(State or other jurisdiction or incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
99.1 | Kite Realty Group Trust Press Release dated February 14, 2022 | |||||||
99.2 | Kite Realty Group Trust Fourth Quarter 2021 Supplemental Disclosure |
KITE REALTY GROUP TRUST | ||||||||
Date: February 14, 2022 | By: | /s/ HEATH R. FEAR | ||||||
Heath R. Fear | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer |
Exhibit No. | Document | |||||||
99.1 | ||||||||
99.2 |
Exhibit 99.1 |
Low | High | ||||||||||
Consolidated net loss | $ | (0.35) | $ | (0.29) | |||||||
Depreciation and amortization | 2.02 | 2.02 | |||||||||
NAREIT FFO | $ | 1.67 | $ | 1.73 | |||||||
Non-recurring merger and acquisition costs | 0.02 | 0.02 | |||||||||
FFO, as adjusted | $ | 1.69 | $ | 1.75 |
December 31, 2021 | December 31, 2020 | ||||||||||
Assets: | |||||||||||
Investment properties at cost: | $ | 7,497,811 | $ | 3,143,961 | |||||||
Less: accumulated depreciation | (884,809) | (755,100) | |||||||||
Net investment properties | 6,613,002 | 2,388,861 | |||||||||
Cash and cash equivalents | 93,241 | 43,648 | |||||||||
Tenant and other receivables, including accrued straight-line rent of $28,071 and $24,783, respectively | 68,444 | 57,154 | |||||||||
Restricted cash and escrow deposits | 7,122 | 2,938 | |||||||||
Deferred costs, net | 601,853 | 63,171 | |||||||||
Short-term deposits | 125,000 | — | |||||||||
Prepaid and other assets | 84,826 | 39,975 | |||||||||
Investments in unconsolidated subsidiaries | 11,885 | 12,792 | |||||||||
Total assets | $ | 7,605,373 | $ | 2,608,539 | |||||||
Liabilities and Shareholders' Equity: | |||||||||||
Mortgage and other indebtedness, net | $ | 3,150,808 | $ | 1,170,794 | |||||||
Accounts payable and accrued expenses | 184,982 | 77,469 | |||||||||
Deferred revenue and other liabilities | 287,217 | 85,649 | |||||||||
Total liabilities | 3,623,007 | 1,333,912 | |||||||||
Commitments and contingencies | |||||||||||
Limited Partners’ interests in the Operating Partnership and other redeemable noncontrolling interests | 55,173 | 43,275 | |||||||||
Shareholders' Equity: | |||||||||||
Kite Realty Group Trust Shareholders' Equity: | |||||||||||
Common Shares, $0.01 par value, 490,000,000 and 225,000,000 shares authorized, 218,949,569 and 84,187,999 shares issued and outstanding at December 31, 2021 and 2020, respectively | 2,189 | 842 | |||||||||
Additional paid-in capital | 4,898,673 | 2,085,003 | |||||||||
Accumulated other comprehensive loss | (15,902) | (30,885) | |||||||||
Accumulated deficit | (962,913) | (824,306) | |||||||||
Total Kite Realty Group Trust shareholders' equity | 3,922,047 | 1,230,654 | |||||||||
Noncontrolling interests | 5,146 | 698 | |||||||||
Total equity | 3,927,193 | 1,231,352 | |||||||||
Total liabilities and shareholders' equity | $ | 7,605,373 | $ | 2,608,539 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Rental income | $ | 161,302 | $ | 66,311 | $ | 367,399 | $ | 257,670 | |||||||||||||||
Other property-related revenue | 1,550 | 1,970 | 4,683 | 8,597 | |||||||||||||||||||
Fee income | 98 | 79 | 1,242 | 378 | |||||||||||||||||||
Total revenue | 162,950 | 68,360 | 373,324 | 266,645 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating | 24,583 | 10,562 | 55,561 | 41,012 | |||||||||||||||||||
Real estate taxes | 22,956 | 9,316 | 49,530 | 35,867 | |||||||||||||||||||
General, administrative and other | 10,308 | 10,855 | 33,984 | 30,840 | |||||||||||||||||||
Merger and acquisition costs | 76,564 | — | 86,522 | — | |||||||||||||||||||
Depreciation and amortization | 109,835 | 31,818 | 200,460 | 128,648 | |||||||||||||||||||
Total expenses | 244,246 | 62,551 | 426,057 | 236,367 | |||||||||||||||||||
Gain (loss) on sales of operating properties, net | 3,692 | (159) | 31,209 | 4,733 | |||||||||||||||||||
Operating (loss) income | (77,604) | 5,650 | (21,524) | 35,011 | |||||||||||||||||||
Interest expense | (23,061) | (12,284) | (60,447) | (50,399) | |||||||||||||||||||
Income tax benefit of taxable REIT subsidiary | 2 | 200 | 310 | 696 | |||||||||||||||||||
Equity in earnings (loss) of unconsolidated subsidiaries | 342 | (429) | (416) | (1,685) | |||||||||||||||||||
Other income, net | 166 | 21 | 355 | 254 | |||||||||||||||||||
Net loss | (100,155) | (6,842) | (81,722) | (16,123) | |||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 1,974 | 48 | 916 | (100) | |||||||||||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | $ | (98,181) | $ | (6,794) | $ | (80,806) | $ | (16,223) | |||||||||||||||
Net loss per common share – basic and diluted | $ | (0.52) | $ | (0.08) | $ | (0.73) | $ | (0.19) | |||||||||||||||
Weighted average common shares outstanding – basic and diluted | 188,291,354 | 84,192,462 | 110,637,562 | 84,142,261 | |||||||||||||||||||
Dividends paid per common share | $ | 0.18 | $ | 0.08 | $ | 0.68 | $ | 0.4495 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Consolidated net loss | $ | (100,155) | $ | (6,842) | $ | (81,722) | $ | (16,123) | |||||||||||||||
Less: net income attributable to noncontrolling interests in properties | (118) | (132) | (514) | (528) | |||||||||||||||||||
Less: (gain) loss on sales of operating properties, net | (3,692) | 159 | (31,209) | (4,733) | |||||||||||||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 110,185 | 32,265 | 201,834 | 130,091 | |||||||||||||||||||
FFO of the Operating Partnership1 | 6,220 | 25,450 | 88,389 | 108,707 | |||||||||||||||||||
Less: Limited Partners' interests in FFO | 356 | (662) | (1,945) | (2,826) | |||||||||||||||||||
FFO attributable to Kite Realty Group Trust common shareholders1 | $ | 6,576 | $ | 24,788 | $ | 86,444 | $ | 105,881 | |||||||||||||||
FFO, as defined by NAREIT, per share of the Operating Partnership – basic | $ | 0.03 | $ | 0.29 | $ | 0.78 | $ | 1.26 | |||||||||||||||
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted | $ | 0.03 | $ | 0.29 | $ | 0.78 | $ | 1.26 | |||||||||||||||
FFO of the Operating Partnership1 | $ | 6,220 | $ | 25,450 | $ | 88,389 | $ | 108,707 | |||||||||||||||
Add: merger and acquisition costs | 76,564 | — | 86,522 | — | |||||||||||||||||||
Add: severance charges | — | 3,253 | — | 3,253 | |||||||||||||||||||
Less: 2020 Collection Impact | (378) | — | (3,707) | — | |||||||||||||||||||
FFO, as adjusted, of the Operating Partnership | $ | 82,406 | $ | 28,703 | $ | 171,204 | $ | 111,960 | |||||||||||||||
FFO, as adjusted, per share of the Operating Partnership – basic | $ | 0.43 | $ | 0.33 | $ | 1.51 | $ | 1.30 | |||||||||||||||
FFO, as adjusted, per share of the Operating Partnership – diluted | $ | 0.43 | $ | 0.33 | $ | 1.50 | $ | 1.29 | |||||||||||||||
Weighted average common shares outstanding – basic | 188,291,354 | 84,192,462 | 110,637,562 | 84,142,261 | |||||||||||||||||||
Weighted average common shares outstanding – diluted | 189,419,768 | 84,371,027 | 111,524,655 | 84,309,712 | |||||||||||||||||||
Weighted average common shares and units outstanding – basic | 190,706,414 | 86,420,398 | 113,103,177 | 86,361,139 | |||||||||||||||||||
Weighted average common shares and units outstanding – diluted | 191,834,828 | 86,598,962 | 113,990,269 | 86,528,591 | |||||||||||||||||||
FFO, as defined by NAREIT, per diluted share/unit | |||||||||||||||||||||||
Consolidated net loss | $ | (0.52) | $ | (0.08) | $ | (0.72) | $ | (0.19) | |||||||||||||||
Less: net income attributable to noncontrolling interests in properties | — | — | — | (0.01) | |||||||||||||||||||
Less: (gain) loss on sales of operating properties, net | (0.02) | — | (0.27) | (0.05) | |||||||||||||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 0.57 | 0.37 | 1.78 | 1.50 | |||||||||||||||||||
FFO, as defined by NAREIT, of the Operating Partnership per diluted share/unit1,2 | $ | 0.03 | $ | 0.29 | $ | 0.78 | $ | 1.26 | |||||||||||||||
Add: merger and acquisition costs | 0.40 | — | 0.76 | — | |||||||||||||||||||
Add: severance charges | — | 0.04 | — | 0.04 | |||||||||||||||||||
Less: 2020 Collection Impact | — | — | (0.03) | — | |||||||||||||||||||
FFO, as adjusted, of the Operating Partnership per diluted share/unit2 | $ | 0.43 | $ | 0.33 | $ | 1.50 | $ | 1.29 |
1 | “FFO of the Operating Partnership" measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to Kite Realty Group Trust common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership. | ||||
2 | Per share/unit amounts of components will not necessarily sum to the total due to rounding to the nearest cent. |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Number of properties for the period1 | 82 | 82 | |||||||||||||||||||||||||||||||||
Leased percentage at period end | 93.1 | % | 91.4 | % | 93.1 | % | 91.4 | % | |||||||||||||||||||||||||||
Economic occupancy percentage2 | 89.0 | % | 90.4 | % | 89.1 | % | 92.0 | % | |||||||||||||||||||||||||||
Minimum rent | $ | 49,629 | $ | 48,809 | $ | 199,014 | $ | 199,615 | |||||||||||||||||||||||||||
Tenant recoveries | 14,878 | 15,631 | 59,669 | 61,231 | |||||||||||||||||||||||||||||||
Bad debt (provision) recovery | (498) | (2,880) | 709 | (12,065) | |||||||||||||||||||||||||||||||
Other income, net | 562 | 169 | 1,396 | 626 | |||||||||||||||||||||||||||||||
Total revenue | 64,571 | 61,729 | 260,788 | 249,407 | |||||||||||||||||||||||||||||||
Property operating expenses | (9,461) | (9,301) | (36,001) | (34,838) | |||||||||||||||||||||||||||||||
Real estate taxes | (8,484) | (8,915) | (34,555) | (35,244) | |||||||||||||||||||||||||||||||
Total expenses | (17,945) | (18,216) | (70,556) | (70,082) | |||||||||||||||||||||||||||||||
Same Property NOI | $ | 46,626 | $ | 43,513 | 7.2 | % | $ | 190,232 | $ | 179,325 | 6.1 | % | |||||||||||||||||||||||
Reconciliation of Same Property NOI to most directly comparable GAAP measure: | |||||||||||||||||||||||||||||||||||
Net operating income – same properties | $ | 46,626 | $ | 43,513 | $ | 190,232 | $ | 179,325 | |||||||||||||||||||||||||||
Net operating income – non-same activity3 | 68,687 | 4,890 | 76,759 | 10,063 | |||||||||||||||||||||||||||||||
Total property net operating income | 115,313 | 48,403 | 138.2 | % | 266,991 | 189,388 | 41.0 | % | |||||||||||||||||||||||||||
Other income (expense), net | 608 | (129) | 1,491 | (357) | |||||||||||||||||||||||||||||||
General, administrative and other | (10,308) | (10,855) | (33,984) | (30,840) | |||||||||||||||||||||||||||||||
Merger and acquisition costs | (76,564) | — | (86,522) | — | |||||||||||||||||||||||||||||||
Depreciation and amortization | (109,835) | (31,818) | (200,460) | (128,648) | |||||||||||||||||||||||||||||||
Interest expense | (23,061) | (12,284) | (60,447) | (50,399) | |||||||||||||||||||||||||||||||
Gain (loss) on sales of operating properties, net | 3,692 | (159) | 31,209 | 4,733 | |||||||||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 1,974 | 48 | 916 | (100) | |||||||||||||||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | (98,181) | $ | (6,794) | $ | (80,806) | $ | (16,223) |
1 | Same Property NOI excludes (i) the recently completed Glendale Town Center and Eddy Street Commons – Phase II, (ii) development and redevelopment projects noted on page 13, (iii) the 2020 acquisition of Eastgate Crossing, (iv) the legacy RPAI portfolio, and (v) office properties. | ||||
2 | Excludes leases that are signed but for which tenants have not yet commenced the payment of cash rent. Calculated as a weighted average based on the timing of cash rent commencement and expiration during the period. | ||||
3 | Includes non-cash activity across the portfolio as well as net operating income from properties not included in the same property pool including properties sold during both periods. |
Three Months Ended December 31, 2021 | |||||
Consolidated net loss | $ | (100,155) | |||
Adjustments to net loss: | |||||
Depreciation and amortization | 109,835 | ||||
Interest expense | 23,061 | ||||
Income tax benefit of taxable REIT subsidiary | (2) | ||||
EBITDA | 32,739 | ||||
Adjustments to EBITDA: | |||||
Unconsolidated EBITDA | 882 | ||||
Merger and acquisition costs | 76,564 | ||||
Pro forma adjustments | 14,368 | ||||
Gain on sales of operating properties, net | (3,692) | ||||
Other income and expense, net | (508) | ||||
Noncontrolling interests | (118) | ||||
Adjusted EBITDA | 120,235 | ||||
Annualized Adjusted EBITDA1 | $ | 480,939 | |||
Company share of net debt: | |||||
Mortgage and other indebtedness, net | $ | 3,150,808 | |||
Less: Partner share of consolidated joint venture debt2 | (580) | ||||
Less: cash, cash equivalents, restricted cash and short-term deposits | (226,644) | ||||
Plus: Company share of unconsolidated joint venture debt | 30,164 | ||||
Plus: net premiums on acquired debt and issuance costs | (58,583) | ||||
Company share of Net Debt | $ | 2,895,165 | |||
Net Debt to Adjusted EBITDA | 6.0x |
1 | Represents Adjusted EBITDA for the three months ended December 31, 2021 (as shown in the table above) multiplied by four. | ||||
2 | Partner share of consolidated joint venture debt is calculated based upon the partner's pro-rata ownership of the joint venture, multiplied by the related secured debt balance. |
Exhibit 99.2 |
Earnings Press Release | |||||
Contact Information | |||||
Results Overview | |||||
Consolidated Balance Sheets | |||||
Consolidated Statements of Operations | |||||
Same Property Net Operating Income | |||||
Net Operating Income and EBITDA by Quarter | |||||
Funds From Operations | |||||
Joint Venture Summary | |||||
Key Debt Metrics | |||||
Summary of Outstanding Debt | |||||
Maturity Schedule of Outstanding Debt | |||||
Acquisitions and Dispositions | |||||
Development and Redevelopment Projects | |||||
Geographic Diversification – ABR by Region and State | |||||
Top 25 Tenants by ABR | |||||
Retail Leasing Spreads | |||||
Lease Expirations | |||||
Components of Net Asset Value | |||||
Non-GAAP Financial Measures |
i |
Low | High | ||||||||||
Consolidated net loss | $ | (0.35) | $ | (0.29) | |||||||
Depreciation and amortization | 2.02 | 2.02 | |||||||||
NAREIT FFO | $ | 1.67 | $ | 1.73 | |||||||
Non-recurring merger and acquisition costs | 0.02 | 0.02 | |||||||||
FFO, as adjusted | $ | 1.69 | $ | 1.75 |
ii |
iii |
iv |
Investor Relations Contact | Analyst Coverage | Analyst Coverage | ||||||||||||
Jason Colton | Robert W. Baird & Co. | Green Street Advisors, Inc. | ||||||||||||
Senior Vice President, Capital Markets and IR | Mr. Wes Golladay | Mr. Vince Tibone | ||||||||||||
Kite Realty Group Trust | (216) 737-7510 | (949) 640-8780 | ||||||||||||
30 South Meridian Street, Suite 1100 | wgolladay@rwbaird.com | vtibone@greenstreet.com | ||||||||||||
Indianapolis, IN 46204 | ||||||||||||||
(317) 713-2762 | Bank of America/Merrill Lynch | Jefferies LLC | ||||||||||||
jcolton@kiterealty.com | Mr. Jeffrey Spector/Mr. Craig Schmidt | Ms. Linda Tsai | ||||||||||||
(646) 855-1363/(646) 855-3640 | (212) 778-8011 | |||||||||||||
jeff.spector@bofa.com | ltsai@jefferies.com | |||||||||||||
Transfer Agent | craig.schmidt@bofa.com | |||||||||||||
Broadridge Financial Solutions | KeyBanc Capital Markets | |||||||||||||
Ms. Kristen Tartaglione | Barclays | Mr. Jordan Sadler/Mr. Todd Thomas | ||||||||||||
2 Journal Square, 7th Floor | Mr. Anthony F. Powell | (917) 368-2280/(917) 368-2286 | ||||||||||||
Jersey City, NJ 07306 | (212) 526-8768 | tthomas@keybanccm.com | ||||||||||||
(201) 714-8094 | anthony.powell@barclays.com | jsadler@keybanccm.com | ||||||||||||
BTIG | Raymond James | |||||||||||||
Stock Specialist | Mr. Michael Gorman | Mr. RJ Milligan | ||||||||||||
GTS | (212) 738-6138 | (727) 567-2585 | ||||||||||||
545 Madison Avenue | mgorman@btig.com | rjmilligann@raymondjames.com | ||||||||||||
15th Floor | ||||||||||||||
New York, NY 10022 | Capital One Securities, Inc. | Piper Sandler | ||||||||||||
(212) 715-2830 | Mr. Christopher Lucas | Mr. Alexander Goldfarb | ||||||||||||
(571) 633-8151 | (212) 466-7937 | |||||||||||||
christopher.lucas@capitalone.com | alexander.goldfarb@psc.com | |||||||||||||
Citigroup Global Markets | Wells Fargo Securities, LLC | |||||||||||||
Mr. Michael Bilerman/Ms. Katy McConnell | Ms. Tamara Fique | |||||||||||||
(212) 816-1383/(212) 816-6981 | (617) 603-4262/(443) 263-6568 | |||||||||||||
michael.bilerman@citigroup.com | tamara.fique@wellsfargo.com | |||||||||||||
katy.mcconnell@citigroup.com | ||||||||||||||
Compass Point Research & Trading, LLC | ||||||||||||||
Mr. Floris van Dijkum | ||||||||||||||
(646) 757-2621 | ||||||||||||||
fvandijkum@compasspointllc.com |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 1 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
Summary Financial Results | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Total revenue (page 4) | $ | 162,950 | $ | 68,360 | $ | 373,324 | $ | 266,645 | |||||||||||||||
Net loss attributable to common shareholders (page 4) | $ | (98,181) | $ | (6,794) | $ | (80,806) | $ | (16,223) | |||||||||||||||
Net loss per diluted share (page 4) | $ | (0.52) | $ | (0.08) | $ | (0.73) | $ | (0.19) | |||||||||||||||
Net operating income (NOI) (page 6) | $ | 115,312 | $ | 48,403 | $ | 266,988 | $ | 189,389 | |||||||||||||||
Adjusted EBITDA (page 6) | $ | 105,103 | $ | 37,627 | $ | 234,247 | $ | 158,926 | |||||||||||||||
NAREIT Funds From Operations (FFO) (page 7) | $ | 6,220 | $ | 25,450 | $ | 88,389 | $ | 108,707 | |||||||||||||||
NAREIT FFO per diluted share (page 7) | $ | 0.03 | $ | 0.29 | $ | 0.78 | $ | 1.26 | |||||||||||||||
FFO, as adjusted (page 7) | $ | 82,406 | $ | 28,703 | $ | 171,204 | $ | 111,960 | |||||||||||||||
FFO, as adjusted per diluted share (page 7) | $ | 0.43 | $ | 0.33 | $ | 1.50 | $ | 1.29 | |||||||||||||||
Dividends paid per share (page 4) | $ | 0.18 | $ | 0.08 | $ | 0.68 | $ | 0.4495 | |||||||||||||||
Dividend payout ratio (as % of NAREIT FFO, as adjusted) | 42 | % | 24 | % | 45 | % | 35 | % |
Three Months Ended | |||||||||||||||||||||||||||||
Summary Operating and Financial Ratios | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||
NOI margin (page 6) | 71.0 | % | 73.7 | % | 73.4 | % | 72.0 | % | 71.5 | % | |||||||||||||||||||
NOI margin – retail (page 6) | 71.6 | % | 74.3 | % | 74.0 | % | 72.7 | % | 72.3 | % | |||||||||||||||||||
Same property NOI performance (page 5) | 7.2 | % | 10.8 | % | 10.1 | % | (2.9) | % | (10.5) | % | |||||||||||||||||||
Total property NOI performance (page 5) | 138.2 | % | 15.2 | % | 11.0 | % | (1.6) | % | (11.2) | % | |||||||||||||||||||
Net debt to Adjusted EBITDA, current quarter (page 9) | 6.0x | 6.1x | 6.4x | 6.5x | 7.0x | ||||||||||||||||||||||||
Recovery ratio of retail operating properties (page 6) | 84.7 | % | 89.4 | % | 88.1 | % | 90.6 | % | 92.8 | % | |||||||||||||||||||
Recovery ratio of consolidated portfolio (page 6) | 79.2 | % | 86.1 | % | 84.1 | % | 87.3 | % | 89.1 | % | |||||||||||||||||||
Outstanding Classes of Stock | |||||||||||||||||||||||||||||
Common shares and units outstanding (page 18) | 221,327,346 | 87,004,756 | 87,002,502 | 86,967,035 | 86,711,910 | ||||||||||||||||||||||||
Summary Portfolio Statistics | |||||||||||||||||||||||||||||
Number of properties | |||||||||||||||||||||||||||||
Operating retail (page 14) | 180 | 83 | 83 | 83 | 83 | ||||||||||||||||||||||||
Office and other components | 12 | 4 | 4 | 4 | 4 | ||||||||||||||||||||||||
Development and redevelopment projects (page 13) | 8 | 5 | 3 | 3 | 3 | ||||||||||||||||||||||||
Owned retail operating gross leasable area (GLA)1 (page 14) | 29.0 | M | 11.7 | M | 11.7 | M | 11.7 | M | 11.7 | M | |||||||||||||||||||
Owned office GLA (page 14) | 1.6 | M | 0.4 | M | 0.4 | M | 0.4 | M | 0.4 | M | |||||||||||||||||||
Number of multifamily units | 972 | 576 | 291 | 291 | 291 | ||||||||||||||||||||||||
Percent leased – total | 93.3 | % | 93.0 | % | 91.7 | % | 90.8 | % | 91.4 | % | |||||||||||||||||||
Percent leased – retail | 93.4 | % | 92.8 | % | 91.5 | % | 90.5 | % | 91.2 | % | |||||||||||||||||||
Anchor | 95.9 | % | 94.8 | % | 93.2 | % | 92.0 | % | 92.9 | % | |||||||||||||||||||
Small shop | 88.3 | % | 88.7 | % | 87.8 | % | 87.5 | % | 87.6 | % | |||||||||||||||||||
Annualized base rent (ABR) per square foot | $ | 19.36 | $ | 18.54 | $ | 18.48 | $ | 18.53 | $ | 18.42 | |||||||||||||||||||
Total new and renewal lease GLA (page 16) | 927,065 | 584,820 | 637,995 | 426,937 | 533,569 | ||||||||||||||||||||||||
New lease cash rent spread (page 16) | 27.4 | % | 20.6 | % | 19.7 | % | 25.3 | % | (4.1) | % | |||||||||||||||||||
Renewal lease cash rent spread (page 16) | 8.3 | % | 10.4 | % | 7.5 | % | 2.0 | % | 1.0 | % | |||||||||||||||||||
Total new and renewal lease cash rent spread (page 16) | 12.9 | % | 13.4 | % | 9.2 | % | 6.4 | % | (0.7) | % |
2022 Guidance | Current (as of 2/14/22) | ||||
NAREIT FFO per diluted share | $1.67 to $1.73 | ||||
Credit Ratings and Outlook | |||||
Moody's Investors Services | Baa3 / Stable | ||||
Standard & Poor's Rating Services | BBB- / Stable | ||||
Fitch Ratings | BBB / Stable |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 2 |
December 31, 2021 | December 31, 2020 | ||||||||||
Assets: | |||||||||||
Investment properties, at cost | $ | 7,497,811 | $ | 3,143,961 | |||||||
Less: accumulated depreciation | (884,809) | (755,100) | |||||||||
Net investment properties | 6,613,002 | 2,388,861 | |||||||||
Cash and cash equivalents | 93,241 | 43,648 | |||||||||
Tenant and other receivables, including accrued straight-line rent of $28,071 and $24,783, respectively | 68,444 | 57,154 | |||||||||
Restricted cash and escrow deposits | 7,122 | 2,938 | |||||||||
Deferred costs, net | 601,853 | 63,171 | |||||||||
Short-term deposits | 125,000 | — | |||||||||
Prepaid and other assets | 84,826 | 39,975 | |||||||||
Investments in unconsolidated subsidiaries | 11,885 | 12,792 | |||||||||
Total assets | $ | 7,605,373 | $ | 2,608,539 | |||||||
Liabilities and Shareholders’ Equity: | |||||||||||
Mortgage and other indebtedness, net | $ | 3,150,808 | $ | 1,170,794 | |||||||
Accounts payable and accrued expenses | 184,982 | 77,469 | |||||||||
Deferred revenue and other liabilities | 287,217 | 85,649 | |||||||||
Total liabilities | 3,623,007 | 1,333,912 | |||||||||
Commitments and contingencies | |||||||||||
Limited Partners’ interests in the Operating Partnership and other redeemable noncontrolling interests | 55,173 | 43,275 | |||||||||
Shareholders’ Equity: | |||||||||||
Kite Realty Group Trust Shareholders’ Equity: | |||||||||||
Common Shares, $0.01 par value, 490,000,000 and 225,000,000 shares authorized, 218,949,569 and 84,187,999 shares issued and outstanding at December 31, 2021 and 2020, respectively | 2,189 | 842 | |||||||||
Additional paid-in capital | 4,898,673 | 2,085,003 | |||||||||
Accumulated other comprehensive loss | (15,902) | (30,885) | |||||||||
Accumulated deficit | (962,913) | (824,306) | |||||||||
Total Kite Realty Group Trust shareholders’ equity | 3,922,047 | 1,230,654 | |||||||||
Noncontrolling interests | 5,146 | 698 | |||||||||
Total equity | 3,927,193 | 1,231,352 | |||||||||
Total liabilities and shareholders’ equity | $ | 7,605,373 | $ | 2,608,539 |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 3 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Rental income | $ | 161,302 | $ | 66,311 | $ | 367,399 | $ | 257,670 | |||||||||||||||
Other property-related revenue | 1,550 | 1,970 | 4,683 | 8,597 | |||||||||||||||||||
Fee income | 98 | 79 | 1,242 | 378 | |||||||||||||||||||
Total revenue | 162,950 | 68,360 | 373,324 | 266,645 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating | 24,583 | 10,562 | 55,561 | 41,012 | |||||||||||||||||||
Real estate taxes | 22,956 | 9,316 | 49,530 | 35,867 | |||||||||||||||||||
General, administrative and other | 10,308 | 10,855 | 33,984 | 30,840 | |||||||||||||||||||
Merger and acquisition costs | 76,564 | — | 86,522 | — | |||||||||||||||||||
Depreciation and amortization | 109,835 | 31,818 | 200,460 | 128,648 | |||||||||||||||||||
Total expenses | 244,246 | 62,551 | 426,057 | 236,367 | |||||||||||||||||||
Gain (loss) on sales of operating properties, net | 3,692 | (159) | 31,209 | 4,733 | |||||||||||||||||||
Operating (loss) income | (77,604) | 5,650 | (21,524) | 35,011 | |||||||||||||||||||
Interest expense | (23,061) | (12,284) | (60,447) | (50,399) | |||||||||||||||||||
Income tax benefit of taxable REIT subsidiary | 2 | 200 | 310 | 696 | |||||||||||||||||||
Equity in earnings (loss) of unconsolidated subsidiaries | 342 | (429) | (416) | (1,685) | |||||||||||||||||||
Other income, net | 166 | 21 | 355 | 254 | |||||||||||||||||||
Net loss | (100,155) | (6,842) | (81,722) | (16,123) | |||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 1,974 | 48 | 916 | (100) | |||||||||||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | $ | (98,181) | $ | (6,794) | $ | (80,806) | $ | (16,223) | |||||||||||||||
Net loss per common share – basic and diluted | $ | (0.52) | $ | (0.08) | $ | (0.73) | $ | (0.19) | |||||||||||||||
Weighted average common shares outstanding – basic and diluted | 188,291,354 | 84,192,462 | 110,637,562 | 84,142,261 | |||||||||||||||||||
Dividends paid per common share | $ | 0.18 | $ | 0.08 | $ | 0.68 | $ | 0.4495 |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 4 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Number of properties for the period1 | 82 | 82 | 82 | 82 | |||||||||||||||||||||||||||||||
Leased percentage at period end | 93.1 | % | 91.4 | % | 93.1 | % | 91.4 | % | |||||||||||||||||||||||||||
Economic occupancy percentage2 | 89.0 | % | 90.4 | % | 89.1 | % | 92.0 | % | |||||||||||||||||||||||||||
Minimum rent | $ | 49,629 | $ | 48,809 | $ | 199,014 | $ | 199,615 | |||||||||||||||||||||||||||
Tenant recoveries | 14,878 | 15,631 | 59,669 | 61,231 | |||||||||||||||||||||||||||||||
Bad debt (provision) recovery | (498) | (2,880) | 709 | (12,065) | |||||||||||||||||||||||||||||||
Other income, net | 562 | 169 | 1,396 | 626 | |||||||||||||||||||||||||||||||
Total revenue | 64,571 | 61,729 | 260,788 | 249,407 | |||||||||||||||||||||||||||||||
Property operating expenses | (9,461) | (9,301) | (36,001) | (34,838) | |||||||||||||||||||||||||||||||
Real estate taxes | (8,484) | (8,915) | (34,555) | (35,244) | |||||||||||||||||||||||||||||||
Total expenses | (17,945) | (18,216) | (70,556) | (70,082) | |||||||||||||||||||||||||||||||
Same Property NOI | $ | 46,626 | $ | 43,513 | 7.2 | % | $ | 190,232 | $ | 179,325 | 6.1 | % | |||||||||||||||||||||||
Reconciliation of Same Property NOI to most directly comparable GAAP measure: | |||||||||||||||||||||||||||||||||||
Net operating income – same properties | $ | 46,626 | $ | 43,513 | $ | 190,232 | $ | 179,325 | |||||||||||||||||||||||||||
Net operating income – non-same activity3 | 68,687 | 4,890 | 76,759 | 10,063 | |||||||||||||||||||||||||||||||
Total property net operating income | 115,313 | 48,403 | 138.2 | % | 266,991 | 189,388 | 41.0 | % | |||||||||||||||||||||||||||
Other income (expense), net | 608 | (129) | 1,491 | (357) | |||||||||||||||||||||||||||||||
General, administrative and other | (10,308) | (10,855) | (33,984) | (30,840) | |||||||||||||||||||||||||||||||
Merger and acquisition costs | (76,564) | — | (86,522) | — | |||||||||||||||||||||||||||||||
Depreciation and amortization | (109,835) | (31,818) | (200,460) | (128,648) | |||||||||||||||||||||||||||||||
Interest expense | (23,061) | (12,284) | (60,447) | (50,399) | |||||||||||||||||||||||||||||||
Gain (loss) on sales of operating properties, net | 3,692 | (159) | 31,209 | 4,733 | |||||||||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 1,974 | 48 | 916 | (100) | |||||||||||||||||||||||||||||||
Net loss attributable to common shareholders | $ | (98,181) | $ | (6,794) | $ | (80,806) | $ | (16,223) |
1 | Same Property NOI excludes (i) the recently completed Glendale Town Center and Eddy Street Commons – Phase II, (ii) development and redevelopment projects noted on page 13, (iii) the 2020 acquisition of Eastgate Crossing, (iv) the legacy RPAI portfolio, and (v) office properties. | ||||
2 | Excludes leases that are signed but for which tenants have not yet commenced the payment of cash rent. Calculated as a weighted average based on the timing of cash rent commencement and expiration during the period. | ||||
3 | Includes non-cash activity across the portfolio as well as net operating income from properties not included in the same property pool including properties sold during both periods. |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 5 |
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Minimum rent1 | $ | 121,615 | $ | 49,497 | $ | 49,097 | $ | 49,801 | $ | 49,506 | |||||||||||||||||||
Minimum rent – ground leases | 7,129 | 3,663 | 3,656 | 4,038 | 4,190 | ||||||||||||||||||||||||
Tenant reimbursements | 33,870 | 15,186 | 14,308 | 15,389 | 15,863 | ||||||||||||||||||||||||
Bad debt (expense) recovery | (1,636) | 1,709 | 597 | (1,420) | (3,412) | ||||||||||||||||||||||||
Other property-related revenue | 450 | 258 | 336 | 549 | 1,675 | ||||||||||||||||||||||||
Overage rent | 324 | 161 | 332 | 82 | 164 | ||||||||||||||||||||||||
Parking revenue, net2 | 552 | 320 | 152 | (1) | (257) | ||||||||||||||||||||||||
Total revenue | 162,304 | 70,794 | 68,478 | 68,438 | 67,729 | ||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Property operating – recoverable3 | 19,991 | 9,185 | 8,666 | 8,407 | 8,688 | ||||||||||||||||||||||||
Property operating – non-recoverable3 | 4,237 | 1,001 | 1,229 | 1,547 | 1,516 | ||||||||||||||||||||||||
Real estate taxes | 22,764 | 8,444 | 8,343 | 9,212 | 9,122 | ||||||||||||||||||||||||
Total expenses | 46,992 | 18,630 | 18,238 | 19,166 | 19,326 | ||||||||||||||||||||||||
Net Operating Income | 115,312 | 52,164 | 50,240 | 49,272 | 48,403 | ||||||||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||||||||
General, administrative and other | (10,307) | (8,241) | (8,159) | (7,276) | (7,602) | ||||||||||||||||||||||||
Severance charges | — | — | — | — | (3,253) | ||||||||||||||||||||||||
Fee income | 98 | 195 | 515 | 434 | 79 | ||||||||||||||||||||||||
Total other (expense) income | (10,209) | (8,046) | (7,644) | (6,842) | (10,776) | ||||||||||||||||||||||||
Adjusted EBITDA | 105,103 | 44,118 | 42,596 | 42,430 | 37,627 | ||||||||||||||||||||||||
Depreciation and amortization | (109,835) | (30,193) | (29,798) | (30,634) | (31,818) | ||||||||||||||||||||||||
Merger and acquisition costs | (76,564) | (9,198) | (760) | — | — | ||||||||||||||||||||||||
Interest expense | (23,061) | (12,878) | (12,266) | (12,242) | (12,284) | ||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated subsidiaries | 342 | (196) | (244) | (318) | (429) | ||||||||||||||||||||||||
Income tax benefit of taxable REIT subsidiary | 2 | 91 | 100 | 118 | 200 | ||||||||||||||||||||||||
Other income (expense), net | 166 | 168 | 227 | (206) | 21 | ||||||||||||||||||||||||
Gain (loss) on sales of operating properties, net | 3,692 | 1,260 | 50 | 26,207 | (159) | ||||||||||||||||||||||||
Net (loss) income | (100,155) | (6,828) | (95) | 25,355 | (6,842) | ||||||||||||||||||||||||
Less: net loss (income) attributable to noncontrolling interests | 1,974 | (132) | (147) | (778) | 48 | ||||||||||||||||||||||||
Net (loss) income attributable to Kite Realty Group Trust | $ | (98,181) | $ | (6,960) | $ | (242) | $ | 24,577 | $ | (6,794) | |||||||||||||||||||
NOI/Revenue – Retail Properties | 71.6 | % | 74.3 | % | 74.0 | % | 72.7 | % | 72.3 | % | |||||||||||||||||||
NOI/Revenue | 71.0 | % | 73.7 | % | 73.4 | % | 72.0 | % | 71.5 | % | |||||||||||||||||||
Recovery Ratios4 | |||||||||||||||||||||||||||||
– Retail Properties | 84.7 | % | 89.4 | % | 88.1 | % | 90.6 | % | 92.8 | % | |||||||||||||||||||
– Consolidated | 79.2 | % | 86.1 | % | 84.1 | % | 87.3 | % | 89.1 | % |
1 | Minimum rent includes $0.5 million, $33,000, $0.3 million, $1.2 million, and $0.6 million of lease termination income for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021, and December, 31, 2020, respectively. | ||||
2 | Parking revenue, net represents the net operating results of the Eddy Street Parking Garage, the Union Station Parking Garage, and the Pan Am Plaza Parking Garage. | ||||
3 | Recoverable expenses include recurring G&A expense of $2.8 million allocable to the property operations in the three months ended December 31, 2021, a portion of which is recoverable. Non-recoverable expenses primarily include ground rent, professional fees, and marketing costs. | ||||
4 | “Recovery Ratios” are computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense. |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 6 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Consolidated net loss | $ | (100,155) | $ | (6,842) | $ | (81,722) | $ | (16,123) | |||||||||||||||
Less: net income attributable to noncontrolling interests in properties | (118) | (132) | (514) | (528) | |||||||||||||||||||
Less: (gain) loss on sales of operating properties, net | (3,692) | 159 | (31,209) | (4,733) | |||||||||||||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 110,185 | 32,265 | 201,834 | 130,091 | |||||||||||||||||||
FFO of the Operating Partnership1 | 6,220 | 25,450 | 88,389 | 108,707 | |||||||||||||||||||
Less: Limited Partners' interests in FFO | 356 | (662) | (1,945) | (2,826) | |||||||||||||||||||
FFO attributable to Kite Realty Group Trust common shareholders1 | $ | 6,576 | $ | 24,788 | $ | 86,444 | $ | 105,881 | |||||||||||||||
FFO, as defined by NAREIT, per share of the Operating Partnership – basic | $ | 0.03 | $ | 0.29 | $ | 0.78 | $ | 1.26 | |||||||||||||||
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted | $ | 0.03 | $ | 0.29 | $ | 0.78 | $ | 1.26 | |||||||||||||||
FFO of the Operating Partnership1 | $ | 6,220 | $ | 25,450 | $ | 88,389 | $ | 108,707 | |||||||||||||||
Add: merger and acquisition costs | 76,564 | — | 86,522 | — | |||||||||||||||||||
Add: severance charges | — | 3,253 | — | 3,253 | |||||||||||||||||||
Less: 2020 Collection Impact | (378) | — | (3,707) | — | |||||||||||||||||||
FFO, as adjusted, of the Operating Partnership | $ | 82,406 | $ | 28,703 | $ | 171,204 | $ | 111,960 | |||||||||||||||
FFO, as adjusted, per share of the Operating Partnership – basic | $ | 0.43 | $ | 0.33 | $ | 1.51 | $ | 1.30 | |||||||||||||||
FFO, as adjusted, per share of the Operating Partnership – diluted | $ | 0.43 | $ | 0.33 | $ | 1.50 | $ | 1.29 | |||||||||||||||
Weighted average common shares outstanding – basic | 188,291,354 | 84,192,462 | 110,637,562 | 84,142,261 | |||||||||||||||||||
Weighted average common shares outstanding – diluted | 189,419,768 | 84,371,027 | 111,524,655 | 84,309,712 | |||||||||||||||||||
Weighted average common shares and units outstanding – basic | 190,706,414 | 86,420,398 | 113,103,177 | 86,361,139 | |||||||||||||||||||
Weighted average common shares and units outstanding – diluted | 191,834,828 | 86,598,962 | 113,990,269 | 86,528,591 | |||||||||||||||||||
FFO, as defined by NAREIT, per diluted share/unit | |||||||||||||||||||||||
Consolidated net loss | $ | (0.52) | $ | (0.08) | $ | (0.72) | $ | (0.19) | |||||||||||||||
Less: net income attributable to noncontrolling interests in properties | — | — | — | (0.01) | |||||||||||||||||||
Less: (gain) loss on sales of operating properties, net | (0.02) | — | (0.27) | (0.05) | |||||||||||||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 0.57 | 0.37 | 1.78 | 1.50 | |||||||||||||||||||
FFO, as defined by NAREIT, of the Operating Partnership per diluted share/unit1,2 | $ | 0.03 | $ | 0.29 | $ | 0.78 | $ | 1.26 | |||||||||||||||
Add: merger and acquisition costs | 0.40 | — | 0.76 | — | |||||||||||||||||||
Add: severance charges | — | 0.04 | — | 0.04 | |||||||||||||||||||
Less: 2020 Collection Impact | — | — | (0.03) | — | |||||||||||||||||||
FFO, as adjusted, of the Operating Partnership per diluted share/unit2 | $ | 0.43 | $ | 0.33 | $ | 1.50 | $ | 1.29 | |||||||||||||||
Reconciliation of FFO, as adjusted, to Adjusted Funds from Operations (AFFO) | |||||||||||||||||||||||
FFO, as adjusted, of the Operating Partnership | $ | 82,406 | $ | 28,703 | $ | 171,204 | $ | 111,960 | |||||||||||||||
Less (plus): non-cash income adjustments | 4,834 | 454 | 261 | (6,440) | |||||||||||||||||||
Less: maintenance capital expenditures | 2,954 | 455 | 3,761 | 1,740 | |||||||||||||||||||
Less: tenant-related capital expenditures3 | 9,343 | 4,467 | 14,667 | 11,957 | |||||||||||||||||||
Total Recurring AFFO of the Operating Partnership | $ | 65,275 | $ | 23,327 | $ | 152,515 | $ | 104,703 |
1 | “FFO of the Operating Partnership” measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to Kite Realty Group Trust common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership. | ||||
2 | Per share/unit amounts of components will not necessarily sum to the total due to rounding to the nearest cent. | ||||
3 | Excludes landlord work, tenant improvements and leasing commissions relating to development and redevelopment projects. |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 7 |
Consolidated Investments | ||||||||||||||||||||||||||
Investments | Total Debt | Partner Economic Ownership Interest1 | Partner Share of Debt | Partner Share of Annual Income | ||||||||||||||||||||||
Delray Marketplace | $ | 29,013 | 2 | % | $ | 580 | $ | — | ||||||||||||||||||
Crossing at Killingly Commons | — | 10 | % | — | 528 | |||||||||||||||||||||
One Loudoun – Pads G&H Residential | — | 10 | % | — | (14) | |||||||||||||||||||||
Total | $ | 29,013 | $ | 580 | $ | 514 |
Unconsolidated Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Retail GLA | Multifamily Units | Total Debt | KRG Economic Ownership Interest | KRG Share of Debt | KRG Investment | KRG Share of Quarterly EBITDA | KRG Share of Quarterly EBITDA Annualized | ||||||||||||||||||||||||||||||||||||||||||
Three Property Retail Portfolio | 416,576 | — | $ | 51,890 | 20 | % | $ | 10,378 | $ | 7,930 | $ | 335 | $ | 1,340 | ||||||||||||||||||||||||||||||||||||
Glendale Center Apartments | — | 267 | 21,861 | 12 | % | 2,514 | 1,449 | 39 | 156 | |||||||||||||||||||||||||||||||||||||||||
Embassy Suites at Eddy Street Commons | — | — | 33,634 | 35 | % | 11,772 | — | 474 | 1,896 | |||||||||||||||||||||||||||||||||||||||||
The Corner (development) | 24,000 | 285 | 11,000 | 50 | % | 5,500 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other investments | — | — | — | — | % | — | 2,500 | 34 | 136 | |||||||||||||||||||||||||||||||||||||||||
Total | 440,576 | 552 | $ | 118,385 | $ | 30,164 | $ | 11,879 | $ | 882 | $ | 3,528 |
1 | Economic ownership % represents the partner's share of cash flow. |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 8 |
Senior Unsecured Notes Covenants | |||||||||||
December 31, 2021 | Debt Covenant Threshold1 | ||||||||||
Total debt to undepreciated assets | 38% | <60% | |||||||||
Secured debt to undepreciated assets | 5% | <40% | |||||||||
Undepreciated unencumbered assets to unsecured debt | 275% | >150% | |||||||||
Debt service coverage | 3.9x | >1.5x | |||||||||
Unsecured Credit Facility Covenants | |||||||||||
December 31, 2021 | Debt Covenant Threshold1 | ||||||||||
Maximum leverage | 39% | <60% | |||||||||
Minimum fixed charge coverage | 3.8x | >1.50x | |||||||||
Secured indebtedness | 5% | <45% | |||||||||
Unsecured debt interest coverage | 4.1x | >1.75x | |||||||||
Unsecured leverage | 38.5% | <60% | |||||||||
Senior Unsecured Debt Ratings | |||||||||||
Moody's Investors Service | Baa3/Stable | ||||||||||
Standard & Poor's Rating Services | BBB-/Stable | ||||||||||
Fitch Ratings | BBB/Stable | ||||||||||
Liquidity ($ in thousands) | |||||||||||
Cash, cash equivalents, and short-term deposits | $ | 218,241 | |||||||||
Availability under unsecured credit facility | 793,500 | ||||||||||
$ | 1,011,741 | ||||||||||
Unencumbered NOI as a % of Total NOI | 90 | % | |||||||||
1 | For a complete listing of all debt covenants related to the Company's Senior Unsecured Notes and Unsecured Credit Facility, as well as definitions of the terms, refer to the Company's filings with the SEC. |
Net Debt to EBITDA | |||||||||||
Company's consolidated debt and share of unconsolidated debt | $ | 3,121,809 | |||||||||
Less: cash, cash equivalents, restricted cash, and short-term deposits | (226,644) | ||||||||||
$ | 2,895,165 | ||||||||||
Q4 2021 EBITDA, Annualized: | |||||||||||
– Consolidated EBITDA | $ | 420,412 | |||||||||
– Unconsolidated EBITDA1 | 3,528 | ||||||||||
– Pro forma adjustments2 | 57,471 | ||||||||||
– Minority interest EBITDA1 | (472) | 480,939 | |||||||||
Ratio of Company share of Net Debt to EBITDA | 6.0x |
1 | See page 8 for details | ||||||||||||||||||||||
2 | Pro forma adjustments to reflect as if the properties (including the legacy RPAI portfolio) acquired during the 4th quarter of 2021 were owned for the entire period. |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 9 |
Total Outstanding Debt | Amount Outstanding | Ratio | Weighted Average Interest Rate | Weighted Average Years to Maturity | |||||||||||||||||||
Fixed rate debt1 | $ | 2,853,212 | 91 | % | 4.00 | % | 4.6 | ||||||||||||||||
Variable rate debt2 | 239,013 | 8 | % | 3.01 | % | 4.2 | |||||||||||||||||
Net premiums on acquired debt and issuance costs | 58,583 | N/A | N/A | N/A | |||||||||||||||||||
Total consolidated debt | 3,150,808 | 99 | % | 3.92 | % | 4.6 | |||||||||||||||||
KRG share of unconsolidated debt | 30,164 | 1 | % | 3.61 | % | 6.3 | |||||||||||||||||
Total | $ | 3,180,972 | 100 | % | 3.92 | % | 4.6 |
Schedule of Maturities by Year | |||||||||||||||||||||||||||||||||||
Secured Debt | |||||||||||||||||||||||||||||||||||
Scheduled Principal Payments | Term Maturities | Unsecured Debt3 | Total Consolidated Debt | Total Unconsolidated Debt | Total Debt Outstanding | ||||||||||||||||||||||||||||||
2022 | $ | 3,674 | $ | 153,500 | $ | — | $ | 157,174 | $ | 341 | $ | 157,515 | |||||||||||||||||||||||
2023 | 2,600 | 191,605 | 295,000 | 489,205 | 270 | 489,475 | |||||||||||||||||||||||||||||
2024 | 2,721 | — | 269,635 | 272,356 | 2,796 | 275,152 | |||||||||||||||||||||||||||||
2025 | 2,848 | — | 430,000 | 432,848 | 10,879 | 443,727 | |||||||||||||||||||||||||||||
2026 | 2,981 | — | 550,000 | 552,981 | — | 552,981 | |||||||||||||||||||||||||||||
2027 and beyond | 30,181 | 2,480 | 1,155,000 | 1,187,661 | 15,878 | 1,203,539 | |||||||||||||||||||||||||||||
Net premiums on acquired debt and issuance costs | — | 1,798 | 56,785 | 58,583 | — | 58,583 | |||||||||||||||||||||||||||||
Total | $ | 45,005 | $ | 349,383 | $ | 2,756,420 | $ | 3,150,808 | $ | 30,164 | $ | 3,180,972 |
1 | Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of December 31, 2021, $720.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 3.2 years. | ||||
2 | Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of December 31, 2021, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 3.7 years. | ||||
3 | This presentation reflects the Company's exercise of its option to extend the maturity date of its unsecured credit facility by one year to January 8, 2027. The ability to exercise this option is subject to certain customary conditions, which the Company does not unilaterally control. |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 10 |
Description | Interest Rate1 | Maturity Date | Balance as of December 31, 2021 | % of Total Outstanding | ||||||||||||||||||||||
Delray Marketplace2 | LIBOR + 160 | 2/5/2022 | $ | 29,013 | ||||||||||||||||||||||
Bayonne Crossing | 4.43% | 4/1/2022 | 41,249 | |||||||||||||||||||||||
Saxon Crossing | 4.65% | 7/1/2022 | 11,400 | |||||||||||||||||||||||
Shops at Moore | 4.29% | 9/1/2022 | 21,300 | |||||||||||||||||||||||
Shops at Julington Creek | 4.60% | 9/1/2022 | 4,785 | |||||||||||||||||||||||
Centre Point Commons | 4.34% | 10/1/2022 | 14,410 | |||||||||||||||||||||||
Miramar Square | 4.16% | 12/1/2022 | 31,625 | |||||||||||||||||||||||
2022 Debt Maturities | 153,782 | 5 | % | |||||||||||||||||||||||
Centennial Gateway | 3.81% | 1/1/2023 | 23,962 | |||||||||||||||||||||||
Gateway Village | 4.14% | 1/1/2023 | 30,996 | |||||||||||||||||||||||
Centennial Center | 3.83% | 1/6/2023 | 70,455 | |||||||||||||||||||||||
Eastern Beltway | 3.83% | 1/6/2023 | 34,100 | |||||||||||||||||||||||
The Corner (AZ) | 4.10% | 3/1/2023 | 14,750 | |||||||||||||||||||||||
Chapel Hill | 3.78% | 4/1/2023 | 18,250 | |||||||||||||||||||||||
Senior Unsecured Note | 4.23% | 9/10/2023 | 95,000 | |||||||||||||||||||||||
Unsecured Term Loan3 | 4.10% | 11/22/2023 | 200,000 | |||||||||||||||||||||||
2023 Debt Maturities | 487,513 | 15 | % | |||||||||||||||||||||||
Senior Unsecured Note | 4.58% | 6/30/2024 | 149,635 | |||||||||||||||||||||||
Unsecured Term Loan4 | 2.88% | 7/17/2024 | 120,000 | |||||||||||||||||||||||
2024 Debt Maturities | 269,635 | 8 | % | |||||||||||||||||||||||
Senior Unsecured Note | 4.00% | 3/15/2025 | 350,000 | |||||||||||||||||||||||
Senior Unsecured Note5 | LIBOR + 365 | 9/10/2025 | 80,000 | |||||||||||||||||||||||
2025 Debt Maturities | 430,000 | 14 | % | |||||||||||||||||||||||
Unsecured Term Loan6 | 2.97% | 7/17/2026 | 150,000 | |||||||||||||||||||||||
Senior Unsecured Note | 4.08% | 9/30/2026 | 100,000 | |||||||||||||||||||||||
Senior Unsecured Note | 4.00% | 10/1/2026 | 300,000 | |||||||||||||||||||||||
2026 Debt Maturities | 550,000 | 17 | % | |||||||||||||||||||||||
Unsecured Credit Facility7 | LIBOR + 110 | 1/8/2027 | 55,000 | |||||||||||||||||||||||
Senior Unsecured Exchangeable Notes | 0.75% | 4/1/2027 | 175,000 | |||||||||||||||||||||||
Northgate North | 4.50% | 6/1/2027 | 23,632 | |||||||||||||||||||||||
Senior Unsecured Note5 | LIBOR + 375 | 9/10/2027 | 75,000 | |||||||||||||||||||||||
Unsecured Term Loan8 | 5.09% | 10/24/2028 | 250,000 | |||||||||||||||||||||||
Senior Unsecured Note | 4.24% | 12/28/2028 | 100,000 | |||||||||||||||||||||||
Senior Unsecured Note | 4.82% | 6/28/2029 | 100,000 | |||||||||||||||||||||||
Rampart Commons | 5.73% | 6/10/2030 | 8,097 | |||||||||||||||||||||||
Senior Unsecured Note | 4.75% | 9/15/2030 | 400,000 | |||||||||||||||||||||||
The Shoppes at Union Hill | 3.75% | 6/1/2031 | 10,988 | |||||||||||||||||||||||
Nora Plaza Shops | 3.80% | 2/1/2032 | 3,578 | |||||||||||||||||||||||
2027 and beyond Debt Maturities | 1,201,295 | 38 | % | |||||||||||||||||||||||
Net premiums on acquired debt and issuance costs | 58,583 | |||||||||||||||||||||||||
Total debt per consolidated balance sheet | $ | 3,150,808 | 99 | % | ||||||||||||||||||||||
KRG share of unconsolidated debt | ||||||||||||||||||||||||||
Embassy Suites at Eddy Street Commons | LIBOR + 250 | 7/1/2025 | $ | 11,772 | ||||||||||||||||||||||
Glendale Center Apartments | LIBOR + 280 | 5/31/2024 | 2,514 | |||||||||||||||||||||||
Three Property Retail Portfolio | 4.09% | 7/1/2028 | 10,378 | |||||||||||||||||||||||
The Corner | 5.26% | 8/1/2035 | 5,500 | |||||||||||||||||||||||
Total KRG share of unconsolidated debt | 30,164 | 1 | % | |||||||||||||||||||||||
Total consolidated and KRG share of unconsolidated debt | $ | 3,180,972 |
1 | At December 31, 2021, one-month LIBOR was 0.10% and three-month LIBOR was 0.21%. | ||||
2 | Property is held in a joint venture. The loan is guaranteed by Kite Realty Group, LP. | ||||
3 | Term loan is hedged to a fixed rate of 2.85% plus a credit spread of 1.25%. | ||||
4 | Term loan is hedged to a fixed rate of 1.68% plus a credit spread of 1.20%. | ||||
5 | Notes due 2025 are hedged to a floating rate until September 10, 2025. Notes due 2027 are hedged to a floating rate until September 10, 2025 and revert back to a fixed rate of 4.57% until maturity in 2027. | ||||
6 | Term loan is hedged to a fixed rate of 1.77% plus a credit spread of 1.20%. | ||||
7 | Assumes the Company exercises its option to extend the maturity date by one year to 2027. | ||||
8 | Assumes the Company exercises three one-year options to extend the maturity date to 2028. Term loan is hedged to a fixed rate of 5.09% until the initial maturity of October 24, 2025. Term loan interest rate reverts back to a floating rate of LIBOR + 200 bps beyond the initial maturity date. |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 11 |
Property Name | Acquisition Date | Metropolitan Statistical Area (MSA) | Property Type | GLA | Acquisition Price | |||||||||||||||||||||||||||
Nora Plaza Shops | December 22, 2021 | Indianapolis, IN | Multi-tenant retail outparcel | 23,722 | $ | 13,500 | ||||||||||||||||||||||||||
Total acquisitions | 23,722 | $ | 13,500 |
Property Name | Disposition Date | MSA | Property Type | GLA | Sales Price | |||||||||||||||||||||||||||
Westside Market | October 26, 2021 | Dallas/Fort Worth | Multi-tenant retail | 93,377 | $ | 24,775 | ||||||||||||||||||||||||||
Hamilton Crossing Centre | January 26, 2022 | Indianapolis | Redevelopment | — | 6,900 | |||||||||||||||||||||||||||
Total dispositions | 93,377 | $ | 31,675 |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 12 |
Project | MSA | KRG Ownership % | Projected Completion Date1 | Total Commercial GLA | Total Multifamily Units | Total Project Costs2 | KRG Equity Requirement2 | KRG Remaining Spend | Estimated Stabilized NOI to KRG | Remaining NOI to Come Online3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Active Projects | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eddy Street Commons at Notre Dame, IN – Phase III | South Bend, IN | 100% | Q1 2022 | 18,600 | — | $ | 7,500 | $ | 7,500 | $ | 1,200 | $0.6M–$0.7M | $0.4M–$0.5M | |||||||||||||||||||||||||||||||||||||||||||||||||
Shoppes at Quarterfield | Washington, D.C./Baltimore | 100% | Q2 2022 | 58,000 | — | 4,800 | 4,800 | 3,900 | $1.0M–$1.1M | $0.0M–$0.1M | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Loudoun – Residential | Washington, D.C./Baltimore | 90% | Q2 2022 | — | 378 | 13,500 | 13,500 | 8,325 | $6.3M–$6.5M | $4.8M–$5.0M | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Circle East | Washington, D.C./Baltimore | 100% | Q3 2022 | 82,000 | 370 | 15,100 | 15,100 | 14,700 | $1.9M–$2.2M | $1.1M–$1.4M | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Loudoun – Pads G&H Commercial | Washington, D.C./Baltimore | 100% | Q2 2023 | 67,000 | — | 10,200 | 10,200 | 8,600 | $1.7M–$2.1M | $0.2M–$0.6M | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The Landing at Tradition – Phase II | Port St. Lucie, FL | 100% | Q2 2023 | 39,900 | — | 10,900 | 10,900 | 10,800 | $1.1M–$1.2M | $0.6M–$0.7M | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Carillon MOB | Washington, D.C./Baltimore | 100% | Q4 2024 | 126,000 | — | 59,700 | 59,700 | 57,600 | $3.5M–$4.0M | $3.1M–$3.6M | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The Corner – IN4 | Indianapolis, IN | 50% | Q4 2024 | 24,000 | 285 | 63,900 | — | — | $1.7M–$1.9M | $1.7M–$1.9M | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 415,500 | 1,033 | $ | 185,600 | $ | 121,700 | $ | 105,125 | $17.8M–$19.7M | $11.9M–$13.8M |
Future Opportunities5 | ||||||||
Hamilton Crossing Centre – Phase II | Indianapolis, IN | Addition of mixed-use (multifamily and retail) components to complement the relocation of the Republic Airways headquarters. | ||||||
Carillon | Washington, D.C./Baltimore | Potential of 1.2 million square feet of commercial GLA and 3,000 multifamily units for additional expansion. | ||||||
One Loudoun | Washington, D.C./Baltimore | Potential of 2.9 million square feet of commercial GLA for additional expansion. | ||||||
Main Street Promenade | Chicago, IL | Potential of 10,000 square feet of commercial GLA and 47 multifamily units for additional expansion. | ||||||
Downtown Crown | Washington, D.C./Baltimore | Potential of 42,000 square feet of commercial GLA for additional expansion. |
1 | Completion date represents the earlier of one year after completion of project construction or substantial occupancy of the property. | |||||||||||||||||||||||||||||||
2 | Total project costs and KRG equity requirement represent costs to KRG post-merger and exclude any costs spent to date prior to the merger. | |||||||||||||||||||||||||||||||
3 | Excludes in-place NOI and NOI related to tenants that have signed leases but have not yet commenced paying rent. | |||||||||||||||||||||||||||||||
4 | KRG does not have any equity requirements related to this development. Total project costs are at 100% and are net of a $13.5 million TIF. | |||||||||||||||||||||||||||||||
5 | These opportunities are deemed potential at this time and are subject to various contingencies, many of which could be beyond the Company's control. |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 13 |
Total Retail Operating Portfolio | Total Office Components | |||||||||||||||||||||||||||||||||||||||||||
Region/State | Number of Properties1 | Owned GLA/NRA2 | Total Weighted ABR3 | % of Weighted ABR3 | Owned GLA/NRA2 | Total Weighted ABR3 | % of Weighted ABR3 | |||||||||||||||||||||||||||||||||||||
South | ||||||||||||||||||||||||||||||||||||||||||||
Texas | 45 | 7,718 | $ | 141,449 | 24.0 | % | 434 | $ | 11,350 | 1.9 | % | |||||||||||||||||||||||||||||||||
Florida | 29 | 3,537 | 58,314 | 9.9 | % | 38 | 1,054 | 0.2 | % | |||||||||||||||||||||||||||||||||||
Maryland | 7 | 1,745 | 34,147 | 5.8 | % | 224 | 3,314 | 0.6 | % | |||||||||||||||||||||||||||||||||||
North Carolina | 8 | 1,537 | 30,306 | 5.1 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Virginia | 7 | 1,121 | 27,864 | 4.7 | % | 158 | 5,007 | 0.8 | % | |||||||||||||||||||||||||||||||||||
Georgia | 10 | 1,706 | 25,716 | 4.4 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Tennessee | 3 | 580 | 8,158 | 1.4 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Oklahoma | 3 | 505 | 7,455 | 1.3 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
South Carolina | 2 | 258 | 3,073 | 0.5 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Total South | 114 | 18,707 | 336,482 | 57.1 | % | 854 | 20,725 | 3.5 | % | |||||||||||||||||||||||||||||||||||
West | ||||||||||||||||||||||||||||||||||||||||||||
Washington | 10 | 1,682 | 29,702 | 5.0 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Nevada | 4 | 766 | 23,976 | 4.1 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
California | 3 | 652 | 14,738 | 2.5 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Arizona | 5 | 727 | 14,425 | 2.4 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Utah | 2 | 392 | 7,417 | 1.3 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Total West | 24 | 4,219 | 90,258 | 15.3 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Midwest | ||||||||||||||||||||||||||||||||||||||||||||
Indiana | 16 | 1,618 | 28,220 | 4.8 | % | 369 | 7,285 | 1.2 | % | |||||||||||||||||||||||||||||||||||
Illinois | 9 | 1,264 | 25,958 | 4.4 | % | 163 | 4,013 | 0.7 | % | |||||||||||||||||||||||||||||||||||
Michigan | 1 | 308 | 6,602 | 1.1 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Missouri | 1 | 453 | 4,124 | 0.7 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Ohio | 1 | 236 | 1,899 | 0.3 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Total Midwest | 28 | 3,879 | 66,803 | 11.3 | % | 532 | 11,298 | 1.9 | % | |||||||||||||||||||||||||||||||||||
Northeast | ||||||||||||||||||||||||||||||||||||||||||||
New York | 8 | 1,212 | 34,312 | 5.8 | % | 174 | 7,527 | 1.3 | % | |||||||||||||||||||||||||||||||||||
New Jersey | 4 | 343 | 10,999 | 1.9 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Massachusetts | 1 | 272 | 5,435 | 0.9 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Connecticut | 1 | 206 | 3,625 | 0.6 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Pennsylvania | 1 | 136 | 1,982 | 0.4 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Total Northeast | 15 | 2,169 | 56,353 | 9.6 | % | 174 | 7,527 | 1.3 | % | |||||||||||||||||||||||||||||||||||
Total | 181 | 28,974 | $ | 549,896 | 93.3 | % | 1,560 | $ | 39,550 | 6.7 | % |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 14 |
Tenant | Number of Stores1 | Total Leased GLA/NRA2 | ABR3 | ABR per Sq. Ft.3 | % of Weighted ABR4 | |||||||||||||||||||||||||||
The TJX Companies, Inc.5 | 44 | 1,294 | $ | 14,536 | $ | 11.24 | 2.5 | % | ||||||||||||||||||||||||
Best Buy Co., Inc.6 | 16 | 633 | 10,915 | 17.25 | 2.0 | % | ||||||||||||||||||||||||||
Ross Stores, Inc. | 31 | 885 | 10,444 | 11.80 | 1.9 | % | ||||||||||||||||||||||||||
PetSmart, Inc. | 31 | 637 | 10,241 | 16.07 | 1.8 | % | ||||||||||||||||||||||||||
Michaels Stores, Inc. | 29 | 651 | 8,814 | 13.54 | 1.6 | % | ||||||||||||||||||||||||||
Gap Inc.7 | 35 | 468 | 8,490 | 18.14 | 1.5 | % | ||||||||||||||||||||||||||
Bed Bath & Beyond Inc.8 | 23 | 613 | 8,303 | 13.55 | 1.5 | % | ||||||||||||||||||||||||||
Dick's Sporting Goods, Inc.9 | 12 | 591 | 7,187 | 12.15 | 1.3 | % | ||||||||||||||||||||||||||
Publix Super Markets, Inc. | 14 | 669 | 6,884 | 10.28 | 1.3 | % | ||||||||||||||||||||||||||
Albertsons Companies, Inc.10 | 9 | 481 | 6,613 | 13.74 | 1.2 | % | ||||||||||||||||||||||||||
Lowe's Companies, Inc. | 7 | 168 | 400 | 2.38 | 1.1 | % | ||||||||||||||||||||||||||
The Kroger Co.11 | 10 | 355 | 3,460 | 9.73 | 1.0 | % | ||||||||||||||||||||||||||
Petco Health And Wellness Company, Inc. | 22 | 299 | 5,346 | 17.90 | 1.0 | % | ||||||||||||||||||||||||||
Ulta Beauty, Inc. | 24 | 248 | 5,589 | 22.51 | 0.9 | % | ||||||||||||||||||||||||||
Total Wine & More | 13 | 305 | 5,069 | 16.60 | 0.9 | % | ||||||||||||||||||||||||||
BJ's Wholesale Club, Inc. | 2 | 245 | 4,939 | 20.18 | 0.9 | % | ||||||||||||||||||||||||||
Five Below, Inc. | 29 | 258 | 4,901 | 18.97 | 0.9 | % | ||||||||||||||||||||||||||
Kohl's Corporation | 7 | 361 | 2,993 | 8.28 | 0.9 | % | ||||||||||||||||||||||||||
Burlington Stores, Inc. | 8 | 445 | 4,496 | 10.11 | 0.8 | % | ||||||||||||||||||||||||||
Ahold U.S.A. Inc.12 | 4 | 239 | 4,464 | 18.66 | 0.8 | % | ||||||||||||||||||||||||||
Mattress Firm Group Inc.13 | 32 | 158 | 4,417 | 27.97 | 0.8 | % | ||||||||||||||||||||||||||
DSW Designer Shoe Warehouse | 16 | 314 | 4,678 | 14.92 | 0.8 | % | ||||||||||||||||||||||||||
Office Depot, Inc.14 | 14 | 308 | 4,347 | 14.11 | 0.8 | % | ||||||||||||||||||||||||||
Fitness International, LLC | 5 | 205 | 4,092 | 19.92 | 0.7 | % | ||||||||||||||||||||||||||
Party City Holdings Inc. | 18 | 263 | 3,988 | 15.17 | 0.7 | % | ||||||||||||||||||||||||||
Total Top Tenants | 455 | 11,093 | $ | 155,606 | $ | 14.03 | 29.6 | % |
1 | Number of stores represents stores at consolidated and unconsolidated properties. | ||||
2 | Excludes the square footage of structures located on land owned by the Company and ground-leased to tenants. | ||||
3 | ABR represents the monthly contractual rent for December 31, 2021, for each applicable tenant multiplied by 12 and does not include tenant reimbursements. ABR represents 100% of the ABR at consolidated properties and the Company's share of the ABR at unconsolidated properties excluding ground lease rent. | ||||
4 | Percent of weighted ABR includes ground lease rent and represents the Company's share of the ABR at consolidated and unconsolidated properties. | ||||
5 | Includes TJ Maxx (19), Marshalls (13), HomeGoods (10), Homesense (1) and T.J. Maxx & HomeGoods combined (1). | ||||
6 | Includes Best Buy (15) and Pacific Sales (1). | ||||
7 | Includes Old Navy (25), The Gap (5), Banana Republic (3) and Athleta (2). | ||||
8 | Includes Bed Bath and Beyond (14) and buybuy BABY (9). | ||||
9 | Includes Dick's Sporting Goods (11) and Golf Galaxy (1). | ||||
10 | Includes Safeway (4), Jewel-Osco (3) and Tom Thumb (2). | ||||
11 | Includes Kroger (6), Harris Teeter (2), QFC (1) and Smith's (1). | ||||
12 | Includes Stop & Shop (3) and Giant Foods (1). | ||||
13 | Includes Mattress Firm (27) and Sleepy's (5). | ||||
14 | Includes Office Depot (11) and OfficeMax (3). |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 15 |
Comparable Space1,2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Category | Total Leases | Total Sq. Ft. | Leases | Sq. Ft. | Prior Rent PSF3 | New Rent PSF4 | Cash Rent Spread | TI, LL Work, Lease Commissions PSF5 | ||||||||||||||||||||||||||||||||||||||||||
New Leases – Q4 2021 | 47 | 236,615 | 23 | 134,201 | $ | 19.76 | $ | 25.18 | 27.4 | % | ||||||||||||||||||||||||||||||||||||||||
New Leases – Q3 2021 | 38 | 239,157 | 17 | 124,864 | 13.47 | 16.23 | 20.6 | % | ||||||||||||||||||||||||||||||||||||||||||
New Leases – Q2 2021 | 27 | 159,497 | 11 | 35,612 | 25.86 | 30.95 | 19.7 | % | ||||||||||||||||||||||||||||||||||||||||||
New Leases – Q1 2021 | 20 | 100,604 | 16 | 89,791 | 15.20 | 19.06 | 25.3 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | 132 | 735,873 | 67 | 384,468 | $ | 17.22 | $ | 21.38 | 24.2 | % | $ | 69.98 | ||||||||||||||||||||||||||||||||||||||
Renewals – Q4 2021 | 85 | 690,450 | 60 | 515,802 | $ | 16.08 | $ | 17.41 | 8.3 | % | ||||||||||||||||||||||||||||||||||||||||
Renewals – Q3 2021 | 44 | 345,663 | 33 | 220,843 | 18.68 | 20.63 | 10.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Renewals – Q2 2021 | 46 | 478,498 | 39 | 395,202 | 14.93 | 16.05 | 7.5 | % | ||||||||||||||||||||||||||||||||||||||||||
Renewals – Q1 2021 | 56 | 326,333 | 46 | 300,894 | 19.67 | 20.06 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | 231 | 1,840,944 | 178 | 1,432,741 | $ | 16.92 | $ | 18.09 | 6.9 | % | $ | 0.88 | ||||||||||||||||||||||||||||||||||||||
Total – Q4 2021 | 132 | 927,065 | 83 | 650,003 | $ | 16.84 | $ | 19.02 | 12.9 | % | ||||||||||||||||||||||||||||||||||||||||
Total – Q3 2021 | 82 | 584,820 | 50 | 345,707 | 16.79 | 19.04 | 13.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Total – Q2 2021 | 73 | 637,995 | 50 | 430,814 | 15.83 | 17.28 | 9.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Total – Q1 2021 | 76 | 426,937 | 62 | 390,685 | 18.64 | 19.83 | 6.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | 363 | 2,576,817 | 245 | 1,817,209 | $ | 16.98 | $ | 18.79 | 10.7 | % | $ | 15.50 |
1 | Comparable space leases on this report are included for second generation retail spaces. Comparable leases represent those leases for which there was a former tenant within the last 12 months. Leases at our two office properties, Thirty South Meridian and Eddy Street Commons, and ground leases are excluded. | ||||
2 | Comparable renewals exclude leases with terms 24 months or shorter. | ||||
3 | Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term. All amounts reported at lease execution. | ||||
4 | Contractual rent represents contractual minimum rent per square foot for the first 12 months of the lease. | ||||
5 | Includes redevelopment costs for tenant specific landlord work and tenant allowances provided to tenants. |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 16 |
Retail Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
Expiring GLA - Retail2 | Expiring ABR per Sq. Ft.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of Expiring Leases1 | Shop Tenants | Anchor Tenants | Expiring ABR (Pro-rata) | % of Total ABR (Pro-rata) | Shop Tenants | Anchor Tenants | Total | |||||||||||||||||||||||||||||||||||||||||||
2022 | 520 | 1,177,508 | 1,196,248 | $ | 47,408 | 9.1 | % | $ | 28.33 | $ | 11.81 | $ | 19.99 | |||||||||||||||||||||||||||||||||||||
2023 | 585 | 1,361,374 | 2,634,810 | 78,221 | 15.0 | % | 30.43 | 13.99 | 19.59 | |||||||||||||||||||||||||||||||||||||||||
2024 | 584 | 1,334,044 | 2,580,920 | 75,482 | 14.5 | % | 32.09 | 13.50 | 20.06 | |||||||||||||||||||||||||||||||||||||||||
2025 | 442 | 1,061,370 | 2,551,286 | 64,728 | 12.4 | % | 30.80 | 12.86 | 18.17 | |||||||||||||||||||||||||||||||||||||||||
2026 | 436 | 984,890 | 2,447,939 | 63,743 | 12.3 | % | 30.43 | 14.11 | 18.86 | |||||||||||||||||||||||||||||||||||||||||
2027 | 309 | 763,399 | 1,915,123 | 46,774 | 9.0 | % | 29.40 | 12.88 | 17.61 | |||||||||||||||||||||||||||||||||||||||||
2028 | 166 | 422,238 | 956,761 | 28,473 | 5.5 | % | 33.39 | 15.07 | 20.67 | |||||||||||||||||||||||||||||||||||||||||
2029 | 154 | 359,184 | 1,111,043 | 30,350 | 5.8 | % | 32.76 | 16.78 | 20.67 | |||||||||||||||||||||||||||||||||||||||||
2030 | 124 | 375,170 | 565,268 | 19,201 | 3.7 | % | 28.97 | 15.10 | 20.57 | |||||||||||||||||||||||||||||||||||||||||
2031 | 123 | 339,768 | 606,950 | 20,070 | 3.9 | % | 31.09 | 15.83 | 21.27 | |||||||||||||||||||||||||||||||||||||||||
Beyond | 149 | 328,386 | 2,067,162 | 45,829 | 8.8 | % | 31.66 | 17.43 | 19.37 | |||||||||||||||||||||||||||||||||||||||||
3,592 | 8,507,331 | 18,633,510 | $ | 520,279 | 100.0 | % | $ | 30.61 | $ | 14.23 | $ | 19.40 |
Office Portfolio | ||||||||||||||||||||||||||||||||
Expiring GLA2 | ||||||||||||||||||||||||||||||||
Number of Expiring Leases1 | Office Tenants | Expiring ABR (Pro-rata) | % of Total ABR (Pro-rata) | Expiring ABR per Sq. Ft.3 | ||||||||||||||||||||||||||||
2022 | 47 | 361,608 | $ | 8,872 | 22.4 | % | $ | 24.53 | ||||||||||||||||||||||||
2023 | 35 | 126,396 | 3,878 | 9.8 | % | 30.68 | ||||||||||||||||||||||||||
2024 | 42 | 234,639 | 6,354 | 16.1 | % | 27.08 | ||||||||||||||||||||||||||
2025 | 11 | 166,084 | 3,531 | 8.9 | % | 21.26 | ||||||||||||||||||||||||||
2026 | 11 | 51,422 | 1,727 | 4.4 | % | 33.59 | ||||||||||||||||||||||||||
2027 | 10 | 61,513 | 2,094 | 5.3 | % | 34.03 | ||||||||||||||||||||||||||
2028 | 5 | 112,519 | 2,951 | 7.5 | % | 26.23 | ||||||||||||||||||||||||||
2029 | 5 | 75,943 | 2,813 | 7.1 | % | 37.04 | ||||||||||||||||||||||||||
2030 | 4 | 41,061 | 903 | 2.3 | % | 21.99 | ||||||||||||||||||||||||||
2031 | 4 | 121,003 | 3,058 | 7.7 | % | 25.28 | ||||||||||||||||||||||||||
Beyond | 4 | 90,599 | 3,369 | 8.5 | % | 37.19 | ||||||||||||||||||||||||||
178 | 1,442,787 | $ | 39,550 | 100.0 | % | $ | 27.41 |
1 | Lease expiration table reflects rents in place as of December 31, 2021 and does not include option periods; 2022 expirations include 74 month-to-month retail tenants and 10 month-to-month office 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 | ABR represents the monthly contractual rent as of December 31, 2021 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue. | ||||
4th Quarter 2021 Supplemental Financial and Operating Statistics | 17 |
Cash Net Operating Income (NOI) | Page | Other Assets | Page | |||||||||||||||||
GAAP property NOI (incl. ground lease revenue) | $ | 115,312 | 6 | Cash, cash equivalents and restricted cash | $ | 100,363 | 3 | |||||||||||||
Below-market lease intangibles, net | (1,183) | Short-term deposits | 125,000 | 3 | ||||||||||||||||
Straight-line rent | (3,696) | Tenant and other receivables (net of SLR) | 40,371 | 3 | ||||||||||||||||
Other property-related revenue | (450) | 6 | Prepaid and other assets | 84,826 | 3 | |||||||||||||||
Ground lease ("GL") revenue | (7,129) | 6 | ||||||||||||||||||
Consolidated Cash Property NOI (excl. GL) | $ | 102,854 | ||||||||||||||||||
Annualized Consolidated Cash Property NOI (excl. ground leases) | $ | 411,416 | ||||||||||||||||||
Adjustments To Normalize Annualized Cash NOI | Liabilities | |||||||||||||||||||
Remaining NOI to come online from development and redevelopment projects 1 | 12,820 | 13 | Mortgage and other indebtedness, net | $ | (3,092,225) | 3 | ||||||||||||||
Unconsolidated EBITDA | 3,528 | 8 | Pro-rate adjustment for joint venture debt | (29,584) | 8 | |||||||||||||||
Pro forma adjustments2 | 57,471 | 9 | Accounts payable and accrued expenses | (184,982) | 3 | |||||||||||||||
General and administrative expense allocable to property management activities included in property expenses ($2.8 million in Q4) | 11,200 | 6, note 3 | Other liabilities | (287,217) | 3 | |||||||||||||||
Total Adjustments | 85,019 | Noncontrolling redeemable joint venture interest | (10,070) | |||||||||||||||||
Projected remaining under construction development/redevelopment3 | (105,125) | 13 | ||||||||||||||||||
Annualized Normalized Portfolio Cash NOI (excl. ground leases) | $ | 496,435 | ||||||||||||||||||
Annualized ground lease NOI | 28,516 | |||||||||||||||||||
Total Annualized Portfolio Cash NOI | $ | 524,951 | Common Shares and Units Outstanding | 221,327,346 | ||||||||||||||||
1 | Excludes the projected cash NOI and related cost from the future opportunities outlined on page 13. | ||||
2 | Pro forma adjustments to reflect as if the properties acquired during the 4th quarter of 2021 were owned for the entire period and as if the merger had occurred for the entire quarter. | ||||
3 | Remaining costs on page 13 for development projects. |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 18 |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 19 |
4th Quarter 2021 Supplemental Financial and Operating Statistics | 20 |
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