Kite Realty Group (NYSE: KRG) posts Q1 2026 results, boosts dividend and affirms FFO outlook

Q: How did Kite Realty Group (KRG) perform financially in Q1 2026?

Kite Realty Group reported net income attributable to common shareholders of $11.4 million , or $0.06 per diluted share , down from $23.7 million and $0.11 a year earlier. NAREIT FFO of the Operating Partnership was $109.4 million , or $0.52 per diluted share.

Q: What were Kite Realty Group’s key operating metrics for Q1 2026?

Same Property NOI increased 3.6% , and the retail portfolio was 94.7% leased at March 31, 2026. The operating retail portfolio’s annualized base rent reached $22.89 per square foot , a 6.5% year-over-year increase, supported by healthy leasing spreads and occupancy gains.

Q: How much stock did Kite Realty Group repurchase in 2025 and 2026?

During Q1 2026, Kite Realty Group repurchased approximately 6.0 million common shares for $152.3 million . Across 2025 and 2026 combined, the company repurchased 16.9 million common shares for $400.0 million at an average price of $23.67 per share.

Q: What dividend did Kite Realty Group declare for Q2 2026?

The Board declared a second quarter 2026 dividend of $0.29 per common share , representing a 7.4% year-over-year increase. The dividend is payable on or about July 16, 2026 to shareholders of record as of July 9, 2026 .

Q: What is Kite Realty Group’s 2026 earnings and FFO guidance?

For full-year 2026, Kite Realty Group expects net income attributable to common shareholders of $0.33–$0.39 per diluted share. It reaffirmed both NAREIT FFO and Core FFO guidance ranges at $2.06–$2.12 per diluted share, outlining expectations for recurring cash-flow performance.

Q: How strong is Kite Realty Group’s balance sheet leverage in Q1 2026?

As of March 31, 2026 , the company’s net debt to Adjusted EBITDA was 5.2x . Total consolidated debt carried a weighted average interest rate of 4.33% with a weighted average maturity of about 4.1 years , supported by primarily fixed-rate financing.

Q: What does Kite Realty Group’s signed-not-open pipeline represent?

At March 31, 2026, the portfolio’s leased-to-occupied spread was 350 basis points , representing approximately $36.0 million of signed-not-open NOI. This figure reflects leases that are executed but not yet paying full rent, indicating additional income expected as tenants commence operations.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Kite Realty Group Trust reported first quarter 2026 results showing lower GAAP earnings but solid property performance and active capital deployment. Net income attributable to common shareholders was $11.4 million, or $0.06 per diluted share, compared with $23.7 million, or $0.11 per share, a year earlier. NAREIT FFO of the Operating Partnership was $109.4 million, or $0.52 per diluted share, versus $122.8 million, or $0.55, in 2025, while Core FFO was $109.1 million, also $0.52 per share.

Same Property NOI increased 3.6%, supported by 151 new and renewal leases covering 707,000 square feet and blended cash leasing spreads of 13.5%. Retail portfolio leased percentage reached 94.7% at March 31, 2026, with annualized base rent of $22.89 per square foot, up 6.5% year over year. The leased-to-occupied spread of 350 basis points represents roughly $36.0 million of signed-not-open NOI.

The company sold Coram Plaza for $12.5 million and aggressively repurchased equity, buying 6.0 million shares in the quarter for $152.3 million and 16.9 million shares for $400.0 million across 2025–2026. Net debt to Adjusted EBITDA was 5.2x at quarter end. The Board declared a second quarter 2026 dividend of $0.29 per share, a 7.4% year-over-year increase. For 2026, Kite Realty expects net income of $0.33–$0.39 per diluted share and reaffirmed NAREIT and Core FFO guidance of $2.06–$2.12 per share, while lifting its Same Property NOI growth assumption to 2.50%–3.50%.

Insights

Q1 shows softer FFO but strong leasing, higher dividend, and steady guidance.

Kite Realty Group delivered lower GAAP earnings and FFO versus 2025, yet property-level trends remain healthy. NAREIT FFO of the Operating Partnership was $109.4M or $0.52 per diluted share compared with $122.8M and $0.55 a year earlier.

Same Property NOI rose 3.6%, supported by blended cash leasing spreads of 13.5% on 113 comparable leases and retail leased occupancy of 94.7% as of March 31, 2026. Annualized base rent per square foot increased 6.5%, indicating tenants are paying more for space despite a softer top line.

Capital allocation was active: the company sold Coram Plaza for $12.5M and repurchased 6.0M shares for $152.3M in Q1, contributing to 16.9M shares repurchased for $400M over 2025–2026. Net debt to Adjusted EBITDA stands at 5.2x, and the quarterly dividend was raised 7.4% to $0.29 per share. Management reaffirmed 2026 NAREIT and Core FFO guidance of $2.06–$2.12 per diluted share and modestly increased the Same Property NOI growth range, suggesting confidence in underlying property performance.

8-K Event Classification

3 items: 0.00, 2.02, 9.01

3 items

Item 0.00 Item 0.00

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, and exhibit attachments filed with this report.

Key Figures

Q1 2026 net income attributable to common shareholders: $11.4M ($0.06 per diluted share) Q1 2026 NAREIT FFO of the Operating Partnership: $109.4M ($0.52 per diluted share) Q1 2026 Core FFO of the Operating Partnership: $109.1M ($0.52 per diluted share) +5 more

8 metrics

Q1 2026 net income attributable to common shareholders $11.4M ($0.06 per diluted share) Quarter ended March 31, 2026 vs $23.7M, $0.11 in 2025

Q1 2026 NAREIT FFO of the Operating Partnership $109.4M ($0.52 per diluted share) Quarter ended March 31, 2026 vs $122.8M, $0.55 in 2025

Q1 2026 Core FFO of the Operating Partnership $109.1M ($0.52 per diluted share) Quarter ended March 31, 2026 vs $118.2M, $0.53 in 2025

Same Property NOI growth 3.6% Three months ended March 31, 2026 vs Same Property pool 2025

Retail portfolio leased percentage 94.7% Leased at March 31, 2026; 90 bps higher year-over-year

Annualized base rent per square foot $22.89 Operating retail portfolio at March 31, 2026; 6.5% YoY increase

Net debt to Adjusted EBITDA 5.2x As of March 31, 2026, based on annualized Adjusted EBITDA

Quarterly dividend per common share $0.29 Second quarter 2026 dividend, 7.4% higher year-over-year

Key Terms

Same Property Net Operating Income, NAREIT Funds From Operations, Core Funds From Operations, Adjusted EBITDA, +2 more

6 terms

Same Property Net Operating Income financial

"Same Property Net Operating Income (NOI) increase of 3.6%"

Same property net operating income is the total earnings generated from a group of buildings or properties, measured over a specific period, that have been owned continuously without any changes such as buying new properties or selling existing ones. It helps investors see how well these properties are performing on their own, without the influence of new acquisitions or disposals. This measure provides a clear view of the steady income growth or decline from existing assets.

NAREIT Funds From Operations financial

"NAREIT Funds From Operations (“FFO”) is a widely used performance measure"

Nareit Funds From Operations (FFO) is a standardized measure of a real estate investment trust’s recurring cash earnings, calculated by adjusting reported net income to add back property depreciation and remove gains or losses from property sales. It matters to investors because it focuses on the trust’s core operating performance and dividend-paying ability, much like checking a retailer’s regular sales instead of one-off, unusual gains that can distort profit numbers.

Core Funds From Operations financial

"Core Funds From Operations (“Core FFO”) is a non-GAAP financial measure of operating performance"

Core funds from operations is a measure of the recurring cash a real estate company generates from its normal rental and property-management activities, calculated by starting with net income, adding back non-cash items like property depreciation, and removing one-off gains or losses such as property sales or unusual expenses. Investors use it like a household’s steady paycheck estimate—it shows the business’s sustainable cash flow for paying dividends, servicing debt, and funding operations, without noise from one-time events.

Adjusted EBITDA financial

"Adjusted EBITDA | $ | 141,627 | Annualized Adjusted EBITDA (1) | $ | 566,508"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Net Debt to Adjusted EBITDA financial

"Net Debt to Adjusted EBITDA | 5.2x"

Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.

Bad debt reserve financial

"Bad debt reserve of 0.95% of total revenues at the midpoint"

Earnings Snapshot

Total revenue: $200.7M · Guidance included

Q1 2026

Total revenue $200.7M

Net income attributable to common shareholders $11.4M ($0.06 per diluted share)

NAREIT FFO per diluted share $0.52

Core FFO per diluted share $0.52

Same Property NOI growth 3.6%

Guidance

For 2026, the company expects net income attributable to common shareholders of $0.33–$0.39 per diluted share and reaffirms NAREIT and Core FFO guidance of $2.06–$2.12 per diluted share, with Same Property NOI growth assumed at 2.50%–3.50%.

Understanding 8-K Material Events →

04/29/2026 - 06:51 AM

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): April 29, 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 April 29, 2026, Kite Realty Group Trust (the “Company”) announced its consolidated financial results for the quarter ended March 31, 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 First 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 April 29, 2026

99.2						Kite Realty Group Trust First 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: April 29, 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: April 29, 2026	By:	/s/ HEATH R. FEAR

		Heath R. Fear
		President and Chief Financial Officer


						Exhibit 99.1

PRESS RELEASE

Contact Information: Kite Realty Group

Tyler Henshaw

SVP, Capital Markets & Investor Relations

317.713.7780

thenshaw@kiterealty.com

Kite Realty Group Reports First Quarter 2026 Operating Results

Indianapolis, Indiana, April 29, 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 first quarter ended March 31, 2026. For the quarters ended March 31, 2026 and 2025, net income attributable to common shareholders was $11.4 million, or $0.06 per diluted share, compared to $23.7 million, or $0.11 per diluted share, respectively.

Same Property Net Operating Income (NOI) increase of 3.6%

Signed-not-open pipeline remains elevated at approximately $36.0 million

In 2025 and 2026, repurchased a total of 16.9 million common shares

for $400 million at an average price of $23.67 per share

“KRG is executing across all fronts in 2026: strategically, operationally, and financially,” said John A. Kite, Chairman and Chief Executive Officer. “Strategically, we continue to sharpen the portfolio through disciplined capital recycling while also investing in our platform through recently announced key leadership additions. Operationally, Same Property NOI growth of 3.6%, double digit blended cash spreads, and a 90-basis point year-over-year increase in occupancy reflect exceptional tenant demand and the quality of our real estate. Financially, our balance sheet remains strong, our portfolio is built to perform through a range of macroeconomic conditions, and we have the capacity and conviction to keep playing offense.”

First Quarter 2026 Financial and Operational Results

▪Generated Core FFO of the Operating Partnership of $109.1 million, or $0.52 per diluted share.

▪Generated NAREIT FFO of the Operating Partnership of $109.4 million, or $0.52 per diluted share.

▪Same Property NOI increased by 3.6%.

▪Executed 151 new and renewal leases representing 707,000 square feet.

▪Blended cash leasing spreads of 13.5% on 113 comparable leases, including 31.3% on 26 comparable new leases, 12.3% on 47 comparable non-option renewals, and 7.0% on 40 comparable option renewals.

▪Blended cash leasing spreads of 19.0% for comparable new and non-option renewal leases.

▪Operating retail portfolio annualized base rent (ABR) per square foot of $22.89 at March 31, 2026, a 6.5% increase year-over-year.

▪Retail portfolio leased percentage of 94.7% at March 31, 2026, a 90-basis point increase year-over-year.

▪Anchor leased percentage of 96.2% at March 31, 2026, a 110-basis point increase year-over-year.

▪Small shop leased percentage of 91.9% at March 31, 2026, a 60-basis point increase year-over-year.

▪Portfolio leased-to-occupied spread at period end of 350 basis points, which represents approximately $36.0 million of signed-not-open NOI.

First Quarter 2026 Capital Allocation Activity

▪Sold Coram Plaza (New York MSA), a 138,385 square foot center, for $12.5 million, consistent with the Company’s strategy to exit non-core, larger-format, and/or lower-growth assets.

▪In February 2026, the Company’s Board of Trustees approved an upsizing of the Company’s share repurchase program, increasing the size of the program from $300.0 million to $600.0 million of the Company’s common shares.

▪During the quarter, repurchased approximately 6.0 million common shares, at an average price of $25.19 per share, for $152.3 million, inclusive of $52.3 million of previously announced activity.

▪In 2025 and 2026, repurchased a total of 16.9 million common shares, at an average price of $23.67 per share, for $400.0 million.

First Quarter 2026 Balance Sheet Overview

▪As of March 31, 2026, the Company’s net debt to Adjusted EBITDA was 5.2x.

Dividend

▪On April 27, 2026, the Company’s Board of Trustees declared a second quarter 2026 dividend of $0.29 per common share, which represents a 7.4% year-over-year increase. The second quarter dividend will be paid on or about July 16, 2026, to shareholders of record as of July 9, 2026.

2026 Earnings Guidance

The Company expects to generate net income attributable to common shareholders of $0.33 to $0.39 per diluted share in 2026. The Company is affirming its 2026 NAREIT FFO guidance range of $2.06 to $2.12 per diluted share and its Core FFO guidance range of $2.06 to $2.12 per diluted share, based, in part, on the following assumptions:

▪2026 Same Property NOI growth range of 2.50% to 3.50% (previously 2.25% to 3.25%).

▪Bad debt reserve of 0.95% of total revenues at the midpoint (previously 1.00% of total revenues).

▪Interest expense, net of interest income, excluding unconsolidated joint ventures, of $121.2 million at the midpoint (previously $121.0 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	$	0.33	$	0.39

Impairment charges	0.03		0.03
Depreciation and amortization	1.70		1.70
NAREIT FFO	$	2.06	$	2.12
Non-cash items	0.00		0.00
Core FFO	$	2.06	$	2.12

Earnings Conference Call

Kite Realty Group will conduct a conference call to discuss its financial results on Wednesday, April 29, 2026, at 12:00 p.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 First Quarter 2026 Webcast. The dial-in registration link is: KRG First 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 March 31, 2026, the Company owned interests in 169 U.S. open-air shopping centers

and mixed-use assets, comprising approximately 27.3 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 in the Middle East, 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 cyber attacks 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)


	March 31, 2026		December 31, 2025
Assets:
Investment properties, at cost	$	7,029,261	$	7,003,479
Less: accumulated depreciation	(1,717,404)		(1,656,191)
Net investment properties	5,311,857		5,347,288

Cash and cash equivalents	32,539		36,761
Tenant and other receivables, including accrued straight-line rent of $72,548 and $70,940, respectively	133,290		127,865
Restricted cash and escrow deposits	190,581		441,605
Deferred costs, net	172,805		181,553

Prepaid and other assets	98,560		93,913
Investments in unconsolidated joint ventures	356,555		364,407
Assets associated with investment properties held for sale	54,073		71,105
Total assets	$	6,350,260	$	6,664,497

Liabilities and Equity:
Liabilities:
Mortgage and other indebtedness, net	$	2,992,389	$	3,025,478
Accounts payable and accrued expenses	156,908		221,118
Deferred revenue and other liabilities	207,603		221,813
Liabilities associated with investment properties held for sale	3,754		4,314
Total liabilities	3,360,654		3,472,723

Commitments and contingencies
Limited Partners’ interests in the Operating Partnership	130,306		116,245

Equity:
Common shares, $0.01 par value, 490,000,000 shares authorized, 203,058,977 and 208,979,900 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	2,031		2,090
Additional paid-in capital	4,445,350		4,612,280
Accumulated other comprehensive income	21,352		23,079
Accumulated deficit	(1,611,337)		(1,563,840)
Total shareholders’ equity	2,857,396		3,073,609
Noncontrolling interests	1,904		1,920
Total equity	2,859,300		3,075,529
Total liabilities and equity	$	6,350,260	$	6,664,497

Kite Realty Group

Consolidated Statements of Operations

(dollars in thousands, except per share amounts)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Revenue:
Rental income	$	198,042	$	219,172
Other property-related revenue	1,359		1,480
Fee income	1,296		425
Total revenue	200,697		221,077

Expenses:
Property operating	31,116		29,826
Real estate taxes	24,824		27,761
General, administrative and other	13,950		12,258

Depreciation and amortization	82,491		98,231
Impairment charges	5,888		—
Total expenses	158,269		168,076

Other (expense) income:
Interest expense	(31,696)		(32,954)
Income tax expense of taxable REIT subsidiaries	(395)		(10)
Gain on sales of operating properties, net	—		91
Net gains from outlot sales	1,039		—

Equity in loss of unconsolidated joint ventures	(2,216)		(607)

Other income, net	2,572		4,743
Net income	11,732		24,264
Net income attributable to noncontrolling interests	(338)		(534)
Net income attributable to common shareholders	$	11,394	$	23,730

Net income per common share – basic and diluted	$	0.06	$	0.11


Weighted average common shares outstanding – basic	205,686,342		219,715,674
Weighted average common shares outstanding – diluted	206,063,468		219,827,298

Kite Realty Group

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

(dollars in thousands, except per share amounts)

(unaudited)


	Three Months Ended March 31,
	2026		2025

Net income	$	11,732	$	24,264
Less: net income attributable to noncontrolling interests in properties	(70)		(70)
Less: gain on sales of operating properties, net	—		(91)

Add: impairment charges	5,888		—
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests	91,824		98,677
NAREIT FFO of the Operating Partnership(1)	109,374		122,780
Less: Limited Partners’ interests in FFO	(2,623)		(2,463)
FFO attributable to common shareholders(1)	$	106,751	$	120,317
FFO, as defined by NAREIT, per share of the Operating Partnership – basic	$	0.52	$	0.55
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted	$	0.52	$	0.55











Weighted average common shares outstanding – basic	205,686,342		219,715,674
Weighted average common shares outstanding – diluted	205,775,355		219,827,298

Weighted average common shares and units outstanding – basic	210,742,420		224,214,867
Weighted average common shares and units outstanding – diluted	210,831,433		224,326,491
















Reconciliation of NAREIT FFO to Core FFO(2)
NAREIT FFO of the Operating Partnership(1)	$	109,374	$	122,780
Add:
Amortization of deferred financing costs	1,807		1,644
Non-cash compensation expense and other	3,215		2,660
Less:
Straight-line rent – minimum rent and common area maintenance	2,141		2,578
Market rent amortization income	2,089		3,542
Amortization of debt discounts, premiums and hedge instruments	1,029		2,756
Core FFO of the Operating Partnership	$	109,137	$	118,208
Core FFO per share of the Operating Partnership – diluted	$	0.52	$	0.53

(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 depreciated property 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.

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 include 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 March 31,
	2026	2025	Change

Number of properties in Same Property Pool for the period(1)	164	164


Leased percentage at period end	94.6	%	94.3	%
Economic occupancy percentage at period end	91.1	%	91.8	%
Economic occupancy percentage(2)	91.1	%	92.2	%


Minimum rent	$	144,188	$	140,903
Tenant recoveries	44,054		40,641
Bad debt reserve	(1,499)		(1,887)
Other income, net	2,458		2,140
Total revenue	189,201		181,797

Property operating	(28,105)		(25,899)
Real estate taxes	(24,098)		(23,606)
Total expenses	(52,203)		(49,505)

Same Property NOI(3)	$	136,998	$	132,292	3.6	%


Reconciliation of Same Property NOI to most directly comparable GAAP measure:
Net operating income – same properties	$	136,998	$	132,292
Net operating income – sold properties	(215)		20,470
Net operating income – non-same activity(4)	9,306		10,607
Less: KRG share of unconsolidated joint ventures included in Same Property NOI above	(2,628)		(304)
Net gains from outlot sales	1,039		—
Total property NOI	144,500		163,065		(11.4	%)
Other income, net	1,257		4,551
General, administrative and other	(13,950)		(12,258)


Impairment charges	(5,888)		—
Depreciation and amortization	(82,491)		(98,231)
Interest expense	(31,696)		(32,954)
Gain on sales of operating properties, net	—		91

Net income attributable to noncontrolling interests	(338)		(534)
Net income attributable to common shareholders	$	11,394	$	23,730

(1)Same Property NOI excludes the following: (i) Village Commons and Legacy West, which were acquired in 2025; (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 project at One Loudoun Expansion; (v) Hamilton Crossing Centre and Edwards Multiplex – Ontario, which were reclassified from our operating portfolio into redevelopment in June 2014 and March 2023, respectively; (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 52% of the NOI from three previously wholly owned properties that were contributed to the Seed Asset Joint Venture in June 2025 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 52% of the NOI from three previously wholly owned properties that were contributed to the Seed Asset Joint Venture in June 2025 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 months ended March 31, 2026, the Same Property Pool excludes the following: (i) Village Commons and Legacy West, which were acquired in 2025; (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 project at One Loudoun Expansion; (v) Hamilton Crossing Centre and Edwards Multiplex – Ontario, which were reclassified from our operating portfolio into redevelopment in June 2014 and March 2023, respectively; (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 March 31, 2026

Net income	$	11,732
Depreciation and amortization	82,491
Interest expense	31,696
Income tax expense of taxable REIT subsidiaries	395
EBITDA	126,314
Unconsolidated EBITDA, as adjusted	9,978


Impairment charges	5,888


Other income and expense, net	(356)
Noncontrolling interests	(197)

Adjusted EBITDA	$	141,627

Annualized Adjusted EBITDA(1)	$	566,508

Company share of Net Debt:
Mortgage and other indebtedness, net	$	2,992,389
Add: Company share of unconsolidated joint venture debt	203,315
Add: debt discounts, premiums and issuance costs, net	2,216
Less: Partner share of consolidated joint venture debt(2)	(9,741)
Company’s consolidated debt and share of unconsolidated debt	3,188,179
Less: cash and cash equivalents	(32,539)
Less: restricted cash and escrow deposits	(190,581)

Less: Company share of unconsolidated joint venture cash and cash equivalents	(13,816)

Company share of Net Debt	$	2,951,243

Net Debt to Adjusted EBITDA	5.2x

(1)Represents Adjusted EBITDA for the three months ended March 31, 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 less (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 March 31, 2026

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


Earnings Press Release			i–iii
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