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Kite Realty Group Trust Reports 2019 Transactional Summary

Company Release - 1/6/2020 6:30 AM ET

INDIANAPOLIS, Jan. 06, 2020 (GLOBE NEWSWIRE) -- Kite Realty Group Trust (NYSE:KRG) (“KRG”) reported today its 2019 transactional activity for full year 2019.

“2019 was a transformative year for KRG,” said John A. Kite, Chairman and CEO. “We view Project Focus as a complete success and we are looking forward to mining the opportunities in our improved portfolio and maximizing FFO.”

Asset Transaction Highlights

  • Sold twenty-three non-core assets for a combined $544 million at a blended cap rate of approximately 8%. The weighted average sale date for sold assets was July 2019.
    • Three assets for a combined $42 million were sold subsequent to third quarter earnings call.
  • Acquired two assets for a combined $59 million at a blended cap rate of approximately 7%. The weighted average acquisition date for purchased assets was May 2019.

Capital Transactions

  • Paid down $391 million in loans at a weighted-average interest rate of 4.48%.
Disposition List   
 QuarterPropertyLocation
 Q1Whitehall PikeBloomington, IN
 Q2Beechwood PromenadeAthens, GA
 Q2Village at Bay ParkAshwaubenon, WI
 Q2Lakewood PromenadeJacksonville, FL
 Q2Palm Coast LandingPalm Coast, FL
 Q2Lowe's - Perimeter WoodsCharlotte, NC
 Q2Cannery CornerLas Vegas, NV
 Q2Temple TerraceTampa, FL
 Q2University Town CenterNorman, OK
 Q3Gainesville PlazaGainesville, FL
 Q3Bolton PlazaOrange Park, FL
 Q3Eastgate PlazaHenderson, NV
 Q3Burnt Store MarketplacePunta Gorda, FL
 Q3Landstown CommonsVirginia Beach, VA
 Q3Lima MarketplaceFort Wayne, IN
 Q3Hitchcock PlazaAiken, SC
 Q3Merrimack Village CenterMerrimack, NH
 Q4The Centre at PanolaAtlanta, GA
 Q4Publix at AcworthAtlanta, GA
 Q4Beacon HillCrown Point, IN
 Q4Bell Oaks CentreEvansville, IN
 Q4Boulevard CrossingKokomo, IN
 Q4South Elgin CommonsChicago, IL


Acquisition List   
 QuarterPropertyLocation
 Q1Pan Am GarageIndianapolis, IN
 Q3Nora PlazaIndianapolis, IN

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

Certain statements in this document that are not historical fact may constitute 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 as well as economic uncertainty caused by fluctuations in the prices of oil and other energy sources and inflationary trends or outlook; the risk that KRG may not be able to successfully complete the planned dispositions on favorable terms – or at all; financing risks, including the availability of, and costs associated with, sources of liquidity; KRG’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 KRG operates; acquisition, disposition, development and joint venture risks; property ownership and management risks; KRG’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 KRG owns; the impact of online retail competition and the perception that such competition has on the value of shopping center assets; risks related to the geographical concentration of KRG’s properties in Florida, Indiana and Texas; insurance costs and coverage; risks associated with cybersecurity attacks and the loss of confidential information and other business interruptions; and other factors affecting the real estate industry generally. KRG refers you to the documents filed by KRG from time to time with the SEC, specifically the section titled “Risk Factors” in KRG’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which discuss these and other factors that could adversely affect KRG’s results. KRG 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 Trust
Jason Colton
SVP, Capital Markets & Investor Relations
317.713.2762
jcolton@kiterealty.com

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Source: Kite Realty Group Trust
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