KRG - Kite Realty Group Trust (KRG) Q1 2024 Earnings Call Transcript
2024-05-01 17:05:25 ET
Kite Realty Group Trust (KRG)
Q1 2024 Results Conference Call
May 01, 2024 01:00 PM ET
Company Participants
Bryan McCarthy - Senior Vice President-Corporate Marketing and Communications
John Kite - Chairman and Chief Executive Officer
Heath Fear - Executive Vice President and Chief Financial Officer
Tom McGowan - President and Chief Operating Officer
Conference Call Participants
Todd Thomas - KeyBanc Capital Markets
Floris van Dijkum - Compass Point
Craig Mailman - Citi
Linda Tsai - Jefferies
Connor Mitchell - Piper Sandler
Lizzy Doykan - Bank of America
Anthony Powell - Barclays Capital
Wes Golladay - Baird
Paulina Rojas - Green Street
Dori Kesten - Wells Fargo
Presentation
Operator
Thank you for standing by. Welcome to the first quarter 2024 Kite Realty Group Trust earnings conference call. At this time, all participants are in listen only mode. After the speakers’ presentation, there will be a question and answer session. [Operator Instructions]. As a reminder, today's program is being recorded.
And now I'd like to introduce your host for today's program, Bryan McCarthy, Senior Vice President at Corporate Development and Investor Relations. Please go ahead.
Bryan McCarthy
Thank you and good afternoon, everyone. Welcome to Kite Realty Group's first quarter earnings call. Some of today's comments contain forward-looking statements that are based on assumptions of future events and are subject to inherent risks and uncertainties, 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 Form 10-K. Today's remarks also include certain non-GAAP financial measures.
Please refer to yesterday's earnings press release available on our website for reconciliation of these non-GAAP performance measures to our GAAP financial results. On the call with me today from Kite Realty Group, are Chairman and Chief Executive Officer, John Kite; President and Chief Operating Officer, Tom McGowan, Executive Vice President and Chief Financial Officer, Heath Fear; Senior Vice President and Chief Accounting Officer, Dave Buell and Senior Vice President Capital Markets and Investor relations Tyler Henshaw. I'll now turn the call over to John.
John Kite
Thanks Bryan and thanks everybody for joining today. KRG has maintained our momentum into the first quarter of 2024, delivering exceptional execution across our platform and further strengthening our already best in class balance sheet. Heath will walk you through the details of our quarterly results and increase guidance. And I'll focus on recent sector trends, our operating priorities, and the series of strategic, well-timed initiatives that have allowed KRG to earn the highest total return in the open-air retail space over the past five years. Open air retail has demonstrated strong fundamentals and rapidly accelerated recognition of its essential role in each community we serve. The reappreciation of open air's critical role as the most convenient and profitable distribution channel has resulted in consistent demand across our portfolio from both our tenants and shoppers.
The renaissance of open-air retail is amplified in the Sunbelt, where our portfolio benefits from migration trends out of higher cost living -- at a higher cost of living metros and to warmer lower tax states. The top 10 MSAs for population growth in 2023 account for over 30% of our revenue and include cities like Dallas, Houston, Atlanta, or Orlando, Tampa and Phoenix....
Kite Realty Group Trust (KRG) Q1 2024 Earnings Call Transcript