Indianapolis-based Kite Realty Group Trust (NYSE: KRG) shareholders have approved a more than $2 billion merger with Inland Diversified Real Estate Trust Inc. in Illinois. The deal is expected to close early next week. When the plan was announced in April, Chief Executive Officer John Kite told Inside INdiana Business the deal will “substantially” boost the company's portfolio. June 24, 2014
INDIANAPOLIS, Ind. – Kite Realty Group Trust (NYSE:KRG) (“Kite Realty”) announced that at its special meeting held today, shareholders overwhelmingly approved the issuance of common shares to stockholders of Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”), pursuant to the definitive merger agreement dated February 9, 2014, and approved an amendment to Kite Realty's Articles of Amendment and Restatement of Declaration of Trust to increase the total number of authorized common shares from 200,000,000 to 450,000,000. Approximately 92.7 percent of the outstanding Kite Realty common shares voted with respect to the issuance of common shares to Inland Diversified stockholders in connection with the merger, with approximately 99.9 percent of the votes cast in favor of this proposal. Approximately 92.7 percent of the outstanding Kite Realty common shares voted with respect to the amendment to increase the total number of authorized common shares, with approximately 98.1 percent of the votes cast in favor of the proposed amendment.
Subject to the satisfaction or waiver of the remaining conditions to closing, the merger is expected to close on or after July 1, 2014. As a result of the merger, each former share of Inland Diversified's common stock will be converted into the right to receive 1.707 newly issued common shares of Kite Realty. Following completion of the merger, the common shares of Kite Realty will continue to trade under the existing ticker symbol “KRG” on the New York Stock Exchange.
About Kite Realty
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust engaged in the ownership, operation, management, leasing, acquisition, construction, redevelopment and development of neighborhood and community shopping centers in selected markets in the United States. At March 31, 2014, the company owned interests in a portfolio of 68 operating and redevelopment properties totaling approximately 11.8 million square feet and two properties currently under development totaling 0.7 million square feet. For more information, please visit the company’s website at www.kiterealty.com.
Source: Kite Realty Group Trust