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.

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 community, neighborhood, 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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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.