Kite Realty Group Trust Sells Two Shopping Centers for $63 Million
March 16 2018 - 6:59AM
Kite Realty Group Trust (NYSE:KRG) (the “Company”) today announced
that it sold two shopping centers this quarter for $63 million in
gross proceeds, which were used to pay down the Company’s unsecured
revolving line of credit:
- Trussville Promenade, a 463,836 square foot power center
located in Birmingham, Alabama (MSA) that is anchored by Walmart,
Regal Cinemas, Big Lots, Marshall’s, and Ross Dress For Less; and
- Memorial Commons, a 111,022 square foot center located in
Goldsboro, NC (MSA) that is anchored by Harris Teeter and Office
Depot.
“We sold these non-core assets in secondary
markets to further our deleveraging strategy and to continue
improving the quality of our portfolio,” said John Kite, Chief
Executive Officer. “These two centers had average base rents and
demographics well below those for the balance of our portfolio, and
this sale now completes our exit from the Alabama market.”
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service,
vertically integrated real estate investment trust (REIT) engaged
primarily in the ownership and operation, acquisition, development
and redevelopment of high-quality neighborhood and community
shopping centers in select markets in the United States. As of
December 31, 2017, we owned interests in 117 operating and
redevelopment properties totaling approximately 23.3 million square
feet and two development projects currently under construction.
Our strategy is to maximize the cash flow of our
operating properties, successfully complete the construction and
lease-up of our redevelopment and development portfolio, and
identify additional opportunities to acquire or dispose of
properties to further strengthen the Company. New investments are
focused in the shopping center sector primarily in markets where we
believe we can leverage our existing infrastructure and
relationships to generate attractive risk-adjusted returns or
otherwise in desirable trade areas. Dispositions are generally
designed to increase the quality of our portfolio and to strengthen
the Company’s balance sheet. For more information, please visit the
Company’s website at www.kiterealty.com.
Contact
Information:
Kite Realty Group
Trust
Dan Sink, Chief Financial
Officer
(317) 577-5609dsink@kiterealty.com
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