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0001286043false00012860432025-04-292025-04-290001286043krg:KiteRealtyGroupLPMember2025-04-292025-04-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 8-K 
CURRENT REPORT 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 
Date of Report (Date of earliest event reported): April 29, 2025 
KITE REALTY GROUP TRUST
KITE REALTY GROUP, L.P.
(Exact name of registrant as specified in its charter) 
Maryland 001-32268 11-3715772
Delaware 333-202666-01 20-1453863
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)
30 S. Meridian Street, Suite 1100, Indianapolis, IN 46204
(Address of principal executive offices) (Zip Code)
(317) 577-5600
(Registrant’s telephone number including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Shares, $0.01 par value per share KRG New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.
On April 29, 2025, Kite Realty Group Trust (the “Company”) announced its consolidated financial results for the quarter ended March 31, 2025. A copy of the Company’s press release is furnished as Exhibit 99.1 to this current report on Form 8-K. A copy of the Company’s First Quarter 2025 Supplemental Disclosure is furnished as Exhibit 99.2 to this current report on Form 8-K. The information contained in Item 2.02 of this current report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
Exhibit No. Description
99.1  
99.2  
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  KITE REALTY GROUP TRUST
   
Date: April 29, 2025 By: /s/ HEATH R. FEAR
    Heath R. Fear
    Executive Vice President and
    Chief Financial Officer
KITE REALTY GROUP, L.P.
By: Kite Realty Group Trust, its sole general partner
By: /s/ HEATH R. FEAR
Heath R. Fear
Executive Vice President and
Chief Financial Officer



EX-99.1 2 exhibit99_1xq12025.htm EX-99.1 EARNINGS RELEASE Document
Exhibit 99.1
kitelogoa.jpg
PRESS RELEASE
Contact Information: Kite Realty Group
Tyler Henshaw
SVP, Capital Markets & Investor Relations
317.713.7780
thenshaw@kiterealty.com
Kite Realty Group Reports First Quarter 2025 Operating Results
Indianapolis, Indiana, April 29, 2025 – Kite Realty Group (NYSE: KRG), a premier owner and operator of high-quality, open-air grocery-anchored centers and vibrant mixed-use assets, reported today its operating results for the first quarter ended March 31, 2025. For the quarters ended March 31, 2025 and 2024, net income attributable to common shareholders was $23.7 million, or $0.11 per diluted share, compared to $14.2 million, or $0.06 per diluted share, respectively.
Company raises 2025 guidance
Acquired Legacy West in the Dallas MSA for $785M ($408M at KRG’s share) in a
Joint Venture with GIC
Leased approximately 844,000 square feet at 13.7% comparable blended cash leasing spreads
“In addition to another strong quarter, the KRG team is proud to announce the acquisition of Legacy West through a recently formed strategic joint venture with GIC, a global institutional investor,” said John A. Kite, Chairman and CEO. “Legacy West is an iconic mixed-use asset with significant mark-to-market potential that further establishes KRG’s prominent presence in the Dallas MSA. We intend to fund our investment in a manner that is both strategic and disciplined, utilizing a blend of asset sales and debt to ensure the transaction is accretive to earnings, enhances the quality of our portfolio, and maintains leverage at or below our long-term target of 5.0x to 5.5x net debt to EBITDA.”
First Quarter 2025 Financial and Operational Results
▪Generated NAREIT FFO of the Operating Partnership of $122.8 million, or $0.55 per diluted share.
▪Generated Core FFO of the Operating Partnership of $118.1 million, or $0.53 per diluted share.
▪Same Property Net Operating Income (NOI) increased by 3.1%.
▪Executed 182 new and renewal leases representing approximately 844,000 square feet.
▪Blended cash leasing spreads of 13.7% on 126 comparable leases, including 15.6% on 26 comparable new leases, 20.1% on 67 comparable non-option renewals, and 7.0% on 33 comparable option renewals.
▪Cash leasing spreads of 18.7% on a blended basis for comparable new and non-option renewal leases.
▪Operating retail portfolio annualized base rent (ABR) per square foot of $21.49 at March 31, 2025, a 3.1% increase year-over-year.
▪Retail portfolio leased percentage of 93.8% at March 31, 2025, a 20-basis point decrease year-over-year.
▪The leased percentage incorporates several recent anchor bankruptcies, which impacted the leased rate by approximately 140 basis points.
▪Portfolio leased-to-occupied spread at period end of 260 basis points, which represents $27.5 million of signed-not-open NOI.


First Quarter 2025 Capital Allocation Activity
▪Entered into a joint venture (“JV”) with GIC with the purpose of co-investing in high-quality, open-air retail and mixed-use assets. Subsequent to quarter end, the JV completed the acquisition of Legacy West (Dallas MSA), an iconic mixed-use destination, for $785 million ($408 million at KRG’s share). As part of the acquisition, the JV assumed a $304 million mortgage ($158 million at KRG’s share) at a 3.8% coupon. The Company will act as the operating member of the JV, and under the terms of the arrangement, the Company will own a 52.0% majority interest. Legacy West is located in the heart of Plano, which is the Dallas MSA’s leading submarket for job and population growth over the past decade. The property includes approximately 344,000 square feet of retail (48% of total NOI), 444,000 square feet of office (27% of total NOI), and 782 multifamily units (25% of total NOI). Citigroup Global Markets Inc. acted as financial advisor to Kite Realty Group. Greenhill, a Mizuho affiliate, acted as financial advisor to GIC.
▪As previously announced, acquired Village Commons (Miami MSA), a 170,976 square foot Publix-anchored center, for $68.4 million.
▪Subsequent to quarter end, sold Stoney Creek Commons (Indianapolis MSA), an 84,094 square foot center, for $9.5 million.
First Quarter 2025 Balance Sheet Overview
▪As of March 31, 2025, the Company’s net debt to Adjusted EBITDA was 4.7x.
Dividend
On April 29, 2025, the Company’s Board of Trustees declared a second quarter 2025 dividend of $0.27 per common share, which represents an 8.0% year-over-year increase. The second quarter dividend will be paid on or about July 16, 2025, to shareholders of record as of July 9, 2025.
2025 Earnings Guidance
The Company expects to generate net income attributable to common shareholders of $0.41 to $0.47 per diluted share in 2025. The Company is raising its 2025 NAREIT FFO guidance range to $2.04 to $2.10 per diluted share from $2.02 to $2.08 per diluted share, and its Core FFO guidance range to $2.00 to $2.06 per diluted share from $1.98 to $2.04 per diluted share, based, in part, on the following assumptions:
▪2025 Same Property NOI range of 1.25% to 2.25%.
▪Full-year credit disruption of 1.95% of total revenues at the midpoint, inclusive of a 1.00% general bad debt reserve and a 0.95% impact from anchor bankruptcies.
▪Interest expense, net of interest income, excluding unconsolidated joint ventures, of $123.5 million at the midpoint.
The following table reconciles the Company’s 2025 net income guidance range to the Company’s 2025 NAREIT and Core FFO guidance ranges:
Low High
Net income $ 0.41  $ 0.47 
Depreciation and amortization 1.63  1.63 
NAREIT FFO $ 2.04  $ 2.10 
Non-cash items (0.04) (0.04)
Core FFO $ 2.00  $ 2.06 
Earnings Conference Call
Kite Realty Group will conduct a conference call to discuss its financial results on Wednesday, April 30, 2025, at 1:00 p.m. Eastern Time. A live webcast of the conference call will be available on KRG’s website at www.kiterealty.com or at the following link: KRG First Quarter 2025 Webcast. The dial-in registration link is: KRG First Quarter 2025 Teleconference Registration. In addition, a webcast replay link will be available on KRG’s website.


About Kite Realty Group
Kite Realty Group (NYSE: KRG), a real estate investment trust (REIT), is a premier owner and operator of open-air shopping centers and mixed-use assets. The Company’s primarily grocery-anchored portfolio is located in high-growth Sun Belt and select strategic gateway markets. The combination of necessity-based grocery-anchored neighborhood and community centers, along with vibrant mixed-use assets, makes the KRG portfolio an ideal platform for both retailers and consumers. Publicly listed since 2004, KRG has over 60 years of experience in developing, constructing and operating real estate. Using operational, investment, development, and redevelopment expertise, KRG continuously optimizes its portfolio to maximize value and return to shareholders. As of March 31, 2025, the Company owned interests in 180 U.S. open-air shopping centers and mixed-use assets, comprising approximately 27.8 million square feet of gross leasable space. For more information, please visit kiterealty.com.
Connect with KRG: LinkedIn | X | Instagram | Facebook
Safe Harbor
This release, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements.
Risks, uncertainties and other factors that might cause such differences, some of which could be material, include but are not limited to: economic, business, banking, real estate and other market conditions, particularly in connection with low or negative growth in the U.S. economy as well as economic uncertainty (including from an economic slowdown or recession, disruptions related to tariffs and other trade or sanction issues, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending); financing risks, including the availability of, and costs associated with, sources of liquidity; the Company’s ability to refinance, or extend the maturity dates of, the Company’s indebtedness; the level and volatility of interest rates; the financial stability of the Company’s tenants; the competitive environment in which the Company operates, including potential oversupplies of, or a reduction in demand for, rental space; acquisition, disposition, development and joint venture risks; property ownership and management risks, including the relative illiquidity of real estate investments, and expenses, vacancies or the inability to rent space on favorable terms or at all; the Company’s ability to maintain the Company’s status as a real estate investment trust for U.S. federal income tax purposes; potential environmental and other liabilities; impairment in the value of real estate property the Company owns; the attractiveness of our properties to tenants, the actual and perceived impact of e-commerce on the value of shopping center assets, and changing demographics and customer traffic patterns; business continuity disruptions and a deterioration in our tenants’ ability to operate in affected areas or delays in the supply of products or services to us or our tenants from vendors that are needed to operate efficiently, causing costs to rise sharply and inventory to fall; risks related to our current geographical concentration of properties in the states of Texas, Florida, and North Carolina and the metropolitan statistical areas of New York, Atlanta, Seattle, Chicago, and Washington, D.C.; civil unrest, acts of violence, terrorism or war, acts of God, climate change, epidemics, pandemics, natural disasters and severe weather conditions, including such events that may result in underinsured or uninsured losses or other increased costs and expenses; changes in laws and government regulations, including governmental orders affecting the use of the Company’s properties or the ability of its tenants to operate, and the costs of complying with such changed laws and government regulations; possible changes in consumer behavior due to public health crises and the fear of future pandemics; our ability to satisfy environmental, social or governance standards set by various constituencies; insurance costs and coverage, especially in Florida and Texas coastal areas; risks associated with cyber attacks and the loss of confidential information and other business disruptions; risks associated with the use of artificial intelligence and related tools; other factors affecting the real estate industry generally; whether Legacy West will achieve anticipated levels of mark-to-market potential and help us establish an improved presence in the Dallas MSA; our ability to fund our investments in the manner anticipated; our ability to achieve our desired debt leverage levels; and other risks identified in reports the Company files with the Securities and Exchange Commission or in other documents that it publicly disseminates, including, in particular, the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in the Company’s quarterly reports on Form 10-Q. The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
This Earnings Release also includes certain forward-looking non-GAAP information. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Please see the following pages for the corresponding definitions and reconciliations of such non-GAAP financial measures.


Kite Realty Group
Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
  March 31,
2025		 December 31,
2024
Assets:    
Investment properties, at cost $ 7,695,216  $ 7,634,191 
Less: accumulated depreciation (1,639,965) (1,587,661)
Net investment properties 6,055,251  6,046,530 
Cash and cash equivalents 49,061  128,056 
Tenant and other receivables, including accrued straight-line rent
of $69,931 and $67,377, respectively
 124,331  125,768 
Restricted cash and escrow deposits 5,846  5,271 
Deferred costs, net 230,287  238,213 
Short-term deposits —  350,000 
Prepaid and other assets 117,734  104,627 
Investments in unconsolidated subsidiaries 20,315  19,511 
Assets associated with investment properties held for sale 79,683  73,791 
Total assets $ 6,682,508  $ 7,091,767 
Liabilities and Equity:    
Liabilities:
Mortgage and other indebtedness, net $ 2,910,057  $ 3,226,930 
Accounts payable and accrued expenses 161,438  202,651 
Deferred revenue and other liabilities 235,341  246,100 
Liabilities associated with investment properties held for sale 4,199  4,009 
Total liabilities 3,311,035  3,679,690 
Commitments and contingencies    
Limited Partners’ interests in the Operating Partnership 101,619  98,074 
Equity:    
Common shares, $0.01 par value, 490,000,000 shares authorized,
219,812,300 and 219,667,067 shares issued and outstanding at
March 31, 2025 and December 31, 2024, respectively
 2,198  2,197 
Additional paid-in capital 4,864,320  4,868,554 
Accumulated other comprehensive income 32,307  36,612 
Accumulated deficit (1,630,872) (1,595,253)
Total shareholders’ equity 3,267,953  3,312,110 
Noncontrolling interests 1,901  1,893 
Total equity 3,269,854  3,314,003 
Total liabilities and equity $ 6,682,508  $ 7,091,767 



Kite Realty Group
Consolidated Statements of Operations
(dollars in thousands, except per share amounts)
(unaudited)
  Three Months Ended March 31,
  2025 2024
Revenue:    
Rental income $ 219,172  $ 205,813 
Other property-related revenue 2,165  1,311 
Fee income 425  315 
Total revenue 221,762  207,439 
Expenses:
Property operating 29,826  28,081 
Real estate taxes 27,761  26,534 
General, administrative and other 12,258  12,784 
Depreciation and amortization 98,231  100,379 
Total expenses 168,076  167,778 
Gain (loss) on sales of operating properties, net 91  (236)
Operating income 53,777  39,425 
Other (expense) income:
Interest expense (32,954) (30,364)
Income tax expense of taxable REIT subsidiaries (10) (158)
Equity in loss of unconsolidated subsidiaries (607) (420)
Gain on sale of unconsolidated property, net —  2,325 
Other income, net 4,058  3,628 
Net income 24,264  14,436 
Net income attributable to noncontrolling interests (534) (280)
Net income attributable to common shareholders $ 23,730  $ 14,156 
Net income per common share – basic and diluted $ 0.11  $ 0.06 
Weighted average common shares outstanding – basic 219,715,674  219,501,114 
Weighted average common shares outstanding – diluted 219,827,298  219,900,306 


Kite Realty Group
Funds From Operations (“FFO”)(1)
(dollars in thousands, except per share amounts)
(unaudited)
  Three Months Ended March 31,
2025 2024
Net income $ 24,264  $ 14,436 
Less: net income attributable to noncontrolling interests in properties (70) (67)
Less/add: (gain) loss on sales of operating properties, net (91) 236 
Less: gain on sale of unconsolidated property, net —  (2,325)
Add: depreciation and amortization of consolidated and unconsolidated entities,
net of noncontrolling interests
 98,677  100,560 
FFO of the Operating Partnership(1)
 122,780  112,840 
Less: Limited Partners’ interests in FFO (2,463) (1,822)
FFO attributable to common shareholders(1)
 $ 120,317  $ 111,018 
FFO, as defined by NAREIT, per share of the Operating Partnership – basic $ 0.55  $ 0.51 
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted $ 0.55  $ 0.50 
Weighted average common shares outstanding – basic 219,715,674  219,501,114 
Weighted average common shares outstanding – diluted 219,827,298  219,900,306 
Weighted average common shares and units outstanding – basic 224,214,867  223,109,983 
Weighted average common shares and units outstanding – diluted 224,326,491  223,509,175 
Reconciliation of FFO to Core FFO
FFO of the Operating Partnership(1)
 $ 122,780  $ 112,840 
Add:
Amortization of deferred financing costs 1,644  929 
Non-cash compensation expense and other 2,516  2,722 
Less:
Straight-line rent – minimum rent and common area maintenance 2,578  3,125 
Market rent amortization income 3,542  2,267 
Amortization of debt discounts, premiums and hedge instruments 2,756  3,756 
Core FFO of the Operating Partnership $ 118,064  $ 107,343 
Core FFO per share of the Operating Partnership – diluted $ 0.53  $ 0.48 
(1)“FFO of the Operating Partnership” measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.
Funds From Operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of our operating performance. The Company calculates FFO, a non-GAAP financial measure, in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (“NAREIT”), as restated in 2018. The NAREIT white paper defines FFO as net income (calculated in accordance with GAAP), excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, and (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.
Considering the nature of our business as a real estate owner and operator, the Company believes that FFO is helpful to investors in measuring our operational performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. FFO (a) should not be considered as an alternative to net income (calculated in accordance with GAAP) for the purpose of measuring our financial performance, (b) is not an alternative to cash flows from operating activities (calculated in accordance with GAAP) as a measure of our liquidity, and (c) is not indicative of funds available to satisfy our cash needs, including our ability to make distributions. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
From time to time, the Company may report or provide guidance with respect to “FFO, as adjusted,” which removes the impact of certain non-recurring and non-operating transactions or other items the Company does not consider to be representative of its core operating results including, without limitation, (i) gains or losses associated with the early extinguishment of debt, (ii) gains or losses associated with litigation involving the Company that is not in the normal course of business, (iii) merger and acquisition costs, (iv) the impact on earnings from employee severance, (v) the excess of redemption value over carrying value of preferred stock redemption, and (vi) the impact of prior period bad debt or the collection of accounts receivable previously written off (“prior period collection impact”), which are not otherwise adjusted in the Company’s calculation of FFO.


Core Funds From Operations (“Core FFO”) is a non-GAAP financial measure of operating performance that modifies FFO for certain non-cash transactions that result in recording income or expense and impact the Company’s period-over-period performance, including (i) amortization of deferred financing costs, (ii) non-cash compensation expense and other, (iii) straight-line rent related to minimum rent and common area maintenance, (iv) market rent amortization income, and (v) amortization of debt discounts, premiums and hedge instruments. The Company believes that Core FFO is useful to investors in evaluating the core cash flow-generating operations of the Company by adjusting for items that we do not consider to be part of our core business operations, allowing for comparison of core operating performance of the Company between periods. Core FFO should not be considered as an alternative to net income as an indicator of the Company’s performance or as an alternative to cash flow as a measure of liquidity or the Company’s ability to make distributions. The Company’s computation of Core FFO may differ from the methodology for calculating Core FFO used by other REITs, and therefore, may not be comparable to such other REITs.


Kite Realty Group
Same Property Net Operating Income (“NOI”)
(dollars in thousands)
(unaudited)
  Three Months Ended March 31,
  2025 2024 Change
Number of properties in Same Property Pool for the period(1)
 177  177 
Leased percentage at period end 93.8  % 94.4  %
Economic occupancy percentage at period end 91.2  % 91.1  %
Economic occupancy percentage(2)
 91.9  % 91.2  %
Minimum rent $ 155,169  $ 150,209 
Tenant recoveries 44,642  42,450 
Bad debt reserve (1,933) (554)
Other income, net 2,201  2,603 
Total revenue 200,079  194,708 
Property operating (26,111) (25,709)
Real estate taxes (26,038) (25,475)
Total expenses (52,149) (51,184)
Same Property NOI $ 147,930  $ 143,524  3.1  %
Reconciliation of Same Property NOI to most
directly comparable GAAP measure:
Net operating income – same properties $ 147,930  $ 143,524 
Net operating income – non-same activity(3)
 15,820  8,985 
Total property NOI 163,750  152,509  7.4  %
Other income, net 3,866  3,365 
General, administrative and other (12,258) (12,784)
Depreciation and amortization (98,231) (100,379)
Interest expense (32,954) (30,364)
Gain (loss) on sales of operating properties, net 91  (236)
Gain on sale of unconsolidated property, net —  2,325 
Net income attributable to noncontrolling interests (534) (280)
Net income attributable to common shareholders $ 23,730  $ 14,156 
(1)Same Property NOI excludes the following: (i) properties acquired or placed in service during 2024 and 2025; (ii) The Corner – IN, which was reclassified from active development into our operating portfolio in March 2025; (iii) our active development project at One Loudoun Expansion; (iv) Hamilton Crossing Centre and Edwards Multiplex – Ontario, which were reclassified from our operating portfolio into redevelopment in June 2014 and March 2023, respectively; (v) properties sold or classified as held for sale during 2024 and 2025; and (vi) office properties, including Carillon medical office building, which was reclassified from active redevelopment into our office portfolio in December 2024.
(2)Excludes leases that are signed but for which tenants have not yet commenced the payment of cash rent. Calculated as a weighted average based on the timing of cash rent commencement and expiration during the period.
(3)Includes non-cash activity across the portfolio as well as NOI from properties not included in the Same Property Pool, including properties sold during both periods.
The Company uses property NOI, a non-GAAP financial measure, to evaluate the performance of our properties. The Company defines NOI as income from our real estate, including lease termination fees received from tenants, less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions and certain corporate-level expenses, including merger and acquisition costs. The Company believes that NOI is helpful to investors as a measure of our operating performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as depreciation and amortization, interest expense, and impairment, if any.
The Company also uses same property NOI (“Same Property NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. Same Property NOI is net income excluding properties that have not been owned for the full periods presented. Same Property NOI also excludes (i) net gains from outlot sales, (ii) straight-line rent revenue, (iii) lease termination income in excess of lost rent, (iv) amortization of lease intangibles, and (v) significant prior period expense recoveries and adjustments, if any. When the Company receives payments in excess of any accounts receivable for terminating a lease, Same Property NOI will include such excess payments as monthly rent until the earlier of the expiration of 12 months or the start date of a replacement tenant.


The Company believes that Same Property NOI is helpful to investors as a measure of our operating performance because it includes only the NOI of properties that have been owned for the full periods presented. The Company believes such presentation eliminates disparities in net income due to the acquisition or disposition of properties during the particular periods presented and thus provides a more consistent metric for the comparison of our properties. Same Property NOI includes the results of properties that have been owned for the entire current and prior year reporting periods.
NOI and Same Property NOI should not, however, be considered as an alternative to net income (calculated in accordance with GAAP) as an indicator of our financial performance. The Company’s computation of NOI and Same Property NOI may differ from the methodology used by other REITs and, therefore, may not be comparable to such other REITs.
When evaluating the properties that are included in the Same Property Pool, we have established specific criteria for determining the inclusion of properties acquired or those recently under development. An acquired property is included in the Same Property Pool when there is a full quarter of operations in both years subsequent to the acquisition date. Development and redevelopment properties are included in the Same Property Pool four full quarters after the properties have been transferred to the operating portfolio. A redevelopment property is first excluded from the Same Property Pool when the execution of a redevelopment plan is likely, and we (a) begin recapturing space from tenants or (b) the contemplated plan significantly impacts the operations of the property. For the three months ended March 31, 2025, the Same Property Pool excludes the following: (i) properties acquired or placed in service during 2024 and 2025; (ii) The Corner – IN, which was reclassified from active development into our operating portfolio in March 2025; (iii) our active development project at One Loudoun Expansion; (iv) Hamilton Crossing Centre and Edwards Multiplex – Ontario, which were reclassified from our operating portfolio into redevelopment in June 2014 and March 2023, respectively; (v) properties sold or classified as held for sale during 2024 and 2025; and (vi) office properties, including Carillon medical office building, which was reclassified from active redevelopment into our office portfolio in December 2024.



Kite Realty Group
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)
(dollars in thousands)
(unaudited)
  Three Months Ended
March 31, 2025
Net income $ 24,264 
Depreciation and amortization 98,231 
Interest expense 32,954 
Income tax expense of taxable REIT subsidiaries 10 
EBITDA 155,459 
Unconsolidated EBITDA, as adjusted 717 
Gain on sales of operating properties, net (91)
Other income and expense, net (3,451)
Noncontrolling interests (198)
Adjusted EBITDA $ 152,436 
Annualized Adjusted EBITDA(1)
 $ 609,744 
Company share of Net Debt:
Mortgage and other indebtedness, net $ 2,910,057 
Add: Company share of unconsolidated joint venture debt 44,575 
Add: debt discounts, premiums and issuance costs, net 828 
Less: Partner share of consolidated joint venture debt(2)
 (9,789)
Company’s consolidated debt and share of unconsolidated debt 2,945,671 
Less: cash, cash equivalents and restricted cash (57,205)
Company share of Net Debt $ 2,888,466 
Net Debt to Adjusted EBITDA 4.7x
(1)Represents Adjusted EBITDA for the three months ended March 31, 2025 (as shown in the table above) multiplied by four.
(2)Partner share of consolidated joint venture debt is calculated based upon the partner’s pro rata ownership of the joint venture, multiplied by the related secured debt balance.
The Company defines EBITDA, a non-GAAP financial measure, as net income before interest expense, income tax expense of the taxable REIT subsidiaries, and depreciation and amortization. For informational purposes, the Company also provides Adjusted EBITDA, which it defines as EBITDA less (i) EBITDA from unconsolidated entities, as adjusted, (ii) gains on sales of operating properties or impairment charges, (iii) merger and acquisition costs, (iv) other income and expense, (v) noncontrolling interest Adjusted EBITDA, and (vi) other non-recurring activity or items impacting comparability from period to period. Annualized Adjusted EBITDA is Adjusted EBITDA for the most recent quarter multiplied by four. Net Debt to Adjusted EBITDA is the Company’s share of net debt divided by Annualized Adjusted EBITDA. EBITDA, Adjusted EBITDA, Annualized Adjusted EBITDA and Net Debt to Adjusted EBITDA, as calculated by the Company, are not comparable to EBITDA and EBITDA-related measures reported by other REITs that do not define EBITDA and EBITDA-related measures exactly as we do. EBITDA, Adjusted EBITDA and Annualized Adjusted EBITDA do not represent cash generated from operating activities in accordance with GAAP and should not be considered alternatives to net income as an indicator of performance or as alternatives to cash flows from operating activities as an indicator of liquidity.
Considering the nature of our business as a real estate owner and operator, the Company believes that EBITDA, Adjusted EBITDA and the ratio of Net Debt to Adjusted EBITDA are helpful to investors in measuring our operational performance because they exclude various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. For informational purposes, the Company also provides Annualized Adjusted EBITDA, adjusted as described above. The Company believes this supplemental information provides a meaningful measure of its operating performance. The Company believes presenting EBITDA and the related measures in this manner allows investors and other interested parties to form a more meaningful assessment of the Company’s operating results.
EX-99.2 3 exhibit99_2xq12025.htm EX-99.2 Q1 2025 SUPPLEMENTAL Document
Exhibit 99.2
suppcoverq12025.jpg


Kite Realty Group
Quarterly Financial Supplement as of March 31, 2025
T A B L E O F C O N T E N T S
Earnings Press Release
Contact Information
Results Overview
Consolidated Balance Sheets
Consolidated Statements of Operations
Same Property Net Operating Income
Net Operating Income and Adjusted EBITDA by Quarter
Funds From Operations
Joint Venture Summary
Key Debt Metrics
Summary of Outstanding Debt
Maturity Schedule of Outstanding Debt
Acquisitions and Dispositions
Development and Redevelopment Projects
Geographic Diversification – Retail ABR by Region and State
Top 25 Tenants by ABR
Retail Leasing Spreads
Lease Expirations
Components of Net Asset Value
Non-GAAP Financial Measures


Kite Realty Group Trust | 30 South Meridian Street, Suite 1100 | Indianapolis, Indiana 46204 | 888.577.5600 | www.kiterealty.com


kitelogo.jpg
PRESS RELEASE
Contact Information: Kite Realty Group
Tyler Henshaw
SVP, Capital Markets & Investor Relations
317.713.7780
thenshaw@kiterealty.com
Kite Realty Group Reports First Quarter 2025 Operating Results
Indianapolis, Indiana, April 29, 2025 – Kite Realty Group (NYSE: KRG), a premier owner and operator of high-quality, open-air grocery-anchored centers and vibrant mixed-use assets, reported today its operating results for the first quarter ended March 31, 2025. For the quarters ended March 31, 2025 and 2024, net income attributable to common shareholders was $23.7 million, or $0.11 per diluted share, compared to $14.2 million, or $0.06 per diluted share, respectively.
Company raises 2025 guidance
Acquired Legacy West in the Dallas MSA for $785M ($408M at KRG’s share) in a
Joint Venture with GIC
Leased approximately 844,000 square feet at 13.7% comparable blended cash leasing spreads
“In addition to another strong quarter, the KRG team is proud to announce the acquisition of Legacy West through a recently formed strategic joint venture with GIC, a global institutional investor,” said John A. Kite, Chairman and CEO. “Legacy West is an iconic mixed-use asset with significant mark-to-market potential that further establishes KRG’s prominent presence in the Dallas MSA. We intend to fund our investment in a manner that is both strategic and disciplined, utilizing a blend of asset sales and debt to ensure the transaction is accretive to earnings, enhances the quality of our portfolio, and maintains leverage at or below our long-term target of 5.0x to 5.5x net debt to EBITDA.”
First Quarter 2025 Financial and Operational Results
▪Generated NAREIT FFO of the Operating Partnership of $122.8 million, or $0.55 per diluted share.
▪Generated Core FFO of the Operating Partnership of $118.1 million, or $0.53 per diluted share.
▪Same Property Net Operating Income (NOI) increased by 3.1%.
▪Executed 182 new and renewal leases representing approximately 844,000 square feet.
▪Blended cash leasing spreads of 13.7% on 126 comparable leases, including 15.6% on 26 comparable new leases, 20.1% on 67 comparable non-option renewals, and 7.0% on 33 comparable option renewals.
▪Cash leasing spreads of 18.7% on a blended basis for comparable new and non-option renewal leases.
▪Operating retail portfolio annualized base rent (ABR) per square foot of $21.49 at March 31, 2025, a 3.1% increase year-over-year.
▪Retail portfolio leased percentage of 93.8% at March 31, 2025, a 20-basis point decrease year-over-year.
▪The leased percentage incorporates several recent anchor bankruptcies, which impacted the leased rate by approximately 140 basis points.
▪Portfolio leased-to-occupied spread at period end of 260 basis points, which represents $27.5 million of signed-not-open NOI.
i

First Quarter 2025 Capital Allocation Activity
▪Entered into a joint venture (“JV”) with GIC with the purpose of co-investing in high-quality, open-air retail and mixed-use assets. Subsequent to quarter end, the JV completed the acquisition of Legacy West (Dallas MSA), an iconic mixed-use destination, for $785 million ($408 million at KRG’s share). As part of the acquisition, the JV assumed a $304 million mortgage ($158 million at KRG’s share) at a 3.8% coupon. The Company will act as the operating member of the JV, and under the terms of the arrangement, the Company will own a 52.0% majority interest. Legacy West is located in the heart of Plano, which is the Dallas MSA’s leading submarket for job and population growth over the past decade. The property includes approximately 344,000 square feet of retail (48% of total NOI), 444,000 square feet of office (27% of total NOI), and 782 multifamily units (25% of total NOI). Citigroup Global Markets Inc. acted as financial advisor to Kite Realty Group. Greenhill, a Mizuho affiliate, acted as financial advisor to GIC.
▪As previously announced, acquired Village Commons (Miami MSA), a 170,976 square foot Publix-anchored center, for $68.4 million.
▪Subsequent to quarter end, sold Stoney Creek Commons (Indianapolis MSA), an 84,094 square foot center, for $9.5 million.
First Quarter 2025 Balance Sheet Overview
▪As of March 31, 2025, the Company’s net debt to Adjusted EBITDA was 4.7x.
Dividend
On April 29, 2025, the Company’s Board of Trustees declared a second quarter 2025 dividend of $0.27 per common share, which represents an 8.0% year-over-year increase. The second quarter dividend will be paid on or about July 16, 2025, to shareholders of record as of July 9, 2025.
2025 Earnings Guidance
The Company expects to generate net income attributable to common shareholders of $0.41 to $0.47 per diluted share in 2025. The Company is raising its 2025 NAREIT FFO guidance range to $2.04 to $2.10 per diluted share from $2.02 to $2.08 per diluted share, and its Core FFO guidance range to $2.00 to $2.06 per diluted share from $1.98 to $2.04 per diluted share, based, in part, on the following assumptions:
▪2025 Same Property NOI range of 1.25% to 2.25%.
▪Full-year credit disruption of 1.95% of total revenues at the midpoint, inclusive of a 1.00% general bad debt reserve and a 0.95% impact from anchor bankruptcies.
▪Interest expense, net of interest income, excluding unconsolidated joint ventures, of $123.5 million at the midpoint.
The following table reconciles the Company’s 2025 net income guidance range to the Company’s 2025 NAREIT and Core FFO guidance ranges:
Low High
Net income $ 0.41  $ 0.47 
Depreciation and amortization 1.63  1.63 
NAREIT FFO $ 2.04  $ 2.10 
Non-cash items (0.04) (0.04)
Core FFO $ 2.00  $ 2.06 
Earnings Conference Call
Kite Realty Group will conduct a conference call to discuss its financial results on Wednesday, April 30, 2025, at 1:00 p.m. Eastern Time. A live webcast of the conference call will be available on KRG’s website at www.kiterealty.com or at the following link: KRG First Quarter 2025 Webcast. The dial-in registration link is: KRG First Quarter 2025 Teleconference Registration. In addition, a webcast replay link will be available on KRG’s website.
ii

About Kite Realty Group
Kite Realty Group (NYSE: KRG), a real estate investment trust (REIT), is a premier owner and operator of open-air shopping centers and mixed-use assets. The Company’s primarily grocery-anchored portfolio is located in high-growth Sun Belt and select strategic gateway markets. The combination of necessity-based grocery-anchored neighborhood and community centers, along with vibrant mixed-use assets, makes the KRG portfolio an ideal platform for both retailers and consumers. Publicly listed since 2004, KRG has over 60 years of experience in developing, constructing and operating real estate. Using operational, investment, development, and redevelopment expertise, KRG continuously optimizes its portfolio to maximize value and return to shareholders. As of March 31, 2025, the Company owned interests in 180 U.S. open-air shopping centers and mixed-use assets, comprising approximately 27.8 million square feet of gross leasable space. For more information, please visit kiterealty.com.
Connect with KRG: LinkedIn | X | Instagram | Facebook
Safe Harbor
This release, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements.
Risks, uncertainties and other factors that might cause such differences, some of which could be material, include but are not limited to: economic, business, banking, real estate and other market conditions, particularly in connection with low or negative growth in the U.S. economy as well as economic uncertainty (including from an economic slowdown or recession, disruptions related to tariffs and other trade or sanction issues, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending); financing risks, including the availability of, and costs associated with, sources of liquidity; the Company’s ability to refinance, or extend the maturity dates of, the Company’s indebtedness; the level and volatility of interest rates; the financial stability of the Company’s tenants; the competitive environment in which the Company operates, including potential oversupplies of, or a reduction in demand for, rental space; acquisition, disposition, development and joint venture risks; property ownership and management risks, including the relative illiquidity of real estate investments, and expenses, vacancies or the inability to rent space on favorable terms or at all; the Company’s ability to maintain the Company’s status as a real estate investment trust for U.S. federal income tax purposes; potential environmental and other liabilities; impairment in the value of real estate property the Company owns; the attractiveness of our properties to tenants, the actual and perceived impact of e-commerce on the value of shopping center assets, and changing demographics and customer traffic patterns; business continuity disruptions and a deterioration in our tenants’ ability to operate in affected areas or delays in the supply of products or services to us or our tenants from vendors that are needed to operate efficiently, causing costs to rise sharply and inventory to fall; risks related to our current geographical concentration of properties in the states of Texas, Florida, and North Carolina and the metropolitan statistical areas of New York, Atlanta, Seattle, Chicago, and Washington, D.C.; civil unrest, acts of violence, terrorism or war, acts of God, climate change, epidemics, pandemics, natural disasters and severe weather conditions, including such events that may result in underinsured or uninsured losses or other increased costs and expenses; changes in laws and government regulations, including governmental orders affecting the use of the Company’s properties or the ability of its tenants to operate, and the costs of complying with such changed laws and government regulations; possible changes in consumer behavior due to public health crises and the fear of future pandemics; our ability to satisfy environmental, social or governance standards set by various constituencies; insurance costs and coverage, especially in Florida and Texas coastal areas; risks associated with cyber attacks and the loss of confidential information and other business disruptions; risks associated with the use of artificial intelligence and related tools; other factors affecting the real estate industry generally; whether Legacy West will achieve anticipated levels of mark-to-market potential and help us establish an improved presence in the Dallas MSA; our ability to fund our investments in the manner anticipated; our ability to achieve our desired debt leverage levels; and other risks identified in reports the Company files with the Securities and Exchange Commission or in other documents that it publicly disseminates, including, in particular, the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in the Company’s quarterly reports on Form 10-Q. The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
This Earnings Release also includes certain forward-looking non-GAAP information. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Please see the following pages for the corresponding definitions and reconciliations of such non-GAAP financial measures.
iii
                                


Kite Realty Group
Contact Information
Corporate Office
30 South Meridian Street, Suite 1100
Indianapolis, IN 46204
(888) 577-5600
(317) 577-5600
www.kiterealty.com
Investor Relations Contact   Analyst Coverage   Analyst Coverage
Tyler Henshaw   Robert W. Baird & Co.   Jefferies LLC
Senior Vice President, Capital Markets and IR   Mr. Wes Golladay   Ms. Linda Tsai
(317) 713-7780 (216) 737-7510 (212) 778-8011
thenshaw@kiterealty.com   wgolladay@rwbaird.com   ltsai@jefferies.com
   
Matt Hunt   Bank of America/Merrill Lynch   J.P. Morgan
Senior Director, Capital Markets and IR   Mr. Jeffrey Spector   Mr. Michael W. Mueller/Mr. Hongliang Zhang
(317) 713-7646   (646) 855-1363   (212) 622-6689/(212) 622-6416
mhunt@kiterealty.com   jeff.spector@bofa.com   michael.w.mueller@jpmorgan.com/
    hongliang.zhang@jpmorgan.com
   
Transfer Agent   BTIG   KeyBanc Capital Markets
Broadridge Financial Solutions   Mr. Michael Gorman   Mr. Todd Thomas
Ms. Kristen Tartaglione   (212) 738-6138   (917) 368-2286
2 Journal Square, 7th Floor   mgorman@btig.com   tthomas@keybanccm.com
Jersey City, NJ 07306    
(201) 714-8094 Citigroup Global Markets Piper Sandler
  Mr. Craig Mailman   Mr. Alexander Goldfarb
  (212) 816-4471   (212) 466-7937
  craig.mailman@citi.com   alexander.goldfarb@psc.com
Stock Specialist    
GTS   Compass Point Research & Trading, LLC   Raymond James
545 Madison Avenue, 15th Floor   Mr. Floris van Dijkum   Mr. RJ Milligan
New York, NY 10022    (646) 757-2621   (727) 567-2585
(212) 715-2830   fvandijkum@compasspointllc.com   rjmilligan@raymondjames.com
   
  Green Street   Wells Fargo
  Ms. Paulina Rojas Schmidt   Mr. James Feldman/Ms. Dori Kesten
  (949) 640-8780   (212) 215-5328/(617) 603-4233
  projasschmidt@greenstreet.com   james.feldman@wellsfargo.com/
    dori.kesten@wellsfargo.com
 
 
1st Quarter 2025 Supplemental Financial and Operating Statistics
1

Kite Realty Group
Results Overview
(dollars in thousands, except per share and per square foot amounts)
Three Months Ended March 31,
Summary Financial Results 2025 2024
Total revenue (page 4) $ 221,762  $ 207,439 
Net income attributable to common shareholders (page 4) $ 23,730  $ 14,156 
Net income per diluted share (page 4) $ 0.11  $ 0.06 
Net operating income (NOI) (page 6) $ 163,750  $ 152,509 
Adjusted EBITDA (page 6) $ 151,917  $ 140,040 
NAREIT Funds From Operations (FFO) (page 7) $ 122,780  $ 112,840 
NAREIT FFO per diluted share (page 7) $ 0.55  $ 0.50 
Core FFO (page 7) $ 118,064  $ 107,343 
Core FFO per diluted share (page 7) $ 0.53  $ 0.48 
Dividend payout ratio (as % of NAREIT FFO) 49  % 50  %

Three Months Ended
Summary Operating and Financial Ratios March 31,
2025		 December 31,
2024		 September 30,
2024		 June 30,
2024		 March 31,
2024
NOI margin (page 6) 74.2  % 74.6  % 74.5  % 73.8  % 73.8  %
NOI margin – retail (page 6) 74.7  % 75.1  % 75.2  % 74.3  % 74.4  %
Same Property NOI performance (page 5) 3.1  % 4.8  % 3.0  % 1.8  % 1.8  %
Total property NOI performance (page 5) 7.4  % 4.9  % 1.2  % 0.1  % 1.3  %
Net debt to Adjusted EBITDA, current quarter (page 9) 4.7x 4.7x 4.9x 4.8x 5.1x
Recovery ratio of retail operating properties (page 6) 91.4  % 92.1  % 91.2  % 91.6  % 91.6  %
Recovery ratio of consolidated portfolio (page 6) 86.5  % 87.4  % 86.6  % 87.8  % 86.9  %
Outstanding Classes of Stock
Common shares and units outstanding (page 18) 224,661,888  223,859,664  223,626,166  223,361,957  223,310,866 
Summary Portfolio Statistics
Number of properties
Operating retail (page 14)(1)
 180  179  179  178  180 
Office and other components 12  12  11  11  11 
Development and redevelopment projects (page 13) 1  2  3  2  2 
Owned retail operating gross leasable area (GLA)(2) (page 14)
 27.8  M 27.7  M 27.7  M 27.6  M 28.1  M
Owned office GLA 1.5  M 1.5  M 1.4  M 1.4  M 1.4  M
Number of multifamily units(3)
 1,405  1,405  1,405  1,405  1,405 
Percent leased – total 93.0  % 94.2  % 94.6  % 94.3  % 93.8  %
Percent leased – retail 93.8  % 95.0  % 95.0  % 94.8  % 94.0  %
Anchor 95.1  % 97.1  % 97.0  % 96.8  % 95.9  %
Small shop 91.3  % 91.2  % 91.2  % 90.8  % 90.5  %
Annualized base rent (ABR) per square foot $ 21.49  $ 21.15  $ 21.01  $ 20.90  $ 20.84 
Total new and renewal lease GLA (page 16) 843,829  1,214,390  1,651,986  1,153,766  968,681 
New lease cash rent spread (page 16) 15.6  % 23.6  % 24.9  % 34.8  % 48.1  %
Non-option renewal lease cash rent spread (page 16) 20.1  % 14.4  % 11.9  % 14.3  % 12.2  %
Option renewal lease cash rent spread (page 16) 7.0  % 6.8  % 7.7  % 6.0  % 5.3  %
Total new and renewal lease cash rent spread (page 16) 13.7  % 12.5  % 11.1  % 15.6  % 12.8  %
2025 Guidance Current
(as of 4/29/25)		 Previous
(as of 2/11/25)
NAREIT FFO per diluted share $2.04 to $2.10 $2.02 to $2.08
Core FFO per diluted share $2.00 to $2.06 $1.98 to $2.04
(1)Excludes two operating retail properties classified as held for sale as of March 31, 2025.
(2)Owned GLA represents gross leasable area owned by the Company and excludes the square footage of non-retail property components and development and redevelopment projects.
(3)Represents the number of multifamily units that the Company has an economic interest in.
1st Quarter 2025 Supplemental Financial and Operating Statistics
2

Kite Realty Group
Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
March 31,
2025		 December 31,
2024
Assets:    
Investment properties, at cost $ 7,695,216  $ 7,634,191 
Less: accumulated depreciation (1,639,965) (1,587,661)
Net investment properties 6,055,251  6,046,530 
Cash and cash equivalents 49,061  128,056 
Tenant and other receivables, including accrued straight-line rent
of $69,931 and $67,377, respectively
 124,331  125,768 
Restricted cash and escrow deposits 5,846  5,271 
Deferred costs, net 230,287  238,213 
Short-term deposits —  350,000 
Prepaid and other assets 117,734  104,627 
Investments in unconsolidated subsidiaries 20,315  19,511 
Assets associated with investment properties held for sale 79,683  73,791 
Total assets $ 6,682,508  $ 7,091,767 
Liabilities and Equity:    
Liabilities:
Mortgage and other indebtedness, net $ 2,910,057  $ 3,226,930 
Accounts payable and accrued expenses 161,438  202,651 
Deferred revenue and other liabilities 235,341  246,100 
Liabilities associated with investment properties held for sale 4,199  4,009 
Total liabilities 3,311,035  3,679,690 
Commitments and contingencies    
Limited Partners’ interests in the Operating Partnership
 101,619  98,074 
Equity:    
Common shares, $0.01 par value, 490,000,000 shares authorized,
219,812,300 and 219,667,067 shares issued and outstanding at
March 31, 2025 and December 31, 2024, respectively
 2,198  2,197 
Additional paid-in capital 4,864,320  4,868,554 
Accumulated other comprehensive income 32,307  36,612 
Accumulated deficit (1,630,872) (1,595,253)
Total shareholders’ equity 3,267,953  3,312,110 
Noncontrolling interests 1,901  1,893 
Total equity 3,269,854  3,314,003 
Total liabilities and equity $ 6,682,508  $ 7,091,767 

1st Quarter 2025 Supplemental Financial and Operating Statistics
3

Kite Realty Group
Consolidated Statements of Operations
(dollars in thousands, except per share amounts)
(unaudited)
  Three Months Ended March 31,
  2025 2024
Revenue:    
Rental income $ 219,172  $ 205,813 
Other property-related revenue 2,165  1,311 
Fee income 425  315 
Total revenue 221,762  207,439 
Expenses:    
Property operating 29,826  28,081 
Real estate taxes 27,761  26,534 
General, administrative and other 12,258  12,784 
Depreciation and amortization 98,231  100,379 
Total expenses 168,076  167,778 
Gain (loss) on sales of operating properties, net 91  (236)
Operating income 53,777  39,425 
Other (expense) income:
Interest expense (32,954) (30,364)
Income tax expense of taxable REIT subsidiaries (10) (158)
Equity in loss of unconsolidated subsidiaries (607) (420)
Gain on sale of unconsolidated property, net —  2,325 
Other income, net 4,058  3,628 
Net income 24,264  14,436 
Net income attributable to noncontrolling interests (534) (280)
Net income attributable to common shareholders $ 23,730  $ 14,156 
Net income per common share – basic and diluted $ 0.11  $ 0.06 
Weighted average common shares outstanding – basic 219,715,674  219,501,114 
Weighted average common shares outstanding – diluted 219,827,298  219,900,306 
1st Quarter 2025 Supplemental Financial and Operating Statistics
4


Kite Realty Group
Same Property Net Operating Income (“NOI”)
(dollars in thousands)
(unaudited)
  Three Months Ended March 31,
  2025 2024 Change
Number of properties in Same Property Pool for the period(1)
 177  177   
Leased percentage at period end 93.8  % 94.4  %
Economic occupancy percentage at period end 91.2  % 91.1  %
Economic occupancy percentage(2)
 91.9  % 91.2  %
Minimum rent $ 155,169  $ 150,209 
Tenant recoveries 44,642  42,450 
Bad debt reserve (1,933) (554)
Other income, net 2,201  2,603 
Total revenue 200,079  194,708 
Property operating (26,111) (25,709)
Real estate taxes (26,038) (25,475)
Total expenses (52,149) (51,184)
Same Property NOI $ 147,930  $ 143,524  3.1  %
Reconciliation of Same Property NOI to most
directly comparable GAAP measure:
Net operating income – same properties $ 147,930  $ 143,524 
Net operating income – non-same activity(3)
 15,820  8,985 
Total property NOI 163,750  152,509  7.4  %
Other income, net 3,866  3,365 
General, administrative and other (12,258) (12,784)
Depreciation and amortization (98,231) (100,379)
Interest expense (32,954) (30,364)
Gain (loss) on sales of operating properties, net 91  (236)
Gain on sale of unconsolidated property, net —  2,325 
Net income attributable to noncontrolling interests (534) (280)
Net income attributable to common shareholders $ 23,730  $ 14,156 
(1)Same Property NOI excludes the following:
▪properties acquired or placed in service during 2024 and 2025;
▪The Corner – IN, which was reclassified from active development into our operating portfolio in March 2025;
▪our active development project at One Loudoun Expansion noted on page 13;
▪Hamilton Crossing Centre and Edwards Multiplex – Ontario, which were reclassified from our operating portfolio into redevelopment in June 2014 and March 2023, respectively;
▪properties sold or classified as held for sale during 2024 and 2025; and
▪office properties, including Carillon medical office building, which was reclassified from active redevelopment into our office portfolio in December 2024.
(2)Excludes leases that are signed but for which tenants have not yet commenced the payment of cash rent. Calculated as a weighted average based on the timing of cash rent commencement and expiration during the period.
(3)Includes non-cash activity across the portfolio as well as NOI from properties not included in the Same Property Pool, including properties sold during both periods.
1st Quarter 2025 Supplemental Financial and Operating Statistics
5


Kite Realty Group
Net Operating Income and Adjusted EBITDA by Quarter
(dollars in thousands)
(unaudited)
  Three Months Ended
  March 31,
2025		 December 31,
2024		 September 30,
2024		 June 30,
2024		 March 31,
2024
Revenue:           
Minimum rent(1)
 $ 163,344  $ 154,233  $ 151,937  $ 151,116  $ 150,598 
Minimum rent – ground leases 10,644  10,750  10,758  10,492  10,447 
Tenant reimbursements 46,213  44,058  42,453  44,422  43,577 
Bad debt reserve (2,076) (1,755) (1,468) (1,544) (589)
Other property-related revenue(2)
 1,640  3,843  1,402  2,701  841 
Overage rent 1,048  2,680  1,253  1,350  1,780 
Total revenue 220,813  213,809  206,335  208,537  206,654 
Expenses:         
Property operating – recoverable(3)
 25,798  24,913  23,961  24,257  23,763 
Property operating – non-recoverable(3)
 3,661  3,972  3,469  4,005  4,009 
Real estate taxes 27,604  25,495  25,083  26,350  26,373 
Total expenses 57,063  54,380  52,513  54,612  54,145 
NOI 163,750  159,429  153,822  153,925  152,509 
Other (expense) income:          
General, administrative and other (12,258) (13,549) (13,259) (12,966) (12,784)
Fee income 425  441  455  3,452  315 
Total other (expense) income (11,833) (13,108) (12,804) (9,514) (12,469)
Adjusted EBITDA 151,917  146,321  141,018  144,411  140,040 
Impairment charges —  —  —  (66,201) — 
Depreciation and amortization (98,231) (97,009) (96,656) (99,291) (100,379)
Interest expense (32,954) (32,706) (31,640) (30,981) (30,364)
Equity in (loss) earnings of unconsolidated subsidiaries (607) 43  (607) (174) (420)
Gain on sale of unconsolidated property, net —  —  —  —  2,325 
Income tax (expense) benefit of taxable REIT subsidiaries (10) 186  (35) (132) (158)
Loss on extinguishment of debt —  (180) —  —  — 
Interest income 4,049  5,453  4,333  4,364  3,739 
Other income (expense), net 9  122  38  (69) (111)
Gain (loss) on sales of operating properties, net 91  —  602  (1,230) (236)
Net income (loss) 24,264  22,230  17,053  (49,303) 14,436 
Net (income) loss attributable to noncontrolling interests
 (534) (406) (324) 665  (280)
Net income (loss) attributable to common shareholders $ 23,730  $ 21,824  $ 16,729  $ (48,638) $ 14,156 
NOI/Revenue – Retail properties 74.7  % 75.1  % 75.2  % 74.3  % 74.4  %
NOI/Revenue 74.2  % 74.6  % 74.5  % 73.8  % 73.8  %
Recovery Ratios(4)
        – Retail properties 91.4  % 92.1  % 91.2  % 91.6  % 91.6  %
        – Consolidated 86.5  % 87.4  % 86.6  % 87.8  % 86.9  %
(1)Minimum rent includes $7.4 million, $0.2 million, $0.8 million, $0.8 million, and $2.0 million of lease termination income for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.
(2)Other property-related revenue also includes the net operating results of Eddy Street Parking Garage and Union Station Parking Garage.
(3)Recoverable expenses include recurring G&A expense of $3.8 million allocable to the property operations in the three months ended March 31, 2025, a portion of which is recoverable. Non-recoverable expenses primarily include ground rent, professional fees, and marketing costs.
(4)“Recovery Ratios” are computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense.
1st Quarter 2025 Supplemental Financial and Operating Statistics
6



Kite Realty Group
Funds From Operations (“FFO”)(1)
(dollars in thousands, except per share amounts)
(unaudited)
  Three Months Ended March 31,
2025 2024
Net income $ 24,264  $ 14,436 
Less: net income attributable to noncontrolling interests in properties (70) (67)
Less/add: (gain) loss on sales of operating properties, net (91) 236 
Less: gain on sale of unconsolidated property, net —  (2,325)
Add: depreciation and amortization of consolidated and unconsolidated entities,
net of noncontrolling interests
 98,677  100,560 
FFO of the Operating Partnership(1)
 122,780  112,840 
Less: Limited Partners’ interests in FFO
 (2,463) (1,822)
FFO attributable to common shareholders(1)
 $ 120,317  $ 111,018 
FFO, as defined by NAREIT, per share of the Operating Partnership – basic $ 0.55  $ 0.51 
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted $ 0.55  $ 0.50 
Weighted average common shares outstanding – basic 219,715,674  219,501,114 
Weighted average common shares outstanding – diluted 219,827,298  219,900,306 
Weighted average common shares and units outstanding – basic 224,214,867  223,109,983 
Weighted average common shares and units outstanding – diluted 224,326,491  223,509,175 
Reconciliation of FFO to Core FFO
FFO of the Operating Partnership(1)
 $ 122,780  $ 112,840 
Add:
Amortization of deferred financing costs 1,644  929 
Non-cash compensation expense and other 2,516  2,722 
Less:
Straight-line rent – minimum rent and common area maintenance 2,578  3,125 
Market rent amortization income 3,542  2,267 
Amortization of debt discounts, premiums and hedge instruments 2,756  3,756 
Core FFO of the Operating Partnership $ 118,064  $ 107,343 
Core FFO per share of the Operating Partnership – diluted $ 0.53  $ 0.48 
Reconciliation of Core FFO to Adjusted Funds From Operations (“AFFO”)
Core FFO of the Operating Partnership $ 118,064  $ 107,343 
Less:
Maintenance capital expenditures 6,298  5,738 
Tenant-related capital expenditures(2)
 31,322  18,418 
Total Recurring AFFO of the Operating Partnership $ 80,444  $ 83,187 
(1)“FFO of the Operating Partnership” measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.
(2)Excludes landlord work, tenant improvements and leasing commissions related to development and redevelopment projects.
1st Quarter 2025 Supplemental Financial and Operating Statistics
7


Kite Realty Group
Joint Venture Summary as of March 31, 2025
(dollars in thousands)
Consolidated Investments
Investments Total Debt
Partner Economic
Ownership Interest(1)
 Partner
Share of Debt		 Partner Share
of Annual EBITDA
Delray Marketplace $ 14,000  2  % $ 280  $ — 
One Loudoun – Pads G&H Residential 95,095  10  % 9,509  792 
Total $ 109,095  $ 9,789  $ 792 

 
Unconsolidated Investments  
Investments Retail GLA Multifamily
Units		 Total Debt KRG Economic
Ownership Interest		 KRG Share
of Debt		 KRG
Investment		 KRG Share
of Quarterly
Adjusted EBITDA		 KRG Share
of Quarterly
Adjusted EBITDA
Annualized
Three Property Retail
Portfolio
 415,966  —  $ 51,890  20  % $ 10,378  $ 5,988  $ 290  $ 1,160 
Glendale Center
Apartments
 —  —  —  11.5  % —  401  29  116 
Embassy Suites at Eddy
Street Commons
 —  —  —  35  % —  9,113  (6) (24)
The Corner – IN 23,776  285  68,394  50  % 34,197  2,313  370  1,480 
Other investments —  —  —  —  % —  2,500  34  136 
Total 439,742  285  $ 120,284  $ 44,575  $ 20,315  $ 717  $ 2,868 
(1)Economic ownership % represents the partner’s share of cash flow.
1st Quarter 2025 Supplemental Financial and Operating Statistics
8


Kite Realty Group
Key Debt Metrics as of March 31, 2025
(dollars in thousands)
Senior Unsecured Notes Covenants
March 31,
2025
Debt Covenant
Threshold(1)
Total debt to undepreciated assets 36% <60%
Secured debt to undepreciated assets 2% <40%
Undepreciated unencumbered assets to unsecured debt 284% >150%
Debt service coverage 4.6x >1.5x
Unsecured Credit Facility Covenants
March 31,
2025
Debt Covenant
Threshold(1)
Maximum leverage 34% <60%
Minimum fixed charge coverage 4.2x >1.5x
Secured indebtedness 2.0% <45%
Unsecured debt interest coverage 4.2x >1.75x
Unsecured leverage 32% <60%
Senior Unsecured Debt Ratings
Fitch Ratings BBB/Positive
Moody's Investors Service Baa2/Stable
Standard & Poor's Rating Services BBB/Stable
Liquidity
Cash and cash equivalents $ 49,061 
Availability under unsecured credit facility 1,061,500 
$ 1,110,561 
Unencumbered NOI as a % of Total NOI 95  %
(1)For a complete listing of all debt covenants related to the Company’s Senior Unsecured Notes and Unsecured Credit Facility, as well as definitions of the terms, refer to the Company’s filings with the SEC.
Net Debt to Adjusted EBITDA
Mortgage and other indebtedness, net   $ 2,910,057 
Add: Company share of unconsolidated joint venture debt 44,575 
Add: debt discounts, premiums and issuance costs, net 828 
Less: Partner share of consolidated joint venture debt (9,789)
Company's consolidated debt and share of unconsolidated debt 2,945,671 
Less: cash, cash equivalents and restricted cash (57,205)
Company share of Net Debt   $ 2,888,466 
Q1 2025 Adjusted EBITDA, Annualized:    
–  Consolidated Adjusted EBITDA $ 607,668 
–  Unconsolidated Adjusted EBITDA(2)
 2,868   
– Minority interest Adjusted EBITDA(2)
 (792) 609,744 
Ratio of Company share of Net Debt to Adjusted EBITDA   4.7x
(2)See page 8 for details.
1st Quarter 2025 Supplemental Financial and Operating Statistics
9

Kite Realty Group
Summary of Outstanding Debt as of March 31, 2025
(dollars in thousands)
Total Outstanding Debt Amount
Outstanding		 Ratio Weighted Average
Interest Rate		 Weighted
Average Years to Maturity
Fixed rate debt(1)
 $ 2,707,885  92  % 4.09  % 4.7 
Variable rate debt(2)
 203,000  7  % 7.27  % 2.0 
Debt discounts, premiums and issuance costs, net (828) N/A N/A N/A
Total consolidated debt 2,910,057  99  % 4.31  % 4.5 
KRG share of unconsolidated debt 44,575  1  % 6.45  % 4.4 
Total $ 2,954,632  100  % 4.34  % 4.5 
Schedule of Maturities by Year
Secured Debt  
Scheduled
Principal Payments		 Term
Maturities		 Unsecured
Debt		 Total
Consolidated Debt		 Total
Unconsolidated Debt		 Total Debt
Outstanding
2025 $ 3,948  $ —  $ 80,000  $ 83,948  $ —  $ 83,948 
2026 4,581  —  550,000  554,581  —  554,581 
2027 3,120  10,600  250,000  263,720  —  263,720 
2028 3,757  —  350,000 
(3)
 353,757  10,378  364,135 
2029 4,324  —  434,000  438,324  34,197  472,521 
2030 and beyond 23,767  92,788  1,100,000  1,216,555  —  1,216,555 
Debt discounts, premiums and issuance costs, net —  876  (1,704) (828) —  (828)
Total $ 43,497  $ 104,264  $ 2,762,296  $ 2,910,057  $ 44,575  $ 2,954,632 
(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of March 31, 2025, $700.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 0.6 years.
(2)Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of March 31, 2025, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 0.4 years.
(3)Assumes the Company exercises its option to extend the maturity date of the $250.0 million unsecured term loan by one year to 2028.
chart-042b657a327b4cfdba2.jpg
1st Quarter 2025 Supplemental Financial and Operating Statistics
10

Kite Realty Group
Maturity Schedule of Outstanding Debt as of March 31, 2025
(dollars in thousands)
Description
Interest Rate(1)
 Maturity
Date		 Balance as of
March 31, 2025		 % of Total
Outstanding
Senior Unsecured Notes(2)
 SOFR + 365 9/10/2025 $ 80,000 
2025 Debt Maturities 7.67% 80,000  3  %
Unsecured Term Loan(3)
 2.73% 7/17/2026 150,000 
Senior Unsecured Notes 4.08% 9/30/2026 100,000 
Senior Unsecured Notes 4.00% 10/1/2026 300,000 
2026 Debt Maturities 3.67% 550,000  18  %
Senior Unsecured Exchangeable Notes 0.75% 4/1/2027 175,000 
Northgate North 4.50% 6/1/2027 21,506 
Delray Marketplace(4)
 SOFR + 215 8/4/2027 14,000 
Senior Unsecured Notes(2)
 SOFR + 375 9/10/2027 75,000 
2027 Debt Maturities 3.16% 285,506  10  %
Unsecured Term Loan(5)
 3.94% 10/24/2028 250,000 
Senior Unsecured Notes 4.24% 12/28/2028 100,000 
2028 Debt Maturities 4.03% 350,000  12  %
Senior Unsecured Notes 4.82% 6/28/2029 100,000 
Unsecured Term Loan(6)
 3.72% 7/29/2029 300,000 
Unsecured Credit Facility(7)
 SOFR + 115 10/3/2029 34,000 
2029 Debt Maturities 4.12% 434,000  15  %
Rampart Commons 5.73% 6/10/2030 5,455 
Senior Unsecured Notes 4.75% 9/15/2030 400,000 
The Shoppes at Union Hill 3.75% 6/1/2031 7,659 
Senior Unsecured Notes 4.95% 12/15/2031 350,000 
Nora Plaza Shops 3.80% 2/1/2032 3,170 
One Loudoun – Pads G&H Residential 5.36% 5/1/2033 95,095 
Senior Unsecured Notes(8)
 4.60% 3/1/2034 350,000 
2030 and beyond Debt Maturities 4.81% 1,211,379  41  %
Debt discounts, premiums and issuance costs, net   (828)  
Total debt per consolidated balance sheet 4.31%   $ 2,910,057  99  %
KRG share of unconsolidated debt
Three Property Retail Portfolio 4.09% 7/1/2028 $ 10,378 
The Corner – IN(9)
 SOFR + 286 12/15/2029 34,197 
Total KRG share of unconsolidated debt 6.45% 44,575  1  %
Total consolidated and KRG share of unconsolidated debt 4.34% $ 2,954,632 
(1)At March 31, 2025, daily SOFR was 4.41%, one-month SOFR was 4.32%, and three-month SOFR was 4.03%.
(2)Notes due 2025 are hedged to a floating rate until September 10, 2025. Notes due 2027 are hedged to a floating rate until September 10, 2025 and revert back to a fixed rate of 4.57% until maturity in 2027.
(3)Term loan is hedged to a fixed rate of 1.68% plus a credit spread of 1.05% based on the Company’s current credit rating.
(4)Property is held in a joint venture. The loan is guaranteed by Kite Realty Group, LP. Assumes the Company exercises its option to extend the maturity date by one year to 2027.
(5)Assumes the Company exercises its option to extend the maturity date by one year to 2028. Term loan is hedged to a fixed rate of 2.99% plus a credit spread of 0.95% based on the Company’s current credit rating until October 24, 2025. Term loan interest rate reverts back to a floating rate of SOFR plus 0.95% from October 24, 2025 to the initial maturity date of October 24, 2027.
(6)Term loan is hedged to a fixed rate of 2.47% through August 1, 2025. Term loan interest rate reverts back to a floating rate of SOFR from August 1, 2025 to the maturity date of July 29, 2029. In addition to the indicated rate, a credit spread of 1.25% is applicable across both time periods based on the Company’s current credit rating.
(7)Assumes the Company exercises its option to extend the maturity date by one year to 2029.
(8)Interest rate reflects the impact of forward-starting interest rate swaps that fixed the underlying index on a portion of the outstanding principal prior to the issuance of the unsecured notes.
(9)The Corner – IN includes three loans with varying rates and maturity dates. As of March 31, 2025, the loans had a weighted average interest rate of 7.16% and a majority of the amount outstanding was at a floating rate. The maturity date shown is the weighted average maturity date as of March 31, 2025.
1st Quarter 2025 Supplemental Financial and Operating Statistics
11

Kite Realty Group
Acquisitions and Dispositions
(dollars in thousands)
Acquisitions
Property Name Acquisition Date Metropolitan
Statistical Area (“MSA”)		 Grocery Anchor Retail
GLA		 Office
GLA		 Acquisition
Price – at KRG’s share
Village Commons January 15, 2025 Miami Publix 170,976  —  $ 68,400 
Legacy West(1)
 April 28, 2025 Dallas/Ft. Worth N/A 344,076  443,553  408,200 
Total acquisitions 515,052  443,553  $ 476,600 
(1)The Company entered into a joint venture (KRG 52%) with GIC, and subsequent to quarter end, the joint venture acquired Legacy West for a gross purchase price of $785.0 million, including the assumption of $304.0 million of debt with an interest rate of 3.80%. Legacy West also contains 782 multifamily units.



Property Dispositions
Property Name Disposition Date MSA Grocery Anchor GLA Sales Price
Stoney Creek Commons April 4, 2025 Indianapolis N/A 84,094  $ 9,500 


1st Quarter 2025 Supplemental Financial and Operating Statistics
12

Kite Realty Group
Development and Redevelopment Projects
(dollars in thousands)
Project MSA KRG
Ownership %
Projected
Completion Date(1)
 Total
Commercial GLA		 Total
Multifamily Units		 Total Project
Costs – at KRG's Share		 KRG Equity
Requirement		 KRG
Remaining Spend		 Estimated
Stabilized NOI
to KRG
Estimated
Remaining NOI
to Come Online(2)
Active Projects
One Loudoun Expansion(3)
 Washington, D.C./Baltimore 100% Q4 2026–
Q2 2027		 119,000  —  $81.0M–$91.0M $65.0M–$75.0M $61.0M–$71.0M $4.7M–$6.2M $2.2M–$3.7M

Future Opportunities(4)
Project MSA Project Description
Hamilton Crossing Centre – Phase II Indianapolis, IN Addition of mixed-use (multifamily, office and retail) components adjacent to the Republic Airways headquarters.
Carillon Washington, D.C./Baltimore Potential of 1.2 million square feet of commercial GLA and 3,000 multifamily units for additional expansion.
One Loudoun Hotel Washington, D.C./Baltimore Potential for 1.7 million square feet remaining following the planned approximately 170-room hotel.
One Loudoun Residential Washington, D.C./Baltimore Potential for approximately 1,300 multifamily units remaining following the planned 400 additional multifamily units.
Main Street Promenade Chicago, IL Potential of 16,000 square feet of commercial GLA for additional expansion.
Downtown Crown Washington, D.C./Baltimore Potential of 42,000 square feet of commercial GLA for additional expansion.
Edwards Multiplex – Ontario Los Angeles, CA Potential redevelopment of existing Regal Theatre.
Glendale Town Center Indianapolis, IN Potential of 200 multifamily units for additional expansion.
The Shops at Legacy East Dallas/Ft. Worth, TX Potential of 285 multifamily units for additional expansion.
(1)Projected completion date represents the earlier of one year after completion of project construction or substantial occupancy of the property. The range for the One Loudoun Expansion represents a staggered stabilization schedule for the various buildings.
(2)Estimated remaining NOI to come online excludes in-place NOI and NOI related to tenants that have signed leases but have not yet commenced paying rent.
(3)KRG’s equity requirement is shown net of 2 over 2 land sale net proceeds of $15.9 million.
(4)These opportunities are deemed potential at this time and are subject to various contingencies, many of which could be beyond the Company’s control.
1st Quarter 2025 Supplemental Financial and Operating Statistics
13

Kite Realty Group
Geographic Diversification – Retail ABR by Region and State as of March 31, 2025
(dollars in thousands)
Region/State
Number of
Properties(1)
Owned
GLA/NRA(2)
Total
Weighted
Retail ABR(3)
% of
Weighted
Retail ABR(3)
South
Texas 44  7,493  $ 158,263  26.6  %
Florida 31  3,676  73,392  12.4  %
Maryland 8  1,410  34,257  5.8  %
North Carolina 8  1,535  33,863  5.7  %
Virginia 7  1,107  31,074  5.2  %
Georgia 11  1,849  30,691  5.2  %
Tennessee 3  580  9,047  1.5  %
Oklahoma 3  506  8,526  1.4  %
South Carolina 2  262  3,348  0.6  %
Total South 117  18,418  382,461  64.4  %
West
Washington 10  1,633  31,386  5.3  %
Nevada 5  841  27,699  4.7  %
Arizona 5  714  15,657  2.6  %
California 2  533  12,480  2.1  %
Utah 2  388  8,408  1.4  %
Total West 24  4,109  95,630  16.1  %
Midwest
Indiana 15  1,541  31,746  5.4  %
Illinois 7  1,059  22,522  3.8  %
Michigan 1  308  6,644  1.1  %
Missouri 1  453  4,402  0.7  %
Ohio 1  236  2,152  0.4  %
Total Midwest 25  3,597  67,466  11.4  %
Northeast
New York 7  713  26,051  4.4  %
New Jersey 4  339  11,329  1.9  %
Massachusetts 1  264  4,885  0.8  %
Connecticut 1  206  4,071  0.7  %
Pennsylvania 1  136  1,982  0.3  %
Total Northeast 14  1,658  48,318  8.1  %
Total(4)
 180  27,782  $ 593,875  100.0  %
(1)Number of properties represents consolidated and unconsolidated retail properties.
(2)Owned GLA/NRA represents gross leasable area owned by the Company and excludes the square footage of development and redevelopment projects.
(3)Total weighted retail ABR and percent of weighted retail ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties.
(4)Excludes two operating retail properties classified as held for sale as of March 31, 2025.
1st Quarter 2025 Supplemental Financial and Operating Statistics
14

Kite Realty Group
Top 25 Tenants by ABR as of March 31, 2025
(dollars in thousands, except per square foot data)
The following table includes the Company’s retail operating properties.
Credit Ratings
Tenant Primary DBA/
Number of Stores
Number
of Stores(1)
Total
Leased
GLA/NRA(2)
ABR(3)
% of
Weighted ABR(4)
 S&P Moody’s
1 The TJX Companies, Inc. T.J. Maxx (18), Marshalls (13), HomeGoods (11), Homesense (4), T.J. Maxx & HomeGoods combined (2), Sierra (2) 50  1,450  $ 16,645  2.8  % A A2
2 Ross Stores, Inc. Ross Dress for Less (32), dd’s DISCOUNTS (1) 33  937  11,455  1.9  % BBB+ A2
3 Best Buy Co., Inc. Best Buy (15), Pacific Sales (1) 16  633  11,447  1.9  % BBB+ A3
4 PetSmart, Inc. 32  657  10,991  1.9  % B+ B1
5 Michaels Stores, Inc. Michaels 28  631  8,458  1.4  % N/A N/A
6 Gap Inc. Old Navy (25), The Gap (3), Athleta (3), Banana Republic (2) 33  448  8,107  1.4  % BB Ba3
7 Dick’s Sporting Goods, Inc. Dick’s Sporting Goods (12), Golf Galaxy (1) 13  625  8,084  1.4  % BBB Baa2
8 Publix Super Markets, Inc. 15  720  7,724  1.3  % N/A N/A
9 Ulta Beauty, Inc. 29  299  6,649  1.1  % N/A N/A
10 Total Wine & More 15  355  6,266  1.1  % N/A N/A
11 The Kroger Co. Kroger (6), Harris Teeter (2),
QFC (1), Smith’s (1)		 10  356  6,041  1.0  % BBB Baa1
12 BJ’s Wholesale Club, Inc. 3  115  5,892  1.0  % BB+ N/A
13 Lowe’s Companies, Inc. 6  —  5,838  1.0  % BBB+ Baa1
14 Five Below, Inc. 32  291  5,684  1.0  % N/A N/A
15
Petco Health and Wellness
Company, Inc.
 19  274  5,181  0.9  % B B3
16 Fitness International, LLC LA Fitness (4), XSport Fitness (1) 5  206  5,098  0.9  % B B2
17 Kohl’s Corporation 7  265  5,033  0.8  % BB- Ba3
18 Nordstrom, Inc. Nordstrom Rack 9  272  5,015  0.8  % BB Ba2
19 Burlington Stores, Inc. 11  435  4,793  0.8  % BB+ N/A
20 Designer Brands Inc. DSW Designer Shoe Warehouse 16  314  4,630  0.8  % N/A N/A
21 The Container Store Group, Inc. 7  151  4,627  0.8  % D N/A
22 KnitWell Group Chico’s (7), Talbots (7), LOFT (5), Soma (4), Ann Taylor (4), White House Black Market (4) 31  134  4,625  0.8  % N/A N/A
23 Trader Joe's 11  135  4,521  0.8  % N/A N/A
24 Sprouts Farmers Market, Inc. 8  222  4,474  0.8  % N/A N/A
25 Albertsons Companies, Inc. Safeway (3), Tom Thumb (2), Jewel-Osco (1) 6  281  4,198  0.7  % BB+ Ba1
Total Top Tenants 445  10,206  $ 171,476  29.1  %
(1)Number of stores represents stores at consolidated and unconsolidated properties.
(2)Total leased GLA/NRA excludes the square footage of structures located on land owned by the Company and ground-leased to tenants.
(3)ABR represents the monthly contractual rent for March 31, 2025, for each applicable tenant multiplied by 12 and does not include tenant reimbursements. ABR represents 100% of the ABR at consolidated properties and the Company’s share of the ABR at unconsolidated properties, including ground lease rent.
(4)Percent of weighted ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties.
1st Quarter 2025 Supplemental Financial and Operating Statistics
15

Kite Realty Group
Retail Leasing Spreads
Comparable Space(1)(2)
 
Category
Total
Leases(1)
Total
Sq. Ft.(1)
 Leases Sq. Ft.
Prior Rent PSF(3)
New Rent PSF(4)
 Cash Rent Spread
TI, LL Work,
Lease Commissions PSF(5)
New Leases – Q1 2025 58  169,703  26  76,021  $ 32.89  $ 38.02  15.6  %
New Leases – Q4 2024 48  233,043  23  97,594  25.32  31.29  23.6  %
New Leases – Q3 2024 63  284,580  35  136,874  24.11  30.11  24.9  %
New Leases – Q2 2024 55  372,155  40  219,622  18.39  24.79  34.8  %
Total 224  1,059,481  124  530,111  $ 23.22  $ 29.26  26.0  % $ 71.79 
Non-Option Renewals – Q1 2025 91  331,781  67  232,071  $ 23.57  $ 28.30  20.1  %
Non-Option Renewals – Q4 2024 93  447,352  69  323,610  20.67  23.65  14.4  %
Non-Option Renewals – Q3 2024 81  477,515  59  236,747  23.69  26.50  11.9  %
Non-Option Renewals – Q2 2024 69  314,899  60  216,422  22.17  25.34  14.3  %
Total 334  1,571,547  255  1,008,850  $ 22.37  $ 25.75  15.1  % $ 4.22 
Option Renewals – Q1 2025 33  342,345  33  342,345  $ 17.15  $ 18.36  7.0  %
Option Renewals – Q4 2024 29  533,995  29  533,995  13.24  14.14  6.8  %
Option Renewals – Q3 2024 61  889,891  61  889,891  16.51  17.79  7.7  %
Option Renewals – Q2 2024 36  466,712  36  466,712  15.94  16.90  6.0  %
Total 159  2,232,943  159  2,232,943  $ 15.71  $ 16.82  7.1  % $ — 
Total – Q1 2025 182  843,829  126  650,437  $ 21.28  $ 24.20  13.7  %
Total – Q4 2024 170  1,214,390  121  955,199  16.99  19.11  12.5  %
Total – Q3 2024 205  1,651,986  155  1,263,512  18.68  20.75  11.1  %
Total – Q2 2024 160  1,153,766  136  902,756  18.03  20.84  15.6  %
Total 717  4,863,971  538  3,771,904  $ 18.54  $ 20.95  13.0  % $ 11.21 
(1)Excludes office and ground leases. Comparable space leases on this table are included for second generation retail spaces. Comparable leases represent those leases for which there was a former tenant within the last 12 months.
(2)Comparable renewals exclude leases with terms 24 months or shorter.
(3)Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term. All amounts reported at lease execution.
(4)Contractual rent represents contractual minimum rent per square foot for the first 12 months of the lease.
(5)Includes redevelopment costs for tenant-specific landlord work and tenant allowances provided to tenants.

1st Quarter 2025 Supplemental Financial and Operating Statistics
16

Kite Realty Group
Lease Expirations as of March 31, 2025
(dollars in thousands, except per square foot data)
The following table includes the Company’s operating retail properties as of March 31, 2025.
Retail Operating Portfolio
Expiring Retail GLA(2)
Expiring ABR per Sq. Ft.(3)
Number of
Expiring
Leases(1)
 Shop
Tenants		 Anchor
Tenants		 Expiring ABR
(Pro rata)		 Expiring Ground Lease ABR
(Pro rata)		 % of
Total ABR
(Pro rata)		 Shop
Tenants		 Anchor
Tenants		 Total
2025 274  604,711  745,724  $ 31,006  $ 1,741  5.5  % $ 32.46  $ 15.72  $ 23.22 
2026 496  1,181,112  2,030,362  64,443  4,789  11.7  % 30.81  14.21  20.32 
2027 543  1,219,778  2,241,364  71,028  5,556  12.9  % 32.83  14.00  20.63 
2028 577  1,281,323  2,645,357  85,777  6,680  15.6  % 35.76  15.19  21.90 
2029 566  1,253,770  2,982,740  87,422  3,572  15.3  % 35.82  15.14  21.26 
2030 387  1,000,485  1,951,674  57,665  4,127  10.4  % 32.05  13.40  19.72 
2031 190  491,001  796,345  28,359  2,131  5.1  % 34.07  14.74  22.11 
2032 188  473,236  1,131,795  31,794  466  5.4  % 32.78  14.78  20.09 
2033 202  525,427  709,638  29,566  4,156  5.7  % 35.41  15.50  23.97 
2034 178  382,704  645,475  26,124  2,054  4.7  % 38.25  17.86  25.45 
Beyond 224  507,739  1,247,123  40,656  4,763  7.7  % 38.29  17.27  23.35 
3,825  8,921,286  17,127,597  $ 553,840  $ 40,035  100.0  % $ 34.05  $ 14.95  $ 21.49 
(1)Lease expirations table reflects rents in place as of March 31, 2025 and does not include option periods; 2025 expirations include 42 month-to-month retail tenants. This column also excludes ground leases.
(2)Expiring GLA excludes the square footage of structures located on land owned by the Company and ground-leased to tenants.
(3)ABR represents the monthly contractual rent as of March 31, 2025 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.

1st Quarter 2025 Supplemental Financial and Operating Statistics
17

Kite Realty Group
Components of Net Asset Value as of March 31, 2025
(dollars in thousands)
Cash Net Operating Income (“NOI”) Page
Other Assets(1)
 Page
GAAP property NOI (incl. ground lease revenue) $ 163,750  6 Cash, cash equivalents and restricted cash $ 54,907  3
Lease termination income (7,390) 6, note 1 Tenant and other receivables (net of SLR) 54,400  3
Non-cash revenue adjustments (6,120) Prepaid and other assets 117,734  3
Other property-related revenue (1,640) 6
Ground lease (“GL”) revenue (10,644) 6
Consolidated Cash Property NOI (excl. GL) $ 137,956 
Annualized Consolidated Cash Property NOI
(excl. ground leases)
 $ 551,824 
Adjustments to Normalize Annualized Cash NOI Liabilities
Remaining NOI to come online from development and redevelopment projects(2)
 $ 2,950  13 Mortgage and other indebtedness, net $ (2,910,885) 10
Unconsolidated Adjusted EBITDA 2,868  8 Pro rata adjustment for joint venture debt (34,786) 8
General and administrative expense allocable to property management activities included in property expenses ($3.8 million in Q1) 15,200  6, note 3 Accounts payable and accrued expenses (161,438) 3
Total Adjustments 21,018  Other liabilities (235,341) 3
Projected remaining under construction development/redevelopment(3)
 (66,000) 13
Annualized Normalized Portfolio Cash NOI
(excl. ground leases)
 $ 572,842 
Annualized ground lease NOI 42,576 
Total Annualized Portfolio Cash NOI(4)
 $ 615,418  Common shares and Units outstanding 224,661,888 
(1)Excludes construction in progress and entitled land held for development.
(2)Excludes the projected cash NOI and related cost from the future opportunities outlined on page 13.
(3)Remaining costs on page 13 for the development project.
(4)The above components of net asset value exclude NOI related to tenants that have signed leases but have not yet commenced paying rent as of March 31, 2025.

1st Quarter 2025 Supplemental Financial and Operating Statistics
18
                            
Kite Realty Group
Non-GAAP Financial Measures
Funds from Operations
Funds From Operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of our operating performance. The Company calculates FFO, a non-GAAP financial measure, in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (“NAREIT”), as restated in 2018. The NAREIT white paper defines FFO as net income (calculated in accordance with GAAP), excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, and (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.
Considering the nature of our business as a real estate owner and operator, the Company believes that FFO is helpful to investors in measuring our operational performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. FFO (a) should not be considered as an alternative to net income (calculated in accordance with GAAP) for the purpose of measuring our financial performance, (b) is not an alternative to cash flows from operating activities (calculated in accordance with GAAP) as a measure of our liquidity, and (c) is not indicative of funds available to satisfy our cash needs, including our ability to make distributions. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do. A reconciliation of net income (calculated in accordance with GAAP) to FFO is included elsewhere in this Financial Supplement.
From time to time, the Company may report or provide guidance with respect to “FFO, as adjusted,” which removes the impact of certain non-recurring and non-operating transactions or other items the Company does not consider to be representative of its core operating results including, without limitation, (i) gains or losses associated with the early extinguishment of debt, (ii) gains or losses associated with litigation involving the Company that is not in the normal course of business, (iii) merger and acquisition costs, (iv) the impact on earnings from employee severance, (v) the excess of redemption value over carrying value of preferred stock redemption, and (vi) the impact of prior period bad debt or the collection of accounts receivable previously written off (“prior period collection impact”), which are not otherwise adjusted in the Company’s calculation of FFO.
Core Funds from Operations
Core Funds From Operations (“Core FFO”) is a non-GAAP financial measure of operating performance that modifies FFO for certain non-cash transactions that result in recording income or expense and impact the Company’s period-over-period performance, including (i) amortization of deferred financing costs, (ii) non-cash compensation expense and other, (iii) straight-line rent related to minimum rent and common area maintenance, (iv) market rent amortization income, and (v) amortization of debt discounts, premiums and hedge instruments. The Company believes that Core FFO is useful to investors in evaluating the core cash flow-generating operations of the Company by adjusting for items that we do not consider to be part of our core business operations, allowing for comparison of core operating performance of the Company between periods. Core FFO should not be considered as an alternative to net income as an indicator of the Company’s performance or as an alternative to cash flow as a measure of liquidity or the Company’s ability to make distributions. The Company’s computation of Core FFO may differ from the methodology for calculating Core FFO used by other REITs, and therefore, may not be comparable to such other REITs.
Adjusted Funds from Operations
Adjusted Funds From Operations (“AFFO”) is a non-GAAP financial measure of operating performance used by many companies in the real estate industry. AFFO modifies FFO for certain cash and non-cash transactions that are not included in FFO. AFFO should not be considered as an alternative to net income as an indicator of the Company’s performance or as an alternative to cash flow as a measure of liquidity or the Company’s ability to make distributions. Management considers AFFO a useful supplemental measure of the Company’s performance. The Company’s computation of AFFO may differ from the methodology for calculating AFFO used by other REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net income (calculated in accordance with GAAP) to AFFO is included elsewhere in this Financial Supplement.
Net Operating Income, Cash Net Operating Income and Same Property Net Operating Income
The Company uses property net operating income (“NOI”) and cash NOI, which are non-GAAP financial measures, to evaluate the performance of our properties. The Company defines NOI and cash NOI as income from our real estate, including lease termination fees received from tenants, less our property operating expenses. NOI and cash NOI exclude amortization of capitalized tenant improvement costs and leasing commissions and certain corporate-level expenses, including merger and acquisition costs. Cash NOI also excludes other property-related revenue as that activity is recurring but unpredictable in its occurrence, straight-line rent adjustments, and amortization of in-place lease liabilities, net. The Company believes that NOI and cash NOI are helpful to investors as measures of our operating performance because they exclude various items included in net income that do not relate to or are not indicative of our operating performance, such as depreciation and amortization, interest expense, and impairment, if any.
1st Quarter 2025 Supplemental Financial and Operating Statistics
19

Kite Realty Group
Non-GAAP Financial Measures (continued)
Net Operating Income, Cash Net Operating Income and Same Property Net Operating Income (continued)
The Company also uses same property NOI (“Same Property NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. Same Property NOI is net income excluding properties that have not been owned for the full periods presented. Same Property NOI also excludes (i) net gains from outlot sales, (ii) straight-line rent revenue, (iii) lease termination income in excess of lost rent, (iv) amortization of lease intangibles, and (v) significant prior period expense recoveries and adjustments, if any. When the Company receives payments in excess of any accounts receivable for terminating a lease, Same Property NOI will include such excess payments as monthly rent until the earlier of the expiration of 12 months or the start date of a replacement tenant.
The Company believes that Same Property NOI is helpful to investors as a measure of our operating performance because it includes only the NOI of properties that have been owned for the full periods presented. The Company believes such presentation eliminates disparities in net income due to the acquisition or disposition of properties during the particular periods presented and thus provides a more consistent metric for the comparison of our properties. Same Property NOI includes the results of properties that have been owned for the entire current and prior year reporting periods.
NOI and Same Property NOI should not, however, be considered as an alternative to net income (calculated in accordance with GAAP) as an indicator of our financial performance. The Company’s computation of NOI and Same Property NOI may differ from the methodology used by other REITs and, therefore, may not be comparable to such other REITs.
When evaluating the properties that are included in the Same Property Pool, we have established specific criteria for determining the inclusion of properties acquired or those recently under development. An acquired property is included in the Same Property Pool when there is a full quarter of operations in both years subsequent to the acquisition date. Development and redevelopment properties are included in the Same Property Pool four full quarters after the properties have been transferred to the operating portfolio. A redevelopment property is first excluded from the Same Property Pool when the execution of a redevelopment plan is likely, and we (a) begin recapturing space from tenants or (b) the contemplated plan significantly impacts the operations of the property. For the three months ended March 31, 2025, the Same Property Pool excludes the following: (i) properties acquired or placed in service during 2024 and 2025; (ii) The Corner – IN, which was reclassified from active development into our operating portfolio in March 2025; (iii) our active development project at One Loudoun Expansion; (iv) Hamilton Crossing Centre and Edwards Multiplex – Ontario, which were reclassified from our operating portfolio into redevelopment in June 2014 and March 2023, respectively; (v) properties sold or classified as held for sale during 2024 and 2025; and (vi) office properties, including Carillon medical office building, which was reclassified from active redevelopment into our office portfolio in December 2024.
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Net Debt to Adjusted EBITDA
The Company defines EBITDA, a non-GAAP financial measure, as net income before interest expense, income tax expense of the taxable REIT subsidiaries, and depreciation and amortization. For informational purposes, the Company also provides Adjusted EBITDA, which it defines as EBITDA less (i) EBITDA from unconsolidated entities, as adjusted, (ii) gains on sales of operating properties or impairment charges, (iii) merger and acquisition costs, (iv) other income and expense, (v) noncontrolling interest Adjusted EBITDA, and (vi) other non-recurring activity or items impacting comparability from period to period. Annualized Adjusted EBITDA is Adjusted EBITDA for the most recent quarter multiplied by four. Net Debt to Adjusted EBITDA is the Company’s share of net debt divided by Annualized Adjusted EBITDA. EBITDA, Adjusted EBITDA, Annualized Adjusted EBITDA and Net Debt to Adjusted EBITDA, as calculated by the Company, are not comparable to EBITDA and EBITDA-related measures reported by other REITs that do not define EBITDA and EBITDA-related measures exactly as we do. EBITDA, Adjusted EBITDA and Annualized Adjusted EBITDA do not represent cash generated from operating activities in accordance with GAAP and should not be considered alternatives to net income as an indicator of performance or as alternatives to cash flows from operating activities as an indicator of liquidity.
Considering the nature of our business as a real estate owner and operator, the Company believes that EBITDA, Adjusted EBITDA and the ratio of Net Debt to Adjusted EBITDA are helpful to investors in measuring our operational performance because they exclude various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. For informational purposes, the Company also provides Annualized Adjusted EBITDA, adjusted as described above. The Company believes this supplemental information provides a meaningful measure of its operating performance. The Company believes presenting EBITDA and the related measures in this manner allows investors and other interested parties to form a more meaningful assessment of the Company’s operating results.
1st Quarter 2025 Supplemental Financial and Operating Statistics
20