INDIANAPOLIS--(BUSINESS WIRE)--Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today that it has closed on the sale of 13.9 acres and entered into a site development agreement with Target Corporation at the Company’s New Hill Place development in Holly Springs, North Carolina (Raleigh MSA). Target will anchor the first phase of the project in a 135,000 square foot building.
Construction at the development will commence in the spring of 2012. In addition to Target, the center will be anchored by Dick’s Sporting Goods, Marshall’s, Michael’s, and Petco. Upon completion of the development, the center will total approximately 375,000 square feet.
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust engaged in the ownership, operation, management, leasing, acquisition, construction management, redevelopment and development of neighborhood and community shopping centers in selected markets in the United States. At December 31, 2011, the Company owned interests in a portfolio of 63 operating and redevelopment properties totaling approximately 9.0 million square feet and an additional two properties currently under development totaling 0.4 million square feet.
Safe Harbor
This press release contains certain statements that are not historical fact and may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including, without limitation: national and local economic, business, real estate and other market conditions, particularly in light of the recent recession; 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 (“REIT”) for federal income tax purposes; potential environmental and other liabilities; impairment in the value of real estate property the Company owns; risks related to the geographical concentration of our properties in Indiana, Florida and Texas; and other factors affecting the real estate industry generally. The Company refers you the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, 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 (including the FFO and net income estimates), whether as a result of new information, future events or otherwise.