Kite Realty Group Trust Announces Exercise of Overallotment Option

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Kite Realty Group Trust Announces Exercise of Overallotment Option

INDIANAPOLIS--(BUSINESS WIRE)-- Kite Realty Group Trust (NYS: KRG) (the "Company") announced today the full exercise by the underwriters of their option to purchase an additional 2,025,000 common shares of beneficial interest of the Company ("Common Shares"). The option to purchase additional Common Shares was granted to the underwriters in connection with the Company's previously announced underwritten public offering of 13,500,000 Common Shares, which closed on April 12, 2013.

The Company estimates that the total net proceeds from this offering, including from the full exercise of the underwriters' option to purchase additional Common Shares, will be approximately $97.4 million after deducting the underwriting discount and estimated offering expenses payable by the Company.


The Company used a portion of the net proceeds from this offering initially to repay approximately $62.2 million of outstanding indebtedness under the Company's revolving credit facility. The majority of such net proceeds that initially were used to repay outstanding indebtedness under the revolving credit facility were redeployed into the acquisition of two retail operating properties with the remainder expected to be used for funding of development costs and other general corporate purposes.

BofA Merrill Lynch, KeyBanc Capital Markets, Citigroup and Wells Fargo Securities served as the joint book-running managers for this offering. J.P. Morgan and Raymond James served as the lead managers for this offering. Evercore Partners, The Huntington Investment Company and Stifel served as the co-managers for this offering.

The offering was made pursuant to a shelf registration statement filed with the Securities and Exchange Commission, which became effective on January 11, 2012. A final prospectus supplement relating to the offering has been filed with the Securities and Exchange Commission.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering was made only by means of a prospectus and related prospectus supplement. Copies of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained from BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attn: Prospectus Department, or by email at dg.prospectus_requests@baml.com; from KeyBanc Capital Markets, Attention: Prospectus Delivery Department, 127 Public Square, 4th Floor, Cleveland, Ohio 44114; from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717; Tel: 800-831-9146; email: batprospectusdept@citi.com; and from Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York, 10152, at (800) 326-5897 or by emailing a request to cmclientsupport@wellsfargo.com.

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, 2013, the Company owned interests in a portfolio of 61 operating and redevelopment properties totaling approximately 9.3 million square feet and three properties currently under development totaling 0.9 million square feet.

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 the recent slowing of 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 and joint venture risks; property ownership and management risks; the Company's ability to maintain its status as a real estate investment trust ("REIT") 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, Texas and North Carolina; the dilutive effects of this offering and 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, 2012, 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.



Kite Realty Group Trust
Dan Sink, Chief Financial Officer, 317-577-5609
dsink@kiterealty.com
or
Investors/Media:
Adam Basch, Investor Relations, 317-578-5161
abasch@kiterealty.com

KEYWORDS:   United States  North America  Indiana

INDUSTRY KEYWORDS:

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