Kite Realty Group Trust Files Q2 2024 10-Q

TL;DR

KRG filed its Q2 10-Q. Check financials.

AI Summary

Kite Realty Group Trust (KRG) filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational updates. Key financial data and disclosures relevant to investors are presented within this report.

Why It Matters

This 10-Q filing provides investors with a detailed look at Kite Realty Group Trust's financial health and operational status as of the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Players & Entities

• KITE REALTY GROUP TRUST (company) — Filer
• Kite Realty Group, L.P. (company) — Filer
• 20240630 (date) — Period of Report
• 20240731 (date) — Filing Date

FAQ

Key Financial Figures

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

Filing Documents

• krg-20240630.htm (10-Q) — 1672KB
• exhibit3116-30x24.htm (EX-31.1) — 11KB
• exhibit3126-30x24.htm (EX-31.2) — 12KB
• exhibit3136-30x24.htm (EX-31.3) — 12KB
• exhibit3146-30x24.htm (EX-31.4) — 12KB
• exhibit3216-30x24.htm (EX-32.1) — 10KB
• exhibit3226-30x24.htm (EX-32.2) — 11KB
• 0001286043-24-000089.txt ( ) — 8678KB
• krg-20240630.xsd (EX-101.SCH) — 63KB
• krg-20240630_cal.xml (EX-101.CAL) — 82KB
• krg-20240630_def.xml (EX-101.DEF) — 408KB
• krg-20240630_lab.xml (EX-101.LAB) — 653KB
• krg-20240630_pre.xml (EX-101.PRE) — 591KB
• krg-20240630_htm.xml (XML) — 1104KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Kite Realty Group Trust Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 4 Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 7 Kite Realty Group, L.P. and subsidiaries Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 8 Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 9 Consolidated Statements of Partners' Equity for the Three and Six Months Ended June 30, 2024 and 2023 10 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 27 Item 3. Quantitative and Qualitative Disclosure about Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 45

— 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) June 30, 2024 December 31, 2023 Assets: Investment properties, at cost $ 7,546,116 $ 7,740,061 Less: accumulated depreciation ( 1,447,549 ) ( 1,381,770 ) Net investment properties 6,098,567 6,358,291 Cash and cash equivalents 153,835 36,413 Tenant and other receivables, including accrued straight-line rent of $ 62,035 and $ 55,482 , respectively 120,012 113,290 Restricted cash and escrow deposits 4,935 5,017 Deferred costs, net 263,884 304,171 Short-term deposits 120,000 — Prepaid and other assets 114,159 117,834 Investments in unconsolidated subsidiaries 9,970 9,062 Assets associated with investment property held for sale 73,558 — Total assets $ 6,958,920 $ 6,944,078 Liabilities and Equity: Liabilities: Mortgage and other indebtedness, net $ 3,015,626 $ 2,829,202 Accounts payable and accrued expenses 189,688 198,079 Deferred revenue and other liabilities 250,103 272,942 Liabilities associated with investment property held for sale 3,930 — Total liabilities 3,459,347 3,300,223 Commitments and contingencies Limited Partners' interests in the Operating Partnership 76,093 73,287 Equity: Common shares, $ 0.01 par value, 490,000,000 shares authorized, 219,654,953 and 219,448,429 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 2,197 2,194 Additional paid-in capital 4,886,532 4,886,592 Accumulated other comprehensive income 50,255 52,435 Accumulated deficit ( 1,517,383 ) ( 1,373,083 ) Total shareholders' equity 3,421,601 3,568,138 Noncontrolling interests 1,879 2,430 Total equity 3,423,480 3,570,568 Total liabilities and equity $ 6,958,920 $ 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 t

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements June 30, 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 June 30, 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 responsibility

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