#Kite realty group headquarters pro#

#Kite realty group headquarters pro#

The companys pro forma net debt to 2014 estimated adjusted EBITDA is expected to improve from 7.3x to 6.5x. The transaction will materially improve Kite Realtys leverage, debt service coverage and other credit metrics. Kite Realty also intends to improve operations and create value through its extensive redevelopment and repositioning capabilities. To 131, and the total portfolio size will increase from 10.1 million owned square feet to 20.3 million owned square feet. The number of Kite Realty properties will increase from 74 The transaction will enable Kite Realty to significantly increase the size and scale of its business in its existing core markets and provides entry into attractive new markets, including Westchester (NY), Bayonne (NJ), Las Vegas (NV), Virginia Beach (VA) and Salt Lake City (UT). The valuation of the transaction is compelling, with a projected 6.6% 2014 estimated cash capitalization rate and an implied purchase price of approximately $195 per square foot, which Kite Realty believes to be significantly below replacement cost. The portfolio, which has high quality assets and a strong tenant base, is located in very desirable markets with higher annualized base rent and enhanced demographics compared to the existing Kite Realty portfolio. Inland Diversifieds portfolio is comprised of 57 retail properties that are 95.3% leased as of December 31, 2013.

High Quality Portfolio with Attractive Valuation.

Kite Realty expects the Merger to result in a number of strategic and financial benefits for Kite Realty shareholders: This transaction will further strengthen our balance sheet and enhance our cash flow, positioning us favorably for future growth and shareholder value creation. With this transaction, we will be able to substantially increase the size and scale of our portfolio in our core markets and enter into attractive new markets. The asset and tenant quality and strong demographic profile will be a great complement to our portfolio. Inland Diversified has assembled a very well located, high quality portfolio. Kite, Kite Realtys Chairman and Chief Executive Officer said, We are extremely pleased to announce what is a transformational transaction for our company. The combined company will have a total equity market capitalization of approximately $2.1 billion and an enterprise value of approximately $3.9 billion, based on the closing trading price of Kite Realtys common shares on February 7, 2014. The Merger brings together two highly complementary shopping center retail portfolios with a combined asset base consisting of 131 properties totaling 20.3 million owned square feet across 26 states. The Merger is currently expected to close late in the second quarter or in the third quarter of 2014, subject to the approval of shareholders of both companies and the satisfaction of other customary closing conditions. (Inland Diversified), pursuant to which Inland Diversified will merge with and into a wholly owned subsidiary of Kite Realty in a stock-for-stock merger with a transaction value of approximately $2.1 billion and an equity value of approximately $1.2 billion (the Merger). INDIANAPOLIS, IN, February 10, 2014 Kite Realty Group Trust (NYSE:KRG) (Kite Realty) announced today that it has signed a definitive merger agreement with Inland Diversified Real Estate Trust, Inc. Kite Realty management to continue to run the combined platform from its Indianapolis headquarters Meaningfully increases Kite Realtys equity market capitalization to $2.1 billion and improves the companys leverage and credit profile Increases Kite Realtys portfolio to 131 properties totaling more than 20 million owned square feet in 26 states with a combined enterprise value of approximately $3.9 billion WITH INLAND DIVERSIFIED REAL ESTATE TRUST TO MERGE IN A STOCK-FOR-STOCK TRANSACTION VALUED AT $2.1 BILLION KITE REALTY GROUP TRUST ENTERS INTO A DEFINITIVE AGREEMENT