(State or other jurisdiction of 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 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
KITE REALTY GROUP TRUST | ||||||||
Date: February 13, 2024 | By: | /s/ HEATH R. FEAR | ||||||
Heath R. Fear | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer | ||||||||
KITE REALTY GROUP, L.P. | ||||||||
By: Kite Realty Group Trust, its sole general partner | ||||||||
By: | /s/ HEATH R. FEAR | |||||||
Heath R. Fear | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer |
Exhibit 99.1 |
Low | High | ||||||||||
Net income | $ | 0.29 | $ | 0.35 | |||||||
Depreciation and amortization | 1.71 | 1.71 | |||||||||
NAREIT FFO | $ | 2.00 | $ | 2.06 | |||||||
December 31, 2023 | December 31, 2022 | ||||||||||
Assets: | |||||||||||
Investment properties, at cost | $ | 7,740,061 | $ | 7,732,573 | |||||||
Less: accumulated depreciation | (1,381,770) | (1,161,148) | |||||||||
Net investment properties | 6,358,291 | 6,571,425 | |||||||||
Cash and cash equivalents | 36,413 | 115,799 | |||||||||
Tenant and other receivables, including accrued straight-line rent of $55,482 and $44,460, respectively | 113,290 | 101,301 | |||||||||
Restricted cash and escrow deposits | 5,017 | 6,171 | |||||||||
Deferred costs, net | 304,171 | 409,828 | |||||||||
Prepaid and other assets | 117,834 | 127,044 | |||||||||
Investments in unconsolidated subsidiaries | 9,062 | 10,414 | |||||||||
Total assets | $ | 6,944,078 | $ | 7,341,982 | |||||||
Liabilities and Equity: | |||||||||||
Liabilities: | |||||||||||
Mortgage and other indebtedness, net | $ | 2,829,202 | $ | 3,010,299 | |||||||
Accounts payable and accrued expenses | 198,079 | 207,792 | |||||||||
Deferred revenue and other liabilities | 272,942 | 298,039 | |||||||||
Total liabilities | 3,300,223 | 3,516,130 | |||||||||
Commitments and contingencies | |||||||||||
Limited Partners’ interests in the Operating Partnership | 73,287 | 53,967 | |||||||||
Equity: | |||||||||||
Common shares, $0.01 par value, 490,000,000 shares authorized, 219,448,429 and 219,185,658 shares issued and outstanding at December 31, 2023 and 2022, respectively | 2,194 | 2,192 | |||||||||
Additional paid-in capital | 4,886,592 | 4,897,736 | |||||||||
Accumulated other comprehensive income | 52,435 | 74,344 | |||||||||
Accumulated deficit | (1,373,083) | (1,207,757) | |||||||||
Total shareholders’ equity | 3,568,138 | 3,766,515 | |||||||||
Noncontrolling interests | 2,430 | 5,370 | |||||||||
Total equity | 3,570,568 | 3,771,885 | |||||||||
Total liabilities and equity | $ | 6,944,078 | $ | 7,341,982 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Rental income | $ | 197,257 | $ | 199,577 | $ | 810,146 | $ | 782,349 | |||||||||||||||
Other property-related revenue | 2,521 | 3,176 | 8,492 | 11,108 | |||||||||||||||||||
Fee income | 498 | 1,936 | 4,366 | 8,539 | |||||||||||||||||||
Total revenue | 200,276 | 204,689 | 823,004 | 801,996 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating | 25,768 | 29,659 | 107,958 | 107,217 | |||||||||||||||||||
Real estate taxes | 22,093 | 24,144 | 102,426 | 104,589 | |||||||||||||||||||
General, administrative and other | 14,342 | 12,883 | 56,142 | 54,860 | |||||||||||||||||||
Merger and acquisition costs | — | (81) | — | 925 | |||||||||||||||||||
Depreciation and amortization | 102,898 | 112,709 | 426,361 | 469,805 | |||||||||||||||||||
Impairment charges | — | — | 477 | — | |||||||||||||||||||
Total expenses | 165,101 | 179,314 | 693,364 | 737,396 | |||||||||||||||||||
Gain (loss) on sales of operating properties, net | 133 | (57) | 22,601 | 27,069 | |||||||||||||||||||
Operating income | 35,308 | 25,318 | 152,241 | 91,669 | |||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||
Interest expense | (27,235) | (26,827) | (105,349) | (104,276) | |||||||||||||||||||
Income tax expense of taxable REIT subsidiary | (449) | (302) | (533) | (43) | |||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries | 206 | 312 | 33 | 256 | |||||||||||||||||||
Other income, net | 334 | 447 | 1,991 | 240 | |||||||||||||||||||
Net income (loss) | 8,164 | (1,052) | 48,383 | (12,154) | |||||||||||||||||||
Net income attributable to noncontrolling interests | (185) | (74) | (885) | (482) | |||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 7,979 | $ | (1,126) | $ | 47,498 | $ | (12,636) | |||||||||||||||
Net income (loss) per common share – basic and diluted | $ | 0.04 | $ | (0.01) | $ | 0.22 | $ | (0.06) | |||||||||||||||
Weighted average common shares outstanding – basic | 219,407,927 | 219,137,140 | 219,344,832 | 219,074,448 | |||||||||||||||||||
Weighted average common shares outstanding – diluted | 219,795,602 | 219,137,140 | 219,728,283 | 219,074,448 | |||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income (loss) | $ | 8,164 | $ | (1,052) | $ | 48,383 | $ | (12,154) | |||||||||||||||
Less: net income attributable to noncontrolling interests in properties | (56) | (88) | (257) | (623) | |||||||||||||||||||
Less: (gain) loss on sales of operating properties, net | (133) | 57 | (22,601) | (27,069) | |||||||||||||||||||
Add: impairment charges | — | — | 477 | — | |||||||||||||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 103,119 | 112,925 | 427,335 | 471,086 | |||||||||||||||||||
FFO of the Operating Partnership(1) | 111,094 | 111,842 | 453,337 | 431,240 | |||||||||||||||||||
Less: Limited Partners’ interests in FFO | (1,708) | (1,463) | (6,447) | (5,395) | |||||||||||||||||||
FFO attributable to common shareholders(1) | $ | 109,386 | $ | 110,379 | $ | 446,890 | $ | 425,845 | |||||||||||||||
FFO, as defined by NAREIT, per share of the Operating Partnership – basic | $ | 0.50 | $ | 0.50 | $ | 2.04 | $ | 1.94 | |||||||||||||||
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted | $ | 0.50 | $ | 0.50 | $ | 2.03 | $ | 1.94 | |||||||||||||||
FFO of the Operating Partnership(1) | $ | 111,094 | $ | 111,842 | $ | 453,337 | $ | 431,240 | |||||||||||||||
Add: merger and acquisition costs | — | (81) | — | 925 | |||||||||||||||||||
Add (less): prior period collection impact | — | 189 | — | (2,556) | |||||||||||||||||||
FFO, as adjusted, of the Operating Partnership | $ | 111,094 | $ | 111,950 | $ | 453,337 | $ | 429,609 | |||||||||||||||
FFO, as adjusted, per share of the Operating Partnership – basic | $ | 0.50 | $ | 0.50 | $ | 2.04 | $ | 1.94 | |||||||||||||||
FFO, as adjusted, per share of the Operating Partnership – diluted | $ | 0.50 | $ | 0.50 | $ | 2.03 | $ | 1.93 | |||||||||||||||
Weighted average common shares outstanding – basic | 219,407,927 | 219,137,140 | 219,344,832 | 219,074,448 | |||||||||||||||||||
Weighted average common shares outstanding – diluted | 219,795,602 | 219,763,609 | 219,728,283 | 219,710,514 | |||||||||||||||||||
Weighted average common shares and units outstanding – basic | 222,827,090 | 222,055,880 | 222,514,956 | 221,858,084 | |||||||||||||||||||
Weighted average common shares and units outstanding – diluted | 223,214,765 | 222,682,349 | 222,898,407 | 222,494,151 | |||||||||||||||||||
FFO, as defined by NAREIT, per diluted share/unit | |||||||||||||||||||||||
Net income (loss) | $ | 0.04 | $ | 0.00 | $ | 0.22 | $ | (0.05) | |||||||||||||||
Less: net income attributable to noncontrolling interests in properties | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Less: (gain) loss on sales of operating properties, net | 0.00 | 0.00 | (0.10) | (0.12) | |||||||||||||||||||
Add: impairment charges | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 0.46 | 0.51 | 1.92 | 2.12 | |||||||||||||||||||
FFO, as defined by NAREIT, of the Operating Partnership per diluted share/unit(1)(2) | $ | 0.50 | $ | 0.50 | $ | 2.04 | $ | 1.94 | |||||||||||||||
Add: merger and acquisition costs | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Less: prior period collection impact | 0.00 | 0.00 | 0.00 | (0.01) | |||||||||||||||||||
FFO, as adjusted, of the Operating Partnership per diluted share/unit(2) | $ | 0.50 | $ | 0.50 | $ | 2.03 | $ | 1.93 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||
Number of properties in same property pool for the period(1) | 175 | 175 | 175 | 175 |
Leased percentage at period end | 94.0 | % | 95.4 | % | 94.0 | % | 95.4 | % | |||||||||||||||||||||||||||
Economic occupancy percentage at period end | 91.2 | % | 92.5 | % | 91.2 | % | 92.5 | % | |||||||||||||||||||||||||||
Economic occupancy percentage(2) | 91.3 | % | 92.7 | % | 92.0 | % | 91.8 | % |
Minimum rent | $ | 145,532 | $ | 143,253 | $ | 579,322 | $ | 563,144 | |||||||||||||||||||||||||||
Tenant recoveries | 37,385 | 39,160 | 160,323 | 157,979 | |||||||||||||||||||||||||||||||
Bad debt reserve | (1,492) | (2,077) | (3,203) | (7,718) | |||||||||||||||||||||||||||||||
Other income, net | 3,430 | 4,049 | 9,801 | 7,884 | |||||||||||||||||||||||||||||||
Total revenue | 184,855 | 184,385 | 746,243 | 721,289 | |||||||||||||||||||||||||||||||
Property operating | (22,721) | (24,756) | (91,690) | (90,061) | |||||||||||||||||||||||||||||||
Real estate taxes | (21,909) | (23,261) | (99,157) | (101,207) | |||||||||||||||||||||||||||||||
Total expenses | (44,630) | (48,017) | (190,847) | (191,268) | |||||||||||||||||||||||||||||||
Same Property NOI | $ | 140,225 | $ | 136,368 | 2.8 | % | $ | 555,396 | $ | 530,021 | 4.8 | % |
Reconciliation of Same Property NOI to most directly comparable GAAP measure: | |||||||||||||||||||||||||||||||||||
Net operating income – same properties | $ | 140,225 | $ | 136,368 | $ | 555,396 | $ | 530,021 | |||||||||||||||||||||||||||
Net operating income – non-same activity(3) | 11,692 | 12,582 | 52,858 | 51,630 | |||||||||||||||||||||||||||||||
Total property NOI | 151,917 | 148,950 | 2.0 | % | 608,254 | 581,651 | 4.6 | % | |||||||||||||||||||||||||||
Other income, net | 589 | 2,393 | 5,857 | 8,992 | |||||||||||||||||||||||||||||||
General, administrative and other | (14,342) | (12,883) | (56,142) | (54,860) | |||||||||||||||||||||||||||||||
Merger and acquisition costs | — | 81 | — | (925) | |||||||||||||||||||||||||||||||
Impairment charges | — | — | (477) | — | |||||||||||||||||||||||||||||||
Depreciation and amortization | (102,898) | (112,709) | (426,361) | (469,805) | |||||||||||||||||||||||||||||||
Interest expense | (27,235) | (26,827) | (105,349) | (104,276) | |||||||||||||||||||||||||||||||
Gain (loss) on sales of operating properties, net | 133 | (57) | 22,601 | 27,069 | |||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (185) | (74) | (885) | (482) | |||||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 7,979 | $ | (1,126) | $ | 47,498 | $ | (12,636) |
Three Months Ended December 31, 2023 | |||||
Net income | $ | 8,164 | |||
Depreciation and amortization | 102,898 | ||||
Interest expense | 27,235 | ||||
Income tax expense of taxable REIT subsidiary | 449 | ||||
EBITDA | 138,746 | ||||
Unconsolidated Adjusted EBITDA | 828 | ||||
Gain on sales of operating properties, net | (133) | ||||
Other income and expense, net | (540) | ||||
Noncontrolling interests | (189) | ||||
Adjusted EBITDA | $ | 138,712 | |||
Annualized Adjusted EBITDA(1) | $ | 554,849 | |||
Company share of Net Debt: | |||||
Mortgage and other indebtedness, net | $ | 2,829,202 | |||
Plus: Company share of unconsolidated joint venture debt | 55,911 | ||||
Less: Partner share of consolidated joint venture debt(2) | (9,849) | ||||
Less: cash, cash equivalents, and restricted cash | (43,986) | ||||
Less: debt discounts, premiums and issuance costs, net | (26,261) | ||||
Company share of Net Debt | $ | 2,805,017 | |||
Net Debt to Adjusted EBITDA | 5.1x |
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 Adjusted 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 – Retail 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 | ||||||||||
Net income | $ | 0.29 | $ | 0.35 | |||||||
Depreciation and amortization | 1.71 | 1.71 | |||||||||
NAREIT FFO | $ | 2.00 | $ | 2.06 |
ii |
iii |
Investor Relations Contact | Analyst Coverage | Analyst Coverage | ||||||||||||
Tyler Henshaw | Robert W. Baird & Co. | Jefferies LLC | ||||||||||||
Senior Vice President, Capital Markets and IR | Mr. Wes Golladay | Ms. Linda Tsai | ||||||||||||
(317) 713-7780 | (216) 737-7510 | (212) 778-8011 | ||||||||||||
thenshaw@kiterealty.com | wgolladay@rwbaird.com | ltsai@jefferies.com | ||||||||||||
Matt Hunt | Bank of America/Merrill Lynch | J.P. Morgan | ||||||||||||
Director, Capital Markets and IR | Mr. Jeffrey Spector/Ms. Lizzy Doykan | Mr. Michael W. Mueller/Mr. Hongliang Zhang | ||||||||||||
(317) 713-7646 | (646) 855-1363/(646) 855-5759 | (212) 622-6689/(212) 622-6416 | ||||||||||||
mhunt@kiterealty.com | jeff.spector@bofa.com | michael.w.mueller@jpmorgan.com/ | ||||||||||||
lizzy.doykan@bofa.com | hongliang.zhang@jpmorgan.com | |||||||||||||
Transfer Agent | Barclays | KeyBanc Capital Markets | ||||||||||||
Broadridge Financial Solutions | Mr. Anthony F. Powell | Mr. Todd Thomas | ||||||||||||
Ms. Kristen Tartaglione | (212) 526-8768 | (917) 368-2286 | ||||||||||||
2 Journal Square, 7th Floor | anthony.powell@barclays.com | tthomas@keybanccm.com | ||||||||||||
Jersey City, NJ 07306 | ||||||||||||||
(201) 714-8094 | BTIG | Piper Sandler | ||||||||||||
Mr. Michael Gorman | Mr. Alexander Goldfarb | |||||||||||||
(212) 738-6138 | (212) 466-7937 | |||||||||||||
mgorman@btig.com | alexander.goldfarb@psc.com | |||||||||||||
Stock Specialist | ||||||||||||||
GTS | Citigroup Global Markets | Raymond James | ||||||||||||
545 Madison Avenue, 15th Floor | Mr. Craig Mailman | Mr. RJ Milligan | ||||||||||||
New York, NY 10022 | (212) 816-4471 | (727) 567-2585 | ||||||||||||
(212) 715-2830 | craig.mailman@citi.com | rjmilligan@raymondjames.com | ||||||||||||
Compass Point Research & Trading, LLC | Wells Fargo | |||||||||||||
Mr. Floris van Dijkum | Mr. James Feldman/Ms. Dori Kesten | |||||||||||||
(646) 757-2621 | (212) 215-5328/(617) 603-4233 | |||||||||||||
fvandijkum@compasspointllc.com | james.feldman@wellsfargo.com/ | |||||||||||||
dori.kesten@wellsfargo.com | ||||||||||||||
Green Street | ||||||||||||||
Ms. Paulina Rojas Schmidt | ||||||||||||||
(949) 640-8780 | ||||||||||||||
projasschmidt@greenstreet.com | ||||||||||||||
4th Quarter 2023 Supplemental Financial and Operating Statistics | 1 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
Summary Financial Results | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Total revenue (page 4) | $ | 200,276 | $ | 204,689 | $ | 823,004 | $ | 801,996 | |||||||||||||||
Net income (loss) attributable to common shareholders (page 4) | $ | 7,979 | $ | (1,126) | $ | 47,498 | $ | (12,636) | |||||||||||||||
Net income (loss) per diluted share (page 4) | $ | 0.04 | $ | (0.01) | $ | 0.22 | $ | (0.06) | |||||||||||||||
Net operating income (NOI) (page 6) | $ | 151,917 | $ | 148,950 | $ | 608,254 | $ | 581,651 | |||||||||||||||
Adjusted EBITDA (page 6) | $ | 138,073 | $ | 138,003 | $ | 556,478 | $ | 535,330 | |||||||||||||||
NAREIT Funds From Operations (FFO) (page 7) | $ | 111,094 | $ | 111,842 | $ | 453,337 | $ | 431,240 | |||||||||||||||
NAREIT FFO per diluted share (page 7) | $ | 0.50 | $ | 0.50 | $ | 2.03 | $ | 1.94 | |||||||||||||||
FFO, as adjusted (page 7) | $ | 111,094 | $ | 111,950 | $ | 453,337 | $ | 429,609 | |||||||||||||||
FFO, as adjusted per diluted share (page 7) | $ | 0.50 | $ | 0.50 | $ | 2.03 | $ | 1.93 | |||||||||||||||
Dividend payout ratio (as % of NAREIT FFO, as adjusted) | 48 | % | 44 | % | 47 | % | 42 | % |
Three Months Ended | |||||||||||||||||||||||||||||
Summary Operating and Financial Ratios | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
NOI margin (page 6) | 76.2 | % | 73.9 | % | 74.2 | % | 73.7 | % | 73.7 | % | |||||||||||||||||||
NOI margin – retail (page 6) | 76.5 | % | 74.4 | % | 74.4 | % | 74.4 | % | 74.3 | % | |||||||||||||||||||
Same property NOI performance (page 5) | 2.8 | % | 4.7 | % | 5.7 | % | 6.5 | % | 6.2 | % | |||||||||||||||||||
Total property NOI performance (page 5) | 2.0 | % | 3.1 | % | 5.4 | % | 8.0 | % | 29.2 | % | |||||||||||||||||||
Net debt to Adjusted EBITDA, current quarter (page 9) | 5.1x | 5.1x | 5.0x | 5.3x | 5.2x | ||||||||||||||||||||||||
Recovery ratio of retail operating properties (page 6) | 92.2 | % | 90.8 | % | 87.4 | % | 87.2 | % | 87.0 | % | |||||||||||||||||||
Recovery ratio of consolidated portfolio (page 6) | 87.4 | % | 85.9 | % | 82.7 | % | 85.8 | % | 82.5 | % | |||||||||||||||||||
Outstanding Classes of Stock | |||||||||||||||||||||||||||||
Common shares and units outstanding (page 18) | 222,961,297 | 222,822,226 | 222,408,487 | 222,360,110 | 222,056,355 | ||||||||||||||||||||||||
Summary Portfolio Statistics | |||||||||||||||||||||||||||||
Number of properties | |||||||||||||||||||||||||||||
Operating retail (page 14) | 180 | 180 | 181 | 181 | 183 | ||||||||||||||||||||||||
Office and other components | 11 | 11 | 12 | 12 | 12 | ||||||||||||||||||||||||
Development and redevelopment projects (page 13) | 2 | 2 | 2 | 3 | 3 | ||||||||||||||||||||||||
Owned retail operating gross leasable area (GLA)(1) (page 14) | 28.1 | M | 28.3 | M | 28.6 | M | 28.5 | M | 28.8 | M | |||||||||||||||||||
Owned office GLA | 1.4 | M | 1.4 | M | 1.6 | M | 1.6 | M | 1.6 | M | |||||||||||||||||||
Number of multifamily units(2) | 1,672 | 1,672 | 1,672 | 1,672 | 1,672 | ||||||||||||||||||||||||
Percent leased – total | 93.7 | % | 93.3 | % | 93.8 | % | 94.5 | % | 94.4 | % | |||||||||||||||||||
Percent leased – retail | 93.9 | % | 93.4 | % | 94.1 | % | 94.8 | % | 94.6 | % | |||||||||||||||||||
Anchor | 95.5 | % | 95.1 | % | 96.5 | % | 97.4 | % | 97.0 | % | |||||||||||||||||||
Small shop | 90.8 | % | 90.2 | % | 89.4 | % | 89.8 | % | 90.0 | % | |||||||||||||||||||
Annualized base rent (ABR) per square foot | $ | 20.70 | $ | 20.56 | $ | 20.19 | $ | 20.04 | $ | 20.02 | |||||||||||||||||||
Total new and renewal lease GLA (page 16) | 1,290,090 | 1,398,695 | 1,331,056 | 831,231 | 1,034,055 | ||||||||||||||||||||||||
New lease cash rent spread (page 16) | 43.0 | % | 36.0 | % | 45.5 | % | 38.0 | % | 22.3 | % | |||||||||||||||||||
Non-option renewal lease cash rent spread (page 16) | 9.2 | % | 17.8 | % | 11.9 | % | 14.9 | % | 11.3 | % | |||||||||||||||||||
Option renewal lease cash rent spread (page 16) | 7.6 | % | 8.3 | % | 8.6 | % | 7.8 | % | 7.1 | % | |||||||||||||||||||
Total new and renewal lease cash rent spread (page 16) | 14.5 | % | 14.2 | % | 14.8 | % | 13.0 | % | 11.4 | % |
2024 Guidance | Current (as of 2/13/24) | ||||
NAREIT FFO per diluted share | $2.00 to $2.06 | ||||
Credit Ratings and Outlook | |||||
Fitch Ratings | BBB / Stable | ||||
Moody's Investors Services | Baa3 / Stable | ||||
Standard & Poor's Rating Services | BBB- / Positive |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 2 |
December 31, 2023 | December 31, 2022 | ||||||||||
Assets: | |||||||||||
Investment properties, at cost | $ | 7,740,061 | $ | 7,732,573 | |||||||
Less: accumulated depreciation | (1,381,770) | (1,161,148) | |||||||||
Net investment properties | 6,358,291 | 6,571,425 | |||||||||
Cash and cash equivalents | 36,413 | 115,799 | |||||||||
Tenant and other receivables, including accrued straight-line rent of $55,482 and $44,460, respectively | 113,290 | 101,301 | |||||||||
Restricted cash and escrow deposits | 5,017 | 6,171 | |||||||||
Deferred costs, net | 304,171 | 409,828 | |||||||||
Prepaid and other assets | 117,834 | 127,044 | |||||||||
Investments in unconsolidated subsidiaries | 9,062 | 10,414 | |||||||||
Total assets | $ | 6,944,078 | $ | 7,341,982 | |||||||
Liabilities and Equity: | |||||||||||
Liabilities: | |||||||||||
Mortgage and other indebtedness, net | $ | 2,829,202 | $ | 3,010,299 | |||||||
Accounts payable and accrued expenses | 198,079 | 207,792 | |||||||||
Deferred revenue and other liabilities | 272,942 | 298,039 | |||||||||
Total liabilities | 3,300,223 | 3,516,130 | |||||||||
Commitments and contingencies | |||||||||||
Limited Partners’ interests in the Operating Partnership | 73,287 | 53,967 | |||||||||
Equity: | |||||||||||
Common shares, $0.01 par value, 490,000,000 shares authorized, 219,448,429 and 219,185,658 shares issued and outstanding at December 31, 2023 and 2022, respectively | 2,194 | 2,192 | |||||||||
Additional paid-in capital | 4,886,592 | 4,897,736 | |||||||||
Accumulated other comprehensive income | 52,435 | 74,344 | |||||||||
Accumulated deficit | (1,373,083) | (1,207,757) | |||||||||
Total shareholders’ equity | 3,568,138 | 3,766,515 | |||||||||
Noncontrolling interests | 2,430 | 5,370 | |||||||||
Total equity | 3,570,568 | 3,771,885 | |||||||||
Total liabilities and equity | $ | 6,944,078 | $ | 7,341,982 |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 3 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Rental income | $ | 197,257 | $ | 199,577 | $ | 810,146 | $ | 782,349 | |||||||||||||||
Other property-related revenue | 2,521 | 3,176 | 8,492 | 11,108 | |||||||||||||||||||
Fee income | 498 | 1,936 | 4,366 | 8,539 | |||||||||||||||||||
Total revenue | 200,276 | 204,689 | 823,004 | 801,996 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating | 25,768 | 29,659 | 107,958 | 107,217 | |||||||||||||||||||
Real estate taxes | 22,093 | 24,144 | 102,426 | 104,589 | |||||||||||||||||||
General, administrative and other | 14,342 | 12,883 | 56,142 | 54,860 | |||||||||||||||||||
Merger and acquisition costs | — | (81) | — | 925 | |||||||||||||||||||
Depreciation and amortization | 102,898 | 112,709 | 426,361 | 469,805 | |||||||||||||||||||
Impairment charges | — | — | 477 | — | |||||||||||||||||||
Total expenses | 165,101 | 179,314 | 693,364 | 737,396 | |||||||||||||||||||
Gain (loss) on sales of operating properties, net | 133 | (57) | 22,601 | 27,069 | |||||||||||||||||||
Operating income | 35,308 | 25,318 | 152,241 | 91,669 | |||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||
Interest expense | (27,235) | (26,827) | (105,349) | (104,276) | |||||||||||||||||||
Income tax expense of taxable REIT subsidiary | (449) | (302) | (533) | (43) | |||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries | 206 | 312 | 33 | 256 | |||||||||||||||||||
Other income, net | 334 | 447 | 1,991 | 240 | |||||||||||||||||||
Net income (loss) | 8,164 | (1,052) | 48,383 | (12,154) | |||||||||||||||||||
Net income attributable to noncontrolling interests | (185) | (74) | (885) | (482) | |||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 7,979 | $ | (1,126) | $ | 47,498 | $ | (12,636) | |||||||||||||||
Net income (loss) per common share – basic and diluted | $ | 0.04 | $ | (0.01) | $ | 0.22 | $ | (0.06) | |||||||||||||||
Weighted average common shares outstanding – basic | 219,407,927 | 219,137,140 | 219,344,832 | 219,074,448 | |||||||||||||||||||
Weighted average common shares outstanding – diluted | 219,795,602 | 219,137,140 | 219,728,283 | 219,074,448 | |||||||||||||||||||
4th Quarter 2023 Supplemental Financial and Operating Statistics | 4 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||
Number of properties in same property pool for the period(1) | 175 | 175 | 175 | 175 |
Leased percentage at period end | 94.0 | % | 95.4 | % | 94.0 | % | 95.4 | % | |||||||||||||||||||||||||||
Economic occupancy percentage at period end | 91.2 | % | 92.5 | % | 91.2 | % | 92.5 | % | |||||||||||||||||||||||||||
Economic occupancy percentage(2) | 91.3 | % | 92.7 | % | 92.0 | % | 91.8 | % |
Minimum rent | $ | 145,532 | $ | 143,253 | $ | 579,322 | $ | 563,144 | |||||||||||||||||||||||||||
Tenant recoveries | 37,385 | 39,160 | 160,323 | 157,979 | |||||||||||||||||||||||||||||||
Bad debt reserve | (1,492) | (2,077) | (3,203) | (7,718) | |||||||||||||||||||||||||||||||
Other income, net | 3,430 | 4,049 | 9,801 | 7,884 | |||||||||||||||||||||||||||||||
Total revenue | 184,855 | 184,385 | 746,243 | 721,289 | |||||||||||||||||||||||||||||||
Property operating | (22,721) | (24,756) | (91,690) | (90,061) | |||||||||||||||||||||||||||||||
Real estate taxes | (21,909) | (23,261) | (99,157) | (101,207) | |||||||||||||||||||||||||||||||
Total expenses | (44,630) | (48,017) | (190,847) | (191,268) | |||||||||||||||||||||||||||||||
Same Property NOI | $ | 140,225 | $ | 136,368 | 2.8 | % | $ | 555,396 | $ | 530,021 | 4.8 | % |
Reconciliation of Same Property NOI to most directly comparable GAAP measure: | |||||||||||||||||||||||||||||||||||
Net operating income – same properties | $ | 140,225 | $ | 136,368 | $ | 555,396 | $ | 530,021 | |||||||||||||||||||||||||||
Net operating income – non-same activity(3) | 11,692 | 12,582 | 52,858 | 51,630 | |||||||||||||||||||||||||||||||
Total property NOI | 151,917 | 148,950 | 2.0 | % | 608,254 | 581,651 | 4.6 | % | |||||||||||||||||||||||||||
Other income, net | 589 | 2,393 | 5,857 | 8,992 | |||||||||||||||||||||||||||||||
General, administrative and other | (14,342) | (12,883) | (56,142) | (54,860) | |||||||||||||||||||||||||||||||
Merger and acquisition costs | — | 81 | — | (925) | |||||||||||||||||||||||||||||||
Impairment charges | — | — | (477) | — | |||||||||||||||||||||||||||||||
Depreciation and amortization | (102,898) | (112,709) | (426,361) | (469,805) | |||||||||||||||||||||||||||||||
Interest expense | (27,235) | (26,827) | (105,349) | (104,276) | |||||||||||||||||||||||||||||||
Gain (loss) on sales of operating properties, net | 133 | (57) | 22,601 | 27,069 | |||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (185) | (74) | (885) | (482) | |||||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 7,979 | $ | (1,126) | $ | 47,498 | $ | (12,636) |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 5 |
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Minimum rent(1) | $ | 147,773 | $ | 150,126 | $ | 153,566 | $ | 149,310 | $ | 147,882 | |||||||||||||||||||
Minimum rent – ground leases | 10,482 | 10,010 | 10,402 | 10,586 | 10,472 | ||||||||||||||||||||||||
Tenant reimbursements | 37,693 | 42,280 | 41,047 | 42,857 | 40,245 | ||||||||||||||||||||||||
Bad debt reserve | (1,452) | (219) | (233) | (1,555) | (2,403) | ||||||||||||||||||||||||
Other property-related revenue | 1,995 | 1,737 | 1,251 | 1,106 | 2,202 | ||||||||||||||||||||||||
Overage rent | 2,761 | 1,793 | 1,054 | 1,865 | 3,380 | ||||||||||||||||||||||||
Parking revenue, net(2) | 112 | 21 | 73 | 121 | 345 | ||||||||||||||||||||||||
Total revenue | 199,364 | 205,748 | 207,160 | 204,290 | 202,123 | ||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Property operating – recoverable(3) | 21,218 | 22,905 | 23,095 | 22,962 | 24,852 | ||||||||||||||||||||||||
Property operating – non-recoverable(3) | 4,297 | 4,435 | 3,735 | 3,881 | 4,387 | ||||||||||||||||||||||||
Real estate taxes | 21,932 | 26,343 | 26,540 | 26,965 | 23,934 | ||||||||||||||||||||||||
Total expenses | 47,447 | 53,683 | 53,370 | 53,808 | 53,173 | ||||||||||||||||||||||||
NOI | 151,917 | 152,065 | 153,790 | 150,482 | 148,950 | ||||||||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||||||||
General, administrative and other | (14,342) | (13,917) | (14,499) | (13,384) | (12,883) | ||||||||||||||||||||||||
Fee income | 498 | 1,057 | 1,040 | 1,771 | 1,936 | ||||||||||||||||||||||||
Total other (expense) income | (13,844) | (12,860) | (13,459) | (11,613) | (10,947) | ||||||||||||||||||||||||
Adjusted EBITDA | 138,073 | 139,205 | 140,331 | 138,869 | 138,003 | ||||||||||||||||||||||||
Impairment charges | — | (477) | — | — | — | ||||||||||||||||||||||||
Depreciation and amortization | (102,898) | (105,930) | (109,462) | (108,071) | (112,709) | ||||||||||||||||||||||||
Merger and acquisition costs | — | — | — | — | 81 | ||||||||||||||||||||||||
Interest expense | (27,235) | (25,484) | (27,205) | (25,425) | (26,827) | ||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated subsidiaries | 206 | (47) | 118 | (244) | 312 | ||||||||||||||||||||||||
Income tax (expense) benefit of taxable REIT subsidiary | (449) | (68) | (45) | 29 | (302) | ||||||||||||||||||||||||
Other income, net | 334 | 950 | 304 | 403 | 447 | ||||||||||||||||||||||||
Gain (loss) on sales of operating properties, net | 133 | (5,972) | 28,440 | — | (57) | ||||||||||||||||||||||||
Net income (loss) | 8,164 | 2,177 | 32,481 | 5,561 | (1,052) | ||||||||||||||||||||||||
Less: net income attributable to noncontrolling interests | (185) | (107) | (423) | (170) | (74) | ||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 7,979 | $ | 2,070 | $ | 32,058 | $ | 5,391 | $ | (1,126) |
NOI/Revenue – Retail properties | 76.5 | % | 74.4 | % | 74.4 | % | 74.4 | % | 74.3 | % | |||||||||||||||||||
NOI/Revenue | 76.2 | % | 73.9 | % | 74.2 | % | 73.7 | % | 73.7 | % | |||||||||||||||||||
Recovery Ratios(4) | |||||||||||||||||||||||||||||
– Retail properties | 92.2 | % | 90.8 | % | 87.4 | % | 87.2 | % | 87.0 | % | |||||||||||||||||||
– Consolidated | 87.4 | % | 85.9 | % | 82.7 | % | 85.8 | % | 82.5 | % |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 6 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income (loss) | $ | 8,164 | $ | (1,052) | $ | 48,383 | $ | (12,154) | |||||||||||||||
Less: net income attributable to noncontrolling interests in properties | (56) | (88) | (257) | (623) | |||||||||||||||||||
Less: (gain) loss on sales of operating properties, net | (133) | 57 | (22,601) | (27,069) | |||||||||||||||||||
Add: impairment charges | — | — | 477 | — | |||||||||||||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 103,119 | 112,925 | 427,335 | 471,086 | |||||||||||||||||||
FFO of the Operating Partnership(1) | 111,094 | 111,842 | 453,337 | 431,240 | |||||||||||||||||||
Less: Limited Partners’ interests in FFO | (1,708) | (1,463) | (6,447) | (5,395) | |||||||||||||||||||
FFO attributable to common shareholders(1) | $ | 109,386 | $ | 110,379 | $ | 446,890 | $ | 425,845 | |||||||||||||||
FFO, as defined by NAREIT, per share of the Operating Partnership – basic | $ | 0.50 | $ | 0.50 | $ | 2.04 | $ | 1.94 | |||||||||||||||
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted | $ | 0.50 | $ | 0.50 | $ | 2.03 | $ | 1.94 | |||||||||||||||
FFO of the Operating Partnership(1) | $ | 111,094 | $ | 111,842 | $ | 453,337 | $ | 431,240 | |||||||||||||||
Add: merger and acquisition costs | — | (81) | — | 925 | |||||||||||||||||||
Add (less): prior period collection impact | — | 189 | — | (2,556) | |||||||||||||||||||
FFO, as adjusted, of the Operating Partnership | $ | 111,094 | $ | 111,950 | $ | 453,337 | $ | 429,609 | |||||||||||||||
FFO, as adjusted, per share of the Operating Partnership – basic | $ | 0.50 | $ | 0.50 | $ | 2.04 | $ | 1.94 | |||||||||||||||
FFO, as adjusted, per share of the Operating Partnership – diluted | $ | 0.50 | $ | 0.50 | $ | 2.03 | $ | 1.93 | |||||||||||||||
Weighted average common shares outstanding – basic | 219,407,927 | 219,137,140 | 219,344,832 | 219,074,448 | |||||||||||||||||||
Weighted average common shares outstanding – diluted | 219,795,602 | 219,763,609 | 219,728,283 | 219,710,514 | |||||||||||||||||||
Weighted average common shares and units outstanding – basic | 222,827,090 | 222,055,880 | 222,514,956 | 221,858,084 | |||||||||||||||||||
Weighted average common shares and units outstanding – diluted | 223,214,765 | 222,682,349 | 222,898,407 | 222,494,151 | |||||||||||||||||||
FFO, as defined by NAREIT, per diluted share/unit | |||||||||||||||||||||||
Net income (loss) | $ | 0.04 | $ | 0.00 | $ | 0.22 | $ | (0.05) | |||||||||||||||
Less: net income attributable to noncontrolling interests in properties | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Less: (gain) loss on sales of operating properties, net | 0.00 | 0.00 | (0.10) | (0.12) | |||||||||||||||||||
Add: impairment charges | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 0.46 | 0.51 | 1.92 | 2.12 | |||||||||||||||||||
FFO, as defined by NAREIT, of the Operating Partnership per diluted share/unit(1)(2) | $ | 0.50 | $ | 0.50 | $ | 2.04 | $ | 1.94 | |||||||||||||||
Add: merger and acquisition costs | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Less: prior period collection impact | 0.00 | 0.00 | 0.00 | (0.01) | |||||||||||||||||||
FFO, as adjusted, of the Operating Partnership per diluted share/unit(2) | $ | 0.50 | $ | 0.50 | $ | 2.03 | $ | 1.93 | |||||||||||||||
Reconciliation of FFO, as adjusted, to Adjusted Funds From Operations (“AFFO”) | |||||||||||||||||||||||
FFO, as adjusted, of the Operating Partnership | $ | 111,094 | $ | 111,950 | $ | 453,337 | $ | 429,609 | |||||||||||||||
Less: non-cash income adjustments | 5,883 | 7,324 | 28,768 | 27,566 | |||||||||||||||||||
Less: maintenance capital expenditures | 13,514 | 12,687 | 26,869 | 35,608 | |||||||||||||||||||
Less: tenant-related capital expenditures(3) | 26,875 | 18,746 | 92,274 | 63,882 | |||||||||||||||||||
Total Recurring AFFO of the Operating Partnership | $ | 64,822 | $ | 73,193 | $ | 305,426 | $ | 302,553 |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 7 |
Consolidated Investments | ||||||||||||||||||||||||||
Investments | Total Debt | Partner Economic Ownership Interest(1) | Partner Share of Debt | Partner Share of Annual EBITDA | ||||||||||||||||||||||
Delray Marketplace | $ | 17,000 | 2 | % | $ | 340 | $ | — | ||||||||||||||||||
One Loudoun – Pads G&H Residential | 95,095 | 10 | % | 9,509 | 755 | |||||||||||||||||||||
Total | $ | 112,095 | $ | 9,849 | $ | 755 |
Unconsolidated Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Retail GLA | Multifamily Units | Total Debt | KRG Economic Ownership Interest | KRG Share of Debt | KRG Investment | KRG Share of Quarterly Adjusted EBITDA | KRG Share of Quarterly Adjusted EBITDA Annualized | ||||||||||||||||||||||||||||||||||||||||||
Three Property Retail Portfolio | 416,582 | — | $ | 51,890 | 20 | % | $ | 10,378 | $ | 6,550 | $ | 319 | $ | 1,276 | ||||||||||||||||||||||||||||||||||||
Glendale Center Apartments | — | 267 | 31,246 | 11.5 | % | 3,593 | — | 56 | 224 | |||||||||||||||||||||||||||||||||||||||||
Embassy Suites at Eddy Street Commons | — | — | 32,736 | 35 | % | 11,458 | — | 419 | 1,676 | |||||||||||||||||||||||||||||||||||||||||
The Corner (development) | 24,000 | 285 | 60,965 | 50 | % | 30,482 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other investments | — | — | — | — | % | — | 2,512 | 34 | 136 | |||||||||||||||||||||||||||||||||||||||||
Total | 440,582 | 552 | $ | 176,837 | $ | 55,911 | $ | 9,062 | $ | 828 | $ | 3,312 |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 8 |
Senior Unsecured Notes Covenants | |||||||||||
December 31, 2023 | Debt Covenant Threshold(1) | ||||||||||
Total debt to undepreciated assets | 35% | <60% | |||||||||
Secured debt to undepreciated assets | 2% | <40% | |||||||||
Undepreciated unencumbered assets to unsecured debt | 297% | >150% | |||||||||
Debt service coverage | 5.2x | >1.5x | |||||||||
Unsecured Credit Facility Covenants | |||||||||||
December 31, 2023 | Debt Covenant Threshold(1) | ||||||||||
Maximum leverage | 34% | <60% | |||||||||
Minimum fixed charge coverage | 4.3x | >1.5x | |||||||||
Secured indebtedness | 2.5% | <45% | |||||||||
Unsecured debt interest coverage | 4.5x | >1.75x | |||||||||
Unsecured leverage | 33% | <60% | |||||||||
Senior Unsecured Debt Ratings | |||||||||||
Fitch Ratings | BBB/Stable | ||||||||||
Moody's Investors Service | Baa3/Stable | ||||||||||
Standard & Poor's Rating Services | BBB-/Positive | ||||||||||
Liquidity | |||||||||||
Cash and cash equivalents | $ | 36,413 | |||||||||
Availability under unsecured credit facility | 1,100,000 | ||||||||||
$ | 1,136,413 | ||||||||||
Unencumbered NOI as a % of Total NOI | 94 | % | |||||||||
Net Debt to Adjusted EBITDA | |||||||||||
Company's consolidated debt and share of unconsolidated debt | $ | 2,849,003 | |||||||||
Less: cash, cash equivalents, and restricted cash | (43,986) | ||||||||||
$ | 2,805,017 | ||||||||||
Q4 2023 Adjusted EBITDA, Annualized: | |||||||||||
– Consolidated Adjusted EBITDA | $ | 552,292 | |||||||||
– Unconsolidated Adjusted EBITDA(1) | 3,312 | ||||||||||
– Minority interest Adjusted EBITDA(1) | (755) | 554,849 | |||||||||
Ratio of Company share of Net Debt to Adjusted EBITDA | 5.1x |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 9 |
Total Outstanding Debt | Amount Outstanding | Ratio | Weighted Average Interest Rate | Weighted Average Years to Maturity | |||||||||||||||||||
Fixed rate debt(1) | $ | 2,630,941 | 92 | % | 3.98 | % | 3.9 | ||||||||||||||||
Variable rate debt(2) | 172,000 | 6 | % | 9.15 | % | 2.8 | |||||||||||||||||
Debt discounts, premiums and issuance costs, net | 26,261 | N/A | N/A | N/A | |||||||||||||||||||
Total consolidated debt | 2,829,202 | 98 | % | 4.30 | % | 3.9 | |||||||||||||||||
KRG share of unconsolidated debt | 55,911 | 2 | % | 6.77 | % | 5.0 | |||||||||||||||||
Total | $ | 2,885,113 | 100 | % | 4.35 | % | 3.9 |
Schedule of Maturities by Year | |||||||||||||||||||||||||||||||||||
Secured Debt | |||||||||||||||||||||||||||||||||||
Scheduled Principal Payments | Term Maturities | Unsecured Debt | Total Consolidated Debt | Total Unconsolidated Debt | Total Debt Outstanding | ||||||||||||||||||||||||||||||
2024 | $ | 5,121 | $ | — | $ | 269,635 | $ | 274,756 | $ | 3,875 | $ | 278,631 | |||||||||||||||||||||||
2025 | 5,248 | — | 430,000 | 435,248 | 11,176 | 446,424 | |||||||||||||||||||||||||||||
2026 | 4,581 | — | 550,000 | 554,581 | — | 554,581 | |||||||||||||||||||||||||||||
2027 | 3,120 | 10,600 | 250,000 | 263,720 | — | 263,720 | |||||||||||||||||||||||||||||
2028 | 3,757 | — | 350,000 | 353,757 | 10,378 | 364,135 | |||||||||||||||||||||||||||||
2029 and beyond | 28,091 | 92,788 | 800,000 | 920,879 | 30,482 | 951,361 | |||||||||||||||||||||||||||||
Debt discounts, premiums and issuance costs, net | — | 1,042 | 25,219 | 26,261 | — | 26,261 | |||||||||||||||||||||||||||||
Total | $ | 49,918 | $ | 104,430 | $ | 2,674,854 | $ | 2,829,202 | $ | 55,911 | $ | 2,885,113 |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 10 |
Description | Interest Rate(1) | Maturity Date | Balance as of December 31, 2023 | % of Total Outstanding | ||||||||||||||||||||||
Senior Unsecured Notes | 4.58% | 6/30/2024 | $ | 149,635 | ||||||||||||||||||||||
Unsecured Term Loan(2) | 2.68% | 7/17/2024 | 120,000 | |||||||||||||||||||||||
2024 Debt Maturities | 269,635 | 9 | % | |||||||||||||||||||||||
Senior Unsecured Notes | 4.00% | 3/15/2025 | 350,000 | |||||||||||||||||||||||
Senior Unsecured Notes(3) | SOFR + 365 | 9/10/2025 | 80,000 | |||||||||||||||||||||||
2025 Debt Maturities | 430,000 | 15 | % | |||||||||||||||||||||||
Unsecured Term Loan(4) | 2.73% | 7/17/2026 | 150,000 | |||||||||||||||||||||||
Senior Unsecured Notes | 4.08% | 9/30/2026 | 100,000 | |||||||||||||||||||||||
Senior Unsecured Notes | 4.00% | 10/1/2026 | 300,000 | |||||||||||||||||||||||
2026 Debt Maturities | 550,000 | 19 | % | |||||||||||||||||||||||
Unsecured Credit Facility(5) | SOFR + 120 | 1/8/2027 | — | |||||||||||||||||||||||
Senior Unsecured Exchangeable Notes | 0.75% | 4/1/2027 | 175,000 | |||||||||||||||||||||||
Northgate North | 4.50% | 6/1/2027 | 22,361 | |||||||||||||||||||||||
Delray Marketplace(6) | BSBY + 215 | 8/4/2027 | 17,000 | |||||||||||||||||||||||
Senior Unsecured Notes(3) | SOFR + 375 | 9/10/2027 | 75,000 | |||||||||||||||||||||||
2027 Debt Maturities | 289,361 | 10 | % | |||||||||||||||||||||||
Unsecured Term Loan(7) | 5.09% | 10/24/2028 | 250,000 | |||||||||||||||||||||||
Senior Unsecured Notes | 4.24% | 12/28/2028 | 100,000 | |||||||||||||||||||||||
2028 Debt Maturities | 350,000 | 12 | % | |||||||||||||||||||||||
Senior Unsecured Notes | 4.82% | 6/28/2029 | 100,000 | |||||||||||||||||||||||
Unsecured Term Loan(8) | 3.82% | 7/29/2029 | 300,000 | |||||||||||||||||||||||
Rampart Commons | 5.73% | 6/10/2030 | 6,529 | |||||||||||||||||||||||
Senior Unsecured Notes | 4.75% | 9/15/2030 | 400,000 | |||||||||||||||||||||||
The Shoppes at Union Hill | 3.75% | 6/1/2031 | 8,988 | |||||||||||||||||||||||
Nora Plaza Shops | 3.80% | 2/1/2032 | 3,333 | |||||||||||||||||||||||
One Loudoun – Pads G&H Residential | 5.36% | 5/1/2033 | 95,095 | |||||||||||||||||||||||
2029 and beyond Debt Maturities | 913,945 | 32 | % | |||||||||||||||||||||||
Debt discounts, premiums and issuance costs, net | 26,261 | |||||||||||||||||||||||||
Total debt per consolidated balance sheet | $ | 2,829,202 | 98 | % | ||||||||||||||||||||||
KRG share of unconsolidated debt | ||||||||||||||||||||||||||
Glendale Center Apartments | SOFR + 265 | 5/31/2024 | $ | 3,593 | ||||||||||||||||||||||
Embassy Suites at Eddy Street Commons(9) | 5.03% | 7/1/2025 | 11,458 | |||||||||||||||||||||||
Three Property Retail Portfolio | 4.09% | 7/1/2028 | 10,378 | |||||||||||||||||||||||
The Corner (development)(10) | SOFR + 286 | 1/4/2031 | 30,482 | |||||||||||||||||||||||
Total KRG share of unconsolidated debt | 55,911 | 2 | % | |||||||||||||||||||||||
Total consolidated and KRG share of unconsolidated debt | $ | 2,885,113 |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 11 |
Property Name | Acquisition Date | Metropolitan Statistical Area (“MSA”) | Property Type | GLA | Acquisition Price | |||||||||||||||||||||||||||
Prestonwood Place | September 22, 2023 | Dallas/Fort Worth | Multi-tenant retail | 155,975 | $ | 81,000 | ||||||||||||||||||||||||||
Property Name | Disposition Date | MSA | Property Type | GLA | Sales Price | |||||||||||||||||||||||||||
Kingwood Commons | May 8, 2023 | Houston | Multi-tenant retail | 158,172 | $ | 27,350 | ||||||||||||||||||||||||||
Pan Am Plaza & Garage | June 8, 2023 | Indianapolis | Land & garage | — | 52,025 | |||||||||||||||||||||||||||
Reisterstown Road Plaza | September 11, 2023 | Baltimore | Multi-tenant retail & office | 376,683 | 48,250 | |||||||||||||||||||||||||||
Eastside | October 24, 2023 | Dallas/Fort Worth | Multi-tenant retail & office | 43,640 | 14,425 | |||||||||||||||||||||||||||
Total dispositions | 578,495 | $ | 142,050 |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 12 |
Project | MSA | KRG Ownership % | Projected Completion Date(1) | Total Commercial GLA | Total Multifamily Units | Total Project Costs – at KRG's Share(2) | KRG Equity Requirement(2) | KRG Remaining Spend | Estimated Stabilized NOI to KRG | Estimated Remaining NOI to Come Online(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Active Projects | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carillon MOB | Washington, D.C./Baltimore | 100% | Q4 2024 | 126,000 | — | $ | 59,700 | $ | 59,700 | $ | 30,100 | $3.5M–$4.0M | $1.0M–$1.5M | |||||||||||||||||||||||||||||||||||||||||||||||||
The Corner – IN(4) | Indianapolis, IN | 50% | Q4 2024 | 24,000 | 285 | 31,900 | — | — | $1.7M–$1.9M | $1.7M–$1.9M | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 150,000 | 285 | $ | 91,600 | $ | 59,700 | $ | 30,100 | $5.2M–$5.9M | $2.7M–$3.4M |
Future Opportunities(5) | ||||||||||||||
Project | MSA | Project Description | ||||||||||||
Hamilton Crossing Centre – Phase II | Indianapolis, IN | Addition of mixed-use (multifamily, office and retail) components adjacent to 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 Downtown | Washington, D.C./Baltimore | Potential of 1.9 million square feet of commercial GLA and 1,745 multifamily units for additional expansion. | ||||||||||||
Main Street Promenade | Chicago, IL | Potential of 16,000 square feet of commercial GLA for additional expansion. | ||||||||||||
Downtown Crown | Washington, D.C./Baltimore | Potential of 42,000 square feet of commercial GLA for additional expansion. | ||||||||||||
Edwards Multiplex – Ontario | Los Angeles, CA | Potential redevelopment of existing Regal Theatre. | ||||||||||||
Glendale Town Center | Indianapolis, IN | Potential of 200 multifamily units for additional expansion. |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 13 |
Region/State | Number of Properties(1) | Owned GLA/NRA(2) | Total Weighted Retail ABR(3) | % of Weighted Retail ABR(3) | ||||||||||||||||||||||
South | ||||||||||||||||||||||||||
Texas | 44 | 7,492 | $ | 153,000 | 26.4 | % | ||||||||||||||||||||
Florida | 30 | 3,510 | 66,619 | 11.5 | % | |||||||||||||||||||||
Maryland | 8 | 1,412 | 34,363 | 5.9 | % | |||||||||||||||||||||
North Carolina | 8 | 1,535 | 32,856 | 5.7 | % | |||||||||||||||||||||
Virginia | 7 | 1,130 | 31,252 | 5.4 | % | |||||||||||||||||||||
Georgia | 10 | 1,707 | 26,335 | 4.5 | % | |||||||||||||||||||||
Tennessee | 3 | 580 | 8,698 | 1.5 | % | |||||||||||||||||||||
Oklahoma | 3 | 505 | 8,300 | 1.4 | % | |||||||||||||||||||||
South Carolina | 2 | 262 | 3,551 | 0.6 | % | |||||||||||||||||||||
Total South | 115 | 18,133 | 364,974 | 62.9 | % | |||||||||||||||||||||
West | ||||||||||||||||||||||||||
Washington | 10 | 1,661 | 30,606 | 5.3 | % | |||||||||||||||||||||
Nevada | 5 | 845 | 28,184 | 4.9 | % | |||||||||||||||||||||
Arizona | 5 | 726 | 15,829 | 2.7 | % | |||||||||||||||||||||
California | 2 | 530 | 12,417 | 2.1 | % | |||||||||||||||||||||
Utah | 2 | 388 | 8,062 | 1.4 | % | |||||||||||||||||||||
Total West | 24 | 4,150 | 95,098 | 16.4 | % | |||||||||||||||||||||
Midwest | ||||||||||||||||||||||||||
Indiana | 15 | 1,636 | 30,753 | 5.3 | % | |||||||||||||||||||||
Illinois | 8 | 1,163 | 24,736 | 4.3 | % | |||||||||||||||||||||
Michigan | 1 | 308 | 6,542 | 1.1 | % | |||||||||||||||||||||
Missouri | 1 | 453 | 4,048 | 0.7 | % | |||||||||||||||||||||
Ohio | 1 | 236 | 2,152 | 0.4 | % | |||||||||||||||||||||
Total Midwest | 26 | 3,796 | 68,231 | 11.8 | % | |||||||||||||||||||||
Northeast | ||||||||||||||||||||||||||
New York | 8 | 1,083 | 30,873 | 5.3 | % | |||||||||||||||||||||
New Jersey | 4 | 340 | 11,256 | 1.9 | % | |||||||||||||||||||||
Massachusetts | 1 | 264 | 4,167 | 0.7 | % | |||||||||||||||||||||
Connecticut | 1 | 206 | 3,645 | 0.6 | % | |||||||||||||||||||||
Pennsylvania | 1 | 136 | 1,982 | 0.4 | % | |||||||||||||||||||||
Total Northeast | 15 | 2,029 | 51,923 | 8.9 | % | |||||||||||||||||||||
Total | 180 | 28,108 | $ | 580,226 | 100.0 | % |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 14 |
Credit Ratings | |||||||||||||||||||||||||||||||||||||||||||||||
Tenant | Primary DBA/ Number of Stores | Number of Stores(1) | Total Leased GLA/NRA(2) | ABR(3) | % of Weighted ABR(4) | S&P | Moody’s | ||||||||||||||||||||||||||||||||||||||||
1 | The TJX Companies, Inc. | T.J. Maxx (18), Marshalls (12), HomeGoods (11), Homesense (3), T.J. Maxx & HomeGoods combined (2), Sierra (1) | 47 | 1,378 | $ | 15,422 | 2.7 | % | A | A2 | |||||||||||||||||||||||||||||||||||||
2 | Best Buy Co., Inc. | Best Buy (15), Pacific Sales (1) | 16 | 633 | 11,294 | 1.9 | % | BBB+ | A3 | ||||||||||||||||||||||||||||||||||||||
3 | Ross Stores, Inc. | Ross Dress for Less (31), dd’s DISCOUNTS (1) | 32 | 908 | 10,833 | 1.9 | % | BBB+ | A2 | ||||||||||||||||||||||||||||||||||||||
4 | PetSmart, Inc. | 32 | 657 | 10,666 | 1.8 | % | B+ | B1 | |||||||||||||||||||||||||||||||||||||||
5 | Michaels Stores, Inc. | Michaels | 28 | 631 | 8,279 | 1.4 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
6 | Gap Inc. | Old Navy (25), The Gap (3), Athleta (3), Banana Republic (2) | 33 | 448 | 8,216 | 1.4 | % | BB | Ba3 | ||||||||||||||||||||||||||||||||||||||
7 | Dick’s Sporting Goods, Inc. | Dick’s Sporting Goods (12), Golf Galaxy (1) | 13 | 625 | 7,893 | 1.4 | % | BBB | Baa3 | ||||||||||||||||||||||||||||||||||||||
8 | Publix Super Markets, Inc. | 14 | 672 | 6,935 | 1.2 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
9 | Total Wine & More | 15 | 355 | 6,151 | 1.1 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
10 | Nordstrom, Inc. | Nordstrom Rack | 10 | 307 | 5,882 | 1.0 | % | BB+ | Ba1 | ||||||||||||||||||||||||||||||||||||||
11 | The Kroger Co. | Kroger (6), Harris Teeter (2), QFC (1), Smith’s (1) | 10 | 355 | 5,844 | 1.0 | % | BBB | Baa1 | ||||||||||||||||||||||||||||||||||||||
12 | Lowe’s Companies, Inc. | 6 | — | 5,838 | 1.0 | % | BBB+ | Baa1 | |||||||||||||||||||||||||||||||||||||||
13 | BJ’s Wholesale Club, Inc. | 3 | 115 | 5,514 | 1.0 | % | BB+ | N/A | |||||||||||||||||||||||||||||||||||||||
14 | Ulta Beauty, Inc. | 25 | 259 | 5,465 | 0.9 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
15 | Five Below, Inc. | 30 | 271 | 5,301 | 0.9 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
16 | Burlington Stores, Inc. | 11 | 515 | 5,298 | 0.9 | % | BB+ | N/A | |||||||||||||||||||||||||||||||||||||||
17 | Albertsons Companies, Inc. | Safeway (3), Jewel-Osco (2), Tom Thumb (2) | 7 | 345 | 5,100 | 0.9 | % | BB+ | Ba2 | ||||||||||||||||||||||||||||||||||||||
18 | Petco Health And Wellness Company, Inc. | 19 | 266 | 4,990 | 0.9 | % | B+ | B2 | |||||||||||||||||||||||||||||||||||||||
19 | Kohl’s Corporation | 7 | 265 | 4,865 | 0.8 | % | BB | Ba2 | |||||||||||||||||||||||||||||||||||||||
20 | The Container Store Group, Inc. | 7 | 152 | 4,592 | 0.8 | % | B | N/A | |||||||||||||||||||||||||||||||||||||||
21 | DSW Designer Shoe Warehouse | 16 | 314 | 4,568 | 0.8 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
22 | Office Depot, Inc. | Office Depot (11), OfficeMax (3) | 14 | 308 | 4,432 | 0.8 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
23 | Trader Joe’s | 10 | 120 | 4,187 | 0.7 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
24 | Mattress Firm Group Inc. | Mattress Firm (24), Sleepy’s (5) | 29 | 144 | 4,174 | 0.7 | % | B+ | B1 | ||||||||||||||||||||||||||||||||||||||
25 | Barnes & Noble, Inc. | 8 | 192 | 4,113 | 0.7 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
Total Top Tenants | 442 | 10,235 | $ | 165,852 | 28.6 | % |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 15 |
Comparable Space(1)(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Category | Total Leases(1) | Total Sq. Ft.(1) | Leases | Sq. Ft. | Prior Rent PSF(3) | New Rent PSF(4) | Cash Rent Spread | TI, LL Work, Lease Commissions PSF(5) | ||||||||||||||||||||||||||||||||||||||||||
New Leases – Q4 2023 | 55 | 380,851 | 28 | 243,714 | $ | 14.59 | $ | 20.87 | 43.0 | % | ||||||||||||||||||||||||||||||||||||||||
New Leases – Q3 2023 | 67 | 226,593 | 33 | 119,327 | 23.48 | 31.92 | 36.0 | % | ||||||||||||||||||||||||||||||||||||||||||
New Leases – Q2 2023 | 52 | 234,140 | 29 | 130,030 | 24.04 | 34.97 | 45.5 | % | ||||||||||||||||||||||||||||||||||||||||||
New Leases – Q1 2023 | 44 | 225,651 | 17 | 58,287 | 21.58 | 29.78 | 38.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | 218 | 1,067,235 | 107 | 551,358 | $ | 19.48 | $ | 27.53 | 41.3 | % | $ | 88.08 | ||||||||||||||||||||||||||||||||||||||
Non-Option Renewals – Q4 2023 | 78 | 336,283 | 60 | 275,310 | $ | 23.56 | $ | 25.74 | 9.2 | % | ||||||||||||||||||||||||||||||||||||||||
Non-Option Renewals – Q3 2023 | 83 | 329,048 | 68 | 184,884 | 29.22 | 34.41 | 17.8 | % | ||||||||||||||||||||||||||||||||||||||||||
Non-Option Renewals – Q2 2023 | 85 | 289,661 | 64 | 201,184 | 27.46 | 30.72 | 11.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Non-Option Renewals – Q1 2023 | 64 | 251,380 | 41 | 158,525 | 21.40 | 24.58 | 14.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | 310 | 1,206,372 | 233 | 819,903 | $ | 25.38 | $ | 28.69 | 13.0 | % | $ | 3.09 | ||||||||||||||||||||||||||||||||||||||
Option Renewals – Q4 2023 | 59 | 572,956 | 59 | 572,956 | $ | 17.07 | $ | 18.36 | 7.6 | % | ||||||||||||||||||||||||||||||||||||||||
Option Renewals – Q3 2023 | 64 | 843,054 | 64 | 843,054 | 15.95 | 17.27 | 8.3 | % | ||||||||||||||||||||||||||||||||||||||||||
Option Renewals – Q2 2023 | 53 | 807,255 | 53 | 807,255 | 15.65 | 16.99 | 8.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Option Renewals – Q1 2023 | 36 | 354,200 | 36 | 354,200 | 20.57 | 22.17 | 7.8 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | 212 | 2,577,465 | 212 | 2,577,465 | $ | 16.74 | $ | 18.10 | 8.1 | % | $ | — | ||||||||||||||||||||||||||||||||||||||
Total – Q4 2023 | 192 | 1,290,090 | 147 | 1,091,980 | $ | 18.15 | $ | 20.78 | 14.5 | % | ||||||||||||||||||||||||||||||||||||||||
Total – Q3 2023 | 214 | 1,398,695 | 165 | 1,147,265 | 18.87 | 21.56 | 14.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Total – Q2 2023 | 190 | 1,331,056 | 146 | 1,138,469 | 18.70 | 21.47 | 14.8 | % | ||||||||||||||||||||||||||||||||||||||||||
Total – Q1 2023 | 144 | 831,231 | 94 | 571,012 | 20.90 | 23.62 | 13.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | 740 | 4,851,072 | 552 | 3,948,726 | $ | 18.92 | $ | 21.62 | 14.3 | % | $ | 12.94 |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 16 |
Retail Operating Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expiring Retail GLA(2) | Expiring ABR per Sq. Ft.(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Expiring Leases(1) | Shop Tenants | Anchor Tenants | Expiring ABR (Pro rata) | Expiring Ground Lease ABR (Pro rata) | % of Total ABR (Pro rata) | Shop Tenants | Anchor Tenants | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 485 | 1,167,418 | 898,001 | $ | 47,440 | $ | 582 | 8.3 | % | $ | 31.45 | $ | 12.96 | $ | 23.41 | |||||||||||||||||||||||||||||||||||||||||
2025 | 498 | 1,157,045 | 2,439,120 | 66,465 | 4,748 | 12.3 | % | 31.15 | 12.81 | 18.71 | ||||||||||||||||||||||||||||||||||||||||||||||
2026 | 484 | 1,070,288 | 2,203,523 | 64,144 | 4,456 | 11.8 | % | 31.17 | 14.33 | 19.84 | ||||||||||||||||||||||||||||||||||||||||||||||
2027 | 527 | 1,197,417 | 2,361,375 | 71,216 | 5,979 | 13.3 | % | 32.04 | 14.08 | 20.12 | ||||||||||||||||||||||||||||||||||||||||||||||
2028 | 557 | 1,215,924 | 2,814,481 | 84,191 | 6,651 | 15.6 | % | 35.02 | 14.80 | 20.90 | ||||||||||||||||||||||||||||||||||||||||||||||
2029 | 388 | 872,995 | 2,488,383 | 65,910 | 2,967 | 11.9 | % | 34.39 | 15.11 | 20.12 | ||||||||||||||||||||||||||||||||||||||||||||||
2030 | 166 | 472,579 | 737,328 | 24,657 | 1,566 | 4.5 | % | 30.35 | 14.22 | 20.52 | ||||||||||||||||||||||||||||||||||||||||||||||
2031 | 152 | 413,549 | 614,162 | 23,544 | 2,331 | 4.5 | % | 33.14 | 16.19 | 23.01 | ||||||||||||||||||||||||||||||||||||||||||||||
2032 | 169 | 415,594 | 1,003,118 | 28,095 | 328 | 4.9 | % | 32.57 | 14.95 | 20.11 | ||||||||||||||||||||||||||||||||||||||||||||||
2033 | 191 | 501,328 | 709,077 | 28,287 | 3,778 | 5.5 | % | 34.15 | 15.81 | 23.41 | ||||||||||||||||||||||||||||||||||||||||||||||
Beyond | 178 | 326,476 | 1,318,471 | 37,164 | 5,727 | 7.4 | % | 38.88 | 18.56 | 22.59 | ||||||||||||||||||||||||||||||||||||||||||||||
3,795 | 8,810,613 | 17,587,039 | $ | 541,113 | $ | 39,113 | 100.0 | % | $ | 32.74 | $ | 14.67 | $ | 20.70 |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 17 |
Cash Net Operating Income (“NOI”) | Page | Other Assets(1) | Page | |||||||||||||||||
GAAP property NOI (incl. ground lease revenue) | $ | 151,917 | 6 | Cash, cash equivalents, and restricted cash | $ | 41,430 | 3 | |||||||||||||
Non-cash revenue adjustments | (4,885) | Tenant and other receivables (net of SLR) | 57,808 | 3 | ||||||||||||||||
Other property-related revenue | (1,995) | 6 | Prepaid and other assets | 117,834 | 3 | |||||||||||||||
Ground lease (“GL”) revenue | (10,482) | 6 | ||||||||||||||||||
Consolidated Cash Property NOI (excl. GL) | $ | 134,555 | ||||||||||||||||||
Annualized Consolidated Cash Property NOI (excl. ground leases) | $ | 538,220 | ||||||||||||||||||
Adjustments to Normalize Annualized Cash NOI | Liabilities | |||||||||||||||||||
Remaining NOI to come online from development and redevelopment projects(2) | $ | 3,050 | 13 | Mortgage and other indebtedness, net | $ | (2,802,941) | 10 | |||||||||||||
Unconsolidated Adjusted EBITDA | 3,312 | 8 | Pro rata adjustment for joint venture debt | (46,062) | 8 | |||||||||||||||
General and administrative expense allocable to property management activities included in property expenses ($3.9 million in Q4) | 15,600 | 6, note 3 | Accounts payable and accrued expenses | (198,079) | 3 | |||||||||||||||
Total Adjustments | 21,962 | Other liabilities | (272,942) | 3 | ||||||||||||||||
Projected remaining under construction development/redevelopment(3) | (30,100) | 13 | ||||||||||||||||||
Annualized Normalized Portfolio Cash NOI (excl. ground leases) | $ | 560,182 | ||||||||||||||||||
Annualized ground lease NOI | 41,928 | |||||||||||||||||||
Total Annualized Portfolio Cash NOI(4) | $ | 602,110 | Common shares and Units outstanding | 222,961,297 |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 18 |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 19 |
4th Quarter 2023 Supplemental Financial and Operating Statistics | 20 |
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