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Kite Realty raises $217.3M in secondary share offering

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Kite Realty Group Trust has closed on a secondary public offering in which it raised $217.3 million to help fund its recent purchase of nine retail properties.

The Indianapolis-based real estate investment trust said Wednesday afternoon that it sold 36.8 million common shares at $6.16 each.

It will use the net proceeds from the offering to repay $64.2 million of debt, and the rest to fund part of the $307 million purchase of the nine Southern retail properties that the company announced Nov. 6.

The acquisition bumped up Kite’s portfolio by about 20 percent in size and value. As of Sept. 30, the portfolio of properties to be acquired was 92.3-percent leased, Kite said.

Outside of the announced acquisition, Kite owns interests in 62 properties totaling 9.5 million square feet with a value of $1.5 billion. The company also has three properties totaling 1.2 million square feet under development.

Its shares increased 12 cents, to $6.68 each, during mid-morning trading Thursday.
 

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