INDIANAPOLIS, Aug. 24 /PRNewswire-FirstCall/ -- Kite Realty Group Trust
(NYSE: KRG), a full service real estate investment trust focused primarily on
neighborhood and community shopping centers, announced today that it has
completed the acquisitions of three shopping center properties for
approximately $33.8 million. The Company utilized a portion of its initial
public offering net proceeds to fund these three acquisitions with 229,950
total square feet of gross leasable area. As previously disclosed in Kite
Realty's prospectus filed with the Securities and Exchange Commission in
conjunction with its recently completed initial public offering, the Company
previously had entered into binding acquisition agreements on these three
properties.
The Publix at Acworth neighborhood shopping center is located in Acworth,
GA, within the Atlanta metropolitan area, and was built in 1996. The property
has 69,628 square feet of gross leasable area and is currently 100% occupied.
Its major tenants include Publix and CVS Pharmacy. The total purchase price
was approximately $9.2 million.
The Hamilton Crossing community shopping center is located in Carmel, IN,
an affluent northern suburb of Indianapolis, and was built in 1999. The
property has 82,374 square feet of gross leasable area and is currently 94%
leased. Hamilton Crossing is anchored by Office Depot and includes a variety
of local and national tenants including Starbucks and Hollywood Video. The
total purchase price was approximately $15.5 million.
The Waterford Lakes neighborhood shopping center is located in Orlando, FL
and was built in 1997. The property has 77,948 square feet of gross leasable
area and is currently 100% leased. Waterford Lakes is anchored by Winn Dixie.
The total purchase price was approximately $9.1 million.
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real
estate investment trust focused primarily on the development, construction,
acquisition, ownership and operation of high quality neighborhood and
community shopping centers in selected growth markets in the United States.
The Company owns interests in a portfolio of operating retail properties,
retail properties under development, operating commercial properties, a
related parking garage, commercial property under development and parcels of
land that may be used for future development of retail or commercial
properties.
Safe Harbor
Certain statements in this document that are not historical fact may
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause the actual results of the Company to differ materially from historical
results or from any results expressed or implied by such forward-looking
statements, including without limitation: national and local economic,
business, real estate and other market conditions; the competitive environment
in which the Company operates; financing risks; property management risks; the
level and volatility of interest rates; financial stability of tenants; the
Company's ability to maintain its status as a REIT for federal income tax
purposes; acquisition, disposition, development and joint venture risks;
potential environmental and other liabilities; 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,
which discuss these and other factors that could adversely affect the
Company's results.
Contact: Investors/Media:
Kite Realty Group Trust The Ruth Group
Dan SinkStephanie Carrington / Greg Tiberend
Chief Financial Officer 646 536-7017 / 7005
(317) 577-5609 scarrington@theruthgroup.comdsink@kiterealty.comgtiberend@theruthgroup.comSOURCE Kite Realty Group Trust
-0- 08/24/2004
/CONTACT: Kite Realty Group Trust, Dan Sink, Chief Financial Officer,
Kite Realty Group Trust, +1-317-577-5609, dsink@kiterealty.com;
Investors/Media, The Ruth Group, Stephanie Carrington, +1-646-536-7017,
scarrington@theruthgroup.com, or Greg Tiberend, +1-646-536-7005,
gtiberend@theruthgroup.com, for Kite Realty Group Trust/
(KRG)
CO: Kite Realty Group Trust
ST: Indiana, Georgia, Florida
IN: RLT
SU: RLE
MT
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2582 08/24/200409:00 EDThttp://www.prnewswire.com