Kite Realty Group Trust Affirms Nomination of Caroline Young for Board of Trustees and Amends Declaration of Trust
May 20 2020 - 04:30PM
Following the annual shareholder meeting on May 14, 2020, Kite
Realty Group Trust (NYSE:KRG) (the “Company”) is pleased to
announce the election of Caroline Young to its Board of Trustees
and the reelection of the eight incumbent trustees. Ms. Young will
also serve as a member of the Corporate Governance and Nominating
Committee.
On May 18, 2020, the Company amended its
Declaration of Trust to provide that the Company’s Bylaws may be
amended by the Board of Trustees or by the Company’s shareholders
upon an affirmative majority vote.
“We are extremely pleased with Caroline’s
election to our Board and we look forward to leveraging her dynamic
background and experience as we navigate through the reopening
phase of the current crisis,” said John A. Kite, Chairman and CEO.
“The Company remains committed to periodically reviewing best
practices as it relates to governance and as a result, we have
amended the Company’s Bylaws so as to allow for direct input from
our shareholders.”
About Kite Realty Group
Trust
Kite Realty Group Trust is a full-service,
vertically integrated real estate investment trust (REIT) that
provides communities with convenient and beneficial shopping
experiences. We connect consumers to retailers in desirable markets
through our portfolio of neighborhood, community, and lifestyle
centers. Using operational, development, and redevelopment
expertise, we continuously optimize our portfolio to maximize value
and return to our shareholders. For more information, please visit
our website at kiterealty.com.
Safe Harbor
This release, together with other statements and
information publicly disseminated by us, 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.
Currently, one of the most significant factors
that could cause actual outcomes to differ materially from the
forward-looking statements is the potential adverse effect of the
current pandemic of the novel coronavirus, or COVID-19, on the
financial condition, result of operations, cash flows and
performance of the Company and its tenants, the real estate market
and the global economy and financial markets. The effects of
COVID-19 have caused many of the Company’s tenants to close stores,
reduce hours or significantly limit service, making it difficult
for them to meet their obligations, and therefore will
significantly impact the Company for the foreseeable future. The
extent to which the COVID-19 pandemic impacts the Company and its
tenants will depend on future developments, which are highly
uncertain and cannot be predicted with confidence, including the
scope, severity and duration of the pandemic, the actions taken to
contain the pandemic or mitigate its impact, and the direct and
indirect economic effects of the pandemic and containment measure,
and possible short-term and long-term effects of the pandemic on
consumer behavior, among others. Moreover, investors are cautioned
to interpret many of the risks identified under the section titled
“Risk Factors” in the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2019 as being heightened as a result
of the ongoing and numerous adverse impacts of the COVID-19
pandemic.
Additional 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 connection with low or negative growth in the U.S.
economy as well as economic uncertainty; 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, the Company’s indebtedness; the level and
volatility of interest rates; the financial stability of tenants,
including their ability to pay rent and the risk of tenant
insolvency and bankruptcy; the competitive environment in which the
Company operates; acquisition, disposition, development and joint
venture risks; property ownership and management risks; the
Company’s ability to maintain the Company’s status as a real estate
investment trust for U.S. federal income tax purposes; potential
environmental and other liabilities; impairment in the value of
real estate property the Company owns; the actual and perceived
impact of e-commerce on the value of shopping center assets; risks
related to the geographical concentration of the Company’s
properties in Florida, Indiana, Texas, Nevada and North Carolina;
civil unrest, acts of terrorism or war, acts of God, climate
change, epidemics, pandemics (including COVID-19), natural
disasters and sever weather conditions such as hurricanes, tropical
storms, tornadoes, earthquakes, droughts, floods and fires that may
result in underinsured or uninsured losses; changes in laws and
government regulations; governmental orders affecting the use of
the Company’s properties or the ability of its tenants to operate;
insurance costs and coverage; risks associated with cybersecurity
attacks and the loss of confidential information and other business
disruptions; other factors affecting the real estate industry
generally; and other risks identified in reports the Company files
with the Securities and Exchange Commission (“the SEC”) or in other
documents that it publicly disseminates, including, in particular,
the section titled “Risk Factors” in the Company’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2019, and in the
Company’s quarterly reports on Form 10-Q. 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.
Contact Information: Kite Realty Group
TrustJason ColtonSVP, Capital Markets & Investor
Relations317.713.2762jcolton@kiterealty.com
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