We retired the
$33.3 million
loan secured by our Perimeter Woods operating property using a draw on the unsecured revolving credit facility;
|
•
|
We borrowed
$19.6 million
on the unsecured revolving credit facility to fund development activities, redevelopment activities, and tenant improvement costs;
|
•
|
We used the
$63.0 million
proceeds from the sale of two operating properties to pay down the unsecured revolving credit facility; and
|
•
|
We made distributions to common shareholders and Common Unit holders of
$27.5 million
.
|
($ in thousands)
|
Three Months Ended
March 31, |
|
||||||
|
2018
|
|
2017
|
|
||||
Consolidated net (loss) income
|
$
|
(17,997
|
)
|
|
$
|
437
|
|
|
Less: net income attributable to noncontrolling interests in properties
|
(351
|
)
|
|
(432
|
)
|
|
||
Less: gains on sales of operating properties
|
(500
|
)
|
|
(8,870
|
)
|
|
||
Add: impairment charge
|
24,070
|
|
|
7,411
|
|
|
||
Add: depreciation and amortization of consolidated entities, net of noncontrolling interests
|
38,278
|
|
|
45,366
|
|
|
||
FFO of the Operating Partnership
1
|
43,500
|
|
|
43,912
|
|
|
||
Less: Limited Partners' interests in FFO
|
(1,022
|
)
|
|
(989
|
)
|
|
||
Funds From Operations attributable to Kite Realty Group Trust common shareholders
1
|
$
|
42,478
|
|
|
$
|
42,923
|
|
|
|
|
|
|
|
____________________
|
|
1
|
“FFO of the Operating Partnership" measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to Kite Realty Group Trust common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.
|
($ in thousands)
|
Three Months Ended
March 31, 2018 |
||
Consolidated net loss
|
$
|
(17,997
|
)
|
Adjustments to net income
|
|
|
|
Depreciation and amortization
|
38,556
|
|
|
Interest expense
|
16,337
|
|
|
Impairment charge
|
24,070
|
|
|
Income tax benefit of taxable REIT subsidiary
|
(23
|
)
|
|
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
|
60,943
|
|
|
Adjustments to EBITDA:
|
|
||
Unconsolidated EBITDA
|
34
|
|
|
Gain on sale of operating property
|
(500
|
)
|
|
Pro-forma adjustments
3
|
(903
|
)
|
|
Other income and expense, net
|
151
|
|
|
Noncontrolling interest
|
(351
|
)
|
|
Adjusted EBITDA
|
59,374
|
|
|
|
|
||
Annualized Adjusted EBITDA
1
|
$
|
237,496
|
|
|
|
||
Company share of net debt:
|
|
|
|
Mortgage and other indebtedness
|
1,650,547
|
|
|
Less: Partner share of consolidated joint venture debt
2
|
(13,373
|
)
|
|
Less: Cash, cash equivalents, and restricted cash
|
(38,548
|
)
|
|
Plus: Company Share of Unconsolidated Joint Venture Debt
|
4,168
|
|
|
Plus: Net debt premiums and issuance costs, net
|
1,742
|
|
|
Company Share of Net Debt
|
1,604,536
|
|
|
Net Debt to Adjusted EBITDA
|
6.76x
|
|
____________________
|
|
1
|
Represents Adjusted EBITDA for the three months ended March 31, 2018 (as shown in the table above) multiplied by four.
|
2
|
Partner share of consolidated joint venture debt is calculated based upon the partner's pro-rata ownership of the joint venture, multiplied by the related secured debt balance. In all cases, this debt is the responsibility of the consolidated joint venture.
|
3
|
Relates to current quarter GAAP operating income, annualized, for properties sold during the quarter.
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Period
|
|
Total number
of shares
purchased
1
|
|
Average price
paid per share
|
|
Total number of
shares purchased
as part of publicly
announced plans
or programs
|
|
Maximum number
of shares that may
yet be purchased
under the plans or
programs
|
||||
January 1 - January 31
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
N/A
|
|
February 1 - February 28
|
|
—
|
|
|
$
|
—
|
|
|
N/A
|
|
|
N/A
|
March 1 - March 31
|
|
21,245
|
|
|
15.04
|
|
|
—
|
|
|
N/A
|
|
Total
|
|
21,245
|
|
|
|
|
|
|
|
____________________
|
|
1
|
The number of shares purchased represents common shares surrendered by certain of our employees to satisfy their statutory minimum federal and state tax obligations associated with the vesting of restricted common shares of beneficial interest issued under our 2013 Plan. With respect to these shares, the price paid per share is based on the closing price of our common shares as of the date of the determination of the statutory minimum federal and state tax obligations.
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
Exhibit No.
|
|
Description
|
|
Location
|
3.1
|
|
|
Incorporated by reference to Exhibit 3.1 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 27, 2015
|
|
|
|
|
|
|
3.2
|
|
|
|
Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on May 28, 2015
|
|
|
|
|
|
3.3
|
|
|
Incorporated by reference to Exhibit 3.2 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 27, 2015
|
|
|
|
|
|
|
3.4
|
|
|
|
Incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on May 28, 2015
|
|
|
|
|
|
4.1
|
|
|
Incorporated by reference to Exhibit 4.1 to Kite Realty Group Trust's registration statement on Form S-11 (File No. 333-114224) declared effective by the SEC on August 10, 2004
|
|
|
|
|
|
|
4.2
|
|
|
Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on September 27, 2016
|
|
|
|
|
|
|
4.3
|
|
|
Incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on September 27, 2016
|
|
|
|
|
|
|
4.4
|
|
|
Incorporated by reference to Exhibits 4.2 and 4.3 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on September 27, 2016
|
|
|
|
|
|
|
31.1
|
|
|
Filed herewith
|
|
|
|
|
|
|
31.2
|
|
|
Filed herewith
|
|
|
|
|
|
|
31.3
|
|
|
Filed herewith
|
|
|
|
|
|
|
31.4
|
|
|
Filed herewith
|
|
|
|
|
|
|
32.1
|
|
|
Filed herewith
|
|
|
|
|
|
|
32.2
|
|
|
Filed herewith
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
Filed herewith
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
Filed herewith
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed herewith
|
|
KITE REALTY GROUP TRUST
|
|
|
|
|
May 8, 2018
|
By:
|
/s/ John A. Kite
|
(Date)
|
|
John A. Kite
|
|
|
Chairman and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
May 8, 2018
|
By:
|
/s/ Daniel R. Sink
|
(Date)
|
|
Daniel R. Sink
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
1 Year Kite Realty Chart |
1 Month Kite Realty Chart |
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