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$200M In Kite Realty Pipeline

INDIANAPOLIS-Kite Realty Group Trust is developing $200 million worth of projects while boasting a 187% increase in total revenue for its Q2.

By Dana Dubriwny | Updated on August 05, 2005

INDIANAPOLIS-Including announcements made subsequent to quarter-end, Kite Realty Group Trust had $201 million in its development pipeline during its second quarter. In the same period, the company owned 12 retail-development properties, totaling 1.9 million sf. The total estimated cost of these projects is approximately $176 million, of which approximately $117 million had been incurred as of June 30, 2005.

“In today’s market environment, development continues to be our primary driver of growth and represents our best alternative for high-yielding investments,” John Kite, president and chief executive officer, told investors during Friday’s earnings call.

The company’s Q2 initiatives consist of: Gateway Shopping Center in Marysville, WA, a 255,000-sf community shopping center that includes two shadow anchors, Kohl’s Department Store and Winco Foods; Sandifur Plaza in Pasco, WA, a 27,400-sf neighborhood shopping center featuring a 14,800-sf build-to-suit Walgreens; and Cornelius Gateway in Cornelius, OR, a 36,100-sf neighborhood shopping center featuring a 14,800 build-to-suit Walgreens.

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