Gain on sales of operating properties, net The following table reconciles the Company's 2023 net income guidance range to the Company's 2023 NAREIT FFO guidance range: Assumes no additional revenue from Bed Bath & Beyond Inc.Bad debt reserves of 1.25% of total revenues for the remainder of 2023.2023 same property NOI range of 3.0% to 4.0%, which represents a 75-basis point increase at the midpoint.The Company is raising its 2023 NAREIT FFO guidance range to $1.96 to $2.00 per diluted share from $1.92 to $1.98 per diluted share, based, in part, on the following key assumptions at the midpoint: The Company expects to generate net income attributable to common shareholders of $0.21 to $0.25 per diluted share in 2023. The third quarter dividend will be paid on or about October 13, 2023, to shareholders of record as of October 6, 2023. On July 28, 2023, the Company's Board of Trustees declared a third quarter 2023 dividend of $0.24 per common share, which represents a 9.1% year-over-year increase. As of June 30, 2023, the Company's $1.1 billion revolving line of credit was undrawn.The mortgage generated gross proceeds of $92.7 million at the Company's share. As previously disclosed, 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.As of June 30, 2023, the Company's net debt to Adjusted EBITDA was 5.0x.Second Quarter 2023 Balance Sheet Overview The Company currently has two active development projects with limited future capital commitments of $34.9 million.Sold Pan Am Plaza (Indianapolis, IN), an undeveloped land parcel and parking garage, for $52.0 million.Sold Kingwood Commons (Houston, TX), a 158,172 square foot neighborhood center, for $27.4 million.Second Quarter 2023 Capital Allocation Activity Portfolio leased-to-occupied spread of 200 basis points, which equates to $27 million of signed-not-open NOI.The leased percentage includes the impact of eight Bed Bath & Beyond leases that were terminated as of June 30, 2023, in connection with its initial bankruptcy proceedings, which impacted the leased rate by 60 basis points.Retail portfolio leased percentage of 94.1% at June 30, 2023, a 30-basis point increase on a year-over-year basis.Operating retail portfolio annualized base rent (ABR) per square foot of $20.19 at June 30, 2023, a 2.7% increase year-over-year.Cash leasing spreads of 24.0% on a blended basis for comparable new and non-option renewal leases, excluding option renewals.Blended cash leasing spreads of 14.8% on 146 comparable leases, including 45.5% on 29 comparable new leases, 11.9% on 64 comparable non-option renewals and 8.6% on 53 comparable option renewals.Executed 190 new and renewal leases representing over 1.3 million square feet.Generated NAREIT FFO of the Operating Partnership of $113.7 million, or $0.51 per diluted share.Second Quarter 2023 Financial and Operational Results Based on the strength of our fortified balance sheet and continued tenant demand, we are proactively enhancing the quality of our tenants and redefining our long-term embedded growth profile." "The combination of our superior operating platform and high-quality portfolio has enabled KRG's outperformance to continue. "The KRG team delivered another quarter of outstanding operating results, leasing over 1.3 million square feet at nearly 15% comparable blended cash leasing spreads," said John A. Lowered leverage to 5.0x, an all-time low for KRG Same Property NOI increased by 5.7% on a year-over-year basis Leased over 1.3 million square feet at 14.8% comparable blended cash leasing spreads For the six months ended Jand 2022, net income attributable to common shareholders was $37.4 million, or $0.17 per diluted share, compared to net loss of $3.7 million, or $0.02 per diluted share, respectively. For the quarters ended Jand 2022, net income attributable to common shareholders was $32.1 million, or $0.15 per diluted share, compared to net income of $13.1 million, or $0.06 per diluted share, respectively. INDIANAPOLIS, J(GLOBE NEWSWIRE) - Kite Realty Group Trust 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 second quarter ended June 30, 2023.
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