INDIANAPOLIS--(BUSINESS WIRE)--
Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today that
it has closed on a $23 million construction loan for its Four Corner
Square redevelopment property in Maple Valley, Washington (Seattle MSA).
Construction has commenced on the project, which is 84% leased or
committed. Major tenants Johnson’s Home & Garden and Grocery Outlet are
scheduled to open in the first quarter of 2013 with Walgreens scheduled
to open in the third quarter of 2013. Upon completion of the
redevelopment, the center will be expanded from 44,000 square feet to
109,000 square feet, as well as three additional outparcels.
The construction loan was financed by U.S. Bank, bears an interest rate
of LIBOR plus 225 basis points, and has a three year term with an option
to extend for an additional two years.
“We are excited to commence construction on the expansion of Four Corner
Square,” said John A. Kite, the Company’s Chairman and Chief Executive
Officer. “This project reflects our ability to utilize our value-added
platform to enhance the quality of the center.”
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real
estate investment trust engaged in the ownership, operation, management,
leasing, acquisition, construction, redevelopment and development of
neighborhood and community shopping centers in selected markets in the
United States. At March 31, 2012, the Company owned interests in a
portfolio of 62 operating and redevelopment properties totaling
approximately 9.2 million square feet and an additional three properties
currently under in-process development totaling 0.6 million square feet.
Safe Harbor
This press release 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 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 the recent slowing of growth in the U.S. economy; 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, 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 the Company operates; acquisition, disposition, development and
joint venture risks; property ownership and management risks; the
Company’s ability to maintain its status as a real estate investment
trust (“REIT”) for federal income tax purposes; potential environmental
and other liabilities; impairment in the value of real estate property
the Company owns; risks related to the geographical concentration of our
properties in Indiana, Florida and Texas; 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, specifically the section titled “Risk Factors” in
the Company’s Annual Report on Form 10-K for the year ended December 31,
2011, which discuss these and other factors that could adversely affect
the Company’s results. The Company undertakes no obligation to publicly
update or revise these forward-looking statements (including the FFO and
net income estimates), whether as a result of new information, future
events or otherwise.
Kite Realty Group Trust
Dan Sink, Chief Financial Officer,
317-577-5609
dsink@kiterealty.com
or
Investors/Media:
David
Buell, Director, Financial Reporting, 317-713-5647
dbuell@kiterealty.com
Source: Kite Realty Group