Kite Realty Group Trust

Kite Realty Group has named Cooper Clark vice president for capital markets and investor relations. Clark joins from Wells Fargo Securities, where he served as vice president and senior analyst covering retail and hotel REITs. In his new role he will maintain relationships with the investment community and support the REIT’s capital allocation and strategic investments. » More on de.investing.com

Kite Realty Group’s stock rose to a 52-week high of $29.40 and delivered a one-year return of 34.55%. The company announced the placement of 3.25% exchangeable senior notes totaling $345 million due 2032 and exercised the full greenshoe. Kite Realty also completed the sale of the City Center in White Plains for $50 million as part of its capital recycling program. InvestingPro currently rates the stock as overvalued, while the dividend has been raised for five consecutive years and yields 4.06%. » More on de.investing.com

Kite Realty completed a private placement of exchangeable senior notes totaling $345 million with a 3.25% coupon maturing on April 15, 2032. The initial exchange price is about $35.40 per common share (roughly a 22.5% premium) and the notes were sold to qualified institutional buyers under Rule 144A; interest is paid semiannually. Part of the net proceeds will finance capped-call transactions, additional funds will be used for share repurchases of about $30 million and to repay/terminate $300 million of senior notes due in 2026. » More on de.investing.com