Kite Realty Group Trust (KRG, Financial) filed Quarterly Report for the period ended 2009-03-31.
Kite Realty Group Trust is a full-service vertically integrated real estate investment trust focused primarily on the development construction acquisition ownership and operation of high quality neighborhood and community shopping centers in selected growth markets in the United States. They own interests in a portfolio of operating retail properties retail properties under development operating commercial properties a related parking garage commercial property under development and parcels of land that may be used for future development. Kite Realty Group Trust has a market cap of $154.53 million; its shares were traded at around $4.52 with a P/E ratio of 3.53 and P/S ratio of 1.08. The dividend yield of Kite Realty Group Trust stocks is 13.5%.
We continued to engage in certain refinancing activities in the first quarter of 2009. In March 2009, we exercised a five-year extension on our variable rate debt at our Beacon Hill property and extended the maturity date from March 2009 to March 2014. At the time of the loans original maturity, approximately $11.9 million was outstanding. As refinanced, at March 31, 2009, $8.4 million was outstanding under the new loan. We funded the $3.5 million pay down on the loan utilizing proceeds from the unsecured revolving credit facility. In addition, in May 2009, we placed a three-year $15.4 million variable rate debt instrument bearing interest at a rate of LIBOR plus 295 on our Eastgate Pavilion property, a previously unencumbered property. We intend to use the proceeds from this loan to further reduce near-term maturities. As of March 31, 2009, approximately $39 million was available to be drawn under our unsecured revolving credit facility.
Obtaining new financing also is important to our business due to the capital needs of our existing development and redevelopment projects. The properties in our development and redevelopment pipelines, which are primary drivers for our near-term growth, will require a substantial amount of capital to complete. As of March 31, 2009, our unfunded share of the total estimated cost of the properties in our current development and redevelopment pipelines was approximately $37 million. While we believe we will have access to sufficient funding to be able to fund our investments in these projects through a combination of new and existing construction loans and draws on our unsecured credit facility (which, as noted above, has $39 million of availability), a prolonged credit crisis will make it more costly and difficult to raise additional capital, if necessary.
In February 2008, we purchased Rivers Edge, a 110,875 square foot shopping center located in Indianapolis, Indiana, for $18.3 million. We utilized approximately $2.7 million of proceeds from the November 2007 sale of our 176th & Meridian property in a like-kind exchange under Section 1031 of the Internal Revenue Code. The remaining purchase price of $15.6 million was funded initially through a draw on our unsecured credit facility and subsequently refinanced with a variable rate loan bearing interest at LIBOR + 125 basis points and maturing on February 3, 2010. This property was purchased with the intent to redevelop; therefore, it is included in our redevelopment pipeline, as shown in the Redevelopment Activities table below. However, for purposes of the comparison of operating results, this property is classified as property acquired during 2008 in the comparison of operating results tables below.
Other property related revenue primarily consists of parking revenues, overage rent, lease settlement income and gains on land sales. This revenue decreased approximately $3.6 million, or 69%, primarily as a result of a decrease of $2.9 million in gains on land sales as well as a $0.6 million decrease in lease settlement income.
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Kite Realty Group Trust is a full-service vertically integrated real estate investment trust focused primarily on the development construction acquisition ownership and operation of high quality neighborhood and community shopping centers in selected growth markets in the United States. They own interests in a portfolio of operating retail properties retail properties under development operating commercial properties a related parking garage commercial property under development and parcels of land that may be used for future development. Kite Realty Group Trust has a market cap of $154.53 million; its shares were traded at around $4.52 with a P/E ratio of 3.53 and P/S ratio of 1.08. The dividend yield of Kite Realty Group Trust stocks is 13.5%.
Highlight of Business Operations:
Our ability to obtain financing on satisfactory terms and to refinance borrowings as they mature has also been affected by the condition of the economy in general and by the current instability of the financial markets in particular. As of March 31, 2009, approximately $73 million of our consolidated indebtedness was scheduled to mature in the remainder of 2009 (approximately $75 million including our share of unconsolidated debt), excluding scheduled monthly principal payments for the remainder of 2009. We believe we have good relationships with a number of banks and other financial institutions that will allow us to refinance these borrowings with the existing lenders or replacement lenders. However, in this current challenging environment, it is imperative that we identify alternative sources of financing and other capital in the event we are not able to refinance these loans on satisfactory terms, or at all. It is also important for us to obtain financing in order to complete our development and redevelopment projects.We continued to engage in certain refinancing activities in the first quarter of 2009. In March 2009, we exercised a five-year extension on our variable rate debt at our Beacon Hill property and extended the maturity date from March 2009 to March 2014. At the time of the loans original maturity, approximately $11.9 million was outstanding. As refinanced, at March 31, 2009, $8.4 million was outstanding under the new loan. We funded the $3.5 million pay down on the loan utilizing proceeds from the unsecured revolving credit facility. In addition, in May 2009, we placed a three-year $15.4 million variable rate debt instrument bearing interest at a rate of LIBOR plus 295 on our Eastgate Pavilion property, a previously unencumbered property. We intend to use the proceeds from this loan to further reduce near-term maturities. As of March 31, 2009, approximately $39 million was available to be drawn under our unsecured revolving credit facility.
Obtaining new financing also is important to our business due to the capital needs of our existing development and redevelopment projects. The properties in our development and redevelopment pipelines, which are primary drivers for our near-term growth, will require a substantial amount of capital to complete. As of March 31, 2009, our unfunded share of the total estimated cost of the properties in our current development and redevelopment pipelines was approximately $37 million. While we believe we will have access to sufficient funding to be able to fund our investments in these projects through a combination of new and existing construction loans and draws on our unsecured credit facility (which, as noted above, has $39 million of availability), a prolonged credit crisis will make it more costly and difficult to raise additional capital, if necessary.
In February 2008, we purchased Rivers Edge, a 110,875 square foot shopping center located in Indianapolis, Indiana, for $18.3 million. We utilized approximately $2.7 million of proceeds from the November 2007 sale of our 176th & Meridian property in a like-kind exchange under Section 1031 of the Internal Revenue Code. The remaining purchase price of $15.6 million was funded initially through a draw on our unsecured credit facility and subsequently refinanced with a variable rate loan bearing interest at LIBOR + 125 basis points and maturing on February 3, 2010. This property was purchased with the intent to redevelop; therefore, it is included in our redevelopment pipeline, as shown in the Redevelopment Activities table below. However, for purposes of the comparison of operating results, this property is classified as property acquired during 2008 in the comparison of operating results tables below.
Other property related revenue primarily consists of parking revenues, overage rent, lease settlement income and gains on land sales. This revenue decreased approximately $3.6 million, or 69%, primarily as a result of a decrease of $2.9 million in gains on land sales as well as a $0.6 million decrease in lease settlement income.
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