Kite Realty Group Trust Announces Acquisition of Two Shopping Centers in Greenville, South Carolina
INDIANAPOLIS--(BUSINESS WIRE)-- Kite Realty Group Trust (NYS: KRG) (the "Company") announced today that it has acquired two shopping centers in Greenville, South Carolina. Shops at Plaza Green is a 194,000 square foot center acquired for a purchase price, exclusive of closing costs, of $28.8 million. The center is 95% leased and is anchored by Bed Bath & Beyond, Old Navy, Christmas Tree Shops (a Bed Bath & Beyond concept), Shoe Carnival, and Party City. It is located near the intersection of I-85 and I-385. The property draws from an attractive trade area with average household incomes of $81,800 and a population density of 143,300.
In addition, the Company has recently acquired a Publix-anchored 68,000 square foot shopping center in Greenville, SC for a purchase price, exclusive of closing costs, of $9.1 million. The center is 97% leased and is also located near the intersection of I-85 and I-385. The property is surrounded by a solid trade area with average household incomes of $89,100 and a population density of 114,300.
Greenville is the home of the North American headquarters for GE Engineering, Hubbell Lighting, and Michelin as well as having a large corporate presence from BMW, Fluor, Lockheed Martin, and Caterpillar, Inc.
"We quickly deployed the majority of the proceeds from our October common equity offering into these two well-located assets. We plan to continue increasing our presence in the Southeast by completing our development projects and acquiring well-located assets," said John A. Kite, the Company's Chairman and Chief Executive Officer.
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 September 30, 2012, the Company owned interests in a portfolio of 60 operating and redevelopment properties totaling approximately 8.9 million square feet and an additional two properties currently under development totaling 0.6 million square feet.
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 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 and Texas; 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, 2011, 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 (including the FFO and net income estimates), whether as a result of new information, future events or otherwise.
KEYWORDS: United States North America Indiana South Carolina
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