Key Developments: Kite Realty Group Trust (KRG.N)
5.69USD
1 Aug 2013
$-0.08 (-1.39%)
$5.77
$5.82
$5.82
$5.64
162,323
157,350
$6.91
$4.85
Latest Key Developments (Source: Significant Developments)
Kite Realty Group Trust Raises Low End Of Prior FY 2013 FFO Guidance To A Range In Line With Analysts' Estimates
Kite Realty Group Trust announced that for fiscal 2013, it expects adjusted FFO to be within a range of $0.45 to $0.48 per diluted common share from its previous guidance of $0.44 to $0.48 per diluted common share. The expected third quarter gain on debt extinguishment is reflected as a reduction of FFO in the earnings guidance. The Company also revised its net income guidance to be a net loss within a range of $(0.09) to $(0.12) per diluted common share. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report FFO per share of $0.46 for fiscal 2013. Full Article
Kite Realty Group Trust Announces Quarterly Common Dividend
Kite Realty Group Trust announced that Board of Trustees declared a quarterly cash distribution of $0.06 per common share for the quarter ended June 30, 2013 to shareholders of record as of July 5, 2013. This distribution will be paid on or about July 12, 2013. Full Article
Kite Realty Group Trust Announces Quarterly Preferred Dividend
Kite Realty Group Trust announced that Board of Trustees declared a quarterly preferred share cash distribution of $0.515625 per preferred share covering the distribution period from March 2, 2013 to June 1, 2013 payable to shareholders of record as of May 24, 2013. This distribution will be paid on or about June 1, 2013. Full Article
Kite Realty Group Trust Announces Exercise of Overallotment Option
Kite Realty Group Trust announced that 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. 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 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. Full Article
Kite Realty Group Trust Raises FY 2013 FFO Guidance
Kite Realty Group Trust announced that it expects FFO for fiscal 2013 to be within a range of $0.44 to $0.48 per diluted common share and net income (loss) to be within a range of $0.01 to $(0.03) per diluted common share. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report FFO per share of $0.45 for fiscal 2013. Full Article
Kite Realty Group Trust Announces Acquisition Of Shopping Center In Nashville
Kite Realty Group Trust announced that it has acquired Cool Springs Market in Franklin, Tennessee (Nashville MSA). The Company acquired the 224,000 square foot center for a purchase price, exclusive of closing costs, of $37.5 million. The center is 95% leased and is anchored by Dick's Sporting Goods, Marshall's, JoAnn Fabrics, Staples, and a non-owned Kroger. It is located near the intersection of I-65 and Cool Springs Boulevard. The property draws from an attractive 5-mile trade area with average household incomes of $124,000 and a population density of 85,200. Full Article
Kite Realty Group Trust Announces Pricing of Common Share Offering
Kite Realty Group Trust announced that it has priced its underwritten public offering of 13,500,000 of its common shares of beneficial interest at a public offering price of $6.55 per share. The underwriters have been granted a 30-day option to purchase up to an additional 2,025,000 Common Shares. The Company estimates that net proceeds from this offering, after deducting underwriting discount and estimated offering expenses payable by the Company, will be approximately $84.6 million, or approximately $97.4 million if the underwriters` option to purchase additional Common Shares is exercised in full. The Company intends to use 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 and the remainder for the acquisition of properties. Such net proceeds that initially are used to repay outstanding indebtedness under the revolving credit facility are expected to be redeployed for other general corporate purposes, including the acquisition of properties and funding development costs. The offering is expected to close on or about April 12, 2013. BofA Merrill Lynch, KeyBanc Capital Markets, Citigroup and Wells Fargo Securities are serving as the joint book-running managers for this offering. J.P. Morgan and Raymond James are serving as the lead managers for this offering. Evercore Partners, The Huntington Investment Company and Stifel are serving as the co-managers. Full Article
Kite Realty Group Trust Announces Launch of Common Share Offering
Kite Realty Group Trust announced that it has commenced an underwritten public offering of 12,500,000 common shares of beneficial interest. BofA Merrill Lynch, KeyBanc Capital Markets, Citigroup and Wells Fargo Securities will be serving as the joint book-running managers for this offering. The underwriters will be granted a 30-day option to purchase up to an additional 1,875,000 common shares of beneficial interest. The Company intends to use 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 and the remainder for the acquisition of properties. Such net proceeds that initially are used to repay outstanding indebtedness under the revolving credit facility are expected to be redeployed for other general corporate purposes, including the acquisition of properties and funding development costs. Full Article
Kite Realty Group Trust Announces Quarterly Dividend
Kite Realty Group Trust announced that the Board of Trustees declared a quarterly cash distribution of $0.06 per common share for the quarter ended March 31, 2013 to shareholders of record as of April 5, 2013. This distribution will be paid on or about April 12, 2013. Full Article
Kite Realty Group Trust Announces Quarterly Preferred Dividend
Kite Realty Group Trust announced that the Board of Trustees declared a quarterly preferred share cash distribution of $0.515625 per preferred share covering the distribution period from December 2, 2012 to March 1, 2013 payable to shareholders of record as of February 25, 2013. This distribution will be paid on or about March 1, 2013. Full Article

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