Kite Realty negotiates $50 million at-the-market offering of shares

Deal's proceeds to be used to pay off debt and fund corporate purposes

By Devika Patel

Knoxville, Tenn., March 9 - Kite Realty Group Trust negotiated five at-the-market equity sales agreements for a total of $50 million on March 9, according to a prospectus supplement and 8-K filed Friday with the Securities and Exchange Commission.

The agents, comprised of Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, KeyBanc Capital Markets Inc., Raymond James & Associates, Inc. and Wells Fargo Securities, LLC, will sell the company's common shares of beneficial interest.

The company will contribute the proceeds to its operating partnership, which will then use the funds to repay debt under a revolving credit facility, for future acquisitions and for other general corporate and working capital purposes.

The owner and operator of shopping centers and commercial real estate is based in Indianapolis.

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