Exhibit 99.2 |
QUARTERLY FINANCIAL SUPPLEMENTAL – SEPTEMBER 30, 2016 |
PAGE NO. | TABLE OF CONTENTS | |
3 | Corporate Profile | |
4 | Contact Information | |
5 | Important Notes Including Non-GAAP Disclosures | |
7 | Consolidated Balance Sheets | |
8 | Consolidated Statements of Operations for the Three and Nine Months Ended September 30 | |
9 | Funds from Operations for the Three and Nine Months Ended September 30 | |
10 | Adjusted Funds From Operations and Other Financial Information for the Three and Nine Months Ended September 30 | |
11 | Market Capitalization as of September 30, 2016 | |
11 | Ratio of Debt to Total Undepreciated Assets as of September 30 | |
11 | Ratio of Company Share of Net Debt to EBITDA as of September 30 | |
12 | Same Property Net Operating Income for the Three and Nine Months Ended September 30 | |
13 | Net Operating Income by Quarter | |
14 | Consolidated Joint Venture Summary as of September 30, 2016 | |
15 | Summary of Outstanding Debt as of September 30 | |
16 | Maturity Schedule of Outstanding Debt as of September 30 | |
18 | Unsecured Public Debt Covenants | |
19 | Top 10 Retail Tenants by Total Gross Leasable Area | |
20 | Top 25 Tenants by Annualized Base Rent | |
21 | Retail Leasing Summary | |
22 | Lease Expirations – Operating Portfolio | |
23 | Lease Expirations – Retail Anchor Tenants | |
24 | Lease Expirations – Retail Shops | |
25 | Lease Expirations – Office Tenants | |
26 | Development Projects Under Construction | |
27 | Under Construction Redevelopment, Reposition, and Repurpose Projects | |
28 | Redevelopment, Reposition, and Repurpose Opportunities | |
29 | Geographic Diversification – Annual Base Rent by State | |
30 | Operating Retail Portfolio Summary Report | |
35 | Operating Office Properties | |
36 | Components of Net Asset Value | |
37 | Earnings Guidance – 2016 |
CORPORATE PROFILE |
General Description
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) engaged primarily in the ownership and operation, acquisition, development and redevelopment of high-quality neighborhood and community shopping centers in select markets in the United States. As of September 30, 2016, we owned interests in 120 properties totaling approximately 23.5 million square feet and one development project currently under construction.
Our strategy is to maximize the cash flow of our operating properties, successfully complete the construction and lease-up of our development portfolio and identify additional growth opportunities in the form of acquisitions and redevelopments. New investments are focused in the shopping center sector in markets where we currently operate and where we believe we can leverage our existing infrastructure and relationships to generate attractive risk-adjusted returns.
Company Highlights as of September 30, 2016
# of Properties | Total GLA /NRA1 | Owned GLA /NRA1 | |||||
Operating Retail Properties | 109 | 21,467,299 | 15,175,726 | ||||
Operating Office Properties | 2 | 394,473 | 394,473 | ||||
Redevelopment Properties | 9 | 1,626,711 | 1,327,657 | ||||
Total Operating and Redevelopment Properties | 120 | 23,488,483 | 16,897,856 | ||||
Development Projects | 1 | 347,642 | 297,277 | ||||
Total All Properties | 121 | 23,836,125 | 17,195,133 | ||||
Retail | Office | Total | |||||
Operating Properties – Leased Percentage1 | 95.2% | 97.5% | 95.3% | ||||
States | 20 |
Stock Listing: New York Stock Exchange symbol: KRG
____________________ | |
1 | Excludes square footage of structures located on land owned by the company and ground leased to tenants. |
p. 3 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
CONTACT INFORMATION |
Corporate Office
30 South Meridian Street, Suite 1100
Indianapolis, IN 46204
(888) 577-5600
(317) 577-5600
www.kiterealty.com
Investor Relations Contacts: | Analyst Coverage: | Analyst Coverage: | ||
Margaret Daniels, CFA | Robert W. Baird & Co. | Hilliard Lyons | ||
Director, Investor Relations and Strategy | Mr. RJ Milligan | Ms. Carol L. Kemple | ||
Kite Realty Group Trust | (813) 273-8252 | (502) 588-1839 | ||
30 South Meridian Street, Suite 1100 | rjmilligan@rwbaird.com | ckemple@hilliard.com | ||
Indianapolis, IN 46204 | ||||
(317) 713-7644 | Bank of America/Merrill Lynch | KeyBanc Capital Markets | ||
mdaniels@kiterealty.com | Mr. Jeffrey Spector/Mr. Craig Schmidt | Mr. Jordan Sadler/Mr. Todd Thomas | ||
(646) 855-1363/(646) 855-3640 | (917) 368-2280/(917) 368-2286 | |||
Transfer Agent: | jeff.spector@baml.com | tthomas@keybanccm.com | ||
craig.schmidt@baml.com | jsadler@keybanccm.com | |||
Broadridge Financial Solutions | ||||
Ms. Kristen Tartaglione | Barclays | Raymond James | ||
2 Journal Square, 7th Floor | Mr. Ross Smotrich/Ms. Linda Tsai | Mr. Paul Puryear/Mr. Collin Mings | ||
Jersey City, NJ 07306 | (212) 526-2306/(212) 526-9937 | (727) 567-2253/(727) 567-2585 | ||
(201) 714-8094 | ross.smotrich@barclays.com | paul.puryear@raymondjames.com | ||
linda.tsai@barclays.com | collin.mings@raymondjames.com | |||
Stock Specialist: | ||||
BTIG | Sandler O’Neill | |||
GTS | Mr. Michael Gorman | Mr. Alexander Goldfarb | ||
545 Madison Avenue | (212) 738-6138 | (212) 466-7937 | ||
15th Floor | mgorman@btig.com | agoldfarb@sandleroneill.com | ||
New York, NY 10022 | ||||
(212) 715-2830 | Capital One Securities, Inc. | Stifel, Nicolaus & Company, Inc. | ||
Mr. Christopher Lucas/Mr. Vineet Khanna | Mr. Nathan Isbee/Ms. Jennifer Hummert | |||
(571) 633-8151/(571) 835-7013 | (443) 224-1346/(443) 224-1288 | |||
christopher.lucas@capitalone.com | nisbee@stifel.com | |||
vineet.khanna@capitalone.com | hummertj@stifel.com | |||
Citigroup Global Markets | Wells Fargo Securities, LLC | |||
Mr. Michael Bilerman/Ms. Christy McElroy | Mr. Jeffrey J. Donnelly, CFA /Ms. Tamara Fique | |||
(212) 816-1383/(212) 816-6981 | (617) 603-4262/(443) 263-6568 | |||
michael.bilerman@citigroup.com | jeff.donnelly@wellsfargo.com | |||
christy.mcelroy@citigroup.com | tamara.fique@wellsfargo.com | |||
DA Davidson | ||||
Mr. James O. Lykins | ||||
(503) 603-3041 | ||||
jlykins@dadco.com | ||||
p. 4 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
IMPORTANT NOTES INCLUDING NON-GAAP DISCLOSURES |
Interim Information
This Quarterly Financial Supplement contains historical information of Kite Realty Group Trust (“the Company” or “KRG”) and is intended to supplement the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 to be filed on or about November 8, 2016, which should be read in conjunction with this supplement. The supplemental information is unaudited, although it reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.
Forward-Looking Statements
This supplemental information package contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include, but are not limited to:
• | national and local economic, business, real estate and other market conditions, particularly in light of low growth in the U.S. economy as well as economic uncertainty caused by fluctuations in the prices of oil and other energy sources; |
• | financing risks, including the availability of and costs associated with sources of liquidity; |
• | the Company’s ability to refinance, or extend the maturity dates of, its indebtedness; |
• | the level and volatility of interest rates; |
• | the financial stability of tenants, including their ability to pay rent and the risk of tenant bankruptcies; |
• | the competitive environment in which the Company operates; |
• | acquisition, disposition, development and joint venture risks; |
• | property ownership and management risks; |
• | the Company’s ability to maintain its status as a real estate investment trust (“REIT”) for federal income tax purposes; |
• | potential environmental and other liabilities; |
• | impairment in the value of real estate property the Company owns; |
• | risks related to the geographical concentration of our properties in Florida, Indiana and Texas; |
• | insurance costs and coverage; |
• | risks related to cybersecurity attacks and the loss of confidential information and other business disruptions; |
• | other factors affecting the real estate industry generally; and |
• | other risks identified in reports the Company files with the Securities and Exchange Commission (“the SEC”) or in other documents that it publicly disseminates, including, in particular, the section titled “Risk Factors” in our Annual Report on Form |
10-K for the fiscal year ended December 31, 2015, and in our quarterly reports on Form 10-Q.
The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Disclosures
Funds from Operations
Funds from Operations (FFO) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. We calculate FFO in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (NAREIT), which we refer to as the White Paper. The White Paper defines FFO as net income (determined in accordance with generally accepted accounting principles (GAAP)), excluding gains (or losses) from sales and impairments of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.
Considering the nature of our business as a real estate owner and operator, we believe that FFO is helpful to investors in measuring our operational performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. For informational purposes, we have also provided FFO adjusted for a severance charge, accelerated amortization of debt issuance costs and transaction costs in 2016 and a gain on settlement and transaction costs in 2015. We believe this supplemental information provides a meaningful measure of our operating performance. We believe our presentation of FFO, as adjusted, provides investors with another financial measure that may facilitate comparison of operating performance between periods and among our peer companies. FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of our financial performance, is not an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, and is not indicative of funds available to satisfy our cash needs, including our ability to make distributions. Our computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do. A reconciliation of net earnings (computed in accordance with GAAP) to FFO is included elsewhere in this Financial Supplement.
p. 5 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
IMPORTANT NOTES INCLUDING NON-GAAP DISCLOSURES (CONTINUED) |
Adjusted Funds from Operations
Adjusted Funds From Operations (“AFFO”) is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO should not be considered an alternative to net earnings, as an indication of the company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the company’s performance. The company’s computation of AFFO may differ from the methodology for calculating AFFO used by other REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to AFFO is included elsewhere in this Financial Supplement.
Net Operating Income
Net operating income (NOI) is provided here as a supplemental measure of operating performance. NOI is defined as property revenues less property operating expenses, excluding depreciation and amortization, interest expense, impairment, and other items. We believe this presentation of NOI is helpful to investors as a measure of our operational performance because it is widely used in the real estate industry to measure the performance of real estate assets without regard to various items, included in net income, that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending upon accounting methods and book value of assets. We also believe NOI helps our investors to meaningfully compare the results of our operating performance from period to period by removing the impact of our capital structure (primarily interest expense on our outstanding indebtedness) and depreciation of the basis in our assets from our operating results. NOI should not, however, be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of our financial performance. The Company’s computation of NOI may differ from the methodology for calculating NOI used by other REITs, and therefore, may not be comparable to such other REITs.
Earnings Before Interest Expense, Income Tax Expense, Depreciation and Amortization (EBITDA)
We define EBITDA, a non-GAAP financial measure, as net income before depreciation and amortization, interest expense and income tax expense of taxable REIT subsidiary. For informational purposes, we have also provided Adjusted EBITDA, which we define as EBITDA less (i) EBITDA from unconsolidated entities, (ii) severance charge, (iii) transaction costs, (iv) other income and expense and (v) noncontrolling interest EBITDA. Annualized Adjusted EBITDA is Adjusted EBITDA for the most recent quarter multiplied by four. EBITDA, Adjusted EBITDA and Annualized Adjusted EBITDA, as calculated by us, are not comparable to EBITDA reported by other REITs that do not define EBITDA exactly as we do. EBITDA, Adjusted EBITDA and Annualized Adjusted EBITDA do not represent cash generated from operating activities in accordance with GAAP, and should not be considered alternatives to net income as an indicator of performance or as alternatives to cash flows from operating activities as an indicator of liquidity.
Considering the nature of our business as a real estate owner and operator, we believe that EBITDA and Adjusted EBITDA are helpful to investors in measuring our operational performance because they exclude various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. For informational purposes, we have also provided Annualized Adjusted EBITDA, adjusted as described above. We believe this supplemental information provides a meaningful measure of our operating performance. We believe presenting EBITDA in this manner allows investors and other interested parties to form a more meaningful assessment of our operating results.
p. 6 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
($ in thousands) | ||||||||
September 30, 2016 | December 31, 2015 | |||||||
Assets: | ||||||||
Investment properties, at cost | $ | 3,990,208 | $ | 3,933,140 | ||||
Less: accumulated depreciation | (531,946 | ) | (432,295 | ) | ||||
3,458,262 | 3,500,845 | |||||||
Cash and cash equivalents | 28,793 | 33,880 | ||||||
Tenant and other receivables, including accrued straight-line rent of $27,875 and $23,809 respectively, net of allowance for uncollectible accounts | 50,350 | 51,101 | ||||||
Restricted cash and escrow deposits | 9,585 | 13,476 | ||||||
Deferred costs and intangibles, net | 133,114 | 148,274 | ||||||
Prepaid and other assets | 10,814 | 8,852 | ||||||
Total Assets | $ | 3,690,918 | $ | 3,756,428 | ||||
Liabilities and Shareholders’ Equity: | ||||||||
Mortgage and other indebtedness, net | $ | 1,732,344 | $ | 1,724,449 | ||||
Accounts payable and accrued expenses | 93,440 | 81,356 | ||||||
Deferred revenue and other liabilities | 120,550 | 131,559 | ||||||
Total Liabilities | 1,946,334 | 1,937,364 | ||||||
Commitments and contingencies | ||||||||
Limited Partners’ interests in the Operating Partnership and other redeemable noncontrolling interests | 99,478 | 92,315 | ||||||
Shareholders’ Equity: | ||||||||
Kite Realty Group Trust Shareholders’ Equity: | ||||||||
Common Shares, $.01 par value, 225,000,000 shares authorized, 83,545,486 and 83,334,865 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 835 | 833 | ||||||
Additional paid in capital | 2,049,702 | 2,050,545 | ||||||
Accumulated other comprehensive loss | (8,738 | ) | (2,145 | ) | ||||
Accumulated deficit | (397,391 | ) | (323,257 | ) | ||||
Total Kite Realty Group Trust Shareholders’ Equity | 1,644,408 | 1,725,976 | ||||||
Noncontrolling Interests | 698 | 773 | ||||||
Total Equity | 1,645,106 | 1,726,749 | ||||||
Total Liabilities and Equity | $ | 3,690,918 | $ | 3,756,428 |
p. 7 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
($ in thousands, except per share data) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenue: | ||||||||||||||||
Minimum rent | $ | 69,518 | $ | 66,279 | $ | 205,436 | $ | 196,656 | ||||||||
Tenant reimbursements | 17,531 | 16,787 | 52,691 | 51,891 | ||||||||||||
Other property related revenue | 2,073 | 4,081 | 7,120 | 9,163 | ||||||||||||
Total revenue | 89,122 | 87,147 | 265,247 | 257,710 | ||||||||||||
Expenses: | ||||||||||||||||
Property operating | 11,916 | 11,994 | 35,454 | 36,519 | ||||||||||||
Real estate taxes | 10,690 | 10,045 | 32,327 | 29,821 | ||||||||||||
General, administrative, and other | 5,081 | 4,559 | 15,228 | 14,131 | ||||||||||||
Transaction costs | — | 1,089 | 2,771 | 1,550 | ||||||||||||
Depreciation and amortization | 45,543 | 42,549 | 131,625 | 124,196 | ||||||||||||
Total expenses | 73,230 | 70,236 | 217,405 | 206,217 | ||||||||||||
Operating income | 15,892 | 16,911 | 47,842 | 51,493 | ||||||||||||
Interest expense | (17,139 | ) | (13,881 | ) | (47,964 | ) | (40,995 | ) | ||||||||
Income tax expense of taxable REIT subsidiary | (15 | ) | (9 | ) | (763 | ) | (134 | ) | ||||||||
Gain on settlement | — | — | — | 4,520 | ||||||||||||
Other expense, net | — | (60 | ) | (94 | ) | (189 | ) | |||||||||
(Loss) income from continuing operations | (1,262 | ) | 2,961 | (979 | ) | 14,695 | ||||||||||
Gain on sales of operating properties | — | — | 194 | 3,363 | ||||||||||||
Net (loss) income | (1,262 | ) | 2,961 | (785 | ) | 18,058 | ||||||||||
Net income attributable to noncontrolling interest | (420 | ) | (435 | ) | (1,391 | ) | (1,626 | ) | ||||||||
Dividends on preferred shares | — | (2,114 | ) | — | (6,342 | ) | ||||||||||
Net (loss) income attributable to Kite Realty Group Trust common shareholders | $ | (1,682 | ) | $ | 412 | $ | (2,176 | ) | $ | 10,090 | ||||||
(Loss) income per common share - basic and diluted | $ | (0.02 | ) | $ | 0.00 | $ | (0.03 | ) | $ | 0.12 | ||||||
Weighted average common shares outstanding - basic | 83,474,348 | 83,325,074 | 83,399,813 | 83,453,660 | ||||||||||||
Weighted average common shares outstanding - diluted | 83,474,348 | 83,433,379 | 83,399,813 | 83,566,554 | ||||||||||||
Common dividends declared per common share | $ | 0.2875 | $ | 0.2725 | $ | 0.8625 | $ | 0.8175 |
p. 8 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
FUNDS FROM OPERATIONS1 |
($ in thousands, except per share data) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Funds From Operations | ||||||||||||||||
Consolidated net (loss) income | $ | (1,262 | ) | $ | 2,961 | $ | (785 | ) | $ | 18,058 | ||||||
Less: cash dividends on preferred shares | — | (2,114 | ) | — | (6,342 | ) | ||||||||||
Less: net income attributable to noncontrolling interests in properties | (461 | ) | (415 | ) | (1,383 | ) | (1,416 | ) | ||||||||
Less: gains on sales of operating properties | — | — | (194 | ) | (3,363 | ) | ||||||||||
Add: depreciation and amortization of consolidated entities, net of noncontrolling interests | 45,310 | 42,387 | 130,909 | 123,812 | ||||||||||||
Funds From Operations of the Operating Partnership1 | 43,587 | 42,819 | 128,547 | 130,749 | ||||||||||||
Less: Limited Partners' interests in Funds From Operations | (918 | ) | (967 | ) | (2,708 | ) | (2,698 | ) | ||||||||
Funds From Operations attributable to Kite Realty Group Trust common shareholders | $ | 42,669 | $ | 41,852 | $ | 125,839 | $ | 128,051 | ||||||||
FFO per share of the Operating Partnership - basic | $ | 0.51 | $ | 0.50 | $ | 1.51 | $ | 1.53 | ||||||||
FFO per share of the Operating Partnership - diluted | $ | 0.51 | $ | 0.50 | $ | 1.50 | $ | 1.53 | ||||||||
Funds From Operations of the Operating Partnership1 | $ | 43,587 | $ | 42,819 | $ | 128,547 | $ | 130,749 | ||||||||
Less: gain on settlement | — | — | — | (4,520 | ) | |||||||||||
Add: accelerated amortization of debt issuance costs (non-cash) | 1,121 | — | 1,121 | — | ||||||||||||
Add: transaction costs | — | 1,089 | 2,771 | 1,550 | ||||||||||||
Add: severance charge | — | — | 500 | — | ||||||||||||
Funds From Operations of the Operating Partnership, as adjusted | $ | 44,708 | $ | 43,908 | $ | 132,939 | $ | 127,779 | ||||||||
FFO per share of the Operating Partnership, as adjusted - basic | $ | 0.52 | $ | 0.52 | $ | 1.56 | $ | 1.50 | ||||||||
FFO per share of the Operating Partnership, as adjusted - diluted | $ | 0.52 | $ | 0.51 | $ | 1.56 | $ | 1.50 | ||||||||
Weighted average Common Shares outstanding - basic | 83,474,348 | 83,325,074 | 83,399,813 | 83,453,660 | ||||||||||||
Weighted average Common Shares outstanding - diluted | 83,565,227 | 83,433,379 | 83,488,618 | 83,566,554 | ||||||||||||
Weighted average Common Shares and Units outstanding - basic | 85,417,753 | 85,238,537 | 85,336,859 | 85,214,390 | ||||||||||||
Weighted average Common Shares and Units outstanding - diluted | 85,508,632 | 85,346,842 | 85,425,664 | 85,327,283 | ||||||||||||
Funds From Operations per diluted share | ||||||||||||||||
Consolidated net (loss) income | $ | (0.01 | ) | $ | 0.03 | $ | (0.01 | ) | $ | 0.21 | ||||||
Less: cash dividends on preferred shares | — | (0.02 | ) | — | (0.07 | ) | ||||||||||
Less: net income attributable to noncontrolling interests in properties | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | ||||||||
Less: gains on sales of operating properties | — | — | — | (0.04 | ) | |||||||||||
Add: depreciation and amortization of consolidated entities, net of noncontrolling interests | 0.53 | 0.50 | 1.53 | 1.45 | ||||||||||||
Funds From Operations of the Operating Partnership per diluted share1 | $ | 0.51 | $ | 0.50 | $ | 1.50 | $ | 1.53 | ||||||||
Funds From Operations of the Operating Partnership per diluted share1 | $ | 0.51 | $ | 0.50 | $ | 1.50 | $ | 1.53 | ||||||||
Less: gain on settlement | — | — | — | (0.05 | ) | |||||||||||
Add: accelerated amortization of debt issuance costs | 0.01 | — | 0.01 | — | ||||||||||||
Add: transaction costs | — | 0.01 | 0.04 | 0.02 | ||||||||||||
Add: severance charge | — | — | 0.01 | — | ||||||||||||
Funds From Operations of the Operating Partnership per diluted share, as adjusted | $ | 0.52 | $ | 0.51 | $ | 1.56 | $ | 1.50 |
____________________ | |
1 | “Funds From Operations of the Kite Portfolio" measures 100% of the operating performance of the Operating Partnership’s real estate properties and construction and service subsidiaries in which the Company owns an interest. “Funds From Operations attributable to Kite Realty Group Trust common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership. |
p. 9 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
ADJUSTED FUNDS FROM OPERATIONS AND OTHER FINANCIAL INFORMATION |
($ in thousands, except per share data) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Reconciliation of FFO, as adjusted, to Adjusted Funds from Operations (AFFO) | ||||||||||||||||
Total FFO of the Kite Portfolio, as adjusted | $ | 44,708 | $ | 43,908 | $ | 132,939 | $ | 127,779 | ||||||||
Add: | ||||||||||||||||
Depreciation of non-real estate assets | 233 | 208 | 763 | 330 | ||||||||||||
Amortization of deferred financing costs5 | 992 | 745 | 2,624 | 2,384 | ||||||||||||
Non-cash compensation expense | 1,126 | 964 | 3,340 | 2,723 | ||||||||||||
Less: | ||||||||||||||||
Straight-line rent | 1,477 | 1,598 | 4,312 | 4,408 | ||||||||||||
Market rent amortization income | 2,569 | 593 | 5,821 | 2,148 | ||||||||||||
Amortization of debt premium | 880 | 1,518 | 3,008 | 4,641 | ||||||||||||
Other cash and non-cash adjustments4 | — | 1,089 | 3,271 | 2,036 | ||||||||||||
Capital expenditures1: | ||||||||||||||||
Maintenance capital expenditures2 | 468 | 1,004 | 1,002 | 2,300 | ||||||||||||
Revenue enhancing tenant improvements – retail | 1,930 | 1,377 | 6,132 | 3,004 | ||||||||||||
Revenue enhancing tenant improvements – office | — | 134 | — | 247 | ||||||||||||
External leasing commissions | 486 | 477 | 1,455 | 1,175 | ||||||||||||
Total AFFO of the Kite Portfolio | $ | 39,249 | $ | 38,035 | $ | 114,665 | $ | 113,257 | ||||||||
Other Financial Information: | ||||||||||||||||
Scheduled debt principal payments | $ | 1,297 | $ | 1,531 | $ | 2,990 | $ | 4,686 | ||||||||
Capitalized interest cost | 865 | 1,088 | 2,396 | 3,397 | ||||||||||||
Mark to market lease amount in Deferred revenue and other liabilities on consolidated balance sheet | 100,972 | 117,787 | ||||||||||||||
Acreage of undeveloped, vacant land in the operating portfolio3 | 32.9 |
September 30, 2016 | December 31, 2015 | |||||||
Investment properties, at cost: | ||||||||
Land, building and improvements3 | $ | 3,843,012 | $ | 3,752,622 | ||||
Furniture, equipment and other | 7,050 | 6,960 | ||||||
Land held for development | 34,171 | 34,975 | ||||||
Construction in progress | 105,975 | 138,583 | ||||||
Total | $ | 3,990,208 | $ | 3,933,140 |
____________________ | |
1 | Excludes landlord work, tenant improvements and leasing commissions relating to development and redevelopment projects and first-generation space. |
2 | A portion of these capital improvements are reimbursed by tenants and are revenue producing. |
3 | Includes undeveloped vacant land with a book value $10.8 million at September 30, 2016. |
4 | Includes terminated transaction costs and severance charge for the nine months ended September 30, 2016. Includes property acquisition costs and non-cash termination fee for the three and nine months ended September 30, 2015. |
5 | Excludes accelerated amortization of non-cash debt issuance costs. |
p. 10 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
MARKET CAPITALIZATION AS OF SEPTEMBER 30, 2016 |
($ in thousands, except share data) | ||||||||||
Percent of Total Equity | Total Market Capitalization | Percent of Total Market Capitalization | ||||||||
Equity Capitalization: | ||||||||||
Total Common Shares Outstanding 3 | 97.7 | % | 83,545,486 | |||||||
Operating Partnership ("OP") Units Outstanding | 2.3 | % | 1,942,840 | |||||||
Combined Common Shares and OP Units | 100.0 | % | 85,488,326 | |||||||
Market Price of Common Shares | $ | 27.72 | ||||||||
Total Equity Capitalization | 2,369,736 | 59 | % | |||||||
Debt Capitalization: | ||||||||||
Company Consolidated Outstanding Debt | 1,732,344 | |||||||||
Less: Debt Premium and Issuance Costs, net | (10 | ) | ||||||||
Less: Partner Share of Consolidated Joint Venture Debt1 | (13,741 | ) | ||||||||
Company Share of Outstanding Debt | 1,718,593 | |||||||||
Less: Cash, Cash Equivalents, and Restricted Cash | (38,378 | ) | ||||||||
Total Net Debt Capitalization | 1,680,215 | 41 | % | |||||||
Total Enterprise Value | $ | 4,049,951 | 100 | % | ||||||
RATIO OF DEBT TO TOTAL UNDEPRECIATED ASSETS AS OF SEPTEMBER 30, 2016 | ||||||||||
Consolidated Undepreciated Real Estate Assets | $ | 3,990,208 | ||||||||
Company Share of Unconsolidated Real Estate Assets2 | 2,500 | |||||||||
3,992,708 | ||||||||||
Total Consolidated Debt | 1,732,344 | |||||||||
Less: Debt Premium and Issuance Costs, net | (10 | ) | ||||||||
Less: Cash, Cash Equivalents, and Restricted Cash | (38,378 | ) | ||||||||
$ | 1,693,956 | |||||||||
Ratio of Debt to Total Undepreciated Real Estate Assets | 42.4 | % | ||||||||
RATIO OF COMPANY SHARE OF NET DEBT TO EBITDA AS OF SEPTEMBER 30, 2016 | ||||||||||
Company Share of Consolidated Debt | $ | 1,718,593 | ||||||||
Less: Cash, Cash Equivalents, and Restricted Cash | (38,378 | ) | ||||||||
1,680,215 | ||||||||||
Q3 2016 EBITDA, Annualized: | ||||||||||
- Consolidated EBITDA | $ | 245,740 | ||||||||
- Unconsolidated EBITDA | 137 | |||||||||
- Minority Interest EBITDA1 | (1,844 | ) | 244,033 | |||||||
Company Share of Net Debt to EBITDA | 6.9x |
____________________ | |||||
1 | See page 14 for details. | ||||
2 | Included in prepaid and other assets on Consolidated Balance Sheets. | ||||
3 | Includes issuance of 137,229 shares under the Company's at-the-market program at an average price of $29.52. |
p. 11 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
SAME PROPERTY NET OPERATING INCOME (NOI) |
($ in thousands) | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||
Number of properties for the quarter1 | 103 | 103 | |||||||||||||||||
Leased percentage | 95.3 | % | 95.4 | % | 95.3 | % | 95.2 | % | |||||||||||
Economic Occupancy percentage2 | 93.6 | % | 93.7 | % | 93.8 | % | 93.6 | % | |||||||||||
Minimum rent | $ | 55,630 | $ | 54,828 | $ | 164,809 | $ | 162,155 | |||||||||||
Tenant recoveries | 14,973 | 14,931 | 44,865 | 45,038 | |||||||||||||||
Other income | 614 | 551 | 1,177 | 1,120 | |||||||||||||||
71,217 | 70,310 | 210,851 | 208,313 | ||||||||||||||||
Property operating expenses | (8,619 | ) | (8,689 | ) | (25,360 | ) | (27,517 | ) | |||||||||||
Real estate taxes | (8,936 | ) | (9,042 | ) | (27,123 | ) | (26,576 | ) | |||||||||||
(17,555 | ) | (17,731 | ) | (52,483 | ) | (54,093 | ) | ||||||||||||
Net operating income - same properties3 | $ | 53,662 | $ | 52,579 | 2.1% | $ | 158,368 | $ | 154,220 | 2.7% | |||||||||
Net operating income - same properties excluding the impact of the 3-R initiative4 | 2.9% | ||||||||||||||||||
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure: | |||||||||||||||||||
Net operating income - same properties | $ | 53,662 | $ | 52,579 | $ | 158,368 | $ | 154,220 | |||||||||||
Net operating income - non-same activity5 | 12,854 | 12,529 | 39,098 | 37,150 | |||||||||||||||
Other expense, net | (15 | ) | (69 | ) | (857 | ) | (323 | ) | |||||||||||
General, administrative and other | (5,081 | ) | (4,559 | ) | (15,228 | ) | (14,131 | ) | |||||||||||
Transaction costs | — | (1,089 | ) | (2,771 | ) | (1,550 | ) | ||||||||||||
Depreciation expense | (45,543 | ) | (42,549 | ) | (131,625 | ) | (124,196 | ) | |||||||||||
Interest expense | (17,139 | ) | (13,881 | ) | (47,964 | ) | (40,995 | ) | |||||||||||
Gain on settlement | — | — | — | 4,520 | |||||||||||||||
Gains on sales of operating properties | — | — | 194 | 3,363 | |||||||||||||||
Net income attributable to noncontrolling interests | (420 | ) | (435 | ) | (1,391 | ) | (1,626 | ) | |||||||||||
Dividends on preferred shares | — | (2,114 | ) | — | (6,342 | ) | |||||||||||||
Net (loss) income attributable to common shareholders | $ | (1,682 | ) | $ | 412 | $ | (2,176 | ) | $ | 10,090 |
____________________ | |
1 | Same property analysis excludes operating properties in redevelopment as well as office properties (Thirty South Meridian and Eddy Street Commons). |
2 | Excludes leases that are signed but for which tenants have not yet commenced the payment of cash rent. Calculated as a weighted average based on the timing of cash rent commencement during the period. |
3 | Same property net operating income excludes net gains from outlot sales, straight-line rent revenue, bad debt expense and recoveries, lease termination fees, amortization of lease intangibles and significant prior year expense recoveries and adjustments, if any. |
4 | See pages 27 and 28 for further detail of the properties included in the 3-R initiative. |
5 | Includes non-cash activity across the portfolio as well as net operating income from properties not included in the same property pool. |
The Company believes that Net Operating Income ("NOI") is helpful to investors as a measure of its operating performance because it excludes various items included in net income that do not relate to or are not indicative of its operating performance, such as depreciation and amortization, interest expense, and impairment, if any. The Company believes that Same Property NOI is helpful to investors as a measure of its operating performance because it includes only the NOI of properties that have been owned for the full period presented, which eliminates disparities in net income due to the redevelopment, acquisition or disposition of properties during the particular period presented and thus provides a more consistent metric for the comparison of the Company's properties. NOI and Same Property NOI should not, however, be considered as alternatives to net income (calculated in accordance with GAAP) as indicators of the Company's financial performance. The Company’s computation of Same Property NOI may differ from the methodology used by other REITs, and therefore, may not be comparable to such other REITs.
p. 12 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
NET OPERATING INCOME BY QUARTER |
($ in thousands) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Sept 30, 2016 | June 30, 2016 | March 31, 2016 | Dec 31, 2015 | Sept 30, 2015 | ||||||||||||||||
Revenue: | ||||||||||||||||||||
Minimum rent5 | $ | 69,518 | $ | 68,455 | $ | 67,463 | $ | 67,139 | $ | 66,279 | ||||||||||
Tenant reimbursements | 17,531 | 17,006 | 18,155 | 18,344 | 16,787 | |||||||||||||||
Other property related revenue1 | 1,198 | 1,548 | 2,300 | 2,417 | 3,355 | |||||||||||||||
Overage rent | 315 | 162 | 164 | 845 | 175 | |||||||||||||||
Parking revenue, net2 | 159 | 50 | 45 | 145 | 156 | |||||||||||||||
88,721 | 87,221 | 88,127 | 88,890 | 86,752 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating - Recoverable3 | 9,599 | 9,058 | 9,764 | 10,552 | 9,321 | |||||||||||||||
Property operating - Non-Recoverable3 | 2,091 | 2,062 | 2,181 | 2,666 | 2,440 | |||||||||||||||
Real estate taxes | 10,515 | 10,375 | 10,959 | 10,910 | 9,883 | |||||||||||||||
22,205 | 21,495 | 22,904 | 24,128 | 21,644 | ||||||||||||||||
Net Operating Income - Properties | 66,516 | 65,726 | 65,223 | 64,762 | 65,108 | |||||||||||||||
Other Income (Expense): | ||||||||||||||||||||
General, administrative, and other | (5,081 | ) | (4,856 | ) | (4,791 | ) | (4,578 | ) | (4,559 | ) | ||||||||||
Severance charge | — | — | (500 | ) | — | — | ||||||||||||||
Transaction costs | — | (2,771 | ) | — | — | (1,089 | ) | |||||||||||||
Non-cash gain from release of assumed earnout liability | — | — | — | 4,832 | — | |||||||||||||||
Impairment charge | — | — | — | (1,592 | ) | — | ||||||||||||||
(5,081 | ) | (7,627 | ) | (5,291 | ) | (1,338 | ) | (5,648 | ) | |||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization | 61,435 | 58,099 | 59,932 | 63,424 | 59,460 | |||||||||||||||
Depreciation and amortization | (45,543 | ) | (43,841 | ) | (42,240 | ) | (43,116 | ) | (42,549 | ) | ||||||||||
Interest expense | (17,139 | ) | (15,500 | ) | (15,325 | ) | (15,437 | ) | (13,881 | ) | ||||||||||
Income tax expense of taxable REIT subsidiary | (15 | ) | (338 | ) | (410 | ) | (52 | ) | (9 | ) | ||||||||||
Non-cash gain on debt extinguishment | — | — | — | 5,645 | — | |||||||||||||||
Other income (expense), net | — | (110 | ) | 18 | (61 | ) | (60 | ) | ||||||||||||
(Loss) income From Continuing Operations | (1,262 | ) | (1,690 | ) | 1,975 | 10,403 | 2,961 | |||||||||||||
Gains on sales of operating properties | — | 194 | — | 854 | — | |||||||||||||||
Net (loss) income | (1,262 | ) | (1,496 | ) | 1,975 | 11,257 | 2,961 | |||||||||||||
Less: Net income attributable to noncontrolling interests | (420 | ) | (399 | ) | (573 | ) | (572 | ) | (435 | ) | ||||||||||
Less: Dividends on preferred shares | — | — | — | (1,535 | ) | (2,114 | ) | |||||||||||||
Less: Non-cash adjustment for redemption of preferred shares | — | — | — | (3,797 | ) | — | ||||||||||||||
Net (loss) income attributable to Kite Realty Group Trust | $ | (1,682 | ) | $ | (1,895 | ) | $ | 1,402 | $ | 5,353 | $ | 412 | ||||||||
NOI/Revenue | 75.0 | % | 75.4 | % | 74.0 | % | 72.9 | % | 75.1 | % | ||||||||||
Recovery Ratios4 | ||||||||||||||||||||
- Retail Only | 89.4 | % | 90.1 | % | 89.2 | % | 87.3 | % | 90.1 | % | ||||||||||
- Consolidated | 87.2 | % | 87.5 | % | 87.6 | % | 85.5 | % | 87.4 | % |
____________________ | |
1 | Other property related revenue for the three months ended September 30, 2016 includes $0.6 million from the sale of outlots, $0.3 million of lease termination income, and $0.1 million pre-tax from the sale of residential units at Eddy Street Commons. |
2 | Parking revenue, net represents the net operating results of the Eddy Street Parking Garage and the Union Station Parking Garage. In the three months ended September 30, 2016, this amount was calculated as revenue of $560,000 less real estate taxes and property operating expenses of $174,000 and $227,000, respectively. |
3 | Recoverable expenses include total management fee expense (or G&A expense of $1.2 million) allocable to the property operations in the three months ended September 30, 2016, a portion of which is recoverable. Non-recoverable expenses primarily include bad debt provision, ground rent, and professional fees. |
4 | “Recovery Ratio” is computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense. |
5 | Minimum rent includes $4.7 million in ground lease-related revenue for the three months ended September 30, 2016. |
p. 13 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
CONSOLIDATED JOINT VENTURE SUMMARY - SEPTEMBER 30, 2016 |
($ in thousands)
Ownership | ||||||||||||||
Joint Venture Entity | Location (MSA) | Owned GLA | KRG Ownership % | Current KRG Economic Ownership%1 | ||||||||||
Delray Marketplace | Delray, FL | 260,255 | 50% | 98% | ||||||||||
Fishers Station2 | Indianapolis, IN | 71,943 | 25% | 88% | ||||||||||
Pan Am Plaza | Indianapolis, IN | — | 85% | 85% | ||||||||||
Crossing at Killingly Commons | Killingly, CT | 208,929 | 55% | 90% | ||||||||||
Territory Portfolio3 | Las Vegas, NV | 847,690 | 78% | 94% | ||||||||||
Balance Sheet | Current Partner Economic Ownership % | |||||||||||||
Joint Venture Entity | Debt Balance | Partner Share of Debt | Redeemable Noncontrolling Interest | |||||||||||
Delray Marketplace | $ | 56,850 | 2% | $ | 1,138 | $ | — | |||||||
Fishers Station2 | 3,061 | 12% | 367 | — | ||||||||||
Pan Am Plaza | — | 15% | — | — | ||||||||||
Crossing at Killingly Commons | 33,000 | 10% | 3,300 | 11,366 | ||||||||||
Territory Portfolio3 | 148,940 | 6% | 8,936 | 32,744 | ||||||||||
Total | $ | 241,851 | $ | 13,741 | $ | 44,110 | ||||||||
Income Statement | ||||||||||||||
Joint Venture Entity | Quarterly Minority Interest | Annualized Minority Interest | ||||||||||||
Delray Marketplace | $ | — | $ | — | KRG has an 8% cumulative preferred return | |||||||||
Fishers Station2 | 29 | 116 | Partner receives a fixed annual payment | |||||||||||
Pan Am Plaza | — | — | Project currently in Land Held For Development | |||||||||||
Crossing at Killingly Commons | 132 | 528 | Partner receives a fixed annual preferred payment of 5.5% on $9.6 million | |||||||||||
Territory Portfolio3 | 300 | 1,200 | Partner receives a fixed annual preferred payment of 4% on $30 million | |||||||||||
Total | $ | 461 | $ | 1,844 |
____________________ | |||||||
1 | Economic ownership % represents the Company's share of cash flow. | ||||||
2 | Joint Venture entity also owns a portion of Fishers Station shopping center. | ||||||
3 | Joint Venture includes six operating properties located in Las Vegas. |
p. 14 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
SUMMARY OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2016 |
($ in thousands) | ||||||||||||
TOTAL OUTSTANDING DEBT1 | ||||||||||||
Outstanding Amount | Ratio | Weighted Average Interest Rate | Weighted Average Maturity (in years) | |||||||||
Fixed Rate Debt | $ | 1,648,718 | 95 | % | 4.13 | % | 6.7 | |||||
Variable Rate Debt | 83,616 | 5 | % | 2.03 | % | 5.4 | ||||||
Net Debt Premiums and Issuance Cost, Net | 10 | N/A | N/A | N/A | ||||||||
Total | $ | 1,732,344 | 100 | % | 4.03 | % | 6.6 |
SCHEDULE OF MATURITIES BY YEAR | ||||||||||||||||
Secured Debt | ||||||||||||||||
Scheduled Principal Payments | Term Maturities | Unsecured2 | Total Outstanding Debt | |||||||||||||
2016 | $ | 954 | $ | — | $ | — | $ | 954 | ||||||||
2017 | 5,103 | 17,025 | — | 22,128 | ||||||||||||
2018 | 5,635 | 62,584 | — | 68,219 | ||||||||||||
2019 | 5,975 | — | — | 5,975 | ||||||||||||
2020 | 5,920 | 42,339 | — | 48,259 | ||||||||||||
2021 | 4,627 | 159,875 | 243,700 | 408,202 | ||||||||||||
2022 | 1,113 | 205,208 | 200,000 | 406,321 | ||||||||||||
2023 | 806 | 214,940 | 95,000 | 310,746 | ||||||||||||
2024 And Beyond | 6,430 | 100 | 455,000 | 461,530 | ||||||||||||
Net Debt Premiums and Issuance Cost, Net | 10 | 10 | ||||||||||||||
Total | $ | 36,573 | $ | 702,071 | $ | 993,700 | $ | 1,732,344 |
____________________ | |
1 | Fixed rate debt includes, and variable rate debt excludes, the portion of such debt that has been hedged by interest rate derivatives. As of September 30, 2016, $474.7 million in variable rate debt is hedged for a weighted average 2.9 years. |
2 | This presentation reflects the Company's exercise of its option to extend the maturity date by one year to July 28, 2021 for the Company's unsecured credit facility. |
p. 15 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2016 |
($ in thousands) | ||||||||||||||
Property | Lender(s) | Interest Rate1 | Maturity Date | Total Commitment | Balance as of September 30, 2016 | % of Total Outstanding | ||||||||
Geist Pavilion | CMBS | 5.78 | % | 1/1/2017 | 10,434 | |||||||||
Pleasant Hill Commons | John Hancock Life Ins | 6.00 | % | 6/1/2017 | 6,688 | |||||||||
2017 Debt Maturities | 17,122 | 1.0 | % | |||||||||||
Colonial Square / Village Walk | CMBS | 5.50 | % | 1/1/2018 | 25,000 | |||||||||
Whitehall Pike | CMBS | 6.71 | % | 7/5/2018 | 5,314 | |||||||||
Perimeter Woods | Jackson National Life Insurance | 6.02 | % | 9/1/2018 | 33,330 | |||||||||
2018 Debt Maturities | 63,644 | 3.7 | % | |||||||||||
2019 Debt Maturities | — | — | % | |||||||||||
Fishers Station 2 | Old National Bank | LIBOR + 225 | 1/4/2020 | 6,943 | ||||||||||
Lake City Commons/12th Street Plaza/University Town Center II | CMBS | 5.70 | % | 9/1/2020 | 20,700 | |||||||||
Thirty South | Associated Bank | LIBOR + 205 | 12/31/2020 | 17,777 | ||||||||||
2020 Debt Maturities | 45,420 | 2.6 | % | |||||||||||
Waxahachie Crossing | CMBS | 5.55 | % | 3/1/2021 | 7,750 | |||||||||
International Speedway Square | CMBS | 5.77 | % | 4/1/2021 | 19,452 | |||||||||
Lima Marketplace | CMBS | 5.80 | % | 4/1/2021 | 8,383 | |||||||||
Bell Oaks Centre | CMBS | 5.59 | % | 4/1/2021 | 6,548 | |||||||||
Northcrest Shopping Center | CMBS | 5.48 | % | 5/1/2021 | 15,780 | |||||||||
University Town Center | CMBS | 5.48 | % | 6/1/2021 | 18,690 | |||||||||
Village at Bay Park | CMBS | 5.58 | % | 6/1/2021 | 9,183 | |||||||||
Silver Springs Pointe | CMBS | 5.03 | % | 7/1/2021 | 8,800 | |||||||||
Lake Mary Plaza | CMBS | 5.10 | % | 7/1/2021 | 5,080 | |||||||||
Unsecured Credit Facility 3,4 | KeyBank (Admin. Agent) | LIBOR + 135 | 7/28/2021 | 43,700 | ||||||||||
Unsecured Term Loan 4 | KeyBank (Admin. Agent) | LIBOR + 130 | 7/28/2021 | 200,000 | ||||||||||
Bayport Commons | CMBS | 5.44 | % | 9/1/2021 | 12,166 | |||||||||
Eddy Street Commons | CMBS | 5.44 | % | 9/1/2021 | 23,638 | |||||||||
Four Property Pool Loan | CMBS | 5.44 | % | 9/1/2021 | 35,166 | |||||||||
2021 Debt Maturities | 414,336 | 23.9 | % | |||||||||||
See footnotes on next page |
p. 16 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2016 (CONTINUED) |
($ in thousands) | |||||||||||||||
Property | Lender(s) | Interest Rate1 | Maturity Date | Total Commitment | Balance as of September 30, 2016 | % of Total Outstanding | |||||||||
Centre at Panola, Phase I | CMBS | 6.78 | % | 1/1/2022 | $ | 2,054 | |||||||||
Delray Marketplace 2 | Bank of America | LIBOR + 160 | 2/5/2022 | 56,850 | |||||||||||
Palm Coast Landing | CMBS | 5.00 | % | 3/1/2022 | 22,550 | ||||||||||
Bayonne Crossing | CMBS | 4.33 | % | 4/1/2022 | 45,000 | ||||||||||
Saxon Crossing | CMBS | 4.65 | % | 7/1/2022 | 11,400 | ||||||||||
Merrimack Village Center | CMBS | 4.36 | % | 7/6/2022 | 5,445 | ||||||||||
Shops at Moore | CMBS | 4.29 | % | 9/1/2022 | 21,300 | ||||||||||
Shops at Julington Creek | CMBS | 4.60 | % | 9/1/2022 | 4,785 | ||||||||||
Centre Point Commons | CMBS | 4.34 | % | 10/1/2022 | 14,410 | ||||||||||
Unsecured Term Loan 4 | KeyBank (Admin. Agent) | LIBOR + 160 | 10/26/2022 | 200,000 | |||||||||||
Miramar Square | CMBS | 4.16 | % | 12/1/2022 | 31,625 | ||||||||||
2022 Debt Maturities | 415,419 | 24.0 | % | ||||||||||||
Centennial Gateway / Eastgate 5 | CMBS | 3.81 | % | 1/1/2023 | 44,385 | ||||||||||
Crossing at Killingly Commons 5 | Huntington Bank | LIBOR + 170 | 1/1/2023 | 33,000 | |||||||||||
Centennial Center 5 | CMBS | 3.83 | % | 1/6/2023 | 70,455 | ||||||||||
Eastern Beltway 5 | CMBS | 3.83 | % | 1/6/2023 | 34,100 | ||||||||||
The Corner | CMBS | 4.10 | % | 3/1/2023 | 14,750 | ||||||||||
Chapel Hill | CMBS | 3.78 | % | 4/1/2023 | 18,250 | ||||||||||
Senior Unsecured Note | Various | 4.23 | % | 9/10/2023 | 95,000 | ||||||||||
2023 Debt Maturities | 309,940 | 17.9 | % | ||||||||||||
Senior Unsecured Note | Various | 4.47 | % | 9/10/2025 | 80,000 | ||||||||||
Senior Unsecured Note | Various | 4.00 | % | 10/1/2026 | 300,000 | ||||||||||
Senior Unsecured Note | Various | 4.57 | % | 9/10/2027 | 75,000 | ||||||||||
Rampart Commons | CMBS | 5.73 | % | 6/10/2030 | 11,453 | ||||||||||
2024 And Beyond Debt Maturities | 466,453 | 26.9 | % | ||||||||||||
NET PREMIUMS ON ACQUIRED DEBT & ISSUANCE COSTS | 10 | ||||||||||||||
TOTAL DEBT PER CONSOLIDATED BALANCE SHEET | $ | 1,732,344 |
____________________ | |
1 | At September 30, 2016, one-month LIBOR was 0.53%. |
2 | Property is held in a joint venture. The loan is guaranteed by Kite Realty Group, LP. See Joint Venture Summary on page 14 for additional detail. |
3 | Assumes Company exercises its option to extend the maturity date by one year |
4 | The Company has 101 unencumbered properties of which 94 are wholly owned and included in the unencumbered property pool of our unsecured facilities. |
5 | Property is held in a joint venture. See Joint Venture Summary on page 14 for additional detail. |
p. 17 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
UNSECURED PUBLIC DEBT COVENANTS |
September 30, 2016 | Threshold1 | |||
Total Debt to Undepreciated Assets | 41.8% | <60% | ||
Secured Debt to Undepreciated Assets | 17.7% | <40% | ||
Undepreciated Unencumbered Assets to Unsecured Debt | 260.4% | >150% | ||
Debt Service Coverage | 3.4x | >1.5x | ||
Senior Unsecured Debt Ratings: | ||||
Moody's Investor Service | Baa3/Stable | |||
Standard & Poor's Rating Services | BBB-/Stable | |||
Liquidity | ||||
Cash and cash equivalents | $ | 28,793 | ||
Availability under unsecured credit facility | 400,988 | |||
$ | 429,781 | |||
____________________ | ||||
1 | For a complete listing of all Debt Covenants related to the Company's Senior Unsecured Notes, as well as definitions of the above terms, refer to the Company's filings with the SEC. |
p. 18 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
TOP 10 RETAIL TENANTS BY TOTAL GROSS LEASABLE AREA (GLA) |
As of September 30, 2016
This table includes the following:
• | Operating retail properties; |
• | Operating office properties; and |
• | Development/Redevelopment property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 2016. |
Tenant | Number of Locations | Total GLA | Number of Leases | Company Owned GLA | Ground Lease GLA | Number of Anchor Owned Locations | Anchor Owned GLA | ||||||||||||||
Wal-Mart Stores, Inc.1 | 15 | 2,578,323 | 6 | 203,742 | 811,956 | 9 | 1,562,625 | ||||||||||||||
Target | 16 | 2,301,943 | — | — | — | 16 | 2,301,943 | ||||||||||||||
Lowe's Companies, Inc. | 14 | 2,072,666 | 5 | 128,997 | 650,161 | 9 | 1,293,508 | ||||||||||||||
Publix Super Markets, Inc. | 18 | 874,748 | 18 | 874,748 | — | — | — | ||||||||||||||
Home Depot Inc. | 6 | 788,167 | 1 | — | 131,858 | 5 | 656,309 | ||||||||||||||
Kohls Corporation | 9 | 782,386 | 5 | 184,516 | 244,010 | 4 | 353,860 | ||||||||||||||
TJX Companies, Inc.2 | 22 | 656,931 | 22 | 656,931 | — | — | — | ||||||||||||||
Ross Stores, Inc. | 19 | 532,707 | 19 | 532,707 | — | — | — | ||||||||||||||
Bed Bath & Beyond, Inc.3 | 19 | 493,719 | 19 | 493,719 | — | — | — | ||||||||||||||
Dick's Sporting Goods, Inc.4 | 9 | 440,502 | 9 | 440,502 | — | — | — | ||||||||||||||
Total | 147 | 11,522,092 | 104 | 3,515,862 | 1,837,985 | 43 | 6,168,245 |
____________________ | |
1 | Includes Sam's Club, which is owned by the same parent company. |
2 | Includes TJ Maxx, Home Goods and Marshalls, all of which are owned by the same parent company. |
3 | Includes Buy Buy Baby, Christmas Tree Shops and Cost Plus, all of which are owned by the same parent company. |
4 | Includes Dick's Sporting Goods, Field & Stream and Golf Galaxy, all of which are owned by the same parent company. |
p. 19 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
TOP 25 TENANTS BY ANNUALIZED BASE RENT |
As of September 30, 2016
($ in thousands)
This table includes the following:
• | Operating retail properties; |
• | Operating office properties; and |
• | Development/Redevelopment property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 2016. |
Tenant | Number of Stores | Leased GLA/NRA2 | % of Owned GLA/NRA of the Portfolio | Annualized Base Rent1,5 | Annualized Base Rent per Sq. Ft.5 | % of Total Portfolio Annualized Base Rent5 | |||||||||||||
Publix Super Markets, Inc. | 18 | 874,748 | 3.5 | % | $ | 8,501 | $ | 9.72 | 3.1 | % | |||||||||
TJX Companies, Inc.3 | 22 | 656,931 | 2.6 | % | 6,756 | 10.28 | 2.5 | % | |||||||||||
Petsmart, Inc. | 20 | 410,737 | 1.6 | % | 6,146 | 14.96 | 2.4 | % | |||||||||||
Bed Bath & Beyond, Inc.4 | 19 | 493,719 | 2.0 | % | 6,027 | 12.21 | 2.2 | % | |||||||||||
Ross Stores, Inc. | 19 | 532,707 | 2.1 | % | 5,851 | 10.98 | 2.1 | % | |||||||||||
Lowe's Companies, Inc. | 5 | 128,997 | 0.5 | % | 5,039 | 6.47 | 1.8 | % | |||||||||||
Office Depot (11) / Office Max (6) | 17 | 345,118 | 1.4 | % | 4,702 | 13.63 | 1.7 | % | |||||||||||
Dick's Sporting Goods, Inc.7 | 9 | 440,502 | 1.7 | % | 4,681 | 10.63 | 1.7 | % | |||||||||||
Ascena Retail Group6 | 35 | 210,082 | 0.8 | % | 4,165 | 19.82 | 1.5 | % | |||||||||||
Michaels Stores, Inc. | 14 | 295,310 | 1.2 | % | 3,930 | 13.31 | 1.4 | % | |||||||||||
Nordstrom, Inc. | 6 | 197,845 | 0.8 | % | 3,854 | 19.48 | 1.4 | % | |||||||||||
Wal-Mart Stores, Inc.8 | 6 | 203,742 | 0.8 | % | 3,655 | 3.60 | 1.3 | % | |||||||||||
LA Fitness | 5 | 208,209 | 0.8 | % | 3,447 | 16.56 | 1.3 | % | |||||||||||
Best Buy Co., Inc. | 6 | 213,604 | 0.8 | % | 3,046 | 14.26 | 1.1 | % | |||||||||||
Kohl's Corporation | 5 | 184,516 | 0.7 | % | 2,927 | 6.83 | 1.1 | % | |||||||||||
Toys "R" Us | 6 | 179,316 | 0.7 | % | 2,924 | 11.82 | 1.1 | % | |||||||||||
Mattress Firm Holdings Corp (19) / Sleepy's (5) | 24 | 108,151 | 0.4 | % | 2,916 | 26.96 | 1.1 | % | |||||||||||
National Amusements | 1 | 80,000 | 0.3 | % | 2,898 | 36.22 | 1.1 | % | |||||||||||
Petco Animal Supplies, Inc. | 12 | 167,455 | 0.7 | % | 2,773 | 16.56 | 1.0 | % | |||||||||||
The Gap9 | 11 | 172,701 | 0.7 | % | 2,647 | 15.33 | 1.0 | % | |||||||||||
DSW | 9 | 175,133 | 0.7 | % | 2,491 | 14.22 | 0.9 | % | |||||||||||
Ulta Salon Cosmetics | 10 | 107,023 | 0.4 | % | 2,174 | 20.31 | 0.8 | % | |||||||||||
Frank Theatres | 2 | 122,224 | 0.5 | % | 2,118 | 17.33 | 0.8 | % | |||||||||||
Walgreens | 4 | 67,212 | 0.3 | % | 2,099 | 31.23 | 0.8 | % | |||||||||||
Stein Mart, Inc. | 8 | 275,222 | 1.1 | % | 2,057 | 7.47 | 0.8 | % | |||||||||||
TOTAL | 293 | 6,851,204 | 27.1 | % | $ | 97,824 | $ | 11.39 | 36.0 | % |
____________________ | |
1 | Annualized base rent represents the monthly contractual rent for September 30, 2016 for each applicable tenant multiplied by 12. Annualized base rent does not include tenant reimbursements. |
2 | Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants. |
3 | Includes TJ Maxx (13), Marshalls (7) and HomeGoods (2), all of which are owned by the same parent company. |
4 | Includes Bed Bath and Beyond (11), Buy Buy Baby (4) Christmas Tree Shops (1) and Cost Plus (3), all of which are owned by the same parent company. |
5 | Annualized base rent and percent of total portfolio includes ground lease rent. |
6 | Includes Ann Taylor (5), Catherine's (2), Dress Barn (11), Lane Bryant (8), Justice Stores (5) and Maurices (4), all of which are owned by the same parent company. |
7 | Includes Dick's Sporting Goods (7), Field & Stream (1) and Golf Galaxy (1), all of which are owned by the same parent company. |
8 | Includes Sam's Club, which is owned by the same parent company. |
9 | Includes Banana Republic (1), Gap (1) and Old Navy (9), all of which are owned by the same parent company. |
p. 20 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
RETAIL LEASING SUMMARY1 |
Retail Only - Comparable Space2 | |||||||||||||||||||||||||
Category | Total Leases | Total Sq. Ft. | Leases | Sq. Ft. | Prior Rent PSF3 | New Rent PSF4,5 | Rent Spread | TI, LL Work, Lease Commissions PSF 6 | |||||||||||||||||
New Leases - Q3, 2016 | 49 | 208,320 | 23 | 99,666 | $ | 21.17 | $ | 23.95 | 13.1 | % | $ | 89.27 | |||||||||||||
New Leases - Q2, 2016 | 45 | 125,804 | 18 | 65,877 | $ | 16.72 | $ | 19.98 | 19.5 | % | $ | 33.69 | |||||||||||||
New Leases - Q1, 2016 | 36 | 119,632 | 12 | 48,192 | $ | 19.29 | $ | 21.49 | 11.4 | % | $ | 53.14 | |||||||||||||
New Leases - Q4, 2015 | 59 | 172,378 | 19 | 63,681 | $ | 16.11 | $ | 19.49 | 21.0 | % | $ | 67.68 | |||||||||||||
New Leases - Q3, 2015 | 59 | 280,741 | 24 | 68,783 | $ | 14.98 | $ | 20.50 | 36.9 | % | $ | 30.79 | |||||||||||||
Renewals - Q3, 20167 | 61 | 419,605 | 61 | 419,605 | $ | 15.72 | $ | 17.08 | 8.7 | % | $ | 1.12 | |||||||||||||
Renewals - Q2, 2016 | 53 | 297,542 | 53 | 297,542 | $ | 13.93 | $ | 14.87 | 6.7 | % | $ | 0.49 | |||||||||||||
Renewals - Q1, 2016 | 52 | 285,706 | 52 | 285,706 | $ | 15.34 | $ | 16.42 | 7.1 | % | $ | 1.30 | |||||||||||||
Renewals - Q4, 2015 | 49 | 332,515 | 49 | 332,515 | $ | 13.59 | $ | 15.31 | 12.7 | % | $ | 1.59 | |||||||||||||
Renewals - Q3, 2015 | 48 | 515,492 | 48 | 515,492 | $ | 8.92 | $ | 9.61 | 7.7 | % | $ | 0.56 | |||||||||||||
Total - Q3, 2016 | 110 | 627,925 | 84 | 519,271 | $ | 16.77 | $ | 18.40 | 9.7 | % | $ | 18.05 | |||||||||||||
Total - Q2, 2016 | 98 | 423,346 | 71 | 363,419 | $ | 14.43 | $ | 15.79 | 9.4 | % | $ | 6.50 | |||||||||||||
Total - Q1, 2016 | 88 | 405,338 | 64 | 333,898 | $ | 15.91 | $ | 17.15 | 7.8 | % | $ | 8.78 | |||||||||||||
Total - Q4, 2015 | 108 | 504,893 | 68 | 396,196 | $ | 13.99 | $ | 15.98 | 14.2 | % | $ | 20.33 | |||||||||||||
Total - Q3, 2015 | 107 | 796,233 | 72 | 584,275 | $ | 9.63 | $ | 10.89 | 13.1 | % | $ | 4.32 |
________________ | |
1 | Comparable space leases on this report are included for retail properties only. Leases at our two office properties, Thirty South Meridian and Eddy Street, are included in the totals and ground leases are excluded. |
2 | Comparable leases represent those leases signed for which there was a former tenant within the last 12 months. |
3 | Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term. |
4 | All amounts reported at lease execution. |
5 | Contractual rent represents contractual minimum rent per square foot for the first 12 months of the lease. |
6 | Includes redevelpment costs for tenant specific landlord work and tenant allowances provided to tenants at properties in the 3-R pipeline. Excluding the costs associated with three anchor leases the Q3, 2016 new lease amount would have been $47.53 psf. Excluding the costs associated with an anchor lease the Q1, 2016 new lease amount would have been $19.38 psf. Excluding the costs associated with two anchor leases the Q4, 2015 new lease amount would be $33.80 psf. |
7 | Negotiated cash renewal spreads on comparable leases for Q3, 2016 were 10.4%. |
p. 21 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
LEASE EXPIRATIONS – OPERATING PORTFOLIO |
As of September 30, 2016
($ in thousands, except per square foot data)
This table includes the following:
• | Operating retail properties; |
• | Operating office properties; and |
• | Development/Redevelopment property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 2016. |
Number of Expiring Leases1 | Expiring GLA/NRA2 | % of Total GLA/NRA Expiring | Expiring Annualized Base Rent3 | % of Total Annualized Base Rent | Expiring Annualized Base Rent per Sq. Ft. | Expiring Ground Lease Revenue | ||||||||||||||||||
2016 | 63 | 207,411 | 1.3 | % | $ | 3,356 | 1.3 | % | $ | 16.18 | $ | — | ||||||||||||
2017 | 212 | 1,223,204 | 7.6 | % | 20,617 | 8.2 | % | 16.85 | 143 | |||||||||||||||
2018 | 337 | 2,069,582 | 12.9 | % | 34,052 | 13.5 | % | 16.45 | 1,588 | |||||||||||||||
2019 | 259 | 1,757,818 | 11.0 | % | 25,626 | 10.2 | % | 14.58 | 652 | |||||||||||||||
2020 | 249 | 2,164,131 | 13.5 | % | 29,242 | 11.6 | % | 13.51 | 1,592 | |||||||||||||||
2021 | 304 | 1,859,802 | 11.6 | % | 29,802 | 11.8 | % | 16.02 | 905 | |||||||||||||||
2022 | 150 | 1,382,762 | 8.7 | % | 21,470 | 8.5 | % | 15.53 | 1,048 | |||||||||||||||
2023 | 120 | 1,024,213 | 6.4 | % | 16,020 | 6.4 | % | 15.64 | 360 | |||||||||||||||
2024 | 94 | 992,834 | 6.2 | % | 19,316 | 7.7 | % | 19.46 | 288 | |||||||||||||||
2025 | 75 | 666,250 | 4.2 | % | 11,446 | 4.5 | % | 17.18 | 806 | |||||||||||||||
Beyond | 183 | 2,662,803 | 16.6 | % | 41,140 | 16.3 | % | 15.45 | 11,561 | |||||||||||||||
2,046 | 16,010,810 | 100.0 | % | $ | 252,087 | 100.0 | % | $ | 15.74 | $ | 18,943 |
____________________ | |
1 | Lease expiration table reflects rents in place as of September 30, 2016 and does not include option periods; 2016 expirations include 35 month-to-month tenants. This column also excludes ground leases. |
2 | Expiring GLA excludes estimated square footage attributable to non-owned structures on land owned by the Company and ground leased to tenants. |
3 | Annualized base rent represents the monthly contractual rent for September 2016 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue. |
p. 22 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
LEASE EXPIRATIONS – RETAIL ANCHOR TENANTS1 |
As of September 30, 2016
($ in thousands, except per square foot data)
This table includes the following:
• | Operating retail properties; and |
• | Development/Redevelopment property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 2016. |
Number of Expiring Leases2 | Expiring GLA/NRA3 | % of Total GLA/NRA Expiring | Expiring Annualized Base Rent4 | % of Total Annualized Base Rent | Expiring Annualized Base Rent per Sq. Ft. | Expiring Ground Lease Revenue | ||||||||||||||||||
2016 | 2 | 58,189 | 0.4 | % | $ | 410 | 0.2 | % | $ | 7.05 | $ | — | ||||||||||||
2017 | 27 | 677,795 | 4.2 | % | 8,130 | 3.2 | % | 12.00 | — | |||||||||||||||
2018 | 48 | 1,317,591 | 8.2 | % | 15,390 | 6.1 | % | 11.68 | 1,194 | |||||||||||||||
2019 | 37 | 1,180,328 | 7.4 | % | 11,586 | 4.6 | % | 9.82 | — | |||||||||||||||
2020 | 41 | 1,652,377 | 10.3 | % | 16,887 | 6.7 | % | 10.22 | 1,111 | |||||||||||||||
2021 | 45 | 1,176,468 | 7.3 | % | 13,397 | 5.3 | % | 11.39 | 318 | |||||||||||||||
2022 | 40 | 991,348 | 6.2 | % | 12,532 | 5.0 | % | 12.64 | 745 | |||||||||||||||
2023 | 26 | 684,799 | 4.3 | % | 8,017 | 3.2 | % | 11.71 | 260 | |||||||||||||||
2024 | 21 | 719,023 | 4.5 | % | 12,871 | 5.1 | % | 17.90 | — | |||||||||||||||
2025 | 18 | 422,381 | 2.6 | % | 5,752 | 2.3 | % | 13.62 | 381 | |||||||||||||||
Beyond | 60 | 2,209,317 | 13.8 | % | 29,464 | 11.7 | % | 13.34 | 7,009 | |||||||||||||||
365 | 11,089,616 | 69.3 | % | $ | 134,436 | 53.3 | % | $ | 12.12 | $ | 11,018 |
____________________ | |
1 | Retail anchor tenants are defined as tenants that occupy 10,000 square feet or more. |
2 | Lease expiration table reflects rents in place as of September 30, 2016 and does not include option periods. |
3 | Expiring GLA excludes square footage for non-owned ground lease structures on land we own and ground leased to tenants. |
4 | Annualized base rent represents the monthly contractual rent for September 2016 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue. |
p. 23 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
LEASE EXPIRATIONS – RETAIL SHOPS |
As of September 30, 2016
($ in thousands, except per square foot data)
This table includes the following:
• | Operating retail properties; and |
• | Development/Redevelopment property tenants open for business as of September 30, 2016. |
Number of Expiring Leases1 | Expiring GLA/NRA2 | % of Total GLA/NRA Expiring | Expiring Annualized Base Rent3 | % of Total Annualized Base Rent | Expiring Annualized Base Rent per Sq. Ft. | Expiring Ground Lease Revenue | |||||||||||||||
2016 | 60 | 142,022 | 0.9% | $ | 2,874 | 1.1% | $ | 20.23 | $ | — | |||||||||||
2017 | 183 | 459,319 | 2.8% | 10,932 | 4.3% | 23.80 | 143 | ||||||||||||||
2018 | 287 | 734,154 | 4.6% | 18,272 | 7.2% | 24.89 | 394 | ||||||||||||||
2019 | 222 | 572,237 | 3.6% | 13,939 | 5.5% | 24.36 | 652 | ||||||||||||||
2020 | 206 | 498,443 | 3.1% | 12,098 | 4.8% | 24.27 | 481 | ||||||||||||||
2021 | 256 | 675,476 | 4.2% | 16,219 | 6.4% | 24.01 | 587 | ||||||||||||||
2022 | 107 | 340,368 | 2.1% | 8,065 | 3.2% | 23.70 | 304 | ||||||||||||||
2023 | 92 | 306,426 | 1.9% | 7,378 | 2.9% | 24.08 | 100 | ||||||||||||||
2024 | 70 | 199,585 | 1.2% | 5,246 | 2.1% | 26.28 | 288 | ||||||||||||||
2025 | 53 | 164,229 | 1.0% | 4,424 | 1.8% | 26.94 | 425 | ||||||||||||||
Beyond | 121 | 444,332 | 2.7% | 11,474 | 4.5% | 25.82 | 4,552 | ||||||||||||||
1,657 | 4,536,591 | 28.3% | $ | 110,921 | 43.9% | $ | 24.45 | $ | 7,925 |
____________________ | |
1 | Lease expiration table reflects rents in place as of September 30, 2016, and does not include option periods; 2016 expirations include 35 month-to-month tenants. This column also excludes ground leases. |
2 | Expiring GLA excludes estimated square footage attributable to non-owned structures on land we own and ground leased to tenants. |
3 | Annualized base rent represents the monthly contractual rent for September 2016 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue. |
p. 24 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
LEASE EXPIRATIONS – OFFICE TENANTS |
As of September 30, 2016
($ in thousands, except per square foot data)
Number of Expiring Leases1 | Expiring GLA/NRA2 | % of Total GLA/NRA Expiring | Expiring Annualized Base Rent3 | % of Total Annualized Base Rent | Expiring Annualized Base Rent per Sq. Ft. | ||||||||||||
2016 | 2 | 7,200 | — | $ | 72 | — | $ | 10.00 | |||||||||
2017 | 2 | 86,090 | 0.5% | 1,554 | 0.6% | 18.05 | |||||||||||
2018 | 2 | 17,837 | 0.1% | 391 | 0.2% | 21.90 | |||||||||||
2019 | 1 | 5,253 | — | 101 | 0.1% | 19.25 | |||||||||||
2020 | 2 | 13,311 | 0.1% | 256 | 0.1% | 19.25 | |||||||||||
2021 | 3 | 7,858 | — | 185 | 0.1% | 23.59 | |||||||||||
2022 | 3 | 51,046 | 0.3% | 874 | 0.3% | 17.11 | |||||||||||
2023 | 2 | 32,988 | 0.2% | 625 | 0.2% | 18.96 | |||||||||||
2024 | 3 | 74,226 | 0.5% | 1,200 | 0.5% | 16.16 | |||||||||||
2025 | 3 | 79,640 | 0.5% | 1,270 | 0.5% | 15.95 | |||||||||||
Beyond | 1 | 9,154 | 0.1% | 203 | 0.1% | 22.12 | |||||||||||
24 | 384,603 | 2.4% | $ | 6,731 | 2.7% | $ | 17.50 |
____________________ | |
1 | Lease expiration table reflects rents in place as of September 30, 2016 and does not include option periods. This column also excludes ground leases. |
2 | Lease expiration table reflects rents in place as of September 30, 2016 and does not include option periods. This column also excludes ground leases. |
3 | Annualized base rent represents the monthly contractual rent for September 2016 for each applicable tenant multiplied by 12. Excludes tenant reimbursements. |
p. 25 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
DEVELOPMENT PROJECTS UNDER CONSTRUCTION |
As of September 30, 2016
($ in thousands)
Project | Company Ownership % | MSA | Projected Stabilization Date1 | Projected Owned GLA2 | Projected Total GLA3 | Percent of Owned GLA Occupied4 | Percent of Owned GLA Pre-Leased/ Committed5 | Total Estimated Project Cost | Cost Incurred as of September 30, 2016 | Major Tenants and Non-owned Anchors6 | |||||||||
Parkside Town Commons, NC - Phase II | 100% | Raleigh | Mid 2017 | 297,277 | 347,642 | 68.0 | % | 89.2 | % | $ | 83,500 | $ | 80,213 | Frank Theatres, Field & Stream, Golf Galaxy, Stein Mart, Chuy's, Starbucks, Panera Bread | |||||
Total | 297,277 | 347,642 | 68.0 | % | 89.2 | % | $ | 83,500 | $ | 80,213 |
Projected Annualized Development / Redevelopment Cash NOI Summary | |||
Remaining Under Construction Development / Redevelopment Cash NOI | 8,839 | ||
Remaining Transitional Development / Redevelopment Cash NOI | 2,879 | ||
Total Remaining Annual Cash NOI | $ | 11,718 |
Summary of Construction In Progress on Consolidated Balance Sheet: | |||
Under Construction Development / Redevelopment CIP | $ | 23,155 | |
Transitional Development / Redevelopment CIP | 34,917 | ||
Deerwood Apartments - Jacksonville, FL | 22,498 | ||
Holly Springs Towne Center - Phase III | 5,691 | ||
Miscellaneous tenant improvements and small projects | 19,714 | ||
Construction In Progress on Consolidated Balance Sheet | $ | 105,975 |
____________________ | |
1 | Stabilization date represents near-completion of project construction and substantial occupancy of the property. |
2 | Projected Owned GLA represents gross leasable area we project we will own. It excludes square footage that we project will be attributable to non-owned outlot structures on land owned by us and expected to be ground leased to tenants. It also excludes non-owned anchor space. |
3 | Projected Total GLA includes Projected Owned GLA, projected square footage attributable to non-owned outlot structures on land that we own, and non-owned anchor space that currently exists or is under construction. |
4 | Includes tenants that have taken possession of their space or have begun paying rent. |
5 | Excludes outlot land parcels owned by the Company and ground leased to tenants. |
6 | Subsequent to September 30, 2016, Field & Stream's lease was terminated. |
p. 26 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
UNDER CONSTRUCTION REDEVELOPMENT, REPOSITION, AND REPURPOSE PROJECTS |
($ in thousands) | ||||||
Property | Location (MSA) | Description | Projected ROI | Projected Cost | Percentage of Cost Spent | Est. Stabilized Period |
Bolton Plaza, Phase II | Jacksonville | Replacing existing vacant shop space with 22,000 square foot junior anchor and ground lease to national grocer; additionally undergoing center upgrades. | 9.0% - 9.5% | $6,000 - $7,000 | 27% | 1H 2017 |
Burnt Store Promenade* | Punta Gorda | New building construction of current grocer into 45,000 square foot space. New 20 year lease and center upgrades. | 10.5% - 11.5% | $9,000 - $10,000 | 5% | 1H 2018 |
Castleton Crossing | Indianapolis | Demolition of existing structure to create new outparcel small shop building. | 11.5% - 12.0% | $3,000 - $4,000 | 60% | 1H 2017 |
City Center* | White Plains | Reactivating street level retail components and enhancing overall shopping experience within multilevel project. | 6.5% - 7.0% | $17,000 - $17,500 | 59% | 1H 2018 |
Centennial Gateway | Las Vegas | Retenanting of a 13,950 square foot anchor location to provide retenanting opportunity to enhance overall quality of the center; also includes additional structural improvements and building upgrades. | 29% - 30% | $1,000 - $1,500 | 1% | 2H 2017 |
Hitchcock Plaza | Aiken | Replacing recaptured vacant box with one junior anchor and incremental shop space. | 7.5% - 8.0% | $2,500 - $3,000 | 54% | YE 2016 |
Northdale Promenade* | Tampa | Multi-phase project involving rightsizing of an existing shop tenant to accommodate construction of new junior anchor, and the demolition of shop space to add another junior anchor, enhance space visibility, and improve overall small shop mix. | 11.0% - 11.5% | $5,000 - $6,000 | 23% | 1H 2017 |
Portofino Shopping Center, Phase I1 | Houston | Addition of two small shop buildings on outparcels. | 8.0% - 8.5% | $5,000 - $6,000 | 92% | YE 2016 |
Shops at Moore | Oklahoma City | Expansion of existing vacant space to be reconstructed and occupied with the addition of a new junior anchor. | 13.0% - 13.5% | $1,000 - $1,500 | 75% | YE 2016 |
Tarpon Bay Plaza | Naples | Recapture of a junior anchor space to enhance merchandising mix and cross shopping experience; also, upgrading exterior of the center and other building improvements. | 15.5% - 16.5% | $1,800 - $2,300 | 20% | YE 2016 |
Traders Point | Indianapolis | Overhaul of existing theatre to upgrade to a premier entertainment center; renovation to include added food and beverage component and high-end / luxury improvements. | 8.5% - 9.5% | $2,300 - $2,700 | < 1% | 1H 2017 |
Trussville Promenade2 | Birmingham | Replacing existing vacant small shops with 22,000 square foot junior anchor. | 6.5% - 7.5% | $4,500 - $5,500 | 1% | 2H 2017 |
UNDER CONSTRUCTION REDEVELOPMENT, REPOSITION, REPURPOSE TOTALS | 9.0% - 10.0% | $58,100 - $67,000 | 38% |
____________________ | |
1 | The projected ROI, cost, and estimated stabilized period only refer to the initial phase of the project at Portofino. |
2 | Refers to Trussville I |
* | Asterisk represents assets removed from the operating portfolio. |
p. 27 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
REDEVELOPMENT, REPOSITION, AND REPURPOSE OPPORTUNITIES |
($ in thousands) | ||
REDEVELOPMENT | Location (MSA) | Description |
Beechwood Promenade* | Athens | Remerchandising opportunity across vacant shop space via new fitness facility, fast casual, and other shops; also considering self storage opportunities. |
Courthouse Shadows* | Naples | Recapture of natural lease expiration; demolition of the site to add a large format single tenant ground lease as well as an additional outparcel development. |
Fishers Station* | Indianapolis | Demolition, expansion, and replacement of previous anchor. |
Hamilton Crossing Centre* | Indianapolis | Recapture of lease expiration; substantially enhancing merchandising mix and replacing available anchor tenant. |
Portofino Shopping Center, Phase II | Houston | Demolition and expansion of existing vacant space to accommodate new luxury junior anchor; rightsizing of existing 25,000 square foot junior anchor, and relocation of shop tenants. |
Rampart Commons* | Las Vegas | Addition of new tenants replacing expiring leases. Upgrades to building façades and hardscape through the center. |
The Landing at Tradition | Port St. Lucie | Retenanting of 40,295 square feet, as well as, relocation of an additional existing 7,500 sf tenant within the center to allow for the construction of a new 60,628 sf new anchor tenant. Also, the construction of a new 10,000 sf small shop building on an outparcel currently owned by the Company. |
Targeted Return | 9.5% - 10.5% | |
Expected Cost | $55,000 - $65,000 | |
REPOSITION1 | Location (MSA) | Description |
Centennial Center | Las Vegas | General building enhancements including improved access of main entry point. Addition of two restaurants to anchor the small shop building. |
Landstown Commons | Virginia Beach | Either relocation of an existing tenant to accommodate a drive through or the addition of a new tenant with a drive through. General improvement of the main street area, including façade improvements and addition of pedestrian elements. |
Market Street Village | Fort Worth | Retenant 15,000 square foot anchor space and replacing with a new tenant. |
Miramar Square | Ft. Lauderdale | Remerchandising existing 20,000 square foot anchor space to enhance tenant mix; additional asset upgrades to improve position in market. |
Targeted Return | 10.0% - 11.0% | |
Expected Cost | $15,000 - $20,000 | |
REPURPOSE | Location (MSA) | Description |
The Corner* | Indianapolis | Creation of a mixed use (retail and multi-family) development replacing an unanchored small shop center. |
Targeted Return | 9.0% - 9.5% | |
Expected Cost | $15,000 - $20,000 | |
Total Targeted Return | 9.0% - 11.0% | |
Total Expected Cost | $85,000 - $105,000 |
____________________ | |
1 | Reposition refers to less substantial asset enhancements based on internal costs. |
* | Asterisk represents assets removed from the operating portfolio. |
Note: | These opportunities are merely potential at this time and are subject to various contingencies, many of which are beyond the Company's control. Targeted return is based upon our current expectations of capital expenditures, budgets, anticipated leases and certain other factors relating to such opportunities. The actual return on these investments may not meet our expectations. |
p. 28 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
GEOGRAPHIC DIVERSIFICATION – ANNUAL BASE RENT BY STATE |
As of September 30, 2016
($ in thousands)
Total Operating Portfolio Excluding Developments and Redevelopments | Developments and Redevelopments2 | Total Operating Portfolio Including Developments and Redevelopments | |||||||||||||||||||||||||||
Owned GLA/NRA1 | Annualized Base Rent | Owned GLA/NRA1 | Annualized Base Rent | Number of Properties | Owned GLA/NRA1 | Annualized Base Rent - Ground Leases | Total Annualized Base Rent | Percent of Annualized Base Rent | |||||||||||||||||||||
Florida | 4,344,528 | $ | 61,294 | 283,627 | $ | 2,585 | 39 | 4,628,155 | $ | 3,755 | $ | 67,633 | 25.0% | ||||||||||||||||
Texas | 2,283,101 | 32,981 | — | — | 12 | 2,283,101 | 1,082 | 34,064 | 12.6% | ||||||||||||||||||||
Indiana - Retail | 2,168,261 | 29,021 | 295,629 | 1,938 | 22 | 2,463,890 | 1,053 | 32,013 | 11.8% | ||||||||||||||||||||
Nevada | 849,019 | 18,081 | 81,292 | 2,144 | 7 | 930,311 | 3,819 | 24,043 | 8.9% | ||||||||||||||||||||
North Carolina | 861,986 | 15,714 | 297,277 | 3,509 | 9 | 1,159,263 | 3,158 | 22,380 | 8.3% | ||||||||||||||||||||
Oklahoma | 822,410 | 11,511 | — | — | 5 | 822,410 | 1,188 | 12,699 | 4.7% | ||||||||||||||||||||
New York | — | — | 313,139 | 9,263 | 1 | 313,139 | — | 9,263 | 3.4% | ||||||||||||||||||||
Georgia | 394,419 | 4,888 | 353,970 | 3,125 | 4 | 748,389 | 500 | 8,513 | 3.1% | ||||||||||||||||||||
New Jersey | 245,988 | 5,760 | — | — | 2 | 245,988 | 2,251 | 8,011 | 3.0% | ||||||||||||||||||||
Virginia | 398,333 | 7,028 | — | — | 1 | 398,333 | 294 | 7,322 | 2.7% | ||||||||||||||||||||
Utah | 387,118 | 6,362 | — | — | 2 | 387,118 | 162 | 6,524 | 2.4% | ||||||||||||||||||||
Indiana - Office | 369,556 | 6,412 | — | — | 2 | 369,556 | — | 6,412 | 2.4% | ||||||||||||||||||||
Tennessee | 406,452 | 6,082 | — | — | 2 | 406,452 | — | 6,082 | 2.2% | ||||||||||||||||||||
South Carolina | 515,232 | 5,336 | — | — | 3 | 515,232 | — | 5,336 | 2.0% | ||||||||||||||||||||
Alabama | 526,724 | 4,906 | — | — | 2 | 526,724 | 201 | 5,107 | 1.9% | ||||||||||||||||||||
Connecticut | 208,929 | 3,327 | — | — | 1 | 208,929 | 939 | 4,266 | 1.6% | ||||||||||||||||||||
Illinois | 310,865 | 4,198 | — | — | 3 | 310,865 | — | 4,198 | 1.5% | ||||||||||||||||||||
Arizona | 79,902 | 2,256 | — | — | 1 | 79,902 | — | 2,256 | 0.8% | ||||||||||||||||||||
Ohio | 236,230 | 2,142 | — | — | 1 | 236,230 | — | 2,142 | 0.8% | ||||||||||||||||||||
Wisconsin | 82,254 | 1,227 | — | — | 1 | 82,254 | 381 | 1,608 | 0.6% | ||||||||||||||||||||
New Hampshire | 78,892 | 997 | — | — | 1 | 78,892 | 160 | 1,157 | 0.4% | ||||||||||||||||||||
15,570,199 | $ | 229,522 | 1,624,934 | $ | 22,565 | 121 | 17,195,133 | $ | 18,942 | $ | 271,030 | 100.0% |
____________________ | |||||||||||||
1 | Owned GLA/NRA represents gross leasable area or net leasable area owned by the Company. It also excludes the square footage of Union Station Parking Garage. | ||||||||||||
2 | Represents the nine redevelopment and one development property not in the retail operating portfolio. |
p. 29 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
OPERATING RETAIL PORTFOLIO SUMMARY REPORT |
As of September 30, 2016
Property1 | Location (MSA) | Year Built/ Renovated | Owned GLA2 | Leased % | ABR per SqFt | Major Owned Tenants | Major Non-owned Tenants | |||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | |||||||||||||||
Alabama | ||||||||||||||||||||
Clay Marketplace | Birmingham | 1966/2003 | 63,107 | 44,840 | 18,267 | 97.6 | % | 100.0 | % | 91.5 | % | $ | 12.46 | Publix | ||||||
Trussville Promenade | Birmingham | 1999 | 463,617 | 376,010 | 87,607 | 95.7 | % | 100.0 | % | 77.0 | % | 9.33 | Wal-Mart, Regal Cinemas, Marshalls, Big Lots, PetSmart, Dollar Tree, Ross Dress for Less | Kohl's, Sam's Club | ||||||
Arizona | ||||||||||||||||||||
The Corner | Tucson | 2008 | 79,902 | 55,883 | 24,019 | 100.0 | % | 100.0 | % | 100.0 | % | 28.23 | Nordstrom Rack, Total Wine & More | Home Depot | ||||||
Connecticut | ||||||||||||||||||||
Crossing at Killingly Commons3 | Killingly | 2010 | 208,929 | 148,250 | 60,679 | 97.0 | % | 100.0 | % | 89.5 | % | 16.43 | TJ Maxx, Bed Bath & Beyond, Michaels, Petco, Staples, Stop & Shop Supermarket, Lowe's Home Improvement | Target | ||||||
Florida | ||||||||||||||||||||
12th Street Plaza | Vero Beach | 1978/2003 | 135,016 | 121,376 | 13,640 | 97.9 | % | 100.0 | % | 79.2 | % | 9.60 | Publix, Stein Mart, Tuesday Morning, Sunshine Furniture, Planet Fitness | |||||||
Bayport Commons | Tampa | 2008 | 97,193 | 71,540 | 25,653 | 93.7 | % | 100.0 | % | 76.2 | % | 15.82 | Gander Mountain, PetSmart, Michaels | Target | ||||||
Bolton Plaza | Jacksonville | 1986/2014 | 154,555 | 136,195 | 18,360 | 100.0 | % | 100.0 | % | 100.0 | % | 9.59 | LA Fitness, Academy Sports, Marshalls, Aldi | |||||||
Centre Point Commons | Bradenton | 2007 | 119,275 | 93,574 | 25,701 | 100.0 | % | 100.0 | % | 100.0 | % | 17.11 | Best Buy, Dick's Sporting Goods, Office Depot | Lowe's Home Improvement | ||||||
Cobblestone Plaza | Ft. Lauderdale | 2011 | 133,220 | 68,169 | 65,051 | 100.0 | % | 100.0 | % | 100.0 | % | 27.18 | Whole Foods, Party City | |||||||
Colonial Square | Fort Myers | 2010 | 182,358 | 146,283 | 36,075 | 69.2 | % | 71.4 | % | 60.6 | % | 12.85 | Around the Clock Fitness, Dollar Tree, Hobby Lobby, PetSmart, Kohl's | |||||||
Cove Center | Stuart | 1984/2008 | 155,063 | 130,915 | 24,148 | 95.7 | % | 100.0 | % | 72.5 | % | 9.03 | Publix, Beall's, Ace Hardware | |||||||
Delray Marketplace3 | Delray | 2013 | 260,118 | 118,136 | 141,982 | 96.7 | % | 100.0 | % | 93.9 | % | 25.40 | Frank Theatres, Publix, Jos. A. Bank, Carl's Patio, Chicos, Charming Charlie, Ann Taylor, Burt & Max's | |||||||
Estero Town Commons | Naples | 2006 | 25,631 | — | 25,631 | 83.2 | % | — | 83.2 | % | 13.92 | Lowe's Home Improvement, Dollar Tree | ||||||||
Gainesville Plaza | Gainesville | 1970/2015 | 162,693 | 125,162 | 37,531 | 85.7 | % | 100.0 | % | 37.9 | % | 9.41 | Ross Dress for Less, Burlington Coat Factory, 2nd and Charles, Save a Lot | |||||||
Hunter's Creek Promenade | Orlando | 1994 | 119,729 | 55,999 | 63,730 | 100.0 | % | 100.0 | % | 100.0 | % | 14.28 | Publix | |||||||
Indian River Square | Vero Beach | 1997/2004 | 142,706 | 109,000 | 33,706 | 92.4 | % | 100.0 | % | 68.0 | % | 10.96 | Beall's, Office Depot, Dollar Tree | Target | ||||||
International Speedway Square | Daytona | 1999/2013 | 233,443 | 203,405 | 30,038 | 100.0 | % | 100.0 | % | 100.0 | % | 11.44 | Bed, Bath & Beyond, Stein Mart, Old Navy, Staples, Michaels, Dick’s Sporting Goods, Total Wine & More, Shoe Carnival | |||||||
King's Lake Square | Naples | 1986/2014 | 88,314 | 57,131 | 31,183 | 96.2 | % | 100.0 | % | 89.3 | % | 17.26 | Publix, Royal Fitness | |||||||
Lake City Commons | Lake City | 2008 | 65,723 | 45,600 | 20,123 | 100.0 | % | 100.0 | % | 100.0 | % | 14.56 | Publix | |||||||
Lake City Commons - Phase II | Lake City | 2011 | 16,291 | 12,131 | 4,160 | 100.0 | % | 100.0 | % | 100.0 | % | 15.41 | PetSmart | |||||||
Lake Mary Plaza | Orlando | 2009 | 21,370 | 14,880 | 6,490 | 100.0 | % | 100.0 | % | 100.0 | % | 37.16 | Walgreens | |||||||
Lakewood Promenade | Jacksonville | 1948/1998 | 196,796 | 77,840 | 118,956 | 82.6 | % | 100.0 | % | 71.2 | % | 12.00 | SteinMart, Winn Dixie | |||||||
Lithia Crossing | Tampa | 2003/2013 | 90,499 | 53,547 | 36,952 | 100.0 | % | 100.0 | % | 100.0 | % | 14.96 | Stein Mart, Fresh Market | |||||||
Miramar Square | Ft. Lauderdale | 2008 | 224,725 | 137,505 | 87,220 | 82.9 | % | 85.5 | % | 78.9 | % | 15.43 | Kohl's, Miami Children's Hospital, Dollar General | |||||||
Palm Coast Landing | Palm Coast | 2010 | 166,027 | 100,822 | 65,205 | 100.0 | % | 100.0 | % | 100.0 | % | 18.70 | Michaels, PetSmart, Ross Dress for Less, TJ Maxx, Ulta Salon | Target | ||||||
Pine Ridge Crossing | Naples | 1993 | 105,867 | 66,351 | 39,516 | 99.0 | % | 100.0 | % | 97.2 | % | 16.85 | Publix, Party City | Beall's, Target |
See footnotes on page 34
p. 30 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED) |
As of September 30, 2016
Property1 | Location (MSA) | Year Built/ Renovated | Owned GLA2 | Leased % | ABR per Sq. ft. | Major Owned Tenants | Major Non-owned Tenants | |||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | |||||||||||||||
Pleasant Hill Commons | Orlando | 2008 | 70,642 | 45,600 | 25,042 | 95.5 | % | 100.0 | % | 87.4 | % | $ | 14.68 | Publix | ||||||
Publix at St. Cloud | St. Cloud | 2003 | 78,820 | 54,379 | 24,441 | 100.0 | % | 100.0 | % | 100.0 | % | 13.14 | Publix | |||||||
Riverchase Plaza | Naples | 1991/2001 | 78,291 | 48,890 | 29,401 | 100.0 | % | 100.0 | % | 100.0 | % | 15.90 | Publix | |||||||
Saxon Crossing | Orange City | 2009 | 119,894 | 95,304 | 24,590 | 97.6 | % | 100.0 | % | 88.2 | % | 14.70 | Hobby Lobby, LA Fitness | Lowe's Home Improvement, Target | ||||||
Shops at Eagle Creek | Naples | 1983/2013 | 70,805 | 50,187 | 20,618 | 94.7 | % | 100.0 | % | 81.8 | % | 15.43 | Fresh Market, Staples | Lowe's Home Improvement | ||||||
Shops at Eastwood | Orlando | 1997 | 69,037 | 51,512 | 17,525 | 100.0 | % | 100.0 | % | 100.0 | % | 13.14 | Publix | |||||||
Shops at Julington Creek | Jacksonville | 2011 | 40,219 | 21,038 | 19,181 | 100.0 | % | 100.0 | % | 100.0 | % | 18.90 | Fresh Market | |||||||
Tamiami Crossing | Naples | 2016 | 121,949 | 121,949 | — | 100.0 | % | 100.0 | % | — | % | 12.50 | Marshalls, Michaels, PetSmart, Ross Dress for Less, Stein Mart, Ulta | Wal-Mart | ||||||
Tarpon Bay Plaza | Naples | 2007 | 82,547 | 60,151 | 22,396 | 94.7 | % | 100.0 | % | 80.3 | % | 20.94 | World Market, Staples, PetSmart | Target | ||||||
Temple Terrace | Temple Terrace | 2012 | 90,377 | 58,798 | 31,579 | 100.0 | % | 100.0 | % | 100.0 | % | 10.93 | Sweetbay, United Parcel Service | |||||||
The Landing at Tradition | Port St. Lucie | 2007 | 359,774 | 290,396 | 69,378 | 82.7 | % | 86.1 | % | 68.1 | % | 15.28 | TJ Maxx, Ulta Salon, Babies "R" Us, Bed Bath & Beyond, LA Fitness, Michaels, Office Max, Old Navy, PetSmart, Pier 1, DSW | Target | ||||||
Tradition Village Center | Port St. Lucie | 2006 | 84,163 | 45,600 | 38,563 | 91.3 | % | 100.0 | % | 81.0 | % | 16.25 | Publix | |||||||
Village Walk | Fort Myers | 2009 | 78,533 | 54,340 | 24,193 | 93.8 | % | 100.0 | % | 80.0 | % | 15.91 | Publix | |||||||
Waterford Lakes Village | Orlando | 1997 | 77,948 | 51,703 | 26,245 | 100.0 | % | 100.0 | % | 100.0 | % | 12.99 | Winn-Dixie | |||||||
Georgia | ||||||||||||||||||||
Mullins Crossing | Evans | 2005 | 251,712 | 205,716 | 45,996 | 99.4 | % | 100.0 | % | 96.5 | % | 12.47 | Ross Dress for Less, Babies "R" Us, Kohls, La-Z Boy, Marshalls, Office Max, Petco | Target | ||||||
Publix at Acworth | Atlanta | 1996 | 69,628 | 37,888 | 31,740 | 98.3 | % | 100.0 | % | 96.2 | % | 12.18 | Publix | |||||||
The Centre at Panola | Atlanta | 2001 | 73,079 | 51,674 | 21,405 | 100.0 | % | 100.0 | % | 100.0 | % | 12.82 | Publix | |||||||
Illinois | ||||||||||||||||||||
Fox Lake Crossing | Chicago | 2002 | 99,072 | 65,977 | 33,095 | 91.9 | % | 100.0 | % | 75.8 | % | 13.51 | Dominick's Finer Foods, Dollar Tree | |||||||
Naperville Marketplace | Chicago | 2008 | 83,793 | 61,683 | 22,110 | 98.1 | % | 100.0 | % | 92.6 | % | 13.53 | TJ Maxx, PetSmart, | Caputo's | ||||||
South Elgin Commons | Chicago | 2011 | 128,000 | 128,000 | — | 100.0 | % | 100.0 | % | — | % | 14.50 | LA Fitness, Ross Dress for Less, Toy "R" Us | Target | ||||||
Indiana | ||||||||||||||||||||
54th & College | Indianapolis | 2008 | — | — | — | — | % | — | % | — | % | 0.00 | The Fresh Market (ground lease) | |||||||
Beacon Hill | Crown Point | 2006 | 57,075 | 11,043 | 46,032 | 94.4 | % | 100.0 | % | 93.1 | % | 15.43 | Anytime Fitness | Strack & Van Till, Walgreens | ||||||
Bell Oaks Centre | Newburgh | 2008 | 94,811 | 74,122 | 20,689 | 98.5 | % | 100.0 | % | 93.0 | % | 11.81 | Schnuck's Market | |||||||
Boulevard Crossing | Kokomo | 2004 | 124,631 | 74,440 | 50,191 | 95.7 | % | 100.0 | % | 89.4 | % | 14.69 | Petco, TJ Maxx, Ulta Salon, Shoe Carnival | Kohl's | ||||||
Bridgewater Marketplace | Indianapolis | 2008 | 25,975 | — | 25,975 | 68.2 | % | — | % | 68.2 | % | 18.57 | Walgreens | |||||||
Castleton Crossing | Indianapolis | 1975/2012 | 286,372 | 247,710 | 38,662 | 97.5 | % | 100.0 | % | 81.4 | % | 11.21 | K&G Menswear, Value City, TJ Maxx/Home Goods, Shoe Carnival, Dollar Tree, Burlington Coat Factory | |||||||
Cool Creek Commons | Indianapolis | 2005 | 124,272 | 53,600 | 70,672 | 93.8 | % | 100.0 | % | 89.2 | % | 17.80 | The Fresh Market, Stein Mart | |||||||
Depauw University Bookstore and Café | Greencastle | 2012 | 11,974 | — | 11,974 | 100.0 | % | — | % | 100.0 | % | 8.36 | Folletts, Starbucks | |||||||
Eddy Street Commons | South Bend | 2009 | 87,991 | 20,154 | 67,837 | 94.3 | % | 100.0 | % | 92.6 | % | 24.53 | Hammes Bookstore, Urban Outfitters | |||||||
Geist Pavilion | Indianapolis | 2006 | 63,910 | 29,700 | 34,210 | 96.2 | % | 100.0 | % | 92.8 | % | 16.51 | Goodwill, Ace Hardware | |||||||
Glendale Town Center | Indianapolis | 1958/2008 | 393,002 | 329,546 | 63,456 | 97.8 | % | 100.0 | % | 86.6 | % | 7.14 | Macy’s, Landmark Theaters, Staples, Indianapolis Library, Nexus Academy of Indianapolis | Lowe's Home Improvement, Target, Walgreens | ||||||
Greyhound Commons | Indianapolis | 2005 | 9,152 | — | 9,152 | 100.0 | % | — | % | 100.0 | % | 13.05 | Lowe's Home Improvement Center |
See footnotes on page 34
p. 31 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED) |
As of September 30, 2016
Property1 | Location (MSA) | Year Built/ Renovated | Owned GLA2 | Leased % | ABR per Sqft | Major Owned Tenants | Major Non-owned Tenants | |||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | |||||||||||||||
Lima Marketplace | Fort Wayne | 2008 | 100,461 | 71,521 | 28,940 | 89.7 | % | 100.0 | % | 64.1 | % | $ | 14.30 | Aldi, Dollar Tree, Office Depot, PetSmart | Wal-Mart | |||||
Rangeline Crossing | Indianapolis | 1986/2013 | 99,257 | 47,962 | 51,295 | 95.2 | % | 100.0 | % | 90.8 | % | 21.77 | Earth Fare, Walgreens | |||||||
Rivers Edge | Indianapolis | 2011 | 150,428 | 117,890 | 32,538 | 100.0 | % | 100.0 | % | 100.0 | % | 21.18 | Nordstrom Rack, The Container Store, Arhaus Furniture, Bicycle Garage of Indy, Buy Buy Baby, J Crew Mercantile | |||||||
Stoney Creek Commons | Indianapolis | 2000/2013 | 84,330 | 84,330 | — | 100.0 | % | 100.0 | % | — | % | 12.57 | HH Gregg, Goodwill, LA Fitness | Lowe's Home Improvement Center | ||||||
Traders Point | Indianapolis | 2005 | 279,646 | 238,721 | 40,925 | 98.1 | % | 100.0 | % | 87.2 | % | 14.89 | Dick's Sporting Goods, AMC Theatre, Marsh Supermarkets, Bed, Bath & Beyond, Michaels, Old Navy, PetSmart, Books-A-Million | |||||||
Traders Point II | Indianapolis | 2005 | 45,977 | — | 45,977 | 92.2 | % | — | % | 92.2 | % | 25.83 | ||||||||
Whitehall Pike | Bloomington | 1999 | 128,997 | 128,997 | — | 100.0 | % | 100.0 | % | — | % | 7.86 | Lowe's Home Improvement Center | |||||||
Nevada | ||||||||||||||||||||
Cannery Corner3 | Las Vegas | 2008 | 30,745 | — | 30,745 | 90.7 | % | — | % | 90.7 | % | 35.28 | Lowe's Home Improvement, Sam's Club | |||||||
Centennial Center3 | Las Vegas | 2002 | 336,000 | 158,335 | 177,665 | 84.8 | % | 85.2 | % | 84.4 | % | 23.72 | Wal-Mart, Sam's Club, Ross Dress for Less, Big Lots, Famous Footwear, Michaels, Party City, Petco, Rhapsodielle, Home Depot | |||||||
Centennial Gateway3 | Las Vegas | 2005 | 193,033 | 139,861 | 53,172 | 93.6 | % | 92.1 | % | 97.7 | % | 23.92 | 24 Hour Fitness, Sportsman's Warehouse, Walgreens, High End Specialty Grocer | |||||||
Eastern Beltway Center3 | Las Vegas | 1998/2006 | 162,444 | 83,982 | 78,462 | 93.4 | % | 100.0 | % | 86.4 | % | 23.81 | Home Consignment Center, Office Max, Petco, Ross Dress for Less, Sam's Club, Wal-Mart | Home Depot | ||||||
Eastgate3 | Las Vegas | 2002 | 96,589 | 53,030 | 43,559 | 91.5 | % | 100.0 | % | 81.1 | % | 21.91 | 99 Cent Only Store, Office Depot, Party City | Wal-Mart | ||||||
Lowe's Plaza3 | Las Vegas | 2007 | 30,208 | — | 30,208 | 48.3 | % | — | % | 48.3 | % | 31.79 | Lowe's Home Improvement, Sam's Club | |||||||
New Hampshire | ||||||||||||||||||||
Merrimack Village Center | Merrimack | 2007 | 78,892 | 54,000 | 24,892 | 100.0 | % | 100.0 | % | 100.0 | % | 12.63 | Supervalue (Shaw's) | |||||||
New Jersey | ||||||||||||||||||||
Bayonne Crossing | Bayonne | 2011 | 106,383 | 52,219 | 54,164 | 100.0 | % | 100.0 | % | 100.0 | % | 29.40 | Michaels, New York Sports Club, Lowe's Home Improvement, Wal-Mart | |||||||
Livingston Shopping Center | Newark | 1997 | 139,605 | 133,125 | 6,480 | 95.4 | % | 100.0 | % | — | % | 19.77 | Cost Plus, Buy Buy Baby, Nordstrom Rack, DSW, TJ Maxx, Ulta | |||||||
North Carolina | ||||||||||||||||||||
Holly Springs Towne Center - Phase I | Raleigh | 2013 | 207,527 | 109,233 | 98,294 | 98.0 | % | 100.0 | % | 95.7 | % | 16.68 | Dick's Sporting Goods, Marshalls, Petco, Ulta Salon, Michaels | Target | ||||||
Holly Springs Towne Center - Phase II | Raleigh | 2016 | 122,032 | 88,843 | 33,189 | 93.1 | % | 100.0 | % | 74.7 | % | 20.01 | Bed Bath & Beyond, DSW, Carmike Cinemas | |||||||
Memorial Commons | Golsboro | 2008 | 111,271 | 73,876 | 37,395 | 98.3 | % | 100.0 | % | 95.0 | % | 12.66 | Harris Teeter, Office Depot | |||||||
Northcrest Shopping Center | Charlotte | 2008 | 133,674 | 65,576 | 68,098 | 96.2 | % | 100.0 | % | 92.5 | % | 22.07 | REI Co-Op, David's Bridal, Dollar Tree, Old Navy, Five Below | Target | ||||||
Oleander Place | Wilmington | 2012 | 45,530 | 30,144 | 15,386 | 100.0 | % | 100.0 | % | 100.0 | % | 16.13 | Whole Foods | |||||||
Perimeter Woods | Charlotte | 2008 | 126,155 | 105,262 | 20,893 | 96.8 | % | 100.0 | % | 80.9 | % | 20.68 | Best Buy, Off Broadway Shoes, Office Max, PetSmart, Lowe's Home Improvement | |||||||
Parkside Town Commons - Phase I | Cary | 2015 | 55,390 | 22,500 | 32,890 | 100.0 | % | 100.0 | % | 100.0 | % | 23.79 | Harris Teeter, Petco, Guitar Center | Target | ||||||
Toringdon Market | Charlotte | 2004 | 60,407 | 26,072 | 34,335 | 100.0 | % | 100.0 | % | 100.0 | % | 20.67 | Earth Fare |
See footnotes on page 34
p. 32 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED) |
As of September 30, 2016
Property1 | Location (MSA) | Year Built/ Renovated | Owned GLA2 | Leased % | Major Owned Tenants | Major Non-owned Tenants | ||||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | ABR per Sqft | ||||||||||||||
Ohio | ||||||||||||||||||||
Eastgate Pavilion | Cincinnati | 1995 | 236,230 | 231,730 | 4,500 | 100.0 | % | 100.0 | % | 100.0 | % | $ | 9.07 | Best Buy, Dick's Sporting Goods, Value City Furniture, Petsmart, DSW, Bed Bath & Beyond | ||||||
Oklahoma | ||||||||||||||||||||
Belle Isle | Oklahoma City | 2000 | 164,362 | 92,783 | 71,579 | 98.5 | % | 100.0 | % | 96.6 | % | 17.25 | Shoe Carnival, Old Navy, Ross Stores, Nordstrom Rack, Babies "R" Us, Ulta Salon | Wal-Mart | ||||||
Shops at Moore | Moore | 2010 | 260,592 | 187,916 | 72,676 | 100.0 | % | 100.0 | % | 100.0 | % | 12.44 | Bed Bath and Beyond, Best Buy, Hobby Lobby, Office Depot, PetSmart, Ross Dress for Less | JC Penney | ||||||
Silver Springs Pointe | Oklahoma City | 2001 | 48,444 | 20,515 | 27,929 | 76.7 | % | 100.0 | % | 59.6 | % | 15.69 | Kohls, Office Depot | Wal-Mart, Sam's Club, Home Depot | ||||||
University Town Center | Norman | 2009 | 158,518 | 77,097 | 81,421 | 94.6 | % | 100.0 | % | 89.5 | % | 18.07 | Office Depot, Petco, TJ Maxx, Ulta Salon | Target | ||||||
University Town Center Phase II | Norman | 2012 | 190,494 | 133,546 | 56,948 | 93.0 | % | 100.0 | % | 76.6 | % | 12.31 | Academy Sports, DSW, Home Goods, Michaels, Kohls, Guitar Center | |||||||
South Carolina | ||||||||||||||||||||
Hitchcock Plaza | Aiken | 2006 | 252,370 | 214,480 | 37,890 | 90.5 | % | 89.7 | % | 95.2 | % | 9.96 | TJ Maxx, Ross Dress for Less, Academy Sports, Bed Bath and Beyond, Farmers Home Furniture, Old Navy, Petco | |||||||
Shoppes at Plaza Green | Greenville | 2000 | 194,807 | 172,136 | 22,671 | 93.0 | % | 94.1 | % | 84.8 | % | 12.86 | Bed Bath & Beyond, Christmas Tree Shops, Sears, Party City, Shoe Carnival, AC Moore, Old Navy | |||||||
Publix at Woodruff | Greenville | 1997 | 68,055 | 47,955 | 20,100 | 100.0 | % | 100.0 | % | 100.0 | % | 10.76 | Publix | |||||||
Tennessee | ||||||||||||||||||||
Cool Springs Market | Nashville | 1995 | 230,988 | 172,712 | 58,276 | 100.0 | % | 100.0 | % | 100.0 | % | 15.23 | Dick's Sporting Goods, Marshalls, Buy Buy Baby, DSW, Staples, Jo-Ann Fabric | Kroger | ||||||
Hamilton Crossing - Phase II & III | Alcoa | 2008 | 175,464 | 135,737 | 39,727 | 97.7 | % | 100.0 | % | 89.9 | % | 14.96 | Dicks Sporting Goods, Michaels, Old Navy, PetSmart, Ross Dress for Less | |||||||
Texas | ||||||||||||||||||||
Burlington Coat Factory | San Antonio | 1992/2000 | 107,400 | 107,400 | — | 100.0 | % | 100.0 | % | — | % | 5.50 | Burlington Coat Factory | |||||||
Chapel Hill Shopping Center | Fort Worth | 2001 | 126,755 | 43,450 | 83,305 | 91.3 | % | 100.0 | % | 86.7 | % | 24.04 | H-E-B Grocery, The Container Store, Cost Plus World Market | |||||||
Colleyville Downs | Dallas | 2014 | 191,126 | 142,073 | 49,053 | 97.3 | % | 100.0 | % | 89.5 | % | 12.38 | Whole Foods, Westlake Hardware, Vineyard's Antique Mall, Goody Goody Liquor, Petco | |||||||
Kingwood Commons | Houston | 1999 | 164,366 | 74,836 | 89,530 | 100.0 | % | 100.0 | % | 100.0 | % | 19.61 | Randall's Food and Drug, Petco, Chico's, Talbots, Ann Taylor, Jos. A. Bank | |||||||
Market Street Village | Fort Worth | 1970/2011 | 156,625 | 136,746 | 19,879 | 90.4 | % | 89.0 | % | 100.0 | % | 12.45 | Jo-Ann Fabric, Ross, Office Depot, Buy Buy Baby | |||||||
Plaza at Cedar Hill | Dallas | 2000/2010 | 302,458 | 244,065 | 58,393 | 100.0 | % | 100.0 | % | 100.0 | % | 13.18 | Sprouts Farmers Market, DSW, Ross Dress for Less, Hobby Lobby, Office Max, Marshalls, Toys “R” Us/Babies “R” Us, Home Goods | |||||||
Plaza Volente | Austin | 2004 | 156,308 | 105,000 | 51,308 | 96.8 | % | 100.0 | % | 90.2 | % | 17.25 | H-E-B Grocery | |||||||
Portofino Shopping Center | Houston | 1999/2010 | 386,395 | 218,909 | 167,486 | 93.3 | % | 100.0 | % | 84.5 | % | 18.55 | DSW, Michaels, PGA Superstore, SteinMart, PetSmart, Old Navy, TJ Maxx, Nordstrom Rack | Sam's Club | ||||||
Sunland Towne Centre | El Paso | 1996/2014 | 306,437 | 265,037 | 41,400 | 98.9 | % | 100.0 | % | 91.7 | % | 11.86 | Sprouts Farmers Market, PetSmart, Ross, Kmart, Bed Bath & Beyond, Specs Fine Wines |
See footnotes on page 34
p. 33 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED) |
As of September 30, 2016
Property1 | Location (MSA) | Year Built/ Renovated | Owned GLA2 | Leased % | ABR per Sqft | Major Owned Tenants | Major Non-owned Tenants | |||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | |||||||||||||||
Waxahachie Crossing | Waxahachie | 2010 | 97,127 | 72,191 | 24,936 | 100.0 | % | 100.0 | % | 100.0 | % | $ | 14.71 | Best Buy, PetSmart, Ross Dress for Less | Home Depot, JC Penney | |||||
Westside Market | Dallas | 2013 | 93,377 | 70,000 | 23,377 | 100.0 | % | 100.0 | % | 100.0 | % | 16.17 | Randall's Tom Thumb | |||||||
Wheatland Town Crossing | Dallas | 2012 | 194,727 | 142,302 | 52,425 | 100.0 | % | 100.0 | % | 100.0 | % | 12.88 | Conn's, Dollar Tree, Office Depot, Party City, PetSmart, Ross Dress for Less, Shoe Carnival | Target, Aldi | ||||||
Utah | ||||||||||||||||||||
Draper Crossing | Draper | 2012 | 164,098 | 115,916 | 48,182 | 95.0 | % | 100.0 | % | 82.8 | % | 14.72 | TJ Maxx, Dollar Tree, Downeast Home, Smiths | |||||||
Draper Peaks | Draper | 2012 | 223,020 | 101,464 | 121,556 | 95.3 | % | 100.0 | % | 91.4 | % | 19.14 | Michaels, Office Depot, Petco, Quilted Bear, Ross Dress for Less | Kohl's | ||||||
Virginia | ||||||||||||||||||||
Landstown Commons | Virginia Beach | 2007 | 398,333 | 215,246 | 183,087 | 92.3 | % | 96.3 | % | 87.5 | % | 19.12 | Bed Bath & Beyond, Best Buy, Books-A-Million, Five Below, Office Max, Pestmart, Rack Room, Ulta, Walgreens, Kirkland, AC Moore, Ross Dress for Less | Kohl's | ||||||
Wisconsin | ||||||||||||||||||||
Village at Bay Park | Ashwaubenon | 2005 | 82,254 | 23,878 | 58,376 | 93.6 | % | 100.0 | % | 91.0 | % | 15.94 | DSW, JC Penney | |||||||
Total | 15,175,726 | 10,462,243 | 4,713,483 | 95.2 | % | 98.2 | % | 88.7 | % | $ | 15.42 | |||||||||
Total Including 3-R Properties not in the Operating Portfolio | $ | 15.62 |
____________________ | |
1 | All properties are wholly owned, except as indicated. Unless otherwise noted, each property is owned in fee simple by the Company. |
2 | Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of September 30, 2016, except for Greyhound Commons and 54th & College. |
3 | See Joint Venture Summary on page 14. |
p. 34 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
OPERATING OFFICE PROPERTIES |
As of September 30, 2016
($ in thousands, except per square foot data)
Property | MSA | Year Built/ Renovated | Acquired, Redeveloped or Developed | Owned NRA | Percentage Of Owned NRA Leased | Annualized Base Rent1 | Percentage of Annualized Office Base Rent | Base Rent Per Leased Sq. Ft. | Major Tenants | ||||||||
Office Properties | |||||||||||||||||
Thirty South Meridian2 | Indianapolis | 1905/2002 | Redeveloped | 287,928 | 99.0 | % | $ | 5,216 | 77.5 | % | $ | 18.31 | Indiana Supreme Court, City Securities, Kite Realty Group, Lumina Foundation | ||||
Union Station Parking Garage3 | Indianapolis | 1986 | Acquired | N/A | N/A | N/A | N/A | N/A | Denison Parking | ||||||||
Stand-alone Office Components of Retail Projects | |||||||||||||||||
Eddy Street Office (part of Eddy Street Commons)4 | South Bend | 2009 | Developed | 81,628 | 100.0 | % | 1,197 | 17.8 | % | 14.66 | University of Notre Dame Offices | ||||||
Tradition Village Office (part of Tradition Village Square) | Port St. Lucie | 2006 | Acquired | 24,917 | 68.0 | % | 318 | 4.7 | % | 17.63 | |||||||
Total | 394,473 | 97.5 | % | $ | 6,731 | 100.0 | % | $ | 17.50 |
____________________ | |
1 | Annualized Base Rent represents the monthly contractual rent for September 2016 for each applicable property, multiplied by 12. |
2 | Annualized Base Rent includes $793,117 from the Company and subsidiaries as of September 30, 2016, which is eliminated in consolidation for purposes of our consolidated financial statement presentation. |
3 | The garage is managed by a third party. |
4 | The Company also owns the Eddy Street Commons retail shopping center in South Bend, Indiana, along with a parking garage that serves a hotel and the office and retail components of the property. |
p. 35 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
COMPONENTS OF NET ASSET VALUE |
As of September 30, 2016
($ in thousands)
Cash Net Operating Income (NOI) | Supplemental Page: | Other Assets | Supplemental Page: | |||||||
GAAP property NOI (incl. Ground Lease Revenue) | $ | 66,516 | 13 | Cash and cash equivalents | $ | 28,793 | 7 | |||
Below-market lease intangibles, net | (2,569 | ) | 10 | Tenant and other receivables (net of SLR) | 22,475 | 7 | ||||
Straight-line rent | (1,477 | ) | 10 | Restricted cash and escrow deposits | 9,585 | 7 | ||||
Other property related revenue | (1,198 | ) | 13 | Prepaid and other assets2 | 8,314 | 7 | ||||
Ground lease ("GL") revenue | (4,736 | ) | 13, footnote 5 | Undeveloped land in operating portfolio | 10,800 | 10, footnote 3 | ||||
Consolidated Cash Property NOI (excl. GL) | 56,536 | Land held for development | 34,171 | 10 | ||||||
Annualized Consolidated Cash Property NOI (excl. ground leases) | 226,144 | CIP not in under construction development/redevelopment3 | 47,903 | 26 | ||||||
Total Other Asset Value | $ | 162,041 | ||||||||
Adjustments To Normalize Annualized Cash NOI | ||||||||||
Total projected remaining development / transitional redevelopment cash NOI 5 | 11,718 | 26 | Liabilities | |||||||
Unconsolidated EBITDA | 137 | 11 | Mortgage and other indebtedness | $ | (1,732,344 | ) | 7 | |||
Minority interest EBITDA1 | (116 | ) | 14 | Accounts payable and accrued expenses | (93,440 | ) | 7 | |||
Pro forma adjustments | — | Other liabilities4 | (19,578 | ) | 7, 10 | |||||
General and administrative expense allocable to property management activities included in property expenses ($1,200 in Q3) | 4,800 | 13, footnote 3 | Debt premium and issuance costs, net | 10 | 11 | |||||
Total Adjustments | $ | 16,539 | Non-controlling redeemable joint venture interest | (44,110 | ) | 14 | ||||
Projected remaining under construction development/redevelopment6 | (42,068 | ) | 26, 27 | |||||||
Annualized Normalized Portfolio Cash NOI (excl. Ground Leases) | 242,683 | Total Liabilities | $ | (1,931,530 | ) | |||||
Annualized Ground Lease NOI | 18,944 | |||||||||
Total Annualized Portfolio Cash NOI | $ | 261,627 | Diluted shares and units outstanding | 85,488,326 | 11 | |||||
____________________ | |
1 | Excludes Crossing at Killingly Commons and Territory Portfolio as they're included in non-controlling redeemable joint venture interest in liabilities. |
2 | Excludes the Company's $2.5 million investment in an unconsolidated joint venture. |
3 | Includes CIP amounts for Deerwood apartments, Holly Springs Town Center - Phase III and miscellaneous tenant improvements and small projects. |
4 | Deferred revenue and other liabilities of $121 million less mark-to-market lease amount of $101 million. |
5 | Excludes the projected cash NOI and related cost from the 3-R opportunities outlined on page 28. |
6 | Assumes mid-point of projected cost range ($62.6 million) for 3-R under construction. |
p. 36 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |
EARNINGS GUIDANCE - 2016 |
As of September 30, 2016
Previous 2016 Guidance1 | Revised 2016 Guidance1 | ||
FFO per diluted common share, as defined by NAREIT | $2.00 - $2.02 | $1.99 - $2.01 | |
Transaction costs and certain other charges | $0.04 - $0.06 | $0.06 | |
FFO per diluted common share, as adjusted2 | $2.04 - $2.08 | $2.05 - $2.07 | |
Assumptions | |||
Sale of non-core operating properties | $50 million - $60 million | $50 million - $60 million | |
Same property NOI growth (excluding redevelopments) | 2.5% - 3.0% | 2.5% - 3.0% | |
Percent leased at year-end | 95.0% - 95.5% | 95.0% - 95.5% | |
General and administrative expenses | $18 million - $20 million | $18 million - $20 million | |
GAAP interest expense3 | $62 million - $64 million | $62 million - $64 million | |
Sale of non-depreciable assets included in other property related revenue, after tax | $1 million - $3 million | $1 million - $3 million |
____________________ | |
1 | The Company’s 2016 guidance is based on a number of factors, many of which are outside the Company’s control and all of which are subject to change. The Company may change its guidance during the year if actual or anticipated results vary from these assumptions, although the Company undertakes no obligation to do so. |
2 | FFO, as adjusted excludes transaction costs, debt extinguishment gains / losses and certain other income or charges. |
3 | Excludes acclerated amortization of non-cash debt issuance costs and related debt extinguishment gains/losses. |
p. 37 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/16 |