Kite Realty Group Trust · NYSE:KRG
Kite Realty Group Trust — Q4 2025 Earnings Presentation
27 slides from Kite Realty Group Trust's earnings presentation, Feb 17, 2026
Slide 1: Investor Update Q4 2025
Southlake Town Square – Dallas / Fort Worth, TX MSA INVESTOR UPDATE Q4 2025 Prestonwood Place – Dallas / Fort Worth, TX MSA © 2026 Kite Realty Group | kiterealty.com Kings Lake Square – Naples, FL MSA
Slide 2: KRG Overview
KRG Overview 1960 / 169 27M 95.1% KRG 2004 NYSE Operating Properties Total Owned GLA (SF) Retail Portfolio Percent Leased Founded / IPO $8.5B 79% $5.3B $22.63 4.9x Retail Wtd. ABR from Market Cap1 Enterprise Value1 Retail Annualized Base Net Debt to Adjusted Assets with a Rent (ABR) per SF EBITDA Gr
Slide 3: KRG's Strategic Advantages
KRG’s Strategic Advantages Best - in - Class Operating Platform ✓ Operating margins and metrics are among the best in the open-air retail sector ✓ Management team has deep experience operating open-air real estate Flexible and Durable Balance Sheet ✓ Low leverage with manageable near-term maturities
Slide 4: Fourth Quarter and Full-Year Highlights
Fourth Quarter and Full -Year Highlights NET DEBT TO ADJUSTED EBITDA ABR PSF 7.0x 6.9x 6.7x 6.8x 1 $22.63 $21.15 $20.70 6.0x $20.02 5.9x $19.36 $18.42 $17.83 5.2x 5.1x $16.84 4.9x $16.07 4.7x $15.53 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q
Slide 5: 2026 Guidance
2026 Guidance 2026 NAREIT AND CORE FFO GUIDANCE Key assumptions: LOW HIGH Net income $0.36 $0.42 • Same property NOI growth range of 2.25% to 3.25% Depreciation and amortization 1.70 1.70 • Bad debt reserve of 1.0% of total revenues at the midpoint NAREIT FFO $2.06 $2.12 • Interest expense, net of i
Slide 6: Diverse Portfolio of Durable Cash Flow
Diverse Portfolio of Durable Cash Flow Neighborhood Centers & Regional Community Local Community Centers Centers Power Centers Lifestyle / Mixed - Use (< 200,000 Owned GLA) ( ≥ 200,000 Owned GLA) % of Wtd . ABR – Q4’25 39% 19% 14% 27% % of Wtd . ABR – Q4’22 36% 21% 19% 22% Change in % of Wtd . ABR +
Slide 7: Growth-Focused Leasing Results
Growth - Focused Leasing Results • Given the favorable supply - demand dynamic for open - air retail, KRG is focused on improving our long - term embedded growth profile by increasing efforts to implement higher fixed rent bumps • Since the beginning of 2023, KRG has made significant improvements co
Slide 8: Improving the Cruising Speed
Improving the Cruising Speed • KRG has improved its “cruising speed” by 24 basis points over the past 24 months • KRG’s cruising speed is expected to further improve as we continue to build in higher escalators in new and non - option renewal leases and recycle out of lower growth, large - format as
Slide 9: Grocer Demand Across the Portfolio
Grocer Demand Across the Portfolio • Strong grocer demand in KRG’s portfolio has allowed us to increase our percentage of weighted ABR generated from centers with a grocery component to 79% at strong rent spreads and healthy returns on capital 212K 56% 20% Grocer SF Added (2022 – Q4 2025) Average Ne
Slide 10: Components of Signed-Not-Open Pipeline
Components of Signed - Not - Open Pipeline • Leased - to - occupied spread at period end (340 bps) expected to remain elevated due to strong leasing demand – The signed-not-open (SNO) pipeline increased $2.4M quarter-over-quarter to $37.0M as a result of new leases signed in the fourth quarter of 20
Slide 11: Highly Efficient Operators
Highly Efficient Operators 1 RETAIL NOI MARGIN RETAIL RECOVERY RATIO 74.5% 91.4% 70.7% 77.3% Peer Average KRG - FY 2025 Peer Average KRG - FY 2025 BLENDED CASH SPREADS (TTM) G&A AS A % OF TOTAL REVENUE 13.8% 7.1% 12.6% 6.6% Peer Average KRG - FY 2025 Peer Average KRG - FY 2025 Note: Peer group inclu
Slide 12: Reappreciation of Open-Air Retail
Reappreciation of Open -Air Retail • Declining retail supply in the U.S. has been a driver for retail leased rates as retailers have realized the importance of th eir brick - and - mortar footprint • Nearly 15 years of limited supply growth has resulted in record - high leased rates for open - air r
Slide 13: Balance Sheet Snapshot
Balance Sheet Snapshot 4.9x 4.2x $1.0B Net Debt + Preferred / Adjusted EBITDA Debt Service Coverage Ratio Available Liquidity 4.35% 89% 84% 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 14: Well-Staggered Maturity Ladder
Well - Staggered Maturity Ladder $1,000 Debt Maturity Profile as of December 31, 2025 9% ($ in M) $800 7% 5.19% 5.36% 4.93% 4.57% 4.61% 4.60% 5% 4.02% 4.04% $600 2.26% 3% 15% of Total Debt Outstanding $85 $193 $400 1% $10 -1% $300 $250 $200 $400 $400 $350 $350 $250 $300 -3% $100 $100 $95 $- $33 $5 $
Slide 15: High-Quality Portfolio
High - Quality Portfolio DELRAY MARKETPLACE MIAMI, FL MSA
Slide 16: Predominantly Sun Belt with Strategic Gateway Components
Predominantly Sun Belt with Strategic Gateway Components ABR Concentration 67% Sun Belt Markets 69% Top 10 Population Growth States 1 Seattle – 5% Strategic Gateway Markets 22% (DC, Seattle and NYC) Top 5 States (Total Wtd . ABR) New York – 6% Texas 28% Washington, D.C. / Baltimore – 11% Florida 11%
Slide 17: Portfolio Needle-Movers
Portfolio Needle - Movers SOUTHLAKE ONE LEGACY KEY METRICS TOWN TOTAL LOUDOUN WEST SQUARE % of Q4 2025 Annualized Portfolio NOI 6.4% 4.2% 4.1% 14.7% Legacy West – Dallas / Fort Worth, TX MSA % of Total Retail Square Footage 2.6% 1.3% 1.4% 5.3% % of Total Office Square Footage 12.0% 9.9% 22.6% 44.5%
Slide 18: Anchor Leasing Update
Anchor Leasing Update Solid Returns & Stronger Tenants • Strong risk - adjusted returns provide opportunity for outsized organic NOI growth RECENT ACTIVITY • Additional value creation at properties due to new, stronger tenants • Existing available anchor inventory includes 21 spaces representing ~54
Slide 19: Diverse Tenant Base
Diverse Tenant Base % of TOTAL WTD. ABR STORE % OF WTD. NECESSITY - BASED RETAIL 27% TOP 15 TENANTS BY ABR 1 COUNT ABR 2 Grocery / Big Box Wine & Spirits 10% 1 The TJX Companies, Inc. 49 2.6% Office Supply / Electronics 5% Medical 4% 2 Ross Stores, Inc. 29 1.9% Pet Stores 3% 3 PetSmart, Inc. 29 1.6%
Slide 20: Composition of Retail Tenant Base
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 tenants TOTAL PO
Slide 21: Big Names. Small Spaces.
Big Names. Small Spaces. Top 50 Small Shop Tenants 98% ~700 29% 14% (< 10K Square Feet) National Brands Stores Of Small Shop ABR Of Portfolio ABR Pairing Established Small Shop Tenants With Newer Retail Concepts KEY TOP 50 SHOP TENANTS (by ABR) KEY NEW SHOP TENANTS RECENTLY SIGNED Q4 2025 INVESTOR U
Slide 22: 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 23: 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
Slide 24: Non-GAAP Financial Measures
Non - GAAP Financial Measures NAREIT FUNDS FROM OPERATIONS NAREIT Funds From Operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of our operating performance. The Company calculates FFO, a non- GAAP financial measure, in ac
Slide 25: Appendix: Reconciliation of Same Property NOI to Net Income
Appendix: Reconciliation of Same Property NOI to Net Income Q4 2025 INVESTOR UPDATE 25
Slide 26: Appendix: NAREIT Funds from Operations
Appendix: NAREIT Funds from Operations Q4 2025 INVESTOR UPDATE 26
Slide 27: Appendix: Reconciliation of EBITDA to Net Income
Appendix: Reconciliation of EBITDA to Net Income Q4 2025 INVESTOR UPDATE 27
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