Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced
today operating results for the fourth quarter and full year ended
December 31, 2015. Financial statements and exhibits attached to
this release include the details of the results.
“Our performance during the fourth quarter and throughout
2015 is a testament to our dedicated team, operational excellence,
strong balance sheet and overall corporate strategy,” said John
Kite, Chief Executive Officer. “We maintained significant
leasing momentum through year-end, as evidenced by a 190 basis
point increase in small shops leased for the year. Our
same-property net operating income reached the top-end of our
expectations, growing 3.5% for the year. Our balance sheet
flexibility is the strongest ever with a staggered maturity
schedule, strong fixed charge coverage and more than 50% of our
asset value unencumbered. Our consistent cash flow growth
allowed us to increase our annual dividend by 5.5%, while
maintaining conservative payout ratios. With our robust
redevelopment pipeline and meaningful lease-up opportunities ahead,
we are excited about the future and our ability to create long-term
value.”
Fourth Quarter
Highlights
- Generated Funds From Operations
(“FFO”), as adjusted, of $42.4 million, or $0.50 per diluted common
share.
- Generated FFO, as defined by NAREIT, of
$49.1 million, or $0.58 per diluted common share.
- Generated Adjusted Funds From
Operations ("AFFO") of $37.7 million, or $0.44 per diluted common
share.
- Achieved same-property net operating
income (“NOI”) growth of 3.4% over the same period in the prior
year.
- Produced new cash rent spreads of 21.0%
and comparable renewal cash rent spreads of 12.7%.
- Sold two non-core assets, Four Corner
Square and Cornelius Gateway, for gross proceeds of approximately
$45 million.
- Substantially completed two
redevelopment projects, Gainesville Plaza and Cool Springs Market,
and moved these assets into the operating portfolio.
- Closed on a $200 million 7-year
unsecured term loan at a rate of LIBOR plus 160 basis points.
- Redeemed $102.5 million of outstanding
8.25% preferred shares improving overall capital costs.
- Subsequent to the quarter end, the
Board approved an increase in its common dividend paid by
approximately 5.5% to an annual dividend of $1.15 per common share,
which represents an approximate 19.8% increase since 2013.
2015 Full Year
Highlights
- Generated FFO, as adjusted, of $170.2
million, or $1.99 per diluted common share.
- Generated FFO, as defined by NAREIT, of
$179.8 million, or $2.11 per diluted common share.
- Generated AFFO of $152.7 million, or
$1.79 per diluted common share.
- Achieved same-property NOI growth of
3.5% year-over-year.
- Increased leased small shop space by
190 basis points to 87.6%, compared to the end of the previous
year.
- Sold approximately $212 million of
non-core assets and redeployed approximately $186 million to
acquire high-quality, high-growth assets in our core markets.
Financial Results
For the three months ended December 31, 2015, FFO, as adjusted,
was $42.4 million, or $0.50 per diluted common share for Kite
Realty Group, L.P.’s real estate properties in which the Company
owns an interest (to which we refer as “Kite Portfolio”), compared
to $42.9 million, or $0.50 per diluted common share, for the same
period in the prior year.
Reported FFO, as defined by NAREIT, for the three months ended
December 31, 2015, was $49.1 million, or $0.58 per diluted common
share, for the Kite Portfolio, compared to $42.3 million, or $0.50
per diluted common share, for the same period in the prior year.
The increase was primarily driven by a $5.6 million gain on debt
extinguishment and a $4.8 million gain from the release of assumed
earnout liabilities, which were partially offset by a charge of
$3.8 million related to the preferred share redemption.
For the twelve months ended December 31, 2015, FFO, as adjusted,
was $170.2 million, or $1.99 per diluted common share, for the Kite
Portfolio, compared to $121.6 million, or $2.02 per diluted common
share, for the prior year. Reported FFO, as defined by NAREIT for
the twelve months ended December 31, 2015, was $179.8 million, or
$2.11 per diluted common share, for the Kite Portfolio, compared to
$94.1 million, or $1.56 per diluted common share, for the prior
year. The increase was largely driven by the above-mentioned
transactions, along with a gain on settlement of $4.5 million from
earlier in 2015.
Net income attributable to common shareholders for the three
months ended December 31, 2015, was $5.4 million, compared to a net
income of $5.1 million for the same period in 2014. For the twelve
months ended December 31, 2015, net income attributable to common
shareholders was $15.4 million, compared to a net loss of $14.2
million for the twelve months ended December 31, 2014. Full year
2015 results include a $5.6 million gain on debt extinguishment and
a $4.8 million gain from the release of assumed earnout
liabilities, which were partially offset by a charge of $3.8
million related to the preferred share redemption and a $1.6
million impairment attributable to a planned disposition of an
operating property.
Capital Markets & Balance
Sheet
During the fourth quarter, the Company completed a $200 million
7-year unsecured term loan bearing an interest rate of LIBOR plus
160 basis points. Earlier in 2015, the Company completed its first
senior unsecured bond offering by issuing $250 million via a
private placement at a blended fixed rate of 4.41% across 8-year,
10-year and 12-year tranches. Both unsecured transactions included
delayed draw features in order to closely match future funding
needs.
The proceeds from these debt offerings and non-core asset sales
were used to redeem the Company’s $102.5 million 8.25% preferred
notes and to unencumber one of the Company’s most valuable assets,
City Center in White Plains, New York. These proactive initiatives
taken in 2015 further strengthened the Company’s balance sheet as
it reduced secured debt exposure to 22.6% of gross asset value,
extended the weighted average debt maturity to 5.2 years, lowered
floating rate debt exposure to 12% and maintained a fixed charge
coverage ratio in excess of 3 times.
Portfolio Activity
Development and Redevelopment
The Company’s three development projects, Phase II of Parkside
Town Commons, Phase II of Holly Springs Towne Center, and Tamiami
Crossing, were in aggregate 88.7% pre-leased or committed as of
December 31, 2015. These three projects have a total estimated cost
of approximately $172.7 million, of which approximately $145.4
million, or 84.2%, had been incurred as of December 31, 2015.
The Company ended the year having identified 20 redevelopment
opportunities with total cost ranging from $130 million to $145
million at an average incremental return of approximately 9 to 11
percent. This pipeline is diverse in geography and type, with
projects spread across redevelopment, repurpose and reposition
opportunities. As of the end of the fourth quarter, 14 of the 20
properties included in the pipeline remain in the operating
portfolio.
Portfolio Dispositions
During the fourth quarter, the Company completed the sale of
Four Corner Square in Maple Valley, Washington, and Cornelius
Gateway in Cornelius, Oregon. The dispositions of non-core assets
resulted in aggregate gross proceeds of approximately $45 million,
which were used to partially fund the redemption of $102.5 million
of the Company’s 8.25% preferred shares.
Four Corner Square is a 119,579 square foot shopping center,
including ground leases, anchored by Grocery Outlet, Johnsons
Hardware and Walgreens. Cornelius Gateway is comprised of 21,326
square feet tenanted by FedEx Kinkos and Anytime Fitness.
Portfolio Operations
As of December 31, 2015, the Company owned interests in 121
properties totaling approximately 24 million square feet. The owned
GLA in the Company’s retail operating portfolio was 95.4% leased as
of December 31, 2015, and the Company’s overall portfolio was 95.3%
leased, excluding ground leases and non-owned anchors.
Same-property NOI, which includes 104 operating properties,
increased 3.4% in the fourth quarter compared to the same period in
the prior year. Same-property NOI increased 3.5% for the full year,
compared to the same period in the prior year. The leased
percentage of these properties was 95.4% at December 31, 2015,
compared to 95.1% at December 31, 2014.
The Company executed 108 leases totaling 504,893 square feet
during the fourth quarter of 2015. There were 68 comparable new and
renewal leases executed during the quarter for 396,196 square feet.
Cash rent spreads on new and renewal leases executed in the quarter
were approximately 21.0% and 12.7%, respectively, for a blended
cash rent spread of 14.2%.
Distributions
The Board of Trustees approved a quarterly common share cash
distribution of $0.2875 per common share for the quarter ended
March 31, 2016, which represents a 5.5% increase over its previous
quarterly distribution. The distribution will be paid on or about
April 13, 2016 to shareholders of record as of April 6, 2016.
2016 Earnings Guidance
The Company is introducing guidance for 2016 Funds From
Operations (“FFO”), as adjusted, in a range of $2.02 to $2.08 per
diluted share.
The Company’s 2016 FFO, as adjusted guidance excludes certain
one-time items such as transaction costs, debt extinguishment
gains/losses and certain other income or charges. The 2016 guidance
is based on the following key assumptions:
- Increase in same-property NOI of 2.5%
to 3.5% (excluding redevelopment)
- Year-end 2016 retail portfolio leased
rate of 95% to 96%
- General and administrative expense of
$18 million to $20 million
- GAAP interest expense of $62 million to
$65 million
- Sale of non-depreciable assets included
in Other Property Related Revenue of $1 million to $3 million,
after-tax
- Sale of non-core operating properties
of $50 million to $75 million, in addition to dispositions
completed in December 2015
- No acquisition activity
The Company’s 2016 guidance is based on a number of factors,
many of which are outside the Company’s control and all of which
are subject to change. The Company may change its guidance during
the year if actual or anticipated results vary from these
assumptions, although the Company undertakes no obligation to do
so.
Guidance Range For Full Year 2016
Low
High
Consolidated net income per diluted common share $ 0.07 $ 0.13 Add:
Depreciation, amortization and other 1.93 1.93
FFO, per diluted common share, as defined by NAREIT 2.00
2.06 Add: Transaction costs and certain other charges
0.02 0.02
FFO, as adjusted, per diluted
common share $ 2.02 $ 2.08
Non-GAAP Financial
Measures
Given the nature of the Company’s business as a real estate
owner and operator, the Company believes that FFO, FFO, as
adjusted, and AFFO are helpful to investors when measuring
operating performance because they exclude various items included
in net income or loss that do not relate to or are not indicative
of operating performance, such as gains or losses from sales and
impairments of operating properties and depreciation and
amortization, which can make periodic and peer analyses of
operating performance more difficult. We believe this supplemental
information provides a more meaningful measure of our operating
performance. The Company believes presenting FFO, FFO, as adjusted,
and AFFO in this manner allows investors and other interested
parties to form a more meaningful assessment of the Company’s
operating results. Reconciliations of net income to FFO, FFO, as
adjusted, and AFFO are included in the attached table.
Earnings Conference Call
The Company will conduct a conference call to discuss its
financial results on Friday, February 5, 2016, at 11:00 a.m.
Eastern Time. A live webcast of the conference call will be
available online on the Company’s corporate website at
www.kiterealty.com. The dial-in numbers are (866) 840-7637 for
domestic callers and (704) 908-0456 for international callers
(passcode 97449520). In addition, a webcast replay link will be
available on the corporate website.
About Kite Realty Group
Trust
Kite Realty Group Trust is a full-service, vertically integrated
real estate investment trust engaged in the ownership, operation,
management, leasing, acquisition, construction, redevelopment and
development of neighborhood and community shopping centers in
selected markets in the United States. As of December 31, 2015, the
Company owned interests in a portfolio of 121 operating,
development and redevelopment properties totaling approximately 24
million total square feet across 20 states. For more information,
please visit the Company’s website at www.kiterealty.com.
Safe Harbor
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such statements
are based on assumptions and expectations that may not be realized
and are inherently subject to risks, uncertainties and other
factors, many of which cannot be predicted with accuracy and some
of which might not even be anticipated. Future events and actual
results, performance, transactions or achievements, financial or
otherwise, may differ materially from the results, performance,
transactions or achievements, financial or otherwise, expressed or
implied by the forward-looking statements. Risks, uncertainties and
other factors that might cause such differences, some of which
could be material, include, but are not limited to: national and
local economic, business, real estate and other market conditions,
particularly in light of low growth in the U.S. economy, financing
risks, including the availability of and costs associated with
sources of liquidity, the Company’s ability to refinance, or extend
the maturity dates of, its indebtedness, the level and volatility
of interest rates, the financial stability of tenants, including
their ability to pay rent and the risk of tenant bankruptcies, the
competitive environment in which the Company operates, acquisition,
disposition, development, joint venture, property ownership and
management risks, the Company’s ability to maintain its status as a
real estate investment trust for federal income tax purposes,
potential environmental and other liabilities, impairment in the
value of real estate property the Company owns, risks related to
the geographical concentration of our properties in Florida,
Indiana and Texas, the dilutive effects of future offerings of
issuing additional securities, and other factors affecting the real
estate industry generally. The Company refers you to the documents
filed by the Company from time to time with the Securities and
Exchange Commission, specifically the section titled “Risk Factors”
in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2014, which discuss these and other factors that could
adversely affect the Company’s results. The Company undertakes no
obligation to publicly update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise.
Kite Realty Group
TrustConsolidated Balance Sheets(Unaudited)
($ in thousands) December
31,2015 December 31,2014 Assets:
Investment properties, at cost $ 3,933,140 $ 3,732,748 Less:
accumulated depreciation (432,295 ) (315,093 ) 3,500,845 3,417,655
Cash and cash equivalents 33,880 43,826 Tenant and other
receivables, including accrued straight-line rent of $23,809 and
$18,630 respectively, net of allowance for uncollectible accounts
51,101 48,097 Restricted cash and escrow deposits 13,476 16,171
Deferred costs and intangibles, net 157,884 159,978 Prepaid and
other assets 8,852 8,847 Assets held for sale — 179,642
Total Assets $ 3,766,038 $ 3,874,216
Liabilities and Shareholders’ Equity: Mortgage and other
indebtedness1 $ 1,734,059 $ 1,554,263 Accounts payable and accrued
expenses 81,356 75,150 Deferred revenue and other liabilities
131,559 136,409 Liabilities held for sale — 81,164
Total Liabilities 1,946,974 1,846,986 Commitments and
contingencies Limited Partners’ interests in the Operating
Partnership and other redeemable noncontrolling interests 92,315
125,082
Shareholders’ Equity: Kite Realty Group Trust
Shareholders’ Equity: Preferred Shares, $.01 par value,
40,000,000 shares authorized, 0 and 4,100,000 shares issued and
outstanding at December 31, 2015 and December 31, 2014,
respectively — 102,500 Common Shares, $.01 par value, 225,000,000
shares authorized, 83,334,865 and 83,490,663 shares issued and
outstanding at December 31, 2015 and December 31, 2014,
respectively 833 835 Additional paid in capital 2,050,545 2,044,425
Accumulated other comprehensive loss (2,145 ) (1,175 ) Accumulated
deficit (323,257 ) (247,801 )
Total Kite Realty Group Trust
Shareholders’ Equity 1,725,976 1,898,784 Noncontrolling
Interests 773 3,364
Total Equity 1,726,749
1,902,148
Total Liabilities and Shareholders'
Equity $ 3,766,038 $ 3,874,216
____________________ 1 Includes debt premium of $16.5
million at December 31, 2015.
Kite Realty Group
TrustConsolidated Statements of OperationsFor the
Three and Twelve Months Ended December 31, 2015 and 2014
(Unaudited)
($ in thousands, except per share
data) Three Months EndedDecember 31, Twelve
Months EndedDecember 31, 2015 2014
2015 2014 Revenue: Minimum rent $ 67,139 $
67,939 $ 263,794 $ 199,455 Tenant reimbursements 18,344 17,690
70,235 52,773 Other property related revenue 3,812 1,819
12,976 7,300
Total revenue 89,295
87,448 347,005 259,528
Expenses: Property operating 13,451
12,646 49,973 38,703 Real estate taxes 11,083 9,900 40,904 29,947
General, administrative, and other 4,578 3,684 18,709 13,043 Merger
and acquisition costs — 659 1,550 27,508 Non-cash gain from release
of assumed earnout liability (4,832 ) — (4,832 ) — Impairment
charge 1,592 — 1,592 — Depreciation and amortization 43,116
39,438 167,312 120,998
Total expenses
68,988 66,327 275,208 230,199
Operating income 20,307 21,121 71,797 29,329 Interest
expense (15,437 ) (15,222 ) (56,432 ) (45,513 ) Income tax
(expense) benefit of taxable REIT subsidiary (52 ) 13 (186 ) (24 )
Non-cash gain on debt extinguishment 5,645 — 5,645 — Gain on
settlement — — 4,520 — Other expense, net (61 ) (125 ) (95 ) (244 )
Income (loss) from continuing operations 10,402 5,787 25,249
(16,452 )
Discontinued operations: Gain on sale of operating
property — — — 3,198
Income from
discontinued operations — — — 3,198
Income (loss) before gain on sale of operating properties
10,402 5,787 25,249 (13,254 ) Gain on sales of operating properties
854 2,242 4,066 8,578
Net income
(loss) 11,256 8,029 29,315 (4,676 ) Net income attributable to
noncontrolling interest (571 ) (801 ) (2,198 ) (1,025 ) Dividends
on preferred shares (1,535 ) (2,114 ) (7,877 ) (8,456 ) Non-cash
adjustment for redemption of preferred shares (3,797 ) —
(3,797 ) —
Net income (loss) attributable to Kite Realty
Group Trust common shareholders $ 5,353 $ 5,114 $
15,443 $ (14,157 )
Income (loss) per common share
- basic: Continuing operations $ 0.06 $ 0.06 $ 0.19 $ (0.29 )
Discontinued operations — — — 0.05 $
0.06 $ 0.06 $ 0.19 $ (0.24 )
Income (loss)
per common share - diluted: Continuing operations $ 0.06 $ 0.06
$ 0.18 $ (0.29 ) Discontinued operations — — —
0.05 $ 0.06 $ 0.06 $ 0.18 $ (0.24 )
Weighted average common shares outstanding - basic
83,327,664 83,478,680 83,421,904 58,353,448
Weighted average common shares outstanding - diluted
83,438,844 83,727,400 83,534,381 58,353,448
Common Dividends declared per common share $ 0.2725
$ 0.2600 $ 1.0900 $ 1.0200
Amounts attributable to Kite Realty Group Trust common
shareholders: Income (loss) from continuing operations $ 5,353
$ 5,114 $ 15,443 $ (17,268 ) Income from discontinued operations —
— — 3,111
Net income (loss) $
5,353 $ 5,114 $ 15,443 $ (14,157 )
Kite Realty Group TrustFunds
From OperationsFor the Three and Twelve Months Ended
December 31, 2015 and 2014 (Unaudited)
($ in thousands, except share and
per share data) Three Months EndedDecember 31,
Twelve Months EndedDecember 31, 2015
2014 2015 2014 Funds From Operations
Consolidated net income (loss) $ 11,256 $ 8,029 $ 29,315 $ (4,676 )
Less: cash dividends on preferred shares (1,535 ) (2,114 ) (7,877 )
(8,456 ) Less: non-cash adjustment for redemption of preferred
shares (3,797 ) — (3,797 ) — Less: net income attributable to
noncontrolling interests in properties (442 ) (678 ) (1,859 )
(1,435 ) Less: gains on sales of operating properties (854 ) (2,242
) (4,065 ) (11,777 ) Add: impairment charge 1,592 — 1,592 — Add:
depreciation and amortization of consolidated entities, net of
noncontrolling interests 42,855 39,291 166,513
120,452 Funds From Operations of the Kite Portfolio 49,075
42,286 179,822 94,108 Less: Limited Partners' interests in Funds
From Operations (1,091 ) (883 ) (3,789 ) (2,541 )
Funds From Operations attributable to Kite
Realty Group Trust common shareholders1
$ 47,984 $ 41,403 $ 176,033 $ 91,567
FFO per share of the Operating Partnership - basic $ 0.58 $
0.50 $ 2.11 $ 1.57 FFO per share of the
Operating Partnership - diluted $ 0.58 $ 0.50 $ 2.11
$ 1.56 Funds From Operations of the Kite
Portfolio $ 49,075 $ 42,286 $ 179,822 $ 94,108 Less: gain on
settlement — — (4,520 ) — Add: merger and acquisition costs — 659
1,550 27,508 Add: adjustment for redemption of preferred shares
(non-cash) 3,797 — 3,797 — Less: gain from release of assumed
earnout liability (non-cash) (4,832 ) — (4,832 ) — Less: gain on
debt extinguishment (non-cash) (5,645 ) — (5,645 ) —
Funds From Operations of the Kite Portfolio, as adjusted $ 42,395
$ 42,945 $ 170,172 $ 121,616 FFO per
share of the Operating Partnership, as adjusted - basic $ 0.50
$ 0.50 $ 2.00 $ 2.03 FFO per share of
the Operating Partnership, as adjusted - diluted $ 0.50 $
0.50 $ 1.99 $ 2.02 Weighted average
Common Shares outstanding - basic 83,327,664 83,478,680
83,421,904 58,353,448 Weighted average Common
Shares outstanding - diluted 83,438,844 83,727,400
83,534,381 58,593,868 Weighted average Common Shares
and Units outstanding - basic 85,235,953 85,128,444
85,219,827 60,010,480 Weighted average Common Shares
and Units outstanding - diluted 85,347,133 85,377,163
85,332,303 60,250,900 ____________________ 1
“Funds From Operations of the Kite Portfolio" measures 100% of the
operating performance of the Operating Partnership’s real estate
properties and construction and service subsidiaries in which the
Company owns an interest. “Funds From Operations attributable to
Kite Realty Group Trust common shareholders” reflects a reduction
for the redeemable noncontrolling weighted average diluted interest
in the Operating Partnership.
Kite Realty Group TrustSame
Property Net Operating IncomeFor the Three and Twelve Months
Ended December 31, 2015 and 2014(Unaudited)
($ in thousands)
Three Months Ended December 31, Twelve Months Ended
December 31, 2015 2014
%Change
2015 2014
%Change
Number of properties at period end1 104 104
Leased
percentage 95.4 % 95.1 % 95.4 % 95.1 %
Economic Occupancy
percentage at period end2 93.9 % 93.7 % 93.9 % 93.7 %
Minimum rent $ 55,235 $ 54,485 $ 172,449 $ 169,013 Tenant
recoveries 15,307 14,744 48,269 47,458 Overage rent, specialty
leasing, and parking revenue 1,647 1,030 4,037
3,305 72,189 70,259 224,755 219,776 Property
operating expenses (9,602 ) (9,824 ) (31,720 ) (33,112 ) Real
estate taxes (8,989 ) (8,616 ) (28,428 ) (27,624 ) (18,591 )
(18,440 ) (60,148 ) (60,736 )
Net operating income - same
properties3 $ 53,598 $
51,819 3.4% $ 164,607 $
159,040 3.5% Reconciliation of Same Property
NOI to Most Directly Comparable GAAP Measure: Net operating income
- same properties $ 53,598 $ 51,819 $ 164,607 $ 159,040 Net
operating income - non-same activity4 11,163 13,083 91,521 31,838
General, administrative and other (4,578 ) (3,684 ) (18,709 )
(13,043 ) Merger and acquisition costs — (659 ) (1,550 ) (27,508 )
Depreciation expense (43,116 ) (39,438 ) (167,312 ) (120,998 )
Non-cash gain from release of assumed earnout liability 4,832 —
4,832 — Impairment charge (1,592 ) — (1,592 ) — Interest expense
(15,437 ) (15,222 ) (56,432 ) (45,513 ) Gain on settlement — —
4,520 — Other expense, net (113 ) (112 ) (281 ) (268 ) Discontinued
operations — — — 3,198 Non-cash gain on debt extinguishment 5,645 —
5,645 — Gains on sales of operating properties 854 2,242 4,066
8,578 Net income attributable to noncontrolling interests (571 )
(801 ) (2,198 ) (1,025 ) Dividends on preferred shares (1,535 )
(2,114 ) (7,877 ) (8,456 ) Non-cash adjustment for redemption of
preferred shares (3,797 ) — (3,797 ) — Net income
(loss) attributable to common shareholders $ 5,353 $ 5,114
$ 15,443 $ (14,157 ) ____________________ 1
Same property analysis excludes operating properties in
redevelopment. 2 Excludes leases that are signed but for
which tenants have not commenced payment of cash rent. Calculated
as a weighted average based on the timing of cash rent commencement
during the period. 3 Same property net operating income
excludes net gains from outlot sales, straight-line rent revenue,
bad debt expense and recoveries, lease termination fees,
amortization of lease intangibles and significant prior year
expense recoveries and adjustments, if any. 4 Includes
non-cash accounting items across the portfolio as well as net
operating income from properties not included in the same property
pool including $5.1 million in the fourth quarter of 2014 related
to the 15 property asset sale.
The Company believes that Net Operating Income is helpful to
investors as a measure of its operating performance because it
excludes various items included in net income that do not relate to
or are not indicative of its operating performance, such as
depreciation and amortization, interest expense, and impairment, if
any. The Company believes that Same Property NOI is helpful to
investors as a measure of its operating performance because it
includes only the NOI of properties that have been owned for the
full period presented, which eliminates disparities in net income
due to the redevelopment, acquisition or disposition of properties
during the particular period presented, and thus provides a more
consistent metric for the comparison of the Company's properties.
NOI and Same Property NOI should not, however, be considered as
alternatives to net income (calculated in accordance with GAAP) as
indicators of the Company's financial performance.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160204006348/en/
Kite Realty Group TrustMaggie Daniels, CFA, 317-713-7644Media
& Investor Relationsmdaniels@kiterealty.com
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