![]() As of September 30, 2018, KRG owned interests in 115 operating and redevelopment properties totaling approximately 22.4 million square feet and one development project (0.5 million square feet) currently under construction. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders. We connect consumers to tenants in desirable markets through our portfolio of neighborhood, community, and lifestyle centers. Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. With another 10 box deals representing approximately 285,000 square feet under LOI or in active negotiations, we are feeling optimistic about 2019.” “Our 2018 big box leasing numbers were made possible by a top-notch leasing team and continued anchor demand in Kite’s well-located shopping centers. ![]() McGowan, President and Chief Operating Officer. “Success in this business is all about the quality of your people and the quality of your real estate,” said Thomas K. ![]() Of the approximately 250,000 square feet vacated by Toys R Us, KRG has executed four leases representing approximately 100,000 square feet and entered into two letters of intent representing approximately 60,000 square feet.New tenants include REI at Belle Isle in Oklahoma City, OK Sprouts at Miramar Square in Miramar, FL Old Navy at Mullins Crossing in Augusta, GA and HomeGoods at Centennial Center in Las Vegas, NV. KRG executed 12 anchor leases representing approximately 297,000 square feet at blended comparable releasing spreads of 8.4% and GAAP releasing spreads of 15.4%.Executed a new $52 million ($10.4 million at share) fixed-rate (4.09%) mortgage loan in connection with the TH Real Estate joint venture.Ģ018 Transactional Sources and Uses Summary 1: Sourcesġ All amounts represented are in millions of dollars.Ģ Inclusive of the $10 million of mortgage proceeds in connection with the TH transaction.ģ $50 million sourced from the new 10-year term loan and $55 million sourced from asset sales.Executed an interest rate hedge that resulted in a blended fixed rate of 4.75% for 7 years.Laddered the debt maturity schedule so that no more than 20% of KRG’s debt comes due in any single calendar year (vs.Prepaid $50 million of a $200 million five-year term loan due in 2021.Fully retired a $200 million seven-year term loan due in 2022 (LIBOR plus 160 basis points).Extended the weighted average maturity of KRG’s debt portfolio by a full year (6.0 years vs.Executed an industry pioneering $250 million ten-year unsecured term loan in Q4 that accomplished the following:.Recast the unsecured revolving credit facility in Q2, which increased the borrowing capacity to $600 million, reduced the effective credit spread by 30-45 bps based on the leverage grid, and extended the term to April 2023.Executed a $22 million buyout of the minority members in a joint venture involving six retail properties in Las Vegas, NV (Cannery Corner, Centennial Center, Centennial Gateway, Eastern Beltway, Eastgate Plaza, and Lowe’s Plaza).Livingston Shopping Center New York/Northern New Jersey MSA (Q3).Entered into a strategic joint venture with TH Real Estate (formerly known as TIAA) by selling an 80% interest in three core retail assets resulting in gross proceeds of approximately $89 million at a blended capitalization rate of 5.95%.The operating retail assets had a weighted average retail ABR of $12.23, 27% lower than the current operating portfolio ABR of $16.84. The blended capitalization rate was approximately 8.0%. Lake Lofts at Deerwood Jacksonville, FL MSA (Q4).Fox Lake Crossing Chicago, IL MSA (Q4).Hamilton Crossing Knoxville, TN MSA (Q4).Memorial Commons Goldsboro, NC MSA (Q1).Trussville Promenade Birmingham, AL Metropolitan Statistical Area (“MSA”) (Q1).Sold seven non-core assets for a combined $125 million:.“We fully intend to continue this trend into 2019, and our team is poised to swiftly execute on all fronts.” Kite, Chairman and Chief Executive Officer. “Our transactional and leasing accomplishments in 2018 are a testament to Kite’s ongoing commitment to improve the quality of our retail portfolio, strengthen our balance sheet and deepen our relationships with blue-chip institutional partners,” said John A. During this time period, KRG also completed approximately $22 million in acquisitions and $900 million in total capital markets activity. 08, 2019 (GLOBE NEWSWIRE) - Kite Realty Group Trust (NYSE: KRG) announced today that, for calendar year 2018, it completed approximately $214 million in dispositions and executed 12 box leases for approximately 297,000 square feet.
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