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View Annual Report ANNUAL REPORT 2005 building value buildingng FRONT COVER: Sunrise over Stoney Creek Commons For 45 years, our passion, ingenuity and integrity have been at the heart of our success. Dorothea Jackson TO OUR FELLOW SHAREHOLDERS: 2005 was a year of considerable While our roots in construction go back fi ve are anticipated to total approximately shopping center that we are developing achievement for Kite Realty Group. In decades, Kite Realty Group has evolved into 1.8 million square feet. We expect these near Naples, Florida in a joint venture our fi rst full year as a public company, we a full-service real estate owner, developer, projects to generate strong returns and with a private developer. The land was generated a competitive 24.3 percent total and operator, primarily focused on high- enhance shareholder value as they come fully zoned when we entered into the return for our shareholders, increased quality neighborhood and community online throughout 2006 and 2007. We joint venture, signifi cantly mitigating Funds from Operations to $1.13 per diluted shopping centers. The dynamic tenants also continue to evaluate development our risk. In addition, we are analyzing share and made signifi cant investments in that occupy our properties offer customers opportunities within our core markets – opportunities relating to strategic the Company’s future. the highest-quality goods and services. We particularly the dynamic South Florida fi nancial joint venture partners. believe this results in a competitive, visible region. With roughly 180 acres in our We also followed through on our time- and sustainable earnings stream that can land inventory, we have already begun As we look into 2006 and beyond, we honored strategy of maximizing cash fl ow weather economic cycles. to secure the resources necessary for are excited by the opportunities that and building shareholder value. Tapping future development. we see. Already we are allocating the resources of our expert in-house Finding attractive acquisition opportunities resources to our 2007 operating plan, as personnel, strong broker network and in today’s real estate market, however, Although development is our primary the majority of our 2006 initiatives are strategic joint venture partners, we started is challenging. Competitive pressures, means of building shareholder value, funded and underway. We are fortunate ten new development projects in vibrant low interest rates and soaring property we also keep an eye out for compelling to work with some of the brightest, most retail markets, closed $111 million in new values have combined to depress initial acquisition opportunities. In 2005, we energetic and passionate people in the acquisitions and ended the year with an investment yields. Given this environment, acquired fi ve high-quality retail assets at real estate industry. With a talented team operating portfolio occupancy rate in Kite Realty Group’s ability to build value a total cost of $111 million. Among them of professionals, a promising pipeline excess of 95 percent. through ground-up development and are Market Street Village, a 100 percent and a strong capital base, we believe Kite redevelopment provides us with a distinct leased community shopping center Realty Group is well positioned to build And that’s just the beginning. competitive advantage. Through our occupying a premiere location in suburban shareholder value through development, vertically integrated approach, we control Dallas/Ft. Worth, and Indian River Square, acquisitions, joint ventures and advisory In 2006, we plan to build upon this success. every stage of the development cycle, another fully leased, high-profi le property services. Our ability to build value We are committed to building value for from land procurement to managing the in Vero Beach, Florida. In addition to through a full range of strategies sets us our shareholders through development, properties that we build. By utilizing in- diversifying our asset base, we believe apart. We have worked hard to earn your redevelopment and accretive acquisitions. ternal resources and eliminating the need to these acquisitions meet our requirements trust and look forward to sharing our With our strong balance sheet and outsource, we are able to mitigate risk and for risk-adjusted returns. success with you in 2006. conservative capital structure, we are well- ultimately enhance development returns. positioned to execute on our strategy in 2006 We are also pleased with the partnerships and beyond. At year-end, we maintained In 2005, we began ten development we established in 2005. Joint ventures a debt-to-market capitalization ratio of projects at a total anticipated cost allow us to share risk while providing approximately 40 percent, a 3.3 times fi xed of $138 million, exceeding the high increased access to investment Alvin E. Kite John A. Kite charge ratio and a 2.9 times debt coverage end of our goal by approximately 90 opportunities and ancillary fee income. Chairman of the Board Chief Executive Offi cer ratio. We believe Kite Realty Group is in an percent. At year end we had 14 retail One example is Estero Town Commons, of Trustees President and Trustee excellent position to fund future growth. properties under development, which a 183,600 square foot community 2 2005 OPERATING AND FINANCIAL PERFORMANCE Kite Realty Group Trust is a full- service, vertically integrated real estate investment trust engaged primarily in the development, construction, acquisition, ownership and operation of high-quality neighborhood and community shopping centers in selected growth markets in the United States. As of December 31, 2005, Kite Realty Group owned interests in 45 operating properties totaling 6.7 million square feet and 14 retail properties under development, which are anticipated to total 1.8 million square feet. Headquartered in Indianapolis, Indiana, Kite Realty Group began operations as a real estate investment trust in August 2004 following the Company’s initial public offering of common shares. 4 Selected Financial Data Period from August 16, 2004 Year Ended through December 31, 2005 December 31, 20041 Operating Data: Consolidated revenue $99,364,855 $29,088,946 Net income (loss) 13,435,840 (332,322) Funds from operations (FFO) 2, for the Kite portfolio 34,021,691 7,416,461 Common Share Data: FFO - diluted 2 $1.13 $0.27 Net income (loss) - diluted 0.62 (0.02) Cash dividends declared 3 0.75 0.28125 Financial Position at Year End: Total assets $799,229,806 $563,543,771 Total shareholders equity 278,879,380 158,199,060 Common Shares and Partnership Units Outstanding at Year End: Shares of common stock 28,555,187 19,148,267 Limited partnership units 8,618,664 8,281,882 Market value of common shares and partnership units $575,079,475 $419,132,677 Data at Year End: Number of operating properties 45 36 Gross leasable area (GLA) of operating properties 4 6,723,592 5,229,026 Percent leased - operating properties 95.5% 95.6% Number of development properties 14 9 GLA of development properties 4 1,823,561 1,252,331 Total market capitalization 5 $958,891,302 $711,350,937 Number of employee 95 81 SENIOR MANAGEMENT TEAM 1 We commenced operations as a public company on August 16, 2004 after completing our IPO and related formation transactions. Mark Jenkins, Senior Vice President, Development 2 FFO is a non-GAAP fi nancial measure commonly used in the real estate industry that we believe provides David Lee, Vice President, Property Operations useful information to investors. Please refer to Management’s Discussion & Analysis of Financial Condition Jeff Lynch, Senior Vice President, Development and Results of Operations for a defi nition of FFO and a reconciliation to net income. and Advisory Services 3 Cash dividends for the period in 2004 includes a pro-rated distribution of $0.09375 for the period from Tanya Marsh, Senior Real Estate and Corporate Counsel the date of our IPO (August 16, 2004) through September 30, 2004. George McMannis, Senior Vice President, Finance 4 Includes non-owned anchor space and structures on land that is ground leased to tenants and owned and Capital Markets by Kite Realty Group. Tom Olinger, Vice President, SEC and Financial Reporting 5 Includes our share of joint venture debt. Gregg Poetz, Senior Vice President, Leasing Jeff Schroeder, Vice President, Construction Bob Solloway, Senior Real Estate and Corporate Counsel 5 KITE BUILDS VALUE Kite Realty Group’s vertically integrated platform allows us to control all facets of the development process, while helping mitigate the associated risks. We began 2005 with nine projects in our development pipeline at a total projected cost of $102 million. Over the course of the year, we began ten new projects while moving fi ve projects to the operating portfolio. By year-end, our development pipeline encompassed 14 projects at a total projected cost of $176 million. Traders Point, Indianapolis, IN Circuit City Plaza, Ft. Lauderdale, FL (MSA) We believe current conditions warrant continued investment in development, and we expect our strong pipeline to make healthy contributions to cash fl ow and shareholder value in 2006 and 2007. 6 Extensive due diligence and entitlement expertise Construction experience and internal controls LAND PROCUREMENT PRE-DEVELOPMENT LEASING CONSTRUCTION MANAGEMENT Pre-leasing throughout project life Active Development Pipeline as of December 31, 2005 Projected Total Estimated Property Location (MSA) Opening Date 1 Project Cost (Millions) Beacon Hill Shopping Center 2 Crown Point, IN
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