Kesslerwood Civic League

Kite Realty Group Trust Announces Redevelopment of Glendale Mal

Jun 26, 2007

Kite Realty Group Trust Announces Redevelopment of Glendale Mall With Target Corporation as Anchor



INDIANAPOLIS, April 19 /PRNewswire-FirstCall/ -- Kite Realty Group
Trust (NYSE: KRG) (the "Company") today announced the redevelopment of
Glendale Mall into a 685,000 square foot power center anchored by Target,
Macy's, and Lowe's, to be renamed Glendale Town Center. In connection with
the redevelopment, the Company also announced that it closed today on the
sale of 10.5 acres to Target Corporation. Demolition work has commenced and
Target is expected to open in the summer of 2008.
Thomas K. McGowan, the Company's Executive Vice President and Chief
Operating Officer stated, "The redevelopment of Glendale Town Center is a
significant accomplishment for our team given the structural and logistical
complexities we faced putting this plan into action. We greatly appreciate
the cooperation of current tenants and the City of Indianapolis and believe
that the new Glendale Town Center will be a successful anchor for the
surrounding neighborhoods and the Keystone Avenue corridor."
In addition to the 129,000 square foot Target, Glendale Town Center is
anticipated to include new small shop and professional office space, as
well as two new outlots. The Company anticipates that its investment in the
redevelopment, net of third party contributions, will be approximately $15
million.
John A. Kite, the Company's President and Chief Executive Officer
stated, "We have long recognized the importance of this site to the
Indianapolis community and are very pleased that we were able to use our
development expertise to transform a challenged asset into a first class
retail center. This project is part of our broader effort to create value
through redevelopment of underutilized assets in our operating portfolio."
Demolition and construction activities will be coordinated around the
existing tenants that will remain open throughout the redevelopment
process, including Macy's, Lowe's, Kerasotes Theaters, Staples, the
Indianapolis-Marion County Public Library, Lenscrafters, OASIS, Taco Bell,
and O'Charley's.
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, expansion and development 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, 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 Statement
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; property ownership and 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, specifically the section titled "Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended December 31, 2006,
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.