Kite execs snap up shares as stock droops

July 15, 2008
Shares of Indianapolis-based Kite Realty Group Trust hit a 52-week low this morning for the second day in a row, opening at $11.23, down from a peak above $20 last October.

The shares are trading at the lowest price since the real estate investment trust debuted as a public company in August 2004, and near the low when share prices are adjusted for dividends.

As the stock has dropped, Kite executives have bought thousands of shares. The insiders have bought more than 66,000 shares in the last six months and sold only about 2,000. Chairman Alvin E. Kite Jr. bought more than 15,000 shares in May and June at prices ranging from $13.08 to $14.54.

The company specializes in buying or developing community shopping centers. Local projects include Glendale Town Center in Indianapolis and Eddy Street Commons in South Bend. The company also recently bought Pan Am Plaza for redevelopment.

Shares in other local developers also fell today. Duke Realty Corp. dropped almost 3 percent to trade at $20.62. And Simon Property Group dipped more than 3 percent, to $80.49.

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