Kite Realty Group Trust · NYSE:KRG
Kite Realty Group Trust — Corporate Update (April 2020)
10 slides from Kite Realty Group Trust's corporate update, Apr 7, 2020
Slide 1: COVID-19 Impact Update
Slide 2: Kite Realty Group focused on key principles in crisis
As the country is in the midst of an unprecedented crisis, Kite Realty Group is focused on a number of key principles, including employee safety, continuous operation of our centers to provide essential items, supporting our impacted tenants and striving to be a good corporate citizen. We are workin
Slide 3: Embrace our core values
Embrace our core values Define the end game and focus on protecting the following: – Safety and security of all of our constituents – Occupancy, cash flow, and long-term value – Reputation as best-in-class landlord Craft and execute the game plan Recognize extraordinary times require extraordinary m
Slide 4: Employee safety, open centers, tenant viability and liquidity
▪ Protect employee safety, security, mental health, and productivity – Instituted work from home for all non-essential employees – Activated business continuity plan – Offering employees ample resources to enable effective employee engagement ▪ Keep centers open and operating to provide for consumer
Slide 5: Liquidity and debt maturities
▪ 2020 & 2021 debt maturities = $0 ▪ Scaling back capital expenditures ▪ Outstanding committed development spend for 2020 = $3.6M ▪ Outstanding committed Big Box spend for 2020 = $16M ▪ Borrowed $300 million from our $600 million revolving credit facility ▪ Cash on hand as of 3/31/2020 = ~$350 milli
Slide 6: Tenant mix by category, % of ABR
Other Non-Essential, 2% Office / Professional Service, 2% Communication, Other Specialty Food, 2% 7% Grocery / Theatres, 2% Drug, 12% Pet Stores, 4% Fitness, 4% Medical, 3% Personal Service, 7% Hardware / Auto, 2% Banks, 2% Restaurants, Other Essential, 1% 16% Soft Goods, 35% % of ABR As of 3/31/202
Slide 7: Tenant mix by national, regional and local, % of ABR
% of ABR As of 3/31/2020 National: 75% Regional: 22% Local: 3% National: 52% Regional: 9% Local: 39% National Tenants: Nationwide presence Regional Tenants: Regional brands Local Tenants: Local brands © 2020 Kite Realty Group COVID-19 UPDATE | 7
Slide 8: Short-term rent dislocation versus permanent dislocation
▪ Short-term dislocation in rents is much more benign that permanent dislocation For example: • A small shop tenant with $22psf of total rent annually • Replacing this tenant could cost ~$30psf in tenant allowance • This tenant allowance would equate to 16 months of current rent (excluding down time
Slide 9: Optimism and communication through the crisis
▪ The best scientific minds in the world are racing to find a cure/vaccine and one of our core values is optimism ▪ The list of people that warrant a “thank you for your service” is expanding to include health care workers, cashiers at our necessity-based retailers, delivery drivers, restaurant work
Slide 10: Forward-Looking Statements
Forward-Looking Statements This supplemental information package, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
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