Highlights
- Funds From Operations (FFO) was $7.8 million or $0.11 per diluted
share for the third quarter of 2010.
- Operating retail portfolio was 92.2% leased at quarter end compared
to 91.0% at the end of the previous quarter.
- 42 new and renewal leases for 349,000 square feet were executed
during the quarter.
- New anchor leases signed during the quarter with BuyBuy Baby (two
locations) and The Container Store.
- Subsequent to the end of the quarter, the Company exercised the one
year extension option on its $200 million revolving line of credit.
INDIANAPOLIS--(BUSINESS WIRE)--
Kite Realty Group Trust (NYSE: KRG) (the “Company”) today announced
results for its third quarter ended September 30, 2010. Financial
statements and exhibits attached to this release include results for the
three and nine months ended September 30, 2010 and 2009.
Financial and Operating Results
For the three months ended September 30, 2010, funds from operations
(FFO), a widely accepted supplemental measure of REIT performance
established by the National Association of Real Estate Investment
Trusts, was $7.8 million for the Operating Partnership, or $0.11 per
diluted share, compared to $2.8 million, or $0.04 per diluted share in
the same period of the prior year. The majority of the change between
years in FFO and FFO per share is attributable to a non-cash impairment
charge in 2009 of $5.4 million, or $0.08 per share.
FFO allocable to the Company for the third quarter of 2010 was $6.9
million compared to $2.5 million for the same period of the prior year.
For the nine months ended September 30, 2010, FFO was $22.4 million for
the Operating Partnership, or $0.31 per diluted share, compared to $20.0
million, or $0.35 per diluted share for the first nine months of 2009.
The majority of the change in FFO between years reflects the $5.4
million non-cash impairment charge in 2009 offset by the effect of the
Company’s May 2009 common share offering of $0.08 per share. Also
contributing to the change between years were lower gains on land and
outlot sales, lower after tax construction margin, and higher interest
expense.
FFO allocable to the Company for the first nine months of 2010 was $19.9
million compared to $16.9 million for the same period of the prior year.
The Company’s total revenue for the third quarter of 2010 was $25.2
million, down slightly from $25.7 million for the same period in 2009.
This decrease was primarily a result of lower construction activity
($1.4 million), offset by higher minimum rents ($0.5 million) and gains
on sales of land and outlot parcels ($0.2 million). The Company recorded
a net loss of $2.4 million for the third quarter of 2010, compared to
net loss of $3.4 million for the same period of the prior year. The
decrease in the net loss between years primarily reflects the $5.4
million non-cash impairment charge in 2009, offset by $1.6 million of
gain from the consolidation of The Centre in 2009 and $2.4 million of
additional non-cash depreciation charges recorded in 2010 in connection
with the redevelopment of three properties.
The Company’s total revenue for the first nine months of 2010 was $75.5
million, down from $86.0 million for the same period in 2009. This
decrease was primarily a result of lower construction activity ($9.5
million) and lower gains on sales of land and outlot parcels ($1.1
million). The Company recorded a net loss of $7.5 million for the first
nine months of 2010, compared to a net loss of $2.4 million in the same
period of the prior year. This change between years reflects the $5.4
million non-cash impairment charge in 2009, offset by the $1.6 million
gain from the consolidation of The Centre in 2009 and $5.9 million of
additional non-cash depreciation charges recorded in 2010 in connection
with the redevelopment of three properties. Also contributing to the
change between years were lower gains on land and outlot sales ($1.1
million), lower net construction activity ($0.6 million) and higher
interest expense ($0.7 million).
John A. Kite, Kite Realty Group’s Chairman and Chief Executive Officer,
said, “Our leasing efforts continue to drive improving Company results.
Our retail leased percentage has increased 220 basis points over the
last two quarters and we are on pace to lease or renew in excess of one
million square feet for the year. These strong leasing efforts will be
reflected in improved revenue generation in future quarters as the
related spaces are occupied. We also continue to focus on our plan to
reduce the debt to EBITDA ratio in 2011 given this leasing production
and the pending stabilization of certain development and redevelopment
properties.”
Operating Portfolio
As of September 30, 2010, the Company owned interests in 60 properties
totaling approximately 8.9 million square feet. The 5.0 million square
feet of owned gross leasable area (“GLA”) in the Company’s 51-property
retail operating portfolio was 92.2% leased as of September 30, 2010,
compared to 91.0% leased as of the end of the prior quarter. The
Company’s four commercial operating properties, totaling approximately
499,200 square feet, were unchanged at 95.5% leased compared to the
prior quarter.
For the combined retail and commercial operating portfolio, the leased
percentage was 92.5% as of September 30, 2010, compared to 91.5% leased
as of the end of the prior quarter.
On a same property basis, the leased percentage of the Company’s 55
operating properties was 92.5% at September 30, 2010 and 91.2% at
September 30, 2009. Same property net operating income for these
properties decreased 0.5% in the third quarter of 2010 compared to the
same period in the prior year and increased 0.7% compared to the second
quarter of 2010.
Financing Activities
Subsequent to the end of the quarter, the Company exercised the one year
extension option on its $200 million unsecured revolving line of credit.
The maturity date for the facility is now February 2012.
Leasing Activities
During the third quarter of 2010, the Company executed 42 new and
renewal leases totaling 349,000 square feet. New leases were signed with
27 tenants for approximately 191,900 square feet of GLA representing a
4.8% cash rent spread. A total of 15 leases for 157,100 square feet were
renewed during the quarter. Renewal rental rates were 1.6% above
previous rents excluding two anchor tenant renewals. Including these
anchor renewals, renewal rental rates for the quarter were 2.9% below
previous rents.
The Company executed multiple anchor leases during the quarter. The
Container Store and BuyBuy Baby executed 23,500 and 26,000 square foot
leases, respectively, to join Nordstrom Rack as part of the
redevelopment of Rivers Edge in Indianapolis, Indiana. In the operating
portfolio, BuyBuy Baby signed a 33,900 square foot lease to occupy the
Company’s final Circuit City vacancy at Market Street Village in Hurst,
Texas. This property is now 99% leased.
Also during the quarter, Dick’s Sporting Goods at International Speedway
Square commenced paying rent.
The Company is currently in various stages of negotiations for 25 new
and renewal leases with tenants for a total of approximately 160,000
square feet.
Development Activities
As of September 30, 2010, the Company owned interests in two in-process
development projects, Eddy Street Commons in South Bend, Indiana and
Cobblestone Plaza in Ft. Lauderdale, Florida, that are expected to total
approximately 297,700 owned square feet. The total estimated cost of
these projects is approximately $87 million, of which approximately $81million had been incurred as of September 30, 2010.
At Eddy Street Commons, the leased percentage increased to approximately
95.6% at the end of the third quarter compared to 84.8% the previous
quarter. Stabilized occupancy will occur as interior tenant construction
is completed. At Cobblestone Plaza, construction of Whole Foods will
commence in the fourth quarter.
The Company also has five properties in redevelopment representing a
total of approximately 510,300 square feet. Coral Springs Plaza near
Boca Raton, Florida is 100% leased to Toys “R” Us which opened in
October. Academy Sports anchors the Company’s Bolton Plaza redevelopment
in Jacksonville, Florida and opened during the third quarter. Also
during the quarter, the Company executed leases with BuyBuy Baby and The
Container store to join Nordstrom Rack as anchors for its Rivers Edge
redevelopment that commenced construction in October.
Distributions
On September 17, 2010, the Board of Trustees declared a quarterly cash
distribution of $0.06 per common share for the quarter ended September
30, 2010 to shareholders of record as of October 6, 2010. This
distribution was paid on October 13, 2010. The Board of Trustees
anticipates declaring a quarterly cash distribution for the quarter
ending September 30, 2010 later in the fourth quarter.
FFO Guidance
The Company is revising its FFO guidance for the year ending December
31, 2010 to a range of $0.42 to $0.45 per diluted share. Following is a
reconciliation of estimated net loss per common share to estimated
diluted FFO per share:
|
Guidance Range for 2010
|
|
|
Low
|
|
|
High
|
| | | | | |
|
|
Diluted net loss per share (1)
| | |
$(0.10
|
)
| | |
$(0.07
|
)
|
|
Depreciation and amortization of consolidated and unconsolidated
entities (1)
| | |
0.52
|
|
|
|
0.52
|
|
|
Diluted FFO per share
| | |
$ 0.42
|
|
|
|
$ 0.45
|
|
| | | | | |
|
(1) Reflects approximately $5 million of additional depreciation expense
on redevelopment properties. See “Financial and
Operating Results” above for additional information.
Funds From Operations
The Company’s business is the ownership, operation and management of
real estate. It believes that Funds From Operations (FFO) is helpful to
investors when measuring operating performance because it excludes
various items that are considered in the determination of net income
that do not relate to or are not indicative of operating performance,
such as gains or losses from sales of operating properties and
depreciation and amortization, which can make periodic and peer analyses
of operating performance more difficult. A reconciliation of net income
(loss) to FFO is included in the attached table.
Earnings Conference Call
Management will host a conference call on Thursday, November 4, 2010 at
2:00 p.m. EDT to discuss financial and operating results for the quarter
ended September 30, 2010. A live webcast of the conference call will be
available online on the Company’s corporate website at www.kiterealty.com.
The dial-in numbers are (866) 783-2145 for domestic callers and (857)
350-1604 for international callers (passcode 33105308). In addition, a
telephonic replay of the call will be available until February 4, 2011.
The replay dial-in telephone numbers are (888) 286-8010 for domestic
callers and (617) 801-6888 for international callers (passcode 46565714).
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real
estate investment trust engaged in the ownership, operation, management,
leasing, acquisition, construction, expansion and development of high
quality neighborhood and community shopping centers in selected growth
markets in the United States. The Company owns interests in a portfolio
of operating retail properties, retail properties under development and
operating commercial properties.
Safe Harbor
This press release contains certain statements that are not historical
fact and may constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results of
the Company to differ materially from historical results or from any
results expressed or implied by such forward-looking statements,
including, without limitation: national and local economic, business,
real estate and other market conditions, particularly in light of the
current recession; financing risks, including the availability of and
costs associated with sources of liquidity; the Company’s ability to
refinance, or extend the maturity dates of, its 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 the Company operates; acquisition,
disposition, development and joint venture risks; property ownership and
management risks; the Company’s ability to maintain its status as a real
estate investment trust (“REIT”) for federal income tax purposes;
potential environmental and other liabilities; impairment in the value
of real estate property the Company owns; risks related to the
geographical concentration of our properties in Indiana, Florida and
Texas; and other factors affecting the real estate industry generally.
The Company refers you the documents filed by the Company from time to
time with the Securities and Exchange Commission, specifically the
section titled “Business Risk Factors” in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2009, which discuss these and
other factors that could adversely affect the Company’s results. The
Company undertakes no obligation to publicly update or revise these
forward-looking statements (including the FFO and net income estimates),
whether as a result of new information, future events or otherwise.
|
|
|
| | |
|
| | |
| | | | | | | | |
|
Kite Realty Group Trust Condensed Consolidated Balance Sheets (Unaudited) |
| | | | | | | | |
|
| | | | | | | | |
|
| | | | September 30,
2010 | | | | December 31,
2009 | |
| Assets: | | | | | | | | | | | |
|
Investment properties, at cost:
| | | | | | | | | | | |
|
Land
| | | |
$
|
229,078,232
| | | |
$
|
226,506,781
| |
|
Land held for development
| | | | |
27,358,808
| | | | |
27,546,315
| |
|
Buildings and improvements
| | | | |
764,638,869
| | | | |
736,027,845
| |
|
Furniture, equipment and other
| | | | |
5,144,470
| | | | |
5,060,233
| |
|
Construction in progress
| | | | |
167,414,630
| | | | |
176,689,227
| |
| | | | |
1,193,635,009
| | | | |
1,171,830,401
| |
|
Less: accumulated depreciation
| | | | |
(145,266,371
|
)
| | | |
(127,031,144
|
)
|
| | | | |
1,048,368,638
| | | | |
1,044,799,257
| |
|
Cash and cash equivalents
| | | | |
12,724,095
| | | | |
19,958,376
| |
|
Tenant receivables, including accrued straight-line rent of
$8,982,455 and $8,570,069, respectively, net of allowance for
uncollectible accounts
| | | | |
17,822,311
| | | | |
18,537,031
| |
|
Other receivables
| | | | |
6,543,165
| | | | |
9,326,475
| |
|
Investments in unconsolidated entities, at equity
| | | | |
10,854,037
| | | | |
10,799,782
| |
|
Escrow deposits
| | | | |
10,801,443
| | | | |
11,377,408
| |
|
Deferred costs, net
| | | | |
21,830,481
| | | | |
21,509,070
| |
|
Prepaid and other assets
| | | | |
4,274,989
| | | | |
4,378,045
| |
| Total Assets | | | |
$
|
1,133,219,159
| | | |
$
|
1,140,685,444
| |
| | | | | | | | | | |
|
| Liabilities and Equity: | | | | | | | | | | | |
|
Mortgage and other indebtedness
| | | |
$
|
669,003,276
| | | |
$
|
658,294,513
| |
|
Accounts payable and accrued expenses
| | | | |
38,573,656
| | | | |
32,799,351
| |
|
Deferred revenue and other liabilities
| | | | |
15,850,978
| | | | |
19,835,438
| |
| Total Liabilities | | | | |
723,427,910
| | | | |
710,929,302
| |
|
Commitments and contingencies
| | | | | | | | | | | |
|
Redeemable noncontrolling interests in the Operating Partnership
| | | | |
44,489,803
| | | | |
47,307,115
| |
| Equity: | | | | | | | | | | | |
| Kite Realty Group Trust Shareholders’ Equity: | | | | | | | | | | | |
|
Preferred Shares, $.01 par value, 40,000,000 shares authorized, no
shares issued and outstanding
| | | | |
—
| | | | |
—
| |
Common Shares, $.01 par value, 200,000,000 shares authorized
63,332,646 shares and 63,062,083 shares issued and outstanding at
September 30, 2010 and December 31, 2009, respectively
| | | | |
633,326
| | | | |
630,621
| |
|
Additional paid in capital
| | | | |
451,045,438
| | | | |
449,863,390
| |
|
Accumulated other comprehensive loss
| | | | |
(4,866,031
|
)
| | | |
(5,802,406
|
)
|
|
Accumulated deficit
| | | | |
(88,484,324
|
)
| | | |
(69,613,763
|
)
|
| Total Kite Realty Group Trust Shareholders’ Equity | | | | |
358,328,409
| | | | |
375,077,842
| |
| Noncontrolling Interests | | | | |
6,973,037
| | | | |
7,371,185
| |
| Total Equity | | | | |
365,301,446
| | | | |
382,449,027
| |
| Total Liabilities and Equity | | | |
$
|
1,133,219,159
| | | |
$
|
1,140,685,444
| |
| | | | | | | | | | |
|
|
|
| | |
|
| | |
| | | | | | | |
|
Kite Realty Group Trust Condensed Consolidated Statements of Operations For the Three and Nine Months Ended September 30, 2010 and 2009 (Unaudited) |
| | | | | | | |
|
| | | | | | | |
|
| | | Three Months Ended September 30, | | | | Nine Months Ended September 30, | |
| | | 2010 | |
| 2009 | | | | 2010 | |
| 2009 | |
| Revenue: | | | | | | | | | | | | | | | | | | |
|
Minimum rent
| | |
$
|
18,292,136
| | |
$
|
17,777,146
| | | |
$
|
53,768,732
| | |
$
|
53,611,820
| |
|
Tenant reimbursements
| | | |
4,246,120
| | | |
4,220,185
| | | | |
13,347,228
| | | |
13,412,648
| |
|
Other property related revenue
| | | |
1,346,672
| | | |
1,027,057
| | | | |
3,295,520
| | | |
4,387,131
| |
|
Construction and service fee revenue
| | | |
1,270,928
| | | |
2,684,209
| | | | |
5,101,126
| | | |
14,595,667
| |
| Total revenue | | | |
25,155,856
| | | |
25,708,597
| | | | |
75,512,606
| | | |
86,007,266
| |
| Expenses: | | | | | | | | | | | | | | | | | | |
|
Property operating
| | | |
4,496,055
| | | |
4,210,950
| | | | |
12,804,258
| | | |
13,367,022
| |
|
Real estate taxes
| | | |
3,158,006
| | | |
2,677,703
| | | | |
9,697,406
| | | |
8,958,326
| |
|
Cost of construction and services
| | | |
1,147,383
| | | |
2,381,885
| | | | |
4,543,084
| | | |
12,958,935
| |
|
General, administrative, and other
| | | |
1,260,314
| | | |
1,387,407
| | | | |
3,891,076
| | | |
4,276,451
| |
|
Depreciation and amortization
| | | |
10,731,138
| | | |
7,725,827
| | | | |
31,441,383
| | | |
23,865,302
| |
| Total expenses | | | |
20,792,896
| | | |
18,383,772
| | | | |
62,377,207
| | | |
63,426,036
| |
| Operating income | | | |
4,362,960
| | | |
7,324,825
| | | | |
13,135,399
| | | |
22,581,230
| |
|
Interest expense
| | | |
(6,978,767
|
)
| | |
(6,815,787
|
)
| | | |
(21,313,368
|
)
| | |
(20,583,919
|
)
|
|
Income tax (expense) benefit of taxable REIT subsidiary
| | | |
(80,954
|
)
| | |
80,714
| | | | |
(234,054
|
)
| | |
29,529
| |
|
(Loss) income from unconsolidated entities
| | | |
(1,847
|
)
| | |
73,524
| | | | |
(100,442
|
)
| | |
226,041
| |
|
Non-cash gain from consolidation of subsidiary
| | | |
—
| | | |
1,634,876
| | | | |
—
| | | |
1,634,876
| |
|
Other income
| | | |
53,633
| | | |
42,229
| | | | |
186,193
| | | |
126,735
| |
| (Loss) income from continuing operations | | | |
(2,644,975
|
)
| | |
2,340,381
| | | | |
(8,326,272
|
)
| | |
4,014,492
| |
| Discontinued operations: | | | | | | | | | | | | | | | | | | |
|
Operating loss from discontinued operations
| | | |
—
| | | |
(231,261
|
)
| | | |
—
| | | |
(714,007
|
)
|
|
Non-cash loss on impairment of real estate asset
| | | |
—
| | | |
(5,384,747
|
)
| | | |
—
| | | |
(5,384,747
|
)
|
| Loss from discontinued operations | | | |
—
| | | |
(5,616,008
|
)
| | | |
—
| | | |
(6,098,754
|
)
|
| Consolidated net loss | | | |
(2,644,975
|
)
| | |
(3,275,627
|
)
| | | |
(8,326,272
|
)
| | |
(2,084,262
|
)
|
|
Net loss (income) attributable to noncontrolling interests
| | | |
255,021
| | | |
(107,743
|
)
| | | |
841,083
| | | |
(340,781
|
)
|
| Net loss attributable to Kite Realty Group Trust | | |
$
|
(2,389,954
|
)
| |
$
|
(3,383,370
|
)
| | |
$
|
(7,485,189
|
)
| |
$
|
(2,425,043
|
)
|
| | | | | | | | | | | | | | | | | |
|
| (Loss) income per common share – basic and diluted | | | | | | | | | | | | | | | | | | |
|
(Loss) income from continuing operations attributable to Kite Realty
Group Trust common shareholders
| | |
$
|
(0.04
|
)
| |
$
|
0.03
| | | |
$
|
(0.12
|
)
| |
$
|
0.06
| |
|
Loss from discontinued operations attributable to Kite Realty Group
Trust common shareholders
| | | |
—
| | | |
(0.08
|
)
| | | |
—
| | | |
(0.11
|
)
|
|
Net loss attributable to Kite Realty Group Trust common shareholders
| | |
$
|
(0.04
|
)
| |
$
|
(0.05
|
)
| | |
$
|
(0.12
|
)
| |
$
|
(0.05
|
)
|
| | | | | | | | | | | | | | | | | |
|
| Weighted average common shares outstanding - basic | | | |
63,288,181
| | | |
62,980,447
| | | | |
63,206,901
| | | |
48,489,799
| |
| Weighted average common shares outstanding - diluted | | | |
63,288,181
| | | |
62,980,447
| | | | |
63,206,901
| | | |
48,489,799
| |
| Dividends declared per common share | | |
$
|
0.0600
| | |
$
|
0.0600
| | | |
$
|
0.1800
| | |
$
|
0.2725
| |
| | | | | | | | | | | | | | | | | |
|
| (Loss) income attributable to Kite Realty Group Trust common
shareholders: | | | | | | | | | | | | | | | | | | |
| (Loss) income from continuing operations | | |
$
|
(2,389,954
|
)
| |
$
|
1,445,303
| | | |
$
|
(7,485,189
|
)
| |
$
|
2,807,688
| |
| Discontinued operations | | | |
—
| | | |
(4,828,673
|
)
| | | |
—
| | | |
(5,232,731
|
)
|
| Net loss attributable to Kite Realty Group Trust | | |
$
|
(2,389,954
|
)
| |
$
|
(3,383,370
|
)
| | |
$
|
(7,485,189
|
)
| |
$
|
(2,425,043
|
)
|
| | | | | | | | | | | | | | | | | |
|
|
|
|
| | |
|
| | |
| | | | | | | | |
|
Kite Realty Group Trust Funds From Operations For the Three and Nine Months Ended September 30, 2010 and 2009 (Unaudited) |
| | | | | | | | |
|
| | | | | | | | |
|
| | | | Three Months Ended September 30, | | | | Nine Months Ended September 30, | |
| | | | 2010 | |
| 2009 | | | | 2010 | |
| 2009 | |
|
Consolidated net loss1 | | | |
$
|
(2,644,975
|
)
| |
$
|
(3,275,627
|
)
| | |
$
|
(8,326,272
|
)
| |
$
|
(2,084,262
|
)
|
|
Less non-cash gain from consolidation of subsidiary, net of
noncontrolling interests
| | | | |
—
| | | |
(980,926
|
)
| | | |
—
| | | |
(980,926
|
)
|
|
Less net income attributable to noncontrolling interests in
properties
| | | | |
(42,182
|
)
| | |
(695,655
|
)
| | | |
(96,708
|
)
| | |
(742,130
|
)
|
|
Add depreciation and amortization of consolidated entities, net of
noncontrolling interests
| | | | |
10,359,890
| | | |
7,724,160
| | | | |
30,687,142
| | | |
23,693,084
| |
|
Add depreciation and amortization of unconsolidated entities
| | | | |
124,077
| | | |
52,797
| | | | |
165,436
| | | |
157,623
| |
|
Funds From Operations of the Operating Partnership2 | | | | |
7,796,810
| | | |
2,824,749
| | | | |
22,429,598
| | | |
20,043,389
| |
|
Less redeemable noncontrolling interests in Funds From Operations
| | | | |
(850,813
|
)
| | |
(319,197
|
)
| | | |
(2,489,685
|
)
| | |
(3,173,320
|
)
|
|
Funds From Operations allocable to the Company2 | | | |
$
|
6,945,997
| | |
$
|
2,505,552
| | | |
$
|
19,939,913
| | |
$
|
16,870,069
| |
| | | | | | | | | | | | | | | | | | |
|
|
Basic FFO per share of the Operating Partnership
| | | |
$
|
0.11
| | |
$
|
0.04
| | | |
$
|
0.32
| | |
$
|
0.35
| |
|
Diluted FFO per share of the Operating Partnership
| | | |
$
|
0.11
| | |
$
|
0.04
| | | |
$
|
0.31
| | |
$
|
0.35
| |
|
Basic FFO per share of the Operating Partnership (excluding non-cash
loss on impairment of real estate asset)3 | | | |
$
|
0.11
| | |
$
|
0.12
| | | |
$
|
0.32
| | |
$
|
0.45
| |
|
Diluted FFO per share of the Operating Partnership (excluding
non-cash loss on impairment of real estate asset)3 | | | |
$
|
0.11
| | |
$
|
0.12
| | | |
$
|
0.31
| | |
$
|
0.45
| |
| | | | | | | | | | | | | | | | | | |
|
|
Basic weighted average Common Shares outstanding
| | | | |
63,288,181
| | | |
62,980,447
| | | | |
63,206,901
| | | |
48,489,799
| |
|
Diluted weighted average Common Shares outstanding
| | | | |
63,522,229
| | | |
63,090,887
| | | | |
63,439,031
| | | |
48,575,947
| |
|
Basic weighted average Common Shares and Units outstanding
| | | | |
71,190,157
| | | |
71,028,373
| | | | |
71,154,942
| | | |
56,540,744
| |
|
Diluted weighted average Common Shares and Units outstanding
| | | | |
71,424,206
| | | |
71,138,814
| | | | |
71,387,071
| | | |
56,626,892
| |
| | | | | | | | | | | | | | | | | | |
|
|
|
|
|
____________________
|
| | |
1
|
|
Includes non-cash loss on impairment of real estate asset of
$5,384,747 for the three and nine months ended September 30, 2009.
|
| | | | |
|
| | |
2
| |
“Funds From Operations of the Operating Partnership” measures 100%
of the operating performance of the Operating Partnership’s real
estate properties and construction and service subsidiaries in which
the Company owns an interest. “Funds From Operations allocable to
the Company” reflects a reduction for the redeemable noncontrolling
weighted average diluted interest in the Operating Partnership.
|
| | | | |
|
| | |
3
| |
The Company believes the supplemental presentation of Funds from
Operations of the Operating Partnership excluding the non-cash loss
on the impairment of a real estate asset provides useful information
to investors regarding its financial condition and results of
operations because the measure provides investors with useful
comparative information about the recurring operating performance of
its core real estate portfolio presented on the same basis as prior
periods. The Company also believes the presentation of this measure
provides an investor with the ability to meaningfully assess the
operating performance of its portfolio (e.g., an assessment
of the amount of revenue and operating expenses a property is
experiencing) in a clear and concise manner. Further, the Company
believes that this measure allows investors to make a meaningful
comparison of its operations compared with its peer real estate
investment trusts.
|
Source: Kite Realty Group Trust
Contact:
Kite Realty Group Trust
Dan Sink, 317-577-5609
Chief Financial
Officer
dsink@kiterealty.com
or
Adam
Chavers, 317-713-5684
Vice President of Investor Relations
achavers@kiterealty.com