INDIANAPOLIS--(BUSINESS WIRE)--
Kite Realty Group Trust (NYSE:KRG) (“Kite Realty”) announced today that
it has closed on the second and final tranche of its previously
announced 15-asset disposition for a gross sale price of approximately
$318 million. The second tranche closing included 7 retail properties
for a gross sales price of approximately $167 million, or $103 million
of net proceeds.
On September 16, 2014, Kite Realty announced it had entered into a
definitive agreement to sell 15 retail properties for an estimated sales
price of $318 million to Inland Real Estate Income Trust, Inc.
“The rapid execution and completion of the 15-asset disposition continue
our strategic portfolio and net asset value enhancement objectives,”
said John Kite, Chairman and Chief Executive Officer.
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real
estate investment trust engaged in the ownership, operation,
acquisition, construction, development and redevelopment of high-quality
neighborhood and community shopping centers in select markets in the
United States. As of December 31, 2014, the Company owned interests in a
portfolio of 127 operating, development and redevelopment properties
totaling approximately 25.5 million total square feet across 26 states.
For more information, please visit the Company’s website at www.kiterealty.com.
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, 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, 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, property ownership and
management risks, the Company’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 the Company owns, risks related to the geographical
concentration of our properties in Florida, Indiana and Texas, the
dilutive effects of future offerings of issuing additional securities,
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, 2014, 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, whether as a result of new information,
future events or otherwise.
Kite Realty Group Trust
Maggie Kofkoff, CFA, Media & Investor
Relations, 317-713-7644
mkofkoff@kiterealty.com
Source: Kite Realty Group Trust