INDIANAPOLIS--(BUSINESS WIRE)--
Kite Realty Group Trust (NYSE: KRG) (the “Company”) today announced that
its board of trustees has approved a reverse share split of the
Company’s common shares at a ratio of 1-for-4. The reverse share split
is expected to take effect at about 5:00 p.m. Eastern time on August 11,
2014 (the “Effective Time”).
Accordingly, at the Effective Time, every four issued and outstanding
common shares will be converted into one common share. In addition, at
the market open on August 12, 2014, the common shares will be assigned a
new CUSIP number: 49803T 300.
As a result of the reverse share split, the number of outstanding common
shares of the Company will be reduced from approximately 332.7 million
to approximately 83.2 million. The number of authorized shares and the
par value per share will remain unchanged. The Company expects that a
corresponding adjustment will be made to its quarterly share dividend.
For example, if the Board of Trustees approves a share dividend for the
third quarter equal to the dividend paid with respect to the second
quarter, the quarterly dividend would be $0.26 per share (reflecting an
increase of four times the second quarter dividend of $0.065 per share
to account for the reverse share split). The amount of any future
dividends payable by the Company will be determined by and are at the
discretion of the Company’s Board of Trustees.
No fractional shares will be issued in connection with the reverse share
split. Instead, each shareholder holding fractional shares will be
entitled to receive, in lieu of such fractional shares, cash in an
amount determined on the basis of the average closing price of the
Company’s common shares on the New York Stock Exchange for the three
consecutive trading days ending on August 11, 2014. The reverse share
split will apply to all of the Company’s outstanding common shares and
therefore will not affect any shareholder’s relative ownership
percentage. Shareholders will be receiving information from Broadridge
Corporate Issuer Solutions, Inc., the Company’s transfer agent,
regarding their shareholdings following the reverse share split and cash
in lieu payments, if applicable.
About Kite Realty
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 July 1, 2014 and after giving effect to the previously
announced merger transaction with Inland Diversified Real Estate Trust,
Inc., the Company owned interests in a portfolio of 133 operating,
development and redevelopment properties totaling approximately 21.6
million owned square feet across 26 states. For more information, please
visit the Company’s website at www.kiterealty.com.
Forward Looking Statements
Certain statements in this press release that are not in the present or
past tense or that discuss the Company’s expectations (including any use
of the words “anticipate,” “assume,” “believe,” “estimate,” “expect,”
“forecast,” “guidance,” “intend,” “may,” “might,” “outlook,” “project”,
“should” or similar expressions) are forward-looking statements within
the meaning of the federal securities laws and as such are based upon
current beliefs as to the outcome and timing of future events. These
forward-looking statements, which are based on current expectations,
estimates and projections about the industry and markets in which the
Company operates and beliefs of and assumptions made by its management,
involve uncertainties that could significantly affect the financial
results of the Company. There can be no assurance that actual future
developments affecting the Company will be those anticipated by the
Company. These forward-looking statements involve risks and
uncertainties (some of which are beyond the control of the Company) and
are subject to change based upon various factors including, but not
limited to, the following risks and uncertainties: changes in the real
estate industry and in performance of the financial markets and interest
rates; the demand for and market acceptance of the Company’s properties
for rental purposes; the ability of the Company to enter into new leases
or renewal leases on favorable terms; the amount and growth of the
Company’s expenses; tenant financial difficulties and general economic
conditions, including interest rates, as well as economic conditions and
competition in those areas where the Company owns properties; risks
associated with joint venture partners; risks associated with the
ownership and development of real property; the outcome of claims and
litigation involving or affecting the Company; the ability to satisfy
conditions necessary to close pending transactions and the ability to
successfully integrate pending transactions; applicable regulatory
changes; risks associated with acquisitions, including the integration
of the Company’s and Inland Diversified Real Estate Trust, Inc.’s
businesses; risks associated with achieving expected revenue synergies
or cost savings; and other risks and uncertainties detailed from time to
time in the Company’s SEC filings. Should one or more of these risks or
uncertainties occur, or should underlying assumptions prove incorrect,
the business, financial condition, liquidity, cash flows and financial
results of the Company could differ materially from those expressed in
the forward-looking statements. Any forward-looking statement speaks
only as of the date on which it is made. New risks and uncertainties
arise over time, and it is not possible for us to predict the occurrence
of those matters or the manner in which they may affect us. The Company
does not undertake to update forward-looking statements except as may be
required by law.
Kite Realty Group Trust
Dan Sink, Chief Financial Officer,
317-577-5609
dsink@kiterealty.com
or
Investors/Media:
Kite
Realty Group Trust
Adam Basch, Investor Relations, 317-578-5161
abasch@kiterealty.com
Source: Kite Realty Group Trust