Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'KITE REALTY GROUP TRUST | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 93,856,152 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001286043 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Assets: | ' | ' |
Land | $291,903,083 | $239,690,837 |
Land held for development | 56,078,478 | 34,878,300 |
Buildings and improvements | 1,062,256,323 | 892,508,729 |
Furniture, equipment and other | 4,872,339 | 4,419,918 |
Construction in progress | 112,921,957 | 223,135,354 |
1,528,032,180 | 1,394,633,138 | |
Less: accumulated depreciation | -220,782,063 | -194,297,531 |
Net real estate investments | 1,307,250,117 | 1,200,335,607 |
Cash and cash equivalents | 12,130,048 | 12,482,701 |
Tenant receivables, including accrued straight-line rent of $13,698,484 and $12,189,449, respectively, net of allowance for uncollectible accounts | 22,373,621 | 21,210,754 |
Other receivables | 5,937,729 | 4,946,219 |
Escrow and other deposits | 11,389,473 | 12,960,488 |
Deferred costs, net | 41,187,441 | 35,322,792 |
Prepaid and other assets | 4,018,249 | 1,398,344 |
Total Assets | 1,404,286,678 | 1,288,656,905 |
Liabilities and Equity: | ' | ' |
Mortgage and other indebtedness | 743,984,742 | 699,908,768 |
Accounts payable and accrued expenses | 50,637,642 | 54,187,172 |
Deferred revenue and other liabilities | 18,217,210 | 20,269,501 |
Total Liabilities | 812,839,594 | 774,365,441 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interests in Operating Partnership | 40,114,022 | 37,669,803 |
Kite Realty Group Trust Shareholders' Equity: | ' | ' |
Preferred Shares, $.01 par value, 40,000,000 shares authorized, 4,100,000 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 102,500,000 | 102,500,000 |
Common Shares, $.01 par value, 200,000,000 shares authorized, 93,856,152 shares and 77,728,697 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 938,562 | 777,287 |
Additional paid in capital and other | 608,200,732 | 513,111,877 |
Accumulated other comprehensive loss | -228,163 | -5,258,543 |
Accumulated deficit | -163,621,202 | -138,044,264 |
Total Kite Realty Group Trust Shareholders' Equity | 547,789,929 | 473,086,357 |
Noncontrolling Interests | 3,543,133 | 3,535,304 |
Total Equity | 551,333,062 | 476,621,661 |
Total Liabilities and Equity | $1,404,286,678 | $1,288,656,905 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Accrued straight-line rent (in Dollars) | $13,698,484 | $12,189,449 |
Preferred Shares, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred Shares, shares authorized (in Shares) | 40,000,000 | 40,000,000 |
Preferred Shares, shares issued (in Shares) | 4,100,000 | 4,100,000 |
Preferred Shares, shares outstanding (in Shares) | 4,100,000 | 4,100,000 |
Common Shares, par value (in Dollars per share) | $0.01 | $0.01 |
Common Shares, shares authorized (in Shares) | 200,000,000 | 200,000,000 |
Common Shares, shares issued (in Shares) | 93,856,152 | 77,728,697 |
Common Shares, shares outstanding (in Shares) | 93,856,152 | 77,728,697 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Revenue: | ' | ' | ' | ' |
Minimum rent | $23,845,218 | $18,571,977 | $67,215,216 | $54,263,303 |
Tenant reimbursements | 6,257,937 | 4,897,578 | 17,350,746 | 14,170,945 |
Other property related revenue | 2,568,468 | 857,493 | 9,300,135 | 2,937,042 |
Total revenue | 32,671,623 | 24,327,048 | 93,866,097 | 71,371,290 |
Expenses: | ' | ' | ' | ' |
Property operating | 5,448,738 | 3,997,658 | 15,582,301 | 12,278,320 |
Real estate taxes | 3,724,116 | 3,180,390 | 10,684,894 | 9,458,334 |
General, administrative, and other | 2,114,828 | 1,645,048 | 6,069,063 | 5,255,804 |
Acquisition costs | 153,314 | 108,169 | 566,826 | 179,102 |
Litigation charge | ' | ' | ' | 1,289,446 |
Depreciation and amortization | 15,393,620 | 10,831,282 | 40,626,179 | 29,435,053 |
Total expenses | 26,834,616 | 19,762,547 | 73,529,263 | 57,896,059 |
Operating income | 5,837,007 | 4,564,501 | 20,336,834 | 13,475,231 |
Interest expense | -7,600,413 | -6,048,866 | -20,988,919 | -17,871,086 |
Income tax (expense) benefit of taxable REIT subsidiary | -30,596 | 13,385 | -106,477 | 5,995 |
Other (expense) income, net | -47,013 | 99,914 | -39,150 | 98,207 |
Loss from continuing operations | -1,841,015 | -1,371,066 | -797,712 | -4,291,653 |
Discontinued operations: | ' | ' | ' | ' |
Discontinued operations | 1,353,827 | 200,073 | 484,907 | 643,681 |
Impairment charge | ' | ' | -5,371,427 | ' |
Gain on debt extinguishment | 1,241,724 | ' | 1,241,724 | ' |
Gain (loss) on sale of operating property | 486,540 | -65,312 | 486,540 | 5,180,568 |
Income (loss) from discontinued operations | 3,082,091 | 134,761 | -3,158,256 | 5,824,249 |
Consolidated net loss | 1,241,076 | -1,236,305 | -3,955,968 | 1,532,596 |
Change in fair value of derivatives | -1,107,065 | -1,442,038 | 5,469,929 | -4,473,848 |
Total comprehensive income (loss) | 134,011 | -2,678,343 | 1,513,961 | -2,941,252 |
Comprehensive loss (income) attributable to noncontrolling interests | 89,290 | 373,155 | 211,778 | -1,125,031 |
Comprehensive income (loss) attributable to Kite Realty Group Trust | 223,301 | -2,305,188 | 1,725,739 | -4,066,283 |
Net loss (income) attributable to noncontrolling interests | 15,174 | 312,208 | 651,327 | -1,513,591 |
Net income (loss) attributable to Kite Realty Group Trust | 1,256,250 | -924,097 | -3,304,641 | 19,005 |
Dividends on preferred shares | -2,114,063 | -2,114,063 | -6,342,188 | -5,805,939 |
Net loss attributable to shareholders | -857,813 | -3,038,160 | -9,646,829 | -5,786,934 |
Net loss per common share - basic & diluted: | ' | ' | ' | ' |
Loss from continuing operations attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | ($0.04) | ($0.05) | ($0.08) | ($0.14) |
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | $0.03 | $0 | ($0.03) | $0.05 |
Net loss attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | ($0.01) | ($0.05) | ($0.11) | ($0.09) |
Weighted average common shares outstanding - basic and diluted (in Shares) | 93,803,896 | 64,780,540 | 87,626,746 | 64,171,770 |
Dividends declared per common share (in Dollars per share) | $0.06 | $0.06 | $0.18 | $0.18 |
Net loss attributable to Kite Realty Group Trust common shareholders: | ' | ' | ' | ' |
Loss from continuing operations | -3,733,405 | -3,159,546 | -6,712,809 | -9,131,407 |
Income (loss) from discontinued operations | $2,875,592 | $121,386 | ($2,934,020) | $3,344,473 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (Unaudited) (USD $) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total | |
Balances, December 31, 2012 at Dec. 31, 2012 | $102,500,000 | $777,287 | $513,111,877 | ($5,258,543) | ($138,044,264) | $473,086,357 | |
Balances, December 31, 2012 (in Shares) at Dec. 31, 2012 | 4,100,000 | 77,728,697 | ' | ' | ' | ' | |
Common shares issued under employee share purchase plan | ' | 29 | 16,401 | ' | ' | 16,430 | |
Common shares issued under employee share purchase plan (in Shares) | ' | 2,828 | ' | ' | ' | ' | |
Common share issuance, net of offering costs | ' | 155,250 | 97,012,855 | ' | ' | 97,168,105 | |
Common share issuance, net of offering costs (in Shares) | ' | 15,525,000 | ' | ' | ' | ' | |
Stock compensation activity | ' | 5,876 | 1,752,129 | ' | ' | 1,758,005 | |
Stock compensation activity (in Shares) | ' | 587,627 | ' | ' | ' | ' | |
Other comprehensive income | ' | ' | ' | 5,030,380 | ' | 5,030,380 | [1] |
Distributions declared to common shareholders | ' | ' | ' | ' | -15,930,109 | -15,930,109 | |
Distributions to preferred shareholders | ' | ' | ' | ' | -6,342,188 | -6,342,188 | |
Net loss attributable to Kite Realty Group Trust | ' | ' | ' | ' | -3,304,641 | -3,304,641 | |
Exchange of redeemable noncontrolling interests for common shares | ' | 120 | 72,480 | ' | ' | 72,600 | |
Exchange of redeemable noncontrolling interests for common shares (in Shares) | ' | 12,000 | ' | ' | ' | ' | |
Adjustment to redeemable noncontrolling interests - Operating Partnership | ' | ' | -3,765,010 | ' | ' | -3,765,010 | |
Balances, September 30, 2013 at Sep. 30, 2013 | $102,500,000 | $938,562 | $608,200,732 | ($228,163) | ($163,621,202) | $547,789,929 | |
Balances, September 30, 2013 (in Shares) at Sep. 30, 2013 | 4,100,000 | 93,856,152 | ' | ' | ' | ' | |
[1] | Reflects the Company's share of the net change in the fair value of derivative instruments accounted for as cash flow hedges. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from operating activities: | ' | ' |
Consolidated net (loss) income | ($3,955,968) | $1,532,596 |
Adjustments to reconcile consolidated net (loss) income to net cash provided by operating activities: | ' | ' |
Straight-line rent | -2,538,835 | -1,772,028 |
Depreciation and amortization | 43,312,825 | 33,395,223 |
Impairment charge | 5,371,427 | ' |
Gain on debt extinguishment | -1,241,724 | ' |
Gain on sale of operating property | -486,540 | -5,180,568 |
Provision for credit losses | 254,736 | 602,159 |
Compensation expense for equity awards | 1,044,077 | 416,122 |
Amortization of debt fair value adjustment | -125,010 | -70,996 |
Amortization of in-place lease liabilities | -1,911,729 | -1,419,081 |
Changes in assets and liabilities: | ' | ' |
Tenant receivables | 542,407 | -109,708 |
Deferred costs and other assets | -11,028,702 | -6,503,262 |
Accounts payable, accrued expenses, deferred revenue and other liabilities | 7,857,544 | -180,121 |
Net cash provided by operating activities | 37,019,509 | 20,710,336 |
Cash flows from investing activities: | ' | ' |
Acquisitions of interests in properties | -102,684,600 | -27,921,162 |
Capital expenditures, net | -75,077,145 | -68,798,572 |
Net proceeds from operating property sale | 7,292,460 | 61,763,940 |
Change in construction payables | -12,969,522 | 18,657,339 |
Distributions from unconsolidated entities | ' | 283,525 |
Contributions to unconsolidated entities | ' | -150,000 |
Net cash used in investing activities | -183,438,807 | -16,164,930 |
Cash flows from financing activities: | ' | ' |
Common share issuance proceeds, net of issuance costs | 97,184,535 | 3,014,368 |
Preferred share issuance proceeds, net of issuance costs | ' | 31,320,296 |
Loan proceeds | 290,071,122 | 223,586,699 |
Loan transaction costs | -1,942,290 | -2,056,982 |
Loan payments | -216,675,303 | -240,360,736 |
Distributions paid – common shareholders | -14,962,446 | -11,502,460 |
Distributions paid - preferred shareholders | -6,342,188 | -5,582,500 |
Net cash provided by (used in) financing activities | 146,066,645 | -4,654,228 |
Net change in cash and cash equivalents | -352,653 | -108,822 |
Cash and cash equivalents, beginning of period | 12,482,701 | 10,042,450 |
Cash and cash equivalents, end of period | 12,130,048 | 9,933,628 |
Non-cash investing and financing activities | ' | ' |
Assumption of mortgage upon acquisition of 12th Street Plaza including fair market value of debt premium of $193,291 | ' | 8,086,135 |
Extinguishment of mortgage upon transfer of Kedron Village operating property to lender. | 29,194,834 | ' |
Redeemable Noncontrolling Interests [Member] | ' | ' |
Cash flows from financing activities: | ' | ' |
Distributions to noncontrolling interests | -1,184,864 | -1,409,430 |
Noncontrolling Interests in Properties [Member] | ' | ' |
Cash flows from financing activities: | ' | ' |
Distributions to noncontrolling interests | ($81,921) | ($1,663,483) |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Assumption of mortgage upon acquisition of 12th Street Plaza, fair market value of debt premium (in Dollars) | $193,291 |
Note_1_Organization
Note 1 - Organization | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
Note 1. Organization | |
Kite Realty Group Trust (the “Company”), through its majority-owned subsidiary, Kite Realty Group, L.P. (the “Operating Partnership”), is engaged in the ownership, operation, management, leasing, acquisition, redevelopment and development of neighborhood and community shopping centers and certain commercial real estate properties in selected markets in the United States. At September 30, 2013, the Company owned interests in 62 properties (consisting of 55 retail operating properties, five retail properties under redevelopment and two commercial operating properties). As of this date, the Company also had three development properties under construction. |
Note_2_Basis_of_Presentation_C
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | ||||||||||||||||
Note 2. Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests | |||||||||||||||||
The Company’s management has prepared the accompanying unaudited financial statements pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the presentation not misleading. The unaudited financial statements as of September 30, 2013 and for the three and nine months ended September 30, 2013 and 2012 include, in the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s 2012 Annual Report on Form 10-K. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. Actual results could differ from these estimates. The results of operations for the interim periods are not necessarily indicative of the results that may be expected on an annual basis. | |||||||||||||||||
Consolidation and Investments in Joint Ventures | |||||||||||||||||
The accompanying financial statements of the Company are presented on a consolidated basis and include all accounts of the Company, the Operating Partnership, the taxable REIT subsidiary of the Operating Partnership, subsidiaries of the Company or the Operating Partnership that are controlled and any variable interest entities (“VIEs”) in which the Company is the primary beneficiary. In general, a VIE is a corporation, partnership, trust or any other legal structure used for business purposes that either (a) has equity investors that do not provide sufficient financial resources for the entity to support its activities, (b) does not have equity investors with voting rights or (c) has equity investors whose votes are disproportionate from their economics and substantially all of the activities are conducted on behalf of the investor with disproportionately fewer voting rights. The Company consolidates properties that are wholly owned as well as properties it controls but in which it owns less than a 100% interest. Control of a property is demonstrated by, among other factors: | |||||||||||||||||
● | the Company’s ability to refinance debt and sell the property without the consent of any other partner or owner; | ||||||||||||||||
● | the inability of any other partner or owner to replace the Company as manager of the property; or | ||||||||||||||||
● | being the primary beneficiary of a VIE. The primary beneficiary is defined as the entity that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. | ||||||||||||||||
The Company considers all relationships between itself and the VIE, including development agreements, management agreements and other contractual arrangements, in determining whether it has the power to direct the activities of the VIE that most significantly affect the VIE’s performance. The Company also continuously reassesses primary beneficiary status. | |||||||||||||||||
As of September 30, 2013, the Company had investments in two joint ventures that are VIEs in which the Company is the primary beneficiary. As of this date, these VIEs had total debt of $65.0 million which is secured by assets of the VIEs with net book values totaling $114.7 million. The Operating Partnership guarantees the debt of these VIEs; however, the VIEs could sell the properties before the performance under a guarantee would be required. | |||||||||||||||||
For the three and nine months ended September 30, 2012, the Company had a noncontrolling interest in a land parcel (Parkside Town Commons), which was accounted for under the equity method as it was owned through a joint venture that was not controlled by the Company. On December 31, 2012, the Company acquired a controlling interest in the project and consolidated the entity in its consolidated financial statements. | |||||||||||||||||
Noncontrolling Interests | |||||||||||||||||
The Company reports its noncontrolling interests in subsidiaries as equity and the amount of consolidated net income attributable to the noncontrolling interests is set forth separately in the consolidated financial statements. The noncontrolling interests in consolidated properties for the nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Noncontrolling interests balance January 1 | $ | 3,535,304 | $ | 4,250,485 | |||||||||||||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 89,750 | 2,196,634 | |||||||||||||||
Distributions to noncontrolling interests | (81,921 | ) | (1,663,483 | ) | |||||||||||||
Noncontrolling interests balance at September 30 | $ | 3,543,133 | $ | 4,783,636 | |||||||||||||
The Company classifies redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because the Company may be required to pay cash to unitholders upon redemption of their interests in the Operating Partnership under certain circumstances, such as the delivery of registered shares upon conversion. The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is required to be reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid-in capital. As of September 30, 2013 and December 31, 2012, the redemption value of the redeemable noncontrolling interests exceeded the historical book value, and the balance was adjusted to redemption value. | |||||||||||||||||
The redeemable noncontrolling interests in the Operating Partnership for the nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Redeemable noncontrolling interests balance January 1 | $ | 37,669,803 | $ | 41,836,613 | |||||||||||||
Net loss allocable to redeemable noncontrolling interests | (741,078 | ) | (683,044 | ) | |||||||||||||
Distributions declared to redeemable noncontrolling interests | (1,188,677 | ) | (1,343,387 | ) | |||||||||||||
Other comprehensive income (loss) allocable to redeemable noncontrolling interests 1 | 439,549 | (388,560 | ) | ||||||||||||||
Exchange of redeemable noncontrolling interest for common stock | (72,600 | ) | (5,817,306 | ) | |||||||||||||
Adjustment to redeemable noncontrolling interests - operating partnership and other | 4,007,025 | 778,782 | |||||||||||||||
Redeemable noncontrolling interests balance at September 30 | $ | 40,114,022 | $ | 34,383,098 | |||||||||||||
____________________ | |||||||||||||||||
1 | Represents the noncontrolling interests’ share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 7). | ||||||||||||||||
The following sets forth accumulated other comprehensive income (loss) allocable to noncontrolling interests for the nine months ended September 30, 2013 and 2012: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Accumulated comprehensive loss balance at January 1 | $ | (455,896 | ) | $ | (187,885 | ) | |||||||||||
Other comprehensive income (loss) allocable to redeemable noncontrolling interests 1 | 439,549 | (388,560 | ) | ||||||||||||||
Accumulated comprehensive loss balance at September 30 | $ | (16,347 | ) | $ | (576,445 | ) | |||||||||||
____________________ | |||||||||||||||||
1 | Represents the noncontrolling interests’ share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 7). | ||||||||||||||||
The Company allocates net operating results of the Operating Partnership after preferred dividends and noncontrolling interest in the consolidated properties based on the partners’ respective weighted average ownership interest. The Company adjusts the redeemable noncontrolling interests in the Operating Partnership at the end of each period to reflect their interests in the Operating Partnership. This adjustment is reflected in the Company’s shareholders’ equity. The Company’s and the limited partners’ weighted average interests in the Operating Partnership for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Company’s weighted average basic interest in Operating Partnership | 93.3 | % | 90 | % | 92.9 | % | 89.4 | % | |||||||||
Limited partners' redeemable noncontrolling weighted average basic interest in Operating Partnership | 6.7 | % | 10 | % | 7.1 | % | 10.6 | % | |||||||||
At September 30, 2013, the Company’s and the redeemable noncontrolling ownership interests in the Operating Partnership were 93.3% and 6.7%, respectively. At December 31, 2012, the Company’s and the redeemable noncontrolling ownership interests in the Operating Partnership were 92.0% and 8.0%, respectively. | |||||||||||||||||
Reclassifications | |||||||||||||||||
Certain amounts in the accompanying consolidated financial statements for 2012 have been reclassified to conform to the 2013 consolidated financial statement presentation. The reclassifications did not impact consolidated net income (loss) previously reported. |
Note_3_Earnings_Per_Share
Note 3 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share [Text Block] | ' |
Note 3. Earnings Per Share | |
Basic earnings per share is calculated based on the weighted average number of shares outstanding during the period. Diluted earnings per share is determined based on the weighted average number of shares outstanding combined with the incremental average shares that would have been outstanding assuming all potentially dilutive shares were converted into common shares as of the earliest date possible. | |
Potentially dilutive securities include outstanding options to acquire common shares, units in the Operating Partnership, which may be exchanged for either cash or common shares, at the Company’s option, under certain circumstances, and deferred common share units, which may be credited to the personal accounts of non-employee trustees in lieu of the payment of cash compensation or the issuance of common shares to such trustees. Due to the Company’s net loss attributable to common shareholders in each of the periods in the three and nine months ended September 30, 2013 and 2012, the potentially dilutive securities were not dilutive for those periods. | |
Approximately 1.6 million outstanding options to acquire common shares were excluded from the computation of diluted earnings per share because their impact was not dilutive for the three and nine months ended September 30, 2013. Approximately 1.7 million outstanding options to acquire common shares were excluded from the computation of diluted earnings per share because their impact was not dilutive for the three and nine months ended September 30, 2012. |
Note_4_Litigation_Charge
Note 4 - Litigation Charge | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
Note 4. Litigation Charge | |
In the first quarter of 2012, the Company recorded a charge of $1.3 million related to a claim by a former tenant. This amount has been paid, thereby releasing the Company from the claim. In the fourth quarter of 2012, the Company received a partial reimbursement of legal costs resulting in a net litigation charge of $1.0 million for the year ended December 31, 2012. |
Note_5_Mortgage_and_Other_Inde
Note 5 - Mortgage and Other Indebtedness | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||
Note 5. Mortgage and Other Indebtedness | |||||||||||||||||
Mortgage and other indebtedness consisted of the following at September 30, 2013 and December 31, 2012: | |||||||||||||||||
Balance at | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unsecured revolving credit facility | $ | 35,699,783 | $ | 94,624,200 | |||||||||||||
Unsecured term loan | 230,000,000 | 125,000,000 | |||||||||||||||
Notes payable secured by properties under construction - variable rate | 128,863,488 | 72,156,149 | |||||||||||||||
Mortgage notes payable - fixed rate | 297,834,722 | 338,765,294 | |||||||||||||||
Mortgage notes payable - variable rate | 51,520,040 | 69,171,405 | |||||||||||||||
Net premiums on acquired debt | 66,709 | 191,720 | |||||||||||||||
Total mortgage and other indebtedness | $ | 743,984,742 | $ | 699,908,768 | |||||||||||||
Consolidated indebtedness, including weighted average maturities and weighted average interest rates at September 30, 2013, is summarized below: | |||||||||||||||||
Amount | Weighted Average | Weighted Average | Percentage | ||||||||||||||
Maturity (Years) | Interest Rate | of Total | |||||||||||||||
Fixed rate debt | $ | 297,834,722 | 4.3 | 5.78% | 40% | ||||||||||||
Floating rate debt (hedged to fixed) | 254,827,249 | 5 | 3.46% | 34% | |||||||||||||
Total fixed rate debt, considering hedges | 552,661,971 | 4.6 | 4.71% | 74% | |||||||||||||
Notes payable secured by properties under construction - variable rate | 128,863,488 | 1.4 | 2.38% | 17% | |||||||||||||
Other variable rate debt | 51,520,040 | 2.5 | 2.52% | 7% | |||||||||||||
Corporate unsecured variable rate debt | 265,699,783 | 5.3 | 2.00% | 36% | |||||||||||||
Floating rate debt (hedged to fixed) | (254,827,249 | ) | -5 | -2.17% | -34% | ||||||||||||
Total variable rate debt, considering hedges | 191,256,062 | 2.3 | 2.17% | 26% | |||||||||||||
Net premiums on acquired debt | 66,709 | N/A | N/A | N/A | |||||||||||||
Total debt | $ | 743,984,742 | 4 | 4.06% | 100% | ||||||||||||
Mortgage and construction loans are collateralized by certain real estate properties and leases. Mortgage loans are generally due in monthly installments of interest and principal and mature over various terms through 2022. | |||||||||||||||||
Variable interest rates on mortgage and construction loans are based on LIBOR plus spreads ranging from 125 to 294 basis points. At September 30, 2013, the one-month LIBOR interest rate was 0.18%. Fixed interest rates on mortgage loans range from 5.42% to 6.78%. | |||||||||||||||||
Unsecured Revolving Credit Facility and Unsecured Term Loan | |||||||||||||||||
On February 26, 2013, the Company amended the terms of its $200 million unsecured revolving credit facility. The amended terms included an extension of the maturity date to February 26, 2017, which may be extended for an additional year at the Company’s option subject to certain conditions, and a reduction in the interest rate to LIBOR plus 165 to 250 basis points, depending on the Company’s leverage, from LIBOR plus 190 to 290 basis points. The amended unsecured facility has a fee of 25 to 35 basis points on unused borrowings. The amount the Company may borrow under the amended unsecured facility may be increased up to $400 million, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the credit facility, to provide such increased amounts. | |||||||||||||||||
On August 21, 2013, the Company amended its existing Unsecured Term Loan (as amended, the “amended Term Loan”) and increased the borrowing thereunder from $125 million to $230 million. The amended Term Loan has a maturity date of August 21, 2018, which may be extended for an additional six months at the Company’s option subject to certain conditions. The interest rate applicable to the amended Term Loan was reduced to LIBOR plus 145 to 245 basis points, depending on the Company’s leverage, a decrease of between 45 and 65 basis points across the leverage grid. The amended Term Loan also provides for an additional increase in total borrowing of up to $300 million, subject to certain conditions, including obtaining commitments from any one or more lenders. | |||||||||||||||||
As of September 30, 2013, the Company had 56 unencumbered properties, of which 50 were wholly-owned by subsidiaries which are guarantors under the unsecured revolving credit facility and the amended Term Loan. As of September 30, 2013, $35.7 million was outstanding under the unsecured revolving credit facility and $230.0 million was outstanding under the amended Term Loan. In addition, the Company had letters of credit outstanding which totaled $4.2 million. As of September 30, 2013, there were no amounts advanced against these instruments. | |||||||||||||||||
The amount that the Company may borrow under the unsecured revolving credit facility is based on the value of assets in its unencumbered property pool. As of September 30, 2013, the maximum amount that may be borrowed under the unsecured revolving credit facility was $200.0 million. Based upon the current unencumbered property pool allocated to the unsecured revolving credit facility, the amount available for future borrowings was approximately $95 million. | |||||||||||||||||
The Company’s ability to borrow under the unsecured revolving credit facility is subject to ongoing compliance with various restrictive covenants, including with respect to liens, indebtedness, investments, dividends, mergers and asset sales. In addition, the unsecured revolving credit facility and the Term Loan also require the Company to satisfy certain financial covenants. As of September 30, 2013, the Company was in compliance with all such covenants on the unsecured revolving credit facility and the Term Loan. | |||||||||||||||||
Debt Activity | |||||||||||||||||
For the nine months ended September 30, 2013, the Company made total loan borrowings of $290.1 million and total loan repayments of $216.7 million. The major components of this activity are as follows: | |||||||||||||||||
● | In August, proceeds of $105 million from the expansion of the amended Term Loan were received. The Company utilized $101.9 million to pay down the Company’s unsecured revolving credit facility. The remaining proceeds of $3.1 million were utilized to fund loan costs of the amended Term Loan and redevelopment and development costs; | ||||||||||||||||
● | Pay downs totaling $74.2 million were made on the unsecured revolving credit facility using a portion of the proceeds of the common share offering during the second quarter; | ||||||||||||||||
● | In January, a draw of $11.6 million was made on the unsecured revolving credit facility to fund the acquisition of Shoppes of Eastwood in Orlando, Florida (see Note 10); | ||||||||||||||||
● | In the second quarter, draws of $21.0 million and $39.0 million were made on the unsecured revolving credit facility to fund the acquisition of Cool Springs Market and Castleton Crossing (see Note 10); | ||||||||||||||||
● | In August, a draw of $17.0 million was made on the unsecured revolving credit facility to fund the acquisition of Toringdon Market (see Note 10); | ||||||||||||||||
● | In June, a draw of $7.6 million was made on the unsecured revolving credit facility to fund the payoff of the loan secured by 12th Street Plaza; | ||||||||||||||||
● | In August, a draw of $14.0 million was made on the unsecured revolving credit facility to fund the payoff of the loan secured by Ridge Plaza; | ||||||||||||||||
● | In September, a pay down of $7.5 million was made on the unsecured revolving credit facility using the proceeds of the sale of Cedar Hill Village operating property (see Note 9); | ||||||||||||||||
● | Draws totaling $12.5 million were made on the unsecured revolving credit facility to fund redevelopment and tenant improvement costs at various properties throughout the period; | ||||||||||||||||
● | Draws were made on construction loans related to the Delray Marketplace, Holly Springs – Phase I, Four Corner Square, Rangeline Crossing, and Zionsville Walgreens developments totaling $57.3 million throughout the period; and | ||||||||||||||||
● | Scheduled principal payments were made on indebtedness totaling $4.9 million. | ||||||||||||||||
On July 2, 2013, the foreclosure proceedings were completed on the Kedron Village property and the mortgage lender under the $29.2 million non-recourse loan took title to the property in satisfaction of principal and interest due on the mortgage (see Note 12). | |||||||||||||||||
Fair Value of Fixed and Variable Rate Debt | |||||||||||||||||
As of September 30, 2013, the fair value of fixed rate debt was $309.9 million compared to the book value of $297.7 million. The fair value was estimated using Level 2 and 3 inputs with cash flows discounted at current borrowing rates for similar instruments which ranged from 2.83% to 5.47%. As of September 30, 2013, the fair value of variable rate debt was $435.7 million compared to the book value of $446.1 million. The fair value was estimated using Level 2 and 3 inputs with cash flows discounted at current borrowing rates for similar instruments which ranged from 1.80% to 3.41%. |
Note_6_Shareholders_Equity
Note 6 - Shareholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
Note 6. Shareholders’ Equity | |
During the second quarter, the Company completed an equity offering of 15,525,000 common shares at an offering price of $6.55 per share, for net offering proceeds of approximately $97.2 million after deducting the underwriting discount and estimated expenses of the offering. These proceeds were initially utilized to repay approximately $74.2 million of outstanding indebtedness under the Company’s unsecured revolving credit facility. The majority of the proceeds were redeployed to acquire the Cool Springs Market and Castleton Crossing operating properties (see Note 10). | |
The Company has entered into Equity Distribution Agreements with certain sales agents pursuant to which it may sell, from time to time, up to an aggregate amount of $50 million of its common shares. During the nine months ended September 30, 2013, no common shares were issued under these Equity Distribution Agreements. | |
In February 2013, the Compensation Committee of the Company’s Board of Trustees approved long-term equity incentive compensation awards totaling 125,433 restricted shares to members of executive management and certain other employees. The restricted shares were granted at a fair value of $6.32 and will vest ratably over periods ranging from three to five years. | |
In May 2013, 248,974 additional restricted shares were granted to members of executive management following approval by the Company’s shareholders of an increase in shares available for issuance under the Company’s equity incentive plan. The restricted shares were granted at a fair value of $6.52 and will vest ratably over periods ranging from three to five years. | |
On August 9, 2013, the Company’s Board of Trustees declared a cash distribution of $0.515625 per preferred share covering the distribution period from June 2, 2013 to September 1, 2013. This distribution was paid on August 30, 2013 to shareholders of record as of August 23, 2013. | |
On September 19, 2013, the Company’s Board of Trustees declared a cash distribution of $0.06 per common share and per Operating Partnership unit for the third quarter of 2013. This distribution was paid on October 11, 2013 to common shareholders and unitholders of record as of October 4, 2013. |
Note_7_Derivative_Instruments_
Note 7 - Derivative Instruments, Hedging Activities and Other Comprehensive Income | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||
Note 7. Derivative Instruments, Hedging Activities and Other Comprehensive Income | |||||||||||||||||
The Company is exposed to capital market risk, including changes in interest rates. In order to manage volatility relating to variable interest rate risk, the Company enters into interest rate hedging transactions from time to time. The Company does not use derivatives for trading or speculative purposes nor does the Company have any derivatives that are not designated as cash flow hedges. The Company has an agreement with each of its derivative counterparties that contain a provision that if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. As of September 30, 2013, the Company was party to various cash flow hedge agreements with notional amounts totaling $254.8 million, which effectively fixes the interest rate index underlying certain variable rate debt over various terms through 2020. Utilizing a weighted average spread over LIBOR on all variable rate debt resulted in fixing the weighted average interest rate at 3.46%. | |||||||||||||||||
These interest rate hedge agreements are the only assets or liabilities that the Company records at fair value on a recurring basis. The valuation of these assets and liabilities is determined using widely accepted techniques including discounted cash flow analyses, which consider the contractual terms of the derivatives (including the period to maturity) and use observable market-based inputs such as interest rate curves and implied volatilities. The Company also incorporates credit valuation adjustments to reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. | |||||||||||||||||
As a basis for considering market participant assumptions in fair value measurements, accounting guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs for identical instruments that are classified within Level 1 and observable inputs for similar instruments that are classified within Level 2) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||||||||||
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of September 30, 2013 and December 31, 2012, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy. | |||||||||||||||||
As of September 30, 2013 the fair value of the Company’s interest rate hedge liabilities, net, was $0.5 million, including accrued interest of $0.2 million. As of September 30, 2013, $1.4 million is recorded in prepaid and other assets and $1.9 million is recorded in accounts payable and accrued expenses on the accompanying consolidated balance sheet. At December 31, 2012 the fair value of the Company’s interest rate hedge liabilities was $5.9 million, including accrued interest of $0.2 million, and was recorded in accounts payable and accrued expenses on the accompanying consolidated balance sheet. | |||||||||||||||||
The Company currently expects the impact to interest expense over the next 12 months as the hedged forecasted interest payments occur will be immaterial. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to earnings over time as the hedged items are recognized in earnings. During the nine months ended September 30, 2013 and 2012, $2.0 million and $0.9 million, respectively, was reclassified as a reduction to earnings. | |||||||||||||||||
The Company’s share of net unrealized gains and losses on its interest rate hedge agreements are the only components of the change in accumulated other comprehensive loss. The following sets forth comprehensive (loss) income allocable to the Company for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | $ | (857,813 | ) | $ | (3,038,160 | ) | $ | (9,646,829 | ) | $ | (5,786,934 | ) | |||||
Other comprehensive (loss) income allocable to Kite Realty Group Trust1 | (1,032,946 | ) | (1,381,091 | ) | 5,030,380 | (4,085,288 | ) | ||||||||||
Comprehensive loss attributable to Kite Realty Group Trust common shareholders | $ | (1,890,759 | ) | $ | (4,419,251 | ) | $ | (4,616,449 | ) | $ | (9,872,222 | ) | |||||
____________________ | |||||||||||||||||
1 | Reflects the Company’s share of the net change in the fair value of derivative instruments accounted for as cash flow hedges. | ||||||||||||||||
Note_8_Commitments_and_Conting
Note 8 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 8. Commitments and Contingencies | |
Eddy Street Commons at Notre Dame | |
Phase I of Eddy Street Commons at the University of Notre Dame is a multi-phase project located adjacent to the university in South Bend, Indiana. Eddy Street Commons includes retail, office, a limited service hotel, a parking garage, apartment and residential units and is expected to include a full service hotel. | |
The City of South Bend, Indiana has contributed $35 million to the development, funded by tax increment financing (TIF) bonds issued by the City and a cash commitment from the City, both of which were used for the construction of the parking garage and infrastructure improvements to this project. The majority of the bonds are expected to be funded by real estate tax payments made by the Company and subject to reimbursement from the tenants of the property; however, the Company has no obligation to repay or guarantee the bonds. If there are delays in the development, the Company is obligated to pay certain fees. However, it has an agreement with the City of South Bend to limit its exposure to a maximum of $1 million as to such fees. In addition, the Company will not be in default concerning other obligations under the agreement with the City of South Bend as long as it commences and diligently pursues the completion of its obligations under that agreement. | |
The Company also has a contractual obligation in the form of a completion guarantee to the University of Notre Dame and a similar agreement in favor of the City of South Bend to complete all phases and the Company expects the remaining amount to be not more than $35 million. The Company may engage a joint venture partner, which would reduce its expected obligation. If the Company fails to fulfill its contractual obligations in connection with the project, but is timely commencing and pursuing a cure, it will not be in default to either the University of Notre Dame or the City of South Bend. | |
Other Commitments and Contingencies | |
The Company is not subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company other than routine litigation, claims, and administrative proceedings arising in the ordinary course of business. Management believes that such routine litigation, claims, and administrative proceedings will not have a material adverse impact on the Company’s consolidated financial statements. | |
The Company is obligated under various completion guarantees with certain lenders and lease agreements with tenants to complete all or portions of the development and redevelopment projects. The Company believes it currently has sufficient financing in place to fund these projects and expects to do so primarily through existing construction loans. In addition, if necessary, it may make draws on its unsecured facility. | |
As of September 30, 2013, the Company had outstanding letters of credit totaling $4.2 million. At that date, there were no amounts advanced against these instruments. |
Note_9_Discontinued_Operations
Note 9 - Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||||||
Note 9. Discontinued Operations | |||||||||||||||||
In September 2013, the Company sold its Cedar Hill Village operating property in Dallas, Texas. In July 2013, foreclosure proceedings were completed on the Kedron Village property and the mortgage lender took title to the property in satisfaction of principal and interest due on the mortgage (see Note 12). The activities of both properties are reflected as Discontinued Operations in the accompanying consolidated Statement of Operations. | |||||||||||||||||
In 2012, the Company sold the following operating properties: | |||||||||||||||||
● | Gateway Shopping Center in Marysville, Washington in February; | ||||||||||||||||
● | South Elgin Commons in South Elgin, Illinois in June; | ||||||||||||||||
● | 50 S. Morton near Indianapolis, Indiana in July; | ||||||||||||||||
● | Coral Springs Plaza in Fort Lauderdale, Florida in September; | ||||||||||||||||
● | Pen Products in Indianapolis, Indiana in October; | ||||||||||||||||
● | Indiana State Motor Pool in Indianapolis, Indiana in October; | ||||||||||||||||
● | Sandifur Plaza in Pasco, Washington in November; | ||||||||||||||||
● | Zionsville Shops near Indianapolis, Indiana in November; and | ||||||||||||||||
● | Preston Commons in Dallas, Texas in December. | ||||||||||||||||
The results of the discontinued operations related to these properties were comprised of the following for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Rental income | $ | 191,568 | $ | 1,785,910 | $ | 2,054,962 | $ | 7,054,275 | |||||||||
Expenses: | |||||||||||||||||
Property operating | 30,644 | 280,872 | 260,158 | 967,640 | |||||||||||||
Real estate taxes | (4,474 | ) | 225,157 | 209,876 | 1,054,571 | ||||||||||||
Depreciation and amortization | 67,124 | 546,541 | 763,919 | 2,495,348 | |||||||||||||
Total expenses, excluding impairment charge | 93,294 | 1,052,570 | 1,233,953 | 4,517,559 | |||||||||||||
Operating income | 98,274 | 733,340 | 821,009 | 2,536,716 | |||||||||||||
Interest expense | 1,255,553 | (533,267 | ) | (336,102 | ) | (1,893,035 | ) | ||||||||||
Income from discontinued operations, excluding impairment charge | 1,353,827 | 200,073 | 484,907 | 643,681 | |||||||||||||
Impairment charge | — | — | (5,371,427 | ) | — | ||||||||||||
Gain on debt extinguishment | 1,241,724 | — | 1,241,724 | — | |||||||||||||
Gain (loss) on sale of operating properties, net of tax expense | 486,540 | (65,312 | ) | 486,540 | 5,180,568 | ||||||||||||
Total income from discontinued operations | $ | 3,082,091 | $ | 134,761 | $ | (3,158,256 | ) | $ | 5,824,249 | ||||||||
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders | $ | 2,875,592 | $ | 121,386 | $ | (2,934,020 | ) | $ | 3,344,473 | ||||||||
Income (loss) from discontinued operations attributable to noncontrolling interests | 206,499 | 13,375 | (224,236 | ) | 2,479,776 | ||||||||||||
Total income (loss) from discontinued operations | $ | 3,082,091 | $ | 134,761 | $ | (3,158,256 | ) | $ | 5,824,249 | ||||||||
Note_10_Property_Acquisitions
Note 10 - Property Acquisitions | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' |
Note 10. Property Acquisitions | |
During 2012 and the first nine months of 2013, the Company acquired eight operating properties. In connection with these acquisitions, the Company made preliminary allocations of the purchase price of the properties primarily to the fair value of tangible assets (land, building, and improvements) as well as to intangibles and to debt assumed, where appropriate. Estimated purchase price allocations are subject to revision within the measurement period, not to exceed one year. | |
In August 2013, the Company acquired Toringdon Market in Charlotte, North Carolina for a purchase price of $15.9 million. Toringdon Market is an unencumbered shopping center anchored by Earth Fare. | |
In May 2013, the Company acquired Castleton Crossing in Indianapolis, Indiana for a purchase price of $39.0 million. Castleton Crossing is an unencumbered shopping center anchored by TJ Maxx, HomeGoods, Burlington Coat Factory and Shoe Carnival. | |
In April 2013, the Company acquired Cool Springs Market in Franklin, Tennessee (Nashville MSA) for a purchase price of $37.6 million. Cool Springs Market is an unencumbered shopping center anchored by Dick’s Sporting Goods, Marshall’s, JoAnn Fabrics, Staples, and a non-owned Kroger. | |
In January 2013, the Company acquired Shoppes of Eastwood in Orlando, Florida for a purchase price of $11.6 million. Shoppes of Eastwood is an unencumbered shopping center anchored by Publix Super Market. | |
In December 2012, the Company acquired the Shoppes at Plaza Green and Publix at Woodruff for $28.8 million and $9.1 million, respectively. Both of these properties are unencumbered and located in Greenville, South Carolina. | |
In July 2012, the Company acquired 12th Street Plaza in Vero Beach, Florida for a purchase price of $15.2 million. 12th Street Plaza is a shopping center anchored by Publix Super Market and Stein Mart. The Company assumed a $7.9 million mortgage with a fixed interest rate of 5.67% as part of the acquisition that was paid off in June 2013. | |
In June 2012, the Company acquired Cove Center in Stuart, Florida for a purchase price of $22.1 million. Cove Center is an unencumbered shopping center anchored by Publix Super Market and Beall’s Department Store. |
Note_11_Redevelopment_Activiti
Note 11 - Redevelopment Activities | 9 Months Ended |
Sep. 30, 2013 | |
Real Estate [Abstract] | ' |
Real Estate Disclosure [Text Block] | ' |
Note 11. Redevelopment Activities | |
In July 2013, the Company completed plans for a redevelopment project at King’s Lake Square and reduced the estimated useful lives of certain assets that were demolished as part of this project. As a result of this change in estimate, $2.5 million of additional depreciation expense was recognized in the three and nine months ended September 30, 2013. | |
In January 2013, the Company completed plans for the redevelopment project at Bolton Plaza and reduced the estimated useful lives of certain assets that were demolished as part of this project. As a result of this change in estimate, $2.3 million of additional depreciation expense was recognized in the nine months ended September 30, 2013. | |
In 2012, the Company completed plans for the redevelopment projects at Four Corner Square and Rangeline Crossing and reduced the estimated useful lives of certain assets that were demolished as part of these projects. As a result of these changes in estimates, a total of $1.9 million and $4.3 million of additional depreciation was recognized in the three and nine months ended September 30, 2012. |
Note_12_Kedron_Village
Note 12 - Kedron Village | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | ' |
Note 12. Kedron Village | |
Beginning in October 2012, a wholly-owned subsidiary of the Company was in payment default on a $29.5 million non-recourse loan secured by the Company’s Kedron Village property due to insufficient cash flow being generated by the property to fully support the debt service on the loan. The Company had been in negotiations with representatives of the lender with the objective of restructuring the loan and retaining ownership of the Kedron Village property. In June 2013, the Company received notice that the representatives of the lender intended to initiate foreclosure proceedings. | |
The Company evaluated the Kedron Village property for impairment as of June 30, 2013 and determined that, based on recent developments including the reduced holding period that considers the foreclosure proceedings and current market rental rates, the carrying value of the property was no longer fully recoverable. Accordingly, the Company recorded a non-cash impairment charge of $5.4 million for the three months ended June 30, 2013 based upon the estimated fair value of the asset as of that date of $25.5 million. | |
On July 2, 2013, the foreclosure proceedings were completed and the mortgage lender took title to the property in satisfaction of principal and interest due on the mortgage. A related $2.2 million escrow balance was also retained by the mortgage lender. During the three months ended September 30, 2013, the Company recognized a non-cash gain of $1.2 million resulting from the transfer of the asset to the lender in satisfaction of the debt. Also in the third quarter, the Company reversed an accrual of unpaid interest (primarily default interest) of approximately $1.1 million. The Company reclassified the operations of Kedron Village to discontinued operations for all periods presented. |
Note_13_Subsequent_Events
Note 13 - Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 13. Subsequent Events | |
In October 2013, the Company retired the mortgage secured by 30 South Meridian in the current principal amount of $20.1 million utilizing a draw on the Company’s unsecured revolving credit facility. |
Note_2_Basis_of_Presentation_C1
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Tables) [Line Items] | ' | ||||||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Redeemable noncontrolling interests balance January 1 | $ | 37,669,803 | $ | 41,836,613 | |||||||||||||
Net loss allocable to redeemable noncontrolling interests | (741,078 | ) | (683,044 | ) | |||||||||||||
Distributions declared to redeemable noncontrolling interests | (1,188,677 | ) | (1,343,387 | ) | |||||||||||||
Other comprehensive income (loss) allocable to redeemable noncontrolling interests 1 | 439,549 | (388,560 | ) | ||||||||||||||
Exchange of redeemable noncontrolling interest for common stock | (72,600 | ) | (5,817,306 | ) | |||||||||||||
Adjustment to redeemable noncontrolling interests - operating partnership and other | 4,007,025 | 778,782 | |||||||||||||||
Redeemable noncontrolling interests balance at September 30 | $ | 40,114,022 | $ | 34,383,098 | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | ' | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Company’s weighted average basic interest in Operating Partnership | 93.3 | % | 90 | % | 92.9 | % | 89.4 | % | |||||||||
Limited partners' redeemable noncontrolling weighted average basic interest in Operating Partnership | 6.7 | % | 10 | % | 7.1 | % | 10.6 | % | |||||||||
Noncontrolling Interest [Member] | ' | ||||||||||||||||
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Noncontrolling interests balance January 1 | $ | 3,535,304 | $ | 4,250,485 | |||||||||||||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 89,750 | 2,196,634 | |||||||||||||||
Distributions to noncontrolling interests | (81,921 | ) | (1,663,483 | ) | |||||||||||||
Noncontrolling interests balance at September 30 | $ | 3,543,133 | $ | 4,783,636 | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Accumulated comprehensive loss balance at January 1 | $ | (455,896 | ) | $ | (187,885 | ) | |||||||||||
Other comprehensive income (loss) allocable to redeemable noncontrolling interests 1 | 439,549 | (388,560 | ) | ||||||||||||||
Accumulated comprehensive loss balance at September 30 | $ | (16,347 | ) | $ | (576,445 | ) |
Note_5_Mortgage_and_Other_Inde1
Note 5 - Mortgage and Other Indebtedness (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Participating Mortgage Loans [Table Text Block] | ' | ||||||||||||||||
Balance at | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unsecured revolving credit facility | $ | 35,699,783 | $ | 94,624,200 | |||||||||||||
Unsecured term loan | 230,000,000 | 125,000,000 | |||||||||||||||
Notes payable secured by properties under construction - variable rate | 128,863,488 | 72,156,149 | |||||||||||||||
Mortgage notes payable - fixed rate | 297,834,722 | 338,765,294 | |||||||||||||||
Mortgage notes payable - variable rate | 51,520,040 | 69,171,405 | |||||||||||||||
Net premiums on acquired debt | 66,709 | 191,720 | |||||||||||||||
Total mortgage and other indebtedness | $ | 743,984,742 | $ | 699,908,768 | |||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||
Amount | Weighted Average | Weighted Average | Percentage | ||||||||||||||
Maturity (Years) | Interest Rate | of Total | |||||||||||||||
Fixed rate debt | $ | 297,834,722 | 4.3 | 5.78% | 40% | ||||||||||||
Floating rate debt (hedged to fixed) | 254,827,249 | 5 | 3.46% | 34% | |||||||||||||
Total fixed rate debt, considering hedges | 552,661,971 | 4.6 | 4.71% | 74% | |||||||||||||
Notes payable secured by properties under construction - variable rate | 128,863,488 | 1.4 | 2.38% | 17% | |||||||||||||
Other variable rate debt | 51,520,040 | 2.5 | 2.52% | 7% | |||||||||||||
Corporate unsecured variable rate debt | 265,699,783 | 5.3 | 2.00% | 36% | |||||||||||||
Floating rate debt (hedged to fixed) | (254,827,249 | ) | -5 | -2.17% | -34% | ||||||||||||
Total variable rate debt, considering hedges | 191,256,062 | 2.3 | 2.17% | 26% | |||||||||||||
Net premiums on acquired debt | 66,709 | N/A | N/A | N/A | |||||||||||||
Total debt | $ | 743,984,742 | 4 | 4.06% | 100% |
Note_7_Derivative_Instruments_1
Note 7 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | $ | (857,813 | ) | $ | (3,038,160 | ) | $ | (9,646,829 | ) | $ | (5,786,934 | ) | |||||
Other comprehensive (loss) income allocable to Kite Realty Group Trust1 | (1,032,946 | ) | (1,381,091 | ) | 5,030,380 | (4,085,288 | ) | ||||||||||
Comprehensive loss attributable to Kite Realty Group Trust common shareholders | $ | (1,890,759 | ) | $ | (4,419,251 | ) | $ | (4,616,449 | ) | $ | (9,872,222 | ) |
Note_9_Discontinued_Operations1
Note 9 - Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Rental income | $ | 191,568 | $ | 1,785,910 | $ | 2,054,962 | $ | 7,054,275 | |||||||||
Expenses: | |||||||||||||||||
Property operating | 30,644 | 280,872 | 260,158 | 967,640 | |||||||||||||
Real estate taxes | (4,474 | ) | 225,157 | 209,876 | 1,054,571 | ||||||||||||
Depreciation and amortization | 67,124 | 546,541 | 763,919 | 2,495,348 | |||||||||||||
Total expenses, excluding impairment charge | 93,294 | 1,052,570 | 1,233,953 | 4,517,559 | |||||||||||||
Operating income | 98,274 | 733,340 | 821,009 | 2,536,716 | |||||||||||||
Interest expense | 1,255,553 | (533,267 | ) | (336,102 | ) | (1,893,035 | ) | ||||||||||
Income from discontinued operations, excluding impairment charge | 1,353,827 | 200,073 | 484,907 | 643,681 | |||||||||||||
Impairment charge | — | — | (5,371,427 | ) | — | ||||||||||||
Gain on debt extinguishment | 1,241,724 | — | 1,241,724 | — | |||||||||||||
Gain (loss) on sale of operating properties, net of tax expense | 486,540 | (65,312 | ) | 486,540 | 5,180,568 | ||||||||||||
Total income from discontinued operations | $ | 3,082,091 | $ | 134,761 | $ | (3,158,256 | ) | $ | 5,824,249 | ||||||||
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders | $ | 2,875,592 | $ | 121,386 | $ | (2,934,020 | ) | $ | 3,344,473 | ||||||||
Income (loss) from discontinued operations attributable to noncontrolling interests | 206,499 | 13,375 | (224,236 | ) | 2,479,776 | ||||||||||||
Total income (loss) from discontinued operations | $ | 3,082,091 | $ | 134,761 | $ | (3,158,256 | ) | $ | 5,824,249 |
Note_1_Organization_Details
Note 1 - Organization (Details) | Sep. 30, 2013 |
Note 1 - Organization (Details) [Line Items] | ' |
Number of Real Estate Properties | 62 |
Retail Operating Properties [Member] | ' |
Note 1 - Organization (Details) [Line Items] | ' |
Number of Real Estate Properties | 55 |
Retail Properties Under Redevelopment [Member] | ' |
Note 1 - Organization (Details) [Line Items] | ' |
Number of Real Estate Properties | 5 |
Commercial Operating Properties [Member] | ' |
Note 1 - Organization (Details) [Line Items] | ' |
Number of Real Estate Properties | 2 |
In-Process Retail Development Properties [Member] | ' |
Note 1 - Organization (Details) [Line Items] | ' |
Number of Real Estate Properties | 3 |
Note_2_Basis_of_Presentation_C2
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) [Line Items] | ' | ' |
Variable Interest Entity, Number of Entities | 2 | ' |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities (in Dollars) | 65 | ' |
Variable Interest Entity, Consolidated, Carrying Amount, Assets (in Dollars) | 114.7 | ' |
Operating Partnership [Member] | ' | ' |
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) [Line Items] | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 93.30% | 92.00% |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 6.70% | 8.00% |
Note_2_Basis_of_Presentation_C3
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Noncontrolling Interests (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Noncontrolling Interests [Line Items] | ' | ' | ' | ' |
Noncontrolling interests balance January 1 | ' | ' | $3,535,304 | $4,250,485 |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | -15,174 | -312,208 | -651,327 | 1,513,591 |
Distributions to noncontrolling interests | ' | ' | -81,921 | -1,663,483 |
Noncontrolling interests balance at September 30 | 3,543,133 | 4,783,636 | 3,543,133 | 4,783,636 |
Excluding Redeemable Non-Controlling Interests [Member] | ' | ' | ' | ' |
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Noncontrolling Interests [Line Items] | ' | ' | ' | ' |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | ' | ' | $89,750 | $2,196,634 |
Note_2_Basis_of_Presentation_C4
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Redeemable Noncontrolling Interests (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ||
Net loss allocable to redeemable noncontrolling interests | ($15,174) | ($312,208) | ($651,327) | $1,513,591 | ||
Distributions declared to redeemable noncontrolling interests | ' | ' | -81,921 | -1,663,483 | ||
Other comprehensive income (loss) allocable to redeemable noncontrolling interests 1 | ' | ' | 439,549 | [1] | -388,560 | [1] |
Redeemable Noncontrolling Interests [Member] | ' | ' | ' | ' | ||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ||
Redeemable noncontrolling interests balance | ' | ' | 37,669,803 | 41,836,613 | ||
Net loss allocable to redeemable noncontrolling interests | ' | ' | -741,078 | -683,044 | ||
Distributions declared to redeemable noncontrolling interests | ' | ' | -1,188,677 | -1,343,387 | ||
Other comprehensive income (loss) allocable to redeemable noncontrolling interests 1 | ' | ' | 439,549 | [1] | -388,560 | [1] |
Exchange of redeemable noncontrolling interest for common stock | ' | ' | -72,600 | -5,817,306 | ||
Adjustment to redeemable noncontrolling interests - operating partnership and other | ' | ' | 4,007,025 | 778,782 | ||
Redeemable noncontrolling interests balance | $40,114,022 | $34,383,098 | $40,114,022 | $34,383,098 | ||
[1] | Represents the noncontrolling interests' share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 7). |
Note_2_Basis_of_Presentation_C5
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Accumulated Other Comprehensive Loss Allocable to Noncontrolling Interests (USD $) | 9 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | |||
Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ||
Accumulated comprehensive loss balance | ($5,258,543) | ' | ($16,347) | ($455,896) | ($576,445) | ($187,885) | ||
Other comprehensive income (loss) allocable to redeemable noncontrolling interests 1 | 439,549 | [1] | -388,560 | [1] | ' | ' | ' | ' |
Accumulated comprehensive loss balance | ($228,163) | ' | ($16,347) | ($455,896) | ($576,445) | ($187,885) | ||
[1] | Represents the noncontrolling interests' share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 7). |
Note_2_Basis_of_Presentation_C6
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Weighted Average Interests In Operating Partnership (Operating Partnership [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Operating Partnership [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
Companybs weighted average basic interest in Operating Partnership | 93.30% | 90.00% | 92.90% | 89.40% |
Limited partners' redeemable noncontrolling weighted average basic interest in Operating Partnership | 6.70% | 10.00% | 7.10% | 10.60% |
Note_3_Earnings_Per_Share_Deta
Note 3 - Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.6 | 1.7 | 1.6 | 1.7 |
Note_4_Litigation_Charge_Detai
Note 4 - Litigation Charge (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | |
Disclosure Text Block Supplement [Abstract] | ' | ' | ' |
Litigation Settlement, Expense | $1,300,000 | $1,289,446 | $1,000,000 |
Note_5_Mortgage_and_Other_Inde2
Note 5 - Mortgage and Other Indebtedness (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||||||||||||||||||
Jul. 02, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 26, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Aug. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Aug. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Jan. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Sep. 30, 2013 | Aug. 21, 2013 | Aug. 20, 2013 | Sep. 30, 2013 | Aug. 21, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 21, 2013 | Sep. 30, 2013 | |
Unencumbered [Member] | Unencumbered [Member] | Delray Marketplace [Member] | Cool Springs Market [Member] | Castletion Crossing [Member] | Toringdon Market [Member] | Leverage [Member] | Leverage [Member] | Redevelopment and Tenant Improvements [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Reference Rate [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Scheduled Principal Payments [Member] | Fixed Rate Debt [Member] | Variable Rate Debt [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||||||
Wholly Owned Properties [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | Line of Credit [Member] | Loan Secured by 12th Street Plaza [Member] | Loan Secured by Ridge Plaza [Member] | Mortgage and Construction Loans [Member] | Minimum [Member] | Maximum [Member] | Mortgage and Construction Loans [Member] | Term Loan [Member] | Mortgage and Construction Loans [Member] | Term Loan [Member] | ||||||||||||||||||||||||||
Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||
Note 5 - Mortgage and Other Indebtedness (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate (in Basis Points) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.90% | 2.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.65% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 1.45% | ' | 2.94% | 2.45% | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.18% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.80% | ' | ' | 3.41% |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.42% | ' | 2.83% | 6.78% | ' | 5.47% |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $200,000,000 | ' | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | $230,000,000 | $125,000,000 | ' | ' | ' | ' | ' | $400,000,000 |
Line of Credit Facility, Unused Capacity, Commitment Fee, Basis Points (in Basis Points) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | 0.35% |
Debt Instrument Basis Spread on Variable Rate Decrease (in Basis Points) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.45% | ' | ' | 0.65% | ' |
Number of Real Estate Properties | ' | ' | 62 | ' | ' | ' | 50 | 56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | 35,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | ' | 743,984,742 | ' | ' | 699,908,768 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,699,783 | 94,624,200 | ' | ' | ' | 297,834,722 | ' | 230,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | 95,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Loans | ' | ' | 290,071,122 | 223,586,699 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | 216,675,303 | 240,360,736 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Lines of Credit (in Dollars) | ' | 74,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Loan Costs | ' | ' | 1,942,290 | 2,056,982 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Unsecured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | 74,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Unsecured Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000,000 | 39,000,000 | 17,000,000 | ' | ' | 12,500,000 | 7,600,000 | 14,000,000 | ' | ' | 11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Construction Loans Payable | ' | ' | ' | ' | ' | ' | ' | ' | 57,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Significant Noncash Transaction, Value of Consideration Given | 29,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 309,900,000 | 435,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Amount | ' | ' | 297,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Variable Interest, Amount | ' | ' | $446,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_5_Mortgage_and_Other_Inde3
Note 5 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Debt (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | $743,984,742 | $699,908,768 |
Line of Credit [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | 35,699,783 | 94,624,200 |
Variable Rate Debt [Member] | Construction Loans [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | 128,863,488 | 72,156,149 |
Variable Rate Debt [Member] | Mortgages [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | 51,520,040 | 69,171,405 |
Fixed Rate Debt [Member] | Mortgages [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | 297,834,722 | 338,765,294 |
Fixed Rate Debt [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | 297,834,722 | ' |
Unsecured Debt [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | 230,000,000 | 125,000,000 |
Net Premiums On Acquired Debt [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | $66,709 | $191,720 |
Note_5_Mortgage_and_Other_Inde4
Note 5 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Note 5 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | $743,984,742 | $699,908,768 |
Weighted Average Maturity | 4 | ' |
Weighted Average Interest Rate | 4.06% | ' |
Percentage of Total | 100.00% | ' |
Fixed Rate Debt [Member] | Floating Rate Debt (Hedged) [Member] | ' | ' |
Note 5 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | 254,827,249 | ' |
Weighted Average Maturity | 5 | ' |
Weighted Average Interest Rate | 3.46% | ' |
Percentage of Total | 34.00% | ' |
Fixed Rate Debt [Member] | ' | ' |
Note 5 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | 297,834,722 | ' |
Weighted Average Maturity | 4.3 | ' |
Weighted Average Interest Rate | 5.78% | ' |
Percentage of Total | 40.00% | ' |
Fixed Rate Debt, Considering Hedges [Member] | ' | ' |
Note 5 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | 552,661,971 | ' |
Weighted Average Maturity | 4.6 | ' |
Weighted Average Interest Rate | 4.71% | ' |
Percentage of Total | 74.00% | ' |
Variable Rate Debt [Member] | Floating Rate Debt (Hedged) [Member] | ' | ' |
Note 5 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | -254,827,249 | ' |
Weighted Average Maturity | -5 | ' |
Weighted Average Interest Rate | -2.17% | ' |
Percentage of Total | -34.00% | ' |
Variable Rate Debt [Member] | Construction Loans [Member] | ' | ' |
Note 5 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | 128,863,488 | 72,156,149 |
Weighted Average Maturity | 1.4 | ' |
Weighted Average Interest Rate | 2.38% | ' |
Percentage of Total | 17.00% | ' |
Variable Rate Debt [Member] | Other Debt [Member] | ' | ' |
Note 5 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | 51,520,040 | ' |
Weighted Average Maturity | 2.5 | ' |
Weighted Average Interest Rate | 2.52% | ' |
Percentage of Total | 7.00% | ' |
Variable Rate Debt [Member] | Corporate Debt Securities [Member] | ' | ' |
Note 5 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | 265,699,783 | ' |
Weighted Average Maturity | 5.3 | ' |
Weighted Average Interest Rate | 2.00% | ' |
Percentage of Total | 36.00% | ' |
Variable Rate Debt, Considering Hedges [Member] | ' | ' |
Note 5 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | 191,256,062 | ' |
Weighted Average Maturity | 2.3 | ' |
Weighted Average Interest Rate | 2.17% | ' |
Percentage of Total | 26.00% | ' |
Net Premiums On Acquired Debt [Member] | ' | ' |
Note 5 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | $66,709 | $191,720 |
Note_6_Shareholders_Equity_Det
Note 6 - Shareholders' Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||
Sep. 19, 2013 | Aug. 09, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 31-May-13 | Feb. 28, 2013 | 31-May-13 | Feb. 28, 2013 | 31-May-13 | Feb. 28, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Equity Distribution Agreement [Member] | Common Stock [Member] | ||||||||
Executive Management [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||
Executive Management [Member] | Executive Management [Member] | ||||||||||||||
Note 6 - Shareholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 15,525,000 |
Share Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.55 |
Proceeds from Issuance of Common Stock (in Dollars) | ' | ' | ' | $97,200,000 | ' | $97,184,535 | $3,014,368 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Lines of Credit (in Dollars) | ' | ' | ' | 74,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Distribution Agreements, Maximum Common Shares, Value (in Dollars) | ' | ' | $50,000,000 | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | ' | ' | ' | ' | ' | 248,974 | 125,433 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | $6.52 | $6.32 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | '5 years | '5 years | ' | ' |
Preferred Stock, Dividends Per Share, Declared | ' | $0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.06 | ' | $0.06 | ' | $0.06 | $0.18 | $0.18 | ' | ' | ' | ' | ' | ' | ' | ' |
Note_7_Derivative_Instruments_2
Note 7 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Note 7 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Derivative Asset, Notional Amount | $254,800,000 | ' | $254,800,000 | ' | ' |
Derivative, Average Cap Interest Rate | 3.46% | ' | 3.46% | ' | ' |
Interest Rate Fair Value Hedge Derivative at Fair Value, Net | 500,000 | ' | 500,000 | ' | ' |
Interest Rate Fair Value Hedge Liability at Fair Value | ' | ' | ' | ' | 5,900,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 1,241,076 | -1,236,305 | -3,955,968 | 1,532,596 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' |
Note 7 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | -2,000,000 | -900,000 | ' |
Accrued Interest [Member] | ' | ' | ' | ' | ' |
Note 7 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Interest Rate Fair Value Hedge Derivative at Fair Value, Net | 200,000 | ' | 200,000 | ' | ' |
Prepaid Expenses and Other Current Assets [Member] | ' | ' | ' | ' | ' |
Note 7 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Interest Rate Fair Value Hedge Liability at Fair Value | 1,400,000 | ' | 1,400,000 | ' | ' |
Accounts Payable and Accrued Liabilities [Member] | ' | ' | ' | ' | ' |
Note 7 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Interest Rate Fair Value Hedge Liability at Fair Value | 1,900,000 | ' | 1,900,000 | ' | ' |
Accrued Interest [Member] | ' | ' | ' | ' | ' |
Note 7 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Interest Rate Fair Value Hedge Liability at Fair Value | ' | ' | ' | ' | $200,000 |
Note_7_Derivative_Instruments_3
Note 7 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) - Comprehensive Income (Loss) Allocable to the Company (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Note 7 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) - Comprehensive Income (Loss) Allocable to the Company [Line Items] | ' | ' | ' | ' | ||||
Net loss attributable to Kite Realty Group Trust common shareholders | ($857,813) | ($3,038,160) | ($9,646,829) | ($5,786,934) | ||||
Other comprehensive (loss) income allocable to Kite Realty Group Trust1 | -1,032,946 | [1] | -1,381,091 | [1] | 5,030,380 | [1] | -4,085,288 | [1] |
Comprehensive loss attributable to Kite Realty Group Trust common shareholders | 223,301 | -2,305,188 | 1,725,739 | -4,066,283 | ||||
Attributable to Common Shareholders [Member] | ' | ' | ' | ' | ||||
Note 7 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) - Comprehensive Income (Loss) Allocable to the Company [Line Items] | ' | ' | ' | ' | ||||
Comprehensive loss attributable to Kite Realty Group Trust common shareholders | ($1,890,759) | ($4,419,251) | ($4,616,449) | ($9,872,222) | ||||
[1] | Reflects the Company's share of the net change in the fair value of derivative instruments accounted for as cash flow hedges. |
Note_8_Commitments_and_Conting1
Note 8 - Commitments and Contingencies (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Note 8 - Commitments and Contingencies (Details) [Line Items] | ' |
Special Assessment Bond | $35 |
Loss Contingency, Range of Possible Loss, Maximum | 1 |
Letters of Credit Outstanding, Amount | 4.2 |
Performance Guarantee [Member] | ' |
Note 8 - Commitments and Contingencies (Details) [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $35 |
Note_9_Discontinued_Operations2
Note 9 - Discontinued Operations (Details) - Discontinued Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Rental income | $191,568 | $1,785,910 | $2,054,962 | $7,054,275 |
Expenses | 93,294 | 1,052,570 | 1,233,953 | 4,517,559 |
Operating income | 98,274 | 733,340 | 821,009 | 2,536,716 |
Interest expense | 1,255,553 | -533,267 | -336,102 | -1,893,035 |
Income from discontinued operations, excluding impairment charge | 1,353,827 | 200,073 | 484,907 | 643,681 |
Impairment charge | ' | ' | -5,371,427 | ' |
Gain on debt extinguishment | 1,241,724 | ' | 1,241,724 | ' |
Gain (loss) on sale of operating properties, net of tax expense | 486,540 | -65,312 | 486,540 | 5,180,568 |
Total income from discontinued operations | 3,082,091 | 134,761 | -3,158,256 | 5,824,249 |
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders | 2,875,592 | 121,386 | -2,934,020 | 3,344,473 |
Income (loss) from discontinued operations attributable to noncontrolling interests | 206,499 | 13,375 | -224,236 | 2,479,776 |
Property Operating [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Expenses | 30,644 | 280,872 | 260,158 | 967,640 |
Real Estate Taxes [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Expenses | -4,474 | 225,157 | 209,876 | 1,054,571 |
Depreciation and Amortization [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Expenses | $67,124 | $546,541 | $763,919 | $2,495,348 |
Note_10_Property_Acquisitions_
Note 10 - Property Acquisitions (Details) (USD $) | 21 Months Ended | 1 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Apr. 30, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jul. 31, 2012 | Jun. 30, 2012 |
Toringdon Market [Member] | Castletion Crossing [Member] | Cool Springs Market [Member] | Shoppes of Eastwood [Member] | Shoppes at Plaza Green [Member] | Publix at Woodruff [Member] | Shopping Center in Vero Beach [Member] | Cove Center [Member] | ||
Note 10 - Property Acquisitions (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Properties Acquired | 8 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | $15.90 | $39 | $37.60 | $11.60 | $28.80 | $9.10 | $15.20 | $22.10 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | ' | ' | ' | ' | ' | ' | $7.90 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 5.67% | ' |
Note_11_Redevelopment_Activiti1
Note 11 - Redevelopment Activities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 |
King's Lake Square [Member] | King's Lake Square [Member] | Bolton Plaza [Member] | Four Corner Square [Member] | Four Corner Square [Member] | |
Note 11 - Redevelopment Activities (Details) [Line Items] | ' | ' | ' | ' | ' |
Depreciation | $2.50 | $2.50 | $2.30 | $1.90 | $4.30 |
Note_12_Kedron_Village_Details
Note 12 - Kedron Village (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Jul. 02, 2013 | |
Kedron Village [Member] | Kedron Village [Member] | Kedron Village [Member] | ||||
Note 12 - Kedron Village (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Debt Instrument, Debt Default, Amount | ' | ' | ' | $29,500,000 | ' | ' |
Asset Impairment Charges | ' | 5,371,427 | ' | ' | 5,400,000 | ' |
Property, Plant, and Equipment, Fair Value Disclosure | ' | ' | ' | ' | 25,500,000 | ' |
Escrow Deposit | 11,389,473 | 11,389,473 | 12,960,488 | ' | ' | 2,200,000 |
Gains (Losses) on Extinguishment of Debt | 1,241,724 | 1,241,724 | ' | 1,200,000 | ' | ' |
Debt Instrument, Increase, Accrued Interest | ' | ' | ' | ($1,100,000) | ' | ' |
Note_13_Subsequent_Events_Deta
Note 13 - Subsequent Events (Details) (USD $) | 9 Months Ended | 1 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Oct. 31, 2013 | |
Subsequent Event [Member] | |||
Mortgage Secured by 30 South Meridian [Member] | |||
Note 13 - Subsequent Events (Details) [Line Items] | ' | ' | ' |
Repayments of Long-term Debt | $216,675,303 | $240,360,736 | $20,100,000 |