UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-32268 Kite Realty Group Trust Commission File Number: 333-202666-01 Kite Realty Group, L.P. KITE REALTY GROUP TRUST KITE REALTY GROUP, L.P ...

KÍTE® Q1 2023 LISTED NYSE 1960 / 2004 Founded / IPO $7.6B Enterprise Value1 29M Total Owned Retail GLA (SF) 5.3x Net Debt to Adjusted EBITDA 67% ABR in Sun Belt Markets SOUTHLAKE TOWN SQUARE Dallas / Fort Worth, TX MSA Best-in-Class Operating Platform Over $1.0B of available liquidity and minimal near- term capital commitments Q1 2023 INVESTOR UPDATE 3 | --- | |-----------------------------------------------------| | Key assumptions at the midpoint: | | | | Same property NOI growth range of 2.25% - | | 3.25 ...

PART I [Business](index=4&type=section&id=Item%201.%20Business) Kite Realty Group Trust is a REIT specializing in grocery-anchored shopping centers, focused on maximizing property value and cash flow through strategic leasing and redevelopment Portfolio Overview as of December 31, 2022 | Metric | Value | | :--- | :--- | | Operating Retail Properties | 183 | | Total Square Feet | ~28.8 million | | Retail Leased Percentage | 94.6% | | ABR per Square Foot | $20.02 | | Largest Tenant Concentration (by ABR) | < 2.5% | - The company's primary business objectives are to increase **cash flow** and **property value**, achieve **long-term growth**, and maximize **shareholder value** through the ownership, operation, and development of its retail assets[30](index=30&type=chunk) - Key strategies include maximizing **internal growth** via leasing and redevelopment, maintaining a **strong balance sheet** with **flexible funding sources**, and prudently pursuing selective acquisitions and renovations[33](index=33&type=chunk) Key 2022 Financial & Operating Highlights | Metric | Value | | :--- | :--- | | Net Loss Attributable to Common Shareholders | ($12.6 million) | | Funds From Operations (FFO) | $431.2 million | | Same Property NOI Growth (YoY) | 5.1% | | New & Renewal Leases Executed | 782 leases (~4.9M sq. ft.) | | Blended Cash Leasing Spread | 12.6% | | Dividends Declared per Share | $0.87 | - As of December 31, 2022, the company had **236 full-time employees** and demonstrated a commitment to diversity, with a workforce that was approximately **48% female** and **20% minority**[49](index=49&type=chunk)[51](index=51&type=chunk) - The company has established an **ESG Task Force** and published its **inaugural Corporate Responsibility Report**, with goals to **improve energy efficiency**, **water conservation**, and **expand EV charging stations** across its portfolio by 2026[56](index=56&type=chunk)[57](index=57&type=chunk) [Risk Factors](index=11&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including operational challenges, significant indebtedness, anti-takeover provisions, and critical tax risks related to maintaining REIT qualification - Operational risks include **inflation** impacting consumer spending and tenant health, potential **tenant bankruptcies** (noting Party City, Bed Bath & Beyond, and Regal Cinemas), and **e-commerce competition**[64](index=64&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) - The company has **significant geographic concentration**, with **Texas (25.7%)**, **Florida (10.9%)**, **Maryland (6.8%)**, **New York (6.0%)**, and **North Carolina (5.4%)** representing a substantial portion of its base rent, exposing it to regional economic downturns[72](index=72&type=chunk) - Financial risks are significant, with **$3.0 billion** in consolidated indebtedness as of year-end 2022, and **rising interest rates** could materially increase borrowing costs and adversely affect financial results[84](index=84&type=chunk) - Organizational risks include **anti-takeover provisions** in the company's declaration of trust, such as a **7% ownership limit** for most shareholders, which may deter potential changes in control[109](index=109&type=chunk)[110](index=110&type=chunk) - A primary tax risk is the potential **failure to qualify as a REIT**, which would result in **corporate-level income tax** and **substantially reduce cash available for distribution** to shareholders[127](index=127&type=chunk)[128](index=128&type=chunk) [Unresolved Staff Comments](index=26&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[141](index=141&type=chunk) [Properties](index=27&type=section&id=Item%202.%20Properties) As of December 31, 2022, the company's portfolio comprised 183 operating retail properties and three development projects, featuring geographic and tenant diversification, with **9.3%** of retail ABR expiring in 2023 Geographic Diversity by % of Weighted Retail ABR (Top 5 States) | State | % of Weighted Retail ABR | | :--- | :--- | | Texas | 25.7% | | Florida | 10.9% | | Maryland | 6.8% | | New York | 6.0% | | Washington | 5.4% | Top 5 Tenants by % of Weighted ABR | Tenant | % of Weighted ABR | | :--- | :--- | | The TJX Companies, Inc. | 2.5% | | Best Buy Co., Inc. | 1.9% | | Ross Stores, Inc. | 1.8% | | PetSmart, Inc. | 1.8% | | Gap Inc. | 1.4% | - The company has **three active development projects** under construction: The Landing at Tradition - Phase II (FL), Carillon MOB (DC/Baltimore), and The Corner (IN), with a total estimated remaining NOI of **$4.2 million - $5.1 million** to come online[146](index=146&type=chunk) - In 2023, leases representing **9.3% of total retail Annualized Base Rent (ABR)** are scheduled to expire[152](index=152&type=chunk) - During 2022, the company executed **782** new and renewal leases totaling **4.9 million** square feet, achieving a blended cash leasing spread of **12.6%** on comparable leases[154](index=154&type=chunk) [Legal Proceedings](index=30&type=section&id=Item%203.%20Legal%20Proceedings) The company is not subject to any material litigation, and existing routine legal matters are not expected to have a material adverse impact - The company is **not subject to any material litigation** and does **not expect current routine litigation to have a material adverse impact** on its financial condition or results[155](index=155&type=chunk) [Mine Safety Disclosures](index=30&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[156](index=156&type=chunk) PART II [Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](index=31&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Shareholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common shares trade on the NYSE under 'KRG', with a **$300 million** share repurchase program in place, and **18,521** shares repurchased in Q4 2022 for employee tax obligations - The company's common shares are traded on the **New York Stock Exchange (NYSE)** under the ticker symbol **'KRG'**[159](index=159&type=chunk) - For the taxable year ended December 31, 2022, approximately **86.1%** of distributions were taxable ordinary income dividends and **13.9%** were taxable capital gains dividends[162](index=162&type=chunk) - The company has a Share Repurchase Program, increased to **$300 million** in April 2022 and extended through **February 2024**, with no shares repurchased under this specific program during the quarter[166](index=166&type=chunk) Share Repurchases (Q4 2022) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Oct 2022 | — | $ — | | Nov 2022 | 18,521 | $21.11 | | Dec 2022 | — | $ — | | **Total** | **18,521** | **$21.11** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company's 2022 financial results show significant revenue growth to **$802.0 million** and improved net loss due to the RPAI merger, with **5.1%** Same Property NOI growth and **$1.2 billion** in liquidity Comparison of Operating Results (Years Ended Dec 31) | (in thousands) | 2022 | 2021 | | :--- | :--- | :--- | | **Total revenue** | **$801,996** | **$373,324** | | Rental income | $782,349 | $367,399 | | **Total expenses** | **$737,396** | **$426,057** | | Merger and acquisition costs | $925 | $86,522 | | Depreciation and amortization | $469,805 | $200,460 | | **Operating income (loss)** | **$91,669** | **($21,524)** | | Interest expense | ($104,276) | ($60,447) | | **Net loss attributable to common shareholders** | **($12,636)** | **($80,806)** | - The **significant increase in revenue and expenses** in 2022 compared to 2021 is primarily due to the full-year impact of the **100** operating properties acquired in the **merger with RPAI**, which closed on October 22, 2021[185](index=185&type=chunk)[192](index=192&type=chunk) Non-GAAP Performance Measures (Year Ended Dec 31, 2022) | Metric | Value | | :--- | :--- | | Same Property NOI Growth | 5.1% | | FFO of the Operating Partnership | $431.2 million | | FFO, as adjusted, of the Operating Partnership | $429.6 million | | Net Debt to Adjusted EBITDA | 5.2x | - The company enhanced its liquidity in 2022 by increasing its unsecured revolving credit facility to **$1.1 billion** and entering into a new seven-year **$300.0 million** unsecured term loan, with total liquidity approximately **$1.2 billion** as of year-end[182](index=182&type=chunk)[220](index=220&type=chunk) - As of December 31, 2022, the company had **$284.4 million of debt maturing in 2023**, which it expects to repay using cash on hand and its revolving credit facility[221](index=221&type=chunk)[230](index=230&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=50&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate exposure on its **$3.0 billion** consolidated indebtedness, with **94%** effectively fixed-rate, and a **100-basis point** rate increase impacting cash flow by **$1.8 million** - The company's main market risk exposure is from changes in **interest rates** on its **variable-rate debt**[269](index=269&type=chunk) - As of December 31, 2022, total consolidated indebtedness was **$3.0 billion**, with **94% ($2.8 billion)** of the debt fixed-rate and **6% ($183.3 million)** variable-rate after accounting for interest rate hedges[270](index=270&type=chunk) - A hypothetical **100-basis point** increase in interest rates on the company's unhedged variable-rate debt would decrease future annual cash flows by approximately **$1.8 million**[271](index=271&type=chunk) [Financial Statements and Supplementary Data](index=50&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section refers to the consolidated financial statements of the company, which are listed in Part IV, Item 15(a) of the report - This item indicates that the company's **consolidated financial statements** are included in **Part IV, Item 15(a)** of the **Form 10-K**[272](index=272&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=50&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[273](index=273&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of December 31, 2022, with no material changes to internal control over financial reporting, and KPMG LLP issued an unqualified opinion - Management concluded that the disclosure controls and procedures for both Kite Realty Group Trust and Kite Realty Group, L.P. were **effective** as of December 31, 2022[274](index=274&type=chunk)[278](index=278&type=chunk) - There were **no changes to internal control over financial reporting** during the fourth quarter of 2022 that materially affected, or are reasonably likely to materially affect, internal controls[275](index=275&type=chunk)[279](index=279&type=chunk) - Management's report on internal control over financial reporting concluded that controls were **effective**, and this assessment was attested to by the independent registered public accounting firm, **KPMG LLP**[276](index=276&type=chunk)[280](index=280&type=chunk) [Other Information](index=54&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[299](index=299&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=54&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[300](index=300&type=chunk) PART III [Directors, Executive Officers, Corporate Governance, Executive Compensation, Security Ownership, and Principal Accountant Fees](index=54&type=section&id=Items%2010-14) Information for Items 10 through 14, covering directors, executive officers, corporate governance, executive compensation, security ownership, and principal accountant fees, is incorporated by reference from the company's 2023 Annual Meeting Proxy Statement - Information for Item 10 (Directors, Executive Officers and Corporate Governance) is **incorporated by reference** from the **2023 Annual Meeting Proxy Statement**[302](index=302&type=chunk) - Information for Item 11 (Executive Compensation) is **incorporated by reference** from the **Proxy Statement**[303](index=303&type=chunk) - Information for Items 12, 13, and 14 (Security Ownership, Certain Relationships, and Principal Accountant Fees) is **incorporated by reference** from the **Proxy Statement**[304](index=304&type=chunk)[305](index=305&type=chunk)[306](index=306&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=55&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section provides a comprehensive index of all documents filed as part of the Form 10-K report, including consolidated financial statements, schedules, and various exhibits - This item lists all **financial statements, schedules, and exhibits** filed as part of the **Form 10-K report**[309](index=309&type=chunk) [Form 10-K Summary](index=62&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable - Not applicable[320](index=320&type=chunk)

Financial Data and Key Metrics Changes - The company generated FFO as adjusted per share of $1.93 for the full year, representing a 29% increase over 2021 and exceeding the midpoint of original 2022 guidance by $0.21 [69][74] - Same-property NOI growth for the full year was 5.1%, with a fourth-quarter growth of 6.2% driven by a 420 basis point increase in minimum rent and recoveries [93][94] - The net debt-to-EBITDA ratio improved to 5.2x, indicating a strong balance sheet [70][75] Business Line Data and Key Metrics Changes - The company leased nearly 4.9 million square feet with a 12.6% blended comparable cash leasing spread, showcasing strong demand for its retail spaces [70] - The company opened 245 new tenants, contributing approximately $40 million of annualized NOI [71] Market Data and Key Metrics Changes - The company reported a 90% leased and 86% occupied rate, indicating a healthy occupancy level [4] - The company noted a strong demand from various anchor tenants, including ALDI, Lidl, and Trader Joe's, reflecting a robust retail environment [90] Company Strategy and Development Direction - The company aims to close the 150 basis point spread between current and pre-COVID leased rates, focusing on internal growth through leasing [71] - The strategy includes a measured approach to future development opportunities, with only $44 million remaining for active developments [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate an uncertain macro environment while focusing on leasing space [71] - The company anticipates potential disruptions from Bed Bath & Beyond and Party City but remains optimistic about overall retail demand [90][94] Other Important Information - The company has a $33 million signed-not-open pipeline to buffer against potential tenant disruptions in 2023 [71] - Management highlighted the importance of maintaining flexibility in capital allocation, focusing on leasing and potential acquisitions [78] Q&A Session Summary Question: What is the company's long-term target leverage level? - The company targets low to mid-5s for leverage and is currently at 5.2x, indicating a strong balance sheet [77] Question: What are the assumptions behind the guidance for 2023? - The guidance includes a same-property NOI growth of 2.5%, a bad debt assumption of 125 basis points, and an additional 75 basis points of assumed disruption from Bed Bath & Beyond and Party City [94][144] Question: How is the company addressing potential store closures from troubled tenants? - The company identified three potential closures from Bed Bath & Beyond and is actively negotiating with interested tenants for those spaces [107]

TRIANGULATING VALUE KRG 4Q 2022 NAV Page Cap Rate: 5.75% - 6.75% NAV: $25 - $32 Cap Rate: 6.7% NAV: $26.70 Analyst Consensus Stock Price at Peer Average FFO Multiple: $26.03 Implied Cap Rate: 6.6% KITE REALTY GROUP POTENTIAL NAV | --- | --- | --- | |---------------------------------------|-------------------------------------------------------|---------------------------| | | NAV COMPONENTS AS OF 4Q'22 \nIN-PLACE NAV COMPONENTS | POTENTIAL NAV COMPONENTS | | Annualized Portfolio Cash NOI | $586M | $609M | | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-32268 Kite Realty Group Trust Commission File Number: 333-202666-01 Kite Realty Group, L.P. KITE REALTY GROUP TRUST KITE REALTY GROUP, ...

Kite Realty Group Trust (NYSE:KRG) Q3 2022 Earnings Conference Call November 3, 2022 11:00 AM ET Company Participants Bryan McCarthy - SVP, Marketing and Communications John Kite - Chairman and CEO Tom McGowan - President and COO Heath Fear - EVP and CFO Conference Call Participants Todd Thomas - KeyBanc Capital Markets Craig Mailman - Citi Jeff Spector - Bank of America Wes Golladay - Baird Connor Mitchell - Piper Sandler Linda Tsai - Jefferies Christopher Lucas - Capital One Paulina Rojas Schmidt - Green ...

KÍTE DITION VILLAGE CENTER MSA: Port St. Lucie, FL HOLLY SPRINGS TOWNE CENTER MSA: Raleigh, NC ONE LOUDOUN DOWNTOWN MSA: Washington, D.C. / Baltimore SOUTHLAKE TOWN SQUARE MSA: Dallas / Fort Worth, TX KITE REALTY GROUP INVESTOR UPDATE Q3 2022 KRG © 2022 Kite Realty Group | kiterealty.com LISTED NYSE Number of Operating Retail Properties Total Owned Retail GLA (SF) Operating Retail Portfolio Percent Leased Annualized Base Rent (ABR) per SF % of ABR from assets with a grocery component1 | --- | --- | |------- ...

Financial Data and Key Metrics Changes - Kite Realty Group achieved FFO per share of $0.49, exceeding consensus estimates by $0.06, representing a 44% year-over-year increase [8][24][29] - Same-property NOI growth for the quarter was 3.8%, with a year-to-date growth of 4.9% [9][30] - Net debt to EBITDA improved to 5.3x, down from 5.7x in the previous quarter and 6.4x from the same period in 2021 [33][34] Business Line Data and Key Metrics Changes - The company signed 206 leases totaling nearly 1.2 million square feet in the quarter, with blended cash spreads for comparable new and renewal leases at 13.2% [10][11] - Retention ratio for the quarter and year-to-date remained high at 90% [11] - The signed-not-open pipeline is valued at $41 million, with additional growth opportunities expected from leasing active developments [13][15] Market Data and Key Metrics Changes - The company reported strong leasing demand across its portfolio, with record low retail bankruptcies and high leasing volumes [12][25] - The average household income within a 3-mile radius of properties increased by 13%, and the population grew by 34% [25][24] Company Strategy and Development Direction - The company is focused on delivering its signed-not-open pipeline and enhancing its portfolio through strategic acquisitions and developments [13][21] - The company aims to leverage its strong balance sheet to capitalize on market opportunities while maintaining a disciplined approach to capital allocation [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for retail space and the company's ability to navigate macroeconomic challenges [7][73] - The company raised its 2022 FFO guidance to a range of $1.80 to $1.86 per share and same-property NOI growth assumption to 3.5% to 4.5% [26][31] Other Important Information - The company completed $102 million in acquisitions and $66 million in dispositions year-to-date, with a blended cap rate on acquisitions at 5.75% [17][18] - The company is in discussions to add up to 1,000 multifamily units through joint ventures [19] Q&A Session Summary Question: Comments on stock price despite strong performance - Management acknowledged the market's cautious approach post-merger but emphasized the strong operational performance and potential for stock price appreciation [40][41][42] Question: Future capital deployment opportunities - Management indicated a focus on pairing trades and capitalizing on market disconnects while continuing to invest in leasing and development [46][47][49] Question: Lease to occupied spread contraction - Management explained that the contraction was due to the mix of deals being signed and opened, with expectations for continued strong leasing activity [56] Question: Update on bad debt expectations - Management lowered bad debt expectations to 1% of revenues, reflecting improved collection rates and a smaller watch list [57][58] Question: SNO pipeline growth expectations - Management expects the SNO pipeline to remain steady, with significant rent commencements anticipated in the coming quarters [62] Question: Retail demand and tenant performance - Management reported strong demand across various tenant categories, with no significant weakness observed in the retail sector [72][73][76] Question: Recovery metrics from RPAI portfolio - Management noted improvements in recovery ratios due to operational efficiencies and the conversion of leases to fixed CAM [83][84] Question: Balance sheet and refinancing plans - Management indicated confidence in refinancing maturing debt at favorable rates, with expectations for neutral interest expense impact [96][99] Question: Monitoring tenant performance for weakness - Management stated that they are not currently seeing significant weakness among tenants, with a focus on monitoring specific segments [107][108]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-32268 Kite Realty Group Trust Commission File Number: 333-202666-01 Kite Realty Group, L.P. KITE REALTY GROUP TRUST KITE REALTY GROUP, L.P. ...