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Kite Realty Group Trust Reports Only Minimal Damage From Hurricane Irma

Announces New Kite Cares Initiative to Assist Communities

Company Release - 9/12/2017 4:20 PM ET

INDIANAPOLIS, Sept. 12, 2017 (GLOBE NEWSWIRE) -- Kite Realty Group Trust (NYSE:KRG) (“the Company”) is providing an update on the impact of Hurricane Irma on the Company’s properties in Florida. Based on initial assessments, the Company’s properties did not sustain any material damage from the hurricane. More thorough inspections will be performed in the coming days to confirm these results.

“We are fortunate that our centers remained intact and did not sustain significant damage,” said John Kite, Chief Executive Officer. “Our thoughts are with the people affected by both Hurricanes Irma and Harvey, and we are working to get all of our centers back open and operating so that our communities can recover and rebuild as quickly as possible. At the same time, through our Kite Cares outreach program, we will be donating to local and national charities to assist with these efforts.”

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 June 30, 2017, we owned interests in 117 operating and redevelopment properties totaling approximately 23.1 million square feet and one development project 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.

Contact Information:
Dan Sink
EVP & CFO
(317) 577-5609
dsink@kiterealty.com

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Source: Kite Realty Group Trust
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