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Kite Realty Group Trust Completes the Sale of 15 Ground Leases
INDIANAPOLIS, Feb. 24, 2021 (GLOBE NEWSWIRE) Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today that the Company closed on the sale of 15 ground leases for gross proceeds of $36.6 million. The Company anticipates closing on an additional 2 ground leases for $5.2 million in the upcoming months, once local government subdivision approvals are obtained.
The ground leases were sold, or anticipated to be sold, to Agree Realty Corporation (NYSE: ADC). The proceeds will be used to partially match fund the Company’s previously announced Eastgate Crossing acquisition in Chapel Hill, NC.
“We are very pleased with KRG’s ability to monetize a portion of our portfolio that is currently undervalued by the market and reinvest those proceeds into an asset with strong growth potential,” said John A. Kite, Chairman and CEO.
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Fourth Quarter 2020 Kite Realty Group Trust Earnings Conference Call. [Operator Instructions]
I d now like to hand the conference over to your host today, Mr. Bryan McCarthy, Senior Vice President, Marketing and Communications. Please go ahead.
Bryan McCarthy
Senior Vice President of Marketing and Communications
Thank you, and good morning, everyone. Welcome to Kite Realty Group s fourth quarter earnings call. Some of today s comments contain forward-looking statements that are based on assumptions of future events and are subject to inherent risks and uncertainties. Actual results may differ materially from these statements. For more information about the factors that can adversely affect the company s results, please see our SEC filings, including our most recent 10-Q. Today s remarks also include certain non-GAAP financial measures. Please refer to yesterday s earnings press release available on o
Federal Realty Investment Trust Announces Operating Results for the Year and Quarter Ended December 31, 2020
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NORTH BETHESDA, Md., Feb. 11, 2021 /PRNewswire/ Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its year and quarter ended December 31, 2020. For the year ended December 31, 2020 and 2019, net income available for common shareholders was $1.62 per diluted share and $4.61 per diluted share, respectively. For the three months ended December 31, 2020 and 2019, net income available for common shareholders was $1.22 per diluted share and $1.92 per diluted share, respectively.
Key Highlights of the full year and quarter include:
Signed leases for 449,783 square feet of comparable space in the fourth quarter at an average rent of $32.16 psf and achieved cash basis rollover growth on those comparable spaces of 1%.