2021 Q4 Form 10-Q Financial Statement

#000128604321000126 Filed on November 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $163.0M $71.47M $65.07M
YoY Change 138.37% 9.83% -13.18%
Cost Of Revenue $47.54M $19.11M $19.69M
YoY Change 139.13% -2.97% -4.79%
Gross Profit $115.4M $52.36M $45.38M
YoY Change 138.06% 15.38% -16.37%
Gross Profit Margin 70.83% 73.27% 69.74%
Selling, General & Admin $10.31M $8.241M $6.480M
YoY Change -5.0% 27.18% -3.43%
% of Gross Profit 8.93% 15.74% 14.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $110.6M $30.19M $33.95M
YoY Change 242.28% -11.07% 6.15%
% of Gross Profit 95.79% 57.67% 74.82%
Operating Expenses $120.1M $38.43M $60.13M
YoY Change 181.56% -36.08% -11.46%
Operating Profit -$4.732M $5.987M $8.166M
YoY Change -181.45% -26.68% 520.52%
Interest Expense -$23.06M $12.88M $12.55M
YoY Change 87.79% 2.61% -12.25%
% of Operating Profit 215.1% 153.69%
Other Income/Expense, Net $166.0K $168.0K -$16.00K
YoY Change 730.0% -1150.0% -86.21%
Pretax Income -$100.5M -$6.723M -$4.400M
YoY Change 1420.41% 52.8% -78.16%
Income Tax -$2.000K -$91.00K -$190.0K
% Of Pretax Income
Net Earnings -$98.18M -$6.960M -$4.587M
YoY Change 1345.96% 51.73% -76.76%
Net Earnings / Revenue -60.25% -9.74% -7.05%
Basic Earnings Per Share -$0.08 -$0.05
Diluted Earnings Per Share -$519.1K -$0.08 -$0.05
COMMON SHARES
Basic Shares Outstanding 219.0M shares 84.56M shares 84.19M shares
Diluted Shares Outstanding 84.56M shares 84.19M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.24M $99.51M $129.3M
YoY Change 113.86% -23.04% 220.05%
Cash & Equivalents $93.24M $99.51M $129.3M
Short-Term Investments
Other Short-Term Assets $84.83M $39.17M $39.30M
YoY Change 552.51% -0.34% 289.11%
Inventory
Prepaid Expenses
Receivables $68.44M $45.87M $57.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $246.5M $184.6M $225.7M
YoY Change 116.62% -18.23% 124.58%
LONG-TERM ASSETS
Property, Plant & Equipment $6.708B $2.308B $2.347B
YoY Change 177.64% -1.68% -6.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.89M $12.96M $13.07M
YoY Change -7.09% -0.88% 1.58%
Other Assets $548.6M $78.38M $71.90M
YoY Change 730.02% 9.02% -16.69%
Total Long-Term Assets $7.393B $2.524B $2.432B
YoY Change 196.35% 3.78% -6.92%
TOTAL ASSETS
Total Short-Term Assets $246.5M $184.6M $225.7M
Total Long-Term Assets $7.393B $2.524B $2.432B
Total Assets $7.640B $2.709B $2.658B
YoY Change 192.87% 1.91% -2.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $185.0M $85.72M $88.60M
YoY Change 138.69% -3.25% 14.32%
Accrued Expenses $70.24M $26.23M $26.60M
YoY Change 165.05% -1.41% -1.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $255.2M $111.9M $115.2M
YoY Change 145.4% -2.82% 10.13%
LONG-TERM LIABILITIES
Long-Term Debt $3.151B $1.289B $1.196B
YoY Change 169.12% 7.77% -0.21%
Other Long-Term Liabilities $251.2M $55.12M $59.60M
YoY Change 325.01% -7.52% -4.49%
Total Long-Term Liabilities $3.402B $1.344B $1.256B
YoY Change 176.61% 7.04% -0.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $255.2M $111.9M $115.2M
Total Long-Term Liabilities $3.402B $1.344B $1.256B
Total Liabilities $3.657B $1.456B $1.371B
YoY Change 174.17% 6.21% 0.39%
SHAREHOLDERS EQUITY
Retained Earnings -$962.9M -$849.5M -$810.8M
YoY Change 16.81% 4.78% 6.88%
Common Stock $2.189M $846.0K $842.0K
YoY Change 159.98% 0.48% 0.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.922B $1.199B $1.242B
YoY Change
Total Liabilities & Shareholders Equity $7.640B $2.709B $2.658B
YoY Change 192.87% 1.91% -2.05%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$98.18M -$6.960M -$4.587M
YoY Change 1345.96% 51.73% -76.76%
Depreciation, Depletion And Amortization $110.6M $30.19M $33.95M
YoY Change 242.28% -11.07% 6.15%
Cash From Operating Activities -$3.480M $36.43M $36.00M
YoY Change -135.88% 1.2% -1.37%
INVESTING ACTIVITIES
Capital Expenditures -$20.38M -$15.74M -$8.200M
YoY Change 164.65% 91.96% -33.87%
Acquisitions
YoY Change
Other Investing Activities $38.41M $6.144M $12.90M
YoY Change -167.03% -52.37% -92.81%
Cash From Investing Activities $18.03M -$9.597M $4.700M
YoY Change -127.78% -304.19% -97.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.99M -17.12M -155.1M
YoY Change -49.48% -88.96% -27.18%
NET CHANGE
Cash From Operating Activities -3.480M 36.43M 36.00M
Cash From Investing Activities 18.03M -9.597M 4.700M
Cash From Financing Activities -17.99M -17.12M -155.1M
Net Change In Cash -3.436M 9.719M -114.4M
YoY Change -96.22% -108.5% 1091.67%
FREE CASH FLOW
Cash From Operating Activities -$3.480M $36.43M $36.00M
Capital Expenditures -$20.38M -$15.74M -$8.200M
Free Cash Flow $16.90M $52.17M $44.20M
YoY Change -2.89% 18.04% -9.61%

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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-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%">At September 30, 2021, we owned interests in 87 operating properties totaling approximately 16.8 million square feet. We also owned six development and redevelopment projects as of this date.</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 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 September 30, 2021 owned approximately 97.2% of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining 2.8% 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>On October 22, 2021, we completed a merger with Retail Properties of America, Inc. (“RPAI”), in which RPAI merged with and into a wholly-owned subsidiary of ours in a stock-for-stock exchange with a transaction value of approximately $4.7 billion, including the assumption of approximately $1.9 billion of debt. See Note 11 for additional details. The retail portfolio we acquired through the merger with RPAI was comprised of 102 operating properties along with multiple parcels of entitled land for future value creation.
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63171000 USD
krg Amortization Of Deferred Leasing Costs Lease Intangibles And Other
AmortizationOfDeferredLeasingCostsLeaseIntangiblesAndOther
8005000 USD
krg Amortization Of Deferred Leasing Costs Lease Intangibles And Other
AmortizationOfDeferredLeasingCostsLeaseIntangiblesAndOther
10464000 USD
krg Amortization Of Above Market Lease Intangibles
AmortizationOfAboveMarketLeaseIntangibles
700000 USD
krg Amortization Of Above Market Lease Intangibles
AmortizationOfAboveMarketLeaseIntangibles
725000 USD
CY2021Q3 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
43101000 USD
CY2020Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
45479000 USD
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3505000 USD
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1943000 USD
CY2021Q3 us-gaap Advance Rent
AdvanceRent
8513000 USD
CY2020Q4 us-gaap Advance Rent
AdvanceRent
11716000 USD
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
26225000 USD
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
26511000 USD
CY2021Q3 us-gaap Other Liabilities
OtherLiabilities
81344000 USD
CY2020Q4 us-gaap Other Liabilities
OtherLiabilities
85649000 USD
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
2100000 USD
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
2600000 USD
CY2021Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1200000 USD
CY2021Q3 krg Letters Of Credit Outstanding Amount Advanced
LettersOfCreditOutstandingAmountAdvanced
0 USD

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