2017 Q1 Form 10-Q Financial Statement

#000128604317000055 Filed on May 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $90.11M $88.55M
YoY Change 1.76% 1.98%
Cost Of Revenue $23.28M $23.33M
YoY Change -0.21% 2.55%
Gross Profit $66.83M $65.22M
YoY Change 2.47% 1.78%
Gross Profit Margin 74.16% 73.65%
Selling, General & Admin $5.470M $5.290M
YoY Change 3.4% 5.59%
% of Gross Profit 8.18% 8.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.83M $42.24M
YoY Change 8.5% 4.46%
% of Gross Profit 68.58% 64.77%
Operating Expenses $81.99M $70.86M
YoY Change 15.72% 3.68%
Operating Profit $16.99M $17.69M
YoY Change -3.98% -4.28%
Interest Expense $16.45M $15.33M
YoY Change 7.31% 9.99%
% of Operating Profit 96.8% 86.62%
Other Income/Expense, Net -$139.0K $18.00K
YoY Change -872.22%
Pretax Income $400.0K $2.390M
YoY Change -83.26% -69.82%
Income Tax -$33.00K $410.0K
% Of Pretax Income -8.25% 17.15%
Net Earnings $5.000K $1.402M
YoY Change -99.64% -80.47%
Net Earnings / Revenue 0.01% 1.58%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 $0.02
COMMON SHARES
Basic Shares Outstanding 83.57M shares 83.35M shares
Diluted Shares Outstanding 83.64M shares 83.49M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.60M $23.30M
YoY Change -3.0% -81.61%
Cash & Equivalents $22.64M $23.31M
Short-Term Investments
Other Short-Term Assets $12.80M $10.80M
YoY Change 18.52% -8.47%
Inventory
Prepaid Expenses
Receivables $52.30M $52.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $87.70M $86.50M
YoY Change 1.39% -52.18%
LONG-TERM ASSETS
Property, Plant & Equipment $3.400B $3.487B
YoY Change -2.5% 2.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $136.0M $70.60M
YoY Change 92.63% -58.88%
Total Long-Term Assets $3.536B $3.643B
YoY Change -2.95% 1.84%
TOTAL ASSETS
Total Short-Term Assets $87.70M $86.50M
Total Long-Term Assets $3.536B $3.643B
Total Assets $3.623B $3.730B
YoY Change -2.85% -0.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $88.80M $81.80M
YoY Change 8.56% -1.45%
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 $88.80M $81.80M
YoY Change 8.56% -1.45%
LONG-TERM LIABILITIES
Long-Term Debt $1.727B $1.731B
YoY Change -0.23% 10.28%
Other Long-Term Liabilities $110.3M $127.5M
YoY Change -13.49% -4.99%
Total Long-Term Liabilities $1.837B $1.858B
YoY Change -1.14% 9.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $88.80M $81.80M
Total Long-Term Liabilities $1.837B $1.858B
Total Liabilities $1.926B $1.940B
YoY Change -0.72% 8.59%
SHAREHOLDERS EQUITY
Retained Earnings -$444.6M -$345.8M
YoY Change 28.56% 30.25%
Common Stock $836.0K $834.0K
YoY Change 0.24% -0.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.619B $1.690B
YoY Change
Total Liabilities & Shareholders Equity $3.623B $3.730B
YoY Change -2.85% -0.76%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $5.000K $1.402M
YoY Change -99.64% -80.47%
Depreciation, Depletion And Amortization $45.83M $42.24M
YoY Change 8.5% 4.46%
Cash From Operating Activities $36.24M $32.39M
YoY Change 11.91% -28.18%
INVESTING ACTIVITIES
Capital Expenditures $23.87M $21.45M
YoY Change 11.3% -4.98%
Acquisitions
YoY Change
Other Investing Activities $25.20M -$3.100M
YoY Change -912.9% -102.43%
Cash From Investing Activities $1.307M -$24.59M
YoY Change -105.32% -123.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $200.0K $654.0K
YoY Change -69.42% -14.51%
Debt Paid & Issued, Net $37.17M $41.31M
YoY Change -10.02% -54.57%
Cash From Financing Activities -$34.21M -$18.37M
YoY Change 86.2% -72.73%
NET CHANGE
Cash From Operating Activities $36.24M $32.39M
Cash From Investing Activities $1.307M -$24.59M
Cash From Financing Activities -$34.21M -$18.37M
Net Change In Cash $3.338M -$10.57M
YoY Change -131.57% -112.75%
FREE CASH FLOW
Cash From Operating Activities $36.24M $32.39M
Capital Expenditures $23.87M $21.45M
Free Cash Flow $12.37M $10.94M
YoY Change 13.1% -51.43%

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0 USD
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CY2017Q1 us-gaap Repayments Of Long Term Debt
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CY2016Q1 us-gaap Share Based Compensation
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CY2017Q1 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: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;), primarily 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: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;">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, 2017</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;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, 2017</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;">107</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;">two</font><font style="font-family:inherit;font-size:10pt;"> development projects under construction as of this date.</font></div></div>

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