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INDIANAPOLIS--([ BUSINESS WIRE ])--Kite Realty Group Trust (NYSE: KRG) (the aCompanya) announced today that it has closed on a $62 million construction loan for Delray Marketplace, a shopping, dining, and entertainment center under development in Delray Beach, Florida. Construction at the development has commenced and opening is scheduled for November 15, 2012. The center will be anchored by Publix Super Market and Frank Theatres, which includes a 12-screen movie theatre and 16 lane bowling center. Twenty-three leases have been executed to date and the center is currently 66% pre-leased with a tenant roster that includes Apricot Lane, Bobby Chan, Charming Charlieas, Chicoas, JoS. A. Bank, Maxas Grille, and White House | Black Market. Upon completion of the development, the center will total approximately 258,000 square feet.

"This project reflects one of our key strategies of developing shopping centers anchored by and leased to best-in-class retailers in markets with strong population and income demographics."

The construction loan was financed by Bank of America and U.S. Bank, bears an interest rate of LIBOR plus 175 to 200 basis points, and has a three year term with an option to extend for an additional two years.

aWe are excited to commence construction and work towards an expected opening date of fall 2012 at Delray Marketplace,a said John A. Kite, the Companyas Chairman and Chief Executive Officer. aThis project reflects one of our key strategies of developing shopping centers anchored by and leased to best-in-class retailers in markets with strong population and income demographics.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 management, redevelopment and development of neighborhood and community shopping centers in selected markets in the United States. At September 30, 2011, the Company owned interests in a portfolio of 63 operating and redevelopment properties totaling approximately 9.3 million square feet and an additional two properties currently under development totaling 0.4 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 Companyas 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 Companyas 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 Companyas Annual Report on Form 10-K for the year ended December 31, 2010, which discuss these and other factors that could adversely affect the Companyas 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.