Kite Realty Group Trust · NYSE:KRG
Kite Realty Group Trust — Q3 2025 Earnings Presentation
26 slides from Kite Realty Group Trust's earnings presentation, Oct 30, 2025
Slide 1: KITE Investor Update Q3 2025
KITE: INVESTOR UPDATE Q3 2025 Southlake Town Square - Dallas / Fort Worth, TX MSA Usted © 2025 Kite Realty Group | kiterealty.com Avondale Plaza - Seattle, WA MSA.
Slide 2: Retail Portfolio
Retail Portfolio Operating Properties Total Owned GLA (SF) NYSE Percent Leased Founded / IPO Retail Wtd. ABR from Market Cap1 Enterprise Value1 Retail Annualized Base Net Debt to Adjusted Assets with a Rent (ABR) per SF EBITDA Grocery Component2 S&P Moody’s Fitch Wtd. ABR in Sun Belt Multifamily Uni
Slide 3: Operating margins and metrics are among the best in the open-air sector
✓ Operating margins and metrics are among the best in the open-air retail sector ✓ Management team has deep experience operating open-air real estate ✓ Low leverage with manageable near-term maturities ✓ Investment-grade balance sheet with a BBB rating from S&P and a Baa2 rating from Moody’s ✓ Appro
Slide 4: Q3 2025 results highlights
2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 Driven by same property NOI growth and a land sale gain Driven by NAREIT FFO excluding non-cash items Driven by improvements in base rent and embedded rent bumps Strong quarterly leasing volume,
Slide 5: 2025 guidance
Net income • Same property NOI growth range of 2.25% to 2.75% Realized gain on sales of operating properties, net • Full-year credit disruption of 1.85% of total revenues at the Impairment charges midpoint, inclusive of a 0.95% general bad debt reserve and Depreciation and amortization a 0.90% impac
Slide 6: Pelham Manor Shopping Plaza, Eastgate Pavilion and other acquisitions
• Pelham Manor Shopping Plaza Community Eastgate Pavilion Power Fort Evans Plaza II Community Gateway Plaza Power Lithia Crossing Neighborhood Huebner Oaks Lifestyle / Mixed-Use Woodinville Plaza Community Toringdon Market Neighborhood Centennial Center Power
Slide 7: Shops and Anchors
• • Shops (< 10K Square Feet) Anchors (> 10K Square Feet) Total Fixed Rent Bumps Greater Than or Equal to 3% (% of Lease Count) Fixed CAM (% of Lease Count) Greater Than or Equal to 3.0% Greater Than or Equal to 3.5% Greater Than or Equal to 4.0%
Slide 8: Signed-not-open pipeline increased $3.0M to $34.6M
• – The signed-not-open (SNO) pipeline increased $3.0M quarter-over-quarter to $34.6M as a result of new leases signed in the third quarter of 2025, net of tenants that commenced rent in the third quarter of 2025 – Of the $34.6M SNO pipeline, 41% is from anchor tenants and 59% is from shop tenants –
Slide 9: KRG versus peer average
Peer Average KRG - 3Q'25 Peer Average KRG - 3Q'25 Peer Average KRG - 3Q'25 Peer Average KRG - 3Q'25 Note: Peer group includes AKR, BRX, FRT, KIM, PECO, and REG. Note: Source of all peer data is from 3Q 2025 supplemental disclosures, except FRT and KIM data is from 2Q 2025 supplemental disclosures. 1
Slide 10: Open-Air Supply Growth and Leased %
• • Open-Air Supply Growth % Open-Air REIT Leased % 3.0% 97% 96% 2.5% 95% 2.0% 94% 93% 1.5% 92% 1.0% 91% 90% 0.5% 89% 0.0% 88% '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Source: Green Street and open-air REIT company filings from 2005 – 2024 including AKR, BRX, C
Slide 11: Net Debt + Preferred / Adjusted EBITDA
Net Debt + Preferred / Adjusted EBITDA Debt Service Coverage Ratio Available Liquidity Weighted Average Interest Rate1 Unencumbered NOI as a % of Total NOI Fixed Rate Debt Fitch S&P Moody’s 5.6x 5.6x 5.3x 5.3x 5.1x 5.0x KRG AKR FRT REG PECO BRX KIM Note: Source of all peer data is from 3Q 2025 suppl
Slide 12: Debt maturity profile
$1,000 9% $800 7% 5% $600 3% $400 1% -1% $200 -3% $- -5% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ Mortgage Debt Unsecured Debt Unsecured Term Loans Line of Credit JV Debt Wtd. Avg. Interest Rate Note: Maturity profile assumes that all loan extension options are exercised by the Company.
Slide 13: High-Quality Portfolio
Slide 14: US Census Bureau population estimates
1. Source: US Census Bureau, Vintage 2024 Population Estimates from July 1, 2023 to July 1, 2024. Top 10 states include FL, TX, UT, SC, NV, IA, NC, DE, AZ, and DC.
Slide 15: % of Q3 2025 Annualized Total Portfolio NOI
% of Q3 2025 Annualized Total Portfolio NOI % of Total Retail Square Footage % of Total Office Square Footage Small Shop Retail ABR psf Retail ABR psf Embedded Rent Escalators Number of Visitors in 2024 Retail and Office Tenant Count Residential Units (On Site)2 Hotel Rooms (On Site)2 1. Represents
Slide 16: Capital / SF and Return on Capital
• • • Count Square feet Capital / SF (TI / LL Work / Lease Commissions) Total capital ($, M) Previous tenants’ ABR New tenants’ ABR Cash lease spread Return on capital New NOI incl. NNN ($, M) For 90 Spaces National Tenants 1. Includes only comparable leases (49 of 90). 2. Represents the estimated t
Slide 17: KRG's equity requirement is shown net of land sale proceeds
• • • • • • 1. KRG’s equity requirement is shown net of 2 over 2 land sale net proceeds of $15.9M.
Slide 18: Retail Tenant Categories and Brands
Grocery / Big Box Wine & Spirits 1 The TJX Companies, Inc. Office Supply / Electronics Medical 2 Ross Stores, Inc. Pet Stores 3 PetSmart, Inc. Hardware / Auto 4 Dick’s Sporting Goods, Inc. Banks Pharmacy / Drug 5 Best Buy Co., Inc. 6 Gap Inc. Full Service Restaurants Quick Service Restaurants 7 Mich
Slide 19: Composition of Retail Tenant Base
Ph KITE —— Composition of Retail Tenant Base + Diverse and balanced tenant mix provides strong durability in KRG’s cash flow + Anchor revenue stream predominantly composed of grocers and discount retailers * Shop composition includes a strong mix of restaurants, apparel, and beauty & cosmetics tenan
Slide 20: Big Names. Small Spaces.
—— Big Names. Small Spaces. Ph KITE ~ Top 50 Small Shop Tenants 98% ~760 29% 15% (< 10K Square Feet) National Brands Stores Of Small Shop ABR Of Portfolio ABR SJ ~ Pairing Established Small Shop Tenants With Newer Retail Concepts KEY TOP 50 SHOP TENANTS (by ABR) S2ISHAKE . WILLIAMS SONOMA SSSHACK ke
Slide 21: Forward-Looking Statements
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. Such statem
Slide 22: Net Operating Income and Same Property NOI
NET OPERATING INCOME AND SAME PROPERTY NET OPERATING INCOME The Company uses net operating income (“NOI”) and cash NOI, which are non-GAAP financial measures, to evaluate the performance of our properties. The Company also uses total property NOI, which is defined as NOI plus net gains from outlot s
Slide 23: NAREIT Funds From Operations
NAREIT FUNDS FROM OPERATIONS NAREIT Funds From Operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of our operating performance. The Company calculates FFO, a non- GAAP financial measure, in accordance with the best practic
Slide 24: Appendix: Reconciliation of Same Property NOI to Net Income
rh Appendix: Reconciliation of Same Property NOI to Net Income MITE Kite Realty Group ‘Same Property Net Operating Income (“NOI”) (dollarsiin thousands) (unaudited) “Three Months Ended 30, [Nine Months Ended: 30, "2025 2024 Change: 2025 72028 Change "Number of properties in Same Property Pool for th
Slide 25: Appendix: NAREIT Funds from Operations
—— Appendix: NAREIT Funds from Operations KRG NYSE Kite Realty Group NAREIT Funds From Operations (“FFO”) (dollars in thousands, except per share amounts) (unaudited) Net (loss) income Less: net income attributable to noncontralling interests in properties Less/add: (gain) loss on sales of operating
Slide 26: Appendix: Reconciliation of EBITDA to Net Income
—— Appendix: Reconciliation of EBITDA to Net Income KRG NYSE Kite Realty Group Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) (dollars in thousands) (unaudited) Three Months Ended September 30,2025 _ Netloss $ (16,410) Depreciation and amortization 89,370 Interest expense
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