Kite Realty Group Trust Announces Redevelopment Opportunity for Glendale Town Center
INDIANAPOLIS, Jan. 07, 2019 (GLOBE NEWSWIRE) -- Kite Realty Group Trust (NYSE:KRG) announced that on April 1, 2019, KRG will be recapturing approximately 237,000 square feet of space at Glendale Town Center in Indianapolis, IN. The space is currently occupied by Macy’s.
“Glendale Town Center is a prime example of how great real estate has and will evolve in response to a dynamic retail landscape. We are excited for the opportunity to reimagine a center that has been a mainstay of the Indianapolis community for decades,” said Tom McGowan, President and Chief Operating Officer. “This departure represents a significant mark-to-market opportunity and by reacquiring control of such a central part of the center we’re able to consider a wide variety of options and alternative uses to increase traffic, improve the visitor experience and maximize value of the asset.”
Pre-development studies are currently focused on:
- New retail offerings
- Multi-family uses
- Innovative and community-focused uses
KRG is looking forward to releasing further details upon the conclusion of our pre-development activities.
Glendale Town Center remains anchored by Target, Lowe’s and Landmark Theatres while offering a variety of restaurant and service options.
About Kite Realty Group Trust:
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to tenants in desirable markets through our portfolio of neighborhood, community, and lifestyle centers. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders. As of September 30, 2018, KRG owned interests in 115 operating and redevelopment properties totaling approximately 22.4 million square feet and one development project (0.5 million square feet) currently under construction. For more information, please visit 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; KRG’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 KRG operates; acquisition, disposition, development and joint venture risks; property ownership and management risks; KRG’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 KRG 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 KRG’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. KRG refers you to the documents filed by KRG from time to time with the SEC, specifically the section titled “Risk Factors” in KRG’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 KRG’s results. KRG 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
Bryan McCarthy
SVP, Marketing & Communications
317.713.5692
