Kite Realty Group Trust Files Q3 2024 10-Q
Ticker: KRG · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 1286043
Sentiment: neutral
Topics: 10-Q, real estate, REIT
TL;DR
**KRG Q3 2024 10-Q filed. Details financials and operations.**
AI Summary
Kite Realty Group Trust (KRG) filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its real estate assets and liabilities. Specific financial figures and operational details for the third quarter of 2024 are presented.
Why It Matters
This filing provides investors with a detailed look at Kite Realty Group Trust's financial health and operational performance for the third quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: medium — As a real estate investment trust, Kite Realty Group Trust is subject to market fluctuations, interest rate changes, and tenant-related risks.
Key Players & Entities
- KITE REALTY GROUP TRUST (company) — Filer
- Kite Realty Group, L.P. (company) — Filer
- 20240930 (date) — Reporting Period End Date
- 20241031 (date) — Filing Date
- 30 S MERIDIAN STREET SUITE 1100 INDIANAPOLIS IN 46204 (address) — Business and Mail Address
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended September 30, 2024.
What is the company's primary business classification?
The company is classified under Standard Industrial Classification as Real Estate Investment Trusts [6798].
Where is Kite Realty Group Trust headquartered?
Kite Realty Group Trust is headquartered in Indianapolis, Indiana, with its business and mail address listed as 30 S Meridian Street, Suite 1100, Indianapolis, IN 46204.
What is the SEC file number for Kite Realty Group Trust?
The SEC file number for Kite Realty Group Trust is 001-32268.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on October 31, 2024.
Filing Stats: 4,714 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-10-31 16:30:56
Key Financial Figures
- $0.01 — nge on which registered Common Shares, $0.01 par value per share KRG New York Stock
Filing Documents
- krg-20240930.htm (10-Q) — 1870KB
- exhibit3119-30x24.htm (EX-31.1) — 11KB
- exhibit3129-30x24.htm (EX-31.2) — 12KB
- exhibit3139-30x24.htm (EX-31.3) — 12KB
- exhibit3149-30x24.htm (EX-31.4) — 12KB
- exhibit3219-30x24.htm (EX-32.1) — 10KB
- exhibit3229-30x24.htm (EX-32.2) — 11KB
- 0001286043-24-000111.txt ( ) — 9713KB
- krg-20240930.xsd (EX-101.SCH) — 71KB
- krg-20240930_cal.xml (EX-101.CAL) — 85KB
- krg-20240930_def.xml (EX-101.DEF) — 445KB
- krg-20240930_lab.xml (EX-101.LAB) — 729KB
- krg-20240930_pre.xml (EX-101.PRE) — 638KB
- krg-20240930_htm.xml (XML) — 1276KB
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) Kite Realty Group Trust Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 4 Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 7 Kite Realty Group, L.P. and subsidiaries Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 8 Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 9 Consolidated Statements of Partners' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 10 Consolidated Statements of Cash Flows for the Nine Months Ended September 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 29 Item 3. Quantitative and Qualitative Disclosure about Market Risk 46 Item 4.
Controls and Procedures
Controls and Procedures 46
— OTHER INFORMATION
PART II — OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 48 Item 1A.
Risk Factors
Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49
— 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) September 30, 2024 December 31, 2023 Assets: Investment properties, at cost $ 7,607,849 $ 7,740,061 Less: accumulated depreciation ( 1,516,840 ) ( 1,381,770 ) Net investment properties 6,091,009 6,358,291 Cash and cash equivalents 117,530 36,413 Tenant and other receivables, including accrued straight-line rent of $ 65,334 and $ 55,482 , respectively 113,811 113,290 Restricted cash and escrow deposits 5,503 5,017 Deferred costs, net 252,163 304,171 Short-term deposits 350,000 — Prepaid and other assets 106,258 117,834 Investments in unconsolidated subsidiaries 18,803 9,062 Assets associated with investment property held for sale 74,657 — Total assets $ 7,129,734 $ 6,944,078 Liabilities and Equity: Liabilities: Mortgage and other indebtedness, net $ 3,239,928 $ 2,829,202 Accounts payable and accrued expenses 188,928 198,079 Deferred revenue and other liabilities 248,852 272,942 Liabilities associated with investment property held for sale 3,757 — Total liabilities 3,681,465 3,300,223 Commitments and contingencies Limited Partners' interests in the Operating Partnership 97,026 73,287 Equity: Common shares, $ 0.01 par value, 490,000,000 shares authorized, 219,666,129 and 219,448,429 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 2,197 2,194 Additional paid-in capital 4,867,235 4,886,592 Accumulated other comprehensive income 37,704 52,435 Accumulated deficit ( 1,557,767 ) ( 1,373,083 ) Total shareholders' equity 3,349,369 3,568,138 Noncontrolling interests 1,874 2,430 Total equity 3,351,243 3,570,568 Total liabilities and equity $ 7,129,734 $ 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 (Unaudite
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements September 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