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Kite Realty Group Trust Announces Whole Foods as New Anchor at Recently Acquired North Carolina Shopping Center

^{Published on 2011-05-04 19:40:37 - Market Wire}
 

INDIANAPOLIS--([ BUSINESS WIRE ])--Kite Realty Group Trust (NYSE: KRG) (the aCompanya) announced today a new anchor tenant for its recently acquired shopping center in Wilmington, North Carolina. In February, the Company acquired the neighborhood shopping center as a redevelopment opportunity. Whole Foods will replace former anchor Lowea™s Foods at the renamed Oleander Point. Construction at the center is currently scheduled to commence this summer allowing Whole Foods to open in the spring of 2012. Upon completion, the shopping center will total approximately 50,000 square feet including 14,000 square feet of shops and an outparcel tenant. Construction costs are anticipated to total approximately $5.0 million.

"North Carolina continues to be an attractive market for us, and we believe its location, consistent growth patterns, and diverse economy make it a target market for national retailers."

aOleander Point is a great example of our ability to select strong real estate and leverage relationships with best-in-class retailers to create value,a stated Tom McGowan, Kite Realty Groupa™s President and Chief Operating Officer. aNorth Carolina continues to be an attractive market for us, and we believe its location, consistent growth patterns, and diverse economy make it a target market for national retailers.a

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 December 31, 2010, the Company owned interests in a portfolio of 62 operating and redevelopment properties totaling approximately 9.1 million square feet and an additional two properties currently under development totaling 0.3 million square feet.

Safe Harbor

This press release contains certain statements that are not historical fact and 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, particularly in light of the recent recession; financing risks, including the availability of and costs associated with sources of liquidity; the Companya™s ability to refinance, or extend the maturity dates of, its indebtedness; the level and volatility of interest rates; the financial stability of tenants, including their ability to pay rent and the risk of tenant bankruptcies; the competitive environment in which the Company operates; acquisition, disposition, development and joint venture risks; property ownership and management risks; the Companya™s ability to maintain its status as a real estate investment trust (aREITa) for federal income tax purposes; potential environmental and other liabilities; impairment in the value of real estate property the Company owns; risks related to the geographical concentration of our properties in Indiana, Florida and Texas; and other factors affecting the real estate industry generally. The Company refers you the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled aRisk Factorsa in the Companya™s Annual Report on Form 10-K for the year ended December 31, 2010, which discuss these and other factors that could adversely affect the Companya™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.