Kite Realty Group Trust Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Kite Realty Group Trust submitted its Q1 2024 10-Q filing, detailing financial positions and equity components.</b>

AI Summary

KITE REALTY GROUP TRUST (KRG) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Kite Realty Group Trust filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal executive offices are located in Indianapolis, Indiana. Kite Realty Group, L.P. is also listed as a filer with a Delaware incorporation. The filing includes data related to common stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings for various periods.

Why It Matters

For investors and stakeholders tracking KITE REALTY GROUP TRUST, this filing contains several important signals. This 10-Q provides a quarterly update on Kite Realty Group Trust's financial health and operational status, crucial for investors assessing performance. The detailed breakdown of equity accounts (common stock, APIC, AOCI, retained earnings) offers insights into capital structure changes and profitability over the reported periods.

Risk Assessment

Risk Level: low — KITE REALTY GROUP TRUST shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.

Analyst Insight

Monitor future filings for trends in equity accounts and operational performance metrics to inform investment decisions.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-01-01 — Reporting Period Start Date (10-Q filing)
• 2023-12-31 — Prior Year End Date (Balance sheet comparison)
• 2023-03-31 — Prior Year Quarter End Date (Comparative financial data)

Key Players & Entities

• KITE REALTY GROUP TRUST (company) — Filer's company name
• KRG (company) — Ticker symbol
• 10-Q (regulator) — Filing type
• 2024-03-31 (date) — Reporting period end date
• Indianapolis, Indiana (location) — Business address city and state
• Kite Realty Group, L.P. (company) — Related filer entity
• MD (location) — State of incorporation for Kite Realty Group Trust
• DE (location) — State of incorporation for Kite Realty Group, L.P.

FAQ

Industry Context

Kite Realty Group Trust operates as a real estate investment trust (REIT), focusing on owning and operating retail shopping centers.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management's discussion and analysis.
2. Compare Q1 2024 equity figures with prior periods to identify trends.
3. Note the incorporation states for both Kite Realty Group Trust (MD) and Kite Realty Group, L.P. (DE).

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported as of this date
• 2024-05-07: Filing Date — Date the 10-Q was submitted to the SEC

Year-Over-Year Comparison

This filing represents the standard quarterly update (10-Q) for the period ending March 31, 2024, following previous filings.

Key Financial Figures

• $0.01 — nge on which registered Common Shares, $0.01 par value per share KRG New York Stock

Filing Documents

• krg-20240331.htm (10-Q) — 1363KB
• exhibit3113-31x24.htm (EX-31.1) — 11KB
• exhibit3123-31x24.htm (EX-31.2) — 12KB
• exhibit3133-31x24.htm (EX-31.3) — 12KB
• exhibit3143-31x24.htm (EX-31.4) — 12KB
• exhibit3213-31x24.htm (EX-32.1) — 10KB
• exhibit3223-31x24.htm (EX-32.2) — 11KB
• 0001286043-24-000041.txt (&nbsp;) — 7454KB
• krg-20240331.xsd (EX-101.SCH) — 57KB
• krg-20240331_cal.xml (EX-101.CAL) — 70KB
• krg-20240331_def.xml (EX-101.DEF) — 346KB
• krg-20240331_lab.xml (EX-101.LAB) — 572KB
• krg-20240331_pre.xml (EX-101.PRE) — 513KB
• krg-20240331_htm.xml (XML) — 931KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Kite Realty Group Trust Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 4 Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 7 Kite Realty Group, L.P. and subsidiaries Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 8 Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 9 Consolidated Statements of Partners' Equity for the Three Months Ended March 31, 2024 and 2023 10 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 11 Kite Realty Group Trust and Kite Realty Group, L.P. and subsidiaries

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 12 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3. Quantitative and Qualitative Disclosure about Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 41 Item 6. Exhibits 42

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS KITE REALTY GROUP TRUST Consolidated Balance Sheets (Unaudited) ($ in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets: Investment properties, at cost $ 7,758,372 $ 7,740,061 Less: accumulated depreciation ( 1,452,715 ) ( 1,381,770 ) Net investment properties 6,305,657 6,358,291 Cash and cash equivalents 83,579 36,413 Tenant and other receivables, including accrued straight-line rent of $ 58,492 and $ 55,482 , respectively 118,057 113,290 Restricted cash and escrow deposits 5,385 5,017 Deferred costs, net 285,452 304,171 Short-term deposits 265,000 — Prepaid and other assets 131,765 117,834 Investments in unconsolidated subsidiaries 9,599 9,062 Total assets $ 7,204,494 $ 6,944,078 Liabilities and Equity: Liabilities: Mortgage and other indebtedness, net $ 3,167,513 $ 2,829,202 Accounts payable and accrued expenses 171,574 198,079 Deferred revenue and other liabilities 258,985 272,942 Total liabilities 3,598,072 3,300,223 Commitments and contingencies Limited Partners' interests in the Operating Partnership 73,713 73,287 Equity: Common shares, $ 0.01 par value, 490,000,000 shares authorized, 219,603,862 and 219,448,429 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 2,196 2,194 Additional paid-in capital 4,887,573 4,886,592 Accumulated other comprehensive income 54,891 52,435 Accumulated deficit ( 1,413,828 ) ( 1,373,083 ) Total shareholders' equity 3,530,832 3,568,138 Noncontrolling interests 1,877 2,430 Total equity 3,532,709 3,570,568 Total liabilities and equity $ 7,204,494 $ 6,944,078 The accompanying notes are an integral part of these consolidated financial statements. 4 KITE REALTY GROUP TRUST Consolidated Statements of Operations and Comprehensive Income (Unaudited) ($ in thousands, except share and per share data) Three Months Ended March 31, 2024 2023 Revenue: Rental income $ 205,813 $ 203,063 Othe

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements March 31, 2024 (Unaudited) ($ in thousands, except share, per share, unit and per unit amounts and where indicated in millions or billions) NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION Kite Realty Group Trust (the "Parent Company"), through its majority-owned subsidiary, Kite Realty Group, L.P. (the "Operating Partnership"), 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. The terms "Company," "we," "us," and "our" refer to the Parent Company and the Operating Partnership, collectively, and those entities owned or controlled by the Parent Company and/or the Operating Partnership. The Operating Partnership was formed on August 16, 2004, when the Parent Company contributed properties and the net proceeds from an initial public offering ("IPO") of shares of its common stock to the Operating Partnership. The Parent Company was organized in Maryland in 2004 to succeed in the development, acquisition, construction and real estate businesses of its predecessor. We believe the Company qualifies as a real estate investment trust ("REIT") under sections 856-860 of the Internal Revenue Code of 1986, as amended. The Parent Company is the sole general partner of the Operating Partnership and, as of March 31, 2024, owned approximately 98.3 % of the common partnership interests in the Operating Partnership ("General Partner Units"). The remaining 1.7 % of the common partnership interests ("Limited Partner Units" and, together with the General Partner Units, the "Common Units") were owned by the limited partners. As the sole general partner of the Operating Partnership, the Parent Company has full, exclusive and complete responsibili

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