INDIANAPOLIS--(BUSINESS WIRE)--
Kite Realty Group Trust (NYSE:KRG) (“Kite Realty”) announced that at its
special meeting held today, shareholders overwhelmingly approved the
issuance of common shares to stockholders of Inland Diversified Real
Estate Trust, Inc. (“Inland Diversified”), pursuant to the definitive
merger agreement dated February 9, 2014, and approved an amendment to
Kite Realty’s Articles of Amendment and Restatement of Declaration of
Trust to increase the total number of authorized common shares from
200,000,000 to 450,000,000. Approximately 92.7% of the outstanding Kite
Realty common shares voted with respect to the issuance of common shares
to Inland Diversified stockholders in connection with the merger, with
approximately 99.9% of the votes cast in favor of this proposal.
Approximately 92.7% of the outstanding Kite Realty common shares voted
with respect to the amendment to increase the total number of authorized
common shares, with approximately 98.1% of the votes cast in favor of
the proposed amendment.
Subject to the satisfaction or waiver of the remaining conditions to
closing, the merger is expected to close on or after July 1, 2014. As a
result of the merger, each former share of Inland Diversified’s common
stock will be converted into the right to receive 1.707 newly issued
common shares of Kite Realty. Following completion of the merger, the
common shares of Kite Realty will continue to trade under the existing
ticker symbol "KRG" on the New York Stock Exchange.
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 March 31, 2014, the company owned interests in a
portfolio of 68 operating and redevelopment properties totaling
approximately 11.8 million square feet and two properties currently
under development totaling 0.7 million square feet. 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 Kite Realty’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 Kite
Realty operates and beliefs of and assumptions made by its management,
involve uncertainties that could significantly affect the financial
results of Kite Realty, Inland Diversified or the combined company.
There can be no assurance that actual future developments affecting Kite
Realty, Inland Diversified or the combined company will be those
anticipated by Kite Realty or Inland Diversified. Examples of
forward-looking statements include projected 2014 fully diluted FFO,
share of depreciation and amortization, reported FFO per share,
projected net operating income, cap rates, internal rates of return,
future dividend payment rates, forecasts of FFO accretion, projected
capital improvements, expected sources of financing, expectations as to
the timing of closing of acquisitions, dispositions and other potential
transactions and descriptions relating to these expectations. These
forward-looking statements involve risks and uncertainties (some of
which are beyond the control of Kite Realty or Inland Diversified) 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 either company’s
properties for rental purposes; the ability of either company to enter
into new leases or renewal leases on favorable terms; the amount and
growth of either company’s expenses; tenant financial difficulties and
general economic conditions, including interest rates, as well as
economic conditions and competition in those areas where either 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 either 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 combined companies’
businesses; risks associated with achieving expected revenue synergies
or cost savings; risks associated with the companies’ ability to
consummate the Merger and the timing of the closing of the Merger; and
other risks and uncertainties detailed from time to time in Kite
Realty’s or Inland Diversified’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 either 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. Kite Realty 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
Source: Kite Realty Group Trust