2020 Q1 Form 10-Q Financial Statement

#000128604320000081 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $69.91M $83.52M
YoY Change -16.29% -6.96%
Cost Of Revenue $19.74M $21.64M
YoY Change -8.78% -6.8%
Gross Profit $50.18M $61.88M
YoY Change -18.91% -7.0%
Gross Profit Margin 71.78% 74.09%
Selling, General & Admin $6.930M $6.780M
YoY Change 2.21% 13.95%
% of Gross Profit 13.81% 10.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.47M $34.64M
YoY Change -9.14% -10.17%
% of Gross Profit 62.71% 55.97%
Operating Expenses $58.13M $67.13M
YoY Change -13.4% -26.87%
Operating Profit $12.83M $22.98M
YoY Change -44.18% -1599.74%
Interest Expense $12.29M $16.46M
YoY Change -25.31% 0.75%
% of Operating Profit 95.84% 71.64%
Other Income/Expense, Net -$104.0K -$184.0K
YoY Change -43.48% 21.85%
Pretax Income $430.0K $6.330M
YoY Change -93.21% -135.13%
Income Tax -$104.0K -$82.00K
% Of Pretax Income -24.19% -1.3%
Net Earnings -$74.00K $5.715M
YoY Change -101.29% -131.9%
Net Earnings / Revenue -0.11% 6.84%
Basic Earnings Per Share
Diluted Earnings Per Share -$833.10 $68.07K
COMMON SHARES
Basic Shares Outstanding 84.02M shares 83.84M shares
Diluted Shares Outstanding 84.02M shares 84.03M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $343.9M $28.40M
YoY Change 1110.92% -1.39%
Cash & Equivalents $343.9M $28.36M
Short-Term Investments
Other Short-Term Assets $36.30M $14.10M
YoY Change 157.45% -30.54%
Inventory
Prepaid Expenses
Receivables $49.90M $55.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $430.1M $97.90M
YoY Change 339.33% -7.9%
LONG-TERM ASSETS
Property, Plant & Equipment $2.404B $2.911B
YoY Change -17.43% -8.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $12.09M $13.28M
YoY Change -9.02%
Other Assets $91.30M $180.8M
YoY Change -49.5% 52.7%
Total Long-Term Assets $2.507B $3.105B
YoY Change -19.26% -6.26%
TOTAL ASSETS
Total Short-Term Assets $430.1M $97.90M
Total Long-Term Assets $2.507B $3.105B
Total Assets $2.937B $3.203B
YoY Change -8.3% -6.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $109.4M $61.90M
YoY Change 76.74% -39.84%
Accrued Expenses $26.90M $27.30M
YoY Change -1.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $136.3M $89.20M
YoY Change 52.8% -13.31%
LONG-TERM LIABILITIES
Long-Term Debt $1.447B $1.603B
YoY Change -9.74% -2.9%
Other Long-Term Liabilities $56.40M $77.60M
YoY Change -27.32% -14.63%
Total Long-Term Liabilities $1.503B $1.680B
YoY Change -10.55% -3.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $136.3M $89.20M
Total Long-Term Liabilities $1.503B $1.680B
Total Liabilities $1.639B $1.769B
YoY Change -7.36% -4.07%
SHAREHOLDERS EQUITY
Retained Earnings -$797.0M -$683.7M
YoY Change 16.58% 23.34%
Common Stock $841.0K $839.0K
YoY Change 0.24% 0.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.253B $1.387B
YoY Change
Total Liabilities & Shareholders Equity $2.937B $3.203B
YoY Change -8.3% -6.31%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$74.00K $5.715M
YoY Change -101.29% -131.9%
Depreciation, Depletion And Amortization $31.47M $34.64M
YoY Change -9.14% -10.17%
Cash From Operating Activities $21.87M $32.31M
YoY Change -32.3% -10.89%
INVESTING ACTIVITIES
Capital Expenditures -$13.20M $11.55M
YoY Change -214.3% -36.09%
Acquisitions
YoY Change
Other Investing Activities $6.100M -$18.20M
YoY Change -133.52% -128.26%
Cash From Investing Activities -$7.094M -$29.70M
YoY Change -76.11% -164.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $981.0K $303.0K
YoY Change 223.76% 2.36%
Debt Paid & Issued, Net $549.0K $1.159M
YoY Change -52.63% -98.86%
Cash From Financing Activities $298.0M $3.834M
YoY Change 7673.6% -105.03%
NET CHANGE
Cash From Operating Activities $21.87M $32.31M
Cash From Investing Activities -$7.094M -$29.70M
Cash From Financing Activities $298.0M $3.834M
Net Change In Cash $312.8M $6.444M
YoY Change 4754.42% 1.13%
FREE CASH FLOW
Cash From Operating Activities $21.87M $32.31M
Capital Expenditures -$13.20M $11.55M
Free Cash Flow $35.07M $20.76M
YoY Change 68.94% 14.14%

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CY2020Q1 krg Increase Decreasein Retainage Payable Investing
IncreaseDecreaseinRetainagePayableInvesting
594000 USD
CY2019Q1 krg Increase Decreasein Retainage Payable Investing
IncreaseDecreaseinRetainagePayableInvesting
-1963000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7094000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-29700000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
21000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
25000 USD
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1002000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
328000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
300000000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
60000000 USD
CY2020Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
549000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1159000 USD
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
298000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
53263000 USD
CY2020Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
132000 USD
CY2019Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
1441000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
6444000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
52813000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45506000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
365632000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
51950000 USD
CY2020Q1 us-gaap Nature Of Operations
NatureOfOperations
Organization<div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;"> </span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span 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 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.</span></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span 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. </span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Parent Company is the sole general partner of the Operating Partnership, and as of </span><span style="font-family:inherit;font-size:10pt;">March 31, 2020</span><span style="font-family:inherit;font-size:10pt;"> owned approximately </span><span style="font-family:inherit;font-size:10pt;"><span>97.4%</span></span><span style="font-family:inherit;font-size:10pt;"> of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining </span><span style="font-family:inherit;font-size:10pt;"><span>2.6%</span></span><span 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”) 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. </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">At </span><span style="font-family:inherit;font-size:10pt;">March 31, 2020</span><span style="font-family:inherit;font-size:10pt;">, we owned interests in </span><span style="font-family:inherit;font-size:10pt;"><span>90</span></span><span style="font-family:inherit;font-size:10pt;"> operating and redevelopment properties totaling approximately </span><span style="font-family:inherit;font-size:10pt;"><span>17.4 million</span></span><span style="font-family:inherit;font-size:10pt;"> square feet. We also owned </span><span style="font-family:inherit;font-size:10pt;"><span>one</span></span><span style="font-family:inherit;font-size:10pt;"> development project under construction as of this date.</span></div>
CY2020Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
17400000 sqft
CY2020Q1 krg Land Investment Buildingand Improvements
LandInvestmentBuildingandImprovements
3039875000 USD
CY2019Q4 krg Land Investment Buildingand Improvements
LandInvestmentBuildingandImprovements
3038412000 USD
CY2020Q1 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
7907000 USD
CY2019Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
7775000 USD
CY2020Q1 us-gaap Development In Process
DevelopmentInProcess
43783000 USD
CY2019Q4 us-gaap Development In Process
DevelopmentInProcess
41204000 USD
CY2020Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
3091565000 USD
CY2019Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
3087391000 USD
CY2020Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
55345000 USD
CY2019Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
65539000 USD
CY2020Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
12102000 USD
CY2019Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
15111000 USD
CY2020Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-358000 USD
CY2019Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-663000 USD
CY2020Q1 krg Straight Line Rent Reserve
StraightLineRentReserve
2876000 USD
CY2019Q1 krg Straight Line Rent Reserve
StraightLineRentReserve
0 USD
CY2020Q1 krg Amortization Of In Place Lease Liabilities
AmortizationOfInPlaceLeaseLiabilities
598000 USD
CY2019Q1 krg Amortization Of In Place Lease Liabilities
AmortizationOfInPlaceLeaseLiabilities
1045000 USD
CY2020Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
65527000 USD
CY2019Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
82358000 USD
CY2020Q1 krg Variable Interest Entity Number Of Entities
VariableInterestEntityNumberOfEntities
2 joint_venture
CY2019Q4 us-gaap Minority Interest
MinorityInterest
698000 USD
CY2018Q4 us-gaap Minority Interest
MinorityInterest
698000 USD
CY2020Q1 us-gaap Minority Interest
MinorityInterest
698000 USD
CY2019Q1 us-gaap Minority Interest
MinorityInterest
698000 USD
CY2020Q1 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
2234991 shares
CY2019Q4 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
2110037 shares
CY2020Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
2200000 shares
CY2019Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
2100000 shares
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2020Q1 krg Longterm Debt Principal Balance
LongtermDebtPrincipalBalance
1452753000 USD
CY2020Q1 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
2065000 USD
CY2020Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
8330000 USD
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
1446488000 USD
CY2019Q4 krg Longterm Debt Principal Balance
LongtermDebtPrincipalBalance
1153302000 USD
CY2019Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
2176000 USD
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
8898000 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
1146580000 USD
CY2020Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
-6265000 USD
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
1446488000 USD
CY2020Q1 krg Long Term Debt Percentage Of Total
LongTermDebtPercentageOfTotal
1
CY2020Q1 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0349
CY2020Q1 krg Debt Average Remaining Maturity
DebtAverageRemainingMaturity
P5Y
CY2020Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
582000 USD
CY2019Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
669000 USD
CY2020Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1200000 USD
CY2020Q1 krg Lettersof Credit Outstanding Amount Advanced
LettersofCreditOutstandingAmountAdvanced
0 USD
CY2020Q1 krg Valuein Unencumbered Asset Pool
ValueinUnencumberedAssetPool
1400000000 USD
CY2020Q1 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
874100000 USD
CY2020Q1 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
605700000 USD
CY2020Q1 us-gaap Derivative Average Cap Interest Rate
DerivativeAverageCapInterestRate
0.0374
CY2020Q1 us-gaap Interest Rate Fair Value Hedge Derivative At Fair Value Net
InterestRateFairValueHedgeDerivativeAtFairValueNet
33400000 USD
CY2019Q4 us-gaap Interest Rate Fair Value Hedge Derivative At Fair Value Net
InterestRateFairValueHedgeDerivativeAtFairValueNet
16800000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
300000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
500000 USD
CY2020Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.3175
CY2020Q1 us-gaap Finite Lived Intangible Asset Acquired In Place Leases
FiniteLivedIntangibleAssetAcquiredInPlaceLeases
59137000 USD
CY2019Q4 us-gaap Finite Lived Intangible Asset Acquired In Place Leases
FiniteLivedIntangibleAssetAcquiredInPlaceLeases
60862000 USD
CY2020Q1 krg Deferred Leasing Costs And Other
DeferredLeasingCostsAndOther
60372000 USD
CY2019Q4 krg Deferred Leasing Costs And Other
DeferredLeasingCostsAndOther
62109000 USD
CY2020Q1 krg Deferred Costs Gross
DeferredCostsGross
119509000 USD
CY2019Q4 krg Deferred Costs Gross
DeferredCostsGross
122971000 USD
CY2020Q1 krg Deferred Costs Accumulated Amortization
DeferredCostsAccumulatedAmortization
49989000 USD
CY2019Q4 krg Deferred Costs Accumulated Amortization
DeferredCostsAccumulatedAmortization
49814000 USD
CY2020Q1 us-gaap Deferred Costs
DeferredCosts
69520000 USD
CY2019Q4 us-gaap Deferred Costs
DeferredCosts
73157000 USD
CY2020Q1 krg Amortizationof Deferred Leasing Costs Lease Intangiblesand Other
AmortizationofDeferredLeasingCostsLeaseIntangiblesandOther
4065000 USD
CY2019Q1 krg Amortizationof Deferred Leasing Costs Lease Intangiblesand Other
AmortizationofDeferredLeasingCostsLeaseIntangiblesandOther
3694000 USD
CY2020Q1 krg Amortizationof Above Market Lease Intangibles
AmortizationofAboveMarketLeaseIntangibles
242000 USD
CY2019Q1 krg Amortizationof Above Market Lease Intangibles
AmortizationofAboveMarketLeaseIntangibles
399000 USD
CY2020Q1 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
49232000 USD
CY2019Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
50072000 USD
CY2020Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2581000 USD
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2254000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4585000 USD
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
10839000 USD
CY2020Q1 us-gaap Advance Rent
AdvanceRent
26894000 USD
CY2019Q4 us-gaap Advance Rent
AdvanceRent
27015000 USD
CY2020Q1 us-gaap Other Liabilities
OtherLiabilities
83292000 USD
CY2019Q4 us-gaap Other Liabilities
OtherLiabilities
90180000 USD
CY2020Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
800000 USD
CY2019Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
1400000 USD
CY2020Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1200000 USD
CY2020Q1 krg Lettersof Credit Outstanding Amount Advanced
LettersofCreditOutstandingAmountAdvanced
0 USD
CY2020Q1 us-gaap Gain Loss On Sale Of Properties Net Of Applicable Income Taxes
GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes
1000000.0 USD

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