Kite Realty Group Trust Reports First Quarter 2009 Results

Business Wire, May 07, 2009

On May 5, the Company placed a three-year $15.4 million loan with an additional one year extension on its Eastgate Pavilion property and intends to use the proceeds to pay down its line of credit. The loan bears interest at a rate of LIBOR plus 295 basis points and was immediately hedged at a fixed rate of 4.84%.

Earnings Guidance

The Company is revising its earnings and FFO guidance for the year ending December 31, 2009 in the range of $0.83 to $0.93 per diluted common share. The upper end of the guidance range was lowered primarily to reflect reduced expectations from transactional income and construction and services net margin. Following is a reconciliation of the calculation of net income per common share to FFO per share:

[Table Omitted]

Earnings Conference Call

Management will host a conference call on Friday, May 8, 2009 at 11:00 a.m. EDT to discuss financial results for the quarter ended March 31, 2009. A live webcast of the conference call will be available online on the Company’s corporate website at www.kiterealty.com. The dial-in numbers are (888) 713-4211 for domestic callers and (617) 213-4864 for international callers (passcode 66008319). In addition, a telephonic replay of the call will be available until August 8, 2009. The replay dial-in telephone numbers are (888) 286-8010 for domestic callers and (617) 801-6888 for international callers (passcode 32194647).

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 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 the document may constitute 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 current recession and governmental action and policies; financing risks, including accessing capital on acceptable terms; the level and volatility of interest rates; the financial stability of tenants, including their ability to pay rent; 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; other factors affecting the real estate industry generally. The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. 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 “Business Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, which discusses these and other factors that could adversely affect the Company’s results. Except as otherwise required by the federal securities laws, the Company assumes no liability to update the information in this press release.