Kite Realty shares steady after $300 mln exchangeable notes sale

Kite Realty Trust

30/06/2026 19:04

** Shopping-center REIT Kite Realty's KRG.N shares down 4 cents to $28.86 on Tues after securing raise to refinance debt
** Indianapolis, Indiana-based KRG early Tues announced pricing private offering of $300 mln 3.25% exchangeable notes due 2032
** Initial exchange price of $35.40 represents 22.5% premium over stock's last close
** KRG shares finished down ~1% on Mon after co unveiled offering to redeem $300 mln of its 4.00% senior notes due 2026
** Co also to use some proceeds to enter capped call transactions and to repurchase $30 mln of its shares to facilitate hedging by investors in the exchangeable notes
** KRG stock up ~21% YTD vs ~16% gain in S&P 400 Retail REITs sub index .SPMDCRERS 
** 4 of 12 analysts rate the stock "strong buy" or "buy", 8 "hold"; median PT $28.50

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))