Business & Finance
Business and Finance
Business and Finance
Mon, March 28, 2011 Kite Realty Group Trust Announces 10-Year Financing on Florida Shopping Center
INDIANAPOLIS--([ BUSINESS WIRE ])--Kite Realty Group Trust (NYSE: KRG) (the aCompanya) announced today that it has secured long-term financing on its International Speedway Square property located in Daytona, Florida. The $21 million loan has a 10-year term and carries a fixed interest rate of 5.77%. The net proceeds were used to pay down the Companya™s revolving line of credit. International Speedway Square is a 230,000 square foot power center anchored by Bed Bath & Beyond, Dicka™s Sporting Goods, Michaela™s, Old Navy, Staples, and Stein Mart.
Dan Sink, Chief Financial Officer, said, aThis long term financing with Wells Fargo is one of many steps we are taking to strengthen our balance sheet. The terms of the loan reflect the strength of the real estate and the long term value created by a number of new and renewal leases we successfully executed at this property over the last eighteen months.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, redevelopment and development of neighborhood and community shopping centers in selected 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 recent 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, 2010, 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.
