Shares in WP Glimcher Inc. fell nearly 7 percent Monday after the Columbus-based retail landlord refuted reports it was involved in merger negotiations with Indianapolis-based Kite Realty Group Trust.
At least one industry analyst that follows Indianapolis-based Kite Realty said a union between the two companies wouldn’t make sense, given that most of Kite’s properties are strip centers and WP Glimcher’s are shopping malls.
Indianapolis-based Kite Realty Group Trust is in merger talks with fellow retail landlord WP Glimcher Inc., Reuters reported late Wednesday, citing people familiar with the matter.
Kite Realty Group Trust is planning to turn the retail center on the southwest corner of 116th Street and Rangeline Road in Carmel “inside out.”
Indianapolis-based Kite Realty Group Trust on Thursday reported funds from operations and revenue that beat the predictions of analysts.
Kite Realty Group Trust is preparing to replace one of its struggling Carmel retail strips with a mixed-use development, but the firm has released few details about the project.
Kite Realty Group Trust on Thursday reported quarterly results that matched or exceeded the predictions of Wall Street analysts.
The Indianapolis-based real estate company said it had funds from operations of $43.9 million in the period, slightly beating Wall Street expectations.
Indianapolis-based Kite Realty Group Trust reported quarterly profit that beat analyst expectations and raised its guidance for the year.
The Indianapolis-based real estate company earned first-quarter profit of $5.1 million and revenue of $86.8 million, which more than doubled from the same period last year.
Shares of real estate investment trusts Duke, Kite and Simon have all hit 52-week highs this month, with Simon climbing above $200 for the first time since the company went public.
The Indianapolis-based real estate investment trust said the 81,000-square-foot shopping center was fully occupied and would build on its presence in the tourism mecca.
The real estate company’s loss of $16.4 million in the third quarter was due to costs from its $1.2 billion acquisition of Inland Diversified Real Estate Trust in July.
Indianapolis-based Kite Realty Group Trust engages in the development, construction, acquisition, ownership and operation of shopping centers in the United States. It also provides real estate management and advisory services to third parties.
Kite Realty Group Trust has created the position of executive vice president, general counsel and corporate secretary and has brought aboard Scott E. Murray to fill it.
Kite Realty Group Trust’s stock fetched $25 on Tuesday, an increase of more than 300 percent from the previous close, after the company’s split took effect.
The company’s loss of $5.1 million in the second quarter was mostly due to costs from its $1.2 billion acquisition of Inland Diversified Real Estate Trust early this month, the Indianapolis-based company said.
The move will hike the real estate firm’s stock price, combining every four shares into a single share. Kite officials hope a double-digit price will give shares a more stable foundation and an image makeover.
In an interview with IBJ, Kite Realty Group Trust CEO John Kite discusses the $1.2 billion acquisition of Illinois-based Inland Diversified Real Estate Trust, potential redevelopment of Pan Am Plaza and its hopes to keep a branch of the Indianapolis-Marion County Public Library at Glendale Town Center.
The deal swells Kite’s roster of properties to more than 130, giving it a higher profile, greater operating efficiencies and more clout in negotiations with tenants.
