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Monday, February 10, 2014

Kite Realty to purchase Inland Diversified for about $1.2 bln, (NYSE: KRG)

Kite Realty Group Trust, an operator of community shopping centers, said it would purchase Inland Diversified Real Estate Trust Inc for about $1.2 billion in stock. The deal would allow Kite Realty to enter markets including Westchester, New York, Bayonne, New Jersey, Las Vegas, Virginia Beach and Salt Lake City.

Kite Realty Group Trust is a full-service, vertically integrated real estate company engaged in the development, construction, acquisition, ownership, and operation of neighborhood and community shopping centers in selected markets in the United States. Shares of KRG traded higher by 0.82% or $0.05/share to $6.15. In the past year, the shares have traded as low as $5.27 and as high as $6.91. On average, 842069 shares of KRG exchange hands on a given day and today's volume is recorded at 684411.