Press Release July 19, 2021

Retail Properties of America and Kite Realty Group Trust Announce $7.5 Billion Strategic Merger

The REITs and Real Estate M&A team advised Retail Properties of America (NYSE: RPAI) in its definitive merger agreement with Kite Realty Group Trust (NYSE: KRG) under which RPAI would merge into a subsidiary of KRG, with KRG continuing as the surviving public company. The strategic transaction joins together two high-quality portfolios with complementary geographic footprints creating a top five shopping center REIT by enterprise value. The combined company is expected to have an equity market capitalization of approximately $4.6 billion and a total enterprise value of approximately $7.5 billion upon the closing of the transaction assuming a KRG stock price of $20.83, which was the closing price on July 16, 2021. The parties expect the transaction to close during the fourth quarter of 2021 subject to customary closing conditions, including the approval of both KRG and RPAI shareholders. The transaction was unanimously approved by the Board of Trustees of KRG and the Board of Directors of RPAI.

The KRG management team will lead the combined company, with John Kite as Chief Executive Officer, Thomas McGowan as President and Chief Operating Officer and Heath Fear as Chief Financial Officer. Upon completion of the merger, the company’s headquarters will remain in Indianapolis, Indiana. The company will retain the Kite Realty Group name and trademarks and will continue to trade under the NYSE symbol KRG.

Retail Properties of America is a REIT that owns and operates high quality, strategically located open-air shopping centers, including properties with a mixed-use component. As of March 31, 2021, RPAI owned 102 retail operating properties in the United States representing 19.9 million square feet.

The Goodwin team was led by Blake Liggio, Gil Menna and Daniel Adams.

For additional details on the merger agreement, please read the press release.