Kite Realty Group (KRG) announces sale of ground lease portfolio.

Kite Realty Group (KRG) announced today that it has completed the sale of 15 ground lease assets to Agree Realty Corporation (ADC) for gross proceeds of $36.6 million.  An additional two ground lease parcels are expected to be sold to Agree for $5.2 million, pending approval by local subdivision authorities. KRG said that it would use proceeds from the offering to match fund the announced acquisition of Eastgate Crossing shopping center in Chapel Hill, NC.

Kite Realty is a small-cap shopping center REIT with investments in 92 properties in 16 states. The company is a member of the S&P SmallCap 600 index and has a total market capitalization of approximately $2.5 billion.