![]() In fact, every new and renewal lease negotiated in the first quarter included fixed CAM most with embedded annual bumps. ![]() We’ve now converted 25% of our portfolio. We continue to push our fixed CAM initiative and experiencing great success. We also grew our same-store NOI 1.5% during the quarter, which was impacted by a 70 basis point decrease in economic occupancy as well as the lease amendments executed with Toys“R”Us. Our small shop lease percentage remained steady at 90.5% one of the highest in our peer group and 190 basis points higher than this time last year. Our ABR per square foot reset a new high at $16.57 including our 3-R properties. Touching on operations, we have several notable openings during the quarter including Aldi at Bolton Plaza, Skechers Outlet at Eastern Beltway, Nordstrom Rack at Portofino Shopping Center and Pet Supermarket at Waxahachie Crossing. The other was a renewal at a non-core property. One was a replacement anchor tenant that did not require us to invest any capital. Our overall spread was negatively affected by two leases. Our aggregate cash lease spread for 56 of the 58 comparable new and renewal leases was 8.2%, 16.5% for new leases and 7% for renewals. In addition, we currently have five executed letters of intent with high quality anchored tenants and have commenced lease negotiations on several of these deals. And Party City is replacing the former 11,000 square foot Home Consignment at Centennial Gateway in Las Vegas. Gander Outdoors, the rebranded concept owned by Camping World will be replacing the former 30,000 square foot Gander Mountain at Bayport Commons in Tampa, Florida. With respect to leasing our Big Box Surge initiative gained momentum in the first quarter as we executed two leases for former vacant boxes. While we have not contemplated any additional transactions in the guidance, we will continue to explore the sale of assets, where pricing remains attractive and fair value can be achieved and we would then capitalize on that to further drive down leverage. As a result of these sales the total ABR for the portfolio increased by $0.23 from the end of 2017. The ABR for both these centers was well below our operating portfolio average, with a blended ABR of $10.63. This allowed us to further reduce our office supply exposure and completed our exit from the Alabama market. These sales combined to generate $63 million in gross proceeds at a blended low 8% cap, which were used to pay down the line-of-credit. We met out disposition goal with the sales of Memorial Commons in Goldsboro, North Carolina and Trussville Promenade in Birmingham, Alabama. Now with respect to the first quarter we continue to make positive strides towards our stated objectives for 2018. I want to publicly thank Dan for his 18-plus years of service and let him know that I and our entire team deeply appreciate everything that he’s done for this company, and I’m sure that he will continue to support us in every way possible. ![]() Let me first start by acknowledging our announcement earlier this week that Dan will be leaving the company at the end of June. ![]() Good afternoon, everyone, thank you for joining us. On the call with me today from the company are Chief Executive Officer, John Kite Chief Operating Officer, Tom McGowan Chief Financial Officer, Dan Sink.Īnd with that, I’d like to turn the call over to John. 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 10-K. Actual results may differ materially from these statements. Much 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 first quarter earnings call. Ashley Underwood with Investor Relations. ![]() I would now like to turn the conference over to Ms. As a reminder, this conference maybe recorded. Later we will conduct a question-and-answer session and instructions will follow at that time. At this time, all participants are in a listen-only mode. Good day, ladies and gentlemen, and welcome to the Kite Realty Group Trust First Quarter 2018 Earnings Conference Call. Kite Realty Group Trust ( NYSE: KRG) Q1 2018 Earnings Conference Call Ap12:00 PM ET ![]()
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