Kite Realty Group Trust Announces Acquisition of Premier Power Center in Fort Worth / Dallas, Texas
24 August 2015 - 10:56PM
Business Wire
Kite Realty Group Trust (NYSE: KRG) announced today that it has
acquired Chapel Hill Shopping Center, a 200,000 square foot power
center located in the MSA of Dallas, Texas. The center is 96%
leased and anchored by HEB Grocery’s premier Central Market, The
Container Store and Cost Plus World Market. The shopping center
also includes a strong lineup of other high-quality retailers such
as Ann Taylor, Beauty Brands, New Balance and Men’s Wearhouse.
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Chapel Hill Shopping Center (Photo:
Business Wire)
The purchase price, net of $18 million of debt, was funded using
remaining 1031 sale proceeds and other cash and liquidity
sources.
Chapel Hill Shopping Center is located at the intersection of
I-30 and Hulen Street, one of the area’s most highly traveled
crossroads, and benefits from multiple access points and ease of
entry. The densely inhabited area has an estimated population of
275,000 residents within a 5-mile radius.
“Our off-market acquisition of Chapel Hill is the most recent
example of execution on our strategy of continually upgrading the
portfolio and leveraging our long-standing relationships in the
industry,” said John A. Kite, Chairman and CEO. “The addition of
Chapel Hill further enhances our high-quality portfolio and
provides remerchandising opportunities to continue to grow our free
cash flow. With this acquisition, we have now redeployed the
proceeds realized from our recent dispositions and satisfied our
acquisition guidance for the year.”
About Kite Realty Group
Trust
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. As of June 30, 2015, the
Company owned interests in a portfolio of 122 operating,
development and redevelopment properties totaling approximately 25
million total square feet across 22 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, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150824005522/en/
Kite Realty Group TrustMaggie Kofkoff, CFA, 317-713-7644Media
& Investor Relationsmkofkoff@kiterealty.com
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