Kite Realty Group Trust Files 2023 10-K

TL;DR

<b>Kite Realty Group Trust has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

KITE REALTY GROUP TRUST (KRG) filed a Annual Report (10-K) with the SEC on February 20, 2024. Kite Realty Group Trust filed its 2023 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Maryland. Its principal business address is in Indianapolis, Indiana. The SIC code for the company is Real Estate Investment Trusts [6798].

Why It Matters

For investors and stakeholders tracking KITE REALTY GROUP TRUST, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Kite Realty Group Trust's financial performance and operational activities for the 2023 fiscal year, crucial for investors to assess the company's health and future prospects. Understanding the details within this report allows stakeholders to evaluate the company's strategic direction, risk exposure, and overall market position within the Real Estate Investment Trusts sector.

Risk Assessment

Risk Level: medium — KITE REALTY GROUP TRUST shows moderate risk based on this filing. The company operates within the Real Estate Investment Trusts sector, which is subject to market fluctuations, interest rate changes, and economic downturns, as detailed in typical 10-K filings.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Kite Realty Group Trust's performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240220 — Filing Date (Filed as of Date)
• 6798 — Standard Industrial Classification (SIC code for Real Estate Investment Trusts)
• 113715772 — IRS Number (Kite Realty Group Trust IRS Number)
• 201453863 — IRS Number (Kite Realty Group, L.P. IRS Number)

Key Players & Entities

• KITE REALTY GROUP TRUST (company) — Filer name
• Kite Realty Group, L.P. (company) — Filer name
• 0001286043 (company) — Central Index Key
• 0001636315 (company) — Central Index Key
• Indianapolis (location) — Business Address City
• MD (location) — State of Incorporation
• DE (location) — State of Incorporation
• 30 S MERIDIAN STREET (address) — Business Address Street 1

FAQ

Industry Context

Kite Realty Group Trust operates as a Real Estate Investment Trust (REIT), focusing on owning, operating, and redeveloping retail shopping centers.

Regulatory Implications

As a publicly traded company, Kite Realty Group Trust is subject to the regulations of the Securities and Exchange Commission (SEC), including the requirement to file annual reports like this 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's operational segments and geographic focus.
3. Assess the identified risk factors and their potential impact on future performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing.

Key Financial Figures

• $0.01 — nge on which registered Common Shares, $0.01 par value per share KRG New York Stock
• $47.5 million — attributable to common shareholders of $47.5 million for the year ended December 31, 2023;
• $453.3 million — tions ("FFO"), as defined by NAREIT, of $453.3 million; Same Property Net Operating Income ("
• $20.70 — etail portfolio ABR per square foot was $20.70 as of December 31, 2023, an increase of
• $0.68 — as of December 31, 2023, an increase of $0.68 (or 3.4%) from the end of the prior yea
• $1.1 billion — ear with full borrowing capacity on our $1.1 billion unsecured revolving credit facility (th
• $95.1 million — ng Facility"); We originated a 10-year $95.1 million mortgage payable at a fixed interest ra
• $95.0 million — n Downtown – Pads G & H; We repaid the $95.0 million principal balance of the 4.23% senior u
• $350.0 million — 2024, we completed a public offering of $350.0 million aggregate principal amount of 5.50% sen
• $81.0 million — orth MSA) for a gross purchase price of $81.0 million; We completed major development constr
• $142.1 million — service; We received gross proceeds of $142.1 million from the sale of Kingwood Commons (Hous
• $0.97 — nd We declared cash dividends totaling $0.97 per share during 2023. We have $269.6
• $269.6 million — g $0.97 per share during 2023. We have $269.6 million of debt principal scheduled to mature t
• $36.4 million — EBITDA ratio of 5.1x and approximately $36.4 million in cash on hand as of December 31, 2023
• $31.0 million — ccupied spread represents approximately $31.0 million of net operating income ("NOI"), the ma

Filing Documents

• krg-20231231.htm (10-K) — 4239KB
• exhibit41412-31x23.htm (EX-4.14) — 59KB
• exhibit21112-31x23.htm (EX-21.1) — 162KB
• exhibit23112-31x23.htm (EX-23.1) — 2KB
• exhibit23212-31x23.htm (EX-23.2) — 2KB
• exhibit31112-31x23.htm (EX-31.1) — 11KB
• exhibit31212-31x23.htm (EX-31.2) — 11KB
• exhibit31312-31x23.htm (EX-31.3) — 11KB
• exhibit31412-31x23.htm (EX-31.4) — 11KB
• exhibit32112-31x23.htm (EX-32.1) — 9KB
• exhibit32212-31x23.htm (EX-32.2) — 9KB
• exhibit97112-31x23.htm (EX-97.1) — 31KB
• krg-20231231_g1.jpg (GRAPHIC) — 146KB
• 0001286043-24-000018.txt (&nbsp;) — 20332KB
• krg-20231231.xsd (EX-101.SCH) — 135KB
• krg-20231231_cal.xml (EX-101.CAL) — 126KB
• krg-20231231_def.xml (EX-101.DEF) — 742KB
• krg-20231231_lab.xml (EX-101.LAB) — 1365KB
• krg-20231231_pre.xml (EX-101.PRE) — 988KB
• krg-20231231_htm.xml (XML) — 3415KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 26 Item 1C. Cybersecurity 26 Item 2.

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 31 Item 4. Mine Safety Disclosures 31 PART II Item 5. Market for the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 32 Item 6. [Reserved] 33 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 51 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 51 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 51 Item 9A.

Controls and Procedures

Controls and Procedures 51 Item 9B. Other Information 55 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 55 PART III Item 10. Trustees, Executive Officers and Corporate Governance 55 Item 11.

Executive Compensation

Executive Compensation 55 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 55 Item 13. Certain Relationships and Related Transactions, and Director Independence 55 Item 14. Principal Accountant Fees and Services 55 PART IV Item 15. Exhibits and Financial Statement Schedules 56 Item 16. Form 10-K Summary 64

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include but are not limited to: economic, business, banking, real estate and other market conditions, particularly in connection with low or negative growth in the U.S. economy as well as economic uncertainty (including a potential economic slowdown or recession, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending); financing risks, including the availability of, and costs associated with, sources of liquidity; our ability to refinance, or extend the maturity dates of, our indebtedness; the level and volatility of interest rates; the financial stability of our tenants; the competitive environment in which we operate, including potential oversupplies of, or a reduction in demand for, rental space; acquisition, disposition, development and joint venture risks; property ownership and management risks, including the relative illiquidity of real estate investments, and expenses, vacancies or the inability to rent space on favorable terms or at all; our ability to maintain our status as a real estate investment tr

BUSINESS

ITEM 1. BUSINESS Unless the context suggests otherwise, references to "we," "us," "our" or the "Company" refer to Kite Realty Group Trust and our business and operations conducted through our directly or indirectly owned subsidiaries, including Kite Realty Group, L.P., our operating partnership (the "Operating Partnership"). Overview Kite Realty Group Trust is a publicly held REIT that, through its majority-owned subsidiary, Kite Realty Group, L.P., owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development, and redevelopment of high-quality, open-air shopping centers and mixed-use assets that are primarily grocery-anchored and located in high-growth Sun Belt markets and select strategic gateway markets in the United States. Following our merger with Retail Properties of America, Inc. ("RPAI") in 2021, we became a top-five open-air shopping center REIT based upon market capitalization. We derive our revenue primarily from the collection of contractual rents and reimbursement payments from tenants under existing lease agreements at each of our properties. Therefore, our operating results depend materially on, among other things, the ability of our tenants to make required lease payments, the health and resilience of the U.S. retail sector, interest rate volatility, stability in the banking sector, job growth, the real estate market, and overall economic conditions. As of December 31, 2023, we owned interests in 180 operating retail properties totaling approximately 28.1 million square feet and one office property with 0.3 million square feet. Of the 180 operating retail properties, 10 contain an office component. We also owned two development projects under construction as of this date and an additional two properties with future redevelopment opportunities. Our retail operating portfolio was 93.9% leased to a diversified retail tenant base, with no single retail tenant accounting for more tha

View Full Filing

View this 10-K filing on SEC EDGAR