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Wired News - Kite Realty Sells Two Shopping Centers; Set to Exit the Alabama Market

LONDON, UK / ACCESSWIRE / March 20, 2018 / Active-Investors.com has just released a free research report on Kite Realty Group Trust (NYSE: KRG) (''Kite Realty''). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=KRG as the Company's latest news hit the wire. On March 16, 2018, the Company, which is a leading full-service, vertically-integrated real estate investment trust (REIT), announced the sale of its two shopping centers for $63 million in gross proceeds, which, according to the Company, were used to pay down its unsecured revolving line of credit. Kite Realty stated that the sale of these non-core assets in secondary markets represented its deleveraging strategy as it continued to improve the quality of its portfolio. Register today and get access to over 1000 Free Research Reports by joining our site below:

www.active-investors.com/registration-sg

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Kite Realty Group Trust most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=KRG

The Announcement

Under the terms of the agreement, Kite Realty sold Trussville Promenade, a 463,863 square foot power center located in Birmingham, Alabama, that, according to the Company, is anchored by Walmart, Regal Cinemas, Big Lots, Marshall's, and Ross Dress for Less. Moreover, the Company also sold Memorial Commons, a 111,022 square foot property located in Goldsbro, NC, that is anchored by Harris Teeter and Office Depot. The Company added that the two centers had average base rents and demographics well below those for the balance of its portfolio. This sale signified the Company's exit from the Alabama market.

The Company viewed the announcement as a step under its strategy to maximize the cash flow from its operating properties. As of December 31, 2017, Kite Realty owned interest in 117 operating and redevelopment properties, totaling over 23.3 million square feet; and two development projects currently under construction. The Company further stated that the new investments were focused in the shopping center sector, primarily in markets where it believes it can leverage its existing infrastructure and relationships to generate risk-adjusted returns. Kite Realty stated that the dispositions were generally designed to increase the quality of its portfolio and to strengthen its balance sheet.

Company Growth Prospects

Recently, on March 13, 2018, Kite Realty announced that Nordstrom Rack opened at Portofino Shopping Center, in Houston, Texas. The 27,252 square feet Nordstrom Rack joined several existing anchors, including T.J. Maxx, DSW, Michaels, PGA Superstore, Old Navy, and PetSmart. The development of the Portofino Shopping Center comes in the light of the recent Redevelopment, Repurpose, and Reposition initiative by the Company, which also included the recent addition of 13,000 square feet from the construction of two standalone buildings.

The Company added that Nordstrom Rack would be a great addition to its Portofino Shopping Center, while it would join a strong lineup of national retailers and shops, elevating the high-quality merchandising mix and optimized shopper experience. The Portofino Shopping Center, according to Kite Realty, is located 30 miles of North of Downtown Houston in the suburban community of Shenandoah.

Stock Performance Snapshot

March 19, 2018 - At Monday's closing bell, Kite Realty Group Trust's stock dropped 1.45%, ending the trading session at $14.94.

Volume traded for the day: 856.96 thousand shares, which was above the 3-month average volume of 764.29 thousand shares.

Stock performance in the last month - up 0.07%

After yesterday's close, Kite Realty Group Trust's market cap was at $1.25 billion.

Price to Earnings (P/E) ratio was at 105.21.

The stock has a dividend yield of 8.50%.

The stock is part of the Financial sector, categorized under the REIT - Retail industry.

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