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Kite Realty Group Trust Announces Closing Of Common Share Offering

Stocks in this article: KRG

Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today that it has closed its underwritten public offering of 36,800,000 of its common shares of beneficial interest (“Common Shares”), including 4,800,000 Common Shares pursuant to the exercise in full by the underwriters of their option to purchase additional shares. The Company estimates that the net proceeds from this offering, after deducting the underwriting discount and estimated offering expenses payable by the Company, were approximately $217.3 million.

The Company intends to use the net proceeds from this offering initially to repay approximately $64.2 million of outstanding indebtedness under the Company’s unsecured revolving credit facility and the remainder to fund a portion of the purchase price of the previously announced acquisition of a portfolio of nine retail properties from an institutional seller (the “Portfolio Acquisition”) and related transaction expenses. Such net proceeds that initially are used to repay outstanding indebtedness under the unsecured revolving credit facility are expected to be redeployed to fund a portion of the purchase price of the Portfolio Acquisition and related transaction expenses. Any remaining proceeds will be used for general corporate purposes, the acquisition and development of properties, other opportunistic investments and the repayment of debt.

BofA Merrill Lynch, KeyBanc Capital Markets, Barclays and Wells Fargo Securities served as the joint book-running managers for this offering. Citigroup, Evercore, J.P. Morgan and Raymond James served as the senior co-managers for this offering and Huntington and Janney Montgomery Scott served as the co-managers for this offering.

The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission, which became effective on January 11, 2012. A preliminary prospectus supplement relating to the offering has been filed with the Securities and Exchange Commission.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering may be made only by means of a prospectus and related prospectus supplement. Copies of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained from BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attn: Prospectus Department, or by email at dg.prospectus_requests@baml.com; or from KeyBanc Capital Markets, Attention: Prospectus Delivery Department, 127 Public Square, 4th Floor, Cleveland, Ohio 44114, or by calling (800) 859-1783; or from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Barclaysprospectus@broadridge.com, or by calling (888) 603-5847; or from Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York, 10152, at (800) 326-5897 or by emailing a request to cmclientsupport@wellsfargo.com.

About Kite Realty Group Trust

Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust engaged in the ownership, operation, management, leasing, acquisition, construction, redevelopment and development of neighborhood and community shopping centers in selected markets in the United States. At September 30, 2013, the Company owned interests in a portfolio of 62 operating and redevelopment properties totaling approximately 9.5 million square feet and three properties currently under development totaling 1.2 million square feet.

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