INDIANAPOLIS—Kite Realty Group Trust and Inland Diversified Real Estate Trust, which announced a $1-2-billion merger in February, are in the latter stages of making the union a reality. The two REITs said Friday that the final exchange ratio had been determined, with each share of Inland Diversified common stock converted into 1.707 shares of Kite Realty common stock upon the merger's closing.
A special meeting of Inland Diversified's shareholders is slated for this coming Tuesday at the REIT's Oak Brook, IL headquarters. The Inland Diversified board has recommended shareholder approval, and the company says shareholder votes thus far have been 94% in approval of the merger.
Following the merger, which is expected to occur on or around July 1, the combined company will retain the name Kite Realty Group Trust. It will continue to trade on the New York Stock Exchange under the symbol KRG.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
