Kite Realty Group Trust Upsizes Existing Unsecured Term Loan Credit Facility to $400 Million
June 30 2015 - 8:05AM
Business Wire
Kite Realty Group Trust (NYSE:KRG) (“the Company”) announced
today that it has upsized its existing Unsecured Term Loan Credit
Facility from $230 million to $400 million. The Company exercised
an existing accordion option feature to increase the amount by $170
million.
“We continue to execute on our strategy of maintaining our
investment grade quality balance sheet,” said Dan Sink, the
Company’s Executive Vice President and Chief Financial Officer.
“Expanding our Unsecured Term Loan Credit Agreement enhances our
liquidity position and improves our financial flexibility.”
About Kite Realty Group
Trust
Kite Realty Group Trust is a full-service, vertically integrated
real estate investment trust engaged in the ownership, operation,
management, leasing, acquisition, construction, redevelopment and
development of neighborhood and community shopping centers in
selected markets in the United States. As of March 31, 2015, the
Company owned interests in a portfolio of 120 operating,
development and redevelopment properties totaling approximately 24
million total square feet across 22 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, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150630005147/en/
Kite Realty Group TrustMaggie Kofkoff, CFA, Media & Investor
Relations, 317-713-7644mkofkoff@kiterealty.com
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