Kite Realty Trust(KRG)

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Kite Realty Group (KRG) Q1 FFO Meet Estimates
Zacks Investment Research· 2024-04-30 22:56
Kite Realty Group (KRG) came out with quarterly funds from operations (FFO) of $0.50 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.51 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust would post FFO of $0.49 per share when it actually produced FFO of $0.50, delivering a surprise of 2.04%.Over the last four quarters, the company has surpassed consensus FFO estimates three times.Kite ...
Kite Realty Trust(KRG) - 2024 Q1 - Quarterly Results
2024-04-30 20:15
Exhibit 99.2 Kite Realty Group Trust Quarterly Financial Supplement as of March 31, 2024 T A B L E O F C O N T E N T S | Earnings Press Release | i–iii | | --- | --- | | Contact Information | 1 | | Results Overview | 2 | | Consolidated Balance Sheets | 3 | | Consolidated Statements of Operations | 4 | | Same Property Net Operating Income | 5 | | Net Operating Income and Adjusted EBITDA by Quarter | 6 | | Funds From Operations | 7 | | Joint Venture Summary | 8 | | Key Debt Metrics | 9 | | Summary of Outstand ...
Kite Realty Group (KRG) Could Be a Great Choice
Zacks Investment Research· 2024-04-18 16:46
Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a m ...
Kite Realty: Near 52-Week Low With 5% Yield Makes It A Buy
Seeking Alpha· 2024-04-16 17:05
Vertigo3d Income investing can be a lot like building real estate. Similar to how a building is put together brick by brick (or steel frame by frame), a sizable income stream can be accumulated over time so long as one is willing to be patient and make opportunistic purchases when the chips are down. Such may be the case with Kite Realty Group Trust (NYSE:KRG), which, as shown below, now sits near lows last reached in October of last year. At the current price of $20, and the dividend yield is now back to 5 ...
Kite Realty Trust(KRG) - 2023 Q4 - Annual Report
2024-02-20 21:16
Portfolio and Properties - As of December 31, 2023, Kite Realty Group Trust owned interests in 180 operating retail properties totaling approximately 28.1 million square feet and one office property with 0.3 million square feet [186]. - Kite Realty's portfolio includes a refined mix of prominent grocers and expanding retailers, enhancing tenant demand [190]. - Kite Realty's development and redevelopment projects include properties like Hamilton Crossing Centre and Edwards Multiplex, with ongoing transitions to mixed-use developments [198]. - The company is obligated under 12 ground leases for approximately 98 acres of land, with expiration dates ranging from 2025 to 2092 [247]. Financial Performance - Total revenue for the year ended December 31, 2023, was $823.0 million, an increase of $21.0 million or 2.6% compared to $802.0 million in 2022 [201]. - Net income attributable to common shareholders for 2023 was $47.5 million, a substantial increase of $60.1 million compared to a net loss of $12.6 million in 2022 [201]. - FFO attributable to common shareholders rose to $446,890 in 2023, up from $425,845 in 2022, with FFO per share increasing to $2.03 from $1.94 [224]. - Same Property NOI increased by 4.8% in 2023 to $555,396 compared to $530,021 in 2022, driven by contractual rent growth and lower bad debt expense [219]. - Total property NOI for 2023 was $608,254, reflecting a 4.6% increase from $581,651 in 2022 [218]. Leasing and Occupancy - In Q4 2023, Kite Realty experienced its highest quarterly new leasing activity in the company's history with over 380,000 square feet of new leasing volume [188]. - The average base rent for new comparable leases signed in 2023 was $27.53 per square foot, compared to $19.48 per square foot for expiring leases, indicating a significant increase in leasing rates [202]. - The occupancy rate of fully operational properties increased from 91.8% in 2022 to 92.0% in 2023, reflecting improved property performance [201]. - The leased percentage at period end decreased to 94.0% from 95.4% in 2022, attributed to tenant bankruptcies [218][223]. - Economic occupancy percentage at period end was 91.2%, down from 92.5% in 2022 [218]. Expenses and Costs - Property operating expenses decreased as a percentage of total revenue from 13.4% in 2022 to 13.1% in 2023, despite a nominal increase in expenses [205]. - Depreciation and amortization expenses decreased by $43.4 million, or 9.2%, primarily due to certain assets becoming fully depreciated [209]. - General, administrative, and other expenses increased by $1.3 million, or 2.3%, mainly due to higher transportation expenses and consulting fees [207]. - Capital expenditures decreased by $16.0 million in 2023, primarily due to timing of capital projects [257]. Debt and Liquidity - Kite Realty ended 2023 with approximately $1.1 billion of combined cash and borrowing capacity on the Revolving Facility [191]. - The company had $269.6 million of debt principal scheduled to mature through December 31, 2024, expected to be satisfied with proceeds from the Notes Due 2034 issued in January 2024 [191]. - The company had $269.6 million of unsecured debt scheduled to mature in 2024, with sufficient liquidity to repay these obligations [238]. - Net Debt to Adjusted EBITDA ratio stood at 5.1x as of December 31, 2023 [227]. - The company expects adequate liquidity over the next 12 months to meet its cash requirements [230]. Investments and Distributions - The company incurred $142.6 million in total capital expenditures for the year ended December 31, 2023, including $28.1 million for active development and redevelopment projects and $114.5 million for recurring operating capital expenditures [248]. - Cash used in investing activities was $81.7 million for the year ended December 31, 2023, compared to $45.1 million in 2022, reflecting increased investment activity [253]. - The company made distributions to common shareholders totaling $213.5 million in 2023, compared to $182.2 million in 2022 [257]. - The company declared a cash distribution of $0.25 per common share for the first quarter of 2024, expected to be paid on April 12, 2024 [240]. Interest Rates and Debt Structure - Fixed rate debt constituted 94% of total consolidated indebtedness, with a weighted average interest rate of 4.30% [259][276]. - A 100-basis point change in interest rates on fixed rate debt scheduled to mature in 2024 would change annual cash flow by $2.7 million [277]. - As of December 31, 2023, the one-month Bloomberg Short Term Bank Yield Index (BSBY) interest rate was 5.44% [261].
Kite Realty Trust(KRG) - 2023 Q4 - Earnings Call Presentation
2024-02-14 23:48
Q4 2023 INVESTOR UPDATE Balance Sheet Snapshot NYSE Well-Staggered Maturity Ladder ■ Unsecured Debt ■Line of Credit Top 15 Population Growth States1 22% Strategic Gateway Markets (DC, Seattle and NYC) | --- | --- | |----------------------------|-------| | TOP 5 STATES (ABR) \nTexas | 26% | | Florida | 11% | | Maryland | 6% | | North Carolina | 6% | | | | KRG LISTED Debt Maturity Profile as of December 31, 2023 ($ in M) We intend to use proceeds from our January 2024 $350.0 million senior unsecured notes iss ...
Kite Realty Trust(KRG) - 2023 Q4 - Earnings Call Transcript
2024-02-14 21:52
Kite Realty Group Trust (NYSE:KRG) Q4 2023 Earnings Conference Call February 14, 2024 1:00 PM ET Company Participants Bryan McCarthy – Senior Vice President-Corporate Marketing and Communications John Kite – Chairman and Chief Executive Officer Heath Fear – Executive Vice President and Chief Financial Officer Tom McGowan – President and Chief Operating Officer Conference Call Participants Todd Thomas – KeyBanc Capital Markets Floris van Dijkum – Compass Point Craig Mailman – Citi Alex Goldfarb – Piper Sandl ...
Kite Realty Trust(KRG) - 2023 Q3 - Quarterly Report
2023-11-02 20:31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 (Exact name of registrant as specified in its charter) Delaware Kite Realty Group, L.P. 20-1453863 (State or other jurisdiction of incorporation or organization) 30 S. Meridian Street, Suite 1100, Indianapolis, Indiana 46204 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SEC ...
Kite Realty Trust(KRG) - 2023 Q3 - Earnings Call Transcript
2023-11-01 00:30
Kite Realty Group Trust (NYSE:KRG) Q3 2023 Earnings Conference Call October 31, 2023 1:00 PM ET Company Participants Bryan McCarthy - SVP, Corporate Marketing and Communications John Kite - Chairman and CEO Tom McGowan - President and COO Heath Fear - EVP and CFO Conference Call Participants Craig Mailman - Citi Lizzy Doykan - Bank of America Connor Mitchell - Piper Sandler Dori Kesten - Wells Fargo Securities Wesley Golladay - Baird Michael Mueller - JPMorgan Linda Tsai - Jefferies Todd Thomas - KeyBanc Ca ...
Kite Realty Trust(KRG) - 2023 Q2 - Quarterly Report
2023-08-07 20:30
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-32268 Kite Realty Group Trust Commission File Number: 333-202666-01 Kite Realty Group, L.P. KITE REALTY GROUP TRUST KITE REALTY GROUP, L.P. ...