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INDIANAPOLIS, March 16, 2018 -- Kite Realty Group Trust (NYSE:KRG) (the “Company”) today announced that it sold two shopping centers this quarter for $63 million in gross proceeds, which were used to pay down the Company’s unsecured revolving line of credit:
- Trussville Promenade, a 463,836 square foot power center located in Birmingham, Alabama (MSA) that is anchored by Walmart, Regal Cinemas, Big Lots, Marshall’s, and Ross Dress For Less; and
- Memorial Commons, a 111,022 square foot center located in Goldsboro, NC (MSA) that is anchored by Harris Teeter and Office Depot.
“We sold these non-core assets in secondary markets to further our deleveraging strategy and to continue improving the quality of our portfolio,” said John Kite, Chief Executive Officer. “These two centers had average base rents and demographics well below those for the balance of our portfolio, and this sale now completes our exit from the Alabama market.”
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) engaged primarily in the ownership and operation, acquisition, development and redevelopment of high-quality neighborhood and community shopping centers in select markets in the United States. As of December 31, 2017, we owned interests in 117 operating and redevelopment properties totaling approximately 23.3 million square feet and two development projects currently under construction.
Our strategy is to maximize the cash flow of our operating properties, successfully complete the construction and lease-up of our redevelopment and development portfolio, and identify additional opportunities to acquire or dispose of properties to further strengthen the Company. New investments are focused in the shopping center sector primarily in markets where we believe we can leverage our existing infrastructure and relationships to generate attractive risk-adjusted returns or otherwise in desirable trade areas. Dispositions are generally designed to increase the quality of our portfolio and to strengthen the Company’s balance sheet. For more information, please visit the Company’s website at www.kiterealty.com.
Contact Information:
Kite Realty Group Trust
Dan Sink, Chief Financial Officer
(317) 577-5609
[email protected]
