Kite Realty Group Trust Reports Only Minimal Damage From Hurricane Irma
September 12 2017 - 4:20PM
Kite Realty Group Trust (NYSE:KRG) (“the Company”) is providing an
update on the impact of Hurricane Irma on the Company’s properties
in Florida. Based on initial assessments, the Company’s properties
did not sustain any material damage from the hurricane. More
thorough inspections will be performed in the coming days to
confirm these results.
“We are fortunate that our centers remained
intact and did not sustain significant damage,” said John Kite,
Chief Executive Officer. “Our thoughts are with the people affected
by both Hurricanes Irma and Harvey, and we are working to get all
of our centers back open and operating so that our communities can
recover and rebuild as quickly as possible. At the same time,
through our Kite Cares outreach program, we will be donating to
local and national charities to assist with these efforts.”
About Kite Realty Group
Trust
Kite Realty Group Trust is a full-service,
vertically integrated real estate investment trust (REIT) engaged
primarily in the ownership and operation, acquisition, development
and redevelopment of high-quality neighborhood and community
shopping centers in select markets in the United States. As of June
30, 2017, we owned interests in 117 operating and redevelopment
properties totaling approximately 23.1 million square feet and one
development project currently under construction.
Our strategy is to maximize the cash flow of our
operating properties, successfully complete the construction and
lease-up of our redevelopment and development portfolio, and
identify additional opportunities to acquire or dispose of
properties to further strengthen the Company. New investments are
focused in the shopping center sector primarily in markets where we
believe we can leverage our existing infrastructure and
relationships to generate attractive risk-adjusted returns or
otherwise in desirable trade areas. Dispositions are generally
designed to increase the quality of our portfolio and to strengthen
the Company’s balance sheet.
Contact Information:Dan SinkEVP & CFO(317)
577-5609dsink@kiterealty.com
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