Kite Realty Group Trust Announces Acquisition of Two Shopping Centers in Greenville, South Carolina

  Kite Realty Group Trust Announces Acquisition of Two Shopping Centers in
  Greenville, South Carolina

Business Wire

INDIANAPOLIS -- December 21, 2012

Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today that it
has acquired two shopping centers in Greenville, South Carolina. Shops at
Plaza Green is a 194,000 square foot center acquired for a purchase price,
exclusive of closing costs, of $28.8 million. The center is 95% leased and is
anchored by Bed Bath & Beyond, Old Navy, Christmas Tree Shops (a Bed Bath &
Beyond concept), Shoe Carnival, and Party City. It is located near the
intersection of I-85 and I-385. The property draws from an attractive trade
area with average household incomes of $81,800 and a population density of
143,300.

In addition, the Company has recently acquired a Publix-anchored 68,000 square
foot shopping center in Greenville, SC for a purchase price, exclusive of
closing costs, of $9.1 million. The center is 97% leased and is also located
near the intersection of I-85 and I-385. The property is surrounded by a solid
trade area with average household incomes of $89,100 and a population density
of 114,300.

Greenville is the home of the North American headquarters for GE Engineering,
Hubbell Lighting, and Michelin as well as having a large corporate presence
from BMW, Fluor, Lockheed Martin, and Caterpillar, Inc.

“We quickly deployed the majority of the proceeds from our October common
equity offering into these two well-located assets. We plan to continue
increasing our presence in the Southeast by completing our development
projects and acquiring well-located assets,” said John A. Kite, the Company’s
Chairman and Chief Executive Officer.

About Kite Realty Group Trust

Kite Realty Group Trust is a full-service, vertically integrated real estate
investment trust engaged in the ownership, operation, management, leasing,
acquisition, construction, redevelopment and development of neighborhood and
community shopping centers in selected markets in the United States. At
September 30, 2012, the Company owned interests in a portfolio of 60 operating
and redevelopment properties totaling approximately 8.9 million square feet
and an additional two properties currently under development totaling 0.6
million square feet.

Safe Harbor

This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such statements are based on assumptions and
expectations that may not be realized and are inherently subject to risks,
uncertainties and other factors, many of which cannot be predicted with
accuracy and some of which might not even be anticipated. Future events and
actual results, performance, transactions or achievements, financial or
otherwise, may differ materially from the results, performance, transactions
or achievements expressed or implied by the forward-looking statements. Risks,
uncertainties and other factors that might cause such differences, some of
which could be material, include, but are not limited to: national and local
economic, business, real estate and other market conditions, particularly in
light of the recent slowing of growth in the U.S. economy; financing risks,
including the availability of and costs associated with sources of liquidity;
the Company’s ability to refinance, or extend the maturity dates of, its
indebtedness; the level and volatility of interest rates; the financial
stability of tenants, including their ability to pay rent and the risk of
tenant bankruptcies; the competitive environment in which the Company
operates; acquisition, disposition, development and joint venture risks;
property ownership and management risks; the Company’s ability to maintain its
status as a real estate investment trust (“REIT”) for federal income tax
purposes; potential environmental and other liabilities; impairment in the
value of real estate property the Company owns; risks related to the
geographical concentration of our properties in Indiana, Florida and Texas;
and other factors affecting the real estate industry generally. The Company
refers you to the documents filed by the Company from time to time with the
Securities and Exchange Commission, specifically the section titled “Risk
Factors” in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2011, which discuss these and other factors that could adversely
affect the Company’s results. The Company undertakes no obligation to publicly
update or revise these forward-looking statements (including the FFO and net
income estimates), whether as a result of new information, future events or
otherwise.

Contact:

Kite Realty Group Trust
Dan Sink, Chief Financial Officer, 317-577-5609
dsink@kiterealty.com
or
Investors/Media:
Adam Basch, Investor Relations, 317-578-5161
abasch@kiterealty.com
 
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