Kite Realty Group Trust · NYSE:KRG
Kite Realty Group Trust — Investor Presentation (November 2010)
18 slides from Kite Realty Group Trust's investor presentation, Nov 15, 2010
Slide 1: Kite Realty Group Trust Investor Presentation
Kite Realty Group Trust Investor Presentation Information as of September 30, 2010
Slide 2: Company Overview
§ Stable Operating Portfolio § 60 Properties in 9 states § 51 Properties in the Retail Operating Portfolio 92.2% leased - 120 bps increase from Q2; 220 bps from Q1 § Diverse tenant base: Largest tenant represents only 3.3% of annualized base rent § 5 mile demographics: Population 120,000; Average HH
Slide 3: Growth Sources
§ Rent commencement on executed Jr anchor leases § $4.5 million in annualized rent anticipated to commence over the next 12-15 months § Increase small shop occupancy § From current 78% to historical 85% § Execute on redevelopments § Complete tenant construction and interior build-outs at current dev
Slide 4: Improving FFO Quality
§ We have been successful in improving the quality and predictability of our FFO stream. Real Estate Rental Operations as a Percent of FFO (1) 2010 projection is based on the Company’s previously released earnings guidance. (1) IMPROVING FFO QUALITY
Slide 5: Leasing Production
§ Improved leasing production has become a company-wide focus § We are on pace to achieve approximately 1 million square feet of production for 2010, the highest level in company history § 28 new and renewal anchor leases for 1,000,000 square feet completed over the last 5 quarters Total Leasing Pro
Slide 6: Diverse Tenant Base
(1) Annualized base rent represents the monthly contractual rent for September 2010 for each applicable tenant multiplied by 12. (2) S&P credit ratings for parent company as of 11/5/10. § Largest single retail tenant comprises only 3.3% of total annualized base rent § Top 10 retail tenants account f
Slide 7: Diverse Tenant Base: Peer Group Assessment
Kroger Bed Bath Beyond Home Depot Publix 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 Source: Company SEC filings. Information as of September 30, 2010 DIVERSE TENANT BASE
Slide 8: 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 9: Strong Demographics
Source: Applied Geographic Solutions. § We have a history of selecting strong markets for investment § Incomes in our Florida, Texas and Indiana portfolio incomes are significantly higher than statewide levels STRONG DEMOGRAPHICS
Slide 10: 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 September 2010 for each applicable property multiplied by 12. § Average 8.4% of total annualized rent is expected to roll each year from 2011 t
Slide 11: In-Process Development Status
§ Eddy Street Commons at Notre Dame § 96% pre-leased or committed § 97% of projected costs incurred § Fully operational by 12/31/10 § Cobblestone Plaza, Ft. Lauderdale, FL § 78% pre-leased or committed with Whole Foods executed lease § 90% of projected costs incurred § Construction of Whole Foods to
Slide 12: Redevelopment Status
§ Coral Springs Plaza - Coral Springs, FL § 100% leased § Toys R Us / Babies R Us replaced Circuit City and opened October 2010 § Rivers Edge - Indianapolis, IN § 95% pre-leased § Recently signed anchors include Nordstrom Rack, The Container Store, and BuyBuy Baby § Construction commenced October 20
Slide 13: Coral Springs Redevelopment
BEFORE § The vacant Circuit City box was expanded to 46,747 SF and leased to Toys R Us/Babies R Us. § The store opened on November 3, 2010. AFTER CORAL SPRINGS REDEVELOPMENT
Slide 14: Rivers Edge Redevelopment
BEFORE AFTER BEFORE § Demolition of the phase one area is under way. Vertical construction commences in mid November. § Anchor leases are fully executed with Nordstrom Rack, Buy Buy Baby and Container Store. Final lease negotiations are concluding with various tenants. § Rivers Edge is expected to b
Slide 15: Bolton Plaza Redevelopment
BEFORE AFTER § The former Wal-Mart box was partially converted into a 65,000 square foot Academy Sports. The tenant opened for business in September of 2010. § We have a fully executed LOI with a national retailer to occupy the remaining 47,000 square feet of the building. BOLTON PLAZA REDEVELOPMENT
Slide 16: Managing Leverage
Scheduled Debt Maturities (1)(2)(3) (1) Dollars in thousands.. (2) Maturities exclude annual principal amortization. (3) Amount due in 2012 includes the outstanding balance on our unsecured revolving credit facility reflecting exercise of maturity extension option to February 2012. § 2011 maturities
Slide 17: Peer Group Analysis
Debt Plus Preferred as a Percent of Gross Assets (1)(2) 2010 Estimated AFFO Payout Ratio (2)(3) (1) Source: KeyBanc Capital Markets Leaderboard 11/5/10 & Company filings. (2) Peer Group: AKR, CDR, DDR, EQY, FRT, IRC, KIM, REG, RPT, WRI (3) Source: SNL Financial. Based on most recently announced quar
Slide 18: Disclaimer
DISCLAIMER This presentation contains certain statements that are not historical fact and 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 fa
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