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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 8-K 
CURRENT REPORT 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 
Date of Report (Date of earliest event reported): February 17, 2026 
KITE REALTY GROUP TRUST
KITE REALTY GROUP, L.P.
(Exact name of registrant as specified in its charter) 
Maryland001-3226811-3715772
Delaware333-202666-0120-1453863
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification Number)
30 S. Meridian Street, Suite 1100, Indianapolis, IN 46204
(Address of principal executive offices) (Zip Code)
(317) 577-5600
(Registrant’s telephone number including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Shares, $0.01 par value per shareKRGNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.
On February 17, 2026, Kite Realty Group Trust (the “Company”) announced its consolidated financial results for the quarter ended December 31, 2025. A copy of the Company’s press release is furnished as Exhibit 99.1 to this current report on Form 8-K. A copy of the Company’s Fourth Quarter 2025 Supplemental Disclosure is furnished as Exhibit 99.2 to this current report on Form 8-K. The information contained in Item 2.02 of this current report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
Exhibit No.Description
99.1 
99.2 
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 KITE REALTY GROUP TRUST
  
Date: February 17, 2026By:/s/ HEATH R. FEAR
  Heath R. Fear
  Executive Vice President and
  Chief Financial Officer
KITE REALTY GROUP, L.P.
By: Kite Realty Group Trust, its sole general partner
Date: February 17, 2026By:/s/ HEATH R. FEAR
Heath R. Fear
Executive Vice President and
Chief Financial Officer
Exhibit 99.1
kitelogob.jpg
PRESS RELEASE
Contact Information: Kite Realty Group
Tyler Henshaw
SVP, Capital Markets & Investor Relations
317.713.7780
thenshaw@kiterealty.com
Kite Realty Group Reports 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%.


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.


The following table reconciles the Company’s 2026 net income guidance range to the Company’s 2026 NAREIT and Core FFO guidance ranges:
LowHigh
Net income$0.36 $0.42 
Depreciation and amortization1.70 1.70 
NAREIT FFO$2.06 $2.12 
Non-cash items0.00 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,


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.


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 properties5,347,288 6,046,530 
Cash and cash equivalents36,761 128,056 
Tenant and other receivables, including accrued straight-line rent
of $70,940 and $67,377, respectively
127,865 125,768 
Restricted cash and escrow deposits441,605 5,271 
Deferred costs, net181,553 238,213 
Short-term deposits— 350,000 
Prepaid and other assets93,913 104,627 
Investments in unconsolidated subsidiaries364,407 19,511 
Assets associated with investment properties held for sale71,105 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 expenses221,118 202,651 
Deferred revenue and other liabilities221,813 246,100 
Liabilities associated with investment properties held for sale4,314 4,009 
Total liabilities3,472,723 3,679,690 
Commitments and contingencies  
Limited Partners’ interests in the Operating Partnership116,245 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 capital4,612,280 4,868,554 
Accumulated other comprehensive income23,079 36,612 
Accumulated deficit(1,563,840)(1,595,253)
Total shareholders’ equity3,073,609 3,312,110 
Noncontrolling interests1,920 1,893 
Total equity3,075,529 3,314,003 
Total liabilities and equity$6,664,497 $7,091,767 



Kite Realty Group
Consolidated Statements of Operations
(dollars in thousands, except per share amounts)
(unaudited)
 Three Months Ended
December 31,		Year Ended
December 31,
 2025202420252024
Revenue:    
Rental income$198,224 $209,965 $830,771 $826,548 
Other property-related revenue5,042 1,805 9,354 6,268 
Fee income1,671 441 4,240 4,663 
Total revenue204,937 212,211 844,365 837,479 
Expenses:
Property operating28,870 29,200 116,113 113,601 
Real estate taxes24,441 25,646 104,531 103,893 
General, administrative and other15,628 13,549 55,459 52,558 
Depreciation and amortization87,799 97,009 373,287 393,335 
Impairment charges12,544 — 51,849 66,201 
Total expenses169,282 165,404 701,239 729,588 
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, net183,107 — 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, net2,060 5,575 9,038 17,869 
Net income185,075 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 – basic214,329,395 219,666,445 218,310,451 219,614,149 
Weighted average common shares outstanding – diluted214,455,962 220,314,836 218,429,473 219,727,496 


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,
2025202420252024
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 charges12,544 — 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 – basic214,329,395 219,666,445 218,310,451 219,614,149 
Weighted average common shares outstanding – diluted214,455,962 219,791,253 218,429,473 219,727,496 
Weighted average common shares and units outstanding – basic219,178,983 223,694,733 223,073,641 223,416,919 
Weighted average common shares and units outstanding – diluted219,305,550 223,819,541 223,192,663 223,530,266 
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 costs1,809 1,672 7,060 4,650 
Non-cash compensation expense and other3,608 3,350 12,098 11,794 
Less:
Straight-line rent – minimum rent and common area maintenance2,508 2,023 11,710 12,085 
Market rent amortization income2,025 3,160 9,946 10,082 
Amortization of debt discounts, premiums and hedge instruments1,031 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 
(1)“NAREIT FFO of the Operating Partnership” measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.
(2)Includes the Company’s pro rata share from unconsolidated joint ventures.
NAREIT Funds From Operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of our operating performance. The Company calculates FFO, a non-GAAP financial measure, in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (“NAREIT”), as restated in 2018. The NAREIT white paper defines FFO as net income (calculated in accordance with GAAP), excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, and (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.
Considering the nature of our business as a real estate owner and operator, the Company believes that FFO is helpful to investors in measuring our operational performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. FFO (a) should not be considered as an alternative to net income (calculated in accordance with GAAP) for the purpose of measuring our financial performance, (b) is not an alternative to cash flows from operating activities (calculated in accordance with GAAP) as a measure of our liquidity, and (c) is not indicative of funds available to satisfy our cash needs, including our ability to make distributions. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
From time to time, the Company may report or provide guidance with respect to “FFO, as adjusted,” which removes the impact of certain non-recurring and non-operating transactions or other items the Company does not consider to be representative of its core operating results including, without limitation, (i) gains or losses associated with the early extinguishment of debt, (ii) gains or losses associated with litigation involving the Company that is not in the normal course of business, (iii) merger and acquisition costs, (iv) the impact on earnings from significant and non-recurring employee severance costs and recruiting expenses, including sign-on bonuses and search fees, (v) the excess of redemption value over carrying value of preferred stock


redemption, and (vi) the impact of prior period bad debt or the collection of accounts receivable previously written off (“prior period collection impact”), which are not otherwise adjusted in the Company’s calculation of FFO.
Core Funds From Operations (“Core FFO”) is a non-GAAP financial measure of operating performance that modifies FFO for certain non-cash transactions that result in recording income or expense and impact the Company’s period-over-period performance, including (i) amortization of deferred financing costs, (ii) non-cash compensation expense and other, (iii) straight-line rent related to minimum rent and common area maintenance, (iv) market rent amortization income, and (v) amortization of debt discounts, premiums and hedge instruments, and 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.


Kite Realty Group
Same Property Net Operating Income (“NOI”)
(dollars in thousands)
(unaudited)
 Three Months Ended December 31,Year Ended December 31,
 20252024Change20252024Change
Number of properties in Same Property Pool for the period(1)
163 163 163 163 
Leased percentage at period end95.0%95.5%95.0%95.5%
Economic occupancy percentage at period end91.7%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 recoveries39,475 38,900 158,117 151,843 
Bad debt reserve(1,789)(1,470)(7,034)(5,073)
Other income, net3,186 3,546 9,858 10,074 
Total revenue183,123 181,295 724,526 706,298 
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 NOI149,955 159,429 (5.9%)625,577 619,685 1.0%
Other income, net393 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, net183,107 — 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: (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.
(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.
The Company uses NOI, a non-GAAP financial measure, to evaluate the performance of our properties. The Company also uses total property NOI, which is defined as NOI plus net gains from outlot sales. The Company defines NOI as income from our real estate, including lease termination fees received from tenants, less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions and certain corporate-level expenses, including merger and acquisition costs. The Company believes that NOI is helpful to investors as


a measure of our operating performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as depreciation and amortization, interest expense, and impairment, if any.
The Company also uses same property NOI (“Same Property NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. Same Property NOI is net income excluding properties that have not been owned for the full periods presented. 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.



Kite Realty Group
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)
(dollars in thousands)
(unaudited)
 Three Months Ended
December 31, 2025
Net income$185,075 
Depreciation and amortization87,799 
Interest expense32,409 
Income tax expense of taxable REIT subsidiaries152 
EBITDA305,435 
Unconsolidated EBITDA, as adjusted10,310 
Impairment charges12,544 
Gain on sales of operating properties, net(183,107)
Other income and expense, net1,126 
Noncontrolling interests(212)
Adjustments for dispositions(1)
(6,293)
Adjusted EBITDA$139,803 
Annualized Adjusted EBITDA(2)
$559,212 
Company share of Net Debt:
Mortgage and other indebtedness, net$3,025,478 
Add: Company share of unconsolidated joint venture debt202,986 
Add: debt discounts, premiums and issuance costs, net2,459 
Less: Partner share of consolidated joint venture debt(3)
(9,753)
Company’s consolidated debt and share of unconsolidated debt3,221,170 
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 
Net Debt to Adjusted EBITDA4.9x
(1)Adjustments for dispositions relate to current quarter GAAP operating income for the sale of 10 properties during the three months ended December 31, 2025 during the period of ownership.
(2)Represents Adjusted EBITDA for the three months ended December 31, 2025 (as shown in the table above) multiplied by four.
(3)Partner share of consolidated joint venture debt is calculated based upon the partner’s pro rata ownership of the joint venture, multiplied by the related secured debt balance.
The Company defines EBITDA, a non-GAAP financial measure, as net income before interest expense, income tax expense of the taxable REIT subsidiaries, and depreciation and amortization. For informational purposes, the Company also provides Adjusted EBITDA, which it defines as EBITDA less (i) EBITDA from unconsolidated entities, as adjusted, (ii) gains on sales of operating properties or impairment charges, (iii) merger and acquisition costs, (iv) other income and expense, (v) noncontrolling interest Adjusted EBITDA, and (vi) other non-recurring activity or items impacting comparability from period to period. Annualized Adjusted EBITDA is Adjusted EBITDA for the most recent quarter multiplied by four. Net Debt to Adjusted EBITDA is the Company’s share of net debt divided by Annualized Adjusted EBITDA. EBITDA, Adjusted EBITDA, Annualized Adjusted EBITDA and Net Debt to Adjusted EBITDA, as calculated by the Company, are not comparable to EBITDA and EBITDA-related measures reported by other REITs that do not define EBITDA and EBITDA-related measures exactly as we do. EBITDA, Adjusted EBITDA and Annualized Adjusted EBITDA do not represent cash generated from operating activities in accordance with GAAP and should not be considered alternatives to net income as an indicator of performance or as alternatives to cash flows from operating activities as an indicator of liquidity.
Considering the nature of our business as a real estate owner and operator, the Company believes that EBITDA, Adjusted EBITDA and the ratio of Net Debt to Adjusted EBITDA are helpful to investors in measuring our operational performance because they exclude various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. For informational purposes, the Company also provides Annualized Adjusted EBITDA, adjusted as described above. The Company believes this supplemental information provides a meaningful measure of its operating performance. The Company believes presenting EBITDA and the related measures in this manner allows investors and other interested parties to form a more meaningful assessment of the Company’s operating results.
Exhibit 99.2
suppcoverq42025.jpg


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


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


kitelogoa.jpg
PRESS RELEASE
Contact Information: Kite Realty Group
Tyler Henshaw
SVP, Capital Markets & Investor Relations
317.713.7780
thenshaw@kiterealty.com
Kite Realty Group Reports 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:
LowHigh
Net income$0.36 $0.42 
Depreciation and amortization1.70 1.70 
NAREIT FFO$2.06 $2.12 
Non-cash items0.00 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) 714-8094Citigroup Global MarketsPiper 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 LLCWells Fargo
Ms. Linda TsaiMr. James Feldman/Mr. Cooper Clark
(212) 778-8011(212) 215-5328/(212) 214-1146
ltsai@jefferies.comjames.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 Results2025202420252024
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 RatiosDecember 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)4.9x5.0x5.1x4.7x4.7x
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)
25.3 M27.7 M27.8 M27.8 M27.7 M
Owned office GLA2.0 M2.0 M2.0 M1.5 M1.5 M
Number of multifamily units(4)
2,187 2,187 2,187 1,405 1,405 
Percent leased – total94.4%93.2%92.7%93.0%94.2%
Percent leased – retail95.1%93.9%93.3%93.8%95.0%
Anchor (≥ 10,000 sq. ft.)96.7%95.0%94.2%95.1%97.1%
Small shop (< 10,000 sq. ft.)92.3%91.8%91.6%91.3%91.2%
Retail annualized base rent (ABR) per square foot$22.63 $22.11 $22.02 $21.49 $21.15 
Total new and renewal lease GLA (page 16)1,278,242 1,229,944 1,214,631 843,829 1,214,390 
New lease cash rent spread (page 16)21.8%26.1%31.3%15.6%23.6%
Non-option renewal lease cash rent spread (page 16)14.5%12.9%19.7%20.1%14.4%
Option renewal lease cash rent spread (page 16)6.2%7.8%8.2%7.0%6.8%
Total new and renewal lease cash rent spread (page 16)12.8%12.2%17.0%13.7%12.5%
2026 GuidanceCurrent
(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 properties5,347,288 6,046,530 
Cash and cash equivalents36,761 128,056 
Tenant and other receivables, including accrued straight-line rent
of $70,940 and $67,377, respectively
127,865 125,768 
Restricted cash and escrow deposits441,605 5,271 
Deferred costs, net181,553 238,213 
Short-term deposits— 350,000 
Prepaid and other assets93,913 104,627 
Investments in unconsolidated subsidiaries364,407 19,511 
Assets associated with investment properties held for sale71,105 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 expenses221,118 202,651 
Deferred revenue and other liabilities221,813 246,100 
Liabilities associated with investment properties held for sale4,314 4,009 
Total liabilities3,472,723 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 capital4,612,280 4,868,554 
Accumulated other comprehensive income23,079 36,612 
Accumulated deficit(1,563,840)(1,595,253)
Total shareholders’ equity3,073,609 3,312,110 
Noncontrolling interests1,920 1,893 
Total equity3,075,529 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,
 2025202420252024
Revenue:    
Rental income$198,224 $209,965 $830,771 $826,548 
Other property-related revenue5,042 1,805 9,354 6,268 
Fee income1,671 441 4,240 4,663 
Total revenue204,937 212,211 844,365 837,479 
Expenses:  
Property operating28,870 29,200 116,113 113,601 
Real estate taxes24,441 25,646 104,531 103,893 
General, administrative and other15,628 13,549 55,459 52,558 
Depreciation and amortization87,799 97,009 373,287 393,335 
Impairment charges12,544 — 51,849 66,201 
Total expenses169,282 165,404 701,239 729,588 
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, net183,107 — 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, net2,060 5,575 9,038 17,869 
Net income185,075 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 – basic214,329,395 219,666,445 218,310,451 219,614,149 
Weighted average common shares outstanding – diluted214,455,962 220,314,836 218,429,473 219,727,496 
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,
 20252024Change20252024Change
Number of properties in Same Property Pool for the period(1)
163 163  163 163 
Leased percentage at period end95.0%95.5%95.0%95.5%
Economic occupancy percentage at period end91.7%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 recoveries39,475 38,900 158,117 151,843 
Bad debt reserve(1,789)(1,470)(7,034)(5,073)
Other income, net3,186 3,546 9,858 10,074 
Total revenue183,123 181,295 724,526 706,298 
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 NOI149,955 159,429 (5.9%)625,577 619,685 1.0%
Other income, net393 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, net183,107 — 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 leases10,447 10,637 10,450 10,644 10,750 
Lease termination income229 18 2,725 7,390 152 
Straight-line rent1,794 2,681 2,129 2,266 1,592 
Non-cash market rent1,275 1,919 1,569 3,538 3,158 
Tenant reimbursements42,033 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 rent1,952 1,281 1,738 1,048 2,680 
Total revenue202,705 203,084 212,046 220,128 211,304 
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 taxes24,264 25,459 26,492 27,604 25,495 
Total expenses52,750 53,628 55,041 57,063 54,380 
NOI149,955 149,456 157,005 163,065 156,924 
Other (expense) income:     
General, administrative and other(15,628)(14,183)(13,390)(12,258)(13,549)
Development fee income317 259 445 282 290 
Management and leasing fee income1,354 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 EBITDA135,998 142,660 144,468 151,232 146,321 
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 income1,853 1,659 493 4,049 5,453 
Other income (expense), net207 91 (8)694 122 
Gain on sales of operating properties, net183,107 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 properties74.6%74.3%74.4%74.7%75.1%
NOI/Revenue74.0%73.6%74.0%74.1%74.3%
Recovery Ratio(3)
        – Retail properties90.2%91.8%92.0%91.4%92.1%
        – Consolidated85.9%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,
2025202420252024
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 charges12,544 — 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 – basic214,329,395 219,666,445 218,310,451 219,614,149 
Weighted average common shares outstanding – diluted214,455,962 219,791,253 218,429,473 219,727,496 
Weighted average common shares and units outstanding – basic219,178,983 223,694,733 223,073,641 223,416,919 
Weighted average common shares and units outstanding – diluted219,305,550 223,819,541 223,192,663 223,530,266 
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 costs1,809 1,672 7,060 4,650 
Non-cash compensation expense and other3,608 3,350 12,098 11,794 
Less:
Straight-line rent – minimum rent and common area maintenance2,508 2,023 11,710 12,085 
Market rent amortization income2,025 3,160 9,946 10,082 
Amortization of debt discounts, premiums and hedge instruments1,031 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 expenditures5,614 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
InvestmentsTotal 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 Residential95,095 10%9,509 848 
Total$107,295 $9,753 $848 
(1)Economic ownership % represents the partner’s share of cash flow.
 
Unconsolidated Investments
InvestmentsTotal GLAMultifamily
Units		KRG
Economic
Ownership Interest
Nuveen Portfolio416,038 — 20%
Embassy Suites at Eddy Street Commons— — 35%
Glendale Center Apartments— — 11.5%
The Corner – IN23,852 285 50%
Legacy West785,712 782 52%
Seed Assets921,280 — 52%
Total2,146,882 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 $5,689 
Depreciation and amortization(11,163)(12,705)(6,932)
Interest expense(2,823)(2,849)(2,185)
KRG share of management fees490 732 190 
KRG share of net loss$(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 assets40.1%<60%
Secured debt to undepreciated assets4.2%<40%
Undepreciated unencumbered assets to unsecured debt259.2%>150%
Debt service coverage4.2x>1.5x
Unsecured Credit Facility Covenants
Maximum leverage32.3%<60%
Minimum fixed charge coverage4.1x>1.5x
Secured indebtedness3.9%<45%
Unsecured debt interest coverage3.9x>1.75x
Unsecured leverage31.4%<60%
Senior Unsecured Debt Ratings
Fitch RatingsBBB/Positive
Moody's Investors ServiceBaa2/Stable
Standard & Poor's Rating ServicesBBB/Stable
Liquidity
Cash and cash equivalents$36,761 
Availability under unsecured credit facility1,010,800 
$1,047,561 
Unencumbered NOI as a % of Total NOI, including pro rata share of unconsolidated investments89%
(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 debt202,986 
Add: debt discounts, premiums and issuance costs, net2,459 
Less: Partner share of consolidated joint venture debt(9,753)
Company's consolidated debt and share of unconsolidated debt3,221,170 
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 EBITDA41,240  
– 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 DebtAmount
Outstanding		RatioWeighted Average
Interest Rate		Weighted
Average Years to Maturity
Fixed rate debt(1)
$2,530,737 79%4.28%4.5 
Variable rate debt497,200 15%4.73%3.2 
Debt discounts, premiums and issuance costs, net(2,459)N/AN/AN/A
Total consolidated debt3,025,478 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 
20272,662 30,506 250,000 283,168 — 283,168 
20282,943 — 350,000 
(2)
352,943 10,378 363,321 
20293,474 — 485,000 488,474 — 488,474 
20302,936 100 400,000 403,036 192,608 595,644 
2031 and beyond3,186 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.
chart-c0fcd587d297435b8a5.jpg
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 Notes4.08%4.08%9/30/2026$100,000 
Senior Unsecured Notes4.00%4.00%10/1/2026300,000 
2026 Debt Maturities4.02%4.02%400,000 12%
Senior Unsecured Exchangeable Notes0.75%0.75%4/1/2027175,000 
Northgate North4.50%4.50%6/1/202720,970 
Delray Marketplace(2)
SOFR + 2.15%SOFR + 2.15%8/4/202712,200 
Senior Unsecured Notes4.57%4.57%9/10/202775,000 
2027 Debt Maturities2.26%2.26%283,170 9%
Unsecured Term Loan(3)
SOFR + 0.85%SOFR + 0.85%10/24/2028250,000 
Senior Unsecured Notes4.24%4.24%12/28/2028100,000 
2028 Debt Maturities4.58%4.58%350,000 11%
Senior Unsecured Notes4.82%4.82%6/28/2029100,000 
Unsecured Term Loan(4)
SOFR + 0.85%3.54%7/29/2029300,000 
Unsecured Credit Facility(5)
SOFR + 1.05%SOFR + 1.05%10/3/202985,000 
2029 Debt Maturities4.66%4.04%485,000 15%
Rampart Commons5.73%5.73%6/10/20304,772 
Senior Unsecured Notes4.75%4.75%9/15/2030400,000 
2030 Debt Maturities4.76%4.76%404,772 13%
The Shoppes at Union Hill3.75%3.75%6/1/20316,832 
Senior Unsecured Notes4.95%4.95%12/15/2031350,000 
Nora Plaza Shops3.80%3.80%2/1/20323,068 
Senior Unsecured Notes5.20%5.20%8/15/2032300,000 
One Loudoun – Pads G&H Residential5.36%5.36%5/1/203395,095 
Senior Unsecured Notes(6)
4.60%4.60%3/1/2034350,000 
2031 and beyond Debt Maturities4.93%4.93%1,104,995 34%
Debt discounts, premiums and issuance costs, net (2,459) 
Total debt per consolidated balance sheet4.46%4.36% $3,025,478 94%
KRG share of unconsolidated debt
Nuveen Portfolio4.09%4.09%7/1/2028$10,378 
The Corner – IN(7)
SOFR + 2.86%SOFR + 2.86%7/16/203034,528 
Legacy West3.80%3.80%5/1/2030158,080 
KRG share of unconsolidated debt4.29%4.29%202,986 
KRG share of debt discounts and issuance costs, net(10,598)
Total KRG share of unconsolidated debt192,388 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 SwapsSwap
Maturity Date		KRG ReceivesKRG PaysAggregate Notional
Interest rate swap on Term Loan Due 7/29/20297/17/20261-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 NameAcquisition DateMetropolitan
Statistical Area (“MSA”)		Grocery AnchorRetail
GLA		Office
GLA		Acquisition
Price – at KRG’s share
Village CommonsJanuary 15, 2025MiamiPublix170,976 — $68,400 
Legacy West(1)
April 28, 2025Dallas/Ft. WorthN/A342,011 443,553 408,200 
Total acquisitions512,987 443,553 $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 NameDisposition DateMSAGrocery AnchorGLASales Price
Stoney Creek CommonsApril 4, 2025IndianapolisN/A84,094 $9,500 
Fullerton MetrocenterJune 25, 2025Los AngelesSprouts, Target241,027 118,500 
Denton Crossing(2)
June 27, 2025Dallas/Ft. WorthKroger (shadow)343,345 39,263 
Parkway Towne Crossing(2)
June 27, 2025Dallas/Ft. WorthTarget (shadow)180,736 27,743 
The Landing at Tradition(2)
June 27, 2025Port St. Lucie, FLThe Fresh Market, Target (shadow)397,199 45,114 
Humblewood Shopping Center(3)
July 21, 2025HoustonN/A85,682 18,250 
Hamilton Crossing Centre(4)
August 15, 2025IndianapolisN/A— 847 
DePauw University Bookstore and CaféOctober 10, 2025IndianapolisN/A11,974 600 
Paradise Valley Marketplace(3)
November 20, 2025PhoenixTrader Joe’s80,951 45,000 
Belle Isle StationDecember 8, 2025Oklahoma CityWalmart (shadow)196,158 45,000 
Central Texas Marketplace(3)
December 8, 2025WacoN/A429,653 81,500 
International Speedway Square(3)
December 8, 2025Daytona BeachN/A240,251 32,900 
Pavilion at King’s Grant(3)
December 8, 2025CharlotteN/A303,212 64,450 
Peoria Crossing(3)
December 8, 2025PhoenixTarget (shadow)238,004 46,500 
Portofino Shopping Center(3)
December 8, 2025HoustonWalmart (shadow)342,863 101,200 
Shops at Park Place(3)
December 8, 2025Dallas/Ft. WorthN/A137,605 30,750 
Watauga Pavilion(3)
December 8, 2025Dallas/Ft. WorthN/A205,643 26,700 
Total dispositions3,518,397 $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)
ProjectMSAKRG
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./Baltimore100%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)
ProjectMSAProject Description
CarillonWashington, D.C./BaltimorePotential of 1.2 million square feet of commercial GLA and 3,000 multifamily units for additional expansion.
Downtown CrownWashington, D.C./BaltimorePotential of 42,000 square feet of commercial GLA for additional expansion.
Edwards Multiplex – OntarioLos Angeles, CAPotential redevelopment of existing Regal Theatre.
Glendale Town CenterIndianapolis, INPotential of 200 multifamily units for additional expansion.
Hamilton Crossing Centre – Phase IIIndianapolis, INAddition of mixed-use (multifamily, office and retail) components adjacent to the Republic Airways headquarters.
Main Street PromenadeChicago, ILPotential of 16,000 square feet of commercial GLA for additional expansion.
One Loudoun HotelWashington, D.C./BaltimorePotential for 1.7 million square feet remaining following the planned approximately 170-room hotel.
One Loudoun ResidentialWashington, D.C./BaltimorePotential for approximately 1,300 multifamily units remaining following the planned 400 additional multifamily units.
The Shops at Legacy EastDallas/Ft. Worth, TXPotential 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
Texas40 7,503 $170,956 28.1%
Florida30 3,476 69,565 11.4%
Virginia7 1,307 39,553 6.5%
Maryland9 1,541 34,528 5.7%
Georgia11 1,849 31,428 5.2%
North Carolina6 1,076 25,421 4.2%
Tennessee3 580 9,459 1.6%
Oklahoma2 309 4,850 0.8%
South Carolina2 262 3,827 0.6%
Total South110 17,903 389,587 64.1%
West
Washington10 1,627 32,416 5.3%
Nevada5 846 30,131 5.0%
Arizona3 395 10,209 1.7%
Utah2 388 8,776 1.4%
California1 292 5,402 0.9%
Total West21 3,548 86,934 14.3%
Midwest
Indiana15 1,928 39,804 6.5%
Illinois7 1,222 27,422 4.5%
Michigan1 308 7,106 1.2%
Missouri1 453 4,258 0.7%
Ohio1 236 2,189 0.4%
Total Midwest25 4,147 80,779 13.3%
Northeast
New York6 748 27,157 4.5%
New Jersey4 342 12,153 2.0%
Massachusetts1 264 4,816 0.8%
Connecticut1 206 4,084 0.7%
Pennsylvania1 136 1,982 0.3%
Total Northeast13 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
TenantPrimary DBA/
Number of Stores
Number
of Stores(1)
Total
Leased
GLA(2)
ABR(3)
% of
Weighted ABR(4)
S&PMoody’s
1The TJX Companies, Inc.T.J. Maxx (16), Marshalls (12), HomeGoods (10), Homesense (5), Sierra (4), T.J. Maxx & HomeGoods combined (2)49 1,398 $15,647 2.6%AA2
2Ross Stores, Inc.Ross Dress for Less (28), dd’s DISCOUNTS (1)29 824 11,468 1.9%BBB+A2
3PetSmart, Inc.29 593 9,861 1.6%B+B2
4Best Buy Co., Inc.Best Buy (14), Pacific Sales (1)15 593 9,002 1.5%BBB+A3
5Dick’s Sporting Goods, Inc.Dick’s Sporting Goods (10), Foot Locker (3), Golf Galaxy (2)15 613 8,646 1.4%BBBBaa2
6Publix Super Markets, Inc.15 720 7,725 1.3%N/AN/A
7Gap Inc.Old Navy (22), Athleta (3), The Gap (3), Banana Republic (2)30 399 7,137 1.2%BB+Ba2
8Michaels Stores, Inc.Michaels22 483 6,096 1.0%B-B3
9The Kroger Co.Kroger (6), Harris Teeter (2),
QFC (1), Smith’s (1)		10 356 5,962 1.0%BBBBaa1
10Lowe’s Companies, Inc.6 — 5,958 1.0%BBB+Baa1
11BJ’s Wholesale Club, Inc.3 115 5,892 1.0%BB+N/A
12Ulta Beauty, Inc.24 246 5,134 0.8%N/AN/A
13Fitness International, LLCLA Fitness (4), XSport Fitness (1)5 206 5,098 0.8%BB2
14Burlington Stores, Inc.12 456 5,030 0.8%BB+N/A
15Total Wine & More12 287 4,992 0.8%N/AN/A
16Whole Foods Market, Inc.7 238 4,917 0.8%AA-A1
17The Container Store Group, Inc.7 151 4,650 0.8%N/AN/A
18Five Below, Inc.26 237 4,429 0.7%N/AN/A
19Trader Joe’s10 137 4,216 0.7%N/AN/A
20Albertsons Companies, Inc.Safeway (3), Tom Thumb (2), Jewel-Osco (1)6 281 4,198 0.7%BB+Ba1
21
Petco Health and Wellness
Company, Inc.
15 218 3,986 0.7%BB3
22Dollar Tree, Inc.24 281 3,940 0.6%BBBBaa2
23KnitWell GroupChico’s (6), Talbots (6), Ann Taylor (4), White House Black Market (4), LOFT (3), Soma (3)26 111 3,897 0.6%N/AN/A
24Sprouts Farmers Market, Inc.7 194 3,854 0.6%N/AN/A
25NYC Department of Education1 76 3,826 0.6%N/AN/A
Total Top Tenants405 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)
LeasesSq. Ft.
Prior Rent PSF(3)
New Rent PSF(4)
Cash Rent Spread
TI, LL Work,
Lease Commissions PSF(5)
New Leases – Q4 202561 373,526 35 246,708 $24.46 $29.79 21.8%
New Leases – Q3 202543 275,001 24 148,324 24.91 31.41 26.1%
New Leases – Q2 202564 342,658 38 219,271 19.65 25.80 31.3%
New Leases – Q1 202558 169,703 26 76,021 32.89 38.02 15.6%
Total226 1,160,888 123 690,324 $23.96 $29.78 24.3%$100.52 
Non-Option Renewals – Q4 202565 350,495 40 245,208 $20.83 $23.86 14.5%
Non-Option Renewals – Q3 202570 306,526 51 177,659 25.12 28.36 12.9%
Non-Option Renewals – Q2 202563 223,294 52 159,247 27.12 32.47 19.7%
Non-Option Renewals – Q1 202591 331,781 67 232,071 23.57 28.30 20.1%
Total289 1,212,096 210 814,185 $23.78 $27.79 16.9%$6.13 
Option Renewals – Q4 202538 554,221 38 554,221 $17.32 $18.40 6.2%
Option Renewals – Q3 202554 648,417 54 648,417 18.93 20.41 7.8%
Option Renewals – Q2 202543 648,679 43 648,679 12.72 13.76 8.2%
Option Renewals – Q1 202533 342,345 33 342,345 17.15 18.36 7.0%
Total168 2,193,662 168 2,193,662 $16.41 $17.62 7.4%$— 
Total – Q4 2025164 1,278,242 113 1,046,137 $19.82 $22.37 12.8%
Total – Q3 2025167 1,229,944 129 974,400 20.97 23.53 12.2%
Total – Q2 2025170 1,214,631 133 1,027,197 16.43 19.23 17.0%
Total – Q1 2025182 843,829 126 650,437 21.28 24.20 13.7%
Total683 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
2026380 852,116 720,775 118,995 $40,930 $1,493 7.0%$32.52 $15.24 $24.60 
2027542 1,168,106 2,045,496 157,140 72,096 5,354 12.7%35.02 15.16 22.38 
2028579 1,223,758 2,369,763 323,920 84,978 6,228 15.0%37.18 14.56 22.26 
2029557 1,167,579 2,595,330 185,070 85,449 3,581 14.7%36.99 15.45 22.13 
2030438 1,054,896 1,629,174 121,401 59,462 5,696 10.7%33.87 13.26 21.36 
2031322 739,740 1,572,658 245,981 54,087 3,977 9.6%36.08 14.54 21.43 
2032219 532,388 1,232,573 179,104 39,079 536 6.5%34.39 14.11 20.23 
2033202 519,194 699,678 30,589 30,851 4,156 5.8%38.67 15.59 25.42 
2034178 357,536 673,807 79,914 28,016 2,230 5.0%43.06 17.22 26.18 
2035165 381,653 770,845 49,784 27,030 899 4.6%36.63 16.40 23.10 
Beyond210 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 6Cash, cash equivalents and restricted cash$478,366 3
Lease termination income(229)6Tenant and other receivables (net of SLR)56,925 3
Non-cash revenue adjustments(4,533)Prepaid and other assets93,913 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 NOILiabilities
Remaining NOI to come online from development and redevelopment projects(2)
$2,750 13Mortgage and other indebtedness, net$(3,027,937)10
Unconsolidated Adjusted EBITDA41,240 Pro rata adjustment for joint venture debt(193,233)
Adjustments for dispositions(3)
(25,172)9Accounts 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 2Other liabilities(221,813)3
Total Adjustments36,018 
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 outstanding213,829,488 
(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
20