EX-99.2 3 exhibit99_2.htm EXHIBIT 99.2 Q1 2013 SUPPLEMENTAL exhibit99_2.htm
EXHIBIT 99.2
 
LOGO



COVER PICTURE

 

QUARTERLY FINANCIAL SUPPLEMENT
MARCH 31, 2013
 
 

 

KITE REALTY GROUP TRUST

INVESTOR RELATIONS CONTACTS:

Dan Sink, Chief Financial Officer
Adam Basch, Investor Relations
 
 
 
 
 
 
 

30 S. MERIDIAN STREET • INDIANAPOLIS, INDIANA 46204 • 317.577.5600 • KITEREALTY.COM



 
 

 
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SUPPLEMENTAL INFORMATION – MARCH 31, 2013


 
PAGE NO.
 
TABLE OF CONTENTS
3
 
Corporate Profile 
4
 
Contact Information 
5
 
Important Notes 
6
 
Corporate Structure Chart 
7
 
Consolidated Balance Sheets 
8
 
Consolidated Statements of Operations for the Three Months Ended March 31
9
 
Funds from Operations and Other Financial Information for the Three Months Ended March 31
10
 
Market Capitalization 
10
 
Ratio of Debt to Total Undepreciated Assets as of March 31, 2013
11
 
Same Property Net Operating Income for the Three Months Ended March 31
12
 
Net Operating Income by Quarter 
13
 
Summary of Outstanding Debt as of March 31
14
 
Schedule of Outstanding Debt as of March 31
16
 
Top 10 Retail Tenants by Gross Leasable Area 
17
 
Top 25 Tenants by Annualized Base Rent 
18
 
Lease Expirations – Operating Portfolio 
19
 
Lease Expirations – Retail Anchor Tenants 
20
 
Lease Expirations – Retail Shops 
21
 
Lease Expirations – Commercial Tenants 
22
 
Summary Retail Portfolio Statistics Including Joint Venture Properties
23
 
Summary Commercial Portfolio Statistics 
24
 
In-Process Development / Redevelopment Projects 
25
 
Future Development / Redevelopment Projects
26
 
Property Acquisitions
27
 
Geographic Diversification – Operating Portfolio 
28
 
Operating Retail Properties 
32
 
Operating Commercial Properties 
33
 
Retail Operating Portfolio – Tenant Breakdown 
     
     
     

 
 
 

 

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 
 

 
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CORPORATE PROFILE

 
General Description
 
Kite Realty Group Trust is a full-service, vertically integrated real estate company engaged primarily in the development, construction, acquisition, ownership and operation of high-quality neighborhood and community shopping centers in selected markets in the United States. We are organized as a real estate investment trust ("REIT") for federal income tax purposes. As of March  31, 2013, we owned interests in 61 properties totaling approximately 9.3 million square feet and an additional 0.9 million square feet in three properties currently under in-process development.
 
Our strategy is to maximize the cash flow of our operating properties, successfully complete the construction and lease-up of our development portfolio and identify additional growth opportunities in the form of acquisitions and redevelopments. New investments are focused in the shopping center sector, although we may selectively pursue commercial development or acquisition opportunities in markets where we currently operate and where we believe we can leverage existing infrastructure and relationships to generate attractive risk-adjusted returns.
 
 
Company Highlights as of March 31, 2013
 
 
· 
 
Operating Retail Properties 
55
 
· 
 
Operating Commercial Properties 
2
 
· 
 
Total Properties Under Redevelopment
4
   
     Total Operating and Redevelopment Properties
61
 
· 
 
Properties Under In-Process Development
3
 
· 
 
States 
11
 
· 
 
Total GLA/NRA of 57 Operating Properties (excluding properties under redevelopment)
8,851,909
 
· 
 
Owned GLA/NRA of 57 Operating Properties (excluding properties under redevelopment)
6,272,613
 
· 
 
Projected Owned GLA of In-Process Development and Redevelopment Projects
916,880
 
· 
 
Percentage of Owned GLA/NRA Leased – Total Portfolio 
94.5%
 
·
 
     Percentage of Owned GLA Leased – Retail Operating 
94.5%
 
·
 
     Percentage of Owned NRA Leased – Commercial Operating 
94.0%
         


   
     

Stock Listing: New York Stock Exchange symbol: KRG

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 
 

 
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CONTACT INFORMATION


 
Corporate Office
30 South Meridian Street, Suite 1100
Indianapolis, IN 46204
(888) 577-5600
(317) 577-5600
www.kiterealty.com


 

Investor Relations Contacts:
 
Analyst Coverage:
 
Analyst Coverage:
         
Dan Sink, Chief Financial Officer 
 
Bank of America/Merrill Lynch
 
KeyBanc Capital Markets
Kite Realty Group Trust 
 
Mr. Jeffrey Spector / Mr. Craig Schmidt
 
Mr. Jordan Sadler/Mr. Todd Thomas
30 South Meridian Street, Suite 1100 
(646) 855-1363/(646) 855-3640
(917) 368-2280/(917) 368-2286
Indianapolis, IN 46204 
 
jeff.spector@baml.com
 
tthomas@keybanccm.com
(317) 577-5609
 
craig.schmidt@baml.com
 
jsadler@keybanccm.com
dsink@kiterealty.com 
       
   
BMO Capital Markets 
 
Raymond James 
Adam Basch, Investor Relations
 
Mr. Paul E. Adornato/Mr. Joshua Patinkin 
 
Mr. Paul Puryear/Mr. R. J. Milligan
Kite Realty Group Trust 
 
(212) 885-4170 /(212) 883-5102
 
(727) 567-2253/(727) 567-2660
30 South Meridian Street, Suite 1100 
 
paul.adornato@bmo.com 
 
paul.puryear@raymondjames.com 
Indianapolis, IN 46204 
 
josh.patinkin@bmo.com
 
Richard.milligan@raymondjames.com
(317) 578-5161
       
abasch@kiterealty.com
 
Citigroup Global Markets 
 
Stifel, Nicolaus & Company, Inc. 
   
Mr. Michael Bilerman/Mr. Quentin Velleley
 
Mr. Nathan Isbee 
Transfer Agent:
 
(212) 816-1383/(212) 816-6981
 
(443) 224-1346 
   
michael.bilerman@citigroup.com 
 
nisbee@stifel.com 
Broadridge
 
Quentin.velleley@citi.com
   
Ms. Rosanna Garofalo
       
51 Mercedes Way
 
Hilliard Lyons
 
Wells Fargo Securities, LLC
Edgewood, NY 11717
 
Ms. Carol L. Kemple
 
Mr. Jeffrey J. Donnelly, CFA 
(631) 392-5810
 
(502) 588-1839
 
(617) 603-4262 
   
Ckemple@hilliard.com
 
jeff.donnelly@wachovia.com 
Stock Specialist:
       
         
Barclays Capital
       
45 Broadway 
       
20th Floor 
       
New York, NY 10006 
       
(646) 333-7000
       
         
         
         
         
         
         


 

 

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 
 

 
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IMPORTANT NOTES
 
Interim Information
 
This Quarterly Financial Supplement contains historical information of Kite Realty Group Trust (“the Company” or “KRG”) and is intended to supplement the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2013 to be filed on or about May 10, 2013, which should be read in conjunction with this supplement. The supplemental information is unaudited, although it reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.
 
Forward-Looking Statements
 
This supplemental information package contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include, but are not limited to:
 
·  
national and local economic, business, real estate and other market conditions, particularly in light of the recent slowing of growth in the U.S. economy;
·  
financing risks, including the availability of and costs associated with sources of liquidity;
·  
the Company’s ability to refinance, or extend the maturity dates of, its indebtedness;
·  
the level and volatility of interest rates;
·  
the financial stability of tenants, including their ability to pay rent and the risk of tenant bankruptcies;
·  
the competitive environment in which the Company operates;
·  
acquisition, disposition, development and joint venture risks;
·  
property ownership and management risks;
·  
the Company’s ability to maintain its status as a real estate investment trust (“REIT”) for federal income tax purposes;
·  
potential environmental and other liabilities;
·  
impairment in the value of real estate property the Company owns;
·  
risks related to the geographical concentration of our properties in Indiana, Florida, Texas and North Carolina;
·  
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, 2012, and in our quarterly reports on Form 10-Q.
 
The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
 
Funds from Operations
 
Funds from Operations (FFO) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. We calculate FFO in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (NAREIT), which we refer to as the White Paper. The White Paper defines FFO as net income (determined in accordance with generally accepted accounting principles (GAAP)), excluding gains (or losses) from sales and impairments of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.
 
Considering the nature of our business as a real estate owner and operator, we believe that FFO is helpful to investors in measuring our operational performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. For informational purposes, we have also provided FFO adjusted for a litigation charge in the first quarter of 2012 and the write-off of deferred financing costs in the first quarter of 2013.  We believe this supplemental information provides a meaningful measure of our operating performance.  We believe our presentation of adjusted FFO provides investors with another financial measure that may facilitate comparison of operating performance between periods and among our peer companies.  FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of our financial performance, is not an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, and is not indicative of funds available to satisfy our cash needs, including our ability to make distributions. Our computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
 
Net Operating Income
 
Net operating income (NOI) is provided here as a supplemental measure of operating performance. NOI is defined as property revenues less property operating expenses, excluding depreciation and amortization, interest expense, impairment, and other items. We believe this presentation of NOI is helpful to investors as a measure of our operational performance because it is widely used in the real estate industry to measure the performance of real estate assets without regard to various items, included in net income, that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending upon accounting methods and book value of assets. We also believe NOI helps our investors to meaningfully compare the results of our operating performance from period to period by removing the impact of our capital structure (primarily interest expense on our outstanding indebtedness) and depreciation of the basis in our assets from our operating results. NOI should not, however, be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of our financial performance.

 
 

 
 

 
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Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

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CORPORATE STRUCTURE CHART - MARCH 31, 2013
 
CORPORATE CHART

 
 

 

p. 6                                           
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 
 

 
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CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 
 
   
March 31,
2013
   
December 31,
2012
 
Assets:
           
Investment properties, at cost:
           
Land
  $ 260,147,688     $ 239,690,837  
Land held for development
    34,692,300       34,878,300  
Buildings and improvements
    974,123,663       892,508,729  
Furniture, equipment and other
    5,001,301       4,419,918  
Construction in progress
    167,305,648       223,135,354  
      1,441,270,600       1,394,633,138  
Less: accumulated depreciation
    (204,397,129 )     (194,297,531 )
      1,236,873,471       1,200,335,607  
Cash and cash equivalents
    14,648,955       12,482,701  
Tenant receivables, including accrued straight-line rent of $12,695,482 and $12,189,449, respectively, net of allowance for uncollectible accounts
    21,257,177       21,210,754  
Other receivables
    5,660,811       4,946,219  
Investments in unconsolidated entities, at equity
    15,357       15,522  
Escrow deposits
    11,639,175       12,960,488  
Deferred costs, net
    35,568,030       34,536,474  
Prepaid and other assets
    2,908,459       2,169,140  
Total Assets
  $ 1,328,571,435     $ 1,288,656,905  
                 
Liabilities and Equity:
               
Mortgage and other indebtedness
  $ 746,917,668     $ 699,908,768  
Accounts payable and accrued expenses
    50,002,807       54,187,172  
Deferred revenue and other liabilities
    20,940,946       20,269,501  
Total Liabilities
    817,861,421       774,365,441  
                 
Commitments and contingencies
               
                 
Redeemable noncontrolling interests in the Operating Partnership
    45,991,764       37,669,803  
                 
Equity:
               
Kite Realty Group Trust Shareholders’ Equity:
               
Preferred Shares, $.01 par value, 40,000,000 shares authorized, 4,100,000 shares issued and outstanding, respectively
    102,500,000       102,500,000  
Common Shares, $.01 par value, 200,000,000 shares authorized 77,896,432 shares and 77,728,697 shares issued and outstanding, respectively
    778,965       777,287  
Additional paid in capital
    505,357,780       513,111,877  
Accumulated other comprehensive loss
    (4,656,645 )     (5,258,543 )
Accumulated deficit
    (142,800,208 )     (138,044,264 )
Total Kite Realty Group Trust Shareholders’ Equity
    461,179,892       473,086,357  
Noncontrolling Interests
    3,538,358       3,535,304  
Total Equity
    464,718,250       476,621,661  
Total Liabilities and Equity
  $ 1,328,571,435     $ 1,288,656,905  
 

 

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 
 

 
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CONSOLIDATED STATEMENTS OF OPERATIONS – THREE MONTHS (UNAUDITED)


   
Three Months Ended
 March 31,
 
   
2013
   
2012
 
Revenue:
           
Minimum rent
  $ 21,354,783     $ 18,461,447  
Tenant reimbursements
    5,712,532       5,109,674  
Other property related revenue
    5,005,800       1,218,880  
Total revenue
    32,073,115       24,790,001  
Expenses:
               
Property operating
    5,270,254       4,493,851  
Real estate taxes
    3,618,135       3,514,063  
General, administrative and other
    2,141,613       1,821,706  
Acquisition costs
    176,899        
Litigation charge, net
          1,289,446  
Depreciation and amortization
    11,753,557       9,148,836  
Total expenses
    22,960,458       20,267,902  
Operating income
    9,112,657       4,522,099  
Interest expense
    (7,131,775 )     (6,379,217 )
Income tax benefit (expense) of taxable REIT subsidiary
    28,952       (37,564 )
Other income (expense), net
    46,934       (22,358 )
Income (loss) from continuing operations
    2,056,768       (1,917,040 )
Discontinued operations1:
               
Income from operations
          408,810  
Gain on sale of operating property
          5,151,989  
Income from discontinued operations
          5,560,799  
Consolidated net income
    2,056,768       3,643,759  
Net (income) attributable to noncontrolling interests
    (24,854 )     (2,097,020 )
Net income attributable to Kite Realty Group Trust
    2,031,914       1,546,739  
Dividends on preferred shares
    (2,114,063 )     (1,577,813 )
Net loss attributable to common shareholders
  $ (82,149 )   $ (31,074 )
                 
Net loss per common share attributable to Kite Realty Group Trust common shareholders – basic and diluted
               
Loss from continuing operations attributable to common shareholders
  $ (0.00 )   $ (0.05 )
Income from discontinued operations attributable to common shareholders
          0.05  
Net loss attributable to common shareholders
  $ (0.00 )   $ (0.00 )
                 
Weighted average common shares outstanding – basic and diluted
    77,832,499       63,713,893  
Dividends declared per common share
  $ 0.06     $ 0.06  
                 
Loss attributable to Kite Realty Group Trust common shareholders:
               
Loss from continuing operations
  $ (82,149 )   $ (3,126,042 )
Income from discontinued operations
          3,094,968  
Net loss attributable to Kite Realty Group Trust common shareholders
  $ (82,149 )   $ (31,074 )

____________________
1
Discontinued operations reflects sales of the following operating properties: Pen Products, Indiana State Motor Pool, Sandifur Plaza, Preston Commons, and Zionsville Place in Q4 2012, Coral Springs and 50 South Morton in Q3 2012, South Elgin Commons in Q2 2012, and Gateway Shopping Center in Q1 2012. .

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 
 

 
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FUNDS FROM OPERATIONS AND OTHER FINANCIAL INFORMATION – THREE MONTHS


   
Three Months Ended
March 31,
 
   
2013
   
2012
 
Consolidated net income
  $ 2,056,768     $ 3,643,759  
Less dividends on preferred shares
    (2,114,063 )     (1,577,813 )
Less net income attributable to noncontrolling interests in properties
    (31,977 )     (26,770 )
Less gain on sale of operating property
          (5,151,989 )
Add depreciation and amortization, net of noncontrolling interests, and other
    11,561,282       9,717,308  
Funds From Operations of the Kite Portfolio1
    11,472,010       6,604,495  
Less redeemable noncontrolling interests in Funds From Operations
    (910,025 )     (726,494 )
Funds From Operations allocable to the Company1
  $ 10,561,985     $ 5,878,001  
                 
Basic and Diluted FFO per share of the Kite Portfolio
  $ 0.14     $ 0.09  
                 
                 
Funds From Operations of the Kite Portfolio
  $ 11,472,010     $ 6,604,495  
Add litigation charge, net
          1,289,446  
Add accelerated amortization of deferred financing fees
    171,572        
Funds From Operations of the Kite Portfolio, as adjusted
  $ 11,643,582     $ 7,893,941  
Basic and Diluted FFO per share of the Kite Portfolio, as adjusted
  $ 0.14     $ 0.11  
                 
Basic weighted average Common Shares outstanding
    77,832,499       63,713,893  
Diluted weighted average Common Shares outstanding
    78,208,159       64,053,794  
Basic weighted average Common Shares and Units outstanding
    84,570,950       71,553,941  
Diluted weighted average Common Shares and Units outstanding
    84,946,610       71,893,841  
                 
Other Financial Information:
               
Capital expenditures
               
Tenant improvements – Retail6 (Revenue Enhancing)
  $ 2,564,968     $ 632,000  
Tenant improvements – Commercial (Revenue Enhancing)
    1,705,691        
Leasing commissions – Retail
    214,527       236,580  
Leasing commissions – Commercial
           
Capital improvements3
    169,366       197,850  
Scheduled debt principal payments 
    1,728,309       1,784,246  
Straight line rent – total
    608,994       722,641  
- term of lease
    226,601       147,685  
- pre-cash rent period – operating properties
    133,914       477,396  
- pre-cash rent period – development properties
    248,479       97,560  
Market rent amortization income from acquired leases
    602,998       435,144  
Market debt adjustment 
    46,628       37,215  
Non-cash compensation expense
    325,912       207,063  
Capitalized interest 
    1,778,693       1,902,442  
Mark to market lease amount in Deferred revenue and other liabilities on condensed consolidated balance sheet
    10,307,805       8,183,021  
Acreage of undeveloped, vacant land in the operating portfolio4
    32.7          
Mid-quarter rent commencement not recognized in income statement (annualized) 5
  $ 370,945          

____________________
1
“Funds From Operations of the Operating Partnership” measures 100% of the operating performance of the Operating Partnership’s real estate properties and construction and service subsidiaries in which the Company owns an interest. “Funds From Operations allocable to the Company” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.
2
Excludes tenant improvements and leasing commissions relating to development and redevelopment projects and first-generation space.
3
A portion of these capital improvements are reimbursed by tenants and are revenue producing.
4
Not reflected in construction in progress and land held for development on the consolidated balance sheet (book value $7.0 million at March 31, 2013).
5
Reflects impact for full quarter for operating property tenants commencing cash rent in the quarter offset by terminated tenants.
6
2013 includes $1.3 million related to new anchor tenants HomeGoods and DSW at Plaza at Cedar Hill.

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 
 

 
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MARKET CAPITALIZATION AS OF MARCH 31, 2013


     
Total
 
Percent of
   
 
Percent of
 
Market
 
Total Market
   
 
Total Equity
 
Capitalization
 
Capitalization
   
Equity Capitalization: 
                 
Total Common Shares Outstanding 
92.0
%
   
77,896,432
       
                   
Operating Partnership ("OP") Units Outstanding
8.0
%
   
6,735,784
       
                   
Combined Common Shares and OP Units 
100.0
%
   
84,632,216
       
                   
Market Price of Common Shares at March 31, 2013
     
$
6.74
       
                   
Series A Preferred Shares
       
102,500,000
       
                   
Total Equity Capitalization 
       
672,921,136
 
48
%
 
                   
Debt Capitalization: 
                 
Company Consolidated Outstanding Debt 
       
746,917,668
       
                   
Less: Partner Share of Consolidated Joint Venture Debt2
       
(11,276,398
)
     
                   
Company Share of Outstanding Debt
       
735,641,270
       
                   
Less: Cash and Cash Equivalents
       
(14,648,955
)
     
                   
Total Net Debt Capitalization 
       
720,922,315
 
52
%
 
                   
Total Enterprise Value as of March 31, 2013
     
$
1,393,913,451
 
100
%
 
                   
RATIO OF DEBT TO TOTAL UNDEPRECIATED ASSETS AS OF MARCH 31, 2013
Consolidated Undepreciated Real Estate Assets
       
$
1,441,270,600
       
Escrow and Other Deposits
         
11,639,175
       
         
$
1,452,909,775
       
                     
Total Consolidated Debt
       
$
746,917,668
       
Less: Cash
         
(14,648,955
)
     
 
       
$
732,268,713
       
                     
Ratio of Net Debt to Total Undepreciated Real Estate Assets
         
50.4
%
     
                   
RATIO OF COMPANY SHARE OF DEBT TO EBITDA AS OF MARCH 31, 2013
           
As Reported
 
As Adjusted4
   
Company share of consolidated debt
       
$
735,641,270
 
727,791,270
   
Less:  Cash
         
(14,648,955
)
(14,648,955
)
 
Less:  Construction loans for In-Process Developments3
         
(20,331,107
)
(20,331,107
)
 
           
700,661,208
 
692,811,208
   
Q1 2013 EBITDA, annualized:
                 
        -  consolidated
   
$
83,464,856
               
        -  pro forma adjustment1
   
(7,889,693
)
             
        -  minority interest EBITDA
   
(188,411
)
   
75,386,752
 
83,930,517
   
           
9.3x
 
8.3x
   
   
1
Represents full year effect of adjustments for seasonality of percentage rent, annualization of mid-first quarter rent commencement, annualizing Shoppes of Eastwood acquisition, normalizing other property related revenue and transaction costs.
2
Includes partners’ share of Fishers Station, Beacon Hill and Bayport Commons.
3
Includes construction-related debt with no current NOI in the operating statements.
4
Reflects the utilization of $84.6 million of net proceeds from the Company’s April 2013 common stock offering of which $76.8 million was used to acquire Cool Springs Market and Castleton Crossing and $7.8 million was used to paydown the Company’s revolving line of credit.  The “As Adjusted” EBITDA includes Cool Springs and Castleton Crossing and the pro-forma EBITDA from tenants at Delray Marketplace, Holly Springs Towne Center – Phase I, and Four Corner Square that are leased but for which rent has not commenced.



p. 10
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
SAME PROPERTY NET OPERATING INCOME (NOI)


   
Three Months Ended March 31,
 
   
2013
   
2012
   
% Change
 
Number of Same Properties at period end
    49       49        
                       
Leased percentage at period-end 
    94.2 %     93.1 %      
     Minimum rent (cash)
  $ 17,474,600     $ 16,747,340        
     Tenant recoveries 
    5,400,109       4,791,841        
     Other income 
    723,375       707,736        
      23,598,084       22,246,917        
                       
     Property operating expenses 
    5,165,284       4,634,005        
     Real estate taxes 
    3,376,980       3,301,224        
      8,542,264       7,935,229        
Net operating income - same properties (49 properties)2
    15,055,820       14,311,688       5.2 %
                         
Reconciliation to Most Directly Comparable GAAP Measure: 
                       
                         
Net operating income - same properties
  $ 15,055,820     $ 14,311,688          
Net operating income - non-same activity
    8,128,906       2,470,399          
Other income (expense), net
    75,886       (59,922 )        
General, administrative and acquisition expenses
    (2,318,512 )     (1,821,706 )        
Litigation charge
    -       (1,289,446 )        
Depreciation expense
    (11,753,557 )     (9,148,836 )        
Interest expense
    (7,131,775 )     (6,379,217 )        
Discontinued operations
    -       408,810          
Gain on sale of operating property
    -       5,151,989          
Net income attributable to noncontrolling interests
    (24,854 )     (2,097,020 )        
Dividends on preferred shares
    (2,114,063 )     (1,577,813 )        
Net loss attributable to common shareholders
  $ (82,149 )   $ (31,074 )        



____________________
1
Same Property analysis excludes operating properties in redevelopment.
   
2
Excludes net gains from outlot sales, straight-line rent and amortization of lease intangibles, bad debt expense, and lease termination fees.
   
   


The Company believes that Net Operating Income is helpful to investors as a measure of its operating performance because it excludes various items included in net income that do not relate to or are not indicative of its operating performance, such as depreciation and amortization, interest expense, and impairment, if any.  The Company believes that Same Property NOI is helpful to investors as a measure of its operating performance because it includes only the NOI of properties that have been owned for the full period presented, which eliminates disparities in net income due to the redevelopment, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent metric for the comparison of the Company's properties.  NOI and Same Property NOI should not, however, be considered as alternatives to net income (calculated in accordance with GAAP) as indicators of the Company's financial performance.

p. 11
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
NET OPERATING INCOME BY QUARTER



 
Three Months Ended
 
March 31,
2013
 
December 31,
2012
 
September 30,
2012
 
June 30,
2012
 
March 31,
2012
Revenue: 
                                     
Minimum rent 
$
21,354,783
   
$
19,973,987
   
$
19,332,426
   
$
18,761,604
   
$
18,461,447
 
Tenant reimbursements 
 
5,678,226
     
5,493,941
     
5,033,632
     
4,541,108
     
5,109,674
 
Other property related revenue1
 
4,570,727
     
568,667
     
250,999
     
494,663
     
600,037
 
Parking revenue, net2
 
57,487
     
139,057
     
208,418
     
(14,526
)
   
180,064
 
   
31,661,223
     
26,175,652
     
24,825,475
     
23,782,849
     
24,351,222
 
Expenses: 
                                     
Property operating  – Recoverable3
 
4,372,801
     
3,966,644
     
3,420,691
     
3,172,620
     
3,363,621
 
Property operating – Non-Recoverable3
 
676,583
     
450,565
     
535,934
     
707,764
     
884,192
 
Real estate taxes 
 
3,427,113
     
3,305,445
     
3,075,931
     
2,863,376
     
3,321,322
 
   
8,476,497
     
7,722,654
     
7,032,556
     
6,743,760
     
7,569,135
 
Net Operating Income – Properties 
 
23,184,726
     
18,452,998
     
17,792,919
     
17,039,089
     
16,782,087
 
                                       
Other Expense: 
                                     
General, administrative, and other 
 
(2,141,613
)
   
(1,862,783
)
   
(1,647,116
)
   
(1,792,472
)
   
(1,821,707
)
Acquisition costs
 
(176,899
)
   
(185,263
)
   
(108,169
)
   
(70,933
)
   
 
   
(2,318,512
)
   
(2,048,046
)
   
(1,755,285
)
   
(1,863,405
)
   
(1,821,707
)
Earnings Before Interest, Taxes, Depreciation and Amortization
 
20,866,214
     
16,404,952
     
16,037,634
     
15,175,684
     
14,960,380
 
                                       
Litigation charge
 
     
281,995
     
     
     
(1,289,446
)
Depreciation and amortization 
 
(11,753,557
)
   
(9,829,147
)
   
(11,183,187
)
   
(10,211,245
)
   
(9,148,836
)
Interest expense
 
(7,131,775
)
   
(6,495,927
)
   
(6,481,825
)
   
(6,303,413
)
   
(6,379,217
)
Income tax benefit (expense) of taxable REIT subsidiary 
 
28,952
     
99,989
     
13,385
     
30,174
     
(37,564
)
Remeasurement loss on consolidation
 
     
(7,979,626
)
   
     
     
 
Other income (expense) 
 
46,934
     
110,863
     
99,941
     
20,703
     
(22,356
)
Income (loss) from continuing operations
 
2,056,768
     
(7,406,901
)
   
(1,514,052
)
   
(1,288,097
)
   
(1,917,039
)
Discontinued operations4:
                                     
Operating income from discontinued operations
 
     
255,851
     
343,059
     
319,348
     
408,809
 
Gain (loss) on sale of operating property, net of tax expense
 
     
1,913,670
     
(65,312
)
   
93,891
     
5,151,989
 
Income from discontinued operations
 
     
2,169,521
     
277,747
     
413,329
     
5,560,798
 
Net income (loss)
 
2,056,768
     
(5,237,380
)
   
(1,236,305
)
   
(874,858
)
   
3,643,759
 
Net (income) loss attributable to noncontrolling interest
 
(24,854
)
   
884,528
     
312,208
     
271,221
     
(2,097,020
)
Net income (loss) attributable to Kite Realty Group Trust
 
2,031,914
     
(4,352,852
)
   
(924,097
)
   
(603,637
)
   
1,546,739
 
Dividends on preferred shares
 
(2,114,063
)
   
(2,114,063
)
   
(2,114,063
)
   
(2,114,063
)
   
(1,577,813
)
Net loss attributable to common shareholders
$
(82,149
)
 
$
(6,466,915
)
 
$
(3,038,160
)
 
$
(2,717,700
)
 
$
(31,074
)
                                       
NOI/Revenue
 
73.2%
     
70.5%
     
71.6%
     
71.6%
     
68.9%
 
Recovery Ratio5
                                     
       – Retail Only
 
79.0%
     
82.5%
     
86.4%
     
83.6%
     
84.5%
 
       – Total Portfolio
 
72.8%
     
75.5%
     
77.5%
     
75.2%
     
76.4%
 
                                       



____________________
1
Other property related revenue includes net gains of $4.2 million on sales of land parcels and outlots in the three months ended March 31, 2013.
2
Parking revenue, net, represents the net operating results of the Eddy Street Parking Garage and the Union Station Parking Garage.
3
Recoverable expenses include total management fee expense (or G&A expense of $0.5 million) allocable to the property operations in the three months ended March 31, 2013, a portion of which is recoverable. Non-recoverable expenses primarily include bad debt and legal expenses.
4
Discontinued operations reflects sales of the following operating properties: Pen Products, Indiana State Motor Pool, Preston Commons, Sandifur Plaza, and Zionsville Place in Q4 2012, sales of Coral Springs and 50 South Morton in Q3 2012, South Elgin Commons in Q2 2012, and Gateway Shopping Center in Q1 2012.
5
“Recovery Ratio” is computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense.
   

p. 12                                          
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 
 

 
HEADER LOGO
SUMMARY OF OUTSTANDING DEBT AS OF MARCH 31, 2013
 

TOTAL OUTSTANDING DEBT
                   
   
Outstanding
Amount
   
Ratio
   
Weighted
Average
Interest Rate1
   
Weighted Average
Maturity (in years)
 
Fixed Rate Debt:
                    $    
Consolidated
    337,308,890       45 %     5.77 %     4.6  
Variable Rate Debt (Hedged)
    214,180,851       29 %     3.71 %     5.5  
Total Fixed Rate Debt
    551,489,741       74 %     4.97 %     5.0  
Variable Rate Debt:
                               
Construction Loans 
    103,339,986       14 %     2.39 %     1.9  
Other Variable 
    68,899,501       9 %     2.78 %     3.1  
Corporate Unsecured
    237,224,200       32 %     2.36 %     5.5  
Variable Rate Debt (Hedged)
    -214,180,851       -29 %     -2.44 %     -5.5  
Total Variable Rate Debt 
    195,282,836       26 %     2.44 %     2.8  
Net Premiums
    145,091       N/A       N/A       N/A  
Total
  $ 746,917,668       100 %     4.31 %     4.4  
 

 

SCHEDULE OF MATURITIES BY YEAR
                   
   
Mortgage Debt
         
Construction
Loans
   
Total Outstanding Debt
 
 
Scheduled Principal Payments
   
Term
Maturities
   
Corporate
Debt2
 
2013
  $ 4,210,936     $ 21,187,268     $ -     $ -     $ 25,398,204  
2014
    5,295,257       30,986,367       -       57,545,321       93,826,945  
2015
    5,106,889       38,301,942       -       45,794,665       89,203,496  
2016
    4,306,179       132,306,110       -       -       136,612,289  
2017
    2,668,907       52,264,371       -       -       54,933,278  
2018
    2,506,797       4,253,650       112,224,200       -       118,984,647  
2019
    2,321,206       -       125,000,000       -       127,321,206  
2020
    2,444,667       9,917,230       -       -       12,361,897  
2021 and beyond
    1,683,094       86,447,521       -       -       88,130,615  
Net Premiums on Fixed Rate Debt
    145,091       -       -       -       145,091  
Total
  $ 30,689,023     $ 375,664,459     $ 237,224,200     $ 103,339,986     $ 746,917,668  


____________________
1
Calculations on Hedged Debt assume a weighted average spread over LIBOR on all variable rate debt, consistent with the hedges’ designation.
   
2
This presentation reflects the Company’s exercise of its option to extend the maturity date by one year to February 26, 2018 for the Company’s revolving line of credit.
   

p. 13
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
SCHEDULE OF OUTSTANDING DEBT AS OF MARCH 31, 2013

Property
Lender
Loan Type
Interest Rate1
Maturity Date
Total Commitment
Balance as of
March 31, 2013
Monthly Debt
Service as of
March 31, 2013
12th Street Plaza
CMBS
Fixed Rate
5.67%
8/1/13
 
$  7,688,412
$62,428
Parkside Town Commons
Bank of America
Other Variable
LIBOR + 275
8/31/13
 
13,604,000
 
2013 Debt Maturities
         
21,292,412
2.9%
               
Thirty South
CMBS
Fixed Rate
6.09%
1/11/14
 
20,360,555
142,256
Beacon Hill Shopping Center2
Fifth Third Bank
Other Variable
LIBOR + 125
3/30/14
 
7,012,150
 
Rangeline Crossing
Associated Bank
Construction Variable
LIBOR + 225
10/31/14
18,425,000
6,727,106
 
50th & 12th
CMBS
Fixed Rate
5.67%
11/11/14
 
4,102,487
27,190
Delray Marketplace3
Bank of America/US Bank
Construction Variable
LIBOR + 200
11/18/14
62,000,000
50,818,215
 
2014 Debt Maturities
         
89,020,513
11.9%
               
Indian River Square
CMBS
Fixed Rate
5.42%
6/11/15
 
12,605,760
74,850
Plaza Volente
CMBS
Fixed Rate
5.42%
6/11/15
 
27,182,947
161,405
Zionsville Walgreens
Associated Bank
Construction Variable
LIBOR + 225
6/30/15
 4,704,000
3,999,958
 
Four Corner Square
US Bank
Construction Variable
LIBOR + 225
7/10/15
 22,800,000
17,271,841
 
Holly Springs Towne Center-Phase I
Bank of America
Construction Variable
LIBOR + 250
7/31/15
 37,500,000
24,522,866
 
2015 Debt Maturities
         
85,583,372
11.5%
               
951 & 414
Key Bank
Other Variable
LIBOR + 275
1/3/16
 
7,800,000
 
Cool Creek Commons
CMBS
Fixed Rate
5.88%
4/11/16
 
17,098,544
106,534
Sunland Towne Centre
CMBS
Fixed Rate
6.01%
7/1/16
 
24,518,473
150,048
Pine Ridge Crossing
CMBS
Fixed Rate
6.34%
10/11/16
 
17,233,419
108,823
Riverchase Plaza
CMBS
Fixed Rate
6.34%
10/11/16
 
10,340,051
65,295
Traders Point
CMBS
Fixed Rate
5.86%
10/11/16
 
44,900,548
283,478
Eastgate Pavilion
Associated Bank
Other Variable
LIBOR + 225
12/31/16
 
16,402,500
 
2016 Debt Maturities
         
138,293,535
18.5%
               
Geist Pavilion
CMBS
Fixed Rate
5.78%
1/1/17
 
10,967,394
65,135
Ridge Plaza
TD Bank
Other Variable
LIBOR + 325
1/3/17
 
14,163,621
 
Kedron Village
CMBS
Fixed Rate
5.70%
1/11/17
 
29,314,694
172,379
2017 Debt Maturities
         
54,445,709
7.3%
               
Unsecured Credit Facility5,6
KeyBank (Admin. Agent)
Corporate Unsecured
LIBOR + 195
2/26/18
 
112,224,200
 
Whitehall Pike
CMBS
Fixed Rate
6.71%
7/5/18
 
7,095,851
77,436
2018 Debt Maturities
         
119,320,051
16.0%
               
Unsecured Term Loan6
KeyBank (Admin. Agent)
Corporate Unsecured
LIBOR + 235
4/30/19
 
125,000,000
 
2019 Debt Maturities
         
125,000,000
16.7%
               
Fishers Station
Old National Bank
Other Variable
LIBOR + 269
1/4/20
 
7,933,430
 
Bridgewater Marketplace
Old National Bank
Other Variable
LIBOR + 294
1/4/20
 
1,983,800
 
2020 Debt Maturities
         
9,917,230
1.3%
               
International Speedway Square
CMBS
Fixed Rate
5.77%
4/1/21
 
20,505,639
122,816
Bayport Commons7
CMBS
Fixed Rate
5.44%
9/1/21
 
12,867,688
74,045
Eddy Street Commons
CMBS
Fixed Rate
5.44%
9/1/21
 
25,000,078
143,860
Four Property Pool Loan
CMBS
Fixed Rate
5.44%
9/1/21
 
42,549,155
244,842
Centre at Panola, Phase I
CMBS
Fixed Rate
6.78%
1/1/22
 
2,977,195
36,583
2021 and Beyond Debt Maturities
         
103,899,755
13.9%
               
TOTAL NET PREMIUMS ON ACQUIRED DEBT
       
           145,091
 
TOTAL DEBT PER CONSOLIDATED BALANCE SHEET
       
 $ 746,917,668
 
               
____________________
1
At March 31, 2013, one-month LIBOR interest rate was 0.20%.
2
The Company has a preferred return, then a 50% interest.  This loan is guaranteed by Kite Realty Group, LP.
3
The Company owns Delray Marketplace in a joint venture through which it earns a preferred return (which is expected to deliver over 95% of cash flow to the Company), and 50% thereafter.  The loan is guaranteed by Kite Realty Group, LP.
4
Subsequent to year end this loan was paid down to $5M upon which the rate decreased to LIBOR+2.25%.
5
Assumes Company exercises its option to extend the maturity date by one year.
6
The Company has 52 unencumbered properties of which 46 are wholly owned and are guarantors under the unsecured credit facility and unsecured term loan and three of which are owned in joint ventures.   The major unencumbered properties include: Broadstone Station, Cobblestone Plaza, The Corner,  Courthouse Shadows, Cove Center, Estero Town Commons, Fox Lake Crossing, Glendale Town Center, King's Lake, Lithia Crossing, Market Street Village, Oleander Place, Plaza at Cedar Hill, Shoppes at Plaza Green, Publix at Greenville, Rivers Edge, Red Bank Commons, Shops at Eagle Creek, Shoppes of Eastwood, Tarpon Bay Plaza, Traders Point II, Union Station  Parking Garage, Gainesville Plaza and Waterford Lakes.
7
The Company has a preferred return, then a 60% interest.

p. 14
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
SCHEDULE OF OUTSTANDING DEBT AS OF MARCH 31, 2013 (CONTINUED)




Floating Rate Debt (Hedged)1
               
Lender
Loan Type
LIBOR Hedge Rate
Maturity Date
Total Commitment
 
Balance as of
March 31, 2013
   
Monthly Debt
Service as of
March 31, 2013
Associated Bank
Variable Rate (Hedged)
1.35%
12/31/16
 
$
15,100,000
 
$
16,954
TD Bank
Variable Rate (Hedged)
3.31%
1/3/17
   
14,163,621
   
39,068
Various Banks
Variable Rate (Hedged)
0.91%
2/26/18
   
50,000,000
   
37,750
Various Banks
Variable Rate (Hedged)
1.52%
4/30/19
   
125,000,000
   
158,167
Old National
Variable Rate (Hedged)
1.33%
1/4/20
   
9,917,230
   
10,992
                   
Total
       
$
214,180,851
 
$
262,931

 

____________________
1
Calculations on Hedged Debt assume a weighted average spread over LIBOR on all variable rate debt, as the hedges are designated with various pieces of debt.
 
     
     


p. 15
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
TOP 10 RETAIL TENANTS BY GROSS LEASABLE AREA (GLA)

 
As of March 31, 2013

This table includes the following:
·  
Operating retail properties;
·  
Operating commercial properties; and
·  
Development property tenants open for business or ground lease tenants who commenced paying rent as of March 31, 2013.


Tenant
 
Number of
Stores
   
Total GLA
   
Number of
Leases
   
Company
Owned GLA1
   
Number of Anchor
Owned Locations
   
Anchor
Owned GLA2
 
Lowe's Home Improvement3
    6       832,630       2       128,997       4       703,633  
Target
    7       801,032       0       0       7       801,032  
Publix
    11       529,480       11       529,480       0       0  
Wal-Mart
    3       393,161       1       103,161       2       290,000  
Bed Bath & Beyond/Buy Buy Baby/Christmas Tree Shops/Cost Plus
    10       282,069       10       282,069       0       0  
Federated Department Stores
    1       237,455       1       237,455       0       0  
Dick's Sporting Goods
    4       211,737       4       211,737       0       0  
Beall's
    4       186,607       3       150,163       1       36,444  
Home Depot
    1       140,000       0       0       1       140,000  
Stein Mart
    4       138,800       4       138,800       0       0  
Total
    51       3,752,971       36       1,781,862       15       1,971,109  


____________________
1
Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants.
   
2
Includes the estimated size of the structures located on land owned by the Company and ground leased to tenants.
   
3
The Company has entered into one ground lease with Lowe’s Home Improvement for a total of 163,000 square feet, which is included in Anchor Owned GLA.
   
   
   
 

 

p. 16
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
TOP 25 TENANTS BY ANNUALIZED BASE RENT1,2



As of March 31, 2013

This table includes the following:
·  
Operating retail properties;
·  
Operating commercial properties; and
·  
Development property tenants open for business or ground lease tenants who commenced paying rent as of March 31, 2013.

Tenant
 
Type of
Property
 
Number of
Stores
 
Leased GLA/NRA2
 
% of Owned
GLA/NRA
of the
Portfolio
 
Annualized
Base Rent1
 
Annualized
Base Rent
per Sq. Ft.3
 
% of Total
Portfolio
Annualized
Base Rent
Publix
 
Retail
 
11
 
529,480
 
8.1%
 
$
4,657,715
 
$
8.80
 
5.3%
Bed Bath & Beyond4
 
Retail
 
10
 
282,069
 
4.3%
   
3,133,480
   
11.11
 
3.6%
Dick's Sporting Goods
 
Retail
 
4
 
211,737
 
3.2%
   
1,764,508
   
8.33
 
2.0%
Lowe's Home Improvement
 
Retail
 
2
 
128,997
 
2.0%
   
1,764,000
   
6.04
 
2.0%
PetSmart
 
Retail
 
5
 
126,992
 
1.9%
   
1,725,033
   
13.58
 
2.0%
Marsh Supermarkets
 
Retail
 
2
 
124,902
 
1.9%
   
1,633,958
   
13.08
 
1.9%
Indiana Supreme Court
 
Commercial
 
1
 
75,488
 
1.2%
   
1,346,712
   
17.84
 
1.5%
Beall’s
 
Retail
 
3
 
150,163
 
2.3%
   
1,201,967
   
8.00
 
1.4%
Ross Stores
 
Retail
 
4
 
117,761
 
1.8%
   
1,188,144
   
10.09
 
1.3%
HEB Grocery Company
 
Retail
 
1
 
105,000
 
1.6%
   
1,155,000
   
11.00
 
1.3%
Staples
 
Retail
 
4
 
77,815
 
1.2%
   
1,127,917
   
14.49
 
1.3%
Michaels
 
Retail
 
4
 
90,349
 
1.4%
   
1,071,356
   
11.86
 
1.2%
TJX Companies5
 
Retail
 
3
 
114,618
 
1.8%
   
1,060,425
   
9.25
 
1.2%
Whole Foods
 
Retail
 
2
 
66,144
 
1.0%
   
1,043,976
   
15.78
 
1.2%
Office Depot
 
Retail
 
4
 
96,060
 
1.5%
   
1,027,338
   
10.69
 
1.2%
Mattress Firm
 
Retail
 
9
 
36,967
 
0.6%
   
951,424
   
25.74
 
1.1%
Stein Mart
 
Retail
 
4
 
138,800
 
2.1%
   
936,346
   
6.75
 
1.1%
Best Buy
 
Retail
 
2
 
75,045
 
1.1%
   
911,993
   
12.15
 
1.0%
Walgreens
 
Retail
 
2
 
29,050
 
0.4%
   
901,000
   
31.02
 
1.0%
City Financial Corp
 
Commercial
 
1
 
52,151
 
0.8%
   
855,000
   
16.39
 
1.0%
Frank Theater CineBowl & Grille
 
Retail
 
1
 
62,280
 
1.0%
   
850,752
   
13.66
 
1.0%
Kmart
 
Retail
 
1
 
110,875
 
1.7%
   
850,379
   
7.67
 
1.0%
Dominick's
 
Retail
 
1
 
65,977
 
1.0%
   
841,207
   
12.75
 
1.0%
A & P
 
Retail
 
1
 
58,732
 
0.9%
   
725,340
   
12.35
 
0.8%
AC Moore
 
Retail
 
2
 
42,991
 
0.7%
   
649,446
   
15.11
 
0.7%
Total
         
2,970,443
 
45.5%
 
$
33,374,414
 
$
11.42
 
37.8%

____________________
1
Annualized base rent represents the monthly contractual rent for March 2013 for each applicable tenant multiplied by 12. Annualized base rent does not include tenant reimbursements.
   
2
Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants.
   
3
Annualized Base Rent per square foot is adjusted to account for the estimated square footage attributed to structures on land owned by the Company and ground leased to tenants.
   
4
Includes Buy Buy Baby, Christmas Tree Shops and Cost Plus, which are owned by the same parent company.
   
5
Includes Marshalls and HomeGoods


p. 17
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
LEASE EXPIRATIONS – OPERATING PORTFOLIO1


As of March 31, 2013

This table includes the following:
·  
Operating retail properties;
·  
Operating commercial properties; and
·  
Development property tenants open for business or ground lease tenants who commenced paying rent as of March 31, 2013.

 
Number of Expiring Leases1
Expiring GLA/NRA2
% of Total GLA/NRA Expiring
 
Expiring Annualized Base Rent3
 
% of Total Annualized Base Rent
Expiring Annualized Base Rent per Sq. Ft.
Expiring Ground Lease Revenue
2013
59
222,425
3.4%
 
$
2,583,082
 
3.01%
$
11.61
$
0
2014
85
441,078
6.8%
   
6,164,013
 
7.19%
 
13.97
 
340,475
2015
96
774,681
12.0%
   
10,265,927
 
11.97%
 
13.25
 
198,650
2016
106
846,627
13.1%
   
8,375,566
 
9.77%
 
9.89
 
0
2017
106
738,704
11.4%
   
10,714,266
 
12.50%
 
14.50
 
351,300
2018
78
595,875
9.2%
   
7,936,641
 
9.26%
 
13.32
 
0
2019
28
245,496
3.8%
   
3,714,957
 
4.33%
 
15.13
 
33,000
2020
31
411,828
6.4%
   
4,637,441
 
5.41%
 
11.26
 
156,852
2021
33
460,767
7.1%
   
5,626,103
 
6.56%
 
12.21
 
0
2022
42
491,309
7.6%
   
7,337,623
 
8.56%
 
14.93
 
0
Beyond
74
1,243,745
19.2%
   
18,382,339
 
21.43%
 
14.78
 
2,160,290
Total
738
6,472,535
100.0%
 
$
85,737,958
 
100.0%
$
13.25
$
3,240,567


____________________
1
Lease expiration table reflects rents in place as of March 31, 2013 and does not include option periods; 2013 expirations include 16 month-to-month tenants. This column also excludes ground leases.
   
2
Expiring GLA excludes estimated square footage attributable to non-owned structures on land owned by the Company and ground leased to tenants.
   
3
Annualized base rent represents the monthly contractual rent for March 2013 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.





p. 18
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
LEASE EXPIRATIONS – RETAIL ANCHOR TENANTS1


As of March 31, 2013

This table includes the following:
·  
Operating retail properties; and
·  
Development property tenants open for business or ground lease tenants who commenced paying rent as of March 31, 2013.


 
Number of Expiring Leases1,2
Expiring GLA/NRA3
% of Total GLA/NRA Expiring
 
Expiring Annualized Base Rent4
 
% of Total Annualized Base Rent
Expiring Annualized Base Rent per Sq. Ft.
Expiring Ground Lease Revenue
2013
1
103,161
1.6%
 
$
309,483
 
0.4%
$
3.00
$
0
2014
9
270,947
4.2%
   
2,346,613
 
2.7%
 
8.66
 
0
2015
19
537,827
8.3%
   
5,231,508
 
6.1%
 
9.73
 
0
2016
14
608,247
9.4%
   
3,643,683
 
4.2%
 
5.99
 
0
2017
16
464,065
7.2%
   
5,006,487
 
5.8%
 
10.79
 
0
2018
9
401,362
6.2%
   
3,621,431
 
4.2%
 
9.02
 
0
2019
8
186,989
2.9%
   
2,495,445
 
2.9%
 
13.35
 
0
2020
10
343,178
5.3%
   
3,060,265
 
3.6%
 
8.92
 
0
2021
13
390,311
6.0%
   
3,999,296
 
4.7%
 
10.25
 
0
2022
14
353,450
5.5%
   
4,424,298
 
5.2%
 
12.52
 
0
Beyond
27
940,451
14.5%
   
12,311,661
 
14.3%
 
13.09
 
990,000
Total
140
4,599,988
71.1%
 
$
46,450,169
 
54.2%
$
10.10
$
990,000


____________________
1
Retail anchor tenants are defined as tenants that occupy 10,000 square feet or more.
   
2
Lease expiration table reflects rents in place as of March 31, 2013 and does not include option periods; 2013 expirations include 0 month-to-month tenants. This column also excludes ground leases.
   
3
Expiring GLA excludes square footage for non-owned ground lease structures on land we own and ground leased to tenants.
   
4
Annualized base rent represents the monthly contractual rent for March 2013 for each applicable property multiplied by 12. Excludes tenant reimbursements and ground lease revenue.



p. 19
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
LEASE EXPIRATIONS – RETAIL SHOPS


As of March 31, 2013


This table includes the following:
·  
Operating retail properties; and
·  
Development property tenants open for business as of March 31, 2013.


 
Number of Expiring Leases1
Expiring GLA/NRA1,2
% of Total GLA/NRA Expiring
 
Expiring Annualized Base Rent3
 
% of Total Annualized Base Rent
Expiring Annualized Base Rent per Sq. Ft.
Expiring Ground Lease Revenue
2013
57
119,044
1.8%
 
$
2,271,283
 
2.8%
$
19.08
$
0
2014
75
161,253
2.5%
   
3,642,060
 
4.3%
 
22.59
 
340,475
2015
75
191,233
3.0%
   
4,248,672
 
5.0%
 
22.22
 
198,650
2016
92
238,380
3.7%
   
4,731,883
 
5.5%
 
19.85
 
0
2017
88
194,354
3.0%
   
4,274,955
 
5.0%
 
22.00
 
351,300
2018
67
176,676
2.7%
   
3,917,760
 
4.6%
 
22.17
 
0
2019
20
58,507
0.9%
   
1,219,513
 
1.4%
 
20.84
 
33,000
2020
20
58,581
0.9%
   
1,403,476
 
1.6%
 
23.96
 
156,852
2021
19
64,294
1.0%
   
1,485,075
 
1.7%
 
23.10
 
0
2022
25
86,813
1.3%
   
2,039,706
 
2.4%
 
23.50
 
0
Beyond
42
166,144
2.6%
   
4,071,688
 
4.9%
 
24.51
 
1,170,290
Total
580
1,515,279
23.4%
 
$
33,306,070
 
38.8%
$
21.98
$
2,250,567


____________________
1
Lease expiration table reflects rents in place as of March 31, 2013, and does not include option periods; 2013 expirations include 16 month-to-month tenants.  This column also excludes ground leases.
   
2
Expiring GLA excludes estimated square footage to non-owned structures on land we own and ground leased to tenants.
   
3
Annualized base rent represents the monthly contractual rent for March 2013 for each applicable property multiplied by 12. Excludes tenant reimbursements and ground lease revenue.



p. 20
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
LEASE EXPIRATIONS – COMMERCIAL TENANTS

 
As of March 31, 2013

 
Number of Expiring Leases1
Expiring NLA1
% of Total NRA Expiring
 
Expiring Annualized Base Rent2
 
% of Total Annualized Base Rent
Expiring Annualized Base Rent per Sq. Ft.
2013
1
220
0.0%
 
$
2,316
 
0.0%
$
10.53
2014
1
8,878
0.1%
   
175,341
 
0.2%
 
19.75
2015
2
45,621
0.7%
   
785,747
 
0.9%
 
17.22
2016
0
0
0.0%
   
0
 
0.0%
 
0.00
2017
2
80,285
1.2%
   
1,432,824
 
1.7%
 
17.85
2018
2
17,837
0.3%
   
397,450
 
0.5%
 
22.28
2019
0
0
0.0%
   
0
 
0.0%
 
0.00
2020
1
10,069
0.2%
   
173,700
 
0.2%
 
17.25
2021
1
6,162
0.1%
   
141,732
 
0.2%
 
23.00
2022
3
51,046
0.8%
   
873,619
 
1.0%
 
17.11
Beyond
5
137,150
2.1%
   
1,998,990
 
2.3%
 
14.58
Total
18
357,268
5.5%
 
$
5,981,719
 
7.0%
$
16.74


____________________
1
Lease expiration table reflects rents in place as of March 31, 2013 and does not include option periods. This column also excludes ground leases.
   
2
Annualized base rent represents the monthly contractual rent for March 31, 2013 for each applicable property multiplied by 12. Excludes tenant reimbursements.
   
   




p. 21
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
SUMMARY RETAIL PORTFOLIO STATISTICS INCLUDING JOINT VENTURE PROPERTIES

 

   
March 31,
2013
   
December 31,
2012
   
September 30,
2012
   
June 30,
2012
   
March 31,
2012
 
Company Owned GLA – Operating Retail1
    5,892,639       5,823,319       5,497,777       5,410,070       5,393,433  
Total GLA – Operating Retail1
    8,471,935       8,399,075       7,972,407       8,136,770       8,110,074  
Existing Owned GLA of Future Redevelopment Projects
    134,867       137,867       307,805       307,805       388,494  
Projected Owned GLA of In-Process Development and Redevelopment Projects
    916,880       854,088       703,224       729,748       625,186  
Projected Total GLA Under In-Process Development and Redevelopment Projects2
    1,247,586       1,230,364       889,335       915,859       811,297  
Number of Operating Retail Properties
    55       54       53       53       53  
Number of Retail Properties under In-Process Development
    3       3       2       4       3  
Number of Retail Properties under Redevelopment 
    4       4       5       5       5  
Percentage Leased – Operating Retail
    94.5 %     94.2 %     93.4 %     93.0 %     93.4 %
Annualized Base Rent & Ground Lease Revenue – Operating Retail Properties3 (excludes redevelopment)
  $ 75,320,004     $ 74,316,457     $ 70,013,160     $ 68,934,944     $ 69,246,689  
                                         



____________________
1
Company Owned GLA represents gross leasable area owned by the Company. Total GLA includes Company Owned GLA, plus square footage attributable to non-owned outlot structures on land owned by the Company and ground leased to tenants, and non-owned anchor space.
   
2
Projected Company Owned GLA Under Development or Redevelopment represents gross leasable area under development that is projected to be owned by the Company. Projected Total GLA Under Development or Redevelopment includes Projected Company Owned GLA, plus projected square footage attributable to non-owned outlot structures on land owned by the Company and ground leased to tenants, and non-owned anchor space that is existing or under construction.
   
3
Annualized Base Rent represents the monthly contractual rent in effect for each period shown, multiplied by 12. Excludes tenant reimbursements.
   
   




p. 22
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
SUMMARY COMMERCIAL PORTFOLIO STATISTICS

 

Retail Portfolio
 
March 31,
2013
   
December 31,
2012
   
September 30,
2012
   
June 30,
2012
   
March 31,
2012
 
Company Owned Net Rentable Area (NRA)1
    379,974       381,723       381,723       583,598       583,598  
Number of Operating Commercial Properties,4  
    2       2       2       4       4  
Percentage Leased – Operating Commercial Properties 
    94.0 %     93.6 %     93.6 %     93.4 %     93.4 %
Annualized Base Rent – Commercial Properties2,3
  $ 5,981,719     $ 5,958,386     $ 6,094,255     $ 7,344,111     $ 7,336,563  


____________________
1
Company Owned NRA does not include square footage of Union Station Parking Garage, a detached parking garage supporting the 30 South property that includes approximately 850 parking spaces. It is managed by a third party.
   
2
Annualized Base Rent does not include tenant reimbursements or income attributable to the Union Station Parking Garage.
   
3
Annualized Base Rent includes $779,507 from KRG and subsidiaries as of March 31, 2013.
   
4
Includes the office space at Eddy Street Commons.

 
 

 

p. 23
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
IN-PROCESS DEVELOPMENT / REDEVELOPMENT PROJECTS


 

Project
Project
Type
Company Ownership %
MSA
Actual/
Projected  Opening
Date1
Projected
Owned
GLA2
Projected
Total
GLA3
Percent
of Owned
GLA
Occupied4
Percent
of Owned
GLA
Pre-Leased/
Committed5
Total
Estimated
Project
Cost7
Cost
Incurred
as of
March 31, 20136
 
Major Tenants and
Non-owned Anchors
 
 Delray Marketplace, FL8
Development
50%
Delray Beach
Q4 2012
254,686
265,399
65.6%
84.4%
$95,000
$91,203
 
Publix, Frank Theatres, Burt and Max's Grille, Charming Charlie, Chico's, White House/Black Market, Jos. A. Bank
 
Holly Springs Towne Center (formerly New Hill Place), NC – Phase I
Development
100%
Raleigh
Q1 2013
204,936
374,334
49.9%
85.6%
57,000
55,323
 
Target (non-owned), Dick’s Sporting Goods, Marshall’s, Michaels, PETCO, Charming Charlie, Ulta Salon, Pier 1 Imports
 
Four Corner Square / Maple Valley, WA9
Redevelopment
100%
Seattle
Q1 2013
108,523
118,523
64.4%
87.1%
27,500
23,681
 
Do It Best Hardware, Walgreens, Grocery Outlet
 
Rangeline Crossing (formerly The Centre), IN
Redevelopment
100%
Indianapolis
Q2 2013
84,327
84,327
20.5%
94.5%
15,500
7,295
 
Earth Fare, Walgreens, Old National Bank, Panera
 
Parkside Town Commons, NC – Phase I
Development
100%
Raleigh
Q2 2014
108,771
249,366
0.0%
59.8%10
39,000
13,191
 
Target (non-owned), Harris Teeter (ground lease), Jr. Box
 
Bolton Plaza, FL
Redevelopment
100%
Jacksonville
Q1 2014
155,637
155,637
59.8%
86.7%
10,300
3,223
 
Academy Sports & Outdoors, LA Fitness/Shops
 
Total In-Process Development / Redevelopment Projects
 
916,880
1,247,586
49.0%
83.4%
$244,300
$193,916
     
Cost incurred as of March 31, 2013 included in Construction in progress on consolidated balance sheet7
$96,640
 
 
               

 


____________________
1
Opening Date is defined as the first date a tenant is open for business or a ground lease payment is made. Stabilization (i.e., 85% occupied) typically occurs within six to twelve months after the opening date.
   
2
Projected Owned GLA represents gross leasable area we project we will own. It excludes square footage that we project will be attributable to non-owned outlot structures on land owned by us and expected to be ground leased to tenants. It also excludes non-owned anchor space.
   
3
Projected Total GLA includes Projected Owned GLA, projected square footage attributable to non-owned outlot structures on land that we own, and non-owned anchor space that currently exists or is under construction.
   
4
Includes tenants that have taken possession of their space or have begun paying rent.
   
5
Excludes outlot land parcels owned by the Company and ground leased to tenants. Includes leases under negotiation for approximately 47,223 square feet for which the Company has signed non-binding letters of intent.
   
6
Dollars in thousands. Reflects both the Company’s and partners’ share of costs.
   
7
Cost incurred is reclassified to fixed assets on the consolidated balance sheet on a pro-rata basis as portions of the asset are placed in service.
   
8
The Company owns Delray Marketplace in a joint venture through which it earns a preferred return (which is expected to deliver over 95% of cash flow to the Company), and 50% thereafter.
   
9
Total estimated project cost for Four Corner Square / Maple Valley was previously shown net of projected sales proceeds of $9.9 million. As a result of a change in the projected timing of the sale of a Walgreens, $4 million of related cost has been included in the total estimated project cost.
   
10
The owned GLA for Parkside Town Commons Phase I includes a 53,000 square foot ground lease with Harris Teeter Supermarket.



p. 24
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
FUTURE DEVELOPMENT / REDEVELOPMENT PROJECTS


 

Project
 
Project
Type3
MSA
Existing
Owned GLA
 
Estimated
Total
GLA1
 
Total
Estimated
Project
Cost1,2
 
Cost
Incurred
as of
March 31, 20132
 
Major Tenants and Non-owned Anchors
                             
Courthouse Shadows, FL
 
Redevelopment
Naples
134,867
 
134,867
 
$
2,500
 
$
451
 
Publix, Office Max
Broadstone Station, NC
Development
Raleigh
 
345,000
   
19,100
   
16,261
 
Shops, Pad Sales, Jr. Boxes, Super Wal-Mart (non-owned)
Holly Springs Towne Center, NC
      Phase II
 
Development
Raleigh
 
170,000
   
44,300
   
16,081
 
Target (non-owned), Frank Theatres, and three Junior Anchors
Parkside Town Commons, NC – Phase II
Development
Raleigh
 
306,350
   
66,000
   
19,721
 
Frank Theatres, Golf Galaxy, Field & Stream, PETCO
Total
134,867
 
956,217
 
$
131,900
 
$
52,514
   
                       
                       
                       



____________________
1
Total Estimated Cost and Estimated Total GLA based on preliminary site plans and includes non-owned anchor space that exists or is currently under construction.
   
2
Dollars in thousands.




Reconciliation of Construction In Progress to Consolidated Balance Sheet ($ in thousands):
Cost incurred for in-process developments (page 24)
$
96,640
Cost incurred for future developments (above)
52,514
Holly Springs Towne Center – Phase III
5,962
Apex – Phase II (residual land and related sitework)
5,508
Miscellaneous tenant improvements and small projects
 
6,682
Construction In Progress on Consolidated Balance Sheet
$
167,306



p. 25
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
PROPERTY ACQUISITIONS 

 

 
Property
State
MSA
Date
Acquired
Percentage Leased
at Acquisition
Date
 
 
Purchase
Price
 
Assumed Debt
 
Total
GLA
 
Owned
     GLA
 
Major Tenants and
Non-owned Anchors
Shoppes of Eastwood
FL
Orlando
1/23/13
99%
$
11,600,000
 
$
-
 
69,037
 
69,037
 
Publix
 
Cool Springs Market
TN
Nashville
4/22/13
95%
 
37,500,000
   
-
 
285,000
 
224,000
 
Dick’s Sporting Goods, Marshalls, JoAnn Fabrics, Staples, Kroger (non-owned)
 
Castleton Crossing
IN
Indianapolis
5/1/13
100%
 
39,000,000
   
-
 
280,000
 
280,000
 
TJ Maxx, HomeGoods, Burlington Coat, Shoe Carnival
 
Year to Date
       
$
88,100,000
 
$
-
 
634,067
 
573,037
     


p. 26
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
GEOGRAPHIC DIVERSIFICATION - OPERATING PORTFOLIO

 
As of March 31, 2013


   
Number of Operating Properties1
 
Owned  GLA/NRA2
 
Percent of Owned GLA/NRA
 
Total
Number of
Leases
 
Annualized
Base Rent3
 
Percent of
Annualized
Base Rent
 
Annualized
Base Rent per
Leased Sq. Ft.
Indiana
 
22
 
2,249,108
 
35.9%
 
243
 
$
29,988,262
 
38.4%
 
$
14.03
· Retail
 
20
 
1,869,134
 
29.8%
 
225
   
24,006,543
 
30.7%
   
13.49
· Commercial
 
2
 
379,974
 
6.1%
 
18
   
5,981,719
 
7.7%
   
16.74
Florida
 
16
 
1,760,321
 
28.1%
 
230
   
21,570,626
 
27.6%
   
13.03
Texas
 
6
 
1,074,467
 
17.1%
 
83
   
12,141,072
 
15.6%
   
11.77
Georgia
 
3
 
300,052
 
4.8%
 
56
   
3,943,181
 
5.1%
   
14.59
South Carolina
 
2
 
263,313
 
4.2%
 
21
   
2,914,872
 
3.7%
   
11.60
Illinois
 
2
 
182,835
 
2.9%
 
17
   
2,216,357
 
2.8%
   
13.10
Ohio
 
1
 
236,230
 
3.8%
 
7
   
2,139,270
 
2.7%
   
9.06
New Jersey
 
1
 
115,088
 
1.8%
 
12
   
1,477,667
 
1.9%
   
16.07
North Carolina
 
1
 
45,530
 
0.7%
 
6
   
727,784
 
0.9%
   
15.98
Oregon
 
2
 
31,169
 
0.5%
 
13
   
492,162
 
0.6%
   
21.28
Washington
 
1
 
14,500
 
0.2%
 
1
   
475,000
 
0.6%
   
32.76
Total
 
57
 
6,272,613
 
100.0%
 
689
 
$
78,086,255
 
100.0%
 
$
13.18


____________________
1
This table includes operating retail properties, operating commercial properties, and ground lease tenants who commenced paying rent as of December 31, 2012 and excludes six retail properties under redevelopment.
   
2
Owned GLA/NRA represents gross leasable area or net leasable area owned by the Company.  It does not include 29 parcels or outlots owned by the Company and ground leased to tenants, which contain 18 non-owned structures totaling approximately 357,104 square feet.  It also excludes the square footage of Union Station Parking Garage.
   
3
Annualized Base Rent excludes $3,240,567 in annualized ground lease revenue attributable to parcels and outlots owned by the Company and ground leased to tenants.
   
   
   



p. 27
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
OPERATING RETAIL PROPERTIES – TABLE I
 
As of March 31, 2013

Property1
State
MSA
Year  Built/Renovated
Year Added to Operating Portfolio
Acquired,
Redeveloped, or Developed
Total
GLA2
Owned
GLA2
Percentage
of Owned
GLA  Leased3
12th Street Plaza
FL
Vero Beach
1978/2003
2012
Acquired
141,323
138,268
96.6%
Bayport Commons7
FL
Oldsmar
2008
2008
Developed
268,556
97,112
88.9%
Cobblestone Plaza
FL
Ft. Lauderdale
2011
2011
Developed
143,493
133,214
94.9%
Cove Center
FL
Stuart
1984/2008
2012
Acquired
154,696
154,696
96.7%
Estero Town Commons
FL
Naples
2006
2007
Developed
206,600
25,631
56.9%
Gainesville Plaza
FL
Gainesville
1970
2004
Acquired
177,826
177,826
90.9%
Indian River Square
FL
Vero Beach
1997/2004
2005
Acquired
379,246
142,706
95.9%
International Speedway Square
FL
Daytona
1999
1999
Developed
242,943
230,971
98.1%
King's Lake Square
FL
Naples
1986
2003
Acquired
85,497
85,497
88.1%
Lithia Crossing
FL
Tampa
2003
2011
Acquired
91,043
91,043
88.2%
Pine Ridge Crossing
FL
Naples
1993
2006
Acquired
258,874
105,515
97.4%
Riverchase Plaza
FL
Naples
1991/2001
2006
Acquired
78,380
78,330
99.5%
Shoppes of Eastwood
FL
Orlando
1997
2013
Acquired
69,037
69,037
98.1%
Shops at Eagle Creek
FL
Naples
1983
2003
Redeveloped
72,271
69,980
87.9%
Tarpon Bay Plaza
FL
Naples
2007
2007
Developed
276,346
82,547
96.6%
Waterford Lakes Village
FL
Orlando
1997
2004
Acquired
77,948
77,948
96.1%
Kedron Village
GA
Atlanta
2006
2006
Developed
282,125
157,345
89.7%
Publix at Acworth
GA
Atlanta
1996
2004
Acquired
69,628
69,628
87.2%
The Centre at Panola
GA
Atlanta
2001
2004
Acquired
73,079
73,079
93.6%
Fox Lake Crossing
IL
Chicago
2002
2005
Acquired
99,072
99,072
87.8%
Naperville Marketplace
IL
Chicago
2008
2008
Developed
169,600
83,763
98.1%
54th & College
IN
Indianapolis
2008
2008
Developed
20,100
-
-
Beacon Hill7
IN
Crown Point
2006
2007
Developed
127,821
57,191
80.5%
Boulevard Crossing
IN
Kokomo
2004
2004
Developed
213,696
124,631
95.9%
Bridgewater Marketplace
IN
Indianapolis
2008
2008
Developed
50,820
25,975
68.2%
Cool Creek Commons
IN
Indianapolis
2005
2005
Developed
137,107
124,646
95.6%
DePauw University Bookstore & Cafe
IN
Greencastle
2012
2012
Developed
11,974
11,974
100.0%
Eddy Street Commons (Retail Only)
IN
South Bend
2009
2010
Developed
88,143
88,143
92.8%
Fishers Station4
IN
Indianapolis
1989
2004
Acquired
116,943
116,943
95.3%
Geist Pavilion
IN
Indianapolis
2006
2006
Developed
64,114
64,114
79.5%
Glendale Town Center
IN
Indianapolis
1958/2008
2008
Redeveloped
685,827
393,002
98.5%
Greyhound Commons
IN
Indianapolis
2005
2005
Developed
153,187
-
-
Hamilton Crossing Centre
IN
Indianapolis
1999
2004
Acquired
87,353
82,353
98.3%
Red Bank Commons
IN
Evansville
2005
2006
Developed
324,308
34,258
81.2%


____________________
*
Property consists of ground leases only and, therefore, no Owned GLA. 54th & College is a single ground lease property; Greyhound Commons has two of four outlots leased.
   
1
All properties are wholly owned, except as indicated. Unless otherwise noted, each property is owned in fee simple by the Company.
   
2
Owned GLA represents gross leasable area that is owned by the Company. Total GLA includes Owned GLA, square footage attributable to non-owned anchor space, and non-owned structures on ground leases.
   
3
Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of  December 31, 2012, except for Greyhound Commons and 54th & College (see *).
   
4
This property is divided into two parcels: a grocery store and small shops. The Company owns a 25% interest in the small shops parcel through a joint venture and a 100% interest in the grocery store. The joint venture partner is entitled to an annual preferred payment of $106,000. All remaining cash flow is distributed to the Company.
   
5
The Company does not own the land at this property. It has leased the land pursuant to two ground leases that expire in 2017. The Company has six five-year options to renew this lease.
   
6
The Company does not own the land at this property. It has leased the land pursuant to a ground lease that expires in 2018. The Company has four remaining five-year renewal options and a right of first refusal to purchase the land.
   
7
The Company owns and manages the following properties through joint ventures with third parties: Beacon Hill (50%); Cornelius Gateway (80%); and Bayport Commons (60%).


p. 28
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
OPERATING RETAIL PROPERTIES – TABLE I (CONTINUED)
 

Property1
State
MSA
Year
Built/Renovated
Year Added
to Operating
Portfolio
Acquired,
Redeveloped,
or Developed
Total
GLA2
Owned
GLA2
Percentage
of Owned
GLA  Leased3
Rivers Edge
IN
Indianapolis
2011
2011
Redeveloped
149,209
149,209
100.0%
Stoney Creek Commons
IN
Indianapolis
2000
2000
Developed
189,527
84,330
100.0%
The Corner
IN
Indianapolis
1984/2003
1984
Developed
42,534
42,534
93.8%
Traders Point
IN
Indianapolis
2005
2005
Developed
348,835
279,684
99.2%
Traders Point II
IN
Indianapolis
2005
2005
Developed
46,600
46,600
66.8%
Whitehall Pike
IN
Bloomington
1999
1999
Developed
128,997
128,997
100.0%
Zionsville Walgreens
IN
Indianapolis
2012
2012
Developed
14,550
14,550
100.0%
Oleander Place
NC
Wilmington
2012
2012
Redeveloped
47,610
45,530
100.0%
Ridge Plaza
NJ
Oak Ridge
2002
2003
Acquired
115,088
115,088
79.9%
Eastgate Pavilion
OH
Cincinnati
1995
2004
Acquired
236,230
236,230
100.0%
Cornelius Gateway7
OR
Portland
2006
2007
Developed
35,800
21,324
62.3%
Shops at Otty5
OR
Portland
2004
2004
Developed
154,845
9,845
100.0%
Shoppes at Plaza Green
SC
Greenville
2000
2012
Acquired
195,258
195,258
94.8%
Publix at Woodruff
SC
Greenville
1997
2012
Acquired
68,055
68,055
97.4%
Burlington Coat Factory6
TX
San Antonio
1992/2000
2000
Redeveloped
107,400
107,400
100.0%
Cedar Hill Village
TX
Dallas
2002
2004
Acquired
139,092
44,214
97.0%
Market Street Village
TX
Hurst
1970/2004
2005
Acquired
163,625
156,625
100.0%
Plaza at Cedar Hill
TX
Dallas
2000
2004
Acquired
303,458
303,458
98.2%
Plaza Volente
TX
Austin
2004
2005
Acquired
160,333
156,333
99.1%
Sunland Towne Centre
TX
El Paso
1996
2004
Acquired
311,413
306,437
88.6%
50th & 12th
WA
Seattle
2004
2004
Developed
14,500
14,500
100.0%
Total
       
TOTAL
8,471,935
5,892,639
94.5%
                 


See prior page for footnote disclosure.



p. 29
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
OPERATING RETAIL PROPERTIES – TABLE II

As of March 31, 2013


Property
State
MSA
Annualized
Base Rent
Revenue1
Annualized Ground Lease Revenue
Annualized
Total
Retail Revenue
Percentage of Annualized Total Retail Revenue
Base Rent Per Leased Owned GLA2
Major Tenants and
Non-Owned Anchors
12th Street Plaza
FL
Vero Beach
$1,266,401
$             -
$1,266,401
1.68%
$ 9.48
Publix, Stein Mart, Tuesday Morning, Sunshine Furniture, Planet Fitness
Bayport Commons
FL
Oldsmar
1,591,775
-
1,591,775
2.11%
18.43
PetSmart, Michaels, Target (non-owned)
Cobblestone Plaza
FL
Ft. Lauderdale
3,173,293
250,000
3,423,293
4.54%
25.09
Whole Foods, Party City, All Pets Emporium
Cove Center
FL
Stuart
1,360,521
-
1,360,521
1.81%
9.10
Publix, Beall’s
Estero Town Commons
FL
Naples
339,704
750,000
1,089,704
1.45%
23.30
Lowe's Home Improvement
Gainesville Plaza
FL
Gainesville
834,069
-
834,069
1.11%
5.16
Books-A-Million, Save-A-Lot, Wal-Mart
Indian River Square
FL
Vero Beach
1,477,601
125,000
1,602,601
2.13%
10.79
Beall's, Office Depot, Target (non-owned),
Lowe's Home Improvement (non-owned)
International Speedway Square
FL
Daytona
2,423,715
418,475
2,842,190
3.77%
10.70
Bed Bath & Beyond, Stein Mart, Old Navy, Staples,
Michaels, Dick’s Sporting Goods, Total Wine & More
King's Lake Square
FL
Naples
819,616
-
819,616
1.09%
10.88
Publix, Retro Fitness
Lithia Crossing
FL
Tampa
1,070,557
72,000
1,142,557
1.52%
13.33
Stein Mart, Fresh Market
Pine Ridge Crossing
FL
Naples
1,666,978
-
1,666,978
2.21%
16.21
Publix, Target (non-owned), Beall's (non-owned)
Riverchase Plaza
FL
Naples
1,190,270
-
1,190,270
1.58%
15.27
Publix
Shoppes of Eastwood
FL
Orlando
849,607
-
849,607
1.13%
12.54
Publix
Shops at Eagle Creek
FL
Naples
869,926
55,104
925,030
1.23%
14.15
Staples, Fresh Market, Lowe’s Home Improvement (non-owned)
Tarpon Bay Plaza
FL
Naples
1,723,094
100,000
1,823,094
2.42%
21.61
Cost Plus, A C Moore, Staples, Target (non-owned)
Waterford Lakes Village
FL
Orlando
913,496
-
913,496
1.21%
12.19
Winn-Dixie
Kedron Village
GA
Atlanta
2,442,424
-
2,442,424
3.24%
17.30
Bed Bath & Beyond, Ross, PETCO, Target (non-owned)
Publix at Acworth
GA
Atlanta
705,095
-
705,095
0.94%
11.61
Publix
The Centre at Panola
GA
Atlanta
795,662
-
795,662
1.06%
11.64
Publix
Fox Lake Crossing
IL
Chicago
1,165,857
-
1,165,857
1.55%
13.40
Dominick's Finer Foods
Naperville Marketplace
IL
Chicago
1,050,501
-
1,050,501
1.39%
12.79
TJ Maxx, PetSmart, Caputo’s (non-owned)
54th & College
IN
Indianapolis
-
260,000
260,000
0.35%
-
The Fresh Market (non-owned)
Beacon Hill
IN
Crown Point
665,670
-
665,670
0.88%
14.46
Strack & Van Til (non-owned), Walgreens (non-owned)
Boulevard Crossing
IN
Kokomo
1,683,655
-
1,683,655
2.24%
14.09
PETCO, TJ Maxx, Ulta Salon, Kohl's (non-owned)
Bridgewater Marketplace
IN
Indianapolis
309,770
-
309,770
0.41%
17.49
Walgreens (non-owned)
Cool Creek Commons
IN
Indianapolis
1,946,319
-
1,946,319
2.58%
16.34
The Fresh Market, Stein Mart, Bang Fitness
DePauw University Bookstore and Café
IN
Greencastle
100,119
-
100,119
0.13%
8.36
Folletts, Starbucks
Eddy Street Commons
IN
South Bend
1,923,249
-
1,923,249
2.55%
23.51
Hammes Bookstore, Urban Outfitters
Fishers Station
IN
Indianapolis
1,282,604
-
1,282,604
1.70%
11.51
Marsh Supermarkets, Goodwill, Dollar Tree
Geist Pavilion
IN
Indianapolis
834,130
-
834,130
1.11%
16.37
Goodwill, Ace Hardware
Glendale Town Center
IN
Indianapolis
2,635,097
-
2,635,097
3.50%
6.81
Macy’s, Landmark Theatres, Staples, Indianapolis Library,
Lowe's Home Improvement (non-owned),
Target (non-owned), Walgreens (non-owned)
Greyhound Commons
IN
Indianapolis
-
221,748
221,748
0.29%
-
Lowe's Home Improvement (non-owned)
Hamilton Crossing Centre
IN
Indianapolis
1,509,433
78,650
1,588,083
2.11%
18.64
Office Depot
Red Bank Commons
IN
Evansville
388,845
-
388,845
0.52%
13.98
Wal-Mart (non-owned), Home Depot (non-owned)


____________________
1
Annualized Base Rent Revenue represents the contractual rent for March 2013 for each applicable property, multiplied by 12. This table does not include Annualized Base Rent from development property tenants open for business as of March 31, 2013. Excludes tenant reimbursements.
   
2
Owned GLA represents gross leasable area that is owned by the Company. Total GLA includes Owned GLA, square footage attributable to non-owned anchor space and non-owned structures on ground leases.
   

p. 30
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
OPERATING RETAIL PROPERTIES – TABLE II (CONTINUED)

 
Property
State
MSA
Annualized Base Rent Revenue1
Annualized Ground
 Lease
 Revenue
Annualized
Total
Retail
Revenue
Percentage of Annualized Total Retail Revenue
Base
Rent Per Leased
Owned
GLA2
Major Tenants and
Non-Owned Anchors
Rivers Edge
IN
Indianapolis
2,838,554
-
2,838,554
3.77%
19.02
Buy Buy Baby, Nordstrom Rack, The Container Store, Arhaus Furniture
Stoney Creek Commons
IN
Indianapolis
998,823
-
998,823
1.33%
11.84
HH Gregg , Office Depot, LA Fitness, Lowe's Home Improvement (non-owned)
The Corner
IN
Indianapolis
587,484
-
587,484
0.78%
14.72
Hancock Fabrics
Traders Point
IN
Indianapolis
4,061,562
435,000
4,496,562
5.97%
14.65
Dick's Sporting Goods, AMC Theatre, Marsh, Bed Bath & Beyond, Michaels, Old Navy, PetSmart
Traders Point II
IN
Indianapolis
776,130
-
776,130
1.03%
24.93
 
Whitehall Pike
IN
Bloomington
1,014,000
-
1,014,000
1.35%
7.86
Lowe's Home Improvement
Zionsville Walgreens
IN
Indianapolis
426,000
-
426,000
0.57%
29.28
Walgreens
Oleander Place
NC
Wilmington
727,784
80,000
807,784
1.07%
15.98
Whole Foods
Ridge Plaza
NJ
Oak Ridge
1,477,667
-
1,477,667
1.96%
16.07
A&P Grocery, CVS
Eastgate Pavilion
OH
Cincinnati
2,139,270
-
2,139,270
2.84%
9.06
Best Buy, Dick's Sporting Goods, Value City Furniture, PetSmart, DSW
Cornelius Gateway
OR
Portland
214,668
-
214,668
0.29%
16.16
FedEx/Kinko’s
Shops at Otty
OR
Portland
277,494
136,300
413,794
0.55%
28.19
Wal-Mart (non-owned)
Shoppes at Plaza Green
SC
Greenville
2,237,021
-
2,237,021
2.97%
12.09
Bed Bath & Beyond, Christmas Tree Shops, Sears, Party City, Shoe Carnival, AC Moore, Old Navy
Publix at Woodruff
SC
Greenville
677,852
-
677,852
0.90%
10.23
Publix
Burlington Coat Factory
TX
San Antonio
537,000
-
537,000
0.71%
5.00
Burlington Coat
Cedar Hill Village
TX
Dallas
726,156
-
726,156
0.96%
16.94
24 Hour Fitness, JC Penney (non-owned)
Market Street Village
TX
Hurst
1,802,597
33,000
1,835,597
2.44%
11.51
Jo-Ann Fabric, Ross, Office Depot, Buy Buy Baby
Plaza at Cedar Hill
TX
Dallas
3,656,775
-
3,656,775
4.85%
12.27
Hobby Lobby, Office Max, Ross, Marshalls, Sprouts Farmers Market,
Toys “R” Us/Babies “R” Us, HomeGoods, DSW
Plaza Volente
TX
Austin
2,444,019
110,000
2,554,019
3.39%
15.77
H-E-B Grocery
Sunland Towne Centre
TX
El Paso
2,974,526
115,290
3,089,816
4.10%
10.96
PetSmart, Ross, Kmart, Bed Bath & Beyond, Specs Fine Wines
50th & 12th
WA
Seattle
475,000
-
475,000
0.63%
32.76
Walgreens
Total
   
$72,079,437
$3,240,567
$75,320,004
100%
$12.94
 



See prior page for footnote disclosure.

p. 31
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
OPERATING COMMERCIAL PROPERTIES

 
As of March 31, 2013


Property
MSA
Year Built/
Renovated
Acquired,
Redeveloped
or Developed
Owned
NRA
Percentage
Of Owned
NRA
Leased
Annualized
Base Rent1
Percentage
of
Annualized
Commercial
Base Rent
Base Rent
Per Leased
Sq. Ft.
 
Major Tenants
Indiana
                   
30 South2
Indianapolis
1905/2002
Redeveloped
298,346
92.4%
$
4,861,455
81.3%
$
17.64
 
Indiana Supreme Court, City Securities, Kite Realty Group, Lumina Foundation
Union Station Parking Garage3
Indianapolis
1986
Acquired
N/A
N/A
 
N/A
N/A
 
N/A
 
Denison Parking
Eddy Street Office (part of Eddy Street Commons) 4
South Bend
2009
Developed
81,628
100.0%
 
1,120,264
18.7%
 
13.72
 
University of Notre Dame Offices
Total
     
379,974
94.0%
$
5,981,719
100.0%
$
16.74
   


____________________
1
Annualized Base Rent represents the monthly contractual rent for March 2013 for each applicable property, multiplied by 12. Excludes tenant reimbursements.
   
2
Annualized Base Rent includes $779,507 from the Company and subsidiaries as of March 31, 2013.
   
3
The garage is managed by a third party.
   
4
The Company also owns Eddy Street Commons in South Bend, Indiana along with a parking garage that serves a hotel and the office and retail components of the property.




p. 32
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13
 

 
HEADER LOGO
RETAIL OPERATING PORTFOLIO – TENANT BREAKDOWN1

As of March 31, 2013
 
   
Owned Gross Leasable Area
 
Percent of Owned
GLA Leased
 
Annualized
Base Rent1
 
Annualized Base Rent
per Leased Sq. Ft.
 
Property
State
Anchors
Shops
Total
 
Anchors
Shops
Total
 
Anchors
Shops
Ground Lease
Total
 
Anchors
Shops
Total
 
12th Street Plaza
FL
121,376
16,892
138,268
 
100.0%
72.5%
96.6%
 
$1,059,078
$207,324
$             -
$1,266,401
 
$ 8.73
$0.06
$ 9.48
 
Bayport Commons
FL
71,540
25,572
97,112
 
100.0%
58.0%
88.9%
 
1,133,020
458,755
-
1,591,775
 
15.84
0.03
18.43
 
Cobblestone Plaza
FL
68,169
65,045
133,214
 
100.0%
89.6%
94.9%
 
1,207,686
1,965,607
250,000
3,423,293
 
17.72
0.03
25.09
 
Cove Center
FL
130,915
23,781
154,696
 
100.0%
78.5%
96.7%
 
949,824
410,698
-
1,360,521
 
7.26
0.05
9.10
 
Estero Town Commons
FL
-
25,631
25,631
 
0.0%
56.9%
56.9%
 
-
339,704
750,000
1,089,704
 
-
0.04
23.30
 
Gainesville Plaza
FL
138,323
39,503
177,826
 
100.0%
59.1%
90.9%
 
541,211
292,858
-
834,069
 
3.91
0.08
5.16
 
Indian River Square
FL
109,000
33,706
142,706
 
100.0%
82.8%
95.9%
 
927,000
550,601
125,000
1,602,601
 
8.50
0.05
10.79
 
International Speedway Square
FL
203,405
27,566
230,971
 
100.0%
84.1%
98.1%
 
1,997,057
426,657
418,475
2,842,190
 
9.82
0.05
10.70
 
King's Lake Square
FL
49,805
35,692
85,497
 
100.0%
71.5%
88.1%
 
327,054
492,562
-
819,616
 
6.57
0.05
10.88
 
Lithia Crossing
FL
54,091
36,952
91,043
 
100.0%
70.9%
88.2%
 
469,183
601,374
72,000
1,142,557
 
8.67
0.04
13.33
 
Pine Ridge Crossing
FL
66,351
39,164
105,515
 
100.0%
93.1%
97.4%
 
637,976
1,029,002
-
1,666,978
 
9.62
0.04
16.21
 
Riverchase Plaza
FL
48,890
29,440
78,330
 
100.0%
98.6%
99.5%
 
386,231
804,039
-
1,190,270
 
7.90
0.04
15.27
 
Shoppes of Eastwood
FL
51,512
17,525
69,037
 
100.0%
92.6%
98.1%
 
443,003
406,604
-
849,607
   
0.04
12.54
 
Shops at Eagle Creek
FL
49,412
20,568
69,980
 
100.0%
58.7%
87.9%
 
607,517
262,409
55,104
925,030
 
12.29
0.05
14.15
 
Tarpon Bay Plaza
FL
60,151
22,396
82,547
 
100.0%
87.5%
96.6%
 
1,154,808
568,286
100,000
1,823,094
 
19.20
0.03
21.61
 
Waterford Lakes Village
FL
51,703
26,245
77,948
 
100.0%
88.5%
96.1%
 
408,452
505,044
-
913,496
 
7.90
0.05
12.19
 
Kedron Village
GA
68,846
88,499
157,345
 
100.0%
81.7%
89.7%
 
888,086
1,554,338
-
2,442,424
 
12.90
0.05
17.30
 
Publix at Acworth
GA
37,888
31,740
69,628
 
100.0%
72.0%
87.2%
 
337,203
367,892
-
705,095
 
8.90
0.06
11.61
 
The Centre at Panola
GA
51,674
21,405
73,079
 
100.0%
78.0%
93.6%
 
413,392
382,270
-
795,662
 
8.00
0.04
11.64
 
Fox Lake Crossing
IL
65,977
33,095
99,072
 
100.0%
63.6%
87.8%
 
841,207
324,650
-
1,165,857
 
12.75
0.06
13.40
 
Naperville Marketplace
IL
61,683
22,080
83,763
 
100.0%
92.8%
98.1%
 
719,379
331,122
-
1,050,501
 
11.66
0.06
12.79
 
54th & College
IN
-
-
-
 
0.0%
0.0%
0.0%
 
-
-
260,000
260,000
 
-
-
-
 
Beacon Hill
IN
11,043
46,148
57,191
 
100.0%
75.8%
80.5%
 
138,038
527,633
-
665,670
 
12.50
0.07
14.46
 
Boulevard Crossing
IN
74,440
50,191
124,631
 
100.0%
89.7%
95.9%
 
865,218
818,436
-
1,683,655
 
11.62
0.06
14.09
 
Bridgewater Marketplace
IN
-
25,975
25,975
 
0.0%
68.2%
68.2%
 
-
309,770
-
309,770
 
-
0.06
17.49
 
Cool Creek Commons
IN
63,600
61,046
124,646
 
100.0%
91.0%
95.6%
 
648,200
1,298,119
-
1,946,319
 
10.19
0.04
16.34
 
DePauw University Bookstore
& Cafe
IN
-
11,974
11,974
 
0.0%
100.0%
100.0%
 
-
100,119
-
100,119
 
-
0.12
8.36
 
Eddy Street Commons
IN
20,154
67,989
88,143
 
100.0%
90.7%
92.8%
 
342,618
1,580,631
-
1,923,249
 
17.00
0.04
23.51
 
Fishers Station
IN
72,212
44,731
116,943
 
100.0%
87.6%
95.3%
 
734,726
547,878
-
1,282,604
 
10.17
0.07
11.51
 
Geist Pavilion
IN
38,386
25,728
64,114
 
77.4%
82.7%
79.5%
 
372,080
462,049
-
834,130
 
12.53
0.05
16.37
 
Glendale Town Center
IN
329,546
63,456
393,002
 
100.0%
90.8%
98.5%
 
1,396,925
1,238,172
-
2,635,097
 
4.24
0.05
6.81
 
Greyhound Commons
IN
-
-
-
 
0.0%
0.0%
0.0%
 
-
-
221,748
221,748
 
-
-
-
 
Hamilton Crossing Centre
IN
30,722
51,631
82,353
 
100.0%
97.3%
98.3%
 
345,623
1,163,811
78,650
1,588,083
 
11.25
0.04
18.64
 
Red Bank Commons
IN
-
34,258
34,258
 
0.0%
81.2%
81.2%
 
-
388,845
-
388,845
 
-
0.07
13.98
 
Rivers Edge
IN
117,890
31,319
149,209
 
100.0%
100.0%
100.0%
 
2,084,568
753,986
-
2,838,554
 
17.68
0.04
19.02
 
Stoney Creek Commons
IN
84,330
-
84,330
 
100.0%
0.0%
100.0%
 
998,823
-
-
998,823
 
11.84
-
11.84
 
The Corner
IN
12,200
30,334
42,534
 
100.0%
91.3%
93.8%
 
88,450
499,034
-
587,484
 
7.25
0.06
14.72
 
Traders Point
IN
238,721
40,963
279,684
 
100.0%
94.3%
99.2%
 
3,154,656
906,906
435,000
4,496,562
 
13.21
0.04
14.65
 
Traders Point II
IN
-
46,600
46,600
 
0.0%
66.8%
66.8%
 
-
776,130
-
776,130
 
-
0.04
24.93
 
Whitehall Pike
IN
128,997
-
128,997
 
100.0%
0.0%
100.0%
 
1,014,000
-
-
1,014,000
 
7.86
-
7.86
 
Zionsville Walgreens
IN
14,550
-
14,550
 
100.0%
0.0%
100.0%
 
426,000
-
-
426,000
 
29.28
-
29.28
 
Oleander Place
NC
30,144
15,386
45,530
 
100.0%
100.0%
100.0%
 
346,656
381,128
80,000
807,784
 
11.50
0.04
15.98
 
Ridge Plaza
NJ
69,612
45,476
115,088
 
100.0%
49.1%
79.9%
 
971,228
506,439
-
1,477,667
 
13.95
0.04
16.07
 
Eastgate Pavilion
OH
231,730
4,500
236,230
 
100.0%
100.0%
100.0%
 
1,999,770
139,500
-
2,139,270
 
8.63
0.03
9.06
 
Cornelius Gateway
OR
-
21,324
21,324
 
0.0%
62.3%
62.3%
 
-
214,668
-
214,668
 
-
0.06
16.16
 
Shops at Otty
OR
-
9,845
9,845
 
0.0%
100.0%
100.0%
 
-
277,494
136,300
413,794
 
-
0.04
28.19
 
Shoppes at Plaza Green
SC
172,587
22,671
195,258
 
94.1%
100.0%
94.8%
 
1,837,576
399,445
-
2,237,021
 
11.32
0.06
12.09
 
Publix at Woodruff
SC
47,955
20,100
68,055
 
100.0%
91.0%
97.4%
 
395,629
282,223
-
677,852
 
8.25
0.06
10.23
 
Burlington Coat Factory
TX
107,400
-
107,400
 
100.0%
0.0%
100.0%
 
537,000
-
-
537,000
 
5.00
-
5.00
 
Cedar Hill Village
TX
32,231
11,983
44,214
 
100.0%
88.8%
97.0%
 
531,812
194,344
-
726,156
 
16.50
0.05
16.94
 
Market Street Village
TX
136,746
19,879
156,625
 
100.0%
100.0%
100.0%
 
1,335,407
467,190
33,000
1,835,597
 
9.77
0.04
11.51
 
Plaza at Cedar Hill
TX
244,065
59,393
303,458
 
100.0%
90.7%
98.2%
 
2,584,631
1,072,144
-
3,656,775
 
10.59
0.05
12.27
 
Plaza Volente
TX
105,000
51,333
156,333
 
100.0%
97.3%
99.1%
 
1,155,000
1,289,019
110,000
2,554,019
 
11.00
0.04
15.77
 
Sunland Towne Centre
TX
265,037
41,400
306,437
 
88.1%
91.7%
88.6%
 
2,087,919
886,607
115,290
3,089,816
 
8.94
0.04
10.96
 
50th & 12th
WA
14,500
-
14,500
 
100.0%
0.0%
100.0%
 
475,000
-
-
475,000
 
32.76
-
32.76
 
Total
 
4,254,509
1,638,130
5,892,639
 
98.8%
83.3%
94.5%
 
$42,315,920
$29,763,517
$3,240,567
$75,320,004
 
$10.07
$21.80
$12.94
       
____________________
     
1
This table does not include annualized base rent from development property tenants open for business as of March 31, 2013. Excludes tenant reimbursements.
     
         

p. 33
Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/13