INDIANAPOLIS--(BUSINESS WIRE)--
Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today
operating results for the first quarter ended March 31, 2013. Financial
statements and exhibits attached to this release include results for the
three months ended March 31, 2013 and 2012.
Highlights
Operations
- Funds From Operations, was $0.14 per diluted common share for the
first quarter of 2013 compared to $0.11, as adjusted, in the first
quarter of the prior year.
- Same Property Net Operating Income for the first quarter of 2013
increased 5.2% over the prior year.
- The total portfolio was 94.5% leased at March 31, 2013.
- Generated aggregate new and renewal leasing spreads of 16%.
- Shop leased percentage increased to 83.3%.
Acquisitions
- Acquired Shoppes of Eastwood, a Publix-anchored shopping center in
Orlando, Florida in January for $11.6 million.
- Subsequent to the end of the quarter, the Company acquired shopping
centers in Nashville, Tennessee and Indianapolis, Indiana for a total
purchase price of $77 million.
Development
- Opened over 160,000 square feet at Delray Marketplace in Delray
Beach, Florida including anchor tenants Publix and Frank Theatres
CineBowl & Grille.
- Completed the grand opening for Phase I of Holly Springs Towne
Center in Holly Springs, North Carolina (Raleigh MSA), which included
anchor tenants Dick’s Sporting Goods, Michaels and PETCO, as well as a
non-owned Target.
- Opened the primary anchor tenants Grocery Outlet and Do It Best
Hardware at Four Corner Square in Maple Valley, Washington (Seattle
MSA).
Capital Markets
- Subsequent to the end of the quarter, issued 13.5 million common
shares at $6.55 per share for net proceeds of $84.6 million which will
be used to fund acquisitions and redevelopment costs.
- Reduced the interest rate and extended the maturity date on the
$200 million unsecured revolving credit facility.
Financial and Operating Results
For the three months ended March 31, 2013, funds from operations
(“FFO”), a widely accepted supplemental measure of REIT performance
established by the National Association of Real Estate Investment
Trusts, was $11.6 million, or $0.14 per diluted share for the Kite
Portfolio, compared to $7.9 million, or $0.11 per diluted share, as
adjusted, for the same period in the prior year. Without the adjustment
of a $1.3 million litigation charge, FFO for the first quarter of 2012
for the Kite Portfolio was $0.09 per diluted share. The Company’s
allocable share of FFO was $10.6 million for the three months ended
March 31, 2013 compared to $5.9 million for the same period in 2012.
Given the nature of the Company’s business as a real estate owner and
operator, the Company believes that FFO and FFO, as adjusted, are
helpful to investors when measuring operating performance because they
exclude various items included in net income or loss that do not relate
to or are not indicative of operating performance, such as gains or
losses from sales and impairments of operating properties, and
depreciation and amortization, which can make periodic and peer analyses
of operating performance more difficult. For informational purposes, we
have also provided FFO adjusted for the litigation charge recorded in
the first quarter of 2012 and the write-off of deferred loan costs in
the first quarter of 2013. We believe this supplemental information
provides a meaningful measure of our operating performance. The Company
believes presenting FFO in this manner allows investors and other
interested parties to form a more meaningful assessment of the Company’s
operating results. A reconciliation of net income to FFO and adjusted
FFO are included in the attached table.
Net loss attributable to common shareholders was $82,000 for the first
quarter of 2013, compared to net loss for the same period in the prior
year of $31,000. The Company’s total revenue for the first quarter of
2013 was $32.1 million, a 29% increase over the same period in 2012.
This increase is due to tenants opening for business at development
properties, the effect of properties acquired in 2012 and 2013, and
gains on sales of land parcels. This increased revenue generated an
additional $2.2 million of recurring operating income from the
properties in the first quarter of 2013 compared to the same period in
2012. This increase was offset by higher depreciation expense of $2.6
million and the Company’s $3.1 million share of a $5.2 million total
gain on the 2012 sale of Gateway Shopping Center.
John A. Kite, Kite Realty Group’s Chairman and Chief Executive Officer,
said "2013 is off to a strong start as our team continues to capitalize
on opportunities on many fronts including acquisitions, development, and
capital markets activities. We had very successful tenant openings at
our Delray Marketplace, Phase I of Holly Springs Towne Center, and Four
Corner Square development projects during the quarter. Additionally, we
continue to be successful in acquiring high quality retail properties in
growth markets."
Operating Portfolio
As of March 31, 2013, the Company owned interests in 55 retail operating
properties totaling approximately 8.5 million square feet. The owned
gross leasable area (“GLA”) in the Company’s retail operating portfolio
was 94.5% leased as of March 31, 2013, compared to 93.4% leased as of
March 31, 2012.
The Company owns two operating commercial properties totaling 0.4
million square feet. As of March 31, 2013, the owned net rentable area
of the commercial operating portfolio was 94.0% leased. The combined
leased percentage for the retail and commercial operating portfolios was
94.5% as of March 31, 2013.
On a same property basis, the leased percentage of 49 same store
operating properties increased to 94.2% at March 31, 2013 from 93.1% at
March 31, 2012. Same property net operating income for these properties
increased 5.2% in the first quarter of 2013 compared to the same period
in the prior year.
The Company believes that NOI is helpful to investors as a measure of
its operating performance because it excludes various items included in
net income that do not relate to or are not indicative of its operating
performance, such as depreciation and amortization, interest expense,
and impairment, if any. The Company believes that same property NOI is
helpful to investors as a measure of its operating performance because
it includes only the NOI of properties that have been owned for the full
period presented, which eliminates disparities in net income due to the
redevelopment, acquisition or disposition of properties during the
particular period presented, and thus provides a more consistent metric
for the comparison of the Company's properties. Same property NOI should
not, however, be considered as alternatives to net income (calculated in
accordance with GAAP) as indicators of the Company's financial
performance.
Leasing Activities
During the first quarter of 2013, the Company executed 31 new and
renewal leases for a total of 148,860 square feet. The Company generated
positive leasing spreads in the quarter with new leases up 20.6% and
renewals up 0.4% for a blended spread of 16% on spaces vacant less than
twelve months.
Development Activities
As of March 31, 2013, the Company owned interests in six in-process
development/redevelopment projects that were 83.4% pre-leased or
committed. The total estimated cost of these projects is approximately
$244.3 million, of which approximately $193.9 million had been incurred
as of March 31, 2013.
At Delray Marketplace, we completed successful tenant openings during
February and March including anchor tenants Publix and Frank Theatres
CineBowl & Grille, as well as other tenants such as Chico’s, Charming
Charlie, White House | Black Market, Apricot Lane, Jos. A. Bank and
Francesca’s. This $95.0 million project is currently 84.4% pre-leased or
committed and 65.6% open.
At Phase I of Holly Springs Towne Center, we completed successful tenant
openings during March including anchor tenants Dick’s Sporting Goods,
Michaels, PETCO and a non-owned Target as well as Starbucks, Charming
Charlie, Pier 1 Imports, Jos. A. Bank and Children’s Place. This $57.0
million project is currently 85.6% pre-leased or committed and 49.9%
open.
At Four Corner Square, anchor tenants Grocery Outlet and Do It Best
Hardware opened. This project is currently 87.1% pre-leased or committed
and 64.4% open.
Acquisition and Disposition Activities
In January, the Company acquired Shoppes of Eastwood, a 69,000 square
foot Publix-anchored shopping center in Orlando, Florida. The purchase
price, exclusive of closing costs, was $11.6 million. The center is 99%
leased.
Subsequent to quarter end, the Company acquired Cool Springs Market in
Nashville, Tennessee. The center is 95% leased and is anchored by Dick’s
Sporting Goods, Marshall’s, JoAnn Fabrics, Staples, and a non-owned
Kroger. The purchase price, exclusive of closing costs, was $37.5
million.
Also subsequent to quarter end, the Company acquired Castleton Crossing
in Indianapolis, Indiana. The center is 100% leased and is anchored by
TJ Maxx, HomeGoods, Burlington Coat and Shoe Carnival. The purchase
price, exclusive of closing costs, was $39.0 million.
During the quarter, the Company sold three land parcels that generated
$6.8 million in gross proceeds.
Capital Markets Activities
Subsequent to the end of the quarter, the Company completed a public
offering of 13.5 million common shares at a price of $6.55 per share,
which generated net proceeds to the Company of approximately $84.6
million. The Company initially used $62.2 million of the proceeds to
repay borrowings under our unsecured revolving credit facility and
subsequently redeployed the majority of the proceeds to fund the
acquisitions of Cool Springs Market, Castleton Crossing, as well as
redevelopment costs.
In February, the Company amended the terms of its existing $200 million
unsecured revolving credit facility. The maturity date was extended to
February 2018 including an extension option and the interest rate was
reduced from LIBOR plus 190 to 290 basis points to LIBOR plus 165 to 250
basis points, depending on the Company’s leverage. Additionally, the
Company increased the expansion feature from $300 million to $400
million, subject to certain conditions.
Distributions
On March 18, 2013, the Board of Trustees declared a quarterly common
share cash distribution of $0.06 per common share for the quarter ended
March 31, 2013 payable to shareholders of record as of April 5, 2013.
This distribution was paid on April 12, 2013. The Board of Trustees
anticipates declaring a quarterly cash distribution for the quarter
ending June 30, 2013 later in the first quarter.
2013 Earnings Guidance
The Company has increased its FFO guidance for the year ending December
31, 2013 to be within a range of $0.44 to $0.48 per diluted common share
compared to its initial guidance of $0.43 to $0.47 per diluted common
share and reaffirmed its net income guidance to be within a range of
$0.01 to $(0.03) per diluted common share. The Company has also
increased its guidance for 2013 same property net operating income to an
increase of 3-4% over the prior year, a change from a 2-3% increase set
forth in its initial guidance. Given the nature of the Company’s
business as a real estate owner and operator, the Company believes that
FFO is helpful to investors when measuring operating performance because
it excludes various items included in net income that do not relate to
or are not indicative of operating performance, such as gains or losses
from sales, impairments of operating properties and depreciation and
amortization, which can make analyses of operating performance more
difficult.
Following is a reconciliation of the range of 2013 estimated diluted net
loss per share to estimated diluted FFO per share:
|
| |
| |
| Guidance Range for 2013
| | Low | | High |
| | | |
|
|
Net (loss) income per diluted common share
| | $(0.03) | | $ 0.01 |
|
Depreciation and amortization
| |
0.47
| |
0.47
|
|
FFO per diluted common share
| | $ 0.44 | | $ 0.48 |
| | | |
|
Earnings Conference Call
The Company will conduct a conference call to discuss its financial
results on Friday, May 3rd at 1:00 p.m. eastern time. 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) 515-2907 for domestic callers and (617)
399-5121 for international callers (passcode 66474331). In addition, a
telephonic replay of the call will be available until August 3, 2013.
The replay dial-in telephone numbers are (888) 286-8010 for domestic
callers and (617) 801-6888 for international callers (passcode 82152127).
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, redevelopment and development of
neighborhood and community shopping centers in selected markets in the
United States. At March 31, 2013, the Company owned interests in a
portfolio of 61 operating and redevelopment properties totaling
approximately 9.3 million square feet and three properties currently
under development totaling 0.9 million square feet.
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
recent slowing of growth in the U.S. economy; 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, Texas and North Carolina; 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 “Risk Factors” in
the Company’s Annual Report on Form 10-K for the year ended December 31,
2012, 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 |
| Consolidated Balance Sheets |
| (Unaudited) |
| | | | |
|
| | March 31,
2013 | | December 31,
2012 | |
| Assets: | | | | | | | |
|
Investment properties, at cost:
| | | | | | | |
|
Land
| |
$
|
260,147,688
| |
$
|
239,690,837
| |
|
Land held for development
| | |
34,692,300
| | |
34,878,300
| |
|
Buildings and improvements
| | |
974,123,663
| | |
892,508,729
| |
|
Furniture, equipment and other
| | |
5,001,301
| | |
4,419,918
| |
|
Construction in progress
| | |
167,305,648
| | |
223,135,354
| |
| | |
1,441,270,600
| | |
1,394,633,138
| |
|
Less: accumulated depreciation
| | |
(204,397,129
|
)
| |
(194,297,531
|
)
|
| | |
1,236,873,471
| | |
1,200,335,607
| |
|
Cash and cash equivalents
| | |
14,648,955
| | |
12,482,701
| |
|
Tenant receivables, including accrued straight-line rent of
$12,695,482 and $12,189,449, respectively, net of allowance for
uncollectible accounts
| | |
21,257,177
| | |
21,210,754
| |
|
Other receivables
| | |
5,660,811
| | |
4,946,219
| |
|
Investments in unconsolidated entities, at equity
| | |
15,357
| | |
15,522
| |
|
Escrow deposits
| | |
11,639,175
| | |
12,960,488
| |
|
Deferred costs, net
| | |
35,568,030
| | |
34,536,474
| |
|
Prepaid and other assets
| | |
2,908,459
| | |
2,169,140
| |
| Total Assets | |
$
|
1,328,571,435
| |
$
|
1,288,656,905
| |
| | | | | | |
|
| Liabilities and Equity: | | | | | | | |
|
Mortgage and other indebtedness
| |
$
|
746,917,668
| |
$
|
699,908,768
| |
|
Accounts payable and accrued expenses
| | |
50,002,807
| | |
54,187,172
| |
|
Deferred revenue and other liabilities
| | |
20,940,946
| | |
20,269,501
| |
| Total Liabilities | | |
817,861,421
| | |
774,365,441
| |
| | | | | | |
|
|
Commitments and contingencies
| | | | | | | |
| | | | | | |
|
|
Redeemable noncontrolling interests in the Operating Partnership | | |
45,991,764
| | |
37,669,803
| |
| | | | | | |
|
| Equity: | | | | | | | |
| Kite Realty Group Trust Shareholders’ Equity: | | | | | | | |
|
Preferred Shares, $.01 par value, 40,000,000 shares authorized,
4,100,000 shares issued and outstanding, respectively
| | |
102,500,000
| | |
102,500,000
| |
|
Common Shares, $.01 par value, 200,000,000 shares authorized
77,896,432 shares and 77,728,697 shares issued and outstanding,
respectively
| | |
778,965
| | |
777,287
| |
|
Additional paid in capital
| | |
505,357,780
| | |
513,111,877
| |
|
Accumulated other comprehensive loss
| | |
(4,656,645
|
)
| |
(5,258,543
|
)
|
|
Accumulated deficit
| | |
(142,800,208
|
)
| |
(138,044,264
|
)
|
| Total Kite Realty Group Trust Shareholders’ Equity | | |
461,179,892
| | |
473,086,357
| |
| Noncontrolling Interests | | |
3,538,358
| | |
3,535,304
| |
| Total Equity | | |
464,718,250
| | |
476,621,661
| |
| Total Liabilities and Equity | |
$
|
1,328,571,435
| |
$
|
1,288,656,905
| |
| | | | | | |
|
| |
|
| Kite Realty Group Trust |
| Consolidated Statements of Operations |
| For the Three Months Ended March 31, 2013 and 2012 |
| (Unaudited) |
| |
|
| Three Months Ended March 31, | |
| 2013 | | 2012 | |
| Revenue: | | | | | | |
|
Minimum rent
|
$
|
21,354,783
| |
$
|
18,461,447
| |
|
Tenant reimbursements
| |
5,712,532
| | |
5,109,674
| |
|
Other property related revenue
| |
5,005,800
| | |
1,218,880
| |
| Total revenue | |
32,073,115
| | |
24,790,001
| |
| Expenses: | | | | | | |
|
Property operating
| |
5,270,254
| | |
4,493,851
| |
|
Real estate taxes
| |
3,618,135
| | |
3,514,063
| |
|
General, administrative, and other
| |
2,141,613
| | |
1,821,706
| |
|
Acquisition costs
| |
176,899
| | |
—
| |
|
Litigation charge, net
| |
—
| | |
1,289,446
| |
|
Depreciation and amortization
| |
11,753,557
| | |
9,148,836
| |
| Total expenses | |
22,960,458
| | |
20,267,902
| |
| Operating income | |
9,112,657
| | |
4,522,099
| |
|
Interest expense
| |
(7,131,775
|
)
| |
(6,379,217
|
)
|
|
Income tax benefit (expense) of taxable REIT subsidiary
| |
28,952
| | |
(37,564
|
)
|
|
Other income (expense), net
| |
46,934
| | |
(22,358
|
)
|
| Income (loss) from continuing operations | |
2,056,768
| | |
(1,917,040
|
)
|
| Discontinued operations: | | | | | | |
|
Income from operations
| |
—
| | |
408,810
| |
|
Gain on sale of operating property
| |
—
| | |
5,151,989
| |
| Income from discontinued operations | |
—
| | |
5,560,799
| |
| Consolidated net income | |
2,056,768
| | |
3,643,759
| |
|
Net (income) attributable to noncontrolling interests
| |
(24,854
|
)
| |
(2,097,020
|
)
|
| Net income attributable to Kite Realty Group Trust | |
2,031,914
| | |
1,546,739
| |
|
Dividends on preferred shares
| |
(2,114,063
|
)
| |
(1,577,813
|
)
|
| Net loss attributable to common shareholders |
$
|
(82,149
|
)
|
$
|
(31,074
|
)
|
| | | | | |
|
| Net loss per common share attributable to Kite Realty Group Trust
common shareholders – basic and diluted | | | | | | |
|
Loss from continuing operations attributable to common shareholders
|
$
|
(0.00
|
)
|
$
|
(0.05
|
)
|
|
Income from discontinued operations attributable to common
shareholders
| |
—
| | |
0.05
| |
|
Net loss attributable to common shareholders
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
| | | | | |
|
| Weighted average common shares outstanding – basic and diluted | |
77,832,499
| | |
63,713,893
| |
| Dividends declared per common share |
$
|
0.06
| |
$
|
0.06
| |
| | | | | |
|
| Loss attributable to Kite Realty Group Trust common shareholders: | | | | | | |
| Loss from continuing operations |
$
|
(82,149
|
)
|
$
|
(3,126,042
|
)
|
| Income from discontinued operations | |
—
| | |
3,094,968
| |
| Net loss attributable to Kite Realty Group Trust common
shareholders |
$
|
(82,149
|
)
|
$
|
(31,074
|
)
|
| | | | | |
|
|
| | |
| Kite Realty Group Trust |
| Funds From Operations |
| For the Three Months Ended March 31, 2013 and 2012 |
| (Unaudited) |
| | |
|
| | Three Months Ended March 31, | |
| | 2013 | |
| 2012 | |
|
Consolidated net income
| |
$
|
2,056,768
| | |
$
|
3,643,759
| |
|
Less dividends on preferred shares
| | |
(2,114,063
|
)
| | |
(1,577,813
|
)
|
|
Less net income attributable to noncontrolling interests in
properties
| | |
(31,977
|
)
| | |
(26,770
|
)
|
|
Less gain on sale of operating property
| | |
—
| | | |
(5,151,989
|
)
|
|
Add depreciation and amortization of consolidated entities, net of
noncontrolling interests
| | |
11,561,282
| | | |
9,717,308
| |
|
Funds From Operations of the Kite Portfolio1 | | |
11,472,010
| | | |
6,604,495
| |
|
Less redeemable noncontrolling interests in Funds From Operations
| | |
(910,025
|
)
| | |
(726,494
|
)
|
|
Funds From Operations allocable to the Company1 | |
$
|
10,561,985
| | |
$
|
5,878,001
| |
| | | | | | | |
|
|
Basic and Diluted FFO per share of the Kite Portfolio
| |
$
|
0.14
| | |
$
|
0.09
| |
| | | | | | | |
|
|
Funds From Operations of the Kite Portfolio
| |
$
|
11,472,010
| | |
$
|
6,604,495
| |
|
Add back: litigation charge, net
| | |
—
| | | |
1,289,446
| |
|
Add back: accelerated amortization of deferred financing fees
| | |
171,572
| | | |
—
| |
|
Funds From Operations of the Kite Portfolio, as adjusted
| |
$
|
11,643,582
| | |
$
|
7,893,941
| |
|
Basic and Diluted FFO per share of the Kite Portfolio, as adjusted
| |
$
|
0.14
| | |
$
|
0.11
| |
| | | | | | | |
|
|
Basic weighted average Common Shares outstanding
| | |
77,832,499
| | | |
63,713,893
| |
|
Diluted weighted average Common Shares outstanding
| | |
78,208,159
| | | |
64,053,794
| |
|
Basic weighted average Common Shares and Units outstanding
| | |
84,570,950
| | | |
71,553,941
| |
|
Diluted weighted average Common Shares and Units outstanding
| | |
84,946,610
| | | |
71,893,841
| |
| | | | | | | |
|
|
____________________
|
|
1
|
|
“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.
|
|
| | |
| Kite Realty Group Trust |
| Same Property Net Operating Income |
| For the Three Months Ended March 31, 2013 and 2012 |
| (Unaudited) |
| | |
|
| | Three Months Ended March 31, | |
| | 2013 | |
| 2012 | | % Change | |
|
Number of properties at period end1 | | |
49
| | | |
49
| | | |
| | | | | | | | | |
|
|
Leased percentage at period-end
| | |
94.2%
| | | |
93.1%
| | | |
Minimum rent2 | |
$
|
17,474,600
| | |
$
|
16,747,340
| | | |
|
Tenant recoveries
| | |
5,400,109
| | | |
4,791,841
| | | |
|
Other income
| | |
723,375
| | | |
707,736
| | | |
| | |
23,598,084
| | | |
22,246,917
| | | |
| | | | | | | | | |
|
|
Property operating expenses
| | |
5,165,284
| | | |
4,634,005
| | | |
|
Real estate taxes
| | |
3,376,980
| | | |
3,301,224
| | | |
| | |
8,542,264
| | | |
7,935,229
| | | |
| | | | | | | | | |
|
| Net operating income – same properties (49 properties)2 | | $ | 15,055,820 | | | $ | 14,311,688 | | 5.2 | % |
| | | | | | | | | |
|
| Reconciliation to Most Directly Comparable GAAP Measure: | | | | | | | | | | |
| | | | | | | | | |
|
|
Net operating income – same properties
| |
$
|
15,055,820
| | |
$
|
14,311,688
| | | |
|
Net operating income – non-same activity
| | |
8,128,906
| | | |
2,470,399
| | | |
|
Other income (expense), net
| | |
75,886
| | | |
(59,922
|
)
| | |
|
General, administrative and acquisition expenses
| | |
(2,318,512
|
)
| | |
(1,821,706
|
)
| | |
|
Litigation charge
| | |
—
| | | |
(1,289,446
|
)
| | |
|
Depreciation expense
| | |
(11,753,557
|
)
| | |
(9,148,836
|
)
| | |
|
Interest expense
| | |
(7,131,775
|
)
| | |
(6,379,217
|
)
| | |
|
Discontinued operations
| | |
—
| | | |
408,810
| | | |
|
Gain on sale of operating property
| | |
—
| | | |
5,151,989
| | | |
|
Net income attributable to noncontrolling interests
| | |
(24,854
|
)
| | |
(2,097,020
|
)
| | |
|
Dividends on preferred shares
| | |
(2,114,063
|
)
| | |
(1,577,813
|
)
| | |
|
Net loss attributable to common shareholders
| |
$
|
(82,149
|
)
| |
$
|
(31,074
|
)
| | |
| | | | | | | | | |
|
|
____________________
|
|
1
|
|
Same Property analysis excludes operating properties in
redevelopment.
|
| |
|
|
2
| |
Excludes net gains from outlot sales, straight-line rent and
amortization of lease intangibles, bad debt expense, and lease
termination fees.
|
| |
|
The Company believes that Net Operating Income (“NOI”) is helpful to
investors as a measure of its operating performance because it excludes
various items included in net income that do not relate to or are not
indicative of its operating performance, such as depreciation and
amortization, interest expense, and impairment, if any. The Company
believes that Same Property NOI is helpful to investors as a measure of
its operating performance because it includes only the NOI of properties
that have been owned for the full period presented, which eliminates
disparities in net income due to the redevelopment, acquisition or
disposition of properties during the particular period presented, and
thus provides a more consistent metric for the comparison of the
Company's properties. Same Property NOI should not, however, be
considered as alternatives to net income (calculated in accordance with
GAAP) as indicators of the Company's financial performance.
Kite Realty Group Trust
Dan Sink, Chief Financial Officer,
317-577-5609
dsink@kiterealty.com
or
Investors/Media:
Adam
Basch, Investor Relations, 317-578-5161
abasch@kiterealty.com
Source: Kite Realty Group Trust