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| 8-K - FORM 8-K 6/28/2011 - KITE REALTY GROUP TRUST | form8k_62711.htm |
Analysts and Investors
PRESENTED TO:
6.28.11
KITE HEADQUARTERS
Indianapolis, IN
KITE REALTY GROUP
2
DISCLAIMER
This presentation contains certain statements that are not historical fact and may constitute forward
-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results of the Company to differ materially from historical results or
from any results expressed or implied by such forward-looking statements, including, without
limitation: national and local economic, business, real estate and other market conditions,
particularly in light of the current challenging economic conditions; financing risks, including the
availability of and costs associated with sources of liquidity; the Company’s ability to refinance, or
extend the maturity dates of, its indebtedness; the level and volatility of interest rates; the financial
stability of tenants, including their ability to pay rent and the risk of tenant bankruptcies; the
competitive environment in which the Company operates; acquisition, disposition, development and
joint venture risks; property ownership and management risks; the Company’s ability to maintain its
status as a real estate investment trust (“REIT”) for federal income tax purposes; potential
environmental and other liabilities; impairment in the value of real estate property the Company
owns; risks related to the geographical concentration of our properties in Indiana, Florida and
Texas; assumptions underlying our anticipated growth sources; and other factors affecting the real
estate industry generally. The Company refers you the documents filed by the Company from time
to time with the Securities and Exchange Commission, specifically the section titled “Risk Factors”
in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, which
discuss these and other factors that could adversely affect the Company’s results. The Company
undertakes no obligation to publicly update or revise these forward-looking statements (including
the FFO and net income estimates), whether as a result of new information, future events or
otherwise.
-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results of the Company to differ materially from historical results or
from any results expressed or implied by such forward-looking statements, including, without
limitation: national and local economic, business, real estate and other market conditions,
particularly in light of the current challenging economic conditions; financing risks, including the
availability of and costs associated with sources of liquidity; the Company’s ability to refinance, or
extend the maturity dates of, its indebtedness; the level and volatility of interest rates; the financial
stability of tenants, including their ability to pay rent and the risk of tenant bankruptcies; the
competitive environment in which the Company operates; acquisition, disposition, development and
joint venture risks; property ownership and management risks; the Company’s ability to maintain its
status as a real estate investment trust (“REIT”) for federal income tax purposes; potential
environmental and other liabilities; impairment in the value of real estate property the Company
owns; risks related to the geographical concentration of our properties in Indiana, Florida and
Texas; assumptions underlying our anticipated growth sources; and other factors affecting the real
estate industry generally. The Company refers you the documents filed by the Company from time
to time with the Securities and Exchange Commission, specifically the section titled “Risk Factors”
in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, which
discuss these and other factors that could adversely affect the Company’s results. The Company
undertakes no obligation to publicly update or revise these forward-looking statements (including
the FFO and net income estimates), whether as a result of new information, future events or
otherwise.
KITE REALTY GROUP
3
TABLE OF CONTENTS
Welcome: John Kite, Chairman & Chief Executive Officer
Section 1 Technology Initiatives
MRI: Marin Updike, Controller, Real Estate
Lease Flow: Matthew Gabet, Director of Finance & Capital
Markets
Salesforce: Bradley Bisser, Vice President Asset Management
Spaceman: Chris Mulloy, Vice President Construction Services
MRI: Marin Updike, Controller, Real Estate
Lease Flow: Matthew Gabet, Director of Finance & Capital
Markets
Salesforce: Bradley Bisser, Vice President Asset Management
Spaceman: Chris Mulloy, Vice President Construction Services
Section 2 Leasing W.V. “Bud” Moll, Jr. Executive Vice President of
Leasing
Leasing
Section 3 Asset Management Bradley Bisser
Section 4 Construction Thomas McGowan, President & Chief Operating
Officer
Officer
Section 5 Development Thomas McGowan
Section 6 Finance Daniel Sink, Executive Vice President & Chief
Financial Officer
Wade Achenbach, Vice President, Finance &
Capital Markets
Financial Officer
Wade Achenbach, Vice President, Finance &
Capital Markets
Section 7 Biographies
TECHNOLOGY
INITIATIVES
INITIATIVES
KITE REALTY GROUP
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OVERVIEW
Simple goals of the technology initiatives:
• Enable all Kite personnel to have access to critical information.
• Increase productivity.
• Accelerate the leasing process which will accelerate rent commencement.
• Tenant retention.
KITE REALTY GROUP
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MRI - OVERVIEW
MRI: An Enterprise Management System
Presenter: Marin Updike
Presenter: Marin Updike
• MRI Applications:
– MRI Commercial, AP and GL: Property Management and Financial Reporting
– Advanced Retail: Retail property sales and lease tracking
– Lease Flow: Track leasing process from contact to contract
– Work Flow: Automate business processes
– Job Cost: Track development budgets and contracts
– Recoveries: Estimate and bill tenant CAM, insurance and taxes
KITE REALTY GROUP
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MRI - LEASE FLOW
Lease Flow
Presenter: Matthew Gabet
Presenter: Matthew Gabet
• Automated approval process for new and renewal leases.
• Comprehensive data base allows for more sophisticated reporting.
• Workflow between Leasing, Legal, Lease Administration and Accounting is defined.
• Notes, documents and lease terms are readily available to all approvers and other
individuals involved in the process from lease approval to rent commencement.
individuals involved in the process from lease approval to rent commencement.
• Lease language is contained in the MRI database and can be quickly queried.
SALESFORCE - DEMONSTRATION
Salesforce: A one-stop Customer Relations Management (CRM) database.
Presenter: Bradley Bisser
Presenter: Bradley Bisser
• Information for the entire company used primarily to connect with tenants/customers
in an organized fashion.
in an organized fashion.
• Creates a universal contact base for leasing agents, asset managers and executive
management. No longer does each person have their own contact list; the list is now
“owned” globally by the company and available to applicable departments.
management. No longer does each person have their own contact list; the list is now
“owned” globally by the company and available to applicable departments.
• Data is tied to each customer/tenant “Touch” with complete search and sort
capabilities.
capabilities.
• Leasing and Asset Management become symbiotic, sharing information on customers
instantly through salesforce.com.
instantly through salesforce.com.
• Assembles notes/conversations and sales information by tenant from broad sources
of information.
of information.
• Enables tracking of how often a tenant is “Touched” by landlord.
• Allows unprecedented clarity into each tenant’s current state of health, lease status,
notes and conversations logged.
notes and conversations logged.
KITE REALTY GROUP
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KITE REALTY GROUP
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PLAN DATA - SPACEMAN
Spaceman
Presenter: Chris Mulloy
Presenter: Chris Mulloy
• Displays MRI database information on a site plan.
• Provides a quick glance of lease information for any Kite shopping center.
• Enables Kite Leasing Agents to quickly access information on any tenant space in
the portfolio.
the portfolio.
• Kite employees have access to pertinent documents for shopping centers. Lease
Outline Drawing (LOD), Surveys, Building Plan, etc.
Outline Drawing (LOD), Surveys, Building Plan, etc.
• Allows for potential tenants/customers to view available spaces on a site plan and
obtain information about the space on a restricted basis.
obtain information about the space on a restricted basis.
W.V. “BUD” MOLL,
JR.
JR.
LEASING
LEASING - OVERVIEW
KITE REALTY GROUP
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|
|
2011*
|
2010
|
2009
|
|
New Leases
|
9.1%
|
9.8%
|
4.4%
|
|
Renewals
|
<1.1%>
|
<3.5%>
|
<0.8%>
|
|
Weighted Total
|
5.8%
|
5.1%
|
2.1%
|
Leasing Results
Leasing Spread
* Through March 31, 2011
|
|
2011*
|
2010
|
2009
|
|
Total GLA Leased
|
194,276
|
1,151,682
|
793,471
|
|
Total Retail
Percentage Leased
|
92.3%
|
92.2%
|
90.1%
|
|
Shops (<10,000 SF)
|
78.2%
|
78.1%
|
76.6%
|
|
SSNOI
|
1.0%
|
<1.3%>
|
<2.7%>
|
LEASING - OVERVIEW
New Retail Relationships
• National Retailers: Nordstrom Rack / The Container Store / Arhaus Furniture /
Whole Foods / Fresh Market / Advanced Auto / Babies “R” Us and Toys “R” Us /
Ulta / Urban Outfitters / Vitamin Shoppe / buy buy Baby / Apricot Lane / Bobby
Chan / Chico’s / Dollar Tree / Goodwill
Whole Foods / Fresh Market / Advanced Auto / Babies “R” Us and Toys “R” Us /
Ulta / Urban Outfitters / Vitamin Shoppe / buy buy Baby / Apricot Lane / Bobby
Chan / Chico’s / Dollar Tree / Goodwill
KITE REALTY GROUP
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LEASING - OVERVIEW
Leasing Department Management
• Personnel changes and upgrades.
• Leadership model:
– Goals - Challenging but concise to ensure understanding and maximum
production.
production.
– Coaching/Managing - Daily
– Accountability - Weekly/Quarterly/Annually
– Compensation Rewards
KITE REALTY GROUP
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LEASING - OVERVIEW
Weekly KRG Real Estate Committee (REC)
• Participants - Executive Management / Leasing / Asset Management / Legal
/ Construction / Development
/ Construction / Development
Agenda
• Deal Presentations - Review of new deals and renewals.
• Legal Review - Update and track lease progress of negotiations.
• Weekly Leasing Reports - Review individual’s accomplishments from
previous week and goals for new week.
previous week and goals for new week.
• New Developments and Re-developments - Review lease tracking status
reports for Delray Beach, Florida; Holly Springs (Raleigh), North Carolina;
Wilmington, North Carolina and others.
reports for Delray Beach, Florida; Holly Springs (Raleigh), North Carolina;
Wilmington, North Carolina and others.
KITE REALTY GROUP
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LEASING - OVERVIEW
2011 Leasing Production Goals
• Operating Centers - Increase to 93.5% leased by year-end.
– Boxes - 2 vacancies in operating portfolio (Lease in negotiation to occupy one of the
spaces).
spaces).
– Shops - Increase to 82% leased by 12/31/11 and 85% by 12/31/12.
• New Developments / Redevelopments (starts in 2011/first half of 2012)
– Delray Beach, Florida
• Key National Tenants Signed - Publix / Frank Theatres / Chase Bank / Apricot Lane /
Bobby Chan / Charming Charlie / Chico’s
Bobby Chan / Charming Charlie / Chico’s
– Holly Springs (Raleigh), North Carolina
• Key Box Tenants Signed - Dick’s Sporting Goods / Marshall’s
– Wilmington, North Carolina
• Key Box Tenant Signed - Whole Foods
KITE REALTY GROUP
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LEASING - OVERVIEW
2011 Leasing Trends
• Box Tenants - Active
– Specialty Grocer - Fresh Market / Whole Foods / Trader Joe’s
– Other - Dick’s Sporting Goods / DSW / T.J. Maxx, Marshall’s, Home Goods / JC Penney /
Michael’s / PETCO / Petsmart / Toys "R" Us / Ulta / Ross Dress for Less
Michael’s / PETCO / Petsmart / Toys "R" Us / Ulta / Ross Dress for Less
• Box Tenants - Slowing
– Office Supply Stores - Downsizing
– Book Stores
• National Shops
– Most are active again including the “better” retailers.
– Deals are economically as tough as before but their “credit” remains strong.
• Local / Regional Shops
– Franchises are abundant and typically have the best chance to succeed.
– Other small retailers are doing some deals again but their credit and lack of significant
funding continues to be the biggest challenge.
funding continues to be the biggest challenge.
KITE REALTY GROUP
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BRADLEY BISSER
ASSET MANAGEMENT
ASSET MANAGEMENT - INITIATIVES
KITE REALTY GROUP
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Asset Management Strategy/Operating Property Coverage
• Team Overview - Regional Coverage
• Local, property level landlord reps in most of our markets.
Asset Managers Responsible for Property Level NOI
• Reduce expense structures through the analysis of property metrics, recoveries
and custom tailoring of expenses based on the individual needs of the centers.
and custom tailoring of expenses based on the individual needs of the centers.
• Reduce Expense Leakage
• Own all property level goals and objectives: Incentivized to manage centers with
specific parameters and promote onsite income-producing activities.
specific parameters and promote onsite income-producing activities.
KITE REALTY GROUP
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ANCILLARY INCOME - EXAMPLES
Daytona 500 Parking
International Speedway
Square
Square
Clothing Bins located in 28
Kite properties
Kite properties
PanAm Plaza, downtown Indianapolis
is used for a variety of events
is used for a variety of events
Temporary Leasing
Temporary fireworks stand set
-up in out-lot areas
-up in out-lot areas
Kick-off Concerts at Eddy
Street Commons
Street Commons
ASSET MANAGEMENT - INITIATIVES
Define long term strategies for each asset through regular asset reviews.
• Drive Tenant Retention
– Enhance direct communication with tenants.
– Enhance cross communication pertaining to customers with leasing and other
divisions within the company.
divisions within the company.
– Asset Managers’ compensation goals based upon “Tenant Touches” and ability to
retain customers.
retain customers.
– Salesforce: a tracking tool to enhance customer relations.
KITE REALTY GROUP
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THOMAS MCGOWAN
CONSTRUCTION
KITE REALTY GROUP
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CONSTRUCTION - OVERVIEW
• Completed “wind down” of the General Contracting (GC) department of Kite Realty
Construction in Q4 2010.
Construction in Q4 2010.
• Leverage an aggressive GC/CM market to secure favorable pricing.
• Reduced construction head count.
• Combined Estimating, Pre-construction, and Construction under one department,
Kite Construction Services, to streamline process and communication.
Kite Construction Services, to streamline process and communication.
• Implemented new sign-off processes to more aggressively control spending and
monitor budgets.
monitor budgets.
Modify strategy to move from Construction Management (CM) to
Owner’s Representation.
Owner’s Representation.
KITE REALTY GROUP
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CONSTRUCTION - OVERVIEW
Goals and Objectives
• Support leasing with the objective of moving customers into space in a timely,
productive and cost efficient manner.
productive and cost efficient manner.
– Focused on addressing and assisting the tenants needs.
– Tenant Coordination is now overseeing “as-is” deals in order to streamline the process
and secure timely rent commencement.
and secure timely rent commencement.
• Execute on redevelopment initiatives.
– Stabilize and add value to current assets.
– Provide input on design scope, pricing and schedule.
– Coordinate the success of existing tenants during the redevelopment process.
• Prepare for the unexpected.
– Tenants have become more aggressive in the way they get reimbursed for construction
cost. We have implemented a new procedure for reviewing leases in order to protect us
from hidden costs inside the leases.
cost. We have implemented a new procedure for reviewing leases in order to protect us
from hidden costs inside the leases.
THOMAS MCGOWAN
DEVELOPMENT
KITE REALTY GROUP
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COBBLESTONE PLAZA
Pembroke Pines, Florida
Pembroke Pines, Florida
In-process Development
• Foundations and walls are in place
for Whole Foods. The building will
be turned over to the tenant by the
end of August with an opening
expected in January, 2012.
for Whole Foods. The building will
be turned over to the tenant by the
end of August with an opening
expected in January, 2012.
• Construction on the Whole Foods
building has increased awareness of
the center. The project is 84%
leased or committed as of March 31,
2011and expected to be over 90%
leased by year-end.
building has increased awareness of
the center. The project is 84%
leased or committed as of March 31,
2011and expected to be over 90%
leased by year-end.
Whole Foods
KITE REALTY GROUP
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SOUTH ELGIN COMMONS
South Elgin, Illinois
South Elgin, Illinois
In-process Development
• The combination 58,000 SF Toys “R”
Us/Babies “R” Us building pad was
turned over to the tenant on April 1, 2011
with opening scheduled for September,
2011.
Us/Babies “R” Us building pad was
turned over to the tenant on April 1, 2011
with opening scheduled for September,
2011.
• The additional building will be turned
over to the tenant in August with a store
opening scheduled for October, 2011.
over to the tenant in August with a store
opening scheduled for October, 2011.
Toys “R” Us/Babies “R” Us
KITE REALTY GROUP
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OLEANDER SHOPPING CENTER
Wilmington, North Carolina
Wilmington, North Carolina
In-process Redevelopment
• Oleander Shopping Center,
Wilmington, NC, was acquired
by Kite on February 11, 2011 for
$3,450,000.
Wilmington, NC, was acquired
by Kite on February 11, 2011 for
$3,450,000.
• A 30,000 square foot Whole
Foods will replace the former
Lowes Food Store.
Foods will replace the former
Lowes Food Store.
• Kite will commence construction
of the new Whole Foods on July
15 with a turnover to the tenant
scheduled for November, 2011.
of the new Whole Foods on July
15 with a turnover to the tenant
scheduled for November, 2011.
KITE REALTY GROUP
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RIVERS EDGE
Indianapolis, Indiana
Indianapolis, Indiana
In-process Redevelopment
• The Rivers Edge redevelopment
is proceeding on schedule. New
anchor tenants include Nordstrom
Rack, The Container Store, buy
buy Baby and Arhaus Furniture.
is proceeding on schedule. New
anchor tenants include Nordstrom
Rack, The Container Store, buy
buy Baby and Arhaus Furniture.
• Nordstrom Rack was turned over
to the tenant on April 15, 2011,
The Container Store will be
turned over on August 11, 2011
and buy buy Baby is expected to
be delivered on October 31,
2011.
to the tenant on April 15, 2011,
The Container Store will be
turned over on August 11, 2011
and buy buy Baby is expected to
be delivered on October 31,
2011.
• Phase II of the project is under
way and will include a new
18,000 SF BGI building and a
renovated space for Arhaus
Furniture.
way and will include a new
18,000 SF BGI building and a
renovated space for Arhaus
Furniture.
• The center is 98.6% leased and
is expected to be partially
operational this fall.
is expected to be partially
operational this fall.
KITE REALTY GROUP
29
DELRAY MARKETPLACE
Delray Beach, Florida
Delray Beach, Florida
Future Development
• Offsite improvements for our portion
of the Lyons Road expansion
project are underway at a cost of
approximately $800,000.
of the Lyons Road expansion
project are underway at a cost of
approximately $800,000.
• Including anchors Publix and Frank
Theatres, we currently have 17
executed leases. The center is
approximately 60% pre-leased.
Theatres, we currently have 17
executed leases. The center is
approximately 60% pre-leased.
• The project is scheduled to open in
fall, 2012.
fall, 2012.
KITE REALTY GROUP
30
NEW HILL PLACE
Holly Springs, North Carolina
Holly Springs, North Carolina
Future Development
• The following junior box leases are
executed:
executed:
– Dick’s Sporting Goods - 40,000 SF
– Marshall’s - 25,000 SF
• Leases pending:
– 21,000 SF out for signature
– 12,000 SF out for signature
– 25,000 SF pending final approval from
tenants real estate committee
tenants real estate committee
• Phase I of New Hill Place is
scheduled to commence
construction in spring, 2012 pending
Target’s opening slot.
scheduled to commence
construction in spring, 2012 pending
Target’s opening slot.
DANIEL SINK & WADE
ACHENBACH
ACHENBACH
FINANCING
KITE REALTY GROUP
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DEBT AND CAPITAL MARKETS UPDATE
Market Overview
• Permanent Loan Market - CMBS/Insurance
• Construction Loan Market
Significant Debt Transactions
• Closed on $200M Unsecured Credit Facility
• Executed term sheet on $85.7M of secured financing for 10 years at 5.25% (1)
2011 Maturities
• Only remaining 2011 maturity will be Gateway Marysville ($20.6 million) at the
completion of the secured financing. This loan has a one-year extension
option.
completion of the secured financing. This loan has a one-year extension
option.
(1) Subject to normal and customary due diligence and closing.
KITE REALTY GROUP
33
DEBT AND CAPITAL MARKETS UPDATE
Primary Debt Capital Market Initiatives
• Extend duration of maturities.
• Manage fixed to floating ratio to a goal of 80/20 (w/construction loan debt).
• Capitalize on low long term interest rate environment.
• Delevering in process through NOI growth.
• Continue to stagger debt maturities.
KITE REALTY GROUP
34
INCREMENTAL NOI ANALYSIS ON AN
ANNUALIZED BASIS
ANNUALIZED BASIS
PRESENTER BIOGRAPHIES
KITE REALTY GROUP
36
ABOUT THE TEAM - BIOGRAPHIES
John A. Kite
Chairman and Chief Executive Officer
John Kite is President and Chief Executive Officer of Kite Realty Group. Kite Realty Group is
a public company listed on the New York Stock Exchange with approximately $1 billion of
total market capitalization. Mr. Kite is responsible for the strategic direction and operating
results of the company. He serves as the head of the company’s capital allocation
committee which is responsible for major capital transactions. Mr. Kite led the senior
management team in structuring the company’s $240 million initial public offering in August
of 2004 and its secondary public offering of $150 million in October of 2005. Prior to
becoming Chief Executive Officer, Mr. Kite was President of Kite Companies from 1997-
2004. In 1994 he was named President of KMI Realty Advisors an affiliate of the Kite
Companies. Mr. Kite joined the Kite organization as Chief Financial Officer of Kite
Development in 1990. Mr. Kite was a Business Development Officer in the Commercial
Lending Department of Harris Trust and Savings Bank in Chicago, IL from 1987-1990. Mr.
Kite graduated from DePauw University with a B.A. in Economics in 1987.
a public company listed on the New York Stock Exchange with approximately $1 billion of
total market capitalization. Mr. Kite is responsible for the strategic direction and operating
results of the company. He serves as the head of the company’s capital allocation
committee which is responsible for major capital transactions. Mr. Kite led the senior
management team in structuring the company’s $240 million initial public offering in August
of 2004 and its secondary public offering of $150 million in October of 2005. Prior to
becoming Chief Executive Officer, Mr. Kite was President of Kite Companies from 1997-
2004. In 1994 he was named President of KMI Realty Advisors an affiliate of the Kite
Companies. Mr. Kite joined the Kite organization as Chief Financial Officer of Kite
Development in 1990. Mr. Kite was a Business Development Officer in the Commercial
Lending Department of Harris Trust and Savings Bank in Chicago, IL from 1987-1990. Mr.
Kite graduated from DePauw University with a B.A. in Economics in 1987.
KITE REALTY GROUP
37
ABOUT THE TEAM - BIOGRAPHIES
Thomas K. McGowan
President and Chief Operating Officer
Tom McGowan is primarily responsible for new project development, general operational
and organizational functions of the development, construction and asset management
groups. Before joining Kite Companies, Mr. McGowan worked for Mansur Development
Corporation. In his 24 years in the real estate development business, Mr. McGowan has
coordinated the development of shopping centers, Class A office buildings, medical facilities,
industrial buildings, planned unit developments, and full service hotels. Mr. McGowan was a
partner of Kite Companies prior to taking the company public in August of 2004. Mr.
McGowan graduated from Indiana University with a B.A. in Political Science in 1987.
and organizational functions of the development, construction and asset management
groups. Before joining Kite Companies, Mr. McGowan worked for Mansur Development
Corporation. In his 24 years in the real estate development business, Mr. McGowan has
coordinated the development of shopping centers, Class A office buildings, medical facilities,
industrial buildings, planned unit developments, and full service hotels. Mr. McGowan was a
partner of Kite Companies prior to taking the company public in August of 2004. Mr.
McGowan graduated from Indiana University with a B.A. in Political Science in 1987.
Daniel R. Sink
Executive Vice President and Chief Financial Officer
Daniel Sink is Executive Vice President and Chief Financial Officer for Kite Realty Group
and oversees the real estate finance area, all corporate accounting functions, corporate tax
planning, overall company financial budgeting, and corporate operations and administration.
Mr. Sink has been the Chief Financial Officer of Kite Companies since 1999. From 1989
through 1999, Mr. Sink was employed by Olive, LLP (subsequently merged into BKD LLP),
one of the fifteen largest accounting firms in the country, acting as a tax specialist in charge
of the tax consulting for the central Indiana real estate/construction group. Mr. Sink is a
Certified Public Accountant and earned his B.S. in Accounting from Indiana University.
and oversees the real estate finance area, all corporate accounting functions, corporate tax
planning, overall company financial budgeting, and corporate operations and administration.
Mr. Sink has been the Chief Financial Officer of Kite Companies since 1999. From 1989
through 1999, Mr. Sink was employed by Olive, LLP (subsequently merged into BKD LLP),
one of the fifteen largest accounting firms in the country, acting as a tax specialist in charge
of the tax consulting for the central Indiana real estate/construction group. Mr. Sink is a
Certified Public Accountant and earned his B.S. in Accounting from Indiana University.
KITE REALTY GROUP
38
ABOUT THE TEAM - BIOGRAPHIES
W.V. (BUD) Moll, Jr.
Executive Vice President of Leasing
Executive Vice President of Leasing
Bud Moll leads the Kite Realty Group Leasing department. Responsible for leasing the KRG
retail portfolio, Mr. Moll’s team handles all aspects of the leasing process for over sixty KRG
assets. Prior to joining Kite, Mr. Moll was a partner at Poag & McEwen in Memphis, Tennessee
for nine years where he developed one of the premier leasing teams in the retail real estate
industry. Mr. Moll was responsible for leasing over ten new ground-up Lifestyle Centers and
creating lasting relationships with the preeminent retailers in the business. Mr. Moll also worked
for The Pyramid Companies in New York for ten years. Pyramid is widely recognized for
educating dozens of the most successful real estate professionals in the industry. While a
member of the Pyramid team, he was consistently one of the firm’s top producers. Mr. Moll
began his professional career in sales and later in management at IBM in Chicago. Mr. Moll
earned his BA degree from Valparaiso University and later obtained an MBA from Marquette
University.
retail portfolio, Mr. Moll’s team handles all aspects of the leasing process for over sixty KRG
assets. Prior to joining Kite, Mr. Moll was a partner at Poag & McEwen in Memphis, Tennessee
for nine years where he developed one of the premier leasing teams in the retail real estate
industry. Mr. Moll was responsible for leasing over ten new ground-up Lifestyle Centers and
creating lasting relationships with the preeminent retailers in the business. Mr. Moll also worked
for The Pyramid Companies in New York for ten years. Pyramid is widely recognized for
educating dozens of the most successful real estate professionals in the industry. While a
member of the Pyramid team, he was consistently one of the firm’s top producers. Mr. Moll
began his professional career in sales and later in management at IBM in Chicago. Mr. Moll
earned his BA degree from Valparaiso University and later obtained an MBA from Marquette
University.
Bradley H. Bisser
Vice President of Asset Management
Brad Bisser oversees sixty-two Kite Realty Group operating properties and maintains strong
relationships with tenants and vendors. Mr. Bisser ensures all assets operate in a first class
manner while controlling costs. Prior to joining Kite, Mr. Bisser was with Developers Diversified
Realty, managing a portfolio of 110 retail properties in the Southeast and has over eighteen
years experience in property management. Mr. Bisser graduated from Southern Illinois
University with a major in German and International Business.
relationships with tenants and vendors. Mr. Bisser ensures all assets operate in a first class
manner while controlling costs. Prior to joining Kite, Mr. Bisser was with Developers Diversified
Realty, managing a portfolio of 110 retail properties in the Southeast and has over eighteen
years experience in property management. Mr. Bisser graduated from Southern Illinois
University with a major in German and International Business.
KITE REALTY GROUP
39
ABOUT THE TEAM - BIOGRAPHIES
Wade Achenbach
Vice President, Finance and Capital Markets
Wade Achenbach is Vice President of Finance and Capital Markets and is responsible for all aspects
of debt and equity capital markets, as well as overseeing the profitability of all capital spend
throughout the company. While at Kite, Mr. Achenbach has completed over $2 billion in capital
markets transactions and worked on over 3 million square feet of retail and mixed-use developments
and redevelopments in eight states. Prior to joining Kite, he was in the mergers and acquisitions
group at Plexus Corporate, a publicly traded global contract electronics manufacturing company. Mr.
Achenbach earned his bachelor’s degree from Indiana University with a major in Finance and a minor
in Economics.
of debt and equity capital markets, as well as overseeing the profitability of all capital spend
throughout the company. While at Kite, Mr. Achenbach has completed over $2 billion in capital
markets transactions and worked on over 3 million square feet of retail and mixed-use developments
and redevelopments in eight states. Prior to joining Kite, he was in the mergers and acquisitions
group at Plexus Corporate, a publicly traded global contract electronics manufacturing company. Mr.
Achenbach earned his bachelor’s degree from Indiana University with a major in Finance and a minor
in Economics.
Chris Mulloy
Vice President, Construction Services
Chris Mulloy is Vice President of Construction Services and is primarily responsible for overseeing
pre-development, estimating, and construction of all new project development, site assessment and
re-development of existing company assets. Mr. Mulloy has been actively involved in development,
pre-construction, and construction in the development of community shopping centers, retail projects,
Class A office buildings, mixed-use developments, community shopping centers, retail projects,
industrial, and medical facilities in his fifteen years of real estate, construction, and architectural
experience. Mr. Mulloy graduated from the University of Illinois at Champaign-Urbana with a B.S. in
Architecture.
pre-development, estimating, and construction of all new project development, site assessment and
re-development of existing company assets. Mr. Mulloy has been actively involved in development,
pre-construction, and construction in the development of community shopping centers, retail projects,
Class A office buildings, mixed-use developments, community shopping centers, retail projects,
industrial, and medical facilities in his fifteen years of real estate, construction, and architectural
experience. Mr. Mulloy graduated from the University of Illinois at Champaign-Urbana with a B.S. in
Architecture.
KITE REALTY GROUP
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ABOUT THE TEAM - BIOGRAPHIES
Matthew G. Gabet
Director of Finance and Capital Markets
Marin C. Updike
Controller, Real Estate