Business Context and Reporting Period
Kite Realty Group Trust (Maryland) filed this Form 8-K on September 16, 2004, to report the completion of a significant asset acquisition. The company is headquartered in Indianapolis, Indiana.
Key Financial Metrics and Transaction Details
- Asset Acquired: Sunland Towne Centre, located in El Paso, Texas.
- Total Purchase Price: Approximately $32.1 million.
- Assumed Indebtedness: Approximately $17.8 million.
- Property Specifications: Built in 1996 with 307,595 square feet of gross leasable area.
- Occupancy: 99% leased as of March 31, 2004.
- Major Tenants: Kmart, Circuit City, Petsmart, Roomstore, and Ross Stores.
Material Changes
The primary material change is the expansion of the company's real estate portfolio through the purchase of Sunland Towne Centre. The filing does not provide comparative financial metrics (revenue, profit, cash flow) for the reporting period versus prior periods, as this is a current report focused on a specific transaction rather than a periodic financial statement.
Guidance, Outlook, and Disclosures
The filing references previously filed financial statements of the acquired business and pro forma financial information found in the company's Registration Statement on Form S-11/A (File No. 333-114224) filed on August 10, 2004. No new management guidance, risk factors, or contingencies specific to this transaction are detailed in the text of this 8-K beyond the transaction terms.
Investor Verification Checklist
- Verify the pro forma financial impact of the acquisition in the Form S-11/A Prospectus (pages F-4 through F-52).
- Review the financial statements of Sunland Towne Centre in the Form S-11/A Prospectus (pages F-113 through F-122).
- Examine the Real Estate Purchase Agreement (Exhibit 2.1) for specific covenants or conditions.
- Confirm the current occupancy status and lease terms of major tenants, noting the 99% occupancy figure is dated March 31, 2004.