(Mark One) | |||
Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||
For the fiscal year ended | December 31, | ||
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||
For the transition period from ___________to___________ | |||
Commission File Number: | 001-33268 | Kite Realty Group Trust | |
Commission File Number: | 333-202666-01 | Kite Realty Group, L.P. |
Maryland | Kite Realty Group | 11-3715772 | ||
Delaware | Kite Realty Group, L.P. | 20-1453863 | ||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |||
30 S. Meridian Street | Suite 1100 | |||
Indianapolis | Indiana | 46204 | ||
(Address of principal executive offices) | (Zip code) | |||
317 | 577-5600 | |||
(Registrant’s telephone number, including area code) | ||||
Securities registered pursuant to Section 12(b) of the Act: | ||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Common | KRG | New York Stock Exchange |
Kite Realty Group Trust | Yes | x | No | o | Kite Realty Group, L.P. | Yes | x | No | o |
Kite Realty Group Trust | Yes | o | No | x | Kite Realty Group, L.P. | Yes | o | No | x |
Kite Realty Group Trust | Yes | x | No | o | Kite Realty Group, L.P. | Yes | x | No | o |
Kite Realty Group Trust | Yes | x | No | o | Kite Realty Group, L.P. | Yes | x | No | o |
Large accelerated filer | x | Accelerated filer | o | Non-accelerated filer | o | Smaller reporting company | |
Emerging growth company |
Large accelerated filer | o | Accelerated filer | o | Non-accelerated filer | x | Smaller reporting company | |
Emerging growth company |
Kite Realty Group Trust | Yes | ☐ | No | x | Kite Realty Group, L.P. | Yes | ☐ | No | x |
Page | Page | |||||
Item No. | ||||||
Part I | ||||||
1 | ||||||
1A. | ||||||
1B. | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
Part II | ||||||
5 | ||||||
6 | ||||||
7 | ||||||
7A. | ||||||
8 | ||||||
9 | ||||||
9A. | ||||||
9B. | ||||||
Part III | ||||||
10 | ||||||
11 | ||||||
12 | ||||||
13 | ||||||
14 | ||||||
Part IV | ||||||
15 | ||||||
16 | ||||||
• | Generated Funds From Operations, as defined by NAREIT, of $131.4 million and Funds From Operations, as adjusted for a loss on debt extinguishment, of $143.0 million. |
Payment Date | Amount Per Share | |||
April 13, 2017 | $ | 0.3025 | ||
July 13, 2017 | $ | 0.3025 | ||
October 13, 2017 | $ | 0.3025 | ||
January 12, 2018 | $ | 0.3175 |
• | Operating Strategy: Maximizing the internal growth in revenue from our operating properties by leasing and re-leasing to a strong and diverse group of retail tenants at increasing rental rates, when possible, and redeveloping or renovating certain properties to make them more attractive to existing and prospective tenants and consumers; |
• | Financing and Capital Preservation Strategy: Maintaining a strong balance sheet with flexibility to fund our operating and investment activities. Funding sources include the public equity and debt markets, an existing revolving credit facility with zero outstanding, new secured debt, internally generated funds, proceeds from selling land and properties that no longer fit our strategy, and potential strategic joint ventures; and |
• | Growth Strategy: Prudently using available cash flow, targeted asset recycling, equity, and debt capital to selectivelyacquire additional retail properties and redevelop or renovate our existing properties where we believe that investment returns would meet or exceed internal benchmarks. |
• | compel a shareholder who has acquired our shares in excess of these ownership limitations to dispose of the additional shares and, as a result, to forfeit the benefits of owning the additional shares. Any acquisition of our common shares in violation of these ownership restrictions will be void ab initio and will result in automatic transfers of our common shares to a charitable trust, which will be responsible for selling the common shares to permitted transferees and distributing at least a portion of the proceeds to the prohibited transferees. |
Property1 | Location (MSA) | Year Built/ Renovated | Owned GLA2 | Leased % | ABR per SqFt | Grocery Anchors4 | Other Retailers4 | Location (MSA) | Year Built/ Renovated | Owned GLA2 | Leased % | ABR per SqFt | Grocery Anchors4 | Other Retailers4 | ||||||||||||||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | |||||||||||||||||||||||||||
Alabama | ||||||||||||||||||||||||||||||||||||||
Trussville Promenade | Birmingham | 1999 | 463,836 | 376,010 | 87,826 | 95.2 | % | 100.0 | % | 74.5 | % | $ | 9.67 | Wal-Mart, (Sam's Club) | Regal Cinemas, Marshalls, Big Lots, PetSmart, Dollar Tree, Ross Dress for Less, (Kohl's) | |||||||||||||||||||||||
Arizona | ||||||||||||||||||||||||||||||||||||||
The Corner | Tucson | 2008 | 79,902 | 55,883 | 24,019 | 100.0 | % | 100.0 | % | 100.0 | % | 29.50 | Total Wine & More | Nordstrom Rack, Panera Bread, (Home Depot) | Tucson | 2008 | 79,902 | 55,883 | 24,019 | 100.0 | % | 100.0 | % | 100.0 | % | 30.87 | Total Wine & More | Nordstrom Rack, Panera Bread, (Home Depot) | ||||||||||
Connecticut | ||||||||||||||||||||||||||||||||||||||
Killingly Commons3 | Killingly | 2010 | 205,683 | 148,250 | 57,433 | 96.9 | % | 100.0 | % | 89.0 | % | 16.30 | Stop & Shop Supermarket, (Target) | TJ Maxx, Bed Bath & Beyond, Michaels, Petco, Staples, Lowe's Home Improvement Center | ||||||||||||||||||||||||
Crossing at Killingly Commons | Willimantic, CT | 2010 | 205,683 | 148,250 | 57,433 | 86.0 | % | 86.2 | % | 85.5 | % | 14.50 | Stop & Shop Supermarket, (Target) | TJ Maxx, Michaels, Petco, Staples, Lowe's Home Improvement Center | ||||||||||||||||||||||||
Florida | ||||||||||||||||||||||||||||||||||||||
12th Street Plaza | Vero Beach | 1978/2003 | 135,016 | 121,376 | 13,640 | 100.0 | % | 100.0 | % | 100.0 | % | 10.05 | Publix | Stein Mart, Tuesday Morning | Vero Beach | 1978/2003 | 135,016 | 121,376 | 13,640 | 100.0 | % | 100.0 | % | 100.0 | % | 10.32 | Publix | Stein Mart, Tuesday Morning | ||||||||||
Bayport Commons | Tampa | 2008 | 97,163 | 71,540 | 25,623 | 64.5 | % | 58.0 | % | 82.6 | % | 18.45 | (Target) | PetSmart, Michaels | Tampa | 2008 | 97,163 | 71,540 | 25,623 | 100.0 | % | 100.0 | % | 100.0 | % | 15.38 | (Target) | PetSmart, Michaels | ||||||||||
Bolton Plaza | Jacksonville | 1986/2014 | 154,555 | 136,195 | 18,360 | 100.0 | % | 100.0 | % | 100.0 | % | 9.76 | Aldi | LA Fitness, Academy Sports, Marshalls, Panera Bread | ||||||||||||||||||||||||
Centre Point Commons | Bradenton | 2007 | 119,275 | 93,574 | 25,701 | 100.0 | % | 100.0 | % | 100.0 | % | 17.50 | Best Buy, Dick's Sporting Goods, Office Depot, Panera Bread, (Lowe's Home Improvement Center) | Sarasota | 2007 | 119,320 | 93,574 | 25,746 | 98.7 | % | 100.0 | % | 93.8 | % | 17.74 | Best Buy, Dick's Sporting Goods, Office Depot, Panera Bread, (Lowe's Home Improvement Center) | ||||||||||||
Cobblestone Plaza | Ft. Lauderdale | 2011 | 133,220 | 68,169 | 65,051 | 84.9 | % | 70.4 | % | 100.0 | % | 30.78 | Whole Foods | Party City | Miami | 2011 | 133,259 | 68,219 | 65,040 | 96.7 | % | 100.0 | % | 93.2 | % | 28.16 | Whole Foods | Party City, Planet Fitness | ||||||||||
Colonial Square | Fort Myers | 2010 | 186,609 | 150,505 | 36,104 | 69.7 | % | 71.9 | % | 60.6 | % | 13.06 | Kohl's, Hobby Lobby, PetSmart, | Fort Myers | 2010 | 186,517 | 150,505 | 36,012 | 92.4 | % | 100.0 | % | 60.7 | % | 11.94 | Kohl's, Hobby Lobby, PetSmart, | ||||||||||||
Delray Marketplace3 | Miami | 2013 | 260,181 | 118,136 | 142,045 | 99.3 | % | 100.0 | % | 98.6 | % | 26.35 | Publix | Frank Theatres, Burt & Max's, Carl's Patio, Ann Taylor Loft, Chicos, White House Black Market | Miami | 2013 | 260,298 | 118,136 | 142,162 | 91.6 | % | 100.0 | % | 84.6 | % | 26.42 | Publix | Frank Theatres, Burt & Max's, Ann Taylor Loft, Chico's, White House Black Market | ||||||||||
Estero Town Commons | Naples | 2006 | 25,696 | — | 25,696 | 80.4 | % | — | % | 80.4 | % | 14.72 | Lowe's Home Improvement Center, Dollar Tree | Fort Meyers | 2006 | 25,696 | — | 25,696 | 94.7 | % | — | % | 94.7 | % | 15.23 | Lowe's Home Improvement Center, Dollar Tree | ||||||||||||
Gainesville Plaza | Gainesville | 1970/2015 | 162,309 | 125,162 | 37,147 | 92.3 | % | 100.0 | % | 66.4 | % | 9.44 | Save a Lot | Ross Dress for Less, Burlington, 2nd and Charles | ||||||||||||||||||||||||
Hunter's Creek Promenade | Orlando | 1994 | 119,729 | 55,999 | 63,730 | 100.0 | % | 100.0 | % | 100.0 | % | 14.67 | Publix | Orlando | 1994 | 119,759 | 55,999 | 63,760 | 100.0 | % | 100.0 | % | 100.0 | % | 15.60 | Publix | ||||||||||||
Indian River Square | Vero Beach | 1997/2004 | 142,592 | 109,000 | 33,592 | 92.5 | % | 100.0 | % | 68.2 | % | 11.43 | (Target) | Beall's, Office Depot, Dollar Tree | Vero Beach | 1997/2004 | 142,592 | 109,000 | 33,592 | 95.9 | % | 100.0 | % | 82.7 | % | 12.17 | (Target) | Beall's, Office Depot, Dollar Tree, Panera | ||||||||||
International Speedway Square | Daytona | 1999/2013 | 233,424 | 203,405 | 30,019 | 98.3 | % | 100.0 | % | 86.7 | % | 11.30 | Total Wine & More | Bed, Bath & Beyond, Stein Mart, Old Navy, Staples, Michaels, Dick’s Sporting Goods, Shoe Carnival | Daytona Beach | 1999/2013 | 233,424 | 203,405 | 30,019 | 94.6 | % | 100.0 | % | 57.9 | % | 11.23 | Total Wine & More | Bed Bath & Beyond, Stein Mart, Old Navy, Staples, Michaels, Dick’s Sporting Goods, Shoe Carnival | ||||||||||
Kings Lake Square | Naples | 1986/2014 | 88,588 | 45,600 | 42,988 | 95.5 | % | 100.0 | % | 90.8 | % | 18.50 | Publix | Naples | 1986/2014 | 88,611 | 45,600 | 43,011 | 100.0 | % | 100.0 | % | 100.0 | % | 19.30 | Publix | ||||||||||||
Lake City Commons | Lake City | 2008 | 65,723 | 45,600 | 20,123 | 100.0 | % | 100.0 | % | 100.0 | % | 14.82 | Publix | Lake City | 2008 | 65,746 | 45,600 | 20,146 | 100.0 | % | 100.0 | % | 100.0 | % | 15.58 | Publix | ||||||||||||
Lake City Commons - Phase II | Lake City | 2011 | 16,291 | 12,131 | 4,160 | 100.0 | % | 100.0 | % | 100.0 | % | 15.62 | Publix | PetSmart | Lake City | 2011 | 16,291 | 12,131 | 4,160 | 100.0 | % | 100.0 | % | 100.0 | % | 15.80 | Publix | PetSmart | ||||||||||
Lake Mary Plaza | Orlando | 2009 | 21,370 | 14,880 | 6,490 | 100.0 | % | 100.0 | % | 100.0 | % | 37.49 | Walgreens | Orlando | 2009 | 21,385 | 14,880 | 6,505 | 100.0 | % | 100.0 | % | 100.0 | % | 38.00 | Walgreens | ||||||||||||
Lakewood Promenade | Jacksonville | 1948/1998 | 196,739 | 77,840 | 118,899 | 85.8 | % | 100.0 | % | 76.6 | % | 12.42 | Winn Dixie | SteinMart, Starbuck's, Salon Lofts | ||||||||||||||||||||||||
Lithia Crossing | Tampa | 2003/2013 | 90,505 | 53,547 | 36,958 | 98.7 | % | 100.0 | % | 96.8 | % | 15.19 | The Fresh Market | Stein Mart, Chili's, Panera Bread | Tampa | 2003/2013 | 90,515 | 53,547 | 36,968 | 100.0 | % | 100.0 | % | 100.0 | % | 16.06 | The Fresh Market | Stein Mart, Chili's, Panera Bread | ||||||||||
Miramar Square | Ft. Lauderdale | 2008 | 224,737 | 137,505 | 87,232 | 86.6 | % | 85.5 | % | 93.6 | % | 16.07 | Kohl's, Miami Children's Hospital, Dollar General | Miami | 2008 | 225,205 | 147,505 | 77,700 | 99.5 | % | 100.0 | % | 98.5 | % | 17.53 | Sprouts Farmers Market | Kohl's, Miami Children's Hospital | |||||||||||
Northdale Promenade | Tampa | 1985/2017 | 173,862 | 118,269 | 55,593 | 99.4 | % | 100.0 | % | 98.1 | % | 12.84 | (Winn Dixie) | TJ Maxx, Ulta Beauty, Beall's, Crunch Fitness, Tuesday Morning | Tampa | 1985/2017 | 179,602 | 130,269 | 49,333 | 96.6 | % | 100.0 | % | 87.5 | % | 13.00 | (Winn Dixie) | TJ Maxx, Ulta Beauty, Beall's, Crunch Fitness, Tuesday Morning | ||||||||||
Palm Coast Landing at Town Square | Palm Coast | 2010 | 168,352 | 100,822 | 67,530 | 98.6 | % | 100.0 | % | 96.6 | % | 18.91 | (Target) | Michaels, PetSmart, Ross Dress for Less, TJ Maxx, Ulta Beauty | ||||||||||||||||||||||||
Pine Ridge Crossing | Naples | 1993 | 105,962 | 66,435 | 39,527 | 100.0 | % | 100.0 | % | 100.0 | % | 17.92 | Publix, (Target) | Ulta Beauty, (Beall's) | Naples | 1993 | 105,962 | 66,435 | 39,527 | 96.3 | % | 100.0 | % | 90.0 | % | 18.06 | Publix, (Target) | Ulta Beauty, (Beall's) | ||||||||||
Pleasant Hill Commons | Orlando | 2008 | 70,645 | 45,600 | 25,045 | 100.0 | % | 100.0 | % | 100.0 | % | 15.86 | Publix | |||||||||||||||||||||||||
Riverchase Plaza | Naples | 1991/2001 | 78,291 | 48,890 | 29,401 | 96.3 | % | 100.0 | % | 90.3 | % | 16.77 | Publix | |||||||||||||||||||||||||
Saxon Crossing | Daytona Beach | 2009 | 119,907 | 95,304 | 24,603 | 97.2 | % | 100.0 | % | 86.2 | % | 15.39 | (Target) | Hobby Lobby, LA Fitness, (Lowe's Home Improvement Center) | ||||||||||||||||||||||||
Shoppes of Eastwood | Orlando | 1997 | 69,076 | 51,512 | 17,564 | 98.1 | % | 100.0 | % | 92.5 | % | 13.87 | Publix | |||||||||||||||||||||||||
Shops at Eagle Creek | Naples | 1983/2013 | 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 3 | Naples | 2016 | 121,705 | 121,705 | — | 100.0 | % | 100.0 | % | — | % | 12.55 | Aldi, (Walmart) | Marshalls, Michaels, PetSmart, Ross Stores, Stein Mart, Ulta Beauty |
Property1 | Location (MSA) | Year Built/ Renovated | Owned GLA2 | Leased % | ABR per SqFt | Grocery Anchors4 | Other Retailers4 | Location (MSA) | Year Built/ Renovated | Owned GLA2 | Leased % | ABR per SqFt | Grocery Anchors4 | Other Retailers4 | ||||||||||||||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | |||||||||||||||||||||||||||
Pleasant Hill Commons | Orlando | 2008 | 70,643 | 45,600 | 25,043 | 98.3 | % | 100.0 | % | 95.2 | % | $ | 15.15 | Publix | ||||||||||||||||||||||||
Riverchase Plaza | Naples | 1991/2001 | 78,291 | 48,890 | 29,401 | 100.0 | % | 100.0 | % | 100.0 | % | 16.31 | Publix | |||||||||||||||||||||||||
Saxon Crossing | Orange City | 2009 | 119,907 | 95,304 | 24,603 | 94.2 | % | 100.0 | % | 71.9 | % | 15.00 | (Target) | Hobby Lobby, LA Fitness, (Lowe's Home Improvement Center) | ||||||||||||||||||||||||
Shoppes of Eastwood | Orlando | 1997 | 69,076 | 51,512 | 17,564 | 98.1 | % | 100.0 | % | 92.5 | % | 13.53 | Publix | |||||||||||||||||||||||||
Shops at Eagle Creek | Naples | 1983/2013 | 70,768 | 50,187 | 20,581 | 98.4 | % | 100.0 | % | 94.3 | % | 15.81 | The Fresh Market | Staples, (Lowe's Home Improvement Center), Panera Bread | ||||||||||||||||||||||||
Tamiami Crossing | Naples | 2016 | 121,705 | 121,705 | — | 100.0 | % | 100.0 | % | — | % | 12.51 | Aldi, (Wal-Mart) | Marshalls, Michaels, PetSmart, Ross Dress for Less, Stein Mart, Ulta Beauty | ||||||||||||||||||||||||
Tarpon Bay Plaza | Naples | 2007 | 82,528 | 60,139 | 22,389 | 96.6 | % | 100.0 | % | 87.5 | % | 17.80 | (Target) | PetSmart, Cost Plus World Market, Staples, Panera Bread | Naples | 2007 | 81,864 | 59,442 | 22,422 | 97.4 | % | 100.0 | % | 90.6 | % | 17.43 | (Target) | PetSmart, Cost Plus World Market, Ross Stores, Panera Bread | ||||||||||
Temple Terrace | Temple Terrace | 2012 | 90,328 | 58,798 | 31,530 | 92.9 | % | 100.0 | % | 79.6 | % | 10.55 | Winn Dixie | Burger King | ||||||||||||||||||||||||
The Landing at Tradition | Port St. Lucie | 2007 | 360,276 | 290,396 | 69,880 | 83.8 | % | 86.1 | % | 74.2 | % | 16.00 | (Target) | TJ Maxx, Ulta Salon, Bed Bath & Beyond, LA Fitness, Michaels, Old Navy, PetSmart, Pier 1, DSW, Five Below | Port St. Lucie | 2007 | 359,474 | 283,064 | 76,410 | 78.7 | % | 79.4 | % | 76.2 | % | 16.33 | (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 | 40,219 | 21,038 | 19,181 | 96.5 | % | 100.0 | % | 92.6 | % | 19.43 | The Fresh Market | Jacksonville | 2011 | 40,254 | 21,038 | 19,216 | 100.0 | % | 100.0 | % | 100.0 | % | 20.48 | The Fresh Market | ||||||||||||
Tradition Village Center | Port St. Lucie | 2006 | 84,084 | 45,600 | 38,484 | 95.5 | % | 100.0 | % | 90.2 | % | 17.08 | Publix | Port St. Lucie | 2006 | 84,086 | 45,600 | 38,486 | 98.6 | % | 100.0 | % | 97.0 | % | 18.55 | Publix | ||||||||||||
Waterford Lakes Village | Orlando | 1997 | 77,971 | 51,703 | 26,268 | 98.4 | % | 100.0 | % | 95.2 | % | 13.13 | Winn Dixie | Orlando | 1997 | 77,975 | 51,703 | 26,272 | 96.7 | % | 100.0 | % | 90.2 | % | 13.20 | Winn Dixie | ||||||||||||
Georgia | ||||||||||||||||||||||||||||||||||||||
Mullins Crossing | Evans | 2005 | 251,712 | 205,716 | 45,996 | 100.0 | % | 100.0 | % | 100.0 | % | 12.73 | (Target) | Ross Dress for Less, Babies "R" Us, Kohls, La-Z Boy, Marshalls, Office Max, Petco, Ulta Beauty, Panera Bread | Augusta | 2005 | 276,318 | 228,224 | 48,094 | 99.3 | % | 100.0 | % | 96.1 | % | 13.35 | (Target) | Ross Stores, Old Navy, Five Below, Kohls, La-Z-Boy, Marshalls, Office Max, Petco, Ulta Beauty, Panera Bread | ||||||||||
Publix at Acworth | Atlanta | 1996 | 69,640 | 37,888 | 31,752 | 98.3 | % | 100.0 | % | 96.2 | % | 12.52 | Publix | |||||||||||||||||||||||||
The Centre at Panola | Atlanta | 2001 | 73,061 | 51,674 | 21,387 | 100.0 | % | 100.0 | % | 100.0 | % | 13.04 | Publix | |||||||||||||||||||||||||
Illinois | ||||||||||||||||||||||||||||||||||||||
Fox Lake Crossing | Chicago | 2002 | 99,136 | 65,977 | 33,159 | 90.7 | % | 100.0 | % | 72.2 | % | 13.34 | Dominick's Finer Foods | Dollar Tree | ||||||||||||||||||||||||
Naperville Marketplace | Chicago | 2008 | 83,743 | 61,683 | 22,060 | 100.0 | % | 100.0 | % | 100.0 | % | 13.83 | (Caputo's Fresh Market) | TJ Maxx, PetSmart, | Chicago | 2008 | 83,759 | 61,683 | 22,076 | 97.7 | % | 100.0 | % | 91.1 | % | 13.91 | (Caputo's Fresh Market) | TJ Maxx, PetSmart | ||||||||||
South Elgin Commons | Chicago | 2011 | 128,000 | 128,000 | — | 100.0 | % | 100.0 | % | — | % | 14.55 | (Target) | LA Fitness, Ross Dress for Less, Toys "R" Us/Babies "R" Us | ||||||||||||||||||||||||
Indiana | ||||||||||||||||||||||||||||||||||||||
54th & College | Indianapolis | 2008 | — | — | — | — | % | — | % | — | % | 0.00 | The Fresh Market | Indianapolis | 2008 | — | — | — | — | % | — | % | — | % | — | The Fresh Market | ||||||||||||
Beacon Hill | Crown Point | 2006 | 56,820 | 11,043 | 45,777 | 98.0 | % | 100.0 | % | 97.5 | % | 16.09 | (Strack & Van Till) | (Walgreens), Jimmy John's, Rosati's, Great Clips | ||||||||||||||||||||||||
Bell Oaks Centre | Newburgh | 2008 | 94,958 | 74,122 | 20,836 | 100.0 | % | 100.0 | % | 100.0 | % | 12.17 | Schnuck's Market | |||||||||||||||||||||||||
Boulevard Crossing | Kokomo | 2004 | 124,634 | 74,440 | 50,194 | 94.7 | % | 100.0 | % | 86.7 | % | 14.83 | Petco, TJ Maxx, Ulta Beauty, Shoe Carnival, (Kohl's) | |||||||||||||||||||||||||
Bridgewater Marketplace | Indianapolis | 2008 | 25,975 | — | 25,975 | 86.8 | % | — | % | 86.8 | % | 20.58 | (Walgreens), The Local Eatery, Original Pancake House | Westfield | 2008 | 25,975 | — | 25,975 | 100.0 | % | — | % | 100.0 | % | 21.49 | (Walgreens), The Local Eatery, Original Pancake House | ||||||||||||
Castleton Crossing | Indianapolis | 1975/2012 | 286,377 | 247,710 | 38,667 | 100.0 | % | 100.0 | % | 100.0 | % | 11.86 | TJ Maxx/Home Goods, Burlington, Shoe Carnival, Value City Furniture, K&G Menswear, Chipotle, Verizon, Five Below | Indianapolis | 1975/2012 | 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 | 124,272 | 53,600 | 70,672 | 93.8 | % | 100.0 | % | 89.2 | % | 18.30 | The Fresh Market | Stein Mart, McAlister's Deli, Beauty Brands, Buffalo Wild Wings, Pet People | Westfield | 2005 | 124,303 | 53,600 | 70,703 | 96.4 | % | 100.0 | % | 93.7 | % | 19.30 | The Fresh Market | Stein Mart, McAlister's Deli, Buffalo Wild Wings, Pet People | ||||||||||
Depauw University Bookstore and Café | Greencastle | 2012 | 11,974 | — | 11,974 | 100.0 | % | — | % | 100.0 | % | 9.17 | Folletts, Starbucks | Indianapolis | 2012 | 11,974 | — | 11,974 | 100.0 | % | — | % | 100.0 | % | 9.17 | Follett's, Starbucks | ||||||||||||
Eddy Street Commons at Notre Dame | South Bend | 2009 | 87,987 | 20,154 | 67,833 | 98.8 | % | 100.0 | % | 98.4 | % | 26.66 | Hammes Bookstore & Cafe, Chipotle, Urban Outfitters, Five Guys, Kilwins, Blaze Pizza | |||||||||||||||||||||||||
Fishers Station | Fishers | 1989/2018 | 52,400 | 15,441 | 36,959 | 97.8 | % | 100.0 | % | 96.9 | % | 17.72 | Dollar Tree, Goodwill | |||||||||||||||||||||||||
Geist Pavilion | Fishers | 2006 | 63,910 | 29,700 | 34,210 | 100.0 | % | 100.0 | % | 100.0 | % | 17.43 | Ace Hardware, Goodwill, Ale Emporium, Pure Barre | |||||||||||||||||||||||||
Greyhound Commons | Carmel | 2005 | 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 | 139,743 | 73,589 | 66,154 | 100.0 | % | 100.0 | % | 100.0 | % | 15.17 | Whole Foods, (Target) | Marshalls | ||||||||||||||||||||||||
Rangeline Crossing | Carmel | 1986/2013 | 99,226 | 47,962 | 51,264 | 97.2 | % | 100.0 | % | 94.5 | % | 22.94 | Walgreens, Panera Bread, Pet Valu, City BBQ | |||||||||||||||||||||||||
Rivers Edge | Indianapolis | 2011 | 150,428 | 117,890 | 32,538 | 100.0 | % | 100.0 | % | 100.0 | % | 22.20 | Nordstrom Rack, The Container Store, Arhaus Furniture, Bicycle Garage of Indy, Buy Buy Baby, J Crew Mercantile | |||||||||||||||||||||||||
Stoney Creek Commons | Noblesville | 2000/2013 | 84,226 | 84,226 | — | 64.1 | % | 64.1 | % | — | % | 14.38 | LA Fitness, Goodwill, (Lowe's Home Improvement Center) | |||||||||||||||||||||||||
Traders Point I | Indianapolis | 2005 | 279,786 | 238,721 | 41,065 | 73.9 | % | 71.6 | % | 87.5 | % | 14.69 | Dick's Sporting Goods, AMC Theatres, Bed Bath & Beyond, Michaels, Old Navy, PetSmart, Books-A-Million | |||||||||||||||||||||||||
Traders Point II | Indianapolis | 2005 | 45,977 | — | 45,977 | 92.2 | % | — | % | 92.2 | % | 27.59 | Starbucks, Noodles & Company, Qdoba |
Property1 | Location (MSA) | Year Built/ Renovated | Owned GLA2 | Leased % | ABR per SqFt | Grocery Anchors4 | Other Retailers4 | |||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | |||||||||||||||
Eddy Street Commons at Notre Dame | South Bend | 2009 | 87,991 | 20,154 | 67,837 | 96.0 | % | 100.0 | % | 94.8 | % | $ | 25.59 | Hammes Bookstore & Cafe, Chipotle, Urban Outfitters, Five Guy's, Kilwin's, Blaze Pizza | ||||||
Geist Pavilion | Indianapolis | 2006 | 63,910 | 29,700 | 34,210 | 100.0 | % | 100.0 | % | 100.0 | % | 16.98 | Ace Hardware, Goodwill, Ale Emporium, Pure Barre | |||||||
Glendale Town Center | Indianapolis | 1958/2008 | 393,002 | 329,546 | 63,456 | 97.8 | % | 100.0 | % | 86.6 | % | 7.33 | (Target) | Macy’s, Staples, Landmark Theaters, Pei Wei, LensCrafter's, Panera Bread, (Walgreens), (Lowe's Home Improvement Center) | ||||||
Greyhound Commons | Indianapolis | 2005 | 9,152 | — | 9,152 | 100.0 | % | — | % | 100.0 | % | 13.60 | ||||||||
Lima Marketplace | Fort Wayne | 2008 | 100,461 | 71,521 | 28,940 | 94.8 | % | 100.0 | % | 81.8 | % | 14.81 | Aldi, (Wal-Mart) | PetSmart, Office Depot, Aldi, Dollar Tree | ||||||
Rangeline Crossing | Indianapolis | 1986/2013 | 100,196 | 47,962 | 52,234 | 99.0 | % | 100.0 | % | 98.2 | % | 22.21 | Earth Fare | Walgreens, Panera Bread, Pet Valu, City BBQ | ||||||
Rivers Edge | Indianapolis | 2011 | 150,428 | 117,890 | 32,538 | 100.0 | % | 100.0 | % | 100.0 | % | 21.92 | Nordstrom Rack, The Container Store, Arhaus Furniture, Bicycle Garage of Indy, Buy Buy Baby, J Crew Mercantile | |||||||
Stoney Creek Commons | Indianapolis | 2000/2013 | 84,330 | 84,330 | — | 64.1 | % | 64.1 | % | — | % | 13.44 | LA Fitness, Goodwill, (Lowe's Home Improvement Center) | |||||||
Traders Point I | Indianapolis | 2005 | 279,646 | 238,721 | 40,925 | 74.7 | % | 71.6 | % | 93.0 | % | 14.99 | Dick's Sporting Goods, AMC Theatre, Bed, Bath & Beyond, Michaels, Old Navy, PetSmart, Books-A-Million | |||||||
Traders Point II | Indianapolis | 2005 | 45,977 | — | 45,977 | 92.2 | % | — | % | 92.2 | % | 26.42 | ||||||||
Whitehall Pike | Bloomington | 1999 | 128,997 | 128,997 | — | 100.0 | % | 100.0 | % | — | % | 7.86 | Lowe's Home Improvement Center | |||||||
Nevada | ||||||||||||||||||||
Cannery Corner3 | Las Vegas | 2008 | 30,738 | — | 30,738 | 94.4 | % | — | % | 94.4 | % | 36.19 | (Sam's Club) | Chipotle, Five Guys, (Lowe's Home Improvement Center) | ||||||
Centennial Center3 | Las Vegas | 2002 | 334,377 | 158,196 | 176,181 | 88.6 | % | 85.3 | % | 91.6 | % | 24.53 | Sam's Club, Wal-Mart | Ross Dress for Less, Big Lots, Famous Footwear, Michaels, Party City, Petco, Rhapsodielle, Home Depot | ||||||
Centennial Gateway3 | Las Vegas | 2005 | 193,085 | 139,913 | 53,172 | 91.8 | % | 92.1 | % | 91.2 | % | 24.19 | Trader Joe's | 24 Hour Fitness, Sportsman's Warehouse, Walgreens | ||||||
Eastern Beltway Center3 | Las Vegas | 1998/2006 | 158,938 | 83,982 | 74,956 | 98.1 | % | 100.0 | % | 96.0 | % | 24.46 | Sam's Club, Wal-Mart | Office Max, Petco, Ross Dress for Less, Skechers, (Home Depot) | ||||||
Eastgate Plaza3 | Las Vegas | 2002 | 96,594 | 53,030 | 43,564 | 79.9 | % | 76.4 | % | 84.1 | % | 23.45 | (Wal-Mart) | 99 Cent Only Store, Party City | ||||||
Lowe's Plaza3 | Las Vegas | 2007 | 30,210 | — | 30,210 | 67.6 | % | — | % | 67.6 | % | 27.89 | Anytime Fitness, Starbucks, (Lowe's Home Improvement Center) | |||||||
New Hampshire | ||||||||||||||||||||
Merrimack Village Center | Merrimack | 2007 | 78,892 | 54,000 | 24,892 | 100.0 | % | 100.0 | % | 100.0 | % | 14.72 | Supervalue/Shaw's | |||||||
New Jersey | ||||||||||||||||||||
Bayonne Crossing | Bayonne | 2011 | 106,137 | 52,219 | 53,918 | 97.0 | % | 100.0 | % | 94.1 | % | 28.28 | Wal-Mart | Michaels, New York Sports Club, Lowe's Home Improvement Center | ||||||
Livingston Shopping Center | Newark | 1997 | 139,559 | 133,125 | 6,434 | 95.4 | % | 100.0 | % | — | % | 19.77 | Cost Plus, Buy Buy Baby, Nordstrom Rack, DSW, TJ Maxx, Ulta Beauty | |||||||
North Carolina | ||||||||||||||||||||
Holly Springs Towne Center - Phase I | Raleigh | 2013 | 207,566 | 109,233 | 98,333 | 92.2 | % | 100.0 | % | 83.4 | % | 16.87 | (Target) | Dick's Sporting Goods, Marshalls, Petco, Ulta Beauty, Michaels | ||||||
Holly Springs Towne Center - Phase II | Raleigh | 2016 | 145,009 | 111,843 | 33,166 | 100.0 | % | 100.0 | % | 100.0 | % | 17.98 | (Target) | Bed Bath & Beyond, DSW, AMC Theatre/Carmike, 02 Fitness |
Property1 | Location (MSA) | Year Built/ Renovated | Owned GLA2 | Leased % | ABR per SqFt | Grocery Anchors4 | Other Retailers4 | |||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | |||||||||||||
Nevada | ||||||||||||||||||
Centennial Center | Las Vegas | 2002 | 334,042 | 147,824 | 186,218 | 96.5 | % | 100.0 | % | 93.7 | % | 25.45 | Sam's Club, Walmart | Ross Stores, Big Lots, Famous Footwear, Michaels, Petco, Home Depot, HomeGoods, Skechers, Five Below, Sephora | ||||
Centennial Gateway | Las Vegas | 2005 | 193,072 | 139,913 | 53,159 | 99.4 | % | 100.0 | % | 97.8 | % | 25.55 | Trader Joe's | 24 Hour Fitness, Party City, Sportsman's Warehouse, Walgreens | ||||
Eastern Beltway Center | Las Vegas | 1998/2006 | 162,317 | 77,436 | 84,881 | 90.9 | % | 100.0 | % | 82.5 | % | 27.36 | Sam's Club, Walmart | Petco, Ross Stores, Skechers, Old Navy, (Home Depot) | ||||
Rampart Commons | Las Vegas | 2002/2018 | 79,314 | 11,965 | 67,349 | 100.0 | % | 100.0 | % | 100.0 | % | 33.45 | Athleta, North Italia, Pottery Barn, Williams Sonoma, Flower Child, Crunch Fitness | |||||
New Jersey | ||||||||||||||||||
Bayonne Crossing | New York / Northern New Jersey | 2011 | 106,146 | 52,219 | 53,927 | 100.0 | % | 100.0 | % | 100.0 | % | 29.46 | Walmart | Michaels, New York Sports Club, Lowe's Home Improvement Center | ||||
Livingston Shopping Center 3 | New York / Northern New Jersey | 1997 | 139,022 | 133,125 | 5,897 | 100.0 | % | 100.0 | % | 100.0 | % | 20.26 | 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 | 363,103 | 325,139 | 37,964 | 96.9 | % | 100.0 | % | 70.7 | % | 26.43 | ShopRite | Nordstrom Rack, New York Sports Club, Burlington, Club Champion Golf, National Amusements | ||||
North Carolina | ||||||||||||||||||
Holly Springs Towne Center - Phase I | Raleigh | 2013 | 209,852 | 121,761 | 88,091 | 95.9 | % | 100.0 | % | 90.2 | % | 18.04 | (Target) | Dick's Sporting Goods, Marshalls, Petco, Ulta Beauty, Michaels, Old Navy, Five Below | ||||
Holly Springs Towne Center - Phase II | Raleigh | 2016 | 144,995 | 111,843 | 33,152 | 100.0 | % | 100.0 | % | 100.0 | % | 17.83 | (Target) | Bed Bath & Beyond, DSW, AMC Theatres, 02 Fitness | ||||
Northcrest Shopping Center | Charlotte | 2008 | 133,627 | 65,576 | 68,051 | 97.0 | % | 100.0 | % | 94.1 | % | 23.77 | (Target) | REI Co-Op, David's Bridal, Old Navy, Five Below | ||||
Oleander Place | Wilmington | 2012 | 45,524 | 30,144 | 15,380 | 100.0 | % | 100.0 | % | 100.0 | % | 17.91 | Whole Foods | |||||
Parkside Town Commons - Phase I | Raleigh | 2015 | 55,368 | 22,500 | 32,868 | 100.0 | % | 100.0 | % | 100.0 | % | 25.61 | Harris Teeter/Kroger, (Target) | Petco, Guitar Center | ||||
Parkside Town Commons - Phase II | Raleigh | 2017 | 296,715 | 187,406 | 109,309 | 99.5 | % | 100.0 | % | 98.6 | % | 17.33 | (Target) | Frank Theatres, Golf Galaxy, Hobby Lobby, Stein Mart, Chuy's, Starbucks, Panera Bread, Levity Live | ||||
Perimeter Woods | Charlotte | 2008 | 125,646 | 105,262 | 20,384 | 100.0 | % | 100.0 | % | 100.0 | % | 20.71 | Best Buy, Off Broadway Shoes, PetSmart, Michaels, (Lowe's Home Improvement Center) | |||||
Toringdon Market | Charlotte | 2004 | 60,627 | 26,072 | 34,555 | 97.9 | % | 100.0 | % | 96.3 | % | 22.71 | Earth Fare | |||||
Ohio | ||||||||||||||||||
Eastgate Pavilion | Cincinnati | 1995 | 236,230 | 231,730 | 4,500 | 100.0 | % | 100.0 | % | 100.0 | % | 9.12 | Best Buy, Dick's Sporting Goods, Value City Furniture, Petsmart, DSW, Bed Bath & Beyond | |||||
Oklahoma | ||||||||||||||||||
Belle Isle Station | Oklahoma City | 2000 | 196,298 | 115,783 | 80,515 | 96.9 | % | 100.0 | % | 92.4 | % | 17.92 | (Walmart) | REI, Shoe Carnival, Old Navy, Ross Stores, Nordstrom Rack, Ulta Beauty, Five Below | ||||
Shops at Moore | Oklahoma City | 2010 | 260,482 | 187,916 | 72,566 | 97.2 | % | 100.0 | % | 90.0 | % | 12.25 | Bed Bath & Beyond, Best Buy, Hobby Lobby, Office Depot, PetSmart, Ross Stores, (J.C. Penney) |
Property1 | Location (MSA) | Year Built/ Renovated | Owned GLA2 | Leased % | ABR per SqFt | Grocery Anchors4 | Other Retailers4 | |||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | |||||||||||||||
Memorial Commons | Goldsboro | 2008 | 111,022 | 73,876 | 37,146 | 100.0 | % | 100.0 | % | 100.0 | % | $ | 13.26 | Harris Teeter/Kroger | Office Depot | |||||
Northcrest Shopping Center | Charlotte | 2008 | 133,674 | 65,576 | 68,098 | 95.1 | % | 100.0 | % | 90.5 | % | 22.65 | (Target) | REI Co-Op, David's Bridal, Dollar Tree, Old Navy, Five Below | ||||||
Oleander Place | Wilmington | 2012 | 45,530 | 30,144 | 15,386 | 100.0 | % | 100.0 | % | 100.0 | % | 17.03 | Whole Foods | |||||||
Parkside Town Commons - Phase I | Raleigh | 2015 | 55,390 | 22,500 | 32,890 | 100.0 | % | 100.0 | % | 100.0 | % | 24.35 | Harris Teeter/Kroger, (Target) | Petco, Guitar Center | ||||||
Parkside Town Commons - Phase II | Raleigh | 2017 | 291,713 | 191,988 | 99,725 | 97.5 | % | 100.0 | % | 92.5 | % | 19.66 | (Target) | Frank Theatres, Golf Galaxy, Hobby Lobby, Stein Mart, Chuy's, Starbucks, Panera Bread, Levity Live | ||||||
Perimeter Woods | Charlotte | 2008 | 125,646 | 105,262 | 20,384 | 100.0 | % | 100.0 | % | 100.0 | % | 21.10 | Best Buy, Off Broadway Shoes, Office Max, PetSmart, Lowe's Home Improvement Center | |||||||
Toringdon Market | Charlotte | 2004 | 60,314 | 26,072 | 34,242 | 100.0 | % | 100.0 | % | 100.0 | % | 21.49 | Earth Fare | |||||||
Ohio | ||||||||||||||||||||
Eastgate Pavilion | Cincinnati | 1995 | 236,230 | 231,730 | 4,500 | 100.0 | % | 100.0 | % | 100.0 | % | 9.15 | Best Buy, Dick's Sporting Goods, Value City Furniture, Petsmart, DSW, Bed Bath & Beyond | |||||||
Oklahoma | ||||||||||||||||||||
Belle Isle Station | Oklahoma City | 2000 | 164,407 | 92,783 | 71,624 | 98.5 | % | 100.0 | % | 96.5 | % | 17.35 | (Wal-Mart) | Shoe Carnival, Old Navy, Ross Stores, Nordstrom Rack, Babies "R" Us, Ulta Beauty | ||||||
Shops at Moore | Moore | 2010 | 260,530 | 187,916 | 72,614 | 94.7 | % | 100.0 | % | 80.9 | % | 12.16 | Bed Bath and Beyond, Best Buy, Hobby Lobby, Office Depot, PetSmart, Ross Dress for Less, (JC Penny) | |||||||
Silver Springs Pointe | Oklahoma City | 2001 | 48,474 | 20,515 | 27,959 | 79.1 | % | 100.0 | % | 63.7 | % | 15.88 | (Sam's Club), (Wal-Mart) | Kohls, Office Depot, (Home Depot) | ||||||
University Town Center | Norman | 2009 | 158,375 | 77,097 | 81,278 | 91.3 | % | 100.0 | % | 83.0 | % | 18.00 | (Target) | Office Depot, Petco, TJ Maxx, Ulta Beauty | ||||||
University Town Center Phase II | Norman | 2012 | 190,487 | 133,546 | 56,941 | 93.0 | % | 100.0 | % | 76.7 | % | 12.68 | (Target) | Academy Sports, DSW, Home Goods, Michaels, Kohls, Guitar Center | ||||||
South Carolina | ||||||||||||||||||||
Hitchcock Plaza | Augusta-Aiken | 2006 | 252,370 | 214,480 | 37,890 | 88.8 | % | 89.7 | % | 84.2 | % | 10.38 | TJ Maxx, Ross Dress for Less, Academy Sports, Bed Bath and Beyond, Farmers Home Furniture, Old Navy, Petco | |||||||
Publix at Woodruff | Greenville | 1997 | 68,055 | 47,955 | 20,100 | 100.0 | % | 100.0 | % | 100.0 | % | 11.17 | Publix | |||||||
Shoppes at Plaza Green | Greenville | 2000 | 194,807 | 172,136 | 22,671 | 94.7 | % | 94.1 | % | 100.0 | % | 13.33 | Bed Bath & Beyond, Christmas Tree Shops, Sears, Party City, Shoe Carnival, AC Moore, Old Navy | |||||||
Tennessee | ||||||||||||||||||||
Cool Springs Market | Nashville | 1995 | 230,980 | 172,712 | 58,268 | 99.5 | % | 100.0 | % | 97.9 | % | 15.78 | (Kroger) | Dick's Sporting Goods, Marshalls, Buy Buy Baby, DSW, Staples, Jo-Ann Fabric, Panera Bread | ||||||
Hamilton Crossing - Phase II & III | Alcoa | 2008 | 175,464 | 135,737 | 39,727 | 94.8 | % | 100.0 | % | 77.2 | % | 14.95 | Dicks Sporting Goods, Michaels, Old Navy, PetSmart, Ross Dress for Less | |||||||
Texas4 | ||||||||||||||||||||
Chapel Hill Shopping Center | Fort Worth | 2001 | 126,989 | 43,450 | 83,539 | 94.6 | % | 100.0 | % | 91.7 | % | 25.23 | H-E-B Grocery | The Container Store, Cost Plus World Market |
Property1 | Location (MSA) | Year Built/ Renovated | Owned GLA2 | Leased % | ABR per SqFt | Grocery Anchors4 | Other Retailers4 | ||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | ||||||||||||||
Silver Springs Pointe | Oklahoma City | 2001 | 48,440 | 20,515 | 27,925 | 83.0 | % | 100.0 | % | 70.4 | % | 13.28 | (Sam's Club), (Walmart) | Kohls, Office Depot, (Home Depot) | |||||
South Carolina | |||||||||||||||||||
Publix at Woodruff | Greenville | 1997 | 68,119 | 47,955 | 20,164 | 96.8 | % | 100.0 | % | 89.3 | % | 11.06 | Publix | ||||||
Shoppes at Plaza Green | Greenville | 2000 | 189,564 | 161,900 | 27,664 | 98.2 | % | 100.0 | % | 87.6 | % | 13.51 | Bed Bath & Beyond, Christmas Tree Shops, Sears, Party City, Shoe Carnival, AC Moore, Old Navy | ||||||
Tennessee | |||||||||||||||||||
Cool Springs Market | Nashville | 1995 | 230,980 | 172,712 | 58,268 | 100.0 | % | 100.0 | % | 100.0 | % | 16.48 | (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 | 126,986 | 43,450 | 83,536 | 97.2 | % | 100.0 | % | 95.8 | % | 26.28 | H-E-B Grocery | The Container Store, Cost Plus World Market | |||||
Colleyville Downs | Dallas/Ft. Worth | 2014 | 194,666 | 139,219 | 55,447 | 97.3 | % | 100.0 | % | 90.4 | % | 15.45 | Whole Foods | Westlake Hardware, Goody Goody Liquor, Petco, Fit Factory | |||||
Kingwood Commons | Houston | 1999 | 158,109 | 74,836 | 83,273 | 94.3 | % | 100.0 | % | 89.2 | % | 21.24 | Randall's Food and Drug | Petco, Chico's, Talbots, Ann Taylor | |||||
Market Street Village/ Pipeline Point | Dallas/Ft. Worth | 1970/2011 | 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 | 295,758 | 234,358 | 61,400 | 98.5 | % | 100.0 | % | 92.6 | % | 13.75 | Sprouts Farmers Market, Total Wine | DSW, Ross Stores, Hobby Lobby, Office Max, Marshalls, Home Goods | |||||
Plaza Volente 3 | Austin | 2004 | 156,150 | 105,000 | 51,150 | 100.0 | % | 100.0 | % | 100.0 | % | $ | 17.94 | H-E-B Grocery | |||||
Portofino Shopping Center | Houston | 1999/2010 | 369,846 | 218,861 | 150,985 | 94.0 | % | 100.0 | % | 85.2 | % | 19.72 | (Sam's Club) | DSW, Michaels, PGA Superstore, SteinMart, PetSmart, Old Navy, TJ Maxx, Nordstrom Rack, Five Below | |||||
Sunland Towne Centre | El Paso | 1996/2014 | 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 | 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 | 93,377 | 70,000 | 23,377 | 100.0 | % | 100.0 | % | 100.0 | % | 16.61 | Randalls Tom Thumb | ||||||
Utah | |||||||||||||||||||
Draper Crossing | Salt Lake City | 2012 | 164,657 | 115,916 | 48,741 | 100.0 | % | 100.0 | % | 100.0 | % | 16.97 | Kroger/Smith's | TJ Maxx, Dollar Tree, Downeast Home | |||||
Draper Peaks | Salt Lake City | 2012 | 227,500 | 101,464 | 126,036 | 95.2 | % | 100.0 | % | 91.3 | % | 20.64 | Michaels, Office Depot, Petco, Quilted Bear, Ross Stores, (Kohl's) | ||||||
Total | 11,554,229 | 7,878,569 | 3,675,660 | 96.1 | % | 97.8 | % | 92.5 | % | 17.83 | |||||||||
Total at Pro-Rata Share | 11,220,882 | 7,590,705 | 3,630,177 | 96.0 | % | 97.7 | % | 92.4 | % | 17.85 |
Property1 | Location (MSA) | Year Built/ Renovated | Owned GLA2 | Leased % | ABR per SqFt | Grocery Anchors4 | Other Retailers4 | |||||||||||||
Total | Anchors | Shops | Total | Anchors | Shops | |||||||||||||||
Colleyville Downs | Dallas | 2014 | 190,895 | 142,073 | 48,822 | 97.8 | % | 100.0 | % | 91.3 | % | $ | 12.99 | Whole Foods | Westlake Hardware, Vineyard's Antique Mall, Goody Goody Liquor, Petco | |||||
Kingwood Commons | Houston | 1999 | 164,366 | 74,836 | 89,530 | 100.0 | % | 100.0 | % | 100.0 | % | 19.99 | Randall's Food and Drug | Petco, Chico's, Talbots, Ann Taylor | ||||||
Market Street Village/ Pipeline Point | Fort Worth | 1970/2011 | 156,621 | 136,742 | 19,879 | 100.0 | % | 100.0 | % | 100.0 | % | 13.06 | Jo-Ann Fabric, Ross, Office Depot, Buy Buy Baby, Party City | |||||||
Plaza at Cedar Hill | Dallas | 2000/2010 | 302,458 | 244,065 | 58,393 | 100.0 | % | 100.0 | % | 100.0 | % | 13.34 | Sprouts Farmers Market | DSW, Ross Dress for Less, Hobby Lobby, Office Max, Marshalls, Toys “R” Us/Babies “R” Us, Home Goods | ||||||
Plaza Volente | Austin | 2004 | 156,296 | 105,000 | 51,296 | 97.2 | % | 100.0 | % | 91.4 | % | 17.41 | H-E-B Grocery | |||||||
Portofino Shopping Center | Houston | 1999/2010 | 386,647 | 218,909 | 167,738 | 95.5 | % | 100.0 | % | 89.7 | % | 19.73 | (Sam's Club) | DSW, Michaels, PGA Superstore, SteinMart, PetSmart, Old Navy, TJ Maxx, Nordstrom Rack | ||||||
Sunland Towne Centre | El Paso | 1996/2014 | 306,454 | 265,037 | 41,417 | 98.9 | % | 100.0 | % | 91.7 | % | 12.02 | Sprouts Farmers Market | PetSmart, Ross, Bed Bath & Beyond, Specs Fine Wines | ||||||
Waxahachie Crossing | Waxahachie | 2010 | 97,127 | 72,191 | 24,936 | 100.0 | % | 100.0 | % | 100.0 | % | 14.76 | Best Buy, PetSmart, Ross Dress for Less, (Home Depot), (JC Penny) | |||||||
Westside Market | Dallas | 2013 | 93,377 | 70,000 | 23,377 | 100.0 | % | 100.0 | % | 100.0 | % | 16.13 | Randall's Tom Thumb | |||||||
Utah | ||||||||||||||||||||
Draper Crossing | Salt Lake City | 2012 | 164,080 | 115,916 | 48,164 | 95.0 | % | 100.0 | % | 82.8 | % | 15.63 | Kroger/Smith's | TJ Maxx, Dollar Tree, Downeast Home | ||||||
Draper Peaks | Salt Lake City | 2012 | 227,970 | 101,464 | 126,506 | 97.6 | % | 100.0 | % | 95.6 | % | 20.14 | Michaels, Office Depot, Petco, Quilted Bear, Ross Dress for Less, (Kohl's) | |||||||
Virginia | ||||||||||||||||||||
Landstown Commons | Virginia Beach | 2007 | 397,835 | 207,300 | 190,535 | 95.1 | % | 100.0 | % | 89.7 | % | 19.31 | Ross Dress for Less, Bed Bath & Beyond, Best Buy, PetSmart, Ulta Beauty, Walgreens, AC Moore, Kirkland's, Five Below, Office Max, (Kohl's) | |||||||
Wisconsin | ||||||||||||||||||||
Village at Bay Park | Ashwaubenon | 2005 | 82,238 | 23,878 | 58,360 | 88.5 | % | 100.0 | % | 83.7 | % | 16.08 | DSW, JC Penney, Kirkland's, Chico's, Dress Barn | |||||||
Total | 14,989,433 | 10,245,806 | 4,743,627 | 94.8 | % | 96.7 | % | 90.5 | % | $ | 16.07 | |||||||||
Total Including 3-R Properties not in the Operating Portfolio | $ | 16.32 |
____________________ | ||||||||||
1 | All properties are wholly owned, except as | |||||||||
2 | Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of December 31, | |||||||||
3 | ||||||||||
4 | Tenants within parentheses are non-owned. |
($ in thousands, except per square foot data) | ($ in thousands, except per square foot data) | ($ in thousands, except per square foot data) | ||||||||||||||||||||||||||||||||
Property | MSA | Year Built/ Renovated | Acquired, Redeveloped or Developed | 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 | MSA | Year Built/ Renovated | Acquired, Redeveloped or Developed | 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 | ||||||||||||||||
Office Properties | ||||||||||||||||||||||||||||||||||
Commercial Properties | ||||||||||||||||||||||||||||||||||
Thirty South Meridian2 | Indianapolis | 1905/2002 | Redeveloped | 287,928 | 70.7 | % | $ | 3,762 | 60.7 | % | $ | 18.47 | Stifel, Kite Realty Group, Lumina Foundation | Indianapolis | 1905/2002 | Redeveloped | 284,874 | 95.9 | % | $ | 5,392 | 67.5 | % | $ | 19.74 | Carrier, Kite Realty Group, Lumina Foundation | ||||||||
Union Station Parking Garage3 | Indianapolis | 1986 | Acquired | N/A | N/A | N/A | N/A | N/A | Denison Parking | Indianapolis | 1986 | Acquired | N/A | N/A | N/A | N/A | N/A | Denison Parking (manager) | ||||||||||||||||
Pan Am Plaza Parking Garage3 | Indianapolis | Acquired | N/A | N/A | N/A | N/A | N/A | Denison Parking (manager) | ||||||||||||||||||||||||||
Stand-alone Office Components of Retail Properties | Stand-alone Office Components of Retail Properties | Stand-alone Office Components of Retail Properties | ||||||||||||||||||||||||||||||||
Eddy Street Office (part of Eddy Street Commons)4 | South Bend | 2009 | Developed | 81,628 | 100.0 | % | 1,256 | 20.2 | % | 15.38 | University of Notre Dame Offices | South Bend | 2009 | Developed | 81,628 | 100.0 | % | 1,292 | 16.2 | % | 15.82 | University of Notre Dame Offices | ||||||||||||
Tradition Village Office (part of Tradition Village Square)5 | Port St. Lucie | 2006 | Acquired | 24,206 | 87.4 | % | 594 | 9.6 | % | 28.05 | ||||||||||||||||||||||||
Total Office Properties | 393,762 | 77.8 | % | $ | 5,611 | 90.5 | % | $ | 18.31 | |||||||||||||||||||||||||
Tradition Village Office (part of Tradition Village Square) | Port St. Lucie | 2006 | Acquired | 24,340 | 100.0 | % | 713 | 8.9 | % | 29.30 | ||||||||||||||||||||||||
Total Commercial Properties | 390,842 | 96.2 | % | $ | 7,397 | 92.6 | % | $ | 19.51 | |||||||||||||||||||||||||
Lessee of Land on Short Term Renewal | ||||||||||||||||||||||||||||||||||
Other Properties | ||||||||||||||||||||||||||||||||||
Burlington | San Antonio | 1992/2000 | Acquired | 107,400 | 100.0 | % | $ | 591 | 9.5 | % | $ | 5.50 | Burlington | Burlington | 1992/2000 | Acquired | 107,400 | 100.0 | % | $ | 591 | 7.4 | % | $ | 5.50 | Burlington | ||||||||
107,400 | 100.0 | % | $ | 591 | 9.5 | % | $ | 5.50 | 107,400 | 100.0 | % | $ | 591 | 7.4 | % | $ | 5.50 | |||||||||||||||||
Total Office and Other | 501,162 | 82.6 | % | $ | 6,202 | 100.0 | % | $ | 14.99 | |||||||||||||||||||||||||
Total Commercial and Other | 498,242 | 97.7 | % | $ | 7,988 | 100.0 | % | $ | 16.42 | |||||||||||||||||||||||||
Multi-Family | ||||||||||||||||||||||||||||||||||
Lake Lofts at Deerwood6 | Jacksonville | 2017 | Developed | — | — | — | — | 130 Apartment Units | ||||||||||||||||||||||||||
Multi-Family/Lodging | ||||||||||||||||||||||||||||||||||
Embassy Suites South Bend at Notre Dame5 | South Bend | 2018 | Developed | — | N/A | $ | — | — | % | $ | — | Full service hotel with 164 rooms | ||||||||||||||||||||||
The Foundry Lofts and Apartments at Eddy Street | South Bend | 2009 | Developed | — | 100.0 | % | — | — | $ | — | Air rights lease for apartment complex with 266 units | |||||||||||||||||||||||
Summit at City Center Apartments | New York / Northern New Jersey | 2004 | Acquired | — | 100.0 | % | — | — | $ | — | Apartment complex with 26 units. |
1 | Annualized Base Rent represents the monthly contractual rent | ||||||||
2 | Annualized Base Rent includes | ||||||||
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 | |||||||||
($ in thousands) | |||||||||||||||||||
Project | Company Ownership % | MSA | Projected Stabilization Date1 | Projected Owned GLA2 | Projected Total GLA3 | Percent of Owned GLA Occupied | Percent of Owned GLA Pre-Leased/ Committed | KRG Share of Total Estimated Project Cost 4 | KRG Share of Cost Incurred as of December 31, 2017 | Major Tenants and Non-owned Anchors | |||||||||
Embassy Suites at the University of Notre Dame | 35% | South Bend | Q4 2018 | 152,460 | 152,460 | NA | NA | $ | 13,895 | $ | 3,840 | Embassy Suites full-service hotel | |||||||
Eddy Street Commons at Notre Dame, IN - Phase II 5 | 100% | South Bend | Q4 2020 | 8,500 | 530,000 | — | % | — | % | $ | 8,447 | $ | 1,247 | Ground lease with multi-family developer on 450 units; 8,500 square feet of owned retail. | |||||
Total | 160,960 | 682,460 | — | % | — | % | $ | 22,342 | $ | 5,087 |
($ in thousands) | |||||||||||||||
Project | MSA | 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 | |||||||
Eddy Street Commons at Notre Dame, IN - Phase II 2 | South Bend, IN | N/A | Q4 2020 | 530,000 | 8,500 | $ | 10,000 | $ | 6,286 | 11.0% - 13.0% |
____________________ | ||||||||||
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 |
Projected ROI | |||||||||||||||
COMPLETED PROJECTS DURING 2017 | ||||||
Property | Location (MSA) | Description | Annual Projected ROI | Cost | ||
Bolton Plaza, Phase II | Jacksonville | Replaced vacant shop space with Marshalls and a ground lease with Aldi, as well as additional center upgrades. | 10.5% | $5,217 | ||
Castleton Crossing | Indianapolis | Demolition of existing structure to create new outparcel small shop building. | 11.8% | $3,300 | ||
Centennial Gateway | Las Vegas | Retenanting 13,950 square foot anchor location to enhance overall quality of the center; also includes additional structural improvements and building upgrades. | 30.0% | $1,120 | ||
Market Street Village | Fort Worth | Retenanting 15,000 square foot anchor space with Party City. | 30.9% | $840 | ||
Northdale Promenade | Tampa | Multi-phase project involving rightsizing of an existing shop tenant to accommodate construction of new junior anchor, and the demolition of shop space to add another junior anchor, enhance space visibility, and improve overall small shop mix. | 14.4% | $4,200 | ||
Portofino Shopping Center, Phase I | Houston | Addition of two small shop buildings on outparcels. | 9.1% | $5,100 | ||
Trussville Promenade 1 | Birmingham | Replaced vacant small shops with a 22,000 square foot Ross. | 9.5% | $3,695 | ||
COMPLETED PROJECTS TOTALS | 12.3% | $23,472 |
Tenant | Number of Locations | Total GLA | Number of Leases | Company Owned GLA | Ground Lease GLA | Number of Anchor Owned Locations | Anchor Owned GLA | ||||||||||||||
Wal-Mart Stores, Inc.1 | 15 | 2,578,323 | 6 | 203,742 | 811,956 | 9 | 1,562,625 | ||||||||||||||
Target Corporation | 15 | 2,175,101 | — | — | — | 15 | 2,175,101 | ||||||||||||||
Lowe's Companies, Inc. | 14 | 2,072,666 | 5 | 128,997 | 650,161 | 9 | 1,293,508 | ||||||||||||||
Home Depot Inc. | 6 | 788,167 | 1 | — | 131,858 | 5 | 656,309 | ||||||||||||||
Kohl's Corporation | 9 | 782,386 | 5 | 184,516 | 244,010 | 4 | 353,860 | ||||||||||||||
Publix Super Markets, Inc. | 14 | 670,665 | 14 | 670,665 | — | — | — | ||||||||||||||
The TJX Companies, Inc. 2 | 22 | 656,931 | 22 | 656,931 | — | — | — | ||||||||||||||
Ross Stores, Inc. | 18 | 510,707 | 18 | 510,707 | — | — | — | ||||||||||||||
Bed Bath & Beyond, Inc. 3 | 19 | 493,719 | 19 | 493,719 | — | — | — | ||||||||||||||
Petsmart, Inc. | 19 | 390,843 | 19 | 390,843 | — | — | — | ||||||||||||||
Total | 151 | 11,119,508 | 109 | 3,240,120 | 1,837,985 | 42 | 6,041,403 |
($ in thousands, except per square foot data) | |||||||||||||||||||
Tenant | Number of Stores | Leased GLA/NRA1 | % of Owned GLA/NRA of the Portfolio | Annualized Base Rent2,3 | Annualized Base Rent per Sq. Ft.3 | % of Total Portfolio Annualized Base Rent3 | |||||||||||||
The TJX Companies, Inc.4 | 22 | 656,931 | 2.7 | % | $ | 6,833 | $ | 10.40 | 2.5 | % | |||||||||
Publix Super Markets, Inc. | 14 | 670,665 | 2.7 | % | 6,739 | 10.05 | 2.5 | % | |||||||||||
Petsmart, Inc. | 19 | 390,843 | 1.6 | % | 6,152 | 15.74 | 2.2 | % | |||||||||||
Bed Bath & Beyond, Inc.5 | 19 | 493,719 | 2.0 | % | 6,050 | 12.25 | 2.2 | % | |||||||||||
Ross Stores, Inc. | 18 | 510,707 | 2.1 | % | 5,791 | 11.34 | 2.1 | % | |||||||||||
Lowe's Companies, Inc. | 5 | 128,997 | 0.5 | % | 5,039 | 6.47 | 1.8 | % | |||||||||||
Office Depot (9) / Office Max (6) | 15 | 307,788 | 1.3 | % | 4,242 | 13.78 | 1.6 | % | |||||||||||
Dick's Sporting Goods, Inc.6 | 8 | 390,502 | 1.6 | % | 4,167 | 10.67 | 1.5 | % | |||||||||||
Nordstrom, Inc. | 6 | 197,845 | 0.8 | % | 3,995 | 20.19 | 1.5 | % | |||||||||||
Michaels Stores, Inc. | 14 | 295,066 | 1.2 | % | 3,884 | 13.16 | 1.4 | % | |||||||||||
Ascena Retail Group7 | 33 | 202,482 | 0.8 | % | 3,817 | 18.85 | 1.4 | % | |||||||||||
Wal-Mart Stores, Inc.8 | 6 | 203,742 | 0.8 | % | 3,655 | 3.60 | 1.3 | % | |||||||||||
LA Fitness | 5 | 208,209 | 0.8 | % | 3,447 | 16.56 | 1.3 | % | |||||||||||
Best Buy Co., Inc. | 6 | 213,604 | 0.9 | % | 3,069 | 14.37 | 1.1 | % | |||||||||||
Mattress Firm Holdings Corp (18) / Sleepy's (5) | 23 | 105,001 | 0.4 | % | 2,935 | 27.95 | 1.1 | % | |||||||||||
Kohl's Corporation | 5 | 184,516 | 0.8 | % | 2,927 | 6.83 | 1.1 | % | |||||||||||
Toys "R" Us, Inc.9 | 6 | 179,316 | 0.7 | % | 2,924 | 11.82 | 1.1 | % | |||||||||||
National Amusements | 1 | 80,000 | 0.3 | % | 2,898 | 36.22 | 1.1 | % | |||||||||||
Petco Animal Supplies, Inc. | 12 | 167,455 | 0.7 | % | 2,819 | 16.83 | 1.0 | % | |||||||||||
Ulta Beauty, Inc. | 12 | 127,451 | 0.5 | % | 2,559 | 20.08 | 0.9 | % | |||||||||||
DSW Inc. | 9 | 175,133 | 0.7 | % | 2,491 | 14.22 | 0.9 | % | |||||||||||
Stein Mart, Inc. | 9 | 307,222 | 1.3 | % | 2,378 | 7.74 | 0.9 | % | |||||||||||
Frank Theatres | 2 | 122,224 | 0.5 | % | 2,311 | 18.91 | 0.8 | % | |||||||||||
Hobby Lobby Stores, Inc. | 5 | 271,254 | 1.1 | % | 2,190 | 8.07 | 0.8 | % | |||||||||||
Walgreens Boots Alliance, Inc. | 4 | 67,212 | 0.3 | % | 2,099 | 31.23 | 0.8 | % | |||||||||||
TOTAL | 278 | 6,657,884 | 27.1 | % | $ | 95,412 | $ | 11.36 | 34.9 | % |
($ in thousands, except per square foot data) | |||||||||||||||||
Number of Stores | |||||||||||||||||
Tenant | Wholly Owned | JV1 | Total Leased GLA/NRA2 | Annualized Base Rent 3 | Annualized Base Rent per Sq. Ft. | % of Total Portfolio Annualized Base Rent4 | |||||||||||
Publix Super Markets, Inc. | 11 | — | 535,466 | $ | 5,454 | $ | 10.19 | 2.5 | % | ||||||||
The TJX Companies, Inc.5 | 14 | 2 | 471,798 | 4,749 | 11.00 | 2.2 | % | ||||||||||
Bed Bath & Beyond, Inc.6 | 14 | 2 | 422,348 | 4,281 | 11.04 | 1.9 | % | ||||||||||
PetSmart, Inc. | 13 | 1 | 291,389 | 4,077 | 14.59 | 1.8 | % | ||||||||||
Ross Stores, Inc. | 12 | 1 | 364,476 | 3,986 | 11.57 | 1.8 | % | ||||||||||
Dick's Sporting Goods, Inc.7 | 7 | — | 340,502 | 3,647 | 10.71 | 1.7 | % | ||||||||||
Nordstrom Rack | 5 | 1 | 197,797 | 3,571 | 20.75 | 1.6 | % | ||||||||||
Michaels Stores, Inc. | 11 | 1 | 253,936 | 3,222 | 13.41 | 1.5 | % | ||||||||||
National Amusements | 1 | — | 80,000 | 2,953 | 36.92 | 1.3 | % | ||||||||||
Kohl's Corporation | 4 | — | 184,516 | 2,832 | 7.87 | 1.3 | % | ||||||||||
Walmart Stores, Inc.8 | 5 | — | — | 2,652 | 3.27 | 1.2 | % | ||||||||||
Best Buy Co., Inc. | 5 | — | 183,604 | 2,612 | 14.22 | 1.2 | % | ||||||||||
The Gap9 | 11 | — | 162,773 | 2,588 | 15.90 | 1.2 | % | ||||||||||
Lowe's Companies, Inc. | 3 | — | — | 2,375 | 4.91 | 1.1 | % | ||||||||||
LA Fitness | 3 | — | 125,209 | 2,292 | 18.31 | 1.0 | % | ||||||||||
Burlington Stores, Inc. | 3 | — | 238,400 | 2,226 | 9.34 | 1.0 | % | ||||||||||
Hobby Lobby Stores, Inc. | 5 | — | 271,254 | 2,190 | 8.07 | 1.0 | % | ||||||||||
Petco Animal Supplies, Inc. | 9 | — | 125,897 | 2,188 | 17.38 | 1.0 | % | ||||||||||
Whole Foods Market, Inc. | 4 | — | 139,781 | 2,130 | 15.24 | 1.0 | % | ||||||||||
The Kroger Co.10 | 3 | — | 60,268 | 2,099 | 9.19 | 1.0 | % | ||||||||||
Mattress Firm Holdings Corp (12) / Sleepy's (4) | 16 | — | 76,408 | 2,069 | 27.08 | 0.9 | % | ||||||||||
Office Depot (6) / Office Max (2) | 8 | — | 167,606 | 1,957 | 11.67 | 0.9 | % | ||||||||||
New York Sports Club | 2 | — | 86,717 | 1,921 | 22.16 | 0.9 | % | ||||||||||
Randall's Food and Drugs | 2 | — | 133,990 | 1,754 | 13.09 | 0.8 | % | ||||||||||
Walgreens | 3 | — | 52,662 | 1,726 | 32.78 | 0.8 | % | ||||||||||
TOTAL | 174 | 8 | 4,966,797 | $ | 71,553 | $ | 11.18 | 32.1 | % |
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. | ||||||||||||||||
Annualized base rent represents the monthly contractual rent for December 31, | |||||||||||||||||
Annualized base rent and percent of total portfolio includes ground lease rent. | |||||||||||||||||
Includes TJ Maxx | |||||||||||||||||
Includes Bed Bath and Beyond | |||||||||||||||||
Includes Dick's Sporting Goods | |||||||||||||||||
8 | Includes Sam's | ||||||||||||||||
9 | Includes | ||||||||||||||||
10 | Includes Kroger (1), Harris Teeter (1), and | ||||||||||||||||
Ascena Retail Group announced plans to commence a wind down of Dressbarn's operations. Excluding Dressbarn stores, |
($ in thousands) | ($ in thousands) | ($ in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Operating Portfolio Excluding Developments and Redevelopments | Developments and Redevelopments2 | Total Operating Portfolio Including Developments and Redevelopments | Total Operating Portfolio Excluding Developments and Redevelopments | Developments and Redevelopments2 | Joint Ventures 3 | Total Operating Portfolio Including Developments and Redevelopments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Region/State | 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 | 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 | 3,323,004 | $ | 53,003 | 124,802 | $ | 251 | 121,705 | $ | 1,528 | 30 | 3,569,511 | $ | 3,845 | $ | 58,627 | 25.9% | |||||||||||||||||||||||||||||||||||||||||||||||||
Florida | 4,211,900 | $ | 61,602 | 220,597 | $ | 1,278 | 37 | 4,432,497 | $ | 3,885 | $ | 66,765 | 24.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southeast | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | 1,798,944 | 28,690 | — | — | 156,150 | 2,801 | 10 | 1,955,094 | 1,351 | 32,842 | 14.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
North Carolina | 1,175,864 | 21,847 | — | — | 9 | 1,175,864 | 3,745 | 25,592 | 9.4% | 1,072,354 | 20,596 | — | — | — | — | 8 | 1,072,354 | 2,004 | 22,600 | 10.0% | |||||||||||||||||||||||||||||||||||||||||||||
Oklahoma | 505,220 | 7,044 | — | — | — | — | 3 | 505,220 | 850 | 7,894 | 3.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Georgia | 394,413 | 5,013 | 331,198 | 3,361 | 4 | 725,611 | 511 | 8,885 | 3.3% | 276,318 | 3,664 | — | — | — | — | 1 | 276,318 | 336 | 4,000 | 1.8% | |||||||||||||||||||||||||||||||||||||||||||||
Tennessee | 406,444 | 6,113 | — | — | 2 | 406,444 | — | 6,113 | 2.3% | 230,980 | 3,808 | — | — | — | — | 1 | 230,980 | — | 3,808 | 1.7% | |||||||||||||||||||||||||||||||||||||||||||||
South Carolina | 515,232 | 5,548 | — | — | 3 | 515,232 | — | 5,548 | 2.0% | 257,683 | 3,245 | — | — | ��� | — | 2 | 257,683 | — | 3,245 | 1.4% | |||||||||||||||||||||||||||||||||||||||||||||
Alabama | 463,836 | 4,267 | — | — | 1 | 463,836 | 151 | 4,418 | 1.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Southeast | 2,955,789 | 42,788 | 331,198 | 3,361 | 19 | 3,286,987 | 4,407 | 50,556 | 18.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mid-Central | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | 1,981,230 | 31,331 | — | — | 10 | 1,981,230 | 1,082 | 32,413 | 11.9% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oklahoma | 822,273 | 11,267 | — | — | 5 | 822,273 | 1,188 | 12,455 | 4.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas - Other | 107,400 | 591 | — | — | 1 | 107,400 | — | 591 | 0.2% | 107,400 | 591 | — | — | — | — | 1 | 107,400 | — | 591 | 0.3% | |||||||||||||||||||||||||||||||||||||||||||||
Total Mid-Central | 2,910,903 | 43,189 | — | — | 16 | 2,910,903 | 2,270 | 45,459 | 16.7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total South | 7,571,903 | 120,641 | 124,802 | 251 | 277,855 | 4,329 | 56 | 7,974,560 | 8,386 | 133,607 | 59.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Midwest | Midwest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indiana - Retail | 2,169,100 | 28,998 | 178,758 | 1,619 | 23 | 2,347,858 | 1,171 | 31,788 | 11.7% | 1,461,464 | 23,634 | 519,216 | 3,071 | — | — | 19 | 1,980,680 | 1,626 | 28,331 | 12.5% | |||||||||||||||||||||||||||||||||||||||||||||
Indiana - Other | 369,556 | 5,017 | 152,460 | — | 3 | 522,016 | — | 5,017 | 1.8% | 366,502 | 6,684 | — | — | — | — | 3 | 366,502 | — | 6,684 | 3.0% | |||||||||||||||||||||||||||||||||||||||||||||
Illinois | 310,879 | 4,219 | — | — | 3 | 310,879 | — | 4,219 | 1.6% | 83,759 | 1,138 | — | — | — | — | 1 | 83,759 | — | 1,138 | 0.5% | |||||||||||||||||||||||||||||||||||||||||||||
Ohio | 236,230 | 2,162 | — | — | 1 | 236,230 | — | 2,162 | 0.8% | 236,230 | 2,155 | — | — | — | — | 1 | 236,230 | — | 2,155 | 1.0% | |||||||||||||||||||||||||||||||||||||||||||||
Wisconsin | 82,238 | 1,170 | — | — | 1 | 82,238 | 381 | 1,551 | 0.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Midwest | 3,168,003 | 41,566 | 331,218 | 1,619 | 31 | 3,499,221 | 1,552 | 44,737 | 16.5% | 2,147,955 | 33,611 | 519,216 | 3,071 | — | — | 24 | 2,667,171 | 1,626 | 38,308 | 17.0% | |||||||||||||||||||||||||||||||||||||||||||||
West | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nevada | 844,942 | 18,829 | 79,455 | 1,462 | 7 | 924,397 | 3,963 | 24,254 | 8.9% | 768,745 | 19,791 | — | — | — | — | 4 | 768,745 | 3,592 | 23,383 | 10.3% | |||||||||||||||||||||||||||||||||||||||||||||
Utah | 392,050 | 6,916 | — | — | 2 | 392,050 | 68 | 6,984 | 2.6% | 392,157 | 7,263 | — | — | — | — | 2 | 392,157 | — | 7,263 | 3.2% | |||||||||||||||||||||||||||||||||||||||||||||
Arizona | 79,902 | 2,357 | — | — | 1 | 79,902 | — | 2,357 | 0.8% | 79,902 | 2,467 | — | — | — | — | 1 | 79,902 | — | 2,467 | 1.1% | |||||||||||||||||||||||||||||||||||||||||||||
Total West | 1,316,894 | 28,102 | 79,455 | 1,462 | 10 | 1,396,349 | 4,031 | 33,595 | 12.3% | 1,240,804 | 29,521 | — | — | — | — | 7 | 1,240,804 | 3,592 | 33,113 | 14.6% | |||||||||||||||||||||||||||||||||||||||||||||
Northeast | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New York | — | — | 361,618 | 9,448 | 1 | 361,618 | — | 9,448 | 3.5% | 363,103 | 9,302 | — | — | — | — | 1 | 363,103 | — | 9,302 | 4.1% | |||||||||||||||||||||||||||||||||||||||||||||
New Jersey | 245,696 | 5,545 | — | — | 2 | 245,696 | 2,251 | 7,796 | 2.9% | 106,146 | 3,127 | — | — | 139,022 | 2,817 | 2 | 245,168 | 2,263 | 8,207 | 3.6% | |||||||||||||||||||||||||||||||||||||||||||||
Virginia | 397,835 | 7,302 | — | — | 1 | 397,835 | 294 | 7,596 | 2.8% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Connecticut | 205,683 | 3,250 | — | — | 1 | 205,683 | 1,034 | 4,284 | 1.6% | 205,683 | 2,566 | — | — | — | — | 1 | 205,683 | 1,061 | 3,627 | 1.6% | |||||||||||||||||||||||||||||||||||||||||||||
New Hampshire | 78,892 | 1,162 | — | — | 1 | 78,892 | 168 | 1,330 | 0.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Northeast | 928,106 | 17,259 | 361,618 | 9,448 | 6 | 1,289,724 | 3,747 | 30,454 | 11.3% | 674,932 | 14,995 | — | — | 139,022 | 2,817 | 4 | 813,954 | 3,324 | 21,136 | 9.3% | |||||||||||||||||||||||||||||||||||||||||||||
15,491,595 | $ | 234,506 | 1,324,086 | $ | 17,168 | 119 | 16,815,681 | $ | 19,892 | $ | 271,566 | 100.0% | 11,635,594 | $ | 198,768 | 644,018 | $ | 3,322 | 416,877 | $ | 7,146 | 91 | 12,696,489 | $ | 16,928 | $ | 226,164 | 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 | |||||||||||||
3 | Represents the three operating properties owned in unconsolidated joint ventures. |
($ in thousands, except per square foot data) | ($ in thousands, except per square foot data) | ($ in thousands, except per square foot data) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Expiring Leases1 | Expiring GLA/NRA2 | % of Total GLA/NRA Expiring | Expiring Annualized Base Rent3, 4 | % of Total Annualized Base Rent | Expiring Annualized Base Rent per Sq. Ft. | Expiring Ground Lease Revenue | Expiring GLA2 | Expiring Annualized Base Rent per Sq. Ft.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 218 | 967,337 | 6.3 | % | $ | 17,938 | 7.1 | % | $ | 18.54 | $ | 68 | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 254 | 1,692,272 | 11.0 | % | 25,225 | 10.0 | % | 14.91 | 653 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 255 | 2,078,070 | 13.4 | % | 28,458 | 11.3 | % | 13.69 | 1,592 | 154 | 332,585 | 534,529 | 3,242 | $ | 14,567 | 7.2 | % | $ | 25.24 | $ | 11.83 | $ | 19.25 | $ | 16.90 | ||||||||||||||||||||||||||||||||
2021 | 300 | 1,779,909 | 11.5 | % | 29,724 | 11.8 | % | 16.70 | 911 | 212 | 451,708 | 865,234 | 17,868 | 22,455 | 11.0 | % | 27.19 | 11.65 | 21.97 | 16.96 | |||||||||||||||||||||||||||||||||||||
2022 | 314 | 2,167,081 | 14.0 | % | 36,769 | 14.6 | % | 16.97 | 1,240 | 256 | 535,220 | 1,078,093 | 65,020 | 29,813 | 14.6 | % | 26.94 | 13.17 | 19.67 | 17.80 | |||||||||||||||||||||||||||||||||||||
2023 | 227 | 1,915,798 | 12.4 | % | 32,155 | 12.8 | % | 16.78 | 1,979 | 252 | 536,662 | 1,125,475 | 129,935 | 33,020 | 16.2 | % | 28.29 | 14.86 | 9.15 | 18.45 | |||||||||||||||||||||||||||||||||||||
2024 | 101 | 902,748 | 5.8 | % | 16,589 | 6.6 | % | 18.38 | 288 | 210 | 458,244 | 868,181 | 33,827 | 24,609 | 12.1 | % | 29.30 | 15.08 | 13.96 | 20.38 | |||||||||||||||||||||||||||||||||||||
2025 | 82 | 776,566 | 5.0 | % | 13,604 | 5.4 | % | 17.52 | 806 | 149 | 310,145 | 1,015,606 | 116,988 | 21,270 | 10.5 | % | 29.05 | 10.77 | 16.20 | 15.24 | |||||||||||||||||||||||||||||||||||||
2026 | 80 | 767,131 | 5.0 | % | 11,292 | 4.5 | % | 14.72 | 1,320 | 78 | 212,668 | 496,033 | — | 10,007 | 4.9 | % | 26.49 | 9.85 | — | 15.23 | |||||||||||||||||||||||||||||||||||||
2027 | 83 | 793,480 | 5.1 | % | 12,671 | 5.0 | % | 15.97 | 358 | 70 | 192,682 | 365,093 | 9,154 | 9,875 | 4.9 | % | 28.23 | 12.99 | 31.29 | 18.94 | |||||||||||||||||||||||||||||||||||||
2028 | 70 | 163,274 | 371,802 | 61,747 | 11,524 | 5.7 | % | 30.71 | 14.02 | 21.75 | 19.36 | ||||||||||||||||||||||||||||||||||||||||||||||
2029 | 54 | 128,882 | 243,700 | 2,200 | 7,186 | 3.5 | % | 29.90 | 13.11 | 62.73 | 19.17 | ||||||||||||||||||||||||||||||||||||||||||||||
Beyond | 92 | 1,613,068 | 10.5 | % | 27,250 | 10.8 | % | 16.89 | 10,678 | 67 | 159,699 | 820,149 | 54,721 | 19,192 | 9.4 | % | 28.73 | 16.70 | 21.59 | 18.72 | |||||||||||||||||||||||||||||||||||||
2,006 | 15,453,460 | 100.0 | % | $ | 251,674 | 100.0 | % | $ | 16.29 | $ | 19,892 | 1,572 | 3,481,769 | 7,783,895 | 494,702 | $ | 203,520 | 100.0 | % | $ | 27.93 | $ | 13.25 | $ | 16.66 | $ | 17.81 |
1 | Lease expiration table reflects rents in place as of December 31, | ||||||||||||||||
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 | ||||||||||||||||
($ in thousands, except per square foot data) | ||||||||||||||||||||||||
Number of Expiring Leases2 | Expiring GLA/NRA3 | % of Total GLA/NRA Expiring | Expiring Annualized Base Rent4 | % of Total Annualized Base Rent | Expiring Annualized Base Rent per Sq. Ft. | Expiring Ground Lease Revenue | ||||||||||||||||||
2018 | 18 | 482,006 | 3.1 | % | $ | 5,432 | 2.2 | % | $ | 11.27 | $ | — | ||||||||||||
2019 | 34 | 1,103,859 | 7.1 | % | 10,789 | 4.3 | % | 9.77 | — | |||||||||||||||
2020 | 39 | 1,538,271 | 10.0 | % | 15,534 | 6.2 | % | 10.10 | 1,111 | |||||||||||||||
2021 | 43 | 1,112,245 | 7.2 | % | 12,925 | 5.1 | % | 11.62 | 318 | |||||||||||||||
2022 | 53 | 1,434,297 | 9.3 | % | 18,204 | 7.2 | % | 12.69 | 745 | |||||||||||||||
2023 | 46 | 1,244,074 | 8.1 | % | 17,651 | 7.0 | % | 14.19 | 1,454 | |||||||||||||||
2024 | 21 | 593,523 | 3.8 | % | 9,191 | 3.7 | % | 15.49 | — | |||||||||||||||
2025 | 20 | 511,713 | 3.3 | % | 7,112 | 2.8 | % | 13.90 | 381 | |||||||||||||||
2026 | 16 | 512,101 | 3.3 | % | 4,972 | 2.0 | % | 9.71 | 750 | |||||||||||||||
2027 | 20 | 570,380 | 3.7 | % | 6,839 | 2.7 | % | 11.99 | — | |||||||||||||||
Beyond | 37 | 1,401,881 | 9.1 | % | 21,699 | 8.6 | % | 15.48 | 6,377 | |||||||||||||||
347 | 10,504,350 | 68.0 | % | $ | 130,347 | 51.8 | % | $ | 12.41 | $ | 11,135 |
($ in thousands, except per square foot data) | |||||||||||||||||||||
Number of Expiring Leases1 | Expiring GLA/NRA2 | % of Total GLA/NRA Expiring | Expiring Annualized Base Rent3 | % of Total Annualized Base Rent | Expiring Annualized Base Rent per Sq. Ft. | Expiring Ground Lease Revenue | |||||||||||||||
2018 | 199 | 474,533 | 3.1% | $ | 12,260 | 4.9% | $ | 25.84 | $ | 68 | |||||||||||
2019 | 219 | 583,160 | 3.8% | 14,335 | 5.7% | 24.58 | 653 | ||||||||||||||
2020 | 214 | 526,488 | 3.4% | 12,667 | 5.0% | 24.06 | 481 | ||||||||||||||
2021 | 254 | 658,665 | 4.3% | 16,570 | 6.6% | 25.16 | 593 | ||||||||||||||
2022 | 256 | 667,764 | 4.3% | 17,302 | 6.9% | 25.91 | 495 | ||||||||||||||
2023 | 176 | 521,876 | 3.4% | 13,038 | 5.2% | 24.98 | 525 | ||||||||||||||
2024 | 77 | 234,999 | 1.5% | 6,197 | 2.5% | 26.37 | 288 | ||||||||||||||
2025 | 58 | 178,174 | 1.2% | 5,074 | 2.0% | 28.48 | 425 | ||||||||||||||
2026 | 64 | 255,030 | 1.7% | 6,320 | 2.5% | 24.78 | 570 | ||||||||||||||
2027 | 62 | 213,946 | 1.4% | 5,562 | 2.2% | 26.00 | 358 | ||||||||||||||
Beyond | 55 | 211,187 | 1.4% | 5,550 | 2.2% | 26.28 | 4,301 | ||||||||||||||
1,634 | 4,525,822 | 29.3% | $ | 114,874 | 45.6% | $ | 25.38 | $ | 8,757 |
($ in thousands, except per square foot data) | |||||||||||||||||
Number of Expiring Leases1 | Expiring GLA/NRA1 | % of Total GLA/NRA Expiring | Expiring Annualized Base Rent2 | % of Total Annualized Base Rent | Expiring Annualized Base Rent per Sq. Ft. | ||||||||||||
2018 | 1 | 10,798 | 0.1% | $ | 246 | 0.1% | $ | 22.81 | |||||||||
2019 | 1 | 5253 | —% | 101 | —% | 19.25 | |||||||||||
2020 | 2 | 13,311 | 0.1% | 256 | 0.1% | 19.25 | |||||||||||
2021 | 3 | 8,999 | 0.1% | 229 | 0.1% | 25.49 | |||||||||||
2022 | 5 | 65,020 | 0.4% | 1,263 | 0.5% | 19.43 | |||||||||||
2023 | 5 | 149,848 | 1.0% | 1,466 | 0.6% | 9.79 | |||||||||||
20243 | 3 | 74,226 | 0.5% | 1,201 | 0.5% | 16.19 | |||||||||||
2025 | 4 | 86,679 | 0.6% | 1,418 | 0.6% | 16.36 | |||||||||||
2026 | — | — | —% | — | —% | — | |||||||||||
2027 | 1 | 9,154 | 0.1% | 270 | 0.1% | 29.50 | |||||||||||
Beyond | — | — | —% | — | —% | — | |||||||||||
25 | 423,288 | 2.7% | $ | 6,452 | 2.6% | $ | 15.24 |
Quarter Ended December 31, 2017 | $ | 20.71 | $ | 18.10 | ||||
Quarter Ended September 30, 2017 | $ | 21.57 | $ | 18.16 | ||||
Quarter Ended June 30, 2017 | $ | 22.34 | $ | 17.60 | ||||
Quarter Ended March 31, 2017 | $ | 24.52 | $ | 19.91 | ||||
Quarter Ended December 31, 2016 | $ | 27.69 | $ | 22.50 | ||||
Quarter Ended September 30, 2016 | $ | 30.45 | $ | 27.04 | ||||
Quarter Ended June 30, 2016 | $ | 30.00 | $ | 25.58 | ||||
Quarter Ended March 31, 2016 | $ | 28.32 | $ | 23.75 |
Quarter | Record Date | Distribution Per Share | Payment Date | |||||
4th 2017 | January 5, 2018 | $ | 0.3175 | January 12, 2018 | ||||
3rd 2017 | October 6, 2017 | $ | 0.3025 | October 13, 201 | ||||
2nd 2017 | July 6, 2017 | $ | 0.3025 | July 13, 2017 | ||||
1st 2017 | April 6, 2017 | $ | 0.3025 | April 13, 2017 | ||||
4th 2016 | January 6, 2017 | $ | 0.3025 | January 13, 2017 | ||||
3rd 2016 | October 6, 2016 | $ | 0.2875 | October 13, 2016 | ||||
2nd 2016 | July 7, 2016 | $ | 0.2875 | July 14, 2016 | ||||
1st 2016 | April 6, 2016 | $ | 0.2875 | April 13, 2016 |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs | ||||
October 1 - October 31 | — | — | N/A | N/A | ||||
November 1 - November 30 | 5,505 | $18.03 | N/A | N/A | ||||
December 1 - December 31 | — | — | N/A | N/A | ||||
Total | 5,505 |
12/12 | 6/13 | 12/13 | 6/14 | 12/14 | 6/15 | 12/15 | 6/16 | 12/16 | 6/17 | 12/17 | 12/14 | 6/15 | 12/15 | 6/16 | 12/16 | 6/17 | 12/17 | 6/18 | 12/18 | 6/19 | 12/19 | |||||||||||||||||||||||||||||||||||||||||||||
Kite Realty Group Trust | 100.00 | 110.04 | 122.30 | 117.86 | 139.42 | 120.94 | 131.06 | 144.71 | 123.78 | 102.51 | 109.41 | 100.00 | 86.75 | 94.00 | 103.79 | 88.78 | 73.53 | 78.47 | 70.96 | 60.85 | 69.56 | 93.16 | ||||||||||||||||||||||||||||||||||||||||||||
S&P 500 | 100.00 | 113.82 | 132.39 | 141.84 | 150.51 | 152.36 | 152.59 | 158.45 | 170.84 | 186.80 | 208.14 | 100.00 | 101.23 | 101.38 | 105.27 | 113.51 | 124.11 | 138.29 | 141.95 | 132.23 | 156.74 | 173.86 | ||||||||||||||||||||||||||||||||||||||||||||
FTSE NAREIT Equity REITs | 100.00 | 106.49 | 102.47 | 120.56 | 133.35 | 125.78 | 137.61 | 156.02 | 149.33 | 153.37 | 157.14 | 100.00 | 94.33 | 103.20 | 117.00 | 111.99 | 115.01 | 117.84 | 119.04 | 112.39 | 132.38 | 141.61 |
($ in thousands, except per share data) | Year Ended December 31 (Unaudited) | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Operating Data: | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income and other property related revenue | $ | 314,725 | $ | 351,661 | $ | 358,442 | $ | 354,122 | $ | 347,005 | ||||||||||
Fee income | 448 | 2,523 | 377 | — | — | |||||||||||||||
Total revenues | 315,173 | 354,184 | 358,819 | 354,122 | 347,005 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating | 45,575 | 50,356 | 49,643 | 47,923 | 49,973 | |||||||||||||||
Real estate taxes | 38,777 | 42,378 | 43,180 | 42,838 | 40,904 | |||||||||||||||
General, administrative, and other | 28,214 | 21,320 | 21,749 | 20,603 | 18,709 | |||||||||||||||
Transaction costs | — | — | — | 2,771 | 1,550 | |||||||||||||||
Non-cash gain from release of assumed earnout liability | — | — | — | — | (4,832 | ) | ||||||||||||||
Depreciation and amortization | 132,098 | 152,163 | 172,091 | 174,564 | 167,312 | |||||||||||||||
Impairment charge | 37,723 | 70,360 | 7,411 | — | 1,592 | |||||||||||||||
Total expenses | 282,387 | 336,577 | 294,074 | 288,699 | 275,208 | |||||||||||||||
Gains on sales of operating properties, net | 38,971 | 3,424 | 15,160 | 4,253 | 4,066 | |||||||||||||||
Operating income | 71,757 | 21,031 | 79,905 | 69,676 | 75,863 | |||||||||||||||
Interest expense | (59,268 | ) | (66,785 | ) | (65,702 | ) | (65,577 | ) | (56,432 | ) | ||||||||||
Income tax benefit (expense) of taxable REIT subsidiary | 282 | 227 | 100 | (814 | ) | (186 | ) | |||||||||||||
(Loss) gain on debt extinguishment | (11,572 | ) | — | — | — | 5,645 | ||||||||||||||
Gain on settlement | — | — | — | — | 4,520 | |||||||||||||||
Equity in loss of unconsolidated subsidiaries | (628 | ) | (278 | ) | — | — | — | |||||||||||||
Other expense, net | (573 | ) | (646 | ) | (415 | ) | (169 | ) | (95 | ) | ||||||||||
Consolidated net (loss) income | (2 | ) | (46,451 | ) | 13,888 | 3,116 | 29,315 | |||||||||||||
Net income attributable to noncontrolling interests: | (532 | ) | (116 | ) | (2,014 | ) | (1,933 | ) | (2,198 | ) | ||||||||||
Net (loss) income attributable to Kite Realty Group Trust: | (534 | ) | (46,567 | ) | 11,874 | 1,183 | 27,117 | |||||||||||||
Dividends on preferred shares | — | — | — | — | (7,877 | ) | ||||||||||||||
Non-cash adjustment for redemption of preferred shares | — | — | — | — | (3,797 | ) | ||||||||||||||
Net (loss) income attributable to common shareholders | $ | (534 | ) | $ | (46,567 | ) | $ | 11,874 | $ | 1,183 | $ | 15,443 | ||||||||
(Loss) income per common share – basic: | ||||||||||||||||||||
(Loss) income from continuing operations attributable to Kite Realty Group Trust common shareholders | $ | (0.01 | ) | $ | (0.56 | ) | $ | 0.14 | $ | 0.01 | $ | 0.19 | ||||||||
Income from discontinued operations attributable to Kite Realty Group Trust common shareholders | — | — | — | — | — | |||||||||||||||
Net (loss) income attributable to Kite Realty Group Trust common shareholders | $ | (0.01 | ) | $ | (0.56 | ) | $ | 0.14 | $ | 0.01 | $ | 0.19 | ||||||||
(Loss) income per common share – diluted: | ||||||||||||||||||||
(Loss) income from continuing operations attributable to Kite Realty Group Trust common shareholders | $ | (0.01 | ) | $ | (0.56 | ) | $ | 0.14 | $ | 0.01 | $ | 0.18 | ||||||||
Income from discontinued operations attributable to Kite Realty Group Trust common shareholders | — | — | — | — | — | |||||||||||||||
Net (loss) income attributable to Kite Realty Group Trust common shareholders | $ | (0.01 | ) | $ | (0.56 | ) | $ | 0.14 | $ | 0.01 | $ | 0.18 | ||||||||
Weighted average Common Shares outstanding – basic | 83,926,296 | 83,693,385 | 83,585,333 | 83,436,511 | 83,421,904 | |||||||||||||||
Weighted average Common Shares outstanding – diluted | 83,926,296 | 83,693,385 | 83,690,418 | 83,465,500 | 83,534,831 | |||||||||||||||
Distributions declared per Common Share | $ | 1.2700 | $ | 1.2700 | $ | 1.2250 | $ | 1.1700 | $ | 1.0900 |
Revenues: | ||||||||||||||||||||
Rental related revenue | $ | 358,442 | $ | 354,122 | $ | 347,005 | $ | 259,528 | $ | 129,488 | ||||||||||
Fee income | 377 | — | — | — | — | |||||||||||||||
Total revenues | 358,819 | 354,122 | 347,005 | 259,528 | 129,488 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating | 49,643 | 47,923 | 49,973 | 38,703 | 21,729 | |||||||||||||||
Real estate taxes | 43,180 | 42,838 | 40,904 | 29,947 | 15,263 | |||||||||||||||
General, administrative, and other | 21,749 | 20,603 | 18,709 | 13,043 | 8,211 | |||||||||||||||
Transaction costs | — | 2,771 | 1,550 | 27,508 | 2,214 | |||||||||||||||
Non-cash gain from release of assumed earnout liability | — | — | (4,832 | ) | — | — | ||||||||||||||
Impairment charge | 7,411 | — | 1,592 | — | — | |||||||||||||||
Depreciation and amortization | 172,091 | 174,564 | 167,312 | 120,998 | 54,479 | |||||||||||||||
Total expenses | 294,074 | 288,699 | 275,208 | 230,199 | 101,896 | |||||||||||||||
Operating income | 64,745 | 65,423 | 71,797 | 29,329 | 27,592 | |||||||||||||||
Interest expense | (65,702 | ) | (65,577 | ) | (56,432 | ) | (45,513 | ) | (27,994 | ) | ||||||||||
Income tax benefit (expense) of taxable REIT subsidiary | 100 | (814 | ) | (186 | ) | (24 | ) | (262 | ) | |||||||||||
Non-cash gain on debt extinguishment | — | — | 5,645 | — | — | |||||||||||||||
Gain on settlement | — | — | 4,520 | — | — | |||||||||||||||
Other expense, net | (415 | ) | (169 | ) | (95 | ) | (244 | ) | (62 | ) | ||||||||||
(Loss) income from continuing operations | (1,272 | ) | (1,137 | ) | 25,249 | (16,452 | ) | (726 | ) | |||||||||||
Discontinued operations: | ||||||||||||||||||||
Income from operations, excluding impairment charge | — | — | — | — | 834 | |||||||||||||||
Impairment charge | — | — | — | — | (5,372 | ) | ||||||||||||||
Non-cash gain on debt extinguishment | — | — | — | — | 1,242 | |||||||||||||||
Gains on sale of operating properties | — | — | — | 3,198 | 487 | |||||||||||||||
Income (loss) from discontinued operations | — | — | — | 3,198 | (2,809 | ) | ||||||||||||||
(Loss) income before gain on sale of operating properties | (1,272 | ) | (1,137 | ) | 25,249 | (13,254 | ) | (3,535 | ) | |||||||||||
Gains on sale of operating properties, net | 15,160 | 4,253 | 4,066 | 8,578 | — | |||||||||||||||
Consolidated net income (loss) | 13,888 | 3,116 | 29,315 | (4,676 | ) | (3,535 | ) | |||||||||||||
Net (income) loss attributable to noncontrolling interests: | (2,014 | ) | (1,933 | ) | (2,198 | ) | (1,025 | ) | 685 | |||||||||||
Net income (loss) attributable to Kite Realty Group Trust: | 11,874 | 1,183 | 27,117 | (5,701 | ) | (2,850 | ) | |||||||||||||
Dividends on preferred shares | — | — | (7,877 | ) | (8,456 | ) | (8,456 | ) | ||||||||||||
Non-cash adjustment for redemption of preferred shares | — | — | (3,797 | ) | — | — | ||||||||||||||
Net income (loss) attributable to common shareholders | $ | 11,874 | $ | 1,183 | $ | 15,443 | $ | (14,157 | ) | $ | (11,306 | ) | ||||||||
Income (loss) per common share – basic: | ||||||||||||||||||||
Income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders | $ | 0.14 | $ | 0.01 | $ | 0.19 | $ | (0.29 | ) | $ | (0.37 | ) | ||||||||
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders | — | — | — | 0.05 | (0.11 | ) | ||||||||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | $ | 0.14 | $ | 0.01 | $ | 0.19 | $ | (0.24 | ) | $ | (0.48 | ) | ||||||||
Income (loss) per common share – diluted: | ||||||||||||||||||||
Income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders | $ | 0.14 | $ | 0.01 | $ | 0.18 | $ | (0.29 | ) | $ | (0.37 | ) | ||||||||
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders | — | — | — | 0.05 | (0.11 | ) | ||||||||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | $ | 0.14 | $ | 0.01 | $ | 0.18 | $ | (0.24 | ) | $ | (0.48 | ) | ||||||||
Weighted average Common Shares outstanding – basic | 83,585,333 | 83,436,511 | 83,421,904 | 58,353,448 | 23,535,434 | |||||||||||||||
Weighted average Common Shares outstanding – diluted | 83,690,418 | 83,465,500 | 83,534,381 | 58,353,448 | 23,535,434 | |||||||||||||||
Distributions declared per Common Share | $ | 1.2250 | $ | 1.1700 | $ | 1.0900 | $ | 1.0200 | $ | 0.9600 | ||||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders: | ||||||||||||||||||||
Income (loss) from continuing operations6 | $ | 11,874 | $ | 1,183 | $ | 15,443 | $ | (17,268 | ) | $ | (8,686 | ) | ||||||||
Income (loss) from discontinued operations | — | — | — | 3,111 | (2,620 | ) | ||||||||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | $ | 11,874 | $ | 1,183 | $ | 15,443 | $ | (14,157 | ) | $ | (11,306 | ) |
($ in thousands) | As of December 31 | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Balance Sheet Data (Unaudited): | ||||||||||||||||||||
Investment properties, net | $ | 2,420,439 | $ | 2,941,193 | $ | 3,293,270 | $ | 3,435,382 | $ | 3,500,845 | ||||||||||
Cash and cash equivalents | 31,336 | 35,376 | 24,082 | 19,874 | 33,880 | |||||||||||||||
Assets held for sale | — | 5,731 | — | — | — | |||||||||||||||
Total assets | 2,648,887 | 3,172,013 | 3,512,498 | 3,656,371 | 3,756,428 | |||||||||||||||
Mortgage and other indebtedness | 1,146,580 | 1,543,301 | 1,699,239 | 1,731,074 | 1,724,449 | |||||||||||||||
Total liabilities | 1,306,577 | 1,712,867 | 1,874,285 | 1,923,940 | 1,937,364 | |||||||||||||||
Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests | 52,574 | 45,743 | 72,104 | 88,165 | 92,315 | |||||||||||||||
Kite Realty Group Trust shareholders’ equity | 1,289,038 | 1,412,705 | 1,565,411 | 1,643,574 | 1,725,976 | |||||||||||||||
Noncontrolling interests | 698 | 698 | 698 | 692 | 773 | |||||||||||||||
Total liabilities and equity | 2,648,887 | 3,172,013 | 3,512,498 | 3,656,371 | 3,756,428 |
($ in thousands) | As of December 31 | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Balance Sheet Data (Unaudited): | ||||||||||||||||||||
Investment properties, net | $ | 3,293,270 | $ | 3,435,382 | $ | 3,500,845 | $ | 3,417,655 | $ | 1,644,478 | ||||||||||
Cash and cash equivalents | 24,082 | 19,874 | 33,880 | 43,826 | 18,134 | |||||||||||||||
Assets held for sale | — | — | — | 179,642 | — | |||||||||||||||
Total assets | 3,512,498 | 3,656,371 | 3,756,428 | 3,866,413 | 1,758,179 | |||||||||||||||
Mortgage and other indebtedness | 1,699,239 | 1,731,074 | 1,724,449 | 1,546,460 | 851,396 | |||||||||||||||
Liabilities held for sale | — | — | — | 81,164 | — | |||||||||||||||
Total liabilities | 1,874,285 | 1,923,940 | 1,937,364 | 1,839,183 | 957,146 | |||||||||||||||
Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests | 72,104 | 88,165 | 92,315 | 125,082 | 43,928 | |||||||||||||||
Kite Realty Group Trust shareholders’ equity | 1,565,411 | 1,643,574 | 1,725,976 | 1,898,784 | 753,557 | |||||||||||||||
Noncontrolling interests | 698 | 692 | 773 | 3,364 | 3,548 | |||||||||||||||
Total liabilities and equity | 3,512,498 | 3,656,371 | 3,756,428 | 3,866,413 | 1,758,179 |
• | the fair value of the building on an as-if-vacant basis and the fair value of land determined either by comparable market data, real estate tax assessments, independent appraisals or other relevant data; |
• | above-market and below-market in-place lease values for acquired properties, which are based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. The capitalized above-market and below-market lease values are amortized as a reduction of or addition to rental income over the term of the lease. Should a tenant vacate, terminate its lease, or otherwise notify us of its intent to do so, the unamortized portion of the lease intangibles would be charged or credited to income; |
• | the value of having a lease in place at the acquisition date. We utilize independent and internal sources for our estimates to determine the respective in-place lease values. Our estimates of value are made using methods similar to those used by independent appraisers. Factors we consider in our analysis include an estimate of costs to execute similar leases including tenant improvements, leasing commissions and foregone costs and rent received during the estimated lease-up period as if the space was vacant. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases; and |
• | the fair value of any assumed financing that is determined to be above or below market terms. We utilize third party and independent sources for our estimates to determine the respective fair value of each mortgage payable. The fair market value of each mortgage payable is amortized to interest expense over the remaining initial terms of the respective loan. |
• | Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access. |
• | Level 2 fair value inputs are inputs other than quoted prices included in Level 1 that are observable for similar instruments, either directly or indirectly, and appropriately consider counterparty creditworthiness in the valuations. |
• | Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an instrument at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. |
# of Properties | # of Properties | |||||||||||||||||
2017 | 2016 | 2015 | 2019 | 2018 | 2017 | |||||||||||||
Operating Retail Properties | 105 | 108 | 110 | 82 | 105 | 105 | ||||||||||||
Operating Office Properties and Other | 4 | 2 | 2 | 4 | 3 | 4 | ||||||||||||
Redevelopment Properties | 8 | 9 | 6 | 4 | 3 | 8 | ||||||||||||
Total Operating and Redevelopment Properties | 117 | 119 | 118 | 90 | 111 | 117 | ||||||||||||
Development Projects: | 2 | 2 | 3 | 1 | 1 | 2 | ||||||||||||
Total All Properties | 119 | 121 | 121 | 91 | 112 | 119 |
Property Name | MSA | Acquisition Date | Owned GLA | ||||
August |
Property Name | MSA | Disposition Date | Owned GLA | ||||
Birmingham, AL | |||||||
March 2018 | 111,022 | ||||||
Tamiami Crossing 1 | Naples, FL | June | |||||
Plaza Volente 1 | June | ||||||
Livingston Shopping Center 1 | Newark, NJ | June 2018 | 139,559 | ||||
Hamilton Crossing | Alcoa, TN | November 2018 | 175,464 | ||||
Fox Lake Crossing | Chicago, IL | December 2018 | 99,136 | ||||
Lowe's Plaza | Las Vegas, NV | December 2018 | 30,210 | ||||
Whitehall Pike | Bloomington, IN | March 2019 | 128,997 | ||||
Beechwood Promenade | Athens, GA | April 2019 | 297,369 | ||||
Village at Bay Park | Green Bay, WI | May 2019 | 82,254 | ||||
Lakewood Promenade | Jacksonville, FL | May 2019 | 196,655 | ||||
Palm Coast Landing | Palm Coast, FL | May 2019 | 168,352 | ||||
Lowe's - Perimeter Woods | Charlotte, NC | May 2019 | 166,085 | ||||
Cannery Corner | Las Vegas, NV | May 2019 | 30,738 | ||||
Temple Terrace | Tampa, FL | June 2019 | 90,328 | ||||
University Town Center | Oklahoma City, OK | June 2019 | 348,877 | ||||
Gainesville Plaza | Gainesville, FL | July 2019 | 162,189 | ||||
Bolton Plaza | Jacksonville, FL | July 2019 | 154,155 | ||||
Eastgate Plaza | Las Vegas, NV | July 2019 | 96,594 | ||||
Burnt Store | Punta Gorda, FL | July 2019 | 95,625 | ||||
Landstown Commons | Virginia Beach, VA | August 2019 | 398,139 | ||||
Lima Marketplace | Fort Wayne, IN | September 2019 | 100,461 | ||||
Hitchcock Plaza | Aiken, SC | September 2019 | 252,211 | ||||
Merrimack Village Center | Manchester, NH | September 2019 | 78,892 | ||||
Publix at Acworth | Atlanta, GA | October 2019 | 69,628 | ||||
The Centre at Panola | Atlanta, GA | October 2019 | 73,075 | ||||
Beacon Hill | Crown Point, IN | October 2019 | 56,820 | ||||
Bell Oaks Centre | Evansville, IN | November 2019 | 94,958 | ||||
Boulevard Crossing | Kokomo, IN | December 2019 | 124,634 | ||||
South Elgin Commons | Chicago, IL | December 2019 | 128,000 |
____________________ | |||||||
The Company has retained a 20% ownership interest in this property. |
Property Name | MSA | Transition to Redevelopment1 | Transition to Operating Portfolio | Owned GLA | |||||
Courthouse Shadows2 | Naples, FL | June 2013 | Pending | 124,802 | |||||
Hamilton Crossing Centre2, 3 | Indianapolis, IN | June 2014 | Pending | 89,983 | |||||
City Center | White Plains, NY | December 2015 | |||||||
Fishers Station | Indianapolis, IN | December 2015 | |||||||
Beechwood Promenade | Athens, GA | December 2015 | |||||||
The Corner2, 3 | Indianapolis, IN | December 2015 | Pending | 27,731 | |||||
Rampart Commons | Las Vegas, NV | March 2016 | |||||||
Burnt Store Marketplace | Punta Gorda, FL | June 2016 | March 2018 | 95,625 | |||||
Glendale Town Center 2 | Indianapolis, IN | March 2019 | Pending |
____________________ | |
1 | Transition date represents the date the property was transferred from our operating portfolio into redevelopment status. |
2 | This property has been identified as a redevelopment property and is not included in the operating portfolio or the same property pool. |
3 | This redevelopment would potentially include the creation of a mixed-use (office, retail, and multi-family) development. |
4 | This property was transitioned to the operating |
5 | This property was sold in 2019. |
($ in thousands) | Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||
2017 | 2016 | % Change | 2019 | 2018 | % Change | |||||||||||||||||
Leased percentage at period end | 94.6 | % | 95.3 | % | 96.0 | % | 95.0 | % | ||||||||||||||
Economic Occupancy percentage2 | 93.6 | % | 93.0 | % | 92.6 | % | 92.6 | % | ||||||||||||||
Same Property NOI3 | $ | 222,267 | $ | 216,097 | 2.9 | % | $ | 204,586 | $ | 200,111 | 2.2 | % | ||||||||||
Same Property NOI - excluding the impact of the 3-R initiative | 3.2 | % | ||||||||||||||||||||
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure: | ||||||||||||||||||||||
Net operating income - same properties | $ | 222,267 | $ | 216,097 | $ | 204,586 | $ | 200,111 | ||||||||||||||
Net operating income - non-same activity4 | 46,156 | 49,078 | 25,787 | 58,816 | ||||||||||||||||||
Provision for credit losses, net of recoveries - same properties | (2,427 | ) | (1,814 | ) | ||||||||||||||||||
Other expense, net | (315 | ) | (983 | ) | ||||||||||||||||||
Other (expense) income, net | (471 | ) | 1,826 | |||||||||||||||||||
General, administrative and other | (21,749 | ) | (20,603 | ) | (28,214 | ) | (21,320 | ) | ||||||||||||||
Transaction costs | — | (2,771 | ) | |||||||||||||||||||
Impairment charge | (7,411 | ) | — | |||||||||||||||||||
Loss on debt extinguishment | (11,572 | ) | — | |||||||||||||||||||
Impairment charges | (37,723 | ) | (70,360 | ) | ||||||||||||||||||
Depreciation and amortization expense | (172,091 | ) | (174,564 | ) | (132,098 | ) | (152,163 | ) | ||||||||||||||
Interest expense | (65,702 | ) | (65,577 | ) | (59,268 | ) | (66,785 | ) | ||||||||||||||
Gains on sales of operating properties | 15,160 | 4,253 | 38,971 | 3,424 | ||||||||||||||||||
Net income attributable to noncontrolling interests | (2,014 | ) | (1,933 | ) | (532 | ) | (116 | ) | ||||||||||||||
Net income attributable to common shareholders | $ | 11,874 | $ | 1,183 | ||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | (534 | ) | $ | (46,567 | ) |
1 | Same Property NOI excludes | ||||||||||||
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, | ||||||||||||
4 | Includes non-cash activity across the portfolio as well as net operating income |
($ in thousands) | Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | ||||||||||
Consolidated net income | $ | 13,888 | $ | 3,116 | $ | 29,315 | ||||||
Less: cash dividends on preferred shares | — | — | (7,877 | ) | ||||||||
Less: non-cash adjustment for redemption of preferred shares | — | — | (3,797 | ) | ||||||||
Less: net income attributable to noncontrolling interests in properties | (1,731 | ) | (1,844 | ) | (1,854 | ) | ||||||
Less: gains on sales of operating properties | (15,160 | ) | (4,253 | ) | (4,066 | ) | ||||||
Add: impairment charge | 7,411 | — | 1,592 | |||||||||
Add: depreciation and amortization of consolidated entities, net of noncontrolling interests | 170,315 | 173,578 | 166,509 | |||||||||
FFO of the Operating Partnership1 | 174,723 | 170,597 | 179,822 | |||||||||
Less: Limited Partners' interests in FFO | (3,966 | ) | (3,872 | ) | (3,789 | ) | ||||||
FFO attributable to Kite Realty Group Trust common shareholders1 | $ | 170,757 | $ | 166,725 | $ | 176,033 | ||||||
FFO of the Operating Partnership1 | $ | 174,723 | $ | 170,597 | $ | 179,822 | ||||||
Less: gain on settlement | — | — | (4,520 | ) | ||||||||
Add: accelerated amortization of debt issuance costs (non-cash) | — | 1,121 | — | |||||||||
Add: transaction costs | — | 2,771 | 1,550 | |||||||||
Add: severance charge | — | 500 | — | |||||||||
Add: adjustment for redemption of preferred shares (non-cash) | — | — | 3,797 | |||||||||
Less: gain from release of assumed earnout liability (non-cash) | — | — | (4,832 | ) | ||||||||
Add: loss on debt extinguishment | — | 819 | (5,645 | ) | ||||||||
FFO, as adjusted, of the Operating Partnership | $ | 174,723 | $ | 175,808 | $ | 170,172 |
($ in thousands) | Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | ||||||||||
Consolidated net (loss) income | $ | (2 | ) | $ | (46,451 | ) | $ | 13,888 | ||||
Less: net income attributable to noncontrolling interests in properties | (528 | ) | (1,151 | ) | (1,731 | ) | ||||||
Less: (Gain) loss on sales of operating properties | (38,971 | ) | (3,424 | ) | (15,160 | ) | ||||||
Add: impairment charges | 37,723 | 70,360 | 7,411 | |||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 133,184 | 151,856 | 170,315 | |||||||||
FFO of the Operating Partnership1 | 131,406 | 171,190 | 174,723 | |||||||||
Less: Limited Partners' interests in FFO | (3,153 | ) | (4,109 | ) | (3,966 | ) | ||||||
FFO attributable to Kite Realty Group Trust common shareholders1 | $ | 128,253 | $ | 167,081 | $ | 170,757 | ||||||
FFO of the Operating Partnership1 | $ | 131,406 | $ | 171,190 | $ | 174,723 | ||||||
Add: loss on debt extinguishment | 11,572 | — | — | |||||||||
FFO, as adjusted, of the Operating Partnership | $ | 142,978 | $ | 171,190 | $ | 174,723 |
____________________ | |
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. |
($ in thousands) | Three Months Ended December 31, | Three Months Ended December 31, 2019 | ||||||
Consolidated net income | $ | 2,795 | $ | 15,855 | ||||
Adjustments to net income: | ||||||||
Depreciation and amortization | 40,758 | 30,765 | ||||||
Interest expense | 16,452 | 12,383 | ||||||
Income tax expense of taxable REIT subsidiary | (36 | ) | ||||||
Income tax benefit of taxable REIT subsidiary | (94 | ) | ||||||
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) | 59,969 | 58,909 | ||||||
Adjustments to EBITDA: | ||||||||
Unconsolidated EBITDA | 34 | 774 | ||||||
Gain on sales of operating properties | (14,005 | ) | ||||||
Loss on debt extinguishment | 1,950 | |||||||
Other income and expense, net | 101 | 92 | ||||||
Noncontrolling interest | (351 | ) | (132 | ) | ||||
Pro-forma adjustments 1 | (1,519 | ) | ||||||
Adjusted EBITDA | 59,753 | 46,069 | ||||||
Annualized Adjusted EBITDA1 | $ | 239,012 | $ | 184,276 | ||||
Company share of net debt: | ||||||||
Mortgage and other indebtedness | 1,699,239 | 1,146,580 | ||||||
Less: Partner share of consolidated joint venture debt | (13,373 | ) | (1,117 | ) | ||||
Less: Cash, cash equivalents, and restricted cash | (32,176 | ) | (53,464 | ) | ||||
Plus: Company share of unconsolidated joint venture debt | 22,148 | |||||||
Plus: Debt Premium | 1,411 | 6,722 | ||||||
Less: Pro-forma adjustment 3 | (27,200 | ) | ||||||
Company Share of Net Debt | 1,655,101 | 1,093,669 | ||||||
Net Debt to Adjusted EBITDA | 6.9x | 5.9x |
____________________ | ||
1 | Relates to annualized EBITDA for properties sold during the quarter and timing of overage rent and lease termination income. | |
2 | Represents Adjusted EBITDA for the three months ended December 31, | |
3 | Relates to timing of quarterly dividend payment being made prior to quarter-end resulting in five payments year to date. |
($ in thousands) | 2017 | 2016 | Net change 2016 to 2017 | 2019 | 2018 | Net change 2018 to 2019 | ||||||||||||||||
Revenue: | ||||||||||||||||||||||
Rental income (including tenant reimbursements) | $ | 346,444 | $ | 344,541 | $ | 1,903 | ||||||||||||||||
Rental income | $ | 308,399 | $ | 338,523 | $ | (30,124 | ) | |||||||||||||||
Other property related revenue | 11,998 | 9,581 | 2,417 | 6,326 | 13,138 | (6,812 | ) | |||||||||||||||
Fee income | 377 | — | 377 | 448 | 2,523 | (2,075 | ) | |||||||||||||||
Total revenue | 358,819 | 354,122 | 4,697 | 315,173 | 354,184 | (39,011 | ) | |||||||||||||||
Expenses: | ||||||||||||||||||||||
Property operating | 49,643 | 47,923 | 1,720 | 45,575 | 50,356 | (4,781 | ) | |||||||||||||||
Real estate taxes | 43,180 | 42,838 | 342 | 38,777 | 42,378 | (3,601 | ) | |||||||||||||||
General, administrative, and other | 21,749 | 20,603 | 1,146 | 28,214 | 21,320 | 6,894 | ||||||||||||||||
Transaction costs | — | 2,771 | (2,771 | ) | ||||||||||||||||||
Depreciation and amortization | 132,098 | 152,163 | (20,065 | ) | ||||||||||||||||||
Impairment charge | 7,411 | — | 7,411 | 37,723 | 70,360 | (32,637 | ) | |||||||||||||||
Depreciation and amortization | 172,091 | 174,564 | (2,473 | ) | ||||||||||||||||||
Total expenses | 294,074 | 288,699 | 5,375 | 282,387 | 336,577 | (54,190 | ) | |||||||||||||||
Gains on sale of operating properties, net | 38,971 | 3,424 | 35,547 | |||||||||||||||||||
Operating income | 64,745 | 65,423 | (678 | ) | 71,757 | 21,031 | 50,726 | |||||||||||||||
Interest expense | (65,702 | ) | (65,577 | ) | (125 | ) | (59,268 | ) | (66,785 | ) | 7,517 | |||||||||||
Income tax benefit (expense) of taxable REIT subsidiary | 100 | (814 | ) | 914 | ||||||||||||||||||
Income tax benefit of taxable REIT subsidiary | 282 | 227 | 55 | |||||||||||||||||||
Loss on debt extinguishment | (11,572 | ) | — | (11,572 | ) | |||||||||||||||||
Equity in loss of unconsolidated subsidiary | (628 | ) | (278 | ) | (350 | ) | ||||||||||||||||
Other expense, net | (415 | ) | (169 | ) | (246 | ) | (573 | ) | (646 | ) | 73 | |||||||||||
Loss before gains on sale of operating properties, net | (1,272 | ) | (1,137 | ) | (135 | ) | ||||||||||||||||
Gains on sale of operating properties, net | 15,160 | 4,253 | 10,907 | |||||||||||||||||||
Consolidated net income | 13,888 | 3,116 | 10,772 | |||||||||||||||||||
Consolidated net loss | (2 | ) | (46,451 | ) | 46,449 | |||||||||||||||||
Net income attributable to noncontrolling interests | (2,014 | ) | (1,933 | ) | (81 | ) | (532 | ) | (116 | ) | (416 | ) | ||||||||||
Net income attributable to Kite Realty Group Trust common shareholders | $ | 11,874 | $ | 1,183 | $ | 10,691 | ||||||||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | $ | (534 | ) | $ | (46,567 | ) | $ | 46,033 | ||||||||||||||
Property operating expense to total revenue ratio | 13.8 | % | 13.5 | % | 0.3 | % | 14.5 | % | 14.2 | % | 0.3 | % |
($ in thousands) | Net change 2016 to 2017 | ||
Properties sold during 2016 and 2017 | $ | (6,363 | ) |
Properties under redevelopment during 2016 and/or 2017 | (3,323 | ) | |
Development projects completed during 2016 and/or 2017 | 3,608 | ||
Properties fully operational during 2016 and 2017 and other | 7,981 | ||
Total | $ | 1,903 |
($ in thousands) | Net change 2018 to 2019 | ||
Properties sold during 2018 and 2019 | $ | (37,041 | ) |
Properties under redevelopment or acquired during 2018 and/or 2019 | 923 | ||
Properties fully operational during 2018 and 2019 and other | 5,994 | ||
Total | $ | (30,124 | ) |
($ in thousands) | Net change 2016 to 2017 | ||
Properties sold during 2016 and 2017 | $ | (927 | ) |
Properties under redevelopment during 2016 and/or 2017 | 722 | ||
Development projects completed during 2016 and/or 2017 | 546 | ||
Properties fully operational during 2016 and 2017 and other | 1,379 | ||
Total | $ | 1,720 |
($ in thousands) | Net change 2018 to 2019 | ||
Properties sold during 2018 and 2019 | $ | (4,772 | ) |
Properties under redevelopment or acquired during 2018 and/or 2019 | 996 | ||
Properties fully operational during 2018 and 2019 and other | (1,005 | ) | |
Total | $ | (4,781 | ) |
($ in thousands) | Net change 2016 to 2017 | ||
Properties sold during 2016 and 2017 | $ | (863 | ) |
Properties under redevelopment during 2016 and/or 2017 | (81 | ) | |
Development projects completed during 2016 and/or 2017 | 403 | ||
Properties fully operational during 2016 and 2017 and other | 883 | ||
Total | $ | 342 |
($ in thousands) | Net change 2018 to 2019 | ||
Properties sold during 2018 and 2019 | $ | (4,223 | ) |
Properties under redevelopment or acquired during 2018 and/or 2019 | 151 | ||
Properties fully operational during 2018 and 2019 and other | 471 | ||
Total | $ | (3,601 | ) |
($ in thousands) | Net change 2018 to 2019 | ||
Properties sold during 2018 and 2019 | $ | (19,523 | ) |
Properties under redevelopment or acquired during 2018 and/or 2019 | 3,846 | ||
Properties fully operational during 2018 and 2019 and other | (4,388 | ) | |
Total | $ | (20,065 | ) |
($ in thousands) | Net change 2016 to 2017 | ||
Properties sold during 2016 and 2017 | $ | (3,687 | ) |
Properties under redevelopment during 2016 and/or 2017 | 3,920 | ||
Development projects completed during 2016 and/or 2017 | (304 | ) | |
Properties fully operational during 2016 and 2017 and other | (2,402 | ) | |
Total | $ | (2,473 | ) |
($ in thousands) | 2016 | 2015 | Net change 2015 to 2016 | ||||||||
Revenue: | |||||||||||
Rental income (including tenant reimbursements) | $ | 344,541 | $ | 334,029 | $ | 10,512 | |||||
Other property related revenue | 9,581 | 12,976 | (3,395 | ) | |||||||
Total revenue | 354,122 | 347,005 | 7,117 | ||||||||
Expenses: | |||||||||||
Property operating | 47,923 | 49,973 | (2,050 | ) | |||||||
Real estate taxes | 42,838 | 40,904 | 1,934 | ||||||||
General, administrative, and other | 20,603 | 18,709 | 1,894 | ||||||||
Transaction costs | 2,771 | 1,550 | 1,221 | ||||||||
Non-cash gain from release of assumed earnout liability | — | (4,832 | ) | 4,832 | |||||||
Impairment charge | — | 1,592 | (1,592 | ) | |||||||
Depreciation and amortization | 174,564 | 167,312 | 7,252 | ||||||||
Total expenses | 288,699 | 275,208 | 13,491 | ||||||||
Operating income | 65,423 | 71,797 | (6,374 | ) | |||||||
Interest expense | (65,577 | ) | (56,432 | ) | (9,145 | ) | |||||
Income tax expense of taxable REIT subsidiary | (814 | ) | (186 | ) | (628 | ) | |||||
Non-cash gain on debt extinguishment | — | 5,645 | (5,645 | ) | |||||||
Gain on settlement | — | 4,520 | (4,520 | ) | |||||||
Other expense, net | (169 | ) | (95 | ) | (74 | ) | |||||
(Loss) income before gain on sale of operating properties | (1,137 | ) | 25,249 | (26,386 | ) | ||||||
Gain on sale of operating properties, net | 4,253 | 4,066 | 187 | ||||||||
Consolidated net income | 3,116 | 29,315 | (26,199 | ) | |||||||
Net income attributable to noncontrolling interests | (1,933 | ) | (2,198 | ) | 265 | ||||||
Net income attributable to Kite Realty Group Trust | 1,183 | 27,117 | (25,934 | ) | |||||||
Dividends on preferred shares | — | (7,877 | ) | 7,877 | |||||||
Non-cash adjustment for redemption of preferred shares | — | (3,797 | ) | 3,797 | |||||||
Net income attributable to common shareholders | $ | 1,183 | $ | 15,443 | $ | (14,260 | ) | ||||
Property operating expense to total revenue ratio | 13.5 | % | 14.4 | % | (0.9 | )% |
($ in thousands) | Net change 2015 to 2016 | ||
Properties acquired during 2015 | $ | 7,275 | |
Development properties that became operational or were partially operational in 2015 and/or 2016 | 4,917 | ||
Properties sold during 2015 and 2016 | (5,762 | ) | |
Properties under redevelopment during 2015 and/or 2016 | 1,109 | ||
Properties fully operational during 2015 and 2016 and other | 2,973 | ||
Total | $ | 10,512 |
($ in thousands) | Net change 2015 to 2016 | ||
Properties acquired during 2015 | $ | 1,577 | |
Development properties that became operational or were partially operational in 2015 and/or 2016 | 683 | ||
Properties sold during 2015 and 2016 | (1,288 | ) | |
Properties under redevelopment during 2015 and/or 2016 | (444 | ) | |
Properties fully operational during 2015 and 2016 and other | (2,578 | ) | |
Total | $ | (2,050 | ) |
($ in thousands) | Net change 2015 to 2016 | ||
Properties acquired during 2015 | $ | 1,417 | |
Development properties that became operational or were partially operational in 2015 and/or 2016 | 372 | ||
Properties sold during 2015 and 2016 | (636 | ) | |
Properties under redevelopment during 2015 and/or 2016 | (127 | ) | |
Properties fully operational during 2015 and 2016 and other | 908 | ||
Total | $ | 1,934 |
($ in thousands) | Net change 2015 to 2016 | ||
Properties acquired during 2015 | $ | 3,763 | |
Development properties that became operational or were partially operational in 2015 and/or 2016 | 4,572 | ||
Properties sold during 2015 and 2016 | (1,603 | ) | |
Properties under redevelopment during 2015 and/or 2016 | 2,434 | ||
Properties fully operational during 2015 and 2016 and other | (1,914 | ) | |
Total | $ | 7,252 |
Year to Date | Year Ended | |||||
($ in thousands) | December 31, 2017 | December 31, 2019 | ||||
Developments | $ | 4,121 | $ | 1,445 | ||
Under Construction 3-R Projects | 39,868 | |||||
3-R Opportunities | 1,865 | |||||
Recently completed developments/redevelopments and other1 | 8,659 | |||||
Redevelopment Opportunities | 1,021 | |||||
Recently completed redevelopments and other | 13,755 | |||||
Big Box Surge activity | 24,197 | |||||
Recurring operating capital expenditures (primarily tenant improvement payments) | 16,013 | 12,860 | ||||
Total | $ | 70,526 | $ | 53,278 |
($ in thousands) | Consolidated Long-term Debt and Interest1 | Development Activity and Tenant Allowances2 | Operating Ground Leases | Employment Contracts3 | Total | Consolidated Long-term Debt and Interest1 | Development Activity and Tenant Allowances2 | Operating Ground Leases | Employment Contracts3 | Total | ||||||||||||||||||||||||||||||
2018 | $ | 110,663 | $ | 14,538 | $ | 1,686 | $ | 943 | $ | 127,830 | ||||||||||||||||||||||||||||||
2019 | 71,514 | — | 1,694 | — | 73,208 | |||||||||||||||||||||||||||||||||||
2020 | 113,121 | — | 1,777 | — | 114,898 | $ | 50,122 | $ | 8,927 | $ | 1,777 | $ | 1,263 | $ | 62,089 | |||||||||||||||||||||||||
2021 | 480,374 | — | 1,789 | — | 482,163 | 50,093 | — | 1,789 | 375 | 52,257 | ||||||||||||||||||||||||||||||
2022 | 447,348 | — | 1,814 | — | 449,162 | 223,743 | — | 1,815 | — | 225,558 | ||||||||||||||||||||||||||||||
2023 | 310,147 | — | 1,636 | — | 311,783 | |||||||||||||||||||||||||||||||||||
2024 | 29,609 | — | 1,600 | — | 31,209 | |||||||||||||||||||||||||||||||||||
Thereafter | 848,307 | — | 73,790 | — | 922,097 | 751,997 | — | 70,554 | — | 822,551 | ||||||||||||||||||||||||||||||
Total | $ | 2,071,327 | $ | 14,538 | $ | 82,550 | $ | 943 | $ | 2,169,358 | $ | 1,415,711 | $ | 8,927 | $ | 79,171 | $ | 1,638 | $ | 1,505,447 |
____________________ | |
1 | Our long-term debt consists of both variable and fixed-rate debt and includes both principal and interest. Interest expense for variable-rate debt was calculated using the interest rates as of December 31, |
2 | Tenant allowances include commitments made to tenants at our operating and under construction development |
3 | We have entered into employment agreements with certain members of senior |
($ in thousands) | December 31, 2017 | December 31, 2016 | December 31, 2019 | December 31, 2018 | ||||||||||||
Senior unsecured notes | $ | 550,000 | $ | 550,000 | $ | 550,000 | $ | 550,000 | ||||||||
Unsecured revolving credit facility | 60,100 | 79,600 | — | 45,600 | ||||||||||||
Unsecured term loans | 400,000 | 400,000 | 250,000 | 345,000 | ||||||||||||
Mortgage notes payable - fixed rate | 576,927 | 587,762 | 297,472 | 534,679 | ||||||||||||
Mortgage notes payable - variable rate | 113,623 | 114,388 | 55,830 | 73,491 | ||||||||||||
Net debt premiums and issuance costs, net | (1,411 | ) | (676 | ) | (6,722 | ) | (5,469 | ) | ||||||||
Total mortgage and other indebtedness | $ | 1,699,239 | $ | 1,731,074 | $ | 1,146,580 | $ | 1,543,301 |
($ in thousands) | Outstanding Amount | Ratio | Weighted Average Interest Rate | Weighted Average Maturity (in years) | Outstanding Amount | Ratio | Weighted Average Interest Rate | Weighted Average Maturity (in years) | ||||||||||||||||
Fixed rate debt1 | $ | 1,562,423 | 92 | % | 4.10 | % | 5.6 | $ | 1,113,672 | 97 | % | 3.94 | % | 5.7 | ||||||||||
Variable rate debt | 138,227 | 8 | % | 3.06 | % | 4.1 | 39,630 | 3 | % | 3.68 | % | 7.6 | ||||||||||||
Net debt premiums and issuance costs, net | (1,411 | ) | N/A | N/A | N/A | (6,722 | ) | N/A | N/A | N/A | ||||||||||||||
Total | $ | 1,699,239 | 100 | % | 4.02 | % | 5.5 | $ | 1,146,580 | 100 | % | 3.93 | % | 5.8 |
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 December 31, |
(a) | Documents filed as part of this report: | |||
(1) | Financial Statements: | |||
Consolidated financial statements for the Company listed on the index immediately preceding the financial statements at the end of this report. | ||||
(2) | Financial Statement Schedule: | |||
Financial statement schedule for the Company listed on the index immediately preceding the financial statements at the end of this report. | ||||
(3) | Exhibits: | |||
The Company files as part of this report the exhibits listed on the Exhibit Index. | ||||
(b) | Exhibits: | |||
The Company files as part of this report the exhibits listed on the Exhibit Index. Other financial statement schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. | ||||
(c) | Financial Statement Schedule: | |||
The Company files as part of this report the financial statement schedule listed on the index immediately preceding the financial statements at the end of this report. |
Exhibit No. | Description | Location | ||
2.1 | Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on February 11, 2014 | |||
3.1 | Incorporated by reference to Exhibit 3.1 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 27, 2015 | |||
3.2 | Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on May 28, 2015 | |||
3.3 | Incorporated by reference to Exhibit 3.2 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 27, 2015 | |||
3.4 | Incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on May 28, 2015 | |||
4.1 | Incorporated by reference to Exhibit 4.1 to Kite Realty Group Trust’s registration statement on Form S-11 (File No. 333-114224) declared effective by the SEC on August 10, 2004 | |||
4.2 | Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on September 27, 2016 | |||
4.3 | Incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on September 27, 2016 | |||
4.4 | Incorporated by reference to Exhibits 4.2 and 4.3 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on September 27, 2016 | |||
4.5 | Filed herewith | |||
10.1 | Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 20, 2004 | |||
10.2 | Incorporate by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on December 13, 2010 | |||
10.3 | Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on March 12, 2012 | |||
10.4 | Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on July 29, 2014 | |||
10.5 | Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on March 5, 2019 | |||
10.6 | Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on March 26, 2019 | |||
10.7 | Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on July 29, 2014 | |||
Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on July 29, 2014 | ||||
Incorporated by reference to Exhibit 10.8 the Quarterly Report on Form 10-Q of Kite Realty Group Trust for the period ended September 30, 2014. | ||||
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 4, 2018 | ||||
10.11 | Incorporated by reference to Exhibit 10.16 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 20, 2004 | |||
Incorporated by reference to Exhibit 10.17 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 20, 2004 | ||||
Incorporated by reference to Exhibit 10.18 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 20, 2004 | ||||
Incorporated by reference to Exhibit 10.19 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 20, 2004 | ||||
Incorporated by reference to Exhibit 10.13 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 27, 2015 | ||||
Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on November 7, 2018 | ||||
10.17 | Incorporated by reference to Exhibit 10.20 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 20, 2004 | |||
10.18 | Incorporated by reference to Exhibit 10.21 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 20, 2004 | |||
Incorporated by reference to Exhibit 10.22 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 20, 2004 | ||||
Incorporated by reference to Exhibit 10.23 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 20, 2004 | ||||
Incorporated by reference to Exhibit 10.24 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 20, 2004 | ||||
Incorporated by reference to Exhibit 10.4 to the Quarterly Report on Form 10-Q of Kite Realty Group Trust for the period ended September 30, 2008 | ||||
Incorporated by reference to Exhibit 10.20 to the Annual Report on Form 10-K of Kite Realty Group Trust for the period ended December 31, 2012 | ||||
Incorporated by reference to Exhibit 10.21 to the Annual Report on Form 10-K of Kite Realty Group Trust for the year ended December 31, 2013 | ||||
Incorporated by reference to Exhibit 10.22 to the Annual Report on Form 10-K of Kite Realty Group Trust for the year ended December 31, 2013 | ||||
Incorporated by reference to Exhibit 10.23 to the Annual Report on Form 10-K of Kite Realty Group Trust for the year ended December 31, 2013 | ||||
Incorporated by reference to Exhibit 10.24 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 27, 2015 | ||||
Incorporated by reference to Exhibit 10.25 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 27, 2015 | ||||
Incorporated by reference to Exhibit 10.26 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 27, 2015 | ||||
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on May 12, 2008 | ||||
Incorporated by reference to Exhibit 10.32 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 20, 2004 | ||||
10.32 | Incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q of Kite Realty Group Trust for the period ended September 30, 2005 | |||
Incorporated by reference to Exhibit 10.33 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 20, 2004 | ||||
Incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on July 29, 2014 | ||||
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on February 3, 2016 | ||||
Incorporated by reference to Exhibit 10.1 to the | ||||
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on May 14, 2013 | ||||
Incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on May 14, 2013 | ||||
Incorporated by reference to Exhibit | ||||
Incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of Kite Realty Group Trust for the period ended June 30, 2006 | ||||
Incorporated by reference to Exhibit 10.38 of the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 27, 2017 | ||||
Form of Performance Restricted Share Agreement under 2013 Equity Incentive Plan* | Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on November 7, 2018 | |||
10.43 | Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on March 5, 2019 | |||
10.44 | Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on July 29, 2016 | |||
Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on July 29, 2016 | ||||
10.46 | Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on May 4, 2012 | |||
Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on March 4, 2013 | ||||
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 27, 2013 | ||||
Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on May 4, 2012 | ||||
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on | ||||
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 26, 2018 | ||||
10.52 | Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 26, 2018 | |||
10.53 | Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on September 3, 2015 | |||
21.1 | Filed herewith | |||
23.1 | Filed herewith | |||
23.2 | Filed herewith | |||
31.1 | Filed herewith | |||
31.2 | Filed herewith | |||
31.3 | Filed herewith | |||
31.4 | Filed herewith | |||
32.1 | Filed herewith | |||
32.2 | Filed herewith | |||
99.1 | Filed herewith | |||
101.INS | XBRL Instance Document | Filed herewith | ||
101.SCH | XBRL Taxonomy Extension Schema Document | Filed herewith | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith | ||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Filed herewith |
____________________ |
* Denotes a management contract or compensatory, plan contract or arrangement. |
KITE REALTY GROUP TRUST | ||
(Registrant) | ||
/s/ John A. Kite | ||
John A. Kite | ||
February 20, | Chairman and Chief Executive Officer | |
(Date) | (Principal Executive Officer) | |
/s/ | ||
February 20, | Executive Vice President and Chief Financial Officer | |
(Date) | (Principal Financial Officer) | |
KITE REALTY GROUP L.P. AND SUBSIDIARIES | ||
(Registrant) | ||
/s/ John A. Kite | ||
John A. Kite | ||
February 20, | Chairman and Chief Executive Officer | |
(Date) | (Principal Executive Officer) | |
/s/ | ||
February 20, | Executive Vice President and Chief Financial Officer | |
(Date) | (Principal Financial Officer) |
Signature | Title | Date | ||
/s/ John A. Kite | Chairman, Chief Executive Officer, and Trustee (Principal Executive Officer) | February 20, | ||
(John A. Kite) | ||||
/s/ William E. Bindley | Trustee | February 20, | ||
(William E. Bindley) | ||||
/s/ Victor J. Coleman | Trustee | February 20, | ||
(Victor J. Coleman) | ||||
/s/ Christie B. Kelly | Trustee | February 20, | ||
(Christie B. Kelly) | ||||
/s/ David R. O’Reilly | Trustee | February 20, | ||
(David R. O’Reilly) | ||||
/s/ Barton R. Peterson | Trustee | February 20, | ||
(Barton R. Peterson) | ||||
/s/ Lee A. Daniels | Trustee | February 20, | ||
(Lee A. Daniels) | ||||
/s/ Charles H. Wurtzebach | Trustee | February 20, | ||
(Charles H. Wurtzebach) | ||||
/s/ | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | February 20, | ||
( | ||||
/s/ David E. Buell | Senior Vice President, Chief Accounting Officer | February 20, | ||
(David E. Buell) |
Page | ||
Consolidated Financial Statements: | ||
Kite Realty Group Trust: | ||
F-1 | ||
Kite Realty Group, L.P. and subsidiaries | ||
Kite Realty Group Trust: | ||
F-4 | ||
F-5 | ||
F-6 | ||
Kite Realty Group, L.P. and subsidiaries | ||
F-8 | ||
F-9 | ||
F-10 | ||
Kite Realty Group Trust and Kite Realty Group, L.P. and subsidiaries: | ||
Financial Statement Schedule: | ||
Kite Realty Group Trust and Kite Realty Group, L.P. and subsidiaries: | ||
All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and therefore have been omitted. |
Impairment of Investment Property | ||
Description of the Matter | At December 31, 2019, the Company’s net consolidated investment properties totaled $2.4 billion. As discussed in Note 2 of the consolidated financial statements, the Company’s investment properties are reviewed for impairment on a property-by-property basis on at least a quarterly basis, or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Impairment losses for investment properties are measured when the undiscounted cash flows estimated to be generated by the investment properties during the expected holding period are less than the carrying amounts of those assets. Impairment losses are recorded as the excess of the carrying value over the estimated fair value of the asset. Auditing management’s evaluation of investment properties for impairment was complex due to the significant estimation uncertainty in determining the estimated future undiscounted cash flows and fair value of investment properties where an indicator of potential impairment was identified. In particular, these estimates were sensitive to significant assumptions such as projected net operating income, anticipated hold period, expected capital expenditures and the capitalization rate used to estimate the property’s residual value, all of which can be affected by expectations about future market conditions, rental demand, and competition, as well as management’s intent to hold and operate the property over the term assumed in the analysis. | |
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls related to the Company’s process for evaluating investment properties for impairment, including controls over management’s review of the significant assumptions described above. To test the Company’s evaluation of investment properties for impairment, we performed audit procedures that included, among others, assessing the methodologies, evaluating the significant assumptions discussed above and testing the completeness and accuracy of the underlying data used by management in its analysis. We compared the significant assumptions used by management to historical actual results of the property, relevant observable market information for recent sales of comparable assets, real estate industry publications, current industry trends or other relevant factors. We also involved a valuation specialist to assist in evaluating certain assumptions. As part of our evaluation, we assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the future undiscounted cash flows and fair value of certain properties that would result from changes in the assumptions. |
December 31, 2017 | December 31, 2016 | December 31, 2019 | December 31, 2018 | |||||||||||
Assets: | ||||||||||||||
Investment properties, at cost | $ | 3,957,884 | $ | 3,996,065 | ||||||||||
Investment properties at cost: | $ | 3,087,391 | $ | 3,641,120 | ||||||||||
Less: accumulated depreciation | (664,614 | ) | (560,683 | ) | (666,952 | ) | (699,927 | ) | ||||||
3,293,270 | 3,435,382 | 2,420,439 | 2,941,193 | |||||||||||
Cash and cash equivalents | 24,082 | 19,874 | 31,336 | 35,376 | ||||||||||
Tenant and other receivables, including accrued straight-line rent of $31,747 and $28,703 respectively, net of allowance for uncollectible accounts | 58,328 | 53,087 | ||||||||||||
Tenant and other receivables, including accrued straight-line rent of $27,256 and $31,347, respectively | 55,286 | 58,059 | ||||||||||||
Restricted cash and escrow deposits | 8,094 | 9,037 | 21,477 | 10,130 | ||||||||||
Deferred costs and intangibles, net | 112,359 | 129,264 | ||||||||||||
Deferred costs, net | 73,157 | 95,264 | ||||||||||||
Prepaid and other assets | 16,365 | 9,727 | 34,548 | 12,764 | ||||||||||
Investments in unconsolidated subsidiaries | 12,644 | 13,496 | ||||||||||||
Assets held for sale | — | 5,731 | ||||||||||||
Total Assets | $ | 3,512,498 | $ | 3,656,371 | $ | 2,648,887 | $ | 3,172,013 | ||||||
Liabilities and Equity: | ||||||||||||||
Mortgage and other indebtedness | $ | 1,699,239 | $ | 1,731,074 | ||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||
Mortgage and other indebtedness, net | $ | 1,146,580 | $ | 1,543,301 | ||||||||||
Accounts payable and accrued expenses | 78,482 | 80,664 | 69,817 | 85,934 | ||||||||||
Deferred revenue and intangibles, net and other liabilities | 96,564 | 112,202 | ||||||||||||
Deferred revenue and other liabilities | 90,180 | 83,632 | ||||||||||||
Total Liabilities | 1,874,285 | 1,923,940 | 1,306,577 | 1,712,867 | ||||||||||
Commitments and contingencies | — | — | ||||||||||||
Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests | 72,104 | 88,165 | ||||||||||||
Limited Partners' interests in Operating Partnership and other | 52,574 | 45,743 | ||||||||||||
Equity: | ||||||||||||||
Kite Realty Group Trust Shareholders’ Equity | ||||||||||||||
Common Shares, $.01 par value, 225,000,000 shares authorized, 83,606,068 and 83,545,398 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 836 | 835 | ||||||||||||
Additional paid in capital and other | 2,071,418 | 2,062,360 | ||||||||||||
Accumulated other comprehensive income (loss) | 2,990 | (316 | ) | |||||||||||
Kite Realty Group Trust Shareholders' Equity: | ||||||||||||||
Common Shares, $.01 par value, 225,000,000 shares authorized, 83,963,369 and 83,800,886 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 840 | 838 | ||||||||||||
Additional paid in capital | 2,074,436 | 2,078,099 | ||||||||||||
Accumulated other comprehensive loss | (16,283 | ) | (3,497 | ) | ||||||||||
Accumulated deficit | (509,833 | ) | (419,305 | ) | (769,955 | ) | (662,735 | ) | ||||||
Total Kite Realty Group Trust Shareholders' Equity | 1,565,411 | 1,643,574 | 1,289,038 | 1,412,705 | ||||||||||
Noncontrolling Interests | 698 | 692 | ||||||||||||
Noncontrolling Interest | 698 | 698 | ||||||||||||
Total Equity | 1,566,109 | 1,644,266 | 1,289,736 | 1,413,403 | ||||||||||
Total Liabilities and Equity | $ | 3,512,498 | $ | 3,656,371 | ||||||||||
Total Liabilities and Shareholders' Equity | $ | 2,648,887 | $ | 3,172,013 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Revenue: | |||||||||||
Minimum rent | $ | 273,444 | $ | 274,059 | $ | 263,794 | |||||
Tenant reimbursements | 73,000 | 70,482 | 70,235 | ||||||||
Other property related revenue | 11,998 | 9,581 | 12,976 | ||||||||
Fee income | 377 | — | — | ||||||||
Total revenue | 358,819 | 354,122 | 347,005 | ||||||||
Expenses: | |||||||||||
Property operating | 49,643 | 47,923 | 49,973 | ||||||||
Real estate taxes | 43,180 | 42,838 | 40,904 | ||||||||
General, administrative, and other | 21,749 | 20,603 | 18,709 | ||||||||
Transaction costs | — | 2,771 | 1,550 | ||||||||
Non-cash gain from release of assumed earnout liability | — | — | (4,832 | ) | |||||||
Impairment charge | 7,411 | — | 1,592 | ||||||||
Depreciation and amortization | 172,091 | 174,564 | 167,312 | ||||||||
Total expenses | 294,074 | 288,699 | 275,208 | ||||||||
Operating income | 64,745 | 65,423 | 71,797 | ||||||||
Interest expense | (65,702 | ) | (65,577 | ) | (56,432 | ) | |||||
Income tax benefit (expense) of taxable REIT subsidiary | 100 | (814 | ) | (186 | ) | ||||||
Non-cash gain on debt extinguishment | — | — | 5,645 | ||||||||
Gain on settlement | — | — | 4,520 | ||||||||
Other expense, net | (415 | ) | (169 | ) | (95 | ) | |||||
(Loss) income before gains on sale of operating properties, net | (1,272 | ) | (1,137 | ) | 25,249 | ||||||
Gains on sale of operating properties, net | 15,160 | 4,253 | 4,066 | ||||||||
Consolidated net income | 13,888 | 3,116 | 29,315 | ||||||||
Net income attributable to noncontrolling interests | (2,014 | ) | (1,933 | ) | (2,198 | ) | |||||
Net income attributable to Kite Realty Group Trust | 11,874 | 1,183 | 27,117 | ||||||||
Dividends on preferred shares | — | — | (7,877 | ) | |||||||
Non-cash adjustment for redemption of preferred shares | — | — | (3,797 | ) | |||||||
Net income attributable to common shareholders | $ | 11,874 | $ | 1,183 | $ | 15,443 | |||||
Net income per common share – basic | $ | 0.14 | $ | 0.01 | $ | 0.19 | |||||
Net income per common share – diluted | $ | 0.14 | $ | 0.01 | $ | 0.18 | |||||
Weighted average common shares outstanding - basic | 83,585,333 | 83,436,511 | 83,421,904 | ||||||||
Weighted average common shares outstanding - diluted | 83,690,418 | 83,465,500 | 83,534,381 | ||||||||
Dividends declared per common share | $ | 1.225 | $ | 1.165 | $ | 1.090 | |||||
Consolidated net income | $ | 13,888 | $ | 3,116 | $ | 29,315 | |||||
Change in fair value of derivatives | 3,384 | 1,871 | (995 | ) | |||||||
Total comprehensive income | 17,272 | 4,987 | 28,320 | ||||||||
Comprehensive income attributable to noncontrolling interests | (2,092 | ) | (1,975 | ) | (2,173 | ) | |||||
Comprehensive income attributable to Kite Realty Group Trust | $ | 15,180 | $ | 3,012 | $ | 26,147 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Revenue: | |||||||||||
Rental income | $ | 308,399 | $ | 338,523 | $ | 346,444 | |||||
Other property related revenue | 6,326 | 13,138 | 11,998 | ||||||||
Fee income | 448 | 2,523 | 377 | ||||||||
Total revenue | 315,173 | 354,184 | 358,819 | ||||||||
Expenses: | |||||||||||
Property operating | 45,575 | 50,356 | 49,643 | ||||||||
Real estate taxes | 38,777 | 42,378 | 43,180 | ||||||||
General, administrative, and other | 28,214 | 21,320 | 21,749 | ||||||||
Depreciation and amortization | 132,098 | 152,163 | 172,091 | ||||||||
Impairment charges | 37,723 | 70,360 | 7,411 | ||||||||
Total expenses | 282,387 | 336,577 | 294,074 | ||||||||
Gains on sale of operating properties, net | 38,971 | 3,424 | 15,160 | ||||||||
Operating income | 71,757 | 21,031 | 79,905 | ||||||||
Interest expense | (59,268 | ) | (66,785 | ) | (65,702 | ) | |||||
Income tax benefit of taxable REIT subsidiary | 282 | 227 | 100 | ||||||||
Loss on debt extinguishment | (11,572 | ) | — | ||||||||
Equity in loss of unconsolidated subsidiary | (628 | ) | (278 | ) | — | ||||||
Other expense, net | (573 | ) | (646 | ) | (415 | ) | |||||
Consolidated net (loss) income | (2 | ) | (46,451 | ) | 13,888 | ||||||
Net income attributable to noncontrolling interests | (532 | ) | (116 | ) | (2,014 | ) | |||||
Net (loss) income attributable to Kite Realty Group Trust | (534 | ) | (46,567 | ) | 11,874 | ||||||
Net (loss) income per common share – basic | $ | (0.01 | ) | $ | (0.56 | ) | $ | 0.14 | |||
Net (loss) income per common share – diluted | $ | (0.01 | ) | $ | (0.56 | ) | $ | 0.14 | |||
Weighted average common shares outstanding - basic | 83,926,296 | 83,693,385 | 83,585,333 | ||||||||
Weighted average common shares outstanding - diluted | 83,926,296 | 83,693,385 | 83,690,418 | ||||||||
Dividends declared per common share | $ | 1.270 | $ | 1.270 | $ | 1.225 | |||||
Consolidated net (loss) income | $ | (2 | ) | $ | (46,451 | ) | $ | 13,888 | |||
Change in fair value of derivatives | (13,158 | ) | (6,647 | ) | 3,384 | ||||||
Total comprehensive (loss) income | (13,160 | ) | (53,098 | ) | 17,272 | ||||||
Comprehensive loss (income) attributable to noncontrolling interests | (160 | ) | 44 | (2,092 | ) | ||||||
Comprehensive (loss) income attributable to Kite Realty Group Trust | $ | (13,320 | ) | $ | (53,054 | ) | $ | 15,180 |
Preferred Shares | Common Shares | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit | Total | Common Shares | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2014 | 4,100,000 | $ | 102,500 | 83,490,663 | $ | 835 | $ | 2,044,425 | $ | (1,175 | ) | $ | (247,801 | ) | $ | 1,898,784 | ||||||||||||||||||||||||||||||||||||
Stock compensation activity | — | — | (173,798 | ) | (2 | ) | 3,744 | — | — | 3,742 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss attributable to Kite Realty Group Trust | — | — | — | — | — | (970 | ) | — | (970 | ) | ||||||||||||||||||||||||||||||||||||||||||
Distributions declared to common shareholders | — | — | — | — | — | — | (90,899 | ) | (90,899 | ) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred shareholders | — | — | — | — | — | — | (7,877 | ) | (7,877 | ) | ||||||||||||||||||||||||||||||||||||||||||
Redemption of preferred shares | (4,100,000 | ) | (102,500 | ) | — | — | 3,797 | — | (3,797 | ) | (102,500 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Kite Realty Group Trust | — | — | — | — | — | — | 27,117 | 27,117 | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition of partners' interests in consolidated joint ventures | — | — | — | — | 1,445 | — | — | 1,445 | ||||||||||||||||||||||||||||||||||||||||||||
Exchange of redeemable noncontrolling interests for common shares | — | — | 18,000 | — | 487 | — | — | 487 | ||||||||||||||||||||||||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | — | — | — | — | (3,353 | ) | — | — | (3,353 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2015 | — | $ | — | 83,334,865 | $ | 833 | $ | 2,050,545 | $ | (2,145 | ) | $ | (323,257 | ) | $ | 1,725,976 | ||||||||||||||||||||||||||||||||||||
Stock compensation activity | — | — | 67,804 | 1 | 5,042 | — | — | 5,043 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares under at-the-market plan, net | — | — | 137,229 | 1 | 3,836 | — | — | 3,837 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income attributable to Kite Realty Group Trust | — | — | — | — | — | 1,829 | — | 1,829 | ||||||||||||||||||||||||||||||||||||||||||||
Distributions declared to common shareholders | — | — | — | — | — | — | (97,231 | ) | (97,231 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Kite Realty Group Trust | — | — | — | — | — | — | 1,183 | 1,183 | ||||||||||||||||||||||||||||||||||||||||||||
Exchange of redeemable noncontrolling interests for common shares | — | — | 5,500 | — | 149 | — | — | 149 | ||||||||||||||||||||||||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | — | — | — | — | 2,788 | — | — | 2,788 | ||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2016 | — | $ | — | 83,545,398 | $ | 835 | $ | 2,062,360 | $ | (316 | ) | $ | (419,305 | ) | $ | 1,643,574 | 83,545,398 | $ | 835 | $ | 2,062,360 | $ | (316 | ) | $ | (419,305 | ) | $ | 1,643,574 | |||||||||||||||||||||||
Stock compensation activity | — | — | 48,670 | 1 | 5,915 | — | — | 5,916 | 48,670 | 1 | 5,915 | — | — | 5,916 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income attributable to Kite Realty Group Trust | — | — | — | — | 3,306 | — | 3,306 | — | — | 3,306 | — | 3,306 | ||||||||||||||||||||||||||||||||||||||||
Distributions declared to common shareholders | — | — | — | — | — | — | (102,402 | ) | (102,402 | ) | — | — | — | — | (102,402 | ) | (102,402 | ) | ||||||||||||||||||||||||||||||||||
Net income attributable to Kite Realty Group Trust | — | — | — | — | — | — | 11,874 | 11,874 | — | — | — | — | 11,874 | 11,874 | ||||||||||||||||||||||||||||||||||||||
Acquisition of partner's noncontrolling interest in Fishers Station operating property | — | — | (3,750 | ) | — | — | (3,750 | ) | (3,750 | ) | — | — | (3,750 | ) | ||||||||||||||||||||||||||||||||||||||
Exchange of redeemable noncontrolling interests for common shares | — | — | 12,000 | — | 236 | — | — | 236 | 12,000 | — | 236 | — | — | 236 | ||||||||||||||||||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | — | — | 6,657 | — | — | 6,657 | 6,657 | — | — | 6,657 | ||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2017 | — | $ | — | 83,606,068 | $ | 836 | $ | 2,071,418 | $ | 2,990 | $ | (509,833 | ) | $ | 1,565,411 | 83,606,068 | $ | 836 | $ | 2,071,418 | $ | 2,990 | $ | (509,833 | ) | $ | 1,565,411 | |||||||||||||||||||||||||
Stock compensation activity | 163,318 | 2 | 5,695 | — | — | 5,697 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss attributable to Kite Realty Group Trust | — | — | (6,487 | ) | — | (6,487 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Distributions declared to common shareholders | — | — | — | — | (106,335 | ) | (106,335 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Kite Realty Group Trust | — | — | — | — | (46,567 | ) | (46,567 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Exchange of redeemable noncontrolling interests for common shares | 31,500 | — | 561 | — | — | 561 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | — | — | 425 | — | — | 425 | ||||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2018 | 83,800,886 | $ | 838 | $ | 2,078,099 | $ | (3,497 | ) | $ | (662,735 | ) | $ | 1,412,705 | |||||||||||||||||||||||||||||||||||||||
Stock compensation activity | 152,184 | 2 | 6,147 | — | — | 6,149 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss attributable to Kite Realty Group Trust | — | — | (12,786 | ) | — | (12,786 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Distributions declared to common shareholders | — | — | — | — | (106,686 | ) | (106,686 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Kite Realty Group Trust | — | — | — | — | (534 | ) | (534 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Exchange of redeemable noncontrolling interests for common shares | 10,299 | — | 167 | — | — | 167 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | — | — | (9,977 | ) | — | — | (9,977 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2019 | 83,963,369 | $ | 840 | $ | 2,074,436 | $ | (16,283 | ) | $ | (769,955 | ) | $ | 1,289,038 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2017 | 2016 | 2015 | 2019 | 2018 | 2017 | |||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||||
Consolidated net income | $ | 13,888 | $ | 3,116 | $ | 29,315 | ||||||||||||||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||||||||||||||||||||||
Gain on sale of operating properties, net of tax | (15,160 | ) | (4,253 | ) | (4,066 | ) | ||||||||||||||||
Consolidated net (loss) income | $ | (2 | ) | $ | (46,451 | ) | $ | 13,888 | ||||||||||||||
Adjustments to reconcile consolidated net (loss) income to net cash provided by operating activities: | ||||||||||||||||||||||
Gain on sale of operating properties | (38,971 | ) | (3,424 | ) | (15,160 | ) | ||||||||||||||||
Impairment charge | 7,411 | — | 1,592 | 37,723 | 70,360 | 7,411 | ||||||||||||||||
Non-cash gain on debt extinguishment | — | — | (5,645 | ) | ||||||||||||||||||
Loss on debt extinguishment | — | 1,430 | — | 11,572 | — | — | ||||||||||||||||
Straight-line rent | (4,696 | ) | (5,453 | ) | (5,638 | ) | (2,158 | ) | (3,060 | ) | (4,696 | ) | ||||||||||
Depreciation and amortization | 174,625 | 179,084 | 170,521 | 134,860 | 156,107 | 174,625 | ||||||||||||||||
Provision for credit losses, net of recoveries | 2,786 | 2,771 | 4,331 | |||||||||||||||||||
Compensation expense for equity awards | 5,987 | 5,214 | 4,580 | 5,375 | 4,869 | 5,988 | ||||||||||||||||
Amortization of debt fair value adjustment | (2,913 | ) | (4,412 | ) | (5,834 | ) | (1,467 | ) | (2,630 | ) | (2,913 | ) | ||||||||||
Amortization of in-place lease liabilities | (3,677 | ) | (6,863 | ) | (3,347 | ) | (3,776 | ) | (6,360 | ) | (3,677 | ) | ||||||||||
Non-cash gain from release of assumed earnout liability | — | — | (4,832 | ) | ||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||
Tenant receivables | (5,832 | ) | (519 | ) | (1,510 | ) | 3,170 | (642 | ) | (3,442 | ) | |||||||||||
Deferred costs and other assets | (12,533 | ) | (13,509 | ) | (6,646 | ) | (6,265 | ) | (13,396 | ) | (11,569 | ) | ||||||||||
Accounts payable, accrued expenses, deferred revenue, and other liabilities | (6,228 | ) | (388 | ) | (903 | ) | (2,099 | ) | (990 | ) | (5,832 | ) | ||||||||||
Payments on assumed earnout liability | — | (1,285 | ) | (2,581 | ) | |||||||||||||||||
Net cash provided by operating activities | 153,658 | 154,933 | 169,337 | 137,962 | 154,383 | 154,623 | ||||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||||
Acquisitions of interests in properties | — | — | (166,411 | ) | (58,205 | ) | — | — | ||||||||||||||
Capital expenditures, net | (70,526 | ) | (94,319 | ) | (92,564 | ) | (53,278 | ) | (59,304 | ) | (72,433 | ) | ||||||||||
Net proceeds from sales of operating properties | 76,076 | 14,186 | 170,016 | 529,417 | 218,387 | 76,075 | ||||||||||||||||
Change in construction payables | (4,276 | ) | (3,024 | ) | 4,562 | (542 | ) | (777 | ) | (4,276 | ) | |||||||||||
Collection of note receivable | — | 500 | — | |||||||||||||||||||
Capital contribution to unconsolidated joint venture | (1,400 | ) | — | — | (798 | ) | (9,973 | ) | (1,400 | ) | ||||||||||||
Net cash used in investing activities | (126 | ) | (82,657 | ) | (84,397 | ) | ||||||||||||||||
Net cash provided by (used in) investing activities | 416,594 | 148,333 | (2,034 | ) | ||||||||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||||
Proceeds from issuance of common shares, net | — | 4,402 | — | 350 | 76 | 28 | ||||||||||||||||
Payments for redemption of preferred shares | — | — | (102,500 | ) | ||||||||||||||||||
Repurchases of common shares upon the vesting of restricted shares | (808 | ) | (1,125 | ) | (1,002 | ) | (533 | ) | (350 | ) | (835 | ) | ||||||||||
Purchase of redeemable noncontrolling interests | — | — | (33,998 | ) | ||||||||||||||||||
Acquisition of partner's interest in Fishers Station operating property | (3,750 | ) | — | — | — | — | (3,750 | ) | ||||||||||||||
Loan proceeds | 97,700 | 608,301 | 984,303 | 75,000 | 399,500 | 97,700 | ||||||||||||||||
Loan transaction costs | — | (8,084 | ) | (4,913 | ) | — | (5,208 | ) | (357 | ) | ||||||||||||
Loan payments | (129,156 | ) | (589,501 | ) | (835,019 | ) | (470,515 | ) | (551,379 | ) | (128,800 | ) | ||||||||||
Loss on debt extinguishment | — | (1,430 | ) | — | ||||||||||||||||||
Debt extinguishment costs | (14,455 | ) | — | — | ||||||||||||||||||
Distributions paid – common shareholders | (101,128 | ) | (94,669 | ) | (89,379 | ) | (133,258 | ) | (106,316 | ) | (101,128 | ) | ||||||||||
Distributions paid – preferred shareholders | — | — | (8,582 | ) | ||||||||||||||||||
Distributions paid – redeemable noncontrolling interests | (3,921 | ) | (3,924 | ) | (3,681 | ) | (3,838 | ) | (3,716 | ) | (3,922 | ) | ||||||||||
Distributions to noncontrolling interests | — | (252 | ) | (115 | ) | |||||||||||||||||
Payment for partial redemption of redeemable noncontrolling interests | (8,261 | ) | — | — | ||||||||||||||||||
Acquisition of partners' interests in Territory joint venture | — | (21,993 | ) | (8,261 | ) | |||||||||||||||||
Net cash used in financing activities | (149,324 | ) | (86,282 | ) | (94,886 | ) | (547,249 | ) | (289,386 | ) | (149,325 | ) | ||||||||||
Increase (decrease) in cash and cash equivalents | 4,208 | (14,006 | ) | (9,946 | ) | |||||||||||||||||
Cash and cash equivalents, beginning of year | 19,874 | 33,880 | 43,826 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | 24,082 | $ | 19,874 | $ | 33,880 | ||||||||||||||||
Increase in cash, cash equivalents, and restricted cash | 7,307 | 13,330 | 3,264 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash beginning of year | 45,506 | 32,176 | 28,912 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash end of year | $ | 52,813 | $ | 45,506 | $ | 32,176 | ||||||||||||||||
Supplemental disclosures | ||||||||||||||||||||||
Cash paid for interest, net of capitalized interest | $ | 68,819 | $ | 67,172 | $ | 61,306 | $ | 60,534 | $ | 67,998 | $ | 68,819 | ||||||||||
Cash paid for taxes | $ | — | $ | 545 | $ | 281 |
December 31, 2017 | December 31, 2016 | December 31, 2019 | December 31, 2018 | |||||||||||
Assets: | ||||||||||||||
Investment properties, at cost | $ | 3,957,884 | $ | 3,996,065 | ||||||||||
Investment properties at cost: | $ | 3,087,391 | $ | 3,641,120 | ||||||||||
Less: accumulated depreciation | (664,614 | ) | (560,683 | ) | (666,952 | ) | (699,927 | ) | ||||||
3,293,270 | 3,435,382 | 2,420,439 | 2,941,193 | |||||||||||
Cash and cash equivalents | 24,082 | 19,874 | 31,336 | 35,376 | ||||||||||
Tenant and other receivables, including accrued straight-line rent of $31,747 and $28,703 respectively, net of allowance for uncollectible accounts | 58,328 | 53,087 | ||||||||||||
Tenant and other receivables, including accrued straight-line rent of $27,256 and $31,347, respectively | 55,286 | 58,059 | ||||||||||||
Restricted cash and escrow deposits | 8,094 | 9,037 | 21,477 | 10,130 | ||||||||||
Deferred costs and intangibles, net | 112,359 | 129,264 | ||||||||||||
Deferred costs, net | 73,157 | 95,264 | ||||||||||||
Prepaid and other assets | 16,365 | 9,727 | 34,548 | 12,764 | ||||||||||
Investments in unconsolidated subsidiaries | 12,644 | 13,496 | ||||||||||||
Asset held for sale | — | 5,731 | ||||||||||||
Total Assets | $ | 3,512,498 | $ | 3,656,371 | $ | 2,648,887 | $ | 3,172,013 | ||||||
Liabilities and Equity: | ||||||||||||||
Mortgage and other indebtedness | $ | 1,699,239 | $ | 1,731,074 | ||||||||||
Mortgage and other indebtedness, net | $ | 1,146,580 | $ | 1,543,301 | ||||||||||
Accounts payable and accrued expenses | 78,482 | 80,664 | 69,817 | 85,934 | ||||||||||
Deferred revenue and intangibles, net and other liabilities | 96,564 | 112,202 | ||||||||||||
Deferred revenue and other liabilities | 90,180 | 83,632 | ||||||||||||
Total Liabilities | 1,874,285 | 1,923,940 | 1,306,577 | 1,712,867 | ||||||||||
Commitments and contingencies | — | — | ||||||||||||
Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests | 72,104 | 88,165 | ||||||||||||
Limited Partners' interests in Operating Partnership and other | 52,574 | 45,743 | ||||||||||||
Partners Equity: | ||||||||||||||
Parent Company: | ||||||||||||||
Common equity, 83,606,068 and 83,545,398 units issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 1,562,421 | 1,643,890 | ||||||||||||
Accumulated other comprehensive income (loss) | 2,990 | (316 | ) | |||||||||||
Common equity, 83,963,369 and 83,800,886 units issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 1,305,321 | 1,416,202 | ||||||||||||
Accumulated other comprehensive loss | (16,283 | ) | (3,497 | ) | ||||||||||
Total Partners Equity | 1,565,411 | 1,643,574 | 1,289,038 | 1,412,705 | ||||||||||
Noncontrolling Interests | 698 | 692 | 698 | 698 | ||||||||||
Total Equity | 1,566,109 | 1,644,266 | 1,289,736 | 1,413,403 | ||||||||||
Total Liabilities and Equity | $ | 3,512,498 | $ | 3,656,371 | $ | 2,648,887 | $ | 3,172,013 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2017 | 2016 | 2015 | 2019 | 2018 | 2017 | |||||||||||||||||
Revenue: | ||||||||||||||||||||||
Minimum rent | $ | 273,444 | $ | 274,059 | $ | 263,794 | ||||||||||||||||
Tenant reimbursements | 73,000 | 70,482 | 70,235 | |||||||||||||||||||
Rental income | $ | 308,399 | $ | 338,523 | $ | 346,444 | ||||||||||||||||
Other property related revenue | 11,998 | 9,581 | 12,976 | 6,326 | 13,138 | 11,998 | ||||||||||||||||
Fee income | 377 | — | — | 448 | 2,523 | 377 | ||||||||||||||||
Total revenue | 358,819 | 354,122 | 347,005 | 315,173 | 354,184 | 358,819 | ||||||||||||||||
Expenses: | ||||||||||||||||||||||
Property operating | 49,643 | 47,923 | 49,973 | 45,575 | 50,356 | 49,643 | ||||||||||||||||
Real estate taxes | 43,180 | 42,838 | 40,904 | 38,777 | 42,378 | 43,180 | ||||||||||||||||
General, administrative, and other | 21,749 | 20,603 | 18,709 | 28,214 | 21,320 | 21,749 | ||||||||||||||||
Transaction costs | — | 2,771 | 1,550 | |||||||||||||||||||
Non-cash gain from release of assumed earnout liability | — | — | (4,832 | ) | ||||||||||||||||||
Depreciation and amortization | 132,098 | 152,163 | 172,091 | |||||||||||||||||||
Impairment charge | 7,411 | — | 1,592 | 37,723 | 70,360 | 7,411 | ||||||||||||||||
Depreciation and amortization | 172,091 | 174,564 | 167,312 | |||||||||||||||||||
Total expenses | 294,074 | 288,699 | 275,208 | 282,387 | 336,577 | 294,074 | ||||||||||||||||
Gain on sale of operating properties, net | 38,971 | 3,424 | 15,160 | |||||||||||||||||||
Operating income | 64,745 | 65,423 | 71,797 | 71,757 | 21,031 | 79,905 | ||||||||||||||||
Interest expense | (65,702 | ) | (65,577 | ) | (56,432 | ) | (59,268 | ) | (66,785 | ) | (65,702 | ) | ||||||||||
Income tax benefit (expense) of taxable REIT subsidiary | 100 | (814 | ) | (186 | ) | |||||||||||||||||
Non-cash gain on debt extinguishment | — | — | 5,645 | |||||||||||||||||||
Gain on settlement | — | — | 4,520 | |||||||||||||||||||
Income tax benefit of taxable REIT subsidiary | 282 | 227 | 100 | |||||||||||||||||||
Loss on debt extinguishment | (11,572 | ) | — | — | ||||||||||||||||||
Equity in loss of unconsolidated subsidiaries | (628 | ) | (278 | ) | — | |||||||||||||||||
Other expense, net | (415 | ) | (169 | ) | (95 | ) | (573 | ) | (646 | ) | (415 | ) | ||||||||||
(Loss) income before gains on sale of operating properties, net | (1,272 | ) | (1,137 | ) | 25,249 | |||||||||||||||||
Gain on sale of operating properties, net | 15,160 | 4,253 | 4,066 | |||||||||||||||||||
Consolidated net income | 13,888 | 3,116 | 29,315 | |||||||||||||||||||
Consolidated net (loss) income | (2 | ) | (46,451 | ) | 13,888 | |||||||||||||||||
Net income attributable to noncontrolling interests | (1,733 | ) | (1,906 | ) | (1,854 | ) | (528 | ) | (1,151 | ) | (1,733 | ) | ||||||||||
Dividends on preferred units | — | — | (7,877 | ) | ||||||||||||||||||
Non-cash adjustment for redemption of preferred shares | — | — | (3,797 | ) | ||||||||||||||||||
Net income attributable to common unitholders | $ | 12,155 | $ | 1,210 | $ | 15,787 | ||||||||||||||||
Net (loss) income attributable to common unitholders | $ | (530 | ) | $ | (47,602 | ) | $ | 12,155 | ||||||||||||||
Allocation of net income: | ||||||||||||||||||||||
Allocation of net (loss) income: | ||||||||||||||||||||||
Limited Partners | $ | 281 | $ | 27 | $ | 344 | $ | 4 | $ | (1,035 | ) | $ | 281 | |||||||||
Parent Company | 11,874 | 1,183 | 15,443 | (534 | ) | (46,567 | ) | 11,874 | ||||||||||||||
$ | 12,155 | $ | 1,210 | $ | 15,787 | $ | (530 | ) | $ | (47,602 | ) | $ | 12,155 | |||||||||
Net income per unit - basic | $ | 0.14 | $ | 0.01 | $ | 0.19 | ||||||||||||||||
Net income per unit - diluted | $ | 0.14 | $ | 0.01 | $ | 0.18 | ||||||||||||||||
Net (loss) income per unit - basic | $ | (0.01 | ) | $ | (0.56 | ) | $ | 0.14 | ||||||||||||||
Net (loss) income per unit - diluted | $ | (0.01 | ) | $ | (0.56 | ) | $ | 0.14 | ||||||||||||||
Weighted average common units outstanding - basic | 85,566,272 | 85,374,910 | 85,219,827 | 86,027,409 | 85,740,449 | 85,566,272 | ||||||||||||||||
Weighted average common units outstanding - diluted | 85,671,358 | 85,403,899 | 85,332,303 | 86,027,409 | 85,740,449 | 85,671,358 | ||||||||||||||||
Distributions declared per common unit | $ | 1.225 | $ | 1.165 | $ | 1.090 | $ | 1.270 | $ | 1.270 | $ | 1.225 | ||||||||||
Consolidated net income | $ | 13,888 | $ | 3,116 | $ | 29,315 | ||||||||||||||||
Consolidated net (loss) income | $ | (2 | ) | $ | (46,451 | ) | $ | 13,888 | ||||||||||||||
Change in fair value of derivatives | 3,384 | 1,871 | (995 | ) | (13,158 | ) | (6,647 | ) | 3,384 | |||||||||||||
Total comprehensive income | 17,272 | 4,987 | 28,320 | |||||||||||||||||||
Total comprehensive (loss) income | (13,160 | ) | (53,098 | ) | 17,272 | |||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (1,733 | ) | (1,906 | ) | (1,854 | ) | (528 | ) | (1,151 | ) | (1,733 | ) | ||||||||||
Comprehensive income attributable to common unitholders | $ | 15,539 | $ | 3,081 | $ | 26,466 | ||||||||||||||||
Comprehensive (loss) income attributable to common unitholders | $ | (13,688 | ) | $ | (54,249 | ) | $ | 15,539 |
General Partner | Total | General Partner | Total | |||||||||||||||||||||||
Common Equity | Preferred Equity | Accumulated Other Comprehensive (Loss) Income | Common Equity | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||||
Balances, December 31, 2014 | $ | 1,797,459 | $ | 102,500 | $ | (1,175 | ) | $ | 1,898,784 | |||||||||||||||||
Stock compensation activity | 3,742 | — | — | 3,742 | ||||||||||||||||||||||
Other comprehensive loss attributable to Parent Company | — | — | (970 | ) | (970 | ) | ||||||||||||||||||||
Distributions declared to Parent Company | (90,899 | ) | — | — | (90,899 | ) | ||||||||||||||||||||
Distributions to preferred unitholders | — | (7,877 | ) | — | (7,877 | ) | ||||||||||||||||||||
Redemption of preferred units | 3,797 | (102,500 | ) | — | (98,703 | ) | ||||||||||||||||||||
Net income | 15,443 | 7,877 | — | 23,320 | ||||||||||||||||||||||
Acquisition of partners' interests in consolidated joint ventures | 1,445 | — | — | 1,445 | ||||||||||||||||||||||
Conversion of Limited Partner Units to shares of the Parent Company | 487 | — | — | 487 | ||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | (3,353 | ) | — | — | (3,353 | ) | ||||||||||||||||||||
Balances, December 31, 2015 | $ | 1,728,121 | $ | — | $ | (2,145 | ) | $ | 1,725,976 | |||||||||||||||||
Stock compensation activity | 5,043 | — | — | 5,043 | ||||||||||||||||||||||
Capital Contribution from the General Partner | 3,837 | — | — | 3,837 | ||||||||||||||||||||||
Other comprehensive income attributable to Parent Company | — | — | 1,829 | 1,829 | ||||||||||||||||||||||
Distributions declared to Parent Company | (97,231 | ) | — | — | (97,231 | ) | ||||||||||||||||||||
Net income | 1,183 | — | — | 1,183 | ||||||||||||||||||||||
Conversion of Limited Partner Units to shares of the Parent Company | 149 | — | — | 149 | ||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | 2,788 | — | — | 2,788 | ||||||||||||||||||||||
Balances, December 31, 2016 | $ | 1,643,890 | $ | — | $ | (316 | ) | $ | 1,643,574 | $ | 1,643,890 | $ | (316 | ) | $ | 1,643,574 | ||||||||||
Stock compensation activity | 5,916 | — | — | 5,916 | 5,916 | — | 5,916 | |||||||||||||||||||
Other comprehensive income attributable to Parent Company | — | — | 3,306 | 3,306 | — | 3,306 | 3,306 | |||||||||||||||||||
Distributions declared to Parent Company | (102,402 | ) | — | — | (102,402 | ) | (102,402 | ) | — | (102,402 | ) | |||||||||||||||
Net income | 11,874 | — | — | 11,874 | ||||||||||||||||||||||
Net income attributable to Parent Company | 11,874 | — | 11,874 | |||||||||||||||||||||||
Acquisition of partner's interest in Fishers Station operating property | (3,750 | ) | — | — | (3,750 | ) | (3,750 | ) | — | (3,750 | ) | |||||||||||||||
Conversion of Limited Partner Units to shares of the Parent Company | 236 | — | — | 236 | 236 | — | 236 | |||||||||||||||||||
Adjustment to redeemable noncontrolling interests | 6,657 | — | — | 6,657 | 6,657 | — | 6,657 | |||||||||||||||||||
Balances, December 31, 2017 | $ | 1,562,421 | $ | — | $ | 2,990 | $ | 1,565,411 | $ | 1,562,421 | $ | 2,990 | $ | 1,565,411 | ||||||||||||
Stock compensation activity | 5,697 | — | 5,697 | |||||||||||||||||||||||
Other comprehensive loss attributable to Parent Company | — | (6,487 | ) | (6,487 | ) | |||||||||||||||||||||
Distributions declared to Parent Company | (106,335 | ) | — | (106,335 | ) | |||||||||||||||||||||
Net loss attributable to Parent Company | (46,567 | ) | — | (46,567 | ) | |||||||||||||||||||||
Conversion of Limited Partner Units to shares of the Parent Company | 561 | — | 561 | |||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | 425 | — | 425 | |||||||||||||||||||||||
Balances, December 31, 2018 | $ | 1,416,202 | $ | (3,497 | ) | $ | 1,412,705 | |||||||||||||||||||
Stock compensation activity | 6,149 | — | 6,149 | |||||||||||||||||||||||
Other comprehensive loss attributable to Parent Company | — | (12,786 | ) | (12,786 | ) | |||||||||||||||||||||
Distributions declared to Parent Company | (106,686 | ) | — | (106,686 | ) | |||||||||||||||||||||
Net loss attributable to Parent Company | (534 | ) | — | (534 | ) | |||||||||||||||||||||
Conversion of Limited Partner Units to shares of the Parent Company | 167 | — | 167 | |||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | (9,977 | ) | — | (9,977 | ) | |||||||||||||||||||||
Balances, December 31, 2019 | $ | 1,305,321 | $ | (16,283 | ) | $ | 1,289,038 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2017 | 2016 | 2015 | 2019 | 2018 | 2017 | |||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||||
Consolidated net income | $ | 13,888 | $ | 3,116 | $ | 29,315 | ||||||||||||||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||||||||||||||||||||||
Consolidated net (loss) income | $ | (2 | ) | $ | (46,451 | ) | $ | 13,888 | ||||||||||||||
Adjustments to reconcile consolidated net (loss) income to net cash provided by operating activities: | ||||||||||||||||||||||
Gain on sale of operating properties, net of tax | (15,160 | ) | (4,253 | ) | (4,066 | ) | (38,971 | ) | (3,424 | ) | (15,160 | ) | ||||||||||
Impairment charge | 7,411 | — | 1,592 | 37,723 | 70,360 | 7,411 | ||||||||||||||||
Non-cash gain on debt extinguishment | — | — | (5,645 | ) | ||||||||||||||||||
Loss on debt extinguishment | — | 1,430 | — | 11,572 | — | — | ||||||||||||||||
Straight-line rent | (4,696 | ) | (5,453 | ) | (5,638 | ) | (2,158 | ) | (3,060 | ) | (4,696 | ) | ||||||||||
Depreciation and amortization | 174,625 | 179,084 | 170,521 | 134,860 | 156,107 | 174,625 | ||||||||||||||||
Provision for credit losses, net of recoveries | 2,786 | 2,771 | 4,331 | |||||||||||||||||||
Compensation expense for equity awards | 5,987 | 5,214 | 4,580 | 5,375 | 4,869 | 5,988 | ||||||||||||||||
Amortization of debt fair value adjustment | (2,913 | ) | (4,412 | ) | (5,834 | ) | (1,467 | ) | (2,630 | ) | (2,913 | ) | ||||||||||
Amortization of in-place lease liabilities | (3,677 | ) | (6,863 | ) | (3,347 | ) | (3,776 | ) | (6,360 | ) | (3,677 | ) | ||||||||||
Non-cash gain from release of assumed earnout liability | — | — | (4,832 | ) | ||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||
Tenant receivables | (5,832 | ) | (519 | ) | (1,510 | ) | 3,170 | (642 | ) | (3,442 | ) | |||||||||||
Deferred costs and other assets | (12,533 | ) | (13,509 | ) | (6,646 | ) | (6,265 | ) | (13,396 | ) | (11,569 | ) | ||||||||||
Accounts payable, accrued expenses, deferred revenue, and other liabilities | (6,228 | ) | (388 | ) | (903 | ) | (2,099 | ) | (990 | ) | (5,832 | ) | ||||||||||
Payments on assumed earnout liability | — | (1,285 | ) | (2,581 | ) | |||||||||||||||||
Net cash provided by operating activities | 153,658 | 154,933 | 169,337 | 137,962 | 154,383 | 154,623 | ||||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||||
Acquisitions of interests in properties | — | — | (166,411 | ) | (58,205 | ) | — | — | ||||||||||||||
Capital expenditures, net | (70,526 | ) | (94,319 | ) | (92,564 | ) | (53,278 | ) | (59,304 | ) | (72,433 | ) | ||||||||||
Net proceeds from sales of operating properties | 76,076 | 14,186 | 170,016 | 529,417 | 218,387 | 76,075 | ||||||||||||||||
Change in construction payables | (4,276 | ) | (3,024 | ) | 4,562 | (542 | ) | (777 | ) | (4,276 | ) | |||||||||||
Collection of note receivable | — | 500 | — | |||||||||||||||||||
Capital contribution to unconsolidated joint venture | (1,400 | ) | — | — | (798 | ) | (9,973 | ) | (1,400 | ) | ||||||||||||
Net cash used in investing activities | (126 | ) | (82,657 | ) | (84,397 | ) | ||||||||||||||||
Net cash provided by (used in) investing activities | 416,594 | 148,333 | (2,034 | ) | ||||||||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||||
Contributions from the Parent Company | — | 4,402 | — | 350 | 76 | 28 | ||||||||||||||||
Payments for redemption of preferred units | — | — | (102,500 | ) | ||||||||||||||||||
Distributions to the Parent Company for repurchases of common shares upon the vesting of restricted shares | (808 | ) | (1,125 | ) | (1,002 | ) | (533 | ) | (350 | ) | (835 | ) | ||||||||||
Purchase of redeemable noncontrolling interests | — | — | (33,998 | ) | ||||||||||||||||||
Acquisition of partner's interest in Fishers Station operating property | (3,750 | ) | — | — | — | — | (3,750 | ) | ||||||||||||||
Loan proceeds | 97,700 | 608,301 | 984,303 | 75,000 | 399,500 | 97,700 | ||||||||||||||||
Loan transaction costs | — | (8,084 | ) | (4,913 | ) | — | (5,208 | ) | (357 | ) | ||||||||||||
Loan payments | (129,156 | ) | (589,501 | ) | (835,019 | ) | (470,515 | ) | (551,379 | ) | (128,800 | ) | ||||||||||
Loss on debt extinguishment | — | (1,430 | ) | — | ||||||||||||||||||
Debt extinguishment costs | (14,455 | ) | — | — | ||||||||||||||||||
Distributions paid – common unitholders | (101,128 | ) | (94,669 | ) | (89,379 | ) | (133,258 | ) | (106,316 | ) | (101,128 | ) | ||||||||||
Distributions paid – preferred unitholders | — | — | (8,582 | ) | ||||||||||||||||||
Distributions paid – redeemable noncontrolling interests | (3,921 | ) | (3,924 | ) | (3,681 | ) | (3,838 | ) | (3,716 | ) | (3,922 | ) | ||||||||||
Distributions to noncontrolling interests | — | (252 | ) | (115 | ) | |||||||||||||||||
Payment for partial redemption of redeemable noncontrolling interests | (8,261 | ) | — | — | ||||||||||||||||||
Acquisition of partners' interests in Territory joint venture | — | (21,993 | ) | (8,261 | ) | |||||||||||||||||
Net cash used in financing activities | (149,324 | ) | (86,282 | ) | (94,886 | ) | (547,249 | ) | (289,386 | ) | (149,325 | ) | ||||||||||
Increase (decrease) in cash and cash equivalents | 4,208 | (14,006 | ) | (9,946 | ) | |||||||||||||||||
Cash and cash equivalents, beginning of year | 19,874 | 33,880 | 43,826 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | 24,082 | $ | 19,874 | $ | 33,880 | ||||||||||||||||
Increase in cash, cash equivalents, and restricted cash | 7,307 | 13,330 | 3,264 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash beginning of year | 45,506 | 32,176 | 28,912 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash end of year | $ | 52,813 | $ | 45,506 | $ | 32,176 | ||||||||||||||||
Supplemental disclosures | ||||||||||||||||||||||
Cash paid for interest, net of capitalized interest | $ | 68,819 | $ | 67,172 | $ | 61,306 | $ | 60,534 | $ | 67,998 | $ | 68,819 | ||||||||||
Cash paid for taxes | $ | — | $ | 545 | $ | 281 |
($ in thousands) | Balance at | |||||||
December 31, 2019 | December 31, 2018 | |||||||
Investment properties, at cost: | ||||||||
Land, buildings and improvements | $ | 3,038,412 | $ | 3,600,743 | ||||
Furniture, equipment and other | 7,775 | 7,741 | ||||||
Construction in progress | 41,204 | 32,636 | ||||||
$ | 3,087,391 | $ | 3,641,120 |
($ in thousands) | Balance at | |||||||
December 31, 2017 | December 31, 2016 | |||||||
Investment properties, at cost: | ||||||||
Land, buildings and improvements | $ | 3,873,149 | $ | 3,885,223 | ||||
Furniture, equipment and other | 8,453 | 7,246 | ||||||
Land held for development | 31,142 | 34,171 | ||||||
Construction in progress | 45,140 | 69,425 | ||||||
$ | 3,957,884 | $ | 3,996,065 |
• | above-market and below-market in-place lease values for acquired properties, which are based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. The capitalized above-market and below-market lease values are amortized as a reduction of or addition to rental income over the term of the lease. Should a tenant vacate, terminate its lease, or otherwise notify us of its intent to do so, the unamortized portion of the lease intangibles would be charged or credited to income; |
2019 | 2018 | 2017 | ||||||||||
Cash and cash equivalents | 31,336 | 35,376 | 24,082 | |||||||||
Restricted cash and escrow deposits | 21,477 | 10,130 | 8,094 | |||||||||
Total cash, cash equivalents, restricted cash, and escrow deposits | $ | 52,813 | $ | 45,506 | $ | 32,176 |
• | Level 2 fair value inputs are inputs other than quoted prices included in Level 1 that are observable for similar instruments, either directly or indirectly, and appropriately consider counterparty creditworthiness in the valuations. |
($ in thousands) | 2017 | 2016 | 2015 | |||||||||
Balance, beginning of year | $ | 3,998 | $ | 4,325 | $ | 2,433 | ||||||
Provision for credit losses, net of recoveries | 2,786 | 2,771 | 4,331 | |||||||||
Accounts written off and other | (3,297 | ) | (3,098 | ) | (2,439 | ) | ||||||
Balance, end of year | $ | 3,487 | $ | 3,998 | $ | 4,325 |
As of December 31, 2019 | |||||
2019 | 2018 | ||||
Florida | 36 | % | 56 | % | |
Indiana | 19 | % | 14 | % | |
Texas | 7 | % | 3 | % |
($ in thousands) | As of December 31, 2017 | ||||
2017 | 2016 | ||||
Florida | 61 | % | 53 | % | |
Indiana | 9 | % | 7 | % | |
Texas | 4 | % | 2 | % |
Year Ended December 31, | ||||||||
2019 | 2018 | 2017 | ||||||
Florida | 25 | % | 25 | % | 24 | % | ||
Indiana | 16 | % | 15 | % | 14 | % | ||
Texas | 14 | % | 12 | % | 13 | % |
($ in thousands) | Year Ended December 31, | |||||||
2017 | 2016 | 2015 | ||||||
Florida | 24 | % | 25 | % | 25 | % | ||
Indiana | 14 | % | 15 | % | 14 | % | ||
Texas | 13 | % | 13 | % | 12 | % |
2019 | 2018 | 2017 | |||||||
Ordinary income | 29.7 | % | 56.0 | % | 65.2 | % | |||
Return of capital | 35.2 | % | 44.0 | % | 24.3 | % | |||
Capital gains | 35.1 | % | — | % | 10.5 | % | |||
Balance, end of year | 100.0 | % | 100.0 | % | 100.0 | % |
($ in thousands) | 2019 | 2018 | 2017 | |||||||||
Noncontrolling interests balance January 1 | $ | 698 | $ | 698 | $ | 692 | ||||||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | — | — | 6 | |||||||||
Distributions to noncontrolling interests | — | — | — | |||||||||
Noncontrolling interests balance at December 31 | $ | 698 | $ | 698 | $ | 698 |
($ in thousands) | 2017 | 2016 | 2015 | |||||||||
Noncontrolling interests balance January 1 | $ | 692 | $ | 773 | $ | 3,364 | ||||||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 6 | 171 | 111 | |||||||||
Distributions to noncontrolling interests | — | (252 | ) | (115 | ) | |||||||
Acquisition of partner's interest in Beacon Hill operating property | — | — | (2,353 | ) | ||||||||
Partner's share of loss on sale of Cornelius Gateway operating property | — | — | (234 | ) | ||||||||
Noncontrolling interests balance at December 31 | $ | 698 | $ | 692 | $ | 773 |
Year Ended December 31, | |||||||||
2019 | 2018 | 2017 | |||||||
Parent Company’s weighted average interest in Operating Partnership | 97.6 | % | 97.6 | % | 97.7 | % | |||
Limited partners' weighted average interests in Operating Partnership | 2.4 | % | 2.4 | % | 2.3 | % |
Year Ended December 31, | |||||||||
2017 | 2016 | 2015 | |||||||
Parent Company’s weighted average interest in Operating Partnership | 97.7 | % | 97.7 | % | 97.9 | % | |||
Limited partners' weighted average interests in Operating Partnership | 2.3 | % | 2.3 | % | 2.1 | % |
($ in thousands) | 2019 | 2018 | 2017 | |||||||||
Redeemable noncontrolling interests balance January 1 | $ | 45,743 | $ | 72,104 | $ | 88,165 | ||||||
Net income allocable to redeemable noncontrolling interests | 532 | 116 | 2,009 | |||||||||
Distributions declared to redeemable noncontrolling interests | (3,191 | ) | (3,788 | ) | (4,155 | ) | ||||||
Payment for partial redemption of redeemable noncontrolling interests | — | (22,461 | ) | (8,261 | ) | |||||||
Other, net including adjustments to redemption value | 9,490 | (228 | ) | (5,654 | ) | |||||||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | $ | 52,574 | $ | 45,743 | $ | 72,104 | ||||||
Limited partners' interests in Operating Partnership | $ | 42,504 | $ | 35,673 | $ | 39,573 | ||||||
Other redeemable noncontrolling interests in certain subsidiaries | 10,070 | 10,070 | 32,531 | |||||||||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | $ | 52,574 | $ | 45,743 | $ | 72,104 |
($ in thousands) | 2017 | 2016 | 2015 | |||||||||
Redeemable noncontrolling interests balance January 1 | $ | 88,165 | $ | 92,315 | $ | 125,082 | ||||||
Acquisition of partner's interest in City Center operating property | — | — | (33,998 | ) | ||||||||
Net income allocable to redeemable noncontrolling interests | 2,009 | 1,756 | 2,087 | |||||||||
Distributions declared to redeemable noncontrolling interests | (4,155 | ) | (3,993 | ) | (3,773 | ) | ||||||
Payment for partial redemption of redeemable noncontrolling interests | (8,261 | ) | — | — | ||||||||
Other, net including adjustments to redemption value | (5,654 | ) | (1,913 | ) | 2,917 | |||||||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | $ | 72,104 | $ | 88,165 | $ | 92,315 | ||||||
Limited partners' interests in Operating Partnership | $ | 39,573 | $ | 47,373 | $ | 50,085 | ||||||
Other redeemable noncontrolling interests in certain subsidiaries | 32,531 | 40,792 | 42,230 | |||||||||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | $ | 72,104 | $ | 88,165 | $ | 92,315 |
($ in thousands, except share and per share data) | Aggregate Intrinsic Value | Weighted-Average Remaining Contractual Term (in years) | Options | Weighted-Average Exercise Price | |||||||||
Outstanding at January 1, 2019 | 60,567 | $ | 17.08 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (33,375 | ) | 14.48 | ||||||||||
Expired | — | — | |||||||||||
Forfeited | (3,125 | ) | 17.00 | ||||||||||
Outstanding at December 31, 2019 | $ | 12 | 1.13 | 24,067 | $ | 20.25 | |||||||
Exercisable at December 31, 2019 | $ | 12 | 1.13 | 24,067 | $ | 20.25 | |||||||
Exercisable at December 31, 2018 | 60,567 | $ | 17.08 |
($ in thousands, except share and per share data) | Aggregate Intrinsic Value | Weighted-Average Remaining Contractual Term (in years) | Options | Weighted-Average Exercise Price | |||||||||
Outstanding at January 1, 2017 | 182,462 | $ | 37.58 | ||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Expired | — | — | |||||||||||
Forfeited | (1,250 | ) | 10.56 | ||||||||||
Outstanding at December 31, 2017 | $ | 211,809 | 0.88 | 181,212 | $ | 37.77 | |||||||
Exercisable at December 31, 2017 | $ | 211,809 | 0.88 | 181,212 | $ | 37.77 | |||||||
Exercisable at December 31, 2016 | 182,378 | $ | 37.60 |
Number of Restricted Shares | Weighted Average Grant Date Fair Value per share | ||||||
Restricted shares outstanding at January 1, 2019 | 313,288 | $ | 18.99 | ||||
Shares granted | 154,440 | 15.84 | |||||
Shares forfeited | (8,457 | ) | 17.63 | ||||
Shares vested | (138,269 | ) | 19.74 | ||||
Restricted shares outstanding at December 31, 2019 | 321,002 | $ | 17.19 |
Number of Restricted Shares | Weighted Average Grant Date Fair Value per share | ||||||
Restricted shares outstanding at January 1, 2017 | 291,608 | $ | 26.10 | ||||
Shares granted | 85,150 | 22.15 | |||||
Shares forfeited | (397 | ) | 26.24 | ||||
Shares vested | (117,254 | ) | 26.11 | ||||
Restricted shares outstanding at December 31, 2017 | 259,107 | $ | 24.80 |
($ in thousands, except share and per share data) | Number of Restricted Shares Granted | Weighted Average Grant Date Fair Value per share | Fair Value of Restricted Shares Vested | ||||||||
2019 | 154,440 | $ | 15.84 | $ | 2,270 | ||||||
2018 | 202,043 | 15.35 | 2,038 | ||||||||
2017 | 85,150 | 22.15 | 2,529 |
($ in thousands, except share and per share data) | Number of Restricted Shares Granted | Weighted Average Grant Date Fair Value per share | Fair Value of Restricted Shares Vested | ||||||||
2017 | 85,150 | $ | 22.15 | $ | 2,529 | ||||||
2016 | 81,603 | 26.87 | 3,313 | ||||||||
2015 | 121,075 | 28.10 | 2,948 |
Number of Restricted Units | Weighted Average Grant Date Fair Value per unit | ||||||
Restricted units outstanding at January 1, 2019 | 124,662 | $ | 17.60 | ||||
Restricted units granted | 84,987 | 14.11 | |||||
Restricted units vested | (45,633 | ) | 18.10 | ||||
Restricted units outstanding at December 31, 2019 | 164,016 | $ | 15.65 |
Number of Restricted Units | Weighted Average Grant Date Fair Value per unit | ||||||
Restricted units outstanding at January 1, 2017 | 183,979 | $ | 22.57 | ||||
Restricted units granted | 44,490 | 23.22 | |||||
Restricted units vested | (78,021 | ) | 21.87 | ||||
Restricted units outstanding at December 31, 2017 | 150,448 | $ | 23.13 |
($ in thousands, except unit and per unit data) | Number of Restricted Units Granted | Weighted Average Grant Date Fair Value per Unit | Fair Value of Restricted Units Vested | ||||||||
2019 | 84,987 | $ | 14.11 | $ | 749 | ||||||
2018 | 92,019 | 13.16 | 1,924 | ||||||||
2017 | 44,490 | 23.22 | 1,516 |
($ in thousands, except unit and per unit data) | Number of Restricted Units Granted | Weighted Average Grant Date Fair Value per Unit | Fair Value of Restricted Units Vested | ||||||||
2017 | 44,490 | $ | 23.22 | $ | 1,516 | ||||||
2016 | 46,562 | 26.48 | 1,929 | ||||||||
2015 | — | — | 1,694 |
Executive | Number of AO LTIP Units | Participation Threshold per AO LTIP Unit | |||||
John A. Kite | 1,490,683 | $ | 15.79 | ||||
Thomas A. McGowan | 372,671 | $ | 15.79 | ||||
Heath R. Fear | 253,416 | $ | 15.79 | ||||
Scott E. Murray | 186,335 | $ | 15.79 |
($ in thousands) | 2019 | 2018 | ||||||
Acquired lease intangible assets | $ | 60,862 | $ | 81,852 | ||||
Deferred leasing costs and other | 62,109 | 69,870 | ||||||
122,971 | 151,722 | |||||||
Less—accumulated amortization | (49,814 | ) | (56,307 | ) | ||||
Subtotal | $ | 73,157 | $ | 95,415 | ||||
Less - asset held for sale | — | (151 | ) | |||||
Total | 73,157 | 95,264 |
($ in thousands) | 2017 | 2016 | ||||||
Acquired lease intangible assets | $ | 107,668 | $ | 125,144 | ||||
Deferred leasing costs and other | 68,335 | 63,810 | ||||||
176,003 | 188,954 | |||||||
Less—accumulated amortization | (63,644 | ) | (59,690 | ) | ||||
Total | $ | 112,359 | $ | 129,264 |
($ in thousands) | Amortization of above market leases | Amortization of acquired lease intangible assets | Total | ||||||||
2020 | $ | 926 | $ | 4,846 | $ | 5,772 | |||||
2021 | 681 | 3,872 | 4,553 | ||||||||
2022 | 446 | 3,184 | 3,630 | ||||||||
2023 | 424 | 2,463 | 2,887 | ||||||||
2024 | 401 | 1,912 | 2,313 | ||||||||
Thereafter | 1,343 | 15,207 | 16,550 | ||||||||
Total | $ | 4,221 | $ | 31,484 | $ | 35,705 |
($ in thousands) | Amortization of above market leases | Amortization of acquired lease intangible assets | Total | ||||||||
2018 | $ | 2,485 | $ | 9,441 | $ | 11,926 | |||||
2019 | 1,251 | 6,905 | 8,156 | ||||||||
2020 | 1,070 | 5,909 | 6,979 | ||||||||
2021 | 806 | 4,756 | 5,562 | ||||||||
2022 | 556 | 4,152 | 4,708 | ||||||||
Thereafter | 2,557 | 26,412 | 28,969 | ||||||||
Total | $ | 8,725 | $ | 57,575 | $ | 66,300 |
($ in thousands) | For the year ended December 31, | |||||||||||
2019 | 2018 | 2017 | ||||||||||
Amortization of deferred leasing costs, lease intangibles and other | $ | 14,239 | $ | 18,648 | $ | 22,960 | ||||||
Amortization of above market lease intangibles | 1,200 | 2,553 | 4,025 |
($ in thousands) | For the year ended December 31, | |||||||||||
2017 | 2016 | 2015 | ||||||||||
Amortization of deferred leasing costs, lease intangibles and other | $ | 22,960 | $ | 24,898 | $ | 25,187 | ||||||
Amortization of above market lease intangibles | 4,025 | 6,602 | 6,860 |
($ in thousands) | 2019 | 2018 | ||||||
Unamortized in-place lease liabilities | $ | 50,072 | $ | 69,501 | ||||
Retainages payable and other | 2,254 | 2,489 | ||||||
Tenant rents received in advance | 10,839 | 11,642 | ||||||
Lease liabilities | 27,015 | — | ||||||
Total | $ | 90,180 | $ | 83,632 |
($ in thousands) | 2017 | 2016 | ||||||
Unamortized in-place lease liabilities | $ | 83,117 | $ | 95,360 | ||||
Retainages payable and other | 3,954 | 5,437 | ||||||
Tenant rents received in advance | 9,493 | 11,405 | ||||||
Total | $ | 96,564 | $ | 112,202 |
($ in thousands) | |||
2018 | $ | 6,304 | |
2019 | 4,953 | ||
2020 | 4,454 | ||
2021 | 4,132 | ||
2022 | 3,957 | ||
Thereafter | 59,317 | ||
Total | $ | 83,117 |
($ in thousands) | |||
2020 | $ | 3,192 | |
2021 | 2,973 | ||
2022 | 2,772 | ||
2023 | 2,584 | ||
2024 | 2,474 | ||
Thereafter | 36,077 | ||
Total | $ | 50,072 |
($ in thousands) | |||
Investment properties, net | $ | 176,223 | |
Lease-related intangible assets, net | 17,436 | ||
Other assets | 435 | ||
Total acquired assets | 194,094 | ||
Mortgage and other indebtedness | 18,473 | ||
Accounts payable and accrued expenses | 2,125 | ||
Deferred revenue and other liabilities | 8,269 | ||
Total assumed liabilities | 28,867 | ||
Fair value of acquired net assets | $ | 165,227 |
Property Name | MSA | Disposition Date | ||
Whitehall Pike | Bloomington, IN | March 2019 | ||
Beechwood Promenade | Athens, GA | April 2019 | ||
Village at Bay Park | Green Bay, WI | May 2019 | ||
Lakewood Promenade | Jacksonville, FL | May 2019 | ||
Palm Coast Landing | Palm Coast, FL | May 2019 | ||
Lowe's - Perimeter Woods | Charlotte, NC | May 2019 | ||
Cannery Corner | Las Vegas, NV | June 2019 | ||
Temple Terrace | Tampa, FL | June 2019 | ||
University Town Center | Oklahoma City, OK | June 2019 | ||
Gainesville Plaza | Gainesville, FL | July 2019 | ||
Bolton Plaza | Jacksonville, FL | July 2019 | ||
Eastgate Plaza | Las Vegas, NV | July 2019 | ||
Burnt Store | Punta Gorda, FL | July 2019 | ||
Landstown Commons | Virginia Beach, VA | August 2019 | ||
Lima Marketplace | Fort Wayne, IN | September 2019 | ||
Hitchcock Plaza | Aiken, SC | September 2019 | ||
Merrimack Village Center | Manchester, NH | September 2019 | ||
Publix at Acworth | Atlanta, GA | October 2019 | ||
The Centre at Panola | Atlanta, GA | October 2019 | ||
Beacon Hill | Crown Point, IN | October 2019 | ||
Bell Oaks Centre | Evansville, IN | November 2019 | ||
South Elgin Commons | Chicago, IL | December 2019 | ||
Boulevard Crossing | Kokomo, IN | December 2019 |
Property Name | MSA | Disposition Date | ||
Trussville Promenade | Birmingham, AL | February 2018 | ||
Memorial Commons | Goldsboro, NC | March 2018 | ||
Lake Lofts at Deerwood | Jacksonville, FL | November 2018 | ||
Hamilton Crossing | Knoxville, TN | November 2018 | ||
Fox Lake Crossing | Chicago, IL | December 2018 | ||
Lowe's Plaza | Las Vegas, NV | December 2018 |
Property Name | MSA | Disposition Date | ||
Livingston Shopping Center | New York/Northern New Jersey | June 2018 | ||
Plaza Volente | Austin, TX | June 2018 | ||
Tamiami Crossing | Naples, FL | June 2018 |
Property Name | MSA | Disposition Date |
Cove Center | Stuart, FL | March 2017 |
Clay Marketplace | Birmingham, AL | June 2017 |
The Shops at Village Walk | Fort Myers, FL | June 2017 |
Wheatland Towne Crossing | Dallas, TX | June 2017 |
($ in thousands) | As of December 31, 2017 | As of December 31, 2019 | ||||||||||||||||||||||||||||||
Principal | Unamortized Net Premiums | Unamortized Debt Issuance Costs | Total | Principal | Unamortized Net Premiums | Unamortized Debt Issuance Costs | Total | |||||||||||||||||||||||||
Senior Unsecured Notes—Fixed Rate | ||||||||||||||||||||||||||||||||
Maturing at various dates through September 2027; interest rates ranging from 4.00% to 4.57% at December 31, 2017 | $ | 550,000 | $ | — | $ | (5,599 | ) | $ | 544,401 | |||||||||||||||||||||||
Maturing at various dates from September 2023 through September 2027; interest rates ranging from 4.00% to 4.57% at December 31, 2019 | $ | 550,000 | $ | — | $ | (4,231 | ) | $ | 545,769 | |||||||||||||||||||||||
Unsecured Revolving Credit Facility | ||||||||||||||||||||||||||||||||
Matures July 20211; borrowing level up to $373.8 million available at December 31, 2017; interest at LIBOR + 1.35% or 2.91% at December 31, 2017 | 60,100 | — | (1,895 | ) | 58,205 | |||||||||||||||||||||||||||
Matures April 20221; borrowing level up to $583.4 million available at December 31, 2019; interest at LIBOR + 1.15% or 2.91% at December 31, 2019 | — | — | (2,625 | ) | (2,625 | ) | ||||||||||||||||||||||||||
Unsecured Term Loans | ||||||||||||||||||||||||||||||||
$200 million matures July 2021; interest at LIBOR + 1.30% or 2.86% at December 31, 2017; $200 million matures October 2022; interest at LIBOR + 1.60% or 3.16% at December 31, 2017 | 400,000 | — | (1,759 | ) | 398,241 | |||||||||||||||||||||||||||
Matures October 2025; interest at LIBOR + 2.00% or 3.76% at December 31, 2019 | 250,000 | — | (1,859 | ) | 248,141 | |||||||||||||||||||||||||||
Mortgage Notes Payable—Fixed Rate | ||||||||||||||||||||||||||||||||
Generally due in monthly installments of principal and interest; maturing at various dates through 2030; interest rates ranging from 3.78% to 6.78% at December 31, 2017 | 576,927 | 9,196 | (755 | ) | 585,368 | |||||||||||||||||||||||||||
Generally due in monthly installments of principal and interest; maturing at various dates from April 2022 through June 2030; interest rates ranging from 3.78% to 5.73% at December 31, 2019 | 297,472 | 2,176 | (40 | ) | 299,608 | |||||||||||||||||||||||||||
Mortgage Notes Payable—Variable Rate | ||||||||||||||||||||||||||||||||
Due in monthly installments of principal and interest; maturing at various dates through 2023; interest at LIBOR + 1.60%-2.25%, ranging from 3.16% to 3.81% at December 31, 2017 | 113,623 | — | (599 | ) | 113,024 | |||||||||||||||||||||||||||
Due in monthly installments of principal and interest; maturing in February 2022; interest at LIBOR + 1.60% or 3.36% at December 31, 2019 | 55,830 | — | (143 | ) | 55,687 | |||||||||||||||||||||||||||
Total mortgage and other indebtedness | $ | 1,700,650 | $ | 9,196 | $ | (10,607 | ) | $ | 1,699,239 | $ | 1,153,302 | $ | 2,176 | $ | (8,898 | ) | $ | 1,146,580 |
($ in thousands) | As of December 31, 2016 | As of December 31, 2018 | ||||||||||||||||||||||||||||||
Principal | Unamortized Net Premiums | Unamortized Debt Issuance Costs | Total | Principal | Unamortized Net Premiums | Unamortized Debt Issuance Costs | Total | |||||||||||||||||||||||||
Senior Unsecured Notes—Fixed Rate | ||||||||||||||||||||||||||||||||
Maturing at various dates through September 2027; interest rates ranging from 4.00% to 4.57% at December 31, 2016 | $ | 550,000 | $ | — | $ | (6,140 | ) | $ | 543,860 | |||||||||||||||||||||||
Maturing at various dates from September 2023 through September 2027; interest rates ranging from 4.00% to 4.57% at December 31, 2018 | $ | 550,000 | $ | — | $ | (4,864 | ) | $ | 545,136 | |||||||||||||||||||||||
Unsecured Revolving Credit Facility | ||||||||||||||||||||||||||||||||
Matures July 20211; borrowing level up to $409.9 million available at December 31, 2016; interest at LIBOR + 1.35%2 or 2.12% at December 31, 2016 | 79,600 | — | (2,723 | ) | 76,877 | |||||||||||||||||||||||||||
Matures April 20221; borrowing level up to $449.5 million available at December 31, 2018; interest at LIBOR + 1.15%2 or 3.65% at December 31, 2018 | 45,600 | — | (3,796 | ) | 41,804 | |||||||||||||||||||||||||||
Unsecured Term Loans | ||||||||||||||||||||||||||||||||
$200 million matures July 2021; interest at LIBOR + 1.30%2 or 2.07% at December 31, 2016; $200 million matures October 2022; interest at LIBOR + 1.60% or 2.37% at December 31, 2016 | 400,000 | — | (2,179 | ) | 397,821 | |||||||||||||||||||||||||||
$95 million matures July 2021; interest at LIBOR + 1.30%2 or 3.80% at December 31, 2018; $250 million matures October 2025; interest at LIBOR + 2.00% or 4.50% at December 31, 2018 | 345,000 | — | (2,470 | ) | 342,530 | |||||||||||||||||||||||||||
Mortgage Notes Payable—Fixed Rate | ||||||||||||||||||||||||||||||||
Generally due in monthly installments of principal and interest; maturing at various dates through 2030; interest rates ranging from 3.78% to 6.78% at December 31, 2016 | 587,762 | 12,109 | (994 | ) | 598,877 | |||||||||||||||||||||||||||
Generally due in monthly installments of principal and interest; maturing at various dates from September 2020 through June 2030; interest rates ranging from 3.78% to 6.78% at December 31, 2018 | 534,679 | 6,566 | (584 | ) | 540,661 | |||||||||||||||||||||||||||
Mortgage Notes Payable—Variable Rate | ||||||||||||||||||||||||||||||||
Due in monthly installments of principal and interest; maturing at various dates through 2023; interest at LIBOR + 1.60%-2.25%, ranging from 2.37% to 3.02% at December 31, 2016 | 114,388 | — | (749 | ) | 113,639 | |||||||||||||||||||||||||||
Due in monthly installments of principal and interest; maturing at various dates February 2022 through June 2025; interest at LIBOR + 1.50%-1.60%, ranging from 4.00% to 4.10% at December 31, 2018 | 73,491 | — | (321 | ) | 73,170 | |||||||||||||||||||||||||||
Total mortgage and other indebtedness | $ | 1,731,750 | $ | 12,109 | $ | (12,785 | ) | $ | 1,731,074 | $ | 1,548,770 | $ | 6,566 | $ | (12,035 | ) | $ | 1,543,301 |
____________________ | |
1 | |
2 | The interest rates on our unsecured revolving credit facility and unsecured term loan varied at certain parts of the year due to provisions in the agreement and the amendment and restatement of the agreement. |
($ in thousands) | For the year ended December 31, | For the year ended December 31, | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2019 | 2018 | 2017 | |||||||||||||||||||
Amortization of debt issuance costs | $ | 2,534 | $ | 4,521 | $ | 3,209 | $ | 2,762 | $ | 3,944 | $ | 2,534 |
($ in thousands) | Scheduled Principal Payments | Term Maturities1 | Total | |||||||||
2018 | $ | 5,635 | $ | 37,584 | $ | 43,219 | ||||||
2019 | 5,975 | — | 5,975 | |||||||||
2020 | 5,920 | 42,339 | 48,259 | |||||||||
2021 | 4,625 | 419,975 | 424,600 | |||||||||
2022 | 1,113 | 405,208 | 406,321 | |||||||||
Thereafter | 7,236 | 765,040 | 772,276 | |||||||||
$ | 30,504 | $ | 1,670,146 | $ | 1,700,650 | |||||||
Unamortized net debt premiums and issuance costs, net | (1,411 | ) | ||||||||||
Total | $ | 1,699,239 |
($ in thousands) | Scheduled Principal Payments | Term Maturities | Total | |||||||||
2020 | $ | 2,226 | $ | — | $ | 2,226 | ||||||
2021 | 2,303 | — | 2,303 | |||||||||
2022 | 1,043 | 178,877 | 179,920 | |||||||||
2023 | 806 | 256,517 | 257,323 | |||||||||
2024 | 854 | — | 854 | |||||||||
Thereafter | 5,576 | 705,100 | 710,676 | |||||||||
$ | 12,808 | $ | 1,140,494 | $ | 1,153,302 | |||||||
Unamortized net debt premiums and issuance costs, net | (6,722 | ) | ||||||||||
Total | $ | 1,146,580 |
($ in thousands) | |||
Year Ended December 31, 2019 | |||
Fixed Contractual Lease Payments - Operating Leases | $ | 244,666 | |
Variable Lease Payments - Operating Leases | 57,748 | ||
Straight-Line Rent Adjustment | 2,209 | ||
Amortization of In-Place Lease Liabilities, net | 3,776 | ||
Total | $ | 308,399 |
($ in thousands) | |||
2020 | $ | 219,020 | |
2021 | 203,858 | ||
2022 | 176,630 | ||
2023 | 144,709 | ||
2024 | 114,560 | ||
Thereafter | 394,986 | ||
Total | $ | 1,253,763 |
($ in thousands) | |||
2018 | $ | 259,365 | |
2019 | 238,366 | ||
2020 | 215,584 | ||
2021 | 185,805 | ||
2022 | 151,127 | ||
Thereafter | 635,979 | ||
Total | $ | 1,686,226 |
($ in thousands) | |||
2020 | $ | 1,777 | |
2021 | 1,789 | ||
2022 | 1,815 | ||
2023 | 1,636 | ||
2024 | 1,600 | ||
Thereafter | 70,554 | ||
Total | $ | 79,171 |
($ in thousands) | |||
2018 | $ | 1,686 | |
2019 | 1,694 | ||
2020 | 1,777 | ||
2021 | 1,789 | ||
2022 | 1,815 | ||
Thereafter | 73,790 | ||
Total | $ | 82,551 |
($ in thousands, except per share data) | Quarter Ended March 31, 2017 | Quarter Ended June 30, 2017 | Quarter Ended September 30, 2017 | Quarter Ended December 31, 2017 | Quarter Ended March 31, 2019 | Quarter Ended June 30, 2019 | Quarter Ended September 30, 2019 | Quarter Ended December 31, 2019 | ||||||||||||||||||||||||
Total revenue | $ | 90,112 | $ | 92,649 | $ | 87,138 | $ | 88,919 | $ | 83,515 | $ | 81,480 | $ | 74,943 | $ | 75,265 | ||||||||||||||||
Operating income | 8,118 | 21,084 | 16,229 | 19,312 | ||||||||||||||||||||||||||||
(Loss) income before gains on sale of operating properties, net | (8,433 | ) | 4,568 | (204 | ) | 2,795 | ||||||||||||||||||||||||||
Gain on sale of operating properties, net | 8,870 | 6,290 | — | — | ||||||||||||||||||||||||||||
Gain (loss) on sale of operating properties, net | 6,587 | 24,092 | (5,714 | ) | 14,005 | |||||||||||||||||||||||||||
Operating income (loss) | 22,976 | 17,318 | 1,316 | 30,186 | ||||||||||||||||||||||||||||
Consolidated net income (loss) | 437 | 10,858 | (204 | ) | 2,795 | 5,988 | (1,697 | ) | (20,117 | ) | 15,855 | |||||||||||||||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | 5 | 10,180 | (622 | ) | 2,309 | 5,715 | (1,796 | ) | (19,735 | ) | 15,314 | |||||||||||||||||||||
Net income (loss) per common share – basic and diluted | — | 0.12 | (0.01 | ) | 0.03 | 0.07 | (0.02 | ) | (0.24 | ) | 0.18 | |||||||||||||||||||||
Weighted average Common Shares outstanding - basic | 83,565,325 | 83,585,736 | 83,594,163 | 83,595,677 | 83,843,681 | 83,938,961 | 83,960,841 | 83,960,045 | ||||||||||||||||||||||||
Weighted average Common Shares outstanding - diluted | 83,643,608 | 83,652,627 | 83,594,163 | 83,705,764 | 84,034,097 | 83,938,961 | 83,960,841 | 84,478,245 |
($ in thousands, except per share data) | Quarter Ended March 31, 2018 | Quarter Ended June 30, 2018 | Quarter Ended September 30, 2018 | Quarter Ended December 31, 2018 | ||||||||||||
Total revenue | $ | 89,763 | $ | 91,736 | $ | 85,747 | $ | 86,937 | ||||||||
Gain (loss) on sale of operating properties, net | 500 | 7,829 | (177 | ) | (4,725 | ) | ||||||||||
Operating income (loss) | (1,532 | ) | 15,771 | 20,549 | (13,757 | ) | ||||||||||
Consolidated net income (loss) | (17,997 | ) | (1,062 | ) | 4,317 | (31,709 | ) | |||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | (17,917 | ) | (1,366 | ) | 3,938 | (31,221 | ) | |||||||||
Net income (loss) per common share – basic and diluted | (0.21 | ) | (0.02 | ) | 0.05 | (0.37 | ) | |||||||||
Weighted average Common Shares outstanding - basic | 83,629,669 | 83,672,896 | 83,706,704 | 83,762,664 | ||||||||||||
Weighted average Common Shares outstanding - diluted | 83,629,669 | 83,672,896 | 83,767,655 | 83,762,664 |
($ in thousands, except per share data) | Quarter Ended March 31, 2016 | Quarter Ended June 30, 2016 | Quarter Ended September 30, 2016 | Quarter Ended December 31, 2016 | ||||||||||||
Total revenue | $ | 88,550 | $ | 87,575 | $ | 89,122 | $ | 88,874 | ||||||||
Operating income | 17,692 | 14,258 | 15,892 | 17,580 | ||||||||||||
Income (loss) before gains on sale of operating properties, net | 1,975 | (1,690 | ) | (1,262 | ) | (159 | ) | |||||||||
Gains on sale of operating properties, net | — | 194 | — | 4,059 | ||||||||||||
Consolidated net income (loss) | 1,975 | (1,496 | ) | (1,262 | ) | 3,900 | ||||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | 1,402 | (1,895 | ) | (1,682 | ) | 3,359 | ||||||||||
Net income (loss) per common share – basic and diluted | 0.02 | (0.02 | ) | (0.02 | ) | 0.04 | ||||||||||
Weighted average Common Shares outstanding - basic | 83,348,507 | 83,375,765 | 83,474,348 | 83,545,807 | ||||||||||||
Weighted average Common Shares outstanding - diluted | 83,490,979 | 83,375,765 | 83,474,348 | 83,571,663 |
($ in thousands) | Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | ||||||||||
Assumption of mortgages by buyer upon sale of operating properties | $ | — | $ | — | $ | 40,303 | ||||||
Assumption of debt in connection with acquisition of Chapel Hill Shopping Center including debt premium of $212 | — | — | 18,462 |
($ in thousands) | |||
Investment properties, net | $ | 56,393 | |
Lease-related intangible assets, net | 2,458 | ||
Other assets | 320 | ||
Total acquired assets | 59,171 | ||
Accounts payable and accrued expenses | 595 | ||
Deferred revenue and other liabilities | 371 | ||
Total assumed liabilities | 966 | ||
Fair value of acquired net assets | $ | 58,205 |
Low | High | |||||||
Net rental rate per square foot - Anchors | $ | 11.00 | $ | 12.96 | ||||
Net rental rate per square foot - Small Shops | $ | 6.33 | $ | 32.00 | ||||
Discount rate | 9.0 | % | 9.0 | % |
($ in thousands) | Initial Cost | Cost Capitalized Subsequent to Acquisition/Development | Gross Carrying Amount Close of Period | Initial Cost | Cost Capitalized Subsequent to Acquisition/Development | Gross Carrying Amount Close of Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building & | Building & | Building & | Accumulated | Year Built / | Year | Building & | Building & | Building & | Accumulated | Year Built / | Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Encumbrances | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation | Renovated | Acquired | Encumbrances | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation | Renovated | Acquired | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12th Street Plaza | $ | 5,000 | $ | 2,624 | $ | 13,237 | $ | — | $ | 382 | $ | 2,624 | $ | 13,619 | $ | 16,243 | $ | 3,078 | 1978/2003 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12th Street Plaza * | $ | — | $ | 2,624 | $ | 13,293 | $ | — | $ | 749 | $ | 2,624 | $ | 14,042 | $ | 16,666 | $ | 4,224 | 1978/2003 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
54th & College * | — | 2,672 | — | — | — | 2,672 | — | 2,672 | — | 2008 | NA | — | 2,672 | — | — | — | 2,672 | — | 2,672 | — | 2008 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bayonne Crossing | 44,505 | 47,809 | 44,062 | — | 1,368 | 47,809 | 45,430 | 93,239 | 6,715 | 2011 | 2014 | 42,940 | 47,809 | 44,246 | — | 916 | 47,809 | 45,162 | 92,971 | 10,589 | 2011 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bayport Commons | 11,906 | 7,005 | 20,794 | — | 1,620 | 7,005 | 22,414 | 29,419 | 6,161 | 2008 | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beacon Hill * | — | 3,272 | 13,426 | — | 996 | 3,272 | 14,423 | 17,695 | 4,197 | 2006 | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bell Oaks Centre | 6,548 | 1,230 | 12,715 | — | 162 | 1,230 | 12,877 | 14,107 | 2,347 | 2008 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Belle Isle Station * | — | 9,130 | 41,449 | — | 376 | 9,130 | 41,826 | 50,956 | 5,689 | 2000 | 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bolton Plaza * | — | 3,733 | 18,983 | 359 | 5,484 | 4,093 | 24,467 | 28,560 | 9,385 | 1986/2014 | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boulevard Crossing | 10,683 | 4,386 | 9,175 | — | 2,099 | 4,386 | 11,274 | 15,660 | 4,688 | 2004 | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bayport Commons * | — | 7,005 | 20,648 | — | 2,090 | 7,005 | 22,738 | 29,743 | 7,438 | 2008 | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Belle Isle * | — | 9,130 | 41,426 | — | 4,635 | 9,130 | 46,061 | 55,191 | 10,085 | 2000 | 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bridgewater Marketplace * | — | 3,407 | 8,668 | — | 422 | 3,407 | 9,091 | 12,498 | 2,693 | 2008 | NA | — | 3,407 | 8,668 | — | 620 | 3,407 | 9,288 | 12,695 | 3,387 | 2008 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Burlington * | — | 29 | 2,773 | — | — | 29 | 2,773 | 2,802 | 1,183 | 1992/2000 | 2000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cannery Corner | — | 6,267 | 10,516 | — | 415 | 6,267 | 10,932 | 17,199 | 1,862 | 2008 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Burlington Coat Factory * | — | 29 | 2,773 | — | 6 | 29 | 2,779 | 2,808 | 1,774 | 1992/2000 | 2000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Castleton Crossing * | — | 9,761 | 28,977 | — | 3,238 | 9,761 | 32,215 | 41,976 | 7,667 | 1975 | 2013 | — | 9,761 | 29,309 | — | 1,019 | 9,761 | 30,328 | 40,089 | 8,288 | 1975 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chapel Hill Shopping Center | 18,250 | — | 35,074 | — | 409 | — | 35,483 | 35,483 | 4,026 | 2001 | 2015 | 18,250 | — | 35,072 | — | 1,344 | — | 36,416 | 36,416 | 7,538 | 2001 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
City Center * | — | 20,565 | 180,235 | — | 4,472 | 20,565 | 184,708 | 205,273 | 38,513 | 2018 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Centennial Center | 70,455 | 58,960 | 72,756 | — | 3,345 | 58,960 | 76,101 | 135,061 | 19,174 | 2002 | 2014 | 70,455 | 58,960 | 72,704 | — | 1,243 | 58,960 | 73,947 | 132,907 | 21,115 | 2002 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Centennial Gateway | 44,385 | 5,305 | 48,712 | — | 1,803 | 5,305 | 50,515 | 55,820 | 9,116 | 2005 | 2014 | 23,962 | 5,305 | 48,969 | — | 67 | 5,305 | 49,035 | 54,340 | 10,425 | 2005 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Centre Point Commons | 14,410 | 2,918 | 22,647 | — | 257 | 2,918 | 22,903 | 25,821 | 3,603 | 2007 | 2014 | 14,410 | 2,918 | 22,372 | — | 113 | 2,918 | 22,485 | 25,403 | 4,952 | 2007 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cobblestone Plaza * | — | 11,221 | 45,551 | — | 490 | 11,221 | 46,041 | 57,262 | 9,585 | 2011 | NA | — | 11,221 | 45,526 | — | 1,386 | 11,221 | 46,912 | 58,133 | 12,508 | 2011 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colonial Square * | — | 11,743 | 31,299 | — | 898 | 11,743 | 32,197 | 43,940 | 4,220 | 2010 | 2014 | — | 7,521 | 18,566 | — | 2,160 | 7,521 | 20,726 | 28,247 | 4,211 | 2010 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colleyville Downs * | — | 5,446 | 38,574 | — | 830 | 5,446 | 39,404 | 44,850 | 6,053 | 2014 | 2015 | — | 5,446 | 38,534 | — | 1,755 | 5,446 | 40,289 | 45,735 | 10,594 | 2014 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cool Creek Commons * | — | 6,062 | 13,430 | — | 1,807 | 6,062 | 15,236 | 21,298 | 5,405 | 2005 | NA | — | 6,062 | 13,374 | — | 2,704 | 6,062 | 16,078 | 22,140 | 6,520 | 2005 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cool Springs Market * | — | 12,684 | 21,454 | — | 8,262 | 12,684 | 29,716 | 42,400 | 6,726 | 1995 | 2013 | — | 12,644 | 22,870 | 40 | 6,414 | 12,684 | 29,285 | 41,969 | 8,464 | 1995 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crossing at Killingly Commons | 33,000 | 21,999 | 35,218 | — | 132 | 21,999 | 35,350 | 57,349 | 5,827 | 2010 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crossing at Killingly Commons * | — | 21,999 | 34,806 | — | 191 | 21,999 | 34,996 | 56,995 | 8,687 | 2010 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delray Marketplace | 56,850 | 18,750 | 88,877 | 1,284 | 4,818 | 20,034 | 93,695 | 113,729 | 14,919 | 2013 | NA | 55,830 | 18,750 | 87,353 | 1,284 | 5,801 | 20,034 | 93,155 | 113,189 | 21,103 | 2013 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DePauw University Bookstore and Café | — | 64 | 663 | — | 45 | 64 | 708 | 772 | 274 | 2012 | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DePauw University Bookstore & Café | — | 64 | 663 | — | 45 | 64 | 708 | 772 | 369 | 2012 | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Draper Crossing * | — | 9,054 | 28,485 | — | 183 | 9,054 | 28,668 | 37,722 | 5,801 | 2012 | 2014 | — | 9,054 | 27,156 | — | 663 | 9,054 | 27,819 | 36,873 | 6,855 | 2012 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Draper Peaks * | — | 11,498 | 46,876 | 522 | 2,340 | 12,020 | 49,216 | 61,236 | 5,912 | 2012 | 2014 | — | 11,498 | 47,093 | 522 | 3,886 | 12,020 | 50,980 | 63,000 | 9,570 | 2012 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eastern Beltway Center | 34,100 | 23,221 | 45,633 | — | 801 | 23,221 | 46,434 | 69,655 | 6,075 | 1998/2006 | 2014 | 34,100 | 23,221 | 45,659 | — | 3,993 | 23,221 | 49,652 | 72,873 | 9,644 | 1998/2006 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eastgate Plaza | — | 4,073 | 20,207 | — | 164 | 4,073 | 20,372 | 24,445 | 3,193 | 2002 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eastgate Pavilion * | — | 8,026 | 18,899 | — | 1,715 | 8,026 | 20,614 | 28,640 | 8,147 | 1995 | 2004 | — | 8,026 | 18,067 | — | 1,235 | 8,026 | 19,302 | 27,328 | 8,449 | 1995 | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eddy Street Commons | 23,131 | 1,900 | 37,739 | — | 1,249 | 1,900 | 38,988 | 40,888 | 10,508 | 2009 | NA | — | 1,900 | 36,762 | — | 2,071 | 1,900 | 38,833 | 40,733 | 12,771 | 2009 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estero Town Commons * | — | 8,973 | 9,960 | — | 979 | 8,973 | 10,939 | 19,912 | 3,033 | 2006 | NA | — | 8,973 | 9,953 | — | 976 | 8,973 | 10,930 | 19,903 | 3,701 | 2006 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fox Lake Crossing * | — | 5,685 | 9,274 | — | 347 | 5,685 | 9,621 | 15,306 | 3,775 | 2002 | 2005 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gainesville Plaza * | — | 5,437 | 18,237 | — | 1,515 | 5,437 | 19,751 | 25,188 | 5,911 | 2015 | 2004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geist Pavilion * | — | 1,368 | 8,449 | — | 1,820 | 1,368 | 10,269 | 11,637 | 3,752 | 2006 | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Glendale Town Center * | — | 1,494 | 43,838 | — | 2,247 | 1,494 | 46,084 | 47,578 | 28,514 | 1958/2008 | 1999 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greyhound Commons * | — | 2,629 | 794 | — | 887 | 2,629 | 1,681 | 4,310 | 696 | 2005 | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fishers Station * | — | 4,008 | 15,773 | — | 82 | 4,008 | 15,854 | 19,862 | 4,603 | 2018 | NA |
Initial Cost | Cost Capitalized Subsequent to Acquisition/Development | Gross Carrying Amount Close of Period | Initial Cost | Cost Capitalized Subsequent to Acquisition/Development | Gross Carrying Amount Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building & | Building & | Building & | Accumulated | Year Built / | Year | Building & | Building & | Building & | Accumulated | Year Built / | Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Encumbrances | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation | Renovated | Acquired | Encumbrances | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation | Renovated | Acquired | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Properties (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hamilton Crossing - Phase II & III * | $ | — | $ | 2,859 | $ | 23,190 | $ | — | $ | 451 | $ | 2,859 | $ | 23,641 | $ | 26,500 | $ | 3,427 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hitchcock Plaza * | — | 4,260 | 21,960 | — | 2,488 | 4,260 | 24,447 | 28,707 | 2,893 | 2006 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Holly Springs Towne Center - Phase I * | — | 12,319 | 46,689 | — | 1,458 | 12,319 | 48,147 | 60,466 | 7,474 | 2013 | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geist Pavilion * | $ | — | $ | 1,368 | $ | 8,449 | $ | — | $ | 2,355 | $ | 1,368 | $ | 10,804 | $ | 12,172 | $ | 4,594 | 2006 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greyhound Commons * | — | 2,629 | 794 | — | 861 | 2,629 | 1,655 | 4,284 | 860 | 2005 | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Holly Springs Towne Center * | — | 12,319 | 46,589 | — | 3,964 | 12,319 | 50,553 | 62,872 | 10,524 | 2013 | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Holly Springs Towne Center - Phase II * | — | 11,910 | 49,212 | — | — | 11,910 | 49,212 | 61,122 | 2,162 | 2016 | NA | — | 11,910 | 49,212 | — | 1,345 | 11,910 | 50,557 | 62,467 | 6,185 | 2016 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hunters Creek Promenade * | — | 8,335 | 12,706 | — | 917 | 8,335 | 13,623 | 21,958 | 2,241 | 1994 | 2013 | — | 8,335 | 12,674 | 179 | 1,137 | 8,514 | 13,810 | 22,324 | 3,211 | 1994 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indian River Square * | — | 5,100 | 6,354 | — | 584 | 5,100 | 6,938 | 12,038 | 2,568 | 1997/2004 | 2005 | — | 5,100 | 6,304 | 1,100 | 1,566 | 6,200 | 7,870 | 14,070 | 2,974 | 1997/2004 | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International Speedway Square * | 19,017 | 7,769 | 18,045 | — | 9,352 | 7,769 | 27,397 | 35,166 | 15,540 | 1999 | NA | — | 7,769 | 15,362 | — | 9,424 | 7,769 | 24,786 | 32,555 | 15,352 | 1999 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kings Lake Square * | — | 4,519 | 15,630 | — | 492 | 4,519 | 16,122 | 20,641 | 7,063 | 1986/2014 | 2003 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
King's Lake Square * | — | 4,519 | 15,630 | — | 1,696 | 4,519 | 17,326 | 21,845 | 8,309 | 1986/2014 | 2003 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kingwood Commons * | — | 5,715 | 30,891 | — | 143 | 5,715 | 31,034 | 36,749 | 6,916 | 1999 | 2013 | — | 5,715 | 30,894 | — | 253 | 5,715 | 31,148 | 36,863 | 10,083 | 1999 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lake City Commons | 5,200 | 3,415 | 10,242 | — | 349 | 3,415 | 10,591 | 14,006 | 1,853 | 2008 | 2014 | — | 3,415 | 10,242 | — | 365 | 3,415 | 10,608 | 14,023 | 2,941 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lake City Commons - Phase II * | — | 1,277 | 2,225 | — | 16 | 1,277 | 2,241 | 3,518 | 361 | 2011 | 2014 | — | 1,277 | 2,086 | — | 16 | 1,277 | 2,102 | 3,379 | 411 | 2011 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lake Mary Plaza | 5,080 | 1,413 | 8,719 | — | 89 | 1,413 | 8,807 | 10,220 | 1,185 | 2009 | 2014 | — | 1,413 | 8,719 | — | 89 | 1,413 | 8,808 | 10,221 | 1,781 | 2009 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lakewood Promenade * | — | 1,783 | 25,471 | — | 1,256 | 1,783 | 26,728 | 28,511 | 6,706 | 1948/1998 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Landstown Commons * | — | 18,672 | 92,045 | — | 2,626 | 18,672 | 94,671 | 113,343 | 16,404 | 2007 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lima Marketplace | 8,383 | 4,703 | 15,706 | — | 543 | 4,703 | 16,249 | 20,952 | 2,815 | 2008 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lithia Crossing * | — | 3,065 | 9,962 | — | 5,605 | 3,065 | 15,567 | 18,632 | 4,317 | 1993/2003 | 2011 | — | 3,065 | 9,983 | — | 6,061 | 3,065 | 16,044 | 19,109 | 5,846 | 1994/2003 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Livingston Shopping Center * | — | 10,372 | 35,537 | — | — | 10,372 | 35,537 | 45,909 | 3,181 | 1997 | 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lowe's Plaza | — | 2,125 | 5,976 | — | 53 | 2,125 | 6,029 | 8,154 | 997 | 2007 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Street Village * | — | 9,764 | 16,360 | — | 2,920 | 9,764 | 19,280 | 29,044 | 6,533 | 1970/2004 | 2005 | — | 9,764 | 16,323 | — | 2,947 | 9,764 | 19,270 | 29,034 | 7,871 | 1970/2004 | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Memorial Commons * | — | 1,568 | 14,628 | — | 341 | 1,568 | 14,969 | 16,537 | 2,022 | 2008 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merrimack Village Center | 5,445 | 1,921 | 12,777 | — | 149 | 1,921 | 12,927 | 14,848 | 2,277 | 2007 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miramar Square | 31,625 | 26,392 | 30,889 | 489 | 607 | 26,880 | 31,496 | 58,376 | 5,188 | 2008 | 2014 | 31,625 | 26,492 | 30,820 | 389 | 6,728 | 26,880 | 37,548 | 64,428 | 8,205 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mullins Crossing * | — | 10,582 | 42,031 | — | 398 | 10,582 | 42,429 | 53,011 | 8,683 | 2005 | 2014 | — | 10,582 | 42,150 | — | 6,260 | 10,582 | 48,410 | 58,992 | 12,175 | 2005 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Naperville Marketplace | 7,513 | 5,364 | 11,475 | — | 106 | 5,364 | 11,580 | 16,944 | 3,336 | 2008 | NA | — | 5,364 | 11,396 | — | 233 | 5,364 | 11,629 | 16,993 | 3,973 | 2008 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nora Plaza | 3,790 | 21,329 | — | 1,750 | 3,790 | 23,079 | 26,868 | 526 | 2004 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northcrest Shopping Center | 15,780 | 4,044 | 33,857 | — | 980 | 4,044 | 34,837 | 38,881 | 4,509 | 2008 | 2014 | — | 4,044 | 33,704 | — | 1,109 | 4,044 | 34,812 | 38,856 | 6,913 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northdale Promenade * | — | 1,718 | 27,481 | — | — | 1,718 | 27,481 | 29,199 | 7,732 | 2017 | NA | — | 1,718 | 27,242 | — | 135 | 1,718 | 27,377 | 29,095 | 11,180 | 2017 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oleander Place * | — | 863 | 5,935 | — | 30 | 863 | 5,965 | 6,828 | 1,727 | 2012 | 2011 | — | 863 | 5,935 | — | 285 | 863 | 6,220 | 7,083 | 2,157 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Palm Coast Landing | 22,274 | 4,962 | 37,995 | — | 769 | 4,962 | 38,764 | 43,726 | 5,848 | 2010 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parkside Town Commons - Phase I * | — | 3,108 | 43,313 | — | — | 3,108 | 43,313 | 46,421 | 5,848 | 2015 | N/A | — | 3,108 | 42,194 | (60 | ) | 788 | 3,047 | 42,982 | 46,029 | 9,496 | 2015 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parkside Town Commons - Phase II * | — | 20,722 | 66,766 | — | — | 20,722 | 66,766 | 87,488 | 6,012 | 2017 | N/A | — | 20,722 | 66,766 | — | 7,476 | 20,722 | 74,242 | 94,964 | 12,211 | 2017 | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Perimeter Woods | 33,330 | 35,793 | 27,257 | — | 706 | 35,793 | 27,964 | 63,757 | 3,923 | 2008 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Perimeter Woods * | — | 8,993 | 26,879 | — | 821 | 8,993 | 27,700 | 36,693 | 5,729 | 2008 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pine Ridge Crossing * | — | 5,640 | 17,084 | — | 3,480 | 5,640 | 20,564 | 26,204 | 6,122 | 1993 | 2006 | — | 5,640 | 17,024 | — | 3,963 | 5,640 | 20,988 | 26,628 | 7,659 | 1994 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plaza at Cedar Hill * | — | 5,782 | 36,781 | — | 9,462 | 5,782 | 46,243 | 52,025 | 18,486 | 2000 | 2004 | — | 5,782 | 36,781 | — | 11,308 | 5,782 | 48,089 | 53,871 | 20,688 | 2000 | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plaza Volente * | — | 4,600 | 29,074 | — | 1,042 | 4,600 | 30,117 | 34,717 | 11,625 | 2004 | 2005 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pleasant Hill Commons * | — | 3,350 | 10,103 | — | 323 | 3,350 | 10,427 | 13,777 | 1,856 | 2008 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pleasant Hill Commons | — | 3,350 | 10,094 | — | 375 | 3,350 | 10,469 | 13,819 | 2,850 | 2008 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portofino Shopping Center * | — | 4,754 | 75,117 | — | 14,747 | 4,754 | 89,864 | 94,618 | 17,573 | 1999 | 2013 | — | 4,754 | 75,254 | — | 18,066 | 4,754 | 93,319 | 98,073 | 26,149 | 1999 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Publix at Acworth | 5,557 | 1,357 | 7,938 | 39 | 1,115 | 1,395 | 9,053 | 10,448 | 3,490 | 1996 | 2004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Publix at Woodruff * | — | 1,783 | 6,342 | — | 303 | 1,783 | 6,645 | 8,428 | 2,245 | 1997 | 2012 | — | 1,783 | 6,352 | — | 878 | 1,783 | 7,230 | 9,013 | 3,205 | 1997 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rampart Commons | 9,495 | 1,136 | 42,808 | — | 554 | 1,136 | 43,362 | 44,498 | 9,591 | 2018 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rangeline Crossing * | — | 2,006 | 18,367 | — | 663 | 2,006 | 19,030 | 21,036 | 7,125 | 1986/2013 | NA |
Initial Cost | Cost Capitalized Subsequent to Acquisition/Development | Gross Carrying Amount Close of Period | Initial Cost | Cost Capitalized Subsequent to Acquisition/Development | Gross Carrying Amount Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building & | Building & | Building & | Accumulated | Year Built / | Year | Building & | Building & | Building & | Accumulated | Year Built / | Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Encumbrances | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation | Renovated | Acquired | Encumbrances | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation | Renovated | Acquired | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Properties (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rangeline Crossing * | $ | — | $ | 2,043 | $ | 18,414 | $ | — | $ | 564 | $ | 2,043 | $ | 18,979 | $ | 21,022 | $ | 5,782 | 1986/2013 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Riverchase Plaza * | — | 3,889 | 11,404 | — | 1,348 | 3,889 | 12,752 | 16,641 | 4,369 | 1991/2001 | 2006 | $ | — | $ | 3,889 | $ | 11,404 | $ | — | $ | 1,123 | $ | 3,889 | $ | 12,527 | $ | 16,416 | $ | 4,956 | 1991/2001 | 2006 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rivers Edge * | — | 5,647 | 31,358 | — | 1,354 | 5,647 | 32,712 | 38,359 | 7,695 | 2011 | 2008 | — | 5,647 | 31,358 | — | 1,938 | 5,647 | 33,295 | 38,942 | 10,285 | 2011 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Saxon Crossing | 11,400 | 3,764 | 16,791 | — | 25 | 3,764 | 16,815 | 20,579 | 2,773 | 2009 | 2014 | 11,400 | 3,764 | 16,782 | — | 597 | 3,764 | 17,380 | 21,144 | 4,393 | 2009 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shoppes at Plaza Green * | — | 3,749 | 23,853 | — | 1,269 | 3,749 | 25,122 | 28,871 | 6,329 | 2000 | 2012 | — | 3,749 | 23,853 | — | 1,844 | 3,749 | 25,697 | 29,446 | 8,837 | 2000 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shoppes of Eastwood * | — | 1,688 | 8,926 | — | 563 | 1,688 | 9,489 | 11,177 | 2,361 | 1997 | 2013 | — | 1,688 | 8,969 | — | 502 | 1,688 | 9,471 | 11,159 | 3,221 | 1997 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shops at Eagle Creek * | — | 4,550 | 8,844 | — | 5,000 | 4,550 | 13,844 | 18,394 | 4,569 | 1998 | 2003 | — | 4,550 | 8,844 | — | 5,197 | 4,550 | 14,041 | 18,591 | 5,630 | 1998 | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shops at Julington Creek | 4,785 | 2,372 | 7,976 | — | 103 | 2,372 | 8,079 | 10,451 | 1,351 | 2011 | 2014 | 4,785 | 2,372 | 7,189 | — | 347 | 2,372 | 7,536 | 9,908 | 1,289 | 2011 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shops at Moore | 21,300 | 8,030 | 33,380 | — | 1,677 | 8,030 | 35,057 | 43,087 | 7,333 | 2010 | 2014 | 21,300 | 6,284 | 23,375 | — | 1,606 | 6,284 | 24,981 | 31,265 | 4,743 | 2010 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Silver Springs Pointe | 8,800 | 9,685 | 7,676 | — | 276 | 9,685 | 7,952 | 17,637 | 2,388 | 2001 | 2014 | — | 7,580 | 3,602 | — | 1,712 | 7,580 | 5,313 | 12,893 | 1,352 | 2001 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Elgin Commons * | — | 3,916 | 22,140 | — | 49 | 3,916 | 22,188 | 26,104 | 3,629 | 2011 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stoney Creek Commons * | — | 628 | 3,700 | — | 5,837 | 628 | 9,538 | 10,166 | 2,645 | 2000 | NA | — | 628 | 3,700 | — | 5,913 | 628 | 9,613 | 10,241 | 3,617 | 2000 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunland Towne Centre * | — | 14,774 | 22,542 | — | 5,099 | 14,774 | 27,641 | 42,415 | 10,823 | 1996 | 2004 | — | 14,774 | 21,026 | — | 5,039 | 14,774 | 26,066 | 40,840 | 11,097 | 1996 | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tamiami Crossing * | — | 19,810 | 29,227 | — | — | 19,810 | 29,227 | 49,037 | 1,567 | 2016 | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tarpon Bay Plaza * | — | 4,273 | 23,856 | — | 2,735 | 4,273 | 26,592 | 30,865 | 7,439 | 2007 | NA | — | 4,273 | 23,096 | — | 5,056 | 4,273 | 28,152 | 32,425 | 8,259 | 2007 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temple Terrace * | — | 2,245 | 9,229 | — | 108 | 2,245 | 9,336 | 11,581 | 1,212 | 2012 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Centre at Panola * | 1,667 | 1,986 | 8,191 | — | 372 | 1,986 | 8,563 | 10,549 | 3,727 | 2001 | 2004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Corner | 14,750 | 3,772 | 24,605 | — | 80 | 3,772 | 24,686 | 28,458 | 3,344 | 2008 | 2014 | 14,750 | 3,772 | 24,642 | — | 22 | 3,772 | 24,663 | 28,435 | 5,206 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Landing at Tradition * | — | 18,505 | 45,821 | — | 2,109 | 18,505 | 47,929 | 66,434 | 8,992 | 2007 | 2014 | — | 18,505 | 46,226 | — | 536 | 18,505 | 46,762 | 65,267 | 9,080 | 2007 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Toringdon Market * | — | 5,448 | 9,411 | — | 291 | 5,448 | 9,703 | 15,151 | 2,084 | 2004 | 2013 | — | 5,448 | 9,523 | — | 542 | 5,448 | 10,065 | 15,513 | 3,019 | 2004 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Traders Point * | — | 9,443 | 36,433 | — | 2,428 | 9,443 | 38,861 | 48,304 | 14,382 | 2005 | NA | — | 9,443 | 36,433 | — | 2,838 | 9,443 | 39,271 | 48,714 | 16,843 | 2005 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Traders Point II * | — | 2,376 | 6,441 | — | 1,138 | 2,376 | 7,578 | 9,954 | 2,752 | 2005 | NA | — | 2,376 | 6,107 | — | 1,164 | 2,376 | 7,271 | 9,647 | 3,086 | 2005 | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tradition Village Center * | — | 3,140 | 14,809 | — | 1,149 | 3,140 | 15,958 | 19,098 | 2,714 | 2006 | 2014 | — | 3,140 | 14,842 | — | 566 | 3,140 | 15,408 | 18,548 | 3,273 | 2006 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trussville Promenade * | — | 9,123 | 45,359 | — | 5,234 | 9,123 | 50,593 | 59,716 | 11,319 | 1999 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
University Town Center | 18,690 | 4,125 | 31,565 | — | 735 | 4,125 | 32,300 | 36,425 | 5,024 | 2009 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
University Town Center - Phase II | 10,500 | 7,902 | 24,164 | — | 765 | 7,902 | 24,929 | 32,831 | 4,588 | 2012 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Village at Bay Park | 9,183 | 8,248 | 9,942 | — | 584 | 8,248 | 10,526 | 18,774 | 1,452 | 2005 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Waterford Lakes Village * | — | 2,317 | 6,382 | — | 277 | 2,317 | 6,659 | 8,976 | 2,553 | 1997 | 2004 | — | 2,317 | 6,388 | — | 571 | 2,317 | 6,960 | 9,277 | 2,956 | 1997 | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Waxahachie Crossing | 7,750 | 1,411 | 15,698 | — | 105 | 1,411 | 15,803 | 17,214 | 2,010 | 2010 | 2014 | — | 1,411 | 15,644 | — | 155 | 1,411 | 15,798 | 17,209 | 3,051 | 2010 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westside Market * | — | 4,194 | 17,698 | — | 335 | 4,194 | 18,033 | 22,227 | 2,000 | 2013 | 2014 | — | 4,194 | 17,606 | — | 536 | 4,194 | 18,142 | 22,336 | 3,104 | 2013 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Whitehall Pike | 4,569 | 3,689 | 6,109 | — | 233 | 3,689 | 6,341 | 10,030 | 4,397 | 1999 | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Operating Properties | 645,822 | 780,260 | 2,533,127 | 2,692 | 159,648 | 782,952 | 2,692,774 | 3,475,726 | 586,651 | 353,302 | 619,105 | 2,090,834 | 3,452 | 181,911 | 622,557 | 2,272,745 | 2,895,302 | 604,449 |
Initial Cost | Cost Capitalized Subsequent to Acquisition/Development | Gross Carrying Amount Close of Period | Initial Cost | Cost Capitalized Subsequent to Acquisition/Development | Gross Carrying Amount Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building & | Building & | Building & | Accumulated | Year Built / | Year | Building & | Building & | Building & | Accumulated | Year Built / | Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Encumbrances | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation | Renovated | Acquired | Encumbrances | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation | Renovated | Acquired | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thirty South | $ | 17,218 | $ | 1,643 | $ | 9,669 | $ | — | $ | 18,973 | $ | 1,643 | $ | 28,642 | $ | 30,285 | $ | 14,500 | 1905/2002 | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thirty South * | $ | — | $ | 1,643 | $ | 9,600 | $ | — | $ | 21,860 | $ | 1,643 | $ | 31,461 | $ | 33,104 | $ | 12,752 | 1905/2002 | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pan Am Plaza Garage * | — | — | 29,536 | — | 276 | — | 29,813 | 29,813 | 3,551 | 1986 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Union Station Parking Garage * | — | 904 | 2,650 | — | 1,268 | 904 | 3,918 | 4,822 | 1,642 | 1986 | 2001 | — | 904 | 2,650 | — | 1,832 | 904 | 4,482 | 5,386 | 1,903 | 1986 | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Office Properties | 17,218 | 2,547 | 12,319 | — | 20,241 | 2,547 | 32,560 | 35,107 | 16,142 | — | 2,547 | 41,787 | — | 23,969 | 2,547 | 65,756 | 68,303 | 18,205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Development and Redevelopment Properties | Development and Redevelopment Properties | Development and Redevelopment Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beechwood Promenade * | — | 2,734 | 47,978 | — | — | 2,734 | 47,978 | 50,712 | 9,494 | NA | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Burnt Store Promenade * | — | 5,112 | 14,910 | — | — | 5,112 | 14,910 | 20,022 | 4,164 | NA | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
City Center * | — | 20,565 | 177,389 | — | — | 20,565 | 177,389 | 197,954 | 23,611 | NA | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Courthouse Shadows * | — | 4,999 | 17,213 | — | — | 4,999 | 17,213 | 22,212 | 4,979 | NA | NA | — | 4,999 | 8,182 | — | — | 4,999 | 8,182 | 13,181 | 2,339 | NA | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eddy Street Commons - Phase II * | — | 1,379 | — | — | — | 1,379 | — | 1,379 | — | NA | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fishers Station | 6,555 | 3,736 | 16,297 | — | — | 3,736 | 16,297 | 20,033 | 4,391 | NA | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hamilton Crossing Centre | 10,214 | 5,549 | 10,289 | — | — | 5,549 | 10,289 | 15,838 | 3,641 | NA | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rampart Commons | 10,742 | 1,136 | 36,514 | — | — | 1,136 | 36,514 | 37,650 | 4,963 | NA | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eddy Street Commons - Phase II | 2,209 | 4,394 | — | — | 2,209 | 4,394 | 6,603 | 40 | NA | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Glendale Town Center* | — | 1,494 | 43,832 | — | 3,011 | 1,494 | 46,843 | 48,337 | 32,221 | NA | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hamilton Crossing Centre* | — | 5,549 | 10,326 | — | — | 5,549 | 10,326 | 15,875 | 4,226 | NA | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Corner * | — | 304 | 3,724 | — | — | 304 | 3,724 | 4,028 | 2,100 | NA | NA | — | 304 | 3,681 | — | 155 | 304 | 3,836 | 4,140 | — | NA | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Development and Redevelopment Properties | 27,511 | 45,514 | 324,314 | — | — | 45,514 | 324,314 | 369,828 | 57,342 | — | 14,556 | 70,414 | — | 3,166 | 14,556 | 73,580 | 88,136 | 38,826 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other ** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bridgewater Marketplace * | — | 2,110 | — | — | — | 2,110 | — | 2,110 | — | NA | NA | — | 2,139 | — | — | — | 2,139 | — | 2,139 | — | NA | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deerwood Lake * | — | 1,421 | 25,272 | — | — | 1,421 | 25,272 | 26,693 | 141 | NA | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eddy Street Commons * | — | 277 | — | — | — | 277 | — | 277 | — | NA | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fox Lake Crossing II | — | 3,458 | — | — | — | 3,458 | — | 3,458 | — | NA | NA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Landstown - Fulton Bank Pad | — | 930 | — | — | — | 930 | — | 930 | — | 2007 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KRG Development | — | — | 655 | — | — | — | 656 | 656 | — | NA | NA | — | — | 885 | — | — | — | 885 | 885 | 66 | NA | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KRG New Hill * | — | 5,791 | — | — | — | 5,791 | — | 5,791 | — | NA | NA | — | 5,957 | — | — | — | 5,957 | — | 5,957 | — | NA | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KRG Peakway | — | 20,944 | — | — | — | 20,944 | — | 20,944 | — | NA | NA | — | 7,444 | — | — | — | 7,444 | — | 7,444 | — | NA | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pan Am Plaza | — | 8,840 | — | — | — | 8,840 | — | 8,840 | — | NA | NA | — | 10,521 | — | — | — | 10,521 | — | 10,521 | — | NA | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Other | — | 42,841 | 25,928 | — | — | 42,841 | 25,929 | 68,770 | 141 | — | 26,990 | 885 | — | — | 26,990 | 885 | 27,875 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit/Term Loan/Unsecured notes | 1,010,100 | — | — | — | — | — | — | — | — | NA | NA | 800,000 | — | — | — | — | — | — | — | — | NA | NA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grand Total | $ | 1,700,650 | $ | 871,161 | $ | 2,895,688 | $ | 2,692 | $ | 179,889 | $ | 873,854 | $ | 3,075,577 | $ | 3,949,431 | $ | 660,276 | $ | 1,153,302 | $ | 663,198 | $ | 2,203,919 | $ | 3,452 | $ | 209,046 | $ | 666,650 | $ | 2,412,966 | $ | 3,079,616 | $ | 661,546 |
____________________ | |
* | This property or a portion of the property is included as an unencumbered asset used in calculating our line of credit borrowing base. |
** | This category generally includes land held for development. We also have certain additional land parcels at our development and operating properties, which amounts are included elsewhere in this table. |
2017 | 2016 | 2015 | 2019 | 2018 | 2017 | |||||||||||||||||||
Balance, beginning of year | $ | 3,988,819 | $ | 3,926,180 | $ | 3,897,131 | $ | 3,633,376 | $ | 3,949,431 | $ | 3,988,819 | ||||||||||||
Acquisitions | — | — | 176,068 | 57,494 | — | — | ||||||||||||||||||
Improvements | 78,947 | 97,161 | 92,717 | 52,713 | 68,349 | 78,947 | ||||||||||||||||||
Impairment | (10,897 | ) | — | (2,293 | ) | (56,948 | ) | (73,198 | ) | (10,897 | ) | |||||||||||||
Disposals | (107,438 | ) | (34,522 | ) | (237,443 | ) | (607,019 | ) | (311,206 | ) | (107,438 | ) | ||||||||||||
Balance, end of year | $ | 3,949,431 | $ | 3,988,819 | $ | 3,926,180 | $ | 3,079,616 | $ | 3,633,376 | $ | 3,949,431 |
2017 | 2016 | 2015 | 2019 | 2018 | 2017 | |||||||||||||||||||
Balance, beginning of year | $ | 556,851 | $ | 428,930 | $ | 313,524 | $ | 695,012 | $ | 660,276 | $ | 556,851 | ||||||||||||
Depreciation expense | 148,346 | 148,947 | 141,516 | 117,216 | 132,662 | 148,346 | ||||||||||||||||||
Impairment | (3,494 | ) | — | (833 | ) | (19,226 | ) | (2,838 | ) | (3,494 | ) | |||||||||||||
Disposals | (41,427 | ) | (21,026 | ) | (25,277 | ) | (131,456 | ) | (95,088 | ) | (41,427 | ) | ||||||||||||
Balance, end of year | $ | 660,276 | $ | 556,851 | $ | 428,930 | $ | 661,546 | $ | 695,012 | $ | 660,276 |
Buildings | 20-35 years |
Building improvements | 10-35 years |
Tenant improvements | Term of related lease |
Furniture and Fixtures | 5-10 years |