2022 Q4 Form 10-Q Financial Statement

#000128604322000114 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $204.7M $200.3M
YoY Change 25.61% 180.29%
Cost Of Revenue $53.80M $51.21M
YoY Change 13.18% 168.03%
Gross Profit $150.9M $149.1M
YoY Change 30.74% 184.77%
Gross Profit Margin 73.71% 74.43%
Selling, General & Admin $12.88M $14.86M
YoY Change 24.98% 80.31%
% of Gross Profit 8.54% 9.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $113.7M $115.8M
YoY Change 2.85% 283.64%
% of Gross Profit 75.36% 77.69%
Operating Expenses $125.6M $130.7M
YoY Change 4.54% 240.04%
Operating Profit $25.29M $18.30M
YoY Change -634.53% 205.71%
Interest Expense -$26.83M $26.23M
YoY Change 16.33% 103.65%
% of Operating Profit -106.06% 143.29%
Other Income/Expense, Net $447.0K $58.00K
YoY Change 169.28% -65.48%
Pretax Income -$1.062M -$7.865M
YoY Change -98.94% 16.99%
Income Tax $302.0K $0.00
% Of Pretax Income
Net Earnings -$1.126M -$7.837M
YoY Change -98.85% 12.6%
Net Earnings / Revenue -0.55% -3.91%
Basic Earnings Per Share -$0.04
Diluted Earnings Per Share -$0.01 -$0.04
COMMON SHARES
Basic Shares Outstanding 219.1M shares 219.1M shares
Diluted Shares Outstanding 219.1M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.8M $88.45M
YoY Change 24.19% -11.12%
Cash & Equivalents $115.8M $88.45M
Short-Term Investments
Other Short-Term Assets $127.0M $142.8M
YoY Change 49.77% 264.5%
Inventory
Prepaid Expenses
Receivables $101.3M $86.59M
Other Receivables $0.00 $0.00
Total Short-Term Assets $344.1M $317.8M
YoY Change 39.61% 72.2%
LONG-TERM ASSETS
Property, Plant & Equipment $6.571B $6.622B
YoY Change -2.03% 186.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.41M $10.56M
YoY Change -12.38% -18.49%
Other Assets $416.0M $450.0M
YoY Change -24.18% 474.09%
Total Long-Term Assets $6.998B $7.082B
YoY Change -5.35% 180.56%
TOTAL ASSETS
Total Short-Term Assets $344.1M $317.8M
Total Long-Term Assets $6.998B $7.082B
Total Assets $7.342B $7.400B
YoY Change -3.9% 173.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $207.8M $152.0M
YoY Change 12.33% 77.34%
Accrued Expenses $67.17M $67.54M
YoY Change -4.37% 157.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $275.0M $219.6M
YoY Change 7.73% 96.13%
LONG-TERM LIABILITIES
Long-Term Debt $3.010B $3.013B
YoY Change -4.46% 133.74%
Other Long-Term Liabilities $230.9M $300.0M
YoY Change -8.09% 444.29%
Total Long-Term Liabilities $3.241B $3.313B
YoY Change -4.73% 146.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $275.0M $219.6M
Total Long-Term Liabilities $3.241B $3.313B
Total Liabilities $3.516B $3.465B
YoY Change -3.86% 137.96%
SHAREHOLDERS EQUITY
Retained Earnings -$1.208B -$1.106B
YoY Change 25.43% 30.17%
Common Stock $2.192M $2.191M
YoY Change 0.14% 158.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.767B $3.873B
YoY Change
Total Liabilities & Shareholders Equity $7.342B $7.400B
YoY Change -3.9% 173.17%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$1.126M -$7.837M
YoY Change -98.85% 12.6%
Depreciation, Depletion And Amortization $113.7M $115.8M
YoY Change 2.85% 283.64%
Cash From Operating Activities $116.9M $108.1M
YoY Change -3457.87% 196.74%
INVESTING ACTIVITIES
Capital Expenditures $52.00M -$47.81M
YoY Change -355.2% 203.7%
Acquisitions
YoY Change
Other Investing Activities $20.55M -$34.54M
YoY Change -46.5% -662.09%
Cash From Investing Activities -$31.46M -$82.34M
YoY Change -274.46% 757.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -59.94M -28.41M
YoY Change 233.24% 66.0%
NET CHANGE
Cash From Operating Activities 116.9M 108.1M
Cash From Investing Activities -31.46M -82.34M
Cash From Financing Activities -59.94M -28.41M
Net Change In Cash 25.46M -2.645M
YoY Change -841.07% -127.21%
FREE CASH FLOW
Cash From Operating Activities $116.9M $108.1M
Capital Expenditures $52.00M -$47.81M
Free Cash Flow $64.85M $155.9M
YoY Change 283.77% 198.84%

Facts In Submission

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ORGANIZATION AND BASIS OF PRESENTATION<div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><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, operation, acquisition, development and redevelopment of high-quality, open-air shopping centers and mixed-use assets 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="margin-bottom:10pt;text-align:justify;text-indent:18pt"><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 (“REIT”) under provisions of the Internal Revenue Code of 1986, as amended.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><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, 2022 owned approximately 98.7% of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining 1.3% 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="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the presentation not misleading. The unaudited financial statements as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021 include all adjustments, consisting of normal recurring adjustments, necessary in the opinion of management to present fairly the financial information set forth therein. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the combined Annual Report on Form 10-K of the Parent Company and the Operating Partnership for the year ended December 31, 2021.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Actual results could differ from these estimates. The results of operations for the interim periods are not necessarily indicative of the results that may be expected on an annual basis.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 22, 2021, we completed a merger with Retail Properties of America, Inc. (“RPAI”) in accordance with the Agreement and Plan of Merger dated July 18, 2021 (the “Merger Agreement”), by and among the Company, its wholly owned subsidiary, KRG Oak, LLC (“Merger Sub”), and RPAI, pursuant to which RPAI merged with and into Merger Sub (the “Merger”). Immediately following the closing of the Merger, Merger Sub merged with and into the Operating Partnership so that all of the assets and liabilities of the Company continue to be held at or below the Operating Partnership level. The transaction value was approximately $4.7 billion, including the assumption of approximately $1.8 billion of debt. We acquired 100 operating retail properties and five development projects through the Merger along with multiple parcels of entitled land for future value creation.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the terms of the Merger Agreement, each outstanding share of RPAI common stock converted into the right to receive 0.623 common shares of the Company plus cash in lieu of fractional Company shares. The aggregate value of the Merger consideration paid or payable to former holders of RPAI common stock was approximately $2.8 billion, excluding the value of RPAI restricted stock units that vested at closing and certain restricted share awards assumed by the Company at closing. In connection with the Merger, the Operating Partnership issued an equivalent amount of General Partner Units to the Parent Company.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2022, we owned interests in 183 operating retail properties totaling approximately 28.9 million square feet and one office property with 0.3 million square feet. Of the 183 operating retail properties, 11 contain an office component. We also owned four development projects under construction as of this date. Of the 183 operating retail properties, 180 are consolidated in these financial statements and the remaining three are accounted for under the equity method.</span></div>
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CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3092225000 usd
CY2022Q3 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
193894000 usd
CY2021Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
210261000 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
10513000 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
10796000 usd
CY2022Q3 us-gaap Advance Rent
AdvanceRent
28059000 usd
CY2021Q4 us-gaap Advance Rent
AdvanceRent
30125000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
67543000 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
70237000 usd
CY2022Q3 us-gaap Other Liabilities
OtherLiabilities
300009000 usd
CY2021Q4 us-gaap Other Liabilities
OtherLiabilities
321419000 usd
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
13300000 usd
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
2100000 usd
CY2022Q3 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-46877000 usd
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-69425000 usd
CY2022Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
13075000 usd
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
10842000 usd
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
3012870000 usd
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
3150808000 usd
CY2022Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
-33802000 usd
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
3012870000 usd
CY2022Q3 krg Percentage Of Total
PercentageOfTotal
1
CY2022Q3 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0415
krg Weighted Average Maturity
WeightedAverageMaturity
P4Y6M
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
CY2022Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1500000 usd
CY2022Q3 krg Letters Of Credit Outstanding Amount Advanced
LettersOfCreditOutstandingAmountAdvanced
0 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2169000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1963000 usd
CY2022Q3 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
2100000000 usd
CY2022Q3 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
848500000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-1200000 usd
CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-1700000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-8600000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-4100000 usd
CY2022Q3 krg Cash Flow Hedge Increase Decrease To Interest Expense Based Upon Interest Payments Made Over The Next12 Months
CashFlowHedgeIncreaseDecreaseToInterestExpenseBasedUponInterestPaymentsMadeOverTheNext12Months
-13100000 usd
CY2022Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
300000000 usd
CY2022Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
3000000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
2700000 shares
CY2021Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
2400000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
2500000 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1500000 usd
CY2022Q3 krg Letters Of Credit Outstanding Amount Advanced
LettersOfCreditOutstandingAmountAdvanced
0 usd

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
krg-20220930_cal.xml Edgar Link unprocessable
0001286043-22-000114-index-headers.html Edgar Link pending
0001286043-22-000114-index.html Edgar Link pending
0001286043-22-000114.txt Edgar Link pending
0001286043-22-000114-xbrl.zip Edgar Link pending
exhibit3119-30x22.htm Edgar Link pending
exhibit3129-30x22.htm Edgar Link pending
exhibit3139-30x22.htm Edgar Link pending
exhibit3149-30x22.htm Edgar Link pending
exhibit3219-30x22.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
krg-20220930.htm Edgar Link pending
krg-20220930.xsd Edgar Link pending
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krg-20220930_htm.xml Edgar Link completed
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