![]() ![]() As the sole general partner of the Operating Partnership, the Parent Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. The remaining 1.4% of the common partnership interests (“Limited Partner Units” and, together with the General Partner Units, the “Common Units”) were owned by the limited partners. The Parent Company is the sole general partner of the Operating Partnership, and as of March 31, 2023 owned approximately 98.6% of the common partnership interests in the Operating Partnership (“General Partner Units”). Weighted average common units outstanding – dilutedĬomprehensive (loss) income attributable to common unitholders Weighted average common units outstanding – basic Net income (loss) per common unit – basic and diluted Net income (loss) attributable to common unitholders Net income attributable to noncontrolling interests Net change in cash, cash equivalents and restricted cashĬash, cash equivalents and restricted cash, beginning of periodĬash, cash equivalents and restricted cash, end of period Repurchases of common shares upon the vesting of restricted sharesĭistributions paid – redeemable noncontrolling interests Proceeds from issuance of common shares, net Net proceeds from sales of operating propertiesĭistribution from unconsolidated joint venture Net cash provided by operating activities Weighted average common shares outstanding – dilutedĬomprehensive income attributable to noncontrolling interestsĬomprehensive (loss) income attributable to the CompanyĪdjustments to reconcile net income (loss) to net cash provided by operating activities:Īmortization of debt fair value adjustmentsĪmortization of in-place lease liabilitiesĪccounts payable, accrued expenses, deferred revenue and other liabilities Weighted average common shares outstanding – basic Net income (loss) per common share – basic and diluted Net income (loss) attributable to common shareholders Net (income) loss attributable to noncontrolling interests Income tax benefit of taxable REIT subsidiaryĮquity in loss of unconsolidated subsidiaries Gain on sales of operating properties, net Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for General Partner Units, the Operating Partnership generates the capital required by the business through its operations, its incurrence of indebtedness and the issuance of Limited Partner Units to third parties. The Operating Partnership is structured as a partnership with no publicly traded equity. These subsidiaries and joint ventures own and operate retail shopping centers and other real estate assets. The Operating Partnership has numerous wholly owned subsidiaries, and it also owns interests in certain joint ventures. In addition, the Parent Company currently does not nor does it intend to guarantee any debt of the Operating Partnership. The Parent Company issues public equity from time to time but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Parent Company has no material assets or liabilities other than its investment in the Operating Partnership. No additional parking spaces are proposed and none are expected to be removed.We believe it is important to understand the few differences between the Parent Company and the Operating Partnership in the context of how we operate as an interrelated consolidated company. The new building is proposed to be 50,400 square feet, which is nearly the same footprint as the existing building. There is no word yet about whether Jason’s Deli or any other businesses would be relocated. 31 overlay zone, which does not allow for a theater or bowling alley, so the petitioner, using Krieg DeVault as its legal representation, is asking for a use variance. ![]() The Frank Theatres company would operate this business. The plans, submitted to the Carmel Plan Commission, would expand the existing building footprint in order to make way fro CineBowl & Grill, which would include 16 lanes of bowling, 10 movie theater screens, a video game arcade and a restaurant with indoor and outdoor dining. Presently, the shopping center is home to Jason’s Deli and a vacant space formerly occupied by Office Depot. (Submitted rendering courtesy of the Carmel Plan Commission)Ī movie theater and bowling alley is being proposed as Kite Realty aims to tear down its existing Hamilton Crossing Center near U.S. A rendering of the proposed entertainment space. ![]()
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