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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kite Realty Group Trust New | NYSE:KRG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.14 | -0.65% | 21.26 | 21.645 | 21.26 | 21.51 | 850,234 | 00:18:04 |
Kite Realty Group Trust (NYSE:KRG) (the “Company”) and Kite Realty Group, L.P. (the “Operating Partnership”) announced today that the Operating Partnership closed on a new $200 million seven year unsecured term loan arranged by KeyBanc Capital Markets Inc., Capital One, National Association, and Regions Capital Markets. The unsecured term loan is pari passu with the Company’s existing unsecured credit facilities and has an initial maturity of October 2022. Pricing on the unsecured term loan is currently set at LIBOR plus 160 basis points.
Execution of the term loan achieves several objectives for the Company:
“The efficient execution of the term loan results in a lower overall cost of funds, an extended average debt maturity and prepayment flexibility,” said Chief Financial Officer, Dan Sink. “The delayed draw feature allows us to closely align the funding with intended uses and mitigate any duplicative interest costs. Overall, this transaction exemplifies our commitment to further improving our credit metrics.”
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. As of June 30, 2015, the Company owned interests in a portfolio of 122 operating, development and redevelopment properties totaling approximately 25 million total square feet across 22 states. For more information, please visit the Company’s website at www.kiterealty.com.
Safe Harbor
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include, but are not limited to: national and local economic, business, real estate and other market conditions, particularly in light of low growth in the U.S. economy, financing risks, including the availability of and costs associated with sources of liquidity, the Company’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, joint venture, property ownership and management risks, the Company’s ability to maintain its status as a real estate investment trust 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 Florida, Indiana and Texas, the dilutive effects of future offerings of issuing additional securities, and other factors affecting the real estate industry generally. The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, which discuss these and other factors that could adversely affect the Company’s results. The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151026005053/en/
Kite Realty Group TrustMaggie Kofkoff, CFAMedia & Investor Relations317-713-7644mkofkoff@kiterealty.com
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