Kite Realty Group Trust · NYSE:KRG
Kite Realty Group Trust — Debt Investor Presentation (2026)
17 slides from Kite Realty Group Trust's debt investor presentation, 2026
Slide 1: Fixed Income Investor Update Q2 2026
Fixed Income Investor Update Q2 2026 © 2026 Kite Realty Group | kiterealty.com
Slide 2: KRG Overview
KRG Overview 165 26M 94.8% FOUNDED: 1960 KRG Operating Properties Total Owned GLA (SF) Retail Portfolio Percent Leased IPO: 2004 NYSE $5.9B $9.0B $23.41 5.1x 79% Retail Annualized Retail Wtd. ABR from Market Cap1 Enterprise Value1 Net Debt to Adjusted Base Rent (ABR) per Assets with a Grocery EBITDA
Slide 3: KRG's Strategic Advantages
KRG’s Strategic Advantages Best-in-Class Flexible and Durable High-Quality Sun Belt Operating Platform Balance Sheet Portfolio Operating margins and metrics are Low leverage with manageable near- Primarily concentrated in Sun Belt among the best in the open-air retail term maturities markets with se
Slide 4: Second Quarter Highlights
Second Quarter Highlights NET DEBT TO ADJUSTED EBITDA ABR PSF 6.9x $23.41 6.8x 1 6.7x $22.63 4.5% $21.15 CAGR $20.70 6.0x $20.02 5.9x $19.36 $18.42 $17.83 5.2x 5.1x 5.1x $16.84 4.9x $16.07 4.7x 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 2026 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 2026
Slide 5: Balance Sheet Philosophy
Balance Sheet Philosophy Net debt to Adjusted EBTIDA in the low- to-mid 5x range Fund the business in a way that is No more than 20% of transparent to debt to come due in a operations single calendar year (unencumbered NOI of at least 95% excluding JV Assets) KRG has a low leverage, unsecured, and A
Slide 6: Balance Sheet Snapshot
Balance Sheet Snapshot 5.1x 4.1x $1.2B Net Debt + Preferred / Adjusted EBITDA Debt Service Coverage Ratio Available Liquidity 4.31% 89% 86% Weighted Average Interest Rate1 Unencumbered NOI as a % of Total NOI Fixed Rate Debt1 BBB / Positive BBB / Stable Baa2 / Stable Fitch S&P Moody’s NET DEBT + PRE
Slide 7: Capital Structure and Liquidity Profile
Capital Structure and Liquidity Profile Capital Structure Fixed vs. Variable2 (% of Total Capitalization) 3.1% 0.5% 14% Equity 6.1% 6.1% Unsecured Debt - Public Bonds Unsecured Debt $9.0 Billion 19.0% Total Unsecured Term Loans 86% Enterprise Value1 65.2% JV Debt Fixed Rate Debt Variable Rate Debt M
Slide 8: Ample Covenant Coverage
Ample Covenant Coverage Debt As of As of Coverage As of June 30, As of March 31, December September As of June Unsecured Public Debt Covenants Threshold1 2026 2026 31, 2025 30, 2025 30, 2025 Total Debt to Undepreciated Assets < 60% 40% 40% 39% 39% 36% Secured Debt to Undepreciated Assets < 40% 4% 4%
Slide 9: Well-Staggered Maturity Ladder
Well-Staggered Maturity Ladder $1,000 Debt Maturity Profile as of June 30, 2026 9.00% ($ in M) We intend to use proceeds from our July 2026 $345 million exchangeable notes issuance together with cash from our recent $800 asset dispositions to repay or redeem our $400 million of remaining 2026 unsecu
Slide 10: Ratings Mismatch Relative to Peers
Ratings Mismatch Relative to Peers Net Debt + Enterprise Liquidity Unencumbered Debt Preferred / Liquidity Value (EV) as a % of Assets to Service Fitch / Moody’s / S&P EBITDA ($, B) ($, B)1 EV Unsecured Debt Coverage2 KRG BBB / Baa2 / BBB 5.1x $1.2 $9.0 13.7% 2.5x 4.1x Average – peers with higher ra
Slide 11: Fixed Income Checklist
Fixed Income Checklist ▪ Solid Sector Fundamentals ✓ Open-air retail is resilient and experiencing strong tailwinds ▪ Strong Issuer Operating Fundamentals ✓ KRG is one of the most efficient and effective operators in the space ▪ Proven Management Team ✓ “Real estate first” Management team with 75+ y
Slide 12: Disclaimer
Disclaimer Forward-Looking Statements This Investor Update, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures NET OPERATING INCOME AND SAME PROPERTY NET OPERATING INCOME The Company uses NOI, a non-GAAP financial measure, to evaluate the performance of our properties. The Company also uses total property NOI, which is defined as NOI plus net gains from outlot sales. The Company d
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures EBITDA The Company defines EBITDA, a non-GAAP financial measure, as net income before interest expense, income tax expense of the taxable REIT subsidiaries, and depreciation and amortization. For informational purposes, the Company also provides Adjusted EBITDA, which it
Slide 15: Appendix: Reconciliation of Same Property NOI to Net Income
Appendix: Reconciliation of Same Property NOI to Net Income Kite Realty Group Same Property Net Operating Income (“NOI”) (dollars in thousands) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change Number of properties in Same Property Pool for the perio
Slide 16: Appendix: NAREIT Funds from Operations
Appendix: NAREIT Funds from Operations Kite Realty Group NAREIT Funds From Operations (“FFO”)(1) (dollars in thousands, except per share amounts) (unaudited) Three Months Ended June Six Months Ended June 30, 2026 30, 2025 2026 2025 Net income $ 165,530 $ 112,599 $ 177,262 $ 136,863 Less: net income
Slide 17: Appendix: Reconciliation of EBITDA to Net Income
Appendix: Reconciliation of EBITDA to Net Income Kite Realty Group Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) (dollars in thousands) (unaudited) Three Months Ended June 30, 2026 Net income $ 165,530 Depreciation and amortization 81,604 Interest expense 31,743 Income ta
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