Kite Realty Group Trust Completes the Sale of 15 Ground Leases
INDIANAPOLIS, Feb. 24, 2021 (GLOBE NEWSWIRE) Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today that the Company closed on the sale of 15 ground leases for gross proceeds of $36.6 million. The Company anticipates closing on an additional 2 ground leases for $5.2 million in the upcoming months, once local government subdivision approvals are obtained.
The ground leases were sold, or anticipated to be sold, to Agree Realty Corporation (NYSE: ADC). The proceeds will be used to partially match fund the Company’s previously announced Eastgate Crossing acquisition in Chapel Hill, NC.
“We are very pleased with KRG’s ability to monetize a portion of our portfolio that is currently undervalued by the market and reinvest those proceeds into an asset with strong growth potential,” said John A. Kite, Chairman and CEO.
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Fourth Quarter 2020 Kite Realty Group Trust Earnings Conference Call. [Operator Instructions]
I d now like to hand the conference over to your host today, Mr. Bryan McCarthy, Senior Vice President, Marketing and Communications. Please go ahead.
Bryan McCarthy
Senior Vice President of Marketing and Communications
Thank you, and good morning, everyone. Welcome to Kite Realty Group s fourth quarter earnings call. Some of today s comments contain forward-looking statements that are based on assumptions of future events and are subject to inherent risks and uncertainties. Actual results may differ materially from these statements. For more information about the factors that can adversely affect the company s results, please see our SEC filings, including our most recent 10-Q. Today s remarks also include certain non-GAAP financial measures. Please refer to yesterday s earnings press release available on o
Earnings Conference Call
Kite Realty Group Trust will conduct a conference call to discuss its financial results on Friday, February 12, 2021, at 9:00 a.m. Eastern Time. A live webcast of the conference call will be available on KRG’s corporate website at www.kiterealty.com. The dial-in numbers are (844) 309-0605 for domestic callers and (574) 990-9933 for international callers (Conference ID: 1891788). In addition, a webcast replay link will be available on the corporate website
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About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to retailers in desirable markets through our portfolio of neighborhood, community, and lifestyle centers. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders. For more informat