Kite Realty Group Enhances Financial Flexibility with $1.1 Billion Credit Facility Recast

INDIANAPOLIS, Oct. 08, 2024 (GLOBE NEWSWIRE) — Kite Realty Group Trust (NYSE: KRG), a leading owner and operator of open-air grocery-anchored centers and vibrant mixed-use assets, has successfully recast its $1.1 billion unsecured revolving credit facility and amended its $250 million unsecured term loan facility as of October 3, 2024.

Key Details of the Financial Amendments

• Extended Maturity Date: The revolving credit facility now extends three additional years, maturing on October 3, 2028, with options for further extension by either one 1-year period or up to two 6-month periods, contingent upon an extension fee and other standard conditions.

• Leverage Toggle Feature: The facility incorporates a Leverage Toggle, allowing Kite Realty Group to benefit from more favorable pricing when the company meets specific total leverage ratio targets.

• Interest Rate Adjustments: The term loan facility’s interest rate margin has been reduced, with interest now accruing at Adjusted Term SOFR plus a margin from 0.75% to 1.60%, a significant decrease from the previous 2.00% to 2.50% range. The maturity date remains October 24, 2028, assuming all extension options are exercised.

KeyBank National Association has been designated as the Administrative Agent for these financial agreements.

About Kite Realty Group

Kite Realty Group Trust is a prominent real estate investment trust (REIT) based in Indianapolis, IN, and one of the largest publicly traded entities in its sector. With a focus on grocery-anchored shopping centers and mixed-use properties in high-growth Sun Belt and strategic gateway markets, KRG’s portfolio is strategically positioned to attract both retailers and consumers. Since its public listing in 2004, Kite Realty has leveraged over six decades of real estate expertise to enhance its portfolio and deliver value to its shareholders.

As of June 30, 2024, Kite Realty Group owned interests in 178 U.S. open-air shopping centers and mixed-use assets, totaling approximately 27.6 million square feet of gross leasable area. For further information, visit kiterealty.com.

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Contact Information

Kite Realty Group Trust Tyler Henshaw, SVP, Capital Markets & Investor Relations Phone: 317.713.7780 Email: thenshaw@kiterealty.com