2016 Q1 Form 10-Q Financial Statement
#000128604316000152 Filed on May 06, 2016
Income Statement
Concept | 2016 Q1 | 2015 Q1 |
---|---|---|
Revenue | $88.55M | $86.83M |
YoY Change | 1.98% | 103.53% |
Cost Of Revenue | $23.33M | $22.75M |
YoY Change | 2.55% | 83.02% |
Gross Profit | $65.22M | $64.08M |
YoY Change | 1.78% | 111.97% |
Gross Profit Margin | 73.65% | 73.8% |
Selling, General & Admin | $5.290M | $5.010M |
YoY Change | 5.59% | 61.09% |
% of Gross Profit | 8.11% | 7.82% |
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | $42.24M | $40.44M |
YoY Change | 4.46% | 131.85% |
% of Gross Profit | 64.77% | 63.1% |
Operating Expenses | $70.86M | $68.35M |
YoY Change | 3.68% | 82.48% |
Operating Profit | $17.69M | $18.48M |
YoY Change | -4.28% | 255.03% |
Interest Expense | $15.33M | $13.93M |
YoY Change | 9.99% | 88.72% |
% of Operating Profit | 86.62% | 75.38% |
Other Income/Expense, Net | $18.00K | $0.00 |
YoY Change | -100.0% | |
Pretax Income | $2.390M | $7.920M |
YoY Change | -69.82% | 549.18% |
Income Tax | $410.0K | $55.00K |
% Of Pretax Income | 17.15% | 0.69% |
Net Earnings | $1.402M | $7.179M |
YoY Change | -80.47% | 65.72% |
Net Earnings / Revenue | 1.58% | 8.27% |
Basic Earnings Per Share | $0.06 | |
Diluted Earnings Per Share | $0.02 | $0.06 |
COMMON SHARES | ||
Basic Shares Outstanding | 83.35M shares | 83.53M shares |
Diluted Shares Outstanding | 83.49M shares | 83.63M shares |
Balance Sheet
Concept | 2016 Q1 | 2015 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $23.30M | $126.7M |
YoY Change | -81.61% | 297.18% |
Cash & Equivalents | $23.31M | $126.7M |
Short-Term Investments | ||
Other Short-Term Assets | $10.80M | $11.80M |
YoY Change | -8.47% | 73.53% |
Inventory | ||
Prepaid Expenses | ||
Receivables | $52.40M | $42.40M |
Other Receivables | $0.00 | $0.00 |
Total Short-Term Assets | $86.50M | $180.9M |
YoY Change | -52.18% | 162.55% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $3.487B | $3.406B |
YoY Change | 2.39% | 109.59% |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $70.60M | $171.7M |
YoY Change | -58.88% | 159.37% |
Total Long-Term Assets | $3.643B | $3.577B |
YoY Change | 1.84% | 111.56% |
TOTAL ASSETS | ||
Total Short-Term Assets | $86.50M | $180.9M |
Total Long-Term Assets | $3.643B | $3.577B |
Total Assets | $3.730B | $3.758B |
YoY Change | -0.76% | 113.55% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $81.80M | $83.00M |
YoY Change | -1.45% | 57.2% |
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 | $81.80M | $83.00M |
YoY Change | -1.45% | 57.2% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $1.731B | $1.569B |
YoY Change | 10.28% | 80.12% |
Other Long-Term Liabilities | $127.5M | $134.2M |
YoY Change | -4.99% | 220.29% |
Total Long-Term Liabilities | $1.858B | $1.704B |
YoY Change | 9.08% | 86.55% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $81.80M | $83.00M |
Total Long-Term Liabilities | $1.858B | $1.704B |
Total Liabilities | $1.940B | $1.787B |
YoY Change | 8.59% | 76.98% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$345.8M | -$265.5M |
YoY Change | 30.25% | |
Common Stock | $834.0K | $836.0K |
YoY Change | -0.24% | |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $1.690B | $1.877B |
YoY Change | ||
Total Liabilities & Shareholders Equity | $3.730B | $3.758B |
YoY Change | -0.76% | 113.55% |
Cashflow Statement
Concept | 2016 Q1 | 2015 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $1.402M | $7.179M |
YoY Change | -80.47% | 65.72% |
Depreciation, Depletion And Amortization | $42.24M | $40.44M |
YoY Change | 4.46% | 131.85% |
Cash From Operating Activities | $32.39M | $45.10M |
YoY Change | -28.18% | 598.17% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $21.45M | $22.57M |
YoY Change | -4.98% | 11.1% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | -$3.100M | $127.8M |
YoY Change | -102.43% | 421.63% |
Cash From Investing Activities | -$24.59M | $105.2M |
YoY Change | -123.37% | 2397.74% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | $654.0K | $765.0K |
YoY Change | -14.51% | |
Debt Paid & Issued, Net | $41.31M | $90.93M |
YoY Change | -54.57% | 235.07% |
Cash From Financing Activities | -$18.37M | -$67.38M |
YoY Change | -72.73% | -2294.14% |
NET CHANGE | ||
Cash From Operating Activities | $32.39M | $45.10M |
Cash From Investing Activities | -$24.59M | $105.2M |
Cash From Financing Activities | -$18.37M | -$67.38M |
Net Change In Cash | -$10.57M | $82.92M |
YoY Change | -112.75% | 503.39% |
FREE CASH FLOW | ||
Cash From Operating Activities | $32.39M | $45.10M |
Capital Expenditures | $21.45M | $22.57M |
Free Cash Flow | $10.94M | $22.53M |
YoY Change | -51.43% | -262.58% |
Facts In Submission
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|
1937364000 | USD |
CY2016Q1 | us-gaap |
Liabilities
Liabilities
|
1940043000 | USD |
CY2015Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
3756428000 | USD |
CY2016Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
3729750000 | USD |
CY2016Q1 | us-gaap |
Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
|
0.977 | |
CY2015Q4 | us-gaap |
Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
|
1901278 | shares |
CY2016Q1 | us-gaap |
Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
|
1945840 | shares |
CY2015Q1 | us-gaap |
Loans Assumed1
LoansAssumed1
|
40303000 | USD |
CY2016Q1 | us-gaap |
Loans Assumed1
LoansAssumed1
|
0 | USD |
CY2015Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
1724449000 | USD |
CY2016Q1 | us-gaap |
Long Term Debt
LongTermDebt
|
1730787000 | USD |
CY2016Q1 | us-gaap |
Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
|
1000000000 | USD |
CY2016Q1 | us-gaap |
Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
|
759000000 | USD |
CY2014Q4 | us-gaap |
Minority Interest
MinorityInterest
|
3364000 | USD |
CY2015Q1 | us-gaap |
Minority Interest
MinorityInterest
|
3363000 | USD |
CY2015Q4 | us-gaap |
Minority Interest
MinorityInterest
|
773000 | USD |
CY2016Q1 | us-gaap |
Minority Interest
MinorityInterest
|
698000 | USD |
CY2015Q1 | us-gaap |
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
29000 | USD |
CY2016Q1 | us-gaap |
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
164000 | USD |
CY2015Q4 | us-gaap |
Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
|
92315000 | USD |
CY2016Q1 | us-gaap |
Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
|
99021000 | USD |
CY2016Q1 | us-gaap |
Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
|
-7218000 | USD |
CY2015Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-67382000 | USD |
CY2016Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-18374000 | USD |
CY2015Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
105205000 | USD |
CY2016Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-24585000 | USD |
CY2015Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
45095000 | USD |
CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
32386000 | USD |
CY2015Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
7179000 | USD |
CY2016Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1402000 | USD |
CY2015Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
683000 | USD |
CY2016Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
573000 | USD |
CY2015Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
5065000 | USD |
CY2016Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
1402000 | USD |
CY2016Q1 | us-gaap |
Number Of Real Estate Properties
NumberOfRealEstateProperties
|
118 | property |
CY2015Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
68345000 | USD |
CY2016Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
70858000 | USD |
CY2015Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
18483000 | USD |
CY2016Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
17692000 | USD |
CY2015Q1 | us-gaap |
Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
|
65479000 | USD |
CY2016Q1 | us-gaap |
Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
|
67463000 | USD |
CY2016Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-7145000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
-3226000 | USD |
CY2016Q1 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
-7313000 | USD |
CY2015Q1 | us-gaap |
Other Depreciation And Amortization
OtherDepreciationAndAmortization
|
41336000 | USD |
CY2016Q1 | us-gaap |
Other Depreciation And Amortization
OtherDepreciationAndAmortization
|
43075000 | USD |
CY2015Q4 | us-gaap |
Other Liabilities
OtherLiabilities
|
131559000 | USD |
CY2016Q1 | us-gaap |
Other Liabilities
OtherLiabilities
|
127484000 | USD |
CY2015Q1 | us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
4000 | USD |
CY2016Q1 | us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
18000 | USD |
CY2015Q1 | us-gaap |
Other Operating Income
OtherOperatingIncome
|
1279000 | USD |
CY2016Q1 | us-gaap |
Other Operating Income
OtherOperatingIncome
|
1443000 | USD |
CY2015Q1 | us-gaap |
Other Real Estate Revenue
OtherRealEstateRevenue
|
2734000 | USD |
CY2016Q1 | us-gaap |
Other Real Estate Revenue
OtherRealEstateRevenue
|
2932000 | USD |
CY2015Q1 | us-gaap |
Payments For Construction In Process
PaymentsForConstructionInProcess
|
-3314000 | USD |
CY2016Q1 | us-gaap |
Payments For Construction In Process
PaymentsForConstructionInProcess
|
3640000 | USD |
CY2015Q1 | us-gaap |
Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
|
2000000 | USD |
CY2016Q1 | us-gaap |
Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
|
0 | USD |
CY2015Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
765000 | USD |
CY2016Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
654000 | USD |
CY2015Q1 | us-gaap |
Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
|
33998000 | USD |
CY2016Q1 | us-gaap |
Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
|
0 | USD |
CY2015Q1 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
21708000 | USD |
CY2016Q1 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
22709000 | USD |
CY2015Q1 | us-gaap |
Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
2114000 | USD |
CY2016Q1 | us-gaap |
Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
0 | USD |
CY2015Q1 | us-gaap |
Payments Of Loan Costs
PaymentsOfLoanCosts
|
433000 | USD |
CY2016Q1 | us-gaap |
Payments Of Loan Costs
PaymentsOfLoanCosts
|
689000 | USD |
CY2015Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
22569000 | USD |
CY2016Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
21445000 | USD |
CY2015Q4 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
8852000 | USD |
CY2016Q1 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
10793000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
|
0 | USD |
CY2016Q1 | us-gaap |
Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
|
500000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Loans
ProceedsFromLoans
|
83577000 | USD |
CY2016Q1 | us-gaap |
Proceeds From Loans
ProceedsFromLoans
|
48100000 | USD |
CY2016Q1 | us-gaap |
Proceeds From Loans
ProceedsFromLoans
|
48100000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
|
126460000 | USD |
CY2016Q1 | us-gaap |
Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
|
0 | USD |
CY2015Q1 | us-gaap |
Profit Loss
ProfitLoss
|
7862000 | USD |
CY2016Q1 | us-gaap |
Profit Loss
ProfitLoss
|
1975000 | USD |
CY2015Q1 | us-gaap |
Provision For Other Credit Losses
ProvisionForOtherCreditLosses
|
748000 | USD |
CY2016Q1 | us-gaap |
Provision For Other Credit Losses
ProvisionForOtherCreditLosses
|
841000 | USD |
CY2015Q4 | us-gaap |
Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
|
432295000 | USD |
CY2016Q1 | us-gaap |
Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
|
461051000 | USD |
CY2015Q4 | us-gaap |
Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
|
3933140000 | USD |
CY2016Q1 | us-gaap |
Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
|
3947922000 | USD |
CY2015Q4 | us-gaap |
Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
|
3500845000 | USD |
CY2016Q1 | us-gaap |
Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
|
3486871000 | USD |
CY2015Q1 | us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
86828000 | USD |
CY2016Q1 | us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
88550000 | USD |
CY2015Q1 | us-gaap |
Real Estate Tax Expense
RealEstateTaxExpense
|
10021000 | USD |
CY2016Q1 | us-gaap |
Real Estate Tax Expense
RealEstateTaxExpense
|
11135000 | USD |
CY2015Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
90927000 | USD |
CY2016Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
41300000 | USD |
CY2016Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
41308000 | USD |
CY2015Q4 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
13476000 | USD |
CY2016Q1 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
13345000 | USD |
CY2015Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-323257000 | USD |
CY2016Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-345822000 | USD |
CY2015Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1061000 | USD |
CY2016Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1241000 | USD |
CY2015Q1 | us-gaap |
Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
|
3000 | shares |
CY2016Q1 | us-gaap |
Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
|
2000 | shares |
CY2015Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1725976000 | USD |
CY2016Q1 | us-gaap |
Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
|
497800000 | USD |
CY2016Q1 | us-gaap |
Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
|
238800000 | USD |
CY2015Q1 | us-gaap |
Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
|
1600000 | shares |
CY2016Q1 | us-gaap |
Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
|
1900000 | shares |
CY2015Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
83625352 | shares |
CY2016Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
83490979 | shares |
CY2015Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
83532092 | shares |
CY2016Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
83348507 | shares |
CY2016Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1689988000 | USD |
CY2015Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
1726749000 | USD |
CY2016Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
1690686000 | USD |
CY2015Q1 | us-gaap |
Straight Line Rent
StraightLineRent
|
-6730000 | USD |
CY2016Q1 | us-gaap |
Straight Line Rent
StraightLineRent
|
958000 | USD |
CY2015Q1 | us-gaap |
Tenant Reimbursements
TenantReimbursements
|
18615000 | USD |
CY2016Q1 | us-gaap |
Tenant Reimbursements
TenantReimbursements
|
18155000 | USD |
CY2016Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<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;"> </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </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 “Operating Partnership”), 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 “REIT”) 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 </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> owned approximately </font><font style="font-family:inherit;font-size:10pt;">97.7%</font><font style="font-family:inherit;font-size:10pt;"> of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining </font><font style="font-family:inherit;font-size:10pt;">2.3%</font><font style="font-family:inherit;font-size:10pt;"> of the common partnership interests (“Limited Partner Units” and, together with the General Partner Units, the “Common Units”) 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;">At </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;">, we owned interests in </font><font style="font-family:inherit;font-size:10pt;">118</font><font style="font-family:inherit;font-size:10pt;"> operating and redevelopment properties consisting of </font><font style="font-family:inherit;font-size:10pt;">108</font><font style="font-family:inherit;font-size:10pt;"> retail properties, </font><font style="font-family:inherit;font-size:10pt;">eight</font><font style="font-family:inherit;font-size:10pt;"> retail redevelopment 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> |