Kite and Inland Complete $2.1 Billion Merger

INDIANAPOLIS—Kite Realty Group Trust has just completed its $2.1 billion merger with Inland Diversified Real Estate Trust, Inc. As reported in GlobeSt.com, the transaction was approved by the shareholders of Kite and the stockholders of Inland Diversified on June 24. The combined company will continue to trade under Kite’s existing ticker symbol, KRG, on the New York Stock Exchange. As a result of the merger, each former share of Inland Diversified has been converted into 1.707 Kite Realty common shares.

“We are extremely excited to close the merger with Inland Diversified, which represents a transformative event in the history of our company,” says John A. Kite, Kite Realty’s chairman and chief executive officer. “This transaction creates a $4 billion company and we expect to realize numerous financial benefits from the merger, including a substantial increase in cash flow and liquidity, a lower cost of capital, and a strengthened balance sheet.”