The Company expects to generate net income attributable to common shareholders of $0.05 to $0.11 per diluted share in 2023. The second quarter dividend will be paid on July 14, 2023, to shareholders of record as of July 7, 2023. On April 28, 2023, the Company’s Board of Trustees declared a second quarter 2023 dividend of $0.24 per common share, which represents a 14% year-over-year increase. As of May 1, 2023, the outstanding balance on the Company’s revolving line of credit is $68.5 million. The mortgage generated gross proceeds of $92.7 million at the Company’s share, which were used to repay a portion of the outstanding balance on the Company’s $1.1 billion revolving line of credit. Subsequent to quarter end, the Company closed on a $95.1 million 10-year mortgage at a fixed interest rate of 5.36% secured by its One Loudoun Residential joint venture project in Ashburn, Virginia. The Company repaid five mortgages with an aggregate principal balance of $161.5 million with proceeds from the Company’s revolving line of credit and cash on hand. The Company currently has three active development projects with limited future capital commitments of $37.9 million.įirst Quarter 2023 Balance Sheet OverviewĪs of March 31, 2023, the Company’s net debt to Adjusted EBITDA was 5.3x, which represents a 0.4x year-over-year decrease. Portfolio leased-to-occupied spread of 270 basis points, which equates to $30 million of signed-not-open NOI.įirst Quarter 2023 Capital Allocation Activity Retail portfolio percent leased of 94.8% at March 31, 2023, a sequential increase of 20 basis points and a 120-basis point increase on a year-over-year basis. Operating retail portfolio annualized base rent (ABR) per square foot of $20.04 at March 31, 2023, a 2.4% increase year-over-year. Generated NAREIT FFO of the Operating Partnership of $113.8 million, or $0.51 per diluted share.Įxecuted 144 new and renewal leases representing over 831,000 square feet.Ĭash leasing spreads of 38.0% on 17 comparable new leases, 10.0% on 77 comparable renewals, and 13.0% on a blended basis.Įxcluding option renewals, the blended cash spreads for comparable new and non-option renewal leases were 21.1%. As an organization anchored in operational excellence and a rock-solid balance sheet, we believe KRG is positioned to thrive in any macroeconomic environment in 2023.”įirst Quarter 2023 Financial and Operational Results “The structural changes in consumer behavior experienced over the past several years continue to act as a tailwind to our well-positioned open-air retail portfolio. “The KRG team continues to capitalize on a constructive leasing environment, as evidenced by the double-digit blended and non-option renewal cash leasing spreads,” said John A. Leased over 831,000 square feet at 13.0% comparable blended cash leasing spreads Same Property NOI increased by 6.5% on a year-over-year basis Increased NAREIT FFO per share by 11% on a year-over-year basis For the quarters ended Maand 2022, net income attributable to common shareholders was $5.4 million, or $0.02 per diluted share, compared to net loss of $16.8 million, or $0.08 per diluted share, respectively. INDIANAPOLIS, (GLOBE NEWSWIRE) - Kite Realty Group Trust (NYSE: KRG), a premier owner and operator of high-quality, open-air grocery-anchored neighborhood and community centers, along with vibrant mixed-use assets, reported today its operating results for the first quarter ended March 31, 2023.
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