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 July 31, 2014
|
|
99.2
|
Kite Realty Group Trust Second Quarter 2014 Supplemental Disclosure
|
KITE REALTY GROUP TRUST
|
||
Date: July 31, 2014
|
By:
|
/s/ Daniel R. Sink
|
Daniel R. Sink
|
||
Executive Vice President and
|
||
Chief Financial Officer
|
Exhibit
|
Document
|
|
99.1
|
Kite Realty Group Trust Press Release dated July 31, 2014
|
|
99.2
|
Kite Realty Group Trust Second Quarter 2014 Supplemental Disclosure
|
·
|
As adjusted for $3.3 million of merger and acquisition costs, Funds From Operations (FFO), was $17.4 million, or $0.13 per diluted common share, for the second quarter of 2014 which represents a 30% per share increase over the second quarter of last year.
|
·
|
Revenue from recurring property operations increased 40% in the second quarter of 2014 over the second quarter of 2013.
|
·
|
Same property net operating income increased 4.4% in the second quarter of 2014 over the same period in the prior year.
|
·
|
The total portfolio was 95.2% leased at the end of the second quarter of 2014.
|
·
|
Executed 45 new and renewal leases for 174,450 square feet during the second quarter of 2014 for an aggregate cash rent spread on comparable leases of 13.9%.
|
·
|
Substantially completed the redevelopment of Kings Lake Square, a retail shopping center in Naples, Florida, that was 88% leased at quarter-end, and transitioned the property into the operating portfolio.
|
·
|
On July 1, 2014, the Company amended and restated its unsecured revolving credit facility, increasing the credit capacity to $500 million.
|
·
|
Total cash and available credit was approximately $400 million after the closing of the amended unsecured revolving credit facility.
|
Guidance Range for Full Year 2014
|
Low
|
High
|
||||||
Net loss per diluted common share
|
$ | (0.14 | ) | $ | (0.11 | ) | ||
Less: Dividends on preferred shares
|
(0.06 | ) | (0.06 | ) | ||||
Less: Gain on sales of operating properties
|
(0.05 | ) | (0.05 | ) | ||||
Add: Depreciation and amortization
|
0.54 | 0.54 | ||||||
FFO per diluted common share
|
0.29 | 0.32 | ||||||
Add: Merger and acquisition costs
|
0.20 | 0.20 | ||||||
FFO per diluted common share, as adjusted
|
$ | 0.49 | $ | 0.52 |
June 30,
2014
|
December 31,
2013
|
|||||||
Assets:
|
||||||||
Investment properties, at cost:
|
||||||||
Land
|
$ | 343,372,841 | $ | 333,458,070 | ||||
Land held for development
|
55,943,799 | 56,078,488 | ||||||
Buildings and improvements
|
1,384,322,981 | 1,351,641,925 | ||||||
Furniture, equipment and other
|
5,889,005 | 4,970,310 | ||||||
Construction in progress
|
88,111,081 | 130,909,478 | ||||||
1,877,639,707 | 1,877,058,271 | |||||||
Less: accumulated depreciation
|
(251,414,868 | ) | (232,580,267 | ) | ||||
1,626,224,839 | 1,644,478,004 | |||||||
Cash and cash equivalents
|
22,628,414 | 18,134,320 | ||||||
Tenant receivables, including accrued straight-line rent of $15,673,299 and $14,490,070, respectively, net of allowance for uncollectible accounts
|
27,608,726 | 24,767,556 | ||||||
Other receivables
|
3,807,369 | 4,566,679 | ||||||
Escrow deposits
|
9,925,188 | 11,046,133 | ||||||
Deferred costs, net
|
53,579,731 | 56,387,586 | ||||||
Prepaid and other assets
|
3,704,711 | 4,546,752 | ||||||
Total Assets
|
$ | 1,747,478,978 | $ | 1,763,927,030 | ||||
Liabilities and Equity:
|
||||||||
Mortgage and other indebtedness
|
$ | 874,516,933 | $ | 857,144,074 | ||||
Accounts payable and accrued expenses
|
54,995,861 | 61,437,187 | ||||||
Deferred revenue and other liabilities
|
40,462,089 | 44,313,402 | ||||||
Total Liabilities
|
969,974,883 | 962,894,663 | ||||||
Commitments and contingencies
|
||||||||
Redeemable noncontrolling interests in the Operating Partnership
|
40,781,994 | 43,927,540 | ||||||
Equity:
|
||||||||
Kite Realty Group Trust Shareholders’ Equity:
|
||||||||
Preferred Shares, $.01 par value, 40,000,000 shares authorized, 4,100,000 shares issued and outstanding.
|
102,500,000 | 102,500,000 | ||||||
Common Shares, $.01 par value, 450,000,000 shares authorized, 131,547,538 shares and 130,826,217 shares issued and outstanding, respectively
|
1,315,475 | 1,308,262 | ||||||
Additional paid in capital
|
824,073,343 | 821,526,172 | ||||||
Accumulated other comprehensive (loss) income
|
(1,424,608 | ) | 1,352,850 | |||||
Accumulated deficit
|
(193,105,408 | ) | (173,130,113 | ) | ||||
Total Kite Realty Group Trust Shareholders’ Equity
|
733,358,802 | 753,557,171 | ||||||
Noncontrolling Interests
|
3,363,299 | 3,547,656 | ||||||
Total Equity
|
736,722,101 | 757,104,827 | ||||||
Total Liabilities and Equity
|
$ | 1,747,478,978 | $ | 1,763,927,030 |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Revenue:
|
||||||||||||||||
Minimum rent
|
$ | 31,221,687 | $ | 22,652,292 | $ | 62,481,723 | $ | 43,132,499 | ||||||||
Tenant reimbursements
|
8,315,228 | 5,537,062 | 17,478,089 | 11,092,810 | ||||||||||||
Other property related revenue
|
1,306,140 | 1,726,628 | 3,543,155 | 6,731,666 | ||||||||||||
Total revenue
|
40,843,055 | 29,915,982 | 83,502,967 | 60,956,975 | ||||||||||||
Expenses:
|
||||||||||||||||
Property operating
|
6,890,778 | 5,032,725 | 14,206,034 | 10,133,563 | ||||||||||||
Real estate taxes
|
4,303,135 | 3,449,818 | 9,416,158 | 6,960,778 | ||||||||||||
General, administrative and other
|
2,313,358 | 1,814,287 | 5,419,460 | 3,954,236 | ||||||||||||
Merger and acquisition costs
|
3,280,098 | 236,613 | 7,760,487 | 413,512 | ||||||||||||
Impairment charge
|
— | 5,371,428 | — | 5,371,428 | ||||||||||||
Depreciation and amortization
|
19,737,108 | 13,807,431 | 37,176,713 | 25,192,395 | ||||||||||||
Total expenses
|
36,524,477 | 29,712,302 | 73,978,852 | 52,025,912 | ||||||||||||
Operating income
|
4,318,578 | 203,680 | 9,524,115 | 8,931,063 | ||||||||||||
Interest expense
|
(7,521,991 | ) | (6,942,818 | ) | (14,904,836 | ) | (13,270,926 | ) | ||||||||
Income tax expense of taxable REIT subsidiary
|
(75,614 | ) | (104,833 | ) | (22,468 | ) | (75,881 | ) | ||||||||
Other income (expense)
|
83,323 | (39,045 | ) | (9,621 | ) | 7,863 | ||||||||||
Loss from continuing operations
|
(3,195,704 | ) | (6,883,016 | ) | (5,412,810 | ) | (4,407,881 | ) | ||||||||
Discontinued operations1:
|
||||||||||||||||
Income from operations
|
— | (370,796 | ) | — | (789,163 | ) | ||||||||||
Gain on sale of operating property, net
|
— | — | 3,198,772 | — | ||||||||||||
(Loss) income from discontinued operations
|
— | (370,796 | ) | 3,198,772 | (789,163 | ) | ||||||||||
Loss before gain on sale of operating properties
|
(3,195,704 | ) | (7,253,812 | ) | (2,214,038 | ) | (5,197,044 | ) | ||||||||
Gain on sale of operating properties1
|
— | — | 3,489,338 | — | ||||||||||||
Consolidated net (loss) income
|
(3,195,704 | ) | (7,253,812 | ) | 1,275,300 | (5,197,044 | ) | |||||||||
Net loss attributable to noncontrolling interests
|
219,502 | 661,009 | 80,590 | 636,154 | ||||||||||||
Net (loss) income attributable to Kite Realty Group Trust
|
(2,976,202 | ) | (6,592,803 | ) | 1,355,890 | (4,560,890 | ) | |||||||||
Dividends on preferred shares
|
(2,114,063 | ) | (2,114,063 | ) | (4,228,125 | ) | (4,228,125 | ) | ||||||||
Net loss attributable to common shareholders
|
$ | (5,090,265 | ) | $ | (8,706,866 | ) | $ | (2,872,235 | ) | $ | (8,789,015 | ) | ||||
Net (loss) income per common share attributable to Kite Realty Group Trust common shareholders – basic and diluted
|
||||||||||||||||
Loss from continuing operations attributable to common shareholders
|
$ | (0.04 | ) | $ | (0.09 | ) | $ | (0.04 | ) | $ | (0.10 | ) | ||||
Income from discontinued operations attributable to common shareholders
|
0.00 | (0.01 | ) | 0.02 | (0.00 | ) | ||||||||||
Net loss attributable to common shareholders
|
$ | (0.04 | ) | $ | (0.10 | ) | $ | (0.02 | ) | $ | (0.10 | ) | ||||
Weighted average common shares outstanding – basic and diluted
|
131,537,866 | 91,066,817 | 131,282,150 | 84,486,979 | ||||||||||||
Dividends declared per common share
|
$ | 0.065 | $ | 0.06 | $ | 0.125 | $ | 0.12 | ||||||||
Loss attributable to Kite Realty Group Trust common shareholders:
|
||||||||||||||||
Loss from continuing operations
|
$ | (5,090,265 | ) | $ | (8,361,511 | ) | $ | (5,917,227 | ) | $ | (8,057,908 | ) | ||||
(Loss) income from discontinued operations
|
— | (345,355 | ) | 3,044,992 | (731,107 | ) | ||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders
|
$ | (5,090,265 | ) | $ | (8,706,886 | ) | $ | (2,872,235 | ) | $ | (8,789,015 | ) | ||||
____________________
|
|
1
|
The Financial Accounting Standards Board (“FASB”) has issued ASU 2014-08 regarding the criteria for reporting discontinued operations. The Company has elected to early adopt this standard. Therefore, beginning in the first quarter of 2014, activity related to individual properties sold or held for sale will no longer be included as discontinued operations on the consolidated statements of operations unless such activity represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or unless the asset was held for sale at the end of a prior reporting period..
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Funds From Operations
|
||||||||||||||||
Consolidated net (loss) income
|
$ | (3,195,704 | ) | $ | (7,253,812 | ) | $ | 1,275,300 | $ | (5,197,044 | ) | |||||
Less dividends on preferred shares
|
(2,114,063 | ) | (2,114,063 | ) | (4,228,125 | ) | (4,228,125 | ) | ||||||||
Less net income attributable to noncontrolling interests in properties
|
(49,842 | ) | (29,795 | ) | (76,475 | ) | (61,772 | ) | ||||||||
Less gain on sale of operating properties
|
— | — | (6,784,887 | ) | — | |||||||||||
Add impairment charge
|
— | 5,371,428 | — | 5,371,428 | ||||||||||||
Add depreciation and amortization, net of noncontrolling interests
|
19,511,682 | 14,078,520 | 36,950,890 | 25,639,803 | ||||||||||||
Funds From Operations of the Kite Portfolio1
|
14,152,073 | 10,052,278 | 27,136,703 | 21,524,290 | ||||||||||||
Less redeemable noncontrolling interests in Funds From Operations
|
(679,739 | ) | (673,452 | ) | (1,304,591 | ) | (1,583,477 | ) | ||||||||
Funds From Operations allocable to the Company1
|
$ | 13,472,334 | $ | 9,378,826 | $ | 25,832,112 | $ | 19,940,813 | ||||||||
Basic and Diluted FFO per share of the Kite Portfolio
|
$ | 0.10 | $ | 0.10 | $ | 0.20 | $ | 0.24 | ||||||||
Funds From Operations of the Kite Portfolio
|
$ | 14,152,073 | $ | 10,052,278 | $ | 27,136,703 | $ | 21,524,290 | ||||||||
Add back: merger and acquisition costs
|
3,280,098 | — | 7,760,487 | — | ||||||||||||
Add back: accelerated amortization of deferred financing fees
|
— | — | — | 171,572 | ||||||||||||
Funds From Operations of the Kite Portfolio, as adjusted
|
$ | 17,432,171 | $ | 10,052,278 | $ | 34,897,190 | $ | 21,695,862 | ||||||||
Basic and Diluted FFO per share of the Kite Portfolio, as adjusted
|
$ | 0.13 | $ | 0.10 | $ | 0.25 | $ | 0.24 | ||||||||
Basic weighted average Common Shares outstanding
|
131,537,866 | 91,066,817 | 131,282,150 | 84,486,979 | ||||||||||||
Diluted weighted average Common Shares outstanding
|
131,745,088 | 91,391,141 | 131,483,282 | 84,801,949 | ||||||||||||
Basic weighted average Common Shares and Units outstanding
|
138,175,595 | 97,799,238 | 137,922,409 | 91,221,006 | ||||||||||||
Diluted weighted average Common Shares and Units outstanding
|
138,382,817 | 98,123,563 | 138,123,542 | 91,535,976 |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||||
2014
|
2013
|
% Change
|
2014
|
2013
|
% Change
|
||||||||||||
Number of properties at period end1
|
50
|
50
|
50
|
50
|
|||||||||||||
Leased percentage at period end
|
96.3%
|
95.9%
|
96.3%
|
95.9%
|
|||||||||||||
Minimum rent
|
$
|
18,369,497
|
$
|
17,535,330
|
$
|
37,142,381
|
$
|
35,517,475
|
|||||||||
Tenant recoveries
|
5,355,566
|
5,027,093
|
11,535,599
|
10,657,285
|
|||||||||||||
Other income
|
481,290
|
438,707
|
1,257,988
|
1,122,386
|
|||||||||||||
24,206,353
|
23,001,130
|
49,935,968
|
47,297,146
|
||||||||||||||
Property operating expenses
|
4,963,143
|
4,583,604
|
10,813,951
|
9,908,342
|
|||||||||||||
Real estate taxes
|
3,332,223
|
3,180,526
|
6,894,578
|
6,567,139
|
|||||||||||||
8,295,366
|
7,764,130
|
17,708,529
|
16,475,481
|
||||||||||||||
Net operating income – same properties (50 properties)2
|
$
|
15,910,987
|
$
|
15,237,000
|
4.4%
|
|
$
|
32,227,439
|
$
|
30,821,665
|
4.6%
|
|
|||||
Reconciliation to Most Directly Comparable GAAP Measure:
|
|||||||||||||||||
Net operating income - same properties
|
$
|
15,910,987
|
$
|
15,237,000
|
$
|
32,227,439
|
$
|
30,821,665
|
|||||||||
Net operating income - non-same activity
|
13,738,155
|
6,196,439
|
27,653,336
|
13,040,969
|
|||||||||||||
Other income (expense), net
|
7,709
|
(143,878
|
)
|
(32,089
|
)
|
(68,018
|
)
|
||||||||||
General and administrative expense
|
(2,313,358
|
)
|
(1,814,287
|
)
|
(5,419,460
|
)
|
(3,954,236
|
)
|
|||||||||
Merger and acquisition costs
|
(3,280,098
|
)
|
(236,613
|
)
|
(7,760,487
|
)
|
(413,512
|
)
|
|||||||||
Impairment charge
|
-
|
(5,371,428
|
)
|
-
|
(5,371,428
|
)
|
|||||||||||
Depreciation expense
|
(19,737,108
|
)
|
(13,807,431
|
)
|
(37,176,713
|
)
|
(25,192,395
|
)
|
|||||||||
Interest expense
|
(7,521,991
|
)
|
(6,942,818
|
)
|
(14,904,836
|
)
|
(13,270,926
|
)
|
|||||||||
Discontinued operations
|
-
|
(370,796
|
)
|
-
|
(789,163
|
)
|
|||||||||||
Gain on sales of operating properties
|
-
|
-
|
6,688,110
|
-
|
|||||||||||||
Net loss attributable to noncontrolling interests
|
219,502
|
661,009
|
80,590
|
636,154
|
|||||||||||||
Dividends on preferred shares
|
(2,114,063
|
)
|
(2,114,063
|
)
|
(4,228,125
|
)
|
(4,228,125
|
)
|
|||||||||
Net loss attributable to common shareholders
|
$
|
(5,090,265
|
)
|
$
|
(8,706,866
|
)
|
$
|
(2,872,235
|
)
|
$
|
(8,789,015
|
)
|
____________________
|
|
1
|
Same Property analysis excludes operating properties in redevelopment
|
2
|
Same Property net operating income excludes net gains from outlot sales, straight-line rent revenue bad debt expense and recoveries, lease termination fees, amortization of lease intangibles and significant prior year expense recoveries and adjustments, if any.
|
PAGE NO.
|
TABLE OF CONTENTS
|
|
PR 1-10
|
Earnings Press Release
|
|
Quarterly Financial Supplement
|
||
1
|
Corporate Profile
|
|
2
|
Contact Information
|
|
3
|
Important Notes
|
|
4
|
Corporate Structure Chart
|
|
5
|
Consolidated Balance Sheets
|
|
6
|
Consolidated Statements of Operations for the Three and Six Months Ended June 30
|
|
7
|
Funds from Operations and Adjusted Funds from Operations for the Three and Six Months Ended June 30
|
|
8
|
Other Financial Information
|
|
9
|
Market Capitalization/Debt to EBITDA
|
|
9
|
Ratio of Debt to Total Undepreciated Assets as of June 30
|
|
10
|
Same Property Net Operating Income for the Three and Six Months Ended June 30
|
|
11
|
Net Operating Income by Quarter
|
|
12
|
Summary of Outstanding Debt as of June 30
|
|
13
|
Maturity Schedule of Outstanding Debt as of June 30
|
|
15
|
Top 10 Retail Tenants by Gross Leasable Area
|
|
16
|
Top 25 Tenants by Annualized Base Rent
|
|
17
|
Lease Expirations – Operating Portfolio
|
|
18
|
Lease Expirations – Retail Anchor Tenants
|
|
19
|
Lease Expirations – Retail Shops
|
|
20
|
Lease Expirations – Commercial Tenants
|
|
21
|
Summary Retail Portfolio Statistics Including Joint Venture Properties
|
|
22
|
Summary Commercial Portfolio Statistics
|
|
23
|
Development Projects
|
|
24
|
Redevelopment Projects
|
|
25
|
Property Dispositions
|
|
26
|
Geographic Diversification – Operating Portfolio
|
|
27
|
Operating Retail Portfolio Summary Report
|
|
30
|
Operating Commercial Properties
|
|
31
|
Earnings Guidance
|
|
A-1
|
Appendix – Pro Forma Combined Supplemental Data
|
|
A-2
|
Combined Corporate Profile
|
|
A-3
|
Combined Company Total Outstanding Debt Summary
|
|
A-4
|
Top 10 Combined Retail Tenants
|
|
A-5
|
Lease Expirations – Combined Operating Portfolio
|
|
A-6
|
Lease Expirations – Combined Retail Anchor and Shop Tenants
|
|
A-7
|
Inland Operating Retail Portfolio Summary
|
# of Properties
|
Total
GLA /NRA
|
Owned
GLA /NRA
|
|
Operating Properties1
|
66
|
11,683,173
|
8,876,729
|
Redevelopment Properties:
|
|||
- Under Construction
|
2
|
320,302
|
318,330
|
- Pending Construction
|
2
|
212,163
|
204,463
|
Subtotal Redevelopment Properties
|
4
|
532,465
|
522,793
|
Total Operating and Redevelopment Properties
|
70
|
12,215,638
|
9,399,522
|
Development Projects:
|
|||
- Under Construction
|
3
|
734,791
|
513,368
|
Total All Properties
|
73
|
12,950,429
|
9,912,890
|
Retail
|
Commercial
|
Total
|
|
Operating Properties – Leased Percentage
|
95.2%
|
95.2%
|
95.2%
|
States
|
12
|
____________________
|
|
1
|
64 retail and two office properties
|
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. Jordan Sadler/Mr. Todd Thomas
|
||
Kite Realty Group Trust
|
(212) 885-4170
|
(917) 368-2280/(917) 368-2286
|
||
30 South Meridian Street, Suite 1100
|
paul.adornato@bmo.com
|
tthomas@keybanccm.com
|
||
Indianapolis, IN 46204
|
jsadler@keybanccm.com
|
|||
(317) 578-5161
|
Capital One Securities, Inc.
|
|||
abasch@kiterealty.com
|
Mr. Christopher Lucas/Mr. Vineet Khanna
|
Raymond James
|
||
(571) 633-8151/(571) 835-7013
|
Mr. Paul Puryear/Mr. R. J. Milligan
|
|||
Transfer Agent:
|
christopher.lucas@capitalone.com
|
(727) 567-2253/(727) 567-2660
|
||
vineet.khanna@capitalone.com
|
paul.puryear@raymondjames.com
|
|||
Broadridge
|
richard.milligan@raymondjames.com
|
|||
Ms. Kristen Tartaglione
|
Citigroup Global Markets
|
|||
51 Mercedes Way
|
Mr. Michael Bilerman/Ms. Christy McElroy
|
Stifel, Nicolaus & Company, Inc.
|
||
Edgewood, NY 11717
|
(212) 816-1383/(212) 816-6981
|
Mr. Nathan Isbee
|
||
(631) 392-5810
|
michael.bilerman@citigroup.com
|
(443) 224-1346
|
||
christy.mcelroy@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 /Ms. 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
|
June 30,
2014
|
December 31,
2013
|
|||||||
Assets:
|
||||||||
Investment properties, at cost:
|
||||||||
Land
|
$ | 343,372,841 | $ | 333,458,070 | ||||
Land held for development
|
55,943,799 | 56,078,488 | ||||||
Buildings and improvements
|
1,384,322,981 | 1,351,641,925 | ||||||
Furniture, equipment and other
|
5,889,005 | 4,970,310 | ||||||
Construction in progress
|
88,111,081 | 130,909,478 | ||||||
1,877,639,707 | 1,877,058,271 | |||||||
Less: accumulated depreciation
|
(251,414,868 | ) | (232,580,267 | ) | ||||
1,626,224,839 | 1,644,478,004 | |||||||
Cash and cash equivalents
|
22,628,414 | 18,134,320 | ||||||
Tenant receivables, including accrued straight-line rent of $15,673,299 and $14,490,070, respectively, net of allowance for uncollectible accounts
|
27,608,726 | 24,767,556 | ||||||
Other receivables
|
3,807,369 | 4,566,679 | ||||||
Escrow deposits
|
9,925,188 | 11,046,133 | ||||||
Deferred costs, net
|
53,579,731 | 56,387,586 | ||||||
Prepaid and other assets
|
3,704,711 | 4,546,752 | ||||||
Total Assets
|
$ | 1,747,478,978 | $ | 1,763,927,030 | ||||
Liabilities and Equity:
|
||||||||
Mortgage and other indebtedness
|
$ | 874,516,933 | $ | 857,144,074 | ||||
Accounts payable and accrued expenses
|
54,995,861 | 61,437,187 | ||||||
Deferred revenue and other liabilities
|
40,462,089 | 44,313,402 | ||||||
Total Liabilities
|
969,974,883 | 962,894,663 | ||||||
Commitments and contingencies
|
||||||||
Redeemable noncontrolling interests in the Operating Partnership
|
40,781,994 | 43,927,540 | ||||||
Equity:
|
||||||||
Kite Realty Group Trust Shareholders’ Equity:
|
||||||||
Preferred Shares, $.01 par value, 40,000,000 shares authorized, 4,100,000 shares issued and outstanding.
|
102,500,000 | 102,500,000 | ||||||
Common Shares, $.01 par value, 450,000,000 shares authorized, 131,547,538 shares and 130,826,217 shares issued and outstanding, respectively
|
1,315,475 | 1,308,262 | ||||||
Additional paid in capital
|
824,073,343 | 821,526,172 | ||||||
Accumulated other comprehensive (loss) income
|
(1,424,608 | ) | 1,352,850 | |||||
Accumulated deficit
|
(193,105,408 | ) | (173,130,113 | ) | ||||
Total Kite Realty Group Trust Shareholders’ Equity
|
733,358,802 | 753,557,171 | ||||||
Noncontrolling Interests
|
3,363,299 | 3,547,656 | ||||||
Total Equity
|
736,722,101 | 757,104,827 | ||||||
Total Liabilities and Equity
|
$ | 1,747,478,978 | $ | 1,763,927,030 |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Revenue:
|
||||||||||||||||
Minimum rent
|
$ | 31,221,687 | $ | 22,652,292 | $ | 62,481,723 | $ | 43,132,499 | ||||||||
Tenant reimbursements
|
8,315,228 | 5,537,062 | 17,478,089 | 11,092,810 | ||||||||||||
Other property related revenue
|
1,306,140 | 1,726,628 | 3,543,155 | 6,731,666 | ||||||||||||
Total revenue
|
40,843,055 | 29,915,982 | 83,502,967 | 60,956,975 | ||||||||||||
Expenses:
|
||||||||||||||||
Property operating
|
6,890,778 | 5,032,725 | 14,206,034 | 10,133,563 | ||||||||||||
Real estate taxes
|
4,303,135 | 3,449,818 | 9,416,158 | 6,960,778 | ||||||||||||
General, administrative and other
|
2,313,358 | 1,814,287 | 5,419,460 | 3,954,236 | ||||||||||||
Merger and acquisition costs
|
3,280,098 | 236,613 | 7,760,487 | 413,512 | ||||||||||||
Impairment charge
|
— | 5,371,428 | — | 5,371,428 | ||||||||||||
Depreciation and amortization
|
19,737,108 | 13,807,431 | 37,176,713 | 25,192,395 | ||||||||||||
Total expenses
|
36,524,477 | 29,712,302 | 73,978,852 | 52,025,912 | ||||||||||||
Operating income
|
4,318,578 | 203,680 | 9,524,115 | 8,931,063 | ||||||||||||
Interest expense
|
(7,521,991 | ) | (6,942,818 | ) | (14,904,836 | ) | (13,270,926 | ) | ||||||||
Income tax expense of taxable REIT subsidiary
|
(75,614 | ) | (104,833 | ) | (22,468 | ) | (75,881 | ) | ||||||||
Other income (expense)
|
83,323 | (39,045 | ) | (9,621 | ) | 7,863 | ||||||||||
Loss from continuing operations
|
(3,195,704 | ) | (6,883,016 | ) | (5,412,810 | ) | (4,407,881 | ) | ||||||||
Discontinued operations1:
|
||||||||||||||||
Income from operations
|
— | (370,796 | ) | — | (789,163 | ) | ||||||||||
Gain on sale of operating property, net
|
— | — | 3,198,772 | — | ||||||||||||
(Loss) income from discontinued operations
|
— | (370,796 | ) | 3,198,772 | (789,163 | ) | ||||||||||
Loss before gain on sale of operating properties
|
(3,195,704 | ) | (7,253,812 | ) | (2,214,038 | ) | (5,197,044 | ) | ||||||||
Gain on sale of operating properties1
|
— | — | 3,489,338 | — | ||||||||||||
Consolidated net (loss) income
|
(3,195,704 | ) | (7,253,812 | ) | 1,275,300 | (5,197,044 | ) | |||||||||
Net loss attributable to noncontrolling interests
|
219,502 | 661,009 | 80,590 | 636,154 | ||||||||||||
Net (loss) income attributable to Kite Realty Group Trust
|
(2,976,202 | ) | (6,592,803 | ) | 1,355,890 | (4,560,890 | ) | |||||||||
Dividends on preferred shares
|
(2,114,063 | ) | (2,114,063 | ) | (4,228,125 | ) | (4,228,125 | ) | ||||||||
Net loss attributable to common shareholders
|
$ | (5,090,265 | ) | $ | (8,706,866 | ) | $ | (2,872,235 | ) | $ | (8,789,015 | ) | ||||
Net (loss) income per common share attributable to Kite Realty Group Trust common shareholders – basic and diluted
|
||||||||||||||||
Loss from continuing operations attributable to common shareholders
|
$ | (0.04 | ) | $ | (0.09 | ) | $ | (0.04 | ) | $ | (0.10 | ) | ||||
Income from discontinued operations attributable to common shareholders
|
0.00 | (0.01 | ) | 0.02 | (0.00 | ) | ||||||||||
Net loss attributable to common shareholders
|
$ | (0.04 | ) | $ | (0.10 | ) | $ | (0.02 | ) | $ | (0.10 | ) | ||||
Weighted average common shares outstanding – basic and diluted
|
131,537,866 | 91,066,817 | 131,282,150 | 84,486,979 | ||||||||||||
Dividends declared per common share
|
$ | 0.065 | $ | 0.06 | $ | 0.125 | $ | 0.12 | ||||||||
Loss attributable to Kite Realty Group Trust common shareholders:
|
||||||||||||||||
Loss from continuing operations
|
$ | (5,090,265 | ) | $ | (8,361,511 | ) | $ | (5,917,227 | ) | $ | (8,057,908 | ) | ||||
(Loss) income from discontinued operations
|
— | (345,355 | ) | 3,044,992 | (731,107 | ) | ||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders
|
$ | (5,090,265 | ) | $ | (8,706,886 | ) | $ | (2,872,235 | ) | $ | (8,789,015 | ) | ||||
___________________ | |
1
|
The Financial Accounting Standards Board (“FASB”) has issued ASU 2014-08 regarding the criteria for reporting discontinued operations. The Company has elected to early adopt this standard. Therefore, beginning in the first quarter of 2014, activity related to individual properties sold or held for sale will no longer be included as discontinued operations on the consolidated statements of operations unless such activity represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or unless the asset was held for sale at the end of a prior reporting period..
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Funds From Operations
|
||||||||||||||||
Consolidated net (loss) income
|
$ | (3,195,704 | ) | $ | (7,253,812 | ) | $ | 1,275,300 | $ | (5,197,044 | ) | |||||
Less dividends on preferred shares
|
(2,114,063 | ) | (2,114,063 | ) | (4,228,125 | ) | (4,228,125 | ) | ||||||||
Less net income attributable to noncontrolling interests in properties
|
(49,842 | ) | (29,795 | ) | (76,475 | ) | (61,772 | ) | ||||||||
Less gain on sale of operating properties
|
— | — | (6,784,887 | ) | — | |||||||||||
Add impairment charge
|
— | 5,371,428 | — | 5,371,428 | ||||||||||||
Add depreciation and amortization, net of noncontrolling interests
|
19,511,682 | 14,078,520 | 36,950,890 | 25,639,803 | ||||||||||||
Funds From Operations of the Kite Portfolio1
|
14,152,073 | 10,052,278 | 27,136,703 | 21,524,290 | ||||||||||||
Less redeemable noncontrolling interests in Funds From Operations
|
(679,739 | ) | (673,452 | ) | (1,304,591 | ) | (1,583,477 | ) | ||||||||
Funds From Operations allocable to the Company1
|
$ | 13,472,334 | $ | 9,378,826 | $ | 25,832,112 | $ | 19,940,813 | ||||||||
Basic and Diluted FFO per share of the Kite Portfolio
|
$ | 0.10 | $ | 0.10 | $ | 0.20 | $ | 0.24 | ||||||||
Funds From Operations of the Kite Portfolio
|
$ | 14,152,073 | $ | 10,052,278 | $ | 27,136,703 | $ | 21,524,290 | ||||||||
Add back: merger and acquisition costs
|
3,280,098 | — | 7,760,487 | — | ||||||||||||
Add back: accelerated amortization of deferred financing fees
|
— | — | — | 171,572 | ||||||||||||
Funds From Operations of the Kite Portfolio, as adjusted
|
$ | 17,432,171 | $ | 10,052,278 | $ | 34,897,190 | $ | 21,695,862 | ||||||||
Basic and Diluted FFO per share of the Kite Portfolio, as adjusted
|
$ | 0.13 | $ | 0.10 | $ | 0.25 | $ | 0.24 | ||||||||
Basic weighted average Common Shares outstanding
|
131,537,866 | 91,066,817 | 131,282,150 | 84,486,979 | ||||||||||||
Diluted weighted average Common Shares outstanding
|
131,745,088 | 91,391,141 | 131,483,282 | 84,801,949 | ||||||||||||
Basic weighted average Common Shares and Units outstanding
|
138,175,595 | 97,799,238 | 137,922,409 | 91,221,006 | ||||||||||||
Diluted weighted average Common Shares and Units outstanding
|
138,382,817 | 98,123,563 | 138,123,542 | 91,535,976 | ||||||||||||
AFFO
|
||||||||||||||||
Total FFO of the Kite Portfolio, as adjusted
|
$ | 17,432,171 | $ | 10,052,278 | $ | 34,897,190 | $ | 21,695,862 | ||||||||
Add:
|
||||||||||||||||
Depreciation of non-real estate assets
|
128,849 | 97,276 | 225,824 | 187,254 | ||||||||||||
Amortization of deferred financing costs
|
537,930 | 510,927 | 1,059,394 | 1,106,492 | ||||||||||||
Stock-based compensation
|
634,010 | 354,410 | 1,099,877 | 680,322 | ||||||||||||
Less:
|
||||||||||||||||
Straight-line rent and above/below market rent
|
1,662,851 | 1,745,597 | 3,714,385 | 2,957,589 | ||||||||||||
Amortization of debt premium
|
2,021 | 76,361 | 4,042 | 122,989 | ||||||||||||
Maintenance capital expenditures
|
326,596 | 266,532 | 735,715 | 435,898 | ||||||||||||
Revenue enhancing T/I - retail2
|
1,066,565 | 1,854,180 | 1,368,125 | 3,091,324 | ||||||||||||
External leasing commissions
|
262,549 | 298,311 | 499,711 | 512,838 | ||||||||||||
Revenue enhancing T/I - office
|
334,090 | — | 525,091 | 319,551 | ||||||||||||
Total AFFO available to shareholders
|
$ | 15,078,288 | $ | 6,773,910 | $ | 30,435,216 | $ | 16,229,741 | ||||||||
Total AFFO per share
|
$ | 0.11 | $ | 0.07 | $ | 0.22 | $ | 0.18 | ||||||||
____________________
|
|
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 anchor retenanting projects
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Other Financial Information:
|
||||||||||||||||
Capital expenditures1
|
||||||||||||||||
Tenant improvements – Retail
|
$ | 1,066,565 | $ | 1,854,180 | $ | 1,368,125 | $ | 3,091,324 | ||||||||
Tenant improvements – Commercial
|
334,090 | — | 525,091 | 319,551 | ||||||||||||
Leasing commissions – Retail
|
262,549 | 298,311 | 470,273 | 512,838 | ||||||||||||
Leasing commissions – Commercial
|
— | — | 29,438 | — | ||||||||||||
Capital improvements2
|
326,596 | 266,532 | 735,715 | 435,898 | ||||||||||||
Scheduled debt principal payments
|
1,477,680 | 1,698,198 | 3,021,09 | 3,426,507 | ||||||||||||
Straight line rent – total
|
707,751 | 1,077,844 | 1,752,926 | 1,686,838 | ||||||||||||
Market rent amortization income from acquired leases
|
955,100 | 667,753 | 1,961,459 | 1,270,751 | ||||||||||||
Amortization of debt premium
|
2,021 | 76,361 | 4,042 | 122,989 | ||||||||||||
Non-cash compensation expense
|
634,010 | 354,410 | 1,099,877 | 680,322 | ||||||||||||
Capitalized interest
|
1,094,893 | 1,167,520 | 2,490,227 | 2,946,213 | ||||||||||||
Mark to market lease amount in Deferred revenue and other liabilities on consolidated balance sheet
|
30,746,755 | 11,788,340 | ||||||||||||||
Acreage of undeveloped, vacant land in the operating portfolio3
|
30.2 | |||||||||||||||
Amortized of Deferred Financing costs
|
$ | 537,930 | $ | 510,927 | $ | 1,059,394 | $ | 1,106,492 | ||||||||
____________________
|
|
1
|
Excludes landlord work, tenant improvements and leasing commissions relating to development and redevelopment projects and first-generation space. Also excludes $1.5 million and $3.2 million of anchor tenant reanchoring costs for the three and six months ended June 30, 2014.
|
2
|
A portion of these capital improvements are reimbursed by tenants and are revenue producing.
|
3
|
Not reflected in construction in progress and land held for development on the consolidated balance sheet (book value $5.9 million at June 30, 2014).
|
4
|
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
|
95.2
|
%
|
131,547,538
|
||||||
Operating Partnership ("OP") Units Outstanding
|
4.8
|
%
|
6,635,784
|
||||||
Combined Common Shares and OP Units
|
100.0
|
%
|
138,183,322
|
||||||
Market Price of Common Shares
|
$
|
6.14
|
|||||||
Series A Preferred Shares ($26.27/share)
|
107,707,000
|
||||||||
Total Equity Capitalization
|
956,152,597
|
53%
|
|||||||
Debt Capitalization:
|
|||||||||
Company Consolidated Outstanding Debt
|
874,516,933
|
||||||||
Less: Partner Share of Consolidated Joint Venture Debt2
|
(10,966,146
|
)
|
|||||||
Company Share of Outstanding Debt
|
863,550,787
|
||||||||
Less: Cash and Cash Equivalents
|
(22,628,414
|
)
|
|||||||
Total Net Debt Capitalization
|
840,922,373
|
47%
|
|||||||
Total Enterprise Value
|
$
|
1,797,074,970
|
100%
|
||||||
RATIO OF DEBT TO TOTAL UNDEPRECIATED ASSETS AS OF JUNE 30, 2014
|
|||||||||
Consolidated Undepreciated Real Estate Assets
|
$
|
1,877,639,706
|
|||||||
Escrow and Other Deposits
|
9,925,188
|
||||||||
$
|
1,887,564,894
|
||||||||
Total Consolidated Debt
|
$
|
874,516,933
|
|||||||
Less: Cash
|
(22,628,414
|
)
|
|||||||
|
$
|
851,888,519
|
|||||||
Ratio of Net Debt to Total Undepreciated Real Estate Assets
|
45.1
|
%
|
|||||||
RATIO OF COMPANY SHARE OF DEBT TO EBITDA AS OF JUNE 30, 2014
|
|||||||||
Company share of consolidated debt
|
$
|
863,550,787
|
|||||||
Less: Cash
|
(22,628,414
|
)
|
|||||||
Less: Construction borrowings for developments under construction3
|
(40,470,389
|
)
|
|||||||
800,451,984
|
|||||||||
Q2 2014 EBITDA, annualized:
|
|||||||||
- consolidated
|
$
|
96,222,744
|
|||||||
- pro forma adjustment1
|
16,049,035
|
||||||||
- minority interest EBITDA
|
(133,938
|
)
|
112,137,841
|
||||||
7.14x
|
|||||||||
____________________ | |
1
|
Represents full year effect of adjustments for seasonality of percentage rent, and normalizing other property related revenue (including lease termination fees and gains on land sales) and merger 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 June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||
2014
|
2013
|
% Change
|
2014
|
2013
|
% Change
|
|||||||||||||||||||
Number of properties at period end1
|
50 | 50 | 50 | 50 | ||||||||||||||||||||
Leased percentage at period end
|
96.3 | % | 95.9 | % | 96.3 | % | 95.9 | % | ||||||||||||||||
Minimum rent
|
$ | 18,369,497 | $ | 17,535,330 | $ | 37,142,381 | $ | 35,517,475 | ||||||||||||||||
Tenant recoveries
|
5,355,566 | 5,027,093 | 11,535,599 | 10,657,285 | ||||||||||||||||||||
Other income
|
481,290 | 438,707 | 1,257,988 | 1,122,386 | ||||||||||||||||||||
24,206,353 | 23,001,130 | 49,935,968 | 47,297,146 | |||||||||||||||||||||
Property operating expenses
|
4,963,143 | 4,583,604 | 10,813,951 | 9,908,342 | ||||||||||||||||||||
Real estate taxes
|
3,332,223 | 3,180,526 | 6,894,578 | 6,567,139 | ||||||||||||||||||||
8,295,366 | 7,764,130 | 17,708,529 | 16,475,481 | |||||||||||||||||||||
Net operating income – same properties (50 properties)2
|
$ | 15,910,987 | $ | 15,237,000 | 4.4 | % | $ | 32,227,439 | $ | 30,821,665 | 4.6 | % | ||||||||||||
Reconciliation to Most Directly Comparable GAAP Measure:
|
||||||||||||||||||||||||
Net operating income - same properties
|
$ | 15,910,987 | $ | 15,237,000 | $ | 32,227,439 | $ | 30,821,665 | ||||||||||||||||
Net operating income - non-same activity
|
13,738,155 | 6,196,439 | 27,653,336 | 13,040,969 | ||||||||||||||||||||
Other income (expense), net
|
7,709 | (143,878 | ) | (32,089 | ) | (68,018 | ) | |||||||||||||||||
General and administrative expense
|
(2,313,358 | ) | (1,814,287 | ) | (5,419,460 | ) | (3,954,236 | ) | ||||||||||||||||
Merger and acquisition costs
|
(3,280,098 | ) | (236,613 | ) | (7,760,487 | ) | (413,512 | ) | ||||||||||||||||
Impairment charge
|
- | (5,371,428 | ) | - | (5,371,428 | ) | ||||||||||||||||||
Depreciation expense
|
(19,737,108 | ) | (13,807,431 | ) | (37,176,713 | ) | (25,192,395 | ) | ||||||||||||||||
Interest expense
|
(7,521,991 | ) | (6,942,818 | ) | (14,904,836 | ) | (13,270,926 | ) | ||||||||||||||||
Discontinued operations
|
- | (370,796 | ) | - | (789,163 | ) | ||||||||||||||||||
Gain on sales of operating properties
|
- | - | 6,688,110 | - | ||||||||||||||||||||
Net loss attributable to noncontrolling interests
|
219,502 | 661,009 | 80,590 | 636,154 | ||||||||||||||||||||
Dividends on preferred shares
|
(2,114,063 | ) | (2,114,063 | ) | (4,228,125 | ) | (4,228,125 | ) | ||||||||||||||||
Net loss attributable to common shareholders
|
$ | (5,090,265 | ) | $ | (8,706,866 | ) | $ | (2,872,235 | ) | $ | (8,789,015 | ) |
____________________
|
|
1
|
Same Property analysis excludes operating properties in redevelopment
|
2
|
Same Property net operating income excludes net gains from outlot sales, straight-line rent revenue bad debt expense and recoveries, lease termination fees, amortization of lease intangibles and significant prior year expense recoveries and adjustments, if any.
|
Three Months Ended
|
|||||||||||||||||||||
June 30,
2014
|
March 31,
2014
|
December 31,
2013
|
September 30,
2013
|
June 30,
2013
|
|||||||||||||||||
Revenue:
|
|||||||||||||||||||||
Minimum rent
|
$
|
31,221,687
|
$
|
31,260,036
|
$
|
26,778,302
|
$
|
23,726,468
|
$
|
22,652,292
|
|||||||||||
Tenant reimbursements
|
8,315,228
|
9,162,860
|
7,071,611
|
6,257,937
|
5,537,062
|
||||||||||||||||
Other property related revenue1
|
833,009
|
1,305,164
|
1,380,844
|
1,910,420
|
1,291,847
|
||||||||||||||||
Overage rent
|
70,790
|
458,038
|
184,824
|
119,975
|
32,793
|
||||||||||||||||
Parking revenue, net2
|
219,936
|
26,130
|
121,028
|
86,676
|
47,589
|
||||||||||||||||
40,660,650
|
42,212,228
|
35,536,609
|
32,101,476
|
29,561,583
|
|||||||||||||||||
Expenses:
|
|||||||||||||||||||||
Property operating – Recoverable3
|
5,536,914
|
6,399,906
|
4,831,008
|
4,506,739
|
4,099,564
|
||||||||||||||||
Property operating – Non-Recoverable3
|
1,149,413
|
683,261
|
1,105,602
|
721,809
|
741,143
|
||||||||||||||||
Real estate taxes
|
4,325,181
|
4,897,428
|
4,346,503
|
3,492,909
|
3,287,436
|
||||||||||||||||
11,011,508
|
11,980,595
|
10,283,113
|
8,721,457
|
8,128,143
|
|||||||||||||||||
Net Operating Income – Properties
|
29,649,142
|
30,231,633
|
25,253,496
|
23,380,019
|
21,433,440
|
||||||||||||||||
Other Expense:
|
|||||||||||||||||||||
General, administrative, and other
|
(2,313,357
|
)
|
(3,106,102
|
)
|
(2,141,729
|
)
|
(2,114,828
|
)
|
(1,814,287
|
)
|
|||||||||||
Acquisition costs
|
(3,280,099
|
)
|
(4,480,389
|
)
|
(1,647,740
|
)
|
(153,314
|
)
|
(236,613
|
)
|
|||||||||||
(5,593,456
|
)
|
(7,586,491
|
)
|
(3,789,469
|
)
|
(2,268,142
|
)
|
(2,050,900
|
)
|
||||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization
|
24,055,686
|
22,645,142
|
21,464,027
|
21,111,877
|
19,382,540
|
||||||||||||||||
Depreciation and amortization
|
(19,737,108
|
)
|
(17,439,606
|
)
|
(13,913,089
|
)
|
(15,373,538
|
)
|
(13,807,433
|
)
|
|||||||||||
Interest expense
|
(7,521,991
|
)
|
(7,382,845
|
)
|
(7,181,116
|
)
|
(7,541,534
|
)
|
(6,942,818
|
)
|
|||||||||||
Income tax (expense) benefit of taxable REIT subsidiary
|
(75,614
|
)
|
53,146
|
(155,927
|
)
|
(30,596
|
)
|
(104,833
|
)
|
||||||||||||
Other income (expense)
|
83,323
|
(92,944
|
)
|
(23,231
|
)
|
(47,013
|
)
|
(39,045
|
)
|
||||||||||||
(Loss) income from continuing operations
|
(3,195,704
|
)
|
(2,217,107
|
)
|
190,664
|
(1,880,804
|
)
|
(1,511,589
|
)
|
||||||||||||
Discontinued operations:
|
|||||||||||||||||||||
Operating income (loss) from discontinued operations, excluding impairment charge
|
—
|
—
|
230,048
|
1,393,465
|
(370,796
|
)
|
|||||||||||||||
Impairment charge
|
—
|
—
|
—
|
—
|
(5,371,428
|
)
|
|||||||||||||||
Gain on debt extinguishment
|
—
|
—
|
—
|
1,241,724
|
—
|
||||||||||||||||
Gain on sale of operating properties, net of tax expense
|
—
|
3,198,772
|
—
|
486,692
|
—
|
||||||||||||||||
Income (loss) from discontinued operations
|
—
|
3,198,772
|
230,048
|
3,121,881
|
(5,742,224
|
)
|
|||||||||||||||
(Loss) income before gain on sale of operating properties
|
(3,195,704
|
)
|
981,665
|
420,712
|
1,241,077
|
(7,253,813
|
)
|
||||||||||||||
Gain on sale of operating properties
|
—
|
3,489,338
|
—
|
—
|
—
|
||||||||||||||||
Consolidated net (loss) income
|
(3,195,704
|
)
|
4,471,003
|
420,712
|
1,241,077
|
(7,253,813
|
)
|
||||||||||||||
Net loss (income) attributable to noncontrolling interest
|
219,502
|
(138,912
|
)
|
34,193
|
15,173
|
661,009
|
|||||||||||||||
Net (loss) income attributable to Kite Realty Group Trust
|
(2,976,202
|
)
|
4,332,091
|
454,905
|
1,256,250
|
(6,592,804
|
)
|
||||||||||||||
Dividends on preferred shares
|
(2,114,063
|
)
|
(2,114,063
|
)
|
(2,114,063
|
)
|
(2,114,063
|
)
|
(2,114,063
|
)
|
|||||||||||
Net (loss) income attributable to common shareholders
|
$
|
(5,090,265
|
)
|
$
|
2,218,029
|
$
|
(1,659,158
|
)
|
$
|
(857,813
|
)
|
$
|
(8,706,867
|
)
|
|||||||
NOI/Revenue
|
72.9%
|
71.6%
|
71.1%
|
72.8%
|
72.5%
|
||||||||||||||||
Recovery Ratio4
|
|||||||||||||||||||||
– Retail Only
|
89.5%
|
85.7%
|
85.9%
|
85.4%
|
83.4%
|
||||||||||||||||
– Total Portfolio
|
84.3%
|
81.1%
|
77.1%
|
78.2%
|
75.0%
|
||||||||||||||||
____________________
|
|
1
|
Other property related revenue for the three months ended June 30, 2014 includes a pre-tax gain of $0.3 million from the sale of residential units at Eddy Street Commons and $0.3 million from the sale of an outlot at Tarpon Bay Plaza.
|
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 $0.8 million) allocable to the property operations in the three months ended June 30, 2014, a portion of which is recoverable. Non-recoverable expenses primarily include bad debt, ground rent, and legal expenses.
|
4
|
“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
|
$ | 270,079,047 | 31 | % | 5.76 | % | 3.9 | |||||||||
Variable Rate Debt (Hedged)
|
327,293,793 | 37 | % | 3.13 | % | 3.7 | ||||||||||
Total Fixed Rate Debt
|
597,372,840 | 68 | % | 4.32 | % | 3.8 | ||||||||||
Variable Rate Debt:
|
||||||||||||||||
Construction Loans
|
168,820,875 | 19 | % | 2.20 | % | 1.1 | ||||||||||
Other Variable
|
60,556,366 | 7 | % | 2.31 | % | 4.2 | ||||||||||
Corporate Unsecured
|
375,000,000 | 43 | % | 1.84 | % | 4.3 | ||||||||||
Variable Rate Debt (Hedged)
|
-327,293,793 | -37 | % | -1.99 | % | -3.7 | ||||||||||
Total Variable Rate Debt
|
277,083,448 | 32 | % | 1.99 | % | 3.0 | ||||||||||
Net Premiums
|
60,645 | N/A | N/A | N/A | ||||||||||||
Total
|
$ | 874,516, 933 | 100 | % | 3.58 | % | 3.5 |
SCHEDULE OF MATURITIES BY YEAR
|
||||||||||||||||||||
Mortgage Debt
|
Construction
Loans
|
Total Outstanding Debt
|
||||||||||||||||||
Scheduled Principal Payments
|
Term
Maturities
|
Corporate
Debt2
|
||||||||||||||||||
2014
|
$ | 3,080,887 | $ | - | $ | - | $ | 76,595,896 | $ | 79,676,783 | ||||||||||
2015
|
6,033,032 | 42,775,241 | - | 52,930,680 | 101,738,953 | |||||||||||||||
2016
|
5,181,112 | 128,248,112 | - | 39,294,299 | 172,723,523 | |||||||||||||||
2017
|
3,693,899 | 10,390,814 | - | - | 14,084,713 | |||||||||||||||
2018
|
3,417,765 | 10,378,899 | 145,000,000 | - | 158,796,664 | |||||||||||||||
2019
|
3,207,185 | - | 230,000,000 | - | 233,207,185 | |||||||||||||||
2020
|
2,925,368 | 23,172,485 | - | - | 26,097,853 | |||||||||||||||
2021 and beyond
|
1,683,094 | 86,447,520 | - | - | 88,130,614 | |||||||||||||||
Net Premiums on Acquired Debt
|
60,645 | - | - | - | 60,645 | |||||||||||||||
Total
|
$ | 29,282,987 | $ | 301,413,071 | $ | 375,000,000 | $ | 168,820,875 | $ | 874,516,933 |
____________________
|
|
1
|
Calculations on Hedged Debt assume a weighted average spread over LIBOR on all variable rate debt, consistent with the hedges’ designation.
|
2
|
This presentation reflects the Company’s exercise of its option to extend the maturity date by one year to February 26, 2018 for the Company’s revolving line of credit. On July 1, 2014, the line of credit and term loan were amended and restated to increase capacity and reduce interest rates.
|
____________________
|
|
1
|
At June 30, 2014, one-month LIBOR interest rate was 0.16%.
|
2
|
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.
|
3
|
The Company has a preferred return, then a 50% interest. This 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 62 unencumbered properties of which 56 are wholly owned and are guarantors under the unsecured credit facility and unsecured term loan. The major unencumbered properties include: 12th Street Plaza, Beechwood Promenade, Bolton Plaza, Burnt Store Promenade, Castleton Crossing, Clay Marketplace, Cobblestone Plaza, Cool Springs Market, The Corner, Courthouse Shadows, Cove Center, Estero Town Commons, Fox Lake Crossing, Gainesville Plaza, Glendale Town Center, Hunter’s Creek Promenade, King's Lake, Kingwood Commons, Lakewood Promenade, Lithia Crossing, Market Street Village, Northdale Promenade, Oleander Place, Plaza at Cedar Hill, Portofino Shopping Center, Shoppes Plaza Green, Publix Woodruff, Shops at Eagle Creek, Shoppes of Eastwood, Shops at Rivers Edge, Stoney Creek Commons, Tarpon Bay Plaza, Traders Point II, Trussville Promenade I, Trussville Promenade II, Toringdon Market, Union Station Parking Garage, and Waterford Lakes.
|
6
|
Assumes Company exercises its option to extend the maturity date by six months.
|
7
|
The Company has a preferred return, then a 60% interest.
|
8
|
Loans were paid off on July 1, 2014 upon closing of merger with Inland Diversified.
|
Floating Rate Debt Hedged1
|
||||||||||||||
Lender
|
Loan Type
|
LIBOR Hedge Rate
|
Maturity Date
|
Balance as of
June 30, 2014
|
Monthly Debt
Service as of
June 30, 2014
|
|||||||||
US Bank
|
Variable Rate
|
0.26 | % |
11/18/14
|
$ | 56,000,000 | $ | 12,250 | ||||||
Associated Bank
|
Variable Rate
|
1.35 | % |
12/31/16
|
15,100,000 | 16,954 | ||||||||
KeyBank
|
Variable Rate
|
3.31 | % |
1/3/17
|
14,043,793 | 38,737 | ||||||||
Various Banks
|
Variable Rate
|
0.91 | % |
2/26/18
|
50,000,000 | 37,750 | ||||||||
JP Morgan
|
Variable Rate
|
1.49 | % |
8/21/18
|
40,950,000 | 50,710 | ||||||||
Various Banks
|
Variable Rate
|
1.52 | % |
4/30/19
|
125,000,000 | 158,167 | ||||||||
Old National
|
Variable Rate
|
1.33 | % |
1/4/20
|
10,000,000 | 11,083 | ||||||||
Associated Bank
|
Variable Rate
|
2.12 | % |
1/15/20
|
16,200,000 | 28,620 | ||||||||
Total
|
$ | 327,293,793 | $ | 354,271 |
____________________
|
||
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 June 30, 2014.
|
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
|
13 | 623,134 | 13 | 623,134 | 0 | 0 | ||||||||||||||||||
Wal-Mart
|
4 | 583,742 | 1 | 203,742 | 3 | 380,000 | ||||||||||||||||||
TJX Companies5
|
10 | 339,974 | 10 | 339,974 | 0 | 0 | ||||||||||||||||||
Dick's Sporting Goods
|
5 | 260,502 | 5 | 260,502 | 0 | 0 | ||||||||||||||||||
Bed Bath & Beyond4
|
9 | 258,668 | 9 | 258,668 | 0 | 0 | ||||||||||||||||||
Stein Mart
|
7 | 243,222 | 7 | 243,222 | 0 | 0 | ||||||||||||||||||
Beall's
|
4 | 240,996 | 3 | 204,552 | 1 | 36,444 | ||||||||||||||||||
Federated Department Stores
|
1 | 237,455 | 1 | 237,455 | 0 | 0 | ||||||||||||||||||
Total
|
65 | 4,296,638 | 51 | 2,500,246 | 14 | 1,796,392 |
____________________
|
|
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.
|
5
|
Includes TJ Maxx, Home Goods and Marshalls, 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 June 30, 2014.
|
Tenant
|
Type of
Property
|
Moody’s
Credit
Rating6
|
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
|
NR
|
13 | 623,134 | 6.9% | $ | 5,699,860 | $ | 9.15 | 4.7% | ||||||||||||||||||
TJX Companies 5
|
Retail
|
A3 | 10 | 339,974 | 3.8% | 2,997,897 | 8.82 | 2.5% | ||||||||||||||||||||
Bed Bath & Beyond 4
|
Retail
|
Baa1
|
9 | 258,668 | 2.9% | 2,842,608 | 10.99 | 2.3% | ||||||||||||||||||||
Dick's Sporting Goods
|
Retail
|
NR
|
5 | 260,502 | 2.9% | 2,508,174 | 9.63 | 2.1% | ||||||||||||||||||||
PetSmart
|
Retail
|
NR
|
7 | 171,215 | 1.9% | 2,354,649 | 13.75 | 1.9% | ||||||||||||||||||||
Lowe’s Home Improvement
|
Retail
|
A3 | 2 | 128,997 | 1.4% | 1,764,000 | 6.04 | 1.5% | ||||||||||||||||||||
Stein Mart
|
Retail
|
NR
|
7 | 243,222 | 2.7% | 1,642,208 | 6.75 | 1.4% | ||||||||||||||||||||
Marsh Supermarkets
|
Retail
|
NR
|
2 | 124,902 | 1.4% | 1,633,958 | 13.08 | 1.3% | ||||||||||||||||||||
Beall's
|
Retail
|
NR
|
3 | 204,552 | 2.3% | 1,632,407 | 7.98 | 1.3% | ||||||||||||||||||||
Staples
|
Retail
|
Baa2
|
5 | 101,762 | 1.1% | 1,499,621 | 14.74 | 1.2% | ||||||||||||||||||||
Walgreens
|
Retail
|
Baa1
|
3 | 52,332 | 0.6% | 1,425,191 | 27.23 | 1.2% | ||||||||||||||||||||
Indiana Supreme Court
|
Commercial
|
NR
|
1 | 78,313 | 0.9% | 1,404,935 | 17.94 | 1.2% | ||||||||||||||||||||
Michaels
|
Retail
|
B3 | 5 | 114,103 | 1.3% | 1,380,070 | 12.09 | 1.1% | ||||||||||||||||||||
Burlington Coat Factory
|
Retail
|
NR
|
2 | 182,400 | 2.0% | 1,212,000 | 6.64 | 1.0% | ||||||||||||||||||||
Office Depot/Office Max
|
Retail
|
B2 | 5 | 112,338 | 1.2% | 1,198,715 | 10.67 | 1.0% | ||||||||||||||||||||
HEB Grocery Company
|
Retail
|
NR
|
1 | 105,000 | 1.2% | 1,155,000 | 11.00 | 1.0% | ||||||||||||||||||||
Wal-Mart
|
Retail
|
Aa2
|
1 | 203,742 | 2.3% | 1,100,207 | 5.40 | 0.9% | ||||||||||||||||||||
LA Fitness
|
Retail
|
B2 | 2 | 73,000 | 0.8% | 1,049,000 | 14.37 | 0.9% | ||||||||||||||||||||
Whole Foods
|
Retail
|
NR
|
2 | 66,144 | 0.7% | 1,043,976 | 15.78 | 0.9% | ||||||||||||||||||||
Mattress Firm
|
Retail
|
B2 | 9 | 37,523 | 0.4% | 959,871 | 25.58 | 0.8% | ||||||||||||||||||||
Regal Cinemas
|
Retail
|
B1 | 1 | 63,260 | 0.7% | 930,555 | 14.71 | 0.8% | ||||||||||||||||||||
DSW
|
Retail
|
NR
|
3 | 63,380 | 0.7% | 922,372 | 14.55 | 0.8% | ||||||||||||||||||||
Ross Stores
|
Retail
|
NR
|
3 | 87,574 | 1.0% | 856,087 | 9.78 | 0.7% | ||||||||||||||||||||
City Financial Corp
|
Commercial
|
NR
|
1 | 52,151 | 0.6% | 855,000 | 16.39 | 0.7% | ||||||||||||||||||||
Franks Theater CineBowl & Grille
|
Retail
|
NR
|
1 | 62,280 | 0.7% | 850,752 | 13.66 | 0.7% | ||||||||||||||||||||
TOTAL
|
103 | 3,810,468 | 42.3% | $ | 40,919,113 | $ | 10.30 | 33.8% |
____________________
|
|
1
|
Annualized base rent represents the monthly contractual rent for June 2014 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 TJ Maxx, Marshalls and HomeGoods
|
6
|
NR = Not rated
|
·
|
Operating retail properties;
|
·
|
Operating commercial properties; and
|
·
|
Development property tenants open for business or ground lease tenants who commenced paying rent as of June 30, 2014.
|
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
|
||||||||||
2014
|
69
|
272,669
|
3.1%
|
$
|
3,607,647
|
3.0%
|
$
|
13.23
|
$
|
255,475
|
||||||
2015
|
130
|
1,019,905
|
11.6%
|
12,718,749
|
10.7%
|
12.47
|
219,650
|
|||||||||
2016
|
145
|
1,123,004
|
12.8%
|
12,875,052
|
10.8%
|
11.46
|
0
|
|||||||||
2017
|
134
|
892,741
|
10.2%
|
13,020,613
|
10.9%
|
14.58
|
377,556
|
|||||||||
2018
|
139
|
897,067
|
10.2%
|
12,426,470
|
10.4%
|
13.85
|
0
|
|||||||||
2019
|
108
|
613,048
|
7.0%
|
9,146,827
|
7.7%
|
14.92
|
118,000
|
|||||||||
2020
|
63
|
926,512
|
10.6%
|
10,183,396
|
8.6%
|
10.99
|
156,852
|
|||||||||
2021
|
50
|
591,019
|
6.7%
|
7,395,541
|
6.2%
|
12.51
|
0
|
|||||||||
2022
|
49
|
482,365
|
5.5%
|
7,320,117
|
6.2%
|
15.18
|
0
|
|||||||||
2023
|
79
|
623,029
|
7.1%
|
10,121,804
|
8.5%
|
16.25
|
260,000
|
|||||||||
Beyond
|
96
|
1,328,787
|
15.2%
|
20,254,961
|
17.0%
|
15.24
|
2,279,898
|
|||||||||
1,062
|
8,770,146
|
100.0%
|
$
|
119,071,176
|
100.0%
|
$
|
13.58
|
$
|
3,667,431
|
____________________
|
|
1
|
Lease expiration table reflects rents in place as of June 30, 2014 and does not include option periods; 2014 expirations include 32 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 June 2014 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 June 30, 2014.
|
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
|
||||||||||
2014
|
5
|
136,213
|
1.6%
|
$
|
875,606
|
0.7%
|
$
|
6.43
|
$
|
0
|
||||||
2015
|
22
|
711,266
|
8.1%
|
6,466,996
|
5.4%
|
9.09
|
0
|
|||||||||
2016
|
21
|
769,449
|
8.8%
|
5,948,636
|
5.0%
|
7.73
|
0
|
|||||||||
2017
|
19
|
552,008
|
6.3%
|
5,940,895
|
4.9%
|
10.76
|
0
|
|||||||||
2018
|
14
|
575,076
|
6.6%
|
5,002,685
|
4.2%
|
8.70
|
0
|
|||||||||
2019
|
15
|
390,268
|
4.5%
|
3,922,125
|
3.3%
|
10.05
|
0
|
|||||||||
2020
|
16
|
785,365
|
9.0%
|
7,085,327
|
6.0%
|
9.02
|
0
|
|||||||||
2021
|
16
|
485,360
|
5.5%
|
4,888,279
|
4.1%
|
10.07
|
0
|
|||||||||
2022
|
13
|
324,001
|
3.7%
|
4,060,985
|
3.4%
|
12.53
|
0
|
|||||||||
2023
|
15
|
369,127
|
4.2%
|
4,282,982
|
3.6%
|
11.60
|
0
|
|||||||||
Beyond
|
27
|
1,007,053
|
11.5%
|
13,310,022
|
11.1%
|
13.22
|
990,000
|
|||||||||
183
|
6,105,186
|
69.6%
|
$
|
61,784,539
|
51.9%
|
$
|
10.12
|
$
|
990,000
|
____________________
|
|
1
|
Retail anchor tenants are defined as tenants that occupy 10,000 square feet or more and include 3 month-to-month tenants.
|
2
|
Lease expiration table reflects rents in place as of June 30, 2014 and does not include option periods. 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 June 2014 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 June 30, 2014.
|
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
|
||||||||||
2014
|
64
|
136,456
|
1.6%
|
$
|
2,732,041
|
2.4%
|
$
|
20.02
|
$
|
255,475
|
||||||
2015
|
106
|
270,055
|
3.1%
|
5,522,297
|
4.6%
|
20.45
|
219,650
|
|||||||||
2016
|
124
|
353,555
|
4.0%
|
6,926,416
|
5.8%
|
19.59
|
0
|
|||||||||
2017
|
113
|
257,623
|
2.9%
|
5,583,870
|
4.7%
|
21.67
|
377,556
|
|||||||||
2018
|
123
|
304,154
|
3.5%
|
7,040,213
|
5.9%
|
23.15
|
0
|
|||||||||
2019
|
92
|
217,527
|
2.5%
|
5,123,581
|
4.3%
|
23.55
|
118,000
|
|||||||||
2020
|
46
|
131,078
|
1.5%
|
2,914,301
|
2.5%
|
22.23
|
156,852
|
|||||||||
2021
|
33
|
99,497
|
1.1%
|
2,365,530
|
2.0%
|
23.77
|
0
|
|||||||||
2022
|
33
|
107,318
|
1.2%
|
2,385,513
|
2.0%
|
22.23
|
0
|
|||||||||
2023
|
62
|
220,914
|
2.5%
|
5,170,633
|
4.3%
|
23.41
|
260,000
|
|||||||||
Beyond
|
65
|
214,810
|
2.5%
|
5,528,516
|
4.7%
|
25.74
|
1,289,898
|
|||||||||
861
|
2,312,987
|
26.4%
|
$
|
51,292,911
|
43.1%
|
$
|
22.18
|
$
|
2,677,431
|
____________________
|
|
1
|
Lease expiration table reflects rents in place as of June 30, 2014, and does not include option periods; 2014 expirations include 28 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 June 2014 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.
|
||||||||
2014
|
0
|
0
|
0.0%
|
$
|
0
|
0.0%
|
$
|
0.00
|
|||||
2015
|
2
|
38,584
|
0.4%
|
729,456
|
0.6%
|
18.91
|
|||||||
2016
|
0
|
0
|
0.0%
|
0
|
0.0%
|
0.00
|
|||||||
2017
|
2
|
83,110
|
1.0%
|
1,495,847
|
1.3%
|
18.00
|
|||||||
2018
|
2
|
17,837
|
0.2%
|
383,572
|
0.3%
|
21.50
|
|||||||
2019
|
1
|
5,253
|
0.1%
|
101,120
|
0.1%
|
19.25
|
|||||||
2020
|
1
|
10,069
|
0.1%
|
183,768
|
0.2%
|
18.25
|
|||||||
2021
|
1
|
6,162
|
0.1%
|
141,732
|
0.1%
|
23.00
|
|||||||
2022
|
3
|
51,046
|
0.6%
|
873,619
|
0.7%
|
17.11
|
|||||||
2023
|
2
|
32,988
|
0.4%
|
668,189
|
0.6%
|
20.26
|
|||||||
Beyond
|
4
|
106,924
|
1.2%
|
1,416,423
|
1.2%
|
13.25
|
|||||||
18
|
351,973
|
4.0%
|
$
|
5,993,726
|
5.0%
|
$
|
17.03
|
____________________
|
|
1
|
Lease expiration table reflects rents in place as of June 30, 2014 and does not include option periods. This column also excludes ground leases.
|
2
|
Annualized base rent represents the monthly contractual rent for June 30, 2014 for each applicable property multiplied by 12. Excludes tenant reimbursements.
|
June 30,
2014
|
March 31,
2014
|
December 31,
2013
|
September 30,
2013
|
June 30,
2013
|
||||||||||||||||
Company Owned GLA – Operating Retail1
|
8,489,877 | 8,483,449 | 8,358,846 | 6,065,122 | 6,289,945 | |||||||||||||||
Total GLA – Operating Retail1
|
11,296,321 | 11,295,013 | 11,463,830 | 8,483,361 | 8,930,133 | |||||||||||||||
Projected Owned GLA of Development and Redevelopment Projects Under Construction
|
831,698 | 914,636 | 879,754 | 1,199,235 | 1,111,082 | |||||||||||||||
Projected Total GLA of Development and Redevelopment Projects Under Construction2
|
1,055,093 | 1,138,031 | 1,073,890 | 1,570,540 | 1,482,387 | |||||||||||||||
Number of Operating Retail Properties
|
64 | 64 | 66 | 55 | 57 | |||||||||||||||
Number of Retail Development Properties Under Construction
|
3 | 2 | 2 | 3 | 4 | |||||||||||||||
Number of Retail Redevelopment Properties
|
4 | 4 | 4 | 5 | 4 | |||||||||||||||
Percentage Leased – Operating Retail
|
95.2% | 95.3% | 95.3% | 95.9% | 95.4% | |||||||||||||||
Annualized Base Rent & Ground Lease Revenue – Operating Retail Properties3 (excludes redevelopment)
|
$ | 112,602,606 | $ | 112,631,533 | $ | 108,829,221 | $ | 80,106,832 | $ | 82,155,103 | ||||||||||
____________________
|
|
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
|
June 30,
2014
|
March 31,
2014
|
December 31,
2013
|
September 30,
2013
|
June 30,
2013
|
|||||||||||||||
Company Owned Net Rentable Area (NRA)1
|
386,852 | 386,852 | 386,852 | 379,974 | 379,974 | |||||||||||||||
Number of Operating Commercial Properties,4
|
2 | 2 | 2 | 2 | 2 | |||||||||||||||
Percentage Leased – Operating Commercial Properties
|
95.2% | 95.2% | 95.2% | 94.2% | 95.2% | |||||||||||||||
Annualized Base Rent – Commercial Properties2,3
|
$ | 5,993,727 | $ | 5,993,732 | $ | 5,941,788 | $ | 5,936,163 | $ | 6,068,454 |
____________________
|
|
1
|
Company Owned NRA does not include square footage of Union Station Parking Garage, a detached parking garage supporting the Thirty South property that includes approximately 850 parking spaces. It is managed by a third party.
|
2
|
Annualized Base Rent does not include tenant reimbursements or income attributable to the Union Station Parking Garage.
|
3
|
Annualized Base Rent includes $723,216 from KRG and subsidiaries as of June 30, 2014.
|
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
June 30, 20146
|
Major Tenants and
Non-owned Anchors
|
|
Holly Springs Towne Center, NC - Phase II
|
100%
|
Raleigh
|
Q3 2015
|
132,958
|
164,958
|
0.0%
|
79.5%
|
$49,000
|
$17,708
|
Target (non-owned), Frank Theatres, Bed Bath & Beyond, DSW, Jr. Box
|
|
Parkside Town Commons, NC – Phase I8
|
100%
|
Raleigh
|
Q2 2014
|
104,978
|
245,573
|
63.1%
|
91.5%
|
39,000
|
37,383
|
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%
|
63.9%
|
70,000
|
40,449
|
Frank Theatres, Golf Galaxy, Field & Stream
|
|
Total
|
513,368
|
734,791
|
12.9%
|
73.6%
|
$158,000
|
$95,540
|
|||||
Cost incurred as of June 30, 2014 included in Construction In Progress on balance sheet
|
$67,708
|
____________________
|
|
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 16,387 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 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 June 30, 20146
|
Major Tenants and
Non-owned Anchors
|
|
Bolton Plaza, FL
|
100%
|
Jacksonville
|
Q1 2014
|
155,637
|
155,637
|
85.4%
|
85.4%
|
$10,300
|
$ 6,748
|
Academy Sports & Outdoors, LA Fitness/Shops
|
|
Gainesville Plaza, FL
|
100%
|
Gainesville
|
Q2 2015
|
162,693
|
164,665
|
27.5%
|
81.6%
|
14,300
|
3,372
|
Burlington Coat Factory, Ross
|
|
Total
|
318,330
|
320,302
|
55.6%
|
83.5%
|
$24,600
|
$10,120
|
|||||
Cost incurred as of June 30, 2014 included in Construction In Progress on balance sheet
|
$3,371
|
Pending Commencement of Construction:
|
|||||||||||
Project
|
Company Ownership %
|
MSA
|
Actual/
Projected Opening
Date1
|
Projected
Owned
GLA2
|
Projected
Total
GLA3
|
Total
Estimated
Project
Cost7
|
Cost
Incurred
as of June 30, 20146
|
Major Tenants and
Non-owned Anchors
|
|||
Hamilton Crossing, IN
|
100%
|
Indianapolis
|
TBD
|
69,596
|
77,296
|
TBD
|
30
|
TBD
|
|||
Courthouse Shadows, FL
|
100%
|
Naples
|
TBD
|
134,867
|
134,867
|
TBD
|
500
|
Grocer, Office Max
|
|||
Total
|
204,463
|
212,163
|
$530
|
||||||||
Cost incurred as of June 30, 2014 included in Construction In Progress on balance sheet
|
$530
|
See prior page for footnotes
|
Summary of Construction In Progress on Consolidated Balance Sheet ($ in thousands):
|
||||
Cost incurred for development projects under construction
|
$ | 67,708 | ||
Cost incurred for redevelopment projects under construction
|
3,371 | |||
Cost incurred for redevelopment projects pending construction
|
530 | |||
Holly Springs Towne Center – Phase III
|
4,362 | |||
Miscellaneous tenant improvements and small projects
|
12,140 | |||
Construction In Progress on Consolidated Balance Sheet
|
$ | 88,111 |
Property Name
|
Property Type
|
State
|
MSA
|
Date
Sold
|
Sales
Price
|
|||
50th & 12th
|
Single tenant (Walgreens)
|
WA
|
Seattle
|
1/7/14
|
$
|
8,640,000
|
||
Red Bank Commons
|
Unanchored strip center
|
IN
|
Evansville
|
3/7/14
|
5,300,000
|
|||
Ridge Plaza
|
A & P Grocery-anchored center
|
NJ
|
Oak Ridge
|
3/31/14
|
21,250,000
|
|||
Total
|
$
|
35,190,000
|
Number of Operating Properties1
|
Owned GLA/NRA2
|
Percent of Owned GLA/NRA
|
Total
Number of
Leases
|
Annualized
Base Rent3
|
Percent of
Annualized
Base Rent
|
Annualized
Base Rent per
Leased Sq. Ft.
|
|||||||||
Indiana
|
22
|
2,496,891
|
28.2%
|
253
|
$
|
33,885,020
|
29.5%
|
$
|
13.96
|
||||||
· Retail
|
20
|
2,127,335
|
24.0%
|
235
|
27,891,294
|
24.3%
|
13.44
|
||||||||
· Commercial
|
2
|
369,556
|
4.2%
|
18
|
5,993,726
|
5.2%
|
17.03
|
||||||||
Florida
|
20
|
2,436,491
|
27.5%
|
364
|
32,351,970
|
28.1%
|
14.39
|
||||||||
Texas
|
7
|
1,566,401
|
17.7%
|
156
|
20,799,157
|
18.1%
|
13.60
|
||||||||
Alabama
|
2
|
512,649
|
5.8%
|
47
|
4,751,625
|
4.1%
|
9.69
|
||||||||
Georgia
|
3
|
485,924
|
5.5%
|
61
|
5,456,148
|
4.7%
|
11.66
|
||||||||
North Carolina
|
3
|
316,039
|
3.6%
|
53
|
4,858,727
|
4.2%
|
16.49
|
||||||||
South Carolina
|
2
|
262,862
|
3.0%
|
21
|
2,930,114
|
2.6%
|
11.68
|
||||||||
Ohio
|
1
|
236,230
|
2.7%
|
7
|
2,062,668
|
1.8%
|
8.73
|
||||||||
Tennessee
|
1
|
223,912
|
2.5%
|
18
|
2,898,020
|
2.5%
|
14.91
|
||||||||
Illinois
|
2
|
182,865
|
2.1%
|
20
|
2,319,300
|
2.0%
|
13.41
|
||||||||
Washington
|
1
|
107,998
|
1.2%
|
25
|
2,140,907
|
1.9%
|
21.45
|
||||||||
Oregon
|
2
|
31,171
|
0.4%
|
13
|
553,894
|
0.5%
|
23.63
|
||||||||
Total
|
66
|
8,859,433
|
100.0%
|
1,038
|
$
|
115,007,551
|
100.0%
|
$
|
13.63
|
____________________
|
|
1
|
This table includes operating retail properties, operating commercial properties, and ground lease tenants who commenced paying rent as of June 30, 2014 and excludes four 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 $3,667,431 in annualized ground lease revenue attributable to parcels and outlots owned by the Company and ground leased to tenants.
|
Year
|
Owned GLA2
|
Leased
|
||||||||||
Property1
|
MSA
|
Built/
Renovated
|
Total
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
ABR
per Sqft
|
Major Tenants
|
Non-owned Tenants
|
|
Alabama
|
||||||||||||
Clay Marketplace
|
Birmingham
|
1966/2003
|
66,165
|
44,840
|
21,325
|
94.7%
|
100.0%
|
83.5%
|
$12.55
|
Publix
|
||
Trussville Promenade
|
Birmingham
|
1999
|
446,484
|
354,010
|
92,474
|
95.8%
|
100.0%
|
79.8%
|
9.27
|
Wal-Mart, Regal Cinemas, Marshalls, Big Lots, PetSmart, Dollar Tree
|
Kohl's, Sam's Club
|
|
Florida
|
||||||||||||
12th Street Plaza
|
Vero Beach
|
1978/2003
|
138,268
|
121,376
|
16,892
|
96.6%
|
100.0%
|
72.5%
|
9.58
|
Publix, Stein Mart, Tuesday Morning, Sunshine Furniture, Planet Fitness
|
||
Bayport Commons4
|
Oldsmar
|
2008
|
97,193
|
71,540
|
25,653
|
92.9%
|
100.0%
|
73.0%
|
15.84
|
Gander Mountain, PetSmart, Michaels
|
Target
|
|
Burnt Store Promenade
|
Punta Gorda
|
1989
|
94,223
|
42,112
|
52,111
|
74.9%
|
100.0%
|
54.6%
|
8.96
|
Publix
|
Home Depot
|
|
Cobblestone Plaza
|
Ft. Lauderdale
|
2011
|
133,213
|
68,169
|
65,044
|
99.2%
|
100.0%
|
98.3%
|
25.71
|
Whole Foods, Party City, All Pets Emporium
|
||
Cove Center
|
Stuart
|
1984/2008
|
155,063
|
130,915
|
24,148
|
95.0%
|
100.0%
|
68.0%
|
8.86
|
Publix, Beall's
|
||
Delray Marketplace
|
Delray
|
2013
|
260,153
|
107,880
|
152,273
|
87.8%
|
100.0%
|
79.1%
|
22.81
|
Franks Theater, Publix, Jos. A. Bank, Chicos, Charming Charlie, Ann Taylor
|
||
Estero Town Commons
|
Naples
|
2006
|
25,631
|
-
|
25,631
|
46.8%
|
0.0%
|
46.8%
|
18.57
|
Lowe’s
|
||
Hunter's Creek Promenade
|
Orlando
|
1994
|
119,729
|
55,999
|
63,730
|
97.1%
|
100.0%
|
94.5%
|
12.59
|
Publix
|
||
Indian River Square
|
Vero Beach
|
1997/2004
|
142,706
|
109,000
|
33,706
|
95.9%
|
100.0%
|
82.8%
|
10.87
|
Beall's, Office Depot
|
Target,Lowe’s Home Improvement
|
|
International Speedway Square
|
Daytona
|
1999
|
233,495
|
203,457
|
30,038
|
98.4%
|
100.0%
|
87.8%
|
10.87
|
Bed, Bath & Beyond, Stein Mart, Old Navy, Staples, Michaels, Dick’s Sporting Goods, Total Wine & More
|
||
King’s Lake Square
|
Naples
|
1986/2014
|
88,584
|
56,041
|
32,543
|
87.8%
|
100.0%
|
66.8%
|
17.14
|
Publix
|
||
Lakewood Promenade
|
Jacksonville
|
1948/1998
|
196,820
|
77,840
|
118,980
|
83.2%
|
100.0%
|
72.2%
|
11.20
|
SteinMart, Winn Dixie
|
||
Lithia Crossing
|
Tampa
|
2003
|
91,043
|
54,091
|
36,952
|
87.3%
|
100.0%
|
68.8%
|
13.69
|
Stein Mart, Fresh Market
|
||
Northdale Promenade
|
Tampa
|
1985/2002
|
175,925
|
118,269
|
57,656
|
94.5%
|
100.0%
|
83.1%
|
11.61
|
TJ Maxx, Bealls, Crunch Fitness
|
Sweetbay
|
|
Pine Ridge Crossing
|
Naples
|
1993
|
105,867
|
66,351
|
39,516
|
95.4%
|
100.0%
|
87.7%
|
15.92
|
Publix
|
Target, Beall's
|
|
Riverchase Plaza
|
Naples
|
1991/2001
|
78,291
|
48,890
|
29,401
|
98.5%
|
100.0%
|
95.9%
|
15.19
|
Publix
|
||
Shops at Eastwood
|
Orlando
|
1997
|
69,037
|
51,512
|
17,525
|
98.1%
|
100.0%
|
92.6%
|
12.68
|
Publix
|
||
Shops at Eagle Creek
|
Naples
|
1983
|
70,755
|
50,187
|
20,568
|
89.7%
|
100.0%
|
64.5%
|
14.80
|
Staples, Fresh Market
|
Lowe’s Home Improvement
|
|
Tarpon Springs Plaza
|
Naples
|
2007
|
82,547
|
60,151
|
22,396
|
96.6%
|
100.0%
|
87.5%
|
21.79
|
Cost Plus, AC Moore, Staples
|
Target
|
|
Waterford Lakes Village
|
Orlando
|
1997
|
77,948
|
51,703
|
26,245
|
96.7%
|
100.0%
|
90.1%
|
12.34
|
Winn-Dixie
|
||
Georgia
|
||||||||||||
Beechwood Promenade
|
Athens
|
1961
|
342,217
|
247,011
|
95,206
|
95.4%
|
100.0%
|
83.6%
|
11.46
|
TJ Maxx, Georgia Theatre, CVS, BodyPlex, SteinMart, Tuesday Morning, Fresh Market, Jos A. Bank, Ann Taylor, Talbots
|
||
Publix at Acworth
|
Atlanta
|
1996
|
69,628
|
37,888
|
31,740
|
96.6%
|
100.0%
|
92.4%
|
11.93
|
Publix
|
||
The Centre at Panola
|
Atlanta
|
2001
|
74,079
|
51,674
|
22,405
|
100.0%
|
100.0%
|
100.0%
|
12.30
|
Publix
|
||
Illinois
|
||||||||||||
Fox Lake Crossing
|
Chicago
|
2002
|
99,072
|
65,977
|
33,095
|
90.0%
|
100.0%
|
69.9%
|
13.43
|
Dominick's Finer Foods, Dollar Tree
|
||
Naperville Marketplace
|
Chicago
|
2008
|
83,793
|
61,683
|
22,110
|
100.0%
|
100.0%
|
100.0%
|
13.40
|
TJ Maxx, PetSmart
|
Caputo’s
|
|
Indiana
|
||||||||||||
54th & College5
|
Indianapolis
|
2008
|
-
|
-
|
-
|
*
|
0.0%
|
0.0%
|
-
|
The Fresh Market (Ground Lease)
|
||
Beacon Hill4
|
Crown Point
|
2006
|
57,191
|
11,043
|
46,148
|
84.0%
|
100.0%
|
80.1%
|
14.97
|
Strack & VanTill, Walgreens
|
||
Boulevard Crossing
|
Kokomo
|
2004
|
124,631
|
74,440
|
50,191
|
96.7%
|
100.0%
|
91.8%
|
14.23
|
Petco, TJ Maxx, Ulta Salon
|
Kohl's
|
|
Bridgewater Marketplace
|
Indianapolis
|
2008
|
25,975
|
-
|
25,975
|
68.2%
|
0.0%
|
68.2%
|
17.68
|
Walgreens
|
||
Castleton Crossing
|
Indianapolis
|
1975
|
277,812
|
247,710
|
30,102
|
100.0%
|
100.0%
|
100.0%
|
10.75
|
K&G Menswear, Value City, TJ Maxx, Shoe Carnival, Dollar Tree, Burlington Coat Factory
|
||
Cool Creek Commons
|
Indianapolis
|
2005
|
124,646
|
63,600
|
61,046
|
100.0%
|
100.0%
|
100.0%
|
16.79
|
The Fresh Market, Stein Mart, Bang Fitness
|
||
Depauw University Bookstore
and Café
|
Greencastle
|
2012
|
11,974
|
-
|
11,974
|
100.0%
|
0.0%
|
100.0%
|
8.36
|
Folletts, Starbucks
|
Year
|
Owned GLA2
|
Leased
|
||||||||||
Property1
|
MSA
|
Built/
Renovated
|
Total
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
ABR
per Sqft
|
Major Tenants
|
Non-owned Tenants
|
|
Eddy Street Commons
|
South Bend
|
2009
|
88,093
|
20,154
|
67,939
|
95.5%
|
100.0%
|
94.1%
|
22.49
|
Hammes Bookstore, Urban Outfitters
|
||
Fishers Station3
|
Indianapolis
|
1989
|
116,943
|
72,212
|
44,731
|
96.6%
|
100.0%
|
91.2%
|
11.72
|
Marsh Supermarkets, Goodwill, Dollar Tree
|
||
Geist Pavilion
|
Indianapolis
|
2006
|
64,102
|
29,700
|
34,402
|
95.9%
|
100.0%
|
92.3%
|
16.23
|
Goodwill, Ace Hardware
|
||
Glendale Town Commons
|
Indianapolis
|
1958/2008
|
393,002
|
329,546
|
63,456
|
99.1%
|
100.0%
|
94.5%
|
6.92
|
Macy’s, Landmark Theaters,
Staples, Indianapolis Library, Walgreens
|
Lowe’s Home Improvement, Target
|
|
Greyhound Commons5
|
Indianapolis
|
2005
|
-
|
-
|
-
|
*
|
0.0%
|
0.0%
|
-
|
Lowe’s Home Improvement
|
||
Rangeline Crossing
|
Indianapolis
|
1986/2013
|
97,511
|
47,962
|
49,549
|
93.5%
|
100.0%
|
87.2%
|
21.53
|
Earth Fare, Walgreens
|
||
Rivers Edge
|
Indianapolis
|
2011
|
149,209
|
117,890
|
31,319
|
100.0%
|
100.0%
|
100.0%
|
19.62
|
Buy Buy Baby, Nordstrom Rack, The Container Store, Arhaus Furniture
|
||
Stoney Creek Commons
|
Indianapolis
|
2000
|
84,330
|
84,330
|
-
|
100.0%
|
100.0%
|
0.0%
|
11.84
|
HH Gregg, Office Depot,
LA Fitness
|
Lowe’s Home Improvement
|
|
The Corner
|
Indianapolis
|
1984/2003
|
42,494
|
12,200
|
30,294
|
93.8%
|
100.0%
|
91.3%
|
15.95
|
Hancock Fabrics
|
||
Traders Point
|
Indianapolis
|
2005
|
279,684
|
238,721
|
40,963
|
99.2%
|
100.0%
|
94.3%
|
14.68
|
Dick's Sporting Goods, AMC Theatre, Marsh Supermarkets, Bed, Bath & Beyond, Michaels, Old Navy, PetSmart
|
||
Traders Point II
|
Indianapolis
|
2005
|
46,191
|
-
|
46,191
|
88.5%
|
0.0%
|
88.5%
|
25.18
|
|||
Whitehall Pike
|
Bloomington
|
1999
|
128,997
|
128,997
|
-
|
100.0%
|
100.0%
|
0.0%
|
7.86
|
Lowe’s Home Improvement
|
||
Zionsville Walgreens
|
Indianapolis
|
2012
|
14,550
|
14,550
|
-
|
100.0%
|
100.0%
|
0.0%
|
28.54
|
Walgreens
|
||
North Carolina
|
||||||||||||
Holly Springs Towne Center
|
Holly Springs
|
2013
|
207,589
|
109,233
|
98,356
|
90.8%
|
100.0%
|
80.6%
|
15.73
|
Dick's Sporting Goods, Marshalls, Petco, Ulta Salon
|
Target
|
|
Oleander Place
|
Wilmington
|
2012
|
47,911
|
30,144
|
17,767
|
95.0%
|
100.0%
|
86.6%
|
16.06
|
Whole Foods
|
||
Toringdon Market
|
Charlotte
|
2004
|
60,539
|
26,072
|
34,467
|
100.0%
|
100.0%
|
100.0%
|
19.19
|
Earth Fare
|
||
Ohio
|
||||||||||||
Eastgate Pavilion
|
Cincinnati
|
1995
|
236,230
|
231,730
|
4,500
|
100.0%
|
100.0%
|
100.0%
|
8.73
|
Best Buy, Dick's Sporting Goods, Value City Furniture, PetSmart, DSW
|
||
Oregon
|
||||||||||||
Cornelius Gateway4
|
Portland
|
2006
|
21,326
|
-
|
21,326
|
70.8%
|
0.0%
|
70.8%
|
21.10
|
Fedex/Kinkos
|
Walgreens
|
|
Shops at Otty
|
Portland
|
2004
|
9,845
|
-
|
9,845
|
84.7%
|
0.0%
|
84.7%
|
28.19
|
Wal-Mart
|
||
South Carolina
|
||||||||||||
Plaza Green
|
Greenville
|
2000
|
194,807
|
172,136
|
22,671
|
94.7%
|
94.1%
|
100.0%
|
12.15
|
Bed Bath & Beyond, Christmas Tree Shops, Sears, Party City, Shoe Carnival, AC Moore, Old Navy
|
||
Publix at Woodruff
|
Greenville
|
1997
|
68,055
|
47,955
|
20,100
|
97.4%
|
100.0%
|
91.0%
|
10.37
|
Publix
|
||
Tennessee
|
||||||||||||
Cool Springs Market
|
Nashville
|
1995
|
223,912
|
165,712
|
58,200
|
86.8%
|
87.9%
|
83.7%
|
14.91
|
Jo-Ann Fabric, Dicks Sporting Goods, Staples, Marshalls
|
Kroger
|
|
Texas
|
||||||||||||
Burlington Coat Factory
|
San Antonio
|
1992/2000
|
107,400
|
107,400
|
-
|
100.0%
|
100.0%
|
0.0%
|
5.00
|
Burlington Coat Factory
|
||
Kingwood Commons
|
Houston
|
1999
|
164,356
|
74,826
|
89,530
|
98.1%
|
100.0%
|
96.4%
|
18.43
|
Randall's Food and Drug, Petco, Chico's, Talbots, Ann Taylor, Jos. A. Bank
|
||
Market Street Village
|
Hurst
|
1970/2004
|
156,625
|
136,746
|
19,879
|
100.0%
|
100.0%
|
100.0%
|
11.60
|
Jo-Ann Fabric, Ross, Office Depot, Buy Buy Baby
|
||
Plaza at Cedar Hill
|
Dallas
|
2000
|
303,458
|
244,065
|
59,393
|
98.0%
|
100.0%
|
89.5%
|
12.28
|
Hobby Lobby, Office Max, Ross, Marshalls, Sprouts Farmers Market, Toys “R” Us/Babies “R” Us, DSW
|
Year
|
Owned GLA2
|
Leased
|
||||||||||
Property1
|
MSA
|
Built/
Renovated
|
Total
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
ABR
per Sqft
|
Major Tenants
|
Non-owned Tenants
|
|
Plaza Volente
|
Austin
|
2004
|
156,333
|
105,000
|
51,333
|
99.1%
|
100.0%
|
97.3%
|
15.84
|
H-E-B Grocery
|
||
Portofino Shopping Center
|
Houston
|
1999
|
371,792
|
211,858
|
159,934
|
94.0%
|
100.0%
|
86.1%
|
16.96
|
DSW, Michaels, Sports Authority, Lifeway Christian Store, SteinMart, Petsmart, Conn's Appliances, Old Navy
|
||
Sunland Towne Centre
|
El Paso
|
1996
|
306,437
|
265,037
|
41,400
|
98.9%
|
100.0%
|
91.7%
|
11.36
|
PetSmart, Ross, Kmart, Bed Bath & Beyond, Specs Fine Wines, Sprouts Farmers Market
|
||
Washington
|
||||||||||||
Four Corner Square
|
Maple Valley
|
1985/2013
|
107,998
|
68,046
|
39,952
|
92.4%
|
100.0%
|
79.5%
|
21.45
|
Walgreens, Grocery Outlet, Johnson’s Do-It Center
|
||
Total
|
8,489,877
|
5,897,581
|
2,592,296
|
95.2%
|
99.5%
|
85.5%
|
$13.48
|
____________________
|
|
1
|
All properties are wholly owned, except as indicated. Unless otherwise noted, each property is owned in fee simple by the Company.
|
2
|
Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of June 30, 2014, except for Greyhound Commons and 54th & College (see Note 5).
|
3
|
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.
|
4
|
The Company owns and manages the following properties through joint ventures with third parties: Beacon Hill (50%); Cornelius Gateway (80%); and Bayport Commons (60%).
|
5
|
Property consists of ground leases only and, therefore, no Owned GLA. As of June 30, 2014, the following were leased: 54th & College – a single ground lease property; Greyhound Commons – two of four outlots leased.
|
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
|
||||||||||||
Thirty South2
|
Indianapolis
|
1905/2002
|
Redeveloped
|
305,224
|
93.9%
|
$
|
4,865,147
|
81.2%
|
$
|
18.00
|
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%
|
1,128,580
|
18.8%
|
13.83
|
University of Notre Dame Offices
|
|||
Total
|
386,852
|
95.2%
|
$
|
5,993,727
|
100.0%
|
$
|
17.03
|
____________________
|
|
1
|
Annualized Base Rent represents the monthly contractual rent for June 2014 for each applicable property, multiplied by 12. Excludes tenant reimbursements.
|
2
|
Annualized Base Rent includes $723,216 from the Company and subsidiaries as of June 30, 2014.
|
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.
|
Full-Year 2014
|
||||
FFO per diluted common share, as adjusted
|
$0.49 – $0.52 | |||
Same Property NOI (updated Q1)
|
3.5% – 4.0% | |||
Percent leased at year-end
|
95% – 96% | |||
Asset Dispositions
|
$40 - $50 million
|
|||
# of Properties
|
Owned GLA
|
|||||||
Operating Properties1
|
126 | 19,578,904 | ||||||
Redevelopment Properties:
|
||||||||
- Under Construction
|
2 | 320,302 | ||||||
- Pending Construction
|
2 | 212,163 | ||||||
Subtotal Redevelopment Properties
|
4 | 532,465 | ||||||
Total Operating and Redevelopment Properties
|
130 | 20,111,369 | ||||||
Development Projects:
|
||||||||
- Under Construction
|
3 | 513,368 | ||||||
Total All Properties
|
133 | 20,624,737 | ||||||
____________________
|
1
|
Includes 124 retail and two commercial properties
|
Outstanding
Amount
|
Ratio
|
Weighted
Average
Interest Rate1
|
Weighted Average
Maturity (in years)
|
|||||||||||||
Fixed Rate Debt:
|
||||||||||||||||
Consolidated
|
$ | 894,802,258 | 54% | 5.07% | 5.8 | |||||||||||
Variable Rate Debt (Hedged)
|
490,620,654 | 29% | 3.29% | 3.7 | ||||||||||||
Total Fixed Rate Debt
|
1,385,422,912 | 83% | 4.44% | 5.1 | ||||||||||||
Variable Rate Debt:
|
||||||||||||||||
Construction Loans
|
132,395,579 | 8% | 2.14% | 1.2 | ||||||||||||
Other Variable
|
290,429,041 | 17% | 2.44% | 4.6 | ||||||||||||
Corporate Unsecured2
|
355,000,000 | 21% | 1.52% | 5.3 | ||||||||||||
Variable Rate Debt (Hedged)
|
-490,620,654 | -29% | -1.97% | -3.7 | ||||||||||||
Total Variable Rate Debt
|
287,203,966 | 17% | 1.97% | 5.4 | ||||||||||||
Total
|
$ | 1,672,626,878 | 100% | 4.01% | 5.1 |
____________________
|
|
1
|
Schedule reflects post merger loan paydowns of Rangeline Crossing, Four Corner Square and 951 & 41.
|
2
|
Reflects paydown of unsecured credit facility to $125 million and the change in interest rates from the July 1, 2014 amendments of the unsecured credit and term loan facilities.
|
·
|
Operating retail properties;
|
·
|
Operating commercial properties; and
|
·
|
Development property tenants open for business or ground lease tenants who commenced paying rent
|
Tenant
|
Number of
Stores
|
Moody’s
Credit
Rating1
|
Leased
GLA
|
Annualized
Base Rent
|
% of Total Portfolio Annualized
Base Rent
|
||||||||||||||
Publix
|
20 |
NR
|
959,853 | $ | 9,446,607 | 3.6% | |||||||||||||
PetSmart
|
22 |
NR
|
453,063 | 6,688,495 | 2.5% | ||||||||||||||
TJX Companies
|
21 | A3 | 642,557 | 6,160,325 | 2.3% | ||||||||||||||
Office Depot/Office Max
|
21 | B2 | 431,234 | 5,766,954 | 2.2% | ||||||||||||||
Dick's Sporting Goods
|
10 |
NR
|
490,622 | 5,375,691 | 2.0% | ||||||||||||||
Lowe's Home Improvement
|
5 | A3 | 611,158 | 5,039,000 | 1.9% | ||||||||||||||
Ross Stores
|
16 |
NR
|
460,580 | 4,917,367 | 1.9% | ||||||||||||||
Bed Bath & Beyond
|
18 |
NR
|
494,472 | 4,883,730 | 1.8% | ||||||||||||||
Michaels
|
15 |
NR
|
316,232 | 4,086,266 | 1.5% | ||||||||||||||
Walgreens
|
8 |
Baa1
|
121,881 | 4,047,792 | 1.5% | ||||||||||||||
156 | 4,981,652 | $ | 56,412,226 | 21.2% | |||||||||||||||
1 NR = Not rated
|
·
|
Operating retail properties;
|
·
|
Operating commercial properties; and
|
·
|
Development property tenants open for business or ground lease tenants who commenced paying rent as of June 30, 2014.
|
Number of Expiring Leases
|
Expiring GLA/NRA
|
% of Total GLA/NRA Expiring
|
Expiring Annualized Base Rent
|
% of Total Annualized Base Rent
|
Expiring Annualized Base Rent per Sq. Ft.
|
Expiring Ground Lease Revenue
|
|||||||||||
2014
|
110
|
393,565
|
2.1%
|
$
|
6,124,372
|
2.3%
|
$
|
15.56
|
$
|
255,475
|
|||||||
2015
|
244
|
1,363,995
|
7.2%
|
19,440,666
|
7.4%
|
14.25
|
219,650
|
||||||||||
2016
|
290
|
1,669,491
|
8.8%
|
22,075,765
|
8.4%
|
13.22
|
0
|
||||||||||
2017
|
294
|
1,814,839
|
9.5%
|
28,250,011
|
10.8%
|
15.57
|
377,556
|
||||||||||
2018
|
349
|
2,481,541
|
13.0%
|
36,970,392
|
14.1%
|
14.90
|
0
|
||||||||||
2019
|
245
|
1,684,744
|
8.9%
|
27,573,204
|
10.5%
|
16.37
|
118,000
|
||||||||||
2020
|
109
|
1,986,564
|
10.4%
|
18,718,685
|
7.1%
|
9.42
|
156,852
|
||||||||||
2021
|
87
|
838,314
|
4.4%
|
12,199,713
|
4.6%
|
14.55
|
0
|
||||||||||
2022
|
90
|
957,222
|
5.0%
|
15,171,295
|
5.8%
|
15.85
|
0
|
||||||||||
2023
|
119
|
1,036,172
|
5.4%
|
16,463,732
|
6.3%
|
15.89
|
260,000
|
||||||||||
Beyond
|
198
|
4,798,595
|
25.2%
|
59,879,604
|
22.8%
|
12.48
|
2,279,898
|
||||||||||
2,135
|
19,025,042
|
100.0%
|
$
|
262,867,440
|
100.0%
|
$
|
13.82
|
$
|
3,667,431
|
Summary of Ground Lease Rent
|
||||
Inland Diversified ground lease rent included in expiring base rent above
|
$ | 14,518,614 | ||
KRG ground lease rent shown separately above
|
3,667,431 | |||
Total ground lease rent
|
$ | 18,186,045 |
·
|
Operating retail properties; and
|
·
|
Development property tenants open for business or ground lease tenants who commenced paying rent as of June 30, 2014.
|
Number of Expiring Leases
|
Expiring GLA/NRA
|
% of Total GLA/NRA Expiring
|
Expiring Annualized Base Rent
|
% of Total Annualized Base Rent
|
Expiring Annualized Base Rent per Sq. Ft.
|
Expiring Ground Lease Revenue
|
|||||||||||
2014
|
6
|
147,233
|
0.8%
|
$
|
1,140,086
|
0.4%
|
$
|
7.74
|
$
|
0
|
|||||||
2015
|
28
|
795,772
|
4.2%
|
7,664,201
|
2.9%
|
9.63
|
0
|
||||||||||
2016
|
34
|
1,031,120
|
5.4%
|
8,903,240
|
3.4%
|
8.63
|
0
|
||||||||||
2017
|
45
|
1,124,100
|
5.9%
|
13,229,719
|
4.9%
|
11.77
|
0
|
||||||||||
2018
|
55
|
1,679,119
|
8.8%
|
17,812,163
|
6.8%
|
10.61
|
0
|
||||||||||
2019
|
43
|
1,136,444
|
6.0%
|
14,540,206
|
5.5%
|
12.79
|
0
|
||||||||||
2020
|
36
|
1,759,142
|
9.3%
|
13,997,511
|
5.3%
|
7.96
|
0
|
||||||||||
2021
|
23
|
636,093
|
3.3%
|
7,025,734
|
2.7%
|
11.05
|
0
|
||||||||||
2022
|
26
|
684,911
|
3.6%
|
8,901,887
|
3.4%
|
13.00
|
0
|
||||||||||
2023
|
27
|
679,943
|
3.6%
|
8,271,605
|
3.1%
|
12.17
|
0
|
||||||||||
Beyond
|
79
|
4,266,010
|
22.4%
|
46,961,045
|
17.8%
|
11.01
|
990,000
|
||||||||||
402
|
13,939,887
|
73.3%
|
$
|
148,447,398
|
56.5%
|
$
|
10.65
|
$
|
990,000
|
·
|
Operating retail properties; and
|
·
|
Development property tenants open for business as of June 30, 2014.
|
Number of Expiring Leases
|
Expiring GLA/NRA
|
% of Total GLA/NRA Expiring
|
Expiring Annualized Base Rent
|
% of Total Annualized Base Rent
|
Expiring Annualized Base Rent per Sq. Ft.
|
Expiring Ground Lease Revenue
|
|||||||||||
2014
|
104
|
246,332
|
1.3%
|
$
|
4,984,286
|
2.0%
|
$
|
20.23
|
$
|
255,475
|
|||||||
2015
|
214
|
529,639
|
2.8%
|
11,047,009
|
4.2%
|
20.86
|
219,650
|
||||||||||
2016
|
256
|
638,371
|
3.4%
|
13,172,524
|
5.0%
|
20.63
|
0
|
||||||||||
2017
|
247
|
607,629
|
3.2%
|
13,524,444
|
5.1%
|
22.26
|
377,556
|
||||||||||
2018
|
292
|
784,585
|
4.1%
|
18,774,657
|
7.1%
|
23.93
|
0
|
||||||||||
2019
|
201
|
543,047
|
2.9%
|
12,931,877
|
4.9%
|
23.81
|
118,000
|
||||||||||
2020
|
72
|
217,353
|
1.1%
|
4,537,406
|
1.7%
|
20.88
|
156,852
|
||||||||||
2021
|
63
|
196,059
|
1.0%
|
5,032,248
|
1.9%
|
25.67
|
0
|
||||||||||
2022
|
61
|
221,265
|
1.2%
|
5,395,790
|
2.1%
|
24.39
|
0
|
||||||||||
2023
|
90
|
323,241
|
1.7%
|
7,523,938
|
2.9%
|
23.28
|
260,000
|
||||||||||
Beyond
|
115
|
425,661
|
2.2%
|
11,502,136
|
4.5%
|
27.02
|
1,289,898
|
||||||||||
1715
|
4,733,182
|
24.9%
|
$
|
108,426,315
|
41.2%
|
$
|
22.91
|
$
|
2,677,431
|
Year
|
Owned GLA2
|
Leased Percentage
|
Annualized
Base Rent
per Sqft
|
|||||||
Property1
|
MSA
|
Built/
Renovated
|
Total
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
||
Alabama
|
||||||||||
Eastside Junction
|
Athens
|
2008
|
79,700
|
45,600
|
34,100
|
93.8%
|
100.0%
|
85.6%
|
$12.17
|
|
Harvest Square
|
Harvest
|
2008
|
70,590
|
45,600
|
24,990
|
93.2%
|
100.0%
|
80.8%
|
14.97
|
|
Prattville Town Center
|
Prattville
|
2007
|
168,842
|
112,042
|
56,800
|
98.2%
|
100.0%
|
94.7%
|
14.34
|
|
Arkansas
|
||||||||||
Fairgrounds Crossing
|
Hot Springs
|
2011
|
155,127
|
126,613
|
28,514
|
98.7%
|
100.0%
|
92.8%
|
13.02
|
|
Arizona
|
||||||||||
The Corner
|
Tucson
|
79,902
|
55,883
|
24,019
|
100.0%
|
100.0%
|
100.0%
|
27.96
|
||
Connecticut
|
||||||||||
Crossing at Killingly Commons
|
Killington
|
2010
|
388,802
|
317,743
|
71,059
|
98.4%
|
100.0%
|
91.0%
|
10.93
|
|
Florida
|
||||||||||
Centre Point Commons
|
Bradenton
|
2007
|
119,275
|
93,574
|
25,701
|
98.8%
|
100.0%
|
94.6%
|
17.97
|
|
Colonial Square
|
Fort Myers
|
2010
|
272,354
|
236,283
|
36,071
|
94.8%
|
100.0%
|
60.6%
|
11.65
|
|
Lake City Commons - Phase II
|
Lake City
|
2011
|
16,291
|
12,131
|
4,160
|
100.0%
|
100.0%
|
100.0%
|
14.86
|
|
Lake City Commons
|
Lake City
|
2008
|
66,510
|
45,600
|
20,910
|
92.4%
|
100.0%
|
75.8%
|
13.66
|
|
Lake Mary Plaza
|
Lake Mary
|
2009
|
21,370
|
14,880
|
6,490
|
100.0%
|
100.0%
|
100.0%
|
37.68
|
|
Miramar Square
|
Miramar
|
2008
|
238,334
|
137,505
|
100,829
|
83.1%
|
85.5%
|
79.8%
|
17.98
|
|
Palm Coast Landing
|
Palm Coast
|
2010
|
171,297
|
106,292
|
65,005
|
88.6%
|
85.4%
|
93.8%
|
18.64
|
|
Pleasant Hill Commons
|
Kissimmee
|
2008
|
70,642
|
45,600
|
25,042
|
92.4%
|
100.0%
|
78.4%
|
14.03
|
|
Publix at St. Cloud
|
St. Cloud
|
2003
|
78,820
|
54,379
|
24,441
|
92.7%
|
100.0%
|
76.5%
|
12.35
|
|
Saxon Crossing
|
Orange City
|
2009
|
119,894
|
95,304
|
24,590
|
99.0%
|
100.0%
|
95.1%
|
14.62
|
|
Shops at Julington Creek
|
Jacksonville
|
2011
|
40,207
|
21,038
|
19,169
|
92.9%
|
100.0%
|
85.2%
|
18.24
|
|
Temple Terrace
|
Temple Terrace
|
2012
|
90,377
|
58,798
|
31,579
|
100.0%
|
100.0%
|
100.0%
|
10.37
|
|
The Landing at Tradition
|
Port St Lucie
|
2007
|
359,758
|
272,944
|
86,814
|
89.3%
|
100.0%
|
55.5%
|
15.22
|
|
Tradition Village Center
|
Port St Lucie
|
2006
|
112,421
|
45,600
|
66,821
|
78.2%
|
100.0%
|
63.4%
|
15.25
|
|
Village Walk
|
Fort Myers
|
2009
|
78,533
|
54,340
|
24,193
|
90.0%
|
100.0%
|
67.5%
|
15.87
|
|
Georgia
|
||||||||||
Heritage Square
|
Conyers
|
2010
|
22,385
|
10,479
|
11,906
|
84.6%
|
100.0%
|
71.0%
|
34.94
|
|
Mullins Crossing
|
Evans
|
2005
|
297,168
|
236,340
|
60,828
|
100.0%
|
100.0%
|
100.0%
|
11.65
|
|
Illinois
|
||||||||||
South Elgin Commons
|
South Elgin
|
2011
|
128,000
|
128,000
|
-
|
100.0%
|
100.0%
|
0.0%
|
13.84
|
|
Indiana
|
||||||||||
Bell Oaks Centre
|
Newburgh
|
2008
|
94,811
|
74,122
|
20,689
|
98.5%
|
100.0%
|
93.0%
|
11.59
|
|
Lima Marketplace
|
Fort Wayne
|
2008
|
106,880
|
71,521
|
35,359
|
98.7%
|
100.0%
|
96.0%
|
15.96
|
|
Lousiana
|
||||||||||
Regal Court
|
Shreveport
|
2008
|
363,174
|
281,404
|
81,770
|
90.8%
|
92.9%
|
83.5%
|
10.42
|
|
Missouri
|
||||||||||
Branson Hills Shopping Center
|
Branson
|
2005
|
466,218
|
380,971
|
85,247
|
99.1%
|
100.0%
|
95.1%
|
8.82
|
|
Hawk Ridge
|
Lake St Louis
|
2008
|
75,951
|
66,081
|
9,870
|
98.2%
|
100.0%
|
85.8%
|
12.08
|
|
Nebraska
|
||||||||||
Whispering Ridge
|
Omaha
|
2008
|
69,676
|
69,676
|
-
|
100.0%
|
100.0%
|
0.0%
|
14.24
|
|
Nevada
|
||||||||||
Cannery Corner
|
Las Vegas
|
2008
|
44,472
|
-
|
44,472
|
84.7%
|
0.0%
|
84.7%
|
36.06
|
|
Centennial Center
|
Las Vegas
|
2002
|
857,832
|
648,258
|
209,574
|
96.5%
|
100.0%
|
85.7%
|
11.21
|
|
Centennial Gateway
|
Las Vegas
|
2005
|
192,999
|
139,861
|
53,138
|
97.9%
|
100.0%
|
92.3%
|
23.69
|
|
Eastern Beltway
|
Las Vegas
|
1998
|
525,226
|
446,764
|
78,462
|
99.8%
|
100.0%
|
98.5%
|
8.75
|
|
Eastgate
|
Las Vegas
|
1998
|
96,589
|
53,030
|
43,559
|
88.5%
|
100.0%
|
74.4%
|
21.64
|
|
Lowe's Plaza
|
Las Vegas
|
2007
|
30,208
|
-
|
30,208
|
37.1%
|
-
|
37.1%
|
32.18
|
Year
|
Owned GLA2
|
Leased Percentage
|
Annualized Base Rent
per Sqft
|
|||||||
Property1
|
MSA
|
Built/
Renovated
|
Total
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
||
New Hampshire
|
||||||||||
Merrimack Village Center
|
Merrimack
|
2007
|
82,292
|
54,000
|
28,292
|
100.0%
|
100.0%
|
100.0%
|
12.72
|
|
New Jersey
|
||||||||||
Bayonne Crossing
|
Bayonne
|
2011
|
360,045
|
289,911
|
70,134
|
98.2%
|
100.0%
|
90.8%
|
$14.19
|
|
New York
|
||||||||||
City Center
|
White Plains
|
2004
|
365,905
|
329,360
|
36,545
|
97.6%
|
100.0%
|
76.1%
|
25.73
|
|
North Carolina
|
||||||||||
Landing at Ocean Isle
|
Ocean Isle Beach
|
2009
|
53,220
|
41,982
|
11,238
|
94.5%
|
100.0%
|
74.1%
|
17.16
|
|
Memorial Commons
|
Golsboro
|
111,271
|
73,876
|
37,395
|
91.0%
|
100.0%
|
73.1%
|
11.95
|
||
Northcrest Shopping Center
|
Charlotte
|
2008
|
133,674
|
76,053
|
57,621
|
95.7%
|
85.2%
|
109.4%
|
21.31
|
|
Perimeter Woods
|
Charlotte
|
2008
|
303,328
|
271,347
|
31,981
|
99.7%
|
100.0%
|
96.9%
|
14.93
|
|
Walgreens Plaza
|
Jacksonville
|
2010
|
42,219
|
27,779
|
14,440
|
87.9%
|
100.0%
|
64.7%
|
21.99
|
|
Oklahoma
|
||||||||||
Shops at Moore
|
Moore
|
2010
|
259,692
|
187,916
|
71,776
|
99.5%
|
100.0%
|
98.3%
|
11.98
|
|
Silver Springs Pointe
|
Oklahoma City
|
2001
|
135,028
|
107,099
|
27,929
|
92.8%
|
100.0%
|
65.0%
|
10.69
|
|
University Town Center
|
Norman
|
2009
|
158,516
|
77,097
|
81,419
|
95.6%
|
100.0%
|
91.5%
|
17.42
|
|
University Town Center Phase II
|
Norman
|
2012
|
259,133
|
202,185
|
56,948
|
96.6%
|
100.0%
|
84.5%
|
9.40
|
|
South Carolina
|
||||||||||
Hitchcock Plaza
|
Aiken
|
252,370
|
214,480
|
37,890
|
100.0%
|
100.0%
|
100.0%
|
9.21
|
||
Tennessee
|
||||||||||
Hamilton Crossing - Phase II & III
|
Alcoa
|
2008
|
179,864
|
135,737
|
44,127
|
97.6%
|
100.0%
|
90.0%
|
14.60
|
|
Texas
|
||||||||||
Waxahachie Crossing
|
Waxahachie
|
2010
|
97,127
|
72,191
|
24,936
|
98.8%
|
100.0%
|
95.2%
|
14.03
|
|
Wheatland Town Crossing
|
Wheatland
|
2012
|
200,694
|
153,939
|
46,755
|
97.9%
|
100.0%
|
90.9%
|
15.49
|
|
Westside Market
|
93,377
|
70,000
|
23,377
|
97.4%
|
100.0%
|
89.4%
|
16.05
|
|||
Utah
|
||||||||||
Draper Crossing
|
Draper
|
2012
|
167,148
|
115,916
|
51,232
|
97.9%
|
100.0%
|
93.3%
|
14.61
|
|
Draper Peaks
|
Draper
|
2012
|
229,794
|
101,464
|
128,330
|
98.6%
|
100.0%
|
97.5%
|
18.30
|
|
Virginia
|
||||||||||
Landstown Commons
|
Virginia Beach
|
2007
|
409,747
|
217,466
|
192,281
|
94.2%
|
100.0%
|
87.7%
|
18.87
|
|
Wisconsin
|
||||||||||
Copp's Grocery
|
Stevens Point
|
2012
|
69,911
|
69,911
|
-
|
100.0%
|
100.0%
|
0.0%
|
15.50
|
|
Fox Point
|
Neenah
|
2008
|
171,121
|
112,127
|
58,994
|
80.9%
|
81.0%
|
80.8%
|
9.91
|
|
Shoppes at Prairie Ridge
|
Pleasant Prairie
|
2009
|
232,606
|
183,018
|
49,588
|
96.9%
|
100.0%
|
85.5%
|
10.78
|
|
Village at Bay Park
|
Ashwaubenon
|
2005
|
180,754
|
122,378
|
58,376
|
94.6%
|
100.0%
|
83.2%
|
8.24
|
|
Total Inland Diversified1
|
10,719,471
|
7,911,488
|
2,807,983
|
95.7%
|
98.9%
|
86.6%
|
$14.06
|
|||
Total Kite pre-merger (page 29)2
|
8,489,877
|
5,897,581
|
2,592,296
|
95.2%
|
99.5%
|
85.5%
|
$13.48
|
|||
Combined Total Operating Retail
|
19,209,348
|
13,809,069
|
5,400,279
|
95.5%
|
99.1%
|
86.1%
|
$13.81
|
|||
Annualized Base Rent per square foot, excluding all ground lease square footage
|
$ 15.00
|
|||||||||
____________________
|
|
1
|
Includes square footage attributable to ground leases
|
2
|
Excludes square footage attributable to ground leases
|
D!
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