![]() ![]() These properties are primarily located in Warmer andĬheaper metro markets in the United States with 70% of centers by annualized base rent (∺BR) having a grocery component. Operating portfolio of 185 open-air shopping centers comprised of approximately 32 million square feet of owned gross leasable area. The transaction was unanimously approved by the Board of Trustees of KRG and the Board of Directors of RPAI. The parties expect the transaction to close during the fourth quarter of 2021 subject to customary closing conditions, including the approval of both KRG and RPAI KRG anticipates assuming all RPAI debt and has obtained a financing commitment to provide a $1.1 billion term loan bridge facility in the eventĬertain debt consents cannot be obtained prior to the closing of the transaction. The combined companys equity and RPAI shareholders are expected to own approximately 60%. On a pro forma basis, following the closing of the transaction, KRG shareholders are expected to own approximately 40% of Price for KRG on July 16, 2021, this represents a 13% premium to RPAIs closing stock price on July 16, 2021. Merger agreement, each RPAI common share will be converted into 0.6230 newly issued KRG common shares in a 100% stock-for-stock transaction. ![]() Sheet and significant value creation opportunities, is expected to provide a runway to increase long-term value for shareholders. This immediately accretive transaction, paired with a strong balance The combined company is expected to have an equity market capitalization of approximately $4.6 billion and a totalĮnterprise value of approximately $7.5 billion upon the closing of the transaction assuming a KRG share price of $20.83, which was the closing price on July 16, 2021. High-quality portfolios with complementary geographic footprints creating a top five shopping center REIT by enterprise value. The strategic transaction joins together two (NYSE: RPAI) today announced that they have entered into a definitive merger agreement under which RPAI would merge into a subsidiary of KRG, with KRG continuing as the surviving public company. Indianapolis, IN & Chicago, IL (July 19, 2021) - Kite Realty Group Trust (NYSE: KRG) and Retail Properties of America, Inc. Provides Future Value Creation OpportunitiesĬreates a Top 5 Shopping Center REIT by Total Enterprise Value Strengthens High-Quality Open-Air Shopping Center Portfolio Kite Realty Group Trust and Retail Properties of America, Inc.Įxpected to be Immediately Accretive to Earnings per Share While Improving Balance Sheet ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |