9/2/2023 0 Comments Kite realty group trustKite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. As a reminder, this call will focus on second quarter results and we request that you confine your questions and comments to these results and not the previously announced pending merger with RPAI. In addition, a webcast replay link will be available on the corporate website. A live webcast of the conference call will be available on KRG’s corporate website at The dial-in numbers are (844) 309-0605 for domestic callers and (574) 990-9933 for international callers (Conference ID: 5090863). Kite Realty Group Trust will conduct a conference call to discuss its financial results on Tuesday, August 3, 2021, at 11:00 a.m. Net Income to FFO, as adjusted, Reconciliation All estimates exclude the impact from the proposed merger with RPAI, other than Merger and Acquisition Costs incurred during the second quarter of 2021.The historical costs incurred through Jare reflected below. Estimated 2021 FFO, as adjusted, excludes any future merger and acquisition costs associated with the proposed merger with RPAI.In the future, should there continue to be previous bad debt collected (recognized as revenue) or accounts receivable written off (recognized as expense) related to 2020 accounts receivable, KRG will disclose the impact, but exclude it from FFO, as adjusted. Estimated 2021 FFO, as adjusted, excludes the impact of 2020 cash and non-cash bad debt or accounts receivable (“2020 Collection Impact”).KRG is raising 2021 guidance for FFO, as adjusted, by $0.02 at the midpoint to $1.29 to $1.35 per share (previously $1.26 - $1.34). The Company currently expects that the transaction will close in the fourth quarter of 2021. The merger is subject to customary closing conditions, including approval by RPAI’s stockholders and the Company’s shareholders at special meetings. (“RPAI”) pursuant to which RPAI will merge with and into a KRG Oak, LLC, and each outstanding share of RPAI common stock will be converted into a right to receive 0.623 common shares of the Company, plus cash in lieu of fractional shares, if any. On July 18, 2021, the Company, and KRG Oak, LLC, a wholly-owned subsidiary of the Company, entered into a definitive merger agreement with Retail Properties of America, Inc.As of June 30, 2021, KRG’s net-debt-to-Adjusted EBITDA was 6.4x.Retail leased percentage was 91.5%, a sequential increase of 100 basis points.
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