Kite Realty Group Trust Acquires Partner’s Interest in City Center
Kite Realty Group Trust (NYSE:KRG) (the “Company”) announced today that it has acquired its partner’s approximately 33% interest in the joint venture that owns the City Center asset in White Plains, New York. The $34.5 million purchase was funded with a combination of cash and the issuance of 5,000 limited partnership units of Kite Realty Group, L.P., which were valued at the price per REIT common share on the day prior to closing.
“Successfully negotiating the early buyout of our partner’s interest at City Center is consistent with our strategic objective to acquire shopping centers with strong growth profiles,” said John Kite, Chairman and Chief Executive Officer. “This purchase gives us 100% ownership of and control over one of our largest assets and provides maximum flexibility in repositioning the asset in the future.”
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.
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 Indiana, Florida 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, 2013, 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.
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