XML 44 R31.htm IDEA: XBRL DOCUMENT
v3.24.2

MORTGAGE AND OTHER INDEBTEDNESS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedules of Indebtedness | The following table summarizes the Company’s indebtedness as of June 30, 2024 and December 31, 2023 (in thousands):
| June 30, 2024 |  | December 31, 2023
Mortgages payable | $ | 150,761 |  |  | $ | 153,306 |
Senior unsecured notes | 2,030,000 |  |  | 1,829,635 |
Unsecured term loans | 820,000 |  |  | 820,000 |
Unsecured revolving line of credit | — |  |  | — |
| 3,000,761 |  |  | 2,802,941 |
Unamortized discounts and premiums, net | 26,147 |  |  | 35,765 |
Unamortized debt issuance costs, net | (11,282) |  |  | (9,504) |
Total mortgage and other indebtedness, net | $ | 3,015,626 |  |  | $ | 2,829,202 |
The following table summarizes the Company’s mortgages payable (dollars in thousands):
| June 30, 2024 |  | December 31, 2023
| Balance |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity |  | Balance |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity
Fixed rate mortgages payable(1) | $ | 134,961 |  |  | 5.09 | % |  | 7.6 |  | $ | 136,306 |  |  | 5.09 | % |  | 8.1
Variable rate mortgage payable(2) | 15,800 |  |  | 7.54 | % |  | 2.1 |  | 17,000 |  |  | 7.59 | % |  | 2.6
Total mortgages payable | $ | 150,761 |  |  |  |  |  |  | $ | 153,306 |  |  |  |  |
(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of June 30, 2024 and December 31, 2023. (2)The interest rate on the variable rate mortgage is based on Bloomberg Short Term Bank Yield Index (“BSBY”) plus 215 basis points. The one-month BSBY rate was 5.39% and 5.44% as of June 30, 2024 and December 31, 2023, respectively. The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):
|  |  | June 30, 2024 |  | December 31, 2023
| Maturity Date |  | Balance |  | Interest Rate |  | Balance |  | Interest Rate
Senior notes – 4.58% due 2024 | June 30, 2024 |  | $ | — |  |  | — | % |  | $ | 149,635 |  |  | 4.58 | %
Senior notes – 4.00% due 2025 | March 15, 2025 |  | 350,000 |  |  | 4.00 | % |  | 350,000 |  |  | 4.00 | %
Senior notes – SOFR + 3.65% due 2025(1) | September 10, 2025 |  | 80,000 |  |  | 8.71 | % |  | 80,000 |  |  | 9.27 | %
Senior notes – 4.08% due 2026 | September 30, 2026 |  | 100,000 |  |  | 4.08 | % |  | 100,000 |  |  | 4.08 | %
Senior notes – 4.00% due 2026 | October 1, 2026 |  | 300,000 |  |  | 4.00 | % |  | 300,000 |  |  | 4.00 | %
Senior exchangeable notes – 0.75% due 2027 | April 1, 2027 |  | 175,000 |  |  | 0.75 | % |  | 175,000 |  |  | 0.75 | %
Senior notes – SOFR + 3.75% due 2027(2) | September 10, 2027 |  | 75,000 |  |  | 8.81 | % |  | 75,000 |  |  | 9.37 | %
Senior notes – 4.24% due 2028 | December 28, 2028 |  | 100,000 |  |  | 4.24 | % |  | 100,000 |  |  | 4.24 | %
Senior notes – 4.82% due 2029 | June 28, 2029 |  | 100,000 |  |  | 4.82 | % |  | 100,000 |  |  | 4.82 | %
Senior notes – 4.75% due 2030 | September 15, 2030 |  | 400,000 |  |  | 4.75 | % |  | 400,000 |  |  | 4.75 | %
Senior notes – 5.50% due 2034(3) | March 1, 2034 |  | 350,000 |  |  | 4.60 | % |  | — |  |  | — | %
Total senior unsecured notes |  |  | $ | 2,030,000 |  |  |  |  | $ | 1,829,635 |  |  |
(1)$80,000 of 4.47% senior unsecured notes due 2025 has been swapped to a variable rate of three-month Secured Overnight Financing Rate (“SOFR”) plus 3.65% through September 10, 2025. (2)$75,000 of 4.57% senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025. (3)The coupon rate of the Notes Due 2034 (defined below) is 5.50%; however, due to hedging activities, the Company’s interest rate is 4.60%. The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands):
|  |  | June 30, 2024 |  | December 31, 2023
| Maturity Date |  | Balance |  | Interest Rate |  | Balance |  | Interest Rate
Unsecured term loan due 2024 – fixed rate(1) | July 17, 2024 |  | $ | 120,000 |  |  | 2.68 | % |  | $ | 120,000 |  |  | 2.68 | %
Unsecured term loan due 2025 – fixed rate(2) | October 24, 2025 |  | 250,000 |  |  | 5.09 | % |  | 250,000 |  |  | 5.09 | %
Unsecured term loan due 2026 – fixed rate(3) | July 17, 2026 |  | 150,000 |  |  | 2.73 | % |  | 150,000 |  |  | 2.73 | %
Unsecured term loan due 2029 – fixed rate(4) | July 29, 2029 |  | 300,000 |  |  | 3.82 | % |  | 300,000 |  |  | 3.82 | %
Total unsecured term loans |  |  | $ | 820,000 |  |  |  |  | $ | 820,000 |  |  |
Unsecured credit facility revolving line of credit – variable rate(5) | January 8, 2026 |  | $ | — |  |  | 6.48 | % |  | $ | — |  |  | 6.58 | %
(1)$120,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 1.58% plus a credit spread based on a ratings grid ranging from 0.80% to 1.65% through July 17, 2024. The applicable credit spread was 1.10% as of June 30, 2024 and December 31, 2023. Subsequent to June 30, 2024, the $120M Term Loan was repaid with a portion of the proceeds from the Notes Due 2034. (2)$250,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 5.09% through October 24, 2025. The maturity date of the term loan may be extended for up to three additional periods of one year each at the Operating Partnership’s option, subject to certain conditions. (3)$150,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a ratings grid ranging from 0.75% to 1.60% through July 17, 2026. The applicable credit spread was 1.05% as of June 30, 2024 and December 31, 2023. (4)$300,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 2.47% plus a credit spread based on a ratings grid ranging from 1.15% to 2.20% through August 1, 2025. The applicable credit spread was 1.35% as of June 30, 2024 and December 31, 2023. (5)The revolving line of credit has two six-month extension options that the Company can exercise, at its election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity.
Schedule of Weighted Average Interest Rates and Maturities | Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of June 30, 2024, considering the impact of interest rate swaps, is summarized below (dollars in thousands):
| Amount Outstanding |  | Ratio |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity
Fixed rate debt(1) | $ | 2,829,961 |  |  | 94 | % |  | 4.03 | % |  | 4.1
Variable rate debt(2) | 170,800 |  |  | 6 | % |  | 8.65 | % |  | 2.2
Debt discounts, premiums and issuance costs, net | 14,865 |  |  | N/A |  | N/A |  | N/A
Mortgage and other indebtedness, net | $ | 3,015,626 |  |  | 100 | % |  | 4.29 | % |  | 4.0
(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of June 30, 2024, $820.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 1.2 years. (2)Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of June 30, 2024, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 1.2 years.
Schedule of Key Terms of Revolving Facility and Term Loans | The following table summarizes the key terms of the Revolving Facility as of June 30, 2024 (dollars in thousands):
|  |  |  |  |  |  |  | Leverage-Based Pricing |  | Investment Grade Pricing |  |
Credit Agreement |  | Maturity Date |  | Extension Option |  | Extension Fee |  | Credit Spread |  | Facility Fee |  | Credit Spread |  | Facility Fee |  | SOFR Adjustment
$1,100,000 unsecured revolving line of credit |  | 1/8/2026 |  | 2 six-month |  | 0.075% |  | 1.05%–1.50% |  | 0.15%–0.30% |  | 0.725%–1.40% |  | 0.125%–0.30% |  | 0.10%
The following table summarizes the key terms of the unsecured term loans as of June 30, 2024 (dollars in thousands):
Unsecured Term Loans |  | Maturity Date |  | Leverage-Based Pricing Credit Spread |  | Investment Grade Pricing Credit Spread |  | SOFR Adjustment
$120,000 unsecured term loan due 2024(1) | 7/17/2024 |  | 1.20% – 1.70% |  | 0.80% – 1.65% |  | 0.10%
$250,000 unsecured term loan due 2025 |  | 10/24/2025(2) |  | 2.00% – 2.55% |  | 2.00% – 2.50% |  | 0.10%
$150,000 unsecured term loan due 2026 |  | 7/17/2026 |  | 1.20% – 1.70% |  | 0.75% – 1.60% |  | 0.10%
$300,000 unsecured term loan due 2029 |  | 7/29/2029 |  | N/A |  | 1.15% – 2.20% |  | 0.10%
(1)Subsequent to June 30, 2024, the $120M Term Loan was repaid with a portion of the proceeds from the Notes Due 2034. (2)The maturity date may be extended for up to three additional periods of one year each at the Operating Partnership’s option, subject to certain conditions.
Schedule of Amortization of Debt Issuance Costs | The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands):
| Six Months Ended June 30,
| 2024 |  | 2023
Amortization of deferred leasing costs, lease intangibles and other | $ | 40,850 |  |  | $ | 57,610 |
Amortization of above-market lease intangibles | $ | 5,177 |  |  | $ | 6,274 |
The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands):
| Six Months Ended June 30,
| 2024 |  | 2023
Amortization of debt issuance costs | $ | 1,916 |  |  | $ | 1,782 |
Schedule of Debt Discounts, Premiums and Hedge Instruments Amortization | The following amounts of amortization are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands):
| Six Months Ended June 30,
| 2024 |  | 2023
Amortization of debt discounts, premiums and hedge instruments | $ | 7,490 |  |  | $ | 9,998 |
Schedule of Debt Discounts, Premiums and Hedge Instruments Amortization Maturity | In addition, the estimated amounts of the reduction to interest expense as of June 30, 2024 for each of the next five years and thereafter related to the amortization of debt discounts, premiums and assumed hedge instruments, assuming these instruments are held to maturity, are as follows (in thousands):
July 2024 through December 2024 | $ | 6,222 |
2025 | 7,807 |
2026 | 6,152 |
2027 | 5,235 |
2028 | 5,225 |
Thereafter | 5,411 |
Total unamortized debt discounts, premiums and hedge instruments | $ | 36,052 |
Schedule of Reconciliation of Unamortized Debt Discounts, Premiums and Hedge Instruments | The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of June 30, 2024 to the balance of unamortized discounts and premiums, net (in thousands):
Unamortized discounts and premiums on mortgages payable, senior unsecured notes and unsecured term loans | $ | 34,055 |
Unamortized hedge instruments | 1,997 |
Total unamortized debt discounts, premiums and hedge instruments | 36,052 |
Unamortized hedge instruments (included in accumulated other comprehensive income) | (1,997) |
Fair value of variable interest rate swaps | (7,908) |
Unamortized discounts and premiums, net | $ | 26,147 |

X
- Definition Debt Discounts, Premiums And Hedge Instruments Amortization Maturity + References No definition available. + Details
Name: | krg_DebtDiscountsPremiumsAndHedgeInstrumentsAmortizationMaturityTableTextBlock
Namespace Prefix: | krg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Debt Discounts, Premiums And Hedge Instruments Amortization + References No definition available. + Details
Name: | krg_DebtDiscountsPremiumsAndHedgeInstrumentsAmortizationTableTextBlock
Namespace Prefix: | krg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for the amortization of deferred costs. + References No definition available. + Details
Name: | krg_DeferredCostAmortizationTableTextBlock
Namespace Prefix: | krg_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Reconciliation of Unamortized Debt Discounts, Premiums and Hedge Instruments + References No definition available. + Details
Name: | krg_ReconciliationOfUnamortizedDebtDiscountsPremiumsAndHedgeInstrumentsTableTextBlock
Namespace Prefix: | krg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration