Kite Realty Group Trust 8-K, filed Oct 30, 2026
Kite Realty Group Trust (KRG)
8-K
2026-10-30
For: 2026-10-30
View Original
Added on
October 30, 2026
About this 8-K
Kite Realty Group Trust filed this 8-K on October 30, 2026.
Kite Realty Group Trust reported Third Quarter 2026 Core FFO of $107.0 million, or $0.52 per diluted share, Same Property NOI growth of 3.6%, and raised 2026 Core FFO and NAREIT FFO guidance to $2.08 to $2.12 per diluted share. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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): October 30, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||
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(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):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
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 October 30, 2026, Kite Realty Group Trust (the “Company”) announced its consolidated financial results for the quarter ended September 30, 2026. 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 Third Quarter 2026 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: October 30, 2026 | By: | /s/ HEATH R. FEAR | ||||||
| Heath R. Fear | ||||||||
| President and Chief Financial Officer | ||||||||
| KITE REALTY GROUP, L.P. | ||||||||
| By: Kite Realty Group Trust, its sole general partner | ||||||||
| Date: October 30, 2026 | By: | /s/ HEATH R. FEAR | ||||||
| Heath R. Fear | ||||||||
| President and Chief Financial Officer | ||||||||
| Exhibit 99.1 | ||||||||
PRESS RELEASE
Contact Information: Kite Realty Group
Cooper Clark
VP, Capital Markets & Investor Relations
773.980.0213
coclark@kiterealty.com
Kite Realty Group Reports Third Quarter 2026 Operating Results
Indianapolis, Indiana, October 30, 2026 – Kite Realty Group (NYSE: KRG), a premier owner and operator of high-quality, open-air grocery-anchored shopping centers and vibrant mixed-use assets, reported today its operating results for the third quarter ended September 30, 2026. For the quarters ended September 30, 2026 and 2025, net loss attributable to common shareholders was $13.3 million, or $0.07 per diluted share, compared to $16.2 million, or $0.07 per diluted share, respectively. For the nine months ended September 30, 2026 and 2025, net income attributable to common shareholders was $159.4 million, or $0.78 per diluted share, compared to $117.8 million, or $0.54 per diluted share, respectively.
Company raises 2026 FFO and Same Property NOI guidance ranges
Executed over 1.2 million square feet of leasing volume
Increased signed-not-open NOI pipeline to approximately $38.8 million
Received a credit rating upgrade to BBB+ from Fitch Ratings
“Third quarter results reflect exceptional tenant demand, the quality of our portfolio, and disciplined capital allocation,” said John A. Kite, Chairman and Chief Executive Officer. “We delivered 3.6% Same Property NOI growth and executed over 1.2 million square feet of leasing, including comparable blended lease spreads of 14.6%. This strong leasing volume increased our signed-not-open NOI pipeline to nearly $39 million and boosted our leased-to-occupied spread to an all-time high of 360 basis points. We continued to advance our capital allocation initiatives during the quarter while earning a BBB+ credit rating upgrade from Fitch, further validating the strength of our portfolio and balance sheet.”
Third Quarter 2026 Financial and Operational Results
▪Generated Core FFO of the Operating Partnership of $107.0 million, or $0.52 per diluted share.
▪Generated NAREIT FFO of the Operating Partnership of $107.9 million, or $0.53 per diluted share.
▪Same Property NOI increased by 3.6%.
▪Executed 160 new and renewal leases representing approximately 1.2 million square feet.
▪Blended cash leasing spreads of 14.6% on 129 comparable leases, including 33.7% on 30 comparable new leases, 18.3% on 43 comparable non-option renewals, and 7.6% on 56 comparable option renewals.
▪Blended cash leasing spreads of 26.2% for comparable new and non-option renewal leases.
▪Operating retail portfolio annualized base rent (ABR) per square foot of $23.52 at September 30, 2026, a 6.4% increase year-over-year.
▪Retail portfolio leased percentage of 95.3% at September 30, 2026, a 140-basis point increase year-over-year.
▪Anchor leased percentage of 96.9% at September 30, 2026, a 190-basis point increase year-over-year.
▪Small shop leased percentage of 92.7% at September 30, 2026, a 90-basis point increase year-over-year.
▪Portfolio leased-to-occupied spread at period end of 360 basis points, which represents approximately $38.8 million of signed-not-open NOI.
Third Quarter 2026 Capital Allocation Activity
▪As previously announced, sold one non-core asset — Tysons Corner in Vienna, VA — for $25.9 million.
▪Subsequent to quarter end, sold one non-core asset — Carillon medical office building in Largo, MD — for a gross sales price of $33.2 million.
▪Acquired the fee interest in the land at Pelham Manor Shopping Plaza, an existing retail property in the New York metropolitan statistical area, for a gross purchase price of $52.0 million.
▪Repurchased approximately 2.4 million common shares, at an average price of $26.61 per share, for $63.4 million.
▪In 2025 and to date in 2026, repurchased a total of approximately 22.0 million common shares, at an average price of approximately $24.46 per share, for $539.1 million.
Third Quarter 2026 Balance Sheet Overview
▪As of September 30, 2026, the Company’s net debt to Adjusted EBITDA was 5.2x.
▪As previously announced, on July 2, 2026, the Company’s operating partnership issued $345 million of 3.25% exchangeable senior notes due 2032, which included the full exercise of the initial purchasers’ $45 million overallotment option.
▪In connection with the issuance of the exchangeable notes, the Company entered into capped call transactions with an initial cap of $41.91 per share, compared with the exchangeable notes’ initial exchange price of approximately $35.40 per share. The Company used the majority of the proceeds, together with cash from its recent asset dispositions, to redeem the operating partnership’s $300 million principal balance of the 4.00% senior unsecured notes that were scheduled to mature on October 1, 2026.
▪Repaid the $100 million principal balance of the 4.08% senior unsecured notes that matured on September 30, 2026.
▪Fitch Ratings upgraded the Company’s corporate credit rating to BBB+ from BBB with a stable rating outlook.
Dividend
▪On October 29, 2026, the Company’s Board of Trustees declared a fourth quarter 2026 dividend of $0.29 per common share. Total dividends declared for 2026 of $1.16 per common share represents a 5.5% increase year-over-year. The fourth quarter dividend will be paid on or about January 15, 2027, to shareholders of record as of January 9, 2027.
2026 Earnings Guidance
The Company expects to generate net income of $0.88 to $0.92 per diluted share in 2026. The Company is raising its 2026 Core FFO and NAREIT FFO guidance ranges to $2.08 to $2.12 per diluted share from $2.06 to $2.12 per diluted share, based, in part, on the following full year 2026 assumptions:
▪2026 Same Property NOI growth range of 3.40% to 3.90% (previously 3.00% to 4.00%).
▪Bad debt reserve of 0.90% of total revenues at the midpoint.
▪Interest expense, net of interest income, excluding unconsolidated joint ventures, of $116.4 million at the midpoint (previously $114.7 million).
The following table reconciles the Company’s 2026 net income guidance range to the Company’s 2026 NAREIT and Core FFO guidance ranges:
| Low | High | ||||||||||
| Net income | $ | 0.88 | $ | 0.92 | |||||||
| Gain on sales of operating properties, net | (0.44) | (0.44) | |||||||||
| Gain on deconsolidation of joint venture | (0.29) | (0.29) | |||||||||
| Impairment charges | 0.18 | 0.18 | |||||||||
| Depreciation and amortization | 1.75 | 1.75 | |||||||||
| NAREIT FFO | $ | 2.08 | $ | 2.12 | |||||||
| Non-cash items | 0.00 | 0.00 | |||||||||
| Core FFO | $ | 2.08 | $ | 2.12 | |||||||
Earnings Conference Call
Kite Realty Group will conduct a conference call to discuss its financial results on Friday, October 30, 2026, at 11:00 a.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 Third Quarter 2026 Webcast. The dial-in registration link is: KRG Third Quarter 2026 Teleconference Registration. In addition, a webcast replay link will be available on KRG’s website.
About Kite Realty Group
Kite Realty Group (NYSE: KRG) is a real estate investment trust (REIT) that owns and operates a high-quality portfolio of open-air shopping centers and mixed-use destinations. The Company’s portfolio is concentrated in high-growth Sun Belt and select strategic gateway markets. Publicly listed since 2004, KRG brings more than six decades of experience in developing, operating, and investing in real estate, using a disciplined, hands-on approach to enhance portfolio quality and maximize long-term value for all stakeholders. As of September 30, 2026, the Company owned interests in 164 U.S. open-air shopping centers and mixed-use assets, comprising approximately 26.3 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, federal government shutdown, disruptions related to tariffs and other trade or sanction issues, geopolitical instability, 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, including the ability to complete them on the terms and timing anticipated; 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; 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 and North Carolina; risks associated with cyberattacks 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; 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, 2025, 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)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets: | |||||||||||
| Investment properties, at cost | $ | 6,869,869 | $ | 7,003,479 | |||||||
| Less: accumulated depreciation | (1,759,251) | (1,656,191) | |||||||||
| Net investment properties | 5,110,618 | 5,347,288 | |||||||||
| Cash and cash equivalents | 32,542 | 36,761 | |||||||||
Tenant and other receivables, including accrued straight-line rent of $74,817 and $70,940, respectively | 131,237 | 127,865 | |||||||||
| Restricted cash and escrow deposits | 124,527 | 441,605 | |||||||||
| Deferred costs, net | 163,121 | 181,553 | |||||||||
| Prepaid and other assets | 64,970 | 93,913 | |||||||||
| Investments in unconsolidated joint ventures | 401,162 | 364,407 | |||||||||
| Assets associated with investment properties held for sale | — | 71,105 | |||||||||
| Total assets | $ | 6,028,177 | $ | 6,664,497 | |||||||
| Liabilities and Equity: | |||||||||||
| Liabilities: | |||||||||||
| Mortgage and other indebtedness, net | $ | 2,807,320 | $ | 3,025,478 | |||||||
| Accounts payable and accrued expenses | 178,079 | 221,118 | |||||||||
| Deferred revenue and other liabilities | 170,079 | 221,813 | |||||||||
| Liabilities associated with investment properties held for sale | — | 4,314 | |||||||||
| Total liabilities | 3,155,478 | 3,472,723 | |||||||||
| Commitments and contingencies | |||||||||||
| Limited Partners’ interests in the Operating Partnership | 129,456 | 116,245 | |||||||||
| Equity: | |||||||||||
Common shares, $0.01 par value, 490,000,000 shares authorized, 197,966,711 and 208,979,900 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 1,979 | 2,090 | |||||||||
| Additional paid-in capital | 4,300,836 | 4,612,280 | |||||||||
| Accumulated other comprehensive income | 18,576 | 23,079 | |||||||||
| Accumulated deficit | (1,578,846) | (1,563,840) | |||||||||
| Total shareholders’ equity | 2,742,545 | 3,073,609 | |||||||||
| Noncontrolling interests | 698 | 1,920 | |||||||||
| Total equity | 2,743,243 | 3,075,529 | |||||||||
| Total liabilities and equity | $ | 6,028,177 | $ | 6,664,497 | |||||||
Kite Realty Group
Consolidated Statements of Operations
(dollars in thousands, except per share amounts)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Rental income | $ | 186,511 | $ | 202,193 | $ | 577,867 | $ | 632,547 | |||||||||||||||
| Other property-related revenue | 1,248 | 1,477 | 4,173 | 4,312 | |||||||||||||||||||
| Fee income | 2,516 | 1,291 | 5,190 | 2,569 | |||||||||||||||||||
| Total revenue | 190,275 | 204,961 | 587,230 | 639,428 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Property operating | 27,653 | 28,536 | 87,264 | 87,243 | |||||||||||||||||||
| Real estate taxes | 23,666 | 25,678 | 72,968 | 80,090 | |||||||||||||||||||
| General, administrative and other | 15,041 | 14,183 | 43,534 | 39,831 | |||||||||||||||||||
| Depreciation and amortization | 79,655 | 89,370 | 243,750 | 285,488 | |||||||||||||||||||
| Impairment charges | 30,694 | 39,305 | 37,562 | 39,305 | |||||||||||||||||||
| Total expenses | 176,709 | 197,072 | 485,078 | 531,957 | |||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||
| Interest expense | (31,569) | (33,162) | (95,008) | (100,168) | |||||||||||||||||||
| Income tax expense of taxable REIT subsidiaries | (251) | (106) | (1,072) | (315) | |||||||||||||||||||
| Gain on sales of operating properties, net | 2,341 | 5,742 | 90,068 | 108,855 | |||||||||||||||||||
| Net gains from outlot sales | 2,259 | 6,096 | 4,662 | 6,096 | |||||||||||||||||||
| Gain on deconsolidation of joint venture | — | — | 60,625 | — | |||||||||||||||||||
| Equity in loss of unconsolidated joint ventures | (3,775) | (4,619) | (7,335) | (8,464) | |||||||||||||||||||
| Other income, net | 3,805 | 1,750 | 9,546 | 6,978 | |||||||||||||||||||
| Net (loss) income | (13,624) | (16,410) | 163,638 | 120,453 | |||||||||||||||||||
| Net loss (income) attributable to noncontrolling interests | 322 | 203 | (4,242) | (2,612) | |||||||||||||||||||
| Net (loss) income attributable to common shareholders | $ | (13,302) | $ | (16,207) | $ | 159,396 | $ | 117,841 | |||||||||||||||
| Net (loss) income per common share – basic | $ | (0.07) | $ | (0.07) | $ | 0.79 | $ | 0.54 | |||||||||||||||
| Net (loss) income per common share – diluted | $ | (0.07) | $ | (0.07) | $ | 0.78 | $ | 0.54 | |||||||||||||||
| Weighted average common shares outstanding – basic | 199,097,852 | 219,408,533 | 202,314,395 | 219,652,052 | |||||||||||||||||||
| Weighted average common shares outstanding – diluted | 199,097,852 | 219,408,533 | 203,142,324 | 219,768,504 | |||||||||||||||||||
Kite Realty Group
NAREIT Funds From Operations (“FFO”)(1)
(dollars in thousands, except per share amounts)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income | $ | (13,624) | $ | (16,410) | $ | 163,638 | $ | 120,453 | |||||||||||||||
| Less: net income attributable to noncontrolling interests in properties | — | (82) | (126) | (233) | |||||||||||||||||||
| Less: gain on sales of operating properties, net | (2,341) | (5,742) | (90,068) | (108,855) | |||||||||||||||||||
| Less: gain on deconsolidation of joint venture | — | — | (60,625) | — | |||||||||||||||||||
| Add: impairment charges | 30,694 | 39,305 | 37,562 | 39,305 | |||||||||||||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 93,163 | 101,750 | 275,983 | 304,896 | |||||||||||||||||||
NAREIT FFO of the Operating Partnership(1) | 107,892 | 118,821 | 326,364 | 355,566 | |||||||||||||||||||
| Less: Limited Partners’ interests in FFO | (2,800) | (2,569) | (8,212) | (7,498) | |||||||||||||||||||
FFO attributable to common shareholders(1) | $ | 105,092 | $ | 116,252 | $ | 318,152 | $ | 348,068 | |||||||||||||||
| FFO, as defined by NAREIT, per share of the Operating Partnership – basic | $ | 0.53 | $ | 0.53 | $ | 1.57 | $ | 1.58 | |||||||||||||||
| FFO, as defined by NAREIT, per share of the Operating Partnership – diluted | $ | 0.53 | $ | 0.53 | $ | 1.57 | $ | 1.58 | |||||||||||||||
| Weighted average common shares outstanding – basic | 199,097,852 | 219,408,533 | 202,314,395 | 219,652,052 | |||||||||||||||||||
| Weighted average common shares outstanding – diluted | 199,199,751 | 219,531,606 | 202,410,018 | 219,768,504 | |||||||||||||||||||
| Weighted average common shares and units outstanding – basic | 204,405,613 | 224,258,121 | 207,539,183 | 224,386,126 | |||||||||||||||||||
| Weighted average common shares and units outstanding – diluted | 204,507,512 | 224,381,194 | 207,634,806 | 224,502,578 | |||||||||||||||||||
Reconciliation of NAREIT FFO to Core FFO(2) | |||||||||||||||||||||||
NAREIT FFO of the Operating Partnership(1) | $ | 107,892 | $ | 118,821 | $ | 326,364 | $ | 355,566 | |||||||||||||||
| Add: | |||||||||||||||||||||||
| Amortization of deferred financing costs | 2,220 | 1,856 | 5,877 | 5,251 | |||||||||||||||||||
| Non-cash compensation expense and other | 3,679 | 3,084 | 10,568 | 8,965 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Straight-line rent – minimum rent and common area maintenance | 2,850 | 3,789 | 7,970 | 9,202 | |||||||||||||||||||
| Market rent amortization income | 3,091 | 2,500 | 7,433 | 7,921 | |||||||||||||||||||
| Amortization of debt discounts, premiums and hedge instruments | 826 | 1,030 | 2,885 | 4,676 | |||||||||||||||||||
| Core FFO of the Operating Partnership | $ | 107,024 | $ | 116,442 | $ | 324,521 | $ | 347,983 | |||||||||||||||
| Core FFO per share of the Operating Partnership – diluted | $ | 0.52 | $ | 0.52 | $ | 1.56 | $ | 1.55 | |||||||||||||||
(1)“NAREIT 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)Includes the Company’s pro rata share from unconsolidated joint ventures.
NAREIT 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 certain real estate assets that are excluded from FFO under the NAREIT definition 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 significant and non-recurring employee severance costs and recruiting expenses, including sign-on bonuses and search fees, (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, and includes adjustments related to our pro rata share from unconsolidated joint ventures for these categories as applicable. 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||||||||||||||||||||||
Number of properties in Same Property Pool for the period(1) | 157 | 157 | 157 | 157 | |||||||||||||||||||||||||||||||
| Leased percentage at period end | 95.2 | % | 94.4 | % | 95.2 | % | 94.4 | % | |||||||||||||||||||||||||||
| Economic occupancy percentage at period end | 91.5 | % | 91.7 | % | 91.5 | % | 91.7 | % | |||||||||||||||||||||||||||
Economic occupancy percentage(2) | 91.3 | % | 91.1 | % | 91.1 | % | 91.4 | % | |||||||||||||||||||||||||||
| Minimum rent | $ | 139,166 | $ | 135,581 | $ | 415,600 | $ | 404,014 | |||||||||||||||||||||||||||
| Tenant recoveries | 40,226 | 37,994 | 122,725 | 115,216 | |||||||||||||||||||||||||||||||
| Bad debt reserve | (1,628) | (1,947) | (4,685) | (5,219) | |||||||||||||||||||||||||||||||
| Overage rent | 1,560 | 1,282 | 4,386 | 3,840 | |||||||||||||||||||||||||||||||
| Other property-related revenue | 896 | 789 | 2,630 | 2,212 | |||||||||||||||||||||||||||||||
| Total revenue | 180,220 | 173,699 | 540,656 | 520,063 | |||||||||||||||||||||||||||||||
| Property operating | (25,027) | (24,241) | (75,801) | (71,700) | |||||||||||||||||||||||||||||||
| Real estate taxes | (23,176) | (21,974) | (69,363) | (67,158) | |||||||||||||||||||||||||||||||
| Total expenses | (48,203) | (46,215) | (145,164) | (138,858) | |||||||||||||||||||||||||||||||
Same Property NOI(3) | $ | 132,017 | $ | 127,484 | 3.6 | % | $ | 395,492 | $ | 381,205 | 3.7 | % | |||||||||||||||||||||||
Reconciliation of Same Property NOI to most directly comparable GAAP measure: | |||||||||||||||||||||||||||||||||||
| Net operating income – same properties | $ | 132,017 | $ | 127,484 | $ | 395,492 | $ | 381,205 | |||||||||||||||||||||||||||
| Net operating income – sold properties | 152 | 18,700 | 15,697 | 74,230 | |||||||||||||||||||||||||||||||
Net operating income – non-same activity(4) | 6,972 | 5,756 | 18,558 | 17,309 | |||||||||||||||||||||||||||||||
Less: KRG share of unconsolidated joint ventures included in Same Property NOI above | (2,701) | (2,484) | (7,939) | (3,218) | |||||||||||||||||||||||||||||||
| Net gains from outlot sales | 2,259 | 6,096 | 4,662 | 6,096 | |||||||||||||||||||||||||||||||
| Total property NOI | 138,699 | 155,552 | (10.8 | %) | 426,470 | 475,622 | (10.3 | %) | |||||||||||||||||||||||||||
| Fee income | 2,516 | 1,291 | 5,190 | 2,569 | |||||||||||||||||||||||||||||||
| General, administrative and other | (15,041) | (14,183) | (43,534) | (39,831) | |||||||||||||||||||||||||||||||
| Depreciation and amortization | (79,655) | (89,370) | (243,750) | (285,488) | |||||||||||||||||||||||||||||||
| Impairment charges | (30,694) | (39,305) | (37,562) | (39,305) | |||||||||||||||||||||||||||||||
| Interest expense | (31,569) | (33,162) | (95,008) | (100,168) | |||||||||||||||||||||||||||||||
| Income tax expense of taxable REIT subsidiaries | (251) | (106) | (1,072) | (315) | |||||||||||||||||||||||||||||||
| Gain on sales of operating properties, net | 2,341 | 5,742 | 90,068 | 108,855 | |||||||||||||||||||||||||||||||
| Gain on deconsolidation of joint venture | — | — | 60,625 | — | |||||||||||||||||||||||||||||||
| Equity in loss of unconsolidated joint ventures | (3,775) | (4,619) | (7,335) | (8,464) | |||||||||||||||||||||||||||||||
| Other income, net | 3,805 | 1,750 | 9,546 | 6,978 | |||||||||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 322 | 203 | (4,242) | (2,612) | |||||||||||||||||||||||||||||||
| Net (loss) income attributable to common shareholders | $ | (13,302) | $ | (16,207) | $ | 159,396 | $ | 117,841 | |||||||||||||||||||||||||||
(1)Same Property NOI excludes the following: (i) Chastain Market and Founders Square, which were acquired in May 2026, and Village Commons and Legacy West, which were acquired in January and April 2025, respectively; (ii) The Corner – IN, which was reclassified from active development into our operating portfolio in March 2025; (iii) Eastgate Crossing, which was reclassified from our operating portfolio in September 2025 due to significant disruption caused by severe flooding as a result of Tropical Storm Chantal; (iv) our active development projects at One Loudoun; (v) Edwards Multiplex – Ontario, which was reclassified from our operating portfolio into redevelopment in March 2023; (vi) properties sold or classified as held for sale during 2025 and 2026; and (vii) standalone office properties, including the Carillon medical office building.
(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)Same Property NOI for all periods presented includes (i) 52% of the NOI from three previously wholly owned properties that were contributed to the Seed Asset Joint Venture in June 2025 and (ii) 55% of the NOI from the One Loudoun Phase 1 Apartments (which 55% represents the Company’s expected final ownership percentage) and excludes the results of the Company’s insurance captive.
(4)Includes non-cash activity as well as NOI from properties not included in the Same Property Pool.
The Company uses NOI, a non-GAAP financial measure, to evaluate the performance of our properties. The Company also uses total property NOI, which is defined as NOI plus net gains from outlot sales. 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. Beginning in 2026, the Company revised its Same Property NOI definition to exclude the results of the Company’s insurance captive to more clearly reflect the performance of our core real estate portfolio. 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, (v) significant prior period expense recoveries and adjustments, if any, and (vi) income or expense associated with the Company’s captive insurance company. 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. Additionally, because results from the Company’s insurance captive are driven by insurance underwriting, loss experience, and actuarial assumptions and therefore do not reflect the operating performance of our real estate properties, management believes excluding the impacts of the insurance captive improves transparency and comparability for the Company’s investors. Same Property NOI includes the results of properties that have been owned for the entire current and prior year reporting periods. Same Property NOI for all periods presented includes (i) 52% of the NOI from three previously wholly owned properties that were contributed to the Seed Asset Joint Venture in June 2025 and (ii) 55% of the NOI from the One Loudoun Phase 1 Apartments (which 55% represents the Company’s expected final ownership percentage) and excludes the results of the Company’s insurance captive.
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 and nine months ended September 30, 2026, the Same Property Pool excludes the following: (i) Chastain Market and Founders Square, which were acquired in May 2026, and Village Commons and Legacy West, which were acquired in January and April 2025, respectively; (ii) The Corner – IN, which was reclassified from active development into our operating portfolio in March 2025; (iii) Eastgate Crossing, which was reclassified from our operating portfolio in September 2025 due to significant disruption caused by severe flooding as a result of Tropical Storm Chantal; (iv) our active development projects at One Loudoun; (v) Edwards Multiplex – Ontario, which was reclassified from our operating portfolio into redevelopment in March 2023; (vi) properties sold or classified as held for sale during 2025 and 2026; and (vii) standalone office properties, including the Carillon medical office building.
Kite Realty Group
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)
(dollars in thousands)
(unaudited)
| Three Months Ended September 30, 2026 | |||||
| Net loss | $ | (13,624) | |||
| Depreciation and amortization | 79,655 | ||||
| Interest expense | 31,569 | ||||
| Income tax expense of taxable REIT subsidiaries | 251 | ||||
| EBITDA | 97,851 | ||||
| Unconsolidated EBITDA, as adjusted | 13,103 | ||||
| Impairment charges | 30,694 | ||||
| Gain on sales of operating properties, net | (2,341) | ||||
| Other income and expense, net | (30) | ||||
| Adjusted EBITDA | $ | 139,277 | |||
Annualized Adjusted EBITDA(1) | $ | 557,108 | |||
| Company share of Net Debt: | |||||
| Mortgage and other indebtedness, net | $ | 2,807,320 | |||
| Add: Company share of unconsolidated joint venture debt | 270,431 | ||||
| Add: debt discounts, premiums and issuance costs, net | 10,500 | ||||
Less: Partner share of consolidated joint venture debt(2) | (88) | ||||
| Company’s consolidated debt and share of unconsolidated debt | 3,088,163 | ||||
| Less: cash and cash equivalents | (32,542) | ||||
| Less: restricted cash and escrow deposits | (124,527) | ||||
| Less: Company share of unconsolidated joint venture cash and cash equivalents | (17,066) | ||||
| Company share of Net Debt | $ | 2,914,028 | |||
| Net Debt to Adjusted EBITDA | 5.2x | ||||
(1)Represents Adjusted EBITDA for the three months ended September 30, 2026 (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 adjusted for (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.
| Exhibit 99.2 | ||||||||
Kite Realty Group
Quarterly Financial Supplement as of September 30, 2026
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 | |||||
| NAREIT 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 – 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
PRESS RELEASE
Contact Information: Kite Realty Group
Cooper Clark
VP, Capital Markets & Investor Relations
773.980.0213
coclark@kiterealty.com
Kite Realty Group Reports Third Quarter 2026 Operating Results
Indianapolis, Indiana, October 30, 2026 – Kite Realty Group (NYSE: KRG), a premier owner and operator of high-quality, open-air grocery-anchored shopping centers and vibrant mixed-use assets, reported today its operating results for the third quarter ended September 30, 2026. For the quarters ended September 30, 2026 and 2025, net loss attributable to common shareholders was $13.3 million, or $0.07 per diluted share, compared to $16.2 million, or $0.07 per diluted share, respectively. For the nine months ended September 30, 2026 and 2025, net income attributable to common shareholders was $159.4 million, or $0.78 per diluted share, compared to $117.8 million, or $0.54 per diluted share, respectively.
Company raises 2026 FFO and Same Property NOI guidance ranges
Executed over 1.2 million square feet of leasing volume
Increased signed-not-open NOI pipeline to approximately $38.8 million
Received a credit rating upgrade to BBB+ from Fitch Ratings
“Third quarter results reflect exceptional tenant demand, the quality of our portfolio, and disciplined capital allocation,” said John A. Kite, Chairman and Chief Executive Officer. “We delivered 3.6% Same Property NOI growth and executed over 1.2 million square feet of leasing, including comparable blended lease spreads of 14.6%. This strong leasing volume increased our signed-not-open NOI pipeline to nearly $39 million and boosted our leased-to-occupied spread to an all-time high of 360 basis points. We continued to advance our capital allocation initiatives during the quarter while earning a BBB+ credit rating upgrade from Fitch, further validating the strength of our portfolio and balance sheet.”
Third Quarter 2026 Financial and Operational Results
▪Generated Core FFO of the Operating Partnership of $107.0 million, or $0.52 per diluted share.
▪Generated NAREIT FFO of the Operating Partnership of $107.9 million, or $0.53 per diluted share.
▪Same Property NOI increased by 3.6%.
▪Executed 160 new and renewal leases representing approximately 1.2 million square feet.
▪Blended cash leasing spreads of 14.6% on 129 comparable leases, including 33.7% on 30 comparable new leases, 18.3% on 43 comparable non-option renewals, and 7.6% on 56 comparable option renewals.
▪Blended cash leasing spreads of 26.2% for comparable new and non-option renewal leases.
▪Operating retail portfolio annualized base rent (ABR) per square foot of $23.52 at September 30, 2026, a 6.4% increase year-over-year.
▪Retail portfolio leased percentage of 95.3% at September 30, 2026, a 140-basis point increase year-over-year.
▪Anchor leased percentage of 96.9% at September 30, 2026, a 190-basis point increase year-over-year.
▪Small shop leased percentage of 92.7% at September 30, 2026, a 90-basis point increase year-over-year.
▪Portfolio leased-to-occupied spread at period end of 360 basis points, which represents approximately $38.8 million of signed-not-open NOI.
i | |||||
Third Quarter 2026 Capital Allocation Activity
▪As previously announced, sold one non-core asset — Tysons Corner in Vienna, VA — for $25.9 million.
▪Subsequent to quarter end, sold one non-core asset — Carillon medical office building in Largo, MD — for a gross sales price of $33.2 million.
▪Acquired the fee interest in the land at Pelham Manor Shopping Plaza, an existing retail property in the New York metropolitan statistical area, for a gross purchase price of $52.0 million.
▪Repurchased approximately 2.4 million common shares, at an average price of $26.61 per share, for $63.4 million.
▪In 2025 and to date in 2026, repurchased a total of approximately 22.0 million common shares, at an average price of approximately $24.46 per share, for $539.1 million.
Third Quarter 2026 Balance Sheet Overview
▪As of September 30, 2026, the Company’s net debt to Adjusted EBITDA was 5.2x.
▪As previously announced, on July 2, 2026, the Company’s operating partnership issued $345 million of 3.25% exchangeable senior notes due 2032, which included the full exercise of the initial purchasers’ $45 million overallotment option.
▪In connection with the issuance of the exchangeable notes, the Company entered into capped call transactions with an initial cap of $41.91 per share, compared with the exchangeable notes’ initial exchange price of approximately $35.40 per share. The Company used the majority of the proceeds, together with cash from its recent asset dispositions, to redeem the operating partnership’s $300 million principal balance of the 4.00% senior unsecured notes that were scheduled to mature on October 1, 2026.
▪Repaid the $100 million principal balance of the 4.08% senior unsecured notes that matured on September 30, 2026.
▪Fitch Ratings upgraded the Company’s corporate credit rating to BBB+ from BBB with a stable rating outlook.
Dividend
▪On October 29, 2026, the Company’s Board of Trustees declared a fourth quarter 2026 dividend of $0.29 per common share. Total dividends declared for 2026 of $1.16 per common share represents a 5.5% increase year-over-year. The fourth quarter dividend will be paid on or about January 15, 2027, to shareholders of record as of January 9, 2027.
2026 Earnings Guidance
The Company expects to generate net income of $0.88 to $0.92 per diluted share in 2026. The Company is raising its 2026 Core FFO and NAREIT FFO guidance ranges to $2.08 to $2.12 per diluted share from $2.06 to $2.12 per diluted share, based, in part, on the following full year 2026 assumptions:
▪2026 Same Property NOI growth range of 3.40% to 3.90% (previously 3.00% to 4.00%).
▪Bad debt reserve of 0.90% of total revenues at the midpoint.
▪Interest expense, net of interest income, excluding unconsolidated joint ventures, of $116.4 million at the midpoint (previously $114.7 million).
The following table reconciles the Company’s 2026 net income guidance range to the Company’s 2026 NAREIT and Core FFO guidance ranges:
| Low | High | ||||||||||
| Net income | $ | 0.88 | $ | 0.92 | |||||||
| Gain on sales of operating properties, net | (0.44) | (0.44) | |||||||||
| Gain on deconsolidation of joint venture | (0.29) | (0.29) | |||||||||
| Impairment charges | 0.18 | 0.18 | |||||||||
| Depreciation and amortization | 1.75 | 1.75 | |||||||||
| NAREIT FFO | $ | 2.08 | $ | 2.12 | |||||||
| Non-cash items | 0.00 | 0.00 | |||||||||
| Core FFO | $ | 2.08 | $ | 2.12 | |||||||
ii | |||||
Earnings Conference Call
Kite Realty Group will conduct a conference call to discuss its financial results on Friday, October 30, 2026, at 11:00 a.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 Third Quarter 2026 Webcast. The dial-in registration link is: KRG Third Quarter 2026 Teleconference Registration. In addition, a webcast replay link will be available on KRG’s website.
About Kite Realty Group
Kite Realty Group (NYSE: KRG) is a real estate investment trust (REIT) that owns and operates a high-quality portfolio of open-air shopping centers and mixed-use destinations. The Company’s portfolio is concentrated in high-growth Sun Belt and select strategic gateway markets. Publicly listed since 2004, KRG brings more than six decades of experience in developing, operating, and investing in real estate, using a disciplined, hands-on approach to enhance portfolio quality and maximize long-term value for all stakeholders. As of September 30, 2026, the Company owned interests in 164 U.S. open-air shopping centers and mixed-use assets, comprising approximately 26.3 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, federal government shutdown, disruptions related to tariffs and other trade or sanction issues, geopolitical instability, 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, including the ability to complete them on the terms and timing anticipated; 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; 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 and North Carolina; risks associated with cyberattacks 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; 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, 2025, 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.
iii | |||||
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.
iv | |||||
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 | Bank of America/Merrill Lynch | Ladenburg Thalmann | ||||||||||||
| Senior Vice President, Capital Markets and IR | Mr. Jeffrey Spector/Mr. Samir Khanal | Mr. Floris van Dijkum | ||||||||||||
| (317) 713-7780 | (646) 855-1363/(646) 855-1497 | (212) 409-2075 | ||||||||||||
| thenshaw@kiterealty.com | jeff.spector@bofa.com/ | fvandijkum@ladenburg.com | ||||||||||||
| samar.khanal@bofa.com | ||||||||||||||
| Cooper Clark | BTIG | Piper Sandler | ||||||||||||
| Vice President, Capital Markets and IR | Mr. Michael Gorman | Mr. Alexander Goldfarb | ||||||||||||
| (773) 980-0213 | (212) 738-6138 | (212) 466-7937 | ||||||||||||
| coclark@kiterealty.com | mgorman@btig.com | alexander.goldfarb@psc.com | ||||||||||||
| Transfer Agent | Citigroup Global Markets | Raymond James | ||||||||||||
| Broadridge Corporate Issuer Solutions, LLC | Mr. Craig Mailman | Mr. RJ Milligan | ||||||||||||
| Ms. Kristen Tartaglione | (212) 816-4471 | (727) 567-2585 | ||||||||||||
| 2 Journal Square, 7th Floor | craig.mailman@citi.com | rjmilligan@raymondjames.com | ||||||||||||
| Jersey City, NJ 07306 | ||||||||||||||
| (201) 714-8094 | Green Street | Truist Securities | ||||||||||||
| Ms. Paulina Rojas Schmidt | Ms. Linda Tsai | |||||||||||||
| (949) 640-8780 | (212) 326-3149 | |||||||||||||
| projasschmidt@greenstreet.com | linda.tsai@truist.com | |||||||||||||
| Stock Specialist | Jefferies LLC | UBS | ||||||||||||
| GTS | Mr. Jonathan Petersen | Mr. Michael Goldsmith | ||||||||||||
| 545 Madison Avenue, 15th Floor | (212) 284-1705 | (212) 713-2951 | ||||||||||||
| New York, NY 10022 | jpetersen@jefferies.com | michael.goldsmith@ubs.com | ||||||||||||
| (212) 715-2830 | ||||||||||||||
| J.P. Morgan | Wells Fargo | |||||||||||||
| Mr. Michael W. Mueller | Mr. James Feldman | |||||||||||||
| (212) 622-6689 | (212) 215-5328 | |||||||||||||
| michael.w.mueller@jpmorgan.com | james.feldman@wellsfargo.com | |||||||||||||
| KeyBanc Capital Markets | ||||||||||||||
| Mr. Todd Thomas | ||||||||||||||
| (917) 368-2286 | ||||||||||||||
| tthomas@keybanccm.com | ||||||||||||||
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 1 | ||||
Kite Realty Group
Results Overview(1)
(dollars in thousands, except per share and per square foot amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| Summary Financial Results | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Total revenue (page 4) | $ | 190,275 | $ | 204,961 | $ | 587,230 | $ | 639,428 | |||||||||||||||
| Net (loss) income attributable to common shareholders (page 4) | $ | (13,302) | $ | (16,207) | $ | 159,396 | $ | 117,841 | |||||||||||||||
| Net (loss) income per diluted share (page 4) | $ | (0.07) | $ | (0.07) | $ | 0.78 | $ | 0.54 | |||||||||||||||
| Net operating income (NOI) (page 6) | $ | 136,440 | $ | 149,456 | $ | 421,808 | $ | 469,526 | |||||||||||||||
| Adjusted EBITDA (page 6) | $ | 126,174 | $ | 142,660 | $ | 388,126 | $ | 438,360 | |||||||||||||||
| NAREIT Funds From Operations (FFO) (page 7) | $ | 107,892 | $ | 118,821 | $ | 326,364 | $ | 355,566 | |||||||||||||||
| NAREIT FFO per diluted share (page 7) | $ | 0.53 | $ | 0.53 | $ | 1.57 | $ | 1.58 | |||||||||||||||
| Core FFO (page 7) | $ | 107,024 | $ | 116,442 | $ | 324,521 | $ | 347,983 | |||||||||||||||
| Core FFO per diluted share (page 7) | $ | 0.52 | $ | 0.52 | $ | 1.56 | $ | 1.55 | |||||||||||||||
| Dividend payout ratio (as % of NAREIT FFO) | 55 | % | 51 | % | 55 | % | 51 | % | |||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| Summary Operating and Financial Ratios | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
| NOI margin (page 6) | 73.0 | % | 73.0 | % | 72.1 | % | 74.0 | % | 73.6 | % | |||||||||||||||||||
| NOI margin – retail (page 6) | 74.1 | % | 73.8 | % | 73.1 | % | 74.6 | % | 74.3 | % | |||||||||||||||||||
Same Property NOI performance (page 5)(2) | 3.6 | % | 3.7 | % | 3.6 | % | 1.7 | % | 2.1 | % | |||||||||||||||||||
| Total property NOI performance (page 5) | (10.8 | %) | (8.7 | %) | (11.4 | %) | (5.9 | %) | 1.2 | % | |||||||||||||||||||
| Net debt to Adjusted EBITDA, current quarter (page 9) | 5.2x | 5.1x | 5.2x | 4.9x | 5.0x | ||||||||||||||||||||||||
| Recovery ratio of retail operating properties (page 6) | 92.4 | % | 91.3 | % | 91.9 | % | 90.2 | % | 91.8 | % | |||||||||||||||||||
| Recovery ratio of consolidated portfolio (page 6) | 87.2 | % | 85.9 | % | 87.2 | % | 85.9 | % | 88.2 | % | |||||||||||||||||||
| Outstanding Classes of Stock | |||||||||||||||||||||||||||||
| Common shares and units outstanding (page 18) | 203,274,472 | 205,654,694 | 208,366,738 | 213,829,488 | 221,579,773 | ||||||||||||||||||||||||
| Summary Portfolio Statistics | |||||||||||||||||||||||||||||
| Number of properties | |||||||||||||||||||||||||||||
Operating retail/mixed-use(3) | 162 | 163 | 167 | 167 | 178 | ||||||||||||||||||||||||
Standalone office(4) | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||||||||||
| Development and redevelopment projects (page 13) | 2 | 2 | 1 | 1 | 1 | ||||||||||||||||||||||||
Owned retail operating gross leasable area (GLA)(5) | 24.4 | M | 24.4 | M | 25.3 | M | 25.3 | M | 27.7 | M | |||||||||||||||||||
| Owned office GLA | 2.0 | M | 2.0 | M | 2.0 | M | 2.0 | M | 2.0 | M | |||||||||||||||||||
Number of multifamily units(6) | 2,163 | 2,163 | 2,187 | 2,187 | 2,187 | ||||||||||||||||||||||||
| Percent leased – total | 94.7 | % | 94.2 | % | 94.0 | % | 94.4 | % | 93.2 | % | |||||||||||||||||||
| Percent leased – retail | 95.3 | % | 94.8 | % | 94.7 | % | 95.1 | % | 93.9 | % | |||||||||||||||||||
| Anchor (≥ 10,000 sq. ft.) | 96.9 | % | 96.3 | % | 96.2 | % | 96.7 | % | 95.0 | % | |||||||||||||||||||
| Small shop (< 10,000 sq. ft.) | 92.7 | % | 92.3 | % | 91.9 | % | 92.3 | % | 91.8 | % | |||||||||||||||||||
| Retail annualized base rent (ABR) per square foot | $ | 23.52 | $ | 23.41 | $ | 22.89 | $ | 22.63 | $ | 22.11 | |||||||||||||||||||
| Total new and renewal lease GLA (page 16) | 1,249,517 | 994,661 | 707,000 | 1,278,242 | 1,229,944 | ||||||||||||||||||||||||
| New lease cash rent spread (page 16) | 33.7 | % | 28.4 | % | 31.3 | % | 21.8 | % | 26.1 | % | |||||||||||||||||||
| Non-option renewal lease cash rent spread (page 16) | 18.3 | % | 17.7 | % | 12.3 | % | 14.5 | % | 12.9 | % | |||||||||||||||||||
| Option renewal lease cash rent spread (page 16) | 7.6 | % | 6.6 | % | 7.0 | % | 6.2 | % | 7.8 | % | |||||||||||||||||||
| Total new and renewal lease cash rent spread (page 16) | 14.6 | % | 15.9 | % | 13.5 | % | 12.8 | % | 12.2 | % | |||||||||||||||||||
| 2026 Guidance | Current (as of 10/30/26) | Previous (as of 7/30/26) | Original (as of 2/17/26) | ||||||||||||||
| NAREIT FFO per diluted share | $2.08 to $2.12 | $2.06 to $2.12 | $2.06 to $2.12 | ||||||||||||||
| Core FFO per diluted share | $2.08 to $2.12 | $2.06 to $2.12 | $2.06 to $2.12 | ||||||||||||||
(1)Historical non-GAAP measures were calculated in accordance with the definitions in effect at such time and have not been recast for subsequent changes.
(2)Beginning with the three months ended March 31, 2026, the Company revised the definition of Same Property NOI. Please refer to page 20 for the Company’s revised definition of Same Property NOI. Same Property NOI growth for prior periods was calculated in accordance with the definition in effect at such time and have not been recast.
(3)Operating retail/mixed-use properties consist of retail and office components at consolidated and unconsolidated properties and exclude Eastgate Crossing, which was reclassified from our operating portfolio in September 2025 due to significant disruption caused by severe flooding as a result of Tropical Storm Chantal.
(4)Standalone office properties include the Company’s headquarters at 30 South Meridian and the Carillon medical office building.
(5)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.
(6)Represents the number of multifamily units that the Company has an economic interest in.
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 2 | ||||
Kite Realty Group
Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets: | |||||||||||
| Investment properties, at cost | $ | 6,869,869 | $ | 7,003,479 | |||||||
| Less: accumulated depreciation | (1,759,251) | (1,656,191) | |||||||||
| Net investment properties | 5,110,618 | 5,347,288 | |||||||||
| Cash and cash equivalents | 32,542 | 36,761 | |||||||||
Tenant and other receivables, including accrued straight-line rent of $74,817 and $70,940, respectively | 131,237 | 127,865 | |||||||||
| Restricted cash and escrow deposits | 124,527 | 441,605 | |||||||||
| Deferred costs, net | 163,121 | 181,553 | |||||||||
| Prepaid and other assets | 64,970 | 93,913 | |||||||||
| Investments in unconsolidated joint ventures | 401,162 | 364,407 | |||||||||
| Assets associated with investment properties held for sale | — | 71,105 | |||||||||
| Total assets | $ | 6,028,177 | $ | 6,664,497 | |||||||
| Liabilities and Equity: | |||||||||||
| Liabilities: | |||||||||||
| Mortgage and other indebtedness, net | $ | 2,807,320 | $ | 3,025,478 | |||||||
| Accounts payable and accrued expenses | 178,079 | 221,118 | |||||||||
| Deferred revenue and other liabilities | 170,079 | 221,813 | |||||||||
| Liabilities associated with investment properties held for sale | — | 4,314 | |||||||||
| Total liabilities | 3,155,478 | 3,472,723 | |||||||||
| Commitments and contingencies | |||||||||||
Limited Partners’ interests in the Operating Partnership | 129,456 | 116,245 | |||||||||
| Equity: | |||||||||||
Common shares, $0.01 par value, 490,000,000 shares authorized, 197,966,711 and 208,979,900 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 1,979 | 2,090 | |||||||||
| Additional paid-in capital | 4,300,836 | 4,612,280 | |||||||||
| Accumulated other comprehensive income | 18,576 | 23,079 | |||||||||
| Accumulated deficit | (1,578,846) | (1,563,840) | |||||||||
| Total shareholders’ equity | 2,742,545 | 3,073,609 | |||||||||
| Noncontrolling interests | 698 | 1,920 | |||||||||
| Total equity | 2,743,243 | 3,075,529 | |||||||||
| Total liabilities and equity | $ | 6,028,177 | $ | 6,664,497 | |||||||
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 3 | ||||
Kite Realty Group
Consolidated Statements of Operations
(dollars in thousands, except per share amounts)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Rental income | $ | 186,511 | $ | 202,193 | $ | 577,867 | $ | 632,547 | |||||||||||||||
| Other property-related revenue | 1,248 | 1,477 | 4,173 | 4,312 | |||||||||||||||||||
| Fee income | 2,516 | 1,291 | 5,190 | 2,569 | |||||||||||||||||||
| Total revenue | 190,275 | 204,961 | 587,230 | 639,428 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Property operating | 27,653 | 28,536 | 87,264 | 87,243 | |||||||||||||||||||
| Real estate taxes | 23,666 | 25,678 | 72,968 | 80,090 | |||||||||||||||||||
| General, administrative and other | 15,041 | 14,183 | 43,534 | 39,831 | |||||||||||||||||||
| Depreciation and amortization | 79,655 | 89,370 | 243,750 | 285,488 | |||||||||||||||||||
| Impairment charges | 30,694 | 39,305 | 37,562 | 39,305 | |||||||||||||||||||
| Total expenses | 176,709 | 197,072 | 485,078 | 531,957 | |||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||
| Interest expense | (31,569) | (33,162) | (95,008) | (100,168) | |||||||||||||||||||
| Income tax expense of taxable REIT subsidiaries | (251) | (106) | (1,072) | (315) | |||||||||||||||||||
| Gain on sales of operating properties, net | 2,341 | 5,742 | 90,068 | 108,855 | |||||||||||||||||||
| Net gains from outlot sales | 2,259 | 6,096 | 4,662 | 6,096 | |||||||||||||||||||
| Gain on deconsolidation of joint venture | — | — | 60,625 | — | |||||||||||||||||||
| Equity in loss of unconsolidated joint ventures | (3,775) | (4,619) | (7,335) | (8,464) | |||||||||||||||||||
| Other income, net | 3,805 | 1,750 | 9,546 | 6,978 | |||||||||||||||||||
| Net (loss) income | (13,624) | (16,410) | 163,638 | 120,453 | |||||||||||||||||||
| Net loss (income) attributable to noncontrolling interests | 322 | 203 | (4,242) | (2,612) | |||||||||||||||||||
| Net (loss) income attributable to common shareholders | $ | (13,302) | $ | (16,207) | $ | 159,396 | $ | 117,841 | |||||||||||||||
| Net (loss) income per common share – basic | $ | (0.07) | $ | (0.07) | $ | 0.79 | $ | 0.54 | |||||||||||||||
| Net (loss) income per common share – diluted | $ | (0.07) | $ | (0.07) | $ | 0.78 | $ | 0.54 | |||||||||||||||
| Weighted average common shares outstanding – basic | 199,097,852 | 219,408,533 | 202,314,395 | 219,652,052 | |||||||||||||||||||
| Weighted average common shares outstanding – diluted | 199,097,852 | 219,408,533 | 203,142,324 | 219,768,504 | |||||||||||||||||||
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 4 | ||||
Kite Realty Group
Same Property Net Operating Income (“NOI”)
(dollars in thousands)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||||||||||||||||||||||
Number of properties in Same Property Pool for the period(1) | 157 | 157 | 157 | 157 | |||||||||||||||||||||||||||||||
| Leased percentage at period end | 95.2 | % | 94.4 | % | 95.2 | % | 94.4 | % | |||||||||||||||||||||||||||
| Economic occupancy percentage at period end | 91.5 | % | 91.7 | % | 91.5 | % | 91.7 | % | |||||||||||||||||||||||||||
Economic occupancy percentage(2) | 91.3 | % | 91.1 | % | 91.1 | % | 91.4 | % | |||||||||||||||||||||||||||
| Minimum rent | $ | 139,166 | $ | 135,581 | $ | 415,600 | $ | 404,014 | |||||||||||||||||||||||||||
| Tenant recoveries | 40,226 | 37,994 | 122,725 | 115,216 | |||||||||||||||||||||||||||||||
| Bad debt reserve | (1,628) | (1,947) | (4,685) | (5,219) | |||||||||||||||||||||||||||||||
| Overage rent | 1,560 | 1,282 | 4,386 | 3,840 | |||||||||||||||||||||||||||||||
| Other property-related revenue | 896 | 789 | 2,630 | 2,212 | |||||||||||||||||||||||||||||||
| Total revenue | 180,220 | 173,699 | 540,656 | 520,063 | |||||||||||||||||||||||||||||||
| Property operating | (25,027) | (24,241) | (75,801) | (71,700) | |||||||||||||||||||||||||||||||
| Real estate taxes | (23,176) | (21,974) | (69,363) | (67,158) | |||||||||||||||||||||||||||||||
| Total expenses | (48,203) | (46,215) | (145,164) | (138,858) | |||||||||||||||||||||||||||||||
Same Property NOI(3) | $ | 132,017 | $ | 127,484 | 3.6 | % | $ | 395,492 | $ | 381,205 | 3.7 | % | |||||||||||||||||||||||
Reconciliation of Same Property NOI to most directly comparable GAAP measure: | |||||||||||||||||||||||||||||||||||
| Net operating income – same properties | $ | 132,017 | $ | 127,484 | $ | 395,492 | $ | 381,205 | |||||||||||||||||||||||||||
| Net operating income – sold properties | 152 | 18,700 | 15,697 | 74,230 | |||||||||||||||||||||||||||||||
Net operating income – non-same activity(4) | 6,972 | 5,756 | 18,558 | 17,309 | |||||||||||||||||||||||||||||||
Less: KRG share of unconsolidated joint ventures included in Same Property NOI above | (2,701) | (2,484) | (7,939) | (3,218) | |||||||||||||||||||||||||||||||
| Net gains from outlot sales | 2,259 | 6,096 | 4,662 | 6,096 | |||||||||||||||||||||||||||||||
| Total property NOI | 138,699 | 155,552 | (10.8 | %) | 426,470 | 475,622 | (10.3 | %) | |||||||||||||||||||||||||||
| Fee income | 2,516 | 1,291 | 5,190 | 2,569 | |||||||||||||||||||||||||||||||
| General, administrative and other | (15,041) | (14,183) | (43,534) | (39,831) | |||||||||||||||||||||||||||||||
| Depreciation and amortization | (79,655) | (89,370) | (243,750) | (285,488) | |||||||||||||||||||||||||||||||
| Impairment charges | (30,694) | (39,305) | (37,562) | (39,305) | |||||||||||||||||||||||||||||||
| Interest expense | (31,569) | (33,162) | (95,008) | (100,168) | |||||||||||||||||||||||||||||||
| Income tax expense of taxable REIT subsidiaries | (251) | (106) | (1,072) | (315) | |||||||||||||||||||||||||||||||
| Gain on sales of operating properties, net | 2,341 | 5,742 | 90,068 | 108,855 | |||||||||||||||||||||||||||||||
| Gain on deconsolidation of joint venture | — | — | 60,625 | — | |||||||||||||||||||||||||||||||
| Equity in loss of unconsolidated joint ventures | (3,775) | (4,619) | (7,335) | (8,464) | |||||||||||||||||||||||||||||||
| Other income, net | 3,805 | 1,750 | 9,546 | 6,978 | |||||||||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 322 | 203 | (4,242) | (2,612) | |||||||||||||||||||||||||||||||
| Net (loss) income attributable to common shareholders | $ | (13,302) | $ | (16,207) | $ | 159,396 | $ | 117,841 | |||||||||||||||||||||||||||
(1)Same Property NOI excludes the following:
▪Chastain Market and Founders Square, which were acquired in May 2026, and Village Commons and Legacy West, which were acquired in January and April 2025, respectively;
▪The Corner – IN, which was reclassified from active development into our operating portfolio in March 2025;
▪Eastgate Crossing, which was reclassified from our operating portfolio in September 2025 due to significant disruption caused by severe flooding as a result of Tropical Storm Chantal;
▪our active development projects at One Loudoun noted on page 13;
▪Edwards Multiplex – Ontario, which was reclassified from our operating portfolio into redevelopment in March 2023;
▪properties sold or classified as held for sale during 2025 and 2026; and
▪standalone office properties, including the Carillon medical office building.
(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)Same Property NOI for all periods presented includes (i) 52% of the NOI from three previously wholly owned properties that were contributed to the Seed Asset Joint Venture in June 2025 and (ii) 55% of the NOI from the One Loudoun Phase 1 Apartments (which 55% represents the Company’s expected final ownership percentage) and excludes the results of the Company’s insurance captive. Please refer to page 20 for the Company’s definition of Same Property NOI.
(4)Includes non-cash activity as well as NOI from properties not included in the Same Property Pool.
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 5 | ||||
Kite Realty Group
Net Operating Income and Adjusted EBITDA by Quarter
(dollars in thousands)
(unaudited)
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||||||||
| Minimum rent | $ | 130,826 | $ | 136,692 | $ | 136,496 | $ | 142,512 | $ | 144,110 | |||||||||||||||||||
| Minimum rent – ground leases | 10,813 | 10,767 | 10,566 | 10,447 | 10,637 | ||||||||||||||||||||||||
| Lease termination income | 152 | 596 | 3,112 | 229 | 18 | ||||||||||||||||||||||||
| Straight-line rent | 2,203 | 2,257 | 1,481 | 1,794 | 2,681 | ||||||||||||||||||||||||
| Non-cash market rent | 2,185 | 1,686 | 1,495 | 1,275 | 1,919 | ||||||||||||||||||||||||
| Tenant reimbursements | 40,328 | 41,756 | 44,794 | 42,033 | 43,666 | ||||||||||||||||||||||||
| Bad debt reserve | (1,853) | (1,824) | (1,522) | (2,018) | (2,119) | ||||||||||||||||||||||||
Other property-related revenue(1) | 436 | 1,033 | 798 | 4,481 | 891 | ||||||||||||||||||||||||
| Overage rent | 1,857 | 1,385 | 1,619 | 1,952 | 1,281 | ||||||||||||||||||||||||
| Total revenue | 186,947 | 194,348 | 198,839 | 202,705 | 203,084 | ||||||||||||||||||||||||
| Expenses: | |||||||||||||||||||||||||||||
Property operating – recoverable(2) | 22,996 | 24,306 | 26,748 | 24,687 | 24,038 | ||||||||||||||||||||||||
Property operating – non-recoverable(2) | 4,237 | 3,820 | 3,989 | 3,799 | 4,131 | ||||||||||||||||||||||||
| Real estate taxes | 23,274 | 24,315 | 24,641 | 24,264 | 25,459 | ||||||||||||||||||||||||
| Total expenses | 50,507 | 52,441 | 55,378 | 52,750 | 53,628 | ||||||||||||||||||||||||
| NOI | 136,440 | 141,907 | 143,461 | 149,955 | 149,456 | ||||||||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||||||||
| General, administrative and other | (15,041) | (14,543) | (13,950) | (15,628) | (14,183) | ||||||||||||||||||||||||
| Development fee income | 1,189 | 217 | 65 | 317 | 259 | ||||||||||||||||||||||||
| Management and leasing fee income | 1,327 | 1,161 | 1,231 | 1,354 | 1,032 | ||||||||||||||||||||||||
| Net gains from outlot sales | 2,259 | 1,364 | 1,039 | — | 6,096 | ||||||||||||||||||||||||
| Total other (expense) income | (10,266) | (11,801) | (11,615) | (13,957) | (6,796) | ||||||||||||||||||||||||
| Adjusted EBITDA | 126,174 | 130,106 | 131,846 | 135,998 | 142,660 | ||||||||||||||||||||||||
| Impairment charges | (30,694) | (980) | (5,888) | (12,544) | (39,305) | ||||||||||||||||||||||||
| Depreciation and amortization | (79,655) | (81,604) | (82,491) | (87,799) | (89,370) | ||||||||||||||||||||||||
| Interest expense | (31,569) | (31,743) | (31,696) | (32,409) | (33,162) | ||||||||||||||||||||||||
| Equity in loss of unconsolidated joint ventures | (3,775) | (1,344) | (2,216) | (3,186) | (4,619) | ||||||||||||||||||||||||
| Income tax expense of taxable REIT subsidiaries | (251) | (426) | (395) | (152) | (106) | ||||||||||||||||||||||||
| Interest income | 3,336 | 1,705 | 2,444 | 1,853 | 1,659 | ||||||||||||||||||||||||
| Other income, net | 469 | 1,464 | 128 | 207 | 91 | ||||||||||||||||||||||||
| Gain on sales of operating properties, net | 2,341 | 87,727 | — | 183,107 | 5,742 | ||||||||||||||||||||||||
| Gain on deconsolidation of joint venture | — | 60,625 | — | — | — | ||||||||||||||||||||||||
| Net (loss) income | (13,624) | 165,530 | 11,732 | 185,075 | (16,410) | ||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 322 | (4,226) | (338) | (4,253) | 203 | ||||||||||||||||||||||||
| Net (loss) income attributable to common shareholders | $ | (13,302) | $ | 161,304 | $ | 11,394 | $ | 180,822 | $ | (16,207) | |||||||||||||||||||
| NOI/Revenue – Retail properties | 74.1 | % | 73.8 | % | 73.1 | % | 74.6 | % | 74.3 | % | |||||||||||||||||||
| NOI/Revenue | 73.0 | % | 73.0 | % | 72.1 | % | 74.0 | % | 73.6 | % | |||||||||||||||||||
Recovery Ratio(3) | |||||||||||||||||||||||||||||
| – Retail properties | 92.4 | % | 91.3 | % | 91.9 | % | 90.2 | % | 91.8 | % | |||||||||||||||||||
| – Consolidated | 87.2 | % | 85.9 | % | 87.2 | % | 85.9 | % | 88.2 | % | |||||||||||||||||||
(1)Other property-related revenue also includes the net operating results of Eddy Street Parking Garage and Union Station Parking Garage. The three months ended December 31, 2025 includes a nonrecurring $3.6 million payment received related to the air rights lease of apartments at Eddy Street Commons.
(2)Recoverable expenses include recurring G&A expense of $4.2 million allocable to the property operations in the three months ended September 30, 2026, a portion of which is recoverable. Non-recoverable expenses primarily include ground rent, professional fees, and marketing costs.
(3)“Recovery Ratio” is computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense.
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 6 | ||||
Kite Realty Group
NAREIT Funds From Operations (“FFO”)(1)
(dollars in thousands, except per share amounts)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income | $ | (13,624) | $ | (16,410) | $ | 163,638 | $ | 120,453 | |||||||||||||||
| Less: net income attributable to noncontrolling interests in properties | — | (82) | (126) | (233) | |||||||||||||||||||
| Less: gain on sales of operating properties, net | (2,341) | (5,742) | (90,068) | (108,855) | |||||||||||||||||||
| Less: gain on deconsolidation of joint venture | — | — | (60,625) | — | |||||||||||||||||||
| Add: impairment charges | 30,694 | 39,305 | 37,562 | 39,305 | |||||||||||||||||||
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests | 93,163 | 101,750 | 275,983 | 304,896 | |||||||||||||||||||
NAREIT FFO of the Operating Partnership(1) | 107,892 | 118,821 | 326,364 | 355,566 | |||||||||||||||||||
Less: Limited Partners’ interests in FFO | (2,800) | (2,569) | (8,212) | (7,498) | |||||||||||||||||||
FFO attributable to common shareholders(1) | $ | 105,092 | $ | 116,252 | $ | 318,152 | $ | 348,068 | |||||||||||||||
| FFO, as defined by NAREIT, per share of the Operating Partnership – basic | $ | 0.53 | $ | 0.53 | $ | 1.57 | $ | 1.58 | |||||||||||||||
| FFO, as defined by NAREIT, per share of the Operating Partnership – diluted | $ | 0.53 | $ | 0.53 | $ | 1.57 | $ | 1.58 | |||||||||||||||
| Weighted average common shares outstanding – basic | 199,097,852 | 219,408,533 | 202,314,395 | 219,652,052 | |||||||||||||||||||
| Weighted average common shares outstanding – diluted | 199,199,751 | 219,531,606 | 202,410,018 | 219,768,504 | |||||||||||||||||||
| Weighted average common shares and units outstanding – basic | 204,405,613 | 224,258,121 | 207,539,183 | 224,386,126 | |||||||||||||||||||
| Weighted average common shares and units outstanding – diluted | 204,507,512 | 224,381,194 | 207,634,806 | 224,502,578 | |||||||||||||||||||
Reconciliation of NAREIT FFO to Core FFO(2) | |||||||||||||||||||||||
NAREIT FFO of the Operating Partnership(1) | $ | 107,892 | $ | 118,821 | $ | 326,364 | $ | 355,566 | |||||||||||||||
| Add: | |||||||||||||||||||||||
| Amortization of deferred financing costs | 2,220 | 1,856 | 5,877 | 5,251 | |||||||||||||||||||
| Non-cash compensation expense and other | 3,679 | 3,084 | 10,568 | 8,965 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Straight-line rent – minimum rent and common area maintenance | 2,850 | 3,789 | 7,970 | 9,202 | |||||||||||||||||||
| Market rent amortization income | 3,091 | 2,500 | 7,433 | 7,921 | |||||||||||||||||||
| Amortization of debt discounts, premiums and hedge instruments | 826 | 1,030 | 2,885 | 4,676 | |||||||||||||||||||
| Core FFO of the Operating Partnership | $ | 107,024 | $ | 116,442 | $ | 324,521 | $ | 347,983 | |||||||||||||||
| Core FFO per share of the Operating Partnership – diluted | $ | 0.52 | $ | 0.52 | $ | 1.56 | $ | 1.55 | |||||||||||||||
Reconciliation of Core FFO to Adjusted Funds From Operations (“AFFO”)(2) | |||||||||||||||||||||||
| Core FFO of the Operating Partnership | $ | 107,024 | $ | 116,442 | $ | 324,521 | $ | 347,983 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Maintenance capital expenditures | 8,974 | 7,583 | 23,592 | 23,076 | |||||||||||||||||||
Tenant-related capital expenditures(3) | 21,213 | 14,744 | 70,743 | 68,339 | |||||||||||||||||||
| Total Recurring AFFO of the Operating Partnership | $ | 76,837 | $ | 94,115 | $ | 230,186 | $ | 256,568 | |||||||||||||||
(1)“NAREIT 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)Includes the Company’s pro rata share from unconsolidated joint ventures.
(3)Excludes landlord work, tenant improvements and leasing commissions related to development and redevelopment projects.
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 7 | ||||
Kite Realty Group
Joint Venture Summary as of September 30, 2026
(dollars in thousands)
| Consolidated Investments | ||||||||||||||||||||||||||||||||||||||
| Investments | Total Debt | Partner Economic Ownership Interest(1) | Partner Share of Debt | Partner Share of Annual EBITDA | ||||||||||||||||||||||||||||||||||
| Delray Marketplace | $ | 4,400 | 2 | % | $ | 88 | $ | — | ||||||||||||||||||||||||||||||
(1)Economic ownership % represents the partner’s share of cash flow.
| Unconsolidated Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | Total GLA | Multifamily Units | KRG Economic Ownership Interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nuveen Portfolio | 416,044 | — | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Embassy Suites at Eddy Street Commons | — | — | 35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Glendale Center Apartments | — | — | 11.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Corner – IN | 23,852 | 285 | 50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Legacy West | 785,712 | 782 | 52 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Seed Assets | 921,283 | — | 52 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One Loudoun Residential | 345,201 | 378 | 70.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 2,492,092 | 1,445 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Unconsolidated Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment as of September 30, 2026 | $ | 401,162 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||||||||
| Adjusted EBITDA | $ | 13,103 | $ | 11,005 | $ | 9,978 | $ | 10,310 | $ | 10,203 | |||||||||||||||||||
| Depreciation and amortization | (13,867) | (9,720) | (9,771) | (11,163) | (12,705) | ||||||||||||||||||||||||
| Interest expense | (3,744) | (3,116) | (2,800) | (2,823) | (2,849) | ||||||||||||||||||||||||
| KRG share of management fees | 733 | 487 | 377 | 490 | 732 | ||||||||||||||||||||||||
| KRG share of net loss | $ | (3,775) | $ | (1,344) | $ | (2,216) | $ | (3,186) | $ | (4,619) | |||||||||||||||||||
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 8 | ||||
Kite Realty Group
Key Debt Metrics as of September 30, 2026
(dollars in thousands)
| September 30, 2026 | Debt Covenant Threshold(1) | ||||||||||
| Senior Unsecured Notes Covenants | |||||||||||
| Total debt to undepreciated assets | 41.9% | <60% | |||||||||
| Secured debt to undepreciated assets | 4.0% | <40% | |||||||||
| Undepreciated unencumbered assets to unsecured debt | 238.1% | >150% | |||||||||
| Debt service coverage | 4.2x | >1.5x | |||||||||
| Unsecured Credit Facility Covenants | |||||||||||
| Maximum leverage | 34.7% | <60% | |||||||||
| Minimum fixed charge coverage | 3.9x | >1.5x | |||||||||
| Secured indebtedness | 3.5% | <45% | |||||||||
| Unsecured debt interest coverage | 3.9x | >1.75x | |||||||||
| Unsecured leverage | 35.5% | <60% | |||||||||
| Senior Unsecured Debt Ratings | |||||||||||
| Fitch Ratings | BBB+/Stable | ||||||||||
| Moody's Investors Service | Baa2/Stable | ||||||||||
| Standard & Poor's Rating Services | BBB/Stable | ||||||||||
| Liquidity | |||||||||||
| Cash and cash equivalents | $ | 32,542 | |||||||||
| Availability under unsecured credit facility | 1,058,100 | ||||||||||
| $ | 1,090,642 | ||||||||||
| Unencumbered NOI as a % of Total NOI, including pro rata share of unconsolidated joint ventures | 89 | % | |||||||||
(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 | $ | 2,807,320 | |||||||||
| Add: Company share of unconsolidated joint venture debt | 270,431 | ||||||||||
| Add: debt discounts, premiums and issuance costs, net | 10,500 | ||||||||||
| Less: Partner share of consolidated joint venture debt | (88) | ||||||||||
| Company's consolidated debt and share of unconsolidated debt | 3,088,163 | ||||||||||
| Less: cash and cash equivalents | (32,542) | ||||||||||
| Less: restricted cash and escrow deposits | (124,527) | ||||||||||
| Less: Company share of unconsolidated joint venture cash and cash equivalents | (17,066) | ||||||||||
| Company share of Net Debt | $ | 2,914,028 | |||||||||
| Q3 2026 Adjusted EBITDA, Annualized: | |||||||||||
| – Consolidated Adjusted EBITDA | $ | 504,696 | |||||||||
| – Unconsolidated Adjusted EBITDA | 52,412 | 557,108 | |||||||||
| Ratio of Company share of Net Debt to Adjusted EBITDA | 5.2x | ||||||||||
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 9 | ||||
Kite Realty Group
Summary of Outstanding Debt as of September 30, 2026
(dollars in thousands)
| Total Outstanding Debt | Amount Outstanding | Ratio | Weighted Average Interest Rate | Weighted Average Years to Maturity | |||||||||||||||||||
| Fixed rate debt | $ | 2,228,420 | 72 | % | 4.24 | % | 4.7 | ||||||||||||||||
| Variable rate debt | 589,400 | 19 | % | 4.78 | % | 2.5 | |||||||||||||||||
| Debt discounts, premiums and issuance costs, net | (10,500) | N/A | N/A | N/A | |||||||||||||||||||
| Total consolidated debt | 2,807,320 | 91 | % | 4.35 | % | 4.2 | |||||||||||||||||
| KRG share of unconsolidated debt | 261,667 | 9 | % | 4.62 | % | 4.3 | |||||||||||||||||
| Total | $ | 3,068,987 | 100 | % | 4.38 | % | 4.2 | ||||||||||||||||
| Schedule of Maturities by Year | |||||||||||||||||||||||||||||||||||
| Secured Debt | |||||||||||||||||||||||||||||||||||
| Scheduled Principal Payments | Term Maturities | Unsecured Debt | Total Consolidated Debt | Total Unconsolidated Debt | Total Debt Outstanding | ||||||||||||||||||||||||||||||
| 2026 | $ | 1,359 | $ | — | $ | — | $ | 1,359 | $ | — | $ | 1,359 | |||||||||||||||||||||||
| 2027 | 4,262 | 22,106 | 250,000 | 276,368 | — | 276,368 | |||||||||||||||||||||||||||||
| 2028 | 2,453 | — | 350,000 | (1) | 352,453 | 10,723 | 363,176 | ||||||||||||||||||||||||||||
| 2029 | 2,568 | — | 435,000 | 437,568 | 637 | 438,205 | |||||||||||||||||||||||||||||
| 2030 | 1,980 | 100 | 400,000 | 402,080 | 193,779 | 595,859 | |||||||||||||||||||||||||||||
| 2031 and beyond | 751 | 2,241 | 1,345,000 | 1,347,992 | 65,292 | 1,413,284 | |||||||||||||||||||||||||||||
| Debt discounts, premiums and issuance costs, net | — | 635 | (11,135) | (10,500) | (8,764) | (19,264) | |||||||||||||||||||||||||||||
| Total | $ | 13,373 | $ | 25,082 | $ | 2,768,865 | $ | 2,807,320 | $ | 261,667 | $ | 3,068,987 | |||||||||||||||||||||||
(1)Assumes the Company exercises its option to extend the maturity date of the $250.0 million unsecured term loan by one year to 2028.
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 10 | ||||
Kite Realty Group
Maturity Schedule of Outstanding Debt as of September 30, 2026
(dollars in thousands)
| Description | Contractual Interest Rate(1) | Maturity Date | Balance as of September 30, 2026 | % of Total Outstanding | ||||||||||||||||||||||||||||
| Senior Unsecured Exchangeable Notes | 0.75% | 4/1/2027 | $ | 175,000 | ||||||||||||||||||||||||||||
| Northgate North | 4.50% | 6/1/2027 | 20,415 | |||||||||||||||||||||||||||||
Delray Marketplace(2) | SOFR + 2.15% | 8/4/2027 | 4,400 | |||||||||||||||||||||||||||||
| Senior Unsecured Notes | 4.57% | 9/10/2027 | 75,000 | |||||||||||||||||||||||||||||
| 2027 Debt Maturities | 2.16% | 274,815 | 9 | % | ||||||||||||||||||||||||||||
Unsecured Term Loan(3) | SOFR + 0.85% | 10/24/2028 | 250,000 | |||||||||||||||||||||||||||||
| Senior Unsecured Notes | 4.24% | 12/28/2028 | 100,000 | |||||||||||||||||||||||||||||
| 2028 Debt Maturities | 4.60% | 350,000 | 11 | % | ||||||||||||||||||||||||||||
| Senior Unsecured Notes | 4.82% | 6/28/2029 | 100,000 | |||||||||||||||||||||||||||||
| Unsecured Term Loan | SOFR + 0.85% | 7/29/2029 | 300,000 | |||||||||||||||||||||||||||||
Unsecured Credit Facility(4) | SOFR + 1.05% | 10/3/2029 | 35,000 | |||||||||||||||||||||||||||||
| 2029 Debt Maturities | 4.79% | 435,000 | 14 | % | ||||||||||||||||||||||||||||
| Rampart Commons | 5.73% | 6/10/2030 | 4,059 | |||||||||||||||||||||||||||||
| Senior Unsecured Notes | 4.75% | 9/15/2030 | 400,000 | |||||||||||||||||||||||||||||
| 2030 Debt Maturities | 4.76% | 404,059 | 13 | % | ||||||||||||||||||||||||||||
| The Shoppes at Union Hill | 3.75% | 6/1/2031 | 5,982 | |||||||||||||||||||||||||||||
| Senior Unsecured Notes | 4.95% | 12/15/2031 | 350,000 | |||||||||||||||||||||||||||||
| Nora Plaza Shops | 3.80% | 2/1/2032 | 2,964 | |||||||||||||||||||||||||||||
| Senior Unsecured Exchangeable Notes | 3.25% | 4/15/2032 | 345,000 | |||||||||||||||||||||||||||||
| Senior Unsecured Notes | 5.20% | 8/15/2032 | 300,000 | |||||||||||||||||||||||||||||
Senior Unsecured Notes(5) | 4.60% | 3/1/2034 | 350,000 | |||||||||||||||||||||||||||||
| 2031 and beyond Debt Maturities | 4.47% | 1,353,946 | 44 | % | ||||||||||||||||||||||||||||
| Debt discounts, premiums and issuance costs, net | (10,500) | |||||||||||||||||||||||||||||||
| Total debt per consolidated balance sheet | 4.35% | $ | 2,807,320 | 91 | % | |||||||||||||||||||||||||||
| KRG share of unconsolidated debt | ||||||||||||||||||||||||||||||||
| Nuveen Portfolio | 4.09% | 7/1/2028 | $ | 10,378 | ||||||||||||||||||||||||||||
| Legacy West | 3.80% | 5/1/2030 | 158,080 | |||||||||||||||||||||||||||||
The Corner – IN(6) | SOFR + 2.86% | 6/24/2030 | 35,026 | |||||||||||||||||||||||||||||
| One Loudoun Residential | 5.36% | 5/1/2033 | 66,947 | |||||||||||||||||||||||||||||
| KRG share of unconsolidated debt | 4.62% | 270,431 | ||||||||||||||||||||||||||||||
| KRG share of debt discounts and issuance costs, net | (8,764) | |||||||||||||||||||||||||||||||
| Total KRG share of unconsolidated debt | 261,667 | 9 | % | |||||||||||||||||||||||||||||
Total consolidated and KRG share of unconsolidated debt | 4.38% | $ | 3,068,987 | |||||||||||||||||||||||||||||
(1)At September 30, 2026, daily SOFR was 3.90% and one-month SOFR was 3.91%.
(2)The property is held in a joint venture. The loan is guaranteed by Kite Realty Group, LP. During the three months ended September 30, 2026, the Company exercised its option to extend the maturity date by one year to 2027.
(3)Assumes the Company exercises its option to extend the maturity date by one year to 2028.
(4)Assumes the Company exercises its option to extend the maturity date by one year to 2029.
(5)The 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.
(6)The Corner – IN includes three loans with varying rates and maturity dates. As of September 30, 2026, the loans had a weighted average interest rate of 7.04% and a majority of the amount outstanding was at a floating rate. The maturity date shown is the weighted average maturity date as of September 30, 2026.
| 3rd Quarter 2026 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 | ||||||||||||||||||||||||||||||||
| Chastain Market | May 11, 2026 | Atlanta | Trader Joe’s | 79,517 | 27,699 | $ | 71,000 | |||||||||||||||||||||||||||||||
| Founders Square | May 21, 2026 | Naples, FL | N/A | 66,360 | — | 65,000 | ||||||||||||||||||||||||||||||||
Pelham Manor Shopping Plaza(1) | September 24, 2026 | New York | BJ’s Wholesale Club, Lidl | — | — | 52,000 | ||||||||||||||||||||||||||||||||
| Total acquisitions | 145,877 | 27,699 | $ | 188,000 | ||||||||||||||||||||||||||||||||||
(1)The Company acquired the fee interest in this existing multi-tenant operating retail property, which was previously subject to a ground lease with a third party, through an Internal Revenue Code Section 1031 tax-deferred exchange. The total number of properties in our portfolio was not affected by this transaction.
In addition, on March 23, 2026, the Company acquired vacant land in the Indianapolis MSA for a purchase price of $7.8 million.
Property Dispositions
| Property Name | Disposition Date | MSA | Grocery Anchor | GLA | Sales Price | |||||||||||||||||||||||||||
| Coram Plaza | March 5, 2026 | New York | N/A | 138,385 | $ | 12,500 | ||||||||||||||||||||||||||
Estero Town Commons – Lowe’s(2) | June 5, 2026 | Fort Myers, FL | N/A | — | 9,500 | |||||||||||||||||||||||||||
| Commons at Temecula | June 10, 2026 | Riverside, CA | Organic Roots | 292,078 | 77,000 | |||||||||||||||||||||||||||
| Gateway Station | June 10, 2026 | College Station, TX | N/A | 125,406 | 31,500 | |||||||||||||||||||||||||||
| Grapevine Crossing | June 10, 2026 | Dallas/Ft. Worth | N/A | 125,488 | 19,500 | |||||||||||||||||||||||||||
| La Plaza Del Norte | June 10, 2026 | San Antonio | N/A | 320,102 | 72,709 | |||||||||||||||||||||||||||
| Perimeter Woods | June 10, 2026 | Charlotte | N/A | 127,067 | 36,620 | |||||||||||||||||||||||||||
| Winchester Commons | June 10, 2026 | Memphis | Kroger | 93,077 | 17,171 | |||||||||||||||||||||||||||
| City Center | June 25, 2026 | New York | ShopRite, Target (shadow) | 362,278 | 50,000 | |||||||||||||||||||||||||||
| Tysons Corner | July 9, 2026 | Washington, D.C. | N/A | 36,942 | 25,850 | |||||||||||||||||||||||||||
| Carillon medical office building | October 29, 2026 | Washington, D.C. | N/A | 126,290 | 33,150 | |||||||||||||||||||||||||||
| Total dispositions | 1,747,113 | $ | 385,500 | |||||||||||||||||||||||||||||
(2)The Company sold the ground lease interest in one tenant at this existing multi-tenant operating retail property. The total number of properties in our portfolio was not affected by this transaction.
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 12 | ||||
Kite Realty Group
Development and Redevelopment Projects
| Project | MSA | KRG Ownership % | Projected Completion Date(1) | Total Owned 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 | — | $87.0M–$94.0M | $72.0M–$79.0M | $41.0M–$48.0M | $5.3M–$6.3M | $2.1M–$3.1M | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Loudoun Phase 2 Apartments(4) | Washington, D.C./Baltimore | 55% | Q2 2030 | — | 429 | $93.5M–$103.5M | $27.5M–$37.5M | $18.5M–$28.5M | $6.0M–$7.0M | $6.0M–$7.0M | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 119,000 | 429 | $180.5M–$197.5M | $99.5M–$116.5M | $59.5M–$76.5M | $11.3M–$13.3M | $8.1M–$10.1M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Opportunities(5) | ||||||||||||||||||||||||||
| Project | MSA | Project Description | ||||||||||||||||||||||||
| Carillon | Washington, D.C./Baltimore | Potential of 1.2 million square feet of commercial GLA and 3,000 multifamily units 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. | ||||||||||||||||||||||||
| Main Street Promenade | Chicago, IL | Potential of 16,000 square feet of commercial GLA for additional expansion. | ||||||||||||||||||||||||
| One Loudoun Hotel | Washington, D.C./Baltimore | Planned 170-room hotel. | ||||||||||||||||||||||||
| Additional One Loudoun Development | Washington, D.C./Baltimore | Potential of 1.7 million square feet of commercial GLA. | ||||||||||||||||||||||||
| Additional One Loudoun Residential | Washington, D.C./Baltimore | Potential for approximately 1,300 multifamily units remaining following the planned 429 additional multifamily units. | ||||||||||||||||||||||||
| 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)As of September 30, 2026, KRG owns 70.4% of the joint venture, and its ownership percentage is expected to be reduced to 55% over time as equity for the Phase 2 Apartments is required to be contributed by the joint venture partner. Total project costs, KRG equity requirement, KRG remaining spend, estimated stabilized NOI to KRG, and estimated remaining NOI to come online are presented at KRG’s 55% ownership except for KRG’s 100% share of capitalized corporate interest. KRG’s equity requirement is net of KRG’s 55% share of a $107.5 million construction loan and the non-cash contribution of entitled land to the joint venture.
(5)These opportunities are deemed potential at this time and are subject to various contingencies, many of which could be beyond the Company’s control.
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 13 | ||||
Kite Realty Group
Geographic Diversification – ABR by Region and State as of September 30, 2026
(dollars in thousands)
| Region/State | Number of Properties(1) | Owned GLA(2) | Total Weighted ABR(3) | % of Weighted ABR(3) | ||||||||||||||||||||||
| South | ||||||||||||||||||||||||||
| Texas | 37 | 6,933 | $ | 167,236 | 27.3 | % | ||||||||||||||||||||
| Florida | 31 | 3,543 | 73,894 | 12.1 | % | |||||||||||||||||||||
| Virginia | 6 | 1,270 | 38,044 | 6.2 | % | |||||||||||||||||||||
| Maryland | 9 | 1,542 | 37,245 | 6.1 | % | |||||||||||||||||||||
| Georgia | 12 | 1,956 | 35,999 | 5.9 | % | |||||||||||||||||||||
| North Carolina | 5 | 949 | 23,071 | 3.8 | % | |||||||||||||||||||||
| Tennessee | 2 | 487 | 8,467 | 1.4 | % | |||||||||||||||||||||
| Oklahoma | 2 | 309 | 4,760 | 0.8 | % | |||||||||||||||||||||
| South Carolina | 2 | 262 | 3,952 | 0.6 | % | |||||||||||||||||||||
| Total South | 106 | 17,251 | 392,668 | 64.2 | % | |||||||||||||||||||||
| West | ||||||||||||||||||||||||||
| Washington | 10 | 1,626 | 33,439 | 5.5 | % | |||||||||||||||||||||
| Nevada | 5 | 846 | 30,990 | 5.1 | % | |||||||||||||||||||||
| Arizona | 3 | 395 | 10,407 | 1.7 | % | |||||||||||||||||||||
| Utah | 2 | 388 | 8,868 | 1.5 | % | |||||||||||||||||||||
| Total West | 20 | 3,255 | 83,704 | 13.8 | % | |||||||||||||||||||||
| Midwest | ||||||||||||||||||||||||||
| Indiana | 15 | 1,928 | 40,361 | 6.6 | % | |||||||||||||||||||||
| Illinois | 7 | 1,221 | 28,266 | 4.6 | % | |||||||||||||||||||||
| Michigan | 1 | 305 | 7,482 | 1.2 | % | |||||||||||||||||||||
| Missouri | 1 | 453 | 4,325 | 0.7 | % | |||||||||||||||||||||
| Ohio | 1 | 236 | 1,968 | 0.3 | % | |||||||||||||||||||||
| Total Midwest | 25 | 4,143 | 82,402 | 13.4 | % | |||||||||||||||||||||
| Northeast | ||||||||||||||||||||||||||
| New York | 6 | 747 | 28,887 | 4.7 | % | |||||||||||||||||||||
| New Jersey | 4 | 343 | 12,792 | 2.1 | % | |||||||||||||||||||||
| Massachusetts | 1 | 264 | 4,941 | 0.8 | % | |||||||||||||||||||||
| Connecticut | 1 | 206 | 4,259 | 0.7 | % | |||||||||||||||||||||
| Pennsylvania | 1 | 136 | 1,982 | 0.3 | % | |||||||||||||||||||||
| Total Northeast | 13 | 1,696 | 52,861 | 8.6 | % | |||||||||||||||||||||
Total(4) | 164 | 26,345 | $ | 611,635 | 100.0 | % | ||||||||||||||||||||
(1)Number of properties represents consolidated and unconsolidated retail/mixed-use properties and standalone office properties.
(2)Owned GLA represents gross leasable area owned by the Company and excludes the square footage of development and redevelopment projects.
(3)Total weighted ABR and percent of weighted ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties.
(4)Excludes Eastgate Crossing.
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 14 | ||||
Kite Realty Group
Top 25 Tenants by ABR as of September 30, 2026
(dollars in thousands, except per square foot data)
The following table includes the Company’s operating retail/mixed-use properties and standalone office properties.
| Credit Ratings | |||||||||||||||||||||||||||||||||||||||||||||||
| Tenant | Primary DBA/ Number of Stores | Number of Stores(1) | Total Leased GLA(2) | ABR(3) | % of Weighted ABR(4) | S&P | Moody’s | ||||||||||||||||||||||||||||||||||||||||
| 1 | The TJX Companies, Inc. | T.J. Maxx (16), Marshalls (12), HomeGoods (10), Homesense (5), Sierra (4), T.J. Maxx & HomeGoods combined (2) | 49 | 1,402 | $ | 16,055 | 2.6 | % | A | A2 | |||||||||||||||||||||||||||||||||||||
| 2 | Ross Stores, Inc. | Ross Dress for Less (27), dd’s DISCOUNTS (1) | 28 | 800 | 12,146 | 2.0 | % | A- | A2 | ||||||||||||||||||||||||||||||||||||||
| 3 | PetSmart, Inc. | 27 | 550 | 9,213 | 1.5 | % | B+ | B2 | |||||||||||||||||||||||||||||||||||||||
| 4 | Dick’s Sporting Goods, Inc. | Dick’s Sporting Goods (10), Foot Locker (3), Golf Galaxy (2) | 15 | 613 | 8,688 | 1.4 | % | BBB | Baa2 | ||||||||||||||||||||||||||||||||||||||
| 5 | Publix Super Markets, Inc. | 15 | 720 | 7,849 | 1.3 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
| 6 | Gap Inc. | Old Navy (22), Athleta (3), Banana Republic (2), The Gap (2) | 29 | 392 | 7,275 | 1.2 | % | BB+ | Ba2 | ||||||||||||||||||||||||||||||||||||||
| 7 | Best Buy Co., Inc. | 11 | 415 | 6,508 | 1.1 | % | BBB+ | A3 | |||||||||||||||||||||||||||||||||||||||
| 8 | Fitness International, LLC | LA Fitness (4), Club Studio (1), XSport Fitness (1) | 6 | 236 | 6,062 | 1.0 | % | B | B2 | ||||||||||||||||||||||||||||||||||||||
| 9 | BJ’s Wholesale Club, Inc. | 3 | 115 | 5,892 | 1.0 | % | BB+ | Ba1 | |||||||||||||||||||||||||||||||||||||||
| 10 | Burlington Stores, Inc. | 13 | 513 | 5,662 | 0.9 | % | BB+ | N/A | |||||||||||||||||||||||||||||||||||||||
| 11 | The Kroger Co. | Kroger (5), Harris Teeter (2), QFC (1), Smith’s (1) | 9 | 296 | 5,475 | 0.9 | % | BBB | Baa1 | ||||||||||||||||||||||||||||||||||||||
| 12 | Michaels Stores, Inc. | Michaels | 19 | 427 | 5,459 | 0.9 | % | B | B2 | ||||||||||||||||||||||||||||||||||||||
| 13 | Lowe’s Companies, Inc. | 5 | — | 5,208 | 0.9 | % | BBB+ | Baa1 | |||||||||||||||||||||||||||||||||||||||
| 14 | Whole Foods Market, Inc. | 7 | 238 | 4,917 | 0.8 | % | AA | A1 | |||||||||||||||||||||||||||||||||||||||
| 15 | Trader Joe’s | 12 | 167 | 4,886 | 0.8 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
| 16 | Ulta Beauty, Inc. | 21 | 212 | 4,378 | 0.7 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
| 17 | Five Below, Inc. | 25 | 229 | 4,361 | 0.7 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
| 18 | Total Wine & More | 11 | 258 | 4,315 | 0.7 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
| 19 | Albertsons Companies, Inc. | Safeway (3), Tom Thumb (2), Jewel-Osco (1) | 6 | 281 | 4,270 | 0.7 | % | BB+ | Ba1 | ||||||||||||||||||||||||||||||||||||||
| 20 | Sprouts Farmers Market, Inc. | 7 | 194 | 3,854 | 0.6 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
| 21 | Somnigroup International Inc. | Mattress Firm (21), Tempur-Pedic (3), Sleepy’s (2) | 26 | 122 | 3,836 | 0.6 | % | BB+ | Ba1 | ||||||||||||||||||||||||||||||||||||||
| 22 | NYC Department of Education | 1 | 76 | 3,826 | 0.6 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
| 23 | Dollar Tree, Inc. | 23 | 266 | 3,780 | 0.6 | % | BBB | Baa2 | |||||||||||||||||||||||||||||||||||||||
| 24 | Hobby Lobby Stores, Inc. | 8 | 444 | 3,739 | 0.6 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
| 25 | KnitWell Group | Chico’s (5), Ann Taylor (4), Talbots (4), White House Black Market (4), LOFT (3), Soma (3) | 23 | 97 | 3,610 | 0.6 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
| Total Top Tenants | 399 | 9,063 | $ | 151,264 | 24.7 | % | |||||||||||||||||||||||||||||||||||||||||
(1)Number of stores represents stores at consolidated and unconsolidated properties.
(2)Total leased 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 for September 30, 2026, 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.
| 3rd Quarter 2026 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 – Q3 2026 | 47 | 269,499 | 30 | 159,595 | $ | 25.66 | $ | 34.31 | 33.7 | % | ||||||||||||||||||||||||||||||||||||||||
| New Leases – Q2 2026 | 44 | 329,750 | 29 | 241,061 | 23.64 | 30.36 | 28.4 | % | ||||||||||||||||||||||||||||||||||||||||||
| New Leases – Q1 2026 | 47 | 163,714 | 26 | 122,341 | 22.84 | 29.97 | 31.3 | % | ||||||||||||||||||||||||||||||||||||||||||
| New Leases – Q4 2025 | 61 | 373,526 | 35 | 246,708 | 24.46 | 29.79 | 21.8 | % | ||||||||||||||||||||||||||||||||||||||||||
| Total | 199 | 1,136,489 | 120 | 769,705 | $ | 24.19 | $ | 30.93 | 27.9 | % | $ | 95.63 | ||||||||||||||||||||||||||||||||||||||
| Non-Option Renewals – Q3 2026 | 57 | 211,881 | 43 | 142,526 | $ | 27.42 | $ | 32.44 | 18.3 | % | ||||||||||||||||||||||||||||||||||||||||
| Non-Option Renewals – Q2 2026 | 47 | 188,717 | 37 | 127,549 | 23.91 | 28.13 | 17.7 | % | ||||||||||||||||||||||||||||||||||||||||||
| Non-Option Renewals – Q1 2026 | 64 | 219,136 | 47 | 170,085 | 29.97 | 33.65 | 12.3 | % | ||||||||||||||||||||||||||||||||||||||||||
| Non-Option Renewals – Q4 2025 | 65 | 350,495 | 40 | 245,208 | 20.83 | 23.86 | 14.5 | % | ||||||||||||||||||||||||||||||||||||||||||
| Total | 233 | 970,229 | 167 | 685,368 | $ | 25.04 | $ | 28.87 | 15.3 | % | $ | 4.69 | ||||||||||||||||||||||||||||||||||||||
| Option Renewals – Q3 2026 | 56 | 768,137 | 56 | 768,137 | $ | 17.18 | $ | 18.49 | 7.6 | % | ||||||||||||||||||||||||||||||||||||||||
| Option Renewals – Q2 2026 | 37 | 476,194 | 37 | 476,194 | 17.33 | 18.46 | 6.6 | % | ||||||||||||||||||||||||||||||||||||||||||
| Option Renewals – Q1 2026 | 40 | 324,150 | 40 | 324,150 | 20.67 | 22.12 | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||
| Option Renewals – Q4 2025 | 38 | 554,221 | 38 | 554,221 | 17.32 | 18.40 | 6.2 | % | ||||||||||||||||||||||||||||||||||||||||||
| Total | 171 | 2,122,702 | 171 | 2,122,702 | $ | 17.78 | $ | 19.01 | 6.9 | % | $ | — | ||||||||||||||||||||||||||||||||||||||
| Total – Q3 2026 | 160 | 1,249,517 | 129 | 1,070,258 | $ | 19.81 | $ | 22.71 | 14.6 | % | ||||||||||||||||||||||||||||||||||||||||
| Total – Q2 2026 | 128 | 994,661 | 103 | 844,804 | 20.12 | 23.32 | 15.9 | % | ||||||||||||||||||||||||||||||||||||||||||
| Total – Q1 2026 | 151 | 707,000 | 113 | 616,576 | 23.67 | 26.86 | 13.5 | % | ||||||||||||||||||||||||||||||||||||||||||
| Total – Q4 2025 | 164 | 1,278,242 | 113 | 1,046,137 | 19.82 | 22.37 | 12.8 | % | ||||||||||||||||||||||||||||||||||||||||||
| Total | 603 | 4,229,420 | 458 | 3,577,775 | $ | 20.55 | $ | 23.47 | 14.2 | % | $ | 21.47 | ||||||||||||||||||||||||||||||||||||||
(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.
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 16 | ||||
Kite Realty Group
Lease Expirations as of September 30, 2026
(dollars in thousands, except per square foot data)
The following table includes the Company’s operating retail/mixed-use properties and standalone office properties as of September 30, 2026.
| Operating Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expiring GLA(2) | Expiring Retail ABR per Sq. Ft.(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Expiring Leases(1) | Shop Tenants | Anchor Tenants | Office Tenants | Expiring ABR (Pro rata) | Expiring Ground Lease ABR (Pro rata) | % of Total ABR (Pro rata) | Shop Tenants | Anchor Tenants | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 105 | 204,588 | 59,413 | 27,605 | $ | 8,910 | $ | 389 | 1.5 | % | $ | 35.49 | $ | 15.00 | $ | 30.88 | ||||||||||||||||||||||||||||||||||||||||||||||
| 2027 | 434 | 985,159 | 953,237 | 147,309 | 50,853 | 2,112 | 8.7 | % | 35.97 | 15.07 | 25.69 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2028 | 558 | 1,188,313 | 2,140,862 | 273,806 | 80,551 | 5,874 | 14.1 | % | 37.67 | 14.59 | 22.83 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2029 | 562 | 1,206,347 | 2,353,429 | 207,497 | 83,575 | 3,581 | 14.3 | % | 37.08 | 15.39 | 22.74 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2030 | 435 | 1,026,216 | 1,623,713 | 124,777 | 59,517 | 5,713 | 10.7 | % | 34.72 | 13.29 | 21.59 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2031 | 440 | 981,204 | 1,912,338 | 301,012 | 72,135 | 4,272 | 12.5 | % | 36.91 | 15.87 | 23.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2032 | 304 | 681,588 | 1,906,808 | 193,015 | 55,126 | 3,878 | 9.6 | % | 35.67 | 14.58 | 20.14 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2033 | 238 | 586,884 | 843,167 | 42,040 | 36,227 | 4,271 | 6.6 | % | 39.64 | 15.22 | 25.24 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2034 | 188 | 395,922 | 676,003 | 72,578 | 29,460 | 2,395 | 5.2 | % | 44.06 | 16.71 | 26.81 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2035 | 171 | 377,585 | 714,519 | 183,201 | 29,195 | 899 | 4.9 | % | 37.71 | 16.43 | 23.78 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Beyond | 335 | 710,130 | 1,682,651 | 155,147 | 65,552 | 7,150 | 11.9 | % | 43.30 | 19.92 | 26.86 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 3,770 | 8,343,936 | 14,866,140 | 1,727,987 | $ | 571,101 | $ | 40,534 | 100.0 | % | $ | 37.64 | $ | 15.59 | $ | 23.52 | |||||||||||||||||||||||||||||||||||||||||||||||
(1)Lease expirations table reflects rents in place as of September 30, 2026 and does not include option periods; 2026 expirations include 25 month-to-month 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 September 30, 2026 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 17 | ||||
Kite Realty Group
Components of Net Asset Value as of September 30, 2026
(dollars in thousands)
| Cash Net Operating Income (“NOI”) | Page | Other Assets(1) | Page | |||||||||||||||||
| GAAP property NOI (incl. ground lease revenue) | $ | 136,440 | 6 | Cash, cash equivalents and restricted cash | $ | 157,069 | 3 | |||||||||||||
| Lease termination income | (152) | 6 | Tenant and other receivables (net of SLR) | 56,420 | 3 | |||||||||||||||
| Non-cash revenue adjustments | (5,941) | Prepaid and other assets | 64,970 | 3 | ||||||||||||||||
| Other property-related revenue | (436) | 6 | ||||||||||||||||||
| Ground lease (“GL”) revenue | (10,813) | 6 | ||||||||||||||||||
| Consolidated Cash Property NOI (excl. GL) | $ | 119,098 | ||||||||||||||||||
Annualized Consolidated Cash Property NOI (excl. ground leases) | $ | 476,392 | ||||||||||||||||||
| Adjustments to Normalize Annualized Cash NOI | Liabilities | |||||||||||||||||||
Remaining NOI to come online from development and redevelopment projects(2) | $ | 9,100 | 13 | Mortgage and other indebtedness | $ | (2,817,820) | 10 | |||||||||||||
| Unconsolidated Adjusted EBITDA | 52,412 | Pro rata adjustment for joint venture debt | (270,343) | |||||||||||||||||
| General and administrative expense allocable to property management activities included in property expenses ($4.2 million in Q3) | 16,800 | 6, note 2 | Accounts payable and accrued expenses | (178,079) | 3 | |||||||||||||||
| Total Adjustments | 78,312 | Other liabilities (excludes lease intangible liabilities) | (71,446) | |||||||||||||||||
Projected remaining under construction development/redevelopment(3) | (68,000) | 13 | ||||||||||||||||||
Annualized Normalized Portfolio Cash NOI (excl. ground leases) | $ | 554,704 | ||||||||||||||||||
| Annualized ground lease NOI | 43,252 | |||||||||||||||||||
Total Annualized Portfolio Cash NOI(4) | $ | 597,956 | Common shares and Units outstanding | 203,274,472 | ||||||||||||||||
(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 projects.
(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 September 30, 2026.
| 3rd Quarter 2026 Supplemental Financial and Operating Statistics | 18 | ||||
Kite Realty Group
Non-GAAP Financial Measures
NAREIT Funds from Operations
NAREIT 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 certain real estate assets that are excluded from FFO under the NAREIT definition 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 significant and non-recurring employee severance costs and recruiting expenses, including sign-on bonuses and search fees, (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, and includes adjustments related to our pro rata share from unconsolidated joint ventures for these categories as applicable. 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 net operating income (“NOI”) and cash NOI, which are non-GAAP financial measures, to evaluate the performance of our properties. The Company also uses total property NOI, which is defined as NOI plus net gains from outlot sales. 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.
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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. Beginning in 2026, the Company revised its Same Property NOI definition to exclude the results of the Company’s insurance captive to more clearly reflect the performance of our core real estate portfolio. 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, (v) significant prior period expense recoveries and adjustments, if any, and (vi) income or expense associated with the Company’s captive insurance company. 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. Additionally, because results from the Company’s insurance captive are driven by insurance underwriting, loss experience, and actuarial assumptions and therefore do not reflect the operating performance of our real estate properties, management believes excluding the impacts of the insurance captive improves transparency and comparability for the Company’s investors. Same Property NOI includes the results of properties that have been owned for the entire current and prior year reporting periods. Same Property NOI for all periods presented includes (i) 52% of the NOI from three previously wholly owned properties that were contributed to the Seed Asset Joint Venture in June 2025 and (ii) 55% of the NOI from the One Loudoun Phase 1 Apartments (which 55% represents the Company’s expected final ownership percentage) and excludes the results of the Company’s insurance captive.
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 and nine months ended September 30, 2026, the Same Property Pool excludes the following: (i) Chastain Market and Founders Square, which were acquired in May 2026, and Village Commons and Legacy West, which were acquired in January and April 2025, respectively; (ii) The Corner – IN, which was reclassified from active development into our operating portfolio in March 2025; (iii) Eastgate Crossing, which was reclassified from our operating portfolio in September 2025 due to significant disruption caused by severe flooding as a result of Tropical Storm Chantal; (iv) our active development projects at One Loudoun; (v) Edwards Multiplex – Ontario, which was reclassified from our operating portfolio into redevelopment in March 2023; (vi) properties sold or classified as held for sale during 2025 and 2026; and (vii) standalone office properties, including the Carillon medical office building.
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 adjusted for (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.
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