Kite Realty Group Trust Prices Offering of 25,000,000 Common Shares

Business Wire, May 13, 2009

INDIANAPOLIS -- Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today the pricing of its public offering of 25,000,000 newly issued common shares at $3.20 per share. The joint book-running managers for this offering are Merrill Lynch & Co., KeyBanc Capital Markets and Wachovia Securities and the joint lead managers are Citi and Raymond James. The Company has granted the underwriters an option to purchase up to an additional 3,750,000 shares during the next 30 days to cover overallotments, if any. The Company estimates that the net proceeds from this offering, before offering expenses, will be approximately $76.6 million or approximately $88.1 million if the underwriters’ overallotment option is exercised in full. The offering is expected to close on May 18, 2009.

The Company intends to use all of the net proceeds from this offering to repay borrowings under its unsecured revolving credit facility, to repay other indebtedness and for working capital and other general corporate purposes.

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. A preliminary prospectus supplement relating to the public offering has been filed and a final prospectus supplement will be filed with the Securities and Exchange Commission. Copies of the preliminary prospectus supplement and final prospectus supplement, when available, and the accompanying prospectus, may be obtained from Merrill Lynch & Co., Attention: Prospectus Department, 4 World Financial Center, New York, New York 10080; KeyBanc Capital Markets, Attn: Prospectus Delivery Department, 800 Superior Avenue, Cleveland, Ohio 44114; Wachovia Capital Markets, LLC, Attn: Equity Syndicate Dept., 375 Park Avenue, New York, NY 10152; Citi, Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220; or Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716.

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 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.