2016 Q2 Form 10-Q Financial Statement

#000128604316000192 Filed on August 01, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $87.58M $83.74M
YoY Change 4.59% 105.02%
Cost Of Revenue $21.85M $21.56M
YoY Change 1.35% 92.67%
Gross Profit $65.73M $62.18M
YoY Change 5.71% 109.71%
Gross Profit Margin 75.06% 74.26%
Selling, General & Admin $4.860M $4.570M
YoY Change 6.35% 97.84%
% of Gross Profit 7.39% 7.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $43.84M $41.21M
YoY Change 6.38% 108.81%
% of Gross Profit 66.7% 66.28%
Operating Expenses $73.32M $67.64M
YoY Change 8.4% 85.18%
Operating Profit $14.26M $16.10M
YoY Change -11.44% 272.75%
Interest Expense $15.50M $13.18M
YoY Change 17.59% 75.23%
% of Operating Profit 108.71% 81.87%
Other Income/Expense, Net -$110.0K -$134.0K
YoY Change -17.91% -267.5%
Pretax Income -$1.160M $7.300M
YoY Change -115.89% -333.97%
Income Tax $338.0K $69.00K
% Of Pretax Income 0.95%
Net Earnings -$1.895M $6.727M
YoY Change -128.17% -326.04%
Net Earnings / Revenue -2.16% 8.03%
Basic Earnings Per Share $0.06
Diluted Earnings Per Share -$0.02 $0.06
COMMON SHARES
Basic Shares Outstanding 83.38M shares 83.51M shares
Diluted Shares Outstanding 83.38M shares 83.80M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.90M $70.10M
YoY Change -45.93% 210.18%
Cash & Equivalents $37.90M $70.12M
Short-Term Investments
Other Short-Term Assets $8.600M $8.700M
YoY Change -1.15% 135.14%
Inventory
Prepaid Expenses
Receivables $48.70M $44.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $95.20M $123.2M
YoY Change -22.73% 113.52%
LONG-TERM ASSETS
Property, Plant & Equipment $3.473B $3.497B
YoY Change -0.68% 115.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $72.30M $175.7M
YoY Change -58.85% 176.69%
Total Long-Term Assets $3.622B $3.673B
YoY Change -1.38% 117.34%
TOTAL ASSETS
Total Short-Term Assets $95.20M $123.2M
Total Long-Term Assets $3.622B $3.673B
Total Assets $3.717B $3.796B
YoY Change -2.07% 117.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $92.10M $79.80M
YoY Change 15.41% 45.09%
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 $92.10M $79.80M
YoY Change 15.41% 45.09%
LONG-TERM LIABILITIES
Long-Term Debt $1.741B $1.619B
YoY Change 7.53% 85.09%
Other Long-Term Liabilities $122.7M $142.3M
YoY Change -13.77% 251.36%
Total Long-Term Liabilities $1.863B $1.761B
YoY Change 5.81% 92.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.10M $79.80M
Total Long-Term Liabilities $1.863B $1.761B
Total Liabilities $1.955B $1.841B
YoY Change 6.23% 81.51%
SHAREHOLDERS EQUITY
Retained Earnings -$371.7M -$283.6M
YoY Change 31.06%
Common Stock $834.0K $833.0K
YoY Change 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.661B $1.866B
YoY Change
Total Liabilities & Shareholders Equity $3.717B $3.796B
YoY Change -2.07% 117.22%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$1.895M $6.727M
YoY Change -128.17% -326.04%
Depreciation, Depletion And Amortization $43.84M $41.21M
YoY Change 6.38% 108.81%
Cash From Operating Activities $48.50M $40.70M
YoY Change 19.16% 149.69%
INVESTING ACTIVITIES
Capital Expenditures -$22.80M -$25.10M
YoY Change -9.16% 34.22%
Acquisitions
YoY Change
Other Investing Activities $2.500M -$96.20M
YoY Change -102.6% -9720.0%
Cash From Investing Activities -$20.20M -$121.3M
YoY Change -83.35% 585.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.70M 24.10M
YoY Change -156.85% -405.06%
NET CHANGE
Cash From Operating Activities 48.50M 40.70M
Cash From Investing Activities -20.20M -121.3M
Cash From Financing Activities -13.70M 24.10M
Net Change In Cash 14.60M -56.50M
YoY Change -125.84% 507.53%
FREE CASH FLOW
Cash From Operating Activities $48.50M $40.70M
Capital Expenditures -$22.80M -$25.10M
Free Cash Flow $71.30M $65.80M
YoY Change 8.36% 88.0%

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;), 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;">June&#160;30, 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;) were 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;">June&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, we owned interests in </font><font style="font-family:inherit;font-size:10pt;">120</font><font style="font-family:inherit;font-size:10pt;"> operating and redevelopment properties consisting of </font><font style="font-family:inherit;font-size:10pt;">109</font><font style="font-family:inherit;font-size:10pt;"> retail properties, </font><font style="font-family:inherit;font-size:10pt;">nine</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;">one</font><font style="font-family:inherit;font-size:10pt;"> development property under construction as of this date.</font></div></div>

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