Kite Realty Q3 revenue falls to $190M; loss narrows

Q: What assumptions support KRG’s 2026 FFO and NOI outlook?

The outlook assumes Same Property NOI growth of 3.40% to 3.90%, a bad debt reserve of 0.90% of total revenues at the midpoint, and net interest expense, excluding unconsolidated joint ventures, of $116.4 million at the midpoint.

Q: When will KRG pay its fourth-quarter 2026 dividend?

The $0.29 per common share dividend is payable on or about January 15, 2027, to shareholders of record January 9, 2027.

KRG raised its 2026 FFO guidance floor to $2.08 per diluted share and declared a $0.29 fourth-quarter dividend.

Accepted by SEC EDGAR 10/30/2026 - 06:47 AM EDT

Filing Impact

(High)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

Kite Realty Group Trust (KRG) reported third-quarter revenue of $190.3 million versus $205.0 million a year earlier and a $13.3 million net loss attributable to common shareholders versus $16.2 million. Nine-month net income attributable to common shareholders was $159.4 million versus $117.8 million. Same Property NOI rose 3.6%; Core FFO and NAREIT FFO were $0.52 and $0.53 per diluted share.

KRG raised 2026 Core and NAREIT FFO guidance to $2.08–$2.12 per diluted share from $2.06–$2.12; Same Property NOI growth guidance is 3.40%–3.90%, versus 3.00%–4.00%. It executed 160 leases covering approximately 1.2 million square feet, with a $38.8 million signed-not-open NOI pipeline. Fitch upgraded its corporate credit rating to BBB+ from BBB. The board declared a $0.29 fourth-quarter dividend, payable on or about January 15, 2027, to shareholders of record January 9, 2027.

KRG repurchased approximately 2.4 million common shares for $63.4 million, acquired the fee interest in Pelham Manor land for $52.0 million, and sold Tysons Corner for $25.9 million; it sold Carillon for $33.2 million after quarter-end. The operating partnership issued $345 million of 3.25% exchangeable notes due 2032, using most proceeds and disposition cash to redeem $300 million of 4.00% notes, and repaid $100 million of 4.08% notes at maturity.

3 points · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 1 point

How the balance works

Positive

Moderate pointNine-month common-shareholder net income rose to $159.4 million from $117.8 million.
Moderate pointFitch upgraded KRG’s corporate credit rating to BBB+ from BBB.
Minor pointDeclared 2026 dividends increased 5.5% year over year to $1.16 per common share.

Negative

Moderate pointQuarterly revenue decreased to $190.3 million from $205.0 million.

Filing Explained

At September 30, KRG reported $2,914,028 thousand of company-share net debt and a 5.2x net-debt-to-Adjusted-EBITDA ratio.

For the completed third quarter, KRG reports 197,966,711 common shares issued and outstanding at September 30, 2026, versus 208,979,900 at December 31, 2025; the reported share count is lower.

The release also reports that KRG repurchased approximately 22.0 million common shares in 2025 and through October 30, 2026, for $539.1 million.

The company defines its net-debt ratio as its share of net debt divided by annualized Adjusted EBITDA, and says Adjusted EBITDA does not represent cash generated from operating activities under GAAP.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Total revenue: $190.3 million Net loss attributable to common shareholders: $13.3 million loss Net income attributable to common shareholders: $159.4 million +5 more

8 metrics

Total revenue $190.3 million Third quarter 2026; $205.0 million in third quarter 2025

Net loss attributable to common shareholders $13.3 million loss Third quarter 2026; $16.2 million loss in third quarter 2025

Net income attributable to common shareholders $159.4 million Nine months ended September 30, 2026; $117.8 million in 2025

Same Property NOI growth 3.6% Third quarter 2026

Core FFO per diluted share $0.52 Third quarter 2026

2026 Core FFO and NAREIT FFO guidance $2.08 to $2.12 per diluted share 2026 guidance range

Net debt to Adjusted EBITDA 5.2x As of September 30, 2026

Fourth-quarter dividend $0.29 per common share Declared October 29, 2026

Key Terms

Same Property NOI, Core FFO, NAREIT FFO, exchangeable senior notes, +2 more

6 terms

Same Property NOI financial

"Same Property NOI increased by 3.6%."

Same property NOI is the net operating income—rental and other property revenue minus regular operating costs—for only those real estate assets that a company owned and operated in both the current and prior comparison periods. Think of it like comparing sales at the same retail stores before and after a season to judge whether individual locations are healthier, excluding effects from buying or selling properties. Investors use it to gauge organic property performance and management effectiveness without growth-related noise.

Core FFO financial

"Generated Core FFO of the Operating Partnership"

Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.

NAREIT FFO financial

"Generated NAREIT FFO of the Operating Partnership"

NAREIT FFO is a standardized measure of operating performance for real estate companies that starts with net income, removes gains or losses from property sales, and adds back depreciation and amortization tied to real estate. Investors use it like a clearer view of recurring cash-earning ability—similar to checking a store’s everyday sales rather than one‑time clearance events—so it helps compare profitability and dividend capacity across property firms.

exchangeable senior notes financial

"$345 million of 3.25% exchangeable senior notes due 2032"

Exchangeable senior notes are loans a company issues that promise regular interest payments and have priority over other debts, but can be swapped by the holder for shares of a different company. Think of it as lending money with an option to trade the loan for someone else’s stock; investors weigh the steady income and higher repayment priority against the chance of receiving shares that dilute ownership or fluctuate in value. These features affect a company’s credit risk, potential dilution, and appeal to different investors.

capped call transactions financial

"entered into capped call transactions with an initial cap of $41.91 per share"

Capped call transactions are agreements where investors buy options that give them the chance to benefit if a stock's price goes up, but with a limit on how much they can gain. This helps protect them from paying too much if the stock's price rises a lot, similar to having a maximum limit on a reward. They matter because they help investors manage risk while still allowing some upside potential.

signed-not-open NOI pipeline financial

"Increased signed-not-open NOI pipeline to approximately $38.8 million"

Earnings Snapshot

Total revenue: $190.3 million · Guidance included

Third quarter 2026

Total revenue $190.3 million Compared with $205.0 million in third quarter 2025

Net loss attributable to common shareholders $13.3 million loss Compared with $16.2 million loss in third quarter 2025

NAREIT FFO of the Operating Partnership $107.9 million Compared with $118.8 million in third quarter 2025

Guidance

2026 net income of $0.88 to $0.92 per diluted share; Core FFO and NAREIT FFO of $2.08 to $2.12 per diluted share; Same Property NOI growth of 3.40% to 3.90%.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What assumptions support KRG’s 2026 FFO and NOI outlook?

The outlook assumes Same Property NOI growth of 3.40% to 3.90%, a bad debt reserve of 0.90% of total revenues at the midpoint, and net interest expense, excluding unconsolidated joint ventures, of $116.4 million at the midpoint.

When will KRG pay its fourth-quarter 2026 dividend?

The $0.29 per common share dividend is payable on or about January 15, 2027, to shareholders of record January 9, 2027.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 30, 2026

KITE REALTY GROUP TRUST

KITE REALTY GROUP, L.P.

(Exact name of registrant as specified in its charter)


Maryland	001-32268	11-3715772
Delaware	333-202666-01	20-1453863
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

30 S. Meridian Street, Suite 1100, Indianapolis, IN 46204

(Address of principal executive offices) (Zip Code)

(317) 577-5600

(Registrant’s telephone number including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Shares, $0.01 par value per share

KRG

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 30, 2026, Kite Realty Group Trust (the “Company”) announced its consolidated financial results for the quarter ended September 30, 2026. A copy of the Company’s press release is furnished as Exhibit 99.1 to this current report on Form 8-K. A copy of the Company’s Third Quarter 2026 Supplemental Disclosure is furnished as Exhibit 99.2 to this current report on Form 8-K. The information contained in Item 2.02 of this current report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits


Exhibit No.						Description

99.1						Kite Realty Group Trust Press Release dated October 30, 2026

99.2						Kite Realty Group Trust Third Quarter 2026 Supplemental Disclosure

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	KITE REALTY GROUP TRUST

Date: October 30, 2026	By:	/s/ HEATH R. FEAR

		Heath R. Fear
		President and Chief Financial Officer


	KITE REALTY GROUP, L.P.
	By: Kite Realty Group Trust, its sole general partner

Date: October 30, 2026	By:	/s/ HEATH R. FEAR

		Heath R. Fear
		President and Chief Financial Officer


						Exhibit 99.1

PRESS RELEASE

Contact Information: Kite Realty Group

Cooper Clark

VP, Capital Markets & Investor Relations

773.980.0213

coclark@kiterealty.com

Kite Realty Group Reports Third Quarter 2026 Operating Results

Indianapolis, Indiana, October 30, 2026 – Kite Realty Group (NYSE: KRG), a premier owner and operator of high-quality, open-air grocery-anchored shopping centers and vibrant mixed-use assets, reported today its operating results for the third quarter ended September 30, 2026. For the quarters ended September 30, 2026 and 2025, net loss attributable to common shareholders was $13.3 million, or $0.07 per diluted share, compared to $16.2 million, or $0.07 per diluted share, respectively. For the nine months ended September 30, 2026 and 2025, net income attributable to common shareholders was $159.4 million, or $0.78 per diluted share, compared to $117.8 million, or $0.54 per diluted share, respectively.

Company raises 2026 FFO and Same Property NOI guidance ranges

Executed over 1.2 million square feet of leasing volume

Increased signed-not-open NOI pipeline to approximately $38.8 million

Received a credit rating upgrade to BBB+ from Fitch Ratings

“Third quarter results reflect exceptional tenant demand, the quality of our portfolio, and disciplined capital allocation,” said John A. Kite, Chairman and Chief Executive Officer. “We delivered 3.6% Same Property NOI growth and executed over 1.2 million square feet of leasing, including comparable blended lease spreads of 14.6%. This strong leasing volume increased our signed-not-open NOI pipeline to nearly $39 million and boosted our leased-to-occupied spread to an all-time high of 360 basis points. We continued to advance our capital allocation initiatives during the quarter while earning a BBB+ credit rating upgrade from Fitch, further validating the strength of our portfolio and balance sheet.”

Third Quarter 2026 Financial and Operational Results

▪Generated Core FFO of the Operating Partnership of $107.0 million, or $0.52 per diluted share.

▪Generated NAREIT FFO of the Operating Partnership of $107.9 million, or $0.53 per diluted share.

▪Same Property NOI increased by 3.6%.

▪Executed 160 new and renewal leases representing approximately 1.2 million square feet.

▪Blended cash leasing spreads of 14.6% on 129 comparable leases, including 33.7% on 30 comparable new leases, 18.3% on 43 comparable non-option renewals, and 7.6% on 56 comparable option renewals.

▪Blended cash leasing spreads of 26.2% for comparable new and non-option renewal leases.

▪Operating retail portfolio annualized base rent (ABR) per square foot of $23.52 at September 30, 2026, a 6.4% increase year-over-year.

▪Retail portfolio leased percentage of 95.3% at September 30, 2026, a 140-basis point increase year-over-year.

▪Anchor leased percentage of 96.9% at September 30, 2026, a 190-basis point increase year-over-year.

▪Small shop leased percentage of 92.7% at September 30, 2026, a 90-basis point increase year-over-year.

▪Portfolio leased-to-occupied spread at period end of 360 basis points, which represents approximately $38.8 million of signed-not-open NOI.

Third Quarter 2026 Capital Allocation Activity

▪As previously announced, sold one non-core asset — Tysons Corner in Vienna, VA — for $25.9 million.

▪Subsequent to quarter end, sold one non-core asset — Carillon medical office building in Largo, MD — for a gross sales price of $33.2 million.

▪Acquired the fee interest in the land at Pelham Manor Shopping Plaza, an existing retail property in the New York metropolitan statistical area, for a gross purchase price of $52.0 million.

▪Repurchased approximately 2.4 million common shares, at an average price of $26.61 per share, for $63.4 million.

▪In 2025 and to date in 2026, repurchased a total of approximately 22.0 million common shares, at an average price of approximately $24.46 per share, for $539.1 million.

Third Quarter 2026 Balance Sheet Overview

▪As of September 30, 2026, the Company’s net debt to Adjusted EBITDA was 5.2x.

▪As previously announced, on July 2, 2026, the Company’s operating partnership issued $345 million of 3.25% exchangeable senior notes due 2032, which included the full exercise of the initial purchasers’ $45 million overallotment option.

▪In connection with the issuance of the exchangeable notes, the Company entered into capped call transactions with an initial cap of $41.91 per share, compared with the exchangeable notes’ initial exchange price of approximately $35.40 per share. The Company used the majority of the proceeds, together with cash from its recent asset dispositions, to redeem the operating partnership’s $300 million principal balance of the 4.00% senior unsecured notes that were scheduled to mature on October 1, 2026.

▪Repaid the $100 million principal balance of the 4.08% senior unsecured notes that matured on September 30, 2026.

▪Fitch Ratings upgraded the Company’s corporate credit rating to BBB+ from BBB with a stable rating outlook.

Dividend

▪On October 29, 2026, the Company’s Board of Trustees declared a fourth quarter 2026 dividend of $0.29 per common share. Total dividends declared for 2026 of $1.16 per common share represents a 5.5% increase year-over-year. The fourth quarter dividend will be paid on or about January 15, 2027, to shareholders of record as of January 9, 2027.

2026 Earnings Guidance

The Company expects to generate net income of $0.88 to $0.92 per diluted share in 2026. The Company is raising its 2026 Core FFO and NAREIT FFO guidance ranges to $2.08 to $2.12 per diluted share from $2.06 to $2.12 per diluted share, based, in part, on the following full year 2026 assumptions:

▪2026 Same Property NOI growth range of 3.40% to 3.90% (previously 3.00% to 4.00%).

▪Bad debt reserve of 0.90% of total revenues at the midpoint.

▪Interest expense, net of interest income, excluding unconsolidated joint ventures, of $116.4 million at the midpoint (previously $114.7 million).

The following table reconciles the Company’s 2026 net income guidance range to the Company’s 2026 NAREIT and Core FFO guidance ranges:


	Low		High

Net income	$	0.88	$	0.92
Gain on sales of operating properties, net	(0.44)		(0.44)
Gain on deconsolidation of joint venture	(0.29)		(0.29)
Impairment charges	0.18		0.18
Depreciation and amortization	1.75		1.75
NAREIT FFO	$	2.08	$	2.12
Non-cash items	0.00		0.00
Core FFO	$	2.08	$	2.12

Earnings Conference Call

Kite Realty Group will conduct a conference call to discuss its financial results on Friday, October 30, 2026, at 11:00 a.m. Eastern Time. A live webcast of the conference call will be available on KRG’s website at www.kiterealty.com or at the following link: KRG Third Quarter 2026 Webcast. The dial-in registration link is: KRG Third Quarter 2026 Teleconference Registration. In addition, a webcast replay link will be available on KRG’s website.

About Kite Realty Group

Kite Realty Group (NYSE: KRG) is a real estate investment trust (REIT) that owns and operates a high-quality portfolio of open-air shopping centers and mixed-use destinations. The Company’s portfolio is concentrated in high-growth Sun Belt and select strategic gateway markets. Publicly listed since 2004, KRG brings more than six decades of experience in developing, operating, and investing in real estate, using a disciplined, hands-on approach to enhance portfolio quality and maximize long-term value for all stakeholders. As of September 30, 2026, the Company owned interests in 164 U.S. open-air shopping centers and mixed-use assets, comprising approximately 26.3 million square feet of gross leasable space. For more information, please visit kiterealty.com.

Connect with KRG: LinkedIn | X | Instagram | Facebook

Safe Harbor

This release, 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 statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements.

Risks, uncertainties and other factors that might cause such differences, some of which could be material, include but are not limited to: economic, business, banking, real estate and other market conditions, particularly in connection with low or negative growth in the U.S. economy as well as economic uncertainty (including from an economic slowdown or recession, federal government shutdown, disruptions related to tariffs and other trade or sanction issues, geopolitical instability, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending); financing risks, including the availability of, and costs associated with, sources of liquidity; the Company’s ability to refinance, or extend the maturity dates of, the Company’s indebtedness; the level and volatility of interest rates; the financial stability of the Company’s tenants; the competitive environment in which the Company operates, including potential oversupplies of, or a reduction in demand for, rental space; acquisition, disposition, development and joint venture risks, including the ability to complete them on the terms and timing anticipated; property ownership and management risks, including the relative illiquidity of real estate investments, and expenses, vacancies or the inability to rent space on favorable terms or at all; the Company’s ability to maintain the Company’s status as a real estate investment trust for U.S. federal income tax purposes; potential environmental and other liabilities; impairment in the value of real estate property the Company owns; the attractiveness of our properties to tenants; the actual and perceived impact of e-commerce on the value of shopping center assets and changing demographics and customer traffic patterns; business continuity disruptions and a deterioration in our tenants’ ability to operate in affected areas or delays in the supply of products or services to us or our tenants from vendors that are needed to operate efficiently; risks related to our current geographical concentration of properties in the states of Texas, Florida, and North Carolina and the metropolitan statistical areas of New York, Atlanta, Seattle, Chicago, and Washington, D.C.; civil unrest, acts of violence, terrorism or war, acts of God, climate change, epidemics, pandemics, natural disasters and severe weather conditions, including such events that may result in underinsured or uninsured losses or other increased costs and expenses; changes in laws and government regulations, including governmental orders affecting the use of the Company’s properties or the ability of its tenants to operate, and the costs of complying with such changed laws and government regulations; possible changes in consumer behavior due to public health crises and the fear of future pandemics; our ability to satisfy environmental, social or governance standards set by various constituencies; insurance costs and coverage, especially in Florida and Texas coastal areas and North Carolina; risks associated with cyberattacks and the loss of confidential information and other business disruptions; risks associated with the use of artificial intelligence and related tools; other factors affecting the real estate industry generally; and other risks identified in reports the Company files with the Securities and Exchange Commission or in other documents that it publicly disseminates, including, in particular, the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in the Company’s quarterly reports on Form 10-Q. The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

This Earnings Release also includes certain forward-looking non-GAAP information. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Please see the following pages for the corresponding definitions and reconciliations of such non-GAAP financial measures.

Kite Realty Group

Consolidated Balance Sheets

(dollars in thousands)

(unaudited)


	September 30, 2026		December 31, 2025
Assets:
Investment properties, at cost	$	6,869,869	$	7,003,479
Less: accumulated depreciation	(1,759,251)		(1,656,191)
Net investment properties	5,110,618		5,347,288

Cash and cash equivalents	32,542		36,761
Tenant and other receivables, including accrued straight-line rent of $74,817 and $70,940, respectively	131,237		127,865
Restricted cash and escrow deposits	124,527		441,605
Deferred costs, net	163,121		181,553

Prepaid and other assets	64,970		93,913
Investments in unconsolidated joint ventures	401,162		364,407
Assets associated with investment properties held for sale	—		71,105
Total assets	$	6,028,177	$	6,664,497

Liabilities and Equity:
Liabilities:
Mortgage and other indebtedness, net	$	2,807,320	$	3,025,478
Accounts payable and accrued expenses	178,079		221,118
Deferred revenue and other liabilities	170,079		221,813
Liabilities associated with investment properties held for sale	—		4,314
Total liabilities	3,155,478		3,472,723

Commitments and contingencies
Limited Partners’ interests in the Operating Partnership	129,456		116,245

Equity:
Common shares, $0.01 par value, 490,000,000 shares authorized, 197,966,711 and 208,979,900 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively	1,979		2,090
Additional paid-in capital	4,300,836		4,612,280
Accumulated other comprehensive income	18,576		23,079
Accumulated deficit	(1,578,846)		(1,563,840)
Total shareholders’ equity	2,742,545		3,073,609
Noncontrolling interests	698		1,920
Total equity	2,743,243		3,075,529
Total liabilities and equity	$	6,028,177	$	6,664,497

Kite Realty Group

Consolidated Statements of Operations

(dollars in thousands, except per share amounts)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenue:
Rental income	$	186,511	$	202,193	$	577,867	$	632,547
Other property-related revenue	1,248		1,477		4,173		4,312
Fee income	2,516		1,291		5,190		2,569
Total revenue	190,275		204,961		587,230		639,428

Expenses:
Property operating	27,653		28,536		87,264		87,243
Real estate taxes	23,666		25,678		72,968		80,090
General, administrative and other	15,041		14,183		43,534		39,831

Depreciation and amortization	79,655		89,370		243,750		285,488
Impairment charges	30,694		39,305		37,562		39,305
Total expenses	176,709		197,072		485,078		531,957

Other (expense) income:
Interest expense	(31,569)		(33,162)		(95,008)		(100,168)
Income tax expense of taxable REIT subsidiaries	(251)		(106)		(1,072)		(315)
Gain on sales of operating properties, net	2,341		5,742		90,068		108,855
Net gains from outlot sales	2,259		6,096		4,662		6,096
Gain on deconsolidation of joint venture	—		—		60,625		—

Equity in loss of unconsolidated joint ventures	(3,775)		(4,619)		(7,335)		(8,464)

Other income, net	3,805		1,750		9,546		6,978
Net (loss) income	(13,624)		(16,410)		163,638		120,453
Net loss (income) attributable to noncontrolling interests	322		203		(4,242)		(2,612)
Net (loss) income attributable to common shareholders	$	(13,302)	$	(16,207)	$	159,396	$	117,841

Net (loss) income per common share – basic	$	(0.07)	$	(0.07)	$	0.79	$	0.54
Net (loss) income per common share – diluted	$	(0.07)	$	(0.07)	$	0.78	$	0.54

Weighted average common shares outstanding – basic	199,097,852		219,408,533		202,314,395		219,652,052
Weighted average common shares outstanding – diluted	199,097,852		219,408,533		203,142,324		219,768,504

Kite Realty Group

NAREIT Funds From Operations (“FFO”)(1)

(dollars in thousands, except per share amounts)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025

Net (loss) income	$	(13,624)	$	(16,410)	$	163,638	$	120,453
Less: net income attributable to noncontrolling interests in properties	—		(82)		(126)		(233)
Less: gain on sales of operating properties, net	(2,341)		(5,742)		(90,068)		(108,855)
Less: gain on deconsolidation of joint venture	—		—		(60,625)		—

Add: impairment charges	30,694		39,305		37,562		39,305
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests	93,163		101,750		275,983		304,896
NAREIT FFO of the Operating Partnership(1)	107,892		118,821		326,364		355,566
Less: Limited Partners’ interests in FFO	(2,800)		(2,569)		(8,212)		(7,498)
FFO attributable to common shareholders(1)	$	105,092	$	116,252	$	318,152	$	348,068
FFO, as defined by NAREIT, per share of the Operating Partnership – basic	$	0.53	$	0.53	$	1.57	$	1.58
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted	$	0.53	$	0.53	$	1.57	$	1.58











Weighted average common shares outstanding – basic	199,097,852		219,408,533		202,314,395		219,652,052
Weighted average common shares outstanding – diluted	199,199,751		219,531,606		202,410,018		219,768,504

Weighted average common shares and units outstanding – basic	204,405,613		224,258,121		207,539,183		224,386,126
Weighted average common shares and units outstanding – diluted	204,507,512		224,381,194		207,634,806		224,502,578
















Reconciliation of NAREIT FFO to Core FFO(2)
NAREIT FFO of the Operating Partnership(1)	$	107,892	$	118,821	$	326,364	$	355,566
Add:
Amortization of deferred financing costs	2,220		1,856		5,877		5,251
Non-cash compensation expense and other	3,679		3,084		10,568		8,965
Less:
Straight-line rent – minimum rent and common area maintenance	2,850		3,789		7,970		9,202
Market rent amortization income	3,091		2,500		7,433		7,921
Amortization of debt discounts, premiums and hedge instruments	826		1,030		2,885		4,676
Core FFO of the Operating Partnership	$	107,024	$	116,442	$	324,521	$	347,983
Core FFO per share of the Operating Partnership – diluted	$	0.52	$	0.52	$	1.56	$	1.55

(1)“NAREIT FFO of the Operating Partnership” measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.

(2)Includes the Company’s pro rata share from unconsolidated joint ventures.

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 practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (“NAREIT”), as restated in 2018. The NAREIT white paper defines FFO as net income (calculated in accordance with GAAP), excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, and (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.

Considering the nature of our business as a real estate owner and operator, the Company believes that FFO is helpful to investors in measuring our operational performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of certain real estate assets that are excluded from FFO under the NAREIT definition and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. FFO (a) should not be considered as an alternative to net income (calculated in accordance with GAAP) for the purpose of measuring our financial performance, (b) is not an alternative to cash flows from operating activities (calculated in accordance with GAAP) as a measure of our liquidity, and (c) is not indicative of funds available to satisfy our cash needs, including our ability to make distributions. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.

From time to time, the Company may report or provide guidance with respect to “FFO, as adjusted,” which removes the impact of certain non-recurring and non-operating transactions or other items the Company does not consider to be representative of its core operating results, including, without limitation, (i) gains or losses associated with the early extinguishment of debt, (ii) gains or losses associated with litigation involving the Company that is not in the normal course of business, (iii) merger and acquisition costs, (iv) the impact on earnings from significant and non-recurring employee severance costs and recruiting expenses, including sign-on bonuses and search fees, (v) the excess of redemption value over carrying value of preferred stock

redemption, and (vi) the impact of prior period bad debt or the collection of accounts receivable previously written off (“prior period collection impact”), which are not otherwise adjusted in the Company’s calculation of FFO.

Core Funds From Operations (“Core FFO”) is a non-GAAP financial measure of operating performance that modifies FFO for certain non-cash transactions that result in recording income or expense and impact the Company’s period-over-period performance, including (i) amortization of deferred financing costs, (ii) non-cash compensation expense and other, (iii) straight-line rent related to minimum rent and common area maintenance, (iv) market rent amortization income, and (v) amortization of debt discounts, premiums and hedge instruments, and includes adjustments related to our pro rata share from unconsolidated joint ventures for these categories as applicable. The Company believes that Core FFO is useful to investors in evaluating the core cash flow-generating operations of the Company by adjusting for items that we do not consider to be part of our core business operations, allowing for comparison of core operating performance of the Company between periods. Core FFO should not be considered as an alternative to net income as an indicator of the Company’s performance or as an alternative to cash flow as a measure of liquidity or the Company’s ability to make distributions. The Company’s computation of Core FFO may differ from the methodology for calculating Core FFO used by other REITs and, therefore, may not be comparable to such other REITs.

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 for the period(1)	157	157		157	157


Leased percentage at period end	95.2	%	94.4	%	95.2	%	94.4	%
Economic occupancy percentage at period end	91.5	%	91.7	%	91.5	%	91.7	%
Economic occupancy percentage(2)	91.3	%	91.1	%	91.1	%	91.4	%


Minimum rent	$	139,166	$	135,581			$	415,600	$	404,014
Tenant recoveries	40,226		37,994				122,725		115,216
Bad debt reserve	(1,628)		(1,947)				(4,685)		(5,219)
Overage rent	1,560		1,282				4,386		3,840
Other property-related revenue	896		789				2,630		2,212
Total revenue	180,220		173,699				540,656		520,063

Property operating	(25,027)		(24,241)				(75,801)		(71,700)
Real estate taxes	(23,176)		(21,974)				(69,363)		(67,158)
Total expenses	(48,203)		(46,215)				(145,164)		(138,858)

Same Property NOI(3)	$	132,017	$	127,484	3.6	%	$	395,492	$	381,205	3.7	%


Reconciliation of Same Property NOI to most directly comparable GAAP measure:
Net operating income – same properties	$	132,017	$	127,484			$	395,492	$	381,205
Net operating income – sold properties	152		18,700				15,697		74,230
Net operating income – non-same activity(4)	6,972		5,756				18,558		17,309
Less: KRG share of unconsolidated joint ventures included in Same Property NOI above	(2,701)		(2,484)				(7,939)		(3,218)
Net gains from outlot sales	2,259		6,096				4,662		6,096
Total property NOI	138,699		155,552		(10.8	%)	426,470		475,622		(10.3	%)
Fee income	2,516		1,291				5,190		2,569
General, administrative and other	(15,041)		(14,183)				(43,534)		(39,831)

Depreciation and amortization	(79,655)		(89,370)				(243,750)		(285,488)
Impairment charges	(30,694)		(39,305)				(37,562)		(39,305)
Interest expense	(31,569)		(33,162)				(95,008)		(100,168)
Income tax expense of taxable REIT subsidiaries	(251)		(106)				(1,072)		(315)
Gain on sales of operating properties, net	2,341		5,742				90,068		108,855

Gain on deconsolidation of joint venture	—		—				60,625		—
Equity in loss of unconsolidated joint ventures	(3,775)		(4,619)				(7,335)		(8,464)

Other income, net	3,805		1,750				9,546		6,978
Net loss (income) attributable to noncontrolling interests	322		203				(4,242)		(2,612)
Net (loss) income attributable to common shareholders	$	(13,302)	$	(16,207)			$	159,396	$	117,841

(1)Same Property NOI excludes the following: (i) Chastain Market and Founders Square, which were acquired in May 2026, and Village Commons and Legacy West, which were acquired in January and April 2025, respectively; (ii) The Corner – IN, which was reclassified from active development into our operating portfolio in March 2025; (iii) Eastgate Crossing, which was reclassified from our operating portfolio in September 2025 due to significant disruption caused by severe flooding as a result of Tropical Storm Chantal; (iv) our active development projects at One Loudoun; (v) Edwards Multiplex – Ontario, which was reclassified from our operating portfolio into redevelopment in March 2023; (vi) properties sold or classified as held for sale during 2025 and 2026; and (vii) standalone office properties, including the Carillon medical office building.

(2)Excludes leases that are signed but for which tenants have not yet commenced the payment of cash rent. Calculated as a weighted average based on the timing of cash rent commencement and expiration during the period.

(3)Same Property NOI for all periods presented includes (i) 52% of the NOI from three previously wholly owned properties that were contributed to the Seed Asset Joint Venture in June 2025 and (ii) 55% of the NOI from the One Loudoun Phase 1 Apartments (which 55% represents the Company’s expected final ownership percentage) and excludes the results of the Company’s insurance captive.

(4)Includes non-cash activity as well as NOI from properties not included in the Same Property Pool.

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 defines NOI as income from our real estate, including lease termination fees received from tenants, less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions and certain corporate-level expenses, including merger and acquisition costs. The Company believes that NOI is helpful to investors as a measure of our operating performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as depreciation and amortization, interest expense, and impairment, if any.

The Company also uses same property NOI (“Same Property NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. Same Property NOI is net income excluding properties that have not been owned for the full periods presented. Beginning in 2026, the Company revised its Same Property NOI definition to exclude the results of the Company’s insurance captive to more clearly reflect the performance of our core real estate portfolio. Same Property NOI also excludes (i) net gains from outlot sales, (ii) straight-line rent revenue, (iii) lease termination income in excess of lost rent, (iv) amortization of lease intangibles, (v) significant prior period expense recoveries and adjustments, if any, and (vi) income or expense associated with the Company’s captive insurance company. When the Company receives payments in excess of any accounts receivable for terminating a lease, Same Property NOI will include such excess payments as monthly rent until the earlier of the expiration of 12 months or the start date of a replacement tenant.

The Company believes that Same Property NOI is helpful to investors as a measure of our operating performance because it includes only the NOI of properties that have been owned for the full periods presented. The Company believes such presentation eliminates disparities in net income due to the acquisition or disposition of properties during the particular periods presented and thus provides a more consistent metric for the comparison of our properties. Additionally, because results from the Company’s insurance captive are driven by insurance underwriting, loss experience, and actuarial assumptions and therefore do not reflect the operating performance of our real estate properties, management believes excluding the impacts of the insurance captive improves transparency and comparability for the Company’s investors. Same Property NOI includes the results of properties that have been owned for the entire current and prior year reporting periods. Same Property NOI for all periods presented includes (i) 52% of the NOI from three previously wholly owned properties that were contributed to the Seed Asset Joint Venture in June 2025 and (ii) 55% of the NOI from the One Loudoun Phase 1 Apartments (which 55% represents the Company’s expected final ownership percentage) and excludes the results of the Company’s insurance captive.

NOI and Same Property NOI should not, however, be considered as an alternative to net income (calculated in accordance with GAAP) as an indicator of our financial performance. The Company’s computation of NOI and Same Property NOI may differ from the methodology used by other REITs and, therefore, may not be comparable to such other REITs.

When evaluating the properties that are included in the Same Property Pool, we have established specific criteria for determining the inclusion of properties acquired or those recently under development. An acquired property is included in the Same Property Pool when there is a full quarter of operations in both years subsequent to the acquisition date. Development and redevelopment properties are included in the Same Property Pool four full quarters after the properties have been transferred to the operating portfolio. A redevelopment property is first excluded from the Same Property Pool when the execution of a redevelopment plan is likely, and we (a) begin recapturing space from tenants or (b) the contemplated plan significantly impacts the operations of the property. For the three and nine months ended September 30, 2026, the Same Property Pool excludes the following: (i) Chastain Market and Founders Square, which were acquired in May 2026, and Village Commons and Legacy West, which were acquired in January and April 2025, respectively; (ii) The Corner – IN, which was reclassified from active development into our operating portfolio in March 2025; (iii) Eastgate Crossing, which was reclassified from our operating portfolio in September 2025 due to significant disruption caused by severe flooding as a result of Tropical Storm Chantal; (iv) our active development projects at One Loudoun; (v) Edwards Multiplex – Ontario, which was reclassified from our operating portfolio into redevelopment in March 2023; (vi) properties sold or classified as held for sale during 2025 and 2026; and (vii) standalone office properties, including the Carillon medical office building.

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
Income tax expense of taxable REIT subsidiaries	251
EBITDA	97,851
Unconsolidated EBITDA, as adjusted	13,103


Impairment charges	30,694
Gain on sales of operating properties, net	(2,341)


Other income and expense, net	(30)


Adjusted EBITDA	$	139,277

Annualized Adjusted EBITDA(1)	$	557,108

Company share of Net Debt:
Mortgage and other indebtedness, net	$	2,807,320
Add: Company share of unconsolidated joint venture debt	270,431
Add: debt discounts, premiums and issuance costs, net	10,500
Less: Partner share of consolidated joint venture debt(2)	(88)
Company’s consolidated debt and share of unconsolidated debt	3,088,163
Less: cash and cash equivalents	(32,542)
Less: restricted cash and escrow deposits	(124,527)

Less: Company share of unconsolidated joint venture cash and cash equivalents	(17,066)

Company share of Net Debt	$	2,914,028

Net Debt to Adjusted EBITDA	5.2x

(1)Represents Adjusted EBITDA for the three months ended September 30, 2026 (as shown in the table above) multiplied by four.

(2)Partner share of consolidated joint venture debt is calculated based upon the partner’s pro rata ownership of the joint venture, multiplied by the related secured debt balance.

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 defines as EBITDA adjusted for (i) EBITDA from unconsolidated entities, as adjusted, (ii) gains on sales of operating properties or impairment charges, (iii) merger and acquisition costs, (iv) other income and expense, (v) noncontrolling interest Adjusted EBITDA, and (vi) other non-recurring activity or items impacting comparability from period to period. Annualized Adjusted EBITDA is Adjusted EBITDA for the most recent quarter multiplied by four. Net Debt to Adjusted EBITDA is the Company’s share of net debt divided by Annualized Adjusted EBITDA. EBITDA, Adjusted EBITDA, Annualized Adjusted EBITDA, and Net Debt to Adjusted EBITDA, as calculated by the Company, are not comparable to EBITDA and EBITDA-related measures reported by other REITs that do not define EBITDA and EBITDA-related measures exactly as we do. EBITDA, Adjusted EBITDA, and Annualized Adjusted EBITDA do not represent cash generated from operating activities in accordance with GAAP and should not be considered alternatives to net income as an indicator of performance or as alternatives to cash flows from operating activities as an indicator of liquidity.

Considering the nature of our business as a real estate owner and operator, the Company believes that EBITDA, Adjusted EBITDA, and the ratio of Net Debt to Adjusted EBITDA are helpful to investors in measuring our operational performance because they exclude various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. For informational purposes, the Company also provides Annualized Adjusted EBITDA, adjusted as described above. The Company believes this supplemental information provides a meaningful measure of its operating performance. The Company believes presenting EBITDA and the related measures in this manner allows investors and other interested parties to form a more meaningful assessment of the Company’s operating results.


						Exhibit 99.2

Kite Realty Group

Quarterly Financial Supplement as of September 30, 2026

T A B L E O F C O N T E N T S


Earnings Press Release			i–iv
Contact Information			1
Results Overview			2
Consolidated Balance Sheets			3
Consolidated Statements of Operations			4
Same Property Net Operating Income			5
Net Operating Income and Adjusted EBITDA by Quarter			6
NAREIT Funds From Operations			7
Joint Venture Summary			8
Key Debt Metrics			9
Summary of Outstanding Debt			10
Maturity Schedule of Outstanding Debt			11
Acquisitions and Dispositions			12
Development and Redevelopment Projects			13
Geographic Diversification – ABR by Region and State			14
Top 25 Tenants by ABR			15
Retail Leasing Spreads			16
Lease Expirations			17
Components of Net Asset Value			18
Non-GAAP Financial Measures			19–20

Kite Realty Group Trust | 30 South Meridian Street, Suite 1100 | Indianapolis, Indiana 46204 | 888.577.5600 | www.kiterealty.com