KRG » Topics » Tenant Leases

This excerpt taken from the KRG 8-K filed Dec 22, 2009.

Tenant Leases

 

The Company receives rental income from the leasing of retail and commercial space under operating leases. The leases generally provide for certain increases in base rent, reimbursement for certain operating expenses and may require tenants to pay contingent rentals to the extent their sales exceed a defined threshold. The weighted average initial term of the lease agreements is approximately 16 years. During the periods ended December 31, 2008, 2007, and 2006, the Company earned percentage rent of $0.4 million, $1.1 million, and $1.2 million, respectively, including the Company’s joint venture partners’ share of $0, $20,580, and $32,840, respectively. During both of the periods ended December 31, 2007 and 2006, $0.4 million percentage rent related to the Union Station parking garage lease that was changed to a management agreement in 2008.

 

As of December 31, 2008, future minimum rentals to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on sales volume, are as follows:

 

F-30



 

Note 13. Lease Information (continued)

 

2009

 

$

68,708,207

 

2010

 

64,825,504

 

2011

 

59,150,180

 

2012

 

52,427,013

 

2013

 

46,195,753

 

Thereafter

 

235,609,653

 

Total

 

$

526,916,310

 

 

These excerpts taken from the KRG 10-K filed Mar 16, 2009.

Tenant Leases

The Company receives rental income from the leasing of retail and commercial space under operating leases. The leases generally provide for certain increases in base rent, reimbursement for certain operating expenses and may require tenants to pay contingent rentals to the extent their sales exceed a defined threshold. The weighted average initial term of the lease agreements is approximately 16 years. During the periods ended December 31, 2008, 2007, and 2006, the Company earned percentage rent of $0.4 million, $1.1 million, and $1.2 million, respectively, including the Company’s joint venture partners’ share of $0, $20,580, and $32,840, respectively. During both of the periods ended December 31, 2007 and 2006, $0.4 million percentage rent related to the Union Station parking garage lease that was changed to a management agreement in 2008.

As of December 31, 2008, future minimum rentals to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on sales volume, are as follows:

2009

$

68,708,207

2010

 

64,825,504

2011

 

59,150,180

2012

 

52,427,013

2013

 

46,195,753

Thereafter

 

235,609,653

Total

$

526,916,310

Tenant Leases

The Company receives rental income from the leasing of retail and commercial space under operating leases. The leases generally provide for certain increases in base rent, reimbursement for certain operating expenses and may require tenants to pay contingent rentals to the extent their sales exceed a defined threshold. The weighted average initial term of the lease agreements is approximately 16 years. During the periods ended December 31, 2008, 2007, and 2006, the Company earned percentage rent of $0.4 million, $1.1 million, and $1.2 million, respectively, including the Company’s joint venture partners’ share of $0, $20,580, and $32,840, respectively. During both of the periods ended December 31, 2007 and 2006, $0.4 million percentage rent related to the Union Station parking garage lease that was changed to a management agreement in 2008.

As of December 31, 2008, future minimum rentals to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on sales volume, are as follows:

2009

$

68,708,207

2010

 

64,825,504

2011

 

59,150,180

2012

 

52,427,013

2013

 

46,195,753

Thereafter

 

235,609,653

Total

$

526,916,310

Tenant Leases


The Company receives rental income from the leasing of retail and commercial space under operating leases. The leases generally provide for certain increases in base rent, reimbursement for certain operating expenses and may require tenants to pay contingent rentals to the extent their sales exceed a defined threshold. The weighted average initial term of the lease agreements is approximately 16 years. During the periods ended December 31, 2008, 2007, and 2006, the Company earned percentage rent of $0.4 million, $1.1 million, and $1.2 million, respectively, including the Company’s joint venture partners’ share of $0, $20,580, and $32,840, respectively. During both of the periods ended December 31, 2007 and 2006, $0.4 million percentage rent related to the Union Station parking garage lease that was changed to a management agreement in 2008.


As of December 31, 2008, future minimum rentals to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on sales volume, are as follows:










2009


$


68,708,207


2010


 


64,825,504


2011


 


59,150,180


2012


 


52,427,013


2013


 


46,195,753


Thereafter


 


235,609,653


Total


$


526,916,310



Tenant Leases


The Company receives rental income from the leasing of retail and commercial space under operating leases. The leases generally provide for certain increases in base rent, reimbursement for certain operating expenses and may require tenants to pay contingent rentals to the extent their sales exceed a defined threshold. The weighted average initial term of the lease agreements is approximately 16 years. During the periods ended December 31, 2008, 2007, and 2006, the Company earned percentage rent of $0.4 million, $1.1 million, and $1.2 million, respectively, including the Company’s joint venture partners’ share of $0, $20,580, and $32,840, respectively. During both of the periods ended December 31, 2007 and 2006, $0.4 million percentage rent related to the Union Station parking garage lease that was changed to a management agreement in 2008.


As of December 31, 2008, future minimum rentals to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on sales volume, are as follows:










2009


$


68,708,207


2010


 


64,825,504


2011


 


59,150,180


2012


 


52,427,013


2013


 


46,195,753


Thereafter


 


235,609,653


Total


$


526,916,310



These excerpts taken from the KRG 10-K filed Mar 17, 2008.

Tenant Leases

          The Company receives rental income from the leasing of retail and commercial space under operating leases. The leases generally provide for certain increases in base rent, reimbursement for certain operating expenses and may require tenants to pay contingent rentals to the extent their sales exceed a defined threshold. The weighted average initial term of the lease agreements is approximately 17 years. During the periods ended December 31, 2007, 2006, and 2005, the Company earned percentage rent of $1.1 million, $1.2 million, and $0.9 million, respectively, including the Company’s joint venture partners’ share of $20,580, $32,840, and $55,790, respectively.

          As of December 31, 2007, future minimum rentals to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on sales volume, are as follows:

 

 

 

 

 

2008

 

$

67,709,665

 

2009

 

 

65,932,655

 

2010

 

 

61,261,382

 

2011

 

 

55,274,242

 

2012

 

 

48,582,896

 

Thereafter

 

 

255,904,141

 

 

 



 

Total

 

$

554,664,981

 

 

 



 

Tenant Leases




          The
Company receives rental income from the leasing of retail and commercial space under
operating leases. The leases generally provide for certain increases in base rent,
reimbursement for certain operating expenses and may require tenants to pay contingent
rentals to the extent their sales exceed a defined threshold. The weighted average
initial term of the lease agreements is approximately 17 years. During the periods
ended December 31, 2007, 2006, and 2005, the Company earned percentage rent of $1.1
million, $1.2 million, and $0.9 million, respectively, including the Company’s
joint venture partners’ share of $20,580, $32,840, and $55,790,
respectively.




          As
of December 31, 2007, future minimum rentals to be received under non-cancelable
operating leases for each of the next five years and thereafter, excluding tenant
reimbursements of operating expenses and percentage rent based on sales volume, are as
follows:




























































































































 



 



 



 



 



2008



 



$




67,709,665



 



2009



 



 




65,932,655



 



2010



 



 




61,261,382



 



2011



 



 




55,274,242



 



2012



 



 




48,582,896



 




Thereafter



 



 




255,904,141



 



 



 









 




Total



 



$




554,664,981



 



 



 









 




This excerpt taken from the KRG 10-K filed Mar 16, 2007.

Tenant Leases

          The Company receives rental income from the leasing of retail and commercial space under operating leases. The leases generally provide for certain increases in base rent, reimbursement for certain operating expenses and may require tenants to pay contingent rentals to the extent their sales exceed a defined threshold. The weighted average initial term of the lease agreements is approximately 17 years. During the periods ended December 31, 2006, 2005, and 2004, the Company earned overage rent of $1.2 million, $0.9 million, and $0.5 million, respectively, including the Company’s joint venture partners’ share of $32,840, $55,790, and $50,150, respectively.

          Future minimum rentals to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on sales volume, as of December 31, 2006, are as follows:

 

 

 

 

 

2007

 

$

62,763,601

 

2008

 

 

58,493,472

 

2009

 

 

56,290,320

 

2010

 

 

51,408,345

 

2011

 

 

45,335,294

 

Thereafter

 

 

303,498,804

 

 

 



 

Total

 

$

577,789,836

 

 

 



 

This excerpt taken from the KRG 10-K filed Mar 16, 2006.

Tenant Leases

          The Company receives rental income from the leasing of retail and commercial space under operating leases. The leases generally provide for certain increases in base rent, reimbursement for certain operating expenses and may require tenants to pay contingent rentals to the extent their sales exceed a defined threshold.  The weighted average initial term of the lease agreements is approximately 16 years. Future minimum rentals to be received under noncancellable operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on sales volume, as of December 31, 2005, are as follows:

F-20


2006

 

$

56,114,897

 

2007

 

 

53,771,036

 

2008

 

 

50,481,805

 

2009

 

 

48,672,636

 

2010

 

 

44,606,991

 

Thereafter

 

 

320,827,363

 

 

 



 

Total

 

$

574,474,728

 

 

 



 

This excerpt taken from the KRG 10-K filed Mar 31, 2005.

Note 8.  Tenant Leases

The Company receives rental income from the leasing of retail and commercial space under operating leases. The leases generally provide for certain increases in base rent, reimbursement for certain operating expenses

F-23



Kite Realty Group Trust and
Kite Property Group (the Predecessor)
Notes to Consolidated and Combined Financial Statements
December 31, 2004

Note 8.  Tenant Leases (Continued)


and may require tenants to pay contingent rentals to the extent their sales exceed a defined threshold. The weighted average initial term of the lease agreements is approximately 16 years. Future minimum rentals to be received under noncancellable operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses, as of December 31, 2004, are as follows:

2005
                 $ 46,172,855   
2006
                    44,539,007   
2007
                    42,458,857   
2008
                    40,115,018   
2009
                    38,732,253   
Thereafter
                    290,604,911   
Total
                 $ 502,622,901   
 

Lease Commitments

The Company is obligated under six ground leases for approximately 35 acres of land with three landowners which require fixed annual rent. The expiration dates of the initial terms of these ground leases range from 2012 to 2027. These leases have five to ten year extension options ranging in total from 20 to 30 years.

Ground lease expense incurred by the Company for the period from January 1, 2004 through August 15, 2004 and for the period from August 16, 2004 through December 31, 2004 was $144,176 and $287,586, respectively. The Company capitalized $43,327 during the period from January 1, 2005 through August 15, 2004 and $43,200 during the period from August 16, 2004 through December 31, 2004. Ground lease expense incurred by the Company for the years ended December 31, 2003 and 2002 was $135,000, and $136,800, respectively. Future minimum lease payments due under such leases for the next five years ending December 31 and thereafter are as follows:

2005
                 $ 856,800   
2006
                    856,800   
2007
                    906,300   
2008
                    918,300   
2009
                    920,800   
Thereafter
                    14,129,170   
Total
                 $ 18,588,170   
 
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