The company’s loss of $5.1 million in the second quarter was mostly due to costs from its $1.2 billion acquisition of Inland Diversified Real Estate Trust early this month, the Indianapolis-based company said.
The move will hike the real estate firm’s stock price, combining every four shares into a single share. Kite officials hope a double-digit price will give shares a more stable foundation and an image makeover.
In an interview with IBJ, Kite Realty Group Trust CEO John Kite discusses the $1.2 billion acquisition of Illinois-based Inland Diversified Real Estate Trust, potential redevelopment of Pan Am Plaza and its hopes to keep a branch of the Indianapolis-Marion County Public Library at Glendale Town Center.
Indianapolis-based Kite Realty Group Trust, which is in the midst of a major merger, had decided that the three properties scattered across the country were “non-core assets.”
The local rest estate investment firm says it will use some of the proceeds to repay debt and the rest to fund part of its recent $307 million purchase of nine Southern retail properties.
The Indianapolis-based real estate investment trust said that it lost $900,000 in the quarter, compared with a loss of $3 million during the same period a year earlier.
Shares in U.S. real estate investment trusts fell the most in 19 months Wednesday. Three major REITs, all based in Indianapolis, saw their shares drop on Wednesday.