A fixture in downtown Indianapolis since 1987, the Academy hasn’t yet been evicted from its Pan American Plaza ice rinks,
but it operates under a cloud of uncertainty.
Two sought-after national retail concepts are poised to open their first Indianapolis stores. Kite Realty Group Trust has
recruited Nordstrom Rack and The Container Store as likely anchors of a redevelopment
of Shops at Rivers Edge along 82nd Street at Dean Road.
Developer’s $1.1 million loss in the first quarter reflected lower construction activity and lower gains on land and outlet
sales.
Vacancy rates unseen in 20 years are hampering efforts by developers.
John A. Kite’s total compensation fell to $689,074 last year while the rest of his management team also took deep pay cuts.
Work force reductions, new business structure make leased office space unnecessary. Moves will begin in late June.
Indianapolis-based developer Kite Realty Group Trust turned a small profit in the fourth quarter, but reported a loss in 2009
amid difficult commercial real estate conditions.
The commercial real estate slump is prompting several Indianapolis brokerages to add property-management services to their
portfolios or bolster existing ones.
The Indianapolis area is home to myriad unsung entrepreneurs who run interesting companies, make money and create good jobs.
Here are some of them.
Kite Realty Group Trust reported a 70 percent drop in funds from operations for the quarter ended Sept. 30, after the Indianapolis-based
developer wrote off the entire book value of a Dallas strip center.
Vacancies at U.S. shopping malls and retail strip centers have climbed to steep levels, a trend that Indianapolis-based commercial
real estate companies Simon Property Group Inc. and Kite Realty Group Trust haven’t been able to dodge.
The cash-strapped Indianapolis Airport Authority suddenly can’t look soon enough at developing some of its vast real
estate holdings, including the city’s former passenger terminal. This month, it plans to conduct final contract
negotiations with a firm that would study reuse of the old terminal, adjacent land and other airport holdings.
The CEO of Kite Realty Group Trust last week sold 130,000 shares, or nearly a half-million-dollars worth, of the Indianapolis-based
real estate firm’s common stock.
Kite Realty Group Trust has stuck pretty closely to the REIT recession playbook: Renegotiate debt, sell new shares, cut
dividends, and set the development engine to idle. But as the shares of most publicly traded real estate
investment trusts have bounced back from the lows in March, Kite’s shares have lagged.
Norwood Promotional Products Inc. suggests it’s positioned to sail through bankruptcy, thanks to a pending-sales agreement. But creditors, owed nearly $300 million, are expected to balk.
Here’s more evidence we’re in strange times: Indianapolis’ real estate investment trusts have been issuing hundreds of millions
of dollars of stock at woefully low prices—and getting a pat on the back from their shareholders for doing so.
Kite Realty Group Trust has joined local peers Duke Realty Corp. and Lauth Group Inc. in laying off employees as it copes
with dried-up credit and a soft retail market.
A local real estate developer has emerged as a top contender to buy the 28-story M&I Plaza–potentially at half the
$50 million price the building fetched a decade ago. Paul Kite Co. confirmed it is in talks with Maryland-based
CapitalSource Inc., which took over the struggling office tower in June after foreclosing on a $5 million
mezzanine loan.
