SUPPLEMENTAL INFORMATION – MARCH 31, 2008
PAGE NO. |
| TABLE OF CONTENTS |
| ||
3 |
| Corporate Profile |
4 |
| Contact Information |
5 |
| Important Notes |
6 |
| Corporate Structure Chart |
7 |
| Condensed Consolidated Balance Sheets |
8 |
| Consolidated Statements of Operations for the Three Months Ended March 31 |
9 |
| Funds from Operations and Other Financial Information for the Three Months Ended March 31 |
10 |
| Market Capitalization |
11 |
| Same Property Net Operating Income for the Three Months Ended March 31 |
12 |
| Net Operating Income by Quarter |
13 |
| Summary of Outstanding Debt as of March 31, 2008 |
14 |
| Schedule of Outstanding Debt as of March 31, 2008 |
17 |
| Joint Venture Summary – Unconsolidated Properties |
18 |
| Condensed Combined Balance Sheets of Unconsolidated Properties |
19 |
| Condensed Combined Statements of Operations of Unconsolidated Properties for the Three Months Ended March 31 |
20 |
| Top 10 Retail Tenants by Gross Leasable Area |
21 |
| Top 25 Tenants by Annualized Base Rent |
22 |
| Lease Expirations – Operating Portfolio |
23 |
| Lease Expirations – Retail Anchor Tenants |
24 |
| Lease Expirations – Retail Shops |
25 |
| Lease Expirations – Commercial Tenants |
26 |
| Summary Retail Portfolio Statistics Including Joint Venture Properties |
27 |
| Summary Commercial Portfolio Statistics |
28 |
| Current Development/Redevelopment Pipeline |
29 |
| Visible Shadow Pipeline |
30 |
| Geographic Diversification – Operating Portfolio |
31 |
| Operating Retail Properties |
35 |
| Operating Commercial Properties |
36 |
| Retail Operating Portfolio – Tenant Breakdown |
p.2 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
CORPORATE PROFILE
General Description
Kite Realty Group Trust is a full-service, vertically integrated real estate company engaged primarily in the development, construction, acquisition, ownership and operation of high-quality neighborhood and community shopping centers in selected growth markets in the United States. We are organized as a real estate investment trust (“REIT”) for federal income tax purposes. As of March 31, 2008, we owned interests in 57 operating properties totaling approximately 8.2 million square feet and an additional 2.2 million square feet in 10 properties currently under development or redevelopment.
Our strategy is to maximize the cash flow of our operating properties, successfully complete the construction and lease-up of our development portfolio and identify additional growth opportunities in the form of new developments and acquisitions. New investments are focused in the shopping center sector, although we may selectively pursue commercial development or acquisition opportunities in markets where we currently operate and where we believe we can leverage existing infrastructure and relationships to generate attractive risk-adjusted returns.
Company Highlights as of March 31, 2008
| Ø |
| Operating Retail Properties1 | 52 |
| Ø |
| Operating Commercial Properties | 5 |
| Ø |
| Total Properties Under Development/Redevelopment | 10 |
| Ø |
| States | 9 |
| Ø |
| Total GLA/NRA of Operating Properties | 8,175,917 |
| Ø |
| Owned GLA/NRA of Operating Properties | 5,404,866 |
| Ø |
| Total GLA of Properties Under Development/Redevelopment | 2,152,027 |
| Ø |
| Percentage of Owned GLA Leased – Retail Operating | 92.8% |
| Ø |
| Percentage of Owned NRA Leased – Commercial Operating | 98.4% |
| Ø |
| Total Full-Time Employees | 134 |
| ____________________ | |
1 |
| Excludes Sandifur Plaza, a 12,538 square foot retail shopping center in Tri-Cities, OR, which was built to suit for sale. |
Stock Listing: New York Stock Exchange symbol: KRG
p.3 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
CONTACT INFORMATION
Corporate Office
30 South Meridian Street, Suite 1100
Indianapolis, IN 46204
1-888-577-5600
317-577-5600
www.kiterealty.com
Investor Relations Contacts: |
| Analyst Coverage: |
| Analyst Coverage: |
|
|
|
|
|
Dan Sink, Chief Financial Officer |
| BMO Capital Markets |
| Raymond James |
Adam Chavers, Investor Relations Manager |
| Mr. Paul E. Adornato, CFA |
| Mr. Paul Puryear |
Kite Realty Group Trust |
| (212) 885-4170 |
| (727) 567-2253 |
30 South Meridian Street, Suite 1100 |
| paul.adornato@bmo.com |
| paul.puryear@raymondjames.com |
Indianapolis, IN 46204 |
|
|
|
|
(317) 577-5609 |
| Cantor Fitzgerald |
| RBC Capital Markets |
dsink@kiterealty.com |
| Mr. Philip J. Martin |
| Mr. Rich Moore |
achavers@kiterealty.com |
| (312) 469-7485 |
| (216) 378-7625 |
|
| pmartin@cantor.com |
| rich.moore@rbccm.com |
Transfer Agent: |
|
|
|
|
|
| Citigroup Global Markets |
| Stifel, Nicholaus & Company, Inc. |
LaSalle Bank, National Association |
| Mr. Michael Billerman/Ms. Ambika Goel |
| Mr. David M. Fick, CPA/Mr. Nathan Isbee |
Mr. Joseph Pellicore |
| (212) 816-0231/(212) 816-6981 |
| (443) 224-1308/(443) 224-1346 |
135 South LaSalle Street |
| michael.billerman@citigroup.com |
| dmfick@stifel.com |
Chicago, IL 60603-3499 |
| ambika.goel@citigroup.com |
| nisbee@stifel.com |
(312) 904-2000 |
|
|
|
|
joseph.pellicore@abnamro.com |
| Credit Suisse |
| Wachovia Securities |
|
| Mr. Michael Gorman/Mr. John Stewart |
| Mr. Jeffrey J. Donnelly, CFA |
Stock Specialist: |
| (212) 538-4357/(212) 538-3183 |
| (617) 603-4262 |
|
| michael.gorman@credit-suisse.com |
| jeff.donnelly@wachovia.com |
Lehman Brothers MarketMakers |
| john.stewart@credit-suisse.com |
|
|
45 Broadway |
|
|
|
|
29th Floor |
| Goldman, Sachs & Co. |
|
|
New York, NY 10006 |
| Mr. Jonathan Haberman |
|
|
(646) 576-2700 |
| (917) 343-4260 |
|
|
|
| jonathan.haberman@gs.com |
|
|
|
|
|
|
|
|
| Lehman Brothers |
|
|
|
| Mr. David Harris |
|
|
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| (212) 526-1790 |
|
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| dharris4@lehman.com |
|
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|
p.4 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
IMPORTANT NOTES
Interim Information
This Quarterly Financial Supplement contains historical information of Kite Realty Group Trust (“the Company” or “KRG”) and is intended to supplement the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 to be filed on or about May 8, 2008, which should be read in conjunction with this supplement. The supplemental information is unaudited, although it reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.
Forward-Looking Statements
This supplemental information package contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include, but are not limited to:
| • | national and local economic, business, real estate and other market conditions; |
| • | the ability of tenants to pay rent; |
| • | the competitive environment in which the Company operates; |
| • | property ownership and management risks; |
| • | financing risks; including access to capital at desirable terms |
| • | the level and volatility of interest rates; |
| • | financial stability of tenants; |
| • | the Company’s ability to maintain its status as a REIT for federal income tax purposes; |
| • | acquisition, disposition, development and joint venture risks; |
| • | potential environmental and other liabilities; |
| • | other factors affecting the real estate industry generally; and |
| • | other risks identified in reports the Company files with the Securities and Exchange Commission (“the SEC”) or in other documents that it publicly disseminates, including, in particular, the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and in our quarterly reports on Form 10-Q. |
The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
Funds from Operations
Funds from Operations (FFO) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. We calculate FFO in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (NAREIT), which we refer to as the White Paper. The White Paper defines FFO as net income (determined in accordance with generally accepted accounting principles (GAAP)), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.
Considering the nature of our business as a real estate owner and operator, we believe that FFO is helpful to investors in measuring our operational performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of our financial performance, is not an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, and is not indicative of funds available to satisfy our cash needs, including our ability to make distributions. Our computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
Net Operating Income
Net operating income (NOI) is provided here as a supplemental measure of operating performance. NOI is defined as property revenues less property operating expenses, excluding depreciation and amortization, interest expense and other items. We believe this presentation of NOI is helpful to investors as a measure of our operational performance because it is widely used in the real estate industry to measure the performance of real estate assets without regard to various items, included in net income, that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending upon accounting methods and book value of assets. We also believe NOI helps our investors to meaningfully compare the results of our operating performance from period to period by removing the impact of our capital structure (primarily interest expense on our outstanding indebtedness) and depreciation of the basis in our assets from our operating results. NOI should not, however, be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of our financial performance.
p.5 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
CORPORATE STRUCTURE CHART – MARCH 31, 2008
p.6 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
| March 31, |
| December 31, |
| ||
|
|
|
| ||||
Assets: |
|
|
|
|
|
|
|
Investment properties, at cost: |
|
|
|
|
|
|
|
Land |
| $ | 223,550,510 |
| $ | 210,486,125 |
|
Land held for development |
|
| 23,622,458 |
|
| 23,622,458 |
|
Buildings and improvements |
|
| 662,284,559 |
|
| 624,500,501 |
|
Furniture, equipment and other |
|
| 4,825,396 |
|
| 4,571,354 |
|
Construction in progress |
|
| 171,371,783 |
|
| 187,006,760 |
|
|
|
|
|
|
| ||
|
|
| 1,085,654,706 |
|
| 1,050,187,198 |
|
Less: accumulated depreciation |
|
| (90,990,680 | ) |
| (84,603,939 | ) |
|
|
|
|
|
| ||
|
|
| 994,664,026 |
|
| 965,583,259 |
|
Cash and cash equivalents |
|
| 19,262,193 |
|
| 19,002,268 |
|
Tenant receivables, including accrued straight-line rent of $6,974,101 and $6,653,244, respectively, net of allowance for uncollectible accounts |
|
| 15,404,565 |
|
| 17,200,458 |
|
Other receivables |
|
| 8,998,848 |
|
| 7,124,485 |
|
Investments in unconsolidated entities, at equity |
|
| 1,056,810 |
|
| 1,079,937 |
|
Escrow deposits |
|
| 11,698,693 |
|
| 14,036,877 |
|
Deferred costs, net |
|
| 20,509,562 |
|
| 20,563,664 |
|
Prepaid and other assets |
|
| 3,744,943 |
|
| 3,643,696 |
|
|
|
|
|
|
| ||
Total Assets |
| $ | 1,075,339,640 |
| $ | 1,048,234,644 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity: |
|
|
|
|
|
|
|
Mortgage and other indebtedness |
| $ | 677,290,946 |
| $ | 646,833,633 |
|
Accounts payable and accrued expenses |
|
| 38,888,403 |
|
| 36,173,195 |
|
Deferred revenue and other liabilities |
|
| 26,565,569 |
|
| 26,127,043 |
|
Cash distributions and losses in excess of net investment in unconsolidated entities, at equity |
|
| 1,281,198 |
|
| 234,618 |
|
Minority interest |
|
| 4,422,670 |
|
| 4,731,211 |
|
|
|
|
|
|
| ||
Total Liabilities |
|
| 748,448,786 |
|
| 714,099,700 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
Limited Partners’ interests in Operating Partnership |
|
| 72,896,660 |
|
| 74,512,093 |
|
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 29,076,441 shares and 28,981,594 shares issued and outstanding at March 31, 2008 and December 31, 2007, respectively |
|
| 290,764 |
|
| 289,816 |
|
Additional paid in capital and other |
|
| 293,409,467 |
|
| 293,897,673 |
|
Accumulated other comprehensive loss |
|
| (5,004,530 | ) |
| (3,122,482 | ) |
Accumulated deficit |
|
| (34,701,507 | ) |
| (31,442,156 | ) |
|
|
|
|
|
| ||
Total Shareholders’ Equity |
|
| 253,994,194 |
|
| 259,622,851 |
|
|
|
|
|
|
| ||
Total Liabilities and Shareholders’ Equity |
| $ | 1,075,339,640 |
| $ | 1,048,234,644 |
|
|
|
|
|
|
|
p.7 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
CONSOLIDATED STATEMENTS OF OPERATIONS – THREE MONTHS (UNAUDITED)
| Three Months Ended March 31, |
| ||||
|
| |||||
| 2008 |
| 2007 |
| ||
|
|
| ||||
Revenue: |
|
|
|
|
|
|
Minimum rent | $ | 18,379,614 |
| $ | 17,233,952 |
|
Tenant reimbursements |
| 5,210,545 |
|
| 4,678,714 |
|
Other property related revenue |
| 5,157,085 |
|
| 2,451,935 |
|
Construction and service fee revenue |
| 4,288,522 |
|
| 5,870,553 |
|
|
|
|
|
| ||
Total revenue |
| 33,035,766 |
|
| 30,235,154 |
|
Expenses: |
|
|
|
|
|
|
Property operating |
| 4,479,748 |
|
| 4,089,915 |
|
Real estate taxes |
| 3,167,449 |
|
| 2,638,065 |
|
Cost of construction and services |
| 3,764,234 |
|
| 5,065,374 |
|
General, administrative, and other |
| 1,709,949 |
|
| 1,427,076 |
|
Depreciation and amortization |
| 8,153,857 |
|
| 8,727,389 |
|
|
|
|
|
| ||
Total expenses |
| 21,275,237 |
|
| 21,947,819 |
|
|
|
|
|
| ||
Operating income |
| 11,760,529 |
|
| 8,287,335 |
|
Interest expense |
| (7,253,566 | ) |
| (6,122,344 | ) |
Income tax expense of taxable REIT subsidiary |
| (1,153,228 | ) |
| (254,615 | ) |
Other income |
| 65,232 |
|
| 109,543 |
|
Minority interest in loss (income) of consolidated subsidiaries |
| 4,156 |
|
| (1,756 | ) |
Equity in earnings of unconsolidated entities |
| 61,174 |
|
| 70,296 |
|
Limited Partners’ interests in the Operating Partnership |
| (776,998 | ) |
| (469,903 | ) |
|
|
|
|
| ||
Income from continuing operations |
| 2,707,299 |
|
| 1,618,556 |
|
Operating income from discontinued operations, net of Limited Partners’ interests |
| — |
|
| 19,494 |
|
|
|
|
|
| ||
Net income | $ | 2,707,299 |
| $ | 1,638,050 |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
Income per common share – basic & diluted: |
|
|
|
|
|
|
Continuing operations | $ | 0.09 |
| $ | 0.06 |
|
Discontinued operations |
| — |
|
| — |
|
|
|
|
|
| ||
| $ | 0.09 |
| $ | 0.06 |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
Weighted average Common Shares outstanding - basic |
| 29,028,953 |
|
| 28,859,164 |
|
|
|
|
|
| ||
Weighted average Common Shares outstanding - diluted |
| 29,059,809 |
|
| 29,177,004 |
|
|
|
|
|
| ||
Dividends declared per common share | $ | 0.205 |
| $ | 0.195 |
|
|
|
|
|
|
p.8 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
FUNDS FROM OPERATIONS AND OTHER FINANCIAL INFORMATION –THREE MONTHS
|
| Three Months Ended March 31, |
| ||||
|
|
| |||||
|
| 2008 |
| 2007 |
| ||
|
|
|
| ||||
Net income |
| $ | 2,707,299 |
| $ | 1,638,050 |
|
Add Limited Partners’ interests in income |
|
| 776,998 |
|
| 475,563 |
|
Add depreciation and amortization of consolidated entities, net of minority interest |
|
| 7,983,114 |
|
| 8,635,874 |
|
Add depreciation and amortization of unconsolidated entities |
|
| 101,057 |
|
| 101,202 |
|
|
|
|
|
|
| ||
Funds From Operations of the Kite Portfolio1 |
|
| 11,568,468 |
|
| 10,850,689 |
|
Deduct Limited Partners’ interests in Funds From Operations |
|
| (2,579,768 | ) |
| (2,430,554 | ) |
|
|
|
|
|
| ||
Funds From Operations allocable to the Company1 |
| $ | 8,988,700 |
| $ | 8,420,135 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Basic FFO per share of the Kite Portfolio |
| $ | 0.31 |
| $ | 0.29 |
|
|
|
|
|
|
| ||
Diluted FFO per share of the Kite Portfolio |
| $ | 0.31 |
| $ | 0.29 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Basic weighted average Common Shares outstanding |
|
| 29,028,953 |
|
| 28,859,164 |
|
|
|
|
|
|
| ||
Diluted weighted average Common Shares outstanding |
|
| 29,059,809 |
|
| 29,177,004 |
|
|
|
|
|
|
| ||
Basic weighted average Common Shares and Units outstanding |
|
| 37,367,201 |
|
| 37,259,012 |
|
|
|
|
|
|
| ||
Diluted weighted average Common Shares and Units outstanding |
|
| 37,398,057 |
|
| 37,576,852 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Other Financial Information: |
|
|
|
|
|
|
|
Recurring capital expenditures2 |
|
|
|
|
|
|
|
Tenant improvements - Retail |
| $ | 43,085 |
| $ | — |
|
Tenant improvements – Commercial3 |
|
| 517,772 |
|
| 91,915 |
|
Leasing commissions - Retail |
|
| 146,966 |
|
| 113,567 |
|
Leasing commissions – Commercial |
|
| 67,336 |
|
| — |
|
Capital improvements |
|
| 56,751 |
|
| 20,188 |
|
Scheduled debt principal payments |
|
| 705,616 |
|
| 665,338 |
|
Straight line rent |
|
| 320,857 |
|
| 251,506 |
|
Market rent amortization income from acquired leases |
|
| 691,901 |
|
| 882,115 |
|
Market debt adjustment |
|
| 107,714 |
|
| 107,714 |
|
Capitalized interest |
|
| 2,589,858 |
|
| 2,902,787 |
|
____________________ | |
1 | “Funds from Operations of the Kite Portfolio” represents 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 Limited Partners’ weighted average diluted interests in the Operating Partnership. |
|
|
2 | Excludes tenant improvements and leasing commissions relating to development projects and first-generation space. |
|
|
3 | Substantially all 2008 commercial tenant improvements relate to the Indiana Supreme Court, a new tenant at the 30 South property. |
p.9 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
MARKET CAPITALIZATION AS OF MARCH 31, 2008
|
|
| Total |
| Percent of | |||
| Percent of |
| Market |
| Total Market | |||
| Total Equity |
| Capitalization |
| Capitalization | |||
|
|
| ||||||
Equity Capitalization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Shares Outstanding | 77.7 | % |
|
| 29,076,441 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Partnership (“OP”) Units | 22.3 | % |
|
| 8,338,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Combined Common Shares and OP Units | 100.0 | % |
|
| 37,414,689 |
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
Market Price of Common Shares at March 31, 2008 |
|
|
| $ | 14.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Equity Capitalization |
|
|
| $ | 523,805,646 |
| 45 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Capitalization: |
|
|
|
|
|
|
|
|
Company Outstanding Debt |
|
|
| $ | 677,290,946 |
|
|
|
|
|
|
|
|
|
|
|
|
Less: Partner Share of Consolidated Joint Venture Debt |
|
|
|
| (52,775,804 | ) |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Company Share of Outstanding Debt |
|
|
|
| 624,515, 142 |
|
|
|
|
|
|
|
|
|
|
|
|
Pro-rata Share of Joint Venture Debt |
|
|
|
| 28,830,488 |
|
|
|
|
|
|
|
|
|
|
|
|
Less: Cash and cash equivalents |
|
|
|
| (19,262,193 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total Net Debt Capitalization |
|
|
|
| 634,083,437 |
| 55 | % |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
Total Market Capitalization |
|
|
| $ | 1,157,889,083 |
| 100 | % |
|
|
|
|
|
|
p.10 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
SAME PROPERTY NET OPERATING INCOME (NOI)
| Three Months Ended March 31 |
| ||||||
|
| |||||||
| 2008 |
| 2007 |
| % Change |
| ||
|
|
|
| |||||
Number of properties at period end1 |
| 50 |
|
| 50 |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy at period-end |
| 94.3% |
|
| 95.5% |
|
|
|
Minimum rent | $ | 15,952,910 |
| $ | 16,278,885 |
|
|
|
Tenant recoveries |
| 4,458,468 |
|
| 4,401,287 |
|
|
|
Other income |
| 923,085 |
|
| 851,605 |
|
|
|
Pro rata share of revenue – unconsolidated joint venture properties |
| 490,686 |
|
| 417,189 |
|
|
|
|
|
|
|
|
|
| ||
|
| 21,825,149 |
|
| 21,948,966 |
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses |
| 3,239,670 |
|
| 3,650,573 |
|
|
|
Real estate taxes |
| 2,881,978 |
|
| 2,740,073 |
|
|
|
Pro rata share of expenses – unconsolidated joint venture properties |
| 185,079 |
|
| 109,618 |
|
|
|
|
|
|
|
|
|
| ||
|
| 6,306,727 |
|
| 6,500,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net operating income – same properties (50 properties)2,3 |
| 15,518,422 |
|
| 15,448,702 |
| 0.5 | % |
|
|
|
|
|
|
|
|
|
Reconciliation to Most Directly Comparable GAAP Measure: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income – same properties | $ | 15,518,422 |
| $ | 15,448,702 |
|
|
|
Net operating income – non-same properties |
| 2,610,277 |
|
| 2,483,481 |
|
|
|
Less pro rata share of same property unconsolidated joint venture net operating income |
| (305,607 | ) |
| (307,571 | ) |
|
|
Net operating income – construction, service, general and administrative and other |
| 2,264,790 |
|
| (570,810 | ) |
|
|
|
|
|
|
|
|
| ||
|
| 20,087,882 |
|
| 17,053,802 |
|
|
|
Total other income |
| 130,015 |
|
| 178,085 |
|
|
|
Total other expenses |
| (16,733,600 | ) |
| (15,123,935 | ) |
|
|
Limited Partners’ interests in the continuing operations of the Operating Partnership |
| (776,998 | ) |
| (469,903 | ) |
|
|
|
|
|
|
|
|
| ||
Net income | $ | 2,707,299 |
| $ | 1,638,050 |
|
|
|
|
|
|
|
|
|
|
____________________ | |
1 | Same Property analysis excludes Glendale Town Center, Four Corner Square and Shops at Eagle Creek as the Company pursues redevelopment of this property. |
|
|
2 | Same Property analysis excludes net gains from outlot sales, write offs of straight-line rent and FAS #141 deferred revenue and significant prior year expense recoveries and adjustments, if any. |
|
|
3 | The Company is in lease negotiations with two national retailers to replace Office Max and Circuit City at Sunland Towne Centre. Excluding the same store effects of these two junior box vacancies, the increase would have been 1.7%. |
The Company believes that Net Operating Income 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 and interest expense. 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. NOI and 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.
p.11 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
NET OPERATING INCOME BY QUARTER
| Three Months Ended | ||||||||||||||||||
| |||||||||||||||||||
| March 31, 2008 |
| December 31, 2007 |
| September 30, 2007 |
| June 30, 2007 |
| March 31, 2007 | ||||||||||
|
|
|
|
| |||||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rent | $ | 18,379,614 |
|
| $ | 18,364,742 |
|
| $ | 17,986,066 |
|
| $ | 18,498,348 |
|
| $ | 17,233,952 |
|
Tenant reimbursements |
| 5,210,545 |
|
|
| 4,535,221 |
|
|
| 4,525,236 |
|
|
| 4,662,010 |
|
|
| 4,678,714 |
|
Other property related revenue1 |
| 4,763,860 |
|
|
| 3,048,596 |
|
|
| 3,223,938 |
|
|
| 2,286,084 |
|
|
| 2,451,935 |
|
Parking revenue, net2 |
| 214,795 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| 28,568,814 |
|
|
| 25,948,559 |
|
|
| 25,735,240 |
|
|
| 25,446,442 |
|
|
| 24,364,601 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating |
| 4,301,318 |
|
|
| 3,684,425 |
|
|
| 3,827,878 |
|
|
| 3,519,107 |
|
|
| 4,089,915 |
|
Real estate taxes |
| 3,167,449 |
|
|
| 3,068,768 |
|
|
| 3,132,986 |
|
|
| 3,077,480 |
|
|
| 2,638,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| 7,468,767 |
|
|
| 6,753,193 |
|
|
| 6,960,864 |
|
|
| 6,596,587 |
|
|
| 6,727,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Operating Income – Properties |
| 21,100,047 |
|
|
| 19,195,366 |
|
|
| 18,774,376 |
|
|
| 18,849,855 |
|
|
| 17,636,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and service fee revenue |
| 4,288,522 |
|
|
| 13,629,831 |
|
|
| 7,583,235 |
|
|
| 10,176,315 |
|
|
| 5,870,553 |
|
Cost of construction and services |
| (3,764,234 | ) |
|
| (10,950,145 | ) |
|
| (6,539,643 | ) |
|
| (9,521,852 | ) |
|
| (5,065,374 | ) |
General, administrative, and other |
| (1,709,949 | ) |
|
| (1,540,623 | ) |
|
| (1,702,354 | ) |
|
| (1,628,848 | ) |
|
| (1,427,076 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| (1,185,661 | ) |
|
| 1,139,063 |
|
|
| (658,762 | ) |
|
| (974,385 | ) |
|
| (621,897 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Interest, Taxes, Depreciation and Amortization |
| 19,914,386 |
|
|
| 20,334,429 |
|
|
| 18,115,614 |
|
|
| 17,875,470 |
|
|
| 17,014,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
| (8,153,857 | ) |
|
| (7,991,774 | ) |
|
| (7,019,702 | ) |
|
| (8,111,904 | ) |
|
| (8,727,390 | ) |
Interest expense |
| (7,253,566 | ) |
|
| (7,048,534 | ) |
|
| (6,619,179 | ) |
|
| (6,175,084 | ) |
|
| (6,122,344 | ) |
Income tax expense of taxable REIT subsidiary |
| (1,153,228 | ) |
|
| (466,233 | ) |
|
| (32,789 | ) |
|
| (7,991 | ) |
|
| (254,615 | ) |
Other income |
| 65,232 |
|
|
| 59,197 |
|
|
| 519,760 |
|
|
| 90,052 |
|
|
| 109,543 |
|
Minority interest in loss (income) of consolidated subsidiaries |
| 4,156 |
|
|
| (323,411 | ) |
|
| (14,781 | ) |
|
| (247,465 | ) |
|
| (1,756 | ) |
Equity in earnings of unconsolidated entities |
| 61,174 |
|
|
| 72,811 |
|
|
| 48,024 |
|
|
| 99,579 |
|
|
| 70,296 |
|
Limited partners’ interests in the continuing operations of the Operating Partnership |
| (776,998 | ) |
|
| (1,023,328 | ) |
|
| (1,124,928 | ) |
|
| (781,376 | ) |
|
| (469,902 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| 2,707,299 |
|
|
| 3,613,157 |
|
|
| 3,872,019 |
|
|
| 2,741,281 |
|
|
| 1,618,556 |
|
Discontinued operations3: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income from discontinued operations, net of Limited Partners’ interests |
| — |
|
|
| 31,835 |
|
|
| 19,376 |
|
|
| 24,846 |
|
|
| 19,494 |
|
Gain on sale of operating property, net of Limited Partners’ interests |
| — |
|
|
| 1,582,119 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from discontinued operations |
| — |
|
|
| 1,613,954 |
|
|
| 19,376 |
|
|
| 24,846 |
|
|
| 19,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income | $ | 2,707,299 |
|
| $ | 5,227,111 |
|
| $ | 3,891,395 |
|
| $ | 2,766,127 |
|
| $ | 1,638,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI/Revenue - Properties |
| 73.9% |
|
|
| 74.0% |
|
|
| 73.0% |
|
|
| 74.1% |
|
|
| 72.4% |
|
Recovery Ratio - Properties 4 |
| 69.8% |
|
|
| 67.2% |
|
|
| 65.0% |
|
|
| 70.7% |
|
|
| 69.5% |
|
____________________ | |
1 | Other property related revenue for the three months ended March 31, 2008 includes net gains on land sales of $4.1 million, before income tax expense of approximately $1.2 million, and lease termination fees of approximately $590,000. |
|
|
2 | Effective January 1, 2008, the structure of the Company’s parking garage agreement at its Union Station property changed from a lease to a management agreement with a third party. |
|
|
3 | In November 2007, the Company sold its 176th & Meridian property. |
|
|
4 | “Recovery Ratio” is computed by dividing property operating and real estate tax expenses into tenant reimbursements. |
p.12 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
SUMMARY OF OUTSTANDING DEBT AS OF MARCH 31, 2008
TOTAL OUTSTANDING DEBT |
|
|
|
|
|
|
|
| ||||
| Outstanding Amount |
| Ratio |
| Weighted Average Interest Rate |
| Weighted Average Maturity (in years) |
| ||||
|
|
|
|
| ||||||||
Fixed Rate Debt: |
|
|
|
|
|
|
|
|
|
|
| |
Consolidated | $ | 332,978,056 |
|
| 48 | % |
| 6.01 | % |
| 6.7 |
|
Unconsolidated |
| 8,127,704 |
|
| 1 | % |
| 6.60 | % |
| 4.3 |
|
Floating Rate Debt (Hedged)1 |
| 150,500,000 |
|
| 21 | % |
| 5.92 | % |
| 1.9 |
|
|
|
|
|
|
|
|
|
| ||||
Total Fixed Rate Debt |
| 491,605,760 |
|
| 70 | % |
| 5.99 | % |
| 5.2 |
|
Variable Rate Debt:2 |
|
|
|
|
|
|
|
|
|
|
|
|
Construction Loans |
| 156,982,253 |
|
| 22 | % |
| 4.16 | % |
| 1.1 |
|
Other Variable |
| 185,598,866 |
|
| 26 | % |
| 3.96 | % |
| 2.7 |
|
Floating Rate Debt (Hedged) 1 |
| (150,500,000 | ) |
| -21 | % |
| -3.99 | % |
| -1.9 | |
Unconsolidated |
| 20,702,784 |
|
| 3 | % |
| 3.55 | % |
| 1.4 | |
|
|
|
|
|
|
|
| |||||
Total Variable Rate Debt |
| 212,783,903 |
|
| 30 | % |
| 4.05 | % |
| 2.0 | |
Net Premiums on Fixed Rate Debt |
| 1,731,771 |
|
| N/A |
|
| N/A |
|
| N/A | |
|
|
|
|
|
|
|
| |||||
Total | $ | 706,121,434 |
|
| 100 | % |
| 5.40 | % |
| 4.2 | |
|
|
|
|
|
|
|
|
SCHEDULE OF MATURITIES BY YEAR | ||||||||||||||
|
|
|
|
|
|
| ||||||||
| Annual Maturity | Term Maturities | Secured Line of Credit | Construction Loans | Total Consolidated Outstanding Debt | KRG Share of Unconsolidated Mortgage Debt | Total Consolidated and Unconsolidated Debt | |||||||
2008 | $ | 2,033,923 | $ |
| $ | — | $ | 18,494,786 | $ | 20,528,709 | $ | 163,625 | $ | 20,692,334 |
2009 |
| 3,029,491 |
| 48,393,849 |
| — |
| 137,432,861 |
| 188,856,201 |
| 22,926,215 |
| 211,782,416 |
2010 |
| 3,144,734 |
| — |
| — |
| 1,054,606 |
| 4,199,340 |
| 96,813 |
| 4,296,153 |
2011 |
| 3,124,697 |
| 23,107,795 |
| 160,574,024 |
| — |
| 186,806,516 |
| 103,335 |
| 186,909,851 |
2012 |
| 3,549,537 |
| 35,355,396 |
| — |
| — |
| 38,904,933 |
| 109,258 |
| 39,014,191 |
2013 |
| 3,556,861 |
| 4,027,491 |
| — |
| — |
| 7,584,352 |
| 5,431,242 |
| 13,015,594 |
2014 |
| 3,262,898 |
| 23,974,217 |
| — |
| — |
| 27,237,115 |
| — |
| 27,237,115 |
2015 |
| 2,956,748 |
| 38,301,942 |
| — |
| — |
| 41,258,690 |
| — |
| 41,258,690 |
2016 and beyond |
| 4,809,032 |
| 155,374,287 |
| — |
| — |
| 160,183,319 |
| — |
| 160,183,319 |
Net Premiums on Fixed Rate Debt |
| — |
| — |
| — |
| — |
| 1,731,771 |
| — |
| 1,731,771 |
|
|
|
|
|
|
|
| |||||||
Total | $ | 29,467,921 | $ | 328,534,977 | $ | 160,574,024 | $ | 156,982,253 | $ | 677,290,946 | $ | 28,830,488 | $ | 706,121,434 |
|
|
|
|
|
|
|
|
____________________ | |||||||||||
1 | These debt obligations are hedged by interest rate swap agreements which consist of the following: | ||||||||||
| Consolidated Debt | $ | 133,700,000 |
| |||||||
| KRG Share of Unconsolidated Debt |
| 16,800,000 |
| |||||||
|
|
|
| ||||||||
| Total | $ | 150,500,000 |
| |||||||
|
|
|
| ||||||||
|
| ||||||||||
2 | Variable rate debt, net of interest rate swap transactions: | ||||||||||
| - | Construction | $ | 98,282,253 |
| 14 | % |
| |||
| - | Other Variable |
| 110,598,866 |
| 16 | % | (includes debt on acquisition land held for development) | |||
| - | Unconsolidated |
| 3,902,784 |
| 0 | % | (includes debt on acquisition land held for development) | |||
|
|
|
|
|
|
| |||||
|
|
| $ | 212,783,903 |
| 30 | % |
| |||
|
|
|
|
|
|
| |||||
p.13 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
SCHEDULE OF OUTSTANDING DEBT AS OF MARCH 31, 2008
CONSOLIDATED DEBT |
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
Fixed Rate Debt |
| Lender/Servicer |
| Interest |
| Maturity Date |
| Balance as of March 31, 2008 |
| Monthly Debt Service as of March 31, 2008 | |||||||
|
|
|
|
| |||||||||||||
50th & 12th |
| Wachovia Bank |
| 5.67 | % |
| 11/11/14 |
| $ | 4,493,906 |
| $ | 27,190 | ||||
Boulevard Crossing |
| Wachovia Bank |
| 5.11 | % |
| 12/11/09 |
|
| 12,059,624 |
|
| 68,815 | ||||
Centre at Panola, Phase I |
| JP Morgan Chase |
| 6.78 | % |
| 1/1/22 |
|
| 3,965,561 |
|
| 36,583 | ||||
Cool Creek Commons |
| Lehman Brothers Bank |
| 5.88 | % |
| 4/11/16 |
|
| 18,000,000 |
|
| 85,260 | ||||
Corner Shops, The |
| Sun Life Assurance Co. |
| 7.65 | % |
| 7/1/11 |
|
| 1,713,034 |
|
| 17,111 | ||||
Fox Lake Crossing |
| Wachovia Bank |
| 5.16 | % |
| 7/1/12 |
|
| 11,674,977 |
|
| 68,604 | ||||
Geist Pavilion |
| KeyBank |
| 5.78 | % |
| 1/1/17 |
|
| 11,125,000 |
|
| 51,799 | ||||
Indian River Square |
| Wachovia Bank |
| 5.42 | % |
| 6/11/15 |
|
| 13,300,000 |
|
| 58,069 | ||||
International Speedway Square |
| Lehman Brothers Bank |
| 7.17 | % |
| 3/11/11 |
|
| 19,113,085 |
|
| 139,142 | ||||
Kedron Village |
| Wachovia Bank |
| 5.70 | % |
| 1/11/17 |
|
| 29,700,000 |
|
| 136,373 | ||||
Pine Ridge Crossing |
| Lehman Brothers Bank |
| 6.34 | % |
| 10/11/16 |
|
| 17,500,000 |
|
| 89,433 | ||||
Plaza at Cedar Hill |
| GECC |
| 7.38 | % |
| 2/1/12 |
|
| 26,255,044 |
|
| 193,484 | ||||
Plaza Volente |
| Wachovia Bank |
| 5.42 | % |
| 6/11/15 |
|
| 28,680,000 |
|
| 125,220 | ||||
Preston Commons |
| Wachovia Bank |
| 5.90 | % |
| 3/11/13 |
|
| 4,438,533 |
|
| 28,174 | ||||
Ridge Plaza |
| Wachovia Bank |
| 5.15 | % |
| 10/11/09 |
|
| 16,155,619 |
|
| 92,824 | ||||
Riverchase |
| Lehman Brothers Bank |
| 6.34 | % |
| 10/11/16 |
|
| 10,500,000 |
|
| 53,660 | ||||
Sunland Towne Centre |
| KeyBank |
| 6.01 | % |
| 7/1/16 |
|
| 25,000,000 |
|
| 121,035 | ||||
Thirty South |
| CS First Boston |
| 6.09 | % |
| 1/11/14 |
|
| 22,287,713 |
|
| 142,257 | ||||
Traders Point |
| Wachovia Bank |
| 5.86 | % |
| 10/11/16 |
|
| 48,000,000 |
|
| 226,587 | ||||
Whitehall Pike |
| Banc One Capital Funding |
| 6.71 | % |
| 7/5/18 |
|
| 9,015,960 |
|
| 77,436 | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Subtotal |
|
|
|
|
|
|
| $ | 332,978,056 |
| $ | 1,839,056 | |||||
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
Floating Rate Debt (Hedged) |
| Lender/Servicer |
| Interest |
| Maturity Date |
| Balance as of March 31, 2008 |
| Monthly Debt Service as of March 31, 2008 | |||||||
|
|
|
|
| |||||||||||||
Collateral Pool Properties1 |
| KeyBank |
| 6.32 | % |
| 2/20/11 |
| $ | 50,000,000 |
| $ | 263,417 | ||||
Collateral Pool Properties1 |
| KeyBank |
| 6.17 | % |
| 2/18/11 |
|
| 25,000,000 |
|
| 128,438 | ||||
Beacon Hill Shopping Center2 |
| Fifth Third Bank |
| 5.13 | % |
| 3/30/09 |
|
| 11,000,000 |
|
| 46,979 | ||||
Estero Town Commons |
| Wachovia Bank |
| 5.55 | % |
| 1/3/09 |
|
| 17,700,000 |
|
| 81,863 | ||||
Naperville Marketplace |
| LaSalle Bank |
| 6.05 | % |
| 12/30/08 |
|
| 10,000,000 |
|
| 50,450 | ||||
Tarpon Springs Plaza |
| Wachovia Bank |
| 5.55 | % |
| 1/3/09 |
|
| 20,000,000 |
|
| 92,500 | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Subtotal |
|
|
|
|
|
|
|
| $ | 133,700,000 |
| $ | 663,647 | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
TOTAL CONSOLIDATED FIXED RATE DEBT |
|
|
|
|
|
| $ | 466,678,056 |
| $ | 2,502,702 | ||||||
|
|
|
|
|
|
|
|
|
| ||||||||
TOTAL NET PREMIUMS |
|
|
|
|
|
|
|
| $ | 1,731,771 |
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Variable Rate Debt: Mortgages |
| Lender/Servicer |
| Interest |
| Maturity Date |
| Balance as of March 31, 2008 |
|
|
| ||||||
|
|
|
|
|
|
| |||||||||||
Fishers Station4 |
| National City Bank |
| LIBOR + 150 |
| 6/6/09 |
|
| 4,469,667 |
|
|
| |||||
Indiana State Motor Pool |
| Old National |
| LIBOR + 135 |
| 2/4/11 |
|
| 3,955,175 |
|
|
| |||||
Rivers Edge Shopping Center |
| Huntington Bank |
| LIBOR + 125 |
| 2/3/09 |
|
| 16,600,000 |
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Subtotal |
|
|
|
|
|
|
|
| $ | 25,024,842 |
|
|
| ||||
____________________ | |
1 | The Company entered into a fixed rate swap agreement, which is designated as a hedge against the revolving credit facility. |
|
|
2 | The interest rate decreases from LIBOR+125 basis points to LIBOR+115 basis points on $11 million, which was fixed through an interest rate swap agreement. |
|
|
3 | At March 31, 2008, one-month LIBOR was 2.70%. |
|
|
4
| The Company has a 25% interest in this property. The loan is guaranteed by Kite Realty Group, LP, the operating partnership. |
p.14 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
SCHEDULE OF OUTSTANDING DEBT AS OF MARCH 31, 2008 (CONTINUED)
Variable Rate Debt: Construction Loans |
| Lender/Servicer |
| Interest |
| Maturity Date |
| Total Commitment |
| Balance as of March 31, 2008 | ||
|
|
|
|
| ||||||||
Bayport Commons2 |
| Bank of America |
| LIBOR + 125 |
| 12/27/09 |
| $ | 23,100,000 |
| $ | 19,059,916 |
Beacon Hill Shopping Center3,4 |
| Fifth Third Bank |
| LIBOR + 125 |
| 3/30/09 |
|
| 34,800,000 |
|
| 11,558,286 |
Bridgewater Marketplace |
| Home Federal Bank |
| LIBOR + 160 |
| 6/29/09 |
|
| 12,000,000 |
|
| 9,459,205 |
Cobblestone Plaza5 |
| Wachovia Bank |
| LIBOR + 160 |
| 6/29/09 |
|
| 44,500,000 |
|
| 24,406,835 |
Delray Marketplace6 |
| Wachovia Bank |
| LIBOR + 185 |
| 1/3/09 |
|
| 30,000,000 |
|
| 9,425,000 |
Estero Town Commons7 |
| Wachovia Bank |
| LIBOR + 155 |
| 1/3/09 |
|
| 18,760,000 |
|
| 17,785,253 |
Gateway Shopping Center8 |
| Union Bank of California |
| LIBOR + 145 |
| 8/13/09 |
|
| 22,268,000 |
|
| 16,866,751 |
Naperville Marketplace |
| LaSalle Bank |
| LIBOR + 130 |
| 12/30/08 |
|
| 14,400,000 |
|
| 10,613,452 |
Red Bank Commons |
| Huntington Bank |
| LIBOR + 130 |
| 3/30/09 |
|
| 4,464,000 |
|
| 4,464,000 |
South Elgin Commons |
| National City Bank |
| LIBOR + 125 |
| 5/31/09 |
|
| 4,425,000 |
|
| 4,425,000 |
Spring Mill Medical II9 |
| Old National |
| LIBOR + 125 |
| 3/7/10 |
|
| 7,840,000 |
|
| 1,054,606 |
Tarpon Springs Plaza |
| Wachovia Bank |
| LIBOR + 155 |
| 1/3/09 |
|
| 20,000,000 |
|
| 19,982,615 |
Traders Point II |
| Huntington Bank |
| LIBOR + 115 |
| 12/31/08 |
|
| 9,587,000 |
|
| 7,881,334 |
|
|
|
|
|
|
|
|
|
|
| ||
Subtotal |
|
|
|
|
|
|
| $ | 246,144,000 |
| $ | 156,982,253 |
Line of Credit |
| Lender/Servicer |
| Interest |
| Maturity Date |
| Total Available as of March 31, 2008 |
| Balance as of March 31, 2008 | ||
|
|
|
|
| ||||||||
Collateral Pool Properties10,11,12 |
| KeyBank |
| LIBOR + 125 |
| 2/20/11 |
| $ | 200,000,000 |
| $ | 160,574,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Debt (Hedged) |
| Lender/Servicer |
| Interest |
| Maturity Date |
|
|
|
| Balance as of March 31, 2008 | |
|
|
|
|
|
|
| ||||||
Collateral Pool Properties11 |
| KeyBank |
| LIBOR + 125 |
| 2/20/11 |
|
|
|
| $ | (50,000,000) |
Collateral Pool Properties11 |
| KeyBank |
| LIBOR + 125 |
| 2/18/11 |
|
|
|
|
| (25,000,000) |
Beacon Hill Shopping Center |
| Fifth Third Bank |
| LIBOR + 125 |
| 3/30/09 |
|
|
|
|
| (11,000,000) |
Estero Town Commons |
| Wachovia Bank |
| LIBOR + 155 |
| 1/3/09 |
|
|
|
|
| (17,700,000) |
Naperville Marketplace |
| LaSalle Bank |
| LIBOR + 130 |
| 12/30/08 |
|
|
|
|
| (10,000,000) |
Tarpon Springs Plaza |
| Wachovia Bank |
| LIBOR + 155 |
| 1/3/09 |
|
|
|
|
| (20,000,000) |
|
|
|
|
|
|
|
|
|
|
|
| |
Subtotal |
|
|
|
|
|
|
|
|
|
| $ | (133,700,000) |
|
|
|
|
|
|
|
|
|
|
|
| |
TOTAL CONSOLIDATED VARIABLE RATE DEBT |
|
|
|
|
|
|
|
| $ | 208,881,119 | ||
|
|
|
|
|
|
|
|
|
| |||
TOTAL DEBT PER CONSOLIDATED BALANCE SHEET |
|
|
|
|
|
| $ | 677,290,946 | ||||
|
|
|
|
|
|
|
|
____________________ | |
1 | At March 31, 2008, the one-month LIBOR interest rate was 2.70%. |
|
|
2 | The Company has a preferred return, then a 60% interest. This loan is guaranteed by Kite Realty Group, LP. |
|
|
3 | The Company has a preferred return, then a 50% interest. This loan is guaranteed by Kite Realty Group, LP. |
|
|
4 | The interest rate decreases from LIBOR+125 basis points to LIBOR+115 basis points on $11M, which was fixed through an interest rate swap agreement. |
|
|
5 | The Company has a preferred return, then a 50% interest. This loan is guaranteed by Kite Realty Group, LP. |
|
|
6 | The Company has a preferred return, then a 50% interest. This loan is guaranteed by Kite Realty Group, LP. |
|
|
7 | The Company has a preferred return, then a 40% interest. This loan is guaranteed by Kite Realty Group, L.P. |
|
|
8 | The Company has a preferred return, then a 50% interest. This loan is guaranteed by Kite Realty Group, L.P. |
|
|
9 | The Company has a 50% interest. This loan is guaranteed by Kite Realty Group, LP. |
|
|
10 | The Company has 46 unencumbered properties of which 45 are wholly owned and used as collateral under the unsecured credit facility. One of these properties is owned in a joint venture. The major unencumbered properties include: Broadstone Station, Circuit City Plaza , Courthouse Shadows, Eagle Creek Lowes, Eastgate Pavilion, Four Corner Square, Glendale Town Center, Hamilton Crossing, King’s Lake, Market Street Village, PEN Products, Publix at Acworth, Shops at Eagle Creek, Silver Glen, Union Station Parking Garage, Wal-Mart Plaza and Waterford Lakes. |
|
|
11 | The Company entered into a fixed interest rate swap agreement which is designated as a hedge against the revolving credit facility. |
|
|
12 | The total amount available for borrowing under the revolving credit facility is $200,000,000 as of March 31, 2008, of which $160,574,024 was outstanding as of March 31, 2008. |
p.15 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
SCHEDULE OF OUTSTANDING DEBT AS OF MARCH 31, 2008 (CONTINUED)
UNCONSOLIDATED DEBT |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed Rate Debt |
| Lender/ Servicer |
| Interest |
| Maturity Date |
|
|
| Balance as of March 31, 2008 |
| Monthly Debt Service as of March 31, 2008 | ||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||
The Centre1 |
| Sun Life |
| 6.99 | % |
| 6/1/09 |
|
|
| $ | 3,722,349 |
| $ | 39,897 |
| ||||||||||
Spring Mill Medical1 |
| LaSalle Bank |
| 6.45 | % |
| 9/1/13 |
|
|
|
| 11,788,589 |
|
| 78,204 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Subtotal |
|
|
|
|
|
|
|
|
| $ | 15,510,938 |
| $ | 118,101 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Joint Venture Partners’ Share |
|
|
|
|
|
|
|
|
|
| (7,383,234 | ) |
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
KRG SHARE |
|
|
|
|
|
|
| $ | 8,127,704 |
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Floating Rate Debt (Hedged) |
| Lender/ Servicer |
| Interest |
| Maturity Date |
|
|
| Balance as of March 31, 2008 |
| Monthly Debt Service as of March 31, 2008 | ||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||
Parkside Town Commons |
| LaSalle Bank |
| 5.60 | % |
| 3/2/09 |
|
|
| $ | 42,000,000 |
| $ | 195,965 |
| ||||||||||
Joint Venture Partners’ Share – 60% |
|
|
|
|
|
|
|
|
|
|
| (25,200,000 | ) |
| (117,579 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
KRG SHARE |
|
|
|
|
|
|
|
| $ | 16,800,000 |
| $ | 78,386 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
TOTAL UNCONSOLIDATED FIXED RATE DEBT |
|
|
|
|
|
|
|
| $ | 24,927,704 |
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Variable Rate Debt - Construction Loans |
| Lender/ Servicer |
| Interest |
| Maturity Date |
| Total Commitment |
| Balance as of March 31, 2008 |
|
|
| |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Parkside Town Commons2 |
| LaSalle Bank |
| LIBOR + 85 |
| 8/31/09 |
| $ | 55,000,000 |
| $ | 51,756,961 |
|
|
| |||||||||||
Joint Venture Partners’ Share – 60% |
|
|
|
|
|
|
|
|
|
| (31,054,177 | ) |
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
KRG SHARE |
|
|
|
|
|
|
|
|
|
|
| $ | 20,702,784 |
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Floating Rate Debt (Hedged) |
| Lender/ Servicer |
| Interest |
| Maturity Date |
|
|
| Balance as of March 31, 2008 |
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Parkside Town Commons |
| LaSalle Bank |
| LIBOR + 85 |
| 3/2/09 |
|
|
|
| $ | (42,000,000 | ) |
|
| |||||||||||
Joint Venture Partners’ Share – 60% |
|
|
|
|
|
|
|
|
|
| 25,200,000 |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
KRG SHARE |
|
|
|
|
|
|
|
|
|
|
| $ | (16,800,000 | ) |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL UNCONSOLIDATED VARIABLE RATE DEBT |
|
|
|
|
|
|
|
|
| $ | 3,902,784 |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
TOTAL KRG UNCONSOLIDATED DEBT |
|
|
|
|
|
|
|
|
| $ | 28,830,488 |
|
|
| ||||||||||||
TOTAL KRG CONSOLIDATED DEBT |
|
|
|
|
|
|
|
|
|
| 677,290,946 |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
TOTAL KRG DEBT |
|
|
|
|
|
|
|
|
|
|
| $ | 706,121,434 |
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
____________________ | |
1 | The Company owns a 50% interest in Spring Mill Medical and a 60% interest in The Centre. |
|
|
2 | The Company owns a 40% interest in Parkside Town Commons. This ownership will change to 20% at the time of the hard cost construction financing. |
|
|
3 | At March 31, 2008, the one-month LIBOR interest rate was 2.70%. |
p.16 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
JOINT VENTURE SUMMARY - UNCONSOLIDATED PROPERTIES
The Company owns the following three unconsolidated properties with joint venture partners:
Property |
| Percentage Owned by the Company |
| ||
The Centre – Operating Property |
| 60% |
Spring Mill Medical – Operating Property |
| 50% |
Parkside Town Commons - Development Property1 |
| 40% |
____________________ | |
1 | The Company’s 40% interest in Parkside Town Commons will change to 20% at the time of hard cost construction financing. |
p.17 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
CONDENSED COMBINED BALANCE SHEETS OF UNCONSOLIDATED PROPERTIES
(The Centre, Spring Mill Medical, and Parkside Town Commons)
(Unaudited)
|
| March 31, |
| December 31, |
| ||
|
|
|
| ||||
Assets: |
|
|
|
|
|
|
|
Investment properties, at cost: |
|
|
|
|
|
|
|
Land |
| $ | 2,552,075 |
| $ | 2,552,075 |
|
Buildings and improvements |
|
| 14,618,633 |
|
| 14,613,333 |
|
Furniture, equipment and other |
|
| 10,581 |
|
| 10,581 |
|
Construction in progress |
|
| 52,701,310 |
|
| 50,329,585 |
|
|
|
|
|
|
| ||
|
|
| 69,882,599 |
|
| 67,505,574 |
|
Less: accumulated depreciation |
|
| (3,835,844 | ) |
| (3,719,540 | ) |
|
|
|
|
|
| ||
|
|
| 66,046,755 |
|
| 63,786,034 |
|
Cash and cash equivalents |
|
| 357,529 |
|
| 817,417 |
|
Tenant receivables, including accrued straight-line rent |
|
| 268,405 |
|
| 260,242 |
|
Escrow deposits |
|
| 415,861 |
|
| 324,542 |
|
Deferred costs, net |
|
| 571,226 |
|
| 582,172 |
|
Prepaid and other assets |
|
| 1,761 |
|
| 32,037 |
|
|
|
|
|
|
| ||
Total Assets |
| $ | 67,661,537 |
| $ | 65,802,444 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity: |
|
|
|
|
|
|
|
Mortgage and other indebtedness |
| $ | 67,267,899 |
| $ | 65,388,351 |
|
Accounts payable and accrued expenses |
|
| 3,913,896 |
|
| 1,744,214 |
|
|
|
|
|
|
| ||
Total Liabilities |
|
| 71,181,795 |
|
| 67,132,565 |
|
Accumulated deficit |
|
| (3,520,258 | ) |
| (1,330,121 | ) |
|
|
|
|
|
| ||
Total Liabilities and Accumulated Deficit |
| $ | 67,661,537 |
| $ | 65,802,444 |
|
|
|
|
|
|
|
p.18 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
CONDENSED COMBINED STATEMENTS OF OPERATIONS OF UNCONSOLIDATED PROPERTIES
(The Centre, Spring Mill Medical, and Parkside Town Commons)
(Unaudited)
| Three Months Ended March 31 |
| |||||
|
| ||||||
| 2008 |
|
| 2007 |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
Minimum rent | $ | 606,188 |
|
| $ | 610,046 |
|
Tenant reimbursements |
| 312,119 |
|
|
| 258,043 |
|
Other property related revenue |
| — |
|
|
| 4,497 |
|
|
|
|
|
|
| ||
Total revenue |
| 918,307 |
|
|
| 872,586 |
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
Property operating |
| 269,712 |
|
|
| 236,527 |
|
Real estate taxes |
| 79,809 |
|
|
| 61,993 |
|
Depreciation and amortization and other |
| 140,514 |
|
|
| 131,965 |
|
|
|
|
|
|
| ||
Total expenses |
| 490,035 |
|
|
| 430,485 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Operating income |
| 428,272 |
|
|
| 442,101 |
|
Interest expense |
| (262,855 | ) |
|
| (263,349 | ) |
|
|
|
|
|
| ||
Net income | $ | 165,417 |
|
| $ | 178,752 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Company’s share of unconsolidated net operating income | $ | 305,607 |
|
| $ | 310,213 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Company’s share of unconsolidated interest expense | $ | 138,101 |
|
| $ | 138,714 |
|
|
|
|
|
|
|
p.19 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
TOP 10 RETAIL TENANTS BY GROSS LEASABLE AREA (GLA)
As of March 31, 2008
This table includes the following:
| • | Operating retail properties; |
| • | Operating commercial properties; and |
| • | Development property tenants open for business or ground lease tenants who commenced paying rent as of March 31, 2008 |
Tenant |
| Number of |
| Total GLA |
| Number of |
| Company |
| Number of Anchor |
| Anchor |
|
|
|
|
|
| |||||||
Lowe’s Home Improvement1 |
| 9 |
| 1,247,630 |
| 3 |
| 128,997 |
| 6 |
| 1,118,633 |
Wal-Mart |
| 5 |
| 749,649 |
| 2 |
| 234,649 |
| 3 |
| 515,000 |
Target |
| 5 |
| 536,732 |
| 0 |
| 0 |
| 5 |
| 536,732 |
Federated Department Stores |
| 1 |
| 237,455 |
| 1 |
| 237,455 |
| 0 |
| 0 |
Publix |
| 5 |
| 234,246 |
| 5 |
| 234,246 |
| 0 |
| 0 |
Home Depot |
| 1 |
| 140,000 |
| 0 |
| 0 |
| 1 |
| 140,000 |
Office Depot |
| 5 |
| 128,991 |
| 5 |
| 128,981 |
| 0 |
| 0 |
Petsmart |
| 5 |
| 126,982 |
| 5 |
| 126,982 |
| 0 |
| 0 |
Dick’s Sporting Goods |
| 2 |
| 126,672 |
| 2 |
| 126,672 |
| 0 |
| 0 |
Marsh Supermarkets |
| 2 |
| 124,902 |
| 2 |
| 124,902 |
| 0 |
| 0 |
|
|
|
|
|
|
| ||||||
Total |
| 40 |
| 3,653,259 |
| 25 |
| 1,342,894 |
| 15 |
| 2,310,365 |
|
|
|
|
|
|
|
____________________ | |
1 | The Company has entered into two ground leases with Lowe’s for a total of 328,000 square feet, which is included in Anchor Owned GLA. |
|
|
2 | Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants. |
|
|
3 | Includes the estimated size of the structures located on land owned by the Company and ground leased to tenants. |
|
|
|
|
p.20 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
TOP 25 TENANTS BY ANNUALIZED BASE RENT1,2
As of March 31, 2008
This table includes the following:
| • | Operating retail properties; |
| • | Operating commercial properties; and |
| • | Development property tenants open for business or ground lease tenants who commenced paying rent as of March 31, 2008 |
Tenant |
| Type of |
| Number of |
| Leased GLA/NRA5 |
| % of Owned |
| Annualized |
| Annualized |
| % of Total | ||
|
|
|
|
|
|
| ||||||||||
Lowe’s Home Improvement4 |
| Retail |
| 3 |
| 128,997 |
| 2.1% |
| $ | 2,564,000 |
| $ | 5.61 |
| 3.4% |
Publix |
| Retail |
| 5 |
| 234,246 |
| 3.8% |
|
| 1,837,588 |
|
| 7.84 |
| 2.4% |
State of Indiana |
| Commercial |
| 3 |
| 210,393 |
| 3.4% |
|
| 1,668,492 |
|
| 7.93 |
| 2.2% |
Petsmart |
| Retail |
| 5 |
| 126,982 |
| 2.1% |
|
| 1,664,036 |
|
| 13.10 |
| 2.2% |
Marsh Supermarkets |
| Retail |
| 2 |
| 124,902 |
| 2.0% |
|
| 1,633,958 |
|
| 13.08 |
| 2.2% |
Circuit City6 |
| Retail |
| 3 |
| 99,347 |
| 1.6% |
|
| 1,566,365 |
|
| 15.77 |
| 2.1% |
Bed Bath & Beyond |
| Retail |
| 4 |
| 109,296 |
| 1.8% |
|
| 1,356,866 |
|
| 12.41 |
| 1.8% |
Office Depot |
| Retail |
| 5 |
| 128,991 |
| 2.1% |
|
| 1,353,866 |
|
| 10.50 |
| 1.8% |
Indiana Supreme Court |
| Commercial |
| 1 |
| 75,488 |
| 1.2% |
|
| 1,339,164 |
|
| 17.74 |
| 1.8% |
Staples |
| Retail |
| 4 |
| 90,102 |
| 1.5% |
|
| 1,220,849 |
|
| 13.55 |
| 1.6% |
Dick’s Sporting Goods |
| Retail |
| 2 |
| 126,672 |
| 2.1% |
|
| 1,220,004 |
|
| 9.63 |
| 1.6% |
Ross Stores |
| Retail |
| 4 |
| 118,374 |
| 1.9% |
|
| 1,210,784 |
|
| 10.23 |
| 1.6% |
HEB Grocery Company |
| Retail |
| 1 |
| 105,000 |
| 1.7% |
|
| 1,155,000 |
|
| 11.00 |
| 1.5% |
Wal-Mart |
| Retail |
| 2 |
| 234,649 |
| 3.8% |
|
| 930,927 |
|
| 3.97 |
| 1.2% |
Kmart |
| Retail |
| 1 |
| 110,875 |
| 1.8% |
|
| 850,379 |
|
| 7.67 |
| 1.1% |
University Medical Diagnostic Associates3 |
| Commercial |
| 1 |
| 32,256 |
| 0.5% |
|
| 844,402 |
|
| 26.18 |
| 1.1% |
Michaels |
| Retail |
| 3 |
| 69,137 |
| 1.1% |
|
| 823,544 |
|
| 11.91 |
| 1.1% |
TJX Companies |
| Retail |
| 3 |
| 88,550 |
| 1.4% |
|
| 805,312 |
|
| 9.09 |
| 1.1% |
Kerasotes Theaters4 |
| Retail |
| 2 |
| 43,050 |
| 0.7% |
|
| 776,496 |
|
| 8.92 |
| 1.0% |
Dominick’s |
| Retail |
| 1 |
| 65,977 |
| 1.1% |
|
| 775,230 |
|
| 11.75 |
| 1.0% |
City Securities Corporation |
| Commercial |
| 1 |
| 38,810 |
| 0.6% |
|
| 771,155 |
|
| 19.87 |
| 1.0% |
The Great Atlantic & Pacific Tea Co. |
| Retail |
| 1 |
| 58,732 |
| 1.0% |
|
| 763,516 |
|
| 13.00 |
| 1.0% |
Old Navy |
| Retail |
| 3 |
| 64,868 |
| 1.1% |
|
| 748,693 |
|
| 11.54 |
| 1.0% |
Caputo’s New Farm Product - South Elgin |
| Retail |
| 1 |
| 65,636 |
| 1.1% |
|
| 669,492 |
|
| 10.20 |
| 0.9% |
Indiana Unitversity Health Care Assoc3 |
| Commercial |
| 1 |
| 31,175 |
| 0.5% |
|
| 622,202 |
|
| 19.96 |
| 0.8% |
|
|
|
|
|
|
|
|
|
|
|
| |||||
TOTAL |
|
|
|
|
| 2,582,505 |
| 42.2% |
| $ | 29,172,320 |
| $ | 9.87 |
| 37.9% |
|
|
|
|
|
|
|
|
|
|
|
|
____________________ | |
1 | Annualized base rent represents the monthly contractual rent for March 2008 for each applicable tenant multiplied by 12. |
|
|
2 | Excludes tenants at development properties that are Build-to-Suits for sale. |
|
|
3 | Property held in unconsolidated joint venture. Annualized base rent is reflected at 100 percent. |
|
|
4 | Annualized Base Rent per Sq. Ft. is adjusted to account for the estimated square footage attributed to structures on land owned by the Company and ground leased to tenants. |
|
|
5 | Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants. |
|
|
6 | In January 2008, the Company entered into a lease termination agreement with Circuit City at Sunland Towne Centre. The Company is in the process of identifying a replacement tenant. |
|
|
|
|
p.21 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
LEASE EXPIRATIONS – OPERATING PORTFOLIO1
As of March 31, 2008
This table includes the following:
| • | Operating retail properties; |
| • | Operating commercial properties; and |
| • | Development property tenants open for business or ground lease tenants who commenced paying rent as of March 31, 2008 |
|
| Number of Expiring Leases1,2 |
| Expiring GLA/NRA3 |
| % of Total GLA/NRA Expiring |
| Expiring Annualized Base Rent4 |
| % of Total Annualized Base Rent |
| Expiring Annualized Base Rent per Sq. Ft. |
| Expiring Ground Lease Revenue | |||
|
|
|
|
|
|
|
| ||||||||||
2008 |
| 52 |
| 270,666 |
| 4.8% |
| $ | 2,601,679 |
| 3.7% |
| $ | 9.61 |
| $ | 800,000 |
2009 |
| 73 |
| 230,536 |
| 4.1% |
|
| 3,900,888 |
| 5.5% |
|
| 16.92 |
|
| 0 |
2010 |
| 97 |
| 531,518 |
| 9.5% |
|
| 6,903,083 |
| 9.8% |
|
| 12.99 |
|
| 0 |
2011 |
| 93 |
| 669,094 |
| 12.0% |
|
| 6,712,948 |
| 9.5% |
|
| 10.03 |
|
| 0 |
2012 |
| 113 |
| 473,056 |
| 8.5% |
|
| 7,844,240 |
| 11.1% |
|
| 16.58 |
|
| 85,000 |
2013 |
| 56 |
| 481,776 |
| 8.6% |
|
| 5,328,119 |
| 7.5% |
|
| 11.06 |
|
| 0 |
2014 |
| 36 |
| 458,422 |
| 8.2% |
|
| 5,449,393 |
| 7.7% |
|
| 11.89 |
|
| 427,900 |
2015 |
| 39 |
| 510,677 |
| 9.1% |
|
| 6,312,099 |
| 8.9% |
|
| 12.36 |
|
| 181,504 |
2016 |
| 28 |
| 306,145 |
| 5.5% |
|
| 3,792,428 |
| 5.4% |
|
| 12.39 |
|
| 0 |
2017 |
| 28 |
| 448,345 |
| 8.0% |
|
| 6,824,793 |
| 9.6% |
|
| 15.22 |
|
| 550,316 |
Beyond |
| 38 |
| 1,216,925 |
| 21.7% |
|
| 15,133,044 |
| 21.4% |
|
| 12.44 |
|
| 2,387,509 |
|
|
|
|
|
|
|
|
|
|
| |||||||
TOTAL |
| 653 |
| 5,597,160 |
| 100.0% |
| $ | 70,802,714 |
| 100.0% |
| $ | 12.65 |
| $ | 4,432,229 |
|
|
|
|
|
|
|
|
|
|
|
____________________ | |
1 | Excludes tenants at development properties that are Build-to-Suits for sale. |
|
|
2 | Lease expiration table reflects rents in place as of March 31, 2008, and does not include option periods; 2008 expirations include 17 month-to-month tenants. This column also excludes ground leases. |
|
|
3 | Expiring GLA excludes estimated square footage attributable to non-owned structures on land owned by the Company and ground leased to tenants. |
|
|
4 | Annualized base rent represents the monthly contractual rent for March 2008 for each applicable tenant multiplied by 12. Excludes ground lease revenue. |
|
|
|
|
p.22 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
LEASE EXPIRATIONS – RETAIL ANCHOR TENANTS1
As of March 31, 2008
This table includes the following:
| • | Operating retail properties; and |
| • | Development property tenants open for business or ground lease tenants who commenced paying rent as of March 31, 2008 |
|
| Number of Expiring Leases1,2 |
| Expiring GLA/NRA3 |
| % of Total GLA/NRA Expiring |
| Expiring Annualized Base Rent4 |
| % of Total Annualized Base Rent |
| Expiring Annualized Base Rent per Sq. Ft. |
| Expiring Ground Lease Revenue | |||
|
|
|
|
|
|
|
| ||||||||||
2008 |
| 3 |
| 164,565 |
| 2.9% |
| $ | 826,644 |
| 1.2% |
| $ | 5.02 |
| $ | 800,000 |
2009 |
| 3 |
| 58,710 |
| 1.1% |
|
| 519,894 |
| 0.7% |
|
| 8.86 |
|
| 0 |
2010 |
| 14 |
| 332,886 |
| 6.0% |
|
| 3,185,500 |
| 4.5% |
|
| 9.57 |
|
| 0 |
2011 |
| 8 |
| 455,904 |
| 8.2% |
|
| 2,507,015 |
| 3.5% |
|
| 5.50 |
|
| 0 |
2012 |
| 8 |
| 179,119 |
| 3.2% |
|
| 1,678,862 |
| 2.4% |
|
| 9.37 |
|
| 0 |
2013 |
| 3 |
| 222,521 |
| 4.0% |
|
| 993,053 |
| 1.4% |
|
| 4.46 |
|
| 0 |
2014 |
| 9 |
| 235,634 |
| 4.2% |
|
| 2,389,267 |
| 3.4% |
|
| 10.14 |
|
| 0 |
2015 |
| 11 |
| 377,263 |
| 6.7% |
|
| 3,585,414 |
| 5.1% |
|
| 9.50 |
|
| 0 |
2016 |
| 7 |
| 220,312 |
| 3.9% |
|
| 2,033,456 |
| 2.9% |
|
| 9.23 |
|
| 0 |
2017 |
| 12 |
| 302,883 |
| 5.4% |
|
| 3,740,400 |
| 5.3% |
|
| 12.35 |
|
| 0 |
Beyond |
| 26 |
| 1,153,904 |
| 20.6% |
|
| 13,711,521 |
| 19.4% |
|
| 11.88 |
|
| 990,000 |
|
|
|
|
|
|
|
|
|
|
| |||||||
TOTAL |
| 104 |
| 3,703,701 |
| 66.2% |
| $ | 35,171,026 |
| 49.7% |
| $ | 9.50 |
| $ | 1,790,000 |
|
|
|
|
|
|
|
|
|
|
|
____________________ | |
1 | Retail anchor tenants are defined as tenants that occupy 10,000 square feet or more. Excludes tenants at development properties that are Build-to-Suits for sale. |
|
|
2 | Lease expiration table reflects rents in place as of March 31, 2008, and does not include option periods; 2008 expirations include one month-to-month tenant. This column also excludes ground leases. |
|
|
3 | Expiring GLA excludes square footage for non-owned ground lease structures on land we own and ground leased to tenants. |
|
|
4 | Annualized base rent represents the monthly contractual rent for March 2008 for each applicable property multiplied by 12. Excludes ground lease revenue. |
p.23 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
LEASE EXPIRATIONS – RETAIL SHOPS
As of March 31, 2008
This table includes the following:
| • | Operating retail properties; and |
| • | Development property tenants open for business as of March 31, 2008 |
|
| Number of Expiring Leases1 |
| Expiring GLA/NRA1,2 |
| % of Total GLA/NRA Expiring |
| Expiring Annualized Base Rent3 |
| % of Total Annualized Base Rent |
| Expiring Annualized Base Rent per Sq. Ft. |
| Expiring Ground Lease Revenue | |||
|
|
|
|
|
|
|
| ||||||||||
2008 |
| 47 |
| 92,827 |
| 1.7% |
| $ | 1,616,413 |
| 2.3% |
| $ | 17.41 |
| $ | 0 |
2009 |
| 70 |
| 171,826 |
| 3.1% |
|
| 3,380,993 |
| 4.8% |
|
| 19.68 |
|
| 0 |
2010 |
| 81 |
| 189,534 |
| 3.4% |
|
| 3,535,703 |
| 5.0% |
|
| 18.65 |
|
| 0 |
2011 |
| 84 |
| 196,152 |
| 3.5% |
|
| 3,916,277 |
| 5.5% |
|
| 19.97 |
|
| 0 |
2012 |
| 102 |
| 251,748 |
| 4.5% |
|
| 5,481,299 |
| 7.7% |
|
| 21.77 |
|
| 85,000 |
2013 |
| 49 |
| 130,901 |
| 2.3% |
|
| 2,736,995 |
| 3.9% |
|
| 20.91 |
|
| 0 |
2014 |
| 25 |
| 68,978 |
| 1.2% |
|
| 1,595,521 |
| 2.3% |
|
| 23.13 |
|
| 427,900 |
2015 |
| 27 |
| 82,448 |
| 1.5% |
|
| 1,835,743 |
| 2.6% |
|
| 22.27 |
|
| 181,504 |
2016 |
| 21 |
| 85,833 |
| 1.5% |
|
| 1,758,972 |
| 2.5% |
|
| 20.49 |
|
| 0 |
2017 |
| 14 |
| 37,718 |
| 0.7% |
|
| 900,827 |
| 1.3% |
|
| 23.88 |
|
| 550,316 |
Beyond |
| 11 |
| 31,846 |
| 0.6% |
|
| 799,322 |
| 1.1% |
|
| 25.10 |
|
| 1,397,509 |
|
|
|
|
|
|
|
|
|
|
| |||||||
TOTAL |
| 531 |
| 1,339,811 |
| 23.9% |
| $ | 27,558,065 |
| 38.9% |
| $ | 20.57 |
| $ | 2,642,229 |
|
|
|
|
|
|
|
|
|
|
|
____________________ | |
1 | Lease expiration table reflects rents in place as of March 31, 2008, and does not include option periods; 2008 expirations include 16 month-to-month tenants. This column also excludes ground leases. |
|
|
2 | Expiring GLA excludes estimated square footage to non-owned structures on land we own and ground leased to tenants. |
|
|
3 | Annualized base rent represents the monthly contractual rent for March 2008 for each applicable property multiplied by 12. Excludes ground lease revenue. |
p.24 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
LEASE EXPIRATIONS – COMMERCIAL TENANTS
As of March 31, 2008
|
| Number of Expiring Leases1 |
| Expiring NLA1 |
| % of Total NRA Expiring |
| Expiring Annualized Base Rent2 |
| % of Total Annualized Base Rent |
| Expiring Annualized Base Rent per Sq. Ft. | ||
|
|
|
|
|
|
| ||||||||
2008 |
| 2 |
| 13,274 |
| 0.2% |
| $ | 158,622 |
| 0.2% |
| $ | 11.95 |
2009 |
| 0 |
| 0 |
| 0.0% |
|
| 0 |
| 0.0% |
|
| 0.00 |
2010 |
| 2 |
| 9,098 |
| 0.2% |
|
| 181,880 |
| 0.3% |
|
| 19.99 |
2011 |
| 1 |
| 17,038 |
| 0.3% |
|
| 289,656 |
| 0.4% |
|
| 17.00 |
2012 |
| 3 |
| 42,189 |
| 0.8% |
|
| 684,080 |
| 1.0% |
|
| 16.21 |
2013 |
| 4 |
| 128,354 |
| 2.3% |
|
| 1,598,071 |
| 2.3% |
|
| 12.45 |
2014 |
| 2 |
| 153,810 |
| 2.8% |
|
| 1,464,605 |
| 2.1% |
|
| 9.52 |
2015 |
| 1 |
| 50,966 |
| 0.9% |
|
| 890,942 |
| 1.3% |
|
| 17.48 |
2016 |
| 0 |
| 0 |
| 0.0% |
|
| 0 |
| 0.0% |
|
| 0.00 |
2017 |
| 2 |
| 107,744 |
| 2.0% |
|
| 2,183,566 |
| 3.2% |
|
| 20.27 |
Beyond |
| 1 |
| 31,175 |
| 0.6% |
|
| 622,202 |
| 0.9% |
|
| 19.96 |
|
|
|
|
|
|
|
|
| ||||||
TOTAL |
| 18 |
| 548,511 |
| 10.1% |
| $ | 8,073,623 |
| 11.7% |
| $ | 14.58 |
|
|
|
|
|
|
|
|
|
____________________ | |
1 | Lease expiration table reflects rents in place as of March 31, 2008, and does not include option periods. This column also excludes ground leases. |
|
|
2 | Annualized base rent represents the monthly contractual rent for March 2008 for each applicable property multiplied by 12. |
|
|
|
|
p.25 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
SUMMARY RETAIL PORTFOLIO STATISTICS INCLUDING JOINT VENTURE PROPERTIES
| March 31, 2008 |
| December 31, 2007 |
| September 30, 2007 |
| June 30, 2007 |
| March 31, 2007 |
| December 31, 2006 |
|
|
|
|
|
| ||||||
Company Owned GLA – Operating Retail1 | 4,842,214 |
| 4,732,924 |
| 4,664,954 |
| 4,601,877 |
| 4,652,221 |
| 5,231,434 |
Total GLA – Operating Retail1 | 7, 613,265 |
| 7,392,845 |
| 7,131,075 |
| 6,982,698 |
| 6,852,042 |
| 7,576,100 |
Projected Company Owned GLA Under Development or Redevelopment2 | 1,146,127 |
| 990,376 |
| 1,056,615 |
| 1,122,990 |
|
1,073,646 |
| 668,646 |
Projected Total GLA Under Development or Redevelopment2 | 2,152,027 |
| 1,791,096 |
| 2,041,135 |
| 2,227,810 |
| 2,358,466 |
| 1,673,466 |
Number of Operating Retail Properties | 52 |
| 50 |
| 50 |
| 48 |
| 48 |
| 49 |
Number of Retail Properties Under Development or Redevelopment | 10 |
| 11 |
| 11 |
| 12 |
| 12 |
| 11 |
Percentage Leased – Operating Retail | 92.8% |
| 94.8% |
| 94.8% |
| 95.7% |
| 95.2% |
| 93.4% |
Annualized Base Rent & Ground Lease Revenue – Retail Properties3 | $61,766,441 |
| $61,768,402 |
| $60,285,156 |
| $59,569,596 |
| $58,572, 786 |
| $60,819,603 |
____________________ | |
1 | Company Owned GLA represents gross leasable area owned by the Company. Total GLA includes Company Owned GLA, plus square footage attributable to non-owned outlot structures on land owned by the Company and ground leased to tenants, and non-owned anchor space. |
|
|
2 | Projected Company Owned GLA Under Development represents gross leasable area under development that is projected to be owned by the Company. Projected Total GLA includes Projected Company Owned GLA, plus projected square footage attributable to non-owned outlot structures on land owned by the Company and ground leased to tenants, and non-owned anchor space that is existing or under construction. |
|
|
3 | Annualized Base Rent represents the monthly contractual rent for March 2008, multiplied by 12. |
p.26 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
SUMMARY COMMERCIAL PORTFOLIO STATISTICS
Retail Portfolio | March 31, 2008 |
| December 31, 2007 |
| September 30, 2007 |
| June 30, 2007 |
| March 31, 2007 |
| December 31, 2006 |
|
|
|
|
|
| ||||||
Company Owned Net Rentable Area (NRA)1 | 562,652 |
| 562,652 |
| 562,652 |
| 562,652 |
| 562,652 |
| 562,652 |
Number of Operating Commercial Properties | 5 |
| 5 |
| 5 |
| 5 |
| 5 |
| 5 |
Percentage Leased – Operating Commercial Properties | 98.4% |
| 93.0% |
| 92.5% |
| 92.5% |
| 91.5% |
| 91.7% |
Annualized Base Rent – Commercial Properties2 | $8,073,623 |
| $7,625,342 |
| $7,445,336 |
| $7,435,326 |
| $7,346,713 |
| $7,346,962 |
____________________ | |
1 | Company Owned NRA does not include square footage of Union Station Parking Garage, a detached parking garage supporting the Thirty South property that includes approximately 851 parking spaces. It is managed by Denison Parking, a third party. |
|
|
2 | Annualized Base Rent does not include income attributable to the Union Station Parking Garage. |
|
|
3 | Annualized Base Rent includes $890,942 from KRG and subsidiaries as of March 31, 2008. |
p.27 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
CURRENT DEVELOPMENT/REDEVELOPMENT PIPELINE
Current Development Projects |
| Company Ownership %6 |
| MSA |
| Actual/ Projected Opening |
| Projected |
| Projected |
| Percent |
| Percent |
| Total |
| Cost |
| Major Tenants and Non-owned Anchors | ||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Bayport Commons, FL |
| 60% |
| Tampa |
| Q4 2007 |
| 97,200 |
| 286,000 |
| 53.4% |
| 87.3% |
| $ | 27,300 |
| $ | 26,459 |
| Michaels, PetSmart, Target (non-owned), Best Buy | ||
Cobblestone Plaza, FL |
| 50% |
| Ft. Lauderdale |
| Q4 2008 |
| 153,600 |
| 163,600 |
| 0.0% |
| 75.1% |
|
| 47,000 |
|
| 32,321 |
| Whole Foods, Staples | ||
Beacon Hill Shopping Center, IN – II11 |
| 50% |
| Crown Point |
| Q4 2007 |
| 19,160 |
| 19,160 |
| 33.4% |
| 33.4% |
|
| 5,000 |
|
| 4,104 |
| Strack & VanTil (non-owned), Walgreens (non-owned) | ||
54th & College, IN |
| 100% |
| Indianapolis |
| Q2 2008 |
| N/A |
| 20,100 |
| 0.0% |
| 100.0% |
|
| 2,500 |
|
| 2,500 |
| Fresh Market | ||
Springmill Medical II, IN |
| 50% |
| Indianapolis |
| Q4 2008 |
| 41,000 |
| 41,000 |
| 0.0% |
| 100.0% |
|
| 8,500 |
|
| 2,386 |
| Medical Practice Groups | ||
Eddy Street Commons, IN I12 |
| 100% |
| South Bend |
| Q4 2009 |
| 165,000 |
| 465,000 |
| 0.0% |
| 52.3% |
|
| 70,000 |
|
| 2,029 |
| Retail, Apartments, La Follette Books, Office | ||
Gateway Shopping Center, WA - I & II |
| 50% |
| Seattle |
| Q1 2007 |
| 83,000 |
| 289,000 |
| 74.0% |
| 79.0% |
|
| 24,300 |
|
| 22,326 |
| Ross Stores, PetSmart, Kohl’s (non-owned), Winco Foods (non-owned) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Subtotal – Current Development Projects |
|
|
| 558,960 |
| 1,283,860 |
| 21.4% |
| 71.5% |
| $ | 184,600 |
| $ | 92,125 |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Redevelopment Projects |
| MSA |
| Existing Owned GLA |
| Projected |
| Projected |
| Existing Owned GLA Leased |
| Projected Owned GLA Leased |
| Total |
|
|
| Major Tenants and Non-owned Anchors | ||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Shops at Eagle Creek, FL8,9 |
| Naples |
| 72,271 |
| 72,271 |
| 72,271 |
| 55.3% |
| 55.3% |
| $ | 3,500 |
|
|
| Staples | |||||
Glendale Town Center, IN8,10 |
| Indianapolis |
| 380,126 |
| 404,000 |
| 685,000 |
| 93.5% |
| 88.0% |
|
| 15,000 |
|
|
| Macy’s, Target (non-owned), Lowe’s (non-owned) | |||||
Rivers Edge Shopping Center, IN |
| Indianapolis |
| 110,896 |
| 110,896 |
| 110,896 |
| 79.0% |
| 79.0% |
|
| 5,000 |
|
|
| Pending | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Subtotal – Redevelopment Projects | 563,293 |
| 587,167 |
| 868,167 |
|
|
|
|
| $ | 23,500 |
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Current Development/Redevelopment Projects |
|
| 1,146,127 |
| 2,152,027 |
|
|
|
|
| $ | 208,100 |
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
____________________ | |
1 | Opening Date is defined as the first date a tenant is open for business or a ground lease payment is made. Stabilization (i.e., 85% occupied) typically occurs within six to twelve months after the opening date. |
2 | Projected Owned GLA represents gross leasable area we project we will own. It excludes square footage that we project will be attributable to non-owned outlot structures on land owned by us and expected to be ground leased to tenants. It also excludes non-owned anchor space. |
3 | Projected Total GLA includes Projected Owned GLA, projected square footage attributable to non-owned outlot structures on land that we own, and non-owned anchor space that currently exists or is under construction. |
4 | Dollars in thousands. Reflects both the Company’s and partners’ share of costs. |
5 | Excludes outlot land parcels owned by the Company and ground leased to tenants. Includes leases under negotiation for approximately 79,076 square feet for which the Company has signed non-binding letters of intent. |
6 | The Company owns the following development properties through joint ventures: Beacon Hill (preferred return, then 50%); Gateway Shopping Center (preferred return, then 50% until internal rate of return threshold is reached and then 25%); and Bayport Commons (preferred return, then 60%). |
7 | Includes tenants that have taken possession of their space or have begun paying rent. |
8 | This property has been removed from the operating portfolio statistics during its redevelopment. |
9 | The Company is in the process of re-tenanting the anchor space formerly occupied by Winn-Dixie with two junior box users. The Company has an executed lease with Staples for approximately one-half of the former grocery space. |
10 | Target Corporation acquired 10.5 acres in April 2007 and will anchor the redevelopment. The Company will construct approximately 62,000 square feet of new b-shop/professional office space and leasing activities have commenced. Existing tenants that will remain throughout the redevelopment process include Macy’s, Kerasotes Theaters, Indianapolis-Marion Co. Public Library, OASIS, Lenscrafters and Taco Bell. |
11 | Beacon Hill Phase I was transferred to the operating portfolio in the third quarter of 2007 at a total cost of $12 million. |
12 | The Company is the master developer for this project. The Company’s share of Phase I estimated project cost is approximately $35 million. |
p.28 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
VISIBLE SHADOW PIPELINE
Project |
| MSA |
| KRG Ownership %2 |
| Estimated Start Date |
| Estimated Total GLA1 |
| Total Estimated Project Cost1,5 |
| Cost Incurred as of March 31, 20085 |
| Potential Tenancy | ||
|
|
|
|
|
|
| ||||||||||
Parkside Town Commons, NC3 |
| Raleigh |
| 40% |
| TBD |
| 1,500,000 |
| $ | 134,000 |
| $ | 52,701 |
| Mixed Use Shopping Center |
Delray Marketplace, FL |
| Delray Beach |
| 50% |
| TBD |
| 318,000 |
|
| 100,000 |
|
| 35,335 |
| Grocery, Theater, Jr. Boxes, Shops, Restaurants |
Maple Valley, WA4 |
| Seattle |
| 100% |
| TBD |
| 156,000 |
|
| 36,000 |
|
| 8,076 |
| Grocery, Hardware Store, Shops, Restaurants |
Broadstone Station, NC |
| Raleigh |
| 100% |
| TBD |
| 345,000 |
|
| 25,600 |
|
| 15,031 |
| Power Center, Super Wal-Mart (non-owned) |
South Elgin Commons, IL |
| Chicago |
| 100% |
| TBD |
| 308,000 |
|
| 26,200 |
|
| 6,508 |
| Power Center, LA Fitness |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Visible Shadow Pipeline |
|
|
| 2,627,000 |
| $ | 321,800 |
| $ | 117,651 |
|
| ||||
|
|
|
|
|
|
|
|
|
| |||||||
Grand Total – All Development Activity6 |
|
|
|
|
| $ | 529,900 |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
____________________ | |
1 | Total Estimated Cost and Estimated Total GLA based on preliminary site plans and includes non-owned anchor space that exists or is currently under construction. |
|
|
2 | The Company owns the following development properties through joint ventures: Delray Marketplace (preferred return, then 50%). |
|
|
3 | In 2006, Parkside Town Commons was acquired in a joint venture with Prudential Real Estate Investors. The Company’s interest in this joint venture is currently 40% as of March 31, 2008 and will be reduced to 20% upon the commencement of construction. |
|
|
4 | “Total Estimated Cost” includes the acquisition cost of the Four Corner Square shopping center which is a component of the Maple Valley redevelopment. |
|
|
5 | Dollars in thousands. Reflects both the Company’s and partners’ share of costs. |
|
|
6 | Includes the Current Development Pipeline, Redevelopment Projects and the Visible Shadow Pipeline. |
|
|
|
|
p.29 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
GEOGRAPHIC DIVERSIFICATION – OPERATING PORTFOLIO
As of March 31, 2008
|
| Number of Operating Properties1 |
| Owned GLA/NRA2 |
| Percent of Owned GLA/NRA |
| Total |
| Annualized |
| Percent of |
| Annualized | ||
|
|
|
|
|
|
|
| |||||||||
Indiana |
| 24 |
| 1,823,495 |
| 33.7% |
| 222 |
| $ | 24,372,588 |
| 37.0% |
| $ | 14.32 |
• Retail |
| 19 |
| 1,260,843 |
| 23.3% |
| 203 |
|
| 16,298,965 |
| 24.8% |
|
| 14.19 |
• Commercial |
| 5 |
| 562,652 |
| 10.4% |
| 19 |
|
| 8,073,623 |
| 12.3% |
|
| 14.58 |
Florida |
| 13 |
| 1,352,130 |
| 25.0% |
| 177 |
|
| 14,970,880 |
| 22.7% |
|
| 11.59 |
Texas |
| 8 |
| 1,144,286 |
| 21.2% |
| 90 |
|
| 12,916,123 |
| 19.6% |
|
| 12.05 |
Illinois |
| 3 |
| 315,078 |
| 5.8% |
| 38 |
|
| 3,919,196 |
| 6.0% |
|
| 14.19 |
New Jersey |
| 1 |
| 115,088 |
| 2.1% |
| 15 |
|
| 1,655,137 |
| 2.5% |
|
| 16.03 |
Georgia |
| 3 |
| 300,115 |
| 5.6% |
| 56 |
|
| 3,977,790 |
| 6.0% |
|
| 14.50 |
Washington |
| 2 |
| 87,599 |
| 1.6% |
| 22 |
|
| 1,206,190 |
| 1.8% |
|
| 16.39 |
Ohio |
| 1 |
| 236,230 |
| 4.4% |
| 7 |
|
| 2,366,522 |
| 3.6% |
|
| 10.02 |
Oregon |
| 2 |
| 30,845 |
| 0.6% |
| 10 |
|
| 436,413 |
| 0.7% |
|
| 23.51 |
|
|
|
|
|
|
|
|
|
|
| ||||||
TOTAL |
| 57 |
| 5,404,866 |
| 100.0% |
| 637 |
| $ | 65,820,839 |
| 100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________ | |
1 | This table includes operating retail properties, operating commercial properties, and development properties open for business or ground lease tenants who commenced paying rent as of March 31, 2008. |
|
|
2 | Owned GLA/NRA represents gross leasable area or net leasable area owned by the Company. It does not include 25 parcels or outlots owned by the Company and ground leased to tenants, which contain 25 non-owned structures totaling approximately 492,253 square feet. It also excludes the square footage of Union Station Parking Garage. |
|
|
3 | Annualized Base Rent excludes $4,019,225 in annualized ground lease revenue attributable to parcels and outlots owned by the Company and ground leased to tenants. |
|
|
|
|
|
|
p.30 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
OPERATING RETAIL PROPERTIES – TABLE I
As of March 31, 2008
Property1,2 | State | MSA | Year Built/Renovated | Year Added to Operating Portfolio | Acquired, Redeveloped, or Developed | Total GLA2 | Owned GLA2 | Percentage of Owned |
Bolton Plaza4 | FL | Jacksonville | 1986 | 2005 | Acquired | 172,938 | 172,938 | 94.7% |
Circuit City Plaza | FL | Ft.Lauderdale | 2004 | 2004 | Developed | 405,906 | 45,906 | 81.9% |
Courthouse Shadows | FL | Naples | 1987/1999 | 2006 | Acquired | 134,867 | 134,867 | 95.3% |
Eagle Creek Lowe’s | FL | Naples | 2006 | 2006 | Developed | 165,000 | — | * |
Estero Town Commons | FL | Naples | 2006 | 2007 | Developed | 206,600 | 25,600 | 85.2% |
Indian River Square | FL | VeroBeach | 1997/2004 | 2005 | Acquired | 379,246 | 144,246 | 99.0% |
International Speedway Square | FL | Daytona | 1999 | 1999 | Developed | 233,901 | 220,901 | 98.2% |
King’s Lake Square | FL | Naples | 1986 | 2003 | Acquired | 85,497 | 85,497 | 85.7% |
Pine Ridge Crossing | FL | Naples | 1993 | 2006 | Acquired | 258,874 | 105,515 | 97.1% |
Riverchase | FL | Naples | 1991/2001 | 2006 | Acquired | 78,340 | 78,340 | 100.0% |
Tarpon Springs Plaza | FL | Naples | 2007 | 2007 | Developed | 276,346 | 82,546 | 98.1% |
Wal-Mart Plaza | FL | Gainesville | 1970 | 2004 | Acquired | 177,826 | 177,826 | 97.6% |
Waterford Lakes Village | FL | Orlando | 1997 | 2004 | Acquired | 77,948 | 77,948 | 92.6% |
Kedron Village | GA | Atlanta | 2006 | 2006 | Developed | 282,125 | 157,408 | 86.2% |
Publix at Acworth | GA | Atlanta | 1996 | 2004 | Acquired | 69,628 | 69,628 | 98.0% |
Publix Center@Panola | GA | Atlanta | 2001 | 2004 | Acquired | 73,079 | 73,079 | 96.4% |
Fox Lake Crossing | IL | Chicago | 2002 | 2005 | Acquired | 99,072 | 99,072 | 90.9% |
Naperville Marketplace | IL | Chicago | 2008 | 2008 | Developed | 169,600 | 83,290 | 81.3% |
Silver Glen Crossing | IL | Chicago | 2002 | 2004 | Acquired | 138,265 | 132,716 | 89.2% |
50 South Morton | IN | Indianapolis | 1999 | 1999 | Developed | 2,000 | 2,000 | 100.0% |
Beacon Hill Shopping Center-I | IN | CrownPoint | 2006 | 2007 | Developed | 108,661 | 38,161 | 90.7% |
Boulevard Crossing | IN | Kokomo | 2004 | 2004 | Developed | 213,696 | 123,696 | 96.3% |
Bridgewater Marketplace I | IN | Westfield | 2008 | 2008 | Developed | 50,820 | 26,000 | 17.3% |
Cool Creek Commons | IN | Indianapolis | 2005 | 2005 | Developed | 137,107 | 124,578 | 95.6% |
Fishers Station5 | IN | Indianapolis | 1989 | 2004 | Acquired | 114,457 | 114,457 | 84.0% |
Geist Pavilion | IN | Indianapolis | 2006 | 2006 | Developed | 64,114 | 64,114 | 87.8% |
Greyhound Commons | IN | Indianapolis | 2005 | 2005 | Developed | 153,187 | — | * |
Hamilton Crossing | IN | Indianapolis | 1999 | 2004 | Acquired | 87,424 | 82,424 | 100.0% |
Martinsville Shops | IN | Martinsville | 2005 | 2005 | Developed | 10,986 | 10,986 | 100.0% |
Red Bank Commons | IN | Evansville | 2005 | 2006 | Developed | 324,308 | 34,308 | 69.8% |
Stoney Creek Commons | IN | Indianapolis | 2000 | 2000 | Developed | 189,527 | 49,330 | 100.0% |
The Centre6 | IN | Indianapolis | 1986 | 1986 | Developed | 80,689 | 80,689 | 93.3% |
The Corner Shops | IN | Indianapolis | 1984/2003 | 1984 | Developed | 42,545 | 42,545 | 93.4% |
Traders Point | IN | Indianapolis | 2005 | 2005 | Developed | 348,835 | 279,558 | 95.3% |
____________________ | |
* | Property consists of ground leases only, no Owned GLA. As of March 31, 2008, the following were leased: Eagle Creek Lowe’s – single ground lease property; Greyhound Commons – two of four outlots leased; and Weston Park Phase I –one of two outlots leased. |
|
|
1 | All properties are wholly owned, except as indicated. Unless otherwise noted, each property is owned in fee simple by the Company. |
|
|
2 | Owned GLA represents gross leasable area that is owned by the Company. Total GLA includes Owned GLA, square footage attributable to non-owned anchor space, and non-owned structures on ground leases. |
|
|
3 | Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of March 31, 2008, except for Greyhound Commons, Weston Park Phase I and Eagle Creek Lowe’s (see * ). |
|
|
4 | During the first quarter of 2008, the Company acquired the remaining 15% economic interest in the property and now owns 100%. |
|
|
5 | This property is divided into two parcels: a grocery store and small shops. The Company owns a 25% interest in the small shops parcel through a joint venture and a 100% interest in the grocery store. The joint venture partner is entitled to an annual preferred payment of $96,000. All remaining cash flow is distributed to the Company. |
|
|
6 | The Company owns a 60% interest in this property through a joint venture with a third party that manages the property. |
|
|
7 | The Company does not own the land at this property. It has leased the land pursuant to two ground leases that expire in 2017. The Company has six five-year options to renew this lease. |
|
|
8 | The Company does not own the land at this property. It has leased the land pursuant to a ground lease that expires in 2027. The Company has five five-year renewal options. |
|
|
9 | The Company does not own the land at this property. It has leased the land pursuant to a ground lease that expires in 2012. The Company has six five-year renewal options and a right of first refusal to purchase the land. |
|
|
p.31 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
OPERATING RETAIL PROPERTIES – TABLE I (CONTINUED)
Property1,2 | State | MSA | Year | Year Added | Acquired, Redeveloped, | Total GLA2 | Owned GLA2 | Percentage of Owned |
Traders Point II | IN | Indianapolis | 2005 | 2005 | Developed | 46,600 | 46,600 | 61.4% |
Weston Park, Phase I | IN | Indianapolis | 2005 | 2005 | Developed | 12,200 | — | * |
Whitehall Pike | IN | Bloomington | 1999 | 1999 | Developed | 128,997 | 128,997 | 100.0% |
Zionsville Place | IN | Indianapolis | 2006 | 2006 | Developed | 12,400 | 12,400 | 90.3% |
Ridge Plaza | NJ | OakRidge | 2002 | 2003 | Acquired | 115,088 | 115,088 | 89.7% |
Eastgate Pavilion | OH | Cincinnati | 1995 | 2004 | Acquired | 236,230 | 236,230 | 100.0% |
Cornelius Gateway Build-to-Suit | OR | Portland | 2006 | 2007 | Developed | 35,800 | 21,000 | 46.4% |
The Shops at Otty7 | OR | Portland | 2004 | 2004 | Developed | 154,845 | 9,845 | 89.6% |
Burlington Coat Factory9 | TX | SanAntonio | 1992/2000 | 2000 | Redeveloped | 107,400 | 107,400 | 100.0% |
Cedar Hill Village | TX | Dallas | 2002 | 2004 | Acquired | 139,092 | 44,262 | 94.2% |
Galleria Plaza8 | TX | Dallas | 2002 | 2004 | Acquired | 44,306 | 44,306 | 100.0% |
Market Street Village | TX | Hurst | 1970/2004 | 2005 | Acquired | 164,125 | 157,125 | 100.0% |
Plaza at Cedar Hill | TX | Dallas | 2000 | 2004 | Acquired | 299,847 | 299,847 | 99.3% |
Plaza Volente | TX | Austin | 2004 | 2005 | Acquired | 160,333 | 156,333 | 95.5% |
Preston Commons | TX | Dallas | 2002 | 2002 | Developed | 142,539 | 27,539 | 92.5% |
Sunland Towne Centre | TX | El Paso | 1996 | 2004 | Acquired | 312,450 | 307,474 | 80.9% |
50th & 12th | WA | Seattle | 2004 | 2004 | Developed | 14,500 | 14,500 | 100.0% |
Four Corner Square | WA | Seattle | 1985 | 2004 | Acquired | 73,099 | 73,099 | 80.8% |
|
|
|
|
|
| |||
|
|
|
|
| TOTAL | 7,613,265 | 4,842,214 | 92.8% |
See prior page for footnote disclosure.
p.32 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
OPERATING RETAIL PROPERTIES – TABLE II
As of March 31, 2008
Property | State | MSA | Annualized | Annualized Ground Lease Revenue | Annualized Total Retail Revenue1 | Percentage of Annualized Total Retail Revenue | Base Rent Per Leased Owned GLA2 |
| Major Tenants and | ||||||
Bolton Plaza4 | FL | Jacksonville | $ | 1,076,840 | $ | — |
| 1,076,840 | 1.74% | $ | 6.68 |
| Wal-Mart | ||
Circuit City Plaza | FL | Ft. Lauderdale | 713,202 | — | 713,202 | 1.15% | 18.97 |
| Circuit City, Lowe’s (non-owned), Wal-Mart (non-owned) | ||||||
Courthouse Shadows | FL | Naples | 1,389,963 | — | 1,389,963 | 2.25% | 10.81 |
| Albertson’s, Office Max | ||||||
Eagle Creek Lowe’s | FL | Naples | — | 800,000 | 800,000 | 1.30% | — |
| Lowe’s Home Improvement | ||||||
Estero Town Commons | FL | Naples | 626,843 | 981,000 | 1,607,843 | 2.60% | 28.74 |
| Lowe’s Home Improvement, Mattress Giant | ||||||
Indian River Square | FL | VeroBeach | 1,453,697 | — | 1,453,697 | 2.35% | 10.18 |
| Beall’s Target (non-owned), Lowes (non-owned), Office Depot | ||||||
International Speedway Square4 | FL | Daytona | 2,453,052 | 362,900 | 2,815,952 | 4.56% | 11.31 |
| Bed, Bath & Beyond, Circuit City, Stein Mart, Old Navy, Staples, Michaels | ||||||
King’s Lake Square | FL | Naples | 1,014,843 | — | 1,014,843 | 1.64% | 13.85 |
| Publix | ||||||
Pine Ridge Crossing | FL | Naples | 1,558,282 | — | 1,558,282 | 2.52% | 15.20 |
| Publix, Target (non-owned), Beall’s Dept Store (non-owned) | ||||||
Riverchase | FL | Naples | 1,132,411 | — | 1,132,411 | 1.83% | 14.46 |
| Publix | ||||||
Tarpon Springs Plaza | FL | Naples | 1,813,336 | 128,820 | 1,942,156 | 3.14% | 22.40 |
| Cost Plus, AC Moore Incorporated, Staples | ||||||
Wal-Mart Plaza | FL | Gainesville | 916,503 | — | 916,503 | 1.48% | 5.28 |
| Books-A-Million,Save-A-Lot, Wal-Mart | ||||||
Waterford Lakes Village | FL | Orlando | 821,908 | — | 821,908 | 1.33% | 11.39 |
| Winn-Dixie | ||||||
Kedron Village | GA | Atlanta | 2,375,403 | — | 2,375,403 | 3.85% | 17.51 |
| Target (non-owned), Bed Bath & Beyond, Ross Dress for Less, Petco | ||||||
Publix at Acworth | GA | Atlanta | 796,029 | — | 796,029 | 1.29% | 11.67 |
| Publix | ||||||
Publix Center @ Panola | GA | Atlanta | 806,358 | — | 806,358 | 1.31% | 11.44 |
| Publix | ||||||
Fox Lake Crossing | IL | Chicago | 1,297,444 | — | 1,297,444 | 2.10% | 14.41 |
| Dominick’s Finer Foods | ||||||
Naperville Marketplace | IL | Chicago | 823,890 | — | 823,890 | 1.33% | 12.17 |
| TJ Maxx, PetSmart, Caputos Fresh Market (non-owned) | ||||||
Silver Glen Crossing | IL | Chicago | 1,797,862 | 85,000 | 1,882,862 | 3.05% | 15.19 |
| Dominick’s Finer Foods | ||||||
50 South Morton | IN | Indianapolis | 114,000 | — | 114,000 | 0.18% | 57.00 |
|
| ||||||
Beacon Hill Shopping Center - I | IN | Crown Point | 575,848 | 60,000 | 635,848 | 1.03% | 16.64 |
| Strack & VanTill (non-owned) | ||||||
Boulevard Crossing | IN | Kokomo | 1,644,736 | — | 1,644,736 | 2.66% | 13.81 |
| PETCO, TJ Maxx, Kohl’s (non-owned) | ||||||
Bridgewater Marketplace I | IN | Westfield | 91,077 | 110,000 | 201,077 | 0.33% | 20.19 |
| Walgreens (non-owned) | ||||||
Cool Creek Commons | IN | Indianapolis | 1,990,001 | 85,500 | 2,075,501 | 3.36% | 16.71 |
| The Fresh Market, Stein Mart, Cardinal Fitness | ||||||
Fishers Station | IN | Indianapolis | 1,206,877 | — | 1,206,877 | 1.95% | 12.55 |
| Marsh | ||||||
Geist Pavilion | IN | Indianapolis | 948,772 | — | 948,772 | 1.54% | 16.86 |
| Partytree Superstore, Ace Hardware | ||||||
Greyhound Commons | IN | Indianapolis | — | 202,500 | 202,500 | 0.33% | — |
| Lowe’s Home Improvement Center (non-owned) | ||||||
Hamilton Crossing | IN | Indianapolis | 1,440,603 | 71,500 | 1,512,103 | 2.45% | 17.48 |
| Office Depot | ||||||
Martinsville Shops | IN | Martinsville | 156,827 | — | 156,827 | 0.25% | 14.28 |
| Walgreens (non-owned) | ||||||
Red Bank Commons | IN | Evansville | 362,784 | — | 362,784 | 0.59% | 15.14 |
| Wal-Mart (non-owned), Home Depot (non-owned) | ||||||
Stoney Creek Commons | IN | Indianapolis | 464,755 | — | 464,755 | 0.75% | 9.42 |
| Lowe’s Home Improvement (non-owned), HH Gregg, Office Depot | ||||||
The Centre4 | IN | Indianapolis | 1,002,023 | — | 1,002,023 | 1.62% | 13.31 |
| Osco Drug | ||||||
The Corner Shops | IN | Indianapolis | 533,650 | — | 533,650 | 0.86% | 13.44 |
| Hancock Fabrics | ||||||
Traders Point | IN | Indianapolis | 3,767,149 | 603,996 | 4,371,145 | 7.08% | 14.14 |
| Dick’s Sporting Goods, Kerasotes, Marsh, Bed, Bath & Beyond, Michaels, Old Navy, Petsmart, Books a Million | ||||||
Traders Point II | IN | Indianapolis | 753,250 | — | 753,250 | 1.22% | 26.33 |
|
| ||||||
Weston Park, Phase I | IN | Indianapolis | — | 85,000 | 85,000 | 0.14% | — |
| LA Fitness (non-owned) | ||||||
____________________ | |
1 | Annualized Base Rent represents the contractual rent for March 2008 for each applicable property, multiplied by 12. This table does not include Annualized Base Rent from development property tenants open for business as of March 31, 2008. |
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2 | Owned GLA represents gross leasable area that is owned by the Company. Total GLA includes Owned GLA, square footage attributable to non-owned anchor space and non-owned structures on ground leases. |
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3 | Represents the three largest tenants that occupy at least 10,000 square feet of GLA at the property, including non-owned anchors. |
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4 | A third party manages this property. |
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5 | In January 2008, the Company entered into a lease termination agreement with Circuit City at Sunland Towne Centre. The Company is in the process of identifying a replacement tenant. |
p.33 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
OPERATING RETAIL PROPERTIES – TABLE II (CONTINUED)
Property | State | MSA | Annualized Base Rent Revenue | Annualized Ground Lease Revenue | Annualized Total Retail Revenue1 | Percentage of Annualized Total Retail Revenue | Base Rent Per Leased Owned GLA2 |
| Major Tenants and | |||||||
Whitehall Pike | IN | Bloomington | $ | 1,014,000 | $ | — | $ | 1,014,000 | 1.64% | $ | 7.86 |
| Lowe’s Home Improvement Center | |||
Zionsville Place | IN | Indianapolis | 232,612 | — | 232,612 | 0.38% | 20.77 |
|
| |||||||
Ridge Plaza | NJ | Oak Ridge | 1,655,137 | — | 1,655,137 | 2.68% | 16.03 |
| A&P, CVS | |||||||
Eastgate Pavilion | OH | Cincinnati | 2,366,522 | — | 2,366,522 | 3.83% | 10.02 |
| Best Buy, Dick’s Sporting Goods, Value City Furniture | |||||||
Cornelius Gateway | OR | Portland | 186,748 | — | 186,748 | 0.30% | 19.18 |
| Fedex/Kinkos | |||||||
The Shops at Otty | OR | Portland | 249,665 | 122,500 | 372,165 | 0.60% | 28.29 |
| Wal-Mart (non-owned) | |||||||
Burlington Coat Factory | TX | San Antonio | 510,150 | — | 510,150 | 0.83% | 4.75 |
| Burlington Coat Factory | |||||||
Cedar Hill Village | TX | Dallas | 675,565 | — | 675,565 | 1.09% | 16.20 |
| 24 Hour Fitness, JC Penny (non-owned) | |||||||
Galleria Plaza | TX | Dallas | 726,770 | — | 726,770 | 1.18% | 16.40 |
| Shoe Pavilion | |||||||
Market Street Village | TX | Hurst | 2,048,458 | 115,700 | 2,164,158 | 3.50% | 13.04 |
| Circuit City, Jo-Ann Fabric, Ross Stores | |||||||
Plaza at Cedar Hill | TX | Dallas | 3,630,291 | — | 3,630,291 | 5.88% | 12.19 |
| Hobby Lobby, Linens ‘N Things, Marshalls | |||||||
Plaza Volente | TX | Austin | 2,295,867 | 100,000 | 2,395,867 | 3.88% | 15.38 |
| HEB Grocery | |||||||
Preston Commons | TX | Dallas | 627,238 | — | 627,238 | 1.02% | 24.63 |
| Lowe’s Home Improvement (non-owned) | |||||||
Sunland Towne Centre5 | TX | El Paso | 2,401,783 | 104,809 | 2,506,592 | 4.06% | 9.66 |
| HMY Roomstore, Kmart | |||||||
50th & 12th | WA | Seattle | 475,000 | — | 475,000 | 0.77% | 32.76 |
| Walgreens | |||||||
Four Corner Square | WA | Seattle | 731,190 | — | 731,190 | 1.18% | 12.38 |
| Johnson Hardware Store | |||||||
|
|
|
|
| ||||||||||||
|
| TOTAL | $ | 59,233,716
| $ | 4,019,225
| $ | 63,252,941 | 100.00% | $ | 12.85
|
|
| |||
See prior page for footnote disclosure.
p.34 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
OPERATING COMMERCIAL PROPERTIES
As of March 31, 2008
Property | MSA | Year Built/ | Acquired, | Owned | Percentage | Annualized | Percentage | Base Rent |
| Major Tenants | ||
Indiana |
|
|
|
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|
|
|
|
|
| ||
Thirty South4 | Indianapolis | 1905/2002 | Redeveloped | 298,346 | 97.0% | $ | 5,100,333 | 63.2% | $ | 71.63 |
| Indiana Supreme Court, City Securities, Kite Realty Group |
Pen Products | Indianapolis | 2003 | Acquired | 85,875 | 100.0% |
| 813,236 | 10.1% |
| 9.47 |
| Indiana Dept of Administration |
Spring Mill Medical2 | Indianapolis | 1998/2002 | Redeveloped | 63,431 | 100.0% |
| 1,466,603 | 18.2% |
| 23.12 |
| University Medical Diagnostic Associates, Indiana University Healthcare Associates |
Union Station Parking Garage3 | Indianapolis | 1986 | Acquired | N/A | N/A |
| N/A | N/A |
| N/A |
|
|
Indiana State Motorpool | Indianapolis | 2004 | Developed | 115,000 | 100.0% |
| 693,450 | 8.6% |
| 6.03 |
| Indiana Dept. of Administration |
|
|
|
|
|
| |||||||
|
|
| TOTAL | 562,652 | 98.4% | $ | 8,073,623 | 100.0% | $ | 14.58 |
|
|
|
|
|
|
|
|
____________________ | |
1 | Annualized Base Rent represents the monthly contractual rent for March 2008 for each applicable property, multiplied by 12. |
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|
2 | The Company owns a 50% interest in this property through a joint venture with one of the tenants at this property. |
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3 | Garage managed by third party. |
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4 | Annualized Base Rent includes $890,942 from the Company and subsidiaries as of March 31, 2008. |
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p.35 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |
RETAIL OPERATING PORTFOLIO – TENANT BREAKDOWN1
As of March 31, 2008
| Owned Gross Leasable Area |
| Percent of Owned GLA Leased |
| Annualized |
| Annualized Base Rent | ||||||||||
|
|
|
| ||||||||||||||
Property | State | Anchors | Shops | Total |
| Anchors | Shops | Total |
| Anchors | Shops | Ground Lease | Total |
| Anchors | Shops | Total |
Bolton Plaza | FL | 131,488 | 41,450 | 172,938 |
| 100.0% | 77.7% | 94.7% |
| 621,444 | 456,396 | — | 1,076,840 |
| 4.73 | 14.55 | 6.61 |
Circuit City Plaza | FL | 33,014 | 12,892 | 45,906 |
| 100.0% | 35.5% | 81.9% |
| 594,252 | 118,950 | — | 713,202 |
| 18.00 | 26.00 | 18.97 |
Courthouse Shadows | FL | 102,328 | 32,539 | 134,867 |
| 100.0% | 80.5% | 95.3% |
| 946,170 | 443,792 | — | 1,389,962 |
| 9.25 | 16.94 | 10.81 |
Eagle Creek Lowe’s | FL | — | — | — |
| 0.0% | 0.0% | 0.0% |
| — | — | 800,000 | 800,000 |
| — | — | — |
Estero Town Commons | FL | — | 25,600 | 25,600 |
| 0.0% | 85.2% | 85.2% |
| — | 626,843 | 981,000 | 1,607,843 |
| — | 28.74 | 28.74 |
Indian River Square | FL | 116,342 | 27,904 | 144,246 |
| 100.0% | 94.6% | 99.0% |
| 973,085 | 480,613 | — | 1,453,698 |
| 8.36 | 18.20 | 10.18 |
International Speedway Square | FL | 200,401 | 20,500 | 220,901 |
| 100.0% | 80.4% | 98.2% |
| 2,130,281 | 322,771 | 362,900 | 2,815,952 |
| 10.63 | 19.59 | 11.31 |
King’s Lake Square | FL | 49,805 | 35,692 | 85,497 |
| 79.9% | 93.7% | 85.7% |
| 238,770 | 776,073 | — | 1,014,843 |
| 6.00 | 23.20 | 13.85 |
Pine Ridge Crossing | FL | 65,999 | 39,516 | 105,515 |
| 100.0% | 92.4% | 97.1% |
| 627,628 | 930,654 | — | 1,558,282 |
| 9.51 | 25.50 | 15.20 |
Riverchase | FL | 48,890 | 29,450 | 78,340 |
| 100.0% | 100.0% | 100.0% |
| 386,231 | 746,180 | — | 1,132,411 |
| 7.90 | 25.34 | 14.46 |
Tarpon Springs Plaza | FL | 60,151 | 22,395 | 82,546 |
| 100.0% | 92.9% | 98.1% |
| 1,144,008 | 669,328 | 128,820 | 1,942,156 |
| 19.02 | 32.19 | 22.40 |
Wal-Mart Plaza | FL | 138,323 | 39,503 | 177,826 |
| 100.0% | 89.1% | 97.6% |
| 554,049 | 362,454 | — | 916,503 |
| 4.01 | 10.29 | 5.28 |
Waterford Lakes Village | FL | 51,703 | 26,245 | 77,948 |
| 100.0% | 78.0% | 92.6% |
| 408,452 | 413,456 | — | 821,908 |
| 7.90 | 20.21 | 11.39 |
Kedron Village | GA | 68,845 | 88,563 | 157,408 |
| 100.0% | 75.4% | 86.2% |
| 849,648 | 1,525,755 | — | 2,375,403 |
| 12.34 | 22.84 | 17.51 |
Publix at Acworth | GA | 37,888 | 31,740 | 69,628 |
| 100.0% | 95.6% | 98.0% |
| 337,203 | 458,826 | — | 796,029 |
| 8.90 | 15.12 | 11.67 |
Publix Center @ Panola | GA | 51,674 | 21,405 | 73,079 |
| 100.0% | 87.9% | 96.4% |
| 413,392 | 392,966 | — | 806,358 |
| 8.00 | 20.90 | 11.44 |
Fox Lake Crossing | IL | 65,977 | 33,095 | 99,072 |
| 100.0% | 72.7% | 90.9% |
| 775,230 | 522,214 | — | 1,297,444 |
| 11.75 | 21.72 | 14.41 |
Naperville Marketplace | IL | 61,683 | 21,607 | 83,290 |
| 100.0% | 27.9% | 81.3% |
| 702,879 | 121,011 | — | 823,890 |
| 11.40 | 20.09 | 12.17 |
Silver Glen Crossing | IL | 78,675 | 54,041 | 132,716 |
| 83.4% | 97.6% | 89.2% |
| 669,492 | 1,128,370 | 85,000 | 1,882,862 |
| 10.20 | 21.39 | 15.19 |
50 South Morton | IN | — | 2,000 | 2,000 |
| 0.0% | 100.0% | 100.0% |
| — | 114,000 | — | 114,000 |
| — | 57.00 | 57.00 |
Beacon Hill Shopping Center - I | IN | — | 38,161 | 38,161 |
| 0.0% | 90.7% | 90.7% |
| — | 575,848 | 60,000 | 635,848 |
| — | 16.64 | 16.64 |
Boulevard Crossing | IN | 73,440 | 50,256 | 123,696 |
| 100.0% | 90.9% | 96.3% |
| 832,960 | 811,776 | — | 1,644,736 |
| 11.34 | 17.77 | 13.81 |
Bridgewater Marketplace I | IN | — | 26,000 | 26,000 |
| 0.0% | 17.3% | 17.3% |
| — | 91,077 | 110,000 | 201,077 |
| — | 20.19 | 20.19 |
Cool Creek Commons | IN | 63,600 | 60,978 | 124,578 |
| 100.0% | 91.1% | 95.6% |
| 635,700 | 1,354,301 | 85,500 | 2,075,501 |
| 10.00 | 24.39 | 16.71 |
Fishers Station | IN | 57,000 | 57,457 | 114,457 |
| 100.0% | 68.2% | 84.0% |
| 575,000 | 631,877 | — | 1,206,877 |
| 10.09 | 16.14 | 12.55 |
Geist Pavilion | IN | 27,955 | 36,159 | 64,114 |
| 100.0% | 78.3% | 87.8% |
| 379,814 | 568,958 | — | 948,772 |
| 13.59 | 20.09 | 16.86 |
Greyhound Commons | IN | — | — | — |
| 0.0% | 0.0% | 0.0% |
| — | — | 202,500 | 202,500 |
| — | — | — |
Hamilton Crossing | IN | 30,722 | 51,702 | 82,424 |
| 100.0% | 100.0% | 100.0% |
| 345,623 | 1,094,981 | 71,500 | 1,512,104 |
| 11.25 | 21.18 | 17.48 |
Martinsville Shops | IN | — | 10,986 | 10,986 |
| 0.0% | 100.0% | 100.0% |
| — | 156,827 | — | 156,827 |
| — | 14.28 | 14.28 |
Red Bank Commons | IN | — | 34,308 | 34,308 |
| 0.0% | 69.8% | 69.8% |
| — | 362,784 | — | 362,784 |
| — | 15.14 | 15.14 |
Stoney Creek Commons | IN | 49,330 | — | 49,330 |
| 100.0% | 0.0% | 100.0% |
| 464,755 | — | — | 464,755 |
| 9.42 | — | 9.42 |
The Centre | IN | 18,720 | 61,969 | 80,689 |
| 100.0% | 91.3% | 93.3% |
| 170,352 | 831,671 | — | 1,002,023 |
| 9.10 | 14.70 | 13.31 |
The Corner Shops | IN | 12,200 | 30,345 | 42,545 |
| 100.0% | 90.7% | 93.4% |
| 79,296 | 454,354 | — | 533,650 |
| 6.50 | 16.51 | 13.44 |
Traders Point | IN | 238,721 | 40,837 | 279,558 |
| 100.0% | 67.9% | 95.3% |
| 3,127,248 | 639,901 | 603,996 | 4,371,145 |
| 13.10 | 23.06 | 14.14 |
Traders Point II | IN | — | 46,600 | 46,600 |
| 0.0% | 61.4% | 61.4% |
| — | 753,250 | — | 753,250 |
| — | 26.33 | 26.33 |
Weston Park, Phase I | IN | — | — | — |
| 0.0% | 0.0% | 0.0% |
| — | — | 85,000 | 85,000 |
| — | — | — |
Whitehall Pike | IN | 128,997 | — | 128,997 |
| 100.0% | 0.0% | 100.0% |
| 1,014,000 | — | — | 1,014,000 |
| 7.86 | — | 7.86 |
Zionsville Place | IN | — | 12,400 | 12,400 |
| 0.0% | 90.3% | 90.3% |
| — | 232,612 | — | 232,612 |
| - | 20.77 | 20.77 |
Ridge Plaza | NJ | 69,612 | 45,476 | 115,088 |
| 100.0% | 74.0% | 89.7% |
| 997,762 | 657,375 | — | 1,655,137 |
| 14.33 | 19.54 | 16.03 |
Eastgate Pavilion | OH | 231,730 | 4,500 | 236,230 |
| 100.0% | 100.0% | 100.0% |
| 2,233,772 | 132,750 | — | 2,366,522 |
| 9.64 | 29.50 | 10.02 |
Cornelius Gateway Build-to-Suit | OR | — | 21,000 | 21,000 |
| 0.0% | 46.4% | 46.4% |
| — | 186,748 | — | 186,748 |
| — | 19.18 | 19.18 |
The Shops at Otty | OR | — | 9,845 | 9,845 |
| 0.0% | 89.6% | 89.6% |
| — | 249,665 | 122,500 | 372,165 |
| — | 28.29 | 28.29 |
Burlington Coat Factory | TX | 107,400 | — | 107,400 |
| 100.0% | 0.0% | 100.0% |
| 510,150 | — | — | 510,150 |
| 4.75 | — | 4.75 |
Cedar Hill Village | TX | 32,231 | 12,031 | 44,262 |
| 100.0% | 78.8% | 94.2% |
| 483,465 | 192,100 | — | 675,565 |
| 15.00 | 20.26 | 16.20 |
Galleria Plaza | TX | 31,396 | 12,910 | 44,306 |
| 100.0% | 100.0% | 100.0% |
| 361,054 | 365,716 | — | 726,770 |
| 11.50 | 28.33 | 16.40 |
Market Street Village | TX | 137,246 | 19,879 | 157,125 |
| 100.0% | 100.0% | 100.0% |
| 1,570,081 | 478,377 | 115,700 | 2,164,158 |
| 11.44 | 24.06 | 13.04 |
Plaza at Cedar Hill | TX | 227,106 | 72,741 | 299,847 |
| 100.0% | 97.3% | 99.3% |
| 2,183,969 | 1,446,322 | — | 3,630,291 |
| 9.62 | 20.45 | 12.19 |
Plaza Volente | TX | 105,000 | 51,333 | 156,333 |
| 100.0% | 86.3% | 95.5% |
| 1,155,000 | 1,140,867 | 100,000 | 2,395,867 |
| 11.00 | 25.75 | 15.38 |
Preston Commons | TX | — | 27,539 | 27,539 |
| 0.0% | 92.5% | 92.5% |
| — | 627,238 | — | 627,238 |
| — | 24.63 | 24.63 |
Sunland Towne Centre | TX | 277,131 | 30,343 | 307,474 |
| 79.8% | 90.1% | 80.9% |
| 1,934,477 | 467,306 | 104,809 | 2,506,592 |
| 8.74 | 17.09 | 9.66 |
50th&12th | WA | 14,500 | — | 14,500 |
| 100.0% | 0.0% | 100.0% |
| 475,000 | — | — | 475,000 |
| 32.76 | — | 32.76 |
Four Corner Square | WA | 20,512 | 52,587 | 73,099 |
| 100.0% | 73.3% | 80.8% |
| 126,672 | 604,518 | — | 731,190 |
| 6.18 | 15.68 | 12.38 |
|
|
|
|
| |||||||||||||
TOTAL |
| 3,317,735 | 1,524,479 | 4,842,214 |
| 97.6% | 82.3% | 92.8% |
| $32,028,363 | $25,718,852 | $4,019,225 | $61,766,441 |
| $9.89 | $20.49 | $12.85 |
|
|
|
|
|
1 | This table does not include annualized base rent from development property tenants open for business as of March 31, 2008. |
p.36 | Kite Realty Group Trust Supplemental Financial and Operating Statistics – 3/31/08 |