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INDIANAPOLIS, Oct. 22, 2019 (GLOBE NEWSWIRE) -- Kite Realty Group Trust (NYSE:KRG) (“KRG”) announced today that it achieved the high end of its 2019 disposition guidance by selling $502 million in assets since January 1, 2019. This marks the end of Project Focus.
The properties sold by KRG traded at a weighted average cap rate of approximately 8%. The 2019 and annualized FFO impacts of this program remain as previously disclosed.
“We are extremely pleased with the results of Project Focus and the speed at which we completed our plan,” said John A. Kite, Chairman and CEO. “We said at the outset that we were going to move swiftly to capitalize on market demand and compress the dilution period. And that is exactly what we did. Our team is as good as any in the business, and it executed to perfection. We now have a top-notch balance sheet to compliment a high-quality portfolio concentrated in the southern U.S., where the population is growing and the economy is thriving.”
Project Focus and its associated impacts will be discussed in more detail on KRG’s earnings call on November 6, 2019, at 10:00am EST.
Balance Sheet Improvement
|Whitehall Pike||Bloomington, IN|
|Beechwood Promenade||Athens, GA|
|Village at Bay Park||Green Bay, WI|
|Lakewood Promenade||Jacksonville, FL|
|Palm Cost Landing||Palm Coast, FL|
|Lowe's - Perimeter Woods||Charlotte, NC|
|Cannery Corner||Las Vegas, NV|
|Temple Terrace||Tampa, FL|
|University Town Center||Oklahoma City, OK|
|Gainesville Plaza||Gainesville, FL|
|Bolton Plaza||Jacksonville, FL|
|Eastgate||Las Vegas, NV|
|Burnt Store||Punta Gorda, FL|
|Landstown Commons||Virginia Beach, VA|
|Lima Marketplace||Fort Wayne, IN|
|Hitchcock Plaza||Aiken, SC|
|Merrimack Village Center||Merrimack, NH|
|Beacon Hill||Crown Point, IN|
|Centre at Panola||Atlanta, GA|
|Publix at Acworth||Atlanta, GA|
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to retailers in desirable markets through our portfolio of neighborhood, community, and lifestyle centers. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders. For more information, please visit our website at kiterealty.com.
Certain statements in this document that are not historical fact may constitute 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 as well as economic uncertainty caused by fluctuations in the prices of oil and other energy sources and inflationary trends or outlook; the risk that KRG may not be able to successfully complete the planned dispositions on favorable terms – or at all; financing risks, including the availability of, and costs associated with, sources of liquidity; KRG’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 KRG operates; acquisition, disposition, development and joint venture risks; property ownership and management risks; KRG’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 KRG owns; the impact of online retail competition and the perception that such competition has on the value of shopping center assets; risks related to the geographical concentration of KRG’s properties in Florida, Indiana and Texas; insurance costs and coverage; risks associated with cybersecurity attacks and the loss of confidential information and other business interruptions; and other factors affecting the real estate industry generally. KRG refers you to the documents filed by KRG from time to time with the SEC, specifically the section titled “Risk Factors” in KRG’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which discuss these and other factors that could adversely affect KRG’s results. KRG undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
Contact Information: Kite Realty Group Trust
SVP, Capital Markets & Investor Relations