INDIANAPOLIS, Sept. 8 /PRNewswire-FirstCall/ -- Kite Realty Group Trust (NYSE: KRG), a full service real estate investment trust focused primarily on neighborhood and community shopping centers, announced today that it completed on August 31, 2004 the purchase of the Plaza at Cedar Hill from Parklane/Cedar Hill Ltd. The total purchase price was approximately $38.7 million, which includes approximately $27.5 million of assumed indebtedness. As previously disclosed in Kite Realty's prospectus filed with the Securities and Exchange Commission in conjunction with its recently completed initial public offering, the Company had previously entered into a binding acquisition agreement on this property.

The Plaza at Cedar Hill community shopping center, built in 2000, is located in Cedar Hill, TX, within the Dallas metropolitan area. The property has 299,783 square feet of gross leasable area and is currently 100% occupied.

Tenants include Barnes & Noble, Marshall's, Linens N' Things, Office Max, Old Navy, Hobby Lobby and Ross Stores.

About Kite Realty Group Trust

Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust focused primarily on the development, construction, acquisition, ownership and operation of high quality neighborhood and community shopping centers in selected growth markets in the United States. The Company owns interests in a portfolio of operating retail properties, retail properties under development, operating commercial properties, a related parking garage, commercial property under development and parcels of land that may be used for future development of retail or commercial properties.

Safe Harbor

Certain statements in this document that are not historical fact 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; the competitive environment in which the Company operates; financing risks; property management risks; the level and volatility of interest rates; financial stability of tenants; the Company's ability to maintain its status as a REIT for federal income tax purposes; acquisition, disposition, development and joint venture risks; potential environmental and other liabilities; 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, which discuss these and other factors that could adversely affect the Company's results.

     Contact:
     Kite Realty Group TrustDan Sink
     Chief Financial Officer
     (317) 577-5609
     dsink@kiterealty.com

     Investors/Media:
     The Ruth Group
     Stephanie Carrington / Jason Rando
     (646) 536-7017 / 7025
     scarrington@theruthgroup.comjrando@theruthgroup.com

SOURCE  Kite Realty Group Trust
    -0-                             09/08/2004
    /CONTACT:  Dan Sink, Chief Financial Officer of Kite Realty Group Trust,
+1-317-577-5609, dsink@kiterealty.com; or Investors/Media: Stephanie
Carrington, +1-646-536-7017, scarrington@theruthgroup.com, or Jason Rando,
+1-646-536-7025, jrando@theruthgroup.com, both of The Ruth Group/
    (KRG)

CO:  Kite Realty Group Trust
ST:  Indiana, Texas
IN:  FIN RLT
SU:  RLE

LK 
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