The report also details progress, measurements, and case studies around each of the Company’s goals and related initiatives. The Company issued its inaugural Corporate Responsibility Report, which provides a comprehensive overview of the Company’s strategy and initiatives regarding environmental, social, and governance (ESG) practices and policies. The net proceeds were used for the early repayment of the $200 million term loan scheduled to mature in 2023 with the balance applied to mortgage maturities. Third Quarter 2022 Balance Sheet OverviewĪs of September 30, 2022, the Company’s net debt to Adjusted EBITDA was 5.4x, which represents a 0.7x year-over-year decrease.Īs previously disclosed, upsized the Company’s revolving line of credit capacity to $1.1 billion from $850 million, which remained undrawn as of quarter end.Īs previously disclosed, issued a $300 million unsecured 7-year term loan due Jand fixed the interest rate for three years at approximately 3.95%. Portfolio leased-to-occupied spread of 270 basis points, which equates to $38.0 million of signed-not-open NOI. Retail portfolio percent leased of 94.0% at September 30, 2022, 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 $19.86 at September 30, 2022, a 7.1% increase year-over-year. Excluding option renewals, the blended cash spreads for comparable new and non-option renewal leases was 15.8%. Same Property Net Operating Income (NOI) increased by 4.4%.Įxecuted 221 new and renewal leases representing approximately 1.6 million square feet.Ĭash leasing spreads of 30.7% on 22 comparable new leases, 8.5% on 134 comparable renewals, and 10.8% on a blended basis.
Generated FFO, as adjusted, of the Operating Partnership of $107.7 million, or $0.48 per diluted share, which represents a 45% per share increase over the comparable period in 2021.Įxcludes a positive impact of $0.7 million of prior period collection impact related to the recovery of cash and non-cash bad debt and accounts receivable in 2022. Generated NAREIT Funds From Operations of the Operating Partnership (FFO) of $108.3 million, or $0.49 per diluted share. Net loss attributable to common shareholders of $7.8 million, or $0.04 per diluted share, compared to net loss of $7.0 million, or $0.08 per diluted share, for the quarters ended Septemand 2021, respectively. We are laser-focused on taking advantage of the robust demand for open-air retail space and delivering long-term value to all our stakeholders.”
Our outstanding results allowed us to once again raise 2022 guidance. “Our relentless team leased approximately 1.6 million square feet at nearly 11% comparable blended cash leasing spreads, highlighted by non-option renewal spreads in excess of 12%.
“KRG produced strong third quarter results driven by our operational excellence and high-quality portfolio,” said John A. 02, 2022 (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 third quarter ended September 30, 2022. Issued inaugural Corporate Responsibility Report Leased approximately 1.6 million square feet, an all-time high for KRG, at 10.8% comparable blended cash leasing spreads
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