Business & Finance
Business and Finance
Business and Finance 
Wed, June 8, 2011
Tue, June 7, 2011
Kite Realty Group Trust Enters into a $200 Million Unsecured Credit Facility
INDIANAPOLIS--([ BUSINESS WIRE ])--Kite Realty Group Trust (NYSE: KRG) (the aCompanya) announced today that it has entered into an amended and restated three-year $200 million unsecured revolving credit facility with a one-year extension option. Terms of the agreement include pricing at LIBOR plus 225 to 325 basis points depending on the Companya�s leverage and an expansion feature allowing up to $300 million of total borrowing capacity, subject to certain conditions. Proceeds were used to refinance the Companya�s existing unsecured revolving credit facility.
"The completion of our unsecured facility, along with our recent preferred equity raise, helps solidify our capital structure and provides additional financial flexibility. We are pleased with the continued support of our high quality group of lenders."
The Companya�s bank group is led by KeyBank National Association, as Administrative Agent, and Bank of America, N.A., as Syndication Agent. Other banks in the syndicate include Wells Fargo Bank National Association, as Documentation Agent; BMO Harris Financing, Inc.; Raymond James Bank, FSB; Citicorp North America, Inc.; U.S. Bank National Association; The Huntington National Bank; and Royal Bank of Canada.
Dan Sink, Kite Realty Groupa�s Chief Financial Officer, said, aThe completion of our unsecured facility, along with our recent preferred equity raise, helps solidify our capital structure and provides additional financial flexibility. We are pleased with the continued support of our high quality group of lenders.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. At March 31, 2011, the Company owned interests in a portfolio of 62 operating and redevelopment properties totaling approximately 9.2 million square feet and an additional two properties currently under development totaling 0.5 million square feet.
Safe Harbor
This annual report 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 aRisk 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.