Business & Finance
Business and Finance
Business and Finance
Tue, June 21, 2011
Mon, June 20, 2011 Kite Realty Group Trust Announces Acquisition of Florida Shopping Center
INDIANAPOLIS--([ BUSINESS WIRE ])--Kite Realty Group Trust (NYSE: KRG) (the aCompanya) announced today that it has acquired Lithia Crossings, a 81,000 square foot unencumbered shopping center in Tampa, Florida in an off-market transaction. Lithia Crossings is 95.5% leased and is anchored by Stein Mart. The center also features a diverse lineup of national, regional, and local tenants such as Cold Stone Creamery, Panera Bread and Starbucks. Lithia Crossings is part of a strong trade area with an estimated population of 60,000 residents and average household income of $100,000 within a three-mile radius of the center.
"We continue to take advantage of our relationships to identify and complete off-market transactions at desirable cap rates."
The purchase price of Lithia Crossings, exclusive of closing costs, was $13.25 million at an initial 8% cap rate. The Company expects to fund the majority of this investment through the pending disposition of non-core assets, property specific debt and/or working capital.
aLithia Crossings is an excellent addition to our operating portfolio as we select strong real estate in markets with superior demographics,a stated John A. Kite, Kite Realty Groupa™s Chairman and Chief Executive Officer. aWe continue to take advantage of our relationships to identify and complete off-market transactions at desirable cap rates.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 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 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.
