Kite Realty Group Trust · NYSE:KRG
Kite Realty Group Trust — Q3 2026 Earnings Presentation
26 slides from Kite Realty Group Trust's earnings presentation, October 2026
Slide 1: Investor Update Q3 2026
Investor Update Q3 2026 © 2026 Kite Realty Group | kiterealty.com
Slide 2: KRG Overview
KRG Overview 164 26M 95.3% FOUNDED: 1960 KRG Operating Properties Total Owned GLA (SF) Retail Portfolio Percent Leased IPO: 2004 NYSE $5.1B $8.2B $23.52 5.2x 79% Retail Wtd. ABR from Market Cap1 Enterprise Value1 Retail Annualized Base Net Debt to Adjusted Assets with a Grocery Rent (ABR) per SF EBI
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: Third Quarter Highlights
Third Quarter Highlights NET DEBT TO ADJUSTED EBITDA ABR PSF 6.9x $23.52 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 5.2x 5.1x $16.84 4.9x $16.07 4.7x 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026 Q
Slide 5: 2026 Guidance
2026 Guidance 2026 NAREIT AND CORE FFO GUIDANCE Key Assumptions: LOW HIGH Net income $0.88 $0.92 • Same property NOI growth range of 3.4% to 3.9% Gain on sales of operating properties, net (0.44) (0.44) • Bad debt reserve of 0.90% of total revenues at the midpoint Gain on deconsolidation of joint ve
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 – Q3’26 39% 18% 13% 28% % of Wtd. ABR – Q4’22 36% 21% 19% 22% Change in % of Wtd. ABR +300 bp
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 and has made significant improvements in achieving higher fixed rent bumps since the beginning of 2023 AVERAGE ABR GROWTH – NEW LEASES AND
Slide 8: Improving the Cruising Speed
Improving the Cruising Speed • KRG has improved its “cruising speed” by 32 basis points since the beginning of 2024 • 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, larger-format a
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 270K 58% 24% Grocer SF Added (2022 – Q3 2026) Average Ne
Slide 10: Components of Signed-Not-Open Pipeline
Components of Signed-Not-Open Pipeline • Leased-to-occupied spread at period end (360 bps) is expected to remain elevated due to strong leasing demand • The signed-not-open (SNO) pipeline increased $1.5M quarter-over-quarter to $38.8M as a result of new leases signed in the third quarter of 2026, ne
Slide 11: 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 their brick-and-mortar footprint • 15+ years of limited supply growth have resulted in record-high leased rates for open-air retail as tenant
Slide 12: Balance Sheet Snapshot
Balance Sheet Snapshot • In September, Fitch Ratings upgraded the Corporate Credit Rating of KRG to BBB+ from BBB. The Rating Outlook is Stable. • In its rating action, Fitch stated, “The upgrade reflects KRG’s sustained operational outperformance, execution of its large-scale capital recycling prog
Slide 13: Well-Staggered Maturity Ladder
Well-Staggered Maturity Ladder $1,000 Debt Maturity Profile as of September 30, 2026 0.079 ($ in M) 5.36% 4.79% $800 0.059 4.93% 4.60% 4.62% 4.60% 4.16% 0.039 $600 2.16% 20% of Total Debt Outstanding 0.019 $193 $400 $35 -0.001 $10 $645 -0.021 $300 $250 $200 $400 $350 $350 $250 -0.041 $100 $100 $4 $6
Slide 14: High-Quality Portfolio
High-Quality Portfolio One Loudoun Washington, D.C. MSA Q3 2026 INVESTOR UPDATE 14
Slide 15: Predominantly Sun Belt with Strategic Gateway Components
Predominantly Sun Belt with Strategic Gateway Components ABR Concentration Sun Belt Markets 66% Seattle – 5% Top 15 Population Growth 71% States1 Strategic Gateway Markets 23% (DC, Seattle and NYC) New York – 7% Washington, D.C. / Top 5 States (Total Wtd. ABR) Baltimore – 11% Las Vegas – 5% Texas 27
Slide 16: Portfolio Needle-Movers
Portfolio Needle-Movers Southlake Town Square – Dallas / Fort Worth, TX MSA One Loudoun – Washington, D.C. MSA Legacy West – Dallas / Fort Worth, TX MSA SOUTHLAKE TOWN KEY METRICS ONE LOUDOUN LEGACY WEST TOTAL SQUARE % of Q3 2026 Annualized Portfolio NOI 6.3% 4.0% 4.8% 15.1% % of Total Retail Square
Slide 17: 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 18 spaces representing ~482K
Slide 18: Diverse Tenant Base
Diverse Tenant Base % of TOTAL WTD. ABR STORE % OF WTD. NECESSITY-BASED RETAIL 28% TOP 15 TENANTS BY ABR COUNT1 ABR2 Grocery / Big Box Wine & Spirits 10% 1 The TJX Companies, Inc. 49 2.6% Office Supply / Electronics 5% Medical 5% 2 Ross Stores, Inc. 28 2.0% Pet Stores 3% 3 PetSmart, Inc. 27 1.5% Har
Slide 19: 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 • Anchor
Slide 20: Big Names. Small Spaces.
Big Names. Small Spaces. Top 50 Small Shop Tenants 97% ~700 28% 15% National Brands Stores Of Small Shop ABR Of Portfolio ABR (< 10K Square Feet) Pairing Established Small Shop Tenants With Newer Retail Concepts KEY TOP 50 SHOP TENANTS (by ABR) KEY NEW SHOP TENANTS RECENTLY SIGNED Q3 2026 INVESTOR U
Slide 21: 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 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures Net Operating Income, Cash Net Operating Income and Same Property Net Operating Income The Company uses net operating income (“NOI”) and cash NOI, which are non-GAAP financial measures, to evaluate the performance of our properties. The Company also uses total property NO
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Net Debt to Adjusted EBITDA The Company defines EBITDA, a non-GAAP financial measure, as net income before interest expense, income tax expense of the taxable REIT subsidiaries, and depreciation
Slide 24: 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 September 30, Nine Months Ended September 30, 2026 2025 Change 2026 2025 Change Number of properties in Same Property Pool fo
Slide 25: Appendix: NAREIT and Core Funds from Operations
Appendix: NAREIT and Core Funds from Operations Kite Realty Group NAREIT Funds From Operations (“FFO”)(1) (dollars in thousands, except per share amounts) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Net (loss) income $ (13,624) $ (16,410) $ 163,63
Slide 26: 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 September 30, 2026 Net loss $ (13,624) Depreciation and amortization 79,655 Interest expense 31,569 Incom
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