Business UpdateJun 16, 2026, 08:16 AM
Kite Realty Acquires 2 Centers for $136M, Sells 6 for $255M, Buys Back Shares
AI Summary
Kite Realty Group announced the completion of significant capital allocation activities, including the acquisition of two high-growth open-air shopping centers for $136 million and the disposition of six lower-growth, non-core assets for $255 million. The company also repurchased an additional 1.7 million common shares for $45.7 million. These strategic moves aim to enhance the growth rate, quality, and durability of cash flows, positioning KRG for long-term value creation.
Key Highlights
- Acquired two open-air shopping centers for a combined purchase price of $136 million.
- Chastain Market (Trader Joe's-anchored) in Sandy Springs, GA, acquired for $71 million.
- Founders Square in Naples, FL, acquired for $65 million.
- Disposed of a six-property portfolio (1.1 million sq ft) for gross proceeds of $255 million.
- Repurchased an additional 1.7 million common shares for $45.7 million at an average price of $26.62 per share.
- Total share repurchases since program inception: 18.6 million shares for $445.7 million at $23.94 per share.
- Reduced exposure to watchlist tenants by 57 spaces, representing over 1 million square feet.
Price Impact
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