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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 13, 2024 
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 13, 2024, Kite Realty Group Trust (the “Company”) announced its consolidated financial results for the quarter ended December 31, 2023. 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 2023 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 13, 2024By:/s/ HEATH R. FEAR
  Heath R. Fear
  Executive Vice President and
  Chief Financial Officer
KITE REALTY GROUP, L.P.
By: Kite Realty Group Trust, its sole general partner
By:/s/ HEATH R. FEAR
Heath R. Fear
Executive Vice President and
Chief Financial Officer



Exhibit 99.1
kitelogob.jpg
PRESS RELEASE
Contact Information: Kite Realty Group Trust
Tyler Henshaw
SVP, Capital Markets & Investor Relations
317.713.7780
thenshaw@kiterealty.com
Kite Realty Group Trust Reports Fourth Quarter and Full Year 2023 Operating Results and Provides 2024 Guidance
Indianapolis, Indiana, February 13, 2024 – Kite Realty Group Trust (NYSE: KRG), a premier owner and operator of high-quality, open-air grocery-anchored neighborhood and community centers, along with vibrant mixed-use assets, reported today its operating results for the fourth quarter and year ended December 31, 2023. For the quarters ended December 31, 2023 and 2022, net income attributable to common shareholders was $8.0 million, or $0.04 per diluted share, compared to a net loss of $1.1 million, or $0.01 per diluted share, respectively. For the years ended December 31, 2023 and 2022, net income attributable to common shareholders was $47.5 million, or $0.22 per diluted share, compared to a net loss of $12.6 million, or $0.06 per diluted share, respectively.
Increased NAREIT FFO per share by 4.6% on a year-over-year basis
Leased approximately 4.9 million square feet in 2023 at 14.3% comparable blended cash leasing spreads
2023 Same Property NOI increased by 4.8% on a year-over-year basis
Increased ABR per square foot to $20.70
Subsequent to year end, issued $350 million of 5.50% senior unsecured notes due March 2034
Company provides initial 2024 outlook
“The KRG team capped off a remarkably productive year with over 380,000 square feet of new leasing volume in the fourth quarter – the highest quarterly new leasing activity in our Company’s history,” said John A. Kite, Chairman and CEO. “Our dedicated team enables us to consistently deliver outstanding results and long-term value to all stakeholders. Over the course of 2024, we will continue to operate from a position of strength with a best-in-class operating platform and balance sheet.”
Full Year 2023 Highlights
▪Generated NAREIT FFO of the Operating Partnership of $453.3 million, or $2.03 per diluted share.
▪Executed 740 new and renewal leases representing approximately 4.9 million square feet at comparable cash spreads of 14.3%.
▪Cash leasing spreads of 22.7% on a blended basis for comparable new and non-option renewal leases.
▪Executed 26 new anchor leases at a blended comparable cash leasing spread of 54.3%.
▪New anchor leasing activity included 21 different retailers and increased our percentage of annualized base rent (ABR) from properties with a grocery component to 79%.
▪Same Property Net Operating Income (NOI) increased by 4.8%.
▪Completed one acquisition for $81.0 million and closed on $142.1 million of dispositions.


Fourth Quarter 2023 Financial and Operational Results
▪Generated NAREIT FFO of the Operating Partnership of $111.1 million, or $0.50 per diluted share.
▪Same Property NOI increased by 2.8%.
▪Executed 192 new and renewal leases representing approximately 1.3 million square feet.
▪Blended cash leasing spreads of 14.5% on 147 comparable leases, including 43.0% on 28 comparable new leases, 9.2% on 60 comparable non-option renewals and 7.6% on 59 comparable option renewals.
▪Cash leasing spreads of 21.2% on a blended basis for comparable new and non-option renewal leases.
▪Executed 10 new anchor leases at a blended comparable cash leasing spread of 37.3%.
▪Anchor leasing activity included Whole Foods, Trader Joe’s, Total Wine & More, Homesense, Sierra and PGA Superstore.
▪Operating retail portfolio ABR per square foot of $20.70 at December 31, 2023, a 3.4% increase year-over-year.
▪Retail portfolio leased percentage of 93.9% at December 31, 2023, a 50-basis point increase sequentially.
▪Portfolio leased-to-occupied spread at period end of 280 basis points, which represents $31 million of signed-not-open NOI.
Fourth Quarter 2023 Capital Allocation Activity
▪As previously disclosed, sold Eastside (Dallas, TX) for $14.4 million.
▪The Company currently has two active development projects with limited future capital commitments of $30.1 million.
Fourth Quarter 2023 Balance Sheet Overview
▪As of December 31, 2023, the Company’s net debt to Adjusted EBITDA was 5.1x.
▪Subsequent to quarter end, issued $350 million of senior unsecured notes due March 1, 2034 at a fixed interest rate of 5.50%. The Company expects proceeds will be used to satisfy all 2024 debt maturities.
Dividend
On February 7, 2024, the Company’s Board of Trustees declared a first quarter 2024 dividend of $0.25 per common share, which represents a 4.2% year-over-year increase. The first quarter dividend will be paid on or about April 12, 2024, to shareholders of record as of April 5, 2024.
2024 Earnings Guidance
The Company expects to generate net income attributable to common shareholders of $0.29 to $0.35 per diluted share in 2024 and NAREIT FFO of $2.00 to $2.06 per diluted share, based, in part, on the following assumptions:
▪2024 Same Property NOI range of 1.0% to 2.0%.
▪Full-year bad debt assumption of 0.75% to 1.25% of total revenues.
The following table reconciles the Company’s 2024 net income guidance range to the Company’s 2024 NAREIT FFO guidance range:
LowHigh
Net income$0.29 $0.35 
Depreciation and amortization1.71 1.71 
NAREIT FFO$2.00 $2.06 
Earnings Conference Call
Kite Realty Group Trust will conduct a conference call to discuss its financial results on Wednesday, February 14, 2024, at 1:00 p.m. Eastern Time. A live webcast of the conference call will be available on KRG’s website at www.kiterealty.com or at the following link: KRG Fourth Quarter 2023 Webcast. The dial-in registration link is: KRG Fourth Quarter 2023 Teleconference Registration. In addition, a webcast replay link will be available on KRG’s website.


About Kite Realty Group Trust
Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust (REIT) headquartered in Indianapolis, IN that is one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use assets. The Company’s primarily grocery-anchored portfolio is located in high-growth Sun Belt and select strategic gateway markets. The combination of necessity-based grocery-anchored neighborhood and community centers, along with vibrant mixed-use assets makes the KRG portfolio an ideal mix for both retailers and consumers. Publicly listed since 2004, KRG has nearly 60 years of experience in developing, constructing and operating real estate. Using operational, investment, development, and redevelopment expertise, KRG continuously optimizes its portfolio to maximize value and return to shareholders. As of December 31, 2023, the Company owned interests in 180 U.S. open-air shopping centers and mixed-use assets, comprising approximately 28.1 million square feet of gross leasable space. For more information, please visit kiterealty.com.
Connect with KRG: LinkedIn | Twitter | 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 (the “Securities Act”) 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: our ability to deliver continued outperformance and maintain a best-in-class balance sheet; national and local 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 a potential economic slowdown or recession, 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 tenants; the competitive environment in which the Company operates, including potential oversupplies of and reduction in demand for rental space; acquisition, disposition, development and joint venture risks; property ownership and management risks, including the relative illiquidity of real estate investments, and expenses, vacancies or the inability to rent space on favorable terms or at all; the Company’s ability to maintain the Company’s status as a real estate investment trust for U.S. federal income tax purposes; potential environmental and other liabilities; impairment in the value of real estate property the Company owns; the attractiveness of our properties to tenants, the actual and perceived impact of e-commerce on the value of shopping center assets and changing demographics and customer traffic patterns; business continuity disruptions and a deterioration in our tenant’s ability to operate in affected areas or delays in the supply of products or services to us or our tenants from vendors that are needed to operate efficiently, causing costs to rise sharply and inventory to fall; risks related to our current geographical concentration of the Company’s 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 (including COVID-19), 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 short-term or long-term changes in consumer behavior due to COVID-19 and the fear of future pandemics; our ability to satisfy environmental, social or governance standards set by various constituencies; insurance costs and coverage, especially in Florida and Texas coastal areas; risks associated with cybersecurity attacks and the loss of confidential information and other business disruptions; other factors affecting the real estate industry generally; and other risks identified in reports the Company files with the Securities and Exchange Commission (“the SEC”) 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, 2022, 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 Trust
Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
 December 31,
2023		December 31,
2022
Assets:  
Investment properties, at cost$7,740,061 $7,732,573 
Less: accumulated depreciation(1,381,770)(1,161,148)
Net investment properties6,358,291 6,571,425 
Cash and cash equivalents36,413 115,799 
Tenant and other receivables, including accrued straight-line rent
of $55,482 and $44,460, respectively
113,290 101,301 
Restricted cash and escrow deposits5,017 6,171 
Deferred costs, net304,171 409,828 
Prepaid and other assets117,834 127,044 
Investments in unconsolidated subsidiaries9,062 10,414 
Total assets$6,944,078 $7,341,982 
Liabilities and Equity:  
Liabilities:
Mortgage and other indebtedness, net$2,829,202 $3,010,299 
Accounts payable and accrued expenses198,079 207,792 
Deferred revenue and other liabilities272,942 298,039 
Total liabilities3,300,223 3,516,130 
Commitments and contingencies  
Limited Partners’ interests in the Operating Partnership73,287 53,967 
Equity:  
Common shares, $0.01 par value, 490,000,000 shares authorized,
219,448,429 and 219,185,658 shares issued and outstanding at
December 31, 2023 and 2022, respectively
2,194 2,192 
Additional paid-in capital4,886,592 4,897,736 
Accumulated other comprehensive income52,435 74,344 
Accumulated deficit(1,373,083)(1,207,757)
Total shareholders’ equity3,568,138 3,766,515 
Noncontrolling interests2,430 5,370 
Total equity3,570,568 3,771,885 
Total liabilities and equity$6,944,078 $7,341,982 



Kite Realty Group Trust
Consolidated Statements of Operations
(dollars in thousands, except per share amounts)
(unaudited)
 Three Months Ended
December 31,		Year Ended
December 31,
 2023202220232022
Revenue:    
Rental income$197,257 $199,577 $810,146 $782,349 
Other property-related revenue2,521 3,176 8,492 11,108 
Fee income498 1,936 4,366 8,539 
Total revenue200,276 204,689 823,004 801,996 
Expenses:
Property operating25,768 29,659 107,958 107,217 
Real estate taxes22,093 24,144 102,426 104,589 
General, administrative and other14,342 12,883 56,142 54,860 
Merger and acquisition costs— (81)— 925 
Depreciation and amortization102,898 112,709 426,361 469,805 
Impairment charges— — 477 — 
Total expenses165,101 179,314 693,364 737,396 
Gain (loss) on sales of operating properties, net133 (57)22,601 27,069 
Operating income35,308 25,318 152,241 91,669 
Other (expense) income:
Interest expense(27,235)(26,827)(105,349)(104,276)
Income tax expense of taxable REIT subsidiary(449)(302)(533)(43)
Equity in earnings of unconsolidated subsidiaries206 312 33 256 
Other income, net334 447 1,991 240 
Net income (loss)8,164 (1,052)48,383 (12,154)
Net income attributable to noncontrolling interests(185)(74)(885)(482)
Net income (loss) attributable to common shareholders$7,979 $(1,126)$47,498 $(12,636)
Net income (loss) per common share – basic and diluted$0.04 $(0.01)$0.22 $(0.06)
Weighted average common shares outstanding – basic219,407,927 219,137,140 219,344,832 219,074,448 
Weighted average common shares outstanding – diluted219,795,602 219,137,140 219,728,283 219,074,448 


Kite Realty Group Trust
Funds From Operations (“FFO”)(1)(2)
(dollars in thousands, except per share amounts)
(unaudited)
 Three Months Ended
December 31,		Year Ended
December 31,
2023202220232022
Net income (loss)$8,164 $(1,052)$48,383 $(12,154)
Less: net income attributable to noncontrolling interests in properties(56)(88)(257)(623)
Less: (gain) loss on sales of operating properties, net(133)57 (22,601)(27,069)
Add: impairment charges— — 477 — 
Add: depreciation and amortization of consolidated and unconsolidated entities,
net of noncontrolling interests
103,119 112,925 427,335 471,086 
FFO of the Operating Partnership(1)
111,094 111,842 453,337 431,240 
Less: Limited Partners’ interests in FFO
(1,708)(1,463)(6,447)(5,395)
FFO attributable to common shareholders(1)
$109,386 $110,379 $446,890 $425,845 
FFO, as defined by NAREIT, per share of the Operating Partnership – basic$0.50 $0.50 $2.04 $1.94 
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted$0.50 $0.50 $2.03 $1.94 
FFO of the Operating Partnership(1)
$111,094 $111,842 $453,337 $431,240 
Add: merger and acquisition costs— (81)— 925 
Add (less): prior period collection impact— 189 — (2,556)
FFO, as adjusted, of the Operating Partnership$111,094 $111,950 $453,337 $429,609 
FFO, as adjusted, per share of the Operating Partnership – basic$0.50 $0.50 $2.04 $1.94 
FFO, as adjusted, per share of the Operating Partnership – diluted$0.50 $0.50 $2.03 $1.93 
Weighted average common shares outstanding – basic219,407,927 219,137,140 219,344,832 219,074,448 
Weighted average common shares outstanding – diluted219,795,602 219,763,609 219,728,283 219,710,514 
Weighted average common shares and units outstanding – basic222,827,090 222,055,880 222,514,956 221,858,084 
Weighted average common shares and units outstanding – diluted223,214,765 222,682,349 222,898,407 222,494,151 
FFO, as defined by NAREIT, per diluted share/unit
Net income (loss)$0.04 $0.00 $0.22 $(0.05)
Less: net income attributable to noncontrolling interests in properties0.00 0.00 0.00 0.00 
Less: (gain) loss on sales of operating properties, net0.00 0.00 (0.10)(0.12)
Add: impairment charges0.00 0.00 0.00 0.00 
Add: depreciation and amortization of consolidated and unconsolidated entities,
net of noncontrolling interests
0.46 0.51 1.92 2.12 
FFO, as defined by NAREIT, of the Operating Partnership per diluted share/unit(1)(2)
$0.50 $0.50 $2.04 $1.94 
Add: merger and acquisition costs0.00 0.00 0.00 0.00 
Less: prior period collection impact0.00 0.00 0.00 (0.01)
FFO, as adjusted, of the Operating Partnership per diluted share/unit(2)
$0.50 $0.50 $2.03 $1.93 
(1)“FFO of the Operating Partnership” measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.
(2)Per share/unit amounts of components will not necessarily sum to the total due to rounding to the nearest cent.
Funds From Operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of 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 flow from operating activities (calculated in accordance with GAAP) as a measure of our liquidity, and (c) is not indicative of funds available to satisfy our cash needs, including our ability to make distributions. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.


From time to time, the Company may report or provide guidance with respect to “FFO, as adjusted,” which removes the impact of certain non-recurring and non-operating transactions or other items the Company does not consider to be representative of its core operating results including, without limitation, (i) gains or losses associated with the early extinguishment of debt, (ii) gains or losses associated with litigation involving the Company that is not in the normal course of business, (iii) merger and acquisition costs, (iv) the impact on earnings from employee severance, (v) the excess of redemption value over carrying value of preferred stock redemption, and (vi) in 2022, the impact of prior period bad debt or the collection of accounts receivable previously written off (“prior period collection impact”) due to the recovery from the COVID-19 pandemic, which are not otherwise adjusted in the Company’s calculation of FFO.



Kite Realty Group Trust
Same Property Net Operating Income (“NOI”)
(dollars in thousands)
(unaudited)
 Three Months Ended December 31,Year Ended December 31,
 20232022Change20232022Change
Number of properties in same property pool for the period(1)
175 175 175 175 
Leased percentage at period end94.0 %95.4 %94.0 %95.4 %
Economic occupancy percentage at period end91.2 %92.5 %91.2 %92.5 %
Economic occupancy percentage(2)
91.3 %92.7 %92.0 %91.8 %
Minimum rent$145,532 $143,253 $579,322 $563,144 
Tenant recoveries37,385 39,160 160,323 157,979 
Bad debt reserve(1,492)(2,077)(3,203)(7,718)
Other income, net3,430 4,049 9,801 7,884 
Total revenue184,855 184,385 746,243 721,289 
Property operating(22,721)(24,756)(91,690)(90,061)
Real estate taxes(21,909)(23,261)(99,157)(101,207)
Total expenses(44,630)(48,017)(190,847)(191,268)
Same Property NOI$140,225 $136,368 2.8 %$555,396 $530,021 4.8 %
Reconciliation of Same Property NOI to most
directly comparable GAAP measure:
Net operating income – same properties$140,225 $136,368 $555,396 $530,021 
Net operating income – non-same activity(3)
11,692 12,582 52,858 51,630 
Total property NOI151,917 148,950 2.0 %608,254 581,651 4.6 %
Other income, net589 2,393 5,857 8,992 
General, administrative and other(14,342)(12,883)(56,142)(54,860)
Merger and acquisition costs— 81 — (925)
Impairment charges— — (477)— 
Depreciation and amortization(102,898)(112,709)(426,361)(469,805)
Interest expense(27,235)(26,827)(105,349)(104,276)
Gain (loss) on sales of operating properties, net133 (57)22,601 27,069 
Net income attributable to noncontrolling interests(185)(74)(885)(482)
Net income (loss) attributable to common shareholders$7,979 $(1,126)$47,498 $(12,636)
(1)Same Property NOI excludes the following: (i) properties acquired or placed in service during 2022 and 2023; (ii) the multifamily rental units and commercial portion at One Loudoun Downtown – Pads G & H; (iii) Shoppes at Quarterfield, Circle East and The Landing at Tradition – Phase II, which were reclassified from active redevelopment into our operating portfolio in June 2022, September 2022 and June 2023, respectively; (iv) two active development and redevelopment projects; (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 2022 and 2023; and (vii) office properties.
(2)Excludes leases that are signed but for which tenants have not yet commenced the payment of cash rent. Calculated as a weighted average based on the timing of cash rent commencement and expiration during the period.
(3)Includes non-cash activity across the portfolio as well as NOI from properties not included in the same property pool, including properties sold during both periods.
The Company uses property NOI, a non-GAAP financial measure, to evaluate the performance of our properties. The Company defines NOI as income from our real estate, including lease termination fees received from tenants, less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions and certain corporate level expenses, including merger and acquisition costs. The Company believes that NOI is helpful to investors as a measure of our operating performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as depreciation and amortization, interest expense, and impairment, if any.
The Company also uses same property NOI (“Same Property NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. Same Property NOI is net income excluding properties that have not been owned for the full periods presented. Same Property NOI also excludes (i) net gains from outlot sales, (ii) straight-line rent revenue, (iii) lease termination income in excess of lost rent, (iv) amortization of lease intangibles,


and (v) significant prior period expense recoveries and adjustments, if any. When the Company receives payments in excess of any accounts receivable for terminating a lease, Same Property NOI will include such excess payments as monthly rent until the earlier of the expiration of 12 months or the start date of a replacement tenant. The Company believes that Same Property NOI is helpful to investors as a measure of our operating performance because it includes only the NOI of properties that have been owned for the full periods presented. The Company believes such presentation eliminates disparities in net income due to the acquisition or disposition of properties during the particular periods presented and thus provides a more consistent metric for the comparison of our properties. Same Property NOI includes the results of properties that have been owned for the entire current and prior year reporting periods.
NOI and Same Property NOI should not, however, be considered as alternatives to net income (calculated in accordance with GAAP) as indicators 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, 2023, the same property pool excludes the following: (i) properties acquired or placed in service during 2022 and 2023; (ii) the multifamily rental units and commercial portion at One Loudoun Downtown – Pads G & H; (iii) Shoppes at Quarterfield, Circle East and The Landing at Tradition – Phase II, which were reclassified from active redevelopment into our operating portfolio in June 2022, September 2022 and June 2023, respectively; (iv) two active development and redevelopment projects; (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 2022 and 2023; and (vii) office properties.



Kite Realty Group Trust
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)
(dollars in thousands)
(unaudited)
 Three Months Ended
December 31, 2023
Net income$8,164 
Depreciation and amortization102,898 
Interest expense27,235 
Income tax expense of taxable REIT subsidiary449 
EBITDA138,746 
Unconsolidated Adjusted EBITDA828 
Gain on sales of operating properties, net(133)
Other income and expense, net(540)
Noncontrolling interests(189)
Adjusted EBITDA$138,712 
Annualized Adjusted EBITDA(1)
$554,849 
Company share of Net Debt:
Mortgage and other indebtedness, net$2,829,202 
Plus: Company share of unconsolidated joint venture debt55,911 
Less: Partner share of consolidated joint venture debt(2)
(9,849)
Less: cash, cash equivalents, and restricted cash(43,986)
Less: debt discounts, premiums and issuance costs, net(26,261)
Company share of Net Debt$2,805,017 
Net Debt to Adjusted EBITDA5.1x
(1)Represents Adjusted EBITDA for the three months ended December 31, 2023 (as shown in the table above) multiplied by four.
(2)Partner share of consolidated joint venture debt is calculated based upon the partner’s pro-rata ownership of the joint venture, multiplied by the related secured debt balance.
The Company defines EBITDA, a non-GAAP financial measure, as net income before interest expense, income tax expense of the taxable REIT subsidiary, and depreciation and amortization. For informational purposes, the Company also provides Adjusted EBITDA, which it defines as EBITDA less (i) Adjusted EBITDA from unconsolidated entities, (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
suppcoverq42023a.jpg


Kite Realty Group Trust
Quarterly Financial Supplement as of December 31, 2023
T A B L E O F C O N T E N T S
Earnings Press Release
Contact Information
Results Overview
Consolidated Balance Sheets
Consolidated Statements of Operations
Same Property Net Operating Income
Net Operating Income and Adjusted EBITDA by Quarter
Funds From Operations
Joint Venture Summary
Key Debt Metrics
Summary of Outstanding Debt
Maturity Schedule of Outstanding Debt
Acquisitions and Dispositions
Development and Redevelopment Projects
Geographic Diversification – Retail ABR by Region and State
Top 25 Tenants by ABR
Retail Leasing Spreads
Lease Expirations
Components of Net Asset Value
Non-GAAP Financial Measures


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


kitelogo.jpg
PRESS RELEASE
Contact Information: Kite Realty Group Trust
Tyler Henshaw
SVP, Capital Markets & Investor Relations
317.713.7780
thenshaw@kiterealty.com
Kite Realty Group Trust Reports Fourth Quarter and Full Year 2023 Operating Results and Provides 2024 Guidance
Indianapolis, Indiana, February 13, 2024 – Kite Realty Group Trust (NYSE: KRG), a premier owner and operator of high-quality, open-air grocery-anchored neighborhood and community centers, along with vibrant mixed-use assets, reported today its operating results for the fourth quarter and year ended December 31, 2023. For the quarters ended December 31, 2023 and 2022, net income attributable to common shareholders was $8.0 million, or $0.04 per diluted share, compared to a net loss of $1.1 million, or $0.01 per diluted share, respectively. For the years ended December 31, 2023 and 2022, net income attributable to common shareholders was $47.5 million, or $0.22 per diluted share, compared to a net loss of $12.6 million, or $0.06 per diluted share, respectively.
Increased NAREIT FFO per share by 4.6% on a year-over-year basis
Leased approximately 4.9 million square feet in 2023 at 14.3% comparable blended cash leasing spreads
2023 Same Property NOI increased by 4.8% on a year-over-year basis
Increased ABR per square foot to $20.70
Subsequent to year end, issued $350 million of 5.50% senior unsecured notes due March 2034
Company provides initial 2024 outlook
“The KRG team capped off a remarkably productive year with over 380,000 square feet of new leasing volume in the fourth quarter – the highest quarterly new leasing activity in our Company’s history,” said John A. Kite, Chairman and CEO. “Our dedicated team enables us to consistently deliver outstanding results and long-term value to all stakeholders. Over the course of 2024, we will continue to operate from a position of strength with a best-in-class operating platform and balance sheet.”
Full Year 2023 Highlights
▪Generated NAREIT FFO of the Operating Partnership of $453.3 million, or $2.03 per diluted share.
▪Executed 740 new and renewal leases representing approximately 4.9 million square feet at comparable cash spreads of 14.3%.
▪Cash leasing spreads of 22.7% on a blended basis for comparable new and non-option renewal leases.
▪Executed 26 new anchor leases at a blended comparable cash leasing spread of 54.3%.
▪New anchor leasing activity included 21 different retailers and increased our percentage of annualized base rent (ABR) from properties with a grocery component to 79%.
▪Same Property Net Operating Income (NOI) increased by 4.8%.
▪Completed one acquisition for $81.0 million and closed on $142.1 million of dispositions.
i

Fourth Quarter 2023 Financial and Operational Results
▪Generated NAREIT FFO of the Operating Partnership of $111.1 million, or $0.50 per diluted share.
▪Same Property NOI increased by 2.8%.
▪Executed 192 new and renewal leases representing approximately 1.3 million square feet.
▪Blended cash leasing spreads of 14.5% on 147 comparable leases, including 43.0% on 28 comparable new leases, 9.2% on 60 comparable non-option renewals and 7.6% on 59 comparable option renewals.
▪Cash leasing spreads of 21.2% on a blended basis for comparable new and non-option renewal leases.
▪Executed 10 new anchor leases at a blended comparable cash leasing spread of 37.3%.
▪Anchor leasing activity included Whole Foods, Trader Joe’s, Total Wine & More, Homesense, Sierra and PGA Superstore.
▪Operating retail portfolio ABR per square foot of $20.70 at December 31, 2023, a 3.4% increase year-over-year.
▪Retail portfolio leased percentage of 93.9% at December 31, 2023, a 50-basis point increase sequentially.
▪Portfolio leased-to-occupied spread at period end of 280 basis points, which represents $31 million of signed-not-open NOI.
Fourth Quarter 2023 Capital Allocation Activity
▪As previously disclosed, sold Eastside (Dallas, TX) for $14.4 million.
▪The Company currently has two active development projects with limited future capital commitments of $30.1 million.
Fourth Quarter 2023 Balance Sheet Overview
▪As of December 31, 2023, the Company’s net debt to Adjusted EBITDA was 5.1x.
▪Subsequent to quarter end, issued $350 million of senior unsecured notes due March 1, 2034 at a fixed interest rate of 5.50%. The Company expects proceeds will be used to satisfy all 2024 debt maturities.
Dividend
On February 7, 2024, the Company’s Board of Trustees declared a first quarter 2024 dividend of $0.25 per common share, which represents a 4.2% year-over-year increase. The first quarter dividend will be paid on or about April 12, 2024, to shareholders of record as of April 5, 2024.
2024 Earnings Guidance
The Company expects to generate net income attributable to common shareholders of $0.29 to $0.35 per diluted share in 2024 and NAREIT FFO of $2.00 to $2.06 per diluted share, based, in part, on the following assumptions:
▪2024 Same Property NOI range of 1.0% to 2.0%.
▪Full-year bad debt assumption of 0.75% to 1.25% of total revenues.
The following table reconciles the Company’s 2024 net income guidance range to the Company’s 2024 NAREIT FFO guidance range:
LowHigh
Net income$0.29 $0.35 
Depreciation and amortization1.71 1.71 
NAREIT FFO$2.00 $2.06 
Earnings Conference Call
Kite Realty Group Trust will conduct a conference call to discuss its financial results on Wednesday, February 14, 2024, at 1:00 p.m. Eastern Time. A live webcast of the conference call will be available on KRG’s website at www.kiterealty.com or at the following link: KRG Fourth Quarter 2023 Webcast. The dial-in registration link is: KRG Fourth Quarter 2023 Teleconference Registration. In addition, a webcast replay link will be available on KRG’s website.
ii

About Kite Realty Group Trust
Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust (REIT) headquartered in Indianapolis, IN that is one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use assets. The Company’s primarily grocery-anchored portfolio is located in high-growth Sun Belt and select strategic gateway markets. The combination of necessity-based grocery-anchored neighborhood and community centers, along with vibrant mixed-use assets makes the KRG portfolio an ideal mix for both retailers and consumers. Publicly listed since 2004, KRG has nearly 60 years of experience in developing, constructing and operating real estate. Using operational, investment, development, and redevelopment expertise, KRG continuously optimizes its portfolio to maximize value and return to shareholders. As of December 31, 2023, the Company owned interests in 180 U.S. open-air shopping centers and mixed-use assets, comprising approximately 28.1 million square feet of gross leasable space. For more information, please visit kiterealty.com.
Connect with KRG: LinkedIn | Twitter | 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 (the “Securities Act”) 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: our ability to deliver continued outperformance and maintain a best-in-class balance sheet; national and local 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 a potential economic slowdown or recession, 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 tenants; the competitive environment in which the Company operates, including potential oversupplies of and reduction in demand for rental space; acquisition, disposition, development and joint venture risks; property ownership and management risks, including the relative illiquidity of real estate investments, and expenses, vacancies or the inability to rent space on favorable terms or at all; the Company’s ability to maintain the Company’s status as a real estate investment trust for U.S. federal income tax purposes; potential environmental and other liabilities; impairment in the value of real estate property the Company owns; the attractiveness of our properties to tenants, the actual and perceived impact of e-commerce on the value of shopping center assets and changing demographics and customer traffic patterns; business continuity disruptions and a deterioration in our tenant’s ability to operate in affected areas or delays in the supply of products or services to us or our tenants from vendors that are needed to operate efficiently, causing costs to rise sharply and inventory to fall; risks related to our current geographical concentration of the Company’s 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 (including COVID-19), 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 short-term or long-term changes in consumer behavior due to COVID-19 and the fear of future pandemics; our ability to satisfy environmental, social or governance standards set by various constituencies; insurance costs and coverage, especially in Florida and Texas coastal areas; risks associated with cybersecurity attacks and the loss of confidential information and other business disruptions; other factors affecting the real estate industry generally; and other risks identified in reports the Company files with the Securities and Exchange Commission (“the SEC”) 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, 2022, and in the Company’s quarterly reports on Form 10-Q. The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
This Earnings Release also includes certain forward-looking non-GAAP information. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Please see the following pages for the corresponding definitions and reconciliations of such non-GAAP financial measures.
iii
                                


Kite Realty Group Trust
Contact Information
Corporate Office
30 South Meridian Street, Suite 1100
Indianapolis, IN 46204
(888) 577-5600
(317) 577-5600
www.kiterealty.com
Investor Relations Contact Analyst Coverage Analyst Coverage
Tyler Henshaw Robert W. Baird & Co. Jefferies LLC
Senior Vice President, Capital Markets and IR Mr. Wes Golladay Ms. Linda Tsai
(317) 713-7780(216) 737-7510(212) 778-8011
thenshaw@kiterealty.com wgolladay@rwbaird.com ltsai@jefferies.com
  
Matt Hunt Bank of America/Merrill Lynch J.P. Morgan
Director, Capital Markets and IR Mr. Jeffrey Spector/Ms. Lizzy Doykan Mr. Michael W. Mueller/Mr. Hongliang Zhang
(317) 713-7646 (646) 855-1363/(646) 855-5759 (212) 622-6689/(212) 622-6416
mhunt@kiterealty.com jeff.spector@bofa.com michael.w.mueller@jpmorgan.com/
 lizzy.doykan@bofa.com hongliang.zhang@jpmorgan.com
  
Transfer Agent Barclays KeyBanc Capital Markets
Broadridge Financial Solutions Mr. Anthony F. Powell Mr. Todd Thomas
Ms. Kristen Tartaglione (212) 526-8768 (917) 368-2286
2 Journal Square, 7th Floor anthony.powell@barclays.com tthomas@keybanccm.com
Jersey City, NJ 07306  
(201) 714-8094BTIGPiper Sandler
 Mr. Michael Gorman Mr. Alexander Goldfarb
 (212) 738-6138 (212) 466-7937
 mgorman@btig.com alexander.goldfarb@psc.com
Stock Specialist  
GTS Citigroup Global Markets Raymond James
545 Madison Avenue, 15th Floor Mr. Craig Mailman Mr. RJ Milligan
New York, NY 10022  (212) 816-4471 (727) 567-2585
(212) 715-2830 craig.mailman@citi.com rjmilligan@raymondjames.com
  
 Compass Point Research & Trading, LLC Wells Fargo
 Mr. Floris van Dijkum Mr. James Feldman/Ms. Dori Kesten
 (646) 757-2621 (212) 215-5328/(617) 603-4233
 fvandijkum@compasspointllc.com james.feldman@wellsfargo.com/
  dori.kesten@wellsfargo.com
Green Street
Ms. Paulina Rojas Schmidt
(949) 640-8780
projasschmidt@greenstreet.com
 
 
4th Quarter 2023 Supplemental Financial and Operating Statistics
1

Kite Realty Group Trust
Results Overview
(dollars in thousands, except per share and per square foot amounts)
Three Months Ended December 31,Year Ended December 31,
Summary Financial Results2023202220232022
Total revenue (page 4)$200,276 $204,689 $823,004 $801,996 
Net income (loss) attributable to common shareholders (page 4)$7,979 $(1,126)$47,498 $(12,636)
Net income (loss) per diluted share (page 4)$0.04 $(0.01)$0.22 $(0.06)
Net operating income (NOI) (page 6)$151,917 $148,950 $608,254 $581,651 
Adjusted EBITDA (page 6)$138,073 $138,003 $556,478 $535,330 
NAREIT Funds From Operations (FFO) (page 7)$111,094 $111,842 $453,337 $431,240 
NAREIT FFO per diluted share (page 7)$0.50 $0.50 $2.03 $1.94 
FFO, as adjusted (page 7)$111,094 $111,950 $453,337 $429,609 
FFO, as adjusted per diluted share (page 7)$0.50 $0.50 $2.03 $1.93 
Dividend payout ratio (as % of NAREIT FFO, as adjusted)48 %44 %47 %42 %

Three Months Ended
Summary Operating and Financial RatiosDecember 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022
NOI margin (page 6)76.2 %73.9 %74.2 %73.7 %73.7 %
NOI margin – retail (page 6)76.5 %74.4 %74.4 %74.4 %74.3 %
Same property NOI performance (page 5)2.8 %4.7 %5.7 %6.5 %6.2 %
Total property NOI performance (page 5)2.0 %3.1 %5.4 %8.0 %29.2 %
Net debt to Adjusted EBITDA, current quarter (page 9)5.1x5.1x5.0x5.3x5.2x
Recovery ratio of retail operating properties (page 6)92.2 %90.8 %87.4 %87.2 %87.0 %
Recovery ratio of consolidated portfolio (page 6)87.4 %85.9 %82.7 %85.8 %82.5 %
Outstanding Classes of Stock
Common shares and units outstanding (page 18)222,961,297 222,822,226 222,408,487 222,360,110 222,056,355 
Summary Portfolio Statistics
Number of properties
Operating retail (page 14)180 180 181 181 183 
Office and other components11 11 12 12 12 
Development and redevelopment projects (page 13)2 2 2 3 3 
Owned retail operating gross leasable area (GLA)(1) (page 14)
28.1 M28.3 M28.6 M28.5 M28.8 M
Owned office GLA1.4 M1.4 M1.6 M1.6 M1.6 M
Number of multifamily units(2)
1,672 1,672 1,672 1,672 1,672 
Percent leased – total93.7 %93.3 %93.8 %94.5 %94.4 %
Percent leased – retail93.9 %93.4 %94.1 %94.8 %94.6 %
Anchor95.5 %95.1 %96.5 %97.4 %97.0 %
Small shop90.8 %90.2 %89.4 %89.8 %90.0 %
Annualized base rent (ABR) per square foot$20.70 $20.56 $20.19 $20.04 $20.02 
Total new and renewal lease GLA (page 16)1,290,090 1,398,695 1,331,056 831,231 1,034,055 
New lease cash rent spread (page 16)43.0 %36.0 %45.5 %38.0 %22.3 %
Non-option renewal lease cash rent spread (page 16)9.2 %17.8 %11.9 %14.9 %11.3 %
Option renewal lease cash rent spread (page 16)7.6 %8.3 %8.6 %7.8 %7.1 %
Total new and renewal lease cash rent spread (page 16)14.5 %14.2 %14.8 %13.0 %11.4 %

2024 GuidanceCurrent
(as of 2/13/24)
NAREIT FFO per diluted share$2.00 to $2.06
Credit Ratings and Outlook
Fitch RatingsBBB / Stable
Moody's Investors ServicesBaa3 / Stable
Standard & Poor's Rating ServicesBBB- / Positive
(1)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.
(2)Represents the number of multifamily units that the Company has an economic interest in.
4th Quarter 2023 Supplemental Financial and Operating Statistics
2

Kite Realty Group Trust
Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
December 31,
2023		December 31,
2022
Assets:  
Investment properties, at cost$7,740,061 $7,732,573 
Less: accumulated depreciation(1,381,770)(1,161,148)
Net investment properties6,358,291 6,571,425 
Cash and cash equivalents36,413 115,799 
Tenant and other receivables, including accrued straight-line rent
of $55,482 and $44,460, respectively
113,290 101,301 
Restricted cash and escrow deposits5,017 6,171 
Deferred costs, net304,171 409,828 
Prepaid and other assets117,834 127,044 
Investments in unconsolidated subsidiaries9,062 10,414 
Total assets$6,944,078 $7,341,982 
Liabilities and Equity:  
Liabilities:
Mortgage and other indebtedness, net$2,829,202 $3,010,299 
Accounts payable and accrued expenses198,079 207,792 
Deferred revenue and other liabilities272,942 298,039 
Total liabilities3,300,223 3,516,130 
Commitments and contingencies  
Limited Partners’ interests in the Operating Partnership
73,287 53,967 
Equity:  
Common shares, $0.01 par value, 490,000,000 shares authorized,
219,448,429 and 219,185,658 shares issued and outstanding at
December 31, 2023 and 2022, respectively
2,194 2,192 
Additional paid-in capital4,886,592 4,897,736 
Accumulated other comprehensive income52,435 74,344 
Accumulated deficit(1,373,083)(1,207,757)
Total shareholders’ equity3,568,138 3,766,515 
Noncontrolling interests2,430 5,370 
Total equity3,570,568 3,771,885 
Total liabilities and equity$6,944,078 $7,341,982 

4th Quarter 2023 Supplemental Financial and Operating Statistics
3

Kite Realty Group Trust
Consolidated Statements of Operations
(dollars in thousands, except per share amounts)
(unaudited)
 Three Months Ended
December 31,		Year Ended
December 31,
 2023202220232022
Revenue:    
Rental income$197,257 $199,577 $810,146 $782,349 
Other property-related revenue2,521 3,176 8,492 11,108 
Fee income498 1,936 4,366 8,539 
Total revenue200,276 204,689 823,004 801,996 
Expenses:  
Property operating25,768 29,659 107,958 107,217 
Real estate taxes22,093 24,144 102,426 104,589 
General, administrative and other14,342 12,883 56,142 54,860 
Merger and acquisition costs— (81)— 925 
Depreciation and amortization102,898 112,709 426,361 469,805 
Impairment charges— — 477 — 
Total expenses165,101 179,314 693,364 737,396 
Gain (loss) on sales of operating properties, net133 (57)22,601 27,069 
Operating income35,308 25,318 152,241 91,669 
Other (expense) income:
Interest expense(27,235)(26,827)(105,349)(104,276)
Income tax expense of taxable REIT subsidiary(449)(302)(533)(43)
Equity in earnings of unconsolidated subsidiaries206 312 33 256 
Other income, net334 447 1,991 240 
Net income (loss)8,164 (1,052)48,383 (12,154)
Net income attributable to noncontrolling interests(185)(74)(885)(482)
Net income (loss) attributable to common shareholders$7,979 $(1,126)$47,498 $(12,636)
Net income (loss) per common share – basic and diluted$0.04 $(0.01)$0.22 $(0.06)
Weighted average common shares outstanding – basic219,407,927 219,137,140 219,344,832 219,074,448 
Weighted average common shares outstanding – diluted219,795,602 219,137,140 219,728,283 219,074,448 
4th Quarter 2023 Supplemental Financial and Operating Statistics
4


Kite Realty Group Trust
Same Property Net Operating Income (“NOI”)
(dollars in thousands)
(unaudited)
 Three Months Ended December 31,Year Ended December 31,
 20232022Change20232022Change
Number of properties in same property pool for the period(1)
175 175  175 175 
Leased percentage at period end94.0 %95.4 %94.0 %95.4 %
Economic occupancy percentage at period end91.2 %92.5 %91.2 %92.5 %
Economic occupancy percentage(2)
91.3 %92.7 %92.0 %91.8 %
Minimum rent$145,532 $143,253 $579,322 $563,144 
Tenant recoveries37,385 39,160 160,323 157,979 
Bad debt reserve(1,492)(2,077)(3,203)(7,718)
Other income, net3,430 4,049 9,801 7,884 
Total revenue184,855 184,385 746,243 721,289 
Property operating(22,721)(24,756)(91,690)(90,061)
Real estate taxes(21,909)(23,261)(99,157)(101,207)
Total expenses(44,630)(48,017)(190,847)(191,268)
Same Property NOI$140,225 $136,368 2.8 %$555,396 $530,021 4.8 %
Reconciliation of Same Property NOI to most
directly comparable GAAP measure:
Net operating income – same properties$140,225 $136,368 $555,396 $530,021 
Net operating income – non-same activity(3)
11,692 12,582 52,858 51,630 
Total property NOI151,917 148,950 2.0 %608,254 581,651 4.6 %
Other income, net589 2,393 5,857 8,992 
General, administrative and other(14,342)(12,883)(56,142)(54,860)
Merger and acquisition costs— 81 — (925)
Impairment charges— — (477)— 
Depreciation and amortization(102,898)(112,709)(426,361)(469,805)
Interest expense(27,235)(26,827)(105,349)(104,276)
Gain (loss) on sales of operating properties, net133 (57)22,601 27,069 
Net income attributable to noncontrolling interests(185)(74)(885)(482)
Net income (loss) attributable to common shareholders$7,979 $(1,126)$47,498 $(12,636)
(1)Same Property NOI excludes the following:
▪properties acquired or placed in service during 2022 and 2023;
▪the multifamily rental units and commercial portion at One Loudoun Downtown – Pads G & H;
▪Shoppes at Quarterfield, Circle East and The Landing at Tradition – Phase II, which were reclassified from active redevelopment into our operating portfolio in June 2022, September 2022 and June 2023, respectively;
▪two active development and redevelopment projects 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 2022 and 2023; and
▪office properties.
(2)Excludes leases that are signed but for which tenants have not yet commenced the payment of cash rent. Calculated as a weighted average based on the timing of cash rent commencement and expiration during the period.
(3)Includes non-cash activity across the portfolio as well as NOI from properties not included in the same property pool, including properties sold during both periods.
4th Quarter 2023 Supplemental Financial and Operating Statistics
5


Kite Realty Group Trust
Net Operating Income and Adjusted EBITDA by Quarter
(dollars in thousands)
(unaudited)
 Three Months Ended
 December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022
Revenue:      
Minimum rent(1)
$147,773 $150,126 $153,566 $149,310 $147,882 
Minimum rent – ground leases10,482 10,010 10,402 10,586 10,472 
Tenant reimbursements37,693 42,280 41,047 42,857 40,245 
Bad debt reserve(1,452)(219)(233)(1,555)(2,403)
Other property-related revenue1,995 1,737 1,251 1,106 2,202 
Overage rent 2,761 1,793 1,054 1,865 3,380 
Parking revenue, net(2)
112 21 73 121 345 
Total revenue199,364 205,748 207,160 204,290 202,123 
Expenses:     
Property operating – recoverable(3)
21,218 22,905 23,095 22,962 24,852 
Property operating – non-recoverable(3)
4,297 4,435 3,735 3,881 4,387 
Real estate taxes 21,932 26,343 26,540 26,965 23,934 
Total expenses47,447 53,683 53,370 53,808 53,173 
NOI151,917 152,065 153,790 150,482 148,950 
Other (expense) income:     
General, administrative and other(14,342)(13,917)(14,499)(13,384)(12,883)
Fee income498 1,057 1,040 1,771 1,936 
Total other (expense) income(13,844)(12,860)(13,459)(11,613)(10,947)
Adjusted EBITDA138,073 139,205 140,331 138,869 138,003 
Impairment charges— (477)— — — 
Depreciation and amortization (102,898)(105,930)(109,462)(108,071)(112,709)
Merger and acquisition costs— — — — 81 
Interest expense (27,235)(25,484)(27,205)(25,425)(26,827)
Equity in earnings (loss) of unconsolidated subsidiaries206 (47)118 (244)312 
Income tax (expense) benefit of taxable REIT subsidiary (449)(68)(45)29 (302)
Other income, net334 950 304 403 447 
Gain (loss) on sales of operating properties, net133 (5,972)28,440 — (57)
Net income (loss)8,164 2,177 32,481 5,561 (1,052)
Less: net income attributable to noncontrolling interests
(185)(107)(423)(170)(74)
Net income (loss) attributable to common shareholders$7,979 $2,070 $32,058 $5,391 $(1,126)
NOI/Revenue – Retail properties76.5 %74.4 %74.4 %74.4 %74.3 %
NOI/Revenue76.2 %73.9 %74.2 %73.7 %73.7 %
Recovery Ratios(4)
        – Retail properties92.2 %90.8 %87.4 %87.2 %87.0 %
        – Consolidated87.4 %85.9 %82.7 %85.8 %82.5 %
(1)Minimum rent includes $59,000, $262,000, $3.6 million, $0.5 million, and $144,000 of lease termination income for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023, and December 31, 2022, respectively.
(2)Parking revenue, net represents the net operating results of Eddy Street Parking Garage, Union Station Parking Garage, and Pan Am Plaza Parking Garage, which was sold on June 8, 2023.
(3)Recoverable expenses include recurring G&A expense of $3.9 million allocable to the property operations in the three months ended December 31, 2023, a portion of which is recoverable. Non-recoverable expenses primarily include ground rent, professional fees, and marketing costs.
(4)“Recovery Ratios” are computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense. Tenant reimbursements for the three months ended December 31, 2022 have been reduced by $1.4 million due to reserves for Bed Bath & Beyond Inc. real estate tax reimbursements.
4th Quarter 2023 Supplemental Financial and Operating Statistics
6



Kite Realty Group Trust
Funds From Operations (“FFO”)(1)(2)
(dollars in thousands, except per share amounts)
(unaudited)
 Three Months Ended
December 31,		Year Ended
December 31,
2023202220232022
Net income (loss)$8,164 $(1,052)$48,383 $(12,154)
Less: net income attributable to noncontrolling interests in properties(56)(88)(257)(623)
Less: (gain) loss on sales of operating properties, net(133)57 (22,601)(27,069)
Add: impairment charges— — 477 — 
Add: depreciation and amortization of consolidated and unconsolidated entities,
net of noncontrolling interests
103,119 112,925 427,335 471,086 
FFO of the Operating Partnership(1)
111,094 111,842 453,337 431,240 
Less: Limited Partners’ interests in FFO
(1,708)(1,463)(6,447)(5,395)
FFO attributable to common shareholders(1)
$109,386 $110,379 $446,890 $425,845 
FFO, as defined by NAREIT, per share of the Operating Partnership – basic$0.50 $0.50 $2.04 $1.94 
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted$0.50 $0.50 $2.03 $1.94 
FFO of the Operating Partnership(1)
$111,094 $111,842 $453,337 $431,240 
Add: merger and acquisition costs— (81)— 925 
Add (less): prior period collection impact— 189 — (2,556)
FFO, as adjusted, of the Operating Partnership$111,094 $111,950 $453,337 $429,609 
FFO, as adjusted, per share of the Operating Partnership – basic$0.50 $0.50 $2.04 $1.94 
FFO, as adjusted, per share of the Operating Partnership – diluted$0.50 $0.50 $2.03 $1.93 
Weighted average common shares outstanding – basic219,407,927 219,137,140 219,344,832 219,074,448 
Weighted average common shares outstanding – diluted219,795,602 219,763,609 219,728,283 219,710,514 
Weighted average common shares and units outstanding – basic222,827,090 222,055,880 222,514,956 221,858,084 
Weighted average common shares and units outstanding – diluted223,214,765 222,682,349 222,898,407 222,494,151 
FFO, as defined by NAREIT, per diluted share/unit
Net income (loss)$0.04 $0.00 $0.22 $(0.05)
Less: net income attributable to noncontrolling interests in properties0.00 0.00 0.00 0.00 
Less: (gain) loss on sales of operating properties, net0.00 0.00 (0.10)(0.12)
Add: impairment charges0.00 0.00 0.00 0.00 
Add: depreciation and amortization of consolidated and unconsolidated entities,
net of noncontrolling interests
0.46 0.51 1.92 2.12 
FFO, as defined by NAREIT, of the Operating Partnership per diluted share/unit(1)(2)
$0.50 $0.50 $2.04 $1.94 
Add: merger and acquisition costs0.00 0.00 0.00 0.00 
Less: prior period collection impact0.00 0.00 0.00 (0.01)
FFO, as adjusted, of the Operating Partnership per diluted share/unit(2)
$0.50 $0.50 $2.03 $1.93 
Reconciliation of FFO, as adjusted, to Adjusted Funds From Operations (“AFFO”)
FFO, as adjusted, of the Operating Partnership$111,094 $111,950 $453,337 $429,609 
Less: non-cash income adjustments5,883 7,324 28,768 27,566 
Less: maintenance capital expenditures13,514 12,687 26,869 35,608 
Less: tenant-related capital expenditures(3)
26,875 18,746 92,274 63,882 
Total Recurring AFFO of the Operating Partnership$64,822 $73,193 $305,426 $302,553 
(1)“FFO of the Operating Partnership” measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.
(2)Per share/unit amounts of components will not necessarily sum to the total due to rounding to the nearest cent.
(3)Excludes landlord work, tenant improvements and leasing commissions related to development and redevelopment projects.
4th Quarter 2023 Supplemental Financial and Operating Statistics
7


Kite Realty Group Trust
Joint Venture Summary as of December 31, 2023
(dollars in thousands)
Consolidated Investments
InvestmentsTotal Debt
Partner Economic
Ownership Interest(1)
Partner
Share of Debt		Partner Share
of Annual EBITDA
Delray Marketplace$17,000 2 %$340 $— 
One Loudoun – Pads G&H Residential95,095 10 %9,509 755 
Total$112,095 $9,849 $755 

 
Unconsolidated Investments 
InvestmentsRetail GLAMultifamily
Units		Total DebtKRG Economic
Ownership Interest		KRG Share
of Debt		KRG
Investment		KRG Share
of Quarterly
Adjusted EBITDA		KRG Share
of Quarterly
Adjusted EBITDA
Annualized
Three Property Retail
Portfolio
416,582 — $51,890 20 %$10,378 $6,550 $319 $1,276 
Glendale Center
Apartments
— 267 31,246 11.5 %3,593 — 56 224 
Embassy Suites at Eddy
Street Commons
— — 32,736 35 %11,458 — 419 1,676 
The Corner (development)24,000 285 60,965 50 %30,482 — — — 
Other investments— — — — %— 2,512 34 136 
Total440,582 552 $176,837 $55,911 $9,062 $828 $3,312 
(1)Economic ownership % represents the partner’s share of cash flow.
4th Quarter 2023 Supplemental Financial and Operating Statistics
8


Kite Realty Group Trust
Key Debt Metrics as of December 31, 2023
(dollars in thousands)
Senior Unsecured Notes Covenants
December 31,
2023
Debt Covenant
Threshold(1)
Total debt to undepreciated assets35%<60%
Secured debt to undepreciated assets2%<40%
Undepreciated unencumbered assets to unsecured debt297%>150%
Debt service coverage5.2x>1.5x
Unsecured Credit Facility Covenants
December 31,
2023
Debt Covenant
Threshold(1)
Maximum leverage34%<60%
Minimum fixed charge coverage4.3x>1.5x
Secured indebtedness2.5%<45%
Unsecured debt interest coverage4.5x>1.75x
Unsecured leverage33%<60%
Senior Unsecured Debt Ratings
Fitch RatingsBBB/Stable
Moody's Investors ServiceBaa3/Stable
Standard & Poor's Rating ServicesBBB-/Positive
Liquidity
Cash and cash equivalents$36,413 
Availability under unsecured credit facility1,100,000 
$1,136,413 
Unencumbered NOI as a % of Total NOI94 %
(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
Company's consolidated debt and share of unconsolidated debt $2,849,003 
Less: cash, cash equivalents, and restricted cash(43,986)
  $2,805,017 
Q4 2023 Adjusted EBITDA, Annualized:  
–  Consolidated Adjusted EBITDA$552,292 
–  Unconsolidated Adjusted EBITDA(1)
3,312  
– Minority interest Adjusted EBITDA(1)
(755)554,849 
Ratio of Company share of Net Debt to Adjusted EBITDA  5.1x
(1)See page 8 for details.
4th Quarter 2023 Supplemental Financial and Operating Statistics
9

Kite Realty Group Trust
Summary of Outstanding Debt as of December 31, 2023
(dollars in thousands)
Total Outstanding DebtAmount
Outstanding		RatioWeighted Average
Interest Rate		Weighted
Average Years to Maturity
Fixed rate debt(1)
$2,630,941 92 %3.98 %3.9 
Variable rate debt(2)
172,000 6 %9.15 %2.8 
Debt discounts, premiums and issuance costs, net26,261 N/AN/AN/A
Total consolidated debt2,829,202 98 %4.30 %3.9 
KRG share of unconsolidated debt 55,911 2 %6.77 %5.0 
Total$2,885,113 100 %4.35 %3.9 
Schedule of Maturities by Year
Secured Debt 
Scheduled
Principal Payments		Term
Maturities		Unsecured
Debt		Total
Consolidated Debt		Total
Unconsolidated Debt		Total Debt
Outstanding
2024$5,121 $— $269,635 $274,756 $3,875 $278,631 
20255,248 — 430,000 435,248 11,176 446,424 
20264,581 — 550,000 554,581 — 554,581 
20273,120 10,600 250,000 263,720 — 263,720 
20283,757 — 350,000 353,757 10,378 364,135 
2029 and beyond28,091 92,788 800,000 920,879 30,482 951,361 
Debt discounts, premiums and issuance costs, net— 1,042 25,219 26,261 — 26,261 
Total$49,918 $104,430 $2,674,854 $2,829,202 $55,911 $2,885,113 
(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of December 31, 2023, $820.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 1.7 years.
(2)Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of December 31, 2023, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 1.7 years.
chart-187c6bf496334d5fad6a.jpg
(a)Proceeds from the January 2024 issuance of $350.0 million aggregate principal amount of 5.50% senior unsecured notes due 2034 are expected to be used to satisfy all 2024 debt maturities.
4th Quarter 2023 Supplemental Financial and Operating Statistics
10

Kite Realty Group Trust
Maturity Schedule of Outstanding Debt as of December 31, 2023
(dollars in thousands)
Description
Interest Rate(1)
Maturity DateBalance as of
December 31, 2023		% of Total
Outstanding
Senior Unsecured Notes4.58%6/30/2024$149,635 
Unsecured Term Loan(2)
2.68%7/17/2024120,000 
2024 Debt Maturities269,635 9 %
Senior Unsecured Notes4.00%3/15/2025350,000 
Senior Unsecured Notes(3)
SOFR + 3659/10/202580,000 
2025 Debt Maturities430,000 15 %
Unsecured Term Loan(4)
2.73%7/17/2026150,000 
Senior Unsecured Notes4.08%9/30/2026100,000 
Senior Unsecured Notes4.00%10/1/2026300,000 
2026 Debt Maturities550,000 19 %
Unsecured Credit Facility(5)
SOFR + 1201/8/2027— 
Senior Unsecured Exchangeable Notes0.75%4/1/2027175,000 
Northgate North4.50%6/1/202722,361 
Delray Marketplace(6)
BSBY + 2158/4/202717,000 
Senior Unsecured Notes(3)
SOFR + 3759/10/202775,000 
2027 Debt Maturities289,361 10 %
Unsecured Term Loan(7)
5.09%10/24/2028250,000 
Senior Unsecured Notes4.24%12/28/2028100,000 
2028 Debt Maturities350,000 12 %
Senior Unsecured Notes4.82%6/28/2029100,000 
Unsecured Term Loan(8)
3.82%7/29/2029300,000 
Rampart Commons5.73%6/10/20306,529 
Senior Unsecured Notes4.75%9/15/2030400,000 
The Shoppes at Union Hill3.75%6/1/20318,988 
Nora Plaza Shops3.80%2/1/20323,333 
One Loudoun – Pads G&H Residential5.36%5/1/203395,095 
2029 and beyond Debt Maturities913,945 32 %
Debt discounts, premiums and issuance costs, net 26,261  
Total debt per consolidated balance sheet $2,829,202 98 %
KRG share of unconsolidated debt
Glendale Center ApartmentsSOFR + 2655/31/2024$3,593 
Embassy Suites at Eddy Street Commons(9)
5.03%7/1/202511,458 
Three Property Retail Portfolio4.09%7/1/202810,378 
The Corner (development)(10)
SOFR + 2861/4/203130,482 
Total KRG share of unconsolidated debt55,911 2 %
Total consolidated and KRG share of unconsolidated debt$2,885,113 
(1)At December 31, 2023, daily SOFR was 5.38%, one-month SOFR was 5.35%, three-month SOFR was 5.62%, and one-month BSBY was 5.44%.
(2)Term loan is hedged to a fixed rate of 1.58% plus a credit spread of 1.10% based on the Company’s current credit rating.
(3)Notes due 2025 are hedged to a floating rate until September 10, 2025. Notes due 2027 are hedged to a floating rate until September 10, 2025 and revert back to a fixed rate of 4.57% until maturity in 2027.
(4)Term loan is hedged to a fixed rate of 1.68% plus a credit spread of 1.05% based on the Company’s current credit rating.
(5)Assumes the Company exercises its option to extend the maturity date by one year to 2027.
(6)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.
(7)Assumes the Company exercises three one-year options to extend the maturity date to 2028. Term loan is hedged to a fixed rate of 5.09% until the initial maturity of October 24, 2025. Term loan interest rate reverts back to a floating rate of SOFR plus 2.10% beyond the initial maturity date.
(8)Term loan is hedged to a fixed rate of 2.47% through August 1, 2025. Term loan interest rate reverts back to a floating rate of SOFR from August 1, 2025 to the maturity date of July 29, 2029. In addition to the indicated rate, a credit spread of 1.35% is applicable across both time periods based on the Company’s current credit rating.
(9)Approximately $10.4 million is hedged to a fixed rate of 5.03% until June 29, 2024, and the remaining balance floats at SOFR plus 2.61%.
(10)The Corner (development) includes three loans with varying rates and maturity dates. As of December 31, 2023, the loans had a weighted average interest rate of 8.09% 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, 2023.
4th Quarter 2023 Supplemental Financial and Operating Statistics
11

Kite Realty Group Trust
Acquisitions and Dispositions
(dollars in thousands)
Acquisitions
Property NameAcquisition DateMetropolitan
Statistical Area (“MSA”)		Property TypeGLAAcquisition Price
Prestonwood PlaceSeptember 22, 2023Dallas/Fort WorthMulti-tenant retail155,975 $81,000 



Dispositions
Property NameDisposition DateMSAProperty TypeGLASales Price
Kingwood CommonsMay 8, 2023HoustonMulti-tenant retail158,172 $27,350 
Pan Am Plaza & GarageJune 8, 2023IndianapolisLand & garage— 52,025 
Reisterstown Road PlazaSeptember 11, 2023BaltimoreMulti-tenant retail & office376,683 48,250 
EastsideOctober 24, 2023Dallas/Fort WorthMulti-tenant retail & office43,640 14,425 
Total dispositions578,495 $142,050 
4th Quarter 2023 Supplemental Financial and Operating Statistics
12

Kite Realty Group Trust
Development and Redevelopment Projects
(dollars in thousands)
ProjectMSAKRG
Ownership %
Projected
Completion Date(1)
Total
Commercial GLA		Total
Multifamily Units
Total Project Costs – at KRG's Share(2)
KRG Equity
Requirement(2)
KRG
Remaining Spend		Estimated
Stabilized NOI
to KRG
Estimated
Remaining NOI
to Come Online(3)
Active Projects
Carillon MOBWashington, D.C./Baltimore100%Q4 2024126,000 — $59,700 $59,700 $30,100 $3.5M–$4.0M$1.0M–$1.5M
The Corner – IN(4)
Indianapolis, IN50%Q4 202424,000 285 31,900 — — $1.7M–$1.9M$1.7M–$1.9M
Total150,000 285 $91,600 $59,700 $30,100 $5.2M–$5.9M$2.7M–$3.4M

Future Opportunities(5)
ProjectMSAProject Description
Hamilton Crossing Centre – Phase IIIndianapolis, INAddition of mixed-use (multifamily, office and retail) components adjacent to the Republic Airways headquarters.
CarillonWashington, D.C./BaltimorePotential of 1.2 million square feet of commercial GLA and 3,000 multifamily units for additional expansion.
One Loudoun DowntownWashington, D.C./BaltimorePotential of 1.9 million square feet of commercial GLA and 1,745 multifamily units for additional expansion.
Main Street PromenadeChicago, ILPotential of 16,000 square feet of commercial GLA 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.
(1)Projected completion date represents the earlier of one year after completion of project construction or substantial occupancy of the property.
(2)Total project costs and KRG equity requirement for Carillon MOB represent costs to KRG post-merger and exclude any costs spent to date prior to the merger with RPAI.
(3)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.
(4)The Company does not have any equity requirements related to this development. Total project costs are at KRG’s share and are net of KRG’s share of a $13.5 million TIF.
(5)These opportunities are deemed potential at this time and are subject to various contingencies, many of which could be beyond the Company’s control.
4th Quarter 2023 Supplemental Financial and Operating Statistics
13

Kite Realty Group Trust
Geographic Diversification – Retail ABR by Region and State as of December 31, 2023
(dollars in thousands)
Region/State
Number of
Properties(1)
Owned
GLA/NRA(2)
Total
Weighted
Retail ABR(3)
% of
Weighted
Retail ABR(3)
South
Texas44 7,492 $153,000 26.4 %
Florida30 3,510 66,619 11.5 %
Maryland8 1,412 34,363 5.9 %
North Carolina8 1,535 32,856 5.7 %
Virginia7 1,130 31,252 5.4 %
Georgia10 1,707 26,335 4.5 %
Tennessee3 580 8,698 1.5 %
Oklahoma3 505 8,300 1.4 %
South Carolina2 262 3,551 0.6 %
Total South115 18,133 364,974 62.9 %
West
Washington10 1,661 30,606 5.3 %
Nevada5 845 28,184 4.9 %
Arizona5 726 15,829 2.7 %
California2 530 12,417 2.1 %
Utah2 388 8,062 1.4 %
Total West24 4,150 95,098 16.4 %
Midwest
Indiana15 1,636 30,753 5.3 %
Illinois8 1,163 24,736 4.3 %
Michigan1 308 6,542 1.1 %
Missouri1 453 4,048 0.7 %
Ohio1 236 2,152 0.4 %
Total Midwest26 3,796 68,231 11.8 %
Northeast
New York8 1,083 30,873 5.3 %
New Jersey4 340 11,256 1.9 %
Massachusetts1 264 4,167 0.7 %
Connecticut1 206 3,645 0.6 %
Pennsylvania1 136 1,982 0.4 %
Total Northeast15 2,029 51,923 8.9 %
Total180 28,108 $580,226 100.0 %
(1)Number of properties represents consolidated and unconsolidated retail properties.
(2)Owned GLA/NRA represents gross leasable area owned by the Company and excludes the square footage of development and redevelopment projects.
(3)Total weighted retail ABR and percent of weighted retail ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties.
4th Quarter 2023 Supplemental Financial and Operating Statistics
14

Kite Realty Group Trust
Top 25 Tenants by ABR as of December 31, 2023
(dollars in thousands, except per square foot data)
The following table includes the Company’s retail operating properties.
Credit Ratings
TenantPrimary DBA/
Number of Stores
Number
of Stores(1)
Total
Leased
GLA/NRA(2)
ABR(3)
% of
Weighted ABR(4)
S&PMoody’s
1The TJX Companies, Inc.T.J. Maxx (18), Marshalls (12), HomeGoods (11), Homesense (3), T.J. Maxx & HomeGoods combined (2), Sierra (1)47 1,378 $15,422 2.7 %AA2
2Best Buy Co., Inc.Best Buy (15), Pacific Sales (1)16 633 11,294 1.9 %BBB+A3
3Ross Stores, Inc.Ross Dress for Less (31), dd’s DISCOUNTS (1)32 908 10,833 1.9 %BBB+A2
4PetSmart, Inc.32 657 10,666 1.8 %B+B1
5Michaels Stores, Inc.Michaels28 631 8,279 1.4 %N/AN/A
6Gap Inc.Old Navy (25), The Gap (3), Athleta (3), Banana Republic (2)33 448 8,216 1.4 %BBBa3
7Dick’s Sporting Goods, Inc.Dick’s Sporting Goods (12), Golf Galaxy (1)13 625 7,893 1.4 %BBBBaa3
8Publix Super Markets, Inc.14 672 6,935 1.2 %N/AN/A
9Total Wine & More15 355 6,151 1.1 %N/AN/A
10Nordstrom, Inc.Nordstrom Rack10 307 5,882 1.0 %BB+Ba1
11The Kroger Co.Kroger (6), Harris Teeter (2),
QFC (1), Smith’s (1)		10 355 5,844 1.0 %BBBBaa1
12Lowe’s Companies, Inc.6 — 5,838 1.0 %BBB+Baa1
13BJ’s Wholesale Club, Inc.3 115 5,514 1.0 %BB+N/A
14Ulta Beauty, Inc.25 259 5,465 0.9 %N/AN/A
15Five Below, Inc.30 271 5,301 0.9 %N/AN/A
16Burlington Stores, Inc.11 515 5,298 0.9 %BB+N/A
17Albertsons Companies, Inc.Safeway (3), Jewel-Osco (2), Tom Thumb (2)7 345 5,100 0.9 %BB+Ba2
18
Petco Health And Wellness
Company, Inc.
19 266 4,990 0.9 %B+B2
19Kohl’s Corporation7 265 4,865 0.8 %BBBa2
20The Container Store Group, Inc.7 152 4,592 0.8 %BN/A
21
DSW Designer Shoe
Warehouse
16 314 4,568 0.8 %N/AN/A
22Office Depot, Inc.Office Depot (11), OfficeMax (3)14 308 4,432 0.8 %N/AN/A
23Trader Joe’s10 120 4,187 0.7 %N/AN/A
24Mattress Firm Group Inc.Mattress Firm (24), Sleepy’s (5)29 144 4,174 0.7 %B+B1
25Barnes & Noble, Inc.8 192 4,113 0.7 %N/AN/A
Total Top Tenants442 10,235 $165,852 28.6 %
(1)Number of stores represents stores at consolidated and unconsolidated properties.
(2)Total leased GLA/NRA excludes the square footage of structures located on land owned by the Company and ground-leased to tenants.
(3)ABR represents the monthly contractual rent for December 31, 2023, 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 2023 Supplemental Financial and Operating Statistics
15

Kite Realty Group Trust
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 202355 380,851 28 243,714 $14.59 $20.87 43.0 %
New Leases – Q3 202367 226,593 33 119,327 23.48 31.92 36.0 %
New Leases – Q2 202352 234,140 29 130,030 24.04 34.97 45.5 %
New Leases – Q1 202344 225,651 17 58,287 21.58 29.78 38.0 %
Total218 1,067,235 107 551,358 $19.48 $27.53 41.3 %$88.08 
Non-Option Renewals – Q4 202378 336,283 60 275,310 $23.56 $25.74 9.2 %
Non-Option Renewals – Q3 202383 329,048 68 184,884 29.22 34.41 17.8 %
Non-Option Renewals – Q2 202385 289,661 64 201,184 27.46 30.72 11.9 %
Non-Option Renewals – Q1 202364 251,380 41 158,525 21.40 24.58 14.9 %
Total310 1,206,372 233 819,903 $25.38 $28.69 13.0 %$3.09 
Option Renewals – Q4 202359 572,956 59 572,956 $17.07 $18.36 7.6 %
Option Renewals – Q3 202364 843,054 64 843,054 15.95 17.27 8.3 %
Option Renewals – Q2 202353 807,255 53 807,255 15.65 16.99 8.6 %
Option Renewals – Q1 202336 354,200 36 354,200 20.57 22.17 7.8 %
Total212 2,577,465 212 2,577,465 $16.74 $18.10 8.1 %$— 
Total – Q4 2023192 1,290,090 147 1,091,980 $18.15 $20.78 14.5 %
Total – Q3 2023214 1,398,695 165 1,147,265 18.87 21.56 14.2 %
Total – Q2 2023190 1,331,056 146 1,138,469 18.70 21.47 14.8 %
Total – Q1 2023144 831,231 94 571,012 20.90 23.62 13.0 %
Total740 4,851,072 552 3,948,726 $18.92 $21.62 14.3 %$12.94 
(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 2023 Supplemental Financial and Operating Statistics
16

Kite Realty Group Trust
Lease Expirations as of December 31, 2023
(dollars in thousands, except per square foot data)
The following table includes the Company’s operating retail properties as of December 31, 2023.
Retail Operating Portfolio
Expiring Retail GLA(2)
Expiring ABR per Sq. Ft.(3)
Number of
Expiring
Leases(1)
Shop
Tenants		Anchor
Tenants		Expiring ABR
(Pro rata)		Expiring Ground Lease ABR
(Pro rata)		% of
Total ABR
(Pro rata)		Shop
Tenants		Anchor
Tenants		Total
2024485 1,167,418 898,001 $47,440 $582 8.3 %$31.45 $12.96 $23.41 
2025498 1,157,045 2,439,120 66,465 4,748 12.3 %31.15 12.81 18.71 
2026484 1,070,288 2,203,523 64,144 4,456 11.8 %31.17 14.33 19.84 
2027527 1,197,417 2,361,375 71,216 5,979 13.3 %32.04 14.08 20.12 
2028557 1,215,924 2,814,481 84,191 6,651 15.6 %35.02 14.80 20.90 
2029388 872,995 2,488,383 65,910 2,967 11.9 %34.39 15.11 20.12 
2030166 472,579 737,328 24,657 1,566 4.5 %30.35 14.22 20.52 
2031152 413,549 614,162 23,544 2,331 4.5 %33.14 16.19 23.01 
2032169 415,594 1,003,118 28,095 328 4.9 %32.57 14.95 20.11 
2033191 501,328 709,077 28,287 3,778 5.5 %34.15 15.81 23.41 
Beyond178 326,476 1,318,471 37,164 5,727 7.4 %38.88 18.56 22.59 
3,795 8,810,613 17,587,039 $541,113 $39,113 100.0 %$32.74 $14.67 $20.70 
(1)Lease expirations table reflects rents in place as of December 31, 2023 and does not include option periods; 2024 expirations include 51 month-to-month retail tenants. This column also excludes ground leases.
(2)Expiring GLA excludes the square footage of structures located on land owned by the Company and ground-leased to tenants.
(3)ABR represents the monthly contractual rent as of December 31, 2023 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.

4th Quarter 2023 Supplemental Financial and Operating Statistics
17

Kite Realty Group Trust
Components of Net Asset Value as of December 31, 2023
(dollars in thousands)
Cash Net Operating Income (“NOI”)Page
Other Assets(1)
Page
GAAP property NOI (incl. ground lease revenue)$151,917 6Cash, cash equivalents, and restricted cash$41,430 3
Non-cash revenue adjustments(4,885)Tenant and other receivables (net of SLR)57,808 3
Other property-related revenue(1,995)6Prepaid and other assets117,834 3
Ground lease (“GL”) revenue(10,482)6
Consolidated Cash Property NOI (excl. GL)$134,555 
Annualized Consolidated Cash Property NOI
(excl. ground leases)
$538,220 
Adjustments to Normalize Annualized Cash NOILiabilities
Remaining NOI to come online from development and redevelopment projects(2)
$3,050 13Mortgage and other indebtedness, net$(2,802,941)10
Unconsolidated Adjusted EBITDA3,312 8Pro rata adjustment for joint venture debt(46,062)8
General and administrative expense allocable to property management activities included in property expenses ($3.9 million in Q4)15,600 6, note 3Accounts payable and accrued expenses(198,079)3
Total Adjustments21,962 Other liabilities(272,942)3
Projected remaining under construction development/redevelopment(3)
(30,100)13
Annualized Normalized Portfolio Cash NOI
(excl. ground leases)
$560,182 
Annualized ground lease NOI 41,928 
Total Annualized Portfolio Cash NOI(4)
$602,110 Common shares and Units outstanding222,961,297 
(1)Excludes construction in progress and entitled land held for development.
(2)Excludes the projected cash NOI and related cost from the future opportunities outlined on page 13.
(3)Remaining costs on page 13 for development projects.
(4)The above components of net asset value exclude NOI related to tenants that have signed leases but have not yet commenced paying rent as of December 31, 2023.




4th Quarter 2023 Supplemental Financial and Operating Statistics
18
                            
Kite Realty Group Trust
Non-GAAP Financial Measures
Funds from Operations
Funds From Operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of 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 flow from operating activities (calculated in accordance with GAAP) as a measure of our liquidity, and (c) is not indicative of funds available to satisfy our cash needs, including our ability to make distributions. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do. A reconciliation of net income (calculated in accordance with GAAP) to FFO is included elsewhere in this Financial Supplement.
From time to time, the Company may report or provide guidance with respect to “FFO, as adjusted,” which removes the impact of certain non-recurring and non-operating transactions or other items the Company does not consider to be representative of its core operating results including, without limitation, (i) gains or losses associated with the early extinguishment of debt, (ii) gains or losses associated with litigation involving the Company that is not in the normal course of business, (iii) merger and acquisition costs, (iv) the impact on earnings from employee severance, (v) the excess of redemption value over carrying value of preferred stock redemption, and (vi) in 2022, the impact of prior period bad debt or the collection of accounts receivable previously written off (“prior period collection impact”) due to the recovery from the COVID-19 pandemic, which are not otherwise adjusted in the Company’s calculation of FFO.
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 an alternative to net income as an indicator of the Company’s performance or as an alternative to cash flow as a measure of liquidity or the Company’s ability to make distributions. Management considers AFFO a useful supplemental measure of the Company’s performance. The Company’s computation of AFFO may differ from the methodology for calculating AFFO used by other REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net income (calculated in accordance with GAAP) to AFFO is included elsewhere in this Financial Supplement.
Net Operating Income, Cash Net Operating Income and Same Property Net Operating Income
The Company uses property net operating income (“NOI”) and cash NOI, which are non-GAAP financial measures, to evaluate the performance of our properties. The Company defines NOI and cash NOI as income from our real estate, including lease termination fees received from tenants, less our property operating expenses. NOI and cash NOI exclude amortization of capitalized tenant improvement costs and leasing commissions and certain corporate level expenses, including merger and acquisition costs. Cash NOI also excludes other property-related revenue as that activity is recurring but unpredictable in its occurrence, straight-line rent adjustments, and amortization of in-place lease liabilities, net. The Company believes that NOI and cash NOI are helpful to investors as measures of our operating performance because they exclude various items included in net income that do not relate to or are not indicative of our operating performance, such as depreciation and amortization, interest expense, and impairment, if any.
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.
4th Quarter 2023 Supplemental Financial and Operating Statistics
19

Kite Realty Group Trust
Non-GAAP Financial Measures (continued)
Net Operating Income and Same Property Net Operating Income (continued)
The Company believes that Same Property NOI is helpful to investors as a measure of our operating performance because it includes only the NOI of properties that have been owned for the full periods presented. The Company believes such presentation eliminates disparities in net income due to the acquisition or disposition of properties during the particular periods presented and thus provides a more consistent metric for the comparison of our properties. Same Property NOI includes the results of properties that have been owned for the entire current and prior year reporting periods.
NOI and Same Property NOI should not, however, be considered as alternatives to net income (calculated in accordance with GAAP) as indicators 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, 2023, the same property pool excludes the following: (i) properties acquired or placed in service during 2022 and 2023; (ii) the multifamily rental units and commercial portion at One Loudoun Downtown – Pads G & H; (iii) Shoppes at Quarterfield, Circle East and The Landing at Tradition – Phase II, which were reclassified from active redevelopment into our operating portfolio in June 2022, September 2022 and June 2023, respectively; (iv) two active development and redevelopment projects; (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 2022 and 2023; and (vii) office properties.
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 subsidiary, and depreciation and amortization. For informational purposes, the Company also provides Adjusted EBITDA, which it defines as EBITDA less (i) Adjusted EBITDA from unconsolidated entities, (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 2023 Supplemental Financial and Operating Statistics
20
v3.24.0.1
COVER PAGE
Feb. 13, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 13, 2024
Entity Registrant Name KITE REALTY GROUP TRUST
Entity Incorporation, State or Country Code MD
Entity File Number 001-32268
Entity Tax Identification Number 11-3715772
Entity Address, Address Line One 30 S. Meridian Street
Entity Address, Address Line Two Suite 1100
Entity Address, City or Town Indianapolis
Entity Address, State or Province IN
Entity Address, Postal Zip Code 46204
City Area Code (317)
Local Phone Number 577-5600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Shares, $0.01 par value per share
Trading Symbol KRG
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001286043
Amendment Flag false
Kite Realty Group, L.P.  
Entity Information [Line Items]  
Entity Registrant Name KITE REALTY GROUP, L.P.
Entity Incorporation, State or Country Code DE
Entity File Number 333-202666-01
Entity Tax Identification Number 20-1453863
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