Kite Realty Group Trust Increases Unsecured Revolving Credit Facility to $500 Million

Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today that it entered into an Amended and Restated Credit Agreement, consolidating and restating its unsecured revolving credit and unsecured term loan credit facilities in connection with the closing of its merger with Inland Diversified Real Estate Trust, Inc. The major terms of the amended facilities include the following:

Unsecured Revolving Credit Facility

• borrowing capacity increased from $200 million to $500 million;
• interest rate reduced from LIBOR plus 165 to 250 basis points to LIBOR plus 140 to 200 basis points, depending on the Company’s leverage ratio;
• maturity date extended sixteen months to July 1, 2018 with options to further extend to July 1, 2019; and
• $250 million expansion feature, subject to certain conditions including obtaining commitments from any one or more lenders, whether or not currently party to the Amended and Restated Credit Agreement, to provide such increased amounts.

Unsecured Term Loan Credit Facility

• principal amount of the term loan remains at $230 million;
• interest rate reduced from LIBOR plus 145 to 245 basis points to LIBOR plus 135 to 190 basis points, depending on the Company’s leverage ratio;
• maturity date extended ten months to July 1, 2019 with option to further extend to January 1, 2020; and
• $170 million expansion feature, subject to certain conditions including obtaining commitments from any one or more lenders, whether or not currently party to the Amended and Restated Credit Agreement, to provide such increased amounts.

Daniel R. Sink, the Company’s Executive Vice President and Chief Financial Officer, said, “Our recent merger and acquisition activity have significantly increased the size and quality of our unencumbered asset pool as we continue to transform to an unsecured balance sheet. The terms of the amended and restated credit facilities will provide the Company with greater financial flexibility, increased borrowing capacity, and lower pricing. We appreciate the long relationship and continued support we have enjoyed with the banks involved in our credit facilities.”

The Company’s bank group for the amended $500 million Unsecured Revolving Credit Facility is led by KeyBank National Association, as Administrative Agent, and Bank of America, N.A., as Syndication Agent, Wells Fargo Bank, National Association and U.S. Bank National Association, as Co-Documentation Agents, and KeyBanc Capital Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Co-Lead Arrangers. Other banks in the syndicate include JPMorgan Chase Bank, N.A.; Citibank, N.A.; Raymond James Bank, N.A.; The Huntington National Bank; Fifth Third Bank; Regions Bank; Barclays Bank PLC; Capital One, National Association; PNC Bank, National Association; SunTrust Bank; and Associated Bank National Association.

The Company’s bank group for the amended $230 million Unsecured Term Loan Credit Facility is led by KeyBank National Association, as Administrative Agent, and Wells Fargo Bank, National Association, as Syndication Agent, JPMorgan Chase Bank, N.A. and Bank of America, N.A., as Co-Documentation Agents, and KeyBanc Capital Markets Inc. and Wells Fargo Securities, LLC, as Co-Lead Arrangers. Other banks in the syndicate include JPMorgan Chase Bank, N.A.; Raymond James Bank, N.A.; The Huntington National Bank; Fifth Third Bank; Regions Bank; and SunTrust Bank.

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 transaction with Inland Diversified, the company owned interests in a portfolio of 133 operating, development and redevelopment properties totaling approximately 21 million owned square feet across 26 states. For more information, please visit the company’s website at www.kiterealty.com.

Forward Looking Statements

Certain statements in this press release that are not in the present or past tense or that discuss the Company’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 the Company operates and beliefs of and assumptions made by its management, involve uncertainties that could significantly affect the financial results of the Company. There can be no assurance that actual future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors including, but not limited to, the following risks and uncertainties: national and local economic, business, real estate and other market conditions, particularly in light of low growth in the U.S. economy, financing risks, including the availability of and costs associated with sources of liquidity, the Company’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 (including the pending merger transaction with Inland Diversified Real Estate Trust, Inc., and the Company’s ability to successfully integrate the operations of the acquired properties), property ownership and management risks, the Company’s ability to maintain its status as a real estate investment trust 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, the dilutive effects of future offerings of issuing additional securities, 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, 2013, which discuss these and other factors that could adversely affect the Company’s results. 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 Company 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. The Company does not undertake to update forward-looking statements except as may be required by law.