2021 Q1 Form 10-Q Financial Statement

#000128604321000066 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $69.38M $69.91M
YoY Change -0.77% -16.29%
Cost Of Revenue $19.67M $19.74M
YoY Change -0.35% -8.78%
Gross Profit $49.71M $50.18M
YoY Change -0.94% -18.91%
Gross Profit Margin 71.65% 71.78%
Selling, General & Admin $7.280M $6.930M
YoY Change 5.05% 2.21%
% of Gross Profit 14.64% 13.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.63M $31.47M
YoY Change -2.65% -9.14%
% of Gross Profit 61.63% 62.71%
Operating Expenses $37.91M $58.13M
YoY Change -34.78% -13.4%
Operating Profit $38.00M $12.83M
YoY Change 196.3% -44.18%
Interest Expense $12.24M $12.29M
YoY Change -0.41% -25.31%
% of Operating Profit 32.21% 95.84%
Other Income/Expense, Net -$206.0K -$104.0K
YoY Change 98.08% -43.48%
Pretax Income $25.56M $430.0K
YoY Change 5844.19% -93.21%
Income Tax -$118.0K -$104.0K
% Of Pretax Income -0.46% -24.19%
Net Earnings $24.58M -$74.00K
YoY Change -33312.16% -101.29%
Net Earnings / Revenue 35.43% -0.11%
Basic Earnings Per Share $0.29
Diluted Earnings Per Share $0.29 -$833.10
COMMON SHARES
Basic Shares Outstanding 84.34M shares 84.02M shares
Diluted Shares Outstanding 84.45M shares 84.02M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $228.8M $343.9M
YoY Change -33.47% 1110.92%
Cash & Equivalents $228.8M $343.9M
Short-Term Investments
Other Short-Term Assets $42.90M $36.30M
YoY Change 18.18% 157.45%
Inventory
Prepaid Expenses
Receivables $49.10M $49.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $320.8M $430.1M
YoY Change -25.41% 339.33%
LONG-TERM ASSETS
Property, Plant & Equipment $2.359B $2.404B
YoY Change -1.88% -17.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $13.05M $12.09M
YoY Change 7.94% -9.02%
Other Assets $62.60M $91.30M
YoY Change -31.43% -49.5%
Total Long-Term Assets $2.435B $2.507B
YoY Change -2.9% -19.26%
TOTAL ASSETS
Total Short-Term Assets $320.8M $430.1M
Total Long-Term Assets $2.435B $2.507B
Total Assets $2.755B $2.937B
YoY Change -6.2% -8.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $72.10M $109.4M
YoY Change -34.1% 76.74%
Accrued Expenses $26.40M $26.90M
YoY Change -1.86% -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 $98.50M $136.3M
YoY Change -27.73% 52.8%
LONG-TERM LIABILITIES
Long-Term Debt $1.315B $1.447B
YoY Change -9.08% -9.74%
Other Long-Term Liabilities $57.00M $56.40M
YoY Change 1.06% -27.32%
Total Long-Term Liabilities $1.372B $1.503B
YoY Change -8.7% -10.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $98.50M $136.3M
Total Long-Term Liabilities $1.372B $1.503B
Total Liabilities $1.471B $1.639B
YoY Change -10.27% -7.36%
SHAREHOLDERS EQUITY
Retained Earnings -$812.7M -$797.0M
YoY Change 1.97% 16.58%
Common Stock $845.0K $841.0K
YoY Change 0.48% 0.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.232B $1.253B
YoY Change
Total Liabilities & Shareholders Equity $2.755B $2.937B
YoY Change -6.2% -8.3%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $24.58M -$74.00K
YoY Change -33312.16% -101.29%
Depreciation, Depletion And Amortization $30.63M $31.47M
YoY Change -2.65% -9.14%
Cash From Operating Activities $31.31M $21.87M
YoY Change 43.12% -32.3%
INVESTING ACTIVITIES
Capital Expenditures -$7.900M -$13.20M
YoY Change -40.15% -214.3%
Acquisitions
YoY Change
Other Investing Activities $41.70M $6.100M
YoY Change 583.61% -133.52%
Cash From Investing Activities $33.88M -$7.094M
YoY Change -577.61% -76.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $435.0K $981.0K
YoY Change -55.66% 223.76%
Debt Paid & Issued, Net $25.57M $549.0K
YoY Change 4557.19% -52.63%
Cash From Financing Activities $120.8M $298.0M
YoY Change -59.48% 7673.6%
NET CHANGE
Cash From Operating Activities $31.31M $21.87M
Cash From Investing Activities $33.88M -$7.094M
Cash From Financing Activities $120.8M $298.0M
Net Change In Cash $185.9M $312.8M
YoY Change -40.56% 4754.42%
FREE CASH FLOW
Cash From Operating Activities $31.31M $21.87M
Capital Expenditures -$7.900M -$13.20M
Free Cash Flow $39.21M $35.07M
YoY Change 11.78% 68.94%

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IncreaseDecreaseInRetainagePayableInvesting
-883000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
33882000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
17000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
21000 USD
CY2021Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
452000 USD
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1002000 USD
CY2021Q1 krg Payments For Capped Calls
PaymentsForCappedCalls
9800000 USD
CY2020Q1 krg Payments For Capped Calls
PaymentsForCappedCalls
0 USD
CY2021Q1 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
4937000 USD
CY2020Q1 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
0 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
175000000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
300000000 USD
CY2021Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
25568000 USD
CY2020Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
549000 USD
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
12992000 USD
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
298000 USD
CY2021Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
511000 USD
CY2020Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
132000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
120757000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
298040000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
185944000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
312819000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46586000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
52813000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
232530000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
365632000 USD
CY2021Q1 us-gaap Nature Of Operations
NatureOfOperations
Organization<div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 certain 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="text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Parent Company is the sole general partner of the Operating Partnership, and as of March 31, 2021 owned approximately 97.1% of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining 2.9% 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="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At March 31, 2021, we owned interests in 87 operating properties totaling approximately 16.8 million square feet. We also owned five development and redevelopment projects as of this date.</span></div>
CY2021Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
16800000 sqft
CY2021Q1 krg Land Investment Building And Improvements
LandInvestmentBuildingAndImprovements
3103198000 USD
CY2020Q4 krg Land Investment Building And Improvements
LandInvestmentBuildingAndImprovements
3109122000 USD
CY2021Q1 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
6964000 USD
CY2020Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
6979000 USD
CY2021Q1 us-gaap Development In Process
DevelopmentInProcess
27368000 USD
CY2020Q4 us-gaap Development In Process
DevelopmentInProcess
27860000 USD
CY2021Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
3137530000 USD
CY2020Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
3143961000 USD
CY2021Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
54803000 USD
CY2020Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
55345000 USD
CY2021Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
13929000 USD
CY2020Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
12949000 USD
CY2021Q1 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
1309000 USD
CY2020Q1 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
847000 USD
CY2021Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-98000 USD
CY2020Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-358000 USD
CY2021Q1 krg Straight Line Rent Reserve
StraightLineRentReserve
110000 USD
CY2020Q1 krg Straight Line Rent Reserve
StraightLineRentReserve
2876000 USD
CY2021Q1 krg Amortization Of In Place Lease Liabilities
AmortizationOfInPlaceLeaseLiabilities
479000 USD
CY2020Q1 krg Amortization Of In Place Lease Liabilities
AmortizationOfInPlaceLeaseLiabilities
598000 USD
CY2021Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
67890000 USD
CY2020Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
65527000 USD
CY2021Q1 krg Variable Interest Entity Number Of Entities
VariableInterestEntityNumberOfEntities
2 jointVenture
CY2020Q4 us-gaap Minority Interest
MinorityInterest
698000 USD
CY2019Q4 us-gaap Minority Interest
MinorityInterest
698000 USD
CY2021Q1 us-gaap Minority Interest
MinorityInterest
698000 USD
CY2020Q1 us-gaap Minority Interest
MinorityInterest
698000 USD
CY2021Q1 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
2480853 shares
CY2020Q4 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
2532861 shares
CY2021Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
2500000 shares
CY2020Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
2200000 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2021Q1 krg Long Term Debt Principal Balance
LongTermDebtPrincipalBalance
1325508000 USD
CY2021Q1 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
1620000 USD
CY2021Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
11880000 USD
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
1315248000 USD
CY2020Q4 krg Long Term Debt Principal Balance
LongTermDebtPrincipalBalance
1176076000 USD
CY2020Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
1732000 USD
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
7014000 USD
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
1170794000 USD
CY2021Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
-10260000 USD
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
1315248000 USD
CY2021Q1 krg Percentage Of Total
PercentageOfTotal
1
CY2021Q1 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0362
CY2021Q1 krg Debt Average Remaining Maturity
DebtAverageRemainingMaturity
P4Y10M24D
CY2021Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
578000 USD
CY2020Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
582000 USD
CY2021Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1200000 USD
CY2021Q1 krg Letters Of Credit Outstanding Amount Advanced
LettersOfCreditOutstandingAmountAdvanced
0 USD
CY2021Q1 krg Value In Unencumbered Asset Pool
ValueInUnencumberedAssetPool
1400000000 USD
CY2021Q1 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
1000000000.0 USD
CY2021Q1 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
304900000 USD
CY2021Q1 us-gaap Derivative Average Cap Interest Rate
DerivativeAverageCapInterestRate
0.0420
CY2021Q1 us-gaap Interest Rate Fair Value Hedge Derivative At Fair Value Net
InterestRateFairValueHedgeDerivativeAtFairValueNet
25400000 USD
CY2020Q4 us-gaap Interest Rate Fair Value Hedge Derivative At Fair Value Net
InterestRateFairValueHedgeDerivativeAtFairValueNet
32100000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-1300000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-300000 USD
CY2021Q1 krg Deferred Costs Accumulated Amortization
DeferredCostsAccumulatedAmortization
46494000 USD
CY2020Q1 krg Amortization Of Deferred Leasing Costs Lease Intangibles And Other
AmortizationOfDeferredLeasingCostsLeaseIntangiblesAndOther
4065000 USD
CY2021Q1 krg Amortization Of Above Market Lease Intangibles
AmortizationOfAboveMarketLeaseIntangibles
244000 USD
CY2020Q1 krg Amortization Of Above Market Lease Intangibles
AmortizationOfAboveMarketLeaseIntangibles
242000 USD
CY2021Q1 us-gaap Finite Lived Intangible Asset Acquired In Place Leases
FiniteLivedIntangibleAssetAcquiredInPlaceLeases
50711000 USD
CY2020Q4 us-gaap Finite Lived Intangible Asset Acquired In Place Leases
FiniteLivedIntangibleAssetAcquiredInPlaceLeases
55352000 USD
CY2021Q1 krg Deferred Leasing Costs And Other
DeferredLeasingCostsAndOther
54738000 USD
CY2020Q4 krg Deferred Leasing Costs And Other
DeferredLeasingCostsAndOther
57481000 USD
CY2021Q1 krg Deferred Costs Gross
DeferredCostsGross
105449000 USD
CY2020Q4 krg Deferred Costs Gross
DeferredCostsGross
112833000 USD
CY2020Q4 krg Deferred Costs Accumulated Amortization
DeferredCostsAccumulatedAmortization
49662000 USD
CY2021Q1 us-gaap Deferred Costs
DeferredCosts
58955000 USD
CY2020Q4 us-gaap Deferred Costs
DeferredCosts
63171000 USD
CY2021Q1 krg Amortization Of Deferred Leasing Costs Lease Intangibles And Other
AmortizationOfDeferredLeasingCostsLeaseIntangiblesAndOther
2832000 USD
CY2021Q1 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
44527000 USD
CY2020Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
45479000 USD
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2493000 USD
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1943000 USD
CY2021Q1 us-gaap Advance Rent
AdvanceRent
10029000 USD
CY2020Q4 us-gaap Advance Rent
AdvanceRent
11716000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
26378000 USD
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
26511000 USD
CY2021Q1 us-gaap Other Liabilities
OtherLiabilities
83427000 USD
CY2020Q4 us-gaap Other Liabilities
OtherLiabilities
85649000 USD
CY2021Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
700000 USD
CY2020Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
800000 USD
CY2021Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1200000 USD
CY2021Q1 krg Letters Of Credit Outstanding Amount Advanced
LettersOfCreditOutstandingAmountAdvanced
0 USD

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