Kite Realty Group Trust Closes on Final Tranche of Announced Asset Disposition
March 17 2015 - 8:03AM
Business Wire
Kite Realty Group Trust (NYSE:KRG) (“Kite Realty”) announced
today that it has closed on the second and final tranche of its
previously announced 15-asset disposition for a gross sale price of
approximately $318 million. The second tranche closing included 7
retail properties for a gross sales price of approximately $167
million, or $103 million of net proceeds.
On September 16, 2014, Kite Realty announced it had entered into
a definitive agreement to sell 15 retail properties for an
estimated sales price of $318 million to Inland Real Estate Income
Trust, Inc.
“The rapid execution and completion of the 15-asset disposition
continue our strategic portfolio and net asset value enhancement
objectives,” said John Kite, Chairman and Chief Executive
Officer.
About Kite Realty Group
Trust
Kite Realty Group Trust is a full-service, vertically integrated
real estate investment trust engaged in the ownership, operation,
acquisition, construction, development and redevelopment of
high-quality neighborhood and community shopping centers in select
markets in the United States. As of December 31, 2014, the Company
owned interests in a portfolio of 127 operating, development and
redevelopment properties totaling approximately 25.5 million total
square feet across 26 states. For more information, please visit
the Company’s website at www.kiterealty.com.
Safe Harbor
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such statements
are based on assumptions and expectations that may not be realized
and are inherently subject to risks, uncertainties and other
factors, many of which cannot be predicted with accuracy and some
of which might not even be anticipated. Future events and actual
results, performance, transactions or achievements, financial or
otherwise, may differ materially from the results, performance,
transactions or achievements, financial or otherwise, expressed or
implied by the forward-looking statements. Risks, uncertainties and
other factors that might cause such differences, some of which
could be material, include, but are not limited to: national and
local economic, business, real estate and other market conditions,
particularly in light of low growth in the U.S. economy, 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, property ownership and
management risks, the Company’s ability to maintain its status as a
real estate investment trust 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 Florida,
Indiana and Texas, the dilutive effects of future offerings of
issuing additional securities, and other factors affecting the real
estate industry generally. The Company refers you to 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, 2014, 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, whether as a result of new information, future events
or otherwise.
Kite Realty Group TrustMaggie Kofkoff, CFA, Media & Investor
Relations, 317-713-7644mkofkoff@kiterealty.com
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