2015 Q3 Form 10-Q Financial Statement

#000128604315000095 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $87.15M $88.58M
YoY Change -1.61% 172.12%
Cost Of Revenue $22.04M $22.48M
YoY Change -1.96% 145.15%
Gross Profit $65.11M $66.09M
YoY Change -1.48% 182.68%
Gross Profit Margin 74.71% 74.61%
Selling, General & Admin $4.560M $3.940M
YoY Change 15.74% 85.85%
% of Gross Profit 7.0% 5.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $42.55M $44.38M
YoY Change -4.13% 172.29%
% of Gross Profit 65.35% 67.16%
Operating Expenses $70.24M $89.89M
YoY Change -21.87% 413.67%
Operating Profit $16.91M -$1.316M
YoY Change -1385.03% -122.38%
Interest Expense $13.88M $15.39M
YoY Change -9.78% -304.06%
% of Operating Profit 82.08%
Other Income/Expense, Net -$60.00K -$10.00K
YoY Change 500.0% -80.0%
Pretax Income $2.970M -$13.97M
YoY Change -121.26% 655.14%
Income Tax $9.000K $14.00K
% Of Pretax Income 0.3%
Net Earnings $2.526M -$14.28M
YoY Change -117.68% -1233.65%
Net Earnings / Revenue 2.9% -16.13%
Basic Earnings Per Share $0.00 -$0.20
Diluted Earnings Per Share $0.00 -$0.20
COMMON SHARES
Basic Shares Outstanding 83.33M shares 83.46M shares
Diluted Shares Outstanding 83.43M shares 83.46M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.00M $31.20M
YoY Change 37.82% 157.85%
Cash & Equivalents $42.95M $31.21M
Short-Term Investments
Other Short-Term Assets $10.10M $12.10M
YoY Change -16.53% 202.5%
Inventory
Prepaid Expenses
Receivables $47.40M $38.60M
Other Receivables $0.00 $4.900M
Total Short-Term Assets $100.5M $86.80M
YoY Change 15.78% 95.5%
LONG-TERM ASSETS
Property, Plant & Equipment $3.571B $3.391B
YoY Change 5.29% 159.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $166.7M $530.1M
YoY Change -68.55% 907.79%
Total Long-Term Assets $3.737B $3.921B
YoY Change -4.7% 188.35%
TOTAL ASSETS
Total Short-Term Assets $100.5M $86.80M
Total Long-Term Assets $3.737B $3.921B
Total Assets $3.838B $4.008B
YoY Change -4.25% 185.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $90.10M $87.80M
YoY Change 2.62% 73.52%
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 $90.10M $87.80M
YoY Change 2.62% 73.52%
LONG-TERM LIABILITIES
Long-Term Debt $1.680B $1.557B
YoY Change 7.92% 109.21%
Other Long-Term Liabilities $137.6M $318.5M
YoY Change -56.8% 1650.0%
Total Long-Term Liabilities $1.817B $1.875B
YoY Change -3.07% 146.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $90.10M $87.80M
Total Long-Term Liabilities $1.817B $1.875B
Total Liabilities $1.908B $2.076B
YoY Change -8.1% 142.35%
SHAREHOLDERS EQUITY
Retained Earnings -$305.9M
YoY Change
Common Stock $833.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.842B $1.932B
YoY Change
Total Liabilities & Shareholders Equity $3.838B $4.008B
YoY Change -4.25% 185.42%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $2.526M -$14.28M
YoY Change -117.68% -1233.65%
Depreciation, Depletion And Amortization $42.55M $44.38M
YoY Change -4.13% 172.29%
Cash From Operating Activities $50.20M -$12.20M
YoY Change -511.48% -201.67%
INVESTING ACTIVITIES
Capital Expenditures -$22.10M -$33.30M
YoY Change -33.63% 53.46%
Acquisitions
YoY Change
Other Investing Activities -$72.00M $136.0M
YoY Change -152.94% -1866.23%
Cash From Investing Activities -$94.10M $102.7M
YoY Change -191.63% -450.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.60M -81.80M
YoY Change -120.29% -598.78%
NET CHANGE
Cash From Operating Activities 50.20M -12.20M
Cash From Investing Activities -94.10M 102.7M
Cash From Financing Activities 16.60M -81.80M
Net Change In Cash -27.30M 8.700M
YoY Change -413.79% -1066.67%
FREE CASH FLOW
Cash From Operating Activities $50.20M -$12.20M
Capital Expenditures -$22.10M -$33.30M
Free Cash Flow $72.30M $21.10M
YoY Change 242.65% -37.39%

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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;), owns interests in various operating subsidiaries and joint ventures 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 in 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;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;">&#160;owned approximately&#160;</font><font style="font-family:inherit;font-size:10pt;">97.8%</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;">2.2%</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. </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 (the "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;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;">, we owned interests in </font><font style="font-family:inherit;font-size:10pt;">121</font><font style="font-family:inherit;font-size:10pt;"> operating and redevelopment properties consisting of </font><font style="font-family:inherit;font-size:10pt;">119</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. We also owned </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> development properties under construction as of this date.</font></div></div>

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