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Text: Actual results may differ materially from these statements.
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.
Today's remarks also include certain non-GAAP financial measures.
I think I would say that the only thing maybe more compelling than our quarterly results is the impending merger between Kite Realty Group and RPAI.
Regarding that, please note at this time, we're unable to provide any additional information beyond what we've disclosed publicly to date.
What I can tell you is that every day we learn more about our RPAI, our conviction regarding the merits of this transaction grows exponentially.
We are very much looking forward to discussing the outlook of the combination after we close the merger.
In the meantime, the primary goal on both sides is continued operational outperformance.
With respect to our second quarter results, the continuing theme is retailer demand.
During the quarter, we leased 637,000 square feet, which is nearly double the amount of square footage as compared to the second quarter in 2019 and an additional 211,000 square feet sequentially.
Blended lease spreads were 14.7% and 9.2% on a GAAP and cash basis, respectively.
The outsized volume widens our total retail portfolio lease to occupied spread to 310 basis points with current signed, not opened NOI of approximately $12 million.
Our anchor acceleration program is also progressing nicely.
We've signed three anchor leases this quarter for a cumulative total of seven anchor leases since the program's inception.
These seven leases are expected to generate cash yields of over 36%.
Not only will we realize a healthy uptick in NOI based on these deals, but we're vastly improving the merchandising mix and creating value.
Backfilling empty Stein Mart spaces with tenants such as Adidas, Aldi and Total Wine, will dramatically increase traffic and compress the cap rate of the underlying synergy.
With respect to the remaining boxes, demand remains extremely strong with several leases in negotiation and at the LOI stage.
We look forward to providing more details on these deals on our next call.
We've also been experiencing healthy demand for our small shop space across a variety of categories such as beauty and cosmetics, healthcare, service tenants and the return of fast casual and full-service restaurants.
The strong box and small shop demand resulted in a portfolio retail leased rate of 91.5%.
This 100 basis point increase from last quarter is indicative of the continuing recovery in our financials.
Many of you asked when will we fully recover to pre-pandemic levels, while we still don't know the exact date, we do know that we're quickly gaining ground.
While the last 18 months have been tumultuous, to say the least, through it all, we remain focused and work to operate from an offensive posture.
Today, we find ourselves driving toward the completion of a transformative merger.
The opportunity currently in front of us was only made possible by virtue of the successful execution of a series of initiatives prior to the end of 2019.
This puts KRG in one of the strongest financial positions in our sector, which allowed us to intensely focus on operations during COVID, which resulted in sector-leading collection rates.
I think it's worth taking a look back at the hard work over the past several years that put us into this position of strength.
During Project Focus, we shed our lower growth in most vulnerable assets, resulting in a portfolio of high-quality properties with long-term durable cash flows.
We exited some low growth markets to focus on markets that are benefiting from favorable demographic trends.
We reduced our leverage and cleared out our near-term maturities.
Our net debt to EBITDA currently sits at 6.4 times despite the fact that our lease rate dropped by over 500 basis points in 2020.
We dialed down our development pipeline and structured our non-retail projects to minimize risk and capital outlay.
We started in this business as developers across all property types.
If there's one thing we learned is that development should never be a financial mandate, but rather a risk-adjusted decision around the highest and best use of the property.
We also learned, like most things in life, when it comes to development, timing is everything.
Finally, we assembled the best team in the industry, a team that embodies our intentional and results-driven culture, a team that is poised to get even stronger once we join forces with RPAI.
Nothing ever happens great without great people.
With all this in mind, the next bold move we are taking doesn't represent a new direction for KRG, but rather the next step down a path that we are firmly committed to.
It's been an intense few months, and it's going to remain that way through the end of the year.
I have the utmost confidence that the teams will remain focused, maintain operational excellence and emerge as a unified best-in-class platform.
Like John, I couldn't be more thrilled about the impending merger.
Having spent two years at RPAI, I am uniquely positioned to understand the quality of the combined portfolios, the cultural similarities and the potential of the platform.
Turning to our first quarter results.
We generated $0.34 of NAREIT FFO, and we also generated $0.34 of FFO as adjusted.
As a reminder, we are guiding to 2021 FFO on an as-adjusted basis, so as to reduce the noise associated with the 2020 receivables and 2020 bad debt.
As set forth on page 19 of our supplemental, the net 2020 collection impact in the second quarter was minimal with the collection of $1.6 million of prior bad debt, offset by $500,000 of accounts receivable, we now deem uncollectible.
We continue to refrain from giving same-property NOI guidance for 2021, provided that we are committed to reporting the same.
Our same-property NOI growth for the second quarter is 10.1%, primarily driven by a reduction in bad debt as compared to the prior year period.
This includes the benefit of approximately $500,000 of previously not bad debt that we collected in the first quarter.
Excluding those amounts, our same-store NOI growth would be 8.9%.
That 120 basis point difference is just noise from 2020 and is precisely why we didn't provide guidance on this metric.
It's also important to note that when comparing same-store results across the peer group for 2021, keep in mind that KRG consistently achieved the highest levels of rent collections in 2020.
With respect to outstanding accounts receivable items, as of last Friday, the balance on our outstanding deferred rents stands at $2.1 million compared to $6.1 million as of December 31, 2020.
Furthermore, less than $0.5 million of deferred rent payments are currently delinquent, of which 70% is already reserved.
The current outstanding balance on our small business loan program is $1.2 million as compared to $2.2 million at inception and not a single borrower under the program is delinquent.
Our balance sheet and liquidity profile not only remains solid, but continue to improve.
Our net debt-to-EBITDA was 6.4 times, down from 6.6 times last quarter.
Pro forma for the $12 million of signed-but-not-opened NOI, our net debt-to-EBITDA is six times.
Excluding future lease-up costs, we have only $17 million of outstanding capital commitments and of roughly $620 million of liquidity.
We are extremely pleased with the flexibility in our balance sheet.
We are raising our 2021 guidance of FFO as adjusted to be between $1.29 and $1.35 per share, an increase of $0.02 at the midpoint.
Our guidance assumes full year 2021 bad debt of approximately $6.4 million, of which $2.6 million had been realized as of June 30, 2021.
This guidance assumes no additional transactional activity including the previously announced merger.
We are looking forward to closing the merger with RPAI, and I am excited to provide 2022 guidance for the combined company.
Again, as John mentioned earlier, we are unable to answer any questions on the pending merger.
So please focus your attention on our operating results.

user
kite realty group trust raises full year guidance.
q2 ffo per share $0.34.
q2 adjusted ffo per share $0.34.
sees fy 2021 adjusted ffo per share $1.29 to $1.35.

assistant