Maryland
|
1-32268
|
11-3715772
|
||
(State or other jurisdiction
|
(Commission
|
(IRS Employer
|
||
of incorporation)
|
File Number)
|
Identification Number)
|
||
30 S. Meridian Street
|
||||
Suite 1100
|
||||
Indianapolis, IN
|
46204
|
|||
(Address of principal executive offices)
|
(Zip Code)
|
|||
(317) 577-5600 | ||||
(Registrant’s telephone number, including area code) | ||||
Not applicable | ||||
(Former name or former address, if changed since last report) |
Exhibit No.
|
Description
|
|
99.1
|
Kite Realty Group Trust Press Release dated October 31, 2013
|
|
99.2
|
Kite Realty Group Trust Third Quarter 2013 Supplemental Disclosure
|
KITE REALTY GROUP TRUST
|
||
Date: Ocotber 31, 2013
|
By:
|
/s/ Daniel R. Sink
|
Daniel R. Sink
|
||
Executive Vice President,
|
||
Chief Financial Officer and Treasurer
|
Exhibit
|
Document
|
|
99.1
|
Kite Realty Group Trust Press Release dated October 31, 2013
|
|
99.2
|
Kite Realty Group Trust Third Quarter 2013 Supplemental Disclosure
|
Contact Information: | Investors/Media: |
Kite Realty Group Trust | Kite Realty Group Trust |
Dan Sink, Chief Financial Officer | Adam Basch, Investor Relations |
(317) 577-5609 | (317) 578-5161 |
dsink@kiterealty.com | abasch@kiterealty.com |
·
|
Funds from Operations, was $0.14 per diluted common share for the third quarter of 2013. As adjusted for certain items, FFO was $0.13 per diluted common share.
|
·
|
Revenue from recurring property operations increased 28% in the third quarter over the same period of the prior year.
|
·
|
Same Property Net Operating Income for the third quarter of 2013 increased 4.9% over the same period of the prior year.
|
·
|
The Company’s total portfolio was 95.9% leased at September 30, 2013, an increase of 250 basis points over the prior year.
|
·
|
The leased percentage for the Company’s small shops increased to 86.7% as of September 30, 2013 from 81.8% as of September 30, 2012.
|
·
|
The Company executed a lease with Gander Mountain to replace Best Buy at its Bayport Commons property in Oldsmar, Florida (Tampa MSA).
|
·
|
Acquired the Earth Fare-anchored Toringdon Market in Charlotte, North Carolina for a purchase price of $15.9 million.
|
·
|
Disposed of Cedar Hill Village in Dallas, Texas for a sale price of $8.0 million.
|
·
|
Amended the unsecured term loan and increased the borrowings to $230 million.
|
·
|
Retired mortgage debt at the Ridge Plaza in Oak Ridge, New Jersey and 30 South Meridian in Indianapolis, Indiana.
|
Guidance Range for 2013
|
Low
|
High
|
||||||
Net loss per diluted common share
|
$ | (0.13 | ) | $ | (0.12 | ) | ||
Depreciation and amortization
|
0.55 | 0.55 | ||||||
Impairment charge
|
0.06 | 0.06 | ||||||
FFO per diluted common share
|
0.48 | 0.49 | ||||||
Gain on debt extinguishment and accelerated write-offs of deferred financing costs
|
(0.01 | ) | (0.01 | ) | ||||
FFO per diluted common share, as adjusted
|
$ | 0.47 | $ | 0.48 |
September 30,
2013
|
December 31,
2012
|
|||||||
Assets:
|
||||||||
Investment properties, at cost:
|
||||||||
Land
|
$ | 291,903,083 | $ | 239,690,837 | ||||
Land held for development
|
56,078,478 | 34,878,300 | ||||||
Buildings and improvements
|
1,062,256,323 | 892,508,729 | ||||||
Furniture, equipment and other
|
4,872,339 | 4,419,918 | ||||||
Construction in progress
|
112,921,957 | 223,135,354 | ||||||
1,528,032,180 | 1,394,633,138 | |||||||
Less: accumulated depreciation
|
(220,782,063 | ) | (194,297,531 | ) | ||||
1,307,250,117 | 1,200,335,607 | |||||||
Cash and cash equivalents
|
12,130,048 | 12,482,701 | ||||||
Tenant receivables, including accrued straight-line rent of $13,698,484 and $12,189,449, respectively, net of allowance for uncollectible accounts
|
22,373,621 | 21,210,754 | ||||||
Other receivables
|
5,937,729 | 4,946,219 | ||||||
Escrow deposits
|
11,389,473 | 12,960,488 | ||||||
Deferred costs, net
|
41,187,441 | 35,322,792 | ||||||
Prepaid and other assets
|
4,018,249 | 1,398,344 | ||||||
Total Assets
|
$ | 1,404,286,678 | $ | 1,288,656,905 | ||||
Liabilities and Equity:
|
||||||||
Mortgage and other indebtedness
|
$ | 743,984,742 | $ | 699,908,768 | ||||
Accounts payable and accrued expenses
|
50,637,642 | 54,187,172 | ||||||
Deferred revenue and other liabilities
|
18,217,210 | 20,269,501 | ||||||
Total Liabilities
|
812,839,594 | 774,365,441 | ||||||
Commitments and contingencies
|
||||||||
Redeemable noncontrolling interests in the Operating Partnership
|
40,114,022 | 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 93,856,152 shares and 77,728,697 shares issued and outstanding, respectively
|
938,562 | 777,287 | ||||||
Additional paid in capital
|
608,200,732 | 513,111,877 | ||||||
Accumulated other comprehensive loss
|
(228,163 | ) | (5,258,543 | ) | ||||
Accumulated deficit
|
(163,621,202 | ) | (138,044,264 | ) | ||||
Total Kite Realty Group Trust Shareholders’ Equity
|
547,789,929 | 473,086,357 | ||||||
Noncontrolling Interests
|
3,543,133 | 3,535,304 | ||||||
Total Equity
|
551,333,062 | 476,621,661 | ||||||
Total Liabilities and Equity
|
$ | 1,404,286,678 | $ | 1,288,656,905 |
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Revenue:
|
||||||||||||||||
Minimum rent
|
$ | 23,845,218 | $ | 18,571,977 | $ | 67,215,216 | $ | 54,263,303 | ||||||||
Tenant reimbursements
|
6,257,937 | 4,897,578 | 17,350,746 | 14,170,945 | ||||||||||||
Other property related revenue
|
2,568,468 | 857,493 | 9,300,135 | 2,937,042 | ||||||||||||
Total revenue
|
32,671,623 | 24,327,048 | 93,866,097 | 71,371,290 | ||||||||||||
Expenses:
|
||||||||||||||||
Property operating
|
5,448,738 | 3,997,658 | 15,582,301 | 12,278,320 | ||||||||||||
Real estate taxes
|
3,724,116 | 3,180,390 | 10,684,894 | 9,458,334 | ||||||||||||
General, administrative, and other
|
2,114,828 | 1,645,048 | 6,069,063 | 5,255,804 | ||||||||||||
Acquisition costs
|
153,314 | 108,169 | 566,826 | 179,102 | ||||||||||||
Litigation charge
|
— | — | — | 1,289,446 | ||||||||||||
Depreciation and amortization
|
15,393,620 | 10,831,282 | 40,626,179 | 29,435,053 | ||||||||||||
Total expenses
|
26,834,616 | 19,762,547 | 73,529,263 | 57,896,059 | ||||||||||||
Operating income
|
5,837,007 | 4,564,501 | 20,336,834 | 13,475,231 | ||||||||||||
Interest expense
|
(7,600,413 | ) | (6,048,866 | ) | (20,988,919 | ) | (17,871,086 | ) | ||||||||
Income tax (expense)/benefit of taxable REIT subsidiary
|
(30,596 | ) | 13,385 | (106,477 | ) | 5,995 | ||||||||||
Other (expense)/income
|
(47,013 | ) | 99,914 | (39,150 | ) | 98,207 | ||||||||||
Loss from continuing operations
|
(1,841,015 | ) | (1,371,066 | ) | (797,712 | ) | (4,291,653 | ) | ||||||||
Discontinued operations:
|
||||||||||||||||
Income from operations, excluding impairment charge
|
1,353,827 | 200,073 | 484,907 | 643,681 | ||||||||||||
Impairment charge
|
— | — | (5,371,427 | ) | — | |||||||||||
Gain on debt extinguishment
|
1,241,724 | — | 1,241,724 | — | ||||||||||||
Gain (loss) on sale of operating property
|
486,540 | (65,312 | ) | 486,540 | 5,180,568 | |||||||||||
Income (loss) from discontinued operations
|
3,082,091 | 134,761 | (3,158,256 | ) | 5,824,249 | |||||||||||
Consolidated net income (loss)
|
1,241,076 | (1,236,305 | ) | (3,955,968 | ) | 1,532,596 | ||||||||||
Net loss (income) attributable to noncontrolling interests
|
15,174 | 312,208 | 651,327 | (1,513,591 | ) | |||||||||||
Net income (loss) attributable to Kite Realty Group
Trust
|
1,256,250 | (924,097 | ) | (3,304,641 | ) | 19,005 | ||||||||||
Dividends on preferred shares
|
(2,114,063 | ) | (2,114,063 | ) | (6,342,188 | ) | (5,805,939 | ) | ||||||||
Net loss attributable to common shareholders
|
$ | (857,813 | ) | $ | (3,038,160 | ) | $ | (9,646,829 | ) | $ | (5,786,934 | ) | ||||
Net loss per common share attributable to Kite Realty Group Trust common shareholders – basic and diluted
|
||||||||||||||||
Loss from continuing operations attributable to common shareholders
|
$ | (0.04 | ) | $ | (0.05 | ) | $ | (0.08 | ) | $ | (0.14 | ) | ||||
Income (loss) from discontinued operations attributable to common shareholders
|
0.03 | 0.00 | (0.03 | ) | 0.05 | |||||||||||
Net loss attributable to common shareholders
|
$ | (0.01 | ) | $ | (0.05 | ) | $ | (0.11 | ) | $ | (0.09 | ) | ||||
Weighted average common shares outstanding – basic and diluted
|
93,803,896 | 64,780,540 | 87,626,746 | 64,171,770 | ||||||||||||
Dividends declared per common share
|
$ | 0.06 | $ | 0.06 | $ | 0.18 | $ | 0.18 | ||||||||
Loss attributable to Kite Realty Group Trust common shareholders
|
||||||||||||||||
Loss from continuing operations
|
$ | (3,733,405 | ) | $ | (3,159,546 | ) | $ | (6,712,809 | ) | $ | (9,131,407 | ) | ||||
Income (loss) from discontinued operations
|
2,875,592 | 121,386 | (2,934,020 | ) | 3,344,473 | |||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders
|
$ | (857,813 | ) | $ | (3,038,160 | ) | $ | (9,646,829 | ) | $ | (5,786,934 | ) | ||||
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Consolidated net income (loss)
|
$ | 1,241,076 | $ | (1,236,305 | ) | $ | (3,955,968 | ) | $ | 1,532,596 | ||||||
Less dividends on preferred shares
|
(2,114,063 | ) | (2,114,063 | ) | (6,342,188 | ) | (5,805,939 | ) | ||||||||
Less net income attributable to noncontrolling interests in properties
|
(27,978 | ) | (35,228 | ) | (89,750 | ) | (111,642 | ) | ||||||||
Less (gain) loss on sale of operating properties
|
(486,540 | ) | 65,312 | (486,540 | ) | (5,180,568 | ) | |||||||||
Add impairment charge
|
— | — | 5,371,427 | — | ||||||||||||
Add depreciation and amortization, net of noncontrolling interests
|
15,379,237 | 11,257,277 | 41,019,039 | 31,581,636 | ||||||||||||
Funds From Operations of the Kite Portfolio1
|
13,991,732 | 7,936,993 | 35,516,020 | 22,016,083 | ||||||||||||
Less redeemable noncontrolling interests in Funds From Operations
|
(942,811 | ) | (799,648 | ) | (2,526,288 | ) | (2,324,421 | ) | ||||||||
Funds From Operations allocable to the Company1
|
$ | 13,048,921 | $ | 7,137,345 | $ | 32,989,732 | $ | 19,691,662 | ||||||||
Basic and Diluted FFO per share of the Kite Portfolio
|
$ | 0.14 | $ | 0.11 | $ | 0.38 | $ | 0.31 | ||||||||
Funds From Operations of the Kite Portfolio
|
$ | 13,991,732 | $ | 7,936,993 | $ | 35,516,020 | $ | 22,016,083 | ||||||||
Add back: litigation charge
|
— | — | — | 1,289,446 | ||||||||||||
Less: gain on debt extinguishment
|
(1,241,724 | ) | — | (1,241,724 | ) | — | ||||||||||
Add back: accelerated amortization of deferred financing fees
|
317,057 | — | 488,629 | 500,028 | ||||||||||||
Funds From Operations of the Kite Portfolio, as adjusted
|
$ | 13,067,065 | $ | 7,936,993 | $ | 34,762,925 | $ | 23,805,557 | ||||||||
Basic and Diluted FFO per share of the Kite Portfolio, as adjusted
|
$ | 0.13 | $ | 0.11 | $ | 0.37 | $ | 0.33 | ||||||||
Basic weighted average Common Shares outstanding
|
93,803,896 | 64,780,540 | 87,626,746 | 64,171,770 | ||||||||||||
Diluted weighted average Common Shares outstanding
|
94,068,890 | 65,126,104 | 87,904,526 | 64,504,424 | ||||||||||||
Basic weighted average Common Shares and Units outstanding
|
100,530,582 | 71,956,742 | 94,358,299 | 71,785,927 | ||||||||||||
Diluted weighted average Common Shares and Units outstanding
|
100,795,576 | 72,302,306 | 94,636,079 | 72,118,581 | ||||||||||||
____________________
|
|
1
|
“Funds From Operations of the Kite Portfolio” measures 100% of the operating performance of the Operating Partnership’s real estate properties 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.
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2013
|
2012
|
% Change
|
2013
|
2012
|
% Change
|
|||||||||||
Number of properties at period end1
|
47
|
47
|
47
|
47
|
||||||||||||
Leased percentage at period-end
|
95.8%
|
93.6%
|
95.8%
|
93.6%
|
||||||||||||
Occupied percentage at period-end
|
92.1%
|
90.6%
|
92.1%
|
90.6%
|
||||||||||||
Minimum rent
|
$
|
17,162,814
|
$
|
16,523,388
|
$
|
52,270,420
|
$
|
50,449,439
|
||||||||
Tenant recoveries
|
4,984,471
|
4,690,889
|
15,463,308
|
14,238,425
|
||||||||||||
Other income
|
680,413
|
674,508
|
1,806,195
|
1,852,819
|
||||||||||||
22,827,698
|
21,888,785
|
69,539,923
|
66,540,683
|
|||||||||||||
Property operating expenses
|
4,775,050
|
4,647,166
|
14,523,351
|
13,791,925
|
||||||||||||
Real estate taxes
|
3,193,626
|
3,081,729
|
9,871,195
|
9,693,992
|
||||||||||||
7,968,676
|
7,728,895
|
24,394,546
|
23,485,917
|
|||||||||||||
Net operating income – same properties (47 properties)2
|
14,859,022
|
14,159,890
|
4.9
|
%
|
45,145,377
|
43,054,766
|
4.9
|
%
|
||||||||
Reconciliation to Most Directly Comparable GAAP Measure:
|
||||||||||||||||
Net operating income – same properties
|
$
|
14,859,022
|
$
|
14,159,890
|
$
|
45,145,377
|
$
|
43,054,766
|
||||||||
Net operating income – non-same activity
|
8,639,747
|
3,002,495
|
22,453,525
|
6,579,870
|
||||||||||||
Other (expense) income, net
|
(77,609
|
)
|
99,914
|
(145,627
|
)
|
104,202
|
||||||||||
General, administrative and acquisition expenses
|
(2,268,142
|
)
|
(1,753,217
|
)
|
(6,635,889
|
)
|
(5,434,906
|
)
|
||||||||
Litigation charge
|
-
|
-
|
-
|
(1,289,446
|
)
|
|||||||||||
Impairment charge
|
-
|
-
|
(5,371,427
|
)
|
-
|
|||||||||||
Depreciation expense
|
(15,393,620
|
)
|
(10,831,282
|
)
|
(40,626,179
|
)
|
(29,435,053
|
)
|
||||||||
Interest expense
|
(7,600,413
|
)
|
(6,048,866
|
)
|
(20,988,919
|
)
|
(17,871,086
|
)
|
||||||||
Discontinued operations, excluding impairment charge
|
1,353,827
|
134,761
|
484,907
|
643,681
|
||||||||||||
Gain on debt extinguishment
|
1,241,724
|
-
|
1,241,724
|
-
|
||||||||||||
Gain on sale of operating properties
|
486,540
|
-
|
486,540
|
5,180,568
|
||||||||||||
Net loss (income) attributable to noncontrolling interests
|
15,174
|
312,208
|
651,327
|
(1,513,591
|
)
|
|||||||||||
Dividends on preferred shares
|
(2,114,063
|
)
|
(2,114,063
|
)
|
(6,342,188
|
)
|
(5,805,939
|
)
|
||||||||
Net loss attributable to common shareholders
|
$
|
(857,813
|
)
|
$
|
(3,038,160
|
)
|
$
|
(9,646,829
|
)
|
$
|
(5,786,934
|
)
|
____________________
|
|
1
|
Same Property analysis excludes operating properties in redevelopment.
|
2
|
Excludes net gains from outlot sales, straight-line rent revenue, bad debt expense, lease termination fees, amortization of lease intangibles and significant prior period expense recoveries and adjustments, if any.
|
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 and Nine Months Ended September 30
|
|
9
|
Funds from Operations and Other Financial Information for the Three and Nine Months Ended September 30
|
|
10
|
Market Capitalization/Debt to EBITDA
|
|
10
|
Ratio of Debt to Total Undepreciated Assets as of September 30, 2013
|
|
11
|
Same Property Net Operating Income for the Three and Nine Months Ended September 30
|
|
12
|
Net Operating Income by Quarter
|
|
13
|
Summary of Outstanding Debt as of September 30
|
|
14
|
Schedule of Outstanding Debt as of September 30
|
|
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
|
Development Projects
|
|
25
|
Redevelopment Projects
|
|
26
|
Property Acquisitions
|
|
27
|
Geographic Diversification – Operating Portfolio
|
|
28
|
Operating Retail Properties
|
|
32
|
Operating Commercial Properties
|
|
33
|
Retail Operating Portfolio – Tenant Breakdown
|
|
# of Properties
|
Total
GLA /NRA
|
Owned
GLA /NRA
|
||||||||||
Operating Properties
|
57 | 8,863,335 | 6,445,096 | |||||||||
Redevelopment Properties:
|
||||||||||||
- Under Construction
|
3 | 362,313 | 352,313 | |||||||||
- Pending Construction
|
2 | 312,693 | 312,693 | |||||||||
Subtotal Redevelopment Properties
|
5 | 675,006 | 665,006 | |||||||||
Total Operating and Redevelopment Properties
|
62 | 9,538,341 | 7,110,102 | |||||||||
Development Projects:
|
||||||||||||
- Under Construction
|
3 | 1,208,227 | 846,922 | |||||||||
- Pending Construction
|
1 | 159,743 | 127,743 | |||||||||
Subtotal Development Projects
|
4 | 1,367,970 | 974,665 | |||||||||
Total All Properties
|
66 | 10,906,311 | 8,084,767 | |||||||||
Retail
|
Commercial
|
Total
|
||||||||||
Operating Properties – Leased Percentage
|
95.9 | % | 94.2 | % | 95.8 | % | ||||||
States
|
12 |
Investor Relations Contacts:
|
Analyst Coverage:
|
Analyst Coverage:
|
||
Dan Sink, Chief Financial Officer
|
Bank of America/Merrill Lynch
|
Janney Capital Market
|
||
Kite Realty Group Trust
|
Mr. Jeffrey Spector/Mr. Craig Schmidt
|
Mr. Michael Gorman/Mr. Timothy Feron
|
||
30 South Meridian Street, Suite 1100
|
(646) 855-1363/(646) 855-3640
|
(215) 665-6224/(215) 665-4493
|
||
Indianapolis, IN 46204
|
jeff.spector@baml.com
|
mgorman@janney.com
|
||
(317) 577-5609
|
craig.schmidt@baml.com
|
tferon@janney.com
|
||
dsink@kiterealty.com
|
||||
BMO Capital Markets
|
KeyBanc Capital Markets
|
|||
Adam Basch, Investor Relations
|
Mr. Paul E. Adornato/Mr. Joshua Patinkin
|
Mr. Jordan Sadler/Mr. Todd Thomas
|
||
Kite Realty Group Trust
|
(212) 885-4170 /(212) 883-5102
|
(917) 368-2280/(917) 368-2286
|
||
30 South Meridian Street, Suite 1100
|
paul.adornato@bmo.com
|
tthomas@keybanccm.com
|
||
Indianapolis, IN 46204
|
josh.patinkin@bmo.com
|
jsadler@keybanccm.com
|
||
(317) 578-5161
|
||||
abasch@kiterealty.com
|
Capital One Securities, Inc.
|
Raymond James
|
||
Mr. Christopher Lucas/Mr. Vineet Khanna
|
Mr. Paul Puryear/Mr. R. J. Milligan
|
|||
Transfer Agent:
|
(571) 633-8151/(571) 835-7013
|
(727) 567-2253/(727) 567-2660
|
||
christopher.lucas@capitalone.com
|
paul.puryear@raymondjames.com
|
|||
Broadridge
|
vineet.khanna@capitalone.com
|
richard.milligan@raymondjames.com
|
||
Ms. Rosanna Garofalo
|
||||
51 Mercedes Way
|
Citigroup Global Markets
|
Stifel, Nicolaus & Company, Inc.
|
||
Edgewood, NY 11717
|
Mr. Michael Bilerman
|
Mr. Nathan Isbee
|
||
(631) 392-5810
|
(212) 816-1383
|
(443) 224-1346
|
||
michael.bilerman@citigroup.com
|
nisbee@stifel.com
|
|||
Stock Specialist:
|
||||
Evercore Partners
|
Wells Fargo Securities, LLC
|
|||
Barclays Capital
|
Mr. Benjamin Yang, CFA/ Ms. Catherine Klinchuch
|
Mr. Jeffrey J. Donnelly, CFA /Tamara Fique
|
||
45 Broadway
|
(415) 229-8070/(212) 497-0897
|
(617) 603-4262/(443) 263-6568
|
||
20th Floor
|
ben.yang@evercore.com
|
jeff.donnelly@wellsfargo.com
|
||
New York, NY 10006
|
catherine.klinchuch@evercore.com
|
Tamara.fique@wellsfargo.com
|
||
(646) 333-7000
|
||||
Hilliard Lyons
|
||||
Ms. Carol L. Kemple
|
||||
(502) 588-1839
|
||||
ckemple@hilliard.com
|
·
|
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.
|
September 30,
2013
|
December 31,
2012
|
|||||||
Assets:
|
||||||||
Investment properties, at cost:
|
||||||||
Land
|
$ | 291,903,083 | $ | 239,690,837 | ||||
Land held for development
|
56,078,478 | 34,878,300 | ||||||
Buildings and improvements
|
1,062,256,323 | 892,508,729 | ||||||
Furniture, equipment and other
|
4,872,339 | 4,419,918 | ||||||
Construction in progress
|
112,921,957 | 223,135,354 | ||||||
1,528,032,180 | 1,394,633,138 | |||||||
Less: accumulated depreciation
|
(220,782,063 | ) | (194,297,531 | ) | ||||
1,307,250,117 | 1,200,335,607 | |||||||
Cash and cash equivalents
|
12,130,048 | 12,482,701 | ||||||
Tenant receivables, including accrued straight-line rent of $13,698,484 and $12,189,449, respectively, net of allowance for uncollectible accounts
|
22,373,621 | 21,210,754 | ||||||
Other receivables
|
5,937,729 | 4,946,219 | ||||||
Escrow deposits
|
11,389,473 | 12,960,488 | ||||||
Deferred costs, net
|
41,187,441 | 35,322,792 | ||||||
Prepaid and other assets
|
4,018,249 | 1,398,344 | ||||||
Total Assets
|
$ | 1,404,286,678 | $ | 1,288,656,905 | ||||
Liabilities and Equity:
|
||||||||
Mortgage and other indebtedness
|
$ | 743,984,742 | $ | 699,908,768 | ||||
Accounts payable and accrued expenses
|
50,637,642 | 54,187,172 | ||||||
Deferred revenue and other liabilities
|
18,217,210 | 20,269,501 | ||||||
Total Liabilities
|
812,839,594 | 774,365,441 | ||||||
Commitments and contingencies
|
||||||||
Redeemable noncontrolling interests in the Operating Partnership
|
40,114,022 | 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 93,856,152 shares and 77,728,697 shares issued and outstanding, respectively
|
938,562 | 777,287 | ||||||
Additional paid in capital
|
608,200,732 | 513,111,877 | ||||||
Accumulated other comprehensive loss
|
(228,163 | ) | (5,258,543 | ) | ||||
Accumulated deficit
|
(163,621,202 | ) | (138,044,264 | ) | ||||
Total Kite Realty Group Trust Shareholders’ Equity
|
547,789,929 | 473,086,357 | ||||||
Noncontrolling Interests
|
3,543,133 | 3,535,304 | ||||||
Total Equity
|
551,333,062 | 476,621,661 | ||||||
Total Liabilities and Equity
|
$ | 1,404,286,678 | $ | 1,288,656,905 |
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Revenue:
|
||||||||||||||||
Minimum rent
|
$ | 23,845,218 | $ | 18,571,977 | $ | 67,215,216 | $ | 54,263,303 | ||||||||
Tenant reimbursements
|
6,257,937 | 4,897,578 | 17,350,746 | 14,170,945 | ||||||||||||
Other property related revenue
|
2,568,468 | 857,493 | 9,300,135 | 2,937,042 | ||||||||||||
Total revenue
|
32,671,623 | 24,327,048 | 93,866,097 | 71,371,290 | ||||||||||||
Expenses:
|
||||||||||||||||
Property operating
|
5,448,738 | 3,997,658 | 15,582,301 | 12,278,320 | ||||||||||||
Real estate taxes
|
3,724,116 | 3,180,390 | 10,684,894 | 9,458,334 | ||||||||||||
General, administrative and other
|
2,114,828 | 1,645,048 | 6,069,063 | 5,255,804 | ||||||||||||
Acquisition costs
|
153,314 | 108,169 | 566,826 | 179,102 | ||||||||||||
Litigation charge
|
— | — | — | 1,289,446 | ||||||||||||
Depreciation and amortization
|
15,393,620 | 10,831,282 | 40,626,179 | 29,435,053 | ||||||||||||
Total expenses
|
26,834,616 | 19,762,547 | 73,529,263 | 57,896,059 | ||||||||||||
Operating income
|
5,837,007 | 4,564,501 | 20,336,834 | 13,475,231 | ||||||||||||
Interest expense
|
(7,600,413 | ) | (6,048,866 | ) | (20,988,919 | ) | (17,871,086 | ) | ||||||||
Income tax (expense) benefit of taxable REIT subsidiary
|
(30,596 | ) | 13,385 | (106,477 | ) | 5,995 | ||||||||||
Other (expense) income
|
(47,013 | ) | 99,914 | (39,150 | ) | 98,207 | ||||||||||
Loss from continuing operations
|
(1,841,015 | ) | (1,371,066 | ) | (797,712 | ) | (4,291,653 | ) | ||||||||
Discontinued operations1:
|
||||||||||||||||
Income from operations, excluding impairment charge
|
1,353,827 | 200,073 | 484,907 | 643,681 | ||||||||||||
Impairment charge
|
— | — | (5,371,427 | ) | — | |||||||||||
Gain on debt extinguishment
|
1,241,724 | — | 1,241,724 | — | ||||||||||||
Gain (loss) on sale of operating properties
|
486,540 | (65,312 | ) | 486,540 | 5,180,568 | |||||||||||
Income (loss) from discontinued operations
|
3,082,091 | 134,761 | (3,158,256 | ) | 5,824,249 | |||||||||||
Consolidated net income (loss)
|
1,241,076 | (1,236,305 | ) | (3,955,968 | ) | 1,532,596 | ||||||||||
Net loss (income) attributable to noncontrolling interests
|
15,174 | 312,208 | 651,327 | (1,513,591 | ) | |||||||||||
Net income (loss) attributable to Kite Realty Group Trust
|
1,256,250 | (924,097 | ) | (3,304,641 | ) | 19,005 | ||||||||||
Dividends on preferred shares
|
(2,114,063 | ) | (2,114,063 | ) | (6,342,188 | ) | (5,805,939 | ) | ||||||||
Net loss attributable to common shareholders
|
$ | (857,813 | ) | $ | (3,038,160 | ) | $ | (9,646,829 | ) | $ | (5,786,934 | ) | ||||
Net (loss) per common share attributable to Kite Realty Group Trust common shareholders – basic and diluted
|
||||||||||||||||
Loss from continuing operations attributable to common shareholders
|
$ | (0.04 | ) | $ | (0.05 | ) | $ | (0.08 | ) | $ | (0.14 | ) | ||||
Income (loss) from discontinued operations attributable to common shareholders
|
0.03 | 0.00 | (0.03 | ) | 0.05 | |||||||||||
Net loss attributable to common shareholders
|
$ | (0.01 | ) | $ | (0.05 | ) | $ | (0.11 | ) | $ | (0.09 | ) | ||||
Weighted average common shares outstanding – basic and diluted
|
93,803,896 | 64,780,540 | 87,626,746 | 64,171,770 | ||||||||||||
Dividends declared per common share
|
$ | 0.06 | $ | 0.06 | $ | 0.18 | $ | 0.18 | ||||||||
Loss attributable to Kite Realty Group Trust common shareholders:
|
||||||||||||||||
Loss from continuing operations
|
$ | (3,733,405 | ) | $ | (3,159,546 | ) | $ | (6,712,809 | ) | $ | (9,131,407 | ) | ||||
Income (loss) from discontinued operations
|
2,875,592 | 121,386 | (2,934,020 | ) | 3,344,473 | |||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders
|
$ | (857,813 | ) | $ | (3,038,160 | ) | $ | (9,646,829 | ) | $ | (5,786,934 | ) | ||||
____________________
|
|
1
|
Discontinued operations reflects dispositions of the following operating properties: Cedar Hill Village and Kedron Village in Q3 2013, Pen Products, Indiana State Motor Pool, Sandifur Plaza, Preston Commons 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.
|
Three Months Ended September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Consolidated net income (loss)
|
$ | 1,241,076 | $ | (1,236,305 | ) | $ | (3,955,968 | ) | $ | 1,532,596 | ||||||
Less dividends on preferred shares
|
(2,114,063 | ) | (2,114,063 | ) | (6,342,188 | ) | (5,805,939 | ) | ||||||||
Less net income attributable to noncontrolling interests in properties
|
(27,978 | ) | (35,228 | ) | (89,750 | ) | (111,642 | ) | ||||||||
Less (gain) loss on sale of operating properties
|
(486,540 | ) | 65,312 | (486,540 | ) | (5,180,568 | ) | |||||||||
Add impairment charge
|
— | — | 5,371,427 | — | ||||||||||||
Add depreciation and amortization, net of noncontrolling interests
|
15,379,237 | 11,257,277 | 41,019,039 | 31,581,636 | ||||||||||||
Funds From Operations of the Kite Portfolio1
|
13,991,732 | 7,936,993 | 35,516,020 | 22,016,083 | ||||||||||||
Less redeemable noncontrolling interests in Funds From Operations
|
(942,811 | ) | (799,648 | ) | (2,526,288 | ) | (2,324,421 | ) | ||||||||
Funds From Operations allocable to the Company1
|
$ | 13,048,921 | $ | 7,137,345 | $ | 32,989,732 | $ | 19,691,662 | ||||||||
Basic and Diluted FFO per share of the Kite Portfolio
|
$ | 0.14 | $ | 0.11 | $ | 0.38 | $ | 0.31 | ||||||||
Funds From Operations of the Kite Portfolio
|
$ | 13,991,732 | $ | 7,936,993 | $ | 35,516,020 | $ | 22,016,083 | ||||||||
Add back: litigation charge
|
— | — | — | 1,289,446 | ||||||||||||
Less: gain on debt extinguishment
|
(1,241,724 | ) | — | (1,241,724 | ) | — | ||||||||||
Add back: accelerated amortization of deferred financing fees
|
317,057 | — | 488,629 | 500,028 | ||||||||||||
Funds From Operations of the Kite Portfolio, as adjusted
|
$ | 13,067,065 | $ | 7,936,993 | $ | 34,762,925 | $ | 23,805,557 | ||||||||
Basic and Diluted FFO per share of the Kite Portfolio, as adjusted
|
$ | 0.13 | $ | 0.11 | $ | 0.37 | $ | 0.33 | ||||||||
Basic weighted average Common Shares outstanding
|
93,803,896 | 64,780,540 | 87,626,746 | 64,171,770 | ||||||||||||
Diluted weighted average Common Shares outstanding
|
94,068,890 | 65,126,104 | 87,904,526 | 64,504,424 | ||||||||||||
Basic weighted average Common Shares and Units outstanding
|
100,530,582 | 71,956,742 | 94,358,299 | 71,785,927 | ||||||||||||
Diluted weighted average Common Shares and Units outstanding
|
100,795,576 | 72,302,306 | 94,636,079 | 72,118,581 | ||||||||||||
Other Financial Information:
|
||||||||||||||||
Capital expenditures2
|
||||||||||||||||
Tenant improvements – Retail
|
$ | 1,045,135 | $ | 1,604,784 | $ | 5,464,283 | $ | 2,944,253 | ||||||||
Tenant improvements – Commercial
|
— | 20,292 | 1,705,691 | 20,292 | ||||||||||||
Leasing commissions – Retail
|
279,655 | 247,047 | 792,493 | 597,174 | ||||||||||||
Leasing commissions – Commercial
|
— | — | — | 40,101 | ||||||||||||
Capital improvements3
|
289,684 | 345,086 | 725,582 | 911,159 | ||||||||||||
Scheduled debt principal payments
|
1,507,063 | 1,417,550 | 4,933,570 | 4,899,475 | ||||||||||||
Straight line rent – total
|
875,740 | 614,160 | 2,557,882 | 1,875,168 | ||||||||||||
- term of lease
|
268,051 | 800,344 | ||||||||||||||
- pre-cash rent period – operating properties
|
217,634 | 489,272 | ||||||||||||||
- pre-cash rent period – development properties
|
390,055 | 1,268,267 | ||||||||||||||
Market rent amortization income from acquired leases
|
645,396 | 547,022 | 1,916,147 | 1,419,081 | ||||||||||||
Market debt adjustment
|
2,021 | 31,759 | 125,010 | 70,996 | ||||||||||||
Non-cash compensation expense
|
496,479 | 277,771 | 1,176,801 | 771,289 | ||||||||||||
Capitalized interest
|
1,018,041 | 1,797,489 | 3,964,255 | 5,392,390 | ||||||||||||
Mark to market lease amount in Deferred revenue and other liabilities on consolidated balance sheet
|
10,959,527 | 9,877,586 | ||||||||||||||
Acreage of undeveloped, vacant land in the operating portfolio4
|
32.7 | |||||||||||||||
Mid-quarter rent commencement not recognized in income statement (annualized) 5
|
$ | 258,371 | ||||||||||||||
____________________
|
|
1
|
“Funds From Operations of the Kite Portfolio measures 100% of the operating performance of the Operating Partnership’s real estate properties and construction and service subsidiaries in which the Company owns an interest. “Funds From Operations 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 September 30, 2013).
|
5
|
Reflects impact for full quarter for operating property tenants commencing cash rent in the quarter offset by terminated tenants.
|
Total
|
Percent of
|
||||||||||||||
Percent of
|
Market
|
Total Market
|
|||||||||||||
Total Equity
|
Capitalization
|
Capitalization
|
|||||||||||||
Equity Capitalization:
|
|||||||||||||||
Total Common Shares Outstanding
|
93.3
|
%
|
93,856,162
|
||||||||||||
Operating Partnership ("OP") Units Outstanding
|
6.7
|
%
|
6,723,784
|
||||||||||||
Combined Common Shares and OP Units
|
100.0
|
%
|
100,579,936
|
||||||||||||
Market Price of Common Shares
|
$
|
5.93
|
|||||||||||||
Series A Preferred Shares ($25.54/share)
|
104,714,000
|
||||||||||||||
Total Equity Capitalization
|
701,153,020
|
49
|
%
|
||||||||||||
Debt Capitalization:
|
|||||||||||||||
Company Consolidated Outstanding Debt
|
743,984,743
|
||||||||||||||
Less: Partner Share of Consolidated Joint Venture Debt2
|
(11,151,786
|
)
|
|||||||||||||
Company Share of Outstanding Debt
|
732,832,957
|
||||||||||||||
Less: Cash and Cash Equivalents
|
(12,130,048
|
)
|
|||||||||||||
Total Net Debt Capitalization
|
720,702,909
|
51
|
%
|
||||||||||||
Total Enterprise Value as of September 30, 2013
|
$
|
1,421,855,929
|
100
|
%
|
|||||||||||
RATIO OF DEBT TO TOTAL UNDEPRECIATED ASSETS AS OF SEPTEMBER 30, 2013
|
|||||||||||||||
Consolidated Undepreciated Real Estate Assets
|
$
|
1,528,032,180
|
|||||||||||||
Escrow and Other Deposits
|
11,389,473
|
||||||||||||||
$
|
1,539,421,653
|
||||||||||||||
Total Consolidated Debt
|
$
|
743,984,743
|
|||||||||||||
Less: Cash
|
(12,130,048
|
)
|
|||||||||||||
|
$
|
731,854,695
|
|||||||||||||
Ratio of Net Debt to Total Undepreciated Real Estate Assets
|
47.5
|
%
|
|||||||||||||
RATIO OF COMPANY SHARE OF DEBT TO EBITDA AS OF SEPTEMBER 30, 2013
|
|||||||||||||||
Company share of consolidated debt
|
$
|
732,832,957
|
|||||||||||||
Less: Cash
|
(12,130,048
|
)
|
|||||||||||||
Less: Construction borrowings for developments under construction3
|
(23,885,303
|
)
|
|||||||||||||
696,817,606
|
|||||||||||||||
Q3 2013 EBITDA, annualized:
|
|||||||||||||||
- consolidated
|
$
|
84,922,508
|
|||||||||||||
- pro forma adjustment1
|
(432,075
|
)
|
|||||||||||||
- minority interest EBITDA
|
(175,281
|
)
|
84,315,152
|
||||||||||||
8.26x
|
|||||||||||||||
1
|
Represents full year effect of adjustments for seasonality of percentage rent, annualization of mid-third quarter rent commencement, annualizing Toringdon Market acquisition, and normalizing other property related revenue (including lease termination fees and gains on land sales) and acquisition 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.
|
||||||||||||||
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2013
|
2012
|
% Change
|
2013
|
2012
|
% Change
|
|||||||||||
Number of properties at period end1
|
47
|
47
|
47
|
47
|
||||||||||||
Leased percentage at period end
|
95.8%
|
93.6%
|
95.8%
|
93.6%
|
||||||||||||
Occupied Percentage at period end
|
92.1%
|
90.6%
|
92.1%
|
90.6%
|
||||||||||||
Minimum rent
|
$
|
17,162,814
|
$
|
16,523,388
|
$
|
52,270,420
|
$
|
50,449,439
|
||||||||
Tenant recoveries
|
4,984,471
|
4,690,889
|
15,463,308
|
14,238,425
|
||||||||||||
Other income
|
680,413
|
674,508
|
1,806,195
|
1,852,819
|
||||||||||||
22,827,698
|
21,888,785
|
69,539,923
|
66,540,683
|
|||||||||||||
Property operating expenses
|
4,775,050
|
4,647,166
|
14,523,351
|
13,791,925
|
||||||||||||
Real estate taxes
|
3,193,626
|
3,081,729
|
9,871,195
|
9,693,992
|
||||||||||||
7,968,676
|
7,728,895
|
24,394,546
|
23,485,917
|
|||||||||||||
Net operating income – same properties (47 properties)2
|
14,859,022
|
14,159,890
|
4.9
|
%
|
45,145,377
|
43,054,766
|
4.9
|
%
|
||||||||
Reconciliation to Most Directly Comparable GAAP Measure:
|
||||||||||||||||
Net operating income - same properties
|
$
|
14,859,022
|
$
|
14,159,890
|
$
|
45,145,377
|
$
|
43,054,766
|
||||||||
Net operating income - non-same activity
|
8,639,747
|
3,002,495
|
22,453,525
|
6,579,870
|
||||||||||||
Other (expense) income, net
|
(77,609
|
)
|
99,914
|
(145,627
|
)
|
104,202
|
||||||||||
General, administrative and acquisition expenses
|
(2,268,142
|
)
|
(1,753,217
|
)
|
(6,635,889
|
)
|
(5,434,906
|
)
|
||||||||
Litigation charge
|
-
|
-
|
-
|
(1,289,446
|
)
|
|||||||||||
Impairment charge
|
-
|
-
|
(5,371,427
|
)
|
-
|
|||||||||||
Depreciation expense
|
(15,393,620
|
)
|
(10,831,282
|
)
|
(40,626,179
|
)
|
(29,435,053
|
)
|
||||||||
Interest expense
|
(7,600,413
|
)
|
(6,048,866
|
)
|
(20,988,919
|
)
|
(17,871,086
|
)
|
||||||||
Discontinued operations, excluding impairment charge
|
1,353,827
|
134,761
|
484,907
|
643,681
|
||||||||||||
Gain on debt extinguishment
|
1,241,724
|
-
|
1,241,724
|
-
|
||||||||||||
Gain on sales of operating properties
|
486,540
|
-
|
486,540
|
5,180,568
|
||||||||||||
Net loss (income) attributable to noncontrolling interests
|
15,174
|
312,208
|
651,327
|
(1,513,591
|
)
|
|||||||||||
Dividends on preferred shares
|
(2,114,063
|
)
|
(2,114,063
|
)
|
(6,342,188
|
)
|
(5,805,939
|
)
|
||||||||
Net loss attributable to common shareholders
|
$
|
(857,813
|
)
|
$
|
(3,038,160
|
)
|
$
|
(9,646,829
|
)
|
$
|
(5,786,934
|
)
|
____________________
|
|
1
|
Same Property analysis excludes operating properties in redevelopment.
|
2
|
Excludes net gains from outlot sales, straight-line rent revenue, bad debt expense, lease termination fees, amortization of lease intangibles and significant prior period expense recoveries and adjustments, if any.
|
Three Months Ended
|
|||||||||||||||||||||
September 30,
2013
|
June 30,
2013
|
March 31,
2013
|
December 31,
2012
|
September 30,
2012
|
|||||||||||||||||
Revenue:
|
|||||||||||||||||||||
Minimum rent
|
$
|
23,845,218
|
$
|
22,771,042
|
$
|
20,598,956
|
$
|
19,211,589
|
$
|
18,571,977
|
|||||||||||
Tenant reimbursements
|
6,048,146
|
5,582,650
|
5,521,442
|
5,324,590
|
4,897,579
|
||||||||||||||||
Other property related revenue1
|
2,030,395
|
1,324,640
|
4,569,965
|
565,559
|
249,858
|
||||||||||||||||
Parking revenue, net2
|
296,467
|
2,001
|
57,487
|
139,057
|
208,418
|
||||||||||||||||
32,220,226
|
29,680,333
|
30,747,850
|
25,240,795
|
23,927,831
|
|||||||||||||||||
Expenses:
|
|||||||||||||||||||||
Property operating – Recoverable3
|
4,506,739
|
4,099,565
|
4,203,384
|
3,813,417
|
3,250,575
|
||||||||||||||||
Property operating – Non-Recoverable3
|
721,809
|
741,143
|
676,583
|
450,565
|
535,934
|
||||||||||||||||
Real estate taxes
|
3,492,909
|
3,287,436
|
3,319,938
|
3,211,321
|
2,992,322
|
||||||||||||||||
8,721,457
|
8,128,144
|
8,199,905
|
7,475,303
|
6,778,831
|
|||||||||||||||||
Net Operating Income – Properties
|
23,498,769
|
21,552,189
|
22,547,945
|
17,765,492
|
17,149,000
|
||||||||||||||||
Other Expense:
|
|||||||||||||||||||||
General, administrative, and other
|
(2,114,828
|
)
|
(1,814,287
|
)
|
(2,139,949
|
)
|
(1,861,391
|
)
|
(1,645,048
|
)
|
|||||||||||
Acquisition costs
|
(153,314
|
)
|
(236,613
|
)
|
(176,899
|
)
|
(185,263
|
)
|
(108,169
|
)
|
|||||||||||
(2,268,142
|
)
|
(2,050,900
|
)
|
(2,316,848
|
)
|
(2,046,654
|
)
|
(1,753,217
|
)
|
||||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization
|
21,230,627
|
19,501,289
|
20,231,097
|
15,718,838
|
15,395,783
|
||||||||||||||||
Litigation charge
|
—
|
—
|
—
|
281,995
|
—
|
||||||||||||||||
Depreciation and amortization
|
(15,393,620
|
)
|
(13,827,514
|
)
|
(11,405,045
|
)
|
(9,479,832
|
)
|
(10,831,282
|
)
|
|||||||||||
Interest expense
|
(7,600,413
|
)
|
(7,002,086
|
)
|
(6,386,420
|
)
|
(5,761,109
|
)
|
(6,048,866
|
)
|
|||||||||||
Income tax (expense) benefit of taxable REIT subsidiary
|
(30,596
|
)
|
(104,833
|
)
|
28,952
|
99,989
|
13,385
|
||||||||||||||
Remeasurement loss on consolidation
|
—
|
—
|
—
|
(7,979,626
|
)
|
—
|
|||||||||||||||
Other (expense) income
|
(47,013
|
)
|
(39,045
|
)
|
46,908
|
110,837
|
99,914
|
||||||||||||||
(Loss) income from continuing operations
|
(1,841,015
|
)
|
(1,472,189
|
)
|
2,515,492
|
(7,008,908
|
)
|
(1,371,066
|
)
|
||||||||||||
Discontinued operations4:
|
|||||||||||||||||||||
Operating income (loss) from discontinued operations, excluding impairment charge
|
1,353,827
|
(410,196
|
)
|
(458,724
|
)
|
(142,142
|
)
|
200,073
|
|||||||||||||
Impairment charge
|
—
|
(5,371,428
|
)
|
—
|
—
|
—
|
|||||||||||||||
Gain on debt extinguishment
|
1,241,724
|
—
|
—
|
—
|
—
|
||||||||||||||||
Gain (loss) on sale of operating properties, net of tax expense
|
486,540
|
—
|
—
|
1,913,670
|
(65,312
|
)
|
|||||||||||||||
Income (loss) from discontinued operations
|
3,082,091
|
(5,781,624
|
)
|
(458,724
|
)
|
1,771,528
|
134,761
|
||||||||||||||
Net income (loss)
|
1,241,076
|
(7,253,813
|
)
|
2,056,768
|
(5,237,380
|
)
|
(1,236,305
|
)
|
|||||||||||||
Net loss (income) attributable to noncontrolling interest
|
15,174
|
661,009
|
(24,854
|
)
|
884,528
|
312,208
|
|||||||||||||||
Net income (loss) attributable to Kite Realty Group Trust
|
1,256,250
|
(6,592,804
|
)
|
2,031,914
|
(4,352,852
|
)
|
(924,097
|
)
|
|||||||||||||
Dividends on preferred shares
|
(2,114,063
|
)
|
(2,114,063
|
)
|
(2,114,063
|
)
|
(2,114,063
|
)
|
(2,114,063
|
)
|
|||||||||||
Net loss attributable to common shareholders
|
$
|
(857,813
|
)
|
$
|
(8,706,867
|
)
|
$
|
(82,149
|
)
|
$
|
(6,466,915
|
)
|
$
|
(3,038,160
|
)
|
||||||
NOI/Revenue
|
72.9%
|
72.6%
|
73.3%
|
70.4%
|
71.7%
|
||||||||||||||||
Recovery Ratio5
|
|||||||||||||||||||||
– Retail Only
|
82.4%
|
83.4%
|
79.9%
|
83.0%
|
88.0%
|
||||||||||||||||
– Total Portfolio
|
75.6%
|
75.6%
|
73.4%
|
75.8%
|
78.5%
|
||||||||||||||||
____________________
|
|
1
|
Other property related revenue for the three months ended September 30, 2013 includes a lease termination fee of $1.4 million. Company has signed a lease with a replacement tenant. For the three months ended September 30, 2013, this also included a pre-tax gain of $0.2 million from the sale of residential units at Eddy Street Commons and insurance recovery income of $0.3 million.
|
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 September 30, 2013, a portion of which is recoverable. Non-recoverable expenses primarily include bad debt, ground rent, and legal expenses.
|
4
|
Discontinued operations reflects disposition of the following operating properties: Cedar Hill Village and Kedron Village in Q3 2013, Pen Products, Indiana State Motor Pool, Preston Commons, Sandifur Plaza, and Zionsville Place in Q4 2012, and Coral Springs and 50 South Morton in Q3 2012.
|
5
|
“Recovery Ratio” is computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense.
|
TOTAL OUTSTANDING DEBT
|
|||||||||||
Outstanding
Amount
|
Ratio
|
Weighted
Average
Interest Rate1
|
Weighted Average
Maturity (in years)
|
||||||||
Fixed Rate Debt:
|
|||||||||||
Consolidated
|
$
|
297,834,722
|
40%
|
5.78%
|
4.3
|
||||||
Variable Rate Debt (Hedged)
|
254,827,249
|
34%
|
3.46%
|
5.0
|
|||||||
Total Fixed Rate Debt
|
552,661,971
|
74%
|
4.71%
|
4.6
|
|||||||
Variable Rate Debt:
|
|||||||||||
Construction Loans
|
128,863,488
|
17%
|
2.38%
|
1.4
|
|||||||
Other Variable
|
51,520,040
|
7%
|
2.52%
|
2.5
|
|||||||
Corporate Unsecured
|
265,699,783
|
36%
|
2.00%
|
5.3
|
|||||||
Variable Rate Debt (Hedged)
|
-254,827,249
|
-34%
|
-2.17%
|
-5.0
|
|||||||
Total Variable Rate Debt
|
191,256,062
|
26%
|
2.17%
|
2.3
|
|||||||
Net Premiums
|
66,709
|
N/A
|
N/A
|
N/A
|
|||||||
Total
|
$
|
743,984,742
|
100%
|
4.06%
|
4.0
|
SCHEDULE OF MATURITIES BY YEAR
|
||||||||||
Mortgage Debt
|
Construction
Loans
|
Total Outstanding Debt
|
||||||||
Scheduled Principal Payments
|
Term
Maturities
|
Corporate
Debt2
|
||||||||
2013
|
$
|
1,310,104
|
$
|
13,604,000
|
$
|
-
|
$
|
-
|
$
|
14,914,104
|
2014
|
4,891,438
|
30,895,066
|
-
|
72,282,838
|
108,069,342
|
|||||
2015
|
4,679,104
|
38,301,943
|
-
|
56,580,650
|
99,561,697
|
|||||
2016
|
3,857,652
|
129,347,112
|
-
|
-
|
133,204,764
|
|||||
2017
|
2,668,907
|
10,390,814
|
-
|
-
|
13,059,721
|
|||||
2018
|
2,506,797
|
4,253,648
|
35,699,783
|
-
|
42,460,228
|
|||||
2019
|
2,321,206
|
-
|
230,000,000
|
-
|
232,321,206
|
|||||
2020
|
2,444,667
|
9,751,690
|
-
|
-
|
12,196,357
|
|||||
2021 and beyond
|
1,683,095
|
86,447,519
|
-
|
-
|
88,130,614
|
|||||
Net Premiums on Fixed Rate Debt
|
66,709
|
-
|
-
|
66,709
|
||||||
Total
|
$
|
26,429,679
|
$
|
322,991,792
|
$
|
265,699,783
|
$
|
128,863,488
|
$
|
743,984,742
|
____________________
|
|
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 of the Company’s revolving line of credit by one year to February 26, 2018.
|
Property
|
Lender
|
Loan Type
|
Interest Rate1
|
Maturity Date
|
Total Commitment
|
Balance as of
September 30, 2013
|
Monthly Debt
Service as of
September 30, 2013
|
|
Parkside Town Commons
|
Bank of America
|
Other Variable
|
LIBOR + 275
|
11/29/13
|
$ 13,604,000
|
|||
2013 Debt Maturities
|
13,604,000
|
1.8%
|
||||||
Thirty South
|
CMBS
|
Fixed Rate
|
6.09%
|
1/11/14
|
20,137,874
|
142,258
|
||
Beacon Hill Shopping Center2
|
Fifth Third Bank
|
Other Variable
|
LIBOR + 125
|
3/30/14
|
6,920,850
|
|||
Rangeline Crossing
|
Associated Bank
|
Construction Variable
|
LIBOR + 225
|
10/31/14
|
18,425,000
|
14,185,526
|
||
50th & 12th
|
CMBS
|
Fixed Rate
|
5.67%
|
11/11/14
|
4,057,698
|
27,190
|
||
Delray Marketplace3
|
Bank of America/US Bank
|
Construction Variable
|
LIBOR + 200
|
11/18/14
|
62,000,000
|
58,097,312
|
||
2014 Debt Maturities
|
103,399,260
|
13.9%
|
||||||
Indian River Square
|
CMBS
|
Fixed Rate
|
5.42%
|
6/11/15
|
12,504,699
|
74,850
|
||
Plaza Volente
|
CMBS
|
Fixed Rate
|
5.42%
|
6/11/15
|
26,965,017
|
161,405
|
||
Zionsville Walgreens
|
Associated Bank
|
Construction Variable
|
LIBOR + 225
|
6/30/15
|
4,704,000
|
4,554,000
|
||
Four Corner Square
|
US Bank
|
Construction Variable
|
LIBOR + 225
|
7/10/15
|
22,800,000
|
18,885,990
|
||
Holly Springs Towne Center-Phase I
|
Bank of America
|
Construction Variable
|
LIBOR + 250
|
7/31/15
|
37,500,000
|
33,140,660
|
||
2015 Debt Maturities
|
96,050,366
|
12.9%
|
||||||
951 & 41
|
Key Bank
|
Other Variable
|
LIBOR + 225
|
1/3/16
|
5,000,000
|
|||
Cool Creek Commons
|
CMBS
|
Fixed Rate
|
5.88%
|
4/11/16
|
16,971,609
|
106,534
|
||
Sunland Towne Centre
|
CMBS
|
Fixed Rate
|
6.01%
|
7/1/16
|
24,369,414
|
150,048
|
||
Pine Ridge Crossing
|
CMBS
|
Fixed Rate
|
6.34%
|
10/11/16
|
17,137,974
|
108,823
|
||
Riverchase Plaza
|
CMBS
|
Fixed Rate
|
6.34%
|
10/11/16
|
10,282,784
|
65,295
|
||
Traders Point
|
CMBS
|
Fixed Rate
|
5.86%
|
10/11/16
|
44,539,980
|
283,478
|
||
Eastgate Pavilion
|
Associated Bank
|
Other Variable
|
LIBOR + 225
|
12/31/16
|
16,243,500
|
|||
2016 Debt Maturities
|
134,545,261
|
18.1%
|
||||||
Geist Pavilion
|
CMBS
|
Fixed Rate
|
5.78%
|
1/1/17
|
10,899,749
|
65,135
|
||
2017 Debt Maturities
|
10,899,749
|
1.5%
|
||||||
Unsecured Credit Facility4,5
|
KeyBank (Admin. Agent)
|
Corporate Unsecured
|
LIBOR + 195
|
2/26/18
|
35,699,783
|
|||
Whitehall Pike
|
CMBS
|
Fixed Rate
|
6.71%
|
7/5/18
|
6,866,110
|
77,436
|
||
2018 Debt Maturities
|
42,565,893
|
5.7%
|
||||||
Unsecured Term Loan5,6
|
KeyBank (Admin. Agent)
|
Corporate Unsecured
|
LIBOR + 180
|
2/21/19
|
230,000,000
|
|||
2019 Debt Maturities
|
230,000,000
|
30.9%
|
||||||
Fishers Station
|
Old National Bank
|
Other Variable
|
LIBOR + 269
|
1/4/20
|
7,800,290
|
|||
Bridgewater Marketplace
|
Old National Bank
|
Other Variable
|
LIBOR + 294
|
1/4/20
|
1,951,400
|
|||
2020 Debt Maturities
|
9,751,690
|
1.3%
|
||||||
International Speedway Square
|
CMBS
|
Fixed Rate
|
5.77%
|
4/1/21
|
20,371,814
|
122,817
|
||
Bayport Commons7
|
CMBS
|
Fixed Rate
|
5.44%
|
9/1/21
|
12,780,307
|
74,045
|
||
Eddy Street Commons
|
CMBS
|
Fixed Rate
|
5.44%
|
9/1/21
|
24,830,311
|
143,860
|
||
Four Property Pool Loan
|
CMBS
|
Fixed Rate
|
5.44%
|
9/1/21
|
42,260,216
|
244,843
|
||
Centre at Panola, Phase I
|
CMBS
|
Fixed Rate
|
6.78%
|
1/1/22
|
2,859,166
|
36,583
|
||
2021 and Beyond Debt Maturities
|
103,101,814
|
13.9%
|
||||||
TOTAL NET PREMIUMS ON ACQUIRED DEBT
|
$ 66,709
|
|||||||
TOTAL DEBT PER CONSOLIDATED BALANCE SHEET
|
$ 743,984,742
|
|||||||
____________________
|
||||||||
1
|
At September 30, 2013, one-month LIBOR interest rate was 0.18%.
|
|||||||
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
|
Assumes Company exercises its option to extend the maturity date by one year.
|
|||||||
5
|
The Company has 56 unencumbered properties of which 50 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: 12th Street Plaza, Broadstone Station, Castleton Crossing, Cobblestone Plaza, Cool Springs Market, 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, Shoppes Plaza Green, Publix Woodruff, Ridge Plaza, Rivers Edge, Redbank Commons, Shops at Eagle Creek, Shoppes of Eastwood,Tarpon Bay Plaza, Traders Point II, Toringdon Market, Union Station Parking Garage, Gainesville Plaza and Waterford Lakes.
|
|||||||
6
|
Assumes Company exercise its option to extend the maturity date by six months.
|
|||||||
7
|
The Company has a preferred return, then a 60% interest.
|
|||||||
Floating Rate Debt (Hedged)1
|
|||||||||
Lender
|
Loan Type
|
LIBOR Hedge Rate
|
Maturity Date
|
Total Commitment
|
Balance as of
September 30, 2013
|
Monthly Debt
Service as of
September 30, 2013
|
|||
Associated Bank
|
Variable Rate (Hedged)
|
1.35%
|
12/31/16
|
$
|
15,100,000
|
$
|
16,954
|
||
Key Bank
|
Variable Rate (Hedged)
|
3.31%
|
1/3/17
|
14,025,559
|
38,687
|
||||
Various Banks
|
Variable Rate (Hedged)
|
0.91%
|
2/26/18
|
50,000,000
|
37,750
|
||||
JP Morgan
|
Variable Rate (Hedged)
|
1.49%
|
8/21/18
|
40,950,000
|
50,710
|
||||
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
|
9,751,690
|
10,808
|
||||
Total
|
$
|
254,827,249
|
$
|
313,076
|
____________________
|
||
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.
|
|
·
|
Operating retail properties;
|
·
|
Operating commercial properties; and
|
·
|
Development property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 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
|
6
|
676,315
|
0
|
0
|
6
|
676,315
|
||||||
Publix
|
10
|
489,685
|
10
|
489,685
|
0
|
0
|
||||||
Wal-Mart
|
2
|
290,000
|
0
|
0
|
2
|
290,000
|
||||||
Dick's Sporting Goods
|
5
|
260,502
|
5
|
260,502
|
0
|
0
|
||||||
Bed Bath & Beyond4
|
9
|
258,668
|
9
|
258,668
|
0
|
0
|
||||||
Federated Department Stores
|
1
|
237,455
|
1
|
237,455
|
0
|
0
|
||||||
TJX Companies
|
7
|
225,199
|
7
|
225,199
|
0
|
0
|
||||||
Beall's
|
4
|
186,607
|
3
|
150,163
|
1
|
36,444
|
||||||
Burlington Coat Factory
|
2
|
182,400
|
2
|
182,400
|
0
|
0
|
||||||
Total
|
52
|
3,639,461
|
39
|
1,933,069
|
13
|
1,706,392
|
____________________
|
|
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.
|
4
|
Includes Buy Buy Baby, Christmas Tree Shops and Cost Plus, which are owned by the same parent company.
|
·
|
Operating retail properties;
|
·
|
Operating commercial properties; and
|
·
|
Development property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 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
|
10
|
489,685
|
6.7%
|
$
|
4,414,409
|
$
|
9.01
|
4.6%
|
|||||||
Bed Bath & Beyond4
|
Retail
|
9
|
258,668
|
3.5%
|
2,833,480
|
10.95
|
2.9%
|
|||||||||
Dick's Sporting Goods
|
Retail
|
5
|
260,502
|
3.6%
|
2,508,174
|
9.63
|
2.6%
|
|||||||||
TJX Companies5
|
Retail
|
7
|
225,199
|
3.1%
|
2,078,734
|
9.23
|
2.2%
|
|||||||||
Lowe's Home Improvement
|
Retail
|
2
|
128,997
|
1.8%
|
1,764,000
|
6.04
|
1.8%
|
|||||||||
PetSmart
|
Retail
|
5
|
126,982
|
1.7%
|
1,753,716
|
13.81
|
1.8%
|
|||||||||
Marsh Supermarkets
|
Retail
|
2
|
124,902
|
1.7%
|
1,633,958
|
13.08
|
1.7%
|
|||||||||
Staples
|
Retail
|
5
|
101,762
|
1.4%
|
1,499,621
|
14.74
|
1.6%
|
|||||||||
Indiana Supreme Court
|
Commercial
|
1
|
79,902
|
1.1%
|
1,433,447
|
17.94
|
1.5%
|
|||||||||
Burlington Coat Factory
|
Retail
|
2
|
182,400
|
2.5%
|
1,212,000
|
6.64
|
1.3%
|
|||||||||
Beall’s
|
Retail
|
3
|
150,163
|
2.1%
|
1,201,967
|
8.00
|
1.2%
|
|||||||||
HEB Grocery Company
|
Retail
|
1
|
105,000
|
1.4%
|
1,155,000
|
11.00
|
1.2%
|
|||||||||
Michaels
|
Retail
|
4
|
90,437
|
1.2%
|
1,071,356
|
11.85
|
1.1%
|
|||||||||
Whole Foods
|
Retail
|
2
|
66,144
|
0.9%
|
1,043,976
|
15.78
|
1.1%
|
|||||||||
Office Depot
|
Retail
|
4
|
96,060
|
1.3%
|
1,027,338
|
10.69
|
1.1%
|
|||||||||
Mattress Firm
|
Retail
|
9
|
37,523
|
0.5%
|
956,415
|
25.49
|
1.0%
|
|||||||||
Stein Mart
|
Retail
|
4
|
138,800
|
1.9%
|
936,346
|
6.75
|
1.0%
|
|||||||||
Walgreens
|
Retail
|
2
|
29,050
|
0.4%
|
901,000
|
31.02
|
0.9%
|
|||||||||
Ross Stores
|
Retail
|
3
|
87,574
|
1.2%
|
856,087
|
9.78
|
0.9%
|
|||||||||
City Financial Corp
|
Commercial
|
1
|
52,151
|
0.7%
|
855,000
|
16.39
|
0.9%
|
|||||||||
Frank Theater CineBowl & Grille
|
Retail
|
1
|
62,280
|
0.9%
|
850,752
|
13.66
|
0.9%
|
|||||||||
Kmart
|
Retail
|
1
|
110,875
|
1.5%
|
850,379
|
7.67
|
0.9%
|
|||||||||
Dominick's
|
Retail
|
1
|
65,977
|
0.9%
|
841,207
|
12.75
|
0.9%
|
|||||||||
Earth Fare
|
Retail
|
2
|
51,072
|
0.7%
|
742,858
|
14.55
|
0.8%
|
|||||||||
A & P
|
Retail
|
1
|
58,732
|
0.8%
|
725,340
|
12.35
|
0.8%
|
|||||||||
Total
|
3,180,837
|
43.6%
|
$
|
35,146,559
|
$
|
10.51
|
36.4%
|
____________________
|
|
1
|
Annualized base rent represents the monthly contractual rent for September 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
|
·
|
Operating retail properties;
|
·
|
Operating commercial properties; and
|
·
|
Development property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 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
|
25
|
47,487
|
0.7%
|
$
|
1,011,601
|
1.08%
|
$
|
21.30
|
$
|
0
|
|||||||
2014
|
84
|
463,990
|
6.7%
|
6,239,177
|
6.66%
|
13.45
|
340,475
|
||||||||||
2015
|
92
|
766,655
|
11.1%
|
10,125,871
|
10.81%
|
13.21
|
198,650
|
||||||||||
2016
|
110
|
879,769
|
12.7%
|
8,814,928
|
9.41%
|
10.02
|
0
|
||||||||||
2017
|
105
|
712,256
|
10.3%
|
10,869,004
|
11.60%
|
15.26
|
377,556
|
||||||||||
2018
|
103
|
772,400
|
11.2%
|
10,295,610
|
10.99%
|
13.33
|
0
|
||||||||||
2019
|
42
|
241,571
|
3.5%
|
3,750,408
|
4.00%
|
15.53
|
33,000
|
||||||||||
2020
|
42
|
502,756
|
7.3%
|
5,875,884
|
6.27%
|
11.69
|
156,852
|
||||||||||
2021
|
38
|
495,552
|
7.2%
|
6,249,127
|
6.67%
|
12.61
|
0
|
||||||||||
2022
|
43
|
502,982
|
7.3%
|
7,541,636
|
8.05%
|
14.99
|
0
|
||||||||||
Beyond
|
113
|
1,515,284
|
22.0%
|
22,888,137
|
24.43%
|
15.10
|
2,370,290
|
||||||||||
Total
|
797
|
6,900,702
|
100.0%
|
$
|
93,661,382
|
100.0%
|
$
|
13.57
|
$
|
3,476,823
|
____________________
|
|
1
|
Lease expiration table reflects rents in place as of September 30, 2013 and does not include option periods; 2013 expirations include 14 month-to-month tenants. This column also excludes ground leases.
|
2
|
Expiring GLA excludes estimated square footage attributable to non-owned structures on land owned by the Company and ground leased to tenants.
|
3
|
Annualized base rent represents the monthly contractual rent for September 2013 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.
|
·
|
Operating retail properties; and
|
·
|
Development property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 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
|
0
|
0
|
0.0%
|
$
|
0
|
0.0%
|
$
|
0.00
|
$
|
0
|
|||||||
2014
|
11
|
299,038
|
4.3%
|
2,711,796
|
2.9%
|
9.07
|
0
|
||||||||||
2015
|
19
|
537,827
|
7.8%
|
5,236,062
|
5.6%
|
9.74
|
0
|
||||||||||
2016
|
15
|
632,194
|
9.2%
|
4,002,649
|
4.2%
|
6.33
|
0
|
||||||||||
2017
|
15
|
433,462
|
6.3%
|
5,068,732
|
5.4%
|
11.69
|
0
|
||||||||||
2018
|
13
|
537,503
|
7.8%
|
4,852,685
|
5.2%
|
9.03
|
0
|
||||||||||
2019
|
7
|
156,944
|
2.3%
|
1,999,702
|
2.1%
|
12.74
|
0
|
||||||||||
2020
|
11
|
409,573
|
5.9%
|
3,756,769
|
4.0%
|
9.17
|
0
|
||||||||||
2021
|
14
|
409,860
|
5.9%
|
4,242,168
|
4.5%
|
10.35
|
0
|
||||||||||
2022
|
13
|
361,413
|
5.2%
|
4,455,854
|
4.8%
|
12.33
|
0
|
||||||||||
Beyond
|
33
|
1,105,987
|
16.0%
|
14,200,919
|
15.1%
|
12.84
|
990,000
|
||||||||||
Total
|
151
|
4,883,801
|
70.8%
|
$
|
50,527,337
|
53.9%
|
$
|
10.35
|
$
|
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 September 30, 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 September 2013 for each applicable property multiplied by 12. Excludes tenant reimbursements and ground lease revenue.
|
·
|
Operating retail properties; and
|
·
|
Development property tenants open for business as of September 30, 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
|
25
|
47,487
|
0.7%
|
$
|
1,011,601
|
1.2%
|
$
|
21.30
|
$
|
0
|
||||||||
2014
|
73
|
164,952
|
2.4%
|
3,527,382
|
3.8%
|
21.38
|
340,475
|
|||||||||||
2015
|
71
|
183,207
|
2.7%
|
4,104,061
|
4.4%
|
22.40
|
198,650
|
|||||||||||
2016
|
95
|
247,575
|
3.6%
|
4,812,279
|
5.1%
|
19.44
|
0
|
|||||||||||
2017
|
88
|
194,095
|
2.8%
|
4,280,713
|
4.6%
|
22.05
|
377,556
|
|||||||||||
2018
|
88
|
217,060
|
3.2%
|
5,062,869
|
5.4%
|
23.32
|
0
|
|||||||||||
2019
|
34
|
79,374
|
1.2%
|
1,698,014
|
1.8%
|
21.39
|
33,000
|
|||||||||||
2020
|
30
|
83,114
|
1.2%
|
1,935,346
|
2.1%
|
23.29
|
156,852
|
|||||||||||
2021
|
23
|
79,530
|
1.2%
|
1,865,227
|
2.0%
|
23.45
|
0
|
|||||||||||
2022
|
27
|
90,523
|
1.3%
|
2,212,163
|
2.4%
|
24.44
|
0
|
|||||||||||
Beyond
|
74
|
272,147
|
3.9%
|
6,688,228
|
7.2%
|
24.58
|
1,380,290
|
|||||||||||
Total
|
628
|
1,659,064
|
24.0%
|
$
|
37,197,882
|
39.7%
|
$
|
22.42
|
$
|
2,486,823
|
____________________
|
|
1
|
Lease expiration table reflects rents in place as of September 30, 2013, and does not include option periods; 2013 expirations include 14 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 September 2013 for each applicable property multiplied by 12. Excludes tenant reimbursements and ground lease revenue.
|
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
|
0
|
0
|
0.0%
|
$
|
0
|
0.0%
|
$
|
0.00
|
||||||
2014
|
0
|
0
|
0.0%
|
0
|
0.0%
|
0.00
|
||||||||
2015
|
2
|
45,621
|
0.7%
|
785,747
|
0.8%
|
17.22
|
||||||||
2016
|
0
|
0
|
0.0%
|
0
|
0.0%
|
0.00
|
||||||||
2017
|
2
|
84,699
|
1.2%
|
1,519,559
|
1.6%
|
17.94
|
||||||||
2018
|
2
|
17,837
|
0.3%
|
380,056
|
0.4%
|
21.31
|
||||||||
2019
|
1
|
5,253
|
0.1%
|
52,692
|
0.1%
|
10.03
|
||||||||
2020
|
1
|
10,069
|
0.2%
|
183,768
|
0.2%
|
18.25
|
||||||||
2021
|
1
|
6,162
|
0.1%
|
141,732
|
0.2%
|
23.00
|
||||||||
2022
|
3
|
51,046
|
0.7%
|
873,619
|
0.9%
|
17.11
|
||||||||
Beyond
|
6
|
137,150
|
2.0%
|
1,998,990
|
2.1%
|
14.58
|
||||||||
Total
|
18
|
357,837
|
5.2%
|
$
|
5,936,163
|
6.3%
|
$
|
16.59
|
____________________
|
|
1
|
Lease expiration table reflects rents in place as of September 30, 2013 and does not include option periods. This column also excludes ground leases.
|
2
|
Annualized base rent represents the monthly contractual rent for September 30, 2013 for each applicable property multiplied by 12. Excludes tenant reimbursements.
|
September 30,
2013
|
June 30,
2013
|
March 31,
2013
|
December 31,
2012
|
September 30,
2012
|
|||||
Company Owned GLA – Operating Retail1
|
6,065,122
|
6,289,945
|
5,892,639
|
5,823,319
|
5,497,777
|
||||
Total GLA – Operating Retail1
|
8,483,361
|
8,930,133
|
8,471,935
|
8,399,075
|
7,972,407
|
||||
Projected Owned GLA of Development and Redevelopment Projects Under Construction
|
1,199,235
|
1,111,082
|
916,880
|
854,088
|
703,224
|
||||
Projected Total GLA of Development and Redevelopment Projects Under Construction2
|
1,570,540
|
1,482,387
|
1,247,586
|
1,230,364
|
889,335
|
||||
Number of Operating Retail Properties
|
55
|
57
|
55
|
54
|
53
|
||||
Number of Retail Development Properties Under Construction
|
3
|
4
|
3
|
3
|
2
|
||||
Number of Retail Redevelopment Properties
|
5
|
4
|
4
|
4
|
5
|
||||
Percentage Leased – Operating Retail
|
95.9%
|
95.4%
|
94.5%
|
94.2%
|
93.4%
|
||||
Annualized Base Rent & Ground Lease Revenue – Operating Retail Properties3 (excludes redevelopment)
|
$80,106,832
|
$82,155,103
|
$75,320,004
|
$74,316,457
|
$70,013,160
|
||||
____________________
|
|
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.
|
Retail Portfolio
|
September 30,
2013
|
June 30,
2013
|
March 31,
2013
|
December 31,
2012
|
September 30,
2012
|
||||
Company Owned Net Rentable Area (NRA)1
|
379,974
|
379,974
|
379,974
|
381,723
|
381,723
|
||||
Number of Operating Commercial Properties,4
|
2
|
2
|
2
|
2
|
2
|
||||
Percentage Leased – Operating Commercial Properties
|
94.2%
|
95.2%
|
94.0%
|
93.6%
|
93.6%
|
||||
Annualized Base Rent – Commercial Properties2,3
|
$5,936,163
|
$6,068,454
|
$5,981,719
|
$5,958,386
|
$6,094,255
|
____________________
|
|
1
|
Company Owned NRA does not include square footage of Union Station Parking Garage, a detached parking garage supporting the 30 South Meridian 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 September 30, 2013.
|
4
|
Includes the office space at Eddy Street Commons.
|
Under Construction:
|
|||||||||||
Project
|
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
Sept. 30, 20136
|
Major Tenants and
Non-owned Anchors
|
|
Holly Springs Towne Center (formerly New Hill Place), NC – Phase I
|
100%
|
Raleigh
|
Q1 2013
|
204,936
|
374,334
|
84.6%
|
91.8%
|
$57,000
|
$56,447
|
Target (non-owned), Dick’s Sporting Goods, Marshall’s, Michaels, PETCO, Charming Charlie, Ulta Salon, Pier 1 Imports
|
|
Delray Marketplace, FL8
|
50%
|
Delray Beach
|
Q4 2012
|
255,554
|
260,267
|
79.2%
|
88.1%
|
97,500
|
94,121
|
Publix, Frank Theatres, Burt and Max's Grille, Charming Charlie, Chico's, White House/Black Market, Jos. A. Bank
|
|
Parkside Town Commons, NC – Phase I9
|
100%
|
Raleigh
|
Q2 2014
|
108,771
|
249,366
|
0.0%
|
82.5%
|
39,000
|
24,363
|
Target (non-owned), Harris Teeter (ground lease), Jr. Box, PETCO
|
|
Parkside Town Commons, NC – Phase II
|
100%
|
Raleigh
|
Q4 2014
|
275,432
|
324,260
|
0.0%
|
60.3%
|
70,000
|
20,210
|
Frank Theatres, Golf Galaxy, Field & Stream
|
|
Total
|
844,693
|
1,208,227
|
44.5%
|
79.2%
|
$263,500
|
$195,141
|
|||||
Cost incurred as of September 30, 2013 included in Construction In Progress on balance sheet
|
$ 69,546
|
Pending Commencement of Construction:
|
|||||||||||
Holly Springs Towne Center , NC – Phase II
|
100%
|
Raleigh
|
127,743
|
159,743
|
0.0%
|
80.9%
|
44,300
|
16,450
|
Target (non-owned), Frank Theatres, and three Junior Anchors
|
||
Total
|
127,743
|
159,743
|
0.0%
|
80.9%
|
$44,300
|
$16,450
|
|||||
Cost incurred as of September 30, 2013 included in Construction In Progress on balance sheet
|
$16,450
|
____________________
|
|
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 115,652 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
|
The owned GLA for Parkside Town Commons Phase I includes a 53,000 square foot ground lease with Harris Teeter Supermarket.
|
Under Construction:
|
|||||||||||
Project
|
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 September 30, 20136
|
Major Tenants and
Non-owned Anchors
|
|
Four Corner Square / Maple Valley, WA
|
100%
|
Seattle
|
Q1 2013
|
108,523
|
118,523
|
79.9%
|
90.8%
|
$27,500
|
$26,702
|
Do It Best Hardware, Walgreens, Grocery Outlet
|
|
Bolton Plaza, FL
|
100%
|
Jacksonville
|
Q1 2014
|
155,637
|
155,637
|
59.9%
|
86.9%
|
10,300
|
3,791
|
Academy Sports & Outdoors, LA Fitness/Shops
|
|
King’s Lake Square, FL
|
100%
|
Naples
|
Q2 2014
|
88,153
|
88,153
|
36.7%
|
88.4%
|
6,900
|
1,434
|
Publix
|
|
Total
|
352,313
|
362,313
|
60.8%
|
88.5%
|
$44,700
|
$31,927
|
|||||
Cost incurred as of September 30, 2013 included in Construction In Progress on balance sheet
|
$9,481
|
Pending Commencement of Construction:
|
|||||||||||||
Gainesville Plaza, FL
|
100%
|
Gainesville
|
TBD
|
177,826
|
177,826
|
-
|
-
|
TBD
|
127
|
||||
Courthouse Shadows, FL
|
100%
|
Naples
|
TBD
|
134,867
|
134,867
|
-
|
-
|
TBD
|
481
|
Publix, Office Max
|
|||
Total
|
312,693
|
312,693
|
-
|
-
|
-
|
$608
|
|||||||
Cost incurred as of September 30, 2013 included in Construction In Progress on balance sheet
|
$608
|
See Prior page for footnotes
|
|
Summary of Construction In Progress on Consolidated Balance Sheet ($ in thousands):
|
||
Cost incurred for development projects under construction
|
$
|
69,546
|
Cost incurred for redevelopment projects under construction
|
9,481
|
|
Cost incurred for development projects pending construction
|
16,450
|
|
Cost incurred for redevelopment projects pending construction
|
608
|
|
Parkside – Phase III (Apartment land)
|
2,792
|
|
Holly Springs Towne Center – Phase III
|
5,962
|
|
Miscellaneous tenant improvements and small projects
|
8,083
|
|
Construction In Progress on Consolidated Balance Sheet
|
$
|
112,922
|
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%
|
37,600,000
|
-
|
285,000
|
223,912
|
Dick’s Sporting Goods, Marshalls, JoAnn Fabrics, Staples, Kroger (non-owned)
|
|||||||||||
Castleton Crossing
|
IN
|
Indianapolis
|
5/1/13
|
100%
|
39,000,000
|
-
|
280,000
|
277,812
|
TJ Maxx, HomeGoods, Burlington Coat, Shoe Carnival
|
|||||||||||
Toringdon Market
|
NC
|
Charlotte
|
8/22/13
|
97%
|
15,900,000
|
-
|
60,464
|
60,464
|
Earth Fare
|
|||||||||||
Year to Date
|
$
|
104,100,000
|
$
|
-
|
694,501
|
631,225
|
Property
|
State
|
MSA
|
Date
Acquired
|
Sales
Price
|
||||||||||||||||
Kedron Village
|
GA
|
Atlanta
|
7/2/13
|
$
|
(1)
|
|||||||||||||||
Cedar Hill Village
|
TX
|
Dallas
|
9/26/13
|
8,035,000
|
||||||||||||||||
____________________
|
|
1
|
The Company transferred the asset to the lender in full satisfaction of the related debt on July 2, 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
|
24
|
2,601,054
|
40.4%
|
277
|
$
|
34,604,132
|
41.9%
|
$
|
13.87
|
|||||||
· Retail
|
22
|
2,221,080
|
34.5%
|
259
|
28,667,969
|
34.7%
|
13.41
|
|||||||||
· Commercial
|
2
|
379,974
|
5.9%
|
18
|
5,936,163
|
7.2%
|
16.59
|
|||||||||
Florida
|
14
|
1,498,492
|
23.3%
|
200
|
19,711,131
|
23.9%
|
13.88
|
|||||||||
Texas
|
5
|
1,030,253
|
16.0%
|
80
|
11,879,525
|
14.4%
|
11.65
|
|||||||||
Tennessee
|
1
|
223,912
|
3.5%
|
19
|
3,021,009
|
3.7%
|
14.78
|
|||||||||
South Carolina
|
2
|
262,862
|
4.1%
|
20
|
2,897,300
|
3.5%
|
11.61
|
|||||||||
Illinois
|
2
|
182,835
|
2.8%
|
19
|
2,273,696
|
2.8%
|
13.27
|
|||||||||
Ohio
|
1
|
236,230
|
3.7%
|
7
|
2,139,270
|
2.6%
|
9.06
|
|||||||||
Georgia
|
2
|
142,707
|
2.2%
|
25
|
1,602,547
|
1.9%
|
11.82
|
|||||||||
North Carolina
|
2
|
105,994
|
1.6%
|
22
|
1,843,594
|
2.2%
|
17.66
|
|||||||||
New Jersey
|
1
|
115,088
|
1.8%
|
15
|
1,616,955
|
2.0%
|
15.77
|
|||||||||
Oregon
|
2
|
31,169
|
0.5%
|
13
|
502,012
|
0.6%
|
21.70
|
|||||||||
Washington
|
1
|
14,500
|
0.2%
|
1
|
475,000
|
0.6%
|
32.76
|
|||||||||
Total
|
57
|
6,445,096
|
100.0%
|
698
|
$
|
82,566,172
|
100.0%
|
$
|
13.37
|
____________________
|
|
1
|
This table includes operating retail properties, operating commercial properties, and ground lease tenants who commenced paying rent as of September 30, 2013 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 $3,476,823 in annualized ground lease revenue attributable to parcels and outlots owned by the Company and ground leased to tenants.
|
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
|
92.6%
|
Cobblestone Plaza
|
FL
|
Ft. Lauderdale
|
2011
|
2011
|
Developed
|
143,493
|
133,214
|
96.2%
|
Cove Center
|
FL
|
Stuart
|
1984/2008
|
2012
|
Acquired
|
155,063
|
155,063
|
96.7%
|
Estero Town Commons
|
FL
|
Naples
|
2006
|
2007
|
Developed
|
206,600
|
25,631
|
41.5%
|
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
|
99.5%
|
Lithia Crossing
|
FL
|
Tampa
|
2003
|
2011
|
Acquired
|
91,043
|
91,043
|
86.9%
|
Pine Ridge Crossing
|
FL
|
Naples
|
1993
|
2006
|
Acquired
|
258,874
|
105,867
|
97.4%
|
Riverchase Plaza
|
FL
|
Naples
|
1991/2001
|
2006
|
Acquired
|
78,380
|
78,330
|
98.4%
|
Shoppes of Eastwood
|
FL
|
Orlando
|
1997
|
2013
|
Acquired
|
69,037
|
69,037
|
98.1%
|
Shops at Eagle Creek
|
FL
|
Naples
|
1983
|
2003
|
Redeveloped
|
70,755
|
70,755
|
84.6%
|
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%
|
Publix at Acworth
|
GA
|
Atlanta
|
1996
|
2004
|
Acquired
|
69,628
|
69,628
|
96.6%
|
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
|
90.0%
|
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
|
96.7%
|
Bridgewater Marketplace
|
IN
|
Indianapolis
|
2008
|
2008
|
Developed
|
50,820
|
25,975
|
68.2%
|
Castleton Crossing
|
IN
|
Indianapolis
|
1975
|
2013
|
Acquired
|
277,812
|
277,812
|
100.0%
|
Cool Creek Commons
|
IN
|
Indianapolis
|
2005
|
2005
|
Developed
|
137,107
|
124,646
|
96.4%
|
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
|
82.3%
|
Glendale Town Center
|
IN
|
Indianapolis
|
1958/2008
|
2008
|
Redeveloped
|
685,827
|
393,002
|
99.1%
|
Greyhound Commons
|
IN
|
Indianapolis
|
2005
|
2005
|
Developed
|
153,187
|
-
|
-
|
Hamilton Crossing Centre
|
IN
|
Indianapolis
|
1999
|
2004
|
Acquired
|
87,353
|
82,353
|
98.3%
|
Rangeline Crossing
|
IN
|
Indianapolis
|
1986/2013
|
2013
|
Redeveloped
|
74,583
|
74,583
|
91.8%
|
Red Bank Commons
|
IN
|
Evansville
|
2005
|
2006
|
Developed
|
324,308
|
34,258
|
91.7%
|
____________________
|
|
*
|
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 September 30, 2013, 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%).
|
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
|
42,494
|
42,494
|
93.8%
|
Traders Point
|
IN
|
Indianapolis
|
2005
|
2005
|
Developed
|
348,835
|
279,684
|
99.2%
|
Traders Point II
|
IN
|
Indianapolis
|
2005
|
2005
|
Developed
|
46,191
|
46,191
|
70.0%
|
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%
|
Toringdon Market
|
NC
|
Charlotte
|
2004
|
2013
|
Acquired
|
60,464
|
60,464
|
97.3%
|
Ridge Plaza
|
NJ
|
Oak Ridge
|
2002
|
2003
|
Acquired
|
115,088
|
115,088
|
89.1%
|
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
|
194,807
|
194,807
|
94.7%
|
Publix at Woodruff
|
SC
|
Greenville
|
1997
|
2012
|
Acquired
|
68,055
|
68,055
|
95.6%
|
Cool Springs Market
|
TN
|
Nashville
|
1995
|
2013
|
Acquired
|
285,156
|
223,912
|
91.3%
|
Burlington Coat Factory6
|
TX
|
San Antonio
|
1992/2000
|
2000
|
Redeveloped
|
107,400
|
107,400
|
100.0%
|
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
|
98.9%
|
50th & 12th
|
WA
|
Seattle
|
2004
|
2004
|
Developed
|
14,500
|
14,500
|
100.0%
|
Total
|
8,483,361
|
6,065,122
|
95.9%
|
|||||
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
|
$1,274,199
|
$ -
|
$1,274,199
|
1.60%
|
$ 9.54
|
Publix, Stein Mart, Tuesday Morning, Sunshine Furniture, Planet Fitness
|
Bayport Commons
|
FL
|
Oldsmar
|
1,410,521
|
-
|
1,410,521
|
1.77%
|
15.69
|
Gander Mountain, PetSmart, Michaels, Target (non-owned)
|
Cobblestone Plaza
|
FL
|
Ft. Lauderdale
|
3,253,691
|
200,000
|
3,453,691
|
4.09%
|
25.39
|
Whole Foods, Party City, All Pets Emporium
|
Cove Center
|
FL
|
Stuart
|
1,368,549
|
260,000
|
1,628,549
|
1.72%
|
9.13
|
Publix, Beall’s
|
Estero Town Commons
|
FL
|
Naples
|
207,967
|
750,000
|
957,967
|
1.20%
|
19.55
|
Lowe's Home Improvement
|
Indian River Square
|
FL
|
Vero Beach
|
1,483,077
|
125,000
|
1,608,077
|
2.02%
|
10.83
|
Beall's, Office Depot, Target (non-owned),
Lowe's Home Improvement (non-owned)
|
International Speedway Square
|
FL
|
Daytona
|
2,497,170
|
418,475
|
2,915,645
|
3.66%
|
10.87
|
Bed Bath & Beyond, Stein Mart, Old Navy, Staples,
Michaels, Dick’s Sporting Goods, Total Wine & More
|
Lithia Crossing
|
FL
|
Tampa
|
1,048,420
|
82,800
|
1,131,220
|
1.42%
|
13.25
|
Stein Mart, Fresh Market
|
Pine Ridge Crossing
|
FL
|
Naples
|
1,655,484
|
-
|
1,655,484
|
2.08%
|
16.05
|
Publix, Target (non-owned), Beall's (non-owned)
|
Riverchase Plaza
|
FL
|
Naples
|
1,162,744
|
-
|
1,162,744
|
1.46%
|
15.08
|
Publix
|
Shoppes of Eastwood
|
FL
|
Orlando
|
851,109
|
-
|
851,109
|
1.07%
|
12.56
|
Publix
|
Shops at Eagle Creek
|
FL
|
Naples
|
856,740
|
55,104
|
911,844
|
1.14%
|
14.31
|
Staples, Fresh Market, Lowe’s Home Improvement (non-owned)
|
Tarpon Bay Plaza
|
FL
|
Naples
|
1,724,002
|
100,000
|
1,824,002
|
2.29%
|
21.62
|
Cost Plus, A C Moore, Staples, Target (non-owned)
|
Waterford Lakes Village
|
FL
|
Orlando
|
917,458
|
-
|
917,458
|
1.15%
|
12.25
|
Winn-Dixie
|
Publix at Acworth
|
GA
|
Atlanta
|
798,982
|
-
|
798,982
|
1.00%
|
11.88
|
Publix
|
The Centre at Panola
|
GA
|
Atlanta
|
803,565
|
-
|
803,565
|
1.01%
|
11.75
|
Publix
|
Fox Lake Crossing
|
IL
|
Chicago
|
1,194,513
|
-
|
1,194,513
|
1.50%
|
13.40
|
Dominick's Finer Foods, Dollar Tree
|
Naperville Marketplace
|
IL
|
Chicago
|
1,079,184
|
-
|
1,079,184
|
1.35%
|
13.13
|
TJ Maxx, PetSmart, Caputo’s (non-owned)
|
54th & College
|
IN
|
Indianapolis
|
-
|
260,000
|
260,000
|
0.33%
|
-
|
The Fresh Market (non-owned)
|
Beacon Hill
|
IN
|
Crown Point
|
660,950
|
-
|
660,950
|
0.83%
|
14.36
|
Strack & Van Til (non-owned), Walgreens (non-owned)
|
Boulevard Crossing
|
IN
|
Kokomo
|
1,700,375
|
-
|
1,700,375
|
2.13%
|
14.11
|
PETCO, TJ Maxx, Ulta Salon, Kohl's (non-owned)
|
Bridgewater Marketplace
|
IN
|
Indianapolis
|
312,593
|
-
|
312,593
|
0.39%
|
17.65
|
Walgreens (non-owned)
|
Castleton Crossing
|
IN
|
Indianapolis
|
2,974,758
|
-
|
2,974,758
|
3.73%
|
10.71
|
K&G Menswear, Value City, TJ Maxx, Shoe Carnival, Dollar Tree, Burlington Coat Factory
|
Cool Creek Commons
|
IN
|
Indianapolis
|
1,983,106
|
-
|
1,983,106
|
2.49%
|
16.51
|
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
|
1,940,671
|
-
|
1,940,671
|
2.44%
|
23.73
|
Hammes Bookstore, Urban Outfitters
|
Fishers Station
|
IN
|
Indianapolis
|
1,284,974
|
-
|
1,284,974
|
1.61%
|
11.54
|
Marsh Supermarkets, Goodwill, Dollar Tree
|
Geist Pavilion
|
IN
|
Indianapolis
|
872,126
|
-
|
872,126
|
1.09%
|
16.53
|
Goodwill, Ace Hardware
|
Glendale Town Center
|
IN
|
Indianapolis
|
2,675,913
|
-
|
2,675,913
|
3.36%
|
6.87
|
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
|
0.28%
|
-
|
Lowe's Home Improvement (non-owned)
|
Hamilton Crossing Centre
|
IN
|
Indianapolis
|
1,512,113
|
78,650
|
1,590,763
|
2.00%
|
18.68
|
Office Depot
|
Rangeline Crossing
|
IN
|
Indianapolis
|
1,408,860
|
-
|
1,408,860
|
1.77%
|
20.58
|
Earth Fare
|
Red Bank Commons
|
IN
|
Evansville
|
439,845
|
-
|
439,845
|
0.55%
|
14.00
|
Wal-Mart (non-owned), Home Depot (non-owned)
|
____________________
|
|
1
|
Annualized Base Rent Revenue represents the contractual rent for September 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 September 30, 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.
|
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
|
2,848,453
|
-
|
2,848,453
|
3.58%
|
19.09
|
Buy Buy Baby, Nordstrom Rack, The Container Store, Arhaus Furniture
|
Stoney Creek Commons
|
IN
|
Indianapolis
|
998,823
|
-
|
998,823
|
1.25%
|
11.84
|
HH Gregg , Office Depot, LA Fitness, Lowe's Home Improvement (non-owned)
|
The Corner
|
IN
|
Indianapolis
|
601,118
|
-
|
601,118
|
0.75%
|
15.08
|
Hancock Fabrics
|
Traders Point
|
IN
|
Indianapolis
|
4,074,360
|
435,000
|
4,509,360
|
5.66%
|
14.69
|
Dick's Sporting Goods, AMC Theatre, Marsh, Bed Bath & Beyond, Michaels, Old Navy, PetSmart
|
Traders Point II
|
IN
|
Indianapolis
|
838,811
|
-
|
838,811
|
1.05%
|
25.94
|
|
Whitehall Pike
|
IN
|
Bloomington
|
1,014,000
|
-
|
1,014,000
|
1.27%
|
7.86
|
Lowe's Home Improvement
|
Zionsville Walgreens
|
IN
|
Indianapolis
|
426,000
|
-
|
426,000
|
0.53%
|
29.28
|
Walgreens
|
Oleander Place
|
NC
|
Wilmington
|
729,414
|
80,000
|
809,414
|
1.02%
|
16.02
|
Whole Foods
|
Toringdon Market
|
NC
|
Charlotte
|
1,114,180
|
-
|
1,114,180
|
1.40%
|
18.94
|
Earth Fare
|
Ridge Plaza
|
NJ
|
Oak Ridge
|
1,616,955
|
-
|
1,616,955
|
2.03%
|
15.77
|
A&P Grocery, CVS
|
Eastgate Pavilion
|
OH
|
Cincinnati
|
2,139,270
|
-
|
2,139,270
|
2.69%
|
9.06
|
Best Buy, Dick's Sporting Goods, Value City Furniture, PetSmart, DSW
|
Cornelius Gateway
|
OR
|
Portland
|
221,280
|
-
|
221,280
|
0.28%
|
16.65
|
FedEx/Kinko’s
|
Shops at Otty
|
OR
|
Portland
|
280,732
|
151,756
|
432,488
|
0.54%
|
28.52
|
Wal-Mart (non-owned)
|
Shoppes at Plaza Green
|
SC
|
Greenville
|
2,240,559
|
-
|
2,240,559
|
2.81%
|
12.14
|
Bed Bath & Beyond, Christmas Tree Shops, Sears, Party City, Shoe Carnival, AC Moore, Old Navy
|
Publix at Woodruff
|
SC
|
Greenville
|
656,741
|
-
|
656,741
|
0.82%
|
10.10
|
Publix
|
Cool Springs Market
|
TN
|
Nashville
|
3,021,009
|
-
|
3,021,009
|
3.79%
|
14.78
|
Jo-Ann Fabric, Dicks Sporting Goods, Staples, Marshalls, Kroger (non-owned)
|
Burlington Coat Factory
|
TX
|
San Antonio
|
537,000
|
-
|
537,000
|
0.67%
|
5.00
|
Burlington Coat Factory
|
Market Street Village
|
TX
|
Hurst
|
1,802,597
|
33,000
|
1,835,597
|
2.30%
|
11.51
|
Jo-Ann Fabric, Ross, Office Depot, Buy Buy Baby
|
Plaza at Cedar Hill
|
TX
|
Dallas
|
3,658,728
|
-
|
3,658,728
|
4.59%
|
12.28
|
Hobby Lobby, Office Max, Ross, Marshalls, Sprouts Farmers Market,
Toys “R” Us/Babies “R” Us, HomeGoods, DSW
|
Plaza Volente
|
TX
|
Austin
|
2,441,174
|
110,000
|
2,551,174
|
3.20%
|
15.76
|
H-E-B Grocery
|
Sunland Towne Centre
|
TX
|
El Paso
|
3,440,025
|
115,290
|
3,555,315
|
4.46%
|
11.35
|
PetSmart, Ross, Kmart, Bed Bath & Beyond, Specs Fine Wines, Sprouts Farmers Market
|
50th & 12th
|
WA
|
Seattle
|
475,000
|
-
|
475,000
|
0.60%
|
32.76
|
Walgreens
|
Total
|
$76,630,009
|
$3,476,823
|
$80,106,832
|
100.0%
|
$13.17
|
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 South Meridian2
|
Indianapolis
|
1905/2002
|
Redeveloped
|
298,346
|
92.7%
|
$
|
4,815,899
|
81.1%
|
$
|
17.42
|
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
|
18.9%
|
13.72
|
University of Notre Dame Offices
|
|||
Total
|
379,974
|
94.2%
|
$
|
5,936,163
|
100.0%
|
$
|
16.58
|
____________________
|
|
1
|
Annualized Base Rent represents the monthly contractual rent for September 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 September 30, 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.
|
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%
|
$1,063,632
|
$ 210,568
|
$ -
|
$1,274,199
|
$ 8.76
|
$17.20
|
$ 9.54
|
||||||
Bayport Commons
|
FL
|
71,540
|
25,572
|
97,112
|
100.0%
|
71.8%
|
92.6%
|
967,773
|
442,748
|
-
|
1,410,521
|
13.53
|
24.13
|
15.69
|
||||||
Cobblestone Plaza
|
FL
|
68,169
|
65,045
|
133,214
|
100.0%
|
92.2%
|
96.2%
|
1,207,686
|
2,046,005
|
200,000
|
3,453,691
|
17.72
|
34.10
|
25.39
|
||||||
Cove Center
|
FL
|
130,915
|
24,148
|
155,063
|
100.0%
|
78.8%
|
96.7%
|
949,824
|
418,726
|
260,000
|
1,628,549
|
7.26
|
22.00
|
9.13
|
||||||
Estero Town Commons
|
FL
|
-
|
25,631
|
25,631
|
0.0%
|
41.5%
|
41.5%
|
-
|
207,967
|
750,000
|
957,967
|
-
|
19.55
|
19.55
|
||||||
Indian River Square
|
FL
|
109,000
|
33,706
|
142,706
|
100.0%
|
82.8%
|
95.9%
|
927,000
|
556,077
|
125,000
|
1,608,077
|
8.50
|
19.93
|
10.83
|
||||||
International Speedway Square
|
FL
|
203,405
|
27,566
|
230,971
|
100.0%
|
95.6%
|
99.5%
|
1,997,057
|
500,112
|
418,475
|
2,915,645
|
9.82
|
18.97
|
10.87
|
||||||
Lithia Crossing
|
FL
|
54,091
|
36,952
|
91,043
|
100.0%
|
67.7%
|
86.9%
|
469,183
|
579,237
|
82,800
|
1,131,220
|
8.67
|
23.16
|
13.25
|
||||||
Pine Ridge Crossing
|
FL
|
66,351
|
39,516
|
105,867
|
100.0%
|
93.2%
|
97.4%
|
637,976
|
1,017,508
|
-
|
1,655,484
|
9.62
|
27.64
|
16.05
|
||||||
Riverchase Plaza
|
FL
|
48,890
|
29,440
|
78,330
|
100.0%
|
95.8%
|
98.4%
|
386,231
|
776,513
|
-
|
1,162,744
|
7.90
|
27.53
|
15.08
|
||||||
Shoppes of Eastwood
|
FL
|
51,512
|
17,525
|
69,037
|
100.0%
|
92.6%
|
98.1%
|
443,003
|
408,106
|
-
|
851,109
|
25.15
|
12.56
|
|||||||
Shops at Eagle Creek
|
FL
|
50,187
|
20,568
|
70,755
|
100.0%
|
47.0%
|
84.6%
|
620,217
|
236,523
|
55,104
|
911,844
|
12.36
|
24.45
|
14.31
|
||||||
Tarpon Bay Plaza
|
FL
|
60,151
|
22,396
|
82,547
|
100.0%
|
87.5%
|
96.6%
|
1,154,808
|
569,194
|
100,000
|
1,824,002
|
19.20
|
29.06
|
21.62
|
||||||
Waterford Lakes Village
|
FL
|
51,703
|
26,245
|
77,948
|
100.0%
|
88.5%
|
96.1%
|
408,452
|
509,006
|
-
|
917,458
|
7.90
|
21.92
|
12.25
|
||||||
Publix at Acworth
|
GA
|
37,888
|
31,740
|
69,628
|
100.0%
|
92.4%
|
96.6%
|
337,203
|
461,779
|
-
|
798,982
|
8.90
|
15.74
|
11.88
|
||||||
The Centre at Panola
|
GA
|
51,674
|
21,405
|
73,079
|
100.0%
|
78.0%
|
93.6%
|
413,392
|
390,173
|
-
|
803,565
|
8.00
|
23.36
|
11.75
|
||||||
Fox Lake Crossing
|
IL
|
65,977
|
33,095
|
99,072
|
100.0%
|
69.9%
|
90.0%
|
841,207
|
353,306
|
-
|
1,194,513
|
12.75
|
15.26
|
13.40
|
||||||
Naperville Marketplace
|
IL
|
61,683
|
22,080
|
83,763
|
100.0%
|
92.8%
|
98.1%
|
748,062
|
331,122
|
-
|
1,079,184
|
12.13
|
16.17
|
13.13
|
||||||
54th & College
|
IN
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
260,000
|
260,000
|
-
|
-
|
-
|
||||||
Beacon Hill
|
IN
|
11,043
|
46,148
|
57,191
|
100.0%
|
75.8%
|
80.5%
|
138,038
|
522,912
|
-
|
660,950
|
12.50
|
14.95
|
14.36
|
||||||
Boulevard Crossing
|
IN
|
74,440
|
50,191
|
124,631
|
100.0%
|
91.8%
|
96.7%
|
865,218
|
835,156
|
-
|
1,700,375
|
11.62
|
18.13
|
14.11
|
||||||
Bridgewater Marketplace
|
IN
|
-
|
25,975
|
25,975
|
-
|
68.2%
|
68.2%
|
-
|
312,593
|
-
|
312,593
|
-
|
17.65
|
17.65
|
||||||
Castleton Crossing
|
IN
|
247,710
|
30,102
|
277,812
|
100.0%
|
100.0%
|
100.0%
|
2,337,053
|
637,705
|
-
|
2,974,758
|
9.43
|
21.18
|
10.71
|
||||||
Cool Creek Commons
|
IN
|
63,600
|
61,046
|
124,646
|
100.0%
|
92.6%
|
96.4%
|
648,200
|
1,334,907
|
-
|
1,983,106
|
10.19
|
23.61
|
16.51
|
||||||
DePauw University Bookstore
& Cafe
|
IN
|
-
|
11,974
|
11,974
|
-
|
100.0%
|
100.0%
|
-
|
100,119
|
-
|
100,119
|
-
|
8.36
|
8.36
|
||||||
Eddy Street Commons
|
IN
|
20,154
|
67,989
|
88,143
|
100.0%
|
90.7%
|
92.8%
|
342,618
|
1,598,053
|
-
|
1,940,671
|
17.00
|
25.93
|
23.73
|
||||||
Fishers Station
|
IN
|
72,212
|
44,731
|
116,943
|
100.0%
|
87.6%
|
95.3%
|
734,726
|
550,248
|
-
|
1,284,974
|
10.17
|
14.04
|
11.54
|
||||||
Geist Pavilion
|
IN
|
38,386
|
25,728
|
64,114
|
77.4%
|
89.7%
|
82.3%
|
372,080
|
500,046
|
-
|
872,126
|
12.53
|
21.67
|
16.53
|
||||||
Glendale Town Center
|
IN
|
329,546
|
63,456
|
393,002
|
100.0%
|
94.5%
|
99.1%
|
1,396,925
|
1,278,988
|
-
|
2,675,913
|
4.24
|
21.32
|
6.87
|
||||||
Greyhound Commons
|
IN
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
221,748
|
221,748
|
-
|
-
|
-
|
||||||
Hamilton Crossing Centre
|
IN
|
30,722
|
51,631
|
82,353
|
100.0%
|
97.3%
|
98.3%
|
345,623
|
1,166,491
|
78,650
|
1,590,763
|
11.25
|
23.22
|
18.68
|
||||||
Rangeline Crossing
|
IN
|
25,000
|
49,583
|
74,583
|
100.0%
|
87.7%
|
91.8%
|
377,850
|
1,031,010
|
-
|
1,408,860
|
15.11
|
23.72
|
20.58
|
||||||
Red Bank Commons
|
IN
|
-
|
34,258
|
34,258
|
-
|
91.7%
|
91.7%
|
-
|
439,845
|
-
|
439,845
|
-
|
14.00
|
14.00
|
||||||
Rivers Edge
|
IN
|
117,890
|
31,319
|
149,209
|
100.0%
|
100.0%
|
100.0%
|
2,084,568
|
763,885
|
-
|
2,848,453
|
17.68
|
24.39
|
19.09
|
||||||
Stoney Creek Commons
|
IN
|
84,330
|
-
|
84,330
|
100.0%
|
-
|
100.0%
|
998,823
|
-
|
-
|
998,823
|
11.84
|
-
|
11.84
|
||||||
The Corner
|
IN
|
12,200
|
30,294
|
42,494
|
100.0%
|
91.3%
|
93.8%
|
88,450
|
512,668
|
-
|
601,118
|
7.25
|
18.53
|
15.08
|
||||||
Traders Point
|
IN
|
238,721
|
40,963
|
279,684
|
100.0%
|
94.3%
|
99.2%
|
3,154,721
|
919,638
|
435,000
|
4,509,360
|
13.22
|
23.82
|
14.69
|
||||||
Traders Point II
|
IN
|
-
|
46,191
|
46,191
|
-
|
70.0%
|
70.0%
|
-
|
838,811
|
-
|
838,811
|
-
|
25.94
|
25.94
|
||||||
Whitehall Pike
|
IN
|
128,997
|
-
|
128,997
|
100.0%
|
-
|
100.0%
|
1,014,000
|
-
|
-
|
1,014,000
|
7.86
|
-
|
7.86
|
||||||
Zionsville Walgreens
|
IN
|
14,550
|
-
|
14,550
|
100.0%
|
-
|
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
|
382,758
|
80,000
|
809,414
|
11.50
|
24.88
|
16.02
|
||||||
Toringdon Market
|
NC
|
26,072
|
34,392
|
60,464
|
100.0%
|
95.3%
|
97.3%
|
365,008
|
749,172
|
-
|
1,114,180
|
14.00
|
22.86
|
18.94
|
||||||
Ridge Plaza
|
NJ
|
69,612
|
45,476
|
115,088
|
100.0%
|
72.4%
|
89.1%
|
971,228
|
645,727
|
-
|
1,616,955
|
13.95
|
19.60
|
15.77
|
||||||
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
|
31.00
|
9.06
|
||||||
Cornelius Gateway
|
OR
|
-
|
21,324
|
21,324
|
-
|
62.3%
|
62.3%
|
-
|
221,280
|
-
|
221,280
|
-
|
16.65
|
16.65
|
||||||
Shops at Otty
|
OR
|
-
|
9,845
|
9,845
|
-
|
100.0%
|
100.0%
|
-
|
280,732
|
151,756
|
432,488
|
-
|
28.52
|
28.52
|
||||||
Shoppes at Plaza Green
|
SC
|
172,136
|
22,671
|
194,807
|
94.1%
|
100.0%
|
94.7%
|
1,837,576
|
402,983
|
-
|
2,240,559
|
11.35
|
17.78
|
12.14
|
||||||
Publix at Woodruff
|
SC
|
47,955
|
20,100
|
68,055
|
100.0%
|
85.1%
|
95.6%
|
395,629
|
261,112
|
-
|
656,741
|
8.25
|
15.27
|
10.10
|
||||||
Cool Springs Market
|
TN
|
165,712
|
58,200
|
223,912
|
94.0%
|
83.7%
|
91.3%
|
1,985,118
|
1,035,891
|
-
|
3,021,009
|
12.75
|
21.28
|
14.78
|
||||||
Burlington Coat Factory
|
TX
|
107,400
|
-
|
107,400
|
100.0%
|
-
|
100.0%
|
537,000
|
-
|
-
|
537,000
|
5.00
|
-
|
5.00
|
||||||
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
|
23.50
|
11.51
|
||||||
Plaza at Cedar Hill
|
TX
|
244,065
|
59,393
|
303,458
|
100.0%
|
90.7%
|
98.2%
|
2,584,631
|
1,074,098
|
-
|
3,658,728
|
10.59
|
19.93
|
12.28
|
||||||
Plaza Volente
|
TX
|
105,000
|
51,333
|
156,333
|
100.0%
|
97.3%
|
99.1%
|
1,155,000
|
1,286,174
|
110,000
|
2,551,174
|
11.00
|
25.76
|
15.76
|
||||||
Sunland Towne Centre
|
TX
|
265,037
|
41,400
|
306,437
|
100.0%
|
91.7%
|
98.9%
|
2,552,365
|
887,660
|
115,290
|
3,555,315
|
9.63
|
23.38
|
11.35
|
||||||
50th & 12th
|
WA
|
14,500
|
-
|
14,500
|
100.0%
|
-
|
100.0%
|
475,000
|
-
|
-
|
475,000
|
32.76
|
-
|
32.76
|
||||||
Total
|
4,430,122
|
1,635,000
|
6,065,122
|
99.3%
|
86.7%
|
95.9%
|
$45,437,987
|
$31,192,023
|
$3,476,823
|
$80,106,832
|
$10.32
|
$22.00
|
$13.17
|
|||||||
____________________
|
||||||||||||||||||||
1
|
This table does not include annualized base rent from development property tenants open for business as of September 30, 2013. Excludes tenant reimbursements.
|
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