INDIANAPOLIS, April 20, 2020 (GLOBE NEWSWIRE) -- Kite Realty Group Trust (NYSE:KRG) announced today the launch of its KRG Small Business Loan program. The program, exclusively for KRG tenants, is designed to provide expedited, low-interest loans to select KRG small-business tenants to help navigate the current environment.
“We have many small businesses in our shopping centers who have made every effort to make it through this crisis, but who need additional funds to cover expenses until they are able to fully re-open,” said John Kite, Chairman and CEO of Kite Realty Group. “This program is designed to supplement other available sources to help them pay employees, vendors, and other expenses. Our small-shop, local tenants are an extremely important part of our business and our local communities, and we will continue to look for creative ways to help them through this period.”
The program in aggregate will provide up to $5 million in total assistance and allow KRG small business tenants to request a loan amount of up to three months of operating expenses. Applications will be accepted beginning on April 24 through May 1. Loans will be awarded to tenants based on a variety of criteria, including credit history, length of tenancy, and financial performance. Full program details can be found at: KRG COVID-19 Resources
A brochure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/269d9a5c-35f7-4477-bd8c-3e26656a4fc9
About Kite Realty Group Trust:
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to retailers in desirable markets through our portfolio of neighborhood, community, and lifestyle centers. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders. As of December 31, 2019, KRG owned interests in 90 operating and redevelopment properties totaling approximately 17.5 million square feet and one development project (0.5 million square feet) currently under construction.
For more information, please visit kiterealty.com.
Safe Harbor:
This supplemental information package, 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 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, real estate and other market conditions, particularly in connection with low or negative growth in the U.S. economy as well as economic uncertainty; potential adverse effects of the COVID-19 pandemic and other potential future outbreaks of infectious diseases on the financial condition, results of operations, cash flows and performance of us and our tenants, real estate, the economy and financial markets; financing risks, including the availability of, and costs associated with, sources of liquidity; our ability to refinance, or extend the maturity dates of, our indebtedness; the level and volatility of interest rates; the financial stability of tenants, including their ability to pay rent and the risk of tenant insolvency and bankruptcy; the competitive environment in which the Company operates; acquisition, disposition, development and joint venture risks; property ownership and management risks; our ability to maintain our 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 actual and perceived impact of e-commerce on the value of shopping center assets; risks related to the geographical concentration of our properties in Florida, Indiana, Texas, Nevada and North Carolina; 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; 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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and in our 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
Heath Fear
EVP, Chief Financial Officer
317.713.2762
hfear@kiterealty.com