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 Second Quarter 2026 Operating Results
Indianapolis, Indiana, July 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 second quarter ended June 30, 2026. For the quarters ended June 30, 2026 and 2025, net income attributable to common shareholders was $161.3 million, or $0.79 per diluted share, compared to $110.3 million, or $0.50 per diluted share, respectively. For the six months ended June 30, 2026 and 2025, net income attributable to common shareholders was $172.7 million, or $0.84 per diluted share, compared to $134.0 million, or $0.61 per diluted share, respectively.
Same Property Net Operating Income (NOI) increase of 3.7%
Advanced portfolio transformation with $314.0 million of non-core dispositions
Priced $345 million of 3.25% exchangeable senior notes due 2032
In 2025 and 2026, repurchased a total of 19.6 million common shares for $475.7 million
at an average price of $24.20 per share
“We moved with speed and discipline this quarter, executing more than $870 million of capital activity,” said John A. Kite, Chairman and Chief Executive Officer. “We sold approximately $315 million of non-core assets, priced $345 million of exchangeable notes, acquired two neighborhood centers for $136 million, and repurchased $75.7 million of common shares — all while delivering 3.7% Same Property NOI growth and maintaining leverage near the low end of our long-term target.”
Second Quarter 2026 Financial and Operational Results
▪Generated Core FFO of the Operating Partnership of $108.4 million, or $0.52 per diluted share.
▪Generated NAREIT FFO of the Operating Partnership of $109.1 million, or $0.53 per diluted share.
▪Same Property NOI increased by 3.7%.
▪Executed 128 new and renewal leases representing approximately 1.0 million square feet.
▪Blended cash leasing spreads of 15.9% on 103 comparable leases, including 28.4% on 29 comparable new leases, 17.7% on 37 comparable non-option renewals, and 6.6% on 37 comparable option renewals.
▪Blended cash leasing spreads of 24.7% for comparable new and non-option renewal leases.
▪Operating retail portfolio annualized base rent (ABR) per square foot of $23.41 at June 30, 2026, a 6.3% increase year-over-year.
▪Retail portfolio leased percentage of 94.8% at June 30, 2026, a 150-basis point increase year-over-year.
▪Anchor leased percentage of 96.3% at June 30, 2026, a 210-basis point increase year-over-year.
▪Small shop leased percentage of 92.3% at June 30, 2026, a 70-basis point increase year-over-year.
▪Portfolio leased-to-occupied spread at period end of 350 basis points, which represents approximately $37.3 million of signed-not-open NOI.
i
Second Quarter 2026 Capital Allocation Activity
▪Sold eight non-core assets for gross proceeds of $314.0 million, consistent with the Company’s strategy to reduce exposure to lower-growth assets and improve the portfolio’s embedded growth profile.
▪Subsequent to quarter end, sold one non-core asset — Tysons Corner in Vienna, VA — for $25.9 million.
▪Acquired two neighborhood centers — Founders Square in Naples, FL and Chastain Market, a Trader Joe’s anchored center in Atlanta, GA — for $136.0 million through Internal Revenue Code Section 1031 tax-deferred exchanges.
▪Commenced development of a second phase of luxury multifamily units at One Loudoun (Washington, D.C. MSA) within the existing residential joint venture. The 429-unit development is currently expected to cost approximately $175.1 million, begin delivering units in 2029, and will be partially financed by a new $107.5 million construction loan. KRG’s equity in the project has been funded via a contribution of entitled land and its equity in the existing 378-unit multifamily asset. As of June 30, 2026, KRG owns 76.7% of the joint venture, and its ownership percentage is expected to be reduced to 55% over time as equity for the new development is required to be contributed by the joint venture partner. In conjunction with the transaction, KRG recognized a non-cash gain on deconsolidation of approximately $60.6 million.
▪Repurchased approximately 2.8 million common shares, at an average price of $27.48 per share, for $75.7 million, of which $30.0 million was settled subsequent to quarter end in connection with the closing of the $345 million of 3.25% exchangeable senior notes due 2032 offering.
▪In 2025 and to date in 2026, repurchased a total of approximately 19.6 million common shares, at an average price of approximately $24.20 per share, for $475.7 million.
Second Quarter 2026 Balance Sheet Overview
▪As of June 30, 2026, the Company’s net debt to Adjusted EBITDA was 5.1x.
▪On June 29, 2026, the Company’s operating partnership priced $345 million of 3.25% exchangeable senior notes due 2032 (the notes were issued on July 2, 2026), 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 that effectively raised the conversion price of the exchangeable notes from approximately $35.40 to $41.91 per share. The Company will use the majority of the proceeds, together with cash from its recent asset dispositions, to repay or redeem the operating partnership’s $300 million of 4.00% senior unsecured notes due October 2026.
Dividend
▪On July 28, 2026, the Company’s Board of Trustees declared a third quarter 2026 dividend of $0.29 per common share, which represents a 7.4% year-over-year increase. The third quarter dividend will be paid on or about October 16, 2026, to shareholders of record as of October 9, 2026.
2026 Earnings Guidance
The Company expects to generate net income of $1.02 to $1.08 per diluted share in 2026. The Company is affirming its 2026 NAREIT FFO guidance range of $2.06 to $2.12 per diluted share and its Core FFO guidance range of $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 3.00% to 4.00% (previously 2.50% to 3.50%).
▪Bad debt reserve of 0.90% of total revenues at the midpoint (previously 0.95% of total revenues).
▪Interest expense, net of interest income, excluding unconsolidated joint ventures and including the impact of the deconsolidation of the One Loudoun Residential joint venture, of $114.7 million at the midpoint (previously $121.2 million).
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
$
1.02
$
1.08
Gain on sales of operating properties, net
(0.42)
(0.42)
Gain on deconsolidation of joint venture
(0.29)
(0.29)
Impairment charges
0.03
0.03
Depreciation and amortization
1.72
1.72
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 Thursday, July 30, 2026, at 12:00 p.m. Eastern Time. A live webcast of the conference call will be available on KRG’s website at www.kiterealty.com or at the following link: KRG Second Quarter 2026 Webcast. The dial-in registration link is: KRG Second 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 June 30, 2026, the Company owned interests in 165 U.S. open-air shopping centers and mixed-use assets, comprising approximately 26.4 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, and our ability to use offering proceeds for the anticipated purposes; 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 finance and/or 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
iii
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.
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
Transfer Agent
Bank of America/Merrill Lynch
Broadridge Financial Solutions
Mr. Jeffrey Spector/Mr. Samir Khanal
KeyBanc Capital Markets
Ms. Kristen Tartaglione
(646) 855-1363/(646) 855-1497
Mr. Todd Thomas
2 Journal Square, 7th Floor
jeff.spector@bofa.com/
(917) 368-2286
Jersey City, NJ 07306
samar.khanal@bofa.com
tthomas@keybanccm.com
(201) 714-8094
BTIG
Ladenburg Thalmann
Stock Specialist
Mr. Michael Gorman
Mr. Floris van Dijkum
GTS
(212) 738-6138
(212) 409-2075
545 Madison Avenue, 15th Floor
mgorman@btig.com
fvandijkum@ladenburg.com
New York, NY 10022
(212) 715-2830
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
Compass Point Research & Trading, LLC
Raymond James
Mr. Ken Billingsley
Mr. RJ Milligan
(202) 534-1393
(727) 567-2585
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
2nd 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 June 30,
Six Months Ended June 30,
Summary Financial Results
2026
2025
2026
2025
Total revenue (page 4)
$
196,258
$
213,390
$
396,955
$
434,467
Net income attributable to common shareholders (page 4)
$
161,304
$
110,318
$
172,698
$
134,048
Net income per diluted share (page 4)
$
0.79
$
0.50
$
0.84
$
0.61
Net operating income (NOI) (page 6)
$
141,907
$
157,005
$
285,368
$
320,070
Adjusted EBITDA (page 6)
$
130,106
$
144,468
$
261,952
$
295,700
NAREIT Funds From Operations (FFO) (page 7)
$
109,098
$
113,965
$
218,472
$
236,745
NAREIT FFO per diluted share (page 7)
$
0.53
$
0.51
$
1.04
$
1.05
Core FFO (page 7)
$
108,360
$
113,333
$
217,497
$
231,541
Core FFO per diluted share (page 7)
$
0.52
$
0.50
$
1.04
$
1.03
Dividend payout ratio (as % of NAREIT FFO)
55
%
53
%
56
%
51
%
Three Months Ended
Summary Operating and Financial Ratios
June 30, 2026
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
NOI margin (page 6)
73.0
%
72.1
%
74.0
%
73.6
%
74.0
%
NOI margin – retail (page 6)
73.8
%
73.1
%
74.6
%
74.3
%
74.4
%
Same Property NOI performance (page 5)(2)
3.7
%
3.6
%
1.7
%
2.1
%
3.3
%
Total property NOI performance (page 5)
(8.7
%)
(11.4
%)
(5.9
%)
1.2
%
2.0
%
Net debt to Adjusted EBITDA, current quarter (page 9)
5.1x
5.2x
4.9x
5.0x
5.1x
Recovery ratio of retail operating properties (page 6)
91.3
%
91.9
%
90.2
%
91.8
%
92.0
%
Recovery ratio of consolidated portfolio (page 6)
85.9
%
87.2
%
85.9
%
88.2
%
87.8
%
Outstanding Classes of Stock
Common shares and units outstanding (page 18)
205,654,694
208,366,738
213,829,488
221,579,773
224,707,781
Summary Portfolio Statistics
Number of properties
Operating retail/mixed-use(3)
163
167
167
178
179
Standalone office(4)
2
2
2
2
2
Development and redevelopment projects (page 13)
2
1
1
1
1
Owned retail operating gross leasable area (GLA)(5)
Total new and renewal lease cash rent spread (page 16)
15.9
%
13.5
%
12.8
%
12.2
%
17.0
%
2026 Guidance
Current (as of 7/30/26)
Previous (as of 4/29/26)
Original (as of 2/17/26)
NAREIT FFO per diluted share
$2.06 to $2.12
$2.06 to $2.12
$2.06 to $2.12
Core FFO per diluted share
$2.06 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 has 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.
2nd Quarter 2026 Supplemental Financial and Operating Statistics
2
Kite Realty Group
Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
June 30, 2026
December 31, 2025
Assets:
Investment properties, at cost
$
6,849,310
$
7,003,479
Less: accumulated depreciation
(1,713,358)
(1,656,191)
Net investment properties
5,135,952
5,347,288
Cash and cash equivalents
144,578
36,761
Tenant and other receivables, including accrued straight-line rent
of $72,489 and $70,940, respectively
129,860
127,865
Restricted cash and escrow deposits
176,831
441,605
Deferred costs, net
178,173
181,553
Prepaid and other assets
90,127
93,913
Investments in unconsolidated joint ventures
410,691
364,407
Assets associated with investment properties held for sale
—
71,105
Total assets
$
6,266,212
$
6,664,497
Liabilities and Equity:
Liabilities:
Mortgage and other indebtedness, net
$
2,842,758
$
3,025,478
Accounts payable and accrued expenses
170,304
221,118
Deferred revenue and other liabilities
232,622
221,813
Liabilities associated with investment properties held for sale
—
4,314
Total liabilities
3,245,684
3,472,723
Commitments and contingencies
Limited Partners’ interests in the Operating Partnership
150,634
116,245
Equity:
Common shares, $0.01 par value, 490,000,000 shares authorized,
200,346,933 and 208,979,900 shares issued and outstanding at
June 30, 2026 and December 31, 2025, respectively
2,003
2,090
Additional paid-in capital
4,355,759
4,612,280
Accumulated other comprehensive income
19,568
23,079
Accumulated deficit
(1,508,134)
(1,563,840)
Total shareholders’ equity
2,869,196
3,073,609
Noncontrolling interests
698
1,920
Total equity
2,869,894
3,075,529
Total liabilities and equity
$
6,266,212
$
6,664,497
2nd 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 June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Revenue:
Rental income
$
193,314
$
211,182
$
391,356
$
430,354
Other property-related revenue
1,566
1,355
2,925
2,835
Fee income
1,378
853
2,674
1,278
Total revenue
196,258
213,390
396,955
434,467
Expenses:
Property operating
28,495
28,881
59,611
58,707
Real estate taxes
24,478
26,651
49,302
54,412
General, administrative and other
14,543
13,390
28,493
25,648
Depreciation and amortization
81,604
97,887
164,095
196,118
Impairment charges
980
—
6,868
—
Total expenses
150,100
166,809
308,369
334,885
Other (expense) income:
Interest expense
(31,743)
(34,052)
(63,439)
(67,006)
Income tax expense of taxable REIT subsidiaries
(426)
(199)
(821)
(209)
Gain on sales of operating properties, net
87,727
103,022
87,727
103,113
Net gains from outlot sales
1,364
—
2,403
—
Gain on deconsolidation of joint venture
60,625
—
60,625
—
Equity in loss of unconsolidated joint ventures
(1,344)
(3,238)
(3,560)
(3,845)
Other income, net
3,169
485
5,741
5,228
Net income
165,530
112,599
177,262
136,863
Net income attributable to noncontrolling interests
(4,226)
(2,281)
(4,564)
(2,815)
Net income attributable to common shareholders
$
161,304
$
110,318
$
172,698
$
134,048
Net income per common share – basic
$
0.80
$
0.50
$
0.85
$
0.61
Net income per common share – diluted
$
0.79
$
0.50
$
0.84
$
0.61
Weighted average common shares outstanding – basic
202,231,374
219,835,322
203,949,318
219,775,829
Weighted average common shares outstanding – diluted
203,198,303
219,949,868
204,651,324
219,888,939
2nd Quarter 2026 Supplemental Financial and Operating Statistics
4
Kite Realty Group
Same Property Net Operating Income (“NOI”)
(dollars in thousands)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
Change
2026
2025
Change
Number of properties in Same Property Pool for the period(1)
158
158
158
158
Leased percentage at period end
94.7
%
93.8
%
94.7
%
93.8
%
Economic occupancy percentage at period end
91.2
%
90.9
%
91.2
%
90.9
%
Economic occupancy percentage(2)
90.9
%
91.0
%
91.0
%
91.5
%
Minimum rent
$
139,329
$
134,600
$
277,508
$
269,448
Tenant recoveries
39,862
38,099
82,614
77,515
Bad debt reserve
(1,554)
(1,435)
(3,057)
(3,274)
Other income, net
2,244
2,187
4,560
4,221
Total revenue
179,881
173,451
361,625
347,910
Property operating
(25,105)
(23,891)
(52,276)
(48,921)
Real estate taxes
(23,116)
(22,617)
(46,365)
(45,357)
Total expenses
(48,221)
(46,508)
(98,641)
(94,278)
Same Property NOI(3)
$
131,660
$
126,943
3.7
%
$
262,984
$
253,632
3.7
%
Reconciliation of Same Property NOI to most
directly comparable GAAP measure:
Net operating income – same properties
$
131,660
$
126,943
$
262,984
$
253,632
Net operating income – sold properties
7,563
23,414
14,388
54,531
Net operating income – non-same activity(4)
5,294
7,078
13,234
12,641
Less: KRG share of unconsolidated joint ventures
included in Same Property NOI above
(2,610)
(430)
(5,238)
(734)
Net gains from outlot sales
1,364
—
2,403
—
Total property NOI
143,271
157,005
(8.7
%)
287,771
320,070
(10.1
%)
Other income (expense), net
2,777
(2,099)
4,034
2,452
General, administrative and other
(14,543)
(13,390)
(28,493)
(25,648)
Impairment charges
(980)
—
(6,868)
—
Depreciation and amortization
(81,604)
(97,887)
(164,095)
(196,118)
Interest expense
(31,743)
(34,052)
(63,439)
(67,006)
Gain on sales of operating properties, net
87,727
103,022
87,727
103,113
Gain on deconsolidation of joint venture
60,625
—
60,625
—
Net income attributable to noncontrolling interests
(4,226)
(2,281)
(4,564)
(2,815)
Net income attributable to common shareholders
$
161,304
$
110,318
$
172,698
$
134,048
(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;
▪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 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.
2nd 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
June 30, 2026
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
Revenue:
Minimum rent
$
136,692
$
136,496
$
142,512
$
144,110
$
149,092
Minimum rent – ground leases
10,767
10,566
10,447
10,637
10,450
Lease termination income
596
3,112
229
18
2,725
Straight-line rent
2,257
1,481
1,794
2,681
2,129
Non-cash market rent
1,686
1,495
1,275
1,919
1,569
Tenant reimbursements
41,756
44,794
42,033
43,666
45,103
Bad debt reserve
(1,824)
(1,522)
(2,018)
(2,119)
(1,625)
Other property-related revenue(1)
1,033
798
4,481
891
865
Overage rent
1,385
1,619
1,952
1,281
1,738
Total revenue
194,348
198,839
202,705
203,084
212,046
Expenses:
Property operating – recoverable(2)
24,306
26,748
24,687
24,038
24,849
Property operating – non-recoverable(2)
3,820
3,989
3,799
4,131
3,700
Real estate taxes
24,315
24,641
24,264
25,459
26,492
Total expenses
52,441
55,378
52,750
53,628
55,041
NOI
141,907
143,461
149,955
149,456
157,005
Other (expense) income:
General, administrative and other
(14,543)
(13,950)
(15,628)
(14,183)
(13,390)
Development fee income
217
65
317
259
445
Management and leasing fee income
1,161
1,231
1,354
1,032
408
Net gains from outlot sales
1,364
1,039
—
6,096
—
Total other (expense) income
(11,801)
(11,615)
(13,957)
(6,796)
(12,537)
Adjusted EBITDA
130,106
131,846
135,998
142,660
144,468
Impairment charges
(980)
(5,888)
(12,544)
(39,305)
—
Depreciation and amortization
(81,604)
(82,491)
(87,799)
(89,370)
(97,887)
Interest expense
(31,743)
(31,696)
(32,409)
(33,162)
(34,052)
Equity in loss of unconsolidated subsidiaries
(1,344)
(2,216)
(3,186)
(4,619)
(3,238)
Income tax expense of taxable REIT subsidiaries
(426)
(395)
(152)
(106)
(199)
Interest income
1,705
2,444
1,853
1,659
493
Other income (expense), net
1,464
128
207
91
(8)
Gain on sales of operating properties, net
87,727
—
183,107
5,742
103,022
Gain on deconsolidation of joint venture
60,625
—
—
—
—
Net income (loss)
165,530
11,732
185,075
(16,410)
112,599
Net (income) loss attributable to noncontrolling interests
(4,226)
(338)
(4,253)
203
(2,281)
Net income (loss) attributable to common shareholders
$
161,304
$
11,394
$
180,822
$
(16,207)
$
110,318
NOI/Revenue – Retail properties
73.8
%
73.1
%
74.6
%
74.3
%
74.4
%
NOI/Revenue
73.0
%
72.1
%
74.0
%
73.6
%
74.0
%
Recovery Ratio(3)
– Retail properties
91.3
%
91.9
%
90.2
%
91.8
%
92.0
%
– Consolidated
85.9
%
87.2
%
85.9
%
88.2
%
87.8
%
(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 June 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.
2nd 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 June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net income
$
165,530
$
112,599
$
177,262
$
136,863
Less: net income attributable to noncontrolling interests in properties
(56)
(81)
(126)
(151)
Less: gain on sales of operating properties, net
(87,727)
(103,022)
(87,727)
(103,113)
Less: gain on deconsolidation of joint venture
(60,625)
—
(60,625)
—
Add: impairment charges
980
—
6,868
—
Add: depreciation and amortization of consolidated and unconsolidated entities,
net of noncontrolling interests
90,996
104,469
182,820
203,146
NAREIT FFO of the Operating Partnership(1)
109,098
113,965
218,472
236,745
Less: Limited Partners’ interests in FFO
(2,789)
(2,466)
(5,412)
(4,929)
FFO attributable to common shareholders(1)
$
106,309
$
111,499
$
213,060
$
231,816
FFO, as defined by NAREIT, per share of the Operating Partnership – basic
$
0.53
$
0.51
$
1.04
$
1.05
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted
$
0.53
$
0.51
$
1.04
$
1.05
Weighted average common shares outstanding – basic
202,231,374
219,835,322
203,949,318
219,775,829
Weighted average common shares outstanding – diluted
202,327,190
219,949,868
204,041,751
219,888,939
Weighted average common shares and units outstanding – basic
207,539,135
224,684,910
209,131,933
224,451,187
Weighted average common shares and units outstanding – diluted
207,634,951
224,799,456
209,224,366
224,564,297
Reconciliation of NAREIT FFO to Core FFO(2)
NAREIT FFO of the Operating Partnership(1)
$
109,098
$
113,965
$
218,472
$
236,745
Add:
Amortization of deferred financing costs
1,850
1,751
3,657
3,395
Non-cash compensation expense and other
3,674
3,221
6,889
5,881
Less:
Straight-line rent – minimum rent and common area maintenance
2,979
2,835
5,120
5,413
Market rent amortization income
2,253
1,879
4,342
5,421
Amortization of debt discounts, premiums and hedge instruments
1,030
890
2,059
3,646
Core FFO of the Operating Partnership
$
108,360
$
113,333
$
217,497
$
231,541
Core FFO per share of the Operating Partnership – diluted
$
0.52
$
0.50
$
1.04
$
1.03
Reconciliation of Core FFO to Adjusted Funds From Operations (“AFFO”)(2)
Core FFO of the Operating Partnership
$
108,360
$
113,333
$
217,497
$
231,541
Less:
Maintenance capital expenditures
7,921
9,195
14,618
15,493
Tenant-related capital expenditures(3)
30,216
22,273
49,530
53,595
Total Recurring AFFO of the Operating Partnership
$
70,223
$
81,865
$
153,349
$
162,453
(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.
2nd Quarter 2026 Supplemental Financial and Operating Statistics
7
Kite Realty Group
Joint Venture Summary as of June 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
$
11,000
2
%
$
220
$
—
(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
76.7
%
Total
2,492,092
1,445
Total Unconsolidated Investments
Investment as of June 30, 2026
$
410,691
Three Months Ended
June 30, 2026
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
Adjusted EBITDA
$
11,005
$
9,978
$
10,310
$
10,203
$
5,689
Depreciation and amortization
(9,720)
(9,771)
(11,163)
(12,705)
(6,932)
Interest expense
(3,116)
(2,800)
(2,823)
(2,849)
(2,185)
KRG share of management fees
487
377
490
732
190
KRG share of net loss
$
(1,344)
$
(2,216)
$
(3,186)
$
(4,619)
$
(3,238)
2nd Quarter 2026 Supplemental Financial and Operating Statistics
8
Kite Realty Group
Key Debt Metrics as of June 30, 2026
(dollars in thousands)
June 30, 2026
Debt Covenant
Threshold(1)
Senior Unsecured Notes Covenants
Total debt to undepreciated assets
40.1%
<60%
Secured debt to undepreciated assets
4.1%
<40%
Undepreciated unencumbered assets to unsecured debt
250.5%
>150%
Debt service coverage
4.1x
>1.5x
Unsecured Credit Facility Covenants
Maximum leverage
32.7%
<60%
Minimum fixed charge coverage
4.0x
>1.5x
Secured indebtedness
3.6%
<45%
Unsecured debt interest coverage
3.9x
>1.75x
Unsecured leverage
32.6%
<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
$
144,578
Availability under unsecured credit facility
1,093,100
$
1,237,678
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
$
2,842,758
Add: Company share of unconsolidated joint venture debt
276,348
Add: debt discounts, premiums and issuance costs, net
2,411
Less: Partner share of consolidated joint venture debt
(220)
Company's consolidated debt and share of unconsolidated debt
3,121,297
Less: cash and cash equivalents
(144,578)
Less: restricted cash and escrow deposits
(176,831)
Less: Company share of unconsolidated joint venture cash and cash equivalents
(15,676)
Company share of Net Debt
$
2,784,212
Q2 2026 Adjusted EBITDA, Annualized:
– Consolidated Adjusted EBITDA
$
520,424
– Unconsolidated Adjusted EBITDA
44,020
– Adjustments for acquisitions and dispositions(2)
(16,272)
548,172
Ratio of Company share of Net Debt to Adjusted EBITDA
5.1x
(2)Relates to current quarter GAAP operating income, annualized, for the acquisitions of Chastain Market and Founders Square and the sale of seven properties during the three months ended June 30, 2026 during the period of ownership.
2nd Quarter 2026 Supplemental Financial and Operating Statistics
9
Kite Realty Group
Summary of Outstanding Debt as of June 30, 2026
(dollars in thousands)
Total Outstanding Debt
Amount Outstanding
Ratio
Weighted Average Interest Rate
Weighted Average Years to Maturity
Fixed rate debt(1)
$
2,434,169
78
%
4.24
%
3.9
Variable rate debt(2)
411,000
13
%
4.55
%
2.6
Debt discounts, premiums and issuance costs, net
(2,411)
N/A
N/A
N/A
Total consolidated debt
2,842,758
91
%
4.29
%
3.7
KRG share of unconsolidated debt
266,973
9
%
4.57
%
4.6
Total
$
3,109,731
100
%
4.31
%
3.8
Schedule of Maturities by Year
Secured Debt
Scheduled Principal Payments
Term Maturities
Unsecured Debt
Total Consolidated Debt
Total Unconsolidated Debt
Total Debt Outstanding
2026
$
1,908
$
—
$
400,000
(2)
$
401,908
$
—
$
401,908
2027
2,662
30,506
250,000
283,168
—
283,168
2028
2,453
—
350,000
(3)
352,453
10,754
363,207
2029
2,568
—
400,000
402,568
694
403,262
2030
1,980
100
400,000
402,080
193,765
595,845
2031 and beyond
751
2,241
1,000,000
1,002,992
71,135
1,074,127
Debt discounts, premiums and issuance costs, net
—
713
(3,124)
(2,411)
(9,375)
(11,786)
Total
$
12,322
$
33,560
$
2,796,876
$
2,842,758
$
266,973
$
3,109,731
(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of June 30, 2026, $150.0 million in variable rate debt is hedged to a fixed rate through July 17, 2026.
(2)Subsequent to June 30, 2026, the Company issued $345.0 million aggregate principal amount of 3.25% exchangeable senior notes due April 2032, which will be used to redeem the $300.0 million principal balance of the 4.00% senior unsecured notes due October 2026 prior to maturity.
(3)Assumes the Company exercises its option to extend the maturity date of the $250.0 million unsecured term loan by one year to 2028.
2nd Quarter 2026 Supplemental Financial and Operating Statistics
10
Kite Realty Group
Maturity Schedule of Outstanding Debt as of June 30, 2026
(dollars in thousands)
Description
Contractual
Interest Rate(1)
Swapped
Interest Rate(1)
Maturity Date
Balance as of June 30, 2026
% of Total Outstanding
Senior Unsecured Notes
4.08%
4.08%
9/30/2026
$
100,000
Senior Unsecured Notes(2)
4.00%
4.00%
10/1/2026
300,000
2026 Debt Maturities
4.02%
4.02%
400,000
13
%
Senior Unsecured Exchangeable Notes
0.75%
0.75%
4/1/2027
175,000
Northgate North
4.50%
4.50%
6/1/2027
20,602
Delray Marketplace(3)
SOFR + 2.15%
SOFR + 2.15%
8/4/2027
11,000
Senior Unsecured Notes
4.57%
4.57%
9/10/2027
75,000
2027 Debt Maturities
2.24%
2.24%
281,602
9
%
Unsecured Term Loan(4)
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
4.45%
4.45%
350,000
11
%
Senior Unsecured Notes
4.82%
4.82%
6/28/2029
100,000
Unsecured Term Loan(5)
SOFR + 0.85%
3.52%
7/29/2029
300,000
Unsecured Credit Facility(6)
SOFR + 1.05%
SOFR + 1.05%
10/3/2029
—
2029 Debt Maturities
4.58%
3.84%
400,000
13
%
Rampart Commons
5.73%
5.73%
6/10/2030
4,300
Senior Unsecured Notes
4.75%
4.75%
9/15/2030
400,000
2030 Debt Maturities
4.76%
4.76%
404,300
13
%
The Shoppes at Union Hill
3.75%
3.75%
6/1/2031
6,268
Senior Unsecured Notes
4.95%
4.95%
12/15/2031
350,000
Nora Plaza Shops
3.80%
3.80%
2/1/2032
2,999
Senior Unsecured Notes
5.20%
5.20%
8/15/2032
300,000
Senior Unsecured Notes(7)
4.60%
4.60%
3/1/2034
350,000
2031 and beyond Debt Maturities
4.89%
4.89%
1,009,267
32
%
Debt discounts, premiums and issuance costs, net
(2,411)
Total debt per consolidated balance sheet
4.39%
4.29%
$
2,842,758
91
%
KRG share of unconsolidated debt
Nuveen Portfolio
4.09%
4.09%
7/1/2028
$
10,378
The Corner – IN(8)
SOFR + 2.86%
SOFR + 2.86%
6/11/2030
34,952
Legacy West
3.80%
3.80%
5/1/2030
158,080
One Loudoun Residential
5.36%
5.36%
5/1/2033
72,938
KRG share of unconsolidated debt
4.57%
4.57%
276,348
KRG share of debt discounts and issuance costs, net
(9,375)
Total KRG share of unconsolidated debt
266,973
9
%
Total consolidated and KRG share of
unconsolidated debt
4.41%
4.31%
$
3,109,731
As of June 30, 2026, 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 (3.65%)
1.68%
$
150,000
(1)At June 30, 2026, daily SOFR was 3.68% and one-month SOFR was 3.65%.
(2)Subsequent to June 30, 2026, the Company issued $345.0 million aggregate principal amount of 3.25% exchangeable senior notes due April 2032, which will be used to redeem these senior unsecured notes prior to maturity.
(3)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.
(4)Assumes the Company exercises its option to extend the maturity date by one year to 2028.
(5)As of June 30, 2026, $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 June 30, 2026.
(6)Assumes the Company exercises its option to extend the maturity date by one year to 2029.
(7)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.
(8)The Corner – IN includes three loans with varying rates and maturity dates. As of June 30, 2026, the loans had a weighted average interest rate of 6.55% and a majority of the amount outstanding was at a floating rate. The maturity date shown is the weighted average maturity date as of June 30, 2026.
2nd 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
Total acquisitions
145,877
27,699
$
136,000
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(1)
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
Total dispositions
1,620,823
$
352,350
(1)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.
2nd 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
$45.0M–$52.0M
$5.3M–$6.3M
$2.3M–$3.3M
One Loudoun Phase 2 Apartments(4)
Washington, D.C./Baltimore
55%
Q2 2030
—
429
$93.5M–$103.5M
$27.5M–$37.5M
$25.5M–$35.5M
$6.0M–$7.0M
$6.0M–$7.0M
Total
119,000
429
$180.5M–$197.5M
$99.5M–$116.5M
$70.5M–$87.5M
$11.3M–$13.3M
$8.3M–$10.3M
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.
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 170-room hotel.
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 June 30, 2026, KRG owns 76.7% 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.
2nd Quarter 2026 Supplemental Financial and Operating Statistics
13
Kite Realty Group
Geographic Diversification – ABR by Region and State as of June 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
$
163,906
27.0
%
Florida
31
3,543
73,636
12.1
%
Virginia
7
1,306
40,399
6.7
%
Maryland
9
1,541
37,011
6.1
%
Georgia
12
1,956
35,545
5.9
%
North Carolina
5
949
22,845
3.8
%
Tennessee
2
487
8,417
1.4
%
Oklahoma
2
309
4,867
0.8
%
South Carolina
2
262
3,968
0.6
%
Total South
107
17,286
390,594
64.4
%
West
Washington
10
1,626
33,188
5.5
%
Nevada
5
846
30,550
5.0
%
Arizona
3
395
10,277
1.7
%
Utah
2
388
8,862
1.5
%
Total West
20
3,255
82,877
13.7
%
Midwest
Indiana
15
1,928
40,244
6.6
%
Illinois
7
1,222
28,068
4.6
%
Michigan
1
305
7,410
1.2
%
Missouri
1
453
3,795
0.6
%
Ohio
1
236
1,968
0.3
%
Total Midwest
25
4,144
81,485
13.3
%
Northeast
New York
6
748
28,952
4.8
%
New Jersey
4
346
12,020
2.0
%
Massachusetts
1
264
4,919
0.8
%
Connecticut
1
206
4,087
0.7
%
Pennsylvania
1
136
1,982
0.3
%
Total Northeast
13
1,700
51,960
8.6
%
Total(4)
165
26,385
$
606,916
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.
2nd Quarter 2026 Supplemental Financial and Operating Statistics
14
Kite Realty Group
Top 25 Tenants by ABR as of June 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)
Chico’s (5), Ann Taylor (4), Talbots (4), White House Black Market (4), LOFT (3), Soma (3)
23
97
3,586
0.6
%
N/A
N/A
Total Top Tenants
378
9,037
$
150,259
24.6
%
(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 June 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.
2nd 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 – 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
%
New Leases – Q3 2025
43
275,001
24
148,324
24.91
31.41
26.1
%
Total
195
1,141,991
114
758,434
$
24.03
$
30.32
26.2
%
$
98.41
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
%
Non-Option Renewals – Q3 2025
70
306,526
51
177,659
25.12
28.36
12.9
%
Total
246
1,064,874
175
720,501
$
24.59
$
28.04
14.0
%
$
3.88
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
%
Option Renewals – Q3 2025
54
648,417
54
648,417
18.93
20.41
7.8
%
Total
169
2,002,982
169
2,002,982
$
18.39
$
19.67
7.0
%
$
—
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 – Q3 2025
167
1,229,944
129
974,400
20.97
23.53
12.2
%
Total
610
4,209,847
458
3,481,917
$
20.90
$
23.72
13.5
%
$
22.24
(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.
2nd Quarter 2026 Supplemental Financial and Operating Statistics
16
Kite Realty Group
Lease Expirations as of June 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 June 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
172
346,668
132,955
37,934
$
14,766
$
739
2.6
%
$
34.11
$
14.18
$
28.59
2027
489
1,069,115
1,487,903
165,718
61,770
4,905
11.0
%
35.68
15.45
23.91
2028
570
1,215,034
2,307,351
337,336
84,519
5,874
14.9
%
37.53
14.52
22.46
2029
560
1,194,386
2,373,651
202,278
84,108
3,581
14.4
%
37.23
15.52
22.79
2030
431
1,018,716
1,613,213
122,281
58,908
5,713
10.6
%
34.63
13.28
21.55
2031
421
938,577
1,894,055
307,964
69,862
3,872
12.1
%
36.55
15.73
22.63
2032
254
600,912
1,393,780
193,015
45,007
1,085
7.6
%
35.49
14.28
20.67
2033
228
580,436
676,678
41,072
33,447
4,271
6.2
%
39.28
15.60
26.53
2034
184
377,210
676,003
79,914
29,166
2,395
5.2
%
44.85
16.71
26.79
2035
172
380,806
731,683
112,335
28,592
899
4.9
%
37.59
16.85
23.95
Beyond
288
604,943
1,518,878
125,879
56,423
7,015
10.5
%
44.06
19.28
26.34
3,769
8,326,803
14,806,150
1,725,726
$
566,568
$
40,349
100.0
%
$
37.43
$
15.52
$
23.41
(1)Lease expirations table reflects rents in place as of June 30, 2026 and does not include option periods; 2026 expirations include 37 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 June 30, 2026 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.
2nd Quarter 2026 Supplemental Financial and Operating Statistics
17
Kite Realty Group
Components of Net Asset Value as of June 30, 2026
(dollars in thousands)
Cash Net Operating Income (“NOI”)
Page
Other Assets(1)
Page
GAAP property NOI (incl. ground lease revenue)
$
141,907
6
Cash, cash equivalents and restricted cash
$
321,409
3
Lease termination income
(596)
6
Tenant and other receivables (net of SLR)
57,371
3
Non-cash revenue adjustments
(5,232)
Prepaid and other assets
90,127
3
Other property-related revenue
(1,033)
6
Ground lease (“GL”) revenue
(10,767)
6
Consolidated Cash Property NOI (excl. GL)
$
124,279
Annualized Consolidated Cash Property NOI
(excl. ground leases)
$
497,116
Adjustments to Normalize Annualized Cash NOI
Liabilities
Remaining NOI to come online from development and redevelopment projects(2)
$
9,300
13
Mortgage and other indebtedness, net
$
(2,845,169)
10
Unconsolidated Adjusted EBITDA
44,020
Pro rata adjustment for joint venture debt
(276,128)
Adjustments for acquisitions and dispositions(3)
(16,272)
9
Accounts payable and accrued expenses
(170,304)
3
General and administrative expense allocable to property management activities included in property expenses ($4.3 million in Q2)
17,200
6, note 2
Other liabilities
(excludes lease intangible liabilities)
(130,994)
Total Adjustments
54,248
Projected remaining under construction development/redevelopment(4)
(79,000)
13
Annualized Normalized Portfolio Cash NOI
(excl. ground leases)
$
551,364
Annualized ground lease NOI
43,068
Total Annualized Portfolio Cash NOI(5)
$
594,432
Common shares and Units outstanding
205,654,694
(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)Relates to current quarter GAAP operating income, annualized, for the acquisitions of Chastain Market and Founders Square and the sale of seven properties during the three months ended June 30, 2026 during the period of ownership.
(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 June 30, 2026.
2nd 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 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 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.
2nd Quarter 2026 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. 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 six months ended June 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) 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 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 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.
2nd Quarter 2026 Supplemental Financial and Operating Statistics
