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.
The deal swells Kite’s roster of properties to more than 130, giving it a higher profile, greater operating efficiencies and more clout in negotiations with tenants.
Revenue jumped to $42.7 million as more of the company’s retail developments became operational. Its acquisition of nine properties in November also contributed to the gain.
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 latest plan to redevelop Pan Am Plaza calls for two hotels, residential units and restaurants spread across two towers as tall as 20 stories each, sources familiar with the details told IBJ.
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 former two-time mayor is better known for politics and public policy, but he spent many of his early years working in his family’s commercial real estate company.
The Indianapolis-based real estate firm said the properties total 2 million square feet and are mostly located in Florida, Georgia and Texas. The acquisition would bump the size and value of Kite’s portfolio by about 20 percent.
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.
The Indianapolis-based real estate investment trust took a $5.4 million non-cash impairment charge relating to a $29.5 million loan default on a retail development in Georgia.
City officials will reveal the winner Tuesday morning from six teams that bid on redeveloping the downtown site. All proposed mixed-use projects, but they ranged in size from eight to 52 stories.
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.
The Indianapolis-based real estate investment trust saw a healthy revenue increase due largely to more signed leases and gains on the sale of three land parcels.
The retail center, off East 82nd Street, near Interstate 465 and Allisonville Road, is fully leased and is anchored by HomeGoods, Burlington Coat Factory and Shoe Carnival.
Indianapolis-based Kite Realty Group Trust engages in the development, construction, acquisition, ownership and operation of shopping centers in the United States.
Having rejuvenated Glendale Town Center and Rivers Edge, Kite is turning its attention to Rangeline Crossing in Carmel.
The Indianapolis-based real estate company disclosed the transactions in its fourth-quarter financial report. Kite said it lost $6.5 million in the quarter on nearly $27 million in revenue.
In December, the Indianapolis-based real estate investment trust bought two shopping centers in Greenville, S.C., using proceeds from its recent $60 million stock sale.
Kite Realty Group Trust Inc. reported higher revenue and a bigger loss during its fiscal third quarter, a busy period during which the company raised $60 million from a share offering and bought one Florida shopping center and sold another.
Kite Realty Group Trust Inc. is selling 10.5 million new shares at $5.20 per share in an offering set to raise at least $52 million for the Indianapolis-based retail developer.
