Kite Realty Group Trust Announces Quarterly Common Dividend, Update on Quarterly Rent Collections and Repayment of Line of Credit

INDIANAPOLIS, Sept. 14, 2020 (GLOBE NEWSWIRE) -- Kite Realty Group Trust (NYSE: KRG) announced today that its Board of Trustees declared a quarterly cash distribution of $0.08 per common share for the quarter ending September 30, 2020. This distribution will be paid on or about October 9, 2020, to shareholders of record as of October 2, 2020.

As of September 11, 2020, KRG has collected over 89% of third quarter (July and August) base rent and recoveries, exclusive of security deposits. An additional 2% of third quarter base rent and recoveries have been contractually deferred. Currently, September rent collections are on a similar pace to July and August.

Additionally, the Company repaid $50 million of the outstanding balance on its credit facility with cash on hand, thereby lowering the outstanding amount on its $600 million credit facility to $50 million.

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 information, please visit our website at kiterealty.com.

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Safe Harbor

This release, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements.