S&P Upgrades Kite Realty Group Trust’s Rating Outlook to ‘Positive’ from ‘Stable’
26 Setembro 2023 - 9:15AM
Kite Realty Group Trust (NYSE: KRG) announced today that S&P
Ratings (“S&P”) revised its rating outlook for KRG to
‘Positive’ from ‘Stable’ and affirmed the Company’s ratings,
including the ‘BBB-’ Issuer Credit Rating.
In its public announcement on the matter,
S&P cited “Kite Realty Group Trust deleveraged its balance
sheet in recent quarters, in part, from its strong operating and
financial performance since its merger with RPAI” and noted “that
Kite’s lease expirations are manageable over the next two years,
which will likely support occupancy levels and cash flow
stability.”
About Kite Realty Group
Trust
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. The Company’s
primarily grocery-anchored portfolio is located in high-growth Sun
Belt and select strategic gateway markets. 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. Publicly
listed since 2004, KRG has nearly 60 years of experience in
developing, constructing and operating real estate. Using
operational, investment, development, and redevelopment expertise,
KRG continuously optimizes its portfolio to maximize value and
return to shareholders. As of June 30, 2023, the Company owned
interests in 181 U.S. open-air shopping centers and mixed-use
assets, comprising approximately 28.6 million square feet of gross
leasable space. For more information, please visit
kiterealty.com.
Connect with
KRG: LinkedIn | Twitter | Instagram | Facebook
Safe Harbor
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 (the “Securities Act”) 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, banking, real estate and other market conditions,
particularly in connection with low or negative growth in the U.S.
economy as well as economic uncertainty (including a potential
economic slowdown or recession, rising interest rates, inflation,
unemployment, or limited growth in consumer income or spending);
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, the Company’s
indebtedness; the level and volatility of interest rates; the
financial stability of tenants; the competitive environment in
which the Company operates, including potential oversupplies of and
reduction in demand for rental space; acquisition, disposition,
development and joint venture risks; property ownership and
management risks, including the relative illiquidity of real estate
investments, and expenses, vacancies or the inability to rent space
on favorable terms or at all; the Company’s ability to maintain the
Company’s status as a real estate investment trust for U.S. federal
income tax purposes; potential environmental and other liabilities;
impairment in the value of real estate property the Company owns;
the attractiveness of our properties to tenants, the actual and
perceived impact of e-commerce on the value of shopping center
assets and changing demographics and customer traffic patterns;
business continuity disruptions and a deterioration in our tenant’s
ability to operate in affected areas or delays in the supply of
products or services to us or our tenants from vendors that are
needed to operate efficiently, causing costs to rise sharply and
inventory to fall; risks related to our current geographical
concentration of the Company’s properties in Texas, Florida,
Maryland, New York, and North Carolina; civil unrest, acts of
violence, terrorism or war, acts of God, climate change, epidemics,
pandemics (including COVID-19), natural disasters and severe
weather conditions, including such events that may result in
underinsured or uninsured losses or other increased costs and
expenses; changes in laws and government regulations including
governmental orders affecting the use of the Company’s properties
or the ability of its tenants to operate, and the costs of
complying with such changed laws and government regulations;
possible short-term or long-term changes in consumer behavior due
to COVID-19 and the fear of future pandemics; our ability to
satisfy environmental, social or governance standards set by
various constituencies; insurance costs and coverage; risks
associated with cybersecurity attacks and the loss of confidential
information and other business disruptions; other factors affecting
the real estate industry generally; our ability to enhance the
quality of our tenants and redefine our long-term embedded growth
profile; and other risks identified in reports the Company files
with the Securities and Exchange Commission (“the SEC”) or in other
documents that it publicly disseminates, including, in particular,
the section titled “Risk Factors” in the Company’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2022, and in the
Company’s quarterly reports on Form 10-Q. The Company 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
Tyler HenshawSVP, Capital Markets & Investor
Relations317.713.7780thenshaw@kiterealty.com
Kite Realty (NYSE:KRG)
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