Business & Finance
Business and Finance
Business and Finance
Fri, August 6, 2010
Thu, August 5, 2010 Kite Realty Group Trust Announces Major Indianapolis Redevelopment
INDIANAPOLIS--([ BUSINESS WIRE ])--Kite Realty Group Trust (NYSE: KRG) (the aCompanya) announced today the redevelopment plan for its Rivers Edge property in Indianapolis, Indiana.
Rivers Edge, formerly anchored by Office Depot, is currently a 111,000 square foot shopping center located at the intersection of East 82nd Street and Dean Road. The Company has executed new leases with national retailers Nordstrom Rack and The Container Store and is in final lease negotiations with another national retail tenant. These new tenants will anchor the redeveloped center and expand its size to approximately 127,000 square feet. Construction will commence later this month on the $15.5 million redevelopment allowing the new anchor tenants to open in the fall of 2011. A number of the existing small shop tenants will remain open or be relocated during the redevelopment.
The Company also has anchor tenant interest for an additional 25,000 square feet at this center. This subsequent phase of the redevelopment could be completed as early as mid-2012 at which time Rivers Edge will total approximately 150,000 square feet.
Rivers Edge is located between The Fashion Mall and Castleton Mall, two of the most successful shopping malls in central Indiana. Traffic along 82nd Street between these malls exceeds 40,000 vehicles per day and five-mile radius demographics tally 180,000 people with average household incomes over $85,000.
John Kite, Chief Executive Officer, stated, aThis is a tremendous opportunity on extremely well-located real estate, and we are very pleased to be able to execute our redevelopment plan and leasing strategy on this property. The new tenant line-up and outstanding location will transition Rivers Edge into one of the strongest open-air shopping centers in the area.a
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, expansion and development of high quality neighborhood and community shopping centers in selected growth markets in the United States. The Company owns interests in a portfolio of operating retail properties, retail properties under development and operating commercial properties.
Safe Harbor
This press release contains certain statements that are not historical fact and may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including, without limitation: national and local economic, business, real estate and other market conditions, particularly in light of the current recession; financing risks, including the availability of and costs associated with sources of liquidity; the Companya™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 risks; property ownership and management risks; the Companya™s ability to maintain its status as a real estate investment trust (aREITa) 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; and other factors affecting the real estate industry generally. The Company refers you the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled aBusiness Risk Factorsa in the Companya™s Annual Report on Form 10-K for the year ended December 31, 2009, which discuss these and other factors that could adversely affect the Companya™s results. The Company undertakes no obligation to publicly update or revise these forward-looking statements (including the FFO and net income estimates), whether as a result of new information, future events or otherwise.
