KITE REALTY GROUP TRUST
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 20, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Notes to Schedule III
Consolidated Real Estate and Accumulated Depreciation
(dollars in thousands)
NOTE 1. RECONCILIATION OF INVESTMENT PROPERTIES
The changes in investment properties for the years ended December 31, 2023, 2022 and 2021 are as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Balance as of January 1, | $7,732,573 | $7,584,735 | $3,136,982 |
| Acquisitions related to the RPAI merger | — | (16,672) | 4,440,768 |
| Acquisitions | 75,587 | 99,064 | 15,263 |
| Improvements | 140,654 | 152,165 | 54,323 |
| Disposals | (208,753) | (86,719) | (62,601) |
| Balance as of December 31, | $7,740,061 | $7,732,573 | $7,584,735 |
The unaudited aggregate cost of investment properties for U.S. federal income tax purposes as of December 31, 2023 was approximately $8.0 billion.
NOTE 2. RECONCILIATION OF ACCUMULATED DEPRECIATION
The changes in accumulated depreciation for the years ended December 31, 2023, 2022 and 2021 are as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Balance as of January 1, | $1,161,148 | $879,306 | $750,119 |
| Depreciation expense | 317,593 | 318,809 | 154,519 |
| Disposals | (96,971) | (36,967) | (25,332) |
| Balance as of December 31, | $1,381,770 | $1,161,148 | $879,306 |
Depreciation of investment properties reflected in the accompanying consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as follows:
| Buildings | 20 – 35 years |
|---|---|
| Building improvements | 10 – 35 years |
| Tenant improvements | Term of related lease |
| Furniture and fixtures | 5 – 10 years |
All other schedules have been omitted because they are inapplicable, not required or the information is included elsewhere in the accompanying consolidated financial statements or notes thereto.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.