Kite Realty Group Trust · NYSE:KRG
Kite Realty Group Trust — Investor Presentation (March 2011)
18 slides from Kite Realty Group Trust's investor presentation, Mar 14, 2011
Slide 1: Kite Realty Group Trust Investor Presentation
Kite Realty Group Trust Investor Presentation
Slide 2: Company Overview
§ Stable Operating Portfolio § 61 Properties in 9 states § 53 Properties in the Retail Operating Portfolio; 92.2% leased § Diverse tenant base: Largest tenant represents only 3.2% of annualized base rent § 5 mile demographics: Population 127,000; Average HHI $86,000 § Increased Leasing Productivity
Slide 3: Growth Sources
GROWTH SOURCES § Rent commencement on executed Jr anchor leases § $4.5 million in annualized rent and recoveries anticipated to commence by the end of 2011 § Increase small shop occupancy § From current 78% to historical 85% § Execute on redevelopments § Rivers Edge in Indianapolis, IN is 95% leased
Slide 4: Improving FFO Quality
§ We have been successful in improving the quality and predictability of our FFO stream. Recurring Real Estate Income as a Percent of FFO (1) 2011 projection is based on the Company’s previously released earnings guidance. IMPROVING FFO QUALITY (1)
Slide 5: Leasing Production
§ Leasing production is a constant company-wide focus § Leased 1.1 million square feet during 2010, the highest level of production in company history and a 64% increase over 2009 levels § 34 new and renewal anchor leases for 1.1 million square feet completed since Q1 2009 Total Leasing Production -
Slide 6: Diverse Tenant Base
DIVERSE TENANT BASE (1) Annualized base rent represents the monthly contractual rent for December 2010 for each applicable tenant multiplied by 12. (2) S&P credit ratings for parent company as of 2/28/2011. (3) Rating from Moody's, S&P does not rate Toys R Us § Largest single retail tenant comprises
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 DIVERSE TENANT BASE Peer Group Assessment: Top Tenant as a Percent of Annualized Base Rent Source: Company SEC filings. Information as of December 31, 2010
Slide 8: Strong Demographics
STRONG DEMOGRAPHICS Source: Applied Geographic Solutions. § High quality assets with an average age including redevelopment of less than 9 years § Approximately half of the current portfolio was developed by KRG § Portfolio benefits from 100% non-owned anchor occupancy Portfolio Demographics Summary
Slide 9: Strong Demographics
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
Slide 10: Well-Staggered Lease Expirations
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 2010 for each applicable property multiplied by 12. § Average 8.2% of annualized base rent is expecte
Slide 11: In-Process Development Status
IN-PROCESS DEVELOPMENT STATUS § Cobblestone Plaza, Ft. Lauderdale, FL § 133,000 sf owned GLA § 84% pre-leased or committed with Whole Foods executed lease § 90% of projected costs incurred § Construction of Whole Foods underway with tenant anticipated to take possession in the second half of 2011 In
Slide 12: Rivers Edge Redevelopment
RIVERS EDGE REDEVELOPMENT BEFORE AFTER BEFORE § Vertical construction commenced in Q4 2010 at 95% pre-leased. § Anchor leases are executed with Nordstrom Rack, Buy Buy Baby, The Container Store, Arhaus Furniture, and BGI Fitness. § Secured construction financing with a 5-year term at LIBOR + 325 bps
Slide 13: Bolton Plaza Redevelopment
BOLTON PLAZA REDEVELOPMENT BEFORE AFTER § The former Wal-Mart box was partially converted into a 65,000 square foot Academy Sports. § Academy Sports opened for business in September of 2010. § In discussions with potential retailers for space in the remainder of the former Wal- Mart box.
Slide 14: Eddy Street Commons at Notre Dame
EDDY STREET COMMONS AT NOTRE DAME § Substantially completed and transitioned to the operating portfolio. § 88,000 square feet of retail, 85% leased following the execution of a lease with Urban Outfitters. § In late stage negotiations with a tenant to reach approximately 95% leased. § 82,000 square
Slide 15: Coral Springs Redevelopment
CORAL SPRINGS REDEVELOPMENT BEFORE § The vacant Circuit City box was expanded to 46,747 SF and leased to Toys R Us/Babies R Us. § Completed and transitioned to the operating portfolio. § Store opened November 2010. AFTER
Slide 16: Managing Leverage: Scheduled Debt Maturities
Scheduled Debt Maturities (1) MANAGING LEVERAGE (1) Dollars in thousands. Maturities exclude annual principal amortization. Includes subsequent events. § Including subsequent events, approximately 50% of 2011 maturities have been satisfied since Q3 § Nearly all 2011 maturities and approximately 86%
Slide 17: Improving Debt/EBITDA
(1) Dollars in thousands. (2) Net of partner’s share of consolidated debt. § In Q4 2010, the Company issued 2.8 million shares of preferred shares § Net proceeds of approximately $67.5 million § Paid off $55 million unsecured term loan with 2011 maturity date § $4.5 million of annualized EBITDA from
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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