Kite Realty Group Announces Daniel R. Sink to Step Down as Chief Financial Officer
April 23 2018 - 4:15PM
Kite Realty Group Trust (NYSE:KRG) (the “Company”) announced today
that Daniel R. Sink, Executive Vice President and Chief Financial
Officer (“CFO”), will be leaving the Company when his employment
agreement expires on June 30, 2018. Mr. Sink has served in his
current role since the Company’s initial public offering in 2004,
and he will be assisting with the transition until his contract
expires.
“Dan has been a great colleague and friend over
the last 20-plus years,” said John Kite, Chief Executive Officer.
“We have been through a lot together, and I have really enjoyed
working with him. I look forward to seeing what Dan does next in
life, and I have no doubt that he will continue to succeed and play
an important role in whatever he does.”
Mr. Sink stated that he plans to pursue other
personal and professional interests. “I am honored to have had the
chance to work with John, his dad – Al – and all of the other Kite
teammates who have made such great contributions over the years. I
appreciate the opportunities that they gave to me, and I will
always look back fondly at my years here at Kite.”
The Company is in the process of searching for a
new CFO. Mr. Sink has confirmed that his decision to leave is not
due to any disagreements with the Company with respect to any
matter, including but not limited to any accounting-related policy
or matter.
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
December 31, 2017, we owned interests in 117 operating and
redevelopment properties totaling approximately 23.3 million square
feet and two development projects 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. For more information, please visit the
Company’s website at www.kiterealty.com.
Safe Harbor
Certain statements in this document that are not
historical fact may constitute forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such statements
are based on assumptions and expectations that may not be realized
and are inherently subject to risks, uncertainties and other
factors, many of which cannot be predicted with accuracy and some
of which might not even be anticipated. Future events and actual
results, performance, transactions or achievements, financial or
otherwise, may differ materially from the results, performance,
transactions or achievements, financial or otherwise, expressed or
implied by the forward-looking statements. Risks, uncertainties and
other factors that might cause such differences, some of which
could be material, include, but are not limited to: national and
local economic, business, real estate and other market conditions,
particularly in light of low growth in the U.S. economy as well as
economic uncertainty caused by fluctuations in the prices of oil
and other energy sources and inflationary trends or outlook;
financing risks, including the availability of, and costs
associated with, sources of liquidity; the Company’s ability to
refinance, or extend the maturity dates of, its indebtedness; the
level and volatility of interest rates; the financial stability of
tenants, including their ability to pay rent and the risk of tenant
bankruptcies; the competitive environment in which the Company
operates; acquisition, disposition, development and joint venture
risks; property ownership and management risks; the Company’s
ability to maintain its status as a real estate investment trust
for federal income tax purposes; potential environmental and other
liabilities; impairment in the value of real estate property the
Company owns; the impact of online retail competition and the
perception that such competition has on the value of shopping
center assets; risks related to the geographical concentration of
the Company’s properties in Florida, Indiana and Texas; insurance
costs and coverage; risks associated with cybersecurity attacks and
the loss of confidential information and other business
interruptions; and other factors affecting the real estate industry
generally. The Company refers you to the documents filed by the
Company from time to time with the SEC, specifically the section
titled “Risk Factors” in the Company’s and the Operating
Partnership’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2017, which discuss these and other factors that could
adversely affect the Company’s results. The Company undertakes no
obligation to publicly update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise.
Contact
Information:
Kite Realty Group
Trust
Dan Sink, Chief Financial
Officer
(317) 577-5609dsink@kiterealty.com
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