(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: April 30, 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 | $ | 0.30 | $ | 0.36 | |||||||
Depreciation and amortization | 1.73 | 1.73 | |||||||||
Realized gains and losses on sales of operating and unconsolidated properties, net | (0.01) | (0.01) | |||||||||
NAREIT FFO | $ | 2.02 | $ | 2.08 |
March 31, 2024 | December 31, 2023 | ||||||||||
Assets: | |||||||||||
Investment properties, at cost | $ | 7,758,372 | $ | 7,740,061 | |||||||
Less: accumulated depreciation | (1,452,715) | (1,381,770) | |||||||||
Net investment properties | 6,305,657 | 6,358,291 | |||||||||
Cash and cash equivalents | 83,579 | 36,413 | |||||||||
Tenant and other receivables, including accrued straight-line rent of $58,492 and $55,482, respectively | 118,057 | 113,290 | |||||||||
Restricted cash and escrow deposits | 5,385 | 5,017 | |||||||||
Deferred costs, net | 285,452 | 304,171 | |||||||||
Short-term deposits | 265,000 | — | |||||||||
Prepaid and other assets | 131,765 | 117,834 | |||||||||
Investments in unconsolidated subsidiaries | 9,599 | 9,062 | |||||||||
Total assets | $ | 7,204,494 | $ | 6,944,078 | |||||||
Liabilities and Equity: | |||||||||||
Liabilities: | |||||||||||
Mortgage and other indebtedness, net | $ | 3,167,513 | $ | 2,829,202 | |||||||
Accounts payable and accrued expenses | 171,574 | 198,079 | |||||||||
Deferred revenue and other liabilities | 258,985 | 272,942 | |||||||||
Total liabilities | 3,598,072 | 3,300,223 | |||||||||
Commitments and contingencies | |||||||||||
Limited Partners’ interests in the Operating Partnership | 73,713 | 73,287 | |||||||||
Equity: | |||||||||||
Common shares, $0.01 par value, 490,000,000 shares authorized, 219,603,862 and 219,448,429 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 2,196 | 2,194 | |||||||||
Additional paid-in capital | 4,887,573 | 4,886,592 | |||||||||
Accumulated other comprehensive income | 54,891 | 52,435 | |||||||||
Accumulated deficit | (1,413,828) | (1,373,083) | |||||||||
Total shareholders’ equity | 3,530,832 | 3,568,138 | |||||||||
Noncontrolling interests | 1,877 | 2,430 | |||||||||
Total equity | 3,532,709 | 3,570,568 | |||||||||
Total liabilities and equity | $ | 7,204,494 | $ | 6,944,078 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenue: | |||||||||||
Rental income | $ | 205,813 | $ | 203,063 | |||||||
Other property-related revenue | 1,311 | 1,916 | |||||||||
Fee income | 315 | 1,771 | |||||||||
Total revenue | 207,439 | 206,750 | |||||||||
Expenses: | |||||||||||
Property operating | 28,081 | 27,314 | |||||||||
Real estate taxes | 26,534 | 27,183 | |||||||||
General, administrative and other | 12,784 | 13,384 | |||||||||
Depreciation and amortization | 100,379 | 108,071 | |||||||||
Total expenses | 167,778 | 175,952 | |||||||||
Loss on sales of operating properties, net | (236) | — | |||||||||
Operating income | 39,425 | 30,798 | |||||||||
Other (expense) income: | |||||||||||
Interest expense | (30,364) | (25,425) | |||||||||
Income tax (expense) benefit of taxable REIT subsidiaries | (158) | 29 | |||||||||
Equity in loss of unconsolidated subsidiaries | (420) | (244) | |||||||||
Gain on sale of unconsolidated property, net | 2,325 | — | |||||||||
Other income, net | 3,628 | 403 | |||||||||
Net income | 14,436 | 5,561 | |||||||||
Net income attributable to noncontrolling interests | (280) | (170) | |||||||||
Net income attributable to common shareholders | $ | 14,156 | $ | 5,391 | |||||||
Net income per common share – basic and diluted | $ | 0.06 | $ | 0.02 | |||||||
Weighted average common shares outstanding – basic | 219,501,114 | 219,233,569 | |||||||||
Weighted average common shares outstanding – diluted | 219,900,306 | 219,965,061 | |||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income | $ | 14,436 | $ | 5,561 | |||||||
Less: net income attributable to noncontrolling interests in properties | (67) | (104) | |||||||||
Add: loss on sales of operating properties, net | 236 | — | |||||||||
Less: gain on sale of unconsolidated property, net | (2,325) | — | |||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 100,560 | 108,309 | |||||||||
FFO of the Operating Partnership(1) | 112,840 | 113,766 | |||||||||
Less: Limited Partners’ interests in FFO | (1,822) | (1,507) | |||||||||
FFO attributable to common shareholders(1) | $ | 111,018 | $ | 112,259 | |||||||
FFO, as defined by NAREIT, per share of the Operating Partnership – basic | $ | 0.51 | $ | 0.51 | |||||||
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted | $ | 0.50 | $ | 0.51 | |||||||
Weighted average common shares outstanding – basic | 219,501,114 | 219,233,569 | |||||||||
Weighted average common shares outstanding – diluted | 219,900,306 | 219,965,061 | |||||||||
Weighted average common shares and units outstanding – basic | 223,109,983 | 222,186,023 | |||||||||
Weighted average common shares and units outstanding – diluted | 223,509,175 | 222,917,515 | |||||||||
FFO, as defined by NAREIT, per diluted share/unit | |||||||||||
Net income | $ | 0.06 | $ | 0.02 | |||||||
Less: net income attributable to noncontrolling interests in properties | 0.00 | 0.00 | |||||||||
Add: loss on sales of operating properties, net | 0.00 | 0.00 | |||||||||
Less: gain on sale of unconsolidated property, net | (0.01) | 0.00 | |||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 0.45 | 0.49 | |||||||||
FFO, as defined by NAREIT, of the Operating Partnership per diluted share/unit(1)(2) | $ | 0.50 | $ | 0.51 | |||||||
Three Months Ended March 31, | |||||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Number of properties in same property pool for the period(1) | 179 | 179 |
Leased percentage at period end | 94.0 | % | 95.2 | % | |||||||||||||
Economic occupancy percentage at period end | 91.2 | % | 92.3 | % | |||||||||||||
Economic occupancy percentage(2) | 90.9 | % | 92.6 | % |
Minimum rent | $ | 151,009 | $ | 148,724 | |||||||||||||
Tenant recoveries | 43,349 | 42,426 | |||||||||||||||
Bad debt reserve | (562) | (1,705) | |||||||||||||||
Other income, net | 2,576 | 2,573 | |||||||||||||||
Total revenue | 196,372 | 192,018 | |||||||||||||||
Property operating | (26,274) | (24,227) | |||||||||||||||
Real estate taxes | (26,302) | (26,589) | |||||||||||||||
Total expenses | (52,576) | (50,816) | |||||||||||||||
Same Property NOI | $ | 143,796 | $ | 141,202 | 1.8 | % |
Reconciliation of Same Property NOI to most directly comparable GAAP measure: | |||||||||||||||||
Net operating income – same properties | $ | 143,796 | $ | 141,202 | |||||||||||||
Net operating income – non-same activity(3) | 8,713 | 9,280 | |||||||||||||||
Total property NOI | 152,509 | 150,482 | 1.3 | % | |||||||||||||
Other income, net | 3,365 | 1,959 | |||||||||||||||
General, administrative and other | (12,784) | (13,384) | |||||||||||||||
Depreciation and amortization | (100,379) | (108,071) | |||||||||||||||
Interest expense | (30,364) | (25,425) | |||||||||||||||
Loss on sales of operating properties, net | (236) | — | |||||||||||||||
Gain on sale of unconsolidated property, net | 2,325 | — | |||||||||||||||
Net income attributable to noncontrolling interests | (280) | (170) | |||||||||||||||
Net income attributable to common shareholders | $ | 14,156 | $ | 5,391 |
Three Months Ended March 31, 2024 | |||||
Net income | $ | 14,436 | |||
Depreciation and amortization | 100,379 | ||||
Interest expense | 30,364 | ||||
Income tax expense of taxable REIT subsidiaries | 158 | ||||
EBITDA | 145,337 | ||||
Unconsolidated Adjusted EBITDA | 369 | ||||
Gain on sale of unconsolidated property, net | (2,325) | ||||
Loss on sales of operating properties, net | 236 | ||||
Other income and expense, net | (3,208) | ||||
Noncontrolling interests | (196) | ||||
Adjusted EBITDA | $ | 140,213 | |||
Annualized Adjusted EBITDA(1) | $ | 560,852 | |||
Company share of Net Debt: | |||||
Mortgage and other indebtedness, net | $ | 3,167,513 | |||
Plus: Company share of unconsolidated joint venture debt | 54,573 | ||||
Less: Partner share of consolidated joint venture debt(2) | (9,837) | ||||
Less: debt discounts, premiums and issuance costs, net | (15,840) | ||||
Company’s consolidated debt and share of unconsolidated debt | 3,196,409 | ||||
Less: cash, cash equivalents, restricted cash and short-term deposits | (356,712) | ||||
Company share of Net Debt | $ | 2,839,697 | |||
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 | |||||
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 | $ | 0.30 | $ | 0.36 | |||||||
Depreciation and amortization | 1.73 | 1.73 | |||||||||
Realized gains and losses on sales of operating and unconsolidated properties, net | (0.01) | (0.01) | |||||||||
NAREIT FFO | $ | 2.02 | $ | 2.08 |
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 | ||||||||||||||
1st Quarter 2024 Supplemental Financial and Operating Statistics | 1 |
Three Months Ended March 31, | |||||||||||
Summary Financial Results | 2024 | 2023 | |||||||||
Total revenue (page 4) | $ | 207,439 | $ | 206,750 | |||||||
Net income attributable to common shareholders (page 4) | $ | 14,156 | $ | 5,391 | |||||||
Net income per diluted share (page 4) | $ | 0.06 | $ | 0.02 | |||||||
Net operating income (NOI) (page 6) | $ | 152,509 | $ | 150,482 | |||||||
Adjusted EBITDA (page 6) | $ | 140,040 | $ | 138,869 | |||||||
NAREIT Funds From Operations (FFO) (page 7) | $ | 112,840 | $ | 113,766 | |||||||
NAREIT FFO per diluted share (page 7) | $ | 0.50 | $ | 0.51 | |||||||
Dividend payout ratio (as % of NAREIT FFO, as adjusted) | 50 | % | 47 | % |
Three Months Ended | |||||||||||||||||||||||||||||
Summary Operating and Financial Ratios | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | ||||||||||||||||||||||||
NOI margin (page 6) | 73.8 | % | 76.2 | % | 73.9 | % | 74.2 | % | 73.7 | % | |||||||||||||||||||
NOI margin – retail (page 6) | 74.4 | % | 76.5 | % | 74.4 | % | 74.4 | % | 74.4 | % | |||||||||||||||||||
Same property NOI performance (page 5) | 1.8 | % | 2.8 | % | 4.7 | % | 5.7 | % | 6.5 | % | |||||||||||||||||||
Total property NOI performance (page 5) | 1.3 | % | 2.0 | % | 3.1 | % | 5.4 | % | 8.0 | % | |||||||||||||||||||
Net debt to Adjusted EBITDA, current quarter (page 9) | 5.1x | 5.1x | 5.1x | 5.0x | 5.3x | ||||||||||||||||||||||||
Recovery ratio of retail operating properties (page 6) | 91.6 | % | 92.2 | % | 90.8 | % | 87.4 | % | 87.2 | % | |||||||||||||||||||
Recovery ratio of consolidated portfolio (page 6) | 86.9 | % | 87.4 | % | 85.9 | % | 82.7 | % | 85.8 | % | |||||||||||||||||||
Outstanding Classes of Stock | |||||||||||||||||||||||||||||
Common shares and units outstanding (page 17) | 223,310,866 | 222,961,297 | 222,822,226 | 222,408,487 | 222,360,110 | ||||||||||||||||||||||||
Summary Portfolio Statistics | |||||||||||||||||||||||||||||
Number of properties | |||||||||||||||||||||||||||||
Operating retail (page 13) | 180 | 180 | 180 | 181 | 181 | ||||||||||||||||||||||||
Office and other components | 11 | 11 | 11 | 12 | 12 | ||||||||||||||||||||||||
Development and redevelopment projects (page 12) | 2 | 2 | 2 | 2 | 3 | ||||||||||||||||||||||||
Owned retail operating gross leasable area (GLA)(1) (page 13) | 28.1 | M | 28.1 | M | 28.3 | M | 28.6 | M | 28.5 | M | |||||||||||||||||||
Owned office GLA | 1.4 | M | 1.4 | M | 1.4 | M | 1.6 | M | 1.6 | M | |||||||||||||||||||
Number of multifamily units(2)(3) | 1,405 | 1,672 | 1,672 | 1,672 | 1,672 | ||||||||||||||||||||||||
Percent leased – total | 93.8 | % | 93.7 | % | 93.3 | % | 93.8 | % | 94.5 | % | |||||||||||||||||||
Percent leased – retail | 94.0 | % | 93.9 | % | 93.4 | % | 94.1 | % | 94.8 | % | |||||||||||||||||||
Anchor | 95.9 | % | 95.5 | % | 95.1 | % | 96.5 | % | 97.4 | % | |||||||||||||||||||
Small shop | 90.5 | % | 90.8 | % | 90.2 | % | 89.4 | % | 89.8 | % | |||||||||||||||||||
Annualized base rent (ABR) per square foot | $ | 20.84 | $ | 20.70 | $ | 20.56 | $ | 20.19 | $ | 20.04 | |||||||||||||||||||
Total new and renewal lease GLA (page 15) | 968,681 | 1,290,090 | 1,398,695 | 1,331,056 | 831,231 | ||||||||||||||||||||||||
New lease cash rent spread (page 15) | 48.1 | % | 43.0 | % | 36.0 | % | 45.5 | % | 38.0 | % | |||||||||||||||||||
Non-option renewal lease cash rent spread (page 15) | 12.2 | % | 9.2 | % | 17.8 | % | 11.9 | % | 14.9 | % | |||||||||||||||||||
Option renewal lease cash rent spread (page 15) | 5.3 | % | 7.6 | % | 8.3 | % | 8.6 | % | 7.8 | % | |||||||||||||||||||
Total new and renewal lease cash rent spread (page 15) | 12.8 | % | 14.5 | % | 14.2 | % | 14.8 | % | 13.0 | % |
2024 Guidance | Current (as of 4/30/24) | Previous (as of 2/13/24) | |||||||||
NAREIT FFO per diluted share | $2.02 to $2.08 | $2.00 to $2.06 | |||||||||
Credit Ratings and Outlook | |||||||||||
Fitch Ratings | BBB / Positive | ||||||||||
Moody's Investors Services | Baa2 / Stable | ||||||||||
Standard & Poor's Rating Services | BBB- / Positive |
1st Quarter 2024 Supplemental Financial and Operating Statistics | 2 |
March 31, 2024 | December 31, 2023 | ||||||||||
Assets: | |||||||||||
Investment properties, at cost | $ | 7,758,372 | $ | 7,740,061 | |||||||
Less: accumulated depreciation | (1,452,715) | (1,381,770) | |||||||||
Net investment properties | 6,305,657 | 6,358,291 | |||||||||
Cash and cash equivalents | 83,579 | 36,413 | |||||||||
Tenant and other receivables, including accrued straight-line rent of $58,492 and $55,482, respectively | 118,057 | 113,290 | |||||||||
Restricted cash and escrow deposits | 5,385 | 5,017 | |||||||||
Deferred costs, net | 285,452 | 304,171 | |||||||||
Short-term deposits | 265,000 | — | |||||||||
Prepaid and other assets | 131,765 | 117,834 | |||||||||
Investments in unconsolidated subsidiaries | 9,599 | 9,062 | |||||||||
Total assets | $ | 7,204,494 | $ | 6,944,078 | |||||||
Liabilities and Equity: | |||||||||||
Liabilities: | |||||||||||
Mortgage and other indebtedness, net | $ | 3,167,513 | $ | 2,829,202 | |||||||
Accounts payable and accrued expenses | 171,574 | 198,079 | |||||||||
Deferred revenue and other liabilities | 258,985 | 272,942 | |||||||||
Total liabilities | 3,598,072 | 3,300,223 | |||||||||
Commitments and contingencies | |||||||||||
Limited Partners’ interests in the Operating Partnership | 73,713 | 73,287 | |||||||||
Equity: | |||||||||||
Common shares, $0.01 par value, 490,000,000 shares authorized, 219,603,862 and 219,448,429 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 2,196 | 2,194 | |||||||||
Additional paid-in capital | 4,887,573 | 4,886,592 | |||||||||
Accumulated other comprehensive income | 54,891 | 52,435 | |||||||||
Accumulated deficit | (1,413,828) | (1,373,083) | |||||||||
Total shareholders’ equity | 3,530,832 | 3,568,138 | |||||||||
Noncontrolling interests | 1,877 | 2,430 | |||||||||
Total equity | 3,532,709 | 3,570,568 | |||||||||
Total liabilities and equity | $ | 7,204,494 | $ | 6,944,078 |
1st Quarter 2024 Supplemental Financial and Operating Statistics | 3 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenue: | |||||||||||
Rental income | $ | 205,813 | $ | 203,063 | |||||||
Other property-related revenue | 1,311 | 1,916 | |||||||||
Fee income | 315 | 1,771 | |||||||||
Total revenue | 207,439 | 206,750 | |||||||||
Expenses: | |||||||||||
Property operating | 28,081 | 27,314 | |||||||||
Real estate taxes | 26,534 | 27,183 | |||||||||
General, administrative and other | 12,784 | 13,384 | |||||||||
Depreciation and amortization | 100,379 | 108,071 | |||||||||
Total expenses | 167,778 | 175,952 | |||||||||
Loss on sales of operating properties, net | (236) | — | |||||||||
Operating income | 39,425 | 30,798 | |||||||||
Other (expense) income: | |||||||||||
Interest expense | (30,364) | (25,425) | |||||||||
Income tax (expense) benefit of taxable REIT subsidiaries | (158) | 29 | |||||||||
Equity in loss of unconsolidated subsidiaries | (420) | (244) | |||||||||
Gain on sale of unconsolidated property, net | 2,325 | — | |||||||||
Other income, net | 3,628 | 403 | |||||||||
Net income | 14,436 | 5,561 | |||||||||
Net income attributable to noncontrolling interests | (280) | (170) | |||||||||
Net income attributable to common shareholders | $ | 14,156 | $ | 5,391 | |||||||
Net income per common share – basic and diluted | $ | 0.06 | $ | 0.02 | |||||||
Weighted average common shares outstanding – basic | 219,501,114 | 219,233,569 | |||||||||
Weighted average common shares outstanding – diluted | 219,900,306 | 219,965,061 | |||||||||
1st Quarter 2024 Supplemental Financial and Operating Statistics | 4 |
Three Months Ended March 31, | |||||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Number of properties in same property pool for the period(1) | 179 | 179 |
Leased percentage at period end | 94.0 | % | 95.2 | % | |||||||||||||
Economic occupancy percentage at period end | 91.2 | % | 92.3 | % | |||||||||||||
Economic occupancy percentage(2) | 90.9 | % | 92.6 | % |
Minimum rent | $ | 151,009 | $ | 148,724 | |||||||||||||
Tenant recoveries | 43,349 | 42,426 | |||||||||||||||
Bad debt reserve | (562) | (1,705) | |||||||||||||||
Other income, net | 2,576 | 2,573 | |||||||||||||||
Total revenue | 196,372 | 192,018 | |||||||||||||||
Property operating | (26,274) | (24,227) | |||||||||||||||
Real estate taxes | (26,302) | (26,589) | |||||||||||||||
Total expenses | (52,576) | (50,816) | |||||||||||||||
Same Property NOI | $ | 143,796 | $ | 141,202 | 1.8 | % |
Reconciliation of Same Property NOI to most directly comparable GAAP measure: | |||||||||||||||||
Net operating income – same properties | $ | 143,796 | $ | 141,202 | |||||||||||||
Net operating income – non-same activity(3) | 8,713 | 9,280 | |||||||||||||||
Total property NOI | 152,509 | 150,482 | 1.3 | % | |||||||||||||
Other income, net | 3,365 | 1,959 | |||||||||||||||
General, administrative and other | (12,784) | (13,384) | |||||||||||||||
Depreciation and amortization | (100,379) | (108,071) | |||||||||||||||
Interest expense | (30,364) | (25,425) | |||||||||||||||
Loss on sales of operating properties, net | (236) | — | |||||||||||||||
Gain on sale of unconsolidated property, net | 2,325 | — | |||||||||||||||
Net income attributable to noncontrolling interests | (280) | (170) | |||||||||||||||
Net income attributable to common shareholders | $ | 14,156 | $ | 5,391 |
1st Quarter 2024 Supplemental Financial and Operating Statistics | 5 |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | |||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Minimum rent(1) | $ | 150,598 | $ | 147,773 | $ | 150,126 | $ | 153,566 | $ | 149,310 | |||||||||||||||||||
Minimum rent – ground leases | 10,447 | 10,482 | 10,010 | 10,402 | 10,586 | ||||||||||||||||||||||||
Tenant reimbursements | 43,577 | 37,693 | 42,280 | 41,047 | 42,857 | ||||||||||||||||||||||||
Bad debt reserve | (589) | (1,452) | (219) | (233) | (1,555) | ||||||||||||||||||||||||
Other property-related revenue(2) | 841 | 2,107 | 1,758 | 1,324 | 1,227 | ||||||||||||||||||||||||
Overage rent | 1,780 | 2,761 | 1,793 | 1,054 | 1,865 | ||||||||||||||||||||||||
Total revenue | 206,654 | 199,364 | 205,748 | 207,160 | 204,290 | ||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Property operating – recoverable(3) | 23,763 | 21,218 | 22,905 | 23,095 | 22,962 | ||||||||||||||||||||||||
Property operating – non-recoverable(3) | 4,009 | 4,297 | 4,435 | 3,735 | 3,881 | ||||||||||||||||||||||||
Real estate taxes | 26,373 | 21,932 | 26,343 | 26,540 | 26,965 | ||||||||||||||||||||||||
Total expenses | 54,145 | 47,447 | 53,683 | 53,370 | 53,808 | ||||||||||||||||||||||||
NOI | 152,509 | 151,917 | 152,065 | 153,790 | 150,482 | ||||||||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||||||||
General, administrative and other | (12,784) | (14,342) | (13,917) | (14,499) | (13,384) | ||||||||||||||||||||||||
Fee income | 315 | 498 | 1,057 | 1,040 | 1,771 | ||||||||||||||||||||||||
Total other (expense) income | (12,469) | (13,844) | (12,860) | (13,459) | (11,613) | ||||||||||||||||||||||||
Adjusted EBITDA | 140,040 | 138,073 | 139,205 | 140,331 | 138,869 | ||||||||||||||||||||||||
Impairment charges | — | — | (477) | — | — | ||||||||||||||||||||||||
Depreciation and amortization | (100,379) | (102,898) | (105,930) | (109,462) | (108,071) | ||||||||||||||||||||||||
Interest expense | (30,364) | (27,235) | (25,484) | (27,205) | (25,425) | ||||||||||||||||||||||||
Equity in (loss) earnings of unconsolidated subsidiaries | (420) | 206 | (47) | 118 | (244) | ||||||||||||||||||||||||
Gain on sale of unconsolidated property, net | 2,325 | — | — | — | — | ||||||||||||||||||||||||
Income tax (expense) benefit of taxable REIT subsidiaries | (158) | (449) | (68) | (45) | 29 | ||||||||||||||||||||||||
Other income, net | 3,628 | 334 | 950 | 304 | 403 | ||||||||||||||||||||||||
(Loss) gain on sales of operating properties, net | (236) | 133 | (5,972) | 28,440 | — | ||||||||||||||||||||||||
Net income | 14,436 | 8,164 | 2,177 | 32,481 | 5,561 | ||||||||||||||||||||||||
Less: net income attributable to noncontrolling interests | (280) | (185) | (107) | (423) | (170) | ||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 14,156 | $ | 7,979 | $ | 2,070 | $ | 32,058 | $ | 5,391 |
NOI/Revenue – Retail properties | 74.4 | % | 76.5 | % | 74.4 | % | 74.4 | % | 74.4 | % | |||||||||||||||||||
NOI/Revenue | 73.8 | % | 76.2 | % | 73.9 | % | 74.2 | % | 73.7 | % | |||||||||||||||||||
Recovery Ratios(4) | |||||||||||||||||||||||||||||
– Retail properties | 91.6 | % | 92.2 | % | 90.8 | % | 87.4 | % | 87.2 | % | |||||||||||||||||||
– Consolidated | 86.9 | % | 87.4 | % | 85.9 | % | 82.7 | % | 85.8 | % |
1st Quarter 2024 Supplemental Financial and Operating Statistics | 6 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income | $ | 14,436 | $ | 5,561 | |||||||
Less: net income attributable to noncontrolling interests in properties | (67) | (104) | |||||||||
Add: loss on sales of operating properties, net | 236 | — | |||||||||
Less: gain on sale of unconsolidated property, net | (2,325) | — | |||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 100,560 | 108,309 | |||||||||
FFO of the Operating Partnership(1) | 112,840 | 113,766 | |||||||||
Less: Limited Partners’ interests in FFO | (1,822) | (1,507) | |||||||||
FFO attributable to common shareholders(1) | $ | 111,018 | $ | 112,259 | |||||||
FFO, as defined by NAREIT, per share of the Operating Partnership – basic | $ | 0.51 | $ | 0.51 | |||||||
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted | $ | 0.50 | $ | 0.51 | |||||||
Weighted average common shares outstanding – basic | 219,501,114 | 219,233,569 | |||||||||
Weighted average common shares outstanding – diluted | 219,900,306 | 219,965,061 | |||||||||
Weighted average common shares and units outstanding – basic | 223,109,983 | 222,186,023 | |||||||||
Weighted average common shares and units outstanding – diluted | 223,509,175 | 222,917,515 | |||||||||
FFO, as defined by NAREIT, per diluted share/unit | |||||||||||
Net income | $ | 0.06 | $ | 0.02 | |||||||
Less: net income attributable to noncontrolling interests in properties | 0.00 | 0.00 | |||||||||
Add: loss on sales of operating properties, net | 0.00 | 0.00 | |||||||||
Less: gain on sale of unconsolidated property, net | (0.01) | 0.00 | |||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 0.45 | 0.49 | |||||||||
FFO, as defined by NAREIT, of the Operating Partnership per diluted share/unit(1)(2) | $ | 0.50 | $ | 0.51 | |||||||
Reconciliation of NAREIT FFO to Adjusted Funds From Operations (“AFFO”) | |||||||||||
FFO of the Operating Partnership | $ | 112,840 | $ | 113,766 | |||||||
Add: | |||||||||||
Amortization of deferred financing costs | 929 | 888 | |||||||||
Non-cash compensation expense and other | 2,722 | 2,812 | |||||||||
Less: | |||||||||||
Straight-line rent – minimum rent and common area maintenance | 3,125 | 3,546 | |||||||||
Market rent amortization income | 2,267 | 2,732 | |||||||||
Amortization of debt discount, premium and hedge instruments | 3,756 | 5,003 | |||||||||
Maintenance capital expenditures | 5,738 | 3,039 | |||||||||
Tenant-related capital expenditures(3) | 18,418 | 15,139 | |||||||||
Total Recurring AFFO of the Operating Partnership | $ | 83,187 | $ | 88,007 |
1st Quarter 2024 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 | $ | 16,400 | 2 | % | $ | 328 | $ | — | ||||||||||||||||||
One Loudoun – Pads G&H Residential | 95,095 | 10 | % | 9,509 | 784 | |||||||||||||||||||||
Total | $ | 111,495 | $ | 9,837 | $ | 784 |
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 | $ | 6,511 | $ | 296 | $ | 1,184 | ||||||||||||||||||||||||||||||||||||
Glendale Center Apartments(2) | — | — | — | 11.5 | % | — | 547 | — | — | |||||||||||||||||||||||||||||||||||||||||
Embassy Suites at Eddy Street Commons | — | — | 32,539 | 35 | % | 11,388 | — | 39 | 156 | |||||||||||||||||||||||||||||||||||||||||
The Corner (development) | 24,000 | 285 | 65,613 | 50 | % | 32,807 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other investments | — | — | — | — | % | — | 2,541 | 34 | 136 | |||||||||||||||||||||||||||||||||||||||||
Total | 440,582 | 285 | $ | 150,042 | $ | 54,573 | $ | 9,599 | $ | 369 | $ | 1,476 |
1st Quarter 2024 Supplemental Financial and Operating Statistics | 8 |
Senior Unsecured Notes Covenants | |||||||||||
March 31, 2024 | Debt Covenant Threshold(1) | ||||||||||
Total debt to undepreciated assets | 36% | <60% | |||||||||
Secured debt to undepreciated assets | 2% | <40% | |||||||||
Undepreciated unencumbered assets to unsecured debt | 290% | >150% | |||||||||
Debt service coverage | 5.1x | >1.5x | |||||||||
Unsecured Credit Facility Covenants | |||||||||||
March 31, 2024 | Debt Covenant Threshold(1) | ||||||||||
Maximum leverage | 35% | <60% | |||||||||
Minimum fixed charge coverage | 4.2x | >1.5x | |||||||||
Secured indebtedness | 2.4% | <45% | |||||||||
Unsecured debt interest coverage | 4.4x | >1.75x | |||||||||
Unsecured leverage | 33% | <60% | |||||||||
Senior Unsecured Debt Ratings | |||||||||||
Fitch Ratings | BBB/Positive | ||||||||||
Moody's Investors Service | Baa2/Stable | ||||||||||
Standard & Poor's Rating Services | BBB-/Positive | ||||||||||
Liquidity | |||||||||||
Cash, cash equivalents and short-term deposits | $ | 348,579 | |||||||||
Availability under unsecured credit facility | 1,100,000 | ||||||||||
$ | 1,448,579 | ||||||||||
Unencumbered NOI as a % of Total NOI | 95 | % | |||||||||
Net Debt to Adjusted EBITDA | |||||||||||
Mortgage and other indebtedness, net | $ | 3,167,513 | |||||||||
Plus: Company share of unconsolidated joint venture debt | 54,573 | ||||||||||
Less: Partner share of consolidated joint venture debt | (9,837) | ||||||||||
Less: debt discounts, premiums and issuance costs, net | (15,840) | ||||||||||
Company's consolidated debt and share of unconsolidated debt | 3,196,409 | ||||||||||
Less: cash, cash equivalents, restricted cash and short-term deposits | (356,712) | ||||||||||
Company share of Net Debt | $ | 2,839,697 | |||||||||
Q1 2024 Adjusted EBITDA, Annualized: | |||||||||||
– Consolidated Adjusted EBITDA | $ | 560,160 | |||||||||
– Unconsolidated Adjusted EBITDA(2) | 1,476 | ||||||||||
– Minority interest Adjusted EBITDA(2) | (784) | 560,852 | |||||||||
Ratio of Company share of Net Debt to Adjusted EBITDA | 5.1x |
1st Quarter 2024 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) | $ | 2,980,273 | 93 | % | 4.05 | % | 4.4 | ||||||||||||||||
Variable rate debt(2) | 171,400 | 5 | % | 9.09 | % | 2.5 | |||||||||||||||||
Debt discounts, premiums and issuance costs, net | 15,840 | N/A | N/A | N/A | |||||||||||||||||||
Total consolidated debt | 3,167,513 | 98 | % | 4.33 | % | 4.3 | |||||||||||||||||
KRG share of unconsolidated debt | 54,573 | 2 | % | 6.74 | % | 4.1 | |||||||||||||||||
Total | $ | 3,222,086 | 100 | % | 4.37 | % | 4.3 |
Schedule of Maturities by Year | |||||||||||||||||||||||||||||||||||
Secured Debt | |||||||||||||||||||||||||||||||||||
Scheduled Principal Payments | Term Maturities | Unsecured Debt | Total Consolidated Debt | Total Unconsolidated Debt | Total Debt Outstanding | ||||||||||||||||||||||||||||||
2024 | $ | 3,853 | $ | — | $ | 269,635 | $ | 273,488 | $ | 212 | $ | 273,700 | |||||||||||||||||||||||
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 | 1,150,000 | 1,270,879 | 32,807 | 1,303,686 | |||||||||||||||||||||||||||||
Debt discounts, premiums and issuance costs, net | — | 1,008 | 14,832 | 15,840 | — | 15,840 | |||||||||||||||||||||||||||||
Total | $ | 48,650 | $ | 104,396 | $ | 3,014,467 | $ | 3,167,513 | $ | 54,573 | $ | 3,222,086 |
1st Quarter 2024 Supplemental Financial and Operating Statistics | 10 |
Description | Interest Rate(1) | Maturity Date | Balance as of March 31, 2024 | % of Total Outstanding | ||||||||||||||||||||||
Senior Unsecured Notes | 4.58% | 6/30/2024 | $ | 149,635 | ||||||||||||||||||||||
Unsecured Term Loan(3) | 2.68% | 7/17/2024 | 120,000 | |||||||||||||||||||||||
2024 Debt Maturities | 3.73% | 269,635 | 8 | % | ||||||||||||||||||||||
Senior Unsecured Notes | 4.00% | 3/15/2025 | 350,000 | |||||||||||||||||||||||
Senior Unsecured Notes(4) | SOFR + 365 | 9/10/2025 | 80,000 | |||||||||||||||||||||||
2025 Debt Maturities | 4.97% | 430,000 | 13 | % | ||||||||||||||||||||||
Unsecured Term Loan(5) | 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 | 3.67% | 550,000 | 17 | % | ||||||||||||||||||||||
Unsecured Credit Facility(6) | SOFR + 115 | 1/8/2027 | — | |||||||||||||||||||||||
Senior Unsecured Exchangeable Notes | 0.75% | 4/1/2027 | 175,000 | |||||||||||||||||||||||
Northgate North | 4.50% | 6/1/2027 | 22,194 | |||||||||||||||||||||||
Delray Marketplace(7) | BSBY + 215 | 8/4/2027 | 16,400 | |||||||||||||||||||||||
Senior Unsecured Notes(4) | SOFR + 375 | 9/10/2027 | 75,000 | |||||||||||||||||||||||
2027 Debt Maturities | 3.65% | 288,594 | 9 | % | ||||||||||||||||||||||
Unsecured Term Loan(8) | 5.09% | 10/24/2028 | 250,000 | |||||||||||||||||||||||
Senior Unsecured Notes | 4.24% | 12/28/2028 | 100,000 | |||||||||||||||||||||||
2028 Debt Maturities | 4.85% | 350,000 | 11 | % | ||||||||||||||||||||||
Senior Unsecured Notes | 4.82% | 6/28/2029 | 100,000 | |||||||||||||||||||||||
Unsecured Term Loan(9) | 3.82% | 7/29/2029 | 300,000 | |||||||||||||||||||||||
Rampart Commons | 5.73% | 6/10/2030 | 6,321 | |||||||||||||||||||||||
Senior Unsecured Notes | 4.75% | 9/15/2030 | 400,000 | |||||||||||||||||||||||
The Shoppes at Union Hill | 3.75% | 6/1/2031 | 8,727 | |||||||||||||||||||||||
Nora Plaza Shops | 3.80% | 2/1/2032 | 3,301 | |||||||||||||||||||||||
One Loudoun – Pads G&H Residential | 5.36% | 5/1/2033 | 95,095 | |||||||||||||||||||||||
Senior Unsecured Notes(10) | 4.60% | 3/1/2034 | 350,000 | |||||||||||||||||||||||
2029 and beyond Debt Maturities | 4.53% | 1,263,444 | 39 | % | ||||||||||||||||||||||
Debt discounts, premiums and issuance costs, net | 15,840 | |||||||||||||||||||||||||
Total debt per consolidated balance sheet | 4.33% | $ | 3,167,513 | 98 | % | |||||||||||||||||||||
KRG share of unconsolidated debt | ||||||||||||||||||||||||||
Embassy Suites at Eddy Street Commons(11) | 5.03% | 7/1/2025 | $ | 11,388 | ||||||||||||||||||||||
Three Property Retail Portfolio | 4.09% | 7/1/2028 | 10,378 | |||||||||||||||||||||||
The Corner (development)(12) | SOFR + 286 | 4/16/2029 | 32,807 | |||||||||||||||||||||||
Total KRG share of unconsolidated debt | 6.74% | 54,573 | 2 | % | ||||||||||||||||||||||
Total consolidated and KRG share of unconsolidated debt | 4.37% | $ | 3,222,086 |
1st Quarter 2024 Supplemental Financial and Operating Statistics | 11 |
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 | $ | 27,800 | $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 | $ | 27,800 | $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. |
1st Quarter 2024 Supplemental Financial and Operating Statistics | 12 |
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 | $ | 153,936 | 26.3 | % | ||||||||||||||||||||
Florida | 30 | 3,510 | 66,822 | 11.4 | % | |||||||||||||||||||||
Maryland | 8 | 1,412 | 34,567 | 5.9 | % | |||||||||||||||||||||
North Carolina | 8 | 1,535 | 32,972 | 5.7 | % | |||||||||||||||||||||
Virginia | 7 | 1,130 | 31,427 | 5.4 | % | |||||||||||||||||||||
Georgia | 10 | 1,707 | 26,616 | 4.6 | % | |||||||||||||||||||||
Tennessee | 3 | 580 | 8,716 | 1.5 | % | |||||||||||||||||||||
Oklahoma | 3 | 506 | 8,298 | 1.4 | % | |||||||||||||||||||||
South Carolina | 2 | 262 | 3,554 | 0.6 | % | |||||||||||||||||||||
Total South | 115 | 18,134 | 366,908 | 62.8 | % | |||||||||||||||||||||
West | ||||||||||||||||||||||||||
Washington | 10 | 1,660 | 31,041 | 5.3 | % | |||||||||||||||||||||
Nevada | 5 | 846 | 28,243 | 4.8 | % | |||||||||||||||||||||
Arizona | 5 | 726 | 16,002 | 2.8 | % | |||||||||||||||||||||
California | 2 | 530 | 12,893 | 2.2 | % | |||||||||||||||||||||
Utah | 2 | 389 | 8,119 | 1.4 | % | |||||||||||||||||||||
Total West | 24 | 4,151 | 96,298 | 16.5 | % | |||||||||||||||||||||
Midwest | ||||||||||||||||||||||||||
Indiana | 15 | 1,624 | 31,625 | 5.4 | % | |||||||||||||||||||||
Illinois | 8 | 1,163 | 24,772 | 4.2 | % | |||||||||||||||||||||
Michigan | 1 | 308 | 6,638 | 1.1 | % | |||||||||||||||||||||
Missouri | 1 | 453 | 4,048 | 0.7 | % | |||||||||||||||||||||
Ohio | 1 | 236 | 2,152 | 0.4 | % | |||||||||||||||||||||
Total Midwest | 26 | 3,784 | 69,235 | 11.8 | % | |||||||||||||||||||||
Northeast | ||||||||||||||||||||||||||
New York | 8 | 1,082 | 30,857 | 5.3 | % | |||||||||||||||||||||
New Jersey | 4 | 340 | 11,284 | 1.9 | % | |||||||||||||||||||||
Massachusetts | 1 | 264 | 4,170 | 0.7 | % | |||||||||||||||||||||
Connecticut | 1 | 206 | 3,664 | 0.6 | % | |||||||||||||||||||||
Pennsylvania | 1 | 136 | 1,983 | 0.4 | % | |||||||||||||||||||||
Total Northeast | 15 | 2,028 | 51,958 | 8.9 | % | |||||||||||||||||||||
Total | 180 | 28,097 | $ | 584,399 | 100.0 | % |
1st Quarter 2024 Supplemental Financial and Operating Statistics | 13 |
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 (2) | 48 | 1,398 | $ | 15,816 | 2.7 | % | A | A2 | |||||||||||||||||||||||||||||||||||||
2 | Best Buy Co., Inc. | Best Buy (15), Pacific Sales (1) | 16 | 633 | 11,384 | 2.0 | % | BBB+ | A3 | ||||||||||||||||||||||||||||||||||||||
3 | Ross Stores, Inc. | Ross Dress for Less (32), dd’s DISCOUNTS (1) | 33 | 937 | 11,333 | 1.9 | % | BBB+ | A2 | ||||||||||||||||||||||||||||||||||||||
4 | PetSmart, Inc. | 32 | 657 | 10,761 | 1.8 | % | B+ | B1 | |||||||||||||||||||||||||||||||||||||||
5 | Michaels Stores, Inc. | Michaels | 28 | 631 | 8,325 | 1.4 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
6 | Gap Inc. | Old Navy (25), The Gap (3), Athleta (3), Banana Republic (2) | 33 | 448 | 8,219 | 1.4 | % | BB | Ba3 | ||||||||||||||||||||||||||||||||||||||
7 | Dick’s Sporting Goods, Inc. | Dick’s Sporting Goods (12), Golf Galaxy (1) | 13 | 625 | 7,956 | 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 | The Kroger Co. | Kroger (6), Harris Teeter (2), QFC (1), Smith’s (1) | 10 | 355 | 5,955 | 1.0 | % | BBB | Baa1 | ||||||||||||||||||||||||||||||||||||||
11 | Nordstrom, Inc. | Nordstrom Rack | 10 | 307 | 5,882 | 1.0 | % | BB+ | Ba1 | ||||||||||||||||||||||||||||||||||||||
12 | Lowe’s Companies, Inc. | 6 | — | 5,838 | 1.0 | % | BBB+ | Baa1 | |||||||||||||||||||||||||||||||||||||||
13 | Ulta Beauty, Inc. | 25 | 259 | 5,536 | 1.0 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
14 | BJ’s Wholesale Club, Inc. | 3 | 115 | 5,514 | 1.0 | % | BB+ | N/A | |||||||||||||||||||||||||||||||||||||||
15 | Five Below, Inc. | 31 | 281 | 5,494 | 0.9 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
16 | Burlington Stores, Inc. | 11 | 515 | 5,316 | 0.9 | % | BB+ | N/A | |||||||||||||||||||||||||||||||||||||||
17 | Albertsons Companies, Inc. | Safeway (3), Jewel-Osco (2), Tom Thumb (2) | 7 | 345 | 5,197 | 0.9 | % | BB+ | Ba2 | ||||||||||||||||||||||||||||||||||||||
18 | Kohl’s Corporation | 7 | 265 | 4,980 | 0.9 | % | BB | Ba2 | |||||||||||||||||||||||||||||||||||||||
19 | Petco Health And Wellness Company, Inc. | 18 | 261 | 4,886 | 0.8 | % | B+ | B2 | |||||||||||||||||||||||||||||||||||||||
20 | The Container Store Group, Inc. | 7 | 151 | 4,685 | 0.8 | % | B | N/A | |||||||||||||||||||||||||||||||||||||||
21 | DSW Designer Shoe Warehouse | 16 | 314 | 4,610 | 0.8 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
22 | Office Depot, Inc. | Office Depot (11), OfficeMax (3) | 14 | 308 | 4,335 | 0.7 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
23 | Mattress Firm Group Inc. | Mattress Firm (24), Sleepy’s (5) | 29 | 144 | 4,208 | 0.7 | % | B+ | B1 | ||||||||||||||||||||||||||||||||||||||
24 | Fitness International, LLC | LA Fitness | 5 | 196 | 4,201 | 0.7 | % | B | B2 | ||||||||||||||||||||||||||||||||||||||
25 | Trader Joe’s | 10 | 120 | 4,187 | 0.7 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
Total Top Tenants | 441 | 10,292 | $ | 167,704 | 28.7 | % |
1st Quarter 2024 Supplemental Financial and Operating Statistics | 14 |
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 – Q1 2024 | 38 | 175,087 | 19 | 115,295 | $ | 17.09 | $ | 25.31 | 48.1 | % | ||||||||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | 212 | 1,016,671 | 109 | 608,366 | $ | 18.83 | $ | 26.89 | 42.8 | % | $ | 91.05 | ||||||||||||||||||||||||||||||||||||||
Non-Option Renewals – Q1 2024 | 93 | 330,966 | 57 | 174,284 | $ | 25.45 | $ | 28.57 | 12.2 | % | ||||||||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | 339 | 1,285,958 | 249 | 835,662 | $ | 26.15 | $ | 29.45 | 12.6 | % | $ | 3.10 | ||||||||||||||||||||||||||||||||||||||
Option Renewals – Q1 2024 | 54 | 462,628 | 54 | 462,628 | $ | 19.23 | $ | 20.25 | 5.3 | % | ||||||||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | 230 | 2,685,893 | 230 | 2,685,893 | $ | 16.66 | $ | 17.93 | 7.6 | % | $ | — | ||||||||||||||||||||||||||||||||||||||
Total – Q1 2024 | 185 | 968,681 | 130 | 752,207 | $ | 20.34 | $ | 22.95 | 12.8 | % | ||||||||||||||||||||||||||||||||||||||||
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 | 781 | 4,988,522 | 588 | 4,129,921 | $ | 18.90 | $ | 21.58 | 14.2 | % | $ | 14.04 |
1st Quarter 2024 Supplemental Financial and Operating Statistics | 15 |
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 | 334 | 763,707 | 597,355 | $ | 32,108 | $ | 336 | 5.5 | % | $ | 32.18 | $ | 13.49 | $ | 23.98 | |||||||||||||||||||||||||||||||||||||||||
2025 | 504 | 1,215,529 | 2,362,403 | 67,031 | 4,581 | 12.3 | % | 30.95 | 12.80 | 18.97 | ||||||||||||||||||||||||||||||||||||||||||||||
2026 | 493 | 1,091,358 | 2,233,856 | 65,042 | 4,464 | 11.9 | % | 31.24 | 14.22 | 19.80 | ||||||||||||||||||||||||||||||||||||||||||||||
2027 | 530 | 1,194,864 | 2,361,375 | 71,420 | 5,979 | 13.2 | % | 32.27 | 14.08 | 20.19 | ||||||||||||||||||||||||||||||||||||||||||||||
2028 | 558 | 1,223,341 | 2,784,481 | 84,431 | 6,671 | 15.6 | % | 35.16 | 14.89 | 21.08 | ||||||||||||||||||||||||||||||||||||||||||||||
2029 | 455 | 1,027,335 | 2,736,091 | 75,062 | 3,129 | 13.4 | % | 34.61 | 15.21 | 20.50 | ||||||||||||||||||||||||||||||||||||||||||||||
2030 | 182 | 505,659 | 814,045 | 27,159 | 1,566 | 4.9 | % | 31.16 | 14.22 | 20.71 | ||||||||||||||||||||||||||||||||||||||||||||||
2031 | 156 | 418,970 | 626,357 | 24,039 | 2,107 | 4.5 | % | 33.18 | 16.35 | 23.09 | ||||||||||||||||||||||||||||||||||||||||||||||
2032 | 171 | 418,668 | 1,003,118 | 28,272 | 328 | 4.9 | % | 32.75 | 14.95 | 20.19 | ||||||||||||||||||||||||||||||||||||||||||||||
2033 | 189 | 491,623 | 706,197 | 28,235 | 3,778 | 5.5 | % | 34.70 | 15.88 | 23.61 | ||||||||||||||||||||||||||||||||||||||||||||||
Beyond | 216 | 422,561 | 1,425,880 | 42,327 | 6,334 | 8.3 | % | 38.26 | 18.35 | 22.90 | ||||||||||||||||||||||||||||||||||||||||||||||
3,788 | 8,773,615 | 17,651,158 | $ | 545,126 | $ | 39,273 | 100.0 | % | $ | 33.05 | $ | 14.76 | $ | 20.84 |
1st Quarter 2024 Supplemental Financial and Operating Statistics | 16 |
Cash Net Operating Income (“NOI”) | Page | Other Assets(1) | Page | |||||||||||||||||
GAAP property NOI (incl. ground lease revenue) | $ | 152,509 | 6 | Cash, cash equivalents, and restricted cash | $ | 88,964 | 3 | |||||||||||||
Non-cash revenue adjustments | (5,392) | Short-term deposits | 265,000 | 3 | ||||||||||||||||
Other property-related revenue | (841) | 6 | Tenant and other receivables (net of SLR) | 59,565 | 3 | |||||||||||||||
Ground lease (“GL”) revenue | (10,447) | 6 | Prepaid and other assets | 131,765 | 3 | |||||||||||||||
Consolidated Cash Property NOI (excl. GL) | $ | 135,829 | ||||||||||||||||||
Annualized Consolidated Cash Property NOI (excl. ground leases) | $ | 543,316 | ||||||||||||||||||
Adjustments to Normalize Annualized Cash NOI | Liabilities | |||||||||||||||||||
Remaining NOI to come online from development and redevelopment projects(2) | $ | 3,050 | 12 | Mortgage and other indebtedness, net | $ | (3,151,673) | 10 | |||||||||||||
Unconsolidated Adjusted EBITDA | 1,476 | 8 | Pro rata adjustment for joint venture debt | (44,736) | 8 | |||||||||||||||
General and administrative expense allocable to property management activities included in property expenses ($3.5 million in Q1) | 14,000 | 6, note 3 | Accounts payable and accrued expenses | (171,574) | 3 | |||||||||||||||
Total Adjustments | 18,526 | Other liabilities | (258,985) | 3 | ||||||||||||||||
Projected remaining under construction development/redevelopment(3) | (27,800) | 12 | ||||||||||||||||||
Annualized Normalized Portfolio Cash NOI (excl. ground leases) | $ | 561,842 | ||||||||||||||||||
Annualized ground lease NOI | 41,788 | |||||||||||||||||||
Total Annualized Portfolio Cash NOI(4) | $ | 603,630 | Common shares and Units outstanding | 223,310,866 |
1st Quarter 2024 Supplemental Financial and Operating Statistics | 17 |
1st Quarter 2024 Supplemental Financial and Operating Statistics | 18 |
1st Quarter 2024 Supplemental Financial and Operating Statistics | 19 |
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