Kite Realty Group Trust · NYSE:KRG
Kite Realty Group Trust — Investor Presentation (March 2010)
17 slides from Kite Realty Group Trust's investor presentation, Mar 1, 2010
Slide 1: Kite Realty Group Trust Investor Presentation
Kite Realty Group Trust Investor Presentation Information as of December 31, 2009
Slide 2: Company Overview
§ Stable Operating Portfolio § 55 Operating Properties in 9 states § 91% leased § Diverse tenant base § 5 mile demographics: Population 120,000; Average HHI $83,000 § Increased Leasing Productivity § 300,000 square feet of leases executed in Q4 2009 § 700,000 square feet of leases executed in CY 200
Slide 3: Growth Sources
§ Rent commencement on executed Jr anchor leases § Jr anchor leases in negotiation § Return to normal small shop occupancy § Execute on the redevelopment pipeline § Complete the current development pipeline § Shadow pipeline potential § Joint venture capital GROWTH SOURCES
Slide 4: Improving FFO Quality
§ We have made a concerted effort to improve the quality and predictability of our FFO stream. Real Estate Rental Operations as a Percent of FFO (1) (1) 2010 as projected within the Company’s previously released earning’s guidance. IMPROVING FFO QUALITY
Slide 5: Diverse Tenant Base
(1) Annualized base rent represents the monthly contractual rent for December 2009 for each applicable tenant multiplied by 12. (2) S&P credit ratings for parent company as of 2/19/10. § Largest single retail tenant comprises only 3.3% of total annualized base rent § Top 10 retail tenants account fo
Slide 6: Diverse Tenant Base: Peer Group Assessment
Kroger Bed Bath Beyond Publix Home Depot TJ Maxx Wal-Mart/ Sam’s Kroger A&P Supervalu Publix Giant Foods Peer Group Assessment: Top Tenant as a Percent of Annualized Base Rent (1) Information as of September 30, 2009. Source: Company SEC filings. Information as of December 31, 2009 (unless otherwise
Slide 7: Strong Demographics
Source: Applied Geographic Solutions. § High quality assets with an average age of only eight years § Approximately half of the current portfolio was developed by KRG § Portfolio benefits from 100% non-owned anchor occupancy § Strong household incomes surrounding operating portfolio and development
Slide 8: Well-Staggered Lease Expirations
(1) Lease expirations of operating portfolio and excludes option periods and ground leases. Annualized base rent represents the monthly contractual rent for December 2009 for each applicable property multiplied by 12. § No more than 12.2% of total annualized rent is expected to rollover in any one y
Slide 9: Managing Leverage
Peer Group Assessment: Debt Plus Preferred as a Percent of Gross Assets (1) Source: KeyBanc Capital Markets Leaderboard, 2/19/2010. Calculation: Consolidated Debt / Total Consolidated Assets MANAGING LEVERAGE
Slide 10: Managing Leverage: Scheduled Debt Maturities
Scheduled Debt Maturities (1)(2)(3)(4) (1) Maturities exclude annual principal amortization. (2) Includes effects of loan closings, payoffs, and commitments that occurred subsequent to December 31, 2009. (3) Amount due in 2012 includes the outstanding balance on our unsecured revolving credit facili
Slide 11: Reducing Development
§ Eddy Street Commons at Notre Dame § 72% pre-leased or committed § 79% of projected costs incurred Current Development Pipeline - Two Projects Information as of December 31, 2009 § Capital Summary (Dollars in thousands) § Eddy Street Estimated Project Costs: $35,000 § Cobblestone Plaza Estimated Pr
Slide 12: Reducing Development
§ Ongoing effort to reduce the size of our development pipeline. Total Development Pipeline as a Percent of Gross Real Estate Assets (1)(2) (1) Development Pipeline includes Current Developments, Redevelopments and Shadow Pipeline with the Company’s share of Parkside Town Commons reflected at 20%. (
Slide 13: Peer Group Analysis: FFO Multiple
§ Assuming a peer group average multiple of 12.7x, our stock is trading at a 27% discount (1) Source: Thomson mean 2010 estimate as of February 24, 2010. Peer Group Assessment: FFO Multiple PEER GROUP ANALYSIS
Slide 14: Peer Group Analysis: AFFO Payout Ratio
Peer Group Assessment: AFFO PAYOUT RATIO (1) Source: Company filings and KeyBanc Capital Markets Leaderboard, 2/19/10. PEER GROUP ANALYSIS
Slide 15: Peer Group Analysis: Implied Cap Rate
Peer Group Analysis: Implied Cap Rate (1) Source: Citigroup Investment Research, 2/24/2010. § Using the peer group average implied cap rate of 7.6%, KRG is trading at a 23% discount § KRG Share Price 2/24/10: $4.20 § KRG Share Price using 7.6% implied cap rate: $5.45 PEER GROUP ANALYSIS
Slide 16: FFO Guidance
FFO Guidance § Estimated FFO guidance range of $0.42 to $0.47 per diluted share § Includes the full year effect of the May 2009 common equity offering; § Portfolio leased percentage ranging from 90% to 92% at December 31, 2010; § A decrease in same property net operating income ranging from 0.0% to
Slide 17: Disclaimer
DISCLAIMER Certain statements in this presentation that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which
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