| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
| Maryland | Kite Realty Group Trust | 11-3715772 | ||||||||||||
| Delaware | Kite Realty Group, L.P. | 20-1453863 | ||||||||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Common Shares, $0.01 par value per share | KRG | New York Stock Exchange | ||||||||||||
| Kite Realty Group Trust | Yes | ☒ | No | o | Kite Realty Group, L.P. | Yes | ☒ | No | o | |||||||||||||||||||||||
| Kite Realty Group Trust | Yes | ☒ | No | o | Kite Realty Group, L.P. | Yes | ☒ | No | o | |||||||||||||||||||||||
| Large accelerated filer | x | Accelerated filer | o | Non-accelerated filer | o | Smaller reporting company | ☐ | |||||||||||||||||||||||||
| Emerging growth company | ☐ | |||||||||||||||||||||||||||||||
| Large accelerated filer | o | Accelerated filer | o | Non-accelerated filer | x | Smaller reporting company | ☐ | |||||||||||||||||||||||||
| Emerging growth company | ☐ | |||||||||||||||||||||||||||||||
| Kite Realty Group Trust | o | Kite Realty Group, L.P. | o | |||||||||||
| Kite Realty Group Trust | Yes | ☐ | No | x | Kite Realty Group, L.P. | Yes | ☐ | No | x | |||||||||||||||||||||||
| Kite Realty Group Trust | |||||||||||
| Kite Realty Group, L.P. and subsidiaries | |||||||||||
| Kite Realty Group Trust and Kite Realty Group, L.P. and subsidiaries | |||||||||||
| June 30, 2023 | December 31, 2022 | ||||||||||
| Assets: | |||||||||||
| Investment properties, at cost | $ | 7,670,365 | $ | 7,732,573 | |||||||
| Less: accumulated depreciation | (1,244,282) | (1,161,148) | |||||||||
| Net investment properties | 6,426,083 | 6,571,425 | |||||||||
| Cash and cash equivalents | 129,254 | 115,799 | |||||||||
Tenant and other receivables, including accrued straight-line rent of $51,355 and $44,460, respectively | 109,552 | 101,301 | |||||||||
| Restricted cash and escrow deposits | 5,700 | 6,171 | |||||||||
| Deferred costs, net | 353,714 | 409,828 | |||||||||
| Prepaid and other assets | 130,485 | 127,044 | |||||||||
| Investments in unconsolidated subsidiaries | 10,311 | 10,414 | |||||||||
| Total assets | $ | 7,165,099 | $ | 7,341,982 | |||||||
| Liabilities and Equity: | |||||||||||
| Liabilities: | |||||||||||
| Mortgage and other indebtedness, net | $ | 2,937,963 | $ | 3,010,299 | |||||||
| Accounts payable and accrued expenses | 178,227 | 207,792 | |||||||||
| Deferred revenue and other liabilities | 289,671 | 298,039 | |||||||||
| Total liabilities | 3,405,861 | 3,516,130 | |||||||||
| Commitments and contingencies | |||||||||||
| Limited Partners’ interests in the Operating Partnership | 60,927 | 53,967 | |||||||||
| Equity: | |||||||||||
Common shares, $0.01 par value, 490,000,000 shares authorized, 219,374,275 and 219,185,658 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 2,194 | 2,192 | |||||||||
| Additional paid-in capital | 4,894,907 | 4,897,736 | |||||||||
| Accumulated other comprehensive income | 71,323 | 74,344 | |||||||||
| Accumulated deficit | (1,275,617) | (1,207,757) | |||||||||
| Total shareholders’ equity | 3,692,807 | 3,766,515 | |||||||||
| Noncontrolling interests | 5,504 | 5,370 | |||||||||
| Total equity | 3,698,311 | 3,771,885 | |||||||||
| Total liabilities and equity | $ | 7,165,099 | $ | 7,341,982 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Rental income | $ | 205,836 | $ | 196,205 | $ | 408,899 | $ | 387,097 | |||||||||||||||
| Other property-related revenue | 1,883 | 3,729 | 3,799 | 4,919 | |||||||||||||||||||
| Fee income | 1,040 | 2,671 | 2,811 | 4,980 | |||||||||||||||||||
| Total revenue | 208,759 | 202,605 | 415,509 | 396,996 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Property operating | 27,232 | 26,123 | 54,546 | 52,051 | |||||||||||||||||||
| Real estate taxes | 26,697 | 27,883 | 53,880 | 54,742 | |||||||||||||||||||
| General, administrative and other | 14,499 | 13,809 | 27,883 | 27,118 | |||||||||||||||||||
| Merger and acquisition costs | — | (27) | — | 898 | |||||||||||||||||||
| Depreciation and amortization | 109,462 | 119,761 | 217,533 | 241,265 | |||||||||||||||||||
| Total expenses | 177,890 | 187,549 | 353,842 | 376,074 | |||||||||||||||||||
| Gain on sales of operating properties, net | 28,440 | 23,958 | 28,440 | 27,126 | |||||||||||||||||||
| Operating income | 59,309 | 39,014 | 90,107 | 48,048 | |||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||
| Interest expense | (27,205) | (25,709) | (52,630) | (51,223) | |||||||||||||||||||
| Income tax (expense) benefit of taxable REIT subsidiary | (45) | 188 | (16) | 259 | |||||||||||||||||||
| Equity in earnings (loss) of unconsolidated subsidiaries | 118 | 114 | (126) | (200) | |||||||||||||||||||
| Other income (expense), net | 304 | (162) | 707 | (265) | |||||||||||||||||||
| Net income (loss) | 32,481 | 13,445 | 38,042 | (3,381) | |||||||||||||||||||
| Net income attributable to noncontrolling interests | (423) | (314) | (593) | (292) | |||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 32,058 | $ | 13,131 | $ | 37,449 | $ | (3,673) | |||||||||||||||
| Net income (loss) per common share – basic and diluted | $ | 0.15 | $ | 0.06 | $ | 0.17 | $ | (0.02) | |||||||||||||||
| Weighted average common shares outstanding – basic | 219,354,275 | 219,073,778 | 219,294,255 | 219,027,729 | |||||||||||||||||||
| Weighted average common shares outstanding – diluted | 220,032,366 | 219,744,300 | 219,999,440 | 219,027,729 | |||||||||||||||||||
| Net income (loss) | $ | 32,481 | $ | 13,445 | $ | 38,042 | $ | (3,381) | |||||||||||||||
| Change in fair value of derivatives | 8,642 | 17,559 | (3,003) | 56,497 | |||||||||||||||||||
| Total comprehensive income | 41,123 | 31,004 | 35,039 | 53,116 | |||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (529) | (727) | (611) | (930) | |||||||||||||||||||
| Comprehensive income attributable to the Company | $ | 40,594 | $ | 30,277 | $ | 34,428 | $ | 52,186 | |||||||||||||||
| Common Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total | |||||||||||||||||||||||||||||||
| Shares | Amount | ||||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | 219,185,658 | $ | 2,192 | $ | 4,897,736 | $ | 74,344 | $ | (1,207,757) | $ | 3,766,515 | ||||||||||||||||||||||||
| Stock compensation activity | 140,240 | 1 | 2,134 | — | — | 2,135 | |||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | (11,557) | — | (11,557) | |||||||||||||||||||||||||||||
| Distributions to common shareholders | — | — | — | — | (52,659) | (52,659) | |||||||||||||||||||||||||||||
| Net income attributable to common shareholders | — | — | — | — | 5,391 | 5,391 | |||||||||||||||||||||||||||||
| Adjustment to redeemable noncontrolling interests | — | — | (3,821) | — | — | (3,821) | |||||||||||||||||||||||||||||
| Balance at March 31, 2023 | 219,325,898 | $ | 2,193 | $ | 4,896,049 | $ | 62,787 | $ | (1,255,025) | $ | 3,706,004 | ||||||||||||||||||||||||
| Stock compensation activity | 48,377 | 1 | 2,959 | — | — | 2,960 | |||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | 8,536 | — | 8,536 | |||||||||||||||||||||||||||||
| Distributions to common shareholders | — | — | — | — | (52,650) | (52,650) | |||||||||||||||||||||||||||||
| Net income attributable to common shareholders | — | — | — | — | 32,058 | 32,058 | |||||||||||||||||||||||||||||
| Adjustment to redeemable noncontrolling interests | — | — | (4,101) | — | — | (4,101) | |||||||||||||||||||||||||||||
| Balance at June 30, 2023 | 219,374,275 | $ | 2,194 | $ | 4,894,907 | $ | 71,323 | $ | (1,275,617) | $ | 3,692,807 | ||||||||||||||||||||||||
| Balance at December 31, 2021 | 218,949,569 | $ | 2,189 | $ | 4,898,673 | $ | (15,902) | $ | (962,913) | $ | 3,922,047 | ||||||||||||||||||||||||
| Stock compensation activity | 93,334 | 1 | 1,821 | — | — | 1,822 | |||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | 38,713 | — | 38,713 | |||||||||||||||||||||||||||||
| Distributions to common shareholders | — | — | — | — | (41,600) | (41,600) | |||||||||||||||||||||||||||||
| Net loss attributable to common shareholders | — | — | — | — | (16,804) | (16,804) | |||||||||||||||||||||||||||||
| Adjustment to redeemable noncontrolling interests | — | — | (5,597) | — | — | (5,597) | |||||||||||||||||||||||||||||
| Balance at March 31, 2022 | 219,042,903 | $ | 2,190 | $ | 4,894,897 | $ | 22,811 | $ | (1,021,317) | $ | 3,898,581 | ||||||||||||||||||||||||
| Stock compensation activity | 58,095 | 1 | 2,850 | — | — | 2,851 | |||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | 17,146 | — | 17,146 | |||||||||||||||||||||||||||||
| Distributions to common shareholders | — | — | — | — | (43,808) | (43,808) | |||||||||||||||||||||||||||||
| Net income attributable to common shareholders | — | — | — | — | 13,131 | 13,131 | |||||||||||||||||||||||||||||
| Adjustment to redeemable noncontrolling interests | — | — | 3,239 | — | — | 3,239 | |||||||||||||||||||||||||||||
| Balance at June 30, 2022 | 219,100,998 | $ | 2,191 | $ | 4,900,986 | $ | 39,957 | $ | (1,051,994) | $ | 3,891,140 | ||||||||||||||||||||||||
| Six Months Ended June 30, | |||||||||||
| 2023 | 2022 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 38,042 | $ | (3,381) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 219,315 | 242,634 | |||||||||
| Gain on sales of operating properties, net | (28,440) | (27,126) | |||||||||
| Straight-line rent | (6,958) | (8,359) | |||||||||
| Compensation expense for equity awards | 5,133 | 5,603 | |||||||||
| Amortization of debt fair value adjustments | (6,688) | (6,835) | |||||||||
| Amortization of in-place lease liabilities | (5,375) | (1,915) | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Tenant receivables | 268 | (1,447) | |||||||||
| Deferred costs and other assets | (14,074) | (4,257) | |||||||||
| Accounts payable, accrued expenses, deferred revenue and other liabilities | (20,798) | (40,595) | |||||||||
| Net cash provided by operating activities | 180,425 | 154,322 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Acquisitions of interests in properties | — | (65,765) | |||||||||
| Capital expenditures | (67,767) | (58,731) | |||||||||
| Net proceeds from sales of land | 917 | 1,935 | |||||||||
| Net proceeds from sales of operating properties | 78,556 | 65,408 | |||||||||
| Investment in short-term deposits | — | 125,000 | |||||||||
| Small business loan repayments | 287 | 372 | |||||||||
| Change in construction payables | (3,980) | (717) | |||||||||
| Distribution from unconsolidated joint venture | — | 1,144 | |||||||||
| Net cash provided by investing activities | 8,013 | 68,646 | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from issuance of common shares, net | 40 | 20 | |||||||||
| Repurchases of common shares upon the vesting of restricted shares | (731) | (1,144) | |||||||||
| Debt and equity issuance costs | (54) | (662) | |||||||||
| Loan proceeds | 293,095 | 120,000 | |||||||||
| Loan payments | (361,162) | (255,766) | |||||||||
| Distributions paid – common shareholders | (105,243) | (85,408) | |||||||||
| Distributions paid – redeemable noncontrolling interests | (1,399) | (1,219) | |||||||||
| Net cash used in financing activities | (175,454) | (224,179) | |||||||||
| Net change in cash, cash equivalents and restricted cash | 12,984 | (1,211) | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 121,970 | 100,363 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 134,954 | $ | 99,152 | |||||||
| June 30, 2023 | December 31, 2022 | ||||||||||
| Assets: | |||||||||||
| Investment properties, at cost | $ | 7,670,365 | $ | 7,732,573 | |||||||
| Less: accumulated depreciation | (1,244,282) | (1,161,148) | |||||||||
| Net investment properties | 6,426,083 | 6,571,425 | |||||||||
| Cash and cash equivalents | 129,254 | 115,799 | |||||||||
Tenant and other receivables, including accrued straight-line rent of $51,355 and $44,460, respectively | 109,552 | 101,301 | |||||||||
| Restricted cash and escrow deposits | 5,700 | 6,171 | |||||||||
| Deferred costs, net | 353,714 | 409,828 | |||||||||
| Prepaid and other assets | 130,485 | 127,044 | |||||||||
| Investments in unconsolidated subsidiaries | 10,311 | 10,414 | |||||||||
| Total assets | $ | 7,165,099 | $ | 7,341,982 | |||||||
| Liabilities and Equity: | |||||||||||
| Liabilities: | |||||||||||
| Mortgage and other indebtedness, net | $ | 2,937,963 | $ | 3,010,299 | |||||||
| Accounts payable and accrued expenses | 178,227 | 207,792 | |||||||||
| Deferred revenue and other liabilities | 289,671 | 298,039 | |||||||||
| Total liabilities | 3,405,861 | 3,516,130 | |||||||||
| Commitments and contingencies | |||||||||||
| Limited Partners’ interests in the Operating Partnership | 60,927 | 53,967 | |||||||||
| Partners’ Equity: | |||||||||||
Common equity, 219,374,275 and 219,185,658 units issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 3,621,484 | 3,692,171 | |||||||||
| Accumulated other comprehensive income | 71,323 | 74,344 | |||||||||
| Total Partners’ equity | 3,692,807 | 3,766,515 | |||||||||
| Noncontrolling interests | 5,504 | 5,370 | |||||||||
| Total equity | 3,698,311 | 3,771,885 | |||||||||
| Total liabilities and equity | $ | 7,165,099 | $ | 7,341,982 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Rental income | $ | 205,836 | $ | 196,205 | $ | 408,899 | $ | 387,097 | |||||||||||||||
| Other property-related revenue | 1,883 | 3,729 | 3,799 | 4,919 | |||||||||||||||||||
| Fee income | 1,040 | 2,671 | 2,811 | 4,980 | |||||||||||||||||||
| Total revenue | 208,759 | 202,605 | 415,509 | 396,996 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Property operating | 27,232 | 26,123 | 54,546 | 52,051 | |||||||||||||||||||
| Real estate taxes | 26,697 | 27,883 | 53,880 | 54,742 | |||||||||||||||||||
| General, administrative and other | 14,499 | 13,809 | 27,883 | 27,118 | |||||||||||||||||||
| Merger and acquisition costs | — | (27) | — | 898 | |||||||||||||||||||
| Depreciation and amortization | 109,462 | 119,761 | 217,533 | 241,265 | |||||||||||||||||||
| Total expenses | 177,890 | 187,549 | 353,842 | 376,074 | |||||||||||||||||||
| Gain on sales of operating properties, net | 28,440 | 23,958 | 28,440 | 27,126 | |||||||||||||||||||
| Operating income | 59,309 | 39,014 | 90,107 | 48,048 | |||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||
| Interest expense | (27,205) | (25,709) | (52,630) | (51,223) | |||||||||||||||||||
| Income tax (expense) benefit of taxable REIT subsidiary | (45) | 188 | (16) | 259 | |||||||||||||||||||
| Equity in earnings (loss) of unconsolidated subsidiaries | 118 | 114 | (126) | (200) | |||||||||||||||||||
| Other income (expense), net | 304 | (162) | 707 | (265) | |||||||||||||||||||
| Net income (loss) | 32,481 | 13,445 | 38,042 | (3,381) | |||||||||||||||||||
| Net income attributable to noncontrolling interests | (30) | (182) | (134) | (326) | |||||||||||||||||||
| Net income (loss) attributable to common unitholders | $ | 32,451 | $ | 13,263 | $ | 37,908 | $ | (3,707) | |||||||||||||||
| Allocation of net income (loss): | |||||||||||||||||||||||
| Limited Partners | $ | 393 | $ | 132 | $ | 459 | $ | (34) | |||||||||||||||
| Parent Company | 32,058 | 13,131 | 37,449 | (3,673) | |||||||||||||||||||
| $ | 32,451 | $ | 13,263 | $ | 37,908 | $ | (3,707) | ||||||||||||||||
| Net income (loss) per common unit – basic and diluted | $ | 0.15 | $ | 0.06 | $ | 0.17 | $ | (0.02) | |||||||||||||||
| Weighted average common units outstanding – basic | 222,388,487 | 221,879,784 | 222,287,815 | 221,655,238 | |||||||||||||||||||
| Weighted average common units outstanding – diluted | 223,066,578 | 222,550,306 | 222,993,000 | 221,655,238 | |||||||||||||||||||
| Net income (loss) | $ | 32,481 | $ | 13,445 | $ | 38,042 | $ | (3,381) | |||||||||||||||
| Change in fair value of derivatives | 8,642 | 17,559 | (3,003) | 56,497 | |||||||||||||||||||
| Total comprehensive income | 41,123 | 31,004 | 35,039 | 53,116 | |||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (30) | (182) | (134) | (326) | |||||||||||||||||||
Comprehensive income attributable to common unitholders | $ | 41,093 | $ | 30,822 | $ | 34,905 | $ | 52,790 | |||||||||||||||
| General Partner | Total | ||||||||||||||||
| Common Equity | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
| Balance at December 31, 2022 | $ | 3,692,171 | $ | 74,344 | $ | 3,766,515 | |||||||||||
| Stock compensation activity | 2,135 | — | 2,135 | ||||||||||||||
| Other comprehensive loss attributable to Parent Company | — | (11,557) | (11,557) | ||||||||||||||
| Distributions to Parent Company | (52,659) | — | (52,659) | ||||||||||||||
| Net income attributable to Parent Company | 5,391 | — | 5,391 | ||||||||||||||
| Adjustment to redeemable noncontrolling interests | (3,821) | — | (3,821) | ||||||||||||||
| Balance at March 31, 2023 | $ | 3,643,217 | $ | 62,787 | $ | 3,706,004 | |||||||||||
| Stock compensation activity | 2,960 | — | 2,960 | ||||||||||||||
| Other comprehensive income attributable to Parent Company | — | 8,536 | 8,536 | ||||||||||||||
| Distributions to Parent Company | (52,650) | — | (52,650) | ||||||||||||||
| Net income attributable to Parent Company | 32,058 | — | 32,058 | ||||||||||||||
| Adjustment to redeemable noncontrolling interests | (4,101) | — | (4,101) | ||||||||||||||
| Balance at June 30, 2023 | $ | 3,621,484 | $ | 71,323 | $ | 3,692,807 | |||||||||||
| Balance at December 31, 2021 | $ | 3,937,949 | $ | (15,902) | $ | 3,922,047 | |||||||||||
| Stock compensation activity | 1,822 | — | 1,822 | ||||||||||||||
| Other comprehensive income attributable to Parent Company | — | 38,713 | 38,713 | ||||||||||||||
| Distributions to Parent Company | (41,600) | — | (41,600) | ||||||||||||||
| Net loss attributable to Parent Company | (16,804) | — | (16,804) | ||||||||||||||
| Adjustment to redeemable noncontrolling interests | (5,597) | — | (5,597) | ||||||||||||||
| Balance at March 31, 2022 | $ | 3,875,770 | $ | 22,811 | $ | 3,898,581 | |||||||||||
| Stock compensation activity | 2,851 | — | 2,851 | ||||||||||||||
| Other comprehensive income attributable to Parent Company | — | 17,146 | 17,146 | ||||||||||||||
| Distributions to Parent Company | (43,808) | — | (43,808) | ||||||||||||||
| Net income attributable to Parent Company | 13,131 | — | 13,131 | ||||||||||||||
| Adjustment to redeemable noncontrolling interests | 3,239 | — | 3,239 | ||||||||||||||
| Balance at June 30, 2022 | $ | 3,851,183 | $ | 39,957 | $ | 3,891,140 | |||||||||||
| Six Months Ended June 30, | |||||||||||
| 2023 | 2022 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 38,042 | $ | (3,381) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 219,315 | 242,634 | |||||||||
| Gain on sales of operating properties, net | (28,440) | (27,126) | |||||||||
| Straight-line rent | (6,958) | (8,359) | |||||||||
| Compensation expense for equity awards | 5,133 | 5,603 | |||||||||
| Amortization of debt fair value adjustments | (6,688) | (6,835) | |||||||||
| Amortization of in-place lease liabilities | (5,375) | (1,915) | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Tenant receivables | 268 | (1,447) | |||||||||
| Deferred costs and other assets | (14,074) | (4,257) | |||||||||
| Accounts payable, accrued expenses, deferred revenue and other liabilities | (20,798) | (40,595) | |||||||||
| Net cash provided by operating activities | 180,425 | 154,322 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Acquisition of interests in properties | — | (65,765) | |||||||||
| Capital expenditures | (67,767) | (58,731) | |||||||||
| Net proceeds from sales of land | 917 | 1,935 | |||||||||
| Net proceeds from sales of operating properties | 78,556 | 65,408 | |||||||||
| Investment in short-term deposits | — | 125,000 | |||||||||
| Small business loan repayments | 287 | 372 | |||||||||
| Change in construction payables | (3,980) | (717) | |||||||||
| Distribution from unconsolidated joint venture | — | 1,144 | |||||||||
| Net cash provided by investing activities | 8,013 | 68,646 | |||||||||
| Cash flows from financing activities: | |||||||||||
| Contributions from the General Partner | 40 | 20 | |||||||||
| Repurchases of common shares upon the vesting of restricted shares | (731) | (1,144) | |||||||||
| Debt and equity issuance costs | (54) | (662) | |||||||||
| Loan proceeds | 293,095 | 120,000 | |||||||||
| Loan payments | (361,162) | (255,766) | |||||||||
| Distributions paid – common unitholders | (105,243) | (85,408) | |||||||||
| Distributions paid – redeemable noncontrolling interests | (1,399) | (1,219) | |||||||||
| Net cash used in financing activities | (175,454) | (224,179) | |||||||||
| Net change in cash, cash equivalents and restricted cash | 12,984 | (1,211) | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 121,970 | 100,363 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 134,954 | $ | 99,152 | |||||||
| Properties | Square Footage | ||||||||||
Operating retail properties(1) | 181 | 28,590,350 | |||||||||
| Office properties | 1 | 287,291 | |||||||||
| Development and redevelopment projects: | |||||||||||
| Carillon medical office building | 1 | 126,000 | |||||||||
| The Corner (IN) | 1 | 24,000 | |||||||||
| Balance as of | |||||||||||
| June 30, 2023 | December 31, 2022 | ||||||||||
| Land, buildings and improvements | $ | 7,589,842 | $ | 7,656,765 | |||||||
| Construction in progress | 80,523 | 75,808 | |||||||||
| Investment properties, at cost | $ | 7,670,365 | $ | 7,732,573 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Fixed contractual lease payments – operating leases | $ | 160,134 | $ | 152,652 | $ | 318,724 | $ | 302,476 | |||||||||||||||
| Variable lease payments – operating leases | 39,876 | 39,064 | 79,630 | 76,089 | |||||||||||||||||||
| Bad debt reserve | (233) | (1,171) | (1,788) | (1,742) | |||||||||||||||||||
| Straight-line rent adjustments | 2,910 | 4,530 | 6,768 | 8,623 | |||||||||||||||||||
| Straight-line rent recovery (reserve) for uncollectibility | 504 | (202) | 190 | (264) | |||||||||||||||||||
| Amortization of in-place lease liabilities, net | 2,645 | 1,332 | 5,375 | 1,915 | |||||||||||||||||||
| Rental income | $ | 205,836 | $ | 196,205 | $ | 408,899 | $ | 387,097 | |||||||||||||||
| Six Months Ended June 30, | |||||||||||
| 2023 | 2022 | ||||||||||
| Noncontrolling interests balance as of January 1, | $ | 5,370 | $ | 5,146 | |||||||
| Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 134 | 62 | |||||||||
Noncontrolling interests balance as of June 30, | $ | 5,504 | $ | 5,208 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Parent Company’s weighted average interest in Operating Partnership | 98.6 | % | 98.7 | % | 98.7 | % | 98.8 | % | |||||||||||||||
| Limited partners’ weighted average interests in Operating Partnership | 1.4 | % | 1.3 | % | 1.3 | % | 1.2 | % | |||||||||||||||
| Six Months Ended June 30, | |||||||||||
| 2023 | 2022 | ||||||||||
| Redeemable noncontrolling interests balance as of January 1, | $ | 53,967 | $ | 55,173 | |||||||
| Net income allocable to redeemable noncontrolling interests | 459 | 230 | |||||||||
| Distributions declared to redeemable noncontrolling interests | (1,456) | (1,219) | |||||||||
| Other, net including adjustments to redemption value | 7,957 | 2,995 | |||||||||
Total limited partners’ interests in the Operating Partnership and other redeemable noncontrolling interests balance as of June 30, | $ | 60,927 | $ | 57,179 | |||||||
| Limited partners’ interests in the Operating Partnership | $ | 60,927 | $ | 47,109 | |||||||
| Other redeemable noncontrolling interests in certain subsidiaries | — | 10,070 | |||||||||
Total limited partners’ interests in the Operating Partnership and other redeemable noncontrolling interests balance as of June 30, | $ | 60,927 | $ | 57,179 | |||||||
| Date | Property Name | Metropolitan Statistical Area (MSA) | Property Type | Square Footage | Acquisition Price | |||||||||||||||||||||||||||
| February 16, 2022 | Pebble Marketplace | Las Vegas | Multi-tenant retail | 85,796 | $ | 44,100 | ||||||||||||||||||||||||||
| April 13, 2022 | MacArthur Crossing | Dallas | Two-tenant building | 56,077 | 21,920 | |||||||||||||||||||||||||||
| 141,873 | $ | 66,020 | ||||||||||||||||||||||||||||||
| Date | Property Name | MSA | Property Type | Square Footage | Sales Price | Gain | ||||||||||||||||||||||||||||||||
| May 8, 2023 | Kingwood Commons | Houston | Multi-tenant retail | 158,172 | $ | 27,350 | $ | 4,740 | ||||||||||||||||||||||||||||||
| June 8, 2023 | Pan Am Plaza & Garage | Indianapolis | Land & garage | — | 52,025 | 23,700 | ||||||||||||||||||||||||||||||||
| 158,172 | $ | 79,375 | $ | 28,440 | ||||||||||||||||||||||||||||||||||
| Date | Property Name | MSA | Property Type | Square Footage | Sales Price | Gain | ||||||||||||||||||||||||||||||||
| January 26, 2022 | Hamilton Crossing Centre | Indianapolis | Redevelopment(1) | — | $ | 6,900 | $ | 3,168 | ||||||||||||||||||||||||||||||
| June 16, 2022 | Plaza Del Lago | Chicago | Multi-tenant retail(2) | 100,016 | 58,650 | 23,958 | ||||||||||||||||||||||||||||||||
| 100,016 | $ | 65,550 | $ | 27,126 | ||||||||||||||||||||||||||||||||||
| June 30, 2023 | December 31, 2022 | ||||||||||
| Acquired lease intangible assets | $ | 472,486 | $ | 522,152 | |||||||
| Deferred leasing costs and other | 70,570 | 66,842 | |||||||||
| 543,056 | 588,994 | ||||||||||
| Less: accumulated amortization | (189,342) | (179,166) | |||||||||
| Total | $ | 353,714 | $ | 409,828 | |||||||
| Six Months Ended June 30, | |||||||||||
| 2023 | 2022 | ||||||||||
| Amortization of deferred leasing costs, lease intangibles and other | $ | 57,610 | $ | 81,821 | |||||||
| Amortization of above-market lease intangibles | $ | 6,274 | $ | 6,630 | |||||||
| June 30, 2023 | December 31, 2022 | ||||||||||
| Unamortized in-place lease liabilities | $ | 176,530 | $ | 188,815 | |||||||
| Retainages payable and other | 11,397 | 12,110 | |||||||||
| Tenant rents received in advance | 33,576 | 29,947 | |||||||||
| 68,168 | 67,167 | ||||||||||
| Total | $ | 289,671 | $ | 298,039 | |||||||
| June 30, 2023 | December 31, 2022 | ||||||||||
| Mortgages payable | $ | 165,554 | $ | 233,621 | |||||||
| Senior unsecured notes | 1,924,635 | 1,924,635 | |||||||||
| Unsecured term loans | 820,000 | 820,000 | |||||||||
| Unsecured revolving line of credit | — | — | |||||||||
| 2,910,189 | 2,978,256 | ||||||||||
| Unamortized discounts and premiums, net | 38,428 | 44,362 | |||||||||
| Unamortized debt issuance costs, net | (10,654) | (12,319) | |||||||||
| Total mortgage and other indebtedness, net | $ | 2,937,963 | $ | 3,010,299 | |||||||
| June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
| Balance | Weighted Average Interest Rate | Weighted Average Years to Maturity | Balance | Weighted Average Interest Rate | Weighted Average Years to Maturity | ||||||||||||||||||||||||||||||
Fixed rate mortgages payable(1) | $ | 137,621 | 5.09 | % | 8.6 | $ | 205,328 | 3.98 | % | 1.4 | |||||||||||||||||||||||||
Variable rate mortgage payable(2) | 27,933 | 6.81 | % | 0.1 | 28,293 | 5.96 | % | 0.6 | |||||||||||||||||||||||||||
| Total mortgages payable | $ | 165,554 | $ | 233,621 | |||||||||||||||||||||||||||||||
| June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
| Maturity Date | Balance | Interest Rate | Balance | Interest Rate | |||||||||||||||||||||||||
Senior notes – 4.23% due 2023 | September 10, 2023 | $ | 95,000 | 4.23 | % | $ | 95,000 | 4.23 | % | ||||||||||||||||||||
Senior notes – 4.58% due 2024 | June 30, 2024 | 149,635 | 4.58 | % | 149,635 | 4.58 | % | ||||||||||||||||||||||
Senior notes – 4.00% due 2025 | March 15, 2025 | 350,000 | 4.00 | % | 350,000 | 4.00 | % | ||||||||||||||||||||||
Senior notes – LIBOR + 3.65% due 2025(1) | September 10, 2025 | 80,000 | 9.19 | % | 80,000 | 8.41 | % | ||||||||||||||||||||||
Senior notes – 4.08% due 2026 | September 30, 2026 | 100,000 | 4.08 | % | 100,000 | 4.08 | % | ||||||||||||||||||||||
Senior notes – 4.00% due 2026 | October 1, 2026 | 300,000 | 4.00 | % | 300,000 | 4.00 | % | ||||||||||||||||||||||
Senior exchangeable notes – 0.75% due 2027 | April 1, 2027 | 175,000 | 0.75 | % | 175,000 | 0.75 | % | ||||||||||||||||||||||
Senior notes – LIBOR + 3.75% due 2027(2) | September 10, 2027 | 75,000 | 9.29 | % | 75,000 | 8.51 | % | ||||||||||||||||||||||
Senior notes – 4.24% due 2028 | December 28, 2028 | 100,000 | 4.24 | % | 100,000 | 4.24 | % | ||||||||||||||||||||||
Senior notes – 4.82% due 2029 | June 28, 2029 | 100,000 | 4.82 | % | 100,000 | 4.82 | % | ||||||||||||||||||||||
Senior notes – 4.75% due 2030 | September 15, 2030 | 400,000 | 4.75 | % | 400,000 | 4.75 | % | ||||||||||||||||||||||
| Total senior unsecured notes | $ | 1,924,635 | $ | 1,924,635 | |||||||||||||||||||||||||
| June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
| Maturity Date | Balance | Interest Rate | Balance | Interest Rate | |||||||||||||||||||||||||
Unsecured term loan due 2024 – fixed rate(1) | July 17, 2024 | $ | 120,000 | 2.68 | % | $ | 120,000 | 2.68 | % | ||||||||||||||||||||
Unsecured term loan due 2025 – fixed rate(2) | October 24, 2025 | 250,000 | 5.09 | % | 250,000 | 5.09 | % | ||||||||||||||||||||||
Unsecured term loan due 2026 – fixed rate(3) | July 17, 2026 | 150,000 | 2.73 | % | 150,000 | 2.73 | % | ||||||||||||||||||||||
Unsecured term loan due 2029 – fixed rate(4) | July 29, 2029 | 300,000 | 4.05 | % | 300,000 | 4.05 | % | ||||||||||||||||||||||
| Total unsecured term loans | $ | 820,000 | $ | 820,000 | |||||||||||||||||||||||||
Unsecured credit facility revolving line of credit – variable rate(5) | January 8, 2026 | $ | — | 6.29 | % | $ | — | 5.56 | % | ||||||||||||||||||||
| Leverage-Based Pricing | Investment Grade Pricing | |||||||||||||||||||||||||||||||||||||||||||||||||
| Credit Agreement | Maturity Date | Extension Option | Extension Fee | Credit Spread | Facility Fee | Credit Spread | Facility Fee | SOFR Adjustment | ||||||||||||||||||||||||||||||||||||||||||
$1,100,000 unsecured revolving line of credit | 1/8/2026 | 2 -month | 0.075% | 1.05%–1.50% | 0.15%–0.30% | 0.725%–1.40% | 0.125%–0.30% | 0.10% | ||||||||||||||||||||||||||||||||||||||||||
Unsecured Term Loans | Maturity Date | Leverage-Based Pricing Credit Spread | Investment Grade Pricing Credit Spread | SOFR Adjustment | ||||||||||||||||||||||
$120,000 unsecured term loan due 2024 | 7/17/2024 | 1.20% – 1.70% | 0.80% – 1.65% | 0.10% | ||||||||||||||||||||||
$250,000 unsecured term loan due 2025 | 10/24/2025(1) | 2.00% – 2.55% | 2.00% – 2.50% | 0.10% | ||||||||||||||||||||||
$150,000 unsecured term loan due 2026 | 7/17/2026 | 1.20% – 1.70% | 0.75% – 1.60% | 0.10% | ||||||||||||||||||||||
$300,000 unsecured term loan due 2029 | 7/29/2029 | N/A | 1.15% – 2.20% | 0.10% | ||||||||||||||||||||||
| Six Months Ended June 30, | |||||||||||
| 2023 | 2022 | ||||||||||
| Amortization of debt issuance costs | $ | 1,782 | $ | 1,370 | |||||||
Fair Value Assets (Liabilities)(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Type of Hedge | Number of Instruments | Aggregate Notional | Reference Rate | Interest Rate | Effective Date | Maturity Date | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||
| Cash Flow | Four | $ | 250,000 | SOFR | 2.99 | % | 12/1/2022 | 10/24/2025 | $ | 8,633 | $ | 7,134 | ||||||||||||||||||||||||||||||||||||||
| Cash Flow | Two | 100,000 | SOFR | 2.66 | % | 8/1/2022 | 8/1/2025 | 3,972 | 3,616 | |||||||||||||||||||||||||||||||||||||||||
| Cash Flow | Two | 200,000 | SOFR | 2.72 | % | 8/3/2022 | 11/22/2023 | 2,021 | 3,663 | |||||||||||||||||||||||||||||||||||||||||
| Cash Flow | Three | 120,000 | SOFR | 1.58 | % | 8/15/2022 | 7/17/2024 | 4,479 | 5,461 | |||||||||||||||||||||||||||||||||||||||||
| Cash Flow | Three | 150,000 | SOFR | 1.68 | % | 8/15/2022 | 7/17/2026 | 11,094 | 10,896 | |||||||||||||||||||||||||||||||||||||||||
| $ | 820,000 | $ | 30,199 | $ | 30,770 | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value(2) | Two | $ | 155,000 | LIBOR | LIBOR + 3.70% | 4/23/2021 | 9/10/2025 | $ | (13,423) | $ | (14,177) | |||||||||||||||||||||||||||||||||||||||
Forward-Starting Cash Flow | Two | $ | 200,000 | SOFR | 2.37 | % | 11/22/2023 | 8/1/2025 | $ | 6,795 | $ | 4,370 | ||||||||||||||||||||||||||||||||||||||
| Property Name | Metropolitan Statistical Area (MSA) | Acquisition Date | GLA | |||||||||||||||||
| Pebble Marketplace | Las Vegas, NV | February 16, 2022 | 85,796 | |||||||||||||||||
| MacArthur Crossing two-tenant building | Dallas, TX | April 13, 2022 | 56,077 | |||||||||||||||||
| Palms Plaza | Miami, FL | July 15, 2022 | 68,976 | |||||||||||||||||
| Property Name | MSA | Disposition Date | GLA | |||||||||||||||||
Plaza Del Lago(1) | Chicago, IL | June 16, 2022 | 100,016 | |||||||||||||||||
Lincoln Plaza – Lowe’s(2) | Worcester, MA | October 27, 2022 | — | |||||||||||||||||
| Kingwood Commons | Houston, TX | May 8, 2023 | 158,172 | |||||||||||||||||
| Pan Am Plaza & Garage | Indianapolis, IN | June 8, 2023 | — | |||||||||||||||||
| Project Name | MSA | Transition to Development or Redevelopment(1) | Transition to Operating Portfolio | GLA | ||||||||||||||||||||||
Hamilton Crossing Centre(2)(3) | Indianapolis, IN | June 2014 | Pending | 92,283 | ||||||||||||||||||||||
The Corner(2) | Indianapolis, IN | December 2015 | Pending | 24,000 | ||||||||||||||||||||||
| Eddy Street Commons – Phase III | South Bend, IN | September 2020 | March 2022 | 18,600 | ||||||||||||||||||||||
| The Landing at Tradition – Phase II | Port St. Lucie, FL | September 2021 | June 2023 | 39,900 | ||||||||||||||||||||||
Carillon MOB(2) | Washington, D.C. | October 2021 | Pending | 126,000 | ||||||||||||||||||||||
| Circle East | Baltimore, MD | October 2021 | September 2022 | 82,000 | ||||||||||||||||||||||
One Loudoun Downtown – Residential and Pads G&H Commercial | Washington, D.C. | October 2021 | Residential: June 2022 Commercial: December 2022 | 67,000 | ||||||||||||||||||||||
| Shoppes at Quarterfield | Baltimore, MD | October 2021 | June 2022 | 58,000 | ||||||||||||||||||||||
Edwards Multiplex – Ontario(2) | Los Angeles, CA | March 2023 | Pending | 124,614 | ||||||||||||||||||||||
| Three Months Ended June 30, | |||||||||||||||||
| 2023 | 2022 | Change | |||||||||||||||
| Revenue: | |||||||||||||||||
| Rental income | $ | 205,836 | $ | 196,205 | $ | 9,631 | |||||||||||
| Other property-related revenue | 1,883 | 3,729 | (1,846) | ||||||||||||||
| Fee income | 1,040 | 2,671 | (1,631) | ||||||||||||||
| Total revenue | 208,759 | 202,605 | 6,154 | ||||||||||||||
| Expenses: | |||||||||||||||||
| Property operating | 27,232 | 26,123 | 1,109 | ||||||||||||||
| Real estate taxes | 26,697 | 27,883 | (1,186) | ||||||||||||||
| General, administrative and other | 14,499 | 13,809 | 690 | ||||||||||||||
| Merger and acquisition costs | — | (27) | 27 | ||||||||||||||
| Depreciation and amortization | 109,462 | 119,761 | (10,299) | ||||||||||||||
| Total expenses | 177,890 | 187,549 | (9,659) | ||||||||||||||
| Gain on sales of operating properties, net | 28,440 | 23,958 | 4,482 | ||||||||||||||
| Operating income | 59,309 | 39,014 | 20,295 | ||||||||||||||
| Other (expense) income: | |||||||||||||||||
| Interest expense | (27,205) | (25,709) | (1,496) | ||||||||||||||
| Income tax (expense) benefit of taxable REIT subsidiary | (45) | 188 | (233) | ||||||||||||||
| Equity in earnings of unconsolidated subsidiaries | 118 | 114 | 4 | ||||||||||||||
| Other income (expense), net | 304 | (162) | 466 | ||||||||||||||
| Net income | 32,481 | 13,445 | 19,036 | ||||||||||||||
| Net income attributable to noncontrolling interests | (423) | (314) | (109) | ||||||||||||||
| Net income attributable to common shareholders | $ | 32,058 | $ | 13,131 | $ | 18,927 | |||||||||||
| Property operating expense to total revenue ratio | 13.0 | % | 12.9 | % | |||||||||||||
| Six Months Ended June 30, | |||||||||||||||||
| 2023 | 2022 | Change | |||||||||||||||
| Revenue: | |||||||||||||||||
| Rental income | $ | 408,899 | $ | 387,097 | $ | 21,802 | |||||||||||
| Other property-related revenue | 3,799 | 4,919 | (1,120) | ||||||||||||||
| Fee income | 2,811 | 4,980 | (2,169) | ||||||||||||||
| Total revenue | 415,509 | 396,996 | 18,513 | ||||||||||||||
| Expenses: | |||||||||||||||||
| Property operating | 54,546 | 52,051 | 2,495 | ||||||||||||||
| Real estate taxes | 53,880 | 54,742 | (862) | ||||||||||||||
| General, administrative and other | 27,883 | 27,118 | 765 | ||||||||||||||
| Merger and acquisition costs | — | 898 | (898) | ||||||||||||||
| Depreciation and amortization | 217,533 | 241,265 | (23,732) | ||||||||||||||
| Total expenses | 353,842 | 376,074 | (22,232) | ||||||||||||||
| Gain on sales of operating properties, net | 28,440 | 27,126 | 1,314 | ||||||||||||||
| Operating income | 90,107 | 48,048 | 42,059 | ||||||||||||||
| Other (expense) income: | |||||||||||||||||
| Interest expense | (52,630) | (51,223) | (1,407) | ||||||||||||||
| Income tax (expense) benefit of taxable REIT subsidiary | (16) | 259 | (275) | ||||||||||||||
| Equity in loss of unconsolidated subsidiaries | (126) | (200) | 74 | ||||||||||||||
| Other income (expense), net | 707 | (265) | 972 | ||||||||||||||
| Net income (loss) | 38,042 | (3,381) | 41,423 | ||||||||||||||
| Net income attributable to noncontrolling interests | (593) | (292) | (301) | ||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 37,449 | $ | (3,673) | $ | 41,122 | |||||||||||
| Property operating expense to total revenue ratio | 13.1 | % | 13.1 | % | |||||||||||||
Net change six months ended June 30, 2022 to 2023 | |||||
| Properties or components of properties sold or held for sale during 2022 and/or 2023 | $ | (2,117) | |||
| Properties under redevelopment or acquired during 2022 and/or 2023 | 7,512 | ||||
| Properties fully operational during 2022 and 2023 and other | 16,407 | ||||
| Total | $ | 21,802 | |||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||
Number of properties in same property pool for the period(1) | 177 | 177 | 177 | 177 | |||||||||||||||||||||||||||||||
| Leased percentage at period end | 94.2 | % | 94.0 | % | 94.2 | % | 94.0 | % | |||||||||||||||||||||||||||
Economic occupancy percentage(2) | 92.3 | % | 91.5 | % | 92.3 | % | 90.9 | % | |||||||||||||||||||||||||||
| Same Property NOI | $ | 140,434 | $ | 132,852 | 5.7 | % | $ | 279,442 | $ | 263,328 | 6.1 | % | |||||||||||||||||||||||
Reconciliation of Same Property NOI to most directly comparable GAAP measure: | |||||||||||||||||||||||||||||||||||
| Net operating income – same properties | $ | 140,434 | $ | 132,852 | $ | 279,442 | $ | 263,328 | |||||||||||||||||||||||||||
Net operating income – non-same activity(3) | 13,356 | 13,076 | 24,830 | 21,895 | |||||||||||||||||||||||||||||||
| Total property NOI | 153,790 | 145,928 | 5.4 | % | 304,272 | 285,223 | 6.7 | % | |||||||||||||||||||||||||||
| Other income, net | 1,417 | 2,811 | 3,376 | 4,774 | |||||||||||||||||||||||||||||||
| General, administrative and other | (14,499) | (13,809) | (27,883) | (27,118) | |||||||||||||||||||||||||||||||
| Merger and acquisition costs | — | 27 | — | (898) | |||||||||||||||||||||||||||||||
| Depreciation and amortization | (109,462) | (119,761) | (217,533) | (241,265) | |||||||||||||||||||||||||||||||
| Interest expense | (27,205) | (25,709) | (52,630) | (51,223) | |||||||||||||||||||||||||||||||
| Gain on sales of operating properties, net | 28,440 | 23,958 | 28,440 | 27,126 | |||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (423) | (314) | (593) | (292) | |||||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 32,058 | $ | 13,131 | $ | 37,449 | $ | (3,673) | |||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Net income (loss) | $ | 32,481 | $ | 13,445 | $ | 38,042 | $ | (3,381) | |||||||||||||||
| Less: net income attributable to noncontrolling interests in properties | (30) | (182) | (134) | (326) | |||||||||||||||||||
| Less: gain on sales of operating properties, net | (28,440) | (23,958) | (28,440) | (27,126) | |||||||||||||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 109,736 | 120,128 | 218,045 | 241,975 | |||||||||||||||||||
FFO of the Operating Partnership(1) | 113,747 | 109,433 | 227,513 | 211,142 | |||||||||||||||||||
| Less: Limited Partners’ interests in FFO | (1,547) | (1,377) | (3,054) | (2,495) | |||||||||||||||||||
FFO attributable to common shareholders(1) | $ | 112,200 | $ | 108,056 | $ | 224,459 | $ | 208,647 | |||||||||||||||
| FFO per share of the Operating Partnership – diluted | $ | 0.51 | $ | 0.49 | $ | 1.02 | $ | 0.95 | |||||||||||||||
FFO of the Operating Partnership(1) | $ | 113,747 | $ | 109,433 | $ | 227,513 | $ | 211,142 | |||||||||||||||
| Add: merger and acquisition costs | — | (27) | — | 898 | |||||||||||||||||||
| Less: prior period collection impact | — | (958) | — | (2,054) | |||||||||||||||||||
| FFO, as adjusted, of the Operating Partnership | $ | 113,747 | $ | 108,448 | $ | 227,513 | $ | 209,986 | |||||||||||||||
| FFO, as adjusted, per share of the Operating Partnership – diluted | $ | 0.51 | $ | 0.49 | $ | 1.02 | $ | 0.94 | |||||||||||||||
| Three Months Ended June 30, 2023 | |||||
| Net income | $ | 32,481 | |||
| Depreciation and amortization | 109,462 | ||||
| Interest expense | 27,205 | ||||
| Income tax expense of taxable REIT subsidiary | 45 | ||||
| EBITDA | 169,193 | ||||
| Unconsolidated Adjusted EBITDA | 773 | ||||
| Other income and expense, net | (422) | ||||
| Noncontrolling interests | (170) | ||||
| Adjusted EBITDA | 140,934 | ||||
Annualized Adjusted EBITDA(1) | $ | 563,736 | |||
| Company share of Net Debt: | |||||
| Mortgage and other indebtedness, net | $ | 2,937,963 | |||
| Plus: Company share of unconsolidated joint venture debt | 47,823 | ||||
Less: Partner share of consolidated joint venture debt(2) | (10,068) | ||||
| Less: cash, cash equivalents, and restricted cash | (137,669) | ||||
| Less: debt discounts, premiums and issuance costs, net | (27,774) | ||||
| Company share of Net Debt | $ | 2,810,275 | |||
| Net Debt to Adjusted EBITDA | 5.0x | ||||
| Six Months Ended June 30, 2023 | |||||
| Active development and redevelopment projects | $ | 14,006 | |||
| Recurring operating capital expenditures (primarily tenant improvements) and other | 53,761 | ||||
| Total | $ | 67,767 | |||
| Secured Debt | |||||||||||||||||||||||
| Scheduled Principal Payments | Term Maturities | Unsecured Debt | Total | ||||||||||||||||||||
| 2023 | $ | 1,433 | $ | 27,813 | $ | 95,000 | $ | 124,246 | |||||||||||||||
| 2024 | 2,721 | — | 269,635 | 272,356 | |||||||||||||||||||
| 2025 | 2,848 | — | 680,000 | 682,848 | |||||||||||||||||||
| 2026 | 2,981 | — | 550,000 | 552,981 | |||||||||||||||||||
| 2027 | 3,120 | — | 250,000 | 253,120 | |||||||||||||||||||
| Thereafter | 31,849 | 92,789 | 900,000 | 1,024,638 | |||||||||||||||||||
| $ | 44,952 | $ | 120,602 | $ | 2,744,635 | $ | 2,910,189 | ||||||||||||||||
| Debt discounts, premiums and issuance costs, net | 27,774 | ||||||||||||||||||||||
| Total | $ | 2,937,963 | |||||||||||||||||||||
| Six Months Ended June 30, | |||||||||||||||||
| 2023 | 2022 | Change | |||||||||||||||
| Net cash provided by operating activities | $ | 180,425 | $ | 154,322 | $ | 26,103 | |||||||||||
| Net cash provided by investing activities | 8,013 | 68,646 | (60,633) | ||||||||||||||
| Net cash used in financing activities | (175,454) | (224,179) | 48,725 | ||||||||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | 12,984 | (1,211) | 14,195 | ||||||||||||||
| Cash, cash equivalents and restricted cash, at beginning of period | 121,970 | 100,363 | |||||||||||||||
| Cash, cash equivalents and restricted cash, at end of period | $ | 134,954 | $ | 99,152 | |||||||||||||
| Exhibit No. | Description | Location | ||||||||||||
| 3.1 | Incorporated by reference to Exhibit 3.1 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 28, 2022 | |||||||||||||
| 3.2 | Incorporated by reference to Exhibit 3.2 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 28, 2022 | |||||||||||||
| 10.1 | Filed herewith | |||||||||||||
| 31.1 | Filed herewith | |||||||||||||
| 31.2 | Filed herewith | |||||||||||||
| 31.3 | Filed herewith | |||||||||||||
| 31.4 | Filed herewith | |||||||||||||
| 32.1 | Filed herewith | |||||||||||||
| 32.2 | Filed herewith | |||||||||||||
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | Filed herewith | ||||||||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed herewith | ||||||||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | ||||||||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | ||||||||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | ||||||||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith | ||||||||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Filed herewith | ||||||||||||
| KITE REALTY GROUP TRUST | ||||||||||||||
| Date: | August 7, 2023 | By: | /s/ JOHN A. KITE | |||||||||||
| John A. Kite | ||||||||||||||
| Chairman and Chief Executive Officer | ||||||||||||||
| (Principal Executive Officer) | ||||||||||||||
| Date: | August 7, 2023 | By: | /s/ HEATH R. FEAR | |||||||||||
| Heath R. Fear | ||||||||||||||
| Executive Vice President and Chief Financial Officer | ||||||||||||||
| (Principal Financial Officer) | ||||||||||||||
| KITE REALTY GROUP, L.P. | ||||||||||||||
| By: Kite Realty Group Trust, its sole general partner | ||||||||||||||
| Date: | August 7, 2023 | By: | /s/ JOHN A. KITE | |||||||||||
| John A. Kite | ||||||||||||||
| Chairman and Chief Executive Officer | ||||||||||||||
| (Principal Executive Officer) | ||||||||||||||
| Date: | August 7, 2023 | By: | /s/ HEATH R. FEAR | |||||||||||
| Heath R. Fear | ||||||||||||||
| Executive Vice President and Chief Financial Officer | ||||||||||||||
| (Principal Financial Officer) | ||||||||||||||
| KITE REALTY GROUP TRUST | |||||||||||
| As sole general partner of Kite Realty Group, L.P. | |||||||||||
| By: | /s/ JOHN A. KITE | ||||||||||
| Name: John A. Kite | |||||||||||
| Title: Chairman + CEO | |||||||||||
| Name of Holder: | ||||||||||||||
| (Please Print: Exact Name as Registered with Partnership) | ||||||||||||||
| Number of Class AO LTIP Units to be | ||||||||||||||
| Converted: | ||||||||||||||
| Date Submitted: | ||||||||||||||
| Conversion Date (Not to Exceed 60 days Following Date Submitted): | ||||||||||||||
| (Signature of Holder: Sign Exact Name as Registered with Partnership) | ||||||||||||||
| (Street Address) | ||||||||||||||
| (City) | (State) | (Zip Code) | ||||||||||||
| Signature Guaranteed by: | ||||||||||||||
| Name of Holder: | ||||||||
| (Please Print: Exact Name as Registered with Partnership) | ||||||||
| Number of Class AO LTIP Units to be | ||||||||
| Converted: | ||||||||
| Conversion Date: | ||||||||
| Date: August 7, 2023 | By: | /s/ JOHN A. KITE | |||||||||
| John A. Kite | |||||||||||
| Chairman and Chief Executive Officer | |||||||||||
| Date: August 7, 2023 | By: | /s/ HEATH R. FEAR | |||||||||
| Heath R. Fear | |||||||||||
| Executive Vice President and Chief Financial Officer | |||||||||||
| Date: August 7, 2023 | By: | /s/ JOHN A. KITE | |||||||||
| John A. Kite | |||||||||||
| Chief Executive Officer | |||||||||||
| Kite Realty Group Trust, sole general partner of | |||||||||||
| Kite Realty Group, L.P. | |||||||||||
| Date: August 7, 2023 | By: | /s/ HEATH R. FEAR | |||||||||
| Heath R. Fear | |||||||||||
| Chief Financial Officer | |||||||||||
| Kite Realty Group Trust, sole general partner of | |||||||||||
| Kite Realty Group, L.P. | |||||||||||
| Date: August 7, 2023 | By: | /s/ JOHN A. KITE | |||||||||
| John A. Kite | |||||||||||
| Chairman and Chief Executive Officer | |||||||||||
| Date: August 7, 2023 | By: | /s/ HEATH R. FEAR | |||||||||
| Heath R. Fear | |||||||||||
| Chief Financial Officer | |||||||||||
| Date: August 7, 2023 | By: | /s/ JOHN A. KITE | |||||||||
| John A. Kite | |||||||||||
| Chief Executive Officer | |||||||||||
| Kite Realty Group Trust, sole general partner of | |||||||||||
| Kite Realty Group, L.P. | |||||||||||
| Date: August 7, 2023 | By: | /s/ HEATH R. FEAR | |||||||||
| Heath R. Fear | |||||||||||
| Chief Financial Officer | |||||||||||
| Kite Realty Group Trust, sole general partner of | |||||||||||
| Kite Realty Group, L.P. | |||||||||||