INDIANAPOLIS—Kite Realty Group Trust has justcompleted its $2.1 billion merger with Inland DiversifiedReal Estate Trust, Inc. As reported in GlobeSt.com,the transaction was approved by the shareholders of Kite and thestockholders of Inland Diversified on June 24. Thecombined company will continue to trade under Kite's existingticker symbol, KRG, on the New York StockExchange. As a result of the merger, each former share ofInland Diversified has been converted into 1.707 Kite Realty commonshares.

“We are extremely excited to close the merger with InlandDiversified, which represents a transformative event in the historyof our company,” says John A. Kite, Kite Realty'schairman and chief executive officer. “This transaction creates a$4 billion company and we expect to realize numerous financialbenefits from the merger, including a substantial increase in cashflow and liquidity, a lower cost of capital, and a strengthenedbalance sheet.”

Kite adds that Inland Diversified has “a high-quality portfoliowith strong demographic profiles in dynamic new markets,” and thiswill “provide profitable redevelopment opportunities and theability to enhance our relationships with national, regional, andlocal tenants.”