Kite Realty Group Trust (KRG, Financial) filed Quarterly Report for the period ended 2010-09-30.
Kite Realty Group Trust has a market cap of $330 million; its shares were traded at around $5.22 with and P/S ratio of 2.9. The dividend yield of Kite Realty Group Trust stocks is 4.6%. 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, Stanley Druckenmiller of Duquesne Capital Management, LLC, Pioneer Investments.
The remaining $112.8 million of our 2011 debt maturities consists of property-level debt, of which $45 million have automatic maturity extensions of one year, subject to certain customary conditions. We intend to extend the maturity dates on all of the debt subject to automatic extensions, and we currently believe that all of the conditions necessary for such extensions will be met. With respect to the remaining $67.8 million, we are pursuing other financing alternatives to enable us to repay, refinance or extend the maturity dates of these loans.
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 September 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, we discuss 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 related to land sales. This revenue increased $0.3 million, or 31%, primarily as a result of a $0.2 million increase in gains related to land and outlot sales and a $0.1 million increase in lease termination income and parking revenue.
Of the $3.0 million total increase in depreciation and amortization expense, $2.4 million was due to additional depreciation on the Coral Springs Plaza and Shops at Rivers Edge redevelopment properties. Redevelopment plans for these properties were finalized during the second quarter of 2010, resulting in a reduction to the useful lives of certain assets that are scheduled to be demolished. Excluding the changes due to transitioned development properties, the consolidation of The Centre, and the properties under redevelopment, the net $0.2 million increase in depreciation and amortization expense was primarily due to the higher amounts of accelerated depreciation and amortization of vacated tenant costs related to tenants terminated at our operating properties in the third quarter of 2010 as compared to the same period of the prior year.
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Kite Realty Group Trust has a market cap of $330 million; its shares were traded at around $5.22 with and P/S ratio of 2.9. The dividend yield of Kite Realty Group Trust stocks is 4.6%. 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, Stanley Druckenmiller of Duquesne Capital Management, LLC, Pioneer Investments.
Highlight of Business Operations:
Address Near-Term Maturities. All of our 2010 term maturities have been refinanced or extended beyond December 31, 2010. We continue to seek to refinance or extend our indebtedness maturing in 2011 and beyond. As of September 30, 2010, we had a total of $272.6 million of debt, including our share of unconsolidated debt of $13.5 million, with scheduled maturity dates in 2011. A significant portion of our consolidated 2011 debt maturities as of September 30, 2010 consisted of our unsecured revolving credit facility (the “unsecured facility”) and unsecured term loan (the “Term Loan”), which had outstanding balances of approximately $105 million and $55 million, respectively, as of that date. Our Term Loan matures in July 2011 and our unsecured facility was scheduled to mature in February 2011. In October 2010, we exercised an option to extend the maturity date of our unsecured facility to February 2012, which reduced our total 2011 maturities to $167.8 million.The remaining $112.8 million of our 2011 debt maturities consists of property-level debt, of which $45 million have automatic maturity extensions of one year, subject to certain customary conditions. We intend to extend the maturity dates on all of the debt subject to automatic extensions, and we currently believe that all of the conditions necessary for such extensions will be met. With respect to the remaining $67.8 million, we are pursuing other financing alternatives to enable us to repay, refinance or extend the maturity dates of these loans.
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 September 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, we discuss 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 related to land sales. This revenue increased $0.3 million, or 31%, primarily as a result of a $0.2 million increase in gains related to land and outlot sales and a $0.1 million increase in lease termination income and parking revenue.
Of the $3.0 million total increase in depreciation and amortization expense, $2.4 million was due to additional depreciation on the Coral Springs Plaza and Shops at Rivers Edge redevelopment properties. Redevelopment plans for these properties were finalized during the second quarter of 2010, resulting in a reduction to the useful lives of certain assets that are scheduled to be demolished. Excluding the changes due to transitioned development properties, the consolidation of The Centre, and the properties under redevelopment, the net $0.2 million increase in depreciation and amortization expense was primarily due to the higher amounts of accelerated depreciation and amortization of vacated tenant costs related to tenants terminated at our operating properties in the third quarter of 2010 as compared to the same period of the prior year.
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