Exhibit 99.2

a2019q3suppcover.jpg

QUARTERLY FINANCIAL SUPPLEMENTAL – SEPTEMBER 30, 2019
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PAGE NO.
 
TABLE OF CONTENTS
 
 
 
3
 
Earnings Press Release 
6
 
Corporate Profile 
7
 
Contact Information 
8
 
Important Notes Including Non-GAAP Disclosures
10
 
Consolidated Balance Sheets 
11
 
Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019
12
 
Same Property Net Operating Income
13
 
Net Operating Income and EBITDA by Quarter 
14
 
Funds from Operations for the Three and Nine Months Ended September 30, 2019
15
 
Adjusted Funds From Operations and Other Financial Information for the Three and Nine Months Ended September 30, 2019
16
 
Summary Income Statement
17
 
Joint Venture Summary as of September 30, 2019
18
 
Summary of Outstanding Debt as of September 30, 2019
19
 
Maturity Schedule of Outstanding Debt as of September 30, 2019
21
 
Key Debt Metrics
22
 
Top 25 Tenants by Annualized Base Rent 
23
 
Retail Leasing Spreads
24
 
Lease Expirations
25
 
Development and Redevelopment Projects
26
 
2019 Transactions
27
 
Geographic Diversification – Annualized Base Rent by Region and State
28
 
Operating Retail Portfolio Summary Report
32
 
Operating Office Properties and Other
33
 
Components of Net Asset Value
34
 
Earnings Guidance – 2019


p. 2
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
 
 
 


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PRESS RELEASE         

Contact Information: Kite Realty Group Trust
Jason Colton
SVP, Capital Markets & Investor Relations
317.713.2762
jcolton@kiterealty.com


Kite Realty Group Trust Reports Continued Strong 2019 Operating Results and
Completion of Project Focus Disposition Program

Indianapolis, Indiana, November 5, 2019 - Kite Realty Group Trust (NYSE:KRG) (“KRG”) reported today its operating results for the third quarter ended September 30, 2019.
“As previously announced, we have completed our Project Focus disposition program. We now have a top-tier balance sheet to complement a high-quality portfolio concentrated in the southern U.S.,” said John A. Kite, Chairman and CEO. “Additionally, our operations team continued to deliver strong results, leasing another 562,000 square feet this quarter and raising our portfolio leased rate to 95.4%. We look forward to a strong finish in 2019 and continued momentum into 2020.”

Financial Results
▪
Realized net loss attributable to common shareholders of $19.7 million, or $0.24 per common share, for the third quarter and $15.8 million, or $0.19 per common share, for the nine months ending September 30, 2019.
▪
Generated Funds from Operations of the Operating Partnership as adjusted (FFO) of $33.3 million, or $0.39 per diluted common share, for the third quarter and $108.3 million, or $1.26 per diluted common share, for the nine months ending September 30, 2019.
▪
Increased Same-Property Net Operating Income (NOI) by 2.3%. Year to date Same-Property NOI grew by 2.0%.

Portfolio Operations
▪
Annualized base rent (ABR) for the operating retail portfolio was $17.64, an increase of $0.87 year-over-year.
▪
Retail leased percentage was 95.4%, an increase of 190 basis points year-over-year.
▪
Small shop leased percentage was 92.0%, an increase of 110 basis points year-over-year.
▪
Executed 70 new and renewal leases during the third quarter, representing a total of 562,200 square feet.
▪
GAAP leasing spreads of 42.4% (24.3% cash basis) on 10 comparable new leases, 9.5% (6.3% cash basis) on 44 comparable renewals, and 12.3% (7.9% cash basis) on a blended basis.
▪
Executed 246 new and renewal leases for over 1.7 million square feet through September 30, 2019.











p. 3
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019

Transaction Highlights
▪
Sold 8 non-core assets for a total of $213 million during the third quarter.
▪
Acquired Nora Plaza, a 140,000 sf community center anchored by Whole Foods and a non-owned Target in Indianapolis, IN for a purchase price of $29.0 million.
▪
Subsequent to quarter end, sold an additional 3 non-core assets for $31.6 million.
▪
Total non-core asset sales year-to-date of $502 million at a blended cap rate of approximately 8%. The weighted average sale date for sold assets was June 2019.

Balance Sheet
As of September 30, 2019, KRG’s net-debt-to-EBITDA ratio was 6.0x. Following the asset sales and corresponding debt paydown subsequent to quarter end, KRG’s proforma net-debt-to-EBITDA is 5.9x. KRG has limited debt maturing through 2021 and zero drawn on its line of credit.

Guidance
KRG is raising 2019 same property NOI growth guidance from 1.50% - 2.50% to 2.00% - 2.50% and narrowing 2019 FFO guidance from $1.61 - $1.69 per share to $1.63 - $1.67 per share.


 
Previous
Current
Change at Midpoint
SP NOI Growth
1.50% - 2.50%
2.00% - 2.50%
0.25%
2019 Dispositions
$415M - $500M
$502M
$44M
2019 FFO Guidance
1.61 - 1.69
1.63 - 1.67
 
_________
 
 
 
 
 
 
1
The Company’s 2019 guidance is based on a number of factors, many of which are outside the Company’s control and all of which are subject to change.  The Company may change its guidance during the year if actual or anticipated results vary from these assumptions, although the Company undertakes no obligation to do so.


Earnings Conference Call
Kite Realty Group Trust will conduct a conference call to discuss its financial results on Wednesday, November 6, 2019, at 10:00 a.m. Eastern Time. A live webcast of the conference call will be available on KRG’s corporate website at www.kiterealty.com. The dial-in numbers are (844) 309-0605 for domestic callers and (574) 990-9933 for international callers (passcode 8392857). In addition, a webcast replay link will be available on the corporate website.
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to retailers in desirable markets through our portfolio of neighborhood, community, and lifestyle centers. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders. For more information, please visit our website at kiterealty.com.






Safe Harbor

p. 4
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019

Certain statements in this document that are not historical fact may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include, but are not limited to: national and local economic, business, real estate and other market conditions, particularly in light of low growth in the U.S. economy as well as economic uncertainty caused by fluctuations in the prices of oil and other energy sources and inflationary trends or outlook; the risk that KRG may not be able to successfully complete the planned dispositions on favorable terms - or at all; financing risks, including the availability of, and costs associated with, sources of liquidity; KRG’s ability to refinance, or extend the maturity dates of, its indebtedness; the level and volatility of interest rates; the financial stability of tenants, including their ability to pay rent and the risk of tenant bankruptcies; the competitive environment in which KRG operates; acquisition, disposition, development and joint venture risks; property ownership and management risks; KRG’s ability to maintain its status as a real estate investment trust for federal income tax purposes; potential environmental and other liabilities; impairment in the value of real estate property KRG owns; the impact of online retail competition and the perception that such competition has on the value of shopping center assets; risks related to the geographical concentration of KRG’s properties in Florida, Indiana and Texas; insurance costs and coverage; risks associated with cybersecurity attacks and the loss of confidential information and other business interruptions; and other factors affecting the real estate industry generally. KRG refers you to the documents filed by KRG from time to time with the SEC, specifically the section titled “Risk Factors” in KRG’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which discuss these and other factors that could adversely affect KRG’s results. KRG undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.




















p. 5
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
CORPORATE PROFILE
 
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General Description
 
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) engaged primarily in the ownership and operation, acquisition, development and redevelopment of high-quality neighborhood and community shopping centers in select markets in the United States. As of September 30, 2019, we owned interests in 96 operating and redevelopment properties totaling approximately 18.1 million square feet and one development project currently under construction.
 
Our strategy is to maximize the cash flow of our operating properties, successfully complete the construction and lease-up of our redevelopment and development portfolio, and identify opportunities to acquire or dispose of properties. New investments are focused in the shopping center sector primarily in markets where we believe we can leverage our existing infrastructure and relationships to generate attractive risk-adjusted returns or otherwise in desirable trade areas. Dispositions are generally designed to increase the quality of our portfolio and to strengthen the Company’s balance sheet.  

Company Highlights as of September 30, 2019  
 
 
# of Properties
Total
GLA /NRA
Owned
 GLA /NRA1
Operating Retail Properties
 
88

16,703,005

12,125,623

Operating Office Properties and Other
 
4

498,242

498,242

Redevelopment Properties
 
4

900,221

635,518

Total Operating and Redevelopment Properties
 
96

18,101,468

13,259,383

Development Projects
 
1

530,000

8,500

Total All Properties
 
97

18,631,468

13,267,883

 
 
Retail
Non-Retail
Total
Operating Properties –  Leased Percentage
 
95.4%
97.7%
95.5%
States
 
 
 
16


Stock Listing: New York Stock Exchange symbol: KRG
  
____________________
1
Excludes square footage of structures located on land owned by the company and ground leased to tenants and adjacent non-owned anchors.

p. 6
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
CONTACT INFORMATION    
 
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Corporate Office
30 South Meridian Street, Suite 1100
Indianapolis, IN 46204
(888) 577-5600
(317) 577-5600
www.kiterealty.com
 
Investor Relations Contact:
 
Analyst Coverage:
 
Analyst Coverage:
 
 
 
 
 
Jason Colton
 
Robert W. Baird & Co.
 
Compass Point Research & Trading, LLC
Senior Vice President, Capital Markets and IR
 
Mr. RJ Milligan
 
Mr. Floris van Dijkum
Kite Realty Group Trust 
(813) 273-8252
(646) 757-2621
30 South Meridian Street, Suite 1100 
 
rjmilligan@rwbaird.com
 
fvandijkum@compasspointllc.com
Indianapolis, IN 46204 
 
 
 
 
(317) 713-2762
 
Bank of America/Merrill Lynch
 
DA Davidson
jcolton@kiterealty.com
 
Mr. Jeffrey Spector/Mr. Craig Schmidt
 
Mr. Barry Oxford
 
 
(646) 855-1363/(646) 855-3640
 
(212) 240-9871
Transfer Agent:
 
jeff.spector@baml.com
 
boxford@dadco.com
 
 
craig.schmidt@baml.com
 
 
Broadridge Financial Solutions
 
 
 
KeyBanc Capital Markets
Ms. Kristen Tartaglione
 
Barclays
 
Mr. Jordan Sadler/Mr. Todd Thomas
2 Journal Square, 7th Floor
 
Mr. Ross Smotrich
 
(917) 368-2280/(917) 368-2286
Jersey City, NJ  07306
 
(212) 526-2306/(212) 526-9937
 
tthomas@keybanccm.com
(201) 714-8094
 
ross.smotrich@barclays.com
 
jsadler@keybanccm.com
 
 
 
 
 
Stock Specialist:
 
BTIG
 
Raymond James 
 
 
Mr. Michael Gorman
 
Mr. Paul Puryear/Mr. Collin Mings
GTS
 
(212) 738-6138
 
(727) 567-2253/(727) 567-2585
545 Madison Avenue
 
mgorman@btig.com
 
paul.puryear@raymondjames.com 
15th Floor 
 
 
 
collin.mings@raymondjames.com
New York, NY 10022 
 
Capital One Securities, Inc.
 
 
(212) 715-2830
 
Mr. Christopher Lucas
 
Sandler O’Neill
 
 
(571) 633-8151
 
Mr. Alexander Goldfarb
 
 
christopher.lucas@capitalone.com
 
(212) 466-7937
 
 
 
 
agoldfarb@sandleroneill.com
 
 
Citigroup Global Markets 
 
 
 
 
Mr. Michael Bilerman/Ms. Christy McElroy
 
Wells Fargo Securities, LLC
 
 
(212) 816-1383/(212) 816-6981
 
Ms. Tamara Fique
 
 
michael.bilerman@citigroup.com 
 
(617) 603-4262/(443) 263-6568
 
 
christy.mcelroy@citigroup.com
 
tamara.fique@wellsfargo.com
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
IMPORTANT NOTES INCLUDING NON-GAAP DISCLOSURES    
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Interim Information 
This Quarterly Financial Supplemental contains historical information of Kite Realty Group Trust (“the Company” or “KRG”) and is intended to supplement the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, to be filed on or about November 6, 2019, which should be read in conjunction with this supplement. The supplemental information is unaudited, although it reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.
 
Forward-Looking Statements 
This supplemental information package, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include but are not limited to:
 
•
national and local economic, business, real estate and other market conditions, particularly in connection with low or negative growth in the U.S. economy as well as economic uncertainty;
•
financing risks, including the availability of, and costs associated with, sources of liquidity;
•
our ability to refinance, or extend the maturity dates of, our indebtedness;
•
the level and volatility of interest rates;
•
the financial stability of tenants, including their ability to pay rent and the risk of tenant insolvency and bankruptcy;
•
the competitive environment in which the Company operates;
•
acquisition, disposition, development and joint venture risks;
•
property ownership and management risks;
•
our ability to maintain our status as a real estate investment trust for federal income tax purposes;
•
potential environmental and other liabilities;
•
impairment in the value of real estate property the Company owns;
•
the actual and perceived impact of e-commerce on the value of shopping center assets;
•
risks related to the geographical concentration of our properties in Florida, Indiana and Texas;
•
insurance costs and coverage;
•
risks associated with cybersecurity attacks and the loss of confidential information and other business disruptions;
•
other factors affecting the real estate industry generally; and
•
other risks identified in reports the Company files with the Securities and Exchange Commission (“the SEC”) or in other documents that it publicly disseminates, including, in particular, the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and in our quarterly reports on Form 10-Q.
 
The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Disclosures
 
Funds from Operations 
Funds from Operations (FFO) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. The Company calculates FFO, a non-GAAP financial measure, in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts ("NAREIT"), as restated in 2018. The NAREIT white paper defines FFO as net income (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments, and after adjustments for unconsolidated partnerships and joint ventures.
 
Considering the nature of our business as a real estate owner and operator, the Company believes that FFO is helpful to investors in measuring our operational performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. FFO (a) should not be considered as an alternative to net income (calculated in accordance with GAAP) for the purpose of measuring our financial performance, (b) is not an alternative to cash flow from operating activities (calculated in accordance with GAAP) as a measure of our liquidity, and (c) is not indicative of funds available to satisfy our cash needs, including our ability to make distributions. Our computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do. For informational purposes, we have also provided FFO adjusted for loss on debt extinguishment. A reconciliation of net income (calculated in accordance with GAAP) to FFO is included elsewhere in this Financial Supplement.
 







p. 8
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
IMPORTANT NOTES INCLUDING NON-GAAP DISCLOSURES (CONTINUED)
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Adjusted Funds from Operations

Adjusted Funds from Operations (“AFFO”) is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO modifies FFO, as adjusted for certain cash and non-cash transactions not included in FFO. AFFO should not be considered an alternative to net income as an indication of the company's performance or as an alternative to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the company’s performance. The Company’s computation of AFFO may differ from the methodology for calculating AFFO used by other REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net income (calculcated in accordance with GAAP) to AFFO is included elsewhere in this Financial Supplement.

Net Operating Income and Same Property Net Operating Income
The Company uses property net operating income (“NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. The Company defines NOI as income from our real estate, including lease termination fees received from tenants, less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions and certain corporate level expenses. The Company believes that NOI is helpful to investors as a measure of our operating performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as depreciation and amortization, interest expense, and impairment, if any.

The Company also uses same property NOI ("Same Property NOI"), a non-GAAP financial measure, to evaluate the performance of our properties. Same Property NOI excludes properties that have not been owned for the full period presented. It also excludes net gains from outlot sales, straight-line rent revenue, lease termination fees, amortization of lease intangibles and significant prior period expense recoveries and adjustments, if any. The Company believes that Same Property NOI is helpful to investors as a measure of our operating performance because it includes only the NOI of properties that have been owned and fully operational for the full quarters presented. The Company believes such presentation eliminates disparities in net income due to the acquisition or disposition of properties during the particular quarters presented and thus provides a more consistent comparison of our properties. The year-to-date results represent the sum of the individual quarters, as reported.

NOI and Same Property NOI should not, however, be considered as alternatives to net income (calculated in accordance with GAAP) as indicators of our financial performance. Our computation of NOI and Same Property NOI may differ from the methodology used by other REITs, and therefore may not be comparable to such other REITs.

When evaluating the properties that are included in the same property pool, the Company has established specific criteria for determining the inclusion of properties acquired or those recently under development. An acquired property is included in the same property pool when there is a full quarter of operations in both years subsequent to the acquisition date. Development and redevelopment properties are included in the same property pool four full quarters after the properties have been transferred to the operating portfolio. A redevelopment property is first excluded from the same property pool when the execution of a redevelopment plan is likely and the Company begins recapturing space from tenants. For the quarter ended September 30, 2019, the Company excluded four redevelopment properties and two recently completed redevelopments from the same property pool that met these criteria and were owned in both comparable periods. In addition, the Company excluded one recently acquired property from the same property pool.

Earnings Before Interest Expense, Income Tax Expense, Depreciation and Amortization (EBITDA)
The Company defines EBITDA, a non-GAAP financial measure, as net income before depreciation and amortization, interest expense and income tax expense of taxable REIT subsidiary. For informational purposes, the Company has also provided Adjusted EBITDA, which the Company defines as EBITDA less (i) EBITDA from unconsolidated entities, (ii) gains on sales of operating properties or impairment charges, (iii) other income and expense, (iv) noncontrolling interest EBITDA and (v) other non-recurring activity or items impacting comparability from period to period. Annualized Adjusted EBITDA is Adjusted EBITDA for the most recent quarter multiplied by four. Net Debt to Adjusted EBITDA is the Company's share of net debt divided by Annualized Adjusted EBITDA. EBITDA, Adjusted EBITDA, Annualized Adjusted EBITDA and Net Debt to Adjusted EBITDA, as calculated by us, are not comparable to EBITDA and EBITDA-related measures reported by other REITs that do not define EBITDA and EBITDA-related measures exactly as we do. EBITDA, Adjusted EBITDA and Annualized Adjusted EBITDA do not represent cash generated from operating activities in accordance with GAAP, and should not be considered alternatives to net income as an indicator of performance or as alternatives to cash flows from operating activities as an indicator of liquidity.

Considering the nature of our business as a real estate owner and operator, the Company believes that EBITDA, Adjusted EBITDA and the ratio of Net Debt to Adjusted EBITDA are helpful to investors in measuring our operational performance because they exclude various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. For informational purposes, the Company has also provided Annualized Adjusted EBITDA, adjusted as described above. The Company believes this supplemental information provides a meaningful measure of our operating performance. The Company believes presenting EBITDA and the related measures in this manner allows investors and other interested parties to form a more meaningful assessment of our operating results.


p. 9
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
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($ in thousands)
 
 
 
 
 
 
September 30,
2019
 
December 31,
2018
Assets:
 
 
 
 
Investment properties, at cost
 
$
3,153,436

 
$
3,641,120

Less: accumulated depreciation
 
(666,291
)
 
(699,927
)
 
 
2,487,145

 
2,941,193

Cash and cash equivalents
 
40,442

 
35,376

Tenant and other receivables, including accrued straight-line rent of $27,487 and $31,347, respectively
 
50,017

 
58,059

Restricted cash and escrow deposits
 
9,548

 
10,130

Deferred costs and intangibles, net
 
76,739

 
95,264

Prepaid and other assets
 
37,121

 
12,764

Investments in unconsolidated subsidiaries
 
12,868

 
13,496

Assets held for sale
 
—

 
5,731

Total Assets
 
$
2,713,880

 
$
3,172,013

Liabilities and Shareholders’ Equity:
 
 
 
 

Mortgage and other indebtedness, net
 
$
1,198,584

 
$
1,543,301

Accounts payable and accrued expenses
 
77,492

 
85,934

Deferred revenue and other liabilities
 
89,556

 
83,632

Total Liabilities
 
1,365,632

 
1,712,867

Commitments and contingencies
 
 
 
 

Limited Partners’ interests in the Operating Partnership and other redeemable noncontrolling interests
 
45,383

 
45,743

Shareholders’ Equity:
 
 
 
 

Kite Realty Group Trust Shareholders’ Equity:
 
 
 
 

Common Shares, $.01 par value, 225,000,000 shares authorized, 83,963,983 and 83,800,886 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
 
840

 
838

Additional paid in capital
 
2,080,094

 
2,078,099

Accumulated other comprehensive loss
 
(20,209
)
 
(3,497
)
Accumulated deficit
 
(758,558
)
 
(662,735
)
Total Kite Realty Group Trust Shareholders’ Equity
 
1,302,167

 
1,412,705

Noncontrolling Interests
 
698

 
698

Total Equity
 
1,302,865

 
1,413,403

Total Liabilities and Equity
 
$
2,713,880

 
$
3,172,013












p. 10
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
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($ in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Revenue:
 
 
 
 
 
 
 
 
Rental income
 
$
72,573

 
$
83,513

 
$
234,726

 
$
256,696

Other property related revenue
 
2,260

 
2,129

 
4,910

 
8,119

Fee income
 
110

 
105

 
304

 
2,430

Total revenue
 
74,943

 
85,747

 
239,940

 
267,245

Expenses:
 
 

 
 

 
 
 
 
  Property operating
 
11,041

 
12,092

 
33,939

 
37,184

  Real estate taxes
 
9,640

 
11,205

 
29,775

 
32,351

  General, administrative, and other
 
6,709

 
4,865

 
20,523

 
16,364

  Depreciation and amortization
 
31,985

 
36,858

 
101,333

 
115,864

  Impairment charges
 
8,538

 
—

 
37,723

 
38,847

Total expenses
 
67,913

 
65,020

 
223,293

 
240,610

(Loss) gain on sale of operating properties, net
 
(5,714
)
 
—

 
24,965

 
8,329

Operating income
 
1,316

 
20,727

 
41,612

 
34,964

  Interest expense
 
(14,302
)
 
(16,058
)
 
(46,884
)
 
(49,141
)
  Income tax benefit of taxable REIT subsidiary
 
41

 
27

 
189

 
78

  Loss on debt extinguishment

(7,045
)

—


(9,622
)

—

  Equity in loss of unconsolidated subsidiary
 
(11
)
 
—

 
(677
)
 
—

  Other expense, net
 
(116
)
 
(379
)
 
(444
)
 
(643
)
Net (loss) income
 
(20,117
)
 
4,317

 
(15,826
)
 
(14,742
)
  Net loss (income) attributable to noncontrolling interests
 
382

 
(379
)
 
10

 
(604
)
Net (loss) income attributable to Kite Realty Group Trust common shareholders
 
$
(19,735
)
 
$
3,938

 
$
(15,816
)
 
$
(15,346
)
 
 
 
 
 
 
 
 
 
(Loss) income per common share - basic and diluted
 
$
(0.24
)
 
$
0.05

 
$
(0.19
)
 
$
(0.18
)
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
 
83,960,841

 
83,706,704

 
83,914,923

 
83,670,038

Weighted average common shares outstanding - diluted
 
83,960,841

 
83,767,655

 
83,914,923

 
83,670,038

Cash dividends declared per common share
 
$
0.3175

 
$
0.3175

 
$
0.9525

 
$
0.9525

  


p. 11
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
SAME PROPERTY NET OPERATING INCOME (NOI)
image65.jpg




($ in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
Number of properties for the quarter1 
86

 
86

 
 
 


 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leased percentage at period end
95.3
%
 
93.9
%
 
 
 
95.3
%
 
93.9
%
 
 
Economic Occupancy percentage2
92.2
%
 
92.0
%
 
 
 
92.3
%
 
92.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum rent
$
51,206

 
$
50,374

 
 
 
$
161,900

 
$
160,181

 
 
Tenant recoveries 
15,505

 
15,270

 
 
 
47,312

 
46,444

 
 
Bad debt
(569
)
 
(395
)
 
 
 
(1,555
)
 
(1,261
)
 
 
Other income
341

 
395

 
 
 
1,088

 
947

 
 
 
66,483

 
65,644

 
 
 
208,745

 
206,311

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property operating expenses 
(8,635
)
 
(8,436
)
 
 
 
(25,963
)
 
(26,306
)
 
 
Real estate taxes 
(8,800
)
 
(9,276
)
 
 
 
(27,281
)
 
(27,479
)
 
 
 
(17,435
)
 
(17,712
)
 
 
 
(53,244
)
 
(53,785
)
 
 
Same Property NOI3
$
49,048

 
$
47,932

 
2.3%
 
$
155,501

 
$
152,526

 
2.0%
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure: 
 
 
 
 
 
 
 
 
 
 
 
Net operating income - same properties
$
49,048

 
$
47,932

 
 
 
$
155,501

 
$
152,526

 
 
Net operating income - non-same activity4
5,104

 
14,413

 
 
 
20,421

 
42,754

 
 
Other income (expense), net
24

 
(247
)
 
 
 
(628
)
 
1,865

 
 
General, administrative and other
(6,709
)
 
(4,865
)
 
 
 
(20,523
)
 
(16,364
)
 
 
Impairment charges
(8,538
)
 
—

 
 
 
(37,723
)
 
(38,847
)
 
 
Depreciation and amortization expense
(31,985
)
 
(36,858
)
 
 
 
(101,333
)
 
(115,864
)
 
 
Interest expense
(14,302
)
 
(16,058
)
 
 
 
(46,884
)
 
(49,141
)
 
 
Loss on debt extinguishment
(7,045
)
 
—

 
 
 
(9,622
)
 
—

 
 
(Loss) gain on sales of operating properties
(5,714
)
 
—

 
 
 
24,965

 
8,329

 
 
Net loss (income) attributable to noncontrolling interests
382

 
(379
)
 
 
 
10

 
(604
)
 
 
Net (loss) income attributable to common shareholders
$
(19,735
)
 
$
3,938

 
 
 
$
(15,816
)
 
$
(15,346
)
 
 
 
____________________
1
Same Property NOI excludes (i) The Corner, Courthouse Shadows, Glendale Town Center, and Hamilton Crossing redevelopments, (ii) the recently completed Fishers Station and Rampart Commons redevelopments, (iii) the recently acquired Nora Plaza, and (iv) office properties.
2
Excludes leases that are signed but for which tenants have not yet commenced the payment of cash rent. Calculated as a weighted average based on the timing of cash rent commencement and expiration during the period.
3
Same Property NOI excludes net gains from outlot sales, straight-line rent revenue, lease termination fees, amortization of lease intangibles, fee income and significant prior period expense recoveries and adjustments, if any.
4
Includes non-cash activity across the portfolio as well as net operating income from properties not included in the same property pool including properties sold during both periods.
 


p. 12
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
NET OPERATING INCOME AND EBITDA BY QUARTER
image65.jpg



($ in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
September 30,
2018
Revenue: 
 
 
 
 
 
 
 
 
 
 
Minimum rent1
 
$
56,012

 
$
62,047

 
$
63,999

 
$
64,764

 
$
66,577

Tenant reimbursements 
 
16,504

 
17,573

 
18,142

 
17,558

 
18,185

Other property related revenue
 
1,100

 
492

 
359

 
3,091

 
333

Overage rent
 
57

 
174

 
217

 
830

 
87

Parking revenue, net2
 
583

 
518

 
243

 
170

 
82

 
 
74,256

 
80,804

 
82,960

 
86,413

 
85,264

Expenses: 
 
 
 
 
 
 
 
 
 
 
Property operating  - Recoverable3
 
9,207

 
9,594

 
9,764

 
10,018

 
9,894

Property operating - Non-Recoverable3
 
1,467

 
1,491

 
1,387

 
2,888

 
1,978

Real estate taxes 
 
9,430

 
9,727

 
10,032

 
9,861

 
11,047

 
 
20,104

 
20,812

 
21,183

 
22,767

 
22,919

Net Operating Income - Properties 
 
54,152

 
59,992

 
61,777

 
63,646

 
62,345

 
 
 
 
 
 
 
 
 
 
 
Other (Expenses) Income: 
 
 
 
 
 
 
 
 
 
 
General, administrative, and other 
 
(6,709
)
 
(7,037
)
 
(6,777
)
 
(4,957
)
 
(4,865
)
Fee income
 
110

 
91

 
102

 
93

 
105

 
 
(6,599
)
 
(6,946
)
 
(6,675
)
 
(4,864
)
 
(4,760
)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
 
47,553

 
53,046

 
55,102

 
58,782

 
57,585

 
 
 
 
 
 
 
 
 
 
 
Impairment charge
 
(8,538
)
 
(25,107
)
 
(4,077
)
 
(31,513
)
 
—

Depreciation and amortization 
 
(31,985
)
 
(34,713
)
 
(34,635
)
 
(36,299
)
 
(36,858
)
Interest expense
 
(14,302
)
 
(16,124
)
 
(16,459
)
 
(17,643
)
 
(16,058
)
Equity in loss of unconsolidated subsidiaries
 
(11
)
 
(238
)
 
(427
)
 
(303
)
 
—

Income tax benefit of taxable REIT subsidiary 
 
41

 
66

 
82

 
150

 
27

Loss on debt extinguishment
 
(7,045
)
 
(2,577
)
 
—

 
—

 
—

Other expense, net
 
(116
)
 
(142
)
 
(185
)
 
(158
)
 
(379
)
(Loss) gains on sales of operating properties
 
(5,714
)
 
24,092

 
6,587

 
(4,725
)
 
—

Net (loss) income
 
(20,117
)
 
(1,697
)
 
5,988

 
(31,709
)
 
4,317

Less: Net loss (income) attributable to noncontrolling interests
 
382

 
(99
)
 
(273
)
 
488

 
(379
)
Net (loss) income attributable to Kite Realty Group Trust
 
$
(19,735
)
 
$
(1,796
)
 
$
5,715

 
$
(31,221
)
 
$
3,938

 
 
 
 
 
 
 
 
 
 
 
NOI/Revenue
 
72.9
%
 
74.2
%
 
74.5
%
 
73.7
%
 
73.1
%
Recovery Ratios4
 
 
 
 
 
 
 
 
 
 
       - Retail Properties
 
91.6
%
 
94.3
%
 
93.9
%
 
90.7
%
 
89.3
%
       - Consolidated
 
88.6
%
 
91.0
%
 
91.6
%
 
88.3
%
 
86.8
%
 
____________________
1
Minimum rent includes $4.1 million in ground lease-related revenue for the three months ended September 30, 2019. In addition, minimum rent includes $0.4 million, $0.2 million, $0.1 million, $0.5 million, and $1.2 million of lease termination income for the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, and September 30, 2018, respectively.
2
Parking revenue, net represents the net operating results of the Eddy Street Parking Garage, the Union Station Parking Garage, and the Pan Am Plaza Parking Garage.
3
Recoverable expenses include total management fee expense (or recurring G&A expense of $1.5 million) allocable to the property operations in the three months ended September 30, 2019, a portion of which is recoverable. Non-recoverable expenses primarily include ground rent, professional fees, and marketing costs.
4
“Recovery Ratio” is computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense.

p. 13
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
FUNDS FROM OPERATIONS1
image65.jpg



($ in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Funds From Operations ("FFO")
 
 
 
 
 
 
 
 
Consolidated net (loss) income
 
$
(20,117
)
 
$
4,317

 
$
(15,826
)
 
$
(14,742
)
Less: net income attributable to noncontrolling interests in properties
 
(132
)
 
(285
)
 
(396
)
 
(979
)
Less: loss (gain) on sales of operating properties
 
5,714

 
—

 
(24,965
)
 
(8,329
)
Add: impairment charges
 
8,538

 
—

 
37,723

 
38,847

Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests
 
32,266

 
37,045

 
102,119

 
115,501

   FFO of the Operating Partnership1
 
26,269

 
41,077

 
98,655

 
130,298

Less: Limited Partners' interests in FFO
 
(627
)
 
(986
)
 
(2,365
)
 
(3,127
)
   FFO attributable to Kite Realty Group Trust common shareholders1
 
$
25,642

 
$
40,091

 
$
96,290

 
$
127,171

FFO, as defined by NAREIT, per share of the Operating Partnership - basic
 
$
0.31

 
$
0.48

 
$
1.15

 
$
1.52

FFO, as defined by NAREIT, per share of the Operating Partnership - diluted
 
$
0.30

 
$
0.48

 
$
1.15

 
$
1.52

 
 
 
 
 
 
 
 
 
FFO of the Operating Partnership1
 
$
26,269

 
$
41,077

 
$
98,655

 
$
130,298

Add: loss on debt extinguishment
 
7,045

 
—

 
9,622

 
—

FFO, as adjusted, of the Operating Partnership
 
$
33,314

 
$
41,077

 
$
108,277

 
$
130,298

FFO, as adjusted, per share of the Operating Partnership - basic and diluted
 
$
0.39

 
$
0.48

 
$
1.26

 
$
1.52

 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
 
83,960,841

 
83,706,704

 
83,914,923

 
83,670,038

Weighted average common shares outstanding - diluted
 
84,107,482

 
83,767,655

 
84,057,484

 
83,719,308

Weighted average common shares and units outstanding - basic
 
86,073,433

 
85,768,857

 
86,013,028

 
85,717,440

Weighted average common shares and units outstanding - diluted
 
86,220,075

 
85,829,808

 
86,155,588

 
85,766,710

 
 
 
 
 
 
 
 
 
FFO, as defined by NAREIT, per diluted share/unit
 
 
 
 
 
 
 
 
Consolidated net (loss) income
 
$
(0.23
)
 
$
0.05

 
$
(0.18
)
 
$
(0.17
)
Less: net income attributable to noncontrolling interests in properties
 
—

 
—

 
—

 
(0.01
)
Less: Loss (gain) on sales of operating properties
 
0.07

 
—

 
(0.29
)
 
(0.10
)
Add: impairment charges
 
0.10

 
—

 
0.44

 
0.45

Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests
 
0.37

 
0.43

 
1.18

 
1.35

FFO, as defined by NAREIT, of the Operating Partnership per diluted share/unit1
 
$
0.31

 
$
0.48

 
$
1.15

 
$
1.52

 
 
 
 
 
 
 
 
 
Add: loss on debt extinguishment
 
0.08

 
—

 
0.11

 
—

FFO, as adjusted, of the Operating Partnership per diluted share/unit
 
$
0.39

 
$
0.48

 
$
1.26

 
$
1.52

____________________
1
“FFO of the Operating Partnership" measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to Kite Realty Group Trust common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.

p. 14
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
ADJUSTED FUNDS FROM OPERATIONS AND OTHER FINANCIAL INFORMATION
image65.jpg

 
($ in thousands)
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Reconciliation of FFO, as adjusted, to Adjusted Funds from Operations (AFFO)
 
 

 
 

 
 

 
 

FFO, as defined by NAREIT, as adjusted, of the Operating Partnership
 
$
33,314

 
$
41,077

 
$
108,277

 
$
130,298

Add:
 
 

 
 

 
 

 
 

Depreciation of non-real estate assets
 
159

 
290

 
533

 
840

Amortization of deferred financing costs
 
615

 
662

 
2,128

 
2,220

Non-cash compensation expense
 
1,321

 
852

 
4,026

 
3,156

Less:
 
 

 
 

 
 

 
 

Straight-line rent - minimum rent
 
(501
)
 
760

 
624

 
2,322

Straight-line rent - common area maintenance
 
287

 
—

 
784

 
—

Market rent amortization income
 
829

 
847

 
2,985

 
5,488

Amortization of debt premium
 
283

 
547

 
1,329

 
2,083

Other cash and non-cash adjustments
 
—

 
344

 
—

 
1,264

Capital expenditures1:
 
 
 
 
 
 
 
 
     Maintenance capital expenditures
 
1,631

 
1,165

 
2,622

 
3,313

     Revenue enhancing tenant improvements
 
2,304

 
3,918

 
6,365

 
9,524

     External lease commissions
 
387

 
569

 
1,239

 
1,802

Total Recurring AFFO of the Operating Partnership
 
30,189

 
$
34,731

 
$
99,016

 
$
110,718

 
 
 
 
 
 
 
 
 
Other Financial Information:
 
 
 
 
 
 
 
 
Scheduled debt principal payments 
 
$
1,089

 
$
1,078

 
$
3,492

 
$
3,709


 
____________________
1
Excludes landlord work, tenant improvements and leasing commissions relating to development, redevelopment, and Big Box Surge projects.
 


p. 15
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
SUMMARY INCOME STATEMENT AND LEASE ACCOUNTING IMPACT
image65.jpg

($ in thousands)
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
 
 
2019
 
2018
 
% Change
 
 
 
 

 
 

 
 
 
Same Property Revenue
 
$
66,483

 
$
65,644

 
1.3
 %
 
Same Property Expenses
 
(17,435
)
 
(17,712
)
 
1.6
 %
 
Same Property Net Operating Income
 
49,048

 
47,932

 
2.3
 %
 
 
 
 
 
 
 
 
 
Redevelopment Revenue
 
2,404

 
2,309

 
4.1
 %
 
Redevelopment Expenses
 
(1,220
)
 
(1,373
)
 
11.1
 %
 
Redevelopment Net Operating Income
 
1,184

 
936

 
26.5
 %
 
 
 
 

 
 

 
 
 
Non-Same Property Net Operating Income
 
832

 
185

 
(349.7
)%
 
Sold Assets Net Operating Income
 
2,043

 
10,183

 
(79.9
)%
 
Non-Cash & Other Non-Recurring Net Operating Income
 
1,045

 
3,109

 
(66.4
)%
 
Net Operating Income
 
54,152

 
62,345

 
(13.1
)%
 
 
 
 
 
 
 
 
 
General and Administrative Expense
 
(6,709
)
 
(4,865
)
 
(37.9
)%
 
Fee income
 
110

 
105

 
4.8
 %
 
EBITDA
 
47,553

 
57,585

 
(17.4
)%
 
 
 
 
 
 
 
 
 
Interest Expense
 
(13,277
)
 
(12,618
)
 
(5.2
)%
 
Interest Related to Retired Debt
 
(1,025
)
 
(3,440
)
 
70.2
 %
 
Other income (expense), net
 
63

 
(450
)
 
114.0
 %
 
Funds From Operations, as adjusted
 
33,314

 
41,077

 
(18.9
)%
 
 
 
 
 
 
 
 
 
      Non-Cash Items
 
1,197

 
(694
)
 
272.5
 %
 
      Capital Expenditures
 
(4,322
)
 
(5,652
)
 
23.5
 %
 
Recurring Adjusted Funds From Operations
 
30,189

 
34,731

 
(13.1
)%
 
 
 
 
 
 
 
 
 
FFO, as adjusted, per share of the Operating Partnership - diluted
 
$
0.39

 
$
0.48

 
(18.8
)%
 

Impact of New Lease Guidance Implementation
 
 
Balance Sheet Impact
 
Amount
 
Account
Right of Use Asset
 
$
26,844

 
Prepaid and Other Assets
Lease Liabilities
 
$
27,116

 
Deferred Revenue and Other Liabilities
 
 
 
 
 
Income Statement Impact
 
Amount
 
Account
Internal and third party leasing and legal costs not directly incremental to a lease execution - Q3 2019
 
$
1,368

 
General & Administrative Expense
 
 
 
 
 
Straight-line rent - common area maintenance
 
$
287

 
Rental Income
 
 
 
 
 
Revenues deemed uncollectible - Q3 2019
 
$
892

 
Rental Income
Bad debt expense - Q3 2018
 
$
550

 
Property Operating Expense


p. 16
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
JOINT VENTURE SUMMARY - SEPTEMBER 30, 2019
image65.jpg


($ in thousands)

CONSOLIDATED INVESTMENTS
 
 
 
 
 
 
Investment Partner
Total GLA
Total Assets
Total Debt
Partner Economic Ownership Interest 1
Partner Share of Debt
Partner Share of Annual Income
 
 
Individual Investors
465,920

$
146,381

$
56,190

2.0% - 15.0%

$
1,124

$
528

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UNCONSOLIDATED INVESTMENTS
 
 
 
 
 
Investment Partner
Total GLA
Total Assets
Total Debt
KRG Economic Ownership Interest
KRG Share of Debt
KRG Investment
KRG Share of Quarterly EBITDA
KRG Share of Quarterly EBITDA Annualized
Nuveen
416,877

$
104,691

$
51,890

20
%
$
10,378

$
9,712

$
324

$
1,296

Individual Investors
152,460

46,307

33,634

35
%
11,770

3,156

402

1,608

Total
569,337

$
150,998

$
85,524

 
$
22,148

$
12,868

$
726

$
2,904

 
____________________
1
Economic ownership % represents the partner's share of cash flow.




p. 17
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
SUMMARY OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2019
image65.jpg

($ in thousands)
 
 
 
 
 
 
 
TOTAL OUTSTANDING DEBT 1
 
 
 
 
 
 
 
Outstanding Amount
 
Ratio
 
Weighted Average
Interest Rate
 
Weighted Average
Maturity (in years)
Fixed Rate Debt
$
1,148,803

 
93
%
 
4.01
%
 
5.8

Variable Rate Debt
56,751

 
5
%
 
3.92
%
 
7.7

Net Debt Premiums and Issuance Costs, Net
(6,970
)
 
N/A

 
N/A

 
N/A

Total Consolidated Debt
1,198,584

 
98
%
 
4.03
%
 
5.9

KRG Share of Unconsolidated Debt
22,148

 
2
%
 
4.32
%
 
6.6

Total
$
1,220,732

 
100
%
 
4.01
%
 
5.9

SCHEDULE OF MATURITIES BY YEAR
 
 
 
 
 
 
 
 
 
 
Secured Debt
 
 
 
 
 
 
 
 
Scheduled Principal
Payments
 
Term
Maturities
 
Unsecured
Debt 2
 
Total Consolidated Debt
 
Total Unconsolidated Debt
 
Total Outstanding Debt
2019
 
$
738

 
$
—

 
$
—

 
738

 
$
—

 
738

2020
 
3,024

 
—

 
—

 
3,024

 
100

 
3,124

2021
 
2,826

 
33,074

 
—

 
35,900

 
245

 
36,145

2022
 
1,043

 
179,055

 
—

 
180,098

 
258

 
180,356

2023
 
806

 
161,517

 
95,000

 
257,323

 
270

 
257,593

2024
 
854

 
—

 
—

 
854

 
10,897

 
11,751

2025
 
904

 
16,941

 
80,000

 
97,845

 
—

 
97,845

2026 And Beyond
 
4,672

 
100

 
625,000

 
629,772

 
10,378

 
640,150

Net Debt Premiums and Issuance Cost, Net
 
(6,970
)
 
—

 
—

 
(6,970
)
 
—

 
(6,970
)
Total
 
$
7,897

 
$
390,687

 
$
800,000

 
$
1,198,584

 
$
22,148

 
$
1,220,732

1
Fixed rate debt includes, and variable rate date excludes, the portion of such debt that has been hedged by interest rate derivatives. As of September 30, 2019, $266.2 million in variable rate debt is hedged for a weighted average 3.3 years.
2
This presentation reflects the Company's exercise of its option to extend the maturity date by one year to April 22, 2023 for the Company's unsecured credit facility.The ability to exercise this option is subject to certain conditions, which the Company does not unilaterally control.
 
debtgraphq32019a01.jpg

p. 18
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2019
image65.jpg


($ in thousands)
 
 
 
 
 
 
 
 
Property
 
Interest Rate1
 
Maturity Date
 
Balance as of
September 30, 2019
 
% of
 Total Outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019 Debt Maturities
 
 
 
 
 
—

 
—
%
 
 
 
 
 
 
 
 
 
2020 Debt Maturities
 
 
 
 
 
—

 
—
%
 
 
 
 
 
 
 
 
 
Bell Oaks Centre
 
5.59
%
 
4/1/2021
 
6,547

 
 
International Speedway Square
 
5.77
%
 
4/1/2021
 
18,354

 
 
Silver Springs Pointe
 
5.03
%
 
7/1/2021
 
8,800

 
 
2021 Debt Maturities
 
 
 
 
 
33,701

 
2.7
%
 
 
 
 
 
 
 
 
 
Centre at Panola, Phase I
 
6.78
%
 
1/1/2022
 
1,065

 
 
Delray Marketplace 2
 
LIBOR + 160

 
2/5/2022
 
56,010

 
 
Bayonne Crossing
 
4.43
%
 
4/1/2022
 
43,141

 
 
Saxon Crossing
 
4.65
%
 
7/1/2022
 
11,400

 
 
Shops at Moore
 
4.29
%
 
9/1/2022
 
21,300

 
 
Shops at Julington Creek
 
4.60
%
 
9/1/2022
 
4,785

 
 
Centre Point Commons
 
4.34
%
 
10/1/2022
 
14,410

 
 
Miramar Square
 
4.16
%
 
12/1/2022
 
31,625

 
 
2022 Debt Maturities
 

 
 
 
183,736

 
15.0
%
 
 
 
 
 
 
 
 
 
Centennial Gateway
 
3.81
%
 
1/1/2023
 
23,962

 
 
Centennial Center
 
3.83
%
 
1/6/2023
 
70,455

 
 
Eastern Beltway
 
3.83
%
 
1/6/2023
 
34,100

 
 
The Corner
 
4.1
%
 
3/1/2023
 
14,750

 
 
Chapel Hill
 
3.78
%
 
4/1/2023
 
18,250

 
 
Unsecured Credit Facility 3,4
 
LIBOR + 115

 
4/22/2023
 
—

 
 
Senior Unsecured Note
 
4.23
%
 
9/10/2023
 
95,000

 
 
2023 Debt Maturities
 
 
 

 
256,517

 
20.9
%
 
 
 
 
 
 
 
 
 
2024 Debt Maturities
 
 
 
 
 
—

 
—
%
 
 
 
 
 
 
 
 
 
Thirty South
 
LIBOR + 150

 
6/30/2025
 
16,941

 
 
Senior Unsecured Note
 
4.47
%
 
9/10/2025
 
80,000

 
 
2025 Debt Maturities
 
 
 
 
 
96,941

 
7.9
%

p. 19
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2019 (CONTINUED)
image65.jpg


($ in thousands)
 
 
 
 
 
 
 
 
Property
 
Interest Rate1
 
Maturity Date
 
Balance as of
September 30, 2019
 
%  of
 Total Outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior Unsecured Note
 
4.00
%
 
10/1/2026
 
300,000

 
 
Senior Unsecured Note
 
4.57
%
 
9/10/2027
 
75,000

 
 
Unsecured Term Loan 5
 
LIBOR + 200

 
10/24/2028
 
250,000

 
 
Rampart Commons
 
5.73
%
 
6/10/2030
 
9,659

 
 
2026 And Beyond Debt Maturities
 
 
 
 
 
634,659

 
51.7
%
NET PREMIUMS ON ACQUIRED DEBT & ISSUANCE COSTS
 
 
 
 
 
(6,970
)
 
 
TOTAL DEBT PER CONSOLIDATED BALANCE SHEET
 
 
 
$
1,198,584

 
98.2
%
 
 
 
 
 
 
 
 
 
KRG Share of Unconsolidated Debt
 
 
 
 
 
 
 
 
Embassy Suites at University of Notre Dame
 
LIBOR + 250

 
7/1/2024
 
11,770

 
 
Nuveen 6
 
4.09%

 
7/1/2028
 
10,378

 
 
TOTAL KRG SHARE OF UNCONSOLIDATED DEBT
 
 
 
 
 
22,148

 
1.8
%
TOTAL CONSOLIDATED AND KRG SHARE OF UNCONSOLIDATED DEBT
 
 
 
$
1,220,732

 


 
 
 
 
 
 
 
 
 
 
 
1
At September 30, 2019, one-month LIBOR was 2.02%.
2
Property is held in a joint venture. The loan is guaranteed by Kite Realty Group, LP. See Joint Venture Summary on page 18 for additional detail.
3
The Company has 76 wholly owned unencumbered properties included in the unencumbered property pool of our unsecured facilities.
4
Assumes Company exercises its option to extend the maturity date by one year.
5
Assumes Company exercises three one-year options to extend the maturity date by three years.
 
6
Properties are held in joint ventures. See Joint Venture Summary on page 18 for additional detail.


p. 20
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
KEY DEBT METRICS
image65.jpg


UNSECURED PUBLIC DEBT COVENANTS
 
 
 
 
 
September 30, 2019
 
Debt Covenant Threshold1
 
 
 
 
 
Total Debt to Undepreciated Assets
36.6%
 
<60%
 
 
 
 
 
Secured Debt to Undepreciated Assets
12.5%
 
<40%
 
 
 
 
 
Undepreciated Unencumbered Assets to Unsecured Debt
301.1%
 
>150%
 
 
 
 
 
Debt Service Coverage
3.34
 
>1.5x
 
 
 
 
 
 
 
 
 
 
Senior Unsecured Debt Ratings:
 
 
 
 
Moody's Investors Service
Baa3/Stable
 
 
Standard & Poor's Rating Services
BBB-/Stable
 
 
 
 
 
 
 
 
 
 
 
 
Liquidity ($ in thousands)
 
 
 
 
Cash and cash equivalents
 
$
40,442

 
 
Availability under unsecured credit facility
 
580,029

 
 
 
 
$
620,471

 
 
 
 
 
 
 
Unencumbered NOI as a % of Total NOI
 
67
%
 
 
 
 
 
 
 
____________________
1
For a complete listing of all Debt Covenants related to the Company's Senior Unsecured Notes, as well as definitions of the terms, refer to the Company's filings with the SEC.



NET DEBT TO EBITDA
 
 
 
Company's Consolidated Debt & Share of Unconsolidated Debt
 
 
$
1,226,582

Less: Cash, Cash Equivalents, and Restricted Cash
 
(51,003
)
Less: Pro-forma adjustment 1
 
 
(27,200
)
 
 
 
$
1,148,379

Q3 2019 EBITDA, Annualized:
 
 
 
        -  Consolidated EBITDA
$
190,212

 
 
        -  Unconsolidated EBITDA
2,904

 
 
        - Pro-forma adjustments 2
(1,040
)
 
 
   - Minority Interest EBITDA 3
(528
)
 
191,548

Ratio of Company Share of Net Debt to EBITDA
 

 
6.0x

 
 
 
 
____________________
 
 
 
 
1
Relates to timing of quarterly dividend payment being made prior to quarter-end resulting in four payments year to date.
2
Relates to annualized EBITDA for properties sold and acquired during the quarter and non-recurring non-cash adjustments.
3
See page 18 for details


p. 21
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
TOP 25 TENANTS BY ANNUALIZED BASE RENT
image65.jpg

As of September 30, 2019
($ in thousands, except per square foot data)

This table includes the following:
•
Operating retail properties;
•
Operating office properties; and
•
Development/Redevelopment property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 2019.
 
 
Number of Stores
 
 
 
 
 
 
 
 
 
Credit Ratings
Tenant (# Stores)
 
Wholly Owned
 
JV1
 
Total Leased GLA/NRA2
 
Annualized
Base Rent3,4
 
Annualized Base Rent
per Sq. Ft.4
 
% of Total Portfolio
Annualized
Base Rent4
 
S&P
 
Moody's
Publix Super Markets, Inc.
 
13
 
—

 
623,588

 
$
6,165

 
$
9.89

 
2.7
%
 
N/A
 
N/A
The TJX Companies, Inc.5
 
14
 
2

 
468,205

 
4,678

 
11.16

 
2.1
%
 
A+
 
A2
Bed Bath & Beyond, Inc.6
 
14
 
2

 
422,348

 
4,386

 
12.02

 
1.9
%
 
BB+
 
Baa3
Ross Stores, Inc.
 
13
 
1

 
390,124

 
4,236

 
11.49

 
1.9
%
 
A+
 
A2
PetSmart, Inc.
 
13
 
1

 
291,389

 
4,077

 
14.67

 
1.8
%
 
B-
 
Caa1
Dick's Sporting Goods, Inc.7
 
7
 
—

 
340,502

 
3,647

 
10.71

 
1.6
%
 
N/A
 
N/A
Nordstrom Rack
 
5
 
1

 
197,797

 
3,559

 
20.40

 
1.6
%
 
BBB+
 
Baa1
Michaels Stores, Inc.
 
11
 
1

 
253,936

 
3,222

 
13.38

 
1.4
%
 
BB-
 
Ba2
LA Fitness
 
4
 
—

 
170,209

 
3,220

 
18.92

 
1.4
%
 
N/A
 
N/A
National Amusements
 
1
 
—

 
80,000

 
2,953

 
36.92

 
1.3
%
 
B+
 
N/A
Kohl's Corporation
 
4
 
—

 
184,516

 
2,832

 
7.87

 
1.3
%
 
BBB
 
Baa2
Walmart Stores, Inc.8
 
5
 
—

 
—

 
2,652

 
3.27

 
1.2
%
 
AA
 
Aa2
Best Buy Co., Inc.
 
5
 
—

 
183,604

 
2,612

 
14.22

 
1.2
%
 
BBB
 
Baa1
Old Navy9
 
10
 
—

 
159,273

 
2,450

 
15.38

 
1.1
%
 
N/A
 
N/A
Lowe's Companies, Inc.
 
3
 
—

 
—

 
2,375

 
4.91

 
1.0
%
 
BBB+
 
Baa1
Petco Animal Supplies, Inc.
 
10
 
—

 
139,457

 
2,352

 
16.87

 
1.0
%
 
CCC+
 
B3
Mattress Firm Holdings Corp (14) / Sleepy's (4)
 
18
 
—

 
83,585

 
2,235

 
26.74

 
1.0
%
 
N/A
 
N/A
Burlington Stores, Inc.
 
3
 
—

 
238,400

 
2,226

 
9.34

 
1.0
%
 
BB+
 
N/A
Hobby Lobby Stores, Inc.
 
5
 
—

 
271,254

 
2,190

 
8.07

 
1.0
%
 
N/A
 
N/A
The Kroger Co.10
 
3
 
—

 
60,268

 
2,099

 
9.19

 
0.9
%
 
BBB
 
Baa1
Office Depot (6) / Office Max (2)
 
8
 
—

 
167,606

 
2,045

 
12.20

 
0.9
%
 
B
 
Ba3
New York Sports Club
 
2
 
—

 
86,717

 
1,921

 
22.16

 
0.9
%
 
N/A
 
N/A
Randall's Food and Drugs
 
2
 
—

 
133,990

 
1,754

 
13.09

 
0.8
%
 
N/A
 
N/A
Walgreens
 
3
 
—

 
52,662

 
1,726

 
32.78

 
0.8
%
 
BBB
 
Baa2
Whole Foods Market, Inc.
 
3
 
—

 
106,003

 
1,692

 
15.97

 
0.8
%
 
A+
 
A3
TOTAL
 
179
 
8

 
5,105,433

 
$
73,307

 
$
11.64

 
33.9
%
 
 
 
 
1
JV Stores represent stores at unconsolidated properties.
2
Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants.
3
Annualized base rent represents the monthly contractual rent for September 30, 2019, for each applicable tenant multiplied by 12. Annualized base rent does not include tenant reimbursements. Annualized base rent represents 100% of the annualized base rent at consolidated properties and our share of the annualized base rent at unconsolidated properties.
4
Annualized base rent and percent of total portfolio includes ground lease rent.
5
Includes TJ Maxx (9), Marshalls (5) and HomeGoods (2).
6
Includes Bed Bath and Beyond (8), Buy Buy Baby (4) Christmas Tree Shops, (1) and Cost Plus World Market (3).
7
Includes Dick's Sporting Goods (6) and Golf Galaxy (1).
8
Includes Sam's Club.
9
Gap, Inc. announced plans to create an independent publicly traded company comprised of the Old Navy brand.
10
Includes Kroger (1), Harris Teeter (1), and Smith's (1).

Ascena Retail Group announced plans to commence a wind down of Dressbarn's operations. Excluding Dressbarn stores, Ascena Retail Group accounts for 0.6% of total portfolio annualized base rent.

p. 22
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
RETAIL LEASING SPREADS
image65.jpg


 
 
 
 
 
 
Comparable Space1, 2
 
 
Category
 
Total Leases
Total
Sq. Ft.
 
Leases
 
Sq. Ft.
 
Prior Rent PSF3
 
New Rent PSF4
 
Cash Rent Spread
GAAP Rent Spread5
TI, LL Work, Lease Commissions PSF6
New Leases - Q3, 2019
 
22

 
71,241

 
10
 
25,428

 
$
21.98

 
$
27.33

 
24.3
 %
42.4
%
 
 
 
New Leases - Q2, 2019
 
33

 
121,100

 
21
 
87,514

 
18.37

 
21.70

 
18.2
 %
25.4
%
 
 
 
New Leases - Q1, 2019
 
33

 
166,518

 
17
 
96,698

 
11.83

 
18.71

 
58.2
 %
63.3
%
 
 
 
New Leases - Q4, 2018
 
33

 
202,555

 
19
 
170,995

 
15.11

 
17.48

 
15.7
 %
25.3
%
 
 
 
Total
 
121

 
561,414

 
67
 
380,635

 
$
15.49

 
$
19.42

 
25.4
 %
34.8
%
 
$
64.29

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Renewals - Q3, 2019
 
48

 
490,983

 
44
 
444,065

 
$
13.26

 
$
14.10

 
6.3
 %
9.5
%
 
 
 
Renewals - Q2, 2019
 
48

 
379,892

 
48
 
379,892

 
14.26

 
15.11

 
5.9
 %
10.5
%
 
 
 
Renewals - Q1, 2019
 
62

 
475,587

 
57
 
455,410

 
15.10

 
14.62

 
(3.2
)%
1.0
%
 
 
 
Renewals - Q4, 2018
 
43

 
268,312

 
43
 
268,312

 
16.23

 
17.44

 
7.5
 %
12.4
%
 
 
 
Total
 
201

 
1,614,774

 
192
 
1,547,679

 
$
14.56

 
$
15.08

 
3.6
 %
7.7
%
 
$
0.46

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total - Q3, 2019
 
70
 
562,224

 
54
 
469,493

 
$
13.74

 
$
14.82

 
7.9
 %
12.3
%
 
 
 
Total - Q2, 2019
 
81
 
500,992

 
69
 
467,406

 
15.03

 
16.34

 
8.7
 %
14
%
 
 
 
Total - Q1, 2019
 
95
 
642,105

 
74
 
552,108

 
14.53

 
15.34

 
5.6
 %
10.2
%
 
 
 
Total - Q4, 2018
 
76
 
470,867

 
62
 
439,307

 
15.79

 
17.45

 
10.5
 %
17.2
%
 
 
 
Total
 
322
 
2,176,188

 
259
 
1,928,314

 
$
14.75

 
$
15.94

 
8.1
 %
13.4
%
 
$
13.06

 

________________
1
Comparable space leases on this report are included for second generation retail spaces. Comparable leases represent those leases for which there was a former tenant within the last 12 months. Leases at our two office properties, Thirty South Meridian and Eddy Street Commons, and ground leases are excluded.
2
Comparable renewals exclude terms shorter than two years.
3
Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term. All amounts reported at lease execution.
4
Contractual rent represents contractual minimum rent per square foot for the first 12 months of the lease.
5
The aggregate spread on a straight-line basis over the contractual life of the lease to the comparable lease.
6
Includes redevelopment costs for tenant specific landlord work and tenant allowances provided to tenants at properties in the redevelopment pipeline.



p. 23
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
LEASE EXPIRATIONS
image65.jpg



As of September 30, 2019

($ in thousands, except per square foot data)

This table includes the following:
•
Operating retail properties;
•
Operating office properties; and
•
Development/Redevelopment property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 2019.


 
 
 
Expiring GLA2
 
 
 
 
 
Expiring Annualized Base Rent per Sq. Ft.3
 
 
Number of Expiring Leases1
 
Shop Tenants
 
Anchor Tenants
 
Office and Other Tenants
 
Expiring Annualized Base Rent (Pro-rata)
 
% of Total Annualized Base Rent (Pro-rata)
 
Shop Tenants
 
Anchor Tenants
 
Office and Other Tenants
Total
2019
 
37

 
128,080

 
10,471

 
—

 
$
2,923,911

 
1.4
%
 
$
21.19

 
$
20.00

 
$
—

$
21.10

2020
 
157

 
296,344

 
529,401

 
13,311

 
14,095,230

 
6.7
%
 
26.28

 
11.85

 
19.25

16.97

2021
 
234

 
503,410

 
998,694

 
7,799

 
24,559,687

 
11.7
%
 
26.29

 
11.43

 
25.35

16.38

2022
 
266

 
549,832

 
1,152,024

 
65,020

 
30,809,925

 
14.7
%
 
26.67

 
12.98

 
19.67

17.47

2023
 
260

 
564,231

 
1,137,475

 
129,935

 
33,559,908

 
16.0
%
 
27.58

 
14.85

 
9.15

18.35

2024
 
219

 
470,007

 
939,181

 
33,827

 
25,914,382

 
12.3
%
 
28.94

 
15.19

 
13.05

20.09

2025
 
127

 
272,431

 
912,070

 
116,988

 
19,340,675

 
9.2
%
 
28.90

 
10.93

 
17.92

15.42

2026
 
78

 
222,511

 
435,659

 
—

 
9,621,658

 
4.6
%
 
26.03

 
9.98

 
—

15.87

2027
 
77

 
212,495

 
365,093

 
9,154

 
10,386,573

 
4.9
%
 
28.01

 
12.99

 
31.29

19.19

2028
 
72

 
166,593

 
371,802

 
61,747

 
11,556,505

 
5.5
%
 
30.29

 
14.02

 
21.75

19.30

Beyond
 
113

 
240,439

 
1,250,431

 
56,921

 
27,193,788

 
13.0
%
 
29.15

 
15.20

 
23.03

17.62

 
 
1,640

 
3,626,373

 
8,102,301

 
494,702

 
$
209,962,242

 
100.0
%
 
$
27.36

 
$
13.24

 
$
16.98

$
17.65


____________________
1
Lease expiration table reflects rents in place as of September 30, 2019 and does not include option periods; 2019 expirations include 9 month-to-month tenants. This column also excludes ground leases.
2
Expiring GLA excludes estimated square footage attributable to non-owned structures on land owned by the Company and ground leased to tenants.
3
Annualized base rent represents the monthly contractual rent as of September 30, 2019 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.
 






p. 24
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
DEVELOPMENT AND REDEVELOPMENT PROJECTS
image65.jpg
    

($ in thousands)


Project
MSA
KRG Ownership %
Anticipated Start Date
Projected Stabilization Date1
Projected New Total GLA
Projected New Owned GLA
KRG Share of Estimated Project Cost
KRG Share of Cost Incurred
Estimated Return on Investment3
Description
 
 
 
 
 
 
 
 
 
 
 
Active Developments
 
 
 
 
 
 
 
 
 
 
Eddy Street Commons at Notre Dame, IN - Phase II 2
South Bend, IN

N/A
Q4 2020
530,000

8,500

$
10,000

$
5,984

11.0% - 13.0%

Total
 
 
530,000

8,500

$
10,000

$
5,984

11.0% - 13.0%



Future Opportunities4
 
 
Hamilton Crossing Centre
Indianapolis, IN
Creation of a mixed use (office, retail, and multi-family) development.
The Corner
Indianapolis, IN
Creation of a mixed use (retail and multi-family) development to replace an unanchored small shop center.
Glendale Town Center
Indianapolis, IN
Repositioning vacant anchor box with several national tenants. Addition of multi-family development.
Summary of Construction in Progress on Consolidated Balance Sheet
 
Under Construction Development / Redevelopment CIP
$
4,159

Big Box Retenanting
6,286

Holly Springs Towne Center - Phase III
5,913

Various tenant improvements and small projects
18,025

Construction in Progress on Consolidated Balance Sheet
$
34,383


Big Box Surge
 
Leases Signed
21

Tenants Open and Paying Rent
10

 
 
Capital spent (cumulative)
$
21,800

Estimated capital remaining
22,300

Total capital
$
44,100

 
 
Estimated Return on Costs
15%

Projected Annualized Development / Redevelopment Cash NOI Summary


Remaining Under Construction Development / Redevelopment Cash NOI 5
$
1,309

Total Remaining Annual Cash NOI
$
1,309


____________________
1
Stabilization date represents near completion of project construction and substantial occupancy of the property.
2
Total estimated cost of all components of Eddy Street Phase II equals $90.8 million, consisting of KRG estimated project cost ($10.0 million), TIF ($16.1 million), and residential apartments and townhomes to be ground subleased to unrelated third party ($64.7 million).
3
Projected ROI for redevelopments is calculated by dividing incremental rent for comparable spaces or full rent for spaces vacant 12 months or more over total projected cost of the defined area.
4
These opportunities are deemed potential at this time and are subject to various contingencies, many of which could be beyond the Company's control.
5
Does not include NOI associated with Big Box Surge.
 
 

p. 25
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
2019 TRANSACTIONS
image65.jpg
    

PROPERTY DISPOSITIONS
 
 
 
Property Name
MSA
Quarter
Sold
 
Sales Price
Whitehall Pike
Bloomington, IN
Q1
 
 
Beechwood Promenade
Athens, GA
Q2
 
 
Village at Bay Park
Green Bay, WI
Q2
 
 
Lakewood Promenade
Jacksonville, FL
Q2
 
 
Palm Coast Landing
Palm Coast, FL
Q2
 
 
Lowe's - Perimeter Woods
Charlotte, NC
Q2
 
 
Cannery Corner
Las Vegas, NV
Q2
 
 
Temple Terrace
Tampa, FL
Q2
 
 
University Town Center
Oklahoma City, OK
Q2
 
 
Gainesville Plaza
Gainesville, FL
Q3
 
 
Bolton Plaza
Jacksonville, FL
Q3
 
 
Eastgate Plaza
Las Vegas, NV
Q3
 
 
Burnt Store
Punta Gorda, FL
Q3
 
 
Landstown Commons
Virginia Beach, VA
Q3
 
 
Lima Marketplace
Fort Wayne, IN
Q3
 
 
Hitchcock Plaza
Aiken, SC
Q3
 
 
Merrimack Village Center
Manchester, NH
Q3
 
 
Total


 
$
470,874









PROPERTY ACQUISITIONS
 
 
 
Property Name
MSA
Quarter
Acquired
 
Acquisition Price
Pan Am Plaza Garage
Indianapolis, IN
Q1
 
 
Nora Plaza
Indianapolis, IN
Q3
 
 
 
 
 
 
 
Total
 
 
 
$
58,500








p. 26
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
GEOGRAPHIC DIVERSIFICATION – ANNUALIZED BASE RENT BY REGION AND STATE
image65.jpg


As of September 30, 2019


($ in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Total Operating Portfolio Excluding Developments and Redevelopments
 
Developments and Redevelopments2
 
Joint Ventures3
 
Total Operating Portfolio Including
Developments and Redevelopments
Region/State
 
Owned
GLA/NRA1
 
Annualized
Base Rent
 
Owned
GLA/NRA1
 
Annualized
Base Rent
 
Owned
GLA/NRA1
 
Annualized
Base Rent
 
Number of Properties
 
Owned
GLA/NRA1
 
Annualized Base Rent - Ground Leases
 
Total Annualized
Base Rent
 
Percent of
Annualized
Base Rent
South
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Florida
 
3,323,605

 
$
52,862

 
124,802

 
$
251

 
121,705

 
$
1,528

 
30
 
3,570,112

 
$
3,745

 
$
58,386

 
25.2%
Texas
 
1,821,809

 
29,001

 
—

 
—

 
156,150

 
2,597

 
10
 
1,977,959

 
872

 
32,470

 
14.0%
North Carolina
 
1,072,856

 
20,409

 
—

 
—

 
—

 
—

 
8
 
1,072,856

 
2,004

 
22,413

 
9.7%
Oklahoma
 
505,174

 
7,207

 
—

 
—

 
—

 
—

 
3
 
505,174

 
850

 
8,057

 
3.5%
Georgia
 
419,021

 
5,498

 
—

 
—

 
—

 
—

 
3
 
419,021

 
336

 
5,834

 
2.5%
Tennessee
 
230,980

 
3,800

 
—

 
—

 
—

 
—

 
1
 
230,980

 
—

 
3,800

 
1.6%
South Carolina
 
257,776

 
3,238

 
—

 
—

 
—

 
—

 
2
 
257,776

 
—

 
3,238

 
1.4%
Texas - Other
 
107,400

 
591

 
—

 
—

 
—

 
—

 
1
 
107,400

 
—

 
591

 
0.3%
Total South
 
7,738,621

 
122,606

 
124,802

 
251

 
277,855

 
4,125

 
58
 
8,141,278

 
7,807

 
134,789

 
58.2%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Midwest
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indiana - Retail
 
1,738,065

 
26,986

 
519,216

 
3,139

 
—

 
—

 
22
 
2,257,281

 
1,688

 
31,813

 
13.7%
Indiana - Other
 
366,502

 
6,846

 
—

 
—

 
—

 
—

 
3
 
366,502

 
—

 
6,846

 
3.0%
Illinois
 
211,759

 
2,312

 
—

 
—

 
—

 
—

 
2
 
211,759

 
—

 
2,312

 
1.0%
Ohio
 
236,230

 
2,151

 
—

 
—

 
—

 
—

 
1
 
236,230

 
—

 
2,151

 
0.9%
Total Midwest
 
2,552,556

 
38,295

 
519,216

 
3,139

 
—

 
—

 
28
 
3,071,772

 
1,688

 
43,122

 
18.6%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
West
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nevada
 
768,751

 
19,671

 
—

 
—

 
—

 
—

 
4
 
768,751

 
3,592

 
23,263

 
9.9%
Utah
 
392,226

 
7,251

 
—

 
—

 
—

 
—

 
2
 
392,226

 
—

 
7,251

 
3.1%
Arizona
 
79,902

 
2,467

 
—

 
—

 
—

 
—

 
1
 
79,902

 
—

 
2,467

 
1.1%
Total West
 
1,240,879

 
29,389

 
—

 
—

 
—

 
—

 
7
 
1,240,879

 
3,592

 
32,981

 
14.1%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Northeast
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New York
 
363,103

 
9,295

 
—

 
—

 
—

 
—

 
1
 
363,103

 
—

 
9,295

 
4.0%
New Jersey
 
106,146

 
3,123

 
—

 
—

 
139,022

 
2,711

 
2
 
245,168

 
2,263

 
8,097

 
3.5%
Connecticut
 
205,683

 
2,640

 
—

 
—

 
—

 
—

 
1
 
205,683

 
1,061

 
3,701

 
1.6%
Total Northeast
 
674,932

 
15,058

 
—

 
—

 
139,022

 
2,711

 
4
 
813,954

 
3,324

 
21,093

 
9.1%
 
 
12,206,988

 
$
205,348

 
644,018

 
$
3,390

 
416,877

 
$
6,836

 
97
 
13,267,883

 
$
16,411

 
$
231,985

 
100.0%
____________________
1
Owned GLA/NRA represents gross leasable area or net leasable area owned by the Company. It also excludes the square footage of Union Station Parking Garage and Pan Am Plaza Parking Garage.
2
Represents the four redevelopment and one development project not in the retail operating portfolio.
3
Represents the three operating properties owned in unconsolidated joint ventures.


p. 27
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
OPERATING RETAIL PORTFOLIO SUMMARY REPORT
image65.jpg


As of September 30, 2019
Property
Location (MSA)
Year
Built/
Renovated
Owner-ship %
Owned GLA1
 
Leased %
ABR
per SqFt
Grocery Anchors2
Other Retailers2
Total
Anchors
Shops
 
Total
Anchors
Shops
Arizona
 
 
 
 
 
 
 
 
 
 
 

 
The Corner
Tucson
2008
100%
79,902

55,883

24,019

 
100.0
%
100.0
%
100.0
%
$
30.87

Total Wine & More
Nordstrom Rack, Panera Bread, (Home Depot)
Connecticut
 
 
 
 
 
 
 
 
 
 
 

 
Crossing at Killingly Commons 
Willimantic, CT
2010
85%
205,683

148,250

57,433

 
87.0
%
86.2
%
89.0
%
14.75

Stop & Shop Supermarket, (Target)
TJ Maxx, Michaels, Petco, Staples, Lowe's Home Improvement Center
Florida
 
 
 
 
 
 
 
 
 
 
 

 
12th Street Plaza
Vero Beach
1978/2003
100%
135,016

121,376

13,640

 
100.0
%
100.0
%
100.0
%
10.32

Publix
Stein Mart, Tuesday Morning
Bayport Commons
Tampa
2008
100%
97,163

71,540

25,623

 
100.0
%
100.0
%
100.0
%
15.36

(Target)
PetSmart, Michaels
Centre Point Commons
Sarasota
2007
100%
119,320

93,574

25,746

 
98.7
%
100.0
%
93.8
%
17.72


Best Buy, Dick's Sporting Goods, Office Depot, Panera Bread, (Lowe's Home Improvement Center)
Cobblestone Plaza
Miami
2011
100%
133,244

68,219

65,025

 
96.7
%
100.0
%
93.2
%
27.73

Whole Foods
Party City, Planet Fitness
Colonial Square
Fort Myers
2010
100%
186,517

150,505

36,012

 
92.4
%
100.0
%
60.7
%
11.94


Kohl's, Hobby Lobby, PetSmart,
Delray Marketplace
Miami
2013
98%
260,298

118,136

142,162

 
91.6
%
100.0
%
84.6
%
27.22

Publix
Frank Theatres, Burt & Max's, Ann Taylor Loft, Chico's, White House Black Market
Estero Town Commons
Fort Meyers
2006
100%
25,696

—

25,696

 
94.7
%
—
%
94.7
%
15.20


Lowe's Home Improvement Center, Dollar Tree
Hunter's Creek Promenade
Orlando
1994
100%
119,727

55,999

63,728

 
100.0
%
100.0
%
100.0
%
15.57

Publix

Indian River Square
Vero Beach
1997/2004
100%
142,592

109,000

33,592

 
95.9
%
100.0
%
82.7
%
12.15

(Target)
Beall's, Office Depot, Dollar Tree, Panera
International Speedway Square
Daytona Beach
1999/2013
100%
233,424

203,405

30,019

 
94.6
%
100.0
%
57.9
%
11.22

Total Wine & More
Bed Bath & Beyond, Stein Mart, Old Navy, Staples, Michaels, Dick’s Sporting Goods, Shoe Carnival
Kings Lake Square
Naples
1986/2014
100%
88,611

45,600

43,011

 
100.0
%
100.0
%
100.0
%
19.20

Publix

Lake City Commons
Lake City
2008
100%
65,746

45,600

20,146

 
100.0
%
100.0
%
100.0
%
15.56

Publix

Lake City Commons - Phase II
Lake City
2011
100%
16,291

12,131

4,160

 
100.0
%
100.0
%
100.0
%
15.80

Publix
PetSmart
Lake Mary Plaza
Orlando
2009
100%
21,385

14,880

6,505

 
91.3
%
100.0
%
71.4
%
38.70


Walgreens
Lithia Crossing
Tampa
2003/2013
100%
90,515

53,547

36,968

 
100.0
%
100.0
%
100.0
%
16.02

The Fresh Market
Stein Mart, Chili's, Panera Bread
Miramar Square
Miami
2008
100%
225,205

147,505

77,700

 
98.8
%
100.0
%
96.6
%
17.49

Sprouts Farmers Market
Kohl's, Miami Children's Hospital
Northdale Promenade
Tampa
1985/2017
100%
179,602

130,269

49,333

 
96.6
%
100.0
%
87.5
%
12.92

(Winn Dixie)
TJ Maxx, Ulta Beauty, Beall's, Crunch Fitness, Tuesday Morning
Pine Ridge Crossing
Naples
1993
100%
105,962

66,435

39,527

 
96.3
%
100.0
%
90.0
%
18.01

Publix, (Target)
Ulta Beauty, (Beall's)
Pleasant Hill Commons
Orlando
2008
100%
70,645

45,600

25,045

 
98.3
%
100.0
%
95.2
%
15.73

Publix
 
Riverchase Plaza
Naples
1991/2001
100%
78,291

48,890

29,401

 
96.3
%
100.0
%
90.3
%
16.72

Publix
 
Saxon Crossing
Daytona Beach
2009
100%
119,907

95,304

24,603

 
99.0
%
100.0
%
95.1
%
15.57

(Target)
Hobby Lobby, LA Fitness, (Lowe's Home Improvement Center)
Shoppes of Eastwood
Orlando
1997
100%
69,076

51,512

17,564

 
98.1
%
100.0
%
92.5
%
13.83

Publix
 
Shops at Eagle Creek
Naples
1983/2013
100%
70,731

50,187

20,544

 
100.0
%
100.0
%
100.0
%
16.53

The Fresh Market
Staples, Panera Bread, (Lowe's Home Improvement Center)
Tamiami Crossing
Naples
2016
20%
121,705

121,705

—

 
100.0
%
100.0
%
—
%
12.55

Aldi, (Walmart)
Marshalls, Michaels, PetSmart, Ross Stores, Stein Mart, Ulta Beauty
Tarpon Bay Plaza
Naples
2007
100%
82,512

60,090

22,422

 
97.5
%
100.0
%
90.6
%
17.98

(Target)
PetSmart, Cost Plus World Market, Ross Stores, Panera Bread

See footnotes on page 32



p. 28
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)
image65.jpg


As of September 30, 2019
Property1
Location (MSA)
Year
Built/
Renovated
Owner-ship %
Owned GLA2
 
Leased %
ABR
per
Sq. ft.
Grocery Anchors4
Other Retailers4
Total
Anchors
Shops
 
Total
Anchors
Shops
The Landing at Tradition
Port St. Lucie
2007
100%
359,474

283,064

76,410

 
77.7
%
79.4
%
71.6
%
16.27
(Target)
TJ Maxx, Ulta Beauty, Bed Bath & Beyond, LA Fitness, Michaels, Old Navy, PetSmart, Pier 1, DSW, Five Below, Ross Stores
The Shops at Julington Creek
Jacksonville
2011
100%
40,254

21,038

19,216

 
100.0
%
100.0
%
100.0
%
20.28
The Fresh Market

Tradition Village Center
Port St. Lucie
2006
100%
84,086

45,600

38,486

 
98.6
%
100.0
%
97.0
%
18.12
Publix

Waterford Lakes Village
Orlando
1997
100%
77,975

51,703

26,272

 
96.7
%
100.0
%
90.2
%
13.18
Winn Dixie

Georgia
 
 
 
 
 
 
 
 
 
 
 

 
Mullins Crossing
Augusta
2005
100%
276,318

228,224

48,094

 
99.3
%
100.0
%
96.1
%
13.34
(Target)
Ross Stores, Old Navy, Five Below, Kohls, La-Z-Boy, Marshalls, Office Max, Petco, Ulta Beauty, Panera Bread
Publix at Acworth
Atlanta
1996
100%
69,628

37,888

31,740

 
98.0
%
100.0
%
95.6
%
12.79
Publix

The Centre at Panola
Atlanta
2001
100%
73,075

51,674

21,401

 
100.0
%
100.0
%
100.0
%
13.18
Publix

Illinois
 
 
 
 
 
 
 
 
 
 
 

 
Naperville Marketplace
Chicago
2008
100%
83,759

61,683

22,076

 
97.7
%
100.0
%
91.1
%
13.86
(Caputo's Fresh Market)
TJ Maxx, PetSmart
South Elgin Commons
Chicago
2011
100%
128,000

128,000

—

 
54.7
%
54.7
%
—
%
16.83
(Target)
LA Fitness, Ross Stores
Indiana
 
 
 
 
 
 
 
 
 
 
 

 
54th & College
Indianapolis
2008
100%
—

—

—

 
—
%
—
%
—
%
0.00
The Fresh Market

Beacon Hill
Chicago
2006
100%
57,146

11,043

46,103

 
88.0
%
100.0
%
85.2
%
17.40
(Strack & Van Til)
(Walgreens), Jimmy John's, Rosati's, Great Clips
Bell Oaks Centre
Evansville
2008
100%
94,958

74,122

20,836

 
100.0
%
100.0
%
100.0
%
12.55
Schnuck's Market

Boulevard Crossing
Kokomo
2004
100%
124,631

74,440

50,191

 
83.5
%
84.0
%
82.8
%
14.80

Petco, TJ Maxx, Ulta Beauty, Shoe Carnival, (Kohl's)
Bridgewater Marketplace
Indianapolis
2008
100%
25,975

—

25,975

 
100.0
%
—
%
100.0
%
21.49

(Walgreens), The Local Eatery, Original Pancake House
Castleton Crossing
Indianapolis
1975/2012
100%
286,377

247,710

38,667

 
100.0
%
100.0
%
100.0
%
12.30

TJ Maxx/HomeGoods, Burlington, Shoe Carnival, Value City Furniture, K&G Menswear, Chipotle, Verizon, Five Below
Cool Creek Commons
Indianapolis
2005
100%
124,251

53,600

70,651

 
93.2
%
100.0
%
88.1
%
18.55
The Fresh Market
Stein Mart, McAlister's Deli, Buffalo Wild Wings, Pet People
Depauw University Bookstore and Café
Indianapolis
2012
100%
11,974

—

11,974

 
100.0
%
—
%
100.0
%
9.17

Follett's, Starbucks
Eddy Street Commons at Notre Dame
South Bend
2009
100%
87,991

20,154

67,837

 
98.8
%
100.0
%
98.4
%
26.33

Hammes Bookstore & Cafe, Chipotle, Urban Outfitters, Five Guys, Kilwins, Blaze Pizza
Fishers Station
Indianapolis
1989/2018
100%
52,400

15,441

36,959

 
97.8
%
100.0
%
96.9
%
17.66

Dollar Tree, Goodwill
Geist Pavilion
Indianapolis
2006
100%
63,910

29,700

34,210

 
100.0
%
100.0
%
100.0
%
17.31

Ace Hardware, Goodwill, Ale Emporium, Pure Barre
Greyhound Commons
Indianapolis
2005
100%
9,152

—

9,152

 
100.0
%
—
%
100.0
%
14.74

(Lowe's Home Improvement Center), Abuelo's Mexican, Koto Japenese Steakhouse
Nora Plaza
Indianapolis
2004
100%
139,743

73,589

66,154

 
100.0
%
100.0
%
100.0
%
15.12
Whole Foods, (Target)
Marshalls
Rangeline Crossing
Indianapolis
1986/2013
100%
99,226

47,962

51,264

 
97.2
%
100.0
%
94.5
%
22.92
Earth Fare
Walgreens, Panera Bread, Pet Valu, City BBQ
Rivers Edge
Indianapolis
2011
100%
150,428

117,890

32,538

 
100.0
%
100.0
%
100.0
%
22.19
 
Nordstrom Rack, The Container Store, Arhaus Furniture, Bicycle Garage of Indy, Buy Buy Baby, J Crew Mercantile
Stoney Creek Commons
Indianapolis
2000/2013
100%
84,226

84,226

—

 
64.1
%
64.1
%
—
%
14.38
 
LA Fitness, Goodwill, (Lowe's Home Improvement Center)
Traders Point I
Indianapolis
2005
100%
279,700

238,721

40,979

 
72.3
%
71.6
%
76.5
%
14.83
 
Dick's Sporting Goods, AMC Theatres, Bed Bath & Beyond, Michaels, Old Navy, PetSmart, Books-A-Million
Traders Point II
Indianapolis
2005
100%
45,977

—

45,977

 
92.2
%
—
%
92.2
%
27.54
 
Starbucks, Noodles & Company, Qdoba

See footnotes on page 32

p. 29
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)
image65.jpg


As of September 30, 2019
Property1
Location (MSA)
Year
Built/
Renovated
Owner-ship %
Owned GLA2
 
Leased %
ABR
per Sqft
Grocery Anchors4
Other Retailers4
Total
Anchors
Shops
 
Total
Anchors
Shops
Nevada
 
 
 
 
 
 
 
 
 
 
 

 
Centennial Center
Las Vegas
2002
100%
334,038

158,295

175,743

 
98.2
%
100.0
%
96.6
%
25.18
Sam's Club, Walmart
Ross Stores, Big Lots, Famous Footwear, Michaels, Petco, Rhapsodielle, Home Depot, HomeGoods, Skechers
Centennial Gateway
Las Vegas
2005
100%
193,072

139,913

53,159

 
100.0
%
100.0
%
100.0
%
25.51
Trader Joe's
24 Hour Fitness, Party City, Sportsman's Warehouse, Walgreens
Eastern Beltway Center
Las Vegas
1998/2006
100%
162,327

77,436

84,891

 
87.6
%
100.0
%
76.3
%
27.02
Sam's Club, Walmart
Petco, Ross Stores, Skechers, Old Navy, (Home Depot)
Rampart Commons
Las Vegas
2002/2018
100%
79,314

11,965

67,349

 
100.0
%
100.0
%
100.0
%
33.33

Athleta, North Italia, Pottery Barn, Williams Sonoma, Flower Child, Crunch Fitness
New Jersey
 
 
 
 
 
 
 
 
 
 
 

 
Bayonne Crossing
New York / Northern New Jersey
2011
100%
106,146

52,219

53,927

 
100.0
%
100.0
%
100.0
%
29.42
Walmart
Michaels, New York Sports Club, Lowe's Home Improvement Center
Livingston Shopping Center
New York / Northern New Jersey
1997
20%
139,022

133,125

5,897

 
100.0
%
100.0
%
100.0
%
19.50

Cost Plus World Market, Buy Buy Baby, Nordstrom Rack, DSW, TJ Maxx, Ulta Beauty
New York
 
 
 
 
 
 
 
 
 
 
 
 
 
City Center
New York / Northern New Jersey
2004/2018
100%
363,103

325,139

37,964

 
96.9
%
100.0
%
70.7
%
26.41
ShopRite
Nordstrom Rack, New York Sports Club, Burlington, Club Champion Golf, National Amusements
North Carolina
 
 
 
 
 
 
 
 
 
 
 

 
Holly Springs Towne Center - Phase I
Raleigh
2013
100%
210,324

121,761

88,563

 
94.3
%
100.0
%
86.4
%
17.63
(Target)
Dick's Sporting Goods, Marshalls, Petco, Ulta Beauty, Michaels, Old Navy
Holly Springs Towne Center - Phase II
Raleigh
2016
100%
145,009

111,843

33,166

 
100.0
%
100.0
%
100.0
%
18.44
(Target)
Bed Bath & Beyond, DSW, AMC Theatres, 02 Fitness
Northcrest Shopping Center
Charlotte
2008
100%
133,627

65,576

68,051

 
97.0
%
100.0
%
94.1
%
23.72
(Target)
REI Co-Op, David's Bridal, Old Navy, Five Below
Oleander Place
Wilmington
2012
100%
45,530

30,144

15,386

 
100.0
%
100.0
%
100.0
%
17.91
Whole Foods

Parkside Town Commons - Phase I
Raleigh
2015
100%
55,368

22,500

32,868

 
100.0
%
100.0
%
100.0
%
25.48
Harris Teeter/Kroger, (Target)
Petco, Guitar Center
Parkside Town Commons - Phase II
Raleigh
2017
100%
296,725

187,406

109,319

 
98.8
%
100.0
%
96.8
%
17.04
(Target)
Frank Theatres, Golf Galaxy, Hobby Lobby, Stein Mart, Chuy's, Starbucks, Panera Bread, Levity Live
Perimeter Woods
Charlotte
2008
100%
125,646

105,262

20,384

 
100.0
%
100.0
%
100.0
%
20.69

Best Buy, Off Broadway Shoes, PetSmart, Michaels, (Lowe's Home Improvement Center)
Toringdon Market
Charlotte
2004
100%
60,627

26,072

34,555

 
97.9
%
100.0
%
96.3
%
22.61
Earth Fare

Ohio
 
 
 
 
 
 
 
 
 
 
 
 
 
Eastgate Pavilion
Cincinnati
1995
100%
236,230

231,730

4,500

 
100.0
%
100.0
%
100.0
%
9.11
 
Best Buy, Dick's Sporting Goods, Value City Furniture, Petsmart, DSW, Bed Bath & Beyond
Oklahoma
 
 
 
 
 
 
 
 
 
 
 
 
 
Belle Isle Station
Oklahoma City
2000
100%
196,252

115,783

80,469

 
97.7
%
100.0
%
94.4
%
18.03
(Walmart)
REI, Shoe Carnival, Old Navy, Ross Stores, Nordstrom Rack, Ulta Beauty, Five Below
Shops at Moore
Oklahoma City
2010
100%
260,482

187,916

72,566

 
97.9
%
100.0
%
92.5
%
12.15
 
Bed Bath & Beyond, Best Buy, Hobby Lobby, Office Depot, PetSmart, Ross Stores, (J.C. Penney)
Silver Springs Pointe
Oklahoma City
2001
100%
48,440

20,515

27,925

 
83.0
%
100.0
%
70.4
%
16.22
(Sam's Club), (Walmart)
Kohls, Office Depot, (Home Depot)







See footnotes on page 32

p. 30
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)
image65.jpg



As of September 30, 2019
Property1
Location (MSA)
Year
Built/
Renovated
Owner-ship %
Owned GLA2
 
Leased %
ABR
per Sqft
 
Other Retailers4
Total
Anchors
Shops
 
Total
Anchors
Shops
Grocery Anchor4
South Carolina
 
 
 
 
 
 
 
 
 
 
 
 
 
Publix at Woodruff
Greenville
1997
100%
68,119

47,955

20,164

 
96.8
%
100.0
%
89.3
%
11.05
Publix

Shoppes at Plaza Green
Greenville
2000
100%
189,657

161,900

27,757

 
98.2
%
100.0
%
87.6
%
13.48
 
Bed Bath & Beyond, Christmas Tree Shops, Sears, Party City, Shoe Carnival, AC Moore, Old Navy
Tennessee
 
 
 
 
 
 
 
 
 
 
 
 
 
Cool Springs Market
Nashville
1995
100%
230,980

172,712

58,268

 
100.0
%
100.0
%
100.0
%
16.45
(Kroger)
Dick's Sporting Goods, Marshalls, Buy Buy Baby, DSW, Staples, Jo-Ann Fabric, Panera Bread
Texas
 
 
 
 
 
 
 
 
 
 
 
 
 
Chapel Hill Shopping Center
Dallas/Ft. Worth
2001
100%
126,986

43,450

83,536

 
93.6
%
100.0
%
90.2
%
25.75
H-E-B Grocery
The Container Store, Cost Plus World Market
Colleyville Downs
Dallas/Ft. Worth
2014
100%
194,666

139,219

55,447

 
97.8
%
100.0
%
92.3
%
15.30
Whole Foods
Westlake Hardware, Goody Goody Liquor, Petco, Fit Factory
Kingwood Commons
Houston
1999
100%
164,376

74,836

89,540

 
97.5
%
100.0
%
95.3
%
20.88
Randall's Food and Drug
Petco, Chico's, Talbots, Ann Taylor
Market Street Village/
Pipeline Point
Dallas/Ft. Worth
1970/2011
100%
156,621

136,742

19,879

 
100.0
%
100.0
%
100.0
%
13.20
 
Jo-Ann Fabric, Ross Stores, Office Depot, Buy Buy Baby, Party City
Plaza at Cedar Hill
Dallas/Ft. Worth
2000/2010
100%
296,031

234,358

61,673

 
98.4
%
100.0
%
92.5
%
13.62
Sprouts Farmers Market, Total Wine
DSW, Ross Stores, Hobby Lobby, Office Max, Marshalls, Home Goods
Plaza Volente
Austin
2004
20%
156,150

105,000

51,150

 
96.3
%
100.0
%
88.7
%
17.27
H-E-B Grocery

Portofino Shopping Center
Houston
1999/2010
100%
386,171

218,861

167,310

 
94.2
%
100.0
%
86.7
%
19.84
(Sam's Club)
DSW, Michaels, PGA Superstore, SteinMart, PetSmart, Old Navy, TJ Maxx, Nordstrom Rack
Sunland Towne Centre
El Paso
1996/2014
100%
306,454

265,037

41,417

 
98.9
%
100.0
%
91.7
%
11.26
Sprouts Farmers Market
PetSmart, Ross Stores, Bed Bath & Beyond, Spec's Fine Wines, At Home
Waxahachie Crossing
Dallas/Ft. Worth
2010
100%
97,127

72,191

24,936

 
100.0
%
100.0
%
100.0
%
15.07
 
Best Buy, PetSmart, Ross Stores, (Home Depot), (J.C. Penney)
Westside Market
Dallas/Ft. Worth
2013
100%
93,377

70,000

23,377

 
100.0
%
100.0
%
100.0
%
16.61
Randalls Tom Thumb
 
Utah
 
 
 
 
 
 
 
 
 
 
 
 
 
Draper Crossing
Salt Lake City
2012
100%
164,657

115,916

48,741

 
100.0
%
100.0
%
100.0
%
16.94
Kroger/Smith's
TJ Maxx, Dollar Tree, Downeast Home
Draper Peaks
Salt Lake City
2012
100%
227,569

101,464

126,105

 
95.2
%
100.0
%
91.3
%
20.60
 
Michaels, Office Depot, Petco, Quilted Bear, Ross Stores, (Kohl's)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
12,125,623

8,266,855

3,858,768

 
95.4
%
97.0
%
92.0
%
17.64
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total at Pro-Rata Share
 
 
11,792,121

7,978,991

3,813,130

 
95.3
%
96.9
%
92.0
%
17.67
 
 


____________________
1
 
Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of September 30, 2019, except for Greyhound Commons and 54th & College.
2
 
Tenants within parentheses are non-owned.
 
 
 




See footnotes on page 32


p. 31
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
NON-RETAIL OPERATING PROPERTIES
image65.jpg



As of September 30, 2019

($ in thousands, except per square foot data)

Property
MSA
Year Built/
Renovated
Owned
NRA
Percentage
Of Owned
NRA
Leased
Annualized
Base Rent1
Percentage
of
Annualized
Office and Other
Base Rent
Base Rent
Per Leased
Sq. Ft.
 
Major Tenants
Commercial Properties
 
 
 
 
 
 
 
 
 
Thirty South Meridian2
Indianapolis
1905/2002
284,874

95.9
%
$
5,585

68.5
%
$
20.45

 
Carrier, Stifel, Kite Realty Group, Lumina Foundation
Union Station Parking Garage3
Indianapolis
1986
N/A

N/A

N/A

N/A

N/A

 
Denison Parking
Pan Am Plaza Parking Garage3
Indianapolis

N/A

N/A

N/A

N/A

N/A


Denison Parking
Stand-alone Office Components of Retail Properties
 
 
 
 
 
 
 
Eddy Street Office (part of Eddy Street Commons)4
South Bend
2009
81,628

100.0
%
1,261

15.5
%
15.45

 
University of Notre Dame Offices
Tradition Village Office (part of Tradition Village Square)
Port St. Lucie
2006
24,340

100.0
%
712
8.7
%
29.26

 
 
Total Commercial Properties
 
 
390,842

96.2
%
$
7,558

92.8
%
$
19.94

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Properties
 
 
 
 
 
 
 
 
Burlington
San Antonio
1992/2000
107,400

100.0
%
$
591

7.2
%
$
5.50

 

 
 
 
107,400

100.0
%
$
591

7.2
%
$
5.50

 
 
 
 
 
 
 
 
 
 
 
 
Total Commercial and Other
 
 
498,242

97.7
%
$
8,149

100.0
%
$
16.75

 
 
 
 
 
 
 
 
 
 
 
 
Multi-Family/Lodging
 
 
 
 
 
 
 
 
 
Embassy Suites South Bend at Notre Dame5
South Bend
2018
—

N/A

—

—

—

 
Full service hotel with 164 rooms
The Foundry Lofts and Apartments at Eddy Street
South Bend
2009
—

100.0
%
—

—

—

 
Air rights lease for apartment complex with 266 units
Summit at City Center Apartments
New York / Northern New Jersey
2004
—

100.0
%
—

—

—

 
Apartment complex with 26 units.

____________________
1
Annualized Base Rent represents the monthly contractual rent as of September 30, 2019 for each applicable property, multiplied by 12.
2
Annualized Base Rent includes $929,157 from the Company and subsidiaries as of September 30, 2019, which is eliminated for purposes of our consolidated financial statement presentation.
3
The garage is managed by a third party.
4
The Company also owns the Eddy Street Commons retail shopping center in South Bend, Indiana, along with a parking garage that serves a hotel and the office and retail components of the property.
5
Property owned in an unconsolidated joint venture.



p. 32
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
COMPONENTS OF NET ASSET VALUE
pressrellogo32.jpg



As of September 30, 2019

($ in thousands)


 
 
 
 
 
 
 
Cash Net Operating Income (NOI)
 
Supplemental Page No.:
 
Other Assets
 
Supplemental Page No.:
GAAP property NOI (incl. Ground Lease Revenue)
$
54,152

14
 
Cash and cash equivalents
$
40,442

11
Below-market lease intangibles, net
(829
)
16
 
Tenant and other receivables (net of SLR)
22,530

11
Straight-line rent
214

16
 
Restricted cash and escrow deposits
9,548

11
Other property related revenue
(1,100
)
14
 
Prepaid and other assets
37,121

11
Ground lease ("GL") revenue
(4,103
)

 
Undeveloped land in operating portfolio 1
17,100


Consolidated Cash Property NOI (excl. GL)
$
48,334

 
 
Land held for development
15,215


Annualized Consolidated Cash Property NOI (excl. ground leases)
$
193,337

 
 
CIP not in under construction development/redevelopment2
18,025

26
 
 
 
 
Total Other Asset Value
$
159,981

 
 
 
 
 
 
 
 
Adjustments To Normalize Annualized Cash NOI
 
 
 
Liabilities
 
 
Total projected remaining development / transitional redevelopment cash NOI 3
$
1,309

26
 
Mortgage and other indebtedness
$
(1,198,584
)
11
Unconsolidated EBITDA
2,904

18
 
KRG share of unconsolidated debt
(22,148
)
18
Pro-forma adjustments 4
(6,580
)
22
 
Partner share of consolidated joint venture debt
1,124


 


 
 
Accounts payable and accrued expenses
(77,492
)
11
General and administrative expense allocable to property management activities included in property expenses ($1,500 in Q3)
6,000

14, footnote 3
 
Other liabilities5
(37,972
)
11
Total Adjustments
3,633

 
 
Debt premium and issuance costs, net
(6,405
)
19
 
 
 
 
Non-controlling redeemable joint venture interest
(10,070
)
 
 
 
 
 
Projected remaining under construction development/redevelopment6
(4,016
)

Annualized Normalized Portfolio Cash NOI (excl. Ground Leases)
$
196,970

 
 
Total Liabilities
$
(1,355,563
)
 
Annualized Ground Lease NOI
16,411

 
 
 
 
 
Total Annualized Portfolio Cash NOI
$
213,381

 
 
Common Shares and Units Outstanding
86,074,020


 
 
 
 
 
 
 

____________________
1
Undeveloped land with a book value of $15.2 million at September 30, 2019.
2
Includes CIP amounts for Holly Springs Town Center - Phase III, miscellaneous tenant improvements and small projects.
3
Excludes the projected cash NOI and related cost from the redevelopment opportunities outlined on page 25.
4
Annualized cash NOI for properties sold and acquired during the quarter.
5
Deferred revenue and other liabilities of $89.6 million less mark-to-market lease liability of $51.6 million.
6
Remaining cost on page 25 for development project.
 






p. 33
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019
EARNINGS GUIDANCE - 2019
image65.jpg





 
 
2019 Earnings Guidance1
 
 
Low
 
High
Net Income Guidance
 
$
(0.16
)
 
$
(0.12
)
Add: Impairment Charges
 
0.43

 
0.43

Add: Depreciation and Amortization

1.54


1.54

Add: Loss on Debt Extinguishment
 
0.11

 
0.11

Less: Gain on Sales of Operating Properties, net
 
(0.29
)
 
(0.29
)
2019 FFO, as Adjusted, Guidance
 
$
1.63

 
$
1.67


 
 
Previous
 
Current
 
Change at Midpoint
SP NOI Growth
 
1.50% - 2.50%
 
2.00% - 2.50%
 
0.25%
2019 Project Focus Dispositions
 
$415M - $500M
 
$502M
 
$44M
2019 FFO Guidance
 
$1.61 - $1.69
 
$1.63 - $1.67
 
—

_________
 
 
 
 
 
 
 
1
The Company’s 2019 guidance is based on a number of factors, many of which are outside the Company’s control and all of which are subject to change.  The Company may change its guidance during the year if actual or anticipated results vary from these assumptions, although the Company undertakes no obligation to do so.
 
 
 



p. 34
Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/2019