Kite Realty Group Trust · NYSE:KRG
Kite Realty Group Trust — Q2 2025 Earnings Presentation
27 slides from Kite Realty Group Trust's earnings presentation, Jul 31, 2025
Slide 1: Investor Update Q2 2025
i. qi TE ° : 1? Kings Lake Squar. : INVESTOR UPDATE Q2 2025 Uste © 2025 Kite Realty Group | kiterealty.com
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 retail 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 ✓ Appr
Slide 4: Driven by same property NOI growth and lower than expected bad debt
2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025 Driven by same property NOI growth and lower than expected bad debt, offset by non-cash headwinds Driven by NAREIT FFO excluding the non-cash headwinds Driven by improvements in base rent and em
Slide 5: 2025 Guidance
• Same property NOI growth range of 1.50% to 2.50% Net income • Full-year credit disruption of 1.85% of total revenues at the Realized gain on sales of operating properties, net midpoint, inclusive of a 0.95% general bad debt reserve and Depreciation and amortization a 0.90% impact from anchor bankr
Slide 6: Signed-not-open pipeline increased to $31.6M
• – The signed-not-open (SNO) pipeline increased $4.1M quarter-over-quarter to $31.6M as a result of new leases signed in the second quarter of 2025, net of tenants that commenced rent in the second quarter of 2025 – Of the $31.6M SNO pipeline, 37% is from anchor tenants and 63% is from shop tenants
Slide 7: Peer Average vs KRG - 2Q'25
Peer Average KRG - 2Q'25 Peer Average KRG - 2Q'25 Peer Average KRG - 2Q'25 Peer Average KRG - 2Q'25 Note: Peer group includes AKR, BRX, FRT, KIM, PECO, and REG. Note: Source of all peer data is from 2Q 2025 supplemental disclosures, except FRT and KIM data is from 1Q 2025 supplemental disclosures. 1
Slide 8: Open-Air Supply Growth and Open-Air REIT 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 9: Shops and Anchors: Rent Bumps and Fixed CAM
• • 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 10: Recent Leasing and Properties
• 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
Slide 11: 2025 Transactions Update
2025 Transactions Update ( ») + KRG’s transaction volume increased significantly in the first half of 2025 and met our strategic criteria: Y Improve the portfolio’s cruising speed v Earnings accretive and value-enhancing Y Modest impact on net debt to EBITDA Y Reduce exposure to at-risk tenancy + We
Slide 12: 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 5.8x 5.6x 5.6x 5.5x 5.3x 5.3x KRG REG PECO BRX KIM AKR FRT Note: Source of all peer data is from 2Q 2025 suppl
Slide 13: Debt Maturity Profile
$1,000 9% $800 7% 5% $600 3% $400 1% -1% $200 -3% $- -5% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ Mortgage Debt Unsecured Debt Unsecured Term Loans Line of Credit JV Debt Wtd. Avg. Interest Rate Note: Maturity profile assumes that all loan extension options are exercised by the Company.
Slide 14: High-Quality Portfolio
Slide 15: Top 10 States
1. Source: US Census Bureau, Vintage 2024 Population Estimates from July 1, 2023 to July 1, 2024. Top 10 states include FL, TX, UT, SC, NV, IA, NC, DE, AZ, and DC.
Slide 16: Portfolio Mix and Operating Metrics
% of Q2 2025 Annualized Total Portfolio NOI % of Total Retail Square Footage % of Total Office Square Footage Small Shop Retail ABR psf Retail ABR psf Embedded Rent Escalators Number of Visitors in 2024 Retail and Office Tenant Count Residential Units (On Site)2 Hotel Rooms (On Site)2 1. Represents
Slide 17: Leasing and Redevelopment Results
• • • Count Square feet Capital / SF (TI / LL Work / Lease Commissions) Total capital ($, M) Previous tenants’ ABR New tenants’ ABR Cash lease spread Return on capital New NOI incl. NNN ($, M) For 83 Spaces National Tenants 1. Includes only comparable leases (45 of 82). 2. Represents the estimated t
Slide 18: Equity Requirement
• • • • • • 1. KRG’s equity requirement is shown net of 2 over 2 land sale net proceeds of $15.9M.
Slide 19: Retail Tenant Categories
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 Best Buy Co., Inc. Banks Pharmacy / Drug 5 Dick’s Sporting Goods, Inc. 6 Gap Inc. Full Service Restaurants Quick Service Restaurants 7 Mich
Slide 20: Composition of Retail Tenant Base
rh Composition of Retail Tenant Base KITE * 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
Slide 21: Big Names. Small Spaces.
—— Big Names. Small Spaces. Ph KITE ~ Top 50 Small Shop Tenants 99% ~770 28% 15% (< 10K Square Feet) National Brands Stores Of Small Shop ABR Of Portfolio ABR y ~ Pairing Established Small Shop Tenants With Newer Retail Concepts KEY TOP 50 SHOP TENANTS (by ABR) COISHAKE . WILLIAMS SONOMA SSSHACK Di
Slide 22: 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 23: Net Operating Income and Same Property Net Operating Income
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
Slide 24: 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 25: Appendix: Reconciliation of Same Property NOI to Net Income
rh Appendix: Reconciliation of Same Property NOI to Net Income KITE Kite Realty Group ‘Same Property Net Operating Income ("NOI") (dollars in thousands), (unaudited) “Three Months Ended June 30, ‘SixMonths Ended June 30. 2025 2024 Change 2025, 2028 _ Change igtremnsimencmeyrattee om Leased percentag
Slide 26: Appendix: NAREIT Funds from Operations
—— Appendix: NAREIT Funds from Operations KRG usted NYSE Kite Realty Group NAREIT Funds From Operations ("FFO")” (dollars in thousands, except per share amounts) (unaudited) Less/add: (gain) loss on sales of operating properties, net Less: gain on sale of unconsolidated property. net Add. impairment
Slide 27: Appendix: Reconciliation of EBITDA to Net Income
af Appendix: Reconciliation of EBITDA to Net Income MITE Kite Realty Group Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) (dollars in thousands) (unaudited) Net income $ Depreciation and amortization Interest expense Income tax expense of taxable REIT subsidiaries EBITDA U
Kite Realty Group Trust — Q2 2025 Earnings Presentation on 6ix