2019 Q1 Form 10-Q Financial Statement

#000128604319000065 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $83.52M $89.76M
YoY Change -6.96% -0.39%
Cost Of Revenue $21.64M $23.22M
YoY Change -6.8% -0.26%
Gross Profit $61.88M $66.54M
YoY Change -7.0% -0.43%
Gross Profit Margin 74.09% 74.13%
Selling, General & Admin $6.780M $5.950M
YoY Change 13.95% 8.78%
% of Gross Profit 10.96% 8.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.64M $38.56M
YoY Change -10.17% -15.87%
% of Gross Profit 55.97% 57.94%
Operating Expenses $67.13M $91.80M
YoY Change -26.87% 11.95%
Operating Profit $22.98M -$1.532M
YoY Change -1599.74% -109.02%
Interest Expense $16.46M $16.34M
YoY Change 0.75% -0.66%
% of Operating Profit 71.64%
Other Income/Expense, Net -$184.0K -$151.0K
YoY Change 21.85% 8.63%
Pretax Income $6.330M -$18.02M
YoY Change -135.13% -4605.0%
Income Tax -$82.00K -$23.00K
% Of Pretax Income -1.3%
Net Earnings $5.715M -$17.92M
YoY Change -131.9% -358440.0%
Net Earnings / Revenue 6.84% -19.96%
Basic Earnings Per Share
Diluted Earnings Per Share $68.07K -$214.3K
COMMON SHARES
Basic Shares Outstanding 83.84M shares 83.63M shares
Diluted Shares Outstanding 84.03M shares 83.63M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.40M $28.80M
YoY Change -1.39% 27.43%
Cash & Equivalents $28.36M $28.75M
Short-Term Investments
Other Short-Term Assets $14.10M $20.30M
YoY Change -30.54% 58.59%
Inventory
Prepaid Expenses
Receivables $55.40M $57.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $97.90M $106.3M
YoY Change -7.9% 21.21%
LONG-TERM ASSETS
Property, Plant & Equipment $2.911B $3.194B
YoY Change -8.86% -6.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $13.28M
YoY Change
Other Assets $180.8M $118.4M
YoY Change 52.7% -12.94%
Total Long-Term Assets $3.105B $3.313B
YoY Change -6.26% -6.31%
TOTAL ASSETS
Total Short-Term Assets $97.90M $106.3M
Total Long-Term Assets $3.105B $3.313B
Total Assets $3.203B $3.419B
YoY Change -6.31% -5.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.90M $102.9M
YoY Change -39.84% 15.88%
Accrued Expenses $27.30M
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 $89.20M $102.9M
YoY Change -13.31% 15.88%
LONG-TERM LIABILITIES
Long-Term Debt $1.603B $1.651B
YoY Change -2.9% -4.42%
Other Long-Term Liabilities $77.60M $90.90M
YoY Change -14.63% -17.59%
Total Long-Term Liabilities $1.680B $1.741B
YoY Change -3.51% -5.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $89.20M $102.9M
Total Long-Term Liabilities $1.680B $1.741B
Total Liabilities $1.769B $1.844B
YoY Change -4.07% -4.24%
SHAREHOLDERS EQUITY
Retained Earnings -$683.7M -$554.3M
YoY Change 23.34% 24.68%
Common Stock $839.0K $837.0K
YoY Change 0.24% 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.387B $1.525B
YoY Change
Total Liabilities & Shareholders Equity $3.203B $3.419B
YoY Change -6.31% -5.65%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $5.715M -$17.92M
YoY Change -131.9% -358440.0%
Depreciation, Depletion And Amortization $34.64M $38.56M
YoY Change -10.17% -15.87%
Cash From Operating Activities $32.31M $36.26M
YoY Change -10.89% 0.04%
INVESTING ACTIVITIES
Capital Expenditures $11.55M $18.07M
YoY Change -36.09% -24.3%
Acquisitions
YoY Change
Other Investing Activities -$18.20M $64.40M
YoY Change -128.26% 155.56%
Cash From Investing Activities -$29.70M $46.37M
YoY Change -164.04% 3448.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $303.0K $296.0K
YoY Change 2.36% 48.0%
Debt Paid & Issued, Net $1.159M $101.4M
YoY Change -98.86% 172.7%
Cash From Financing Activities $3.834M -$76.26M
YoY Change -105.03% 122.91%
NET CHANGE
Cash From Operating Activities $32.31M $36.26M
Cash From Investing Activities -$29.70M $46.37M
Cash From Financing Activities $3.834M -$76.26M
Net Change In Cash $6.444M $6.372M
YoY Change 1.13% 90.89%
FREE CASH FLOW
Cash From Operating Activities $32.31M $36.26M
Capital Expenditures $11.55M $18.07M
Free Cash Flow $20.76M $18.19M
YoY Change 14.14% 46.99%

Facts In Submission

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CY2019Q1 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
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0.975
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452000 USD
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CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
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NetIncomeLoss
5715000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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-80000 USD
CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
273000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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-17917000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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5715000 USD
CY2018Q1 us-gaap Nonoperating Income Expense
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CY2019Q1 us-gaap Nonoperating Income Expense
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CY2019Q1 us-gaap Operating Expenses
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CY2019Q1 us-gaap Operating Income Loss
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22976000 USD
CY2019Q1 us-gaap Operating Lease Expense
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1200000 USD
CY2019Q1 us-gaap Operating Lease Lease Income
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82358000 USD
CY2019Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
65539000 USD
CY2018Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
0 USD
CY2019Q1 us-gaap Operating Lease Liability
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27315000 USD
CY2019Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
15111000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P52Y
CY2018Q1 us-gaap Operating Leases Income Statement Minimum Lease Revenue
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87623000 USD
CY2019Q1 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
82358000 USD
CY2018Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
39216000 USD
CY2019Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
35303000 USD
CY2018Q4 us-gaap Other Liabilities
OtherLiabilities
83632000 USD
CY2019Q1 us-gaap Other Liabilities
OtherLiabilities
102478000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2157000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-4930000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
2214000 USD
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-5057000 USD
CY2018Q1 us-gaap Other Operating Income
OtherOperatingIncome
951000 USD
CY2019Q1 us-gaap Other Operating Income
OtherOperatingIncome
663000 USD
CY2018Q1 us-gaap Payments For Construction In Process
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-2807000 USD
CY2019Q1 us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
1963000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
319000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
328000 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
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26546000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
53263000 USD
CY2018Q1 us-gaap Payments Of Dividends Minority Interest
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978000 USD
CY2019Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
1441000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
18070000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11549000 USD
CY2018Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
0 USD
CY2019Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
29286000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
12764000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
41080000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
23000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
25000 USD
CY2018Q1 us-gaap Proceeds From Loans
ProceedsFromLoans
52922000 USD
CY2019Q1 us-gaap Proceeds From Loans
ProceedsFromLoans
60000000 USD
CY2019Q1 us-gaap Proceeds From Loans
ProceedsFromLoans
60000000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
61637000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
13098000 USD
CY2018Q1 us-gaap Profit Loss
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-17997000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
5988000 USD
CY2018Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2019Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2018Q4 us-gaap Real Estate Investment Property At Cost
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CY2019Q1 us-gaap Real Estate Investment Property At Cost
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CY2018Q4 us-gaap Real Estate Investment Property Net
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CY2019Q1 us-gaap Real Estate Investment Property Net
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CY2018Q1 us-gaap Real Estate Tax Expense
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10754000 USD
CY2019Q1 us-gaap Real Estate Tax Expense
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CY2018Q1 us-gaap Repayments Of Long Term Debt
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1159000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
10130000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q4 us-gaap Retention Payable
RetentionPayable
2489000 USD
CY2019Q1 us-gaap Retention Payable
RetentionPayable
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CY2018Q1 us-gaap Revenues
Revenues
89763000 USD
CY2019Q1 us-gaap Revenues
Revenues
83515000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1639000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1283000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
127000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1447000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1161000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1565411000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
1386824000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1413403000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1387522000 USD
CY2018Q1 us-gaap Straight Line Rent
StraightLineRent
-1804000 USD
CY2019Q1 us-gaap Straight Line Rent
StraightLineRent
-3728000 USD
CY2019Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-663000 USD
CY2019Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
115200000 USD
CY2019Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
56400000 USD
CY2018Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
2000000 shares
CY2019Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
2100000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83629669 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84034097 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83629669 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83843681 shares
CY2019Q1 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;">&#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 select 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, 2019</font><font style="font-family:inherit;font-size:10pt;">&#160;owned approximately&#160;</font><font style="font-family:inherit;font-size:10pt;">97.5%</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;">2.5%</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, 2019</font><font style="font-family:inherit;font-size:10pt;">, we owned interests in </font><font style="font-family:inherit;font-size:10pt;">111</font><font style="font-family:inherit;font-size:10pt;"> operating and redevelopment properties totaling approximately </font><font style="font-family:inherit;font-size:10pt;">21.8 million</font><font style="font-family:inherit;font-size:10pt;"> square feet. We also owned </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> development project under construction as of this date.</font></div></div>
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the accompanying consolidated financial statements for&#160;2018&#160;have been reclassified to conform to the&#160;2019&#160;consolidated financial statement presentation.&#160;&#160;On the Company's consolidated statements of operations, it no longer presents minimum rents and tenant reimbursements as separate amounts because the Company now accounts for these amounts as a single combined lease component, rental income. The reclassifications had no impact on net loss previously reported.</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>

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