COVID forced many retailers to reimagine the use of their physical footprint to best serve the consumer.įive-years ago, self-checkout, BOPIS and curbside pickup did not exist in the same capacity as it does today. The leasing environment for the KRG portfolio remains extremely constructive. Our retention ratio for the quarter and year-to-date remains elevated at 90%. For the first half of the year, we leased approximately 2.3 million square feet at a blended cash spread for comparable new and renewal leases of 14.5%. The strong leasing volume was bolstered by superior blended cash spreads for comparable new and renewal leases of 13.2%.Įxcluding option renewals, blended cash spreads for comparable new and non-option renewals were 18.7%. We signed 206 leases representing nearly 1.2 million square feet this quarter. The primary driver of KRG's results has been the outstanding leasing demand we're seeing across our portfolio. But suffice to say, we're outperforming both internal and external expectations across the Board. Heath will discuss guidance and provide more details around the components of each metric. Our same-property NOI growth for the quarter was 3.8% and 4.9% year-to-date. As set forth on of our investor presentation, this massive year-over-year accretion is accompanied by meaningful improvements across every metric that historically correlates to earnings multiples. In fact, one of our core values at KRG is urgency, and we will leverage this mindset to take full advantage of the strong demand for our high-quality real estate.Īs reported yesterday, KRG generated FFO per share of $0.49, beating consensus estimates by $0.06 and representing a 44% increase per share over the comparable period last year. Despite the volatile macro landscape, we refused to get distracted and are attacking the opportunities in front of us with a continued sense of urgency. I'm very pleased to announce that KRG has once again achieved outstanding quarterly results. Thanks very much, Bryan, and good morning to everyone. On the call with me today from Kite Realty Group are Chairman and Chief Executive Officer, John Kite President and Chief Operating Officer, Tom McGowan Executive Vice President and Chief Financial Officer, Heath Fear Senior Vice President and Chief Accounting Officer, Dave Buell and Senior Vice President, Capital Markets and Investor Relations, Tyler Henshaw.Īll right. Please refer to yesterday's earnings press release available on our website for a reconciliation of these non-GAAP performance measures to our GAAP financial results. Today's remarks also include certain non-GAAP financial measures. For more information about the factors that can adversely affect the company's results, please see our SEC filings, including our most recent Form 10-K. Actual results may differ materially from these statements. Some of today's comments contain forward-looking statements that are based on assumptions of future events and are subject to inherent risks and uncertainties. Welcome to Kite Realty Group's second quarter earnings call. I would now like to turn the call over to your host, Bryan McCarthy, you may begin. Ladies and gentlemen, thank you for standing by, and welcome to the Q2 2022 Kite Realty Group Trust Earnings Conference Call. Tyler Henshaw - SVP, Capital Markets and IR He comes with my highest recommendations.Kite Realty Group Trust ( NYSE: KRG) Q2 2022 Earnings Conference Call Aug1:00 PM ETīryan McCarthy - SVP, Marketing and Communications Milan is a great realtor and an even better person. The dedication he displays towards his clients and the passion he has for his work are unsurpassed. I know we weren’t his only clients at the time but we always felt like we were his number one priority. When people asked to view the house at the last minute, he dropped what he was doing and showed them our house. Even with all of this, working with Milan was the best experience we have had. Our buyers were rather particular, and it turns out that termites really do exist in northern Florida. I'm not sure we would have been able to remain sane with anyone else. When it came time to sell our Pensacola house a friend introduced us to Milan. The process of moving however is not fun and it never gets any easier. Moving has allowed us to meet a lot of great people and have some really neat experiences. William & Skye Berg, VirginiaAs a military family, we move every three to four years.
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