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This release, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. For more information, please visit .Ĭonnect with KRG: LinkedIn | Twitter | Instagram | Facebook open-air shopping centers and mixed-use assets, comprising over 30 million square feet of gross leasable space. As of September 30, 2021, proforma for the merger, the company owned interests in 185 U.S. Using operational, investment, development, and redevelopment expertise, KRG continuously optimizes its portfolio to maximize value and return to shareholders. Publicly listed since 2004, KRG has nearly 60 years of experience in developing, constructing and operating real estate. The combination of necessity-based grocery-anchored neighborhood and community centers, along with vibrant mixed-use assets makes the KRG portfolio an ideal mix for both retailers and consumers. The company’s primarily grocery-anchored portfolio is located in high-growth warmer and cheaper markets and select strategic gateway markets. Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust (REIT) headquartered in Indianapolis, IN that is one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use assets. acted as exclusive financial advisor and Goodwin Procter LLP acted as legal advisor to RPAI. Hogan Lovells US LLP acted as legal advisor to KRG. acted as lead financial advisor to KRG, with KeyBanc Capital Markets Inc.

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As of the effective time of the merger, each share of RPAI’s common stock was cancelled and converted into the right to receive 0.623 KRG common shares, plus cash in lieu of fractional shares, pursuant to the merger agreement, and RPAI’s common stock will no longer trade on the NYSE.īofA Securities, Inc. The common shares of the combined company continue to trade under the symbol “KRG” on the NYSE. The completion of the transaction follows the satisfaction of all conditions to the closing of the merger, including receipt of approvals of the merger by KRG shareholders and RPAI stockholders. While the financial and operational synergies are extremely compelling, we are most passionate about the quality of the underlying real estate.” We have already completed significant steps in our integration and are well-positioned to continue capitalizing on the strong leasing environment. The merger will generate immediate earnings accretion and will drive further long-term value to our shareholders. “The resulting open-air portfolio has a productive mix of properties predominantly located in high-growth warmer and cheaper markets, while also increasing our presence in strategic gateway markets. “We are thrilled to announce the successful completion of the transformational merger with RPAI, creating a top 5 open-air shopping center REIT” said John A. The combined company will continue to be led by KRG Chairman and CEO John A. The merger is not only expected to be immediately FFO and NAV accretive, but the combined company has additional opportunities to further increase shareholder value including optimizing NOI margins, leasing of pandemic-related vacancy, lowering the company’s cost of capital, and completing select developments.

The merger serves to more than double KRG’s presence in high-growth warmer and cheaper markets, while also introducing and enhancing KRG’s presence in strategic gateway markets. The combined high-quality, open-air portfolio is a mixture of predominantly necessity-based, grocery-anchored neighborhood and community centers, combined with vibrant mixed-use assets. (NYSE: RPAI), a first-class owner and operator of high-quality open-air and mixed-use shopping centers, whereby RPAI merged into a subsidiary of KRG, with KRG continuing as the surviving public company. 22, 2021 (GLOBE NEWSWIRE) - Kite Realty Group Trust (NYSE: KRG), a premier owner and operator of high-quality open-air, grocery-anchored shopping centers, announced today the completion of its previously announced merger with Retail Properties of America, Inc.

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