Kite Realty Group Trust Enters into Definitive Agreement to Sell 15 Operating Properties for $318 Million

INDIANAPOLIS--(BUSINESS WIRE)--

Kite Realty Group Trust KRG (“Kite Realty”) announced today that it has signed a definitive agreement to sell 15 retail properties for an estimated purchase price of $318 million to Inland Real Estate Income Trust, Inc. (“Inland Income Trust”). The sale is expected to close in two tranches on or before December 15, 2014 and March 16, 2015, respectively, subject to the satisfaction of customary closing conditions.

“Since well before the closing of the merger with Inland Diversified in early July, we have been diligently evaluating the geographic and demographic composition of our recently expanded portfolio,” said John Kite, Chairman and CEO of Kite Realty. “The properties we will be selling to Inland Income Trust represent assets that we consider to be non-core based upon our geographic objectives as we are looking for opportunities to increase our scale in select markets, consistent with our strategy. We look forward to redeploying the proceeds from these sales into assets that are more in line with our long-term strategic objectives and will add additional shareholder value.”

The following operating properties will be included in the transaction:

1. Eastside Junction, Athens, Alabama
2. Harvest Square, Harvest, Alabama
3. Prattville Town Center, Prattville, Alabama
4. Fairgrounds Crossing, Hot Springs, Arkansas
5. Heritage Square, Conyers, Georgia
6. Regal Court, Shreveport, Louisiana
7. The Shoppes at Branson Hills, Branson, Missouri
8. Branson Hills Plaza, Branson, Missouri
9. Shoppes at Hawk Ridge, Lake St. Louis, Missouri
10. Whispering Ridge, Omaha, Nebraska
11. Landing Ocean Isle Beach, Ocean Isle, North Carolina
12. Walgreens Plaza, Jacksonville, North Carolina
13. Copps Grocery Store, Stevens Point, Wisconsin
14. Fox Pointe, Neenah, Wisconsin
15. Shoppes at Prairie Ridge, Pleasant Prairie, Wisconsin

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 July 1, 2014, and after giving effect to the merger with Inland Diversified Real Estate Trust, Inc., Kite Realty owned interests in a portfolio of 133 operating, development and redevelopment properties totaling approximately 21.6 million owned square feet across 26 states.

Forward Looking Statements

Certain statements in this presentation that are not in the present or past tense or that discuss Kite Realty's expectations (including any use of the words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “might,” “outlook,” “project,” “should,” or similar expressions) are forward-looking statements within the meaning of the federal securities laws and as such are based upon current beliefs as to the outcome and timing of future events. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Kite Realty operates and beliefs of and assumptions made by management, involve uncertainties that could significantly affect the financial results of Kite Realty. There can be no assurance that actual future developments affecting Kite Realty will be those anticipated by Kite Realty. These forward-looking statements involve risks and uncertainties (some of which are beyond the control of Kite Realty) and are subject to change based upon various factors including, but not limited to, the following risks and uncertainties: changes in the real estate industry and in performance of the financial markets and interest rates; the demand for and market acceptance of Kite Realty's properties for rental purposes; the ability of Kite Realty to enter into new leases or renewal leases on favorable terms; the amount and growth of Kite Realty's expenses; tenant financial difficulties and general economic conditions, including interest rates, as well as economic conditions and competition in those areas where Kite Realty owns properties; risks associated with joint venture partners; risks associated with the ownership and development of real property; the outcome of claims and litigation involving or affecting Kite Realty; the ability to satisfy conditions necessary to close pending transactions and the ability to successfully integrate pending transactions; applicable regulatory changes; risks associated with acquisitions, including the integration of Kite Realty's and Inland Diversified Real Estate Trust, Inc.'s businesses; risks associated with achieving expected revenue synergies or cost savings; and other risks and uncertainties detailed from time to time in Kite Realty's filings with the Securities and Exchange Commission (the “SEC”). Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the business, financial condition, liquidity, cash flows and financial results of Kite Realty could differ materially from those expressed in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict the occurrence of those matters or the manner in which they may affect us. Kite Realty does not undertake to update forward-looking statements (including EBITDA and net debt to adjusted EBITDA estimates) except as may be required by law.