INDIANAPOLIS—As reported last week in GlobeSt.com, Kite Realty Group Trust and Inland Diversified Real Estate Trust, Inc. had taken an important step in the firms’ proposed merger, first announced in February. Kite and Inland agreed on an exchange ratio, with each share of Inland Diversified common stock converted into 1.707 shares of Kite Realty common stock upon the merger’s closing. And yesterday, Kite held a special meeting at which shareholders overwhelmingly approved the issuance of common shares to stockholders of Inland Diversified Real Estate Trust, Inc.
The shareholders also approved an amendment to increase the total number of authorized common shares from 200 million to 450 million. About 92% of the outstanding Kite common shares voted on the proposal to issue common shares to Inland stockholders, with about 99.9% of the votes cast in favor. And about 92% of the outstanding Kite common shares voted on the amendment to increase the total number common shares, with about 98.1% of the votes cast in favor.
The companies’ officials expect the merger to close on or after July 1, 2014. As a result of the merger, each former share of Inland Diversified’s common stock will be converted into the right to receive 1.707 newly issued common shares of Kite Realty. Following completion of the merger, the common shares of Kite Realty will continue to trade under the existing ticker symbol “KRG” on the New York Stock Exchange.
As of March 31, 2014, Kite owned interests in a portfolio of 68 operating and redevelopment properties totaling about 11.8-million-square-feet and two properties currently under development total about 700,000-square-feet.