Subsequent to quarter end, the Company repaid three mortgages with an aggregate principal balance of $128.5 million with proceeds from the Company’s revolving line of credit, which was undrawn as of year-end.
As of December 31, 2022, the Company’s net debt to Adjusted EBITDA was 5.2x, which represents a 0.8x year-over-year decrease.The Company currently has three active development projects with limited future capital commitments of $44.2 million.įourth Quarter 2022 Balance Sheet Overview.Portfolio leased-to-occupied spread of 270 basis points, which equates to $33 million of signed-not-open NOI.įourth Quarter 2022 Capital Allocation Activity.Retail portfolio percent leased of 94.6% at December 31, 2022, a sequential increase of 60 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 $20.02 at December 31, 2022, a 3.4% increase year-over-year.Excluding option renewals, the blended cash spreads for comparable new and non-option renewal leases were 15.1%. Cash leasing spreads of 22.3% on 21 comparable new leases, 8.9% on 105 comparable renewals, and 11.4% on a blended basis.Executed 173 new and renewal leases representing over 1.0 million square feet.Excludes the impact of $0.2 million of prior period collection impact related to the recovery of bad debt and accounts receivable in 2022.Generated FFO, as adjusted, of the Operating Partnership of $112.0 million, or $0.50 per diluted share, which represents a 16.3% per share increase over the comparable period in 2021.Generated NAREIT FFO of the Operating Partnership of $111.8 million, or $0.50 per diluted share.Published the Company’s 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.Entered into a $300 million unsecured 7-year term loan due Jand fixed the interest rate for three years at approximately 3.95%.Upsized the Company’s revolving line of credit capacity to $1.1 billion from $850 million.Completed five development projects, further reducing future capital commitments on the Company’s active development pipeline.Closed $101.8 million of acquisitions and $75.6 million of dispositions.Same Property Net Operating Income (NOI) increased by 5.1%.Excluding option renewals, the blended cash spreads for comparable new and non-option renewal leases were 18.1%. Executed 782 new and renewal leases representing approximately 4.9 million square feet at comparable cash spreads of 12.6%.Excludes a positive impact of $2.6 million of prior period collection impact related to the recovery of bad debt and accounts receivable in 2022.
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“Looking at our full year 2022 results, I’m proud to report the KRG team consistently outperformed expectations by growing FFO, as adjusted, per share 29% on a year-over-year basis,” said John A. Lowered leverage to 5.2x, an all-time low for KRG Leased 4.9 million square feet in 2022 at 12.6% comparable blended cash leasing spreads Increased FFO, as adjusted, per share by 29% on a year-over-year basis For the years ended Decemand 2021, net loss attributable to common shareholders was $12.6 million, or $0.06 per diluted share, compared to net loss of $80.8 million, or $0.73 per diluted share, respectively. For the quarters ended Decemand 2021, net loss attributable to common shareholders was $1.1 million, or $0.01 per diluted share, compared to net loss of $98.2 million, or $0.52 per diluted share, respectively. 13, 2023 (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 fourth quarter and year ended December 31, 2022.
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