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QUARTERLY FINANCIAL SUPPLEMENTAL – DECEMBER 31, 2020 | |
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| PAGE NO. | | TABLE OF CONTENTS |
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| 3 | | Earnings Press Release |
| 7 | | Corporate Profile |
| 8 | | Contact Information |
| 9 | | Important Notes Including Non-GAAP Disclosures |
| 11 | | Consolidated Balance Sheets |
| 12 | | Consolidated Statements of Operations for the Three and Twelve Months Ended December 31, 2020 |
| 13 | | Same Property Net Operating Income |
| 14 | | Net Operating Income and EBITDA by Quarter |
| 15 | | Funds from Operations for the Three and Twelve Months Ended December 31, 2020 |
| 16 | | Adjusted Funds From Operations and Other Financial Information for the Three and Twelve Months Ended December 31, 2020 |
| 17 | | Summary Income Statement |
| 18 | | Accounts Receivable Impact of COVID-19 |
| 19 | | Joint Venture Summary as of December 31, 2020 |
| 20 | | Summary of Outstanding Debt as of December 31, 2020 |
| 21 | | Maturity Schedule of Outstanding Debt as of December 31, 2020 |
| 22 | | Key Debt Metrics |
| 23 | | Top 25 Tenants by Annualized Base Rent |
| 24 | | Retail Leasing Spreads |
| 25 | | Lease Expirations |
| 26 | | Development and Redevelopment Projects |
| 27 | | Geographic Diversification – Annualized Base Rent by Region and State |
| 28 | | Operating Retail Portfolio Summary Report |
| 32 | | Operating Office Properties and Other |
| 33 | | Components of Net Asset Value |
PRESS RELEASE
Contact Information: Kite Realty Group Trust
Jason Colton
SVP, Capital Markets & Investor Relations
317.713.2762
jcolton@kiterealty.com
Kite Realty Group Trust Reports 2020 Operating Results,
Provides 2021 Guidance, and Declares Dividend
Indianapolis, Indiana, February 11, 2021 - Kite Realty Group Trust (NYSE: KRG) reported today its operating results for the fourth quarter and year ended December 31, 2020.
“Despite the challenges we’ve all faced in 2020, I am extremely proud of KRG’s ability to handle adversity and deliver strong results,” said John A. Kite, Chairman and CEO. “Our performance is a testament to our people, processes, properties and tenants. As the rate of vaccinations accelerates, KRG is positioned to continue our sector-leading operations and capitalize on new opportunities.”
2020 Key Highlights
•Successfully navigated the pandemic with a variety of initiatives and measures such as, ensuring employee safety, providing curbside pickup locations for our tenants, launching the KRG Small Business Lending Program, and maintaining strong leasing volume throughout 2020.
•Approximately 95% of total fourth quarter base rent and recoveries have been collected.
◦Less than 1% of fourth quarter base rent and recoveries have been deferred.
•Purchased Eastgate Crossing and a Pan Am Plaza partnership interest for an aggregate of approximately $68.0 million.
•Sold one non-operating asset for approximately $14.0 million and four outparcels for $7.8 million.
•Commenced construction on three development/redevelopment projects, consisting of approximately $12.6 million of capital commitments, that are anticipated to produce an average cash yield between 14.0% – 15.0%.
•Paid $0.4495 in dividends in 2020; KRG was one of the few open-air peers to continuously pay a dividend.
•Operating cash flow generated in 2020 fully covered operating expenses, capital expenses, development spend and dividend payments in the year with proceeds remaining to generate additional returns.
Full Year Financial and Operational Results
•Realized net loss attributable to common shareholders of $16.2 million, or $0.19 per common share, compared to net loss of $0.5 million, or $0.01 per common share, for the twelve months ending December 31, 2020 and 2019, respectively.
•Generated NAREIT Funds From Operations of the Operating Partnership (FFO) of $108.7 million, or $1.26 per diluted common share, and FFO as adjusted of $112.0 million, or $1.29 per diluted common share.
•Same-Property Net Operating Income (NOI) decreased by 6.6% as a result of the impact of COVID-19.
•Executed 215 new and renewal leases representing over 1.5 million square feet.
◦GAAP leasing spreads of 21.3% (9.1% cash basis) on 42 comparable new leases, 12.0% (6.1% cash basis) on 116 comparable renewals, and 14.5% (7.0% cash basis) on a blended basis in 2020.
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| p. 3 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
◦Excluding two strategic anchor leases related to bankrupt fitness tenants, blended spreads were 19.5% on a GAAP basis and 9.8% on a cash basis.
Fourth Quarter Financial Results
•Realized net loss attributable to common shareholders of $6.8 million, or $0.08 per common share, compared to net income of $15.3 million, or $0.18 per common share, for the three months ending December 31, 2020 and 2019, respectively.
•Generated NAREIT Funds From Operations of the Operating Partnership (FFO) of $25.5 million, or $0.29 per diluted common share, and when removing the $3.3 million impact of severance charges FFO as adjusted of $28.7 million, or $0.33 per diluted common share.
•Same-Property Net Operating Income (NOI) decreased by 10.5% as a result of COVID-19.
•As detailed on page 18 of our supplemental, KRG’s bad debt reserve this quarter was approximately $3.4 million, primarily comprised of:
◦$2.6 million for rental income due during the fourth quarter, which represents approximately 4% of all fourth quarter billings.
Fourth Quarter Portfolio Operations
•Executed 60 new and renewal leases representing over 533,500 square feet.
◦GAAP leasing spreads of 9.8% (-4.1% cash basis) on 11 comparable new leases, 7.7% (1.0% cash basis) on 26 comparable renewals, and 8.4% (-0.7% cash basis) on a blended basis.
◦Excluding two strategic anchor leases related to bankrupt fitness tenants, blended spreads were 13.4% on a GAAP basis and 6.8% on a cash basis.
•Annualized base rent (ABR) for the operating retail portfolio was $18.42, a 3.3% increase year-over-year and an all-time company high.
•Retail leased percentage was 91.2%, a decrease of 490 basis points year-over-year.
◦The closure of Stein Mart contributed 250 basis points of the year-over-year decrease in retail leased percentage.
Fourth Quarter Transaction Activity
•Purchased one asset and one partnership interest for an aggregate of $68 million:
◦Eastgate Crossing, a Trader Joe’s anchored community center in Chapel Hill, NC, and
◦Remaining 15% interest in Pan Am Plaza in Indianapolis, IN.
Fourth Quarter Development Activity
•Completed Eddy Street Phase II at Eddy Street Commons at the University of Notre Dame in South Bend, IN.
•Commenced construction on the redevelopment of a vacant Macy’s box at Glendale Town Center in Indianapolis.
◦New tenants will include Ross Dress for Less, Old Navy, Five Below and additional small shop tenants.
◦KRG will own 100% of the project with a net capital requirement of $3.9 million.
Balance Sheet Overview
•As of December 31, 2020, KRG’s net-debt-to-Adjusted EBITDA, proforma for the asset purchase in the fourth quarter, was 6.8x.
•Zero debt maturities until 2022.
Dividends
•On February 10th, KRG’s Board of Trustees declared a dividend of $0.17 per common share. The dividend will be payable on or about April 15, 2021, to shareholders of record as of April 8, 2021.
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| p. 4 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
Virtual Market Tour Series
•In order to showcase the Company’s high-quality, open-air retail real estate, KRG introduced a Virtual Market Tour Series in early September.
◦Updated in the fourth quarter to include Raleigh, Charlotte, Tampa and Orlando markets.
◦To view the Company’s Virtual Market Tours visit our Market Highlights page at KRG Virtual Property Tours.
2021 Earnings Guidance
KRG is providing 2021 guidance for FFO, as adjusted, of $1.24 to $1.34 per share.
•Estimated 2021 FFO, as adjusted, excludes the impact of 2020 bad debt or 2020 accounts receivable (“2020 Collection Impact”). In the future, should there be previous bad debt collected (recognized as revenue) or accounts receivable written off (recognized as expense) related to 2020 billings, KRG will disclose the impact, but exclude it from FFO, as adjusted.
•The guidance assumes $8.2 million of 2021 bad debt and includes a to be determined asset sale that will match-fund the Eastgate Crossing acquisition.
•The Company intends to continue reporting unadjusted NAREIT FFO, which will be reconciled to Net Income, but will not be guiding to it to limit confusion.
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| Net Income to FFO, as adjusted, Reconciliation |
| | Low End | High End | |
| Net Income | | ($0.13) | ($0.03) | |
| Depreciation | | 1.37 | 1.37 | |
| FFO, as adjusted Guidance | | $1.24 | $1.34 | |
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Earnings Conference Call
Kite Realty Group Trust will conduct a conference call to discuss its financial results on Friday, February 12, 2021, at 9:00 a.m. Eastern Time. A live webcast of the conference call will be available on KRG’s corporate website at www.kiterealty.com. The dial-in numbers are (844) 309-0605 for domestic callers and (574) 990-9933 for international callers (Conference ID: 1891788). In addition, a webcast replay link will be available on the corporate website.
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to retailers in desirable markets through our portfolio of neighborhood, community, and lifestyle centers. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders. For more information, please visit our website at kiterealty.com.
Connect with KRG: LinkedIn | Twitter | Instagram | Facebook
Safe Harbor
This release, together with other statements and information publicly disseminated by us, 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, financial or otherwise, expressed or implied by the forward-looking statements.
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| p. 5 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
Currently, one of the most significant factors that could cause actual outcomes to differ materially from the forward-looking statements is the potential adverse effect of the current pandemic of the novel coronavirus(“COVID-19”), including possible resurgences and mutations, on the financial condition, result of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets. The effects of COVID-19 have caused and may continue to cause many of the Company’s tenants to close stores, reduce hours or significantly limit service, making it difficult for them to meet their obligations, and therefore has and will continue to impact us significantly for the foreseeable future. COVID-19 has impacted the Company significantly, and the extent to which it will continue to impact the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the speed and effectiveness of vaccine and treatment developments and distribution pipeline, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, and possible short-term and long-term effects of the pandemic on consumer behavior, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.
Additional 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 connection with low or negative growth in the U.S. economy as well as economic uncertainty; 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, the Company’s indebtedness; the level and volatility of interest rates; the financial stability of tenants, including their ability to pay rent or request rent concessions, and the risk of tenant insolvency and bankruptcy; the competitive environment in which the Company operates, including potential oversupplies of and reduction in demand for rental space; acquisition, disposition, development and joint venture risks; property ownership and management risks, including the relative illiquidity of real estate investments, periodic costs to repair, renovate and re-lease spaces, operating costs and expenses, vacancies or the inability to rent space on favorable terms or at all; the Company’s ability to maintain the Company’s status as a real estate investment trust for U.S. federal income tax purposes; potential environmental and other liabilities; impairment in the value of real estate property the Company owns; the attractiveness of our properties to tenants, the actual and perceived impact of e-commerce on the value of shopping center assets and changing demographics and customer traffic patterns; risks related to the geographical concentration of the Company’s properties in Florida, Indiana, Texas, Nevada and North Carolina; civil unrest, acts of terrorism or war, acts of God, climate change, epidemics, pandemics (including COVID-19), natural disasters and severe weather conditions such as hurricanes, tropical storms, tornadoes, earthquakes, droughts, floods and fires, including such events or conditions that may result in underinsured or uninsured losses or other increased costs and expenses; changes in laws and government regulations including governmental orders affecting the use of the Company’s properties or the ability of its tenants to operate, and the costs of complying with such changed laws and government regulations; possible short-term or long-term changes in consumer behavior due to COVID-19 and the fear of future pandemics; insurance costs and coverage; risks associated with 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 the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and in the Company’s 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.
This Earnings Release also includes certain forward-looking non-GAAP information. Due to high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these estimates, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable efforts.
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| p. 6 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
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 certain select markets in the United States. As of December 31, 2020, we owned interests in 90 operating and redevelopment properties totaling approximately 17.3 million square feet and three development projects currently under construction.
Our strategy is to maximize the cash flow of our operating properties, successfully complete the construction and lease-up of our redevelopment and development portfolio, and continue to gain scale in our target markets. New investments are focused in the shopping center sector primarily in markets that are benefiting from existing and accelerating migration patterns and where we believe we can leverage our existing infrastructure and relationships to generate attractive risk-adjusted returns. Dispositions are generally designed to increase the quality of our portfolio and exit non-target markets. The proceeds of dispositions will generally be used to acquire assets in our target markets, strengthen the Company’s balance sheet, or otherwise allocated so as to generate attractive risk-adjusted returns.
Company Highlights as of December 31, 2020 | | | | | | | | | | | | | | |
| | # of Properties | Total
GLA /NRA | Owned GLA /NRA1 |
| Operating Retail Properties | | 83 | | 16,265,235 | | 11,661,731 | |
| Operating Office Properties and Other | | 4 | | 498,242 | | 498,242 | |
Redevelopment Properties2 | | 3 | 536,493 | | 271,790 | |
| Total Operating and Redevelopment Properties | | 90 | | 17,299,970 | | 12,431,763 | |
Development Projects2 | | 2 | 330,000 | 97,100 |
| Total All Properties | | 92 | | 17,629,970 | | 12,528,863 | |
| | | Retail | Non-Retail | Total |
| Operating Properties – Leased Percentage | | 91.2% | 96.9% | 91.4% |
| States | | | | 16 |
Stock Listing: New York Stock Exchange symbol: KRG
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| 1 | Excludes square footage of structures located on land owned by the company and ground leased to tenants and adjacent non-owned anchors. |
| 2 | Includes square footage of planned space upon completion. |
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| p. 7 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
Corporate Office
30 South Meridian Street, Suite 1100
Indianapolis, IN 46204
(888) 577-5600
(317) 577-5600
www.kiterealty.com
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| Investor Relations Contact: | | Analyst Coverage: | | Analyst Coverage: |
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| Jason Colton | | Robert W. Baird & Co. | | Compass Point Research & Trading, LLC |
| Senior Vice President, Capital Markets and IR | | Mr. Wes Golladay | | Mr. Floris van Dijkum |
| Kite Realty Group Trust | (216) 737-7510 | (646) 757-2621 |
| 30 South Meridian Street, Suite 1100 | | wgolladay@rwbaird.com | | fvandijkum@compasspointllc.com |
| Indianapolis, IN 46204 | | | | |
| (317) 713-2762 | | Bank of America/Merrill Lynch | | DA Davidson |
| jcolton@kiterealty.com | | Mr. Jeffrey Spector/Mr. Craig Schmidt | | Mr. Barry Oxford |
| | (646) 855-1363/(646) 855-3640 | | (212) 240-9871 |
| Transfer Agent: | | jeff.spector@bofa.com | | boxford@dadco.com |
| | | craig.schmidt@bofa.com | | |
| Broadridge Financial Solutions | | | | KeyBanc Capital Markets |
| Ms. Kristen Tartaglione | | BTIG | | Mr. Jordan Sadler/Mr. Todd Thomas |
2 Journal Square, 7th Floor | | Mr. Michael Gorman | | (917) 368-2280/(917) 368-2286 |
| Jersey City, NJ 07306 | | (212) 738-6138 | | tthomas@keybanccm.com |
| (201) 714-8094 | | mgorman@btig.com | | jsadler@keybanccm.com |
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| Stock Specialist: | | Capital One Securities, Inc. | | Raymond James |
| | | Mr. Christopher Lucas | | Mr. RJ Milligan |
| GTS | | (571) 633-8151 | | (727) 567-2585 |
| 545 Madison Avenue | | christopher.lucas@capitalone.com | | rjmilligann@raymondjames.com |
| 15th Floor | | | | |
| New York, NY 10022 | | Citigroup Global Markets | | Piper Sandler |
| (212) 715-2830 | | Mr. Michael Bilerman/Ms. Katy McConnell | | Mr. Alexander Goldfarb |
| | (212) 816-1383/(212) 816-6981 | | (212) 466-7937 |
| | michael.bilerman@citigroup.com | | alexander.goldfarb@psc.com |
| | katy.mcconnell@citigroup.com | | |
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| | Wells Fargo Securities, LLC | | |
| | Ms. Tamara Fique | | |
| | (617) 603-4262/(443) 263-6568 | | |
| | tamara.fique@wellsfargo.com | | |
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| p. 8 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
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IMPORTANT NOTES INCLUDING NON-GAAP DISCLOSURES | |
Interim Information
This Quarterly Financial Supplemental contains historical information of Kite Realty Group Trust (“the Company” or “KRG”) and is intended to supplement the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, to be filed on or about February 19, 2021, which should be read in conjunction with this supplement. The supplemental information is unaudited, although it reflects all adjustments that, 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, together with other statements and information publicly disseminated by us, 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, financial or otherwise, expressed or implied by the forward-looking statements.
Currently, one of the most significant factors that could cause actual outcomes to differ materially from the forward-looking statements is the potential adverse effect of the current pandemic of the novel coronavirus ("COVID-19"), including possible resurgences and mutations, on the financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets. The effects of COVID-19 have caused and may continue to cause many of the Company’s tenants to close stores, reduce hours or significantly limit service, making it difficult for them to meet their rental obligations, and therefore has and will continue to impact us significantly for the foreseeable future. COVID-19 has impacted the Company significantly, and the extent to which it will continue to impact the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the speed and effectiveness of vaccine and treatment developments and distribution pipeline, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, and possible short-term and long-term effects of the pandemic on consumer behavior, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.
In addition, risks, uncertainties and factors that might cause such differences from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements, 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 connection with low or negative growth in the U.S. economy as well as economic uncertainty;
•financing risks, including the availability of, and costs associated with, sources of liquidity;
•our ability to refinance, or extend the maturity dates of, our indebtedness;
•the level and volatility of interest rates;
•the financial stability of tenants, including their ability to pay rent or request rent concessions, and the risk of tenant insolvency and bankruptcy;
•the competitive environment in which the Company operates, including potential oversupplies of and reduction in demand for rental space;
•acquisition, disposition, development and joint venture risks;
•property ownership and management risks, including the relative illiquidity of real estate investments, period costs to repair, renovate and re-lease spaces, oeprating costs and expense, vacancies or the inability to rent space on favorable terms or at all;
•our ability to maintain our status as a real estate investment trust for federal income tax purposes;
•potential environmental and other liabilities;
•impairment in the value of real estate property the Company owns;
•the attractiveness of our properties to tenants, the actual and perceived impact of e-commerce on the value of shopping center assets and changing demographics and customer traffic patterns;
•risks related to the geographical concentration of our properties in Florida, Indiana, Texas, Nevada and North Carolina;
•civil unrest, acts of terrorism or water, acts of God, climate change, epidemics, pandemics (including COVID-19), natural disasters and severe weather conditions such as hurricanes, tropical storms, tornadoes, earthquakes, droughts, floods and fires, including such events or conditions that may result in underinsured or uninsured losses, or other increased costs and expenses;
•changes in laws and government regulations including governmental orders affecting the use of our properties or the ability of our tenants to operate, and the costs of complying with such changed laws and government regulations;
•possible short-term or long-term changes in consumer behavior due to COVID-19 and the fear of future pandemics;
•insurance costs and coverage;
•risks associated with 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, 2019, 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. The Company calculates FFO, a non-GAAP financial measure, in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts ("NAREIT"), as restated in 2018. The NAREIT white paper defines FFO as net income (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.
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| p. 9 | Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/2020 |
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IMPORTANT NOTES INCLUDING NON-GAAP DISCLOSURES (CONTINUED) | |
Considering the nature of our business as a real estate owner and operator, the Company believes that FFO is helpful to investors in measuring our operational performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. FFO (a) should not be considered as an alternative to net income (calculated in accordance with GAAP) for the purpose of measuring our financial performance, (b) is not an alternative to cash flow from operating activities (calculated in accordance with GAAP) as a measure of our liquidity, and (c) 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. For informational purposes, we have also provided FFO adjusted for loss on debt extinguishment. A reconciliation of net income (calculated in accordance with GAAP) to FFO is included elsewhere in this Financial Supplement.
From time to time, the Company may report or provide guidance with respect to “FFO as adjusted” which starts with FFO, as defined by NAREIT, and then removes the impact of certain non-recurring and non-operating transactions or other items the Company does not consider to be representative of its core operating results including without limitation, gains or losses associated with the early extinguishment of debt, gains or losses associated with litigation involving the Company that is not in the normal course of business, the impact on earnings from employee severance, and the excess of redemption value over carrying value of preferred stock redemption, which are not otherwise adjusted in the Company’s calculation of FFO.
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 modifies FFO, as adjusted for certain cash and non-cash transactions not included in FFO. AFFO should not be considered an alternative to net income as an indication of the company's performance or as an alternative 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 income (calculcated in accordance with GAAP) to AFFO is included elsewhere in this Financial Supplement.
Net Operating Income and Same Property Net Operating Income
The Company uses property net operating income (“NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. The Company defines NOI as income from our real estate, including lease termination fees received from tenants, less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions and certain corporate level expenses. The Company believes that NOI is helpful to investors as a measure of our operating 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 depreciation and amortization, interest expense, and impairment, if any.
The Company also uses same property NOI ("Same Property NOI"), a non-GAAP financial measure, to evaluate the performance of our properties. Same Property NOI excludes properties that have not been owned for the full period presented. It also excludes net gains from outlot sales, straight-line rent revenue, lease termination income in excess of lost rent, amortization of lease intangibles and significant prior period expense recoveries and adjustments, if any. When the Company receives payments in excess of any accounts receivable in exchange for terminating a lease, Same Property NOI will include such excess payments as monthly rent until the earlier of the following: the expiration of 12 months or the start date of a replacement tenant. The Company believes that Same Property NOI is helpful to investors as a measure of our operating performance because it includes only the NOI of properties that have been owned and fully operational for the full quarters presented. The Company believes such presentation eliminates disparities in net income due to the acquisition or disposition of properties during the particular periods presented and thus provides a more consistent comparison of our properties. Same Property NOI includes the results of properties that have been owned for the entire current and prior year reporting periods.
NOI and Same Property NOI should not, however, be considered as alternatives to net income (calculated in accordance with GAAP) as indicators of our financial performance. Our computation of NOI and Same Property NOI may differ from the methodology used by other REITs, and therefore may not be comparable to such other REITs.
When evaluating the properties that are included in the same property pool, the Company has established specific criteria for determining the inclusion of properties acquired or those recently under development. An acquired property is included in the same property pool when there is a full quarter of operations in both years subsequent to the acquisition date. Development and redevelopment properties are included in the same property pool four full quarters after the properties have been transferred to the operating portfolio. A redevelopment property is first excluded from the same property pool when the execution of a redevelopment plan is likely and the Company a) begins recapturing space from tenants or b) the contemplated plan significantly impacts the operations of the property. For the quarter ended December 31, 2020, the Company excluded three redevelopment properties from the same property pool that met these criteria and were owned in both comparable periods. In addition, the Company excluded two recently acquired properties from the same property pool.
Earnings Before Interest Expense, Income Tax Expense, Depreciation and Amortization (EBITDA) and Net Debt to EBITDA
The Company defines 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, the Company has also provided Adjusted EBITDA, which the Company defines as EBITDA less (i) EBITDA from unconsolidated entities, (ii) gains on sales of operating properties or impairment charges, (iii) other income and expense, (iv) noncontrolling interest EBITDA and (v) other non-recurring activity or items impacting comparability from period to period. Annualized Adjusted EBITDA is Adjusted EBITDA for the most recent quarter multiplied by four. Net Debt to Adjusted EBITDA is the Company's share of net debt divided by Annualized Adjusted EBITDA. EBITDA, Adjusted EBITDA, Annualized Adjusted EBITDA and Net Debt to Adjusted EBITDA, as calculated by us, are not comparable to EBITDA and EBITDA-related measures reported by other REITs that do not define EBITDA and EBITDA-related measures 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, the Company believes that EBITDA, Adjusted EBITDA and the ratio of Net Debt to 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, the Company has also provided Annualized Adjusted EBITDA, adjusted as described above. The Company believes this supplemental information provides a meaningful measure of our operating performance. The Company believes presenting EBITDA and the related measures in this manner allows investors and other interested parties to form a more meaningful assessment of our operating results.
| | | | | |
| p. 10 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |
| | | | | | | | | | | | | | |
| ($ in thousands) | | | | |
| | December 31,
2020 | | December 31,
2019 |
| Assets: | | | | |
| Investment properties, at cost | | $ | 3,143,961 | | | $ | 3,087,391 | |
| Less: accumulated depreciation | | (755,100) | | | (666,952) | |
| | | 2,388,861 | | | 2,420,439 | |
| Cash and cash equivalents | | 43,648 | | | 31,336 | |
| Tenant and other receivables, including accrued straight-line rent of $24,783 and $27,256, respectively | | 57,154 | | | 55,286 | |
| Restricted cash and escrow deposits | | 2,938 | | | 21,477 | |
| Deferred costs and intangibles, net | | 63,171 | | | 73,157 | |
| Prepaid and other assets | | 39,975 | | | 34,548 | |
| Investments in unconsolidated subsidiaries | | 12,792 | | | 12,644 | |
| | | | |
| Total Assets | | $ | 2,608,539 | | | $ | 2,648,887 | |
| Liabilities and Shareholders’ Equity: | | | | |
| Mortgage and other indebtedness, net | | $ | 1,170,794 | | | $ | 1,146,580 | |
| Accounts payable and accrued expenses | | 77,469 | | | 69,817 | |
| Deferred revenue and other liabilities | | 85,649 | | | 90,180 | |
| Total Liabilities | | 1,333,912 | | | 1,306,577 | |
| Commitments and contingencies | | | | |
| Limited Partners’ interests in the Operating Partnership and other redeemable noncontrolling interests | | 43,275 | | | 52,574 | |
| Shareholders’ Equity: | | | | |
| Kite Realty Group Trust Shareholders’ Equity: | | | | |
| Common Shares, $.01 par value, 225,000,000 shares authorized, 84,187,999 and 83,963,369 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | | 842 | | | 840 | |
| Additional paid in capital | | 2,085,003 | | | 2,074,436 | |
| Accumulated other comprehensive loss | | (30,885) | | | (16,283) | |
| Accumulated deficit | | (824,306) | | | (769,955) | |
| Total Kite Realty Group Trust Shareholders’ Equity | | 1,230,654 | | | 1,289,038 | |
| Noncontrolling Interests | | 698 | | | 698 | |
| Total Equity | | 1,231,352 | | | 1,289,736 | |
| Total Liabilities and Equity | | $ | 2,608,539 | | | $ | 2,648,887 | |
| | | | | |
| p. 11 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| ($ in thousands, except per share data) | | | | | | | | |
| | | Three Months Ended
December 31, | | Twelve Months Ended
December 31, |
| | | 2020 | | 2019 | | 2020 | | 2019 |
| Revenue: | | | | | | | | |
| Rental income | | $ | 66,311 | | | $ | 73,705 | | | $ | 257,670 | | | $ | 308,399 | |
| Other property related revenue | | 1,970 | | | 1,416 | | | 8,597 | | | 6,326 | |
| Fee income | | 79 | | | 144 | | | 378 | | | 448 | |
| Total revenue | | 68,360 | | | 75,265 | | | 266,645 | | | 315,173 | |
| Expenses: | | | | | | | | |
| Property operating | | 10,562 | | | 11,636 | | | 41,012 | | | 45,575 | |
| Real estate taxes | | 9,316 | | | 8,992 | | | 35,867 | | | 38,777 | |
| General, administrative, and other | | 10,855 | | | 7,691 | | | 30,840 | | | 28,214 | |
| Depreciation and amortization | | 31,818 | | | 30,765 | | | 128,648 | | | 132,098 | |
| Impairment charges | | — | | | — | | | — | | | 37,723 | |
| Total expenses | | 62,551 | | | 59,084 | | | 236,367 | | | 282,387 | |
| Gain (loss) on sale of operating properties, net | | (159) | | | 14,005 | | | 4,733 | | | 38,971 | |
| Operating income | | 5,650 | | | 30,186 | | | 35,011 | | | 71,757 | |
| Interest expense | | (12,284) | | | (12,383) | | | (50,399) | | | (59,268) | |
| Income tax benefit of taxable REIT subsidiary | | 200 | | | 94 | | | 696 | | | 282 | |
| Loss on debt extinguishment | | — | | | (1,950) | | | — | | | (11,572) | |
| Equity in loss of unconsolidated subsidiaries | | (429) | | | 49 | | | (1,685) | | | (628) | |
| Other income (expense), net | | 21 | | | (141) | | | 254 | | | (573) | |
| Net (loss) income | | (6,842) | | | 15,855 | | | (16,123) | | | (2) | |
| Net loss (income) attributable to noncontrolling interests | | 48 | | | (541) | | | (100) | | | (532) | |
| Net (loss) income attributable to Kite Realty Group Trust common shareholders | | $ | (6,794) | | | $ | 15,314 | | | $ | (16,223) | | | $ | (534) | |
| | | | | | | | |
| Net (loss) income per common share - basic and diluted | | $ | (0.08) | | | $ | 0.18 | | | $ | (0.19) | | | $ | (0.01) | |
| | | | | | | | |
| | | | | | | | |
| Weighted average common shares outstanding - basic | | 84,192,462 | | | 83,960,045 | | | 84,142,261 | | | 83,926,296 | |
| Weighted average common shares outstanding - diluted | | 84,192,462 | | | 84,478,245 | | | 84,142,261 | | | 83,926,296 | |
| Cash dividends per common share | | $ | 0.0800 | | | $ | 0.3175 | | | $ | 0.4495 | | | $ | 1.2700 | |
| | | | | |
| p. 12 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
SAME PROPERTY NET OPERATING INCOME (NOI) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ($ in thousands) | | | | | | | | | | | |
| | Three Months Ended December 31, | | Twelve Months Ended December 31, |
| | 2020 | | 2019 | | % Change | | 2020 | | 2019 | | % Change |
Number of properties for the period1 | 82 | | | 82 | | | | | | | | | |
| | | | | | | | | | | |
| Leased percentage at period end | 91.5 | % | | 96.1 | % | | | | 91.5 | % | | 96.1 | % | | |
Economic Occupancy percentage2 | 90.4 | % | | 93.4 | % | | | | 92.1 | % | | 92.8 | % | | |
| | | | | | | | | | | |
| Minimum rent | $ | 49,116 | | | $ | 50,872 | | | | | $ | 199,358 | | | $ | 200,824 | | | |
| Tenant recoveries | 15,661 | | | 15,230 | | | | | 60,652 | | | 59,960 | | | |
| Bad debt | (2,870) | | | (489) | | | | | (12,102) | | | (2,087) | | | |
| Other income | 170 | | | 1,177 | | | | | 597 | | | 2,111 | | | |
| 62,077 | | | 66,790 | | | | | 248,505 | | | 260,808 | | | |
| | | | | | | | | | | |
| Property operating expenses | (9,170) | | | (9,189) | | | | | (34,325) | | | (34,719) | | | |
| Real estate taxes | (8,961) | | | (8,521) | | | | | (34,874) | | | (34,119) | | | |
| (18,131) | | | (17,710) | | | | | (69,199) | | | (68,838) | | | |
| Same Property NOI | $ | 43,946 | | | $ | 49,080 | | | (10.5)% | | $ | 179,306 | | | $ | 191,970 | | | (6.6)% |
| | | | | | | | | | | |
| Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure: | | | | | | | | | | | |
| Net operating income - same properties | $ | 43,946 | | | $ | 49,080 | | | | | $ | 179,306 | | | $ | 191,970 | | | |
Net operating income - non-same activity3 | 4,457 | | | 5,413 | | | | | 10,082 | | | 38,403 | | | |
| Other expense, net | (129) | | | 146 | | | | | (357) | | | (471) | | | |
| General, administrative and other | (10,855) | | | (7,691) | | | | | (30,840) | | | (28,214) | | | |
| Impairment charges | — | | | — | | | | | — | | | (37,723) | | | |
| Depreciation and amortization expense | (31,818) | | | (30,765) | | | | | (128,648) | | | (132,098) | | | |
| Interest expense | (12,284) | | | (12,383) | | | | | (50,399) | | | (59,268) | | | |
| Loss on debt extinguishment | — | | | (1,950) | | | | | — | | | (11,572) | | | |
| (Loss) gain on sales of operating properties | (159) | | | 14,005 | | | | | 4,733 | | | 38,971 | | | |
| Net loss (income) attributable to noncontrolling interests | 48 | | | (541) | | | | | (100) | | | (532) | | | |
| Net (loss) income attributable to common shareholders | $ | (6,794) | | | $ | 15,314 | | | | | $ | (16,223) | | | $ | (534) | | | |
| | | | | |
| ____________________ |
| 1 | Same Property NOI excludes (i) The Corner, Glendale Town Center, and Hamilton Crossing redevelopments, (ii) Eddy Street Commons - Phases II and III developments, (iii) the recently acquired Eastgate Crossing and Nora Plaza, and (iv) office properties. |
| 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 and expiration during the period. |
| 3 | Includes non-cash activity across the portfolio as well as net operating income from properties not included in the same property pool including properties sold during both periods. |
| | | | | |
| p. 13 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
NET OPERATING INCOME AND EBITDA BY QUARTER | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ($ in thousands) | | | | | | | | | | |
| | | Three Months Ended |
| | | December 31, 2020 | | September 30, 2020 | | June 30,
2020 | | March 31, 2020 | | December 31, 2019 |
| Revenue: | | | | | | | | | | |
Minimum rent1 | | $ | 49,506 | | | $ | 48,669 | | | $ | 49,265 | | | $ | 49,539 | | | $ | 53,096 | |
| Minimum rent - ground leases | | 4,190 | | | 4,152 | | | 4,242 | | | 4,204 | | | 4,232 | |
| Tenant reimbursements | | 15,863 | | | 15,134 | | | 14,656 | | | 15,419 | | | 16,161 | |
| Bad debt | | (3,412) | | | (3,643) | | | (6,627) | | | (3,723) | | | (654) | |
| Other property related revenue | | 1,675 | | | 201 | | | 1,411 | | | 3,205 | | | 254 | |
| Overage rent | | 164 | | | — | | | 3 | | | 89 | | | 870 | |
Parking revenue, net2 | | (257) | | | (32) | | | (102) | | | 467 | | | 514 | |
| | | 67,729 | | | 64,481 | | | 62,848 | | | 69,200 | | | 74,473 | |
| Expenses: | | | | | | | | | | |
Property operating - Recoverable3 | | 8,688 | | | 8,700 | | | 8,316 | | | 9,087 | | | 9,721 | |
Property operating - Non-Recoverable3 | | 1,516 | | | 1,342 | | | 725 | | | 1,319 | | | 1,468 | |
| Real estate taxes | | 9,122 | | | 9,168 | | | 8,165 | | | 8,721 | | | 8,793 | |
| | | 19,326 | | | 19,210 | | | 17,206 | | | 19,127 | | | 19,982 | |
| Net Operating Income - Properties | | 48,403 | | | 45,271 | | | 45,642 | | | 50,073 | | | 54,491 | |
| | | | | | | | | | |
| Other (Expenses) Income: | | | | | | | | | | |
| General, administrative, and other | | (7,602) | | | (6,482) | | | (6,578) | | | (6,926) | | | (7,691) | |
| Severance charges | | (3,253) | | | — | | | — | | | — | | | — | |
| Fee income | | 79 | | | 104 | | | 91 | | | 104 | | | 144 | |
| | | | | | | | | | |
| | | (10,776) | | | (6,378) | | | (6,487) | | | (6,822) | | | (7,547) | |
| Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization | | 37,627 | | | 38,893 | | | 39,155 | | | 43,251 | | | 46,944 | |
| | | | | | | | | | |
| | | | | | | | | | |
| Depreciation and amortization | | (31,818) | | | (33,953) | | | (31,409) | | | (31,468) | | | (30,765) | |
| Interest expense | | (12,284) | | | (12,550) | | | (13,271) | | | (12,293) | | | (12,383) | |
| Equity in (loss) earnings of unconsolidated subsidiaries | | (429) | | | (417) | | | (436) | | | (403) | | | 49 | |
| Income tax benefit of taxable REIT subsidiary | | 200 | | | 190 | | | 202 | | | 104 | | | 94 | |
| Loss on debt extinguishment | | — | | | — | | | — | | | — | | | (1,950) | |
| Other (expense) income, net | | 21 | | | (16) | | | 350 | | | (104) | | | (139) | |
| Gain (loss) on sales of operating properties | | (159) | | | 3,226 | | | 623 | | | 1,043 | | | 14,005 | |
| Net (loss) income | | (6,842) | | | (4,627) | | | (4,786) | | | 130 | | | 15,855 | |
| Less: Net loss (income) attributable to noncontrolling interests | | 48 | | | 40 | | | 17 | | | (204) | | | (541) | |
| Net (loss) income attributable to Kite Realty Group Trust | | $ | (6,794) | | | $ | (4,587) | | | $ | (4,769) | | | $ | (74) | | | $ | 15,314 | |
| | | | | | | | | | |
| NOI/Revenue | | 71.5 | % | | 70.2 | % | | 72.6 | % | | 72.4 | % | | 73.2 | % |
Recovery Ratios4 | | | | | | | | | | |
| - Retail Properties | | 92.8 | % | | 87.8 | % | | 92.3 | % | | 89.6 | % | | 90.7 | % |
| - Consolidated | | 89.1 | % | | 84.7 | % | | 88.9 | % | | 86.6 | % | | 87.3 | % |
| | | | | |
| ____________________ |
| 1 | Minimum rent includes $0.6 million, $0.3 million, $0.6 million, $0.2 million, and $2.1 million of lease termination income for the three months ended December, 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively. |
| |
| 2 | Parking revenue, net represents the net operating results of the Eddy Street Parking Garage, the Union Station Parking Garage, and the Pan Am Plaza Parking Garage. |
| 3 | Recoverable expenses include recurring G&A expense of $1.1 million allocable to the property operations in the three months ended December 31, 2020, a portion of which is recoverable. Non-recoverable expenses primarily include ground rent, professional fees, and marketing costs. |
| 4 | “Recovery Ratio” is computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense. |
| | | | | |
| p. 14 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
FUNDS FROM OPERATIONS1, 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| ($ in thousands, except per share data) | | | | | | | | |
| | | Three Months Ended
December 31, | | Twelve Months Ended
December 31, |
| | | 2020 | | 2019 | | 2020 | | 2019 |
| Funds From Operations ("FFO") | | | | | | | | |
| Consolidated net (loss) income | | $ | (6,842) | | | $ | 15,855 | | | $ | (16,123) | | | $ | (2) | |
| Less: net income attributable to noncontrolling interests in properties | | (132) | | | (132) | | | (528) | | | (528) | |
| Less: (Gain) loss on sales of operating properties | | 159 | | | (14,005) | | | (4,733) | | | (38,971) | |
| Add: impairment charges | | — | | | — | | | — | | | 37,723 | |
| Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | | 32,265 | | | 31,065 | | | 130,091 | | | 133,184 | |
FFO of the Operating Partnership1 | | 25,450 | | | 32,783 | | | 108,707 | | | 131,406 | |
| Less: Limited Partners' interests in FFO | | (662) | | | (785) | | | (2,826) | | | (3,153) | |
FFO attributable to Kite Realty Group Trust common shareholders1 | | $ | 24,788 | | | $ | 31,998 | | | $ | 105,881 | | | $ | 128,253 | |
| FFO, as defined by NAREIT, per share of the Operating Partnership - basic | | $ | 0.29 | | | $ | 0.38 | | | $ | 1.26 | | | $ | 1.53 | |
| FFO, as defined by NAREIT, per share of the Operating Partnership - diluted | | $ | 0.29 | | | $ | 0.38 | | | $ | 1.26 | | | $ | 1.52 | |
| | | | | | | | |
FFO of the Operating Partnership1 | | $ | 25,450 | | | $ | 32,783 | | | $ | 108,707 | | | $ | 131,406 | |
| | | | | | | | |
| | | | | | | | |
| Add: severance charge | | 3,253 | | | — | | | 3,253 | | | — | |
| Add: loss on debt extinguishment | | — | | | 1,950 | | | — | | | 11,572 | |
| FFO, as adjusted, of the Operating Partnership | | $ | 28,703 | | | $ | 34,733 | | | $ | 111,960 | | | $ | 142,978 | |
| FFO, as adjusted, per share of the Operating Partnership - basic | | $ | 0.33 | | | $ | 0.40 | | | $ | 1.30 | | | $ | 1.66 | |
| FFO, as adjusted, per share of the Operating Partnership - diluted | | $ | 0.33 | | | $ | 0.40 | | | $ | 1.29 | | | $ | 1.66 | |
| | | | | | | | |
| Weighted average common shares outstanding - basic | | 84,192,462 | | | 83,960,045 | | | 84,142,261 | | | 83,926,296 | |
| Weighted average common shares outstanding - diluted | | 84,371,027 | | | 84,478,245 | | | 84,309,712 | | | 84,214,079 | |
| Weighted average common shares and units outstanding - basic | | 86,420,398 | | | 86,070,082 | | | 86,361,139 | | | 86,027,409 | |
| Weighted average common shares and units outstanding - diluted | | 86,598,962 | | | 86,588,282 | | | 86,528,591 | | | 86,315,191 | |
| | | | | | | | |
| FFO, as defined by NAREIT, per diluted share/unit | | | | | | | | |
| Consolidated net income | | $ | (0.08) | | | $ | 0.18 | | | $ | (0.19) | | | $ | — | |
| Less: net income attributable to noncontrolling interests in properties | | — | | | — | | | (0.01) | | | (0.01) | |
| Less: Gain on sales of operating properties | | — | | | (0.16) | | | (0.05) | | | (0.45) | |
| Add: impairment charges | | — | | | — | | | — | | | 0.44 | |
| Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | | 0.37 | | | 0.36 | | | 1.50 | | | 1.54 | |
FFO, as defined by NAREIT, of the Operating Partnership per diluted share/unit1 | | $ | 0.29 | | | $ | 0.38 | | | $ | 1.26 | | | $ | 1.52 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Add: severance charge | | 0.04 | | | — | | | 0.04 | | | — | |
| Add: loss on debt extinguishment | | — | | | 0.02 | | | — | | | 0.13 | |
FFO, as adjusted, of the Operating Partnership per diluted share/unit 2 | | $ | 0.33 | | | $ | 0.40 | | | $ | 1.29 | | | $ | 1.66 | |
| | | | | |
| ____________________ |
| 1 | “FFO of the Operating Partnership" measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to Kite Realty Group Trust common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership. |
| 2 | Per share/unit amounts of components will not necessarily sum to the total due to rounding to the nearest cent. |
| | | | | |
| p. 15 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
ADJUSTED FUNDS FROM OPERATIONS AND OTHER FINANCIAL INFORMATION | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| ($ in thousands) | | | | | | | | |
| | Three Months Ended
December 31, | | Twelve Months Ended
December 31, |
| | 2020 | | 2019 | | 2020 | | 2019 |
| Reconciliation of FFO, as adjusted, to Adjusted Funds from Operations (AFFO) | | | | | | | | |
| FFO, as defined by NAREIT, of the Operating Partnership | | $ | 28,703 | | | $ | 34,733 | | | $ | 111,960 | | | $ | 142,978 | |
| Add: | | | | | | | | |
| Depreciation of non-real estate assets | | 110 | | | 139 | | | 475 | | | 672 | |
| Amortization of deferred financing costs | | 495 | | | 633 | | | 2,135 | | | 2,762 | |
| Non-cash compensation expense | | 1,192 | | | 1,335 | | | 5,065 | | | 5,361 | |
| Less: | | | | | | | | |
| Straight-line rent - minimum rent | | 143 | | | 538 | | | 632 | | | 2,328 | |
| Straight-line rent - common area maintenance | | 164 | | | 246 | | | 668 | | | 1,030 | |
| Straight-line rent - reserve for uncollectability | | (67) | | | — | | | (4,331) | | | (1,153) | |
| Market rent amortization income | | 1,900 | | | 795 | | | 3,822 | | | 3,780 | |
| Amortization of debt premium | | 111 | | | 137 | | | 444 | | | 1,467 | |
| | | | | | | | |
Capital expenditures1: | | | | | | | | |
| Maintenance capital expenditures | | 455 | | | 1,654 | | | 1,740 | | | 4,276 | |
| Revenue enhancing tenant improvements | | 4,119 | | | 2,219 | | | 11,057 | | | 8,584 | |
| External lease commissions | | 348 | | | 525 | | | 900 | | | 1,764 | |
| Total Recurring AFFO of the Operating Partnership | | 23,327 | | | $ | 30,726 | | | $ | 104,703 | | | $ | 129,697 | |
| | | | | | | | |
| Other Financial Information: | | | | | | | | |
| Scheduled debt principal payments | | $ | 564 | | | $ | 579 | | | $ | 2,226 | | | $ | 4,071 | |
| | | | | |
| ____________________ |
| 1 | Excludes landlord work, tenant improvements and leasing commissions relating to development, redevelopment, and Big Box Surge projects. |
| |
| | | | | |
| p. 16 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ($ in thousands) | | | | | | | | | | | |
| | Three Months Ended
December 31, | | Twelve Months Ended
December 31, |
| | 2020 | | 2019 | | % Change | | 2020 | | 2019 | % Change |
| | | | | | | | | | | |
| Same Property Revenue | | $ | 62,077 | | | $ | 66,790 | | | (7.1) | % | | $ | 248,505 | | | $ | 260,808 | | 4.7 | % |
| Same Property Expenses | | (18,131) | | | (17,710) | | | (2.4) | % | | (69,199) | | | (68,838) | | (0.5) | % |
| Same Property Net Operating Income | | 43,946 | | | 49,080 | | | (10.5) | % | | 179,306 | | | 191,970 | | (6.6) | % |
| | | | | | | | | | | |
| Sold Assets Net Operating Income | | — | | | 779 | | | | | — | | | 25,289 | | |
| Non-Same Property Net Operating Income | | 4,457 | | | 4,632 | | | | | 10,084 | | | 13,152 | | |
| | | | | | | | | | | |
| Net Operating Income | | 48,403 | | | 54,491 | | | (11.2) | % | | 189,390 | | | 230,411 | | (17.8) | % |
| | | | | | | | | | | |
| General and Administrative Expense | | (7,602) | | | (7,691) | | | 1.2 | % | | (27,587) | | | (28,214) | | 2.2 | % |
| Severance Charges | | (3,253) | | | — | | | (100.0) | % | | (3,253) | | | — | | (100.0) | % |
| Fee income | | 79 | | | 144 | | | (45.1) | % | | 378 | | | 448 | | (15.6) | % |
| EBITDA | | 37,627 | | | 46,944 | | | (19.8) | % | | 158,928 | | | 202,645 | | (21.6) | % |
| | | | | | | | | | | |
| Interest Expense | | (12,284) | | | (12,383) | | | 0.8 | % | | (50,399) | | | (59,268) | | 15.0 | % |
| Loss on Debt Extinguishment | | — | | | (1,950) | | | 100.0 | % | | — | | | (11,572) | | 100.0 | % |
| Other income (expense), net | | 107 | | | 172 | | | 37.8 | % | | 178 | | | (399) | | 144.6 | % |
| Funds From Operations | | 25,450 | | | 32,783 | | | (22.4) | % | | 108,707 | | | 131,406 | | (17.3) | % |
| | | | | | | | | | | |
| Severance Charges | | 3,253 | | | — | | | 100.0 | % | | 3,253 | | | — | | 100.0 | % |
| Loss on Debt Extinguishment | | — | | | 1,950 | | | (100.0) | % | | — | | | 11,572 | | (100.0) | % |
| Funds From Operations, as adjusted | | 28,703 | | | 34,733 | | | (17.4) | % | | 111,960 | | | 142,978 | | (21.7) | % |
| | | | | | | | | | | |
| Non-Cash Items | | (454) | | | 391 | | | 216.1 | % | | 6,440 | | | 1,343 | | 379.5 | % |
| Capital Expenditures | | (4,922) | | | (4,398) | | | (11.9) | % | | (13,697) | | | (14,624) | | (6.3) | % |
| Recurring Adjusted Funds From Operations | | 23,327 | | | 30,726 | | | (24.1) | % | | 104,703 | | | 129,697 | | (19.3) | % |
| | | | | | | | | | | |
| FFO per share of the Operating Partnership, as adjusted - diluted | | $ | 0.33 | | | $ | 0.40 | | | (17.4) | % | | 1.29 | | 1.66 | (21.7) | % |
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| p. 17 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
| ($ in thousands) | |
| Bad Debt Breakout | | |
| Amount | Supplemental Page No.: |
| Bad Debt Type | | |
| 4th Quarter Billed Rent Deemed Uncollectible - Operating Tenants | $ | 2,443 | | |
| 4th Quarter Billed Rent Deemed Uncollectible - Tenants Declared Bankruptcy | 198 | | |
| 4th Quarter Cash Impact | 2,641 | | |
| Previous Accounts Receivable Balance Now Deemed Uncollectible | 1,708 | | |
| Recovery of Previous Bad Debt | (1,004) | | |
| Straight-Line Rent Reserve | 67 | | |
| Total 4th Quarter Bad Debt Expense | $ | 3,412 | | 14 |
| | | | | | | | |
| Accounts Receivable Impact | | |
| Amount | Supplemental Page No.: |
| Balance as of September 30, 2020 | $ | 57,149 | |
| Small Business Loans | (95) | |
| Other Activity | 2,098 | |
| 4th Quarter Billed Rent Outstanding | 4,351 | |
| 4th Quarter Billed Rent Deemed Uncollectible | (2,641) | |
| Accounts Receivable Balances Prior to 4th Quarter Deemed Uncollectible | (1,708) | |
| Amounts Collected Outstanding as of September 30 | (2,000) | |
| Balance as of December 31, 2020 | $ | 57,154 | 11 |
| | | | | | | | |
| Revenue Breakdown | | |
| Amount | Supplemental Page No.: |
| 4th Quarter Billed Rent | $ | 65,868 | | |
| 4th Quarter Billed Rent Deemed Uncollectible | (2,641) | | |
| Previous Billed Rent Deemed Uncollectible | (1,708) | | |
| Reserved in Previous Quarter, Paid in 4th Quarter | 1,004 | | |
| Other Revenues | 5,206 | | |
| 4th Quarter Total Revenues | $ | 67,729 | | 14 |
| | |
| 4th Quarter Total Revenues | 67,729 | | |
| Previous Accounts Receivable Balance Now Deemed Uncollectible | 1,708 | | |
| Recovery of Previous Bad Debt | (1,004) | | |
| Other Revenues | (5,206) | | |
| 4th Quarter Net Recurring Revenue | $ | 63,227 | | |
| | |
| Comparison to Q1 | | |
| 1st Quarter Billed Rent | $ | 67,400 | | |
| Difference from 1st Quarter to 4th Quarter in Billed Rent | (2.3) | % | |
| | |
| 1st Quarter Net Recurring Revenues | $ | 68,020 | | |
| Difference from 1st Quarter to 4th Quarter in Net Recurring Revenues | (7.0) | % | |
| | |
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| p. 18 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
JOINT VENTURE SUMMARY - DECEMBER 31, 2020 | |
($ in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| CONSOLIDATED INVESTMENTS | | | | | | |
| Investment Partner | Total GLA | Total Assets | Total Debt | Partner Economic Ownership Interest 1 | Partner Share of Debt | Partner Share of Annual Income | | |
| Individual Investors | 466,907 | | $ | 139,518 | | $ | 55,110 | | 2% - 15% | $ | 1,102 | | $ | 528 | | | |
| | | | | | | | |
| | | | | | | | |
| UNCONSOLIDATED INVESTMENTS | | | | | |
| Investment Partner | Total GLA | Total Assets | Total Debt | KRG Economic Ownership Interest | KRG Share of Debt | KRG Investment | KRG Share of Quarterly EBITDA | KRG Share of Quarterly EBITDA Annualized |
| Nuveen | 416,877 | | $ | 100,540 | | $ | 51,890 | | 20% | $ | 10,378 | | $ | 9,056 | | $ | 305 | | $ | 1,221 | |
| Milhaus | 207,000 | | 13,394 | | — | | 12% | — | | 1,477 | | — | | — | |
| Individual Investors | 152,460 | | 43,059 | | 33,634 | | 35% | 11,772 | | 2,259 | | 47 | | 188 | |
| Total | 776,337 | | $ | 156,993 | | $ | 85,524 | | | $ | 22,150 | | $ | 12,792 | | $ | 352 | | $ | 1,409 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| ____________________ |
| 1 | Economic ownership % represents the partner's share of cash flow. |
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| p. 19 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
SUMMARY OF OUTSTANDING DEBT AS OF DECEMBER 31, 2020 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| ($ in thousands) | | | | | | | |
TOTAL OUTSTANDING DEBT 1 | | | | | | |
| Outstanding Amount | | Ratio | | Weighted Average
Interest Rate | | Weighted Average
Maturity (in years) |
| Fixed Rate Debt | 1,095,966 | | | 91 | % | | 4.17 | % | | 5.0 | |
Variable Rate Debt 2 | 80,110 | | | 7 | % | | 1.60 | % | | 1.5 | |
| Net Debt Premiums and Issuance Costs, Net | (5,282) | | | N/A | | N/A | | N/A |
| Total Consolidated Debt | 1,170,794 | | | 98 | % | | 4.00 | % | | 4.7 | |
| KRG Share of Unconsolidated Debt | 22,150 | | | 2 | % | | 4.59 | % | | 5.9 | |
| Total | 1,192,944 | | | 100 | % | | 4.01 | % | | 4.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SCHEDULE OF MATURITIES BY YEAR | | | | | | | | |
| | Secured Debt | | | | | | | | |
Scheduled Principal
Payments | | Term
Maturities | | Unsecured Debt 3 | | Total Consolidated Debt | | Total Unconsolidated Debt | | Total Outstanding Debt |
| 2021 | | 2,303 | | | — | | | — | | | 2,303 | | | 145 | | | 2,448 | |
| 2022 | | 1,043 | | | 178,877 | | | — | | | 179,920 | | | 341 | | | 180,261 | |
| 2023 | | 806 | | | 161,517 | | | 120,000 | | | 282,323 | | | 270 | | | 282,593 | |
| 2024 | | 854 | | | — | | | — | | | 854 | | | 282 | | | 1,136 | |
| 2025 | | 904 | | | — | | | 80,000 | | | 80,904 | | | 10,734 | | | 91,638 | |
| 2026 | | 957 | | | — | | | 300,000 | | | 300,957 | | | — | | | 300,957 | |
| 2027 And Beyond | | 3,715 | | | 100 | | | 325,000 | | | 328,815 | | | 10,378 | | | 339,193 | |
| Net Debt Premiums and Issuance Cost, Net | | (5,282) | | | — | | | — | | | (5,282) | | | — | | | (5,282) | |
| Total | | $ | 5,300 | | | $ | 340,494 | | | $ | 825,000 | | | $ | 1,170,794 | | | $ | 22,150 | | | $ | 1,192,944 | |
| | | | | |
| 1 | Fixed rate debt includes, and variable rate date excludes, the portion of such debt that has been hedged by interest rate derivatives. As of December 31, 2020, $250 million in variable rate debt is hedged for a weighted average of 2.2 years. |
| 2 | Includes $25 million outstanding on unsecured credit facility. |
| 3 | This presentation reflects the Company's exercise of its option to extend the maturity date by one year to April 22, 2023 for the Company's unsecured credit facility.The ability to exercise this option is subject to certain conditions, which the Company does not unilaterally control. |
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| p. 20 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF DECEMBER 31, 2020 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ($ in thousands) | | | | | | | | | |
| Property | | Interest Rate1 | | Maturity Date | | Balance as of
December 31, 2020 | | % of
Total Outstanding | |
| | | | | | | | | |
| 2021 Debt Maturities | | | | | | — | | | — | % | |
| | | | | | | | | |
Delray Marketplace 2 | | LIBOR + 160 | | 2/5/2022 | | 55,110 | | | | |
| Bayonne Crossing | | 4.43 | % | | 4/1/2022 | | 42,113 | | | | |
| Saxon Crossing | | 4.65 | % | | 7/1/2022 | | 11,400 | | | | |
| Shops at Moore | | 4.29 | % | | 9/1/2022 | | 21,300 | | | | |
| Shops at Julington Creek | | 4.60 | % | | 9/1/2022 | | 4,785 | | | | |
| Centre Point Commons | | 4.34 | % | | 10/1/2022 | | 14,410 | | | | |
| Miramar Square | | 4.16 | % | | 12/1/2022 | | 31,625 | | | | |
| 2022 Debt Maturities | | | | | | 180,743 | | | 15 | % | |
| | | | | | | | | |
| Centennial Gateway | | 3.81 | % | | 1/1/2023 | | 23,962 | | | | |
| Centennial Center | | 3.83 | % | | 1/6/2023 | | 70,455 | | | | |
| Eastern Beltway | | 3.83 | % | | 1/6/2023 | | 34,100 | | | | |
| The Corner (AZ) | | 4.10 | % | | 3/1/2023 | | 14,750 | | | | |
| Chapel Hill | | 3.78 | % | | 4/1/2023 | | 18,250 | | | | |
Unsecured Credit Facility 3 | | LIBOR + 115 | | 4/22/2023 | | 25,000 | | | | |
| Senior Unsecured Note | | 4.23 | % | | 9/10/2023 | | 95,000 | | | | |
| 2023 Debt Maturities | | | | | | 281,517 | | | 24 | % | |
| | | | | | | | | |
| 2024 Debt Maturities | | | | | | — | | | — | % | |
| | | | | | | | | |
| Senior Unsecured Note | | 4.47 | % | | 9/10/2025 | | 80,000 | | | | |
| 2025 Debt Maturities | | | | | | 80,000 | | | 7 | % | |
| | | | | | | | | |
| Senior Unsecured Note | | 4.00 | % | | 10/1/2026 | | 300,000 | | | | |
| 2026 Debt Maturities | | | | | | 300,000 | | | 25 | % | |
| | | | | | | | | |
| Senior Unsecured Note | | 4.57 | % | | 9/10/2027 | | 75,000 | | | | |
Unsecured Term Loan 4 | | LIBOR + 200 | | 10/24/2028 | | 250,000 | | | | |
| Rampart Commons | | 5.73 | % | | 6/10/2030 | | 8,816 | | | | |
| 2027 And Beyond Debt Maturities | | | | | | 333,816 | | | 28 | % | |
| NET PREMIUMS ON ACQUIRED DEBT & ISSUANCE COSTS | | | | | | (5,282) | | | | |
| TOTAL DEBT PER CONSOLIDATED BALANCE SHEET | | | | $ | 1,170,794 | | | 98 | % | |
| | | | | | | | | |
| KRG Share of Unconsolidated Debt | | | | | | | | | |
Embassy Suites at University of Notre Dame 5 | | LIBOR + 250 | | 7/1/2025 | | 11,772 | | | | |
Nuveen 5 | | 4.09% | | 7/1/2028 | | 10,378 | | | | |
| TOTAL KRG SHARE OF UNCONSOLIDATED DEBT | | | | | | 22,150 | | | 2 | % | |
| TOTAL CONSOLIDATED AND KRG SHARE OF UNCONSOLIDATED DEBT | | | | $ | 1,192,944 | | | | |
| | | | | |
| 1 | At December 31 2020, one-month LIBOR was 0.14%. |
| 2 | Property is held in a joint venture. The loan is guaranteed by Kite Realty Group, LP. See Joint Venture Summary on page 19 for additional detail. |
| 3 | Assumes Company exercises its option to extend the maturity date by one year. |
| 4 | Assumes Company exercises three one-year options to extend the maturity date by three years. |
| 5 | Properties are held in joint ventures. See Joint Venture Summary on page 19 for additional detail. |
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| p. 21 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | | | | | | | |
| UNSECURED PUBLIC DEBT COVENANTS | | | | |
| December 31,
2020 | | Debt Covenant Threshold1 |
| | | | |
| Total Debt to Undepreciated Assets | 36% | | <60% |
| | | | |
| Secured Debt to Undepreciated Assets | 11% | | <40% |
| | | | |
| Undepreciated Unencumbered Assets to Unsecured Debt | 306% | | >150% |
| | | | |
| Debt Service Coverage | 2.9x | | >1.5x |
| | | | |
| UNSECURED CREDIT FACILITY COVENANTS | | | | |
| December 31,
2020 | | Debt Covenant Threshold |
| | | | |
| Maximum Leverage | 39% | | <60% |
| | | | |
| Minimum Fixed Charge Coverage | 2.9x | | >1.50x |
| | | | |
| Secured Indebtedness | 12.3% | | <45% |
| | | | |
| Unsecured Debt Interest Coverage | 3.7x | | >1.75x |
| | | | |
| Unsecured Leverage | 37% | | <60% |
| | | | |
| | | | |
| Senior Unsecured Debt Ratings: | | | | |
| Moody's Investors Service | Baa3/Stable | | |
| Standard & Poor's Rating Services | BBB-/Stable | | |
| | | | |
| | | | |
| Liquidity ($ in thousands) | | | | |
| Cash and cash equivalents | | $ | 43,648 | | | |
| Availability under unsecured credit facility | | 523,237 | | | |
| | $ | 566,885 | | | |
| | | | |
| Unencumbered NOI as a % of Total NOI | | 75 | % | | |
| | | | |
| | | | | | | | | | | | | | |
| 1 | For a complete listing of all Debt Covenants related to the Company's Senior Unsecured Notes, as well as definitions of the terms, refer to the Company's filings with the SEC. |
| | | | | | | | | | | |
| NET DEBT TO EBITDA | | | |
| Company's Consolidated Debt & Share of Unconsolidated Debt | | | $ | 1,197,124 | |
| Less: Cash, Cash Equivalents, and Restricted Cash | | (47,760) | |
| | | | $ | 1,149,364 | |
| Q4 2020 EBITDA, Annualized: | | | |
| - Consolidated EBITDA | $ | 163,522 | | | |
- Unconsolidated EBITDA 1 | 1,409 | | | |
| | | |
- Minority Interest EBITDA 1 | (528) | | | 164,402 | |
| Ratio of Company Share of Net Debt to EBITDA | | | 7.0x |
| | | |
Ratio of Company Share of Net Debt to Pro-Forma EBITDA 2 | | | 6.8x |
| | | | | | | | | | | | | | | | | | | | | | | |
| ____________________ | | | | |
| 1 | See page 19 for details |
| 2 | Reflects as if Eastgate Crossing was owned for the entire 4th quarter. |
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| p. 22 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
TOP 25 TENANTS BY ANNUALIZED BASE RENT | |
As of December 31, 2020
($ 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 December 31, 2020.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Number of Stores | | | | | | | | | | Credit Ratings |
| Tenant | | Wholly Owned | | JV1 | | Total Leased GLA/NRA2 | | Annualized
Base Rent3,4 | | Annualized Base Rent
per Sq. Ft.4 | | % of Total Portfolio
Annualized
Base Rent4 | | S&P | | Moody's |
| Publix Super Markets, Inc. | | 11 | | — | | | 535,466 | | | $ | 5,455 | | | $ | 10.19 | | | 2.50 | % | | N/A | | N/A |
The TJX Companies, Inc.5 | | 14 | | 2 | | | 471,684 | | | 4,845 | | | 11.22 | | | 2.22 % | | A | | A2 |
| PetSmart, Inc. | | 13 | | 1 | | | 291,379 | | | 4,084 | | | 14.62 | | | 1.87 % | | B- | | Ba2 |
| Ross Stores, Inc. | | 12 | | 1 | | | 364,442 | | | 4,000 | | | 11.61 | | | 1.83 % | | BBB+ | | A2 |
Dick's Sporting Goods, Inc.6 | | 7 | | — | | | 340,502 | | | 3,741 | | | 10.99 | | | 1.71 % | | N/A | | N/A |
Bed Bath & Beyond, Inc.7 | | 13 | | 2 | | | 387,848 | | | 3,718 | | | 10.53 | | | 1.70 % | | B+ | | Ba3 |
| Nordstrom Rack | | 5 | | 1 | | | 197,797 | | | 3,571 | | | 20.75 | | | 1.64 % | | BB+ | | Baa3 |
| Michaels Stores, Inc. | | 11 | | 1 | | | 253,849 | | | 3,283 | | | 13.66 | | | 1.50 % | | B | | N/A |
| Burlington Stores, Inc. | | 5 | | — | | | 310,423 | | | 3,039 | | | 9.79 | | | 1.39 % | | BB | | N/A |
| National Amusements | | 1 | | — | | | 80,000 | | | 2,953 | | | 36.92 | | | 1.35 % | | B- | | N/A |
| Old Navy (11) / Athleta (1) | | 12 | | — | | | 183,599 | | | 2,868 | | | 15.62 | | | 1.31 % | | BB- | | Ba2 |
| Kohl's Corporation | | 4 | | — | | | 184,516 | | | 2,832 | | | 7.87 | | | 1.30 % | | BBB- | | Baa2 |
Walmart Stores, Inc.8 | | 5 | | — | | | — | | | 2,776 | | | 3.42 | | | 1.27 % | | AA | | Aa2 |
| Best Buy Co., Inc. | | 5 | | — | | | 183,604 | | | 2,627 | | | 14.31 | | | 1.20 % | | BBB | | Baa1 |
| Petco Animal Supplies, Inc. | | 10 | | — | | | 136,669 | | | 2,526 | | | 18.48 | | | 1.16 % | | CCC+ | | Caa1 |
| Lowe's Companies, Inc. | | 3 | | — | | | — | | | 2,375 | | | 4.91 | | | 1.09 % | | BBB+ | | Baa1 |
| LA Fitness | | 3 | | — | | | 125,209 | | | 2,292 | | | 18.31 | | | 1.05 % | | CCC+ | | Caa3 |
| Hobby Lobby Stores, Inc. | | 5 | | — | | | 271,254 | | | 2,248 | | | 8.29 | | | 1.03 % | | N/A | | N/A |
| Whole Foods Market, Inc. | | 4 | | — | | | 139,781 | | | 2,130 | | | 15.24 | | | 0.98 % | | A+ | | A2 |
Mattress Firm, Inc.9 | | 16 | | — | | | 76,408 | | | 2,121 | | | 27.75 | | | 0.97 % | | N/A | | N/A |
| Walgreens | | 4 | | — | | | 63,462 | | | 2,104 | | | 33.15 | | | 0.96 % | | BBB | | Baa2 |
The Kroger Co.10 | | 3 | | — | | | 60,268 | | | 2,099 | | | 9.19 | | | 0.96 % | | BBB | | Baa1 |
| Five Below, Inc. | | 11 | | — | | | 92,694 | | | 1,738 | | | 18.75 | | | 0.80 % | | N/A | | N/A |
| DSW | | 6 | | 1 | | | 133,255 | | | 1,687 | | | 14.33 | | | 0.77 % | | N/A | | N/A |
| Sprouts Farmers Market, Inc. | | 3 | | — | | | 83,985 | | | 1,589 | | | 18.92 | | | 0.73 | % | | N/A | | N/A |
| TOTAL | | 186 | | 9 | | | 4,968,094 | | | $ | 72,702 | | | $ | 11.55 | | | 33.3 | % | | | | |
| | | | | |
| 1 | JV Stores represent stores at unconsolidated properties. |
| 2 | Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants. |
| 3 | Annualized base rent represents the monthly contractual rent for December 31, 2020, for each applicable tenant multiplied by 12. Annualized base rent does not include tenant reimbursements. Annualized base rent represents 100% of the annualized base rent at consolidated properties and our share of the annualized base rent at unconsolidated properties. |
| 4 | Annualized base rent and percent of total portfolio includes ground lease rent. |
| 5 | Includes TJ Maxx (9), Marshalls (5) and HomeGoods (2). |
| 6 | Includes Dick's Sporting Goods (6) and Golf Galaxy (1). |
| 7 | Includes Bed Bath and Beyond (8), Buy Buy Baby (4), and Cost Plus World Market (3). |
| 8 | Includes Walmart (3) and Sam's Club (2). |
| 9 | Includes Mattress Firm (12) and Sleepy's (4). |
| 10 | Includes Kroger (1), Harris Teeter (1), and Smith's (1). |
| |
| |
| | | | | |
| p. 23 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Comparable Space1, 2 | |
Category | | Total Leases | Total
Sq. Ft. | | Leases | | Sq. Ft. | | Prior Rent PSF3 | | New Rent PSF4 | | Cash Rent Spread | GAAP Rent Spread5 | TI, LL Work, Lease Commissions PSF6 |
New Leases - Q4, 2020 7 | | 18 | | | 170,711 | | | 11 | | 91,576 | | | $ | 24.40 | | | $ | 23.41 | | | (4.1) | % | 9.8 | % | | | |
| New Leases - Q3, 2020 | | 21 | | | 87,000 | | | 16 | | 69,144 | | | 22.03 | | | 22.53 | | | 2.3 | % | 15.3 | % | | | |
| New Leases - Q2, 2020 | | 5 | | | 44,650 | | | 4 | | 42,650 | | | 11.82 | | | 21.14 | | | 78.9 | % | 95.6 | % | | | |
| New Leases - Q1, 2020 | | 15 | | | 124,235 | | | 11 | | 113,251 | | | 15.61 | | | 17.41 | | | 11.5 | % | 34.6 | % | | | |
| Total | | 59 | | | 426,596 | | | 42 | | 316,621 | | | $ | 19.04 | | | $ | 20.77 | | | 9.1 | % | 21.3 | % | | $ | 40.23 | | |
| | | | | | | | | | | | | | | | | | |
Renewals - Q4, 2020 7 | | 42 | | | 362,858 | | | 26 | | 254,752 | | | $ | 17.22 | | | $ | 17.40 | | | 1.0 | % | 7.7 | % | | | |
| Renewals - Q3, 2020 | | 57 | | | 370,151 | | | 45 | | 314,219 | | | 15.03 | | | 16.18 | | | 7.6 | % | 14.5 | % | | | |
| Renewals - Q2, 2020 | | 30 | | | 257,761 | | | 24 | | 240,003 | | | 11.71 | | | 12.80 | | | 9.3 | % | 16.8 | % | | | |
| Renewals - Q1, 2020 | | 27 | | | 131,878 | | | 21 | | 94,130 | | | 19.02 | | | 20.73 | | | 8.9 | % | 16.3 | % | | | |
| Total | | 156 | | | 1,122,648 | | | 116 | | 903,104 | | | $ | 15.18 | | | $ | 16.10 | | | 6.1 | % | 12.0 | % | | $ | 0.48 | | |
| | | | | | | | | | | | | | | | | | |
Total - Q4, 2020 7 | | 60 | | 533,569 | | | 37 | | 346,328 | | | $ | 19.12 | | | $ | 18.99 | | | (0.7) | % | 8.4 | % | | | |
| Total - Q3, 2020 | | 78 | | 457,151 | | | 61 | | 383,363 | | | 16.29 | | | 17.33 | | | 6.3 | % | 14.7 | % | | | |
| Total - Q2, 2020 | | 35 | | 302,411 | | | 28 | | 282,653 | | | 11.73 | | | 14.06 | | | 19.9 | % | 29.3 | % | | | |
| Total - Q1, 2020 | | 42 | | 256,113 | | | 32 | | 207,381 | | | 17.16 | | | 18.91 | | | 10.2 | % | 25.5 | % | | | |
| Total | | 215 | | 1,549,244 | | | 158 | | 1,219,725 | | | $ | 16.18 | | | $ | 17.31 | | | 7.0 | % | 14.5 | % | | $ | 10.80 | | |
| | | | | |
| ________________ |
| 1 | Comparable space leases on this report are included for second generation retail spaces. Comparable leases represent those leases for which there was a former tenant within the last 12 months. Leases at our two office properties, Thirty South Meridian and Eddy Street Commons, and ground leases are excluded. |
| 2 | Comparable renewals exclude leases with terms twenty-four months or shorter. |
| 3 | Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term. All amounts reported at lease execution. |
| 4 | Contractual rent represents contractual minimum rent per square foot for the first 12 months of the lease. |
| 5 | The aggregate spread on a straight-line basis over the contractual life of the lease to the comparable lease. |
| 6 | Includes redevelopment costs for tenant specific landlord work and tenant allowances provided to tenants. |
| 7 | Excluding one new anchor fitness lease and one renewal anchor fitness lease that did not require the Company to expend any capital, new, renewal, and total lease cash spreads were 4.4%, 7.5%, and 6.8%, respectively. |
| | | | | |
| p. 24 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
As of December 31, 2020
($ 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 December 31, 2020.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Expiring GLA2 | | | | | | Expiring Annualized Base Rent per Sq. Ft.3 |
| | Number of Expiring Leases1 | | Shop Tenants | | Anchor Tenants | | Office and Other Tenants | | Expiring Annualized Base Rent (Pro-rata) | | % of Total Annualized Base Rent (Pro-rata) | | Shop Tenants | | Anchor Tenants | | Office and Other Tenants | Total |
| 2021 | | 170 | | | 359,532 | | | 393,054 | | | 21,110 | | | $ | 16,106 | | | 8.0 | % | | $ | 29.22 | | | $ | 13.95 | | | $ | 21.60 | | $ | 21.13 | |
| 2022 | | 253 | | | 520,386 | | | 1,058,556 | | | 65,020 | | | 29,293 | | | 14.6 | % | | 27.55 | | | 13.04 | | | 19.84 | | 17.88 | |
| 2023 | | 242 | | | 493,066 | | | 1,120,690 | | | 113,177 | | | 32,012 | | | 15.9 | % | | 29.19 | | | 15.07 | | | 7.14 | | 18.57 | |
| 2024 | | 206 | | | 451,867 | | | 744,562 | | | 33,827 | | | 22,193 | | | 11.0 | % | | 29.76 | | | 14.13 | | | 14.04 | | 20.60 | |
| 2025 | | 200 | | | 413,172 | | | 1,178,558 | | | 124,107 | | | 27,545 | | | 13.7 | % | | 30.38 | | | 11.39 | | | 17.14 | | 16.49 | |
| 2026 | | 133 | | | 322,876 | | | 896,743 | | | — | | | 17,174 | | | 8.5 | % | | 26.12 | | | 10.34 | | | — | | 14.70 | |
| 2027 | | 80 | | | 212,014 | | | 367,192 | | | 9,154 | | | 10,830 | | | 5.4 | % | | 29.11 | | | 12.57 | | | 32.24 | | 19.05 | |
| 2028 | | 72 | | | 176,834 | | | 272,757 | | | 61,747 | | | 11,103 | | | 5.5 | % | | 31.84 | | | 15.21 | | | 22.19 | | 21.77 | |
| 2029 | | 50 | | | 126,717 | | | 177,159 | | | — | | | 6,087 | | | 3.0 | % | | 30.96 | | | 12.21 | | | — | | 20.03 | |
| 2030 | | 48 | | | 148,081 | | | 266,032 | | | — | | | 7,887 | | | 3.9 | % | | 28.53 | | | 14.51 | | | — | | 19.37 | |
| Beyond | | 66 | | | 147,592 | | | 925,503 | | | 54,721 | | | 20,975 | | | 10.4 | % | | 26.57 | | | 17.02 | | | 23.32 | | 18.58 | |
| | 1,520 | | | 3,372,137 | | | 7,400,806 | | | 482,863 | | | $ | 201,205 | | | 100.0 | % | | $ | 28.92 | | | $ | 13.53 | | | $ | 16.77 | | $ | 18.36 | |
| | | | | |
| ____________________ |
| 1 | Lease expiration table reflects rents in place as of December 31, 2020 and does not include option periods; 2021 expirations include 8 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 as of December 31, 2020 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue. |
| |
| | | | | |
| p. 25 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
DEVELOPMENT AND REDEVELOPMENT PROJECTS | |
($ in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Project | MSA | KRG Ownership % | Anticipated Start Date | Projected Stabilization Date1 | Projected New Total GLA | Projected New Owned GLA | Total Project Cost | KRG Equity Requirement | KRG Remaining Spend | Estimated Return on Project2 | |
| | | | | | | | | | | |
| Active Projects | | | | | | | | | | | |
| Glendale Town Center Apartments | Indianapolis, IN | 12% | Q2 2020 | Q2 2022 | 207,000 | | 24,000 | | $ | 38,400 | | $ | 1,200 | | $ | 900 | | 7.0% - 8.0% | |
| Eddy Street Commons at Notre Dame, IN - Phase III | South Bend, IN | 100% | Q3 2020 | Q1 2022 | 68,500 | | 18,600 | | 7,500 | | 7,500 | | 6,100 | | 8.5% - 9.5% | |
Glendale Town Center Retail3 | Indianapolis, IN | 100% | Q1 2021 | Q1 2022 | 54,500 | | 54,500 | | 11,000 | 3,900 | 3,900 | 27.0% - 28.0% | |
| Total | | | 330,000 | | 97,100 | | $ | 56,900 | | $ | 12,600 | | $ | 10,900 | | 14.0% - 15.0% | |
| | | | | | | | |
Future Opportunities4 | | |
| Hamilton Crossing Centre | Indianapolis, IN | Creation of a mixed use (office, retail, and multi-family) development. |
| The Corner | Indianapolis, IN | Creation of a mixed use (retail and multi-family) development to replace an unanchored small shop center. |
| | |
| | |
| | | | | |
| Big Box Surge | |
| Leases Signed | 22 | |
| Tenants Open and Paying Rent | 19 | |
| |
| Capital Spent (cumulative) | $ | 37,400 | |
| Estimated Capital Remaining | 1,000 | |
| Total Estimated Capital | $ | 38,400 | |
| |
| Estimated Return on Costs | 18 | % |
| | | | | |
| Projected Annualized Development / Redevelopment Cash NOI Summary | |
Remaining Under Construction Development / Redevelopment Cash NOI5 | $ | 2,228 | |
| Total Remaining Annual Cash NOI | $ | 2,228 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ____________________ |
| 1 | Stabilization date represents near completion of project construction and substantial occupancy of the property. |
| 2 | Projected ROI for redevelopments is an estimate of the expected incremental stabilized annual operating cash flows to be generated divided by the estimated project costs, including construction, development, financing, and other soft costs, when applicable to the project. |
| 3 | Equity requirement is lower than total project cost due to a $7.1 million TIF received from the City of Indianapolis. |
| 4 | These opportunities are deemed potential at this time and are subject to various contingencies, many of which could be beyond the Company's control. |
| 5 | Does not include NOI associated with the Big Box Surge. |
| |
| |
| |
| | | | | |
| p. 26 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
GEOGRAPHIC DIVERSIFICATION – ANNUALIZED BASE RENT BY REGION AND STATE | |
As of December 31, 2020
($ in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | Total Operating Portfolio Excluding Developments and Redevelopments | | Developments and Redevelopments2 | | Joint Ventures3 | | Total Operating Portfolio Including
Developments and Redevelopments |
| Region/State | | Owned GLA/NRA1 | | Annualized
Base Rent | | 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 |
| South | | | | | | | | | | | | | | | | | | | | | | |
| Florida | | 3,331,826 | | | $ | 52,799 | | | — | | | $ | — | | | 121,591 | | | $ | 1,206 | | | 29 | | 3,453,417 | | | $ | 3,740 | | | $ | 57,745 | | | 25.9% |
| Texas | | 1,798,711 | | | 27,500 | | | — | | | — | | | 156,146 | | | 2,568 | | | 10 | | 1,954,857 | | | 1,374 | | | 31,442 | | | 14.1% |
| North Carolina | | 1,230,417 | | | 23,564 | | | — | | | — | | | — | | | — | | | 9 | | 1,230,417 | | | 2,041 | | | 25,605 | | | 11.5% |
| Oklahoma | | 505,229 | | | 6,493 | | | — | | | — | | | — | | | — | | | 3 | | 505,229 | | | 861 | | | 7,354 | | | 3.3% |
| Georgia | | 276,318 | | | 3,676 | | | — | | | — | | | — | | | — | | | 1 | | 276,318 | | | 345 | | | 4,021 | | | 1.8% |
| South Carolina | | 257,833 | | | 2,670 | | | — | | | — | | | — | | | — | | | 2 | | 257,833 | | | — | | | 2,670 | | | 1.2% |
| Tennessee | | 230,981 | | | 3,771 | | | — | | | — | | | — | | | — | | | 1 | | 230,981 | | | — | | | 3,771 | | | 1.7% |
| Texas - Other | | 107,400 | | | 591 | | | — | | | — | | | — | | | — | | | 1 | | 107,400 | | | — | | | 591 | | | 0.3% |
| Total South | | 7,738,715 | | | 121,064 | | | — | | | — | | | 277,737 | | | 3,774 | | | 56 | | 8,016,452 | | | 8,361 | | | 133,199 | | | 59.8% |
| | | | | | | | | | | | | | | | | | | | | | |
| Midwest | | | | | | | | | | | | | | | | | | | | |
| Indiana - Retail | | 1,394,221 | | | 22,110 | | | 344,890 | | | 2,572 | | | — | | | — | | | 19 | | 1,739,111 | | | 1,518 | | | 26,200 | | | 11.7% |
| Indiana - Other | | 366,502 | | | 6,773 | | | 24,000 | | | — | | | — | | | — | | | 4 | | 390,502 | | | — | | | 6,773 | | | 3.0% |
| Illinois | | 83,759 | | | 1,146 | | | — | | | — | | | — | | | — | | | 1 | | 83,759 | | | — | | | 1,146 | | | 0.5% |
| Ohio | | 236,230 | | | 2,217 | | | — | | | — | | | — | | | — | | | 1 | | 236,230 | | | — | | | 2,217 | | | 1.0% |
| Total Midwest | | 2,080,712 | | | 32,246 | | | 368,890 | | | 2,572 | | | — | | | — | | | 25 | | 2,449,602 | | | 1,518 | | | 36,336 | | | 16.2% |
| | | | | | | | | | | | | | | | | | | | | | |
| West | | | | | | | | | | | | | | | | | | | | | | |
| Nevada | | 769,107 | | | 19,873 | | | — | | | — | | | — | | | — | | | 4 | | 769,107 | | | 3,717 | | | 23,590 | | | 10.6% |
| Utah | | 392,324 | | | 7,279 | | | — | | | — | | | — | | | — | | | 2 | | 392,324 | | | — | | | 7,279 | | | 3.3% |
| Arizona | | 79,902 | | | 2,467 | | | — | | | — | | | — | | | — | | | 1 | | 79,902 | | | — | | | 2,467 | | | 1.1% |
| Total West | | 1,241,333 | | | 29,619 | | | — | | | — | | | — | | | — | | | 7 | | 1,241,333 | | | 3,717 | | | 33,336 | | | 15.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| Northeast | | | | | | | | | | | | | | | | | | | | | | |
| New York | | 363,023 | | | 9,142 | | | — | | | — | | | — | | | — | | | 1 | | 363,023 | | | — | | | 9,142 | | | 4.1% |
| New Jersey | | 112,871 | | | 2,827 | | | — | | | — | | | 139,022 | | | 2,849 | | | 2 | | 251,893 | | | 2,103 | | | 7,779 | | | 3.5% |
| Connecticut | | 206,560 | | | 2,411 | | | — | | | — | | | — | | | — | | | 1 | | 206,560 | | | 1,061 | | | 3,472 | | | 1.6% |
| Total Northeast | | 682,454 | | | 14,380 | | | — | | | — | | | 139,022 | | | 2,849 | | | 4 | | 821,476 | | | 3,164 | | | 20,393 | | | 9.1% |
| | 11,743,214 | | | $ | 197,309 | | | 368,890 | | | $ | 2,572 | | | 416,759 | | | $ | 6,623 | | | 92 | | 12,528,863 | | | $ | 16,760 | | | $ | 223,264 | | | 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 and Pan Am Plaza Parking Garage. |
| 2 | Represents the three redevelopment and three development projects not in the retail operating portfolio. |
| 3 | Represents the three operating properties owned in unconsolidated joint ventures. |
| | | | | |
| p. 27 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
OPERATING RETAIL PORTFOLIO SUMMARY REPORT | |
As of December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Property | Location (MSA) | Year
Built/
Renovated | Owner-ship % | Owned GLA1 | | Leased % | ABR
per SqFt | Grocery Anchors2 | Other Retailers2 |
| Total | Anchors | Shops | | Total | Anchors | Shops |
| Arizona | | | | | | | | | | | | | |
| The Corner | Tucson | 2008 | 100% | 79,902 | | 55,883 | | 24,019 | | | 100.0 % | 100.0 % | 100.0 % | $ | 30.87 | | Total Wine & More | Nordstrom Rack, Panera Bread, (Home Depot) |
| Connecticut | | | | | | | | | | | | | |
Crossing at Killingly Commons | Willimantic, CT | 2010 | 85% | 206,560 | | 149,202 | | 57,358 | | | 79.0 % | 85.7 % | 61.7 % | 14.77 | Stop & Shop Supermarket, (Target) | TJ Maxx, Michaels, Petco, Staples, Lowe's Home Improvement Center |
| Florida | | | | | | | | | | | | | |
| 12th Street Plaza | Vero Beach | 1978/2003 | 100% | 135,016 | | 121,376 | | 13,640 | | | 75.7 % | 73.0 % | 100.0 % | 11.32 | Publix | Tuesday Morning |
| Bayport Commons | Tampa | 2008 | 100% | 98,668 | | 73,045 | | 25,623 | | | 100.0 % | 100.0 % | 100.0 % | 17.85 | (Target) | Burlington, PetSmart, Michaels |
| Centre Point Commons | Sarasota | 2007 | 100% | 119,366 | | 93,574 | | 25,792 | | | 97.4 % | 100.0 % | 88.2 % | 17.75 | | Best Buy, Dick's Sporting Goods, Office Depot, Panera Bread, (Lowe's Home Improvement Center) |
| Cobblestone Plaza | Miami | 2011 | 100% | 133,251 | | 68,219 | | 65,032 | | | 96.7 % | 100.0 % | 93.2 % | 28.72 | Whole Foods | Party City, Planet Fitness |
| Colonial Square | Fort Myers | 2010 | 100% | 186,517 | | 150,505 | | 36,012 | | | 88.1 % | 100.0 % | 38.4 % | 11.89 | | Kohl's, Hobby Lobby, PetSmart |
| Delray Marketplace | Miami | 2013 | 98% | 260,347 | | 118,136 | | 142,211 | | | 94.9 % | 100.0 % | 90.6 % | 26.39 | Publix | Paragon Theatres, Burt & Max's, Ann Taylor Loft, Chico's, White House Black Market |
| Estero Town Commons | Fort Meyers | 2006 | 100% | 25,696 | | — | | 25,696 | | | 94.7 % | 0.0 % | 94.7 % | 15.53 | | Lowe's Home Improvement Center, Dollar Tree |
| Hunter's Creek Promenade | Orlando | 1994 | 100% | 119,738 | | 55,999 | | 63,739 | | | 99.1 % | 100.0 % | 98.3 % | 15.94 | Publix | |
| Indian River Square | Vero Beach | 1997/2004 | 100% | 142,622 | | 109,000 | | 33,622 | | | 95.9 % | 100.0 % | 82.7 % | 11.20 | (Target) | Beall's, Office Depot, Dollar Tree, Panera |
| International Speedway Square | Daytona Beach | 1999/2013 | 100% | 233,424 | | 203,405 | | 30,019 | | | 79.2 % | 82.3 % | 57.9 % | 12.24 | Total Wine & More | Bed Bath & Beyond, Old Navy, Staples, Michaels, Dick’s Sporting Goods, Shoe Carnival |
| Kings Lake Square | Naples | 1986/2014 | 100% | 88,611 | | 45,600 | | 43,011 | | | 99.1 % | 100.0 % | 98.1 % | 19.37 | Publix | |
| Lake City Commons | Lake City | 2008 | 100% | 65,746 | | 45,600 | | 20,146 | | | 100.0 % | 100.0 % | 100.0 % | 15.92 | Publix | |
| Lake City Commons - Phase II | Lake City | 2011 | 100% | 16,291 | | 12,131 | | 4,160 | | | 100.0 % | 100.0 % | 100.0 % | 15.89 | Publix | PetSmart |
| Lake Mary Plaza | Orlando | 2009 | 100% | 21,385 | | 14,880 | | 6,505 | | | 100.0 % | 100.0 % | 100.0 % | 38.22 | | Walgreens |
| Lithia Crossing | Tampa | 2003/2013 | 100% | 90,522 | | 53,547 | | 36,975 | | | 58.9 % | 32.8 % | 96.8 % | 22.80 | The Fresh Market | Chili's, Panera Bread |
| Miramar Square | Miami | 2008 | 100% | 231,680 | | 147,505 | | 84,175 | | | 94.7 % | 100.0 % | 85.3 % | 18.13 | Sprouts Farmers Market | Kohl's, Miami Children's Hospital |
| Northdale Promenade | Tampa | 1985/2017 | 100% | 179,559 | | 130,269 | | 49,290 | | | 95.0 % | 100.0 % | 81.9 % | 12.64 | (Winn Dixie) | TJ Maxx, Ulta Beauty, Beall's, Crunch Fitness, Tuesday Morning |
| Pine Ridge Crossing | Naples | 1993 | 100% | 105,986 | | 66,435 | | 39,551 | | | 94.2 % | 100.0 % | 84.5 % | 18.10 | Publix, (Target) | Ulta Beauty, (Beall's) |
| Pleasant Hill Commons | Orlando | 2008 | 100% | 70,645 | | 45,600 | | 25,045 | | | 100.0 % | 100.0 % | 100.0 % | 16.06 | | Publix | |
| Riverchase Plaza | Naples | 1991/2001 | 100% | 78,291 | | 48,890 | | 29,401 | | | 96.3 % | 100.0 % | 90.3 % | 17.24 | Publix | |
| Saxon Crossing | Daytona Beach | 2009 | 100% | 119,909 | | 95,304 | | 24,605 | | | 96.0 % | 100.0 % | 80.5 % | 15.29 | (Target) | Hobby Lobby, LA Fitness, (Lowe's Home Improvement Center) |
| Shoppes of Eastwood | Orlando | 1997 | 100% | 69,076 | | 51,512 | | 17,564 | | | 90.1 % | 100.0 % | 61.1 % | 12.52 | Publix | |
| Shops at Eagle Creek | Naples | 1983/2013 | 100% | 70,731 | | 50,187 | | 20,544 | | | 95.8 % | 100.0 % | 85.7 % | 16.23 | The Fresh Market | Staples, Panera Bread, (Lowe's Home Improvement Center) |
| Tamiami Crossing | Naples | 2016 | 20% | 121,591 | | 121,591 | | — | | | 73.7 % | 73.7 % | 0.0 % | 13.46 | Aldi, (Walmart) | Marshalls, Michaels, PetSmart, Ross Stores, Ulta Beauty |
| Tarpon Bay Plaza | Naples | 2007 | 100% | 81,864 | | 59,442 | | 22,422 | | | 100.0 % | 100.0 % | 100.0 % | 17.77 | (Target) | PetSmart, Cost Plus World Market, Ross Stores, Panera Bread |
See footnotes on page 31
| | | | | |
| p. 28 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED) | |
As of December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property1 | Location (MSA) | Year
Built/
Renovated | Owner-ship % | Owned GLA2 | | Leased % | ABR
per
Sq. ft. | Grocery Anchors4 | Other Retailers4 |
| Total | Anchors | Shops | | Total | Anchors | Shops |
| The Landing at Tradition | Port St. Lucie | 2007 | 100% | 359,227 | | 283,208 | | 76,019 | | | 88.4 % | 89.8 % | 82.9 % | 15.39 | (Target) | TJ Maxx, Ulta Beauty, Burlington, Bed Bath & Beyond, LA Fitness, Michaels, Old Navy, PetSmart, DSW, Five Below, Ross Stores |
| The Shops at Julington Creek | Jacksonville | 2011 | 100% | 40,254 | | 21,038 | | 19,216 | | | 100.0 % | 100.0 % | 100.0 % | 20.87 | The Fresh Market | |
| Tradition Village Center | Port St. Lucie | 2006 | 100% | 85,057 | | 45,600 | | 39,457 | | | 96.9 % | 100.0 % | 93.3 % | 18.75 | Publix | |
| Waterford Lakes Village | Orlando | 1997 | 100% | 78,007 | | 51,703 | | 26,304 | | | 98.4 % | 100.0 % | 95.2 % | 13.91 | | |
| Georgia | | | | | | | | | | | | | |
| Mullins Crossing | Augusta | 2005 | 100% | 276,318 | | 228,224 | | 48,094 | | | 99.3 % | 100.0 % | 96.1 % | 13.39 | (Target) | Ross Stores, Old Navy, Five Below, Kohls, La-Z-Boy, Marshalls, Office Max, Petco, Ulta Beauty, Panera Bread |
| Illinois | | | | | | | | | | | | | |
| Naperville Marketplace | Chicago | 2008 | 100% | 83,759 | | 61,683 | | 22,076 | | | 97.7 % | 100.0 % | 91.1 % | 14.01 | (Caputo's Fresh Market) | TJ Maxx, PetSmart |
| Indiana | | | | | | | | | | | | | |
| 54th & College | Indianapolis | 2008 | 100% | — | | — | | — | | | — | % | — | % | — | % | — | The Fresh Market | |
| Bridgewater Marketplace | Westfield | 2008 | 100% | 25,975 | | — | | 25,975 | | | 100.0 % | 0.0 % | 100.0 % | 22.15 | | (Walgreens), The Local Eatery, Original Pancake House |
| Castleton Crossing | Indianapolis | 1975/2012 | 100% | 286,377 | | 247,710 | | 38,667 | | | 97.4 % | 100.0 % | 80.6 % | 12.21 | | TJ Maxx/HomeGoods, Burlington, Shoe Carnival, Value City Furniture, K&G Menswear, Chipotle, Verizon, Five Below |
| Cool Creek Commons | Westfield | 2005 | 100% | 125,072 | | 54,401 | | 70,671 | | | 68.1 % | 36.0 % | 92.8 % | 23.50 | The Fresh Market | McAlister's Deli, Buffalo Wild Wings, Pet People |
| Depauw University Bookstore and Café | Indianapolis | 2012 | 100% | 11,974 | | — | | 11,974 | | | 100.0 % | 0.0 % | 100.0 % | 9.17 | | Follett's, Starbucks |
| Eddy Street Commons at Notre Dame | South Bend | 2009 | 100% | 87,987 | | 20,154 | | 67,833 | | | 96.1 % | 100.0 % | 95.0 % | 27.32 | | Hammes Bookstore & Cafe, Chipotle, Urban Outfitters, Five Guys, Kilwins, Blaze Pizza |
| Fishers Station | Fishers | 1989/2018 | 100% | 52,395 | | 15,441 | | 36,954 | | | 78.8 % | 100.0 % | 70.0 % | 16.83 | | Dollar Tree, Goodwill |
| Geist Pavilion | Fishers | 2006 | 100% | 63,910 | | 29,700 | | 34,210 | | | 97.6 % | 100.0 % | 95.6 % | 17.60 | | Ace Hardware, Goodwill, Ale Emporium, Pure Barre |
| Greyhound Commons | Carmel | 2005 | 100% | 9,152 | | — | | 9,152 | | | 100.0 % | 0.0 % | 100.0 % | 15.33 | | (Lowe's Home Improvement Center), Koto Japenese Steakhouse |
| Nora Plaza | Indianapolis | 2004 | 100% | 139,670 | | 73,589 | | 66,081 | | | 94.1 % | 100.0 % | 87.6 % | 15.29 | Whole Foods, (Target) | Marshalls |
| Rangeline Crossing | Carmel | 1986/2013 | 100% | 99,497 | | 48,171 | | 51,326 | | | 66.4 % | 47.7 % | 84.0 % | 25.05 | | Walgreens, Panera Bread, City BBQ |
| Rivers Edge | Indianapolis | 2011 | 100% | 150,463 | | 117,890 | | 32,573 | | | 98.9 % | 100.0 % | 95.0 % | 22.10 | | Nordstrom Rack, The Container Store, Arhaus Furniture, Bicycle Garage of Indy, Buy Buy Baby |
| Stoney Creek Commons | Noblesville | 2000/2013 | 100% | 84,226 | | 84,226 | | — | | | 64.1 % | 64.1 % | 0.0 % | 14.38 | | LA Fitness, Goodwill, (Lowe's Home Improvement Center) |
| Traders Point I | Indianapolis | 2005 | 100% | 211,545 | | 170,809 | | 40,736 | | | 94.4 % | 100.0 % | 70.9 % | 14.47 | | Dick's Sporting Goods, AMC Theatres, Michaels, Old Navy, PetSmart, Books-A-Million |
| Traders Point II | Indianapolis | 2005 | 100% | 45,978 | | — | | 45,978 | | | 90.4 % | 0.0 % | 90.4 % | 27.72 | | Starbucks, Noodles & Company, Qdoba |
See footnotes on page 31
| | | | | |
| p. 29 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED) | |
As of December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property1 | Location (MSA) | Year
Built/
Renovated | Owner-ship % | Owned GLA2 | | Leased % | ABR
per Sqft | Grocery Anchors4 | Other Retailers4 |
| Total | Anchors | Shops | | Total | Anchors | Shops |
| Nevada | | | | | | | | | | | | | |
| Centennial Center | Las Vegas | 2002 | 100% | 334,023 | | 147,824 | | 186,199 | | | 99.2 % | 100.0 % | 98.6 % | 25.95 | Sam's Club, Walmart | Ross Stores, Big Lots, Famous Footwear, Michaels, Petco, Home Depot, HomeGoods, Skechers, Five Below, Sephora, Tillys |
| Centennial Gateway | Las Vegas | 2005 | 100% | 193,452 | | 140,277 | | 53,175 | | | 99.4 % | 100.0 % | 97.9 % | 24.40 | Trader Joe's | Party City, Sportsman's Warehouse, Walgreens, UFC Fit |
| Eastern Beltway Center | Las Vegas | 1998/2006 | 100% | 162,318 | | 77,436 | | 84,882 | | | 88.7 % | 100.0 % | 78.4 % | 27.21 | Sam's Club, Walmart | Petco, Ross Stores, Skechers, Old Navy, (Home Depot) |
| Rampart Commons | Las Vegas | 2002/2018 | 100% | 79,314 | | 11,965 | | 67,349 | | | 100.0 % | 100.0 % | 100.0 % | 33.55 | | Athleta, North Italia, Pottery Barn, Williams Sonoma, Flower Child, Crunch Fitness |
| New Jersey | | | | | | | | | | | | | |
| Bayonne Crossing | New York / Northern New Jersey | 2011 | 100% | 112,871 | | 52,219 | | 60,652 | | | 72.8 % | 41.2 % | 100.0 % | 34.41 | Walmart | Michaels, Lowe's Home Improvement Center |
| Livingston Shopping Center | New York / Northern New Jersey | 1997 | 20% | 139,022 | | 133,125 | | 5,897 | | | 97.9 % | 100.0 % | 50.8 % | 20.93 | | Cost Plus World Market, Buy Buy Baby, Nordstrom Rack, DSW, TJ Maxx, Ulta Beauty |
| New York | | | | | | | | | | | | | |
| City Center | New York / Northern New Jersey | 2004/2018 | 100% | 363,023 | | 325,139 | | 37,884 | | | 97.0 % | 100.0 % | 70.9 % | 25.97 | ShopRite | Nordstrom Rack, New York Sports Club, Burlington, Club Champion Golf, National Amusements |
| North Carolina | | | | | | | | | | | | | |
| Eastgate Crossing | Raleigh | 1958/2007 | 100% | 156,276 | | 62,386 | | 93,890 | | | 72.7 % | 55.4 % | 84.2 % | 32.90 | Trader Joe's | Chipotle, Petco, Starbucks, Ulta Beauty |
| Holly Springs Towne Center - Phase I | Raleigh | 2013 | 100% | 209,811 | | 121,761 | | 88,050 | | | 91.7 % | 100.0 % | 80.1 % | 18.28 | (Target) | Dick's Sporting Goods, Marshalls, Petco, Ulta Beauty, Michaels, Old Navy, Five Below |
| Holly Springs Towne Center - Phase II | Raleigh | 2016 | 100% | 145,043 | | 111,843 | | 33,200 | | | 98.8 % | 100.0 % | 94.6 % | 17.94 | (Target) | Bed Bath & Beyond, DSW, AMC Theatres, 02 Fitness |
| Northcrest Shopping Center | Charlotte | 2008 | 100% | 133,621 | | 65,576 | | 68,045 | | | 94.2 % | 100.0 % | 88.6 % | 23.74 | (Target) | REI Co-Op, David's Bridal, Old Navy, Five Below |
| Oleander Place | Wilmington | 2012 | 100% | 45,524 | | 30,144 | | 15,380 | | | 100.0 % | 100.0 % | 100.0 % | 18.05 | Whole Foods | |
| Parkside Town Commons - Phase I | Raleigh | 2015 | 100% | 55,368 | | 22,500 | | 32,868 | | | 100.0 % | 100.0 % | 100.0 % | 26.23 | Harris Teeter/Kroger, (Target) | Petco, Guitar Center |
| Parkside Town Commons - Phase II | Raleigh | 2017 | 100% | 298,094 | | 188,785 | | 109,309 | | | 67.5 | % | 50.6 | % | 96.7 | % | 22.21 | (Target) | Golf Galaxy, Hobby Lobby, Chuy's, Starbucks, Panera Bread, Levity Live |
| Perimeter Woods | Charlotte | 2008 | 100% | 125,579 | | 105,175 | | 20,404 | | | 100.0 % | 100.0 % | 100.0 % | 20.82 | | Best Buy, Off Broadway Shoes, PetSmart, Michaels, (Lowe's Home Improvement Center) |
| Toringdon Market | Charlotte | 2004 | 100% | 61,101 | | 26,546 | | 34,555 | | | 97.9 % | 100.0 % | 96.3 % | 23.34 | Earth Fare | |
| Ohio | | | | | | | | | | | | | |
| Eastgate Pavilion | Cincinnati | 1995 | 100% | 236,230 | | 231,730 | | 4,500 | | | 100.0 % | 100.0 % | 100.0 % | 9.38 | | Best Buy, Dick's Sporting Goods, Value City Furniture, Petsmart, DSW |
| Oklahoma | | | | | | | | | | | | | |
| Belle Isle Station | Oklahoma City | 2000 | 100% | 196,164 | | 115,783 | | 80,381 | | | 85.9 % | 100.0 % | 65.5 % | 17.42 | (Walmart) | REI, Shoe Carnival, Old Navy, Ross Stores, Nordstrom Rack, Ulta Beauty, Five Below |
| Shops at Moore | Oklahoma City | 2010 | 100% | 260,625 | | 188,037 | | 72,588 | | | 92.6 % | 94.6 % | 87.2 % | 12.35 | | Bed Bath & Beyond, Best Buy, Hobby Lobby, Old Navy, PetSmart, Ross Stores |
| Silver Springs Pointe | Oklahoma City | 2001 | 100% | 48,440 | | 20,515 | | 27,925 | | | 83.0 % | 100.0 % | 70.4 % | 14.38 | (Sam's Club), (Walmart) | Kohls, Office Depot, (Home Depot) |
See footnotes on page 31
| | | | | |
| p. 30 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED) | |
As of December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property1 | Location (MSA) | Year
Built/
Renovated | Owner-ship % | Owned GLA2 | | Leased % | ABR
per Sqft | | Other Retailers4 |
| Total | Anchors | Shops | | Total | Anchors | Shops | Grocery Anchor4 |
| South Carolina | | | | | | | | | | | | | |
| Publix at Woodruff | Greenville | 1997 | 100% | 68,103 | | 47,955 | | 20,148 | | | 91.0 % | 100.0 % | 69.5 % | 10.54 | Publix | |
| Shoppes at Plaza Green | Greenville | 2000 | 100% | 189,730 | | 162,068 | | 27,662 | | | 82.6 % | 87.0 % | 56.8 % | 12.87 | | Bed Bath & Beyond, Christmas Tree Shops, American Freight, Party City, Shoe Carnival, Old Navy |
| Tennessee | | | | | | | | | | | | | |
| Cool Springs Market | Nashville | 1995 | 100% | 230,981 | | 172,712 | | 58,269 | | | 97.8 % | 100.0 % | 91.4 % | 16.69 | (Kroger) | Dick's Sporting Goods, Marshalls, Buy Buy Baby, DSW, Staples, Jo-Ann Fabric, Panera Bread |
| Texas | | | | | | | | | | | | | |
| Chapel Hill Shopping Center | Dallas/Ft. Worth | 2001 | 100% | 126,812 | | 43,450 | | 83,362 | | | 100.0 % | 100.0 % | 100.0 % | 26.68 | H-E-B Grocery | The Container Store, Cost Plus World Market |
| Colleyville Downs | Dallas/Ft. Worth | 2014 | 100% | 194,744 | | 139,219 | | 55,525 | | | 94.4 % | 100.0 % | 80.4 % | 15.68 | Whole Foods | Westlake Hardware, Goody Goody Liquor, Petco, Fit Factory |
| Kingwood Commons | Houston | 1999 | 100% | 158,109 | | 74,836 | | 83,273 | | | 51.5 % | 14.5 % | 84.7 % | 28.28 | | Petco, Chico's, Talbots, Ann Taylor |
Market Street Village/
Pipeline Point | Dallas/Ft. Worth | 1970/2011 | 100% | 156,621 | | 136,742 | | 19,879 | | | 100.0 % | 100.0 % | 100.0 % | 13.67 | | Jo-Ann Fabric, Ross Stores, Buy Buy Baby, Party City, Spec's Wine Spirits & Finer Foods |
| Plaza at Cedar Hill | Dallas/Ft. Worth | 2000/2010 | 100% | 295,665 | | 234,358 | | 61,307 | | | 92.4 % | 100.0 % | 63.1 % | 13.67 | Sprouts Farmers Market, Total Wine | DSW, Ross Stores, Hobby Lobby, Office Max, Marshalls, Home Goods |
| Plaza Volente | Austin | 2004 | 20% | 156,146 | | 105,000 | | 51,146 | | | 94.8 % | 100.0 % | 84.2 % | 17.34 | H-E-B Grocery | |
| Portofino Shopping Center | Houston | 1999/2010 | 100% | 369,802 | | 218,861 | | 150,941 | | | 83.2 % | 83.6 % | 82.6 % | 21.38 | (Sam's Club) | DSW, Michaels, PGA Superstore, PetSmart, Old Navy, TJ Maxx, Nordstrom Rack, Five Below |
| Sunland Towne Centre | El Paso | 1996/2014 | 100% | 306,454 | | 265,037 | | 41,417 | | | 98.9 % | 100.0 % | 91.7 % | 11.27 | Sprouts Farmers Market | PetSmart, Ross Stores, Bed Bath & Beyond, Spec's Fine Wines, At Home |
| Waxahachie Crossing | Dallas/Ft. Worth | 2010 | 100% | 97,127 | | 72,191 | | 24,936 | | | 100.0 % | 100.0 % | 100.0 % | 15.55 | | Best Buy, PetSmart, Ross Stores, (Home Depot) |
| Westside Market | Dallas/Ft. Worth | 2013 | 100% | 93,377 | | 70,000 | | 23,377 | | | 100.0 % | 100.0 % | 100.0 % | 16.66 | Randalls Tom Thumb | |
| Utah | | | | | | | | | | | | | |
| Draper Crossing | Salt Lake City | 2012 | 100% | 164,657 | | 115,916 | | 48,741 | | | 100.0 % | 100.0 % | 100.0 % | 17.28 | Kroger/Smith's | TJ Maxx, Dollar Tree, Downeast Home |
| Draper Peaks | Salt Lake City | 2012 | 100% | 227,667 | | 101,464 | | 126,203 | | | 91.5 % | 100.0 % | 84.7 % | 21.27 | | Michaels, Office Depot, Petco, Quilted Bear, Ross Stores, (Kohl's) |
| | | | | | | | | | | | | |
| Total | | | | 11,661,731 | | 7,878,959 | | 3,782,772 | | | 91.2 % | 92.9 % | 87.6 | % | $ | 18.42 | | | |
| | | | | | | | | | | | | |
| Total at Pro-Rata Share | | | 11,328,324 | | 7,591,186 | | 3,737,138 | | | 91.2 | % | 93.0 | % | 87.7 | % | $ | 18.44 | | | |
| | | | | | | | |
| ____________________ |
| 1 | | Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of December 31, 2020, except for Greyhound Commons and 54th & College. |
| 2 | | Tenants within parentheses are non-owned. |
| | |
| | | | | |
| p. 31 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
NON-RETAIL OPERATING PROPERTIES | |
As of December 31, 2020
($ in thousands, except per square foot data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Property | MSA | Year Built/
Renovated | Owned
NRA | Percentage
Of Owned
NRA
Leased | Annualized Base Rent1 | Percentage of Annualized Office and Other Base Rent | Base Rent
Per Leased
Sq. Ft. | | Major Tenants |
| Commercial Properties | | | | | | | | | |
Thirty South Meridian2 | Indianapolis | 1905/2002 | 284,874 | | 94.6 | % | $ | 5,448 | | 67.2 | % | $ | 20.22 | | | Carrier, Kite Realty Group, Lumina Foundation |
Union Station Parking Garage3 | Indianapolis | 1986 | N/A | N/A | N/A | N/A | N/A | | Denison Parking (manager) |
Pan Am Plaza Parking Garage3 | Indianapolis | | N/A | N/A | N/A | N/A | N/A | | Denison Parking (manager) |
| Stand-alone Office Components of Retail Properties | | | | | | | |
Eddy Street Office (part of Eddy Street Commons)4 | South Bend | 2009 | 81,628 | | 100.0 | % | 1,324 | 16.4 | % | 16.23 | | | University of Notre Dame Offices |
| Tradition Village Office (part of Tradition Village Square) | Port St. Lucie | 2006 | 24,340 | | 100.0 | % | 735 | 9.1 | % | 30.19 | | | |
| Total Commercial Properties | | | 390,842 | | 96.1 | % | $ | 7,507 | | 92.7 | % | $ | 20.00 | | | |
| | | | | | | | | |
| | | | | | | | | |
| Other Properties | | | | | | | | |
| Burlington | San Antonio | 1992/2000 | 107,400 | | 100.0 | % | $ | 591 | | 7.3 | % | $ | 5.50 | | | Burlington |
| | | 107,400 | | 100.0 | % | $ | 591 | | 7.3 | % | $ | 5.50 | | | |
| | | | | | | | | |
| Total Commercial and Other | | | 498,242 | | 96.9 | % | $ | 8,098 | | 100.0 | % | $ | 16.77 | | | |
| | | | | | | | | |
| Multi-Family/Lodging | | | | | | | | | |
Embassy Suites South Bend at Notre Dame5 | South Bend | 2018 | — | | N/A | — | | — | | — | | | Full service hotel with 164 rooms |
| The Foundry Lofts and Apartments at Eddy Street | South Bend | 2009 | — | | 100.0 | % | — | | — | | — | | | Air rights lease for apartment complex with 266 units |
| The Foundry Lofts and Apartments at Eddy Street Phase II | South Bend | 2020 | — | | 100.0 | % | — | | — | | — | | | Air rights lease for apartment complex with 453 units |
| Summit at City Center Apartments | New York / Northern New Jersey | 2004 | — | | 100.0 | % | — | | — | | — | | | Apartment complex with 24 units. |
| | | | | |
| ____________________ |
| 1 | Annualized Base Rent represents the monthly contractual rent as of December 31, 2020 for each applicable property, multiplied by 12. |
| 2 | Annualized Base Rent includes $859,256 from the Company and subsidiaries as of December 31, 2020, which is eliminated for purposes of our consolidated financial statement presentation. |
| 3 | The garage is managed by a third party. |
| 4 | The Company also owns the Eddy Street Commons retail shopping center in South Bend, Indiana, along with a parking garage that serves a hotel and the office and retail components of the property. |
| 5 | Property owned in an unconsolidated joint venture. |
| |
| | | | | |
| p. 32 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
| | | | | | | | |
COMPONENTS OF NET ASSET VALUE | |
As of December 31, 2020
($ in thousands)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Cash Net Operating Income (NOI) | | Supplemental Page No.: | | Other Assets | | Supplemental Page No.: |
| GAAP property NOI (incl. Ground Lease Revenue) | $ | 48,403 | | 14 | | Cash and cash equivalents | $ | 43,648 | | 11 |
| Below-market lease intangibles, net | (1,900) | | 16 | | Tenant and other receivables (net of SLR) | 32,371 | | 11 |
| Straight-line rent | (240) | | 16 | | Restricted cash and escrow deposits | 2,938 | | 11 |
| Other property related revenue | (1,675) | | 14 | | Prepaid and other assets | 39,975 | | 11 |
| Ground lease ("GL") revenue | (4,190) | | 14 | | Undeveloped land in operating portfolio 1 | 13,000 | | |
| Consolidated Cash Property NOI (excl. GL) | $ | 40,398 | | | | Land held for development | 13,612 | | |
| Annualized Consolidated Cash Property NOI (excl. ground leases) | $ | 161,592 | | | | | | |
| | | | Total Other Asset Value | $ | 145,544 | | |
| | | | | | |
| Adjustments To Normalize Annualized Cash NOI | | | | Liabilities | | |
Total projected remaining development / transitional redevelopment cash NOI 3 | $ | 2,228 | | 26 | | Mortgage and other indebtedness | $ | (1,170,794) | | 11 |
| Unconsolidated EBITDA | 1,409 | | 19 | | KRG share of unconsolidated debt | (22,150) | | 20 |
| | | | Partner share of consolidated joint venture debt | 1,102 | | |
| | | | Accounts payable and accrued expenses | (85,649) | | 11 |
| General and administrative expense allocable to property management activities included in property expenses ($1,100 in Q4) | 4,400 | | 14, footnote 4 | | Other liabilities4 | (40,170) | | 11 |
| Total Adjustments | 8,037 | | | | Debt premium and issuance costs, net | (5,282) | | 20 |
| | | | Non-controlling redeemable joint venture interest | (10,070) | | |
| | | | Projected remaining under construction development/redevelopment 5 | (11,900) | | 26 |
| Annualized Normalized Portfolio Cash NOI (excl. Ground Leases) | $ | 169,629 | | | | Total Liabilities | $ | (1,344,913) | | |
| Annualized Ground Lease NOI | 16,760 | | | | | | |
| Total Annualized Portfolio Cash NOI | $ | 186,389 | | | | Common Shares and Units Outstanding | 86,711,910 | | |
| | | | | | |
| | | | | |
| ____________________ |
| 1 | Undeveloped land with a book value of $13.0 million at December 31, 2020. |
| 2 | Includes CIP amounts for miscellaneous tenant improvements and small projects. |
| 3 | Excludes the projected cash NOI and related cost from the redevelopment opportunities outlined on page 26. |
| |
| 4 | Deferred revenue and other liabilities of $85.6 million less mark-to-market lease liability of $45.5 million. |
| 5 | Remaining costs on page 26 for development projects and Big Box Surge. |
| |
| | | | | |
| p. 33 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2020 |
