Kite Realty Group Trust Announces Acquisition of High-Quality Shopping Center in Dallas, Texas Metro
April 02 2015 - 8:29AM
Business Wire
Kite Realty Group Trust (NYSE:KRG) (“the Company”) announced
today that it has acquired Colleyville Downs, a 201,000 square foot
shopping center located in the MSA of Dallas, Texas. The center is
92% leased and anchored by three major national anchor tenants
including Petco, Ace Hardware and a newly constructed Whole Foods
Market which opened last year.
Colleyville Downs is on the southeast corner of Highway 26 and
Glade Road. The shopping center is well-positioned in a densely
populated, desirable market with an estimated population of 80,000
and an average household income of $127,000, both within a 3-mile
radius.
“The Colleyville Downs acquisition is another example of our
ability to source off-market opportunities and acquire first class
real estate in our core markets,” said John Kite, Chairman and
Chief Executive Officer. “Many of the existing leases predate the
new Whole Foods Market and further support our ability to create
additional value through lease-up and below-market rent
opportunities.”
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.
Media & Investor RelationsKite Realty Group TrustMaggie
Kofkoff, CFA, 317-713-7644mkofkoff@kiterealty.com
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