Kite Realty Group Trust Prices Offering of 4,750,000 Common Shares

Business Wire, Oct 2, 2008

INDIANAPOLIS -- Kite Realty Group Trust (NYSE: KRG) (the "Company") announced today the pricing of its public offering of 4,750,000 newly issued common shares at $10.55 per share. The offering was increased in size from the originally contemplated 3,000,000 shares. The Company has granted the underwriters an option to purchase up to an additional 712,500 shares during the next 30 days to cover over-allotments, if any. The Company estimates that the net proceeds from this offering, before offering expenses, will be approximately $47.9 million or approximately $55.0 million if the underwriters' over-allotment option is exercised in full. The offering is expected to close on October 7, 2008.

The Company intends to use all of the net proceeds from this offering to repay borrowings under its unsecured revolving credit facility, upon which it expects to later draw to fund a portion of its development and redevelopment projects and future acquisitions, to repay outstanding indebtedness, and for working capital and other general corporate purposes.

Raymond James, Citi and Banc of America Securities LLC are the joint book running managers for the offering. RBC Capital Markets is joint lead manager and KeyBanc Capital Markets is co-manager for the offering. A preliminary prospectus supplement related to the public offering has been and a final prospectus supplement will be filed with the Securities and Exchange Commission. Copies of the preliminary prospectus supplement and a final prospectus supplement, when available, may be obtained from the following:

Raymond James & Associates, Inc.
Pat Woolley
880 Carillon Parkway
Tower 3, 6th Floor
St. Petersburg, FL 33716
800-248-8863

Citigroup Global Markets Inc.
Prospectus Department
Brooklyn Army Terminal
140 58th Street, 8th Floor
Brooklyn, NY 11220
800-831-9146

Banc of America Securities LLC
Capital Markets Operations
100 West 33rd Street, 3rd Floor
New York, NY 10001
dg.prospectus_distribution@bofasecurities.com
800-294-1322

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering may be made only by means of a prospectus and related prospectus supplement.

About Kite Realty Group Trust

Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust engaged primarily on the development, construction, acquisition, ownership and operation of high quality neighborhood and community shopping centers in selected growth markets in the United States. The Company owns interests in a portfolio of operating retail properties, retail properties under development and redevelopment, operating commercial properties, a related parking garage, and parcels of land that may be used for future development of retail or commercial properties.

Safe Harbor

Certain statements in this document that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: national and local economic, business, real estate and other market conditions; the ability of tenants to pay rent; the competitive environment in which the Company operates; financing risks, including access to capital at desirable terms; property management risks; the level and volatility of interest rates; financial stability of tenants; the Company's ability to maintain its status as a REIT for federal income tax purposes; acquisition, disposition, development and joint venture risks; potential environmental and other liabilities; 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, which discusses 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.