SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 6, 2006
|
KITE REALTY GROUP TRUST |
|
(Exact name of registrant as specified in its charter) |
|
Maryland |
|
1-32268 |
|
11-3715772 |
|
(State or other jurisdiction |
|
(Commission |
|
(IRS Employer |
|
30 S. Meridian Street |
|
46204 |
|
(Address of principal executive offices) |
|
(Zip code) |
|
Telephone: (317) 577-5600 |
|
(Registrant’s telephone number, including area code) |
|
|
|
|
|
Not Applicable |
|
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
o |
Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425) |
|
|
|
|
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
|
|
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
|
|
|
|
|
|
|
Item 2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant |
On July 6, 2006, we completed the acquisition of three neighborhood shopping centers which are summarized as follows:
|
Seller |
|
Property Name |
|
Location |
|
Gross Leasable Area |
|
|
Acquisition |
|
|
Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diag Investment III, Ltd. |
|
Pine Ridge Shopping Center |
|
Naples, Florida |
|
105,515 |
|
$ |
22.6 |
|
$ |
22.6 |
|
|
Riverchase and Courthouse Shadows Properties, Ltd. |
|
Riverchase Shopping Center |
|
Naples, Florida |
|
78,340 |
|
$ |
15.5 |
|
$ |
15.5 |
|
|
Riverchase and Courthouse Shadows Properties, Ltd. |
|
Courthouse Shadows Shopping Center |
|
Naples, Florida |
|
134,667 |
|
$ |
19.8 |
|
$ |
19.8 |
|
|
Total |
|
|
|
|
|
318,522 |
|
$ |
57.9 |
|
$ |
57.9 |
|
To finance the purchase price for these properties, we incurred approximately $57.9 million of new variable rate indebtedness at current interest rates ranging from LIBOR +1.50% to LIBOR + 3.00%. Our total monthly debt service for this borrowing is approximately $360,000. All such outstanding indebtedness, including accrued and unpaid interest is accelerated if the Company defaults on the timely payment of principal and interest or if another event of default occurs under any of the related loan documents.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
KITE REALTY GROUP TRUST |
|
|
|
|
|
|
|
|
|
|
Date: July 12, 2006 |
By: |
/s/ Daniel R. Sink |
|
|
|
|
|
|
|
Daniel R. Sink |
|
|
|
Senior Vice President, Chief Financial |