![]() ![]() Used the $125.0 million short-term deposit that matured on Apto repay borrowings on the Company’s revolving line of credit.Acquired the Sprouts and Total Wine building at KRG-owned MacArthur Crossing (Dallas / Fort Worth, TX) for a purchase price of $21.9 million.Acquired Pebble Marketplace (Las Vegas, NV), an 85,800 square foot grocery-anchored center, for a purchase price of $44.1 million.In addition to the $6.9 million KRG received for the land, KRG will earn significant development fees and development profits, while contributing no incremental capital. As previously disclosed, sold a portion of Hamilton Crossing Centre (Carmel, IN) and entered into a fee development agreement to build an approximately $200 million mixed-use corporate campus for Republic Airways.Portfolio leased-to-occupied spread of 320 basis points, which equates to $37.0 million of signed-not-open NOI.įirst Quarter 2022 Capital Allocation Activity.Retail portfolio percent leased of 93.6% at March 31, 2022, a sequential increase of 20 basis points.Operating retail portfolio annualized base rent (ABR) per square foot of $19.57 at March 31, 2022, a 5.6% increase year-over-year.Cash leasing spreads of 58.7% on 26 comparable new leases, 8.9% on 79 comparable renewals, and 16.1% on a blended basis.Executed 182 new and renewal leases representing approximately 1.1 million square feet.Same Property Net Operating Income (NOI) increased by 5.9% (including legacy RPAI properties).Excludes the impact of $0.9 million of merger and acquisition costs.Excludes a positive impact of $1.1 million of prior period collection impact related to the recovery of cash and non-cash bad debt and accounts receivable in 2022.Generated FFO, as adjusted, of the Operating Partnership of $101.5 million, or $0.46 per diluted share, which is a 35% per share increase over the comparable period in 2021.Generated NAREIT Funds From Operations of the Operating Partnership (FFO) of $101.7 million, or $0.46 per diluted share.Net loss attributable to common shareholders of $16.8 million, or $0.08 per diluted share, compared to net income of $24.6 million, or $0.29 per diluted share, for the quarters ended Maand 2021, respectively.KRG’s results continue to validate our ability to scale KRG’s operating platform across our high-quality portfolio of open-air shopping destinations to drive long-term value creation.” Based on the first quarter’s outperformance and our improved outlook for the balance of 2022, we are increasing our FFO, as adjusted guidance by $0.05 per share at the midpoint and increasing same-property NOI growth by 75 basis points at the midpoint. “KRG continues to capitalize on robust demand for open-air retail shopping destinations, as evidenced by our sustained leasing volume and over 16% cash leasing spreads. “KRG had an exceptional first quarter of 2022 and our team is executing on all fronts,” said John A. INDIANAPOLIS, Ap(GLOBE NEWSWIRE) - Kite Realty Group Trust (NYSE: KRG), a premier owner and operator of high-quality, open-air grocery-anchored neighborhood and community centers, along with vibrant mixed-use assets, reported today its operating results for the first quarter ended March 31, 2022. ![]() Share repurchase program upsized to $300 million from $150 million open-air shopping centers and mixed-use assets, comprising approximately 28.6 million square feet of gross leasable space.Leased over 1 million square feet at 16.1% comparable blended cash leasing spreadsĪcquired $66 million of high-quality Sun Belt assets As of June 30, 2023, the Company owned interests in 181 U.S. Using operational, investment, development, and redevelopment expertise, KRG continuously optimizes its portfolio to maximize value and return to shareholders. Publicly listed since 2004, KRG has nearly 60 years of experience in developing, constructing and operating real estate. The combination of necessity-based grocery-anchored neighborhood and community centers, along with vibrant mixed-use assets makes the KRG portfolio an ideal mix for both retailers and consumers. The Company's primarily grocery-anchored portfolio is located in high-growth Sun Belt and select strategic gateway markets. Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust (REIT) headquartered in Indianapolis, IN that is one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use assets.
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