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Dec 31, 2020
Kite Realty Q4 2020 Earnings Report
Reported operating results for the fourth quarter and year ended December 31, 2020.
Key Takeaways
Kite Realty Group Trust reported a net loss attributable to common shareholders of $6.8 million, or $0.08 per common share, for the fourth quarter of 2020. NAREIT Funds From Operations of the Operating Partnership (FFO) was $25.5 million, or $0.29 per diluted common share, and FFO as adjusted was $28.7 million, or $0.33 per diluted common share. Same-Property Net Operating Income (NOI) decreased by 10.5% due to COVID-19.
Approximately 95% of total fourth quarter base rent and recoveries have been collected, with less than 1% deferred.
KRG's bad debt reserve this quarter was approximately $3.4 million, primarily comprised of $2.6 million for rental income due during the fourth quarter, which represents approximately 4% of all fourth quarter billings.
Executed 60 new and renewal leases representing over 533,500 square feet with blended leasing spreads of 8.4% on a GAAP basis and -0.7% on a cash basis.
Annualized base rent (ABR) for the operating retail portfolio was $18.42, a 3.3% increase year-over-year and an all-time company high.
Revenue by Segment
Forward Guidance
KRG is providing 2021 guidance for FFO, as adjusted, of $1.24 to $1.34 per share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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