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Kite Realty Trust CEO unloads $467K in company stock

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The CEO of Kite Realty Group Trust last week sold 130,000 shares, or nearly a half-million-dollars worth, of the Indianapolis-based real estate firm’s common stock.
                                                              
A company spokesman described the $467,000 sale by John A. Kite as standard financial planning. Kite, 43, sold the shares at an average of $3.59 per share.

Kite still owns 320,000 common shares and another 2.5 million “limited partnership units,” which are convertible into common shares, the company reported in a Securities and Exchange Commission filing.

The company, like most real estate investment trusts, has been selling new shares and renegotiating debt to add to its liquidity while slowing down development.

The firm raised $88 million by selling almost 30 million new shares in May, after selling 5 million shares to net $50 million in October 2008.

Shares in Kite were down about 5 percent in morning trading, to $3.50 each.

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