May 7, 2019
Indianapolis-based Kite Realty Group Trust reported a number of asset dispositions as part of its first quarter update. Subsequent to quarter end, it sold four non-core assets for $121.3 million, for total sales to date of $134.8 million. The REIT also placed under contract an additional $162.4 million in dispositions.
Kite Realty Group Trust’s John A. Kite says, “We had an extremely productive quarter on the leasing front, executing 95 deals for approximately 642,000 square feet, which is more than a 30% increase in GLA volume compared to Q4 2018. As for our disposition efforts, we have closed $135 million to date and have made significant strides toward our goal of generating between $350 – $500 million of sales before year end.”
Kite also sold one non-core asset for $13.5 million, and acquired the Pan Am Parking Garage in Indianapolis for $29.5 million.
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