1 unchanged sentence
Market Information
−Removed: Our common shares are currently listed and traded on the New York Stock Exchange (the “NYSE”) under the symbol “KRG.” On February 24, 2022, the closing price of our common shares on the NYSE was $21.91.
−Removed: The number of registered holders of record of our common shares was 10,651 as of February 24, 2022.
−Removed: This total excludes beneficial or non-registered holders that held their shares through various brokerage firms.
+Added: Our common shares trade on the New York Stock Exchange (the “NYSE”) under the symbol “KRG.” On February 15, 2023, the closing price of our common shares on the NYSE was $22.60.
+Added: On February 15, 2023, there were 10,029 registered holders of record of our common shares, which does not include beneficial or non-registered holders that held their shares through various brokerage firms.
This figure does not represent the actual number of beneficial owners of our common shares because our common shares are frequently held in “street name” by securities dealers and others for the benefit of beneficial owners who may vote the shares.
−Removed: Distributions, if any, will be declared and paid at the discretion of our Board of Trustees and will depend upon a number of factors, including cash generated by operating activities, our financial condition, capital requirements, annual distribution requirements under the REIT provisions of the Code, and such other factors as our Board of Trustees deem relevant.
+Added: Distributions, if any, will be declared and paid at the discretion of our Board of Trustees and will depend upon a number of factors, including the amount of cash generated by operating activities, our financial condition, capital requirements, annual distribution requirements under the REIT provisions of the Code, and such other factors as our Board of Trustees deem relevant.
Distributions by us to the extent of our current and accumulated earnings and profits for U.S.
1 unchanged sentence
Distributions in excess of taxable earnings and profits generally will be treated as a non-taxable return of capital.
−Removed: These distributions, to the extent that they do not exceed the shareholder’s adjusted tax basis in its common shares, have the effect of deferring taxation until the sale of a shareholder’s common shares.
+Added: These distributions, to the extent they do not exceed the shareholder’s adjusted tax basis in its common shares, have the effect of deferring taxation until the sale of a shareholder’s common shares.
To the extent that distributions are both in excess of taxable earnings and profits and the shareholder’s adjusted tax basis in its common shares, the distribution will be treated as gain from the sale of common shares.
2 unchanged sentences
Under certain circumstances, we could be required to make distributions in excess of cash available for distributions in order to meet such requirements.
−Removed: For the taxable year ended December 31, 2021, approximately 13.4% of our distributions to shareholders constituted a return of capital and approximately 86.6% constituted taxable capital gains dividends.
+Added: For the taxable year ended December 31, 2022, approximately 86.1% of our distributions to shareholders constituted taxable ordinary income dividends and approximately 13.9% constituted taxable capital gains dividends.
Under our Revolving Facility, we are permitted to make distributions to our shareholders provided that no event of default exists.
4 unchanged sentences
During the three months ended December 31, 2022, certain of our employees surrendered common shares owned by them to satisfy their statutory minimum U.S.
−Removed: federal and state tax obligations associated with the vesting of restricted common shares of beneficial interest issued under our Plan.
+Added: federal and state tax obligations associated with the vesting of restricted common shares of beneficial interest issued under our 2013 Equity Incentive Plan, as amended and restated as of May 11, 2022.
These shares were repurchased by the Company.
−Removed: The following table summarizes all of these repurchases during the three months ended December 31, 2021:
+Added: The following table summarizes the number of shares repurchased during the three months ended December 31, 2022:
Period Total number
5 unchanged sentences
or programs Maximum number
−Removed: of shares that may
−Removed: yet be purchased
+Added: (or approximate dollar
+Added: value) of shares that
+Added: may yet be purchased
under the plans or
3 unchanged sentences
Total 18,521 $ 21.11
−Removed: 1 Represents amounts outstanding under the Company’s authorized $150 million share repurchase program announced in February 2021.
−Removed: In February 2022, the Company extended its share repurchase program for an additional year.
−Removed: This program may be suspended or terminated at any time by the Company and, as extended, will terminate on February 28, 2023, if not terminated or extended prior to that date.
+Added: (1) Represents amounts outstanding under the Company’s authorized Share Repurchase Program announced in February 2021.
+Added: In February 2022, the Company’s Board of Trustees extended the program until February 2023 and in April 2022, increased the size of the program from $150.0 million to $300.0 million.
+Added: In February 2023, the Company’s Board of Trustees extended the program for an additional year.
+Added: The program may be suspended or terminated at any time by the Company and will terminate on February 28, 2024, if not terminated or extended prior to that date.
Issuances Under Equity Compensation Plans
11 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.