Kite Realty Group Trust (KRG, Financial) filed Quarterly Report for the period ended 2010-06-30.
Kite Realty Group Trust has a market cap of $301.5 million; its shares were traded at around $4.77 with and P/S ratio of 2.6. The dividend yield of Kite Realty Group Trust stocks is 5%. Kite Realty Group Trust had an annual average earning growth of 0.1% over the past 5 years.KRG is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Pioneer Investments, Jim Simons of Renaissance Technologies LLC.
Monitor Our Cash Distribution Policy. In May 2009, our Board of Trustees reduced our quarterly cash distribution to $0.06 per common share. The reduced distribution of $0.06 per share has been maintained in each subsequent quarter including the quarter ended June 30, 2010. The lowering of our distributions has allowed us to conserve cash to fund working capital and for other general corporate purposes. Each quarter, management discusses with our Board our liquidity requirements and other relevant factors before the Board determines whether and in what amount to declare a cash distribution.
Other property related revenue primarily consists of parking revenues, overage rent, lease settlement income and gains on land sales. This revenue decreased approximately $0.9 million, or 52%, primarily as a result of a $0.6 million decrease in gains on land sales and the 2009 $0.4 million reversal of an estimated liability for which the Company is no longer obligated, offset by minor net increases in other categories of revenue.
Excluding the changes due to transitioned development properties, the consolidation of The Centre, and the properties under redevelopment, the net $0.8 million decrease in real estate taxes was primarily due to the timing of the reassessments of our operating properties and the effects of successful appeals of these assessments. Specifically, $0.6 million of the decrease related to an amount recorded in 2009 at one of our commercial office properties. The majority of increases and decreases in our real estate tax expense from increased assessments and subsequent appeals is recoverable from (or reimbursable to) tenants and, therefore, reflected in tenant reimbursement revenue.
(Loss) income from unconsolidated entities changed from income of $121 thousand in 2009 to a loss of $98 thousand in 2010. The $121 thousand of income in 2009 relates to The Centre operating property, which was consolidated in September 2009. The loss of $98 thousand in 2010 primarily represents pre-operating expenses related to the limited service hotel at our Eddy Street Commons development property, which opened in June 2010. Our other equity method joint venture is under development and is not yet generating operating results.
Net loss (income) attributable to noncontrolling interests changed from income of $48 thousand in 2009 to a loss of $0.5 million in 2010. In 2009, we had consolidated net income of $0.3 million, while in 2010 we had a consolidated net loss of $4.5 million. Net loss (income) attributable to noncontrolling interests generally reflects the percentage of the Operating Partnership owned by the limited partners. Due to the Ma
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Kite Realty Group Trust has a market cap of $301.5 million; its shares were traded at around $4.77 with and P/S ratio of 2.6. The dividend yield of Kite Realty Group Trust stocks is 5%. Kite Realty Group Trust had an annual average earning growth of 0.1% over the past 5 years.KRG is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Pioneer Investments, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Address Near-Term Maturities. We continue to seek to refinance or extend our indebtedness. Approximately 60% of our consolidated 2011 debt maturities consist of our unsecured revolving credit facility (the “unsecured facility”) and unsecured term loan (the “Term Loan”), which had outstanding balances of approximately $94 million and $55 million, respectively, as of June 30, 2010. Our Term Loan matures in July 2011 and our unsecured facility matures in February 2011. Our unsecured facility has a one year extension option available to February 2012, subject to certain customary conditions, including continued compliance with restrictive covenants.Monitor Our Cash Distribution Policy. In May 2009, our Board of Trustees reduced our quarterly cash distribution to $0.06 per common share. The reduced distribution of $0.06 per share has been maintained in each subsequent quarter including the quarter ended June 30, 2010. The lowering of our distributions has allowed us to conserve cash to fund working capital and for other general corporate purposes. Each quarter, management discusses with our Board our liquidity requirements and other relevant factors before the Board determines whether and in what amount to declare a cash distribution.
Other property related revenue primarily consists of parking revenues, overage rent, lease settlement income and gains on land sales. This revenue decreased approximately $0.9 million, or 52%, primarily as a result of a $0.6 million decrease in gains on land sales and the 2009 $0.4 million reversal of an estimated liability for which the Company is no longer obligated, offset by minor net increases in other categories of revenue.
Excluding the changes due to transitioned development properties, the consolidation of The Centre, and the properties under redevelopment, the net $0.8 million decrease in real estate taxes was primarily due to the timing of the reassessments of our operating properties and the effects of successful appeals of these assessments. Specifically, $0.6 million of the decrease related to an amount recorded in 2009 at one of our commercial office properties. The majority of increases and decreases in our real estate tax expense from increased assessments and subsequent appeals is recoverable from (or reimbursable to) tenants and, therefore, reflected in tenant reimbursement revenue.
(Loss) income from unconsolidated entities changed from income of $121 thousand in 2009 to a loss of $98 thousand in 2010. The $121 thousand of income in 2009 relates to The Centre operating property, which was consolidated in September 2009. The loss of $98 thousand in 2010 primarily represents pre-operating expenses related to the limited service hotel at our Eddy Street Commons development property, which opened in June 2010. Our other equity method joint venture is under development and is not yet generating operating results.
Net loss (income) attributable to noncontrolling interests changed from income of $48 thousand in 2009 to a loss of $0.5 million in 2010. In 2009, we had consolidated net income of $0.3 million, while in 2010 we had a consolidated net loss of $4.5 million. Net loss (income) attributable to noncontrolling interests generally reflects the percentage of the Operating Partnership owned by the limited partners. Due to the Ma
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