Kite Realty Group Trust (NYSE:KRG) Q1 2024 Earnings Call Transcript

Heath Fear: Yes. Listen, I don’t know I can put an exact spread differential on it. It certainly helped. We had two great things happen to us. One, Moody’s upgraded us. Fitch put us on positive. So, we’re hopeful that they’ll move to BBB+ soon. And then S&P, they put us to a positive outlook as well. And again, we’re hopeful mature into a pure BBB rating over the next couple of quarters. So, all those things combined will certainly help compress it. Listen, we issued, back in January, when the tenure was around 390 and the spread was 170 over. Current indicatives have us somewhere between 140 and 150. So, we’re certainly seeing compression in that. And as we go into the market more often and our bonds will come more liquid, we only see that getting better and better and better.

So, in terms of timing of when we’re going to address the 25s. Listen, we’re going to be opportunistic. I think we’ve been really good at sort of looking at the macro environment and picking our spots. I think now in hindsight, when we picked that data to trade in January, it’s a really good time. It was before the tenured started to gap out again. And so, we’re going to do our best to sort of read the macro queues and [indiscernible] a good spot when we think we can also do another nice print. So, I would say, late ’24, early ’25 is what we’d look to be looking to address those maturities.

Operator: This does conclude the question-and-answer session of today’s program. I’d like to hand the program back to John Kite for any further remarks.

John Kite: Just want to say thank you to everybody for tuning in today, and thanks for the interest in the company. Really looking forward to hopefully seeing a lot of you in Dallas in a couple of weeks at our Four 4 in ’24, where we’re going to see some really awesome properties. And I would also say, please take a look at the stock because it is an incredible value. Thank you very much.

Operator: Thank you, ladies and gentlemen, for your participation in today’s conference. This does conclude the program. You may now disconnect. Good day. Goodbye.