2016 Q1 Form 10-Q Financial Statement

#000128604316000152 Filed on May 06, 2016

View on sec.gov

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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CY2015Q4 us-gaap Stockholders Equity
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CY2016Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
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CY2016Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
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CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q1 us-gaap Nature Of Operations
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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;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">&#160;owned approximately&#160;</font><font style="font-family:inherit;font-size:10pt;">97.7%</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;">2.3%</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;">At </font><font style="font-family:inherit;font-size:10pt;">March&#160;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>

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