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Kite Realty Group Trust (NYSE: KRG) is a full-service, vertically-integrated real estate investment trust (REIT) headquartered in Indianapolis, IN. The company specializes in the ownership, operation, acquisition, development, and redevelopment of high-quality open-air shopping centers and mixed-use assets across the United States.
As of June 30, 2016, Kite Realty Group Trust had interests in a portfolio of 121 operating, development, and redevelopment properties totaling approximately 24 million square feet located in 20 states. Their core business strategy focuses on maximizing the cash flow of their operating properties, successfully completing the construction and lease-up of their development portfolio, and identifying additional growth opportunities through acquisitions and redevelopments.
The company places a significant emphasis on grocery-anchored neighborhood and community centers, particularly in high-growth Sun Belt regions and select strategic gateway markets. This, combined with vibrant mixed-use assets, makes their portfolio appealing to both retailers and consumers.
One of their latest projects includes the management of Cool Springs Market in Franklin, Tennessee, which welcomes a new Nordstrom Rack store scheduled to open in fall 2024. This addition highlights the company's continuous efforts in enhancing their property offerings and expanding their footprint in strategic locations.
Kite Realty Group Trust generates a majority of its revenue from contractual rents and reimbursement payments received from tenants. Their long-term success is driven by nearly 60 years of experience in developing, constructing, and operating real estate, coupled with a robust strategy to leverage existing infrastructure and relationships to generate attractive risk-adjusted returns.
For more information, please visit kiterealty.com.
Kite Realty Group Trust (NYSE: KRG) reported strong second quarter results for 2021, concluding on June 30. The company posted a net loss of $0.2 million, a significant improvement from a $4.8 million loss in the same period last year. NAREIT Funds From Operations (FFO) reached $29.9 million, or $0.34 per diluted share. With a 10.1% increase in Same-Property Net Operating Income, KRG executed 73 leases, doubling year-over-year activity. The retail leased percentage rose to 91.5%. Guidance for 2021 FFO, adjusted, was increased by $0.02 to a range of $1.29 to $1.35 per share.
Kite Realty Group Trust (NYSE: KRG) has announced a definitive merger agreement with Retail Properties of America, Inc. (NYSE: RPAI). This strategic transaction aims to create a top-five shopping center REIT by total enterprise value, estimated at $7.5 billion. KRG will acquire RPAI through a stock-for-stock exchange, giving RPAI shareholders a 13% premium. The merger is expected to deliver immediate earnings accretion, enhance portfolio quality, and strengthen the balance sheet. The combined entity will operate around 185 shopping centers, primarily located in high-growth markets.
Kite Realty Group Trust (KRG) and Retail Properties of America, Inc. (RPAI) announced a definitive merger agreement, creating a top five shopping center REIT with a combined enterprise value of approximately $7.5 billion. Each RPAI share will convert to 0.6230 KRG shares, reflecting a 13% premium based on closing prices as of July 16, 2021. The merger is expected to enhance earnings, reduce capital costs, and increase shareholder liquidity. The transaction, unanimously approved by both boards, is anticipated to close in Q4 2021, pending shareholder approval and other conditions.
Kite Realty Group Trust (NYSE:KRG) will present at Nareit’s REITweek: 2021 Virtual Investor Conference on June 9, 2021, from 8:00 to 8:30 a.m. ET. The presentation will be led by Chairman & CEO John Kite. Attendees must register for the event via the provided link. Kite Realty Group Trust focuses on creating beneficial shopping experiences through its network of neighborhood, community, and lifestyle centers, and aims to optimize its portfolio for shareholder value.
Kite Realty Group Trust (NYSE: KRG) will release its financial results for Q2 2021 on August 2, after market close, followed by a conference call on August 3 at 11:00 a.m. ET. Investors can join the call using dial-in numbers or through a live webcast available on kiterealty.com.
The company focuses on enhancing community shopping experiences through its real estate investments, while actively managing its portfolio to maximize shareholder value.
Kite Realty Group Trust (NYSE:KRG) announced significant enhancements at Delray Marketplace in Delray Beach, Florida. This includes a multimillion-dollar renovation with Paragon Theaters, introducing luxury cinema amenities such as electric reclining seats and an Extreme Theater. Additionally, a new Asian cuisine restaurant concept operated by Rapoport's Restaurant Group is set to debut. Both venues will open in Fall 2021, aiming to enhance the overall entertainment experience in the area.
Kite Realty Group Trust (NYSE: KRG) announced a quarterly cash distribution of $0.18 per common share for Q2 2021, payable on or about July 16, 2021, to shareholders of record by July 9, 2021. This decision reflects the company's commitment to returning value to its shareholders as it optimizes its portfolio of shopping centers aimed at enhancing community experiences. Kite Realty Group Trust remains focused on navigating market conditions, especially amid challenges posed by the COVID-19 pandemic.
Kite Realty Group Trust (NYSE: KRG) reported strong Q1 2021 results, achieving net income of $24.6 million ($0.29 per share), compared to a net loss of $0.1 million in Q1 2020. The company executed 76 leases covering 426,900 square feet and recorded a 2.8% increase in annualized base rent (ABR) to $18.53. Despite a 2.9% decrease in same-property net operating income (NOI), KRG raised its FFO guidance for 2021 to $1.26 - $1.34 per share. KRG issued $175 million in exchangeable senior notes and sold ground leases for $40.3 million, strengthening its financial position.
Kite Realty Group Trust (NYSE:KRG) has appointed Derrick Burks to its Board of Trustees, expanding the board to ten members. Burks, a former partner at Ernst & Young with extensive experience in various industries and REITs, is expected to enhance KRG’s leadership. His prior experience includes 24 years at Arthur Andersen and current board roles at Equity LifeStyle Properties and other civic organizations. This appointment aligns with KRG's strategy to strengthen its governance and drive long-term goals.
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