Kite Realty Group Trust Files 2024 10-K

TL;DR

KRG filed its 2024 10-K. All systems go for REIT operations.

AI Summary

Kite Realty Group Trust filed its 2024 10-K on February 12, 2025, reporting on its fiscal year ending December 31, 2024. The filing details the company's financial performance and operations as a real estate investment trust. Kite Realty Group, L.P., a subsidiary, is also listed with its own SEC file number.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Kite Realty Group Trust's financial health, operational strategies, and risk factors for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 2024 — Fiscal Year (The period covered by the 10-K filing.)
• 1231 — Fiscal Year End (Indicates the end of the reporting period for financial statements.)

Key Players & Entities

• KITE REALTY GROUP TRUST (company) — Filer of the 10-K
• Kite Realty Group, L.P. (company) — Subsidiary listed in the filing
• 0001286043 (company) — Central Index Key for Kite Realty Group Trust
• 0001636315 (company) — Central Index Key for Kite Realty Group, L.P.
• 20241231 (date) — Fiscal year end date
• 20250212 (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
• $4.1 million — attributable to common shareholders of $4.1 million for the year ended December 31, 2024;
• $463.7 million — tions ("FFO"), as defined by NAREIT, of $463.7 million; Same Property Net Operating Income ("
• $21.15 — etail portfolio ABR per square foot was $21.15 as of December 31, 2024, an increase of
• $0 — as of December 31, 2024, an increase of $0.45, or 2.2%, from the prior year; and
• $1.1 billion — ear with full borrowing capacity on our $1.1 billion unsecured revolving credit facility (th
• $350.0 million — 2024, we completed a public offering of $350.0 million aggregate principal amount of 5.50% sen
• $149.6 million — roceeds of which were used to repay the $149.6 million principal balance of the 4.58% senior u
• $120.0 million — s that matured on June 30, 2024 and the $120.0 million unsecured term loan that matured on Jul
• $250.0 million — 4, we extended the maturity date of our $250.0 million unsecured term loan (the "$250M Term Lo
• $250M — 250.0 million unsecured term loan (the "$250M Term Loan") to October 24, 2027 and ame
• $40.1 million — anta MSA, for a gross purchase price of $40.1 million in August 2024; We began development a
• $30.6 million — er 2024; We received gross proceeds of $30.6 million from the sale of Ashland & Roosevelt in
• $7.6 million — ay 2024; We received gross proceeds of $7.6 million in connection with the sale of the firs
• $1.03 — nd We declared cash dividends totaling $1.03 per share during 2024. We have $430.0

Filing Documents

• krg-20241231.htm (10-K) — 4501KB
• exhibit105912-31x24.htm (EX-10.59) — 83KB
• exhibit19112-31x24.htm (EX-19.1) — 71KB
• exhibit21112-31x24.htm (EX-21.1) — 162KB
• exhibit23112-31x24.htm (EX-23.1) — 2KB
• exhibit23212-31x24.htm (EX-23.2) — 2KB
• exhibit31112-31x24.htm (EX-31.1) — 11KB
• exhibit31212-31x24.htm (EX-31.2) — 11KB
• exhibit31312-31x24.htm (EX-31.3) — 11KB
• exhibit31412-31x24.htm (EX-31.4) — 11KB
• exhibit32112-31x24.htm (EX-32.1) — 9KB
• exhibit32212-31x24.htm (EX-32.2) — 9KB
• krg-20241231_g1.jpg (GRAPHIC) — 148KB
• 0001286043-25-000014.txt ( ) — 22238KB
• krg-20241231.xsd (EX-101.SCH) — 155KB
• krg-20241231_cal.xml (EX-101.CAL) — 163KB
• krg-20241231_def.xml (EX-101.DEF) — 836KB
• krg-20241231_lab.xml (EX-101.LAB) — 1334KB
• krg-20241231_pre.xml (EX-101.PRE) — 1113KB
• krg-20241231_htm.xml (XML) — 3702KB

Business

Business 4 Item 1A.

Risk Factors

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

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 PART II Item 5. Market for the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 33 Item 6. [Reserved] 34 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 34 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 54 Item 9A.

Controls and Procedures

Controls and Procedures 54 Item 9B. Other Information 58 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 58 PART III Item 10. Trustees, Executive Officers and Corporate Governance 58 Item 11.

Executive Compensation

Executive Compensation 58 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 58 Item 13. Certain Relationships and Related Transactions, and Director Independence 58 Item 14. Principal Accountant Fees and Services 58 PART IV Item 15. Exhibits and Financial Statement Schedules 59 Item 16. Form 10-K Summary 67

SIGNATURES

SIGNATURES 68 1 Table of Contents

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, grocery-anchored shopping centers and vibrant mixed-use assets that are primarily 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, 2024, we owned interests in 179 operating retail properties totaling approximately 27.7 million square feet, excluding one operating retail property classified as held for sale as of December 31, 2024, and two office properties with 0.4 million square feet. Of the 179 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 operating retail portfolio was 9

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View this 10-K filing on SEC EDGAR