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As of December 31, 2021, KRG’s net debt to Adjusted EBITDA was 6.0x.

Repaid the $41.2 million mortgage on Bayonne Crossing (Bayonne, NJ).In addition to the $6.9 million KRG received for the land, KRG will earn significant development fees and development profits, while contributing no incremental capital. Sold a portion of Hamilton Crossing Centre (Carmel, IN) and entered into a fee development agreement to build a corporate campus for Republic Airways.Subsequent Capital and Development Activity In conjunction with the merger, repaid the $24.1 million mortgage on Peoria Crossing (Phoenix, AZ).Acquired two small shop buildings adjacent to Nora Plaza (Indianapolis, IN) for a purchase price of $13.5 million.As previously disclosed, sold Westside Market (Dallas/Fort Worth, TX) for $24.8 million.Portfolio leased-to-occupied spread of 250 basis points, which equates to $33.0 million of signed-not-open NOI.įourth Quarter Capital and Development Activity.Retail portfolio percent leased of 93.4% at December 31, 2021, a sequential increase of 60 basis points.Operating retail portfolio annualized base rent (ABR) per square foot of $19.36 at December 31, 2021, a 5% increase year-over-year.Cash leasing spreads of 27.4% on 23 comparable new leases, 8.3% on 60 comparable renewals, and 12.9% on a blended basis.Executed 132 new and renewal leases representing over 927,000 square feet.Same Property Net Operating Income (NOI) increased by 7.2% (excluding legacy RPAI properties).Excludes the impact of $76.6 million of merger and acquisition costs.Excludes a positive impact of $0.4 million of 2020 Collection Impact related to the recovery of 2020 cash and non-cash bad debt and accounts receivable in 2021.Generated FFO, as adjusted, of the Operating Partnership of $82.4 million, or $0.43 per diluted share.Generated NAREIT FFO of the Operating Partnership of $6.2 million, or $0.03 per diluted share.The fourth quarter 2021 net loss attributable to common shareholders was primarily driven by $76.6 million of merger and acquisition costs incurred during the quarter. Net loss attributable to common shareholders of $98.2 million, or $0.52 per diluted share, compared to net loss of $6.8 million, or $0.08 per diluted share, for the quarters ended Decemand 2020, respectively.Same Property Net Operating Income (NOI) increased by 6.1% (excluding legacy RPAI properties).Executed 363 new and renewal leases representing approximately 2.6 million square feet.Excludes the impact of $86.5 million of merger and acquisition costs.Excludes a positive impact of $3.7 million of 2020 Collection Impact related to the recovery of 2020 cash and non-cash bad debt and accounts receivable in 2021.Generated FFO, as adjusted, of the Operating Partnership of $171.2 million, or $1.50 per diluted share.Generated NAREIT Funds From Operations of the Operating Partnership (FFO) of $88.4 million, or $0.78 per diluted share.

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Full year 2021 net loss attributable to common shareholders was primarily driven by $86.5 million of merger and acquisition costs incurred during the year. Net loss attributable to common shareholders of $80.8 million, or $0.73 per diluted share, compared to net loss of $16.2 million, or $0.19 per diluted share, for the years ended Decemand 2020, respectively.Armed with a higher quality portfolio, a stronger balance sheet and a high-performing team, KRG is in the beginning stages of long-term value creation.”įull Year Financial and Operational Results This game-changing merger checks every synergistic box including significant earnings accretion reflected in our 2022 FFO per share guidance, which is a 33% increase over KRG’s 2020 FFO per share. “KRG’s best-in-class operating platform continues to leverage the strong retail environment as evidenced by our tremendous leasing volume, double-digit cash leasing spreads and $33 million of signed-not-open NOI. “2021 was a monumental year for KRG, highlighted by outstanding operational results and the completion of the transformative merger with RPAI,” said John A. 14, 2022 (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, 2021.