$KRG
Kite Realty Group Trust

2015 Q1 Form 10-Q Financial Statement

#000128604315000032 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $86.83M $42.66M
YoY Change 103.53% 37.44%
Cost Of Revenue $22.75M $12.43M
YoY Change 83.02% 44.37%
Gross Profit $64.08M $30.23M
YoY Change 111.97% 34.77%
Gross Profit Margin 73.8% 70.86%
Selling, General & Admin $5.010M $3.110M
YoY Change 61.09% 45.33%
% of Gross Profit 7.82% 10.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.44M $17.44M
YoY Change 131.85% 40.65%
% of Gross Profit 63.1% 57.69%
Operating Expenses $68.35M $37.45M
YoY Change 82.48% 177.03%
Operating Profit $18.48M $5.206M
YoY Change 255.03% -41.57%
Interest Expense $13.93M $7.383M
YoY Change 88.72% -216.64%
% of Operating Profit 75.38% 141.82%
Other Income/Expense, Net $0.00 -$90.00K
YoY Change -100.0% -280.0%
Pretax Income $7.920M $1.220M
YoY Change 549.18% -50.2%
Income Tax $55.00K -$53.00K
% Of Pretax Income 0.69% -4.34%
Net Earnings $7.179M $4.332M
YoY Change 65.72% 113.4%
Net Earnings / Revenue 8.27% 10.15%
Basic Earnings Per Share $0.06 $0.00
Diluted Earnings Per Share $0.06 $0.08
COMMON SHARES
Basic Shares Outstanding 83.53M shares 32.76M shares
Diluted Shares Outstanding 83.63M shares 32.76M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.7M $31.90M
YoY Change 297.18% 118.49%
Cash & Equivalents $126.7M $31.88M
Short-Term Investments
Other Short-Term Assets $11.80M $6.800M
YoY Change 73.53% 134.48%
Inventory
Prepaid Expenses
Receivables $42.40M $26.80M
Other Receivables $0.00 $3.400M
Total Short-Term Assets $180.9M $68.90M
YoY Change 162.55% 55.18%
LONG-TERM ASSETS
Property, Plant & Equipment $3.406B $1.625B
YoY Change 109.59% 31.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $171.7M $66.20M
YoY Change 159.37% 40.25%
Total Long-Term Assets $3.577B $1.691B
YoY Change 111.56% 31.68%
TOTAL ASSETS
Total Short-Term Assets $180.9M $68.90M
Total Long-Term Assets $3.577B $1.691B
Total Assets $3.758B $1.760B
YoY Change 113.55% 32.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $83.00M $52.80M
YoY Change 57.2% 5.6%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $83.00M $52.80M
YoY Change 57.2% 5.6%
LONG-TERM LIABILITIES
Long-Term Debt $1.569B $871.3M
YoY Change 80.12% 16.66%
Other Long-Term Liabilities $134.2M $41.90M
YoY Change 220.29% 100.48%
Total Long-Term Liabilities $1.704B $913.2M
YoY Change 86.55% 18.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.00M $52.80M
Total Long-Term Liabilities $1.704B $913.2M
Total Liabilities $1.787B $1.010B
YoY Change 76.98% 16.38%
SHAREHOLDERS EQUITY
Retained Earnings -$265.5M
YoY Change
Common Stock $836.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.877B $750.4M
YoY Change
Total Liabilities & Shareholders Equity $3.758B $1.760B
YoY Change 113.55% 32.46%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $7.179M $4.332M
YoY Change 65.72% 113.4%
Depreciation, Depletion And Amortization $40.44M $17.44M
YoY Change 131.85% 40.65%
Cash From Operating Activities $45.10M $6.459M
YoY Change 598.17% -49.14%
INVESTING ACTIVITIES
Capital Expenditures $22.57M $20.31M
YoY Change 11.1% -162.12%
Acquisitions
YoY Change
Other Investing Activities $127.8M $24.50M
YoY Change 421.63% -244.97%
Cash From Investing Activities $105.2M $4.212M
YoY Change 2397.74% -108.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $765.0K
YoY Change
Debt Paid & Issued, Net $90.93M $27.14M
YoY Change 235.07%
Cash From Financing Activities -$67.38M $3.071M
YoY Change -2294.14% -92.17%
NET CHANGE
Cash From Operating Activities $45.10M $6.459M
Cash From Investing Activities $105.2M $4.212M
Cash From Financing Activities -$67.38M $3.071M
Net Change In Cash $82.92M $13.74M
YoY Change 503.39% 497.48%
FREE CASH FLOW
Cash From Operating Activities $45.10M $6.459M
Capital Expenditures $22.57M $20.31M
Free Cash Flow $22.53M -$13.86M
YoY Change -262.58% -130.52%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Kite Realty Group Trust (the "Parent Company"), through its majority-owned subsidiary, Kite Realty Group, L.P. (the &#8220;Operating Partnership&#8221;), is engaged in the ownership and operation, acquisition, development and redevelopment of high-quality neighborhood and community shopping centers in selected 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.</font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Operating Partnership was formed on August 16, 2004, when the Parent Company contributed properties and the net proceeds from an initial public offering of shares of its common stock to the Operating Partnership. The Parent Company was organized in Maryland in 2004 to succeed the development, acquisition, construction and real estate businesses of its predecessor. We believe the Company qualifies as a real estate investment trust (a &#8220;REIT&#8221;) under provisions of the Internal Revenue Code of 1986, as amended. </font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Parent Company is the sole general partner of the Operating Partnership, and as of&#160;</font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">&#160;owned approximately&#160;</font><font style="font-family:inherit;font-size:10pt;">98.1%</font><font style="font-family:inherit;font-size:10pt;">&#160;of the common partnership interests in the Operating Partnership (&#8220;General Partner Units&#8221;). The remaining </font><font style="font-family:inherit;font-size:10pt;">1.9%</font><font style="font-family:inherit;font-size:10pt;"> of the common partnership interests (&#8220;Limited Partner Units&#8221; and, together with the General Partner Units, the &#8220;Common Units&#8221;) are owned by the limited partners. As the sole general partner of the Operating Partnership, the Parent Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. The Parent Company and the Operating Partnership are operated as one enterprise. The management of the Parent Company consists of the same members as the management of the Operating Partnership. As the sole general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have any significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the Parent Company and the Operating Partnership are substantially the same.</font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On July 1, 2014, we completed a merger with Inland Diversified Real Estate Trust, Inc. (&#8220;Inland Diversified&#8221;), in which Inland Diversified merged with and into a wholly-owned subsidiary of ours in a stock-for-stock exchange with a transaction value of approximately </font><font style="font-family:inherit;font-size:10pt;">$2.1 billion</font><font style="font-family:inherit;font-size:10pt;">, including the assumption of approximately </font><font style="font-family:inherit;font-size:10pt;">$0.9 billion</font><font style="font-family:inherit;font-size:10pt;"> of debt. Upon completion of the merger with Inland Diversified, we acquired </font><font style="font-family:inherit;font-size:10pt;">60</font><font style="font-family:inherit;font-size:10pt;"> operating properties. Subsequent to the merger, we sold </font><font style="font-family:inherit;font-size:10pt;">15</font><font style="font-family:inherit;font-size:10pt;"> of these properties in November and December 2014 and March 2015.</font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, we owned interests in </font><font style="font-family:inherit;font-size:10pt;">117</font><font style="font-family:inherit;font-size:10pt;"> operating and redevelopment properties (consisting of </font><font style="font-family:inherit;font-size:10pt;">115</font><font style="font-family:inherit;font-size:10pt;"> retail properties, </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> office operating property and an associated parking garage as well as the office components of the Eddy Street Commons and Traditions Village operating properties) and </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> development properties under construction.</font></div></div>

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