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Grimes, CEO of Retail Properties of America Inc. 'Joining forces with Kite Realty Group is the right long-term decision for our company in order to continue the creation of long-term benefit for our shareholders,' said Steven P. shareholders are expected to own roughly 60%.

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On a pro forma basis, following the closing of the transaction, Kite Realty Group shareholders are expected to own approximately 40% of the combined company’s equity. Under the terms of the agreement, the merger will be 100% stock for stock. Retailers, he said, have taken notice as demand has accelerated for real estate owned by the two companies. Kite said it became evident during the pandemic that consumers solidified their use of physical brick–and-mortar locations as both fulfillment centers for online orders and as destinations to receive shipped items. Retail consumers continue to realize the ease and amenities that open after shopping centers offer.' Tenant demand and leasing value remains strong for both companies. 'In fact, open air shopping centers are thriving. Entering a post-Covid world, one thing is for certain the retail post-apocalypse narrative was unwarranted,' Kite said in a conference call following the initial announcement of the merger, adding that consumers embraced curbside pick-up of online retail orders during the pandemic's economic shutdown. 'Prior to Covid, the retail apocalypse headlines lingered, despite solid operations. It will have an average base rent of $19.29.

The combined company will have more diverse retail properties. But, the companies also expect the merger will bolster its presence in Dallas, Atlanta, Houston and Austin while creating a meaningful presence in other strategic gateway markets such as Washington D.C., New York, and Seattle. These properties are primarily located in “warmer and cheaper” metro markets in the United States, with 70% of centers by annualized base rent having a grocery component. The transaction would create an operating portfolio of 185 open-air shopping centers comprising approximately 32 million square feet of owned gross leasable area. expect the merger to have both operational and financial benefits. Kite, the CEO, said the companies expect to realize immediate cash expense synergies of $27 million to $29 million. Kite and Retail Properties of America Inc. The combined company will have durable cash flows, operational upside and external value creation opportunities.' “The combination of our firms brings together two high-quality, complementary portfolios. Kite, chairman and CEO of Kite Realty Group, said in a news release. 'This merger marks a momentous day for KRG and our shareholders,” John A. The combined company is expected to have an estimated value of $7.5 billion after the merger and is projected to be the fifth largest open-air shopping center REIT by enterprise value in the U.S. Indianapolis-based Kite Realty Group Trust announced Monday that it plans to merge with Oak Brook, Illinois, real estate investment trust Retail Properties of America Inc.Īccording to a news release, the two companies have entered into a definitive merger agreement under which RPAI would merge into a subsidiary of Kite Realty Group, with Kite continuing as the surviving public company. It will help you by bringing back customers again and again to satisfy their craving for authenticity.Watch Video: Why it's hard to buy a home in Central Indiana Our commitment to quality, freshness and authenticity has helped us win Best Sub and Best Sandwich Awards in virtually every market we serve. Our cheese steaks are fresh grilled while you wait along with onions and peppers for that authentic Philly taste.

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