11/21/2023 0 Comments Kite realty group headquarters![]() 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 The Goodwin team was led by Blake Liggio, Gil Menna and Daniel Adams.įor additional details on the merger agreement, please read the press release.KITE REALTY GROUP TRUST ENTERS INTO A DEFINITIVE AGREEMENT As of March 31, 2021, RPAI owned 102 retail operating properties in the United States representing 19.9 million square feet. Retail Properties of America is a REIT that owns and operates high quality, strategically located open-air shopping centers, including properties with a mixed-use component. ![]() ![]() The company will retain the Kite Realty Group name and trademarks and will continue to trade under the NYSE symbol KRG. Upon completion of the merger, the company’s headquarters will remain in Indianapolis, Indiana. The KRG management team will lead the combined company, with John Kite as Chief Executive Officer, Thomas McGowan as President and Chief Operating Officer and Heath Fear as Chief Financial Officer. The transaction was unanimously approved by the Board of Trustees of KRG and the Board of Directors of RPAI. The parties expect the transaction to close during the fourth quarter of 2021 subject to customary closing conditions, including the approval of both KRG and RPAI shareholders. The combined company is expected to have an equity market capitalization of approximately $4.6 billion and a total enterprise value of approximately $7.5 billion upon the closing of the transaction assuming a KRG stock price of $20.83, which was the closing price on July 16, 2021. The strategic transaction joins together two high-quality portfolios with complementary geographic footprints creating a top five shopping center REIT by enterprise value. The REITs and Real Estate M&A team advised Retail Properties of America (NYSE: RPAI) in its definitive merger agreement with Kite Realty Group Trust (NYSE: KRG) under which RPAI would merge into a subsidiary of KRG, with KRG continuing as the surviving public company.
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