This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Kite Realty Group Trust Reports Fourth Quarter And Full Year 2012 Results

Stocks in this article: KRG

Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today operating results for the fourth quarter and full year ended December 31, 2012. Financial statements and exhibits attached to this release include results for the three and twelve months ended December 31, 2012 and 2011.



  • Funds From Operations, as adjusted, was $0.10 per diluted common share for the fourth quarter of 2012 and $0.43 per diluted common share for the year ended December 31, 2012.
  • Same Property Net Operating Income for the fourth quarter of 2012 increased 3.1% over the prior year and 3.2% for the full year 2012 compared to 2011.
  • The total portfolio was 94.2% leased at year-end.
  • Executed 55 new and renewal leases for 417,300 square feet during the fourth quarter for aggregate cash rent spreads of 25.5%.
  • Executed 167 new and renewal leases for 955,800 square feet during 2012 for aggregate cash rent spreads of 15.0%.
  • Revenue from property operations increased 8.7% in the fourth quarter over the prior year.

Acquisitions and Dispositions

  • Acquired Shops at Plaza Green, a power shopping center in Greenville, South Carolina in December for $28.8 million.
  • Acquired a Publix-anchored shopping center in Greenville, South Carolina in December for $9.1 million.
  • Completed the sale of three unanchored retail projects, two commercial properties, and one parcel of land held for development during the fourth quarter, generating $20.7 million in gross proceeds.
  • Subsequent to the end of the quarter, the Company acquired a Publix-anchored shopping center in Orlando, Florida for $11.6 million.


  • Completed Oleander Place, the 100% leased Whole Foods-anchored redevelopment in Wilmington, North Carolina, and transitioned the project into the operating portfolio in the fourth quarter.
  • Subsequent to the end of the fourth quarter, commenced construction activities on Phase I of Parkside Town Commons in Cary, North Carolina. In December, the Company sold a parcel of land to Target, executed a lease with Harris Teeter Supermarket, and acquired its partner’s 60% interest at a discount to book value.
  • Signed an anchor lease with LA Fitness at the Bolton Plaza redevelopment in Jacksonville, Florida and transitioned to an in-process redevelopment in the fourth quarter.

Capital Markets

  • Issued 12.1 million common shares in the fourth quarter for net proceeds of $60 million which were redeployed to fund acquisitions and redevelopment costs.
  • Closed on a $18.4 million construction loan for Rangeline Crossing redevelopment property in Carmel, Indiana.
  • The Company’s 2013 debt maturities are $29.2 million on three properties.
  • The Company completed $414 million of financing related activities in 2012.

Financial and Operating Results

For the three months ended December 31, 2012, funds from operations (“FFO”), a widely accepted supplemental measure of REIT performance established by the National Association of Real Estate Investment Trusts, was $8.5 million, or $0.10 per diluted share for the Kite Portfolio, compared to $8.6 million, or $0.12 per diluted share, for the same period in the prior year. FFO for the fourth quarter included a $0.3 million partial recovery of a previously recorded litigation charge. Excluding the effects of the Company’s 12.1 million share offering in October 2012, FFO for the fourth quarter of 2012 would have been $0.11 per diluted share. The Company’s allocable share of FFO (excluding the partial recovery of the litigation charge) was $7.8 million for the three months ended December 31, 2012 compared to $7.6 million for the same period in 2011.

1 of 10

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs