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 29, 2015 | |
99.2 | Kite Realty Group Trust Second Quarter 2015 Supplemental Disclosure |
KITE REALTY GROUP TRUST | ||
Date: July 29, 2015 | 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 29, 2015 | |
99.2 | Kite Realty Group Trust Second Quarter 2015 Supplemental Disclosure |
Exhibit 99.1 |
![]() |
Contact Information: |
Maggie Kofkoff, CFA |
Media & Investor Relations |
(317) 713-7644 |
mkofkoff@kiterealty.com |
• | Generated Funds From Operations (“FFO”), as adjusted, of $41.6 million, or $0.49 per diluted common share. |
• | Generated Adjusted Funds From Operations (“AFFO”) of $38.1 million, or $0.44 per diluted common share. |
• | Achieved same-property net operating income (“NOI”) growth of 3.7% year-over-year. |
• | Produced renewal cash rent spreads of 8.0%. |
• | Increased annualized base rent (“ABR”) by over 13% to $15.25 per square foot, compared to the same period last year. |
• | Simplified the Company’s balance sheet further by purchasing two joint venture partners’ interests at Beacon Hill and Bayport Commons. |
• | Since March 31, 2015, completed $145.8 million in acquisitions including Colleyville Downs (MSA: Dallas), Belle Isle Station (MSA: Oklahoma City) and Livingston Shopping Center (MSA: New York-Northern New Jersey). |
• | In July, agreed in principle to issue $250 million of private placement senior unsecured notes at a blended fixed rate of 4.41% across 8-year, 10-year and 12-year tranches for an average maturity of approximately 9.8 years. |
Low | High | |||||
Consolidated net income per diluted common share | $ | 0.16 | $ | 0.21 | ||
Less: Dividends on preferred shares | (0.09 | ) | (0.09 | ) | ||
Add: Depreciation, amortization and other | 1.92 | 1.92 | ||||
Less: Gain on sale of operating property | (0.04 | ) | (0.04 | ) | ||
Less: Gain on settlement | (0.05 | ) | (0.05 | ) | ||
Add: Debt extinguishment and preferred redemption costs | 0.05 | 0.05 | ||||
FFO, as adjusted, per diluted common share1 | $ | 1.95 | $ | 2.00 |
____________________ | |
1 | Excludes transaction costs. |
June 30, 2015 | December 31, 2014 | |||||||
Assets: | ||||||||
Investment properties, at cost | $ | 3,876,592,422 | $ | 3,732,747,979 | ||||
Less: accumulated depreciation | (379,555,777 | ) | (315,092,881 | ) | ||||
3,497,036,645 | 3,417,655,098 | |||||||
Cash and cash equivalents1 | 70,120,217 | 43,825,526 | ||||||
Tenant and other receivables, including accrued straight-line rent of $21,389,804 and $18,629,987, respectively, net of allowance for uncollectible accounts | 44,376,055 | 48,096,669 | ||||||
Restricted cash and escrow deposits | 23,749,963 | 16,170,973 | ||||||
Deferred costs and intangibles, net | 151,928,836 | 159,977,680 | ||||||
Prepaid and other assets | 8,663,844 | 8,847,088 | ||||||
Assets held for sale | — | 179,642,501 | ||||||
Total Assets | $ | 3,795,875,560 | $ | 3,874,215,535 | ||||
Liabilities and Shareholders’ Equity: | ||||||||
Mortgage and other indebtedness2 | $ | 1,618,614,378 | $ | 1,554,263,020 | ||||
Accounts payable and accrued expenses | 79,760,005 | 75,149,213 | ||||||
Deferred revenue and other liabilities | 142,323,115 | 136,409,308 | ||||||
Liabilities held for sale | — | 81,164,271 | ||||||
Total Liabilities | 1,840,697,498 | 1,846,985,812 | ||||||
Commitments and contingencies | ||||||||
Limited Partners’ interests in the Operating Partnership and other redeemable noncontrolling interests | 88,113,287 | 125,082,085 | ||||||
Shareholders’ Equity: | ||||||||
Kite Realty Group Trust Shareholders’ Equity: | ||||||||
Preferred Shares, $.01 par value, 40,000,000 shares authorized, 4,100,000 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 102,500,000 | 102,500,000 | ||||||
Common Shares, $.01 par value, 225,000,000 shares authorized, 83,329,324 and 83,490,663 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 833,293 | 834,907 | ||||||
Additional paid in capital | 2,049,136,498 | 2,044,424,643 | ||||||
Accumulated other comprehensive loss | (2,809,377 | ) | (1,174,755 | ) | ||||
Accumulated deficit | (283,606,623 | ) | (247,801,217 | ) | ||||
Total Kite Realty Group Trust Shareholders’ Equity | 1,866,053,791 | 1,898,783,578 | ||||||
Noncontrolling Interests | 1,010,984 | 3,364,060 | ||||||
Total Equity | 1,867,064,775 | 1,902,147,638 | ||||||
Total Liabilities and Shareholders' Equity | $ | 3,795,875,560 | $ | 3,874,215,535 |
____________________ | |
1 | Includes $43.8 million at June 30, 2015 of funds set aside by the Company to affect a tax deferred purchase of real estate. |
2 | Includes debt premium of $25.2 million at June 30, 2015. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue: | ||||||||||||||||
Minimum rent | $ | 64,897,478 | $ | 31,221,687 | $ | 130,376,865 | $ | 62,481,723 | ||||||||
Tenant reimbursements | 16,488,775 | 8,315,228 | 35,103,861 | 17,478,089 | ||||||||||||
Other property related revenue | 2,349,050 | 1,306,140 | 5,083,190 | 3,543,155 | ||||||||||||
Total revenue | 83,735,303 | 40,843,055 | 170,563,916 | 83,502,967 | ||||||||||||
Expenses: | ||||||||||||||||
Property operating | 11,800,809 | 6,890,778 | 24,525,194 | 14,206,034 | ||||||||||||
Real estate taxes | 9,755,452 | 4,303,135 | 19,776,701 | 9,416,158 | ||||||||||||
General, administrative, and other | 4,565,790 | 2,313,358 | 9,571,636 | 5,419,460 | ||||||||||||
Merger and acquisition costs | 301,866 | 3,280,098 | 461,363 | 7,760,487 | ||||||||||||
Depreciation and amortization | 41,212,258 | 19,737,108 | 81,647,495 | 37,176,713 | ||||||||||||
Total expenses | 67,636,175 | 36,524,477 | 135,982,389 | 73,978,852 | ||||||||||||
Operating income | 16,099,128 | 4,318,578 | 34,581,527 | 9,524,115 | ||||||||||||
Interest expense | (13,181,140 | ) | (7,521,991 | ) | (27,114,127 | ) | (14,904,836 | ) | ||||||||
Income tax expense of taxable REIT subsidiary | (68,922 | ) | (75,614 | ) | (124,023 | ) | (22,468 | ) | ||||||||
Gain on settlement | 4,520,193 | — | 4,520,193 | — | ||||||||||||
Other (expense) income, net | (134,277 | ) | 83,323 | (129,765 | ) | (9,621 | ) | |||||||||
Income (loss) from continuing operations | 7,234,982 | (3,195,704 | ) | 11,733,805 | (5,412,810 | ) | ||||||||||
Discontinued operations: | ||||||||||||||||
Gain on sale of operating property | — | — | — | 3,198,772 | ||||||||||||
Income from discontinued operations | — | — | — | 3,198,772 | ||||||||||||
Income (loss) before gain on sale of operating properties | 7,234,982 | (3,195,704 | ) | 11,733,805 | (2,214,038 | ) | ||||||||||
Gain on sales of operating properties | — | — | 3,362,944 | 3,489,338 | ||||||||||||
Net income (loss) | 7,234,982 | (3,195,704 | ) | 15,096,749 | 1,275,300 | |||||||||||
Net (income) loss attributable to noncontrolling interest | (508,304 | ) | 219,502 | (1,191,370 | ) | 80,590 | ||||||||||
Dividends on preferred shares | (2,114,063 | ) | (2,114,063 | ) | (4,228,125 | ) | (4,228,125 | ) | ||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | $ | 4,612,615 | $ | (5,090,265 | ) | $ | 9,677,254 | $ | (2,872,235 | ) | ||||||
Income (loss) per common share - basic and diluted: | ||||||||||||||||
Continuing operations | $ | 0.06 | $ | (0.16 | ) | $ | 0.12 | $ | (0.16 | ) | ||||||
Discontinued operations | — | — | — | 0.08 | ||||||||||||
$ | 0.06 | $ | (0.16 | ) | $ | 0.12 | $ | (0.08 | ) | |||||||
Weighted average common shares outstanding - basic | 83,506,078 | 32,884,467 | 83,519,013 | 32,820,538 | ||||||||||||
Weighted average common shares outstanding - diluted | 83,803,879 | 32,884,467 | 83,818,890 | 32,820,538 | ||||||||||||
Common Dividends declared per common share | $ | 0.2725 | $ | 0.2600 | $ | 0.5450 | $ | 0.5000 | ||||||||
Amounts attributable to Kite Realty Group Trust common shareholders: | ||||||||||||||||
Income (loss) from continuing operations | $ | 4,612,615 | $ | (5,090,265 | ) | $ | 9,677,254 | $ | (5,917,227 | ) | ||||||
Income from discontinued operations | — | — | — | 3,044,992 | ||||||||||||
Net income (loss) | $ | 4,612,615 | $ | (5,090,265 | ) | $ | 9,677,254 | $ | (2,872,235 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Funds From Operations | ||||||||||||||||
Consolidated net income (loss) | $ | 7,234,982 | $ | (3,195,704 | ) | $ | 15,096,749 | $ | 1,275,300 | |||||||
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 | (414,113 | ) | (49,842 | ) | (1,001,065 | ) | (76,475 | ) | ||||||||
Less: gains on sales of operating properties | — | — | (3,362,944 | ) | (6,784,887 | ) | ||||||||||
Add: depreciation and amortization of consolidated entities, net of noncontrolling interests | 41,131,866 | 19,511,682 | 81,424,770 | 36,950,890 | ||||||||||||
Funds From Operations of the Kite Portfolio | 45,838,672 | 14,152,073 | 87,929,385 | 27,136,703 | ||||||||||||
Less: Limited Partners' interests in Funds From Operations | (924,281 | ) | (679,739 | ) | (1,730,879 | ) | (1,304,591 | ) | ||||||||
Funds From Operations attributable to Kite Realty Group Trust common shareholders1 | $ | 44,914,391 | $ | 13,472,334 | $ | 86,198,506 | $ | 25,832,112 | ||||||||
FFO per share of the Operating Partnership - basic | $ | 0.54 | $ | 0.41 | $ | 1.03 | $ | 0.79 | ||||||||
FFO per share of the Operating Partnership - diluted | $ | 0.54 | $ | 0.41 | $ | 1.03 | $ | 0.79 | ||||||||
Funds From Operations of the Kite Portfolio | $ | 45,838,672 | $ | 14,152,073 | $ | 87,929,385 | $ | 27,136,703 | ||||||||
Less: gain on settlement | $ | (4,520,193 | ) | $ | — | $ | (4,520,193 | ) | $ | — | ||||||
Add: merger and acquisition costs | 301,866 | 3,280,098 | 461,363 | 7,760,487 | ||||||||||||
Funds From Operations of the Kite Portfolio, as adjusted | $ | 41,620,345 | $ | 17,432,171 | $ | 83,870,555 | $ | 34,897,190 | ||||||||
FFO per share of the Operating Partnership, as adjusted - basic | $ | 0.49 | $ | 0.50 | $ | 0.98 | $ | 1.01 | ||||||||
FFO per share of the Operating Partnership, as adjusted - diluted | $ | 0.49 | $ | 0.50 | $ | 0.98 | $ | 1.01 | ||||||||
Weighted average Common Shares outstanding - basic | 83,506,078 | 32,884,467 | 83,519,013 | 32,820,538 | ||||||||||||
Weighted average Common Shares outstanding - diluted | 83,803,879 | 32,936,272 | 83,818,890 | 32,870,821 | ||||||||||||
Weighted average Common Shares and Units outstanding - basic | 85,231,284 | 34,543,898 | 85,202,110 | 34,480,602 | ||||||||||||
Weighted average Common Shares and Units outstanding - diluted | 85,529,084 | 34,595,704 | 85,501,987 | 34,530,886 |
____________________ | |
1 | “Funds From Operations of the Kite Portfolio measures 100% of the operating performance of the Operating Partnership’s real estate properties and construction and service subsidiaries in which the Company owns an interest. “Funds From Operations attributable to Kite Realty Group Trust common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | |||||||||||||||||
Number of properties at period end1 | 64 | 64 | ||||||||||||||||||||
Leased percentage at period end | 94.9 | % | 95.4 | % | 94.9 | % | 95.4 | % | ||||||||||||||
Economic Occupancy percentage at period end2 | 92.9 | % | 92.5 | % | 92.9 | % | 92.5 | % | ||||||||||||||
Minimum rent | $ | 29,586,848 | $ | 28,880,987 | $ | 58,608,400 | $ | 56,847,413 | ||||||||||||||
Tenant recoveries | 8,204,571 | 8,205,650 | 17,052,697 | 16,887,597 | ||||||||||||||||||
Other income | 526,760 | 548,747 | 1,380,668 | 1,548,433 | ||||||||||||||||||
38,318,179 | 37,635,384 | 77,041,765 | 75,283,443 | |||||||||||||||||||
Property operating expenses | (5,404,124 | ) | (5,885,816 | ) | (13,039,410 | ) | (13,756,322 | ) | ||||||||||||||
Real estate taxes | (4,884,128 | ) | (4,711,216 | ) | (10,006,607 | ) | (9,627,666 | ) | ||||||||||||||
(10,288,252 | ) | (10,597,032 | ) | (23,046,017 | ) | (23,383,988 | ) | |||||||||||||||
Net operating income - same properties3 | $ | 28,029,927 | $ | 27,038,352 | 3.7 | % | $ | 53,995,748 | $ | 51,899,455 | 4.0 | % | ||||||||||
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure: | ||||||||||||||||||||||
Net operating income - same properties | $ | 28,029,927 | $ | 27,038,352 | $ | 53,995,748 | $ | 51,899,455 | ||||||||||||||
Net operating income - non-same activity | 34,149,115 | 2,610,790 | 72,266,273 | 7,981,320 | ||||||||||||||||||
General, administrative and other | (4,565,790 | ) | (2,313,358 | ) | (9,571,636 | ) | (5,419,460 | ) | ||||||||||||||
Merger and acquisition costs | (301,866 | ) | (3,280,098 | ) | (461,363 | ) | (7,760,487 | ) | ||||||||||||||
Depreciation expense | (41,212,258 | ) | (19,737,108 | ) | (81,647,495 | ) | (37,176,713 | ) | ||||||||||||||
Interest expense | (13,181,140 | ) | (7,521,991 | ) | (27,114,127 | ) | (14,904,836 | ) | ||||||||||||||
Gain on settlement | 4,520,193 | — | 4,520,193 | — | ||||||||||||||||||
Other (expense) income, net | (203,199 | ) | 7,709 | (253,788 | ) | (32,089 | ) | |||||||||||||||
Discontinued operations | — | — | — | 3,198,772 | ||||||||||||||||||
Gains on sales of operating properties | — | — | 3,362,944 | 3,489,338 | ||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (508,304 | ) | 219,502 | (1,191,370 | ) | 80,590 | ||||||||||||||||
Dividends on preferred shares | (2,114,063 | ) | (2,114,063 | ) | (4,228,125 | ) | (4,228,125 | ) | ||||||||||||||
Net income (loss) attributable to common shareholders | $ | 4,612,615 | $ | (5,090,265 | ) | $ | 9,677,254 | $ | (2,872,235 | ) |
____________________ | |
1 | Same property NOI analysis excludes operating properties in redevelopment. |
2 | Excludes leases that are signed but for which tenants have not commenced payment of cash rent. |
3 | Same property NOI excludes net gains from outlot sales, straight-line rent revenue, bad debt expense and related recoveries, lease termination fees, amortization of lease intangibles and significant prior year expense recoveries and adjustments, if any. |
Exhibit 99.2 |
![]() |
QUARTERLY FINANCIAL SUPPLEMENT – JUNE 30, 2015 | ![]() |
PAGE NO. | TABLE OF CONTENTS | |
3 | Corporate Profile | |
4 | Contact Information | |
5 | Important Notes | |
6 | Corporate Structure Chart | |
7 | Consolidated Balance Sheets | |
8 | Consolidated Statements of Operations for the Three and Six Months Ended June 30 | |
9 | Funds from Operations and Adjusted Funds from Operations for the Three and Six Months Ended June 30 | |
10 | Other Financial Information | |
11 | Market Capitalization | |
11 | Ratio of Debt to Total Undepreciated Assets as of June 30 | |
11 | Ratio of Company Share of Net Debt to EBITDA as of June 30 | |
12 | Same Property Net Operating Income for the Three and Six Months Ended June 30 | |
13 | Net Operating Income by Quarter | |
14 | Consolidated Joint Venture Summary | |
15 | Summary of Outstanding Debt as of June 30 | |
16 | Maturity Schedule of Outstanding Debt as of June 30 | |
18 | Top 10 Retail Tenants by Gross Leasable Area | |
19 | Top 25 Tenants by Annualized Base Rent | |
20 | Retail Leasing Summary | |
21 | Lease Expirations – Operating Portfolio | |
22 | Lease Expirations – Retail Anchor Tenants | |
23 | Lease Expirations – Retail Shops | |
24 | Lease Expirations – Office Tenants | |
25 | Summary Retail Portfolio Statistics Including Joint Venture Properties | |
26 | Summary Office Portfolio Statistics | |
27 | Development Projects | |
28 | Redevelopment Projects | |
29 | Potential Redevelopment, Reposition, and Repurpose Opportunities | |
30 | 2015 Property Acquisitions and Dispositions | |
31 | Geographic Diversification – Operating Portfolio | |
32 | Operating Retail Portfolio Summary Report | |
37 | Operating Office Properties | |
38 | 2015 Earnings Guidance | |
CORPORATE PROFILE | ![]() |
# of Properties | Total GLA /NRA1 | Owned GLA /NRA1 | |||||
Operating Retail Properties | 113 | 22,877,625 | 15,586,616 | ||||
Operating Office Properties | 2 | 395,127 | 395,127 | ||||
Redevelopment Properties | |||||||
- Under Construction | 2 | 456,821 | 393,605 | ||||
- Pending Construction | 2 | 212,163 | 204,463 | ||||
Subtotal Redevelopment Properties | 4 | 668,984 | 598,068 | ||||
Total Operating and Redevelopment Properties | 119 | 23,941,736 | 16,579,811 | ||||
Development Projects: | |||||||
- Under Construction | 3 | 644,327 | 541,962 | ||||
Subtotal Development Properties | 3 | 644,327 | 541,962 | ||||
Total All Properties | 122 | 24,586,063 | 17,121,773 | ||||
Retail | Office | Total1 | |||||
Operating Properties – Leased Percentage1 | 94.9% | 91.8% | 94.8% | ||||
States | 22 |
____________________ | |
1 | Excludes square footage of structures located on land owned by the company and ground leased to tenants. |
p. 3 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
CONTACT INFORMATION | ![]() |
Investor Relations Contacts: | Analyst Coverage: | Analyst Coverage: | ||
Margaret Kofkoff, CFA | Robert W. Baird & Co. | KeyBanc Capital Markets | ||
Manager, Investor Relations | Mr. RJ Milligan | Mr. Jordan Sadler/Mr. Todd Thomas | ||
Kite Realty Group Trust | (813) 273-8252 | (917) 368-2280/(917) 368-2286 | ||
30 South Meridian Street, Suite 1100 | rjmilligan@rwbaird.com | tthomas@keybanccm.com | ||
Indianapolis, IN 46204 | jsadler@keybanccm.com | |||
(317) 713-7644 | Bank of America/Merrill Lynch | |||
mkofkoff@kiterealty.com | Mr. Jeffrey Spector/Mr. Craig Schmidt | Raymond James | ||
(646) 855-1363/(646) 855-3640 | Mr. Paul Puryear/Mr. Collin Mings | |||
Transfer Agent: | jeff.spector@baml.com | (727) 567-2253/(727) 567-2585 | ||
craig.schmidt@baml.com | paul.puryear@raymondjames.com | |||
Broadridge Financial Solutions | collin.mings@raymondjames.com | |||
Ms. Kristen Tartaglione | BMO Capital Markets | |||
2 Journal Square, 7th Floor | Mr. Paul E. Adornato | Sandler O’Neill | ||
Jersey City, NJ 07306 | (212) 885-4170 | Mr. Alexander Goldfarb/Mr. Ryan Peterson | ||
(201) 714-8094 | paul.adornato@bmo.com | (212) 466-7937/(212) 466-7927 | ||
agoldfarb@sandleroneill.com | ||||
Stock Specialist: | Capital One Securities, Inc. | rpeterson@sandleroneill.com | ||
Mr. Christopher Lucas/Mr. Vineet Khanna | ||||
Barclays Capital | (571) 633-8151/(571) 835-7013 | Stifel, Nicolaus & Company, Inc. | ||
45 Broadway | christopher.lucas@capitalone.com | Mr. Nathan Isbee/Ms. Jennifer Hummert | ||
20th Floor | vineet.khanna@capitalone.com | (443) 224-1346/(443) 224-1288 | ||
New York, NY 10006 | nisbee@stifel.com | |||
(646) 333-7000 | Citigroup Global Markets | hummertj@stifel.com | ||
Mr. Michael Bilerman/Ms. Christy McElroy | ||||
(212) 816-1383/(212) 816-6981 | Wells Fargo Securities, LLC | |||
michael.bilerman@citigroup.com | Mr. Jeffrey J. Donnelly, CFA /Ms. Tamara Fique | |||
christy.mcelroy@citigroup.com | (617) 603-4262/(443) 263-6568 | |||
jeff.donnelly@wellsfargo.com | ||||
Cowen Group Inc. | tamara.fique@wellsfargo.com | |||
Mr. Michael Gorman | ||||
(646) 562-1320 | ||||
michael.gorman@cowen.com | ||||
Hilliard Lyons | ||||
Ms. Carol L. Kemple | ||||
(502) 588-1839 | ||||
ckemple@hilliard.com | ||||
p. 4 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
IMPORTANT NOTES | ![]() |
• | 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 |
p. 5 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
CORPORATE STRUCTURE CHART – JUNE 30, 2015 | ![]() |
![]() |
p. 6 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ![]() |
June 30, 2015 | December 31, 2014 | |||||||
Assets: | ||||||||
Investment properties, at cost | $ | 3,876,592,422 | $ | 3,732,747,979 | ||||
Less: accumulated depreciation | (379,555,777 | ) | (315,092,881 | ) | ||||
3,497,036,645 | 3,417,655,098 | |||||||
Cash and cash equivalents1 | 70,120,217 | 43,825,526 | ||||||
Tenant and other receivables, including accrued straight-line rent of $21,389,804 and $18,629,987, respectively, net of allowance for uncollectible accounts | 44,376,055 | 48,096,669 | ||||||
Restricted cash and escrow deposits | 23,749,963 | 16,170,973 | ||||||
Deferred costs and intangibles, net | 151,928,836 | 159,977,680 | ||||||
Prepaid and other assets | 8,663,844 | 8,847,088 | ||||||
Assets held for sale | — | 179,642,501 | ||||||
Total Assets | $ | 3,795,875,560 | $ | 3,874,215,535 | ||||
Liabilities and Shareholders’ Equity: | ||||||||
Mortgage and other indebtedness2 | $ | 1,618,614,378 | $ | 1,554,263,020 | ||||
Accounts payable and accrued expenses | 79,760,005 | 75,149,213 | ||||||
Deferred revenue and other liabilities | 142,323,115 | 136,409,308 | ||||||
Liabilities held for sale | — | 81,164,271 | ||||||
Total Liabilities | 1,840,697,498 | 1,846,985,812 | ||||||
Commitments and contingencies | ||||||||
Limited Partners’ interests in the Operating Partnership and other redeemable noncontrolling interests | 88,113,287 | 125,082,085 | ||||||
Shareholders’ Equity: | ||||||||
Kite Realty Group Trust Shareholders’ Equity: | ||||||||
Preferred Shares, $.01 par value, 40,000,000 shares authorized, 4,100,000 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 102,500,000 | 102,500,000 | ||||||
Common Shares, $.01 par value, 225,000,000 shares authorized, 83,329,324 and 83,490,663 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 833,293 | 834,907 | ||||||
Additional paid in capital | 2,049,136,498 | 2,044,424,643 | ||||||
Accumulated other comprehensive loss | (2,809,377 | ) | (1,174,755 | ) | ||||
Accumulated deficit | (283,606,623 | ) | (247,801,217 | ) | ||||
Total Kite Realty Group Trust Shareholders’ Equity | 1,866,053,791 | 1,898,783,578 | ||||||
Noncontrolling Interests | 1,010,984 | 3,364,060 | ||||||
Total Equity | 1,867,064,775 | 1,902,147,638 | ||||||
Total Liabilities and Equity | $ | 3,795,875,560 | $ | 3,874,215,535 |
____________________ | |
1 | Includes $43.8 million at June 30, 2015 of funds set aside by the Company to affect a tax deferred purchase of real estate. |
2 | Includes debt premium of $25.2 million at June 30, 2015. |
p. 7 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
CONSOLIDATED STATEMENTS OF OPERATIONS – THREE MONTHS (UNAUDITED) | ![]() |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue: | ||||||||||||||||
Minimum rent | $ | 64,897,478 | $ | 31,221,687 | $ | 130,376,865 | $ | 62,481,723 | ||||||||
Tenant reimbursements | 16,488,775 | 8,315,228 | 35,103,861 | 17,478,089 | ||||||||||||
Other property related revenue | 2,349,050 | 1,306,140 | 5,083,190 | 3,543,155 | ||||||||||||
Total revenue | 83,735,303 | 40,843,055 | 170,563,916 | 83,502,967 | ||||||||||||
Expenses: | ||||||||||||||||
Property operating | 11,800,809 | 6,890,778 | 24,525,194 | 14,206,034 | ||||||||||||
Real estate taxes | 9,755,452 | 4,303,135 | 19,776,701 | 9,416,158 | ||||||||||||
General, administrative, and other | 4,565,790 | 2,313,358 | 9,571,636 | 5,419,460 | ||||||||||||
Merger and acquisition costs | 301,866 | 3,280,098 | 461,363 | 7,760,487 | ||||||||||||
Depreciation and amortization | 41,212,258 | 19,737,108 | 81,647,495 | 37,176,713 | ||||||||||||
Total expenses | 67,636,175 | 36,524,477 | 135,982,389 | 73,978,852 | ||||||||||||
Operating income | 16,099,128 | 4,318,578 | 34,581,527 | 9,524,115 | ||||||||||||
Interest expense | (13,181,140 | ) | (7,521,991 | ) | (27,114,127 | ) | (14,904,836 | ) | ||||||||
Income tax expense of taxable REIT subsidiary | (68,922 | ) | (75,614 | ) | (124,023 | ) | (22,468 | ) | ||||||||
Gain on settlement | 4,520,193 | — | 4,520,193 | — | ||||||||||||
Other (expense) income, net | (134,277 | ) | 83,323 | (129,765 | ) | (9,621 | ) | |||||||||
Income (loss) from continuing operations | 7,234,982 | (3,195,704 | ) | 11,733,805 | (5,412,810 | ) | ||||||||||
Discontinued operations: | ||||||||||||||||
Gain on sale of operating property | — | — | — | 3,198,772 | ||||||||||||
Income from discontinued operations | — | — | — | 3,198,772 | ||||||||||||
Income (loss) before gain on sale of operating properties | 7,234,982 | (3,195,704 | ) | 11,733,805 | (2,214,038 | ) | ||||||||||
Gain on sales of operating properties | — | — | 3,362,944 | 3,489,338 | ||||||||||||
Net income (loss) | 7,234,982 | (3,195,704 | ) | 15,096,749 | 1,275,300 | |||||||||||
Net (income) loss attributable to noncontrolling interest | (508,304 | ) | 219,502 | (1,191,370 | ) | 80,590 | ||||||||||
Dividends on preferred shares | (2,114,063 | ) | (2,114,063 | ) | (4,228,125 | ) | (4,228,125 | ) | ||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | $ | 4,612,615 | $ | (5,090,265 | ) | $ | 9,677,254 | $ | (2,872,235 | ) | ||||||
Income (loss) per common share - basic and diluted: | ||||||||||||||||
Continuing operations | $ | 0.06 | $ | (0.16 | ) | $ | 0.12 | $ | (0.16 | ) | ||||||
Discontinued operations | — | — | — | 0.08 | ||||||||||||
$ | 0.06 | $ | (0.16 | ) | $ | 0.12 | $ | (0.08 | ) | |||||||
Weighted average common shares outstanding - basic | 83,506,078 | 32,884,467 | 83,519,013 | 32,820,538 | ||||||||||||
Weighted average common shares outstanding - diluted | 83,803,879 | 32,884,467 | 83,818,890 | 32,820,538 | ||||||||||||
Common Dividends declared per common share | $ | 0.2725 | $ | 0.2600 | $ | 0.5450 | $ | 0.5000 | ||||||||
Amounts attributable to Kite Realty Group Trust common shareholders: | ||||||||||||||||
Income (loss) from continuing operations | $ | 4,612,615 | $ | (5,090,265 | ) | $ | 9,677,254 | $ | (5,917,227 | ) | ||||||
Income from discontinued operations | — | — | — | 3,044,992 | ||||||||||||
Net income (loss) | $ | 4,612,615 | $ | (5,090,265 | ) | $ | 9,677,254 | $ | (2,872,235 | ) |
p. 8 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS1 | ![]() |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Funds From Operations | ||||||||||||||||
Consolidated net income (loss) | $ | 7,234,982 | $ | (3,195,704 | ) | $ | 15,096,749 | $ | 1,275,300 | |||||||
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 | (414,113 | ) | (49,842 | ) | (1,001,065 | ) | (76,475 | ) | ||||||||
Less: gains on sales of operating properties | — | — | (3,362,944 | ) | (6,784,887 | ) | ||||||||||
Add: depreciation and amortization of consolidated entities, net of noncontrolling interests | 41,131,866 | 19,511,682 | 81,424,770 | 36,950,890 | ||||||||||||
Funds From Operations of the Kite Portfolio | 45,838,672 | 14,152,073 | 87,929,385 | 27,136,703 | ||||||||||||
Less: Limited Partners' interests in Funds From Operations | (924,281 | ) | (679,739 | ) | (1,730,879 | ) | (1,304,591 | ) | ||||||||
Funds From Operations attributable to Kite Realty Group Trust common shareholders1 | $ | 44,914,391 | $ | 13,472,334 | $ | 86,198,506 | $ | 25,832,112 | ||||||||
FFO per share of the Operating Partnership - basic | $ | 0.54 | $ | 0.41 | $ | 1.03 | $ | 0.79 | ||||||||
FFO per share of the Operating Partnership - diluted | $ | 0.54 | $ | 0.41 | $ | 1.03 | $ | 0.79 | ||||||||
Funds From Operations of the Kite Portfolio | $ | 45,838,672 | $ | 14,152,073 | $ | 87,929,385 | $ | 27,136,703 | ||||||||
Less: gain on settlement | (4,520,193 | ) | — | (4,520,193 | ) | — | ||||||||||
Add: merger and acquisition costs | 301,866 | 3,280,098 | 461,363 | 7,760,487 | ||||||||||||
Funds From Operations of the Kite Portfolio, as adjusted | $ | 41,620,345 | $ | 17,432,171 | $ | 83,870,555 | $ | 34,897,190 | ||||||||
FFO per share of the Operating Partnership, as adjusted - basic | $ | 0.49 | $ | 0.50 | $ | 0.98 | $ | 1.01 | ||||||||
FFO per share of the Operating Partnership, as adjusted - diluted | $ | 0.49 | $ | 0.50 | $ | 0.98 | $ | 1.01 | ||||||||
Weighted average Common Shares outstanding - basic | 83,506,078 | 32,884,467 | 83,519,013 | 32,820,538 | ||||||||||||
Weighted average Common Shares outstanding - diluted | 83,803,879 | 32,936,272 | 83,818,890 | 32,870,821 | ||||||||||||
Weighted average Common Shares and Units outstanding - basic | 85,231,284 | 34,543,898 | 85,202,110 | 34,480,602 | ||||||||||||
Weighted average Common Shares and Units outstanding - diluted | 85,529,084 | 34,595,704 | 85,501,987 | 34,530,886 | ||||||||||||
Reconciliation of FFO, as adjusted, to Adjusted Funds from Operations (AFFO) | ||||||||||||||||
Total FFO of the Kite Portfolio, as adjusted | $ | 41,620,345 | $ | 17,432,171 | $ | 83,870,555 | $ | 34,897,190 | ||||||||
Add: | ||||||||||||||||
Depreciation of non-real estate assets | 187,972 | 128,849 | 330,306 | 225,824 | ||||||||||||
Amortization of deferred financing costs | 738,130 | 537,930 | 1,638,359 | 1,059,394 | ||||||||||||
Non-cash compensation expense | 952,122 | 634,010 | 1,758,450 | 1,099,877 | ||||||||||||
Less: | ||||||||||||||||
Straight-line rent and above/below market rent | 2,289,500 | 1,662,851 | 4,364,845 | 3,714,385 | ||||||||||||
Amortization of debt premium | 1,522,042 | 2,021 | 3,122,991 | 4,042 | ||||||||||||
Other non-cash adjustments | — | — | 486,000 | — | ||||||||||||
Maintenance capital expenditures | 439,887 | 326,596 | 1,296,200 | 735,715 | ||||||||||||
Revenue enhancing T/I – retail | 859,676 | 1,066,565 | 1,627,358 | 1,368,125 | ||||||||||||
Revenue enhancing T/I – office | — | 262,549 | 113,241 | 525,091 | ||||||||||||
External leasing commissions | 330,098 | 334,090 | 697,486 | 499,711 | ||||||||||||
Total AFFO available to shareholders2 | $ | 38,057,366 | $ | 15,078,288 | $ | 75,889,549 | $ | 30,435,216 | ||||||||
Total AFFO per diluted share2 | $ | 0.44 | $ | 0.44 | $ | 0.89 | $ | 0.88 |
____________________ | |
1 | “Funds From Operations of the Kite Portfolio measures 100% of the operating performance of the Operating Partnership’s real estate properties and construction and service subsidiaries in which the Company owns an interest. “Funds From Operations attributable to Kite Realty Group Trust common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership. |
2 | Excludes merger and acquisition costs and gain on settlement. |
p. 9 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
OTHER FINANCIAL INFORMATION | ![]() |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Other Financial Information: | ||||||||||||||||
Capital expenditures:1 | ||||||||||||||||
Tenant improvements - Retail | $ | 859,676 | $ | 1,066,565 | $ | 1,627,358 | $ | 1,368,125 | ||||||||
Tenant improvements - Office | — | 334,090 | 113,241 | 525,091 | ||||||||||||
Leasing commissions - Retail | 330,098 | 262,549 | 697,486 | 470,273 | ||||||||||||
Leasing commissions - Office | — | — | — | 29,438 | ||||||||||||
Maintenance capital expenditures2 | 439,887 | 326,596 | 1,296,200 | 735,715 | ||||||||||||
Scheduled debt principal payments | 1,514,062 | 1,477,680 | 3,155,536 | 3,021,093 | ||||||||||||
Straight line rent | 1,530,913 | 707,751 | 2,809,372 | 1,752,926 | ||||||||||||
Market rent amortization income from acquired leases | 758,587 | 955,100 | 1,555,473 | 1,961,459 | ||||||||||||
Amortization of debt premium | 1,522,042 | 2,021 | 3,122,991 | 4,042 | ||||||||||||
Amortization of deferred financing costs | 738,130 | 537,930 | 1,638,359 | 1,059,394 | ||||||||||||
Non-cash compensation expense | 952,122 | 634,010 | 1,758,450 | 1,099,877 | ||||||||||||
Capitalized interest cost | 1,103,692 | 1,094,893 | 2,308,786 | 2,490,227 | ||||||||||||
Mark to market lease amount in Deferred revenue and other liabilities on consolidated balance sheet | 117,787,231 | 30,746,755 | 117,787,231 | 30,746,755 | ||||||||||||
Acreage of undeveloped, vacant land in the operating portfolio3 | 36.3 | 36.3 |
June 30, 2015 | December 31, 2014 | |||||||
Investment properties, at cost: | ||||||||
Land3 | $ | 799,491,884 | $ | 778,780,359 | ||||
Buildings and improvements | 2,901,976,988 | 2,785,779,690 | ||||||
Furniture, equipment and other | 6,547,253 | 6,398,274 | ||||||
Land held for development | 34,975,149 | 35,906,844 | ||||||
Construction in progress | 133,601,148 | 125,882,812 | ||||||
Total | $ | 3,876,592,422 | $ | 3,732,747,979 |
____________________ | |
1 | Excludes landlord work, tenant improvements and leasing commissions relating to development and redevelopment projects and first-generation space. |
2 | A portion of these capital improvements are reimbursed by tenants and are revenue producing. |
3 | Includes undeveloped vacant land with a book value $11.8 million at June 30, 2015. |
p. 10 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
MARKET CAPITALIZATION AS OF JUNE 30, 2015 | ![]() |
Percent of Total Equity | Total Market Capitalization | Percent of Total Market Capitalization | ||||||||
Equity Capitalization: | ||||||||||
Total Common Shares Outstanding | 97.8 | % | 83,329,324 | |||||||
Operating Partnership ("OP") Units Outstanding | 2.2 | % | 1,914,278 | |||||||
Combined Common Shares and OP Units | 100.0 | % | 85,243,602 | |||||||
Market Price of Common Shares | $ | 24.47 | ||||||||
Series A Preferred Shares ($25.68/share) | 105,288,000 | |||||||||
Total Equity Capitalization | 2,191,198,941 | 59 | % | |||||||
Debt Capitalization: | ||||||||||
Company Consolidated Outstanding Debt | 1,618,614,378 | |||||||||
Less: Debt Premium | (25,244,599 | ) | ||||||||
Less: Partner Share of Consolidated Joint Venture Debt1 | (13,759,917 | ) | ||||||||
Company Share of Outstanding Debt | 1,579,609,862 | |||||||||
Less: Cash and Cash Equivalents | (70,120,217 | ) | ||||||||
Total Net Debt Capitalization | 1,509,489,645 | 41 | % | |||||||
Total Enterprise Value | $ | 3,700,688,586 | 100 | % | ||||||
RATIO OF DEBT TO TOTAL UNDEPRECIATED ASSETS AS OF JUNE 30, 2015 | ||||||||||
Consolidated Undepreciated Real Estate Assets | $ | 3,876,592,422 | ||||||||
Company Share of Unconsolidated Real Estate Assets2 | 2,500,000 | |||||||||
Escrow and Other Deposits | 23,749,963 | |||||||||
3,902,842,385 | ||||||||||
Total Consolidated Debt | 1,618,614,378 | |||||||||
Less: Debt Premium | (25,244,599 | ) | ||||||||
Less: Cash and Cash Equivalents | (70,120,217 | ) | ||||||||
$ | 1,523,249,562 | |||||||||
Ratio of Debt to Total Undepreciated Real Estate Assets | 39.0 | % | ||||||||
RATIO OF COMPANY SHARE OF NET DEBT TO EBITDA AS OF JUNE 30, 2015 | ||||||||||
Company Share of Consolidated Debt | $ | 1,579,609,862 | ||||||||
Less: Cash and Cash Equivalents | (70,120,217 | ) | ||||||||
1,509,489,645 | ||||||||||
Q2 2015 EBITDA, Annualized: | ||||||||||
- Consolidated (excluding merger and acquisition costs) | $ | 230,453,008 | ||||||||
- Unconsolidated EBITDA | 131,250 | |||||||||
- Pro forma adjustment3 | 1,930,405 | |||||||||
- Minority Interest EBITDA1 | (1,656,450 | ) | 230,858,213 | |||||||
6.5x |
____________________ | |||||
1 | See Joint Venture Summary page for details. | ||||
2 | Included in prepaid and other assets on Consolidated Balance Sheets. | ||||
3 | Represents NOI from acquisitions and mid-second quarter anchor openings. |
p. 11 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
SAME PROPERTY NET OPERATING INCOME (NOI) | ![]() |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||||||
Number of properties at period end1 | 64 | 64 | |||||||||||||||||
Leased percentage at period end | 94.9 | % | 95.4 | % | 94.9 | % | 95.4 | % | |||||||||||
Economic Occupancy percentage at period end 2 | 92.9 | % | 92.5 | % | 92.9 | % | 92.5 | % | |||||||||||
Minimum rent | $ | 29,586,848 | $ | 28,880,987 | $ | 58,608,400 | $ | 56,847,413 | |||||||||||
Tenant recoveries | 8,204,571 | 8,205,650 | 17,052,697 | 16,887,597 | |||||||||||||||
Other income | 526,760 | 548,747 | 1,380,668 | 1,548,433 | |||||||||||||||
38,318,179 | 37,635,384 | 77,041,765 | 75,283,443 | ||||||||||||||||
Property operating expenses | (5,404,124 | ) | (5,885,816 | ) | (13,039,410 | ) | (13,756,322 | ) | |||||||||||
Real estate taxes | (4,884,128 | ) | (4,711,216 | ) | (10,006,607 | ) | (9,627,666 | ) | |||||||||||
(10,288,252 | ) | (10,597,032 | ) | (23,046,017 | ) | (23,383,988 | ) | ||||||||||||
Net operating income - same properties3 | $ | 28,029,927 | $ | 27,038,352 | 3.7% | $ | 53,995,748 | $ | 51,899,455 | 4.0% | |||||||||
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure: | |||||||||||||||||||
Net operating income - same properties | $ | 28,029,927 | $ | 27,038,352 | $ | 53,995,748 | $ | 51,899,455 | |||||||||||
Net operating income - non-same activity | 34,149,115 | 2,610,790 | 72,266,273 | 7,981,320 | |||||||||||||||
General, administrative and other | (4,565,790 | ) | (2,313,358 | ) | (9,571,636 | ) | (5,419,460 | ) | |||||||||||
Merger and acquisition costs | (301,866 | ) | (3,280,098 | ) | (461,363 | ) | (7,760,487 | ) | |||||||||||
Depreciation expense | (41,212,258 | ) | (19,737,108 | ) | (81,647,495 | ) | (37,176,713 | ) | |||||||||||
Interest expense | (13,181,140 | ) | (7,521,991 | ) | (27,114,127 | ) | (14,904,836 | ) | |||||||||||
Gain on settlement | 4,520,193 | — | 4,520,193 | — | |||||||||||||||
Other (expense) income, net | (203,199 | ) | 7,709 | (253,788 | ) | (32,089 | ) | ||||||||||||
Discontinued operations | — | — | — | 3,198,772 | |||||||||||||||
Gains on sales of operating properties | — | — | 3,362,944 | 3,489,338 | |||||||||||||||
Net (income) loss attributable to noncontrolling interests | (508,304 | ) | 219,502 | (1,191,370 | ) | 80,590 | |||||||||||||
Dividends on preferred shares | (2,114,063 | ) | (2,114,063 | ) | (4,228,125 | ) | (4,228,125 | ) | |||||||||||
Net income (loss) attributable to common shareholders | $ | 4,612,615 | $ | (5,090,265 | ) | $ | 9,677,254 | $ | (2,872,235 | ) |
____________________ | |
1 | Same property NOI analysis excludes operating properties in redevelopment. |
2 | Excludes leases that are signed but for which tenants have not commenced payment of cash rent. |
3 | Same property NOI excludes net gains from outlot sales, straight-line rent revenue, bad debt expense and related recoveries, lease termination fees, amortization of lease intangibles and significant prior year expense recoveries and adjustments, if any. |
p. 12 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
NET OPERATING INCOME BY QUARTER | ![]() |
Three Months Ended | ||||||||||||||||||||
June 30, 2015 | March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | ||||||||||||||||
Revenue: | ||||||||||||||||||||
Minimum rent5 | $ | 64,897,478 | $ | 65,479,387 | $ | 67,939,287 | $ | 69,033,444 | $ | 31,221,687 | ||||||||||
Tenant reimbursements | 16,488,775 | 18,615,086 | 17,690,203 | 17,605,172 | 8,315,228 | |||||||||||||||
Other property related revenue1 | 1,857,441 | 1,910,311 | 844,172 | 1,296,138 | 833,009 | |||||||||||||||
Overage rent | 32,516 | 357,384 | 422,017 | 124,988 | 70,790 | |||||||||||||||
Parking revenue, net2 | 65,175 | 60,586 | 137,009 | 126,642 | 219,936 | |||||||||||||||
83,341,385 | 86,422,754 | 87,032,688 | 88,186,384 | 40,660,650 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating - Recoverable3 | 9,640,232 | 10,891,590 | 10,641,322 | 9,888,434 | 5,536,914 | |||||||||||||||
Property operating - Non-Recoverable3 | 1,938,271 | 1,589,846 | 1,765,686 | 1,747,943 | 1,149,413 | |||||||||||||||
Real estate taxes | 9,583,840 | 9,858,247 | 9,723,354 | 10,455,326 | 4,325,181 | |||||||||||||||
21,162,343 | 22,339,683 | 22,130,362 | 22,091,703 | 11,011,508 | ||||||||||||||||
Net Operating Income - Properties | 62,179,042 | 64,083,071 | 64,902,326 | 66,094,681 | 29,649,142 | |||||||||||||||
Other Income (Expense): | ||||||||||||||||||||
General, administrative, and other | (4,565,790 | ) | (5,005,846 | ) | (3,684,306 | ) | (3,938,758 | ) | (2,313,357 | ) | ||||||||||
Merger and acquisition costs | (301,866 | ) | (159,497 | ) | (659,382 | ) | (19,088,590 | ) | (3,280,099 | ) | ||||||||||
(4,867,656 | ) | (5,165,343 | ) | (4,343,688 | ) | (23,027,348 | ) | (5,593,456 | ) | |||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization | 57,311,386 | 58,917,728 | 60,558,638 | 43,067,333 | 24,055,686 | |||||||||||||||
Depreciation and amortization | (41,212,258 | ) | (40,435,238 | ) | (39,438,396 | ) | (44,382,793 | ) | (19,737,108 | ) | ||||||||||
Interest expense | (13,181,140 | ) | (13,932,987 | ) | (15,221,779 | ) | (15,386,192 | ) | (7,521,991 | ) | ||||||||||
Income tax (expense) benefit of taxable REIT subsidiary | (68,922 | ) | (55,101 | ) | 12,563 | (14,144 | ) | (75,614 | ) | |||||||||||
Gain on settlement | 4,520,193 | — | — | — | — | |||||||||||||||
Other (expense) income, net | (134,277 | ) | 4,514 | (124,834 | ) | (13,070 | ) | 83,323 | ||||||||||||
Income (Loss) From Continuing Operations | 7,234,982 | 4,498,916 | 5,786,192 | (16,728,866 | ) | (3,195,704 | ) | |||||||||||||
Gains on sales of operating properties | — | 3,362,944 | 2,242,450 | 2,749,403 | — | |||||||||||||||
Net income (loss) | 7,234,982 | 7,861,860 | 8,028,642 | (13,979,463 | ) | (3,195,704 | ) | |||||||||||||
Less: Net (income) loss attributable to noncontrolling interests | (508,304 | ) | (683,066 | ) | (801,280 | ) | (304,456 | ) | 219,502 | |||||||||||
Less: Dividends on preferred shares | (2,114,063 | ) | (2,114,063 | ) | (2,114,063 | ) | (2,114,063 | ) | (2,114,063 | ) | ||||||||||
Net income (loss) attributable to Kite Realty Group Trust | $ | 4,612,615 | $ | 5,064,731 | $ | 5,113,299 | $ | (16,397,982 | ) | $ | (5,090,265 | ) | ||||||||
NOI/Revenue | 74.6 | % | 74.2 | % | 74.6 | % | 74.9 | % | 72.9 | % | ||||||||||
Recovery Ratios4 | ||||||||||||||||||||
- Retail Only | 89.0 | % | 91.3 | % | 89.6 | % | 89.0 | % | 89.5 | % | ||||||||||
- Consolidated | 85.8 | % | 89.7 | % | 86.9 | % | 86.5 | % | 84.3 | % |
____________________ | |
1 | Other property related revenue for the three months ended June 30, 2015 includes pre-tax gains of $0.4 million from the sale of residential units at Eddy Street Commons, $0.9 million from the sale of an outlot, and $0.3 million of lease termination income. |
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 $1.4 million) allocable to the property operations in the three months ended June 30, 2015, 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. |
5 | Minimum rent includes $4.5 million in ground lease related revenue for the three months ended June 30, 2015. |
p. 13 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
CONSOLIDATED JOINT VENTURE SUMMARY | ![]() |
Ownership 4 | ||||||||||||||
Joint Venture Entity | Location (MSA) | Owned GLA | KRG Ownership % | Current KRG Economic %1 | ||||||||||
Cornelius Gateway | Portland, OR | 21,326 | 80% | 80% | ||||||||||
Delray Marketplace | Delray, FL | 260,255 | 50% | 98% | ||||||||||
Fishers Station2 | Indianapolis, IN | 71,943 | 25% | 88% | ||||||||||
Pan Am Plaza | Indianapolis, IN | — | 85% | 85% | ||||||||||
Crossing at Killingly Commons | Killington, CT | 208,929 | 55% | 90% | ||||||||||
Territory Portfolio3 | Las Vegas, NV | 847,690 | 78% | 94% | ||||||||||
Balance Sheet | Current Partner Economic % | |||||||||||||
Joint Venture Entity | 6/30/2015 Debt Balance | Partner Share of Debt | Redeemable Noncontrolling Interest | |||||||||||
Cornelius Gateway | $ | — | 20% | $ | — | $ | — | |||||||
Delray Marketplace | 56,832,513 | 2% | $ | 1,136,651 | — | |||||||||
Fishers Station2 | 3,223,884 | 12% | $ | 386,866 | — | |||||||||
Pan Am Plaza | — | 15% | — | — | ||||||||||
Crossing at Killingly Commons | 33,000,000 | 10% | 3,300,000 | 10,070,147 | ||||||||||
Territory Portfolio3 | 148,940,000 | 6% | 8,936,400 | 30,721,470 | ||||||||||
Total | $ | 241,996,397 | $ | 13,759,917 | $ | 40,791,617 | ||||||||
Income Statement | ||||||||||||||
Joint Venture Entity | Total Quarterly Minority Interest | Annualized Minority Interest | ||||||||||||
Cornelius Gateway | $ | 1,024 | $ | 4,096 | — | |||||||||
Delray Marketplace | — | — | KRG has an 8% cumulative preferred return | |||||||||||
Fishers Station2 | 29,001 | 116,004 | Partner receives a fixed annual payment | |||||||||||
Pan Am Plaza | — | — | Project currently in Land Held For Development | |||||||||||
Crossing at Killingly Commons | 84,088 | 336,350 | Partner receives a fixed annual preferred payment of 3.5% on $9.6 million | |||||||||||
Territory Portfolio3 | 300,000 | 1,200,000 | Partner receives a fixed annual preferred payment of 4% on $30 million | |||||||||||
Total | $ | 414,113 | $ | 1,656,450 |
____________________ | |||||||
1 | Economic ownership % represents the Company's share of cash flow. | ||||||
2 | Joint Venture entity also owns a portion of Fishers Station shopping center. | ||||||
3 | Joint Venture includes six operating properties located in Las Vegas. | ||||||
4 | Company acquired its partners' interests in City Center, Bayport Commons and Beacon Hill during 2015. |
p. 14 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
SUMMARY OF OUTSTANDING DEBT AS OF JUNE 30, 2015 | ![]() |
TOTAL OUTSTANDING DEBT | ||||||||||||
Fixed Rate Debt:3 | Outstanding Amount | Ratio | Weighted Average Interest Rate1 | Weighted Average Maturity (in years) | ||||||||
Consolidated | $ | 745,937,533 | 47 | % | 5.03 | % | 5.5 | |||||
Variable Rate Debt (Hedged) | 543,275,141 | 34 | % | 2.92 | % | 2.6 | ||||||
Total Fixed Rate Debt | 1,289,212,674 | 81 | % | 4.14 | % | 4.3 | ||||||
Variable Rate Debt: | ||||||||||||
Construction Loans | 132,214,866 | 8 | % | 2.14 | % | 1.4 | ||||||
Other Variable | 148,617,380 | 9 | % | 2.64 | % | 5.8 | ||||||
Corporate Unsecured | 566,600,000 | 36 | % | 1.55 | % | 4.4 | ||||||
Variable Rate Debt (Hedged) | (543,275,141 | ) | (34 | )% | (1.83 | )% | (2.6 | ) | ||||
Total Variable Rate Debt | 304,157,105 | 19 | % | 1.83 | % | 6.8 | ||||||
Net Premiums on Acquired Debt | 25,244,599 | N/A | N/A | N/A | ||||||||
Total | $ | 1,618,614,378 | 100 | % | 3.70 | % | 4.8 |
SCHEDULE OF MATURITIES BY YEAR | ||||||||||||||||||||
Mortgage Debt | Construction Loans | Total Consolidated Outstanding Debt | ||||||||||||||||||
Scheduled Principal Payments | Term Maturities | Corporate Debt2 | ||||||||||||||||||
2015 | $ | 3,075,050 | $ | — | $ | — | $ | — | $ | 3,075,050 | ||||||||||
2016 | 5,524,091 | 128,265,402 | — | 132,214,866 | 266,004,359 | |||||||||||||||
2017 | 4,814,185 | 50,026,246 | — | — | 54,840,431 | |||||||||||||||
2018 | 5,029,528 | 62,583,649 | — | — | 67,613,177 | |||||||||||||||
2019 | 4,931,649 | — | 166,600,000 | — | 171,531,649 | |||||||||||||||
2020 | 4,857,900 | 26,619,580 | 400,000,000 | — | 431,477,480 | |||||||||||||||
2021 | 3,668,853 | 182,202,854 | — | — | 185,871,707 | |||||||||||||||
2022 | 1,052,501 | 240,877,732 | — | — | 241,930,233 | |||||||||||||||
2023 and beyond | 7,235,707 | 163,789,986 | — | — | 171,025,693 | |||||||||||||||
Net Premiums on Acquired Debt | 25,244,599 | — | — | — | 25,244,599 | |||||||||||||||
Total | $ | 65,434,063 | $ | 854,365,449 | $ | 566,600,000 | $ | 132,214,866 | $ | 1,618,614,378 |
____________________ | |
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 options to extend the maturity dates by one year to July 1, 2019 for the Company's unsecured credit facility and its option to extend the maturity date by six months to January 1, 2020 for the Company's unsecured term loan. |
3 | Subsequent to the quarter end, the Company agreed in principle to a $250 million private placement of senior unsecured notes which is expected to reduce the ratio of floating rate debt to total debt to approximately 10%. This agreement is subject to certain closing conditions. |
p. 15 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF JUNE 30, 2015 | ![]() |
Property | Lender(s) | Loan Type | Interest Rate1 | Maturity Date | Total Commitment | Balance as of June 30, 2015 | % of Total Outstanding | Monthly Debt Service as of June 30, 2015 | ||||||||||||||
Cool Creek Commons | CMBS | Fixed Rate | 5.88 | % | 4/11/2016 | $ | 16,478,916 | $ | 106,534 | |||||||||||||
Sunland Towne Centre | CMBS | Fixed Rate | 6.01 | % | 7/1/2016 | 23,784,867 | 150,048 | |||||||||||||||
Mullins Crossing | CMBS | Fixed Rate | 5.50 | % | 9/6/2016 | 20,695,684 | 133,430 | |||||||||||||||
Pine Ridge Crossing | CMBS | Fixed Rate | 6.34 | % | 10/11/2016 | 16,759,633 | 108,823 | |||||||||||||||
Riverchase Plaza | CMBS | Fixed Rate | 6.34 | % | 10/11/2016 | 10,055,780 | 65,294 | |||||||||||||||
Traders Point | CMBS | Fixed Rate | 5.86 | % | 10/11/2016 | 43,144,704 | 283,478 | |||||||||||||||
Parkside Town Commons2 | Huntington Bank (Admin Agent) | Construction Variable | LIBOR + 210 | 11/21/2016 | 87,225,000 | 75,382,353 | 153,050 | |||||||||||||||
Delray Marketplace3 | Bank of America/US Bank | Construction Variable | LIBOR + 175 | 11/18/2016 | 56,832,513 | 94,393 | ||||||||||||||||
2016 Debt Maturities | 263,134,450 | 16.5 | % | |||||||||||||||||||
Geist Pavilion | CMBS | Fixed Rate | 5.78 | % | 1/1/2017 | 10,635,771 | 65,135 | |||||||||||||||
Pleasant Hill Commons | John Hancock Life Ins | Fixed Rate | 6.00 | % | 6/1/2017 | 6,800,000 | 34,000 | |||||||||||||||
Crossing at Killingly Commons3,4 | Huntington Bank | Other Variable | LIBOR + 275 | 11/1/2017 | 33,000,000 | 83,268 | ||||||||||||||||
2017 Debt Maturities | 50,435,771 | 3.2 | % | |||||||||||||||||||
Colonial Square & Village Walk | CMBS | Fixed Rate | 5.50 | % | 1/1/2018 | 25,000,000 | 118,403 | |||||||||||||||
Whitehall Pike | CMBS | Fixed Rate | 6.71 | % | 7/5/2018 | 5,998,698 | 77,436 | |||||||||||||||
Perimeter Woods | Jackson National Life Insurance | Fixed Rate | 6.02 | % | 9/1/2018 | 33,330,000 | 167,206 | |||||||||||||||
2018 Debt Maturities | 64,328,698 | 4.0 | % | |||||||||||||||||||
Unsecured Credit Facility5,6 | KeyBank (Admin. Agent) | Corporate Unsecured | LIBOR + 140 | 7/1/2019 | 166,600,000 | N/A | ||||||||||||||||
2019 Debt Maturities | 166,600,000 | 10.5 | % | |||||||||||||||||||
Unsecured Term Loan6,7 | KeyBank (Admin. Agent) | Corporate Unsecured | LIBOR + 135 | 1/1/2020 | 400,000,000 | N/A | ||||||||||||||||
Fishers Station3 | Old National Bank | Other Variable | LIBOR + 225 | 1/4/2020 | 7,312,280 | 17,823 | ||||||||||||||||
Lake City Commons/12th Street Plaza/University Town Center II | CMBS | Fixed Rate | 5.70 | % | 9/1/2020 | 20,700,000 | 101,603 | |||||||||||||||
Thirty South | Associated Bank | Other Variable | LIBOR + 205 | 12/31/2020 | 18,305,100 | 69,524 | ||||||||||||||||
2020 Debt Maturities | 446,317,380 | 28.0 | % | |||||||||||||||||||
Waxahachie Crossing | CMBS | Fixed Rate | 5.55 | % | 3/1/2021 | 7,750,000 | 37,039 | |||||||||||||||
International Speedway Square | CMBS | Fixed Rate | 5.77 | % | 4/1/2021 | 19,850,878 | 122,817 | |||||||||||||||
Lima Marketplace | CMBS | Fixed Rate | 5.80 | % | 4/1/2021 | 8,383,000 | 41,868 | |||||||||||||||
Bell Oaks Centre | CMBS | Fixed Rate | 5.59 | % | 4/1/2021 | 6,547,500 | 31,489 | |||||||||||||||
Northcrest Shopping Center | CMBS | Fixed Rate | 5.48 | % | 5/1/2021 | 15,780,000 | 74,396 | |||||||||||||||
University Town Center | CMBS | Fixed Rate | 5.48 | % | 6/1/2021 | 18,690,000 | 88,116 | |||||||||||||||
Village at Bay Park | CMBS | Fixed Rate | 5.58 | % | 6/1/2021 | 9,183,298 | 44,126 | |||||||||||||||
Silver Springs Pointe | CMBS | Fixed Rate | 5.03 | % | 7/1/2021 | 8,800,000 | 38,131 | |||||||||||||||
Lake Mary Plaza | CMBS | Fixed Rate | 5.10 | % | 7/1/2021 | 5,080,000 | 22,310 | |||||||||||||||
Bayport Commons | CMBS | Fixed Rate | 5.44 | % | 9/1/2021 | 12,442,683 | 74,045 | |||||||||||||||
Eddy Street Commons | CMBS | Fixed Rate | 5.44 | % | 9/1/2021 | 24,174,356 | 143,860 | |||||||||||||||
Four Property Pool Loan | CMBS | Fixed Rate | 5.44 | % | 9/1/2021 | 41,143,805 | 244,843 | |||||||||||||||
2021 Debt Maturities | 177,825,520 | 11.2 | % | |||||||||||||||||||
See footnotes on next page |
p. 16 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF JUNE 30, 2015 (CONTINUED) | ![]() |
Property | Lender(s) | Loan Type | Interest Rate1 | Maturity Date | Total Commitment | Balance as of June 30, 2015 | % of Total Outstanding | Monthly Debt Service as of June 30, 2015 | |||||||||||||
Centre at Panola, Phase I | CMBS | Fixed Rate | 6.78 | % | 1/1/2022 | $ | 2,409,256 | $ | 36,583 | ||||||||||||
Palm Coast Landing | CMBS | Fixed Rate | 5.00 | % | 3/1/2022 | 22,550,000 | 93,958 | ||||||||||||||
Bayonne Crossing | CMBS | Fixed Rate | 4.18 | % | 4/1/2022 | 45,000,000 | 156,750 | ||||||||||||||
Saxon Crossing | CMBS | Fixed Rate | 4.65 | % | 7/1/2022 | 11,400,000 | 45,648 | ||||||||||||||
Merrimack Village Center | CMBS | Fixed Rate | 4.36 | % | 7/6/2022 | 5,445,000 | 20,443 | ||||||||||||||
Shops at Moore | CMBS | Fixed Rate | 4.29 | % | 9/1/2022 | 21,300,000 | 78,658 | ||||||||||||||
Shops at Julington Creek | CMBS | Fixed Rate | 4.60 | % | 9/1/2022 | 4,785,000 | 18,954 | ||||||||||||||
City Center | Bank of America | Other Variable | LIBOR + 245 | 9/28/2022 | 90,000,000 | 204,199 | |||||||||||||||
Centre Point Commons | CMBS | Fixed Rate | 4.34 | % | 10/1/2022 | 14,410,000 | 53,835 | ||||||||||||||
Miramar Square | CMBS | Fixed Rate | 4.16 | % | 12/1/2022 | 31,625,000 | 113,288 | ||||||||||||||
2022 Debt Maturities | 248,924,256 | 15.6 | % | ||||||||||||||||||
Centennial Gateway/Eastgate3 | CMBS | Fixed Rate | 3.81 | % | 1/1/2023 | 44,385,000 | 145,658 | ||||||||||||||
Centennial Center3 | CMBS | Fixed Rate | 3.83 | % | 1/6/2023 | 70,455,000 | 232,456 | ||||||||||||||
Eastern Beltway3 | CMBS | Fixed Rate | 3.83 | % | 1/6/2023 | 34,100,000 | 112,508 | ||||||||||||||
The Corner | CMBS | Fixed Rate | 4.10 | % | 3/1/2023 | 14,750,000 | 52,095 | ||||||||||||||
2023 Debt Maturities | 163,690,000 | 10.3 | % | ||||||||||||||||||
Rampart Commons | CMBS | Fixed Rate | 5.73 | % | 6/10/2030 | 12,113,704 | 100,464 | ||||||||||||||
2024 And Beyond Debt Maturities | 12,113,704 | 0.8 | % | ||||||||||||||||||
NET PREMIUMS ON ACQUIRED DEBT | 25,244,599 | ||||||||||||||||||||
TOTAL DEBT PER CONSOLIDATED BALANCE SHEET | $ | 1,618,614,378 | |||||||||||||||||||
____________________ | |
1 | At June 30, 2015, one-month LIBOR was 0.19%. |
2 | Loan has a four year extension option. |
3 | Property is held in a joint venture. The loan is guaranteed by Kite Realty Group, LP. See Joint Venture Summary on page 14 for additional detail. |
4 | Loan has a five year extension option. |
5 | Assumes Company exercises its option to extend the maturity date by one year. |
6 | The Company has 93 unencumbered properties of which 85 are wholly owned included in our unencumbered property pool of our unsecured revolving credit facility |
7 | Assumes Company exercises its option to extend the maturity date by six months. |
p. 17 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
TOP 10 RETAIL TENANTS BY GROSS LEASABLE AREA (GLA) | ![]() |
• | Operating retail properties; |
• | Operating office properties; and |
• | Development property tenants open for business or ground lease tenants who commenced paying rent as of |
Tenant | Number of Locations | Total GLA | Number of Leases | Company Owned GLA | Ground Lease GLA | Number of Anchor Owned Locations | Anchor Owned GLA | |||||||||||||
Wal-Mart | 15 | 2,531,312 | 6 | 203,742 | 811,956 | 9 | 1,515,614 | |||||||||||||
Target | 16 | 2,301,943 | — | — | — | 16 | 2,301,943 | |||||||||||||
Lowe's Home Improvement | 14 | 1,422,505 | 5 | 128,997 | 650,161 | 9 | 1,293,508 | |||||||||||||
Publix | 18 | 868,222 | 18 | 868,222 | — | — | — | |||||||||||||
TJX Companies 1 | 19 | 584,757 | 19 | 584,757 | — | — | — | |||||||||||||
Kohls | 9 | 538,376 | 5 | 184,516 | 245,223 | 4 | 353,860 | |||||||||||||
Ross Stores | 17 | 485,673 | 17 | 485,673 | — | — | — | |||||||||||||
Dick's Sporting Goods | 9 | 440,502 | 9 | 440,502 | — | — | — | |||||||||||||
Bed Bath & Beyond 2 | 14 | 384,653 | 14 | 384,653 | — | — | — | |||||||||||||
Petsmart | 18 | 374,127 | 18 | 374,127 | — | — | — | |||||||||||||
Total | 149 | 9,932,070 | 111 | 3,655,189 | 1,707,340 | 38 | 5,464,925 |
____________________ | |
1 | Includes TJ Maxx, Home Goods and Marshalls, which are owned by the same parent company. |
2 | Includes Buy Buy Baby, Christmas Tree Shops and Cost Plus, which are owned by the same parent company. |
p. 18 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
TOP 25 TENANTS BY ANNUALIZED BASE RENT | ![]() |
• | Operating retail properties; |
• | Operating office properties; and |
• | Development property tenants open for business or ground lease tenants who commenced paying rent as of |
Tenant | Number of Stores | Leased GLA/NRA2 | % of Owned GLA/NRA of the Portfolio | Annualized Base Rent1 | Annualized Base Rent per Sq. Ft. | % of Total Portfolio Annualized Base Rent | |||||||||||||
Publix | 18 | 868,222 | 5.5 | % | $ | 8,438,847 | $ | 9.72 | 3.3 | % | |||||||||
TJX Companies 4 | 19 | 584,757 | 3.7 | % | 5,755,975 | 9.84 | 2.2 | % | |||||||||||
Petsmart | 18 | 374,127 | 2.4 | % | 5,512,941 | 14.74 | 2.1 | % | |||||||||||
Ross Stores | 17 | 485,673 | 3.1 | % | 5,214,171 | 10.74 | 2.0 | % | |||||||||||
Lowe's Home Improvement 5 | 5 | 128,997 | 0.8 | % | 5,039,000 | 6.47 | 2.0 | % | |||||||||||
Office Depot / Office Max | 18 | 368,482 | 2.3 | % | 5,017,739 | 13.62 | 2.0 | % | |||||||||||
Dick's Sporting Goods | 9 | 440,502 | 2.8 | % | 4,611,924 | 10.47 | 1.8 | % | |||||||||||
Bed Bath & Beyond 3 | 14 | 384,653 | 2.4 | % | 4,185,780 | 10.88 | 1.6 | % | |||||||||||
Michaels | 13 | 278,111 | 1.7 | % | 3,694,316 | 13.28 | 1.4 | % | |||||||||||
Wal-Mart 5 | 6 | 203,742 | 1.3 | % | 3,655,238 | 3.60 | 1.4 | % | |||||||||||
LA Fitness | 5 | 208,209 | 1.3 | % | 3,447,473 | 16.56 | 1.3 | % | |||||||||||
Best Buy | 6 | 213,604 | 1.3 | % | 3,023,709 | 14.16 | 1.2 | % | |||||||||||
Kohls 5 | 5 | 184,516 | 1.2 | % | 2,927,074 | 6.81 | 1.1 | % | |||||||||||
Toys R Us / Babies R Us 5 | 6 | 179,316 | 1.1 | % | 2,895,580 | 13.79 | 1.1 | % | |||||||||||
National Amusements | 1 | 80,000 | 0.5 | % | 2,882,650 | 36.03 | 1.1 | % | |||||||||||
Walgreens | 5 | 82,032 | 0.5 | % | 2,573,766 | 31.38 | 1.0 | % | |||||||||||
Petco | 11 | 154,457 | 1.0 | % | 2,565,129 | 16.61 | 1.0 | % | |||||||||||
Nordstrom | 4 | 138,390 | 0.9 | % | 2,526,780 | 18.26 | 1.0 | % | |||||||||||
Sports Authority | 3 | 127,698 | 0.8 | % | 1,856,281 | 14.54 | 0.7 | % | |||||||||||
New York Sports Club | 2 | 86,717 | 0.5 | % | 1,815,540 | 20.94 | 0.7 | % | |||||||||||
Burlington Coat Factory | 3 | 247,400 | 1.6 | % | 1,791,800 | 7.24 | 0.7 | % | |||||||||||
Old Navy | 8 | 130,404 | 0.8 | % | 1,762,239 | 13.51 | 0.7 | % | |||||||||||
Mattress Firm | 17 | 69,258 | 0.4 | % | 1,750,212 | 25.27 | 0.7 | % | |||||||||||
Randall's Food & Drugs | 2 | 133,990 | 0.8 | % | 1,732,196 | 12.93 | 0.7 | % | |||||||||||
Hobby Lobby | 4 | 221,254 | 1.4 | % | 1,719,518 | 7.77 | 0.7 | % | |||||||||||
TOTAL | 219 | 6,374,511 | 40.1 | % | $ | 86,395,878 | $ | 10.77 | 33.5 | % |
____________________ | |
1 | Annualized base rent represents the monthly contractual rent for June 2015 for each applicable tenant multiplied by 12. Annualized base rent does not include tenant reimbursements. |
2 | Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants. |
3 | Includes Buy Buy Baby, Christmas Tree Shops and Cost Plus, which are owned by the same parent company. |
4 | Includes TJ Maxx, Home Goods and Marshalls, which are owned by the same parent company. |
5 | Annualized base rent and percent of total portfolio includes ground lease rent. |
p. 19 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
RETAIL LEASING SUMMARY1 | ![]() |
Retail Only - Comparable Space | |||||||||||||||||||||||||
Category1 | Total Leases | Total Sq. Ft. | Leases2 | Sq. Ft. | Prior Rent PSF3 | New Rent PSF4,5 | Rent Spread | Same Space TI PSF 6 | |||||||||||||||||
New Leases - Q2, 2015 | 35 | 126,969 | 15 | 42,827 | $ | 19.98 | $ | 21.56 | 7.9 | % | $ | 32.83 | |||||||||||||
New Leases - Q1, 2015 | 35 | 140,104 | 10 | 38,583 | $ | 16.48 | $ | 19.51 | 18.4 | % | $ | 37.55 | |||||||||||||
New Leases - Q4, 2014 | 33 | 72,113 | 12 | 27,335 | $ | 18.25 | $ | 22.06 | 20.9 | % | $ | 32.14 | |||||||||||||
New Leases - Q3, 2014 | 28 | 172,799 | 15 | 68,834 | $ | 13.91 | $ | 20.03 | 43.9 | % | $ | 11.97 | |||||||||||||
Renewals - Q2, 2015 | 42 | 292,568 | 42 | 292,568 | $ | 12.59 | $ | 13.59 | 8.0 | % | $ | 0.71 | |||||||||||||
Renewals - Q1, 2015 | 42 | 237,366 | 42 | 237,366 | $ | 13.01 | $ | 13.93 | 7.1 | % | $ | 0.86 | |||||||||||||
Renewals - Q4, 2014 | 43 | 303,993 | 43 | 303,993 | $ | 12.26 | $ | 12.95 | 5.7 | % | $ | 0.53 | |||||||||||||
Renewals - Q3, 2014 | 36 | 251,717 | 36 | 251,717 | $ | 13.92 | $ | 14.80 | 6.3 | % | $ | 0.41 | |||||||||||||
Total - Q2, 2015 | 77 | 419,537 | 57 | 335,395 | $ | 13.53 | $ | 14.61 | 8.0 | % | $ | 4.87 | |||||||||||||
Total - Q1, 2015 | 77 | 377,470 | 52 | 275,949 | $ | 13.49 | $ | 14.71 | 9.0 | % | $ | 5.99 | |||||||||||||
Total - Q4, 2014 | 76 | 376,106 | 55 | 331,328 | $ | 12.75 | $ | 13.70 | 7.5 | % | $ | 3.18 | |||||||||||||
Total - Q3, 2014 | 64 | 424,516 | 51 | 320,551 | $ | 13.92 | $ | 15.92 | 14.4 | % | $ | 2.89 |
________________ | |
1 | Comparable space leases on this report represent retail properties only. Office leases are shown as non-comparable and ground leases are excluded. |
2 | Comparable leases represent those leases signed for which there was a former tenant within the last 12 months. |
3 | Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term. |
4 | All amounts reported at lease execution. |
5 | Contractual rent represents contractual minimum rent per square foot for the first twelve months of the lease. |
6 | Includes costs of landlord work and tenant allowances provided to tenants. |
p. 20 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
LEASE EXPIRATIONS – OPERATING PORTFOLIO | ![]() |
• | Operating retail properties; |
• | Operating office properties; and |
• | Development property tenants open for business or ground lease tenants who commenced paying rent as of June 30, 2015. |
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 | ||||||||||||||||||
2015 | 112 | 353,486 | 2.3 | % | $ | 6,230,817 | 2.6 | % | $ | 17.63 | $ | — | ||||||||||||
2016 | 250 | 1,403,787 | 9.0 | % | 18,497,258 | 7.7 | % | 13.18 | 288,800 | |||||||||||||||
2017 | 277 | 1,737,465 | 11.1 | % | 27,573,299 | 11.5 | % | 15.87 | 377,556 | |||||||||||||||
2018 | 347 | 2,168,446 | 13.9 | % | 35,446,711 | 14.8 | % | 16.35 | 1,037,875 | |||||||||||||||
2019 | 256 | 1,487,318 | 9.5 | % | 24,747,417 | 10.4 | % | 16.64 | 819,266 | |||||||||||||||
2020 | 217 | 2,139,732 | 13.7 | % | 27,240,343 | 11.4 | % | 12.73 | 1,645,286 | |||||||||||||||
2021 | 107 | 1,035,967 | 6.6 | % | 14,622,946 | 6.1 | % | 14.12 | 468,525 | |||||||||||||||
2022 | 94 | 896,797 | 5.7 | % | 14,595,924 | 6.1 | % | 16.28 | 1,048,282 | |||||||||||||||
2023 | 110 | 1,030,877 | 6.6 | % | 15,919,501 | 6.7 | % | 15.44 | 359,523 | |||||||||||||||
2024 | 94 | 934,441 | 6.0 | % | 18,566,129 | 7.8 | % | 19.87 | 381,004 | |||||||||||||||
Beyond | 139 | 2,467,754 | 15.8 | % | 35,688,013 | 14.9 | % | 14.46 | 11,709,416 | |||||||||||||||
2,003 | 15,656,070 | 100.0 | % | $ | 239,128,357 | 100.0 | % | $ | 15.27 | $ | 18,135,533 |
____________________ | |
1 | Lease expiration table reflects rents in place as of June 30, 2015 and does not include option periods; 2015 expirations include 36 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 2015 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue. |
p. 21 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
LEASE EXPIRATIONS – RETAIL ANCHOR TENANTS1 | ![]() |
• | Operating retail properties; and |
• | Development property tenants open for business or ground lease tenants who commenced paying rent as of June 30, 2015. |
Number of Expiring Leases2 | Expiring GLA/NRA3 | % of Total GLA/NRA Expiring | Expiring Annualized Base Rent4 | % of Total Annualized Base Rent | Expiring Annualized Base Rent per Sq. Ft. | Expiring Ground Lease Revenue | ||||||||||||||||||
2015 | 4 | 91,264 | 0.6 | % | $ | 792,588 | 0.3 | % | $ | 8.68 | $ | — | ||||||||||||
2016 | 25 | 814,367 | 5.2 | % | 6,523,984 | 2.7 | % | 8.01 | 288,800 | |||||||||||||||
2017 | 43 | 1,088,511 | 7.0 | % | 12,920,401 | 5.4 | % | 11.87 | — | |||||||||||||||
2018 | 50 | 1,381,273 | 8.8 | % | 16,197,261 | 6.7 | % | 11.73 | 644,149 | |||||||||||||||
2019 | 35 | 924,737 | 5.9 | % | 11,202,340 | 4.7 | % | 12.11 | — | |||||||||||||||
2020 | 43 | 1,691,910 | 10.8 | % | 16,982,948 | 7.1 | % | 10.04 | 1,110,883 | |||||||||||||||
2021 | 30 | 796,901 | 5.1 | % | 8,634,089 | 3.6 | % | 10.83 | — | |||||||||||||||
2022 | 26 | 617,232 | 3.9 | % | 8,304,517 | 3.5 | % | 13.45 | 744,622 | |||||||||||||||
2023 | 27 | 717,875 | 4.6 | % | 8,580,079 | 3.6 | % | 11.95 | 260,000 | |||||||||||||||
2024 | 18 | 656,788 | 4.2 | % | 11,916,424 | 5.0 | % | 18.14 | 260,004 | |||||||||||||||
Beyond | 52 | 2,102,612 | 13.4 | % | 26,909,251 | 11.2 | % | 12.80 | 6,730,194 | |||||||||||||||
353 | 10,883,470 | 69.5 | % | $ | 128,963,881 | 53.9 | % | $ | 11.85 | $ | 10,038,651 |
____________________ | |
1 | Retail anchor tenants are defined as tenants that occupy 10,000 square feet or more. |
2 | Lease expiration table reflects rents in place as of June 30, 2015 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 2015 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue. |
p. 22 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
LEASE EXPIRATIONS – RETAIL SHOPS | ![]() |
• | Operating retail properties; and |
• | Development property tenants open for business as of June 30, 2015. |
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 | |||||||||||||||
2015 | 106 | 254,308 | 1.6% | $ | 5,354,448 | 2.3% | $ | 21.06 | $ | — | |||||||||||
2016 | 225 | 589,420 | 3.8% | 11,973,274 | 5.0% | 20.31 | — | ||||||||||||||
2017 | 232 | 565,844 | 3.6% | 13,157,051 | 5.5% | 23.25 | 377,556 | ||||||||||||||
2018 | 295 | 769,336 | 4.9% | 18,862,362 | 7.9% | 24.52 | 393,727 | ||||||||||||||
2019 | 220 | 557,328 | 3.6% | 13,443,957 | 5.6% | 24.12 | 819,266 | ||||||||||||||
2020 | 172 | 434,511 | 2.8% | 10,014,455 | 4.2% | 23.05 | 534,403 | ||||||||||||||
2021 | 76 | 232,904 | 1.5% | 5,847,125 | 2.5% | 25.11 | 468,525 | ||||||||||||||
2022 | 65 | 228,519 | 1.5% | 5,417,788 | 2.3% | 23.71 | 303,660 | ||||||||||||||
2023 | 81 | 280,014 | 1.8% | 6,714,044 | 2.8% | 23.98 | 99,522 | ||||||||||||||
2024 | 74 | 212,305 | 1.4% | 5,618,862 | 2.4% | 26.47 | 121,000 | ||||||||||||||
Beyond | 84 | 285,502 | 1.8% | 7,613,824 | 3.3% | 26.67 | 4,979,223 | ||||||||||||||
1,630 | 4,409,991 | 28.2% | $ | 104,017,190 | 43.5% | $ | 23.59 | $ | 8,096,882 |
____________________ | |
1 | Lease expiration table reflects rents in place as of June 30, 2015, and does not include option periods; 2015 expirations include 35 month-to-month tenants. This column also excludes ground leases. |
2 | Expiring GLA excludes estimated square footage attributable to non-owned structures on land we own and ground leased to tenants. |
3 | Annualized base rent represents the monthly contractual rent for June 2015 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue. |
p. 23 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
LEASE EXPIRATIONS – OFFICE TENANTS | ![]() |
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. | ||||||||||||
2015 | 2 | 7,914 | 0.1% | $ | 83,781 | — | $ | 10.59 | |||||||||
2016 | 0 | 0 | — | — | — | — | |||||||||||
2017 | 2 | 83,110 | 0.5% | 1,495,847 | 0.6% | 18.00 | |||||||||||
2018 | 2 | 17,837 | 0.1% | 387,088 | 0.2% | 21.70 | |||||||||||
2019 | 1 | 5,253 | — | 101,120 | — | 19.25 | |||||||||||
2020 | 2 | 13,311 | 0.1% | 242,940 | 0.1% | 18.25 | |||||||||||
2021 | 1 | 6,162 | — | 141,732 | 0.1% | 23.00 | |||||||||||
2022 | 3 | 51,046 | 0.3% | 873,619 | 0.4% | 17.11 | |||||||||||
2023 | 2 | 32,988 | 0.2% | 625,378 | 0.3% | 18.96 | |||||||||||
2024 | 2 | 65,348 | 0.4% | 1,030,843 | 0.4% | 15.77 | |||||||||||
Beyond | 3 | 79,640 | 0.5% | 1,164,939 | 0.5% | 14.63 | |||||||||||
20 | 362,609 | 2.3% | $ | 6,147,287 | 2.6% | $ | 16.95 |
____________________ | |
1 | Lease expiration table reflects rents in place as of June 30, 2015, and does not include option periods; 2015 expirations include one month-to-month tenant. This column also excludes ground leases. |
2 | Lease expiration table reflects rents in place as of June 2015, and does not include option periods. This column also excludes ground leases. |
3 | Annualized base rent represents the monthly contractual rent for June 2015 for each applicable tenant multiplied by 12. Excludes tenant reimbursements. |
p. 24 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
SUMMARY RETAIL PORTFOLIO STATISTICS INCLUDING JOINT VENTURE PROPERTIES | ![]() |
June 30, 2015 | March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | ||||||||||||||||
Company Owned GLA – Operating Retail1 | 15,586,616 | 15,463,431 | 16,156,995 | 16,935,582 | 8,489,877 | |||||||||||||||
Total GLA – Operating Retail1 | 22,877,625 | 22,565,432 | 23,859,680 | 25,213,668 | 11,296,321 | |||||||||||||||
Projected Owned GLA of Development and Redevelopment Projects Under Construction | 935,567 | 701,045 | 784,019 | 665,246 | 831,698 | |||||||||||||||
Projected Total GLA of Development and Redevelopment Projects Under Construction2 | 1,101,148 | 805,382 | 1,027,414 | 888,641 | 1,055,093 | |||||||||||||||
Number of Operating Retail Properties | 113 | 112 | 118 | 124 | 64 | |||||||||||||||
Number of Retail Development Properties Under Construction | 3 | 3 | 4 | 3 | 3 | |||||||||||||||
Number of Retail Redevelopment Properties | 4 | 3 | 3 | 3 | 4 | |||||||||||||||
Percentage Leased – Operating Retail | 94.9 | % | 94.9 | % | 94.8 | % | 94.9 | % | 95.2 | % | ||||||||||
Annualized Base Rent & Ground Lease Revenue – Operating Retail Properties3 (excludes redevelopment) | $ | 243,712,765 | $ | 240,824,421 | $ | 249,518,912 | $ | 258,706,533 | $ | 112,602,606 |
____________________ | |
1 | Company Owned GLA represents gross leasable area owned by the Company. Total GLA includes Company Owned GLA, plus square footage attributable to non-owned outlot structures on land owned by the Company and ground leased to tenants, and non-owned anchor space. |
2 | Projected Company Owned GLA Under Development or Redevelopment represents gross leasable area under development that is projected to be owned by the Company. Projected Total GLA Under Development or Redevelopment includes Projected Company Owned GLA, plus projected square footage attributable to non-owned outlot structures on land owned by the Company and ground leased to tenants, and non-owned anchor space that is existing or under construction. |
3 | Annualized Base Rent represents the monthly contractual rent in effect for each period shown, multiplied by 12. Excludes tenant reimbursements. |
p. 25 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
SUMMARY OFFICE PORTFOLIO STATISTICS | ![]() |
Retail Portfolio | June 30, 2015 | March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | |||||||||||||||
Company Owned Net Rentable Area (NRA)1 | 395,127 | 396,995 | 406,063 | 386,852 | 386,852 | |||||||||||||||
Number of Operating Office Properties4 | 2 | 2 | 2 | 2 | 2 | |||||||||||||||
Percentage Leased – Operating Office Properties | 91.8 | % | 91.3 | % | 93.3 | % | 95.2 | % | 95.2 | % | ||||||||||
Annualized Base Rent – Office Properties2,3 | $ | 6,147,287 | $ | 6,137,567 | $ | 6,148,681 | $ | 5,993,727 | $ | 5,993,727 |
____________________ | |
1 | Company Owned NRA does not include square footage of Union Station Parking Garage, a detached parking garage supporting the 30 South property that includes 850 parking spaces. It is managed by a third party. |
2 | Annualized Base Rent does not include income attributable to the Union Station Parking Garage. |
3 | Annualized Base Rent includes $723,216 from KRG and Subsidiaries as of June 30, 2015. |
4 | Includes the separate office space at Eddy Street Commons and Tradition Village. |
p. 26 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
DEVELOPMENT PROJECTS | ![]() |
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 Cost6 | Cost Incurred as of June 30, 20157 | Major Tenants and Non-owned Anchors | |||||||||
Holly Springs Towne Center, NC - Phase II | 100% | Raleigh | Q3 2015 | 122,143 | 154,143 | 0.0 | % | 77.6 | % | $ | 47,500 | $ | 26,375 | Target (non-owned), Carmike Cinemas, Bed Bath & Beyond, DSW | |||||
Parkside Town Commons, NC - Phase II | 100% | Raleigh | Q3 2014 | 297,436 | 347,801 | 54.3 | % | 79.8 | % | 78,500 | 73,918 | Frank Theatres, Golf Galaxy, Field & Stream, Stein Mart, Chuy's, Starbucks, Panera Bread | |||||||
Tamiami Crossing, FL | 100% | Naples | Q2 2016 | 122,383 | 142,383 | 0.0 | % | 100.0 | % | 44,000 | 24,126 | 6 national anchors, including Stein Mart, Marshalls, Michaels, Ulta | |||||||
Total | 541,962 | 644,327 | 29.8 | % | 83.9 | % | $ | 170,000 | $ | 124,419 | |||||||||
Cost incurred as of June 30, 2015 included in Construction in Progress on the balance sheet | $ | 91,951 |
____________________ | |
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 108,862 square feet for which the Company has signed non-binding letters of intent. |
6 | Dollars in thousands. |
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. |
Projected Annual Stabilized Total Cash NOI | $ | 15,489 | |
Annualized Cash NOI Included in Income Statement for Three Months Ended June 30, 2015 | $ | (3,818 | ) |
Remaining Annualized Cash NOI | $ | 11,671 | |
p. 27 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
REDEVELOPMENT PROJECTS | ![]() |
Under Construction: | ||||||||||||||||||||||||||||
Project | Company Ownership % | MSA | Actual/ Projected Opening Date1 | Projected Total GLA3 | Projected Owned GLA2 | Percent of Owned GLA Occupied4 | Percent of Owned GLA Pre-Leased/ Committed5 | Total Estimated Project Cost6 | Cost Incurred as of June 30, 20157 | Major Tenants and Non-owned Anchors | ||||||||||||||||||
Gainesville Plaza, FL | 100% | Gainesville | Q2 2015 | 164,665 | 162,693 | 81.6 | % | 81.6 | % | $ | 11,800 | $ | 8,533 | Burlington Coat Factory, Ross Dress for Less | ||||||||||||||
Cool Springs Market, TN | 100% | Franklin | Q2 2016 | 292,156 | 230,912 | 73.8 | % | 98.9 | % | $ | 7,000 | $ | 1,068 | Kroger, Jo-Ann Fabric, Dick's Sporting Goods, Staples, Marshalls, Buy Buy Baby, DSW | ||||||||||||||
Total | 456,821 | 393,605 | 76.6 | % | 91.8 | % | $ | 18,800 | $ | 9,601 | ||||||||||||||||||
Cost incurred as of June 30, 2015 included in Construction in Progress on balance sheet | $ | 1,031 |
Pending Commencement of Construction (see page 29 for additional details): | ||||||||||||||||||||
Project | Company Ownership % | MSA | Actual/ Projected Opening Date1 | Projected Total GLA3 | Projected Owned GLA2 | Total Estimated Project Cost6 | Cost Incurred as of June 30, 20157 | Major Tenants and Non-owned Anchors | ||||||||||||
Hamilton Crossing Centre, IN | 100% | Indianapolis | TBD | 77,296 | 69,596 | TBD | $ | 257 | TBD | |||||||||||
Courthouse Shadows, FL | 100% | Naples | TBD | 134,867 | 134,867 | TBD | 954 | TBD | ||||||||||||
Total | 212,163 | 204,463 | TBD | $ | 1,211 | |||||||||||||||
Cost incurred as of June 30, 2015 included in Construction in Progress on balance sheet | $ | 1,211 |
Summary of Construction In Progress on Consolidated Balance Sheet ($ in thousands): | |||
Cost incurred for development projects under construction | $ | 91,951 | |
Cost incurred for redevelopment projects under construction | 1,031 | ||
Cost incurred for redevelopment projects pending construction | 1,211 | ||
Deerwood apartments | 18,728 | ||
Holly Springs Towne Center – Phase III | 4,380 | ||
Miscellaneous tenant improvements and small projects | 16,300 | ||
Construction In Progress on Consolidated Balance Sheet | $ | 133,601 |
See prior page for footnotes. |
p. 28 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
POTENTIAL REDEVELOPMENT, REPOSITION, AND REPURPOSE OPPORTUNITIES | ![]() |
REDEVELOPMENT | ||||
MSA | Description | |||
Portofino Shopping Center | Houston, TX | Multiple phase project. Addition of small shop buildings and of 33,000 sf jr. anchor; also includes relocation and rightsizing of a 25,000 sf jr. anchor. | ||
City Center | White Plains, NY | Rightsize existing tenant for additional tenant space. Creating a better customer connection between the main entry and the main lobby. | ||
Burnt Store Promenade | Punta Gorda, FL | New building construction of current grocer into 45,000 sf space. New 20 year lease and center upgrades. | ||
Bolton Plaza | Jacksonville, FL | Second phase; replace existing vacant shop space with 22,000 sf jr. anchor and center upgrades. | ||
Rampart Commons | Las Vegas, NV | Addition of new tenants replacing expiring leases and center upgrades. | ||
Bridgewater | Westfield, IN | Second phase; creation of new outparcel to relocate existing shops. Replacing vacant shop space with 14,000 sf jr. anchor. | ||
Estimated Cost | $55mm to 65mm | |||
Expected Return | 8.0-9.0% | |||
REPOSITION (1) | ||||
MSA | Description | |||
Trussville Promenade (2) | Birmingham, AL | Replacing small shops with 22,000 sf jr. anchor. | ||
Centennial Center | Las Vegas, NV | General building enhancements including improved access of main entry point. | ||
Northdale Promenade | Tampa, FL | Replacing small shops with 10,000 sf jr. anchor. | ||
Landstown Commons | Virginia Beach, VA | Relocation of Starbucks to create drive through. General improvement of the main street area, including façade improvements and addition of pedestrian elements. | ||
Castleton Crossing | Indianapolis, IN | Creation of new outparcel building. | ||
Hitchcock Plaza | Aiken, SC | Replacing vacant space with building conversion for two jr. anchors and incremental shop space. | ||
Beechwood Promenade | Athens, GA | Expansion of existing pad to accommodate a national tenant. | ||
Estimated Cost | $20mm to 25mm | |||
Expected Return | 10.5-11.5% | |||
REPURPOSE | ||||
MSA | Description | |||
The Corner | Indianapolis, IN | Creation of a mixed use (retail and residential) development where there is currently an unanchored small shop center. | ||
Hamilton Crossing Centre | Indianapolis, IN | Recapture of lease expiration; substantially enhancing merchandising mix and replacing available space with new movie theatre for entertainment. | ||
Courthouse Shadows | Naples, FL | Recapture of natural lease expiration; demolition of the site to add a large format single tenant ground lease as well as an additional outparcel development. | ||
Estimated Cost | $30mm to 35mm | |||
Expected Return | 9.5-10.5% | |||
Total | $105mm to 125mm | |||
(1) Minor asset enhancements, not to exceed $5mm. | ||||
(2) Redevelopment refers to Trussville I. | ||||
Note: These opportunities are merely potential at this time and are subject to various contingencies, many of which are beyond our control. |
p. 29 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
2015 PROPERTY ACQUISITIONS AND DISPOSITIONS | ![]() |
Property Name | MSA | Date Acquired | Total GLA | Owned GLA | Purchase Price | ||||||
Colleyville Downs | Dallas, TX | 4/1/2015 | 200,910 | 185,848 | |||||||
Belle Isle Station | Oklahoma City, OK | 5/14/2015 | 396,439 | 164,337 | |||||||
Livingston Shopping Center | New York - Newark | 7/24/2015 | 139,657 | 139,657 | |||||||
Total | $ | 145,800,000 |
Property Name | Property Type | MSA | Date Sold | Sales Price | ||||
Tranche II of asset sale | ||||||||
Prattville Town Center | Power center | Prattville, AL | 3/16/2015 | |||||
Eastside Junction | Grocery-anchored center | Athens, AL | 3/16/2015 | |||||
Fairgrounds Crossing | Power center | Hot Springs, AK | 3/16/2015 | |||||
Regal Court | Power center | Shreveport, LA | 3/16/2015 | |||||
Hawk Ridge | Power center | Lake St. Louis, MO | 3/16/2015 | |||||
Walgreens Plaza | Walgreens-anchored center | Jacksonville, NC | 3/16/2015 | |||||
Whispering Ridge | Power center | Omaha, NE | 3/16/2015 | |||||
Total | $ | 167,354,000 |
p. 30 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
GEOGRAPHIC DIVERSIFICATION – OPERATING PORTFOLIO | ![]() |
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. | ||||||||||||||
Alabama | 2 | 513,430 | 3.2 | % | 44 | $ | 4,500,978 | 1.9% | $ | 9.34 | ||||||||||
Arizona | 1 | 79,902 | 0.5 | % | 10 | 2,241,241 | 1.0% | 28.05 | ||||||||||||
Connecticut | 1 | 208,929 | 1.3 | % | 24 | 3,291,549 | 1.4% | 16.25 | ||||||||||||
Florida | 36 | 4,340,488 | 27.1 | % | 629 | 60,249,583 | 26.0% | 14.96 | ||||||||||||
Georgia | 4 | 736,674 | 4.6 | % | 86 | 8,090,154 | 3.5% | 11.83 | ||||||||||||
Illinois | 3 | 310,865 | 1.9 | % | 22 | 4,150,514 | 1.8% | 13.87 | ||||||||||||
Indiana | 21 | 2,311,166 | 14.4 | % | 255 | 30,240,424 | 13.0% | 13.53 | ||||||||||||
Indiana - Office | 2 | 369,556 | 2.3 | % | 18 | 6,063,506 | 2.6% | 17.09 | ||||||||||||
Nevada | 7 | 929,146 | 5.8 | % | 182 | 20,350,296 | 8.8% | 23.78 | ||||||||||||
New Hampshire | 1 | 78,892 | 0.5 | % | 13 | 979,812 | 0.4% | 12.42 | ||||||||||||
New Jersey | 1 | 106,383 | 0.7 | % | 27 | 3,044,004 | 1.3% | 28.61 | ||||||||||||
New York | 1 | 365,905 | 2.3 | % | 13 | 9,221,073 | 4.0% | 26.01 | ||||||||||||
North Carolina | 7 | 740,251 | 4.6 | % | 110 | 12,797,367 | 5.5% | 18.40 | ||||||||||||
Ohio | 1 | 236,230 | 1.5 | % | 7 | 2,062,668 | 0.9% | 8.73 | ||||||||||||
Oklahoma | 5 | 821,485 | 5.1 | % | 108 | 11,214,601 | 4.8% | 14.28 | ||||||||||||
Oregon | 2 | 31,171 | 0.2 | % | 11 | 457,747 | 0.2% | 23.99 | ||||||||||||
South Carolina | 3 | 516,732 | 3.2 | % | 40 | 5,406,026 | 2.3% | 10.76 | ||||||||||||
Tennessee | 1 | 175,464 | 1.1 | % | 16 | 2,566,668 | 1.1% | 14.63 | ||||||||||||
Texas | 11 | 2,141,539 | 13.4 | % | 221 | 28,376,386 | 12.2% | 13.69 | ||||||||||||
Utah | 2 | 384,692 | 2.4 | % | 73 | 6,288,277 | 2.7% | 16.91 | ||||||||||||
Virginia | 1 | 399,047 | 2.5 | % | 56 | 7,043,127 | 3.0% | 19.17 | ||||||||||||
Washington | 1 | 107,998 | 0.7 | % | 26 | 2,183,631 | 0.9% | 21.53 | ||||||||||||
Wisconsin | 1 | 82,254 | 0.5 | % | 14 | 996,261 | 0.4% | 14.51 | ||||||||||||
115 | 15,988,199 | 100.0 | % | 2,005 | $ | 231,815,893 | 100.0% | $ | 15.29 |
____________________ | |
1 | This table includes operating retail properties, operating commercial properties, and ground lease tenants who commenced paying rent as of June 30, 2015. |
2 | Owned GLA/NRA represents gross leasable area or net leasable area owned by the Company. It also excludes the square footage of Union Station Parking Garage. |
3 | Annualized Base Rent excludes $18,135,533 in annualized ground lease revenue attributable to parcels and outlots owned by the Company and ground leased to tenants. |
p. 31 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
OPERATING RETAIL PORTFOLIO SUMMARY REPORT | ![]() |
Property1 | MSA | Year Built/ Renovated | Owned GLA2 | Leased | ABR per SqFt | Major Owned Tenants | Major Non-owned Tenants | |||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | |||||||||||||||
Alabama | ||||||||||||||||||||
Clay Marketplace | Birmingham | 1966/2003 | 66,165 | 44,840 | 21,325 | 90.1 | % | 100.0 | % | 69.2 | % | $ | 12.50 | Publix | ||||||
Trussville Promenade | Birmingham | 1999 | 447,265 | 354,010 | 93,255 | 94.4 | % | 100.0 | % | 73.2 | % | 8.89 | Wal-Mart, Regal Cinemas, Marshalls, Big Lots, PetSmart, Dollar Tree | Kohl's, Sam's Club | ||||||
Arizona | ||||||||||||||||||||
The Corner | Tucson | 2008 | 79,902 | 55,883 | 24,019 | 100.0 | % | 100.0 | % | 100.0 | % | 28.05 | Nordstrom Rack, Total Wine & More | Home Depot | ||||||
Connecticut | ||||||||||||||||||||
Crossing at Killingly Commons3 | Worcester MA-CT | 2010 | 208,929 | 148,250 | 60,679 | 97.0 | % | 100.0 | % | 89.5 | % | 16.25 | Bed Bath & Beyond, Michaels, Petco, Staples, Stop & Shop Supermarket, TJ Maxx, Lowe's Home Improvement | Target | ||||||
Florida | ||||||||||||||||||||
12th Street Plaza | Vero Beach | 1978/2003 | 135,016 | 121,376 | 13,640 | 99.0 | % | 100.0 | % | 89.7 | % | 9.66 | Publix, Stein Mart, Tuesday Morning, Sunshine Furniture, Planet Fitness | |||||||
Bayport Commons | Tampa | 2008 | 97,193 | 71,540 | 25,653 | 92.9 | % | 100.0 | % | 73.0 | % | 15.92 | Gander Mountain, PetSmart, Michaels | Target | ||||||
Bolton Plaza | Jacksonville | 1986/2014 | 155,705 | 114,195 | 41,510 | 87.5 | % | 100.0 | % | 53.0 | % | 9.13 | LA Fitness, Academy Sports | |||||||
Burnt Store Promenade | Punta Gorda | 1989 | 94,223 | 42,112 | 52,111 | 75.6 | % | 100.0 | % | 55.8 | % | 9.12 | Publix | Home Depot | ||||||
Centre Point Commons | Bradenton | 2007 | 119,275 | 93,574 | 25,701 | 100.0 | % | 100.0 | % | 100.0 | % | 16.93 | Best Buy, Dick's Sporting Goods, Office Depot | Lowe’s Home Improvement | ||||||
Cobblestone Plaza | Ft. Lauderdale | 2011 | 133,213 | 68,169 | 65,044 | 100.0 | % | 100.0 | % | 100.0 | % | 26.32 | Whole Foods, Party City, All Pets Emporium | |||||||
Colonial Square | Fort Myers | 2010 | 182,354 | 146,283 | 36,071 | 92.2 | % | 100.0 | % | 60.6 | % | 15.09 | Around the Clock Fitness, Dollar Tree, Hobby Lobby, PetSmart, Sports Authority, Kohl's | Kohl’s | ||||||
Cove Center | Stuart | 1984/2008 | 155,063 | 130,915 | 24,148 | 96.7 | % | 100.0 | % | 78.8 | % | 9.25 | Publix, Bealls, Ace Hardware | |||||||
Delray Marketplace3 | Delray | 2013 | 260,092 | 118,136 | 141,956 | 91.4 | % | 100.0 | % | 84.2 | % | 24.10 | Frank Theatres, Publix, Jos. A. Bank, Carl’s Patio, Chico’s, Charming Charlie, Ann Taylor | |||||||
Estero Town Commons | Naples | 2006 | 25,631 | — | 25,631 | 46.8 | % | — | 46.8 | % | 18.89 | Lowe's Home Improvement | ||||||||
Hunter's Creek Promenade | Orlando | 1994 | 119,729 | 55,999 | 63,730 | 98.4 | % | 100.0 | % | 97.0 | % | 13.69 | Publix | |||||||
Indian River Square | Vero Beach | 1997/2004 | 142,706 | 109,000 | 33,706 | 95.9 | % | 100.0 | % | 82.8 | % | 11.04 | Bealls, Office Depot, Dollar Tree | Target | ||||||
International Speedway Square | Daytona | 1999/2013 | 233,495 | 203,457 | 30,038 | 99.5 | % | 100.0 | % | 96.0 | % | 11.15 | Bed Bath & Beyond, Stein Mart, Old Navy, Staples, Michaels, Dick’s Sporting Goods, Total Wine & More, Shoe Carnival | |||||||
King's Lake Square | Naples | 1986/2014 | 87,073 | 57,131 | 29,942 | 89.6 | % | 100.0 | % | 69.8 | % | 16.53 | Publix, Royal Fitness | |||||||
Lake City Commons | Lake City | 2008 | 66,510 | 45,600 | 20,910 | 94.3 | % | 100.0 | % | 81.9 | % | 14.01 | Publix | |||||||
Lake City Commons - Phase II | Lake City | 2011 | 16,291 | 12,131 | 4,160 | 100.0 | % | 100.0 | % | 100.0 | % | 14.99 | PetSmart | |||||||
Lake Mary Plaza | Orlando | 2009 | 21,370 | 14,880 | 6,490 | 100.0 | % | 100.0 | % | 100.0 | % | 36.71 | Walgreens | |||||||
Lakewood Promenade | Jacksonville | 1948/1998 | 199,553 | 77,840 | 121,713 | 83.3 | % | 100.0 | % | 72.7 | % | 11.49 | Stein Mart, Winn Dixie | |||||||
Lithia Crossing | Tampa | 2003/2013 | 90,499 | 53,547 | 36,952 | 100.0 | % | 100.0 | % | 100.0 | % | 14.71 | Stein Mart, The Fresh Market | |||||||
Miramar Square | Ft. Lauderdale | 2008 | 224,794 | 137,505 | 87,289 | 85.1 | % | 85.5 | % | 84.5 | % | 15.89 | Kohl's, Miami Children's Hospital, Dollar General | |||||||
Northdale Promenade | Tampa | 1985/2002 | 175,925 | 118,269 | 57,656 | 90.0 | % | 100.0 | % | 69.6 | % | 11.73 | TJ Maxx, Bealls, Crunch Fitness | Winn Dixie | ||||||
Palm Coast Landing | Palm Coast | 2010 | 168,297 | 100,822 | 67,475 | 94.3 | % | 100.0 | % | 85.9 | % | 18.22 | Michaels, PetSmart, Ross Dress for Less, TJ Maxx, Ulta Salon | Target | ||||||
Pine Ridge Crossing | Naples | 1993 | 105,867 | 66,351 | 39,516 | 98.0 | % | 100.0 | % | 94.5 | % | 16.41 | Publix, Party City | Bealls, Target |
p. 32 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED) | ![]() |
Property1 | MSA | Year Built/ Renovated | Owned GLA2 | Leased | ABR per Sq. ft. | Major Owned Tenants | Major Non-owned Tenants | |||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | |||||||||||||||
Pleasant Hill Commons | Orlando | 2008 | 70,642 | 45,600 | 25,042 | 95.2 | % | 100.0 | % | 86.4 | % | $ | 14.24 | Publix | ||||||
Publix at St. Cloud | St. Cloud | 2003 | 78,820 | 54,379 | 24,441 | 94.9 | % | 100.0 | % | 83.5 | % | 12.62 | Publix | |||||||
Riverchase Plaza | Naples | 1991/2001 | 78,291 | 48,890 | 29,401 | 98.6 | % | 100.0 | % | 96.4 | % | 15.64 | Publix | |||||||
Saxon Crossing | Orange City | 2009 | 119,894 | 95,304 | 24,590 | 98.6 | % | 100.0 | % | 93.1 | % | 14.67 | Hobby Lobby, LA Fitness | Lowe's Home Improvement | ||||||
Shops at Eagle Creek | Naples | 1983/2013 | 70,755 | 50,187 | 20,568 | 91.4 | % | 100.0 | % | 70.4 | % | 14.97 | Staples, The Fresh Market | Lowe's Home Improvement | ||||||
Shops of Eastwood | Orlando | 1997 | 69,037 | 51,512 | 17,525 | 100.0 | % | 100.0 | % | 100.0 | % | 12.92 | Publix | |||||||
Shops at Julington Creek | Jacksonville | 2011 | 40,207 | 21,038 | 19,169 | 96.4 | % | 100.0 | % | 92.5 | % | 18.37 | The Fresh Market | |||||||
Tarpon Bay Plaza | Naples | 2007 | 82,547 | 60,151 | 22,396 | 90.8 | % | 100.0 | % | 66.1 | % | 21.62 | World Market, Staples | Target | ||||||
Temple Terrace | Temple Terrace | 2012 | 90,377 | 58,798 | 31,579 | 100.0 | % | 100.0 | % | 100.0 | % | 10.82 | Sweetbay, United Parcel Service | |||||||
The Landings at Tradition | Port St. Lucie | 2007 | 359,758 | 272,944 | 86,814 | 90.8 | % | 100.0 | % | 62.1 | % | 15.36 | Babies “R” Us, Bed Bath & Beyond, LA Fitness, Michaels, Office Max, Old Navy, PetSmart, Pier 1, Sports Authority, TJ Maxx, Ulta Salon | Target | ||||||
Tradition Village Square | Port St. Lucie | 2006 | 84,982 | 45,600 | 39,382 | 94.2 | % | 100.0 | % | 87.4 | % | 16.22 | Publix | |||||||
Village Walk | Fort Myers | 2009 | 78,533 | 54,340 | 24,193 | 93.8 | % | 100.0 | % | 80.0 | % | 15.75 | Publix | |||||||
Waterford Lakes Village | Orlando | 1997 | 77,948 | 51,703 | 26,245 | 100.0 | % | 100.0 | % | 100.0 | % | 12.82 | Winn-Dixie | |||||||
Georgia | ||||||||||||||||||||
Beechwood Promenade | Athens | 1961/2009 | 342,255 | 247,011 | 95,244 | 85.2 | % | 88.7 | % | 76.3 | % | 11.51 | TJ Maxx, Georgia Theatre, CVS, Stein Mart, Tuesday Morning, The Fresh Market, Jos A. Bank, Ann Taylor, Talbots, USPS, Buffalos | |||||||
Mullins Crossing | Evans | 2005 | 251,712 | 205,716 | 45,996 | 100.0 | % | 100.0 | % | 100.0 | % | 11.96 | Babies “R” Us, Kohl’s, La-Z Boy, Marshalls, Office Max, Ross Dress for Less, Petco | Target | ||||||
Publix at Acworth | Atlanta | 1996 | 69,628 | 37,888 | 31,740 | 96.6 | % | 100.0 | % | 92.4 | % | 11.91 | Publix | |||||||
The Centre at Panola | Atlanta | 2001 | 73,079 | 51,674 | 21,405 | 100.0 | % | 100.0 | % | 100.0 | % | 12.63 | Publix | |||||||
Illinois | ||||||||||||||||||||
Fox Lake Crossing | Chicago | 2002 | 99,072 | 65,977 | 33,095 | 90.0 | % | 100.0 | % | 69.9 | % | 13.50 | Dominick's Finer Foods, Dollar Tree | |||||||
Naperville Marketplace | Chicago | 2008 | 83,793 | 61,683 | 22,110 | 98.1 | % | 100.0 | % | 92.6 | % | 13.27 | TJ Maxx, PetSmart | Caputo's | ||||||
South Elgin Commons | Chicago | 2011 | 128,000 | 128,000 | — | 100.0 | % | 100.0 | % | — | 14.50 | LA Fitness, Ross Dress for Less, Toy “R” Us | Target | |||||||
Indiana | ||||||||||||||||||||
54th & College | Indianapolis | 2008 | — | — | — | — | — | — | — | The Fresh Market (ground lease) | ||||||||||
Beacon Hill | Crown Point | 2006 | 56,897 | 11,043 | 45,854 | 94.4 | % | 100.0 | % | 93.0 | % | 14.92 | Anytime Fitness | Strack & Van Til, Walgreens | ||||||
Bell Oaks Center | Newburgh | 2008 | 94,811 | 74,122 | 20,689 | 98.5 | % | 100.0 | % | 93.0 | % | 11.85 | Archie & Clyde's Restaurant, Schnuck’s Markets | |||||||
Boulevard Crossing | Kokomo | 2004 | 124,631 | 74,440 | 50,191 | 95.7 | % | 100.0 | % | 89.4 | % | 14.36 | Petco, TJ Maxx, Ulta Salon, Shoe Carnival | Kohl's | ||||||
Bridgewater Marketplace | Indianapolis | 2008 | 25,975 | — | 25,975 | 68.2 | % | — | 68.2 | % | 18.00 | Walgreens | ||||||||
Castleton Crossing | Indianapolis | 1975/2012 | 277,812 | 247,710 | 30,102 | 100.0 | % | 100.0 | % | 100.0 | % | 10.75 | K&G Menswear, Value City, TJ Maxx/Home Goods, Shoe Carnival, Dollar Tree, Burlington Coat Factory | |||||||
Cool Creek Commons | Indianapolis | 2005 | 124,646 | 53,600 | 71,046 | 94.8 | % | 100.0 | % | 90.9 | % | 17.09 | The Fresh Market, Stein Mart | |||||||
Depauw University Bookstore and Café | Greencastle | 2012 | 11,974 | — | 11,974 | 100.0 | % | — | 100.0 | % | 8.36 | Folletts, Starbucks | ||||||||
Eddy Street Commons | South Bend | 2009 | 87,991 | 20,154 | 67,837 | 96.0 | % | 100.0 | % | 94.8 | % | 23.56 | Hammes Bookstore, Urban Outfitters | |||||||
Fishers Station3 | Indianapolis | 1989/2009 | 116,943 | 72,212 | 44,731 | 96.6 | % | 100.0 | % | 91.2 | % | 11.85 | Marsh Supermarkets, Goodwill, Dollar Tree | |||||||
Geist Pavilion | Indianapolis | 2006 | 64,102 | 29,700 | 34,402 | 95.9 | % | 100.0 | % | 92.3 | % | 16.34 | Goodwill, Ace Hardware | |||||||
Glendale Town Center | Indianapolis | 1958/2008 | 393,002 | 329,546 | 63,456 | 99.1 | % | 100.0 | % | 94.6 | % | 7.20 | Macy’s, Landmark Theaters, Staples, Indianapolis Library, Nexus Academy of Indianapolis | Lowe's Home Improvement, Target, Walgreens |
p. 33 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED) | ![]() |
Property1 | MSA | Year Built/ Renovated | Owned GLA2 | Leased | ABR per Sqft | Major Owned Tenants | Major Non-owned Tenants | |||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | |||||||||||||||
Greyhound Commons | Indianapolis | 2005 | 9,152 | — | 9,152 | 100.0 | % | — | 100.0 | % | $ | 18.20 | Lowe's Home Improvement | |||||||
Lima Marketplace | Fort Wayne | 2008 | 93,135 | 71,521 | 21,614 | 98.5 | % | 100.0 | % | 93.5 | % | 14.24 | Aldi, Dollar Tree, Office Depot, PetSmart | Wal-mart | ||||||
Rangeline Crossing | Indianapolis | 1986/2013 | 99,282 | 47,962 | 51,320 | 89.8 | % | 100.0 | % | 80.2 | % | 21.59 | Earth Fare, Walgreens | |||||||
Rivers Edge | Indianapolis | 2011 | 149,209 | 117,890 | 31,319 | 100.0 | % | 100.0 | % | 100.0 | % | 19.71 | Buy Buy Baby, Nordstrom Rack, The Container Store, Arhaus Furniture, Bicycle Garage of Indy | |||||||
Stoney Creek Commons | Indianapolis | 2000/2013 | 84,330 | 84,330 | — | 100.0 | % | 100.0 | % | — | 12.39 | HH Gregg, Goodwill, LA Fitness | Lowe's Home Improvement | |||||||
The Corner | Indianapolis | 1984/2013 | 42,494 | 12,200 | 30,294 | 65.1 | % | — | 91.3 | % | 18.73 | |||||||||
Traders Point | Indianapolis | 2005 | 279,684 | 238,721 | 40,963 | 97.5 | % | 100.0 | % | 82.7 | % | 14.85 | Dick's Sporting Goods, AMC Theatres, Marsh Supermarkets, Bed, Bath & Beyond, Michaels, Old Navy, PetSmart, Books-A-Million | |||||||
Traders Point II | Indianapolis | 2005 | 46,099 | — | 46,099 | 92.2 | % | — | 92.2 | % | 25.70 | |||||||||
Whitehall Pike | Bloomington | 1999 | 128,997 | 128,997 | — | 100.0 | % | 100.0 | % | — | 7.86 | Lowe's Home Improvement Center | ||||||||
Nevada | ||||||||||||||||||||
Cannery Corner3 | Las Vegas | 2008 | 30,745 | — | 30,745 | 88.3 | % | — | 88.3 | % | 34.49 | |||||||||
Centennial Center3 | Las Vegas | 2002 | 334,705 | 158,335 | 176,370 | 92.7 | % | 100.0 | % | 86.1 | % | 22.65 | Big Lots, Famous Footwear, Michaels, Office Max, Party City, Petco, Rhapsodielle, Ross Dress for Less, Home Depot, Sam's Club, Wal-Mart | |||||||
Centennial Gateway3 | Las Vegas | 2005 | 192,999 | 139,861 | 53,138 | 91.0 | % | 92.1 | % | 88.2 | % | 23.57 | 24 Hour Fitness, Fresh & Easy Neighborhood Market, Sportsman's Warehouse, Walgreens | |||||||
Eastern Beltway Center3 | Las Vegas | 1998/2006 | 162,444 | 83,982 | 78,462 | 97.4 | % | 100.0 | % | 94.6 | % | 23.30 | Home Consignment Center, Office Max, Petco, Ross Dress for Less, Sam's Club, Wal-mart | Home Depot | ||||||
Eastgate3 | Las Vegas | 2002 | 96,589 | 53,030 | 43,559 | 92.8 | % | 100.0 | % | 84.0 | % | 21.80 | 99 Cent Only Store, Office Depot, Party City | Wal-mart | ||||||
Lowe's Plaza3 | Las Vegas | 2007 | 30,208 | — | 30,208 | 44.4 | % | — | 44.4 | % | 31.34 | Sam’s Club, Lowe’s Home Improvement | ||||||||
Rampart Commons | Las Vegas | 2002 | 81,456 | 29,265 | 52,191 | 100.0 | % | 100.0 | % | 100.0 | % | 26.80 | Ann Taylor, Chico’s, Francesca’s Collection, Banana Republic, Pottery Barn, Williams Sonoma, P.F. Chang's | |||||||
New Hampshire | ||||||||||||||||||||
Merrimack Village Center | Merrimack | 2007 | 78,892 | 54,000 | 24,892 | 100.0 | % | 100.0 | % | 100.0 | % | 12.42 | Supervalu | |||||||
New Jersey | ||||||||||||||||||||
Bayonne Crossing | Bayonne | 2011 | 106,383 | 52,219 | 54,164 | 100.0 | % | 100.0 | % | 100.0 | % | 28.61 | Michaels, New York Sports Club, Lowe's Home Improvement, Wal-mart | |||||||
New York | ||||||||||||||||||||
City Center at White Plains | White Plains | 2004 | 365,905 | 329,360 | 36,545 | 96.9 | % | 100.0 | % | 68.8 | % | 26.01 | Barnes & Noble, National Amusement, New York Sports Club, Nordstrom Rack, Shop Rite, Toys “R” Us/Babies “R” Us | |||||||
North Carolina | ||||||||||||||||||||
Holly Springs Towne Center | Holly Springs | 2013 | 207,631 | 109,233 | 98,398 | 93.8 | % | 100.0 | % | 86.9 | % | 16.81 | Dick's Sporting Goods, Marshalls, Petco, Ulta Salon | Target | ||||||
Memorial Commons | Goldsboro | 2008 | 111,271 | 73,876 | 37,395 | 97.0 | % | 100.0 | % | 91.1 | % | 12.35 | Harris Teeter, Office Depot |
p. 34 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED) | ![]() |
Property1 | MSA | Year Built/ Renovated | Owned GLA2 | Leased | Major Owned Tenants | Major Non-owned Tenants | ||||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | ABR per Sqft | ||||||||||||||
Northcrest Shopping Center | Charlotte | 2008 | 133,674 | 76,053 | 57,621 | 87.8 | % | 86.2 | % | 89.9 | % | $ | 21.82 | David's Bridal, Dollar Tree, Old Navy, REI, Shoe Carnival | Target | |||||
Oleander Place | Wilmington | 2012 | 45,530 | 30,144 | 15,386 | 100.0 | % | 100.0 | % | 100.0 | % | 16.09 | Whole Foods | |||||||
Perimeter Woods | Charlotte | 2008 | 126,143 | 105,262 | 20,881 | 99.2 | % | 100.0 | % | 95.2 | % | 20.60 | Best Buy, Off Broadway Shoes, Office Max, PetSmart, Lowe's Home Improvement | |||||||
Parkside Town Commons - Phase I | Cary | 2015 | 55,463 | 22,500 | 32,963 | 79.5 | % | 55.6 | % | 95.8 | % | 25.11 | Harris Teeter, Petco | Target | ||||||
Toringdon Market | Charlotte | 2004 | 60,539 | 26,072 | 34,467 | 100.0 | % | 100.0 | % | 100.0 | % | 20.01 | 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, Bed Bath & Beyond | |||||||
Oklahoma | ||||||||||||||||||||
Belle Isle | Oklahoma City | 2000 | 164,337 | 92,783 | 71,554 | 98.5 | % | 100.0 | % | 96.6 | % | 16.78 | Shoe Carnival, Old Navy, Ross Stores, Nordstrom Rack, Babies R Us, Ulta Salon | Wal-Mart | ||||||
Shops at Moore | Moore | 2010 | 259,692 | 187,916 | 71,776 | 99.5 | % | 100.0 | % | 98.3 | % | 12.23 | Bed Bath and Beyond, Best Buy, Dustee's Fashion Accessories, Hobby Lobby, Office Depot, PetSmart, Ross Dress for Less | JC Penney | ||||||
Silver Springs Pointe | Oklahoma City | 2001 | 48,444 | 20,515 | 27,929 | 83.9 | % | 100.0 | % | 72.1 | % | 15.67 | Kohl’s, Office Depot | Walmart, Sam’s Club, Home Depot | ||||||
University Town Center | Norman | 2009 | 158,518 | 77,097 | 81,421 | 94.0 | % | 100.0 | % | 88.4 | % | 17.70 | Office Depot, Petco, TJ Maxx, Ulta Salon | Target | ||||||
University Town Center Phase II | Norman | 2012 | 190,494 | 133,546 | 56,948 | 91.9 | % | 100.0 | % | 73.0 | % | 11.78 | Academy Sports, DSW, Home Goods, Michaels, Kohl’s | |||||||
Oregon | ||||||||||||||||||||
Cornelius Gateway3 | Portland | 2006 | 21,326 | — | 21,326 | 64.5 | % | — | 64.5 | % | 21.06 | Fedex/Kinkos | Fred Meyer | |||||||
Shops at Otty | Portland | 2004 | 9,845 | — | 9,845 | 54.0 | % | — | 54.0 | % | 31.58 | Wal-Mart | ||||||||
South Carolina | ||||||||||||||||||||
Hitchcock Plaza | Aiken | 2006 | 252,370 | 214,480 | 37,890 | 99.6 | % | 100.0 | % | 97.4 | % | 9.43 | Academy Sports, Achieve Fitness, Bed Bath and Beyond, Farmers Home Furniture, Old Navy, Ross Dress for Less, TJ Maxx | |||||||
Shoppes at Plaza Green | Greenville | 2000 | 196,307 | 172,136 | 24,171 | 94.0 | % | 94.1 | % | 93.8 | % | 12.68 | 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 | % | 10.48 | Publix | |||||||
Tennessee | ||||||||||||||||||||
Hamilton Crossing - Phases II & III | Alcoa | 2008 | 175,464 | 135,737 | 39,727 | 100.0 | % | 100.0 | % | 100.0 | % | 14.63 | Dicks Sporting Goods, Michaels, Old Navy, PetSmart, Ross Dress for Less | |||||||
Texas | ||||||||||||||||||||
Burlington Coat Factory | San Antonio | 1992/2000 | 107,400 | 107,400 | — | 100.0 | % | 100.0 | % | — | 5.00 | Burlington Coat Factory | ||||||||
Colleyville Downs | Dallas | 2014 | 185,848 | 142,073 | 43,775 | 93.3 | % | 100.0 | % | 71.6 | % | 11.84 | Westlake Hardware, Vineyard's Antique Mall, Goody Goody Liqour, Petco, Whole Foods | |||||||
Kingwood Commons | Houston | 1999 | 164,366 | 74,836 | 89,530 | 98.8 | % | 100.0 | % | 97.8 | % | 18.81 | Randall's Food and Drug, Petco, Chico's, Talbots, Ann Taylor, Jos. A. Bank | |||||||
Market Street Village | Ft. Worth | 1970/2011 | 156,625 | 136,746 | 19,879 | 100.0 | % | 100.0 | % | 100.0 | % | 12.02 | Jo-Ann Fabric, Ross Dress for Less, Office Depot, Buy Buy Baby | |||||||
Plaza at Cedar Hill | Dallas | 2000/2010 | 303,458 | 244,065 | 59,393 | 99.2 | % | 100.0 | % | 95.7 | % | 12.53 | Hobby Lobby, Office Max, Ross Dress for Less, Marshalls, Sprouts Farmers Market, Toys “R” Us/Babies “R” Us, DSW | |||||||
Plaza Volente | Austin | 2004 | 156,333 | 105,000 | 51,333 | 92.7 | % | 100.0 | % | 77.7 | % | 16.61 | H-E-B Grocery | |||||||
Portofino Shopping Center | Houston | 1999/2010 | 372,637 | 211,858 | 160,779 | 92.4 | % | 100.0 | % | 82.5 | % | 17.18 | DSW, Michaels, Sports Authority, Lifeway Christian Store, Stein Mart, PetSmart, Old Navy | Sam’s Club | ||||||
Sunland Towne Centre | El Paso | 1996/2014 | 306,437 | 265,037 | 41,400 | 98.9 | % | 100.0 | % | 91.7 | % | 11.50 | PetSmart, Ross Dress for Less, Kmart, Bed Bath & Beyond, Specs Fine Wines, Sprouts Farmers Market |
p. 35 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED) | ![]() |
Property1 | MSA | Year Built/ Renovated | Owned GLA2 | Leased | ABR per Sqft | Major Owned Tenants | Major Non-owned Tenants | |||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | |||||||||||||||
Waxahachie Crossing | Waxahachie | 2010 | 97,127 | 72,191 | 24,936 | 98.8 | % | 100.0 | % | 95.2 | % | $ | 14.50 | Best Buy, PetSmart, Ross Dress for Less | Home Depot, JC Penney | |||||
Westside Market | Dallas | 2013 | 93,377 | 70,000 | 23,377 | 97.4 | % | 100.0 | % | 89.4 | % | 15.83 | Randall's Tom Thumb | |||||||
Wheatland Town Crossing | Dallas | 2012 | 194,727 | 142,302 | 52,425 | 98.9 | % | 100.0 | % | 95.8 | % | 12.69 | Conn's, Dollar Tree, Office Depot, Party City, PetSmart, Ross Dress for Less, Shoe Carnival | Target, Aldi | ||||||
Utah | ||||||||||||||||||||
Draper Crossing | Draper | 2012 | 164,098 | 115,916 | 48,182 | 97.9 | % | 100.0 | % | 92.8 | % | 14.64 | Dollar Tree, Downeast Home, Smiths, TJ Maxx | |||||||
Draper Peaks | Draper | 2012 | 220,594 | 101,464 | 119,130 | 95.7 | % | 100.0 | % | 92.1 | % | 18.64 | Michaels, Office Depot, Petco, Quilted Bear, Ross Dress for Less | |||||||
Virginia | ||||||||||||||||||||
Landstown Commons | Virginia Beach | 2007 | 399,047 | 217,466 | 181,581 | 92.1 | % | 95.3 | % | 88.2 | % | 19.17 | AC Moore, Bed Bath & Beyond, Best Buy, Books-A-Million, Office Max, PetSmart, Ross Dress for Less, Shoe Carnival, Walgreens | Kohl’s | ||||||
Washington | ||||||||||||||||||||
Four Corner Square | Seattle | 1985/2013 | 107,998 | 68,046 | 39,952 | 93.9 | % | 100.0 | % | 83.6 | % | 21.53 | Walgreens, Grocery Outlet, Johnsons Do-It Center | |||||||
Wisconsin | ||||||||||||||||||||
Village at Bay Park | Green Bay | 2005 | 82,254 | 23,878 | 58,376 | 83.5 | % | 100.0 | % | 76.7 | % | 14.51 | DSW, JC Penney | |||||||
Total | 15,586,616 | 10,639,723 | 4,946,893 | 94.9 | % | 98.9 | % | 86.2 | % | $ | 15.25 |
____________________ | |
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, 2015, except for Greyhound Commons and 54th & College. |
3 | See Joint Venture Summary on page 14. |
p. 36 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
OPERATING OFFICE PROPERTIES | ![]() |
Property | MSA | Year Built/ Renovated | Acquired, Redeveloped or Developed | Owned NRA | Percentage Of Owned NRA Leased | Annualized Base Rent1 | Percentage of Annualized Office Base Rent | Base Rent Per Leased Sq. Ft. | Major Tenants | ||||||||
Office Properties | |||||||||||||||||
Thirty South Meridian2 | Indianapolis | 1905/2002 | Redeveloped | 287,928 | 94.8 | % | $ | 4,875,268 | 79.3 | % | $ | 17.85 | Indiana Supreme Court, City Securities, Kite Realty Group, Lumina Foundation | ||||
Union Station Parking Garage3 | Indianapolis | 1986 | Acquired | N/A | N/A | N/A | N/A | N/A | Denison Parking | ||||||||
Stand-alone office components of retail projects | |||||||||||||||||
Eddy Street Office (part of Eddy Street Commons)4 | South Bend | 2009 | Developed | 81,628 | 100.0 | % | $ | 1,188,238 | 19.3 | % | $ | 14.56 | University of Notre Dame Offices | ||||
Tradition Village Office (part of Tradition Village Square) | Port St. Lucie | 2006 | Acquired | 25,571 | 30.9 | % | 83,781 | 1.4 | % | 10.59 | |||||||
Total | 395,127 | 91.8 | % | $ | 6,147,287 | 100.0 | % | $ | 16.95 |
____________________ | |
1 | Annualized Base Rent represents the monthly contractual rent for June 2015 for each applicable property, multiplied by 12. |
2 | Annualized Base Rent includes $723,216 from the Company and subsidiaries as of June 30, 2015. |
3 | The garage is managed by a third party. |
4 | The Company also owns Eddy Street Commons in South Bend, Indiana along with a parking garage that serves a hotel and the office and retail components of the property. |
p. 37 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
EARNINGS GUIDANCE | ![]() |
2015 Original Guidance | 2015 Updated Guidance | ||
FFO per diluted common share, as adjusted1,2,3 | $1.90 - $2.00 | $1.95 - $2.00 | |
Acquisitions | $80 million | $185 million | |
Same Property NOI | 2.5% - 3.5% | 3.00% - 3.50% | |
Percent leased at year-end | 95% - 96% | 95% - 96% |
____________________ | |
1 | Excludes acquisition costs and costs related to early prepayment of debt or preferred. |
2 | Includes the impact from the previously announced asset sale of $318 million, including the second tranche which closed on March 16, 2015. |
3 | Includes impact from the $250 million private placement that the Company has agreed in principle to issue. |
p. 38 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/15 |
D!
M\@'Z`@,"#`(4`AT")@(O`C@"00)+`E0"70)G`G$">@*$`HX"F`*B`JP"M@+!
M`LL"U0+@`NL"]0,``PL#%@,A`RT#.`-#`T\#6@-F`W(#?@.*`Y8#H@.N`[H#
MQP/3`^`#[`/Y!`8$$P0@!"T$.P1(!%4$8P1Q!'X$C`2:!*@$M@3$!-,$X03P
M!/X%#044%]@8&!A8&)P8W!D@&
M609J!GL&C`:=!J\&P`;1!N,&]0<'!QD'*P<]!T\'80=T!X8'F0>L![\'T@?E
M!_@("P@?"#((1@A:"&X(@@B6"*H(O@C2".<(^PD0"24).@E/"60)>0F/":0)
MN@G/">4)^PH1"B<*/0I4"FH*@0J8"JX*Q0K<"O,+"PLB"SD+40MI"X`+F`NP
M"\@+X0OY#!(,*@Q##%P,=0R.#*<,P`S9#/,-#0TF#4`-6@UT#8X-J0W##=X-
M^`X3#BX.20YD#G\.FPZV#M(.[@\)#R4/00]>#WH/E@^S#\\/[!`)$"800Q!A
M$'X0FQ"Y$-<0]1$3$3$13Q%M$8P1JA')$>@2!Q(F$D429!*$$J,2PQ+C$P,3
M(Q-#$V,3@Q.D$\43Y10&%"<4211J%(L4K13.%/`5$A4T%585>!6;%;T5X!8#
M%B86219L%H\6LA;6%OH7'1=!%V47B1>N%](7]Q@;&$`891B*&*\8U1CZ&2`9
M11EK&9$9MQG=&@0:*AI1&G<:GAK%&NP;%!L[&V,;BANR&]H<`APJ'%(<>QRC
M',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4'[\?ZB`5($$@
M;""8(,0@\"$<(4@A=2&A( &YXS'DJ>8EYYWI&
M>J5[!'MC>\)\(7R!?.%]07VA?@%^8G["?R-_A'_E@$>`J($*@6N!S8(P@I*"
M](-7@[J$'82`A..%1X6KA@Z&(/\`Y.H`]\_X>P_LL_\`1S'P#_\`#A:1
M_P#'Z/\`A[#^RS_T
(/_`).H`]\_X>P_LL_]
M',?`/_PX6D?_`!^C_A[#^RS_`-',?`/_`,.%I'_Q^O`_^(73]A3_`*(8/_"R
M\0?_`"=1_P`0NG["G_1#!_X67B#_`.3J`/?/^'L/[+/_`$
P_LL_]',?`/\`\.%I'_Q^O`_^(73]A3_HA@_\++Q!_P#)U'_$+I^P
MI_T0P?\`A9>(/_DZ@#WS_A[#^RS_`-',?`/_`,.%I'_Q^C_A[#^RS_T
(/_DZ@
M#WS_`(>P_LL_]',?`/\`\.%I'_Q^C_A[#^RS_P!',?`/_P`.%I'_`,?KP/\`
MXA=/V%/^B_`,++Q!_\G4?\0NG["G_1#!_X67B#_P"3J`/?/^'L/[+/_1S'
MP#_\.%I'_P`?H_X>P_LL_P#1S'P#_P##A:1_\?KP/_B%T_84_P"B_PLO$'
M_P`G4?\`$+I^PI_T0P?^%EX@_P#DZ@#WS_A[#^RS_P!',?`/_P`.%I'_`,?H
M_P"'L/[+/_1S'P#_`/#A:1_\?KP/_B%T_84_Z(8/_"R\0?\`R=1_Q"Z?L*?]
M$,'_`(67B#_Y.H`]\_X>P_LL_P#1S'P#_P##A:1_\?H_X>P_LL_]',?`/_PX
M6D?_`!^O`_\`B%T_84_Z(8/_``LO$'_R=1_Q"Z?L*?\`1#!_X67B#_Y.H`]\
M_P"'L/[+/_1S'P#_`/#A:1_\?H_X>P_LL_\`1S'P#_\`#A:1_P#'Z\#_`.(7
M3]A3_HA@_P#"R\0?_)U'_$+I^PI_T0P?^%EX@_\`DZ@#WS_A[#^RS_T
(/\`Y.H`]\_X>P_LL_\`1S'P#_\`#A:1_P#'Z/\`
MA[#^RS_T
/^"%?P-^NO_\`J0ZG7W]0`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`'Y^_\'1G_`"@P^.O^[X?_`/4ATZOT"K\_
M?^#HS_E!A\=?]WP__P"I#IU?H%0`4444`4[VZDA=S&-^W:JHAW%F/9AC@#@Y
MR!SS@ZG%$TJO+:
M1PZ>QN8
C5YWTV\71VUS4I;
M73K*)3&)K26Q@2^,&R1)S;"\97F1;A/Z([;]DCX6K\:4^)DGPV^'[?$Q27/B
MQ?#UJNM!S;BU)6[V&<9@'E??_P!6-OW>*?\`$_\`9)^%?QNU2_OO&GPU\`^+
MKW5--CT:\N-:T"UU"6ZL8[E;N.T=I8V+0)
/Y/_8L_P"">_[2W[-WAK]@9K[X+WDNO_L[WWQ%L=?M9_%6
MCVMD)-:1FT^[,\-U,YLRUR1+Y4,EQ&MO(/\`
MY.H`]\_X>P_LL_\`1S'P#_\`#A:1_P#'Z/\`A[#^RS_T
(/_`).H`]\_X>P_LL_]',?`/_PX6D?_`!^C_A[#^RS_`-',?`/_
M`,.%I'_Q^O`_^(73]A3_`*(8/_"R\0?_`"=1_P`0NG["G_1#!_X67B#_`.3J
M`/?/^'L/[+/_`$
P_LL_]',?`/\`\.%I'_Q^O`_^
M(73]A3_HA@_\++Q!_P#)U'_$+I^PI_T0P?\`A9>(/_DZ@#WS_A[#^RS_`-',
M?`/_`,.%I'_Q^C_A[#^RS_T
(/_DZ@#WS_`(>P_LL_]',?`/\`\.%I'_Q^C_A[
M#^RS_P!',?`/_P`.%I'_`,?KP/\`XA=/V%/^B_`,++Q!_\G4?\0NG["G_1
M#!_X67B#_P"3J`/?/^'L/[+/_1S'P#_\.%I'_P`?H_X>P_LL_P#1S'P#_P##
MA:1_\?KP/_B%T_84_P"B_PLO$'_P`G4?\`$+I^PI_T0P?^%EX@_P#DZ@#W
MS_A[#^RS_P!',?`/_P`.%I'_`,?H_P"'L/[+/_1S'P#_`/#A:1_\?KP/_B%T
M_84_Z(8/_"R\0?\`R=1_Q"Z?L*?]$,'_`(67B#_Y.H`]\_X>P_LL_P#1S'P#
M_P##A:1_\?H_X>P_LL_]',?`/_PX6D?_`!^O`_\`B%T_84_Z(8/_``LO$'_R
M=1_Q"Z?L*?\`1#!_X67B#_Y.H`]\_P"'L/[+/_1S'P#_`/#A:1_\?K<^&7_!
M0OX#_&WQ]I_A?P3\
*/%EK
M#8K=W%@DNI2V]IID=E=_VE%/]KD^V?:EE>*T:U_1+XC?!GPE\;O`EWX;\:^%
M]!\7>'-26,7NCZW80W^GW?ER)*GFV\@:)RDD:,I*G:R*1C`K'^'?[)OPK^$/
MCN3Q3X3^&O@#POXFETF#0'U;2?#UI97S:=!'#%#9&:.-7^SQQVUNBQ9V*MO$
M``$4``^%Y_'VK:I^V_X!TF/QEX@U3P_\8/'OC7P7JNHS?$#4M+NM:M-/L->\
M^RTG0$?R;"#3;FWT^Q;6[:2TOI;JQ+^68[_[3