Kite Realty Group Announces Pricing of $300 Million Exchangeable Senior Notes Offering

About this update from Kite Realty Group Trust

INDIANAPOLIS, June 30, 2026 (GLOBE NEWSWIRE) -- Kite Realty Group (NYSE: KRG) (the “Company” or “KRG”) announced today that on June 29, 2026 its operating partnership, Kite Realty Group, L.P. (the “Operating Partnership”), priced an offering (the “Offering”) of $300 million aggregate principal amount of 3.25% exchangeable senior notes due 2032 (the “Notes”) in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Operating Partnership also granted the initial purchasers of the Notes an option to purchase up to an additional $45 million aggregate principal amount of Notes. The sale of the Notes is expected to close on July 2, 2026, subject to customary closing conditions. The Notes will be the Operating Partnership’s senior unsecured obligations and will accrue interest payable semi-annually in arrears on April 15 and October 15 of each year, beginning on April 15, 2027, at a rate of 3.25% per year. The Notes will mature on April 15, 2032 (the “Maturity Date”), unless earlier exchanged, repurchased, or redeemed. Prior to the close of business on the business day immediately preceding January 15, 2032, the Notes will be exchangeable into cash up to the principal amount of the Notes exchanged and, if applicable, cash or common shares of beneficial interest, par value $0.01 per share, of the Company (the “Common Shares”) or a combination thereof, only upon certain circumstances and during certain periods. On or after January 15, 2032, the Notes will be exchangeable into cash up to the principal amount of the Notes exchanged and, if applicable, cash or Common Shares or a combination thereof at the option of the holders at any time prior to the close of business on the second scheduled trading day preceding the Maturity Date. The exchange rate will initially equal 28.2466 Common Shares per $1,000 principal amount of the Notes, which is equivalent to an exchange price of approximately $35.40 per Common Share and an exchange premium of approximately 22.5% based on the closing price of $28.90 per Common Share on June 29, 2026. The exchange rate will be subject to adjustment upon the occurrence of certain events, but it will not be adjusted for any accrued and unpaid interest. The Operating Partnership may redeem the Notes, at its option,...

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