Kite Realty Group Trust Announces the Sale of Two Assets in December 2008

Business Wire, Jan 6, 2009

Provides Financing Update

INDIANAPOLIS -- Kite Realty Group Trust (NYSE: KRG) (the "Company") announced today that it completed the fourth quarter 2008 sale of both phases of its Spring Mill Medical commercial asset and its Silver Glen Crossing shopping center located in Chicago, Illinois and anchored by Caputo's Fresh Markets. The transactions generated combined gross proceeds of approximately $48.5 million, before adjusting for partners' shares. The Company's share of net cash from the sales was approximately $23.6 million, the majority of which was used to pay down the Company's unsecured line of credit.

The Company also closed the following financing transactions in December 2008.

* Glendale Town Center was financed for $21.8 million with a three-year loan.

* Bayport Commons was refinanced for $20.5 million with a three-year loan.

* The first phase of the Eddy Street Commons development project at the University of Notre Dame was financed with a three-year $29.5 million construction loan.

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.