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
Tyler Henshaw
SVP, Capital Markets & Investor Relations
317.713.7780
thenshaw@kiterealty.com
Kite Realty Group Reports Fourth Quarter and Full Year 2025 Operating Results and
Provides 2026 Guidance
Indianapolis, Indiana, February 17, 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 fourth quarter and year ended December 31, 2025. For the quarters ended December 31, 2025 and 2024, net income attributable to common shareholders was $180.8 million, or $0.84 per diluted share, compared to $21.8 million, or $0.10 per diluted share, respectively. For the years ended December 31, 2025 and 2024, net income attributable to common shareholders was $298.7 million, or $1.37 per diluted share, compared to $4.1 million, or $0.02 per diluted share, respectively.
Leased approximately 4.6 million square feet in 2025 at 13.8% comparable blended cash leasing spreads
Formed two Joint Ventures with GIC in 2025 totaling approximately $1.0 billion of gross asset value
Sold 13 properties and two land parcels in 2025 for $621.7 million in gross proceeds at KRG’s share, reducing power center exposure by approximately 400 basis points of total weighted annualized base rent (ABR)
To date, repurchased 13.0 million common shares for $300.0 million at an average price of $23.00
Company provides initial 2026 outlook
“The KRG team executed with focus and precision in a year defined by significant operational momentum and a series of critical steps taken to transform our portfolio,” said John A. Kite, Chairman and Chief Executive Officer. “We leased nearly five million square feet at compelling spreads and partnered with a premier institutional investor. We sharpened the portfolio through disciplined dispositions and took advantage of the opportunity to repurchase our shares at attractive prices – all while maintaining a strong, flexible balance sheet. The advancements we have made over the past year give us confidence as we enter 2026 with an enhanced portfolio, significant financial capacity, and a clear path forward.”
Full Year 2025 Highlights
▪Generated Core FFO of the Operating Partnership of $460.4 million, or $2.06 per diluted share, representing a 3.5% year-over-year increase.
▪Generated NAREIT FFO of the Operating Partnership of $468.6 million, or $2.10 per diluted share, representing a 1.4% year-over-year increase.
▪Same Property Net Operating Income (NOI) increased by 2.9%.
▪Executed 683 new and renewal leases representing approximately 4.6 million square feet at comparable cash leasing spreads of 13.8%.
▪Cash leasing spreads of 20.3% on a blended basis for comparable new and non-option renewal leases.
▪Executed 28 new anchor leases representing approximately 645,000 square feet at comparable cash leasing spreads of 23.5%.
i
Fourth Quarter 2025 Financial and Operational Results
▪Generated Core FFO of the Operating Partnership of $112.9 million, or $0.51 per diluted share.
▪Generated NAREIT FFO of the Operating Partnership of $113.1 million, or $0.52 per diluted share.
▪Same Property NOI increased by 1.7%.
▪Executed 164 new and renewal leases representing approximately 1.3 million square feet.
▪Blended cash leasing spreads of 12.8% on 113 comparable leases, including 21.8% on 35 comparable new leases, 14.5% on 40 comparable non-option renewals, and 6.2% on 38 comparable option renewals.
▪Cash leasing spreads of 18.5% on a blended basis for comparable new and non-option renewal leases.
▪Operating retail portfolio ABR per square foot of $22.63 at December 31, 2025, a 7.0% increase year-over-year.
▪Retail portfolio leased percentage of 95.1% at December 31, 2025, a 120-basis point increase sequentially.
▪Anchor leased percentage of 96.7% at December 31, 2025, a 170-basis point increase sequentially.
▪Small shop leased percentage of 92.3% at December 31, 2025, a 50-basis point increase sequentially.
▪Portfolio leased-to-occupied spread at period end of 340 basis points, which represents $37.0 million of signed-not-open NOI.
Fourth Quarter 2025 Capital Allocation Activity
▪As previously announced, sold a portfolio that includes eight large-format power and community centers, representing 2.1 million square feet of total owned GLA, for gross proceeds of $429.0 million. Additionally, sold Paradise Valley Marketplace (Phoenix MSA), an 80,951 square foot center, for gross proceeds of $45.0 million.
▪In the fourth quarter, repurchased 7.7 million common shares, at an average price of $23.00 per share, for $177.8 million.
▪Subsequent to quarter end, repurchased 2.2 million common shares, at an average price of $23.92 per share, for $52.3 million.
▪Together with the third quarter share repurchase activity, to date, repurchased 13.0 million common shares, at an average price of $23.00 per share, for $300.0 million.
Fourth Quarter 2025 Balance Sheet Overview
▪As of December 31, 2025, the Company’s net debt to Adjusted EBITDA was 4.9x.
Dividend
▪As previously announced on December 29, 2025, the Company’s Board of Trustees declared a special dividend of $0.145 per common share, which was paid on January 16, 2026, to shareholders of record as of January 9, 2026.
▪On February 14, 2026, the Company’s Board of Trustees declared a first quarter 2026 dividend of $0.29 per common share, which represents a 7.4% year-over-year increase. The first quarter dividend will be paid on or about April 16, 2026, to shareholders of record as of April 9, 2026.
2026 Earnings Guidance
The Company expects to generate net income attributable to common shareholders of $0.36 to $0.42 per diluted share in 2026, NAREIT FFO of $2.06 to $2.12 per diluted share, and Core FFO of $2.06 to $2.12 per diluted share, based, in part, on the following assumptions:
▪2026 Same Property NOI range of 2.25% to 3.25%.
▪Bad debt reserve of 1.0% of total revenues at the midpoint.
▪Interest expense, net of interest income, excluding unconsolidated joint ventures, of $121.0 million at the midpoint.
ii
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
$
0.36
$
0.42
Depreciation and amortization
1.70
1.70
NAREIT FFO
$
2.06
$
2.12
Non-cash items
0.00
0.00
Core FFO
$
2.06
$
2.12
Earnings Conference Call
Kite Realty Group will conduct a conference call to discuss its financial results on Tuesday, February 17, 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 Fourth Quarter 2025 Webcast. The dial-in registration link is: KRG Fourth Quarter 2025 Teleconference Registration. In addition, a webcast replay link will be available on KRG’s website.
About Kite Realty Group
Kite Realty Group (NYSE: KRG) 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 December 31, 2025, the Company owned interests in 169 U.S. open-air shopping centers and mixed-use assets, comprising approximately 27.3 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, 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,
iii
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 cyber attacks and the loss of confidential information and other business disruptions; risks associated with the use of artificial intelligence and related tools; other factors affecting the real estate industry generally; and other risks identified in reports the Company files with the Securities and Exchange Commission or in other documents that it publicly disseminates, including, in particular, the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in the Company’s quarterly reports on Form 10-Q. The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
This Earnings Release also includes certain forward-looking non-GAAP information. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Please see the following pages for the corresponding definitions and reconciliations of such non-GAAP financial measures.
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
Robert W. Baird & Co.
J.P. Morgan
Senior Vice President, Capital Markets and IR
Mr. Wes Golladay
Mr. Michael W. Mueller/Mr. Hongliang Zhang
(317) 713-7780
(216) 737-7510
(212) 622-6689/(212) 622-6416
thenshaw@kiterealty.com
wgolladay@rwbaird.com
michael.w.mueller@jpmorgan.com/
hongliang.zhang@jpmorgan.com
Matt Hunt
Bank of America/Merrill Lynch
Senior Director, Capital Markets and IR
Mr. Jeffrey Spector/Mr. Samir Khanal
KeyBanc Capital Markets
(317) 713-7646
(646) 855-1363/(646) 855-1497
Mr. Todd Thomas
mhunt@kiterealty.com
jeff.spector@bofa.com/
(917) 368-2286
samar.khanal@bofa.com
tthomas@keybanccm.com
Transfer Agent
BTIG
Ladenburg Thalmann
Broadridge Financial Solutions
Mr. Michael Gorman
Mr. Floris van Dijkum
Ms. Kristen Tartaglione
(212) 738-6138
(212) 409-2075
2 Journal Square, 7th Floor
mgorman@btig.com
fvandijkum@ladenburg.com
Jersey City, NJ 07306
(201) 714-8094
Citigroup Global Markets
Piper Sandler
Mr. Craig Mailman
Mr. Alexander Goldfarb
(212) 816-4471
(212) 466-7937
craig.mailman@citi.com
alexander.goldfarb@psc.com
Stock Specialist
GTS
Compass Point Research & Trading, LLC
Raymond James
545 Madison Avenue, 15th Floor
Mr. Ken Billingsley
Mr. RJ Milligan
New York, NY 10022
(202) 534-1393
(727) 567-2585
(212) 715-2830
kbillingsley@compasspointllc.com
rjmilligan@raymondjames.com
Green Street
UBS
Ms. Paulina Rojas Schmidt
Mr. Michael Goldsmith
(949) 640-8780
(212) 713-2951
projasschmidt@greenstreet.com
michael.goldsmith@ubs.com
Jefferies LLC
Wells Fargo
Ms. Linda Tsai
Mr. James Feldman/Mr. Cooper Clark
(212) 778-8011
(212) 215-5328/(212) 214-1146
ltsai@jefferies.com
james.feldman@wellsfargo.com/
cooper.clark@wellsfargo.com
4th Quarter 2025 Supplemental Financial and Operating Statistics
1
Kite Realty Group
Results Overview
(dollars in thousands, except per share and per square foot amounts)
Three Months Ended December 31,
Year Ended December 31,
Summary Financial Results
2025
2024
2025
2024
Total revenue (page 4)
$
204,937
$
212,211
$
844,365
$
837,479
Net income attributable to common shareholders (page 4)
$
180,822
$
21,824
$
298,663
$
4,071
Net income per diluted share (page 4)
$
0.84
$
0.10
$
1.37
$
0.02
Net operating income (NOI) (page 6)
$
149,955
$
156,924
$
620,265
$
615,322
Adjusted EBITDA (page 6)
$
135,998
$
146,321
$
575,142
$
571,790
NAREIT Funds From Operations (FFO) (page 7)
$
113,072
$
119,470
$
468,638
$
463,723
NAREIT FFO per diluted share (page 7)
$
0.52
$
0.53
$
2.10
$
2.07
Core FFO (page 7)
$
112,925
$
116,298
$
460,433
$
444,408
Core FFO per diluted share (page 7)
$
0.51
$
0.52
$
2.06
$
1.99
Dividend payout ratio (as % of NAREIT FFO)
52
%
49
%
51
%
49
%
Three Months Ended
Summary Operating and Financial Ratios
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
NOI margin (page 6)
74.0
%
73.6
%
74.0
%
74.1
%
74.3
%
NOI margin – retail (page 6)
74.6
%
74.3
%
74.4
%
74.7
%
75.1
%
Same Property NOI performance (page 5)
1.7
%
2.1
%
3.3
%
3.1
%
4.8
%
Total property NOI performance (page 5)
(5.9
%)
1.2
%
2.0
%
7.4
%
4.9
%
Net debt to Adjusted EBITDA, current quarter (page 9)
4.9x
5.0x
5.1x
4.7x
4.7x
Recovery ratio of retail operating properties (page 6)
90.2
%
91.8
%
92.0
%
91.4
%
92.1
%
Recovery ratio of consolidated portfolio (page 6)
85.9
%
88.2
%
87.8
%
86.5
%
87.4
%
Outstanding Classes of Stock
Common shares and units outstanding (page 18)
213,829,488
221,579,773
224,707,781
224,661,888
223,859,664
Summary Portfolio Statistics
Number of properties
Operating retail/mixed-use(1)
167
178
179
180
179
Standalone office(2)
2
2
2
2
2
Development and redevelopment projects (page 13)
1
1
1
1
2
Owned retail operating gross leasable area (GLA)(3)
Total new and renewal lease cash rent spread (page 16)
12.8
%
12.2
%
17.0
%
13.7
%
12.5
%
2026 Guidance
Current (as of 2/17/26)
NAREIT FFO per diluted share
$2.06 to $2.12
Core FFO per diluted share
$2.06 to $2.12
(1)Operating retail/mixed-use properties consist of retail and office components at consolidated and unconsolidated properties and exclude two properties classified as held for sale as of December 31, 2025, as well as 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.
(2)Standalone office properties include the Company’s headquarters at 30 South Meridian and the Carillon medical office building.
(3)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.
(4)Represents the number of multifamily units that the Company has an economic interest in.
4th Quarter 2025 Supplemental Financial and Operating Statistics
2
Kite Realty Group
Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
December 31, 2025
December 31, 2024
Assets:
Investment properties, at cost
$
7,003,479
$
7,634,191
Less: accumulated depreciation
(1,656,191)
(1,587,661)
Net investment properties
5,347,288
6,046,530
Cash and cash equivalents
36,761
128,056
Tenant and other receivables, including accrued straight-line rent
of $70,940 and $67,377, respectively
127,865
125,768
Restricted cash and escrow deposits
441,605
5,271
Deferred costs, net
181,553
238,213
Short-term deposits
—
350,000
Prepaid and other assets
93,913
104,627
Investments in unconsolidated subsidiaries
364,407
19,511
Assets associated with investment properties held for sale
71,105
73,791
Total assets
$
6,664,497
$
7,091,767
Liabilities and Equity:
Liabilities:
Mortgage and other indebtedness, net
$
3,025,478
$
3,226,930
Accounts payable and accrued expenses
221,118
202,651
Deferred revenue and other liabilities
221,813
246,100
Liabilities associated with investment properties held for sale
4,314
4,009
Total liabilities
3,472,723
3,679,690
Commitments and contingencies
Limited Partners’ interests in the Operating Partnership
116,245
98,074
Equity:
Common shares, $0.01 par value, 490,000,000 shares authorized,
208,979,900 and 219,667,067 shares issued and outstanding at
December 31, 2025 and 2024, respectively
2,090
2,197
Additional paid-in capital
4,612,280
4,868,554
Accumulated other comprehensive income
23,079
36,612
Accumulated deficit
(1,563,840)
(1,595,253)
Total shareholders’ equity
3,073,609
3,312,110
Noncontrolling interests
1,920
1,893
Total equity
3,075,529
3,314,003
Total liabilities and equity
$
6,664,497
$
7,091,767
4th Quarter 2025 Supplemental Financial and Operating Statistics
3
Kite Realty Group
Consolidated Statements of Operations
(dollars in thousands, except per share amounts)
(unaudited)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Revenue:
Rental income
$
198,224
$
209,965
$
830,771
$
826,548
Other property-related revenue
5,042
1,805
9,354
6,268
Fee income
1,671
441
4,240
4,663
Total revenue
204,937
212,211
844,365
837,479
Expenses:
Property operating
28,870
29,200
116,113
113,601
Real estate taxes
24,441
25,646
104,531
103,893
General, administrative and other
15,628
13,549
55,459
52,558
Depreciation and amortization
87,799
97,009
373,287
393,335
Impairment charges
12,544
—
51,849
66,201
Total expenses
169,282
165,404
701,239
729,588
Other (expense) income:
Interest expense
(32,409)
(32,706)
(132,577)
(125,691)
Income tax (expense) benefit of taxable REIT subsidiaries
(152)
186
(467)
(139)
Gain (loss) on sales of operating properties, net
183,107
—
291,962
(864)
Net gains from outlot sales
—
2,505
6,096
4,363
Loss on extinguishment of debt
—
(180)
—
(180)
Equity in (loss) earnings of unconsolidated subsidiaries
(3,186)
43
(11,650)
(1,158)
Gain on sale of unconsolidated property, net
—
—
—
2,325
Other income, net
2,060
5,575
9,038
17,869
Net income
185,075
22,230
305,528
4,416
Net income attributable to noncontrolling interests
(4,253)
(406)
(6,865)
(345)
Net income attributable to common shareholders
$
180,822
$
21,824
$
298,663
$
4,071
Net income per common share – basic and diluted
$
0.84
$
0.10
$
1.37
$
0.02
Weighted average common shares outstanding – basic
214,329,395
219,666,445
218,310,451
219,614,149
Weighted average common shares outstanding – diluted
214,455,962
220,314,836
218,429,473
219,727,496
4th Quarter 2025 Supplemental Financial and Operating Statistics
4
Kite Realty Group
Same Property Net Operating Income (“NOI”)
(dollars in thousands)
(unaudited)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
Change
2025
2024
Change
Number of properties in Same Property Pool for the period(1)
163
163
163
163
Leased percentage at period end
95.0
%
95.5
%
95.0
%
95.5
%
Economic occupancy percentage at period end
91.7
%
92.9
%
91.7
%
92.9
%
Economic occupancy percentage(2)
91.5
%
92.7
%
91.4
%
91.8
%
Minimum rent
$
142,251
$
140,319
$
563,585
$
549,454
Tenant recoveries
39,475
38,900
158,117
151,843
Bad debt reserve
(1,789)
(1,470)
(7,034)
(5,073)
Other income, net
3,186
3,546
9,858
10,074
Total revenue
183,123
181,295
724,526
706,298
Property operating
(22,573)
(23,436)
(92,208)
(91,054)
Real estate taxes
(22,933)
(22,594)
(92,628)
(90,644)
Total expenses
(45,506)
(46,030)
(184,836)
(181,698)
Same Property NOI(3)
$
137,617
$
135,265
1.7
%
$
539,690
$
524,600
2.9
%
Reconciliation of Same Property NOI to most
directly comparable GAAP measure:
Net operating income – same properties
$
137,617
$
135,265
$
539,690
$
524,600
Net operating income – non-same activity(4)
12,338
21,659
79,791
90,722
Net gains from outlot sales
—
2,505
6,096
4,363
Total property NOI
149,955
159,429
(5.9
%)
625,577
619,685
1.0
%
Other income, net
393
6,245
1,161
21,235
General, administrative and other
(15,628)
(13,549)
(55,459)
(52,558)
Loss on extinguishment of debt
—
(180)
—
(180)
Impairment charges
(12,544)
—
(51,849)
(66,201)
Depreciation and amortization
(87,799)
(97,009)
(373,287)
(393,335)
Interest expense
(32,409)
(32,706)
(132,577)
(125,691)
Gain (loss) on sales of operating properties, net
183,107
—
291,962
(864)
Gain on sale of unconsolidated property, net
—
—
—
2,325
Net income attributable to noncontrolling interests
(4,253)
(406)
(6,865)
(345)
Net income attributable to common shareholders
$
180,822
$
21,824
$
298,663
$
4,071
(1)Same Property NOI excludes the following:
▪properties acquired or placed in service during 2024 and 2025;
▪The Corner – IN, which was reclassified from active development into our operating portfolio in March 2025;
▪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 project at One Loudoun Expansion noted on page 13;
▪Hamilton Crossing Centre and Edwards Multiplex – Ontario, which were reclassified from our operating portfolio into redevelopment in June 2014 and March 2023, respectively;
▪properties sold or classified as held for sale during 2024 and 2025; and
▪standalone office properties, including the Carillon medical office building, which was reclassified from active redevelopment into our office portfolio in December 2024.
(2)Excludes leases that are signed but for which tenants have not yet commenced the payment of cash rent. Calculated as a weighted average based on the timing of cash rent commencement and expiration during the period.
(3)Same Property NOI for all periods presented includes 52% of the NOI from the three previously wholly owned properties that were contributed to the Seed Asset Joint Venture in June 2025.
(4)Includes non-cash activity across the portfolio as well as NOI from properties not included in the Same Property Pool, including properties sold during both periods.
4th Quarter 2025 Supplemental Financial and Operating Statistics
5
Kite Realty Group
Net Operating Income and Adjusted EBITDA by Quarter
(dollars in thousands)
(unaudited)
Three Months Ended
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
Revenue:
Minimum rent
$
142,512
$
144,110
$
149,092
$
150,150
$
149,331
Minimum rent – ground leases
10,447
10,637
10,450
10,644
10,750
Lease termination income
229
18
2,725
7,390
152
Straight-line rent
1,794
2,681
2,129
2,266
1,592
Non-cash market rent
1,275
1,919
1,569
3,538
3,158
Tenant reimbursements
42,033
43,666
45,103
46,213
44,058
Bad debt reserve
(2,018)
(2,119)
(1,625)
(2,076)
(1,755)
Other property-related revenue(1)
4,481
891
865
955
1,338
Overage rent
1,952
1,281
1,738
1,048
2,680
Total revenue
202,705
203,084
212,046
220,128
211,304
Expenses:
Property operating – recoverable(2)
24,687
24,038
24,849
25,798
24,913
Property operating – non-recoverable(2)
3,799
4,131
3,700
3,661
3,972
Real estate taxes
24,264
25,459
26,492
27,604
25,495
Total expenses
52,750
53,628
55,041
57,063
54,380
NOI
149,955
149,456
157,005
163,065
156,924
Other (expense) income:
General, administrative and other
(15,628)
(14,183)
(13,390)
(12,258)
(13,549)
Development fee income
317
259
445
282
290
Management and leasing fee income
1,354
1,032
408
143
151
Net gains from outlot sales
—
6,096
—
—
2,505
Total other (expense) income
(13,957)
(6,796)
(12,537)
(11,833)
(10,603)
Adjusted EBITDA
135,998
142,660
144,468
151,232
146,321
Impairment charges
(12,544)
(39,305)
—
—
—
Depreciation and amortization
(87,799)
(89,370)
(97,887)
(98,231)
(97,009)
Interest expense
(32,409)
(33,162)
(34,052)
(32,954)
(32,706)
Equity in (loss) earnings of unconsolidated subsidiaries
(3,186)
(4,619)
(3,238)
(607)
43
Income tax (expense) benefit of taxable REIT subsidiaries
(152)
(106)
(199)
(10)
186
Loss on extinguishment of debt
—
—
—
—
(180)
Interest income
1,853
1,659
493
4,049
5,453
Other income (expense), net
207
91
(8)
694
122
Gain on sales of operating properties, net
183,107
5,742
103,022
91
—
Net income (loss)
185,075
(16,410)
112,599
24,264
22,230
Net (income) loss attributable to noncontrolling interests
(4,253)
203
(2,281)
(534)
(406)
Net income (loss) attributable to common shareholders
$
180,822
$
(16,207)
$
110,318
$
23,730
$
21,824
NOI/Revenue – Retail properties
74.6
%
74.3
%
74.4
%
74.7
%
75.1
%
NOI/Revenue
74.0
%
73.6
%
74.0
%
74.1
%
74.3
%
Recovery Ratio(3)
– Retail properties
90.2
%
91.8
%
92.0
%
91.4
%
92.1
%
– Consolidated
85.9
%
88.2
%
87.8
%
86.5
%
87.4
%
(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 $4.3 million allocable to the property operations in the three months ended December 31, 2025, 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.
4th Quarter 2025 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 December 31,
Year Ended December 31,
2025
2024
2025
2024
Net income
$
185,075
$
22,230
$
305,528
$
4,416
Less: net income attributable to noncontrolling interests in properties
(78)
(76)
(311)
(280)
Less/add: (gain) loss on sales of operating properties, net
(183,107)
—
(291,962)
864
Less: gain on sale of unconsolidated property, net
—
—
—
(2,325)
Add: impairment charges
12,544
—
51,849
66,201
Add: depreciation and amortization of consolidated and unconsolidated entities,
net of noncontrolling interests
98,638
97,316
403,534
394,847
NAREIT FFO of the Operating Partnership(1)
113,072
119,470
468,638
463,723
Less: Limited Partners’ interests in FFO
(2,503)
(2,150)
(10,001)
(7,889)
FFO attributable to common shareholders(1)
$
110,569
$
117,320
$
458,637
$
455,834
FFO, as defined by NAREIT, per share of the Operating Partnership – basic
$
0.52
$
0.53
$
2.10
$
2.08
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted
$
0.52
$
0.53
$
2.10
$
2.07
Weighted average common shares outstanding – basic
214,329,395
219,666,445
218,310,451
219,614,149
Weighted average common shares outstanding – diluted
214,455,962
219,791,253
218,429,473
219,727,496
Weighted average common shares and units outstanding – basic
219,178,983
223,694,733
223,073,641
223,416,919
Weighted average common shares and units outstanding – diluted
219,305,550
223,819,541
223,192,663
223,530,266
Reconciliation of NAREIT FFO to Core FFO(2)
NAREIT FFO of the Operating Partnership(1)
$
113,072
$
119,470
$
468,638
$
463,723
Add:
Amortization of deferred financing costs
1,809
1,672
7,060
4,650
Non-cash compensation expense and other
3,608
3,350
12,098
11,794
Less:
Straight-line rent – minimum rent and common area maintenance
2,508
2,023
11,710
12,085
Market rent amortization income
2,025
3,160
9,946
10,082
Amortization of debt discounts, premiums and hedge instruments
1,031
3,011
5,707
13,592
Core FFO of the Operating Partnership
$
112,925
$
116,298
$
460,433
$
444,408
Core FFO per share of the Operating Partnership – diluted
$
0.51
$
0.52
$
2.06
$
1.99
Reconciliation of Core FFO to Adjusted Funds From Operations (“AFFO”)(2)
Core FFO of the Operating Partnership
$
112,925
$
116,298
$
460,433
$
444,408
Less:
Maintenance capital expenditures
5,614
7,004
28,690
25,754
Tenant-related capital expenditures(3)
15,897
17,204
84,236
90,938
Total Recurring AFFO of the Operating Partnership
$
91,414
$
92,090
$
347,507
$
327,716
(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.
4th Quarter 2025 Supplemental Financial and Operating Statistics
7
Kite Realty Group
Joint Venture Summary as of December 31, 2025
(dollars in thousands)
Consolidated Investments
Investments
Total Debt
Partner Economic
Ownership Interest(1)
Partner Share of Debt
Partner Share of Annual EBITDA
Delray Marketplace
$
12,200
2
%
$
244
$
—
One Loudoun – Pads G&H Residential
95,095
10
%
9,509
848
Total
$
107,295
$
9,753
$
848
(1)Economic ownership % represents the partner’s share of cash flow.
Unconsolidated Investments
Investments
Total GLA
Multifamily Units
KRG Economic Ownership Interest
Nuveen Portfolio
416,038
—
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
921,280
—
52
%
Total
2,146,882
1,067
Total Unconsolidated Investments
Investment as of December 31, 2025
$
364,407
Three Months Ended
December 31, 2025
September 30, 2025
June 30, 2025
Adjusted EBITDA
$
10,310
$
10,203
$
5,689
Depreciation and amortization
(11,163)
(12,705)
(6,932)
Interest expense
(2,823)
(2,849)
(2,185)
KRG share of management fees
490
732
190
KRG share of net loss
$
(3,186)
$
(4,619)
$
(3,238)
4th Quarter 2025 Supplemental Financial and Operating Statistics
8
Kite Realty Group
Key Debt Metrics as of December 31, 2025
(dollars in thousands)
December 31, 2025
Debt Covenant
Threshold(1)
Senior Unsecured Notes Covenants
Total debt to undepreciated assets
40.1%
<60%
Secured debt to undepreciated assets
4.2%
<40%
Undepreciated unencumbered assets to unsecured debt
259.2%
>150%
Debt service coverage
4.2x
>1.5x
Unsecured Credit Facility Covenants
Maximum leverage
32.3%
<60%
Minimum fixed charge coverage
4.1x
>1.5x
Secured indebtedness
3.9%
<45%
Unsecured debt interest coverage
3.9x
>1.75x
Unsecured leverage
31.4%
<60%
Senior Unsecured Debt Ratings
Fitch Ratings
BBB/Positive
Moody's Investors Service
Baa2/Stable
Standard & Poor's Rating Services
BBB/Stable
Liquidity
Cash and cash equivalents
$
36,761
Availability under unsecured credit facility
1,010,800
$
1,047,561
Unencumbered NOI as a % of Total NOI, including pro rata share of unconsolidated investments
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
$
3,025,478
Add: Company share of unconsolidated joint venture debt
202,986
Add: debt discounts, premiums and issuance costs, net
2,459
Less: Partner share of consolidated joint venture debt
(9,753)
Company's consolidated debt and share of unconsolidated debt
3,221,170
Less: cash and cash equivalents
(36,761)
Less: restricted cash and escrow deposits
(441,605)
Less: Company share of unconsolidated joint venture cash and cash equivalents
(16,448)
Company share of Net Debt
$
2,726,356
Q4 2025 Adjusted EBITDA, Annualized:
– Consolidated Adjusted EBITDA
$
543,992
– Unconsolidated Adjusted EBITDA
41,240
– Minority interest Adjusted EBITDA(2)
(848)
– Adjustments for dispositions(3)
(25,172)
559,212
Ratio of Company share of Net Debt to Adjusted EBITDA
4.9x
(2)See page 8 for details.
(3)Adjustments for dispositions relate to current quarter GAAP operating income, annualized, for the sale of 10 properties during the three months ended December 31, 2025 during the period of ownership.
4th Quarter 2025 Supplemental Financial and Operating Statistics
9
Kite Realty Group
Summary of Outstanding Debt as of December 31, 2025
(dollars in thousands)
Total Outstanding Debt
Amount Outstanding
Ratio
Weighted Average Interest Rate
Weighted Average Years to Maturity
Fixed rate debt(1)
$
2,530,737
79
%
4.28
%
4.5
Variable rate debt
497,200
15
%
4.73
%
3.2
Debt discounts, premiums and issuance costs, net
(2,459)
N/A
N/A
N/A
Total consolidated debt
3,025,478
94
%
4.36
%
4.3
KRG share of unconsolidated debt
192,388
6
%
4.29
%
4.3
Total
$
3,217,866
100
%
4.35
%
4.3
Schedule of Maturities by Year
Secured Debt
Scheduled Principal Payments
Term Maturities
Unsecured Debt
Total Consolidated Debt
Total Unconsolidated Debt
Total Debt Outstanding
2026
$
4,581
$
—
$
400,000
$
404,581
$
—
$
404,581
2027
2,662
30,506
250,000
283,168
—
283,168
2028
2,943
—
350,000
(2)
352,943
10,378
363,321
2029
3,474
—
485,000
488,474
—
488,474
2030
2,936
100
400,000
403,036
192,608
595,644
2031 and beyond
3,186
92,549
1,000,000
1,095,735
—
1,095,735
Debt discounts, premiums and issuance costs, net
—
780
(3,239)
(2,459)
(10,598)
(13,057)
Total
$
19,782
$
123,935
$
2,881,761
$
3,025,478
$
192,388
$
3,217,866
(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of December 31, 2025, $150.0 million in variable rate debt is hedged to a fixed rate through July 17, 2026.
(2)Assumes the Company exercises its option to extend the maturity date of the $250.0 million unsecured term loan by one year to 2028.
4th Quarter 2025 Supplemental Financial and Operating Statistics
10
Kite Realty Group
Maturity Schedule of Outstanding Debt as of December 31, 2025
(dollars in thousands)
Description
Contractual
Interest Rate(1)
Swapped
Interest Rate(1)
Maturity Date
Balance as of December 31, 2025
% of Total Outstanding
Senior Unsecured Notes
4.08%
4.08%
9/30/2026
$
100,000
Senior Unsecured Notes
4.00%
4.00%
10/1/2026
300,000
2026 Debt Maturities
4.02%
4.02%
400,000
12
%
Senior Unsecured Exchangeable Notes
0.75%
0.75%
4/1/2027
175,000
Northgate North
4.50%
4.50%
6/1/2027
20,970
Delray Marketplace(2)
SOFR + 2.15%
SOFR + 2.15%
8/4/2027
12,200
Senior Unsecured Notes
4.57%
4.57%
9/10/2027
75,000
2027 Debt Maturities
2.26%
2.26%
283,170
9
%
Unsecured Term Loan(3)
SOFR + 0.85%
SOFR + 0.85%
10/24/2028
250,000
Senior Unsecured Notes
4.24%
4.24%
12/28/2028
100,000
2028 Debt Maturities
4.58%
4.58%
350,000
11
%
Senior Unsecured Notes
4.82%
4.82%
6/28/2029
100,000
Unsecured Term Loan(4)
SOFR + 0.85%
3.54%
7/29/2029
300,000
Unsecured Credit Facility(5)
SOFR + 1.05%
SOFR + 1.05%
10/3/2029
85,000
2029 Debt Maturities
4.66%
4.04%
485,000
15
%
Rampart Commons
5.73%
5.73%
6/10/2030
4,772
Senior Unsecured Notes
4.75%
4.75%
9/15/2030
400,000
2030 Debt Maturities
4.76%
4.76%
404,772
13
%
The Shoppes at Union Hill
3.75%
3.75%
6/1/2031
6,832
Senior Unsecured Notes
4.95%
4.95%
12/15/2031
350,000
Nora Plaza Shops
3.80%
3.80%
2/1/2032
3,068
Senior Unsecured Notes
5.20%
5.20%
8/15/2032
300,000
One Loudoun – Pads G&H Residential
5.36%
5.36%
5/1/2033
95,095
Senior Unsecured Notes(6)
4.60%
4.60%
3/1/2034
350,000
2031 and beyond Debt Maturities
4.93%
4.93%
1,104,995
34
%
Debt discounts, premiums and issuance costs, net
(2,459)
Total debt per consolidated balance sheet
4.46%
4.36%
$
3,025,478
94
%
KRG share of unconsolidated debt
Nuveen Portfolio
4.09%
4.09%
7/1/2028
$
10,378
The Corner – IN(7)
SOFR + 2.86%
SOFR + 2.86%
7/16/2030
34,528
Legacy West
3.80%
3.80%
5/1/2030
158,080
KRG share of unconsolidated debt
4.29%
4.29%
202,986
KRG share of debt discounts and issuance costs, net
(10,598)
Total KRG share of unconsolidated debt
192,388
6
%
Total consolidated and KRG share of
unconsolidated debt
4.45%
4.35%
$
3,217,866
As of December 31, 2025, the Company is a party to the following interest rate swap:
Interest Rate Swaps
Swap Maturity Date
KRG Receives
KRG Pays
Aggregate Notional
Interest rate swap on Term Loan Due 7/29/2029
7/17/2026
1-month SOFR (3.69%)
1.68%
$
150,000
(1)At December 31, 2025, daily SOFR was 3.87% and one-month SOFR was 3.69%.
(2)The property is held in a joint venture. The loan is guaranteed by Kite Realty Group, LP. Assumes the Company exercises its option to extend the maturity date by one year to 2027.
(3)Assumes the Company exercises its option to extend the maturity date by one year to 2028.
(4)As of December 31, 2025, $150.0 million of the $300.0 million term loan balance is hedged to a fixed rate of 1.68% plus a credit spread of 0.85% based on the Company’s current credit rating until July 17, 2026. The swapped rate shown is the weighted average rate as of December 31, 2025.
(5)Assumes the Company exercises its option to extend the maturity date by one year to 2029.
(6)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.
(7)The Corner – IN includes three loans with varying rates and maturity dates. As of December 31, 2025, the loans had a weighted average interest rate of 6.59% and a majority of the amount outstanding was at a floating rate. The maturity date shown is the weighted average maturity date as of December 31, 2025.
4th Quarter 2025 Supplemental Financial and Operating Statistics
11
Kite Realty Group
Acquisitions and Dispositions
(dollars in thousands)
Acquisitions
Property Name
Acquisition Date
Metropolitan Statistical Area (“MSA”)
Grocery Anchor
Retail GLA
Office GLA
Acquisition Price – at KRG’s share
Village Commons
January 15, 2025
Miami
Publix
170,976
—
$
68,400
Legacy West(1)
April 28, 2025
Dallas/Ft. Worth
N/A
342,011
443,553
408,200
Total acquisitions
512,987
443,553
$
476,600
(1)The Company entered into a joint venture (KRG 52% noncontrolling interest), and in April 2025, the joint venture acquired Legacy West for a gross purchase price of $785.0 million, including the assumption of $304.0 million of debt with an interest rate of 3.80%. Legacy West also contains 782 multifamily units.
Property Dispositions
Property Name
Disposition Date
MSA
Grocery Anchor
GLA
Sales Price
Stoney Creek Commons
April 4, 2025
Indianapolis
N/A
84,094
$
9,500
Fullerton Metrocenter
June 25, 2025
Los Angeles
Sprouts, Target
241,027
118,500
Denton Crossing(2)
June 27, 2025
Dallas/Ft. Worth
Kroger (shadow)
343,345
39,263
Parkway Towne Crossing(2)
June 27, 2025
Dallas/Ft. Worth
Target (shadow)
180,736
27,743
The Landing at Tradition(2)
June 27, 2025
Port St. Lucie, FL
The Fresh Market, Target (shadow)
397,199
45,114
Humblewood Shopping Center(3)
July 21, 2025
Houston
N/A
85,682
18,250
Hamilton Crossing Centre(4)
August 15, 2025
Indianapolis
N/A
—
847
DePauw University Bookstore and Café
October 10, 2025
Indianapolis
N/A
11,974
600
Paradise Valley Marketplace(3)
November 20, 2025
Phoenix
Trader Joe’s
80,951
45,000
Belle Isle Station
December 8, 2025
Oklahoma City
Walmart (shadow)
196,158
45,000
Central Texas Marketplace(3)
December 8, 2025
Waco
N/A
429,653
81,500
International Speedway Square(3)
December 8, 2025
Daytona Beach
N/A
240,251
32,900
Pavilion at King’s Grant(3)
December 8, 2025
Charlotte
N/A
303,212
64,450
Peoria Crossing(3)
December 8, 2025
Phoenix
Target (shadow)
238,004
46,500
Portofino Shopping Center(3)
December 8, 2025
Houston
Walmart (shadow)
342,863
101,200
Shops at Park Place(3)
December 8, 2025
Dallas/Ft. Worth
N/A
137,605
30,750
Watauga Pavilion(3)
December 8, 2025
Dallas/Ft. Worth
N/A
205,643
26,700
Total dispositions
3,518,397
$
733,817
(2)The Company contributed this previously wholly owned property into a newly formed joint venture (the “Seed Asset Joint Venture”) and has retained a 52% noncontrolling interest in the property. The sales price reflects 48% of the total agreed upon value.
(3)As of December 31, 2025, disposition proceeds related to this property are temporarily restricted related to a potential 1031 Exchange. Subsequent to December 31, 2025, proceeds from the sales of Humblewood Shopping Center, Central Texas Marketplace, Portofino Shopping Center, Shops at Park Place, and Watauga Pavilion were released.
(4)The Company sold two land parcels to Republic Airways Inc.
4th Quarter 2025 Supplemental Financial and Operating Statistics
12
Kite Realty Group
Development and Redevelopment Projects
(dollars in thousands)
Project
MSA
KRG Ownership %
Projected
Completion Date(1)
Total 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
—
$81.0M–$91.0M
$65.0M–$75.0M
$50.0M–$60.0M
$4.7M–$6.2M
$2.0M–$3.5M
Future Opportunities(4)
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.
Hamilton Crossing Centre – Phase II
Indianapolis, IN
Addition of mixed-use (multifamily, office and retail) components adjacent to the Republic Airways headquarters.
Main Street Promenade
Chicago, IL
Potential of 16,000 square feet of commercial GLA for additional expansion.
One Loudoun Hotel
Washington, D.C./Baltimore
Potential for 1.7 million square feet remaining following the planned approximately 170-room hotel.
One Loudoun Residential
Washington, D.C./Baltimore
Potential for approximately 1,300 multifamily units remaining following the planned 400 additional multifamily units.
The Shops at Legacy East
Dallas/Ft. Worth, TX
Potential of 285 multifamily units for additional expansion.
(1)Projected completion date represents the earlier of one year after completion of project construction or substantial occupancy of the property. The range for the One Loudoun Expansion represents a staggered stabilization schedule for the various buildings.
(2)Estimated remaining NOI to come online excludes in-place NOI and NOI related to tenants that have signed leases but have not yet commenced paying rent.
(3)KRG’s equity requirement is shown net of 2 over 2 land sale net proceeds of $15.9 million.
(4)These opportunities are deemed potential at this time and are subject to various contingencies, many of which could be beyond the Company’s control.
4th Quarter 2025 Supplemental Financial and Operating Statistics
13
Kite Realty Group
Geographic Diversification – ABR by Region and State as of December 31, 2025
(dollars in thousands)
Region/State
Number of
Properties(1)
Owned GLA(2)
Total
Weighted
ABR(3)
% of
Weighted
ABR(3)
South
Texas
40
7,503
$
170,956
28.1
%
Florida
30
3,476
69,565
11.4
%
Virginia
7
1,307
39,553
6.5
%
Maryland
9
1,541
34,528
5.7
%
Georgia
11
1,849
31,428
5.2
%
North Carolina
6
1,076
25,421
4.2
%
Tennessee
3
580
9,459
1.6
%
Oklahoma
2
309
4,850
0.8
%
South Carolina
2
262
3,827
0.6
%
Total South
110
17,903
389,587
64.1
%
West
Washington
10
1,627
32,416
5.3
%
Nevada
5
846
30,131
5.0
%
Arizona
3
395
10,209
1.7
%
Utah
2
388
8,776
1.4
%
California
1
292
5,402
0.9
%
Total West
21
3,548
86,934
14.3
%
Midwest
Indiana
15
1,928
39,804
6.5
%
Illinois
7
1,222
27,422
4.5
%
Michigan
1
308
7,106
1.2
%
Missouri
1
453
4,258
0.7
%
Ohio
1
236
2,189
0.4
%
Total Midwest
25
4,147
80,779
13.3
%
Northeast
New York
6
748
27,157
4.5
%
New Jersey
4
342
12,153
2.0
%
Massachusetts
1
264
4,816
0.8
%
Connecticut
1
206
4,084
0.7
%
Pennsylvania
1
136
1,982
0.3
%
Total Northeast
13
1,696
50,192
8.3
%
Total(4)
169
27,294
$
607,492
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 two operating retail properties classified as held for sale as of December 31, 2025 and Eastgate Crossing.
4th Quarter 2025 Supplemental Financial and Operating Statistics
14
Kite Realty Group
Top 25 Tenants by ABR as of December 31, 2025
(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)
Chico’s (6), Talbots (6), Ann Taylor (4), White House Black Market (4), LOFT (3), Soma (3)
26
111
3,897
0.6
%
N/A
N/A
24
Sprouts Farmers Market, Inc.
7
194
3,854
0.6
%
N/A
N/A
25
NYC Department of Education
1
76
3,826
0.6
%
N/A
N/A
Total Top Tenants
405
9,213
$
155,561
25.5
%
(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 December 31, 2025, for each applicable tenant multiplied by 12 and does not include tenant reimbursements. ABR represents 100% of the ABR at consolidated properties and the Company’s share of the ABR at unconsolidated properties, including ground lease rent.
(4)Percent of weighted ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties.
4th Quarter 2025 Supplemental Financial and Operating Statistics
15
Kite Realty Group
Retail Leasing Spreads
Comparable Space(1)(2)
Category
Total
Leases(1)
Total
Sq. Ft.(1)
Leases
Sq. Ft.
Prior Rent PSF(3)
New Rent PSF(4)
Cash Rent Spread
TI, LL Work,
Lease Commissions PSF(5)
New Leases – Q4 2025
61
373,526
35
246,708
$
24.46
$
29.79
21.8
%
New Leases – Q3 2025
43
275,001
24
148,324
24.91
31.41
26.1
%
New Leases – Q2 2025
64
342,658
38
219,271
19.65
25.80
31.3
%
New Leases – Q1 2025
58
169,703
26
76,021
32.89
38.02
15.6
%
Total
226
1,160,888
123
690,324
$
23.96
$
29.78
24.3
%
$
100.52
Non-Option Renewals – Q4 2025
65
350,495
40
245,208
$
20.83
$
23.86
14.5
%
Non-Option Renewals – Q3 2025
70
306,526
51
177,659
25.12
28.36
12.9
%
Non-Option Renewals – Q2 2025
63
223,294
52
159,247
27.12
32.47
19.7
%
Non-Option Renewals – Q1 2025
91
331,781
67
232,071
23.57
28.30
20.1
%
Total
289
1,212,096
210
814,185
$
23.78
$
27.79
16.9
%
$
6.13
Option Renewals – Q4 2025
38
554,221
38
554,221
$
17.32
$
18.40
6.2
%
Option Renewals – Q3 2025
54
648,417
54
648,417
18.93
20.41
7.8
%
Option Renewals – Q2 2025
43
648,679
43
648,679
12.72
13.76
8.2
%
Option Renewals – Q1 2025
33
342,345
33
342,345
17.15
18.36
7.0
%
Total
168
2,193,662
168
2,193,662
$
16.41
$
17.62
7.4
%
$
—
Total – Q4 2025
164
1,278,242
113
1,046,137
$
19.82
$
22.37
12.8
%
Total – Q3 2025
167
1,229,944
129
974,400
20.97
23.53
12.2
%
Total – Q2 2025
170
1,214,631
133
1,027,197
16.43
19.23
17.0
%
Total – Q1 2025
182
843,829
126
650,437
21.28
24.20
13.7
%
Total
683
4,566,646
501
3,698,171
$
19.44
$
22.13
13.8
%
$
20.11
(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.
4th Quarter 2025 Supplemental Financial and Operating Statistics
16
Kite Realty Group
Lease Expirations as of December 31, 2025
(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 December 31, 2025.
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
380
852,116
720,775
118,995
$
40,930
$
1,493
7.0
%
$
32.52
$
15.24
$
24.60
2027
542
1,168,106
2,045,496
157,140
72,096
5,354
12.7
%
35.02
15.16
22.38
2028
579
1,223,758
2,369,763
323,920
84,978
6,228
15.0
%
37.18
14.56
22.26
2029
557
1,167,579
2,595,330
185,070
85,449
3,581
14.7
%
36.99
15.45
22.13
2030
438
1,054,896
1,629,174
121,401
59,462
5,696
10.7
%
33.87
13.26
21.36
2031
322
739,740
1,572,658
245,981
54,087
3,977
9.6
%
36.08
14.54
21.43
2032
219
532,388
1,232,573
179,104
39,079
536
6.5
%
34.39
14.11
20.23
2033
202
519,194
699,678
30,589
30,851
4,156
5.8
%
38.67
15.59
25.42
2034
178
357,536
673,807
79,914
28,016
2,230
5.0
%
43.06
17.22
26.18
2035
165
381,653
770,845
49,784
27,030
899
4.6
%
36.63
16.40
23.10
Beyond
210
395,915
1,379,446
191,147
46,443
4,920
8.4
%
44.51
19.04
24.72
3,792
8,392,881
15,689,545
1,683,045
$
568,421
$
39,070
100.0
%
$
36.35
$
15.29
$
22.63
(1)Lease expirations table reflects rents in place as of December 31, 2025 and does not include option periods; 2026 expirations include 27 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 December 31, 2025 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.
4th Quarter 2025 Supplemental Financial and Operating Statistics
17
Kite Realty Group
Components of Net Asset Value as of December 31, 2025
(dollars in thousands)
Cash Net Operating Income (“NOI”)
Page
Other Assets(1)
Page
GAAP property NOI (incl. ground lease revenue)
$
149,955
6
Cash, cash equivalents and restricted cash
$
478,366
3
Lease termination income
(229)
6
Tenant and other receivables (net of SLR)
56,925
3
Non-cash revenue adjustments
(4,533)
Prepaid and other assets
93,913
3
Other property-related revenue
(4,481)
6
Ground lease (“GL”) revenue
(10,447)
6
Consolidated Cash Property NOI (excl. GL)
$
130,265
Annualized Consolidated Cash Property NOI
(excl. ground leases)
$
521,060
Adjustments to Normalize Annualized Cash NOI
Liabilities
Remaining NOI to come online from development and redevelopment projects(2)
$
2,750
13
Mortgage and other indebtedness, net
$
(3,027,937)
10
Unconsolidated Adjusted EBITDA
41,240
Pro rata adjustment for joint venture debt
(193,233)
Adjustments for dispositions(3)
(25,172)
9
Accounts payable and accrued expenses
(221,118)
3
General and administrative expense allocable to property management activities included in property expenses ($4.3 million in Q4)
17,200
6, note 2
Other liabilities
(221,813)
3
Total Adjustments
36,018
Projected remaining under construction development/redevelopment(4)
(55,000)
13
Annualized Normalized Portfolio Cash NOI
(excl. ground leases)
$
557,078
Annualized ground lease NOI
41,788
Total Annualized Portfolio Cash NOI(5)
$
598,866
Common shares and Units outstanding
213,829,488
(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)Adjustments for dispositions relate to current quarter GAAP operating income, annualized, for the sale of 10 properties during the three months ended December 31, 2025.
(4)Remaining costs on page 13 for the development project.
(5)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 December 31, 2025.
4th Quarter 2025 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 depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. FFO (a) should not be considered as an alternative to net income (calculated in accordance with GAAP) for the purpose of measuring our financial performance, (b) is not an alternative to cash flows from operating activities (calculated in accordance with GAAP) as a measure of our liquidity, and (c) is not indicative of funds available to satisfy our cash needs, including our ability to make distributions. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do. A reconciliation of net income (calculated in accordance with GAAP) to FFO is included elsewhere in this Financial Supplement.
From time to time, the Company may report or provide guidance with respect to “FFO, as adjusted,” which removes the impact of certain non-recurring and non-operating transactions or other items the Company does not consider to be representative of its core operating results including, without limitation, (i) gains or losses associated with the early extinguishment of debt, (ii) gains or losses associated with litigation involving the Company that is not in the normal course of business, (iii) merger and acquisition costs, (iv) the impact on earnings from 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 include 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.
4th Quarter 2025 Supplemental Financial and Operating Statistics
19
Kite Realty Group
Non-GAAP Financial Measures (continued)
Net Operating Income, Cash Net Operating Income and Same Property Net Operating Income (continued)
The Company also uses same property NOI (“Same Property NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. Same Property NOI is net income excluding properties that have not been owned for the full periods presented. Same Property NOI also excludes (i) net gains from outlot sales, (ii) straight-line rent revenue, (iii) lease termination income in excess of lost rent, (iv) amortization of lease intangibles, and (v) significant prior period expense recoveries and adjustments, if any. When the Company receives payments in excess of any accounts receivable for terminating a lease, Same Property NOI will include such excess payments as monthly rent until the earlier of the expiration of 12 months or the start date of a replacement tenant.
The Company believes that Same Property NOI is helpful to investors as a measure of our operating performance because it includes only the NOI of properties that have been owned for the full periods presented. The Company believes such presentation eliminates disparities in net income due to the acquisition or disposition of properties during the particular periods presented and thus provides a more consistent metric for the comparison of our properties. Same Property NOI includes the results of properties that have been owned for the entire current and prior year reporting periods. Same Property NOI for all periods presented includes 52% of the NOI from the three previously wholly owned properties that were contributed to the Seed Asset Joint Venture in June 2025.
NOI and Same Property NOI should not, however, be considered as an alternative to net income (calculated in accordance with GAAP) as an indicator of our financial performance. The Company’s computation of NOI and Same Property NOI may differ from the methodology used by other REITs and, therefore, may not be comparable to such other REITs.
When evaluating the properties that are included in the Same Property Pool, we have established specific criteria for determining the inclusion of properties acquired or those recently under development. An acquired property is included in the Same Property Pool when there is a full quarter of operations in both years subsequent to the acquisition date. Development and redevelopment properties are included in the Same Property Pool four full quarters after the properties have been transferred to the operating portfolio. A redevelopment property is first excluded from the Same Property Pool when the execution of a redevelopment plan is likely, and we (a) begin recapturing space from tenants or (b) the contemplated plan significantly impacts the operations of the property. For the three months and year ended December 31, 2025, the Same Property Pool excludes the following: (i) properties acquired or placed in service during 2024 and 2025; (ii) The Corner – IN, which was reclassified from active development into our operating portfolio in March 2025; (iii) 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 project at One Loudoun Expansion; (v) Hamilton Crossing Centre and Edwards Multiplex – Ontario, which were reclassified from our operating portfolio into redevelopment in June 2014 and March 2023, respectively; (vi) properties sold or classified as held for sale during 2024 and 2025; and (vii) standalone office properties, including the Carillon medical office building, which was reclassified from active redevelopment into our office portfolio in December 2024.
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Net Debt to Adjusted EBITDA
The Company defines EBITDA, a non-GAAP financial measure, as net income before interest expense, income tax expense of the taxable REIT subsidiaries, and depreciation and amortization. For informational purposes, the Company also provides Adjusted EBITDA, which it defines as EBITDA less (i) EBITDA from unconsolidated entities, as adjusted, (ii) gains on sales of operating properties or impairment charges, (iii) merger and acquisition costs, (iv) other income and expense, (v) noncontrolling interest Adjusted EBITDA, and (vi) other non-recurring activity or items impacting comparability from period to period. Annualized Adjusted EBITDA is Adjusted EBITDA for the most recent quarter multiplied by four. Net Debt to Adjusted EBITDA is the Company’s share of net debt divided by Annualized Adjusted EBITDA. EBITDA, Adjusted EBITDA, Annualized Adjusted EBITDA and Net Debt to Adjusted EBITDA, as calculated by the Company, are not comparable to EBITDA and EBITDA-related measures reported by other REITs that do not define EBITDA and EBITDA-related measures exactly as we do. EBITDA, Adjusted EBITDA and Annualized Adjusted EBITDA do not represent cash generated from operating activities in accordance with GAAP and should not be considered alternatives to net income as an indicator of performance or as alternatives to cash flows from operating activities as an indicator of liquidity.
Considering the nature of our business as a real estate owner and operator, the Company believes that EBITDA, Adjusted EBITDA and the ratio of Net Debt to Adjusted EBITDA are helpful to investors in measuring our operational performance because they exclude various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. For informational purposes, the Company also provides Annualized Adjusted EBITDA, adjusted as described above. The Company believes this supplemental information provides a meaningful measure of its operating performance. The Company believes presenting EBITDA and the related measures in this manner allows investors and other interested parties to form a more meaningful assessment of the Company’s operating results.
4th Quarter 2025 Supplemental Financial and Operating Statistics
