Financial Data and Key Metrics Changes - Kite Realty Group Trust reported NAREIT FFO per share of $0.55 and core FFO per share of $0.53 for Q1 2025, benefiting from a $0.03 contribution from a large termination fee [15][16] - Same property NOI grew by 3.1%, driven by a 350 basis point increase from minimum rent and a 90 basis point increase in net recoveries [16][18] - The company raised its 2025 NAREIT and core FFO per share guidance by $0.02 each at the midpoints [10][18] Business Line Data and Key Metrics Changes - Blended cash leasing spreads in Q1 were just under 14%, with non-option renewal spreads at 20% [9][10] - Starting rents for comparable new shop leases were nearly $41 per square foot, approximately 20% higher than the current portfolio average [9] - New and non-option renewal shop leases signed in Q1 had weighted average rent bumps of 360 basis points, nearly 100 basis points higher than three years ago [10] Market Data and Key Metrics Changes - Demand for space in high-quality centers remains healthy, with strong interest from larger format tenants [8][10] - The office component of Legacy West is 98.7% leased, while retail is at 95% [25] Company Strategy and Development Direction - The acquisition of Legacy West in a joint venture with GIC is seen as a pivotal step forward, enhancing portfolio quality and solidifying the company's position in lifestyle and mixed-use assets [11][12] - The company aims to pivot its portfolio towards mixed-use properties while still maintaining a presence in grocery-anchored centers [63][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to produce strong results in 2025 and deliver long-term value for stakeholders [13] - The company is optimistic about the mark-to-market opportunities within the Legacy West acquisition, expecting significant rent growth over the next three years [24][47] Other Important Information - The company has increased its general bad debt reserve midpoint by 15 basis points to 100 basis points of total revenues, reflecting increased economic uncertainty [18] - The acquisition is expected to be immediately accretive to FFO per share while modestly increasing pro forma leverage by 0.2 times [12][20] Q&A Session Summary Question: Expected NOI growth rate for Legacy West and current occupancy rates - Management indicated that the embedded rent bumps for Legacy West are 2.6%, above the portfolio average of 1.7%, with office occupancy at 98.7% and retail at 95% [23][25] Question: Office demand and tenant turnover - The office product is described as extremely strong, with high tenant satisfaction and a submarket lease percentage of around 95% [26][27][29] Question: Relationship with GIC and future investments - Management confirmed interest in expanding the relationship with GIC for additional investments and joint ventures [31] Question: Shift in bad debt reserve and tenant conversations - The shift in reserves was attributed to better-than-expected outcomes for bankruptcies, with no significant increase in aged accounts receivable [38][40] Question: Transaction environment and asset sales - The market remains healthy for larger format deals, with competitive cap rates and active acquisition buyers [41] Question: Sales productivity comparison among Legacy properties - Legacy West is expected to have similar or slightly better sales productivity compared to Southlake, with a higher concentration of luxury retail [115][118]

Financial Data and Key Metrics Changes - Kite Realty Group reported NAREIT FFO per share of $0.55 and core FFO per share of $0.53 for Q1 2025, benefiting from a $0.03 contribution from a large termination fee [14][15] - Same property NOI grew by 3.1%, driven by a 350 basis point increase from minimum rent and a 90 basis point increase in net recoveries [15] - The company raised its 2025 NAREIT and core FFO per share guidance by $0.02 each at the midpoints [9][15] Business Line Data and Key Metrics Changes - Blended cash leasing spreads in Q1 were just under 14%, with non-option renewal spreads at 20% [7] - Starting rents for comparable new shop leases were nearly $41 per square foot, approximately 20% higher than the current portfolio average [7] - New and non-option renewal shop leases signed in Q1 had weighted average rent bumps of 360 basis points, nearly 100 basis points higher than three years ago [8] Market Data and Key Metrics Changes - Demand for anchor spaces remains strong, with significant interest from larger format tenants [8] - The office component of Legacy West is 98.7% leased, while the retail component is 95% leased [23] Company Strategy and Development Direction - The acquisition of Legacy West in a joint venture with GIC is seen as a pivotal step forward, enhancing portfolio quality and solidifying the company's position in the market [10][11] - The company aims to pivot towards mixed-use properties while still maintaining a diverse portfolio that includes grocery-anchored centers [60][61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to produce strong results in 2025 and deliver long-term value for stakeholders [12] - The company is optimistic about the mark-to-market opportunities within the Legacy West acquisition, expecting significant rent growth over the next three years [22][44] Other Important Information - The company has increased its general bad debt reserve midpoint by 15 basis points to 100 basis points of total revenues, reflecting increased economic uncertainty [16] - The acquisition of Legacy West is expected to be immediately accretive to FFO per share while modestly increasing pro forma leverage [12][19] Q&A Session Summary Question: Expected NOI growth rate for Legacy West and current occupancy rates - The embedded rent bumps for Legacy West are 2.6%, above the portfolio average of 1.7%, with office occupancy at 98.7% and retail at 95% [22][23] Question: Office demand and recent leasing activity - The office product is strong, with high tenant satisfaction and a sub-market lease percentage of 95% [24][26] Question: Relationship with GIC and future investment opportunities - The company is actively working on a second joint venture with GIC and sees potential for further investments [30] Question: Changes in bad debt reserve and tenant conversations - The shift in reserves reflects general market uncertainty rather than specific tenant issues, with no increase in aged accounts receivable [35][38] Question: Transaction environment and pricing sensitivity - The market remains healthy with competitive cap rates, and there is good demand for larger format deals [39] Question: Sales productivity comparison among Legacy properties - Legacy West is expected to have similar or slightly better sales productivity compared to Southlake, with a higher concentration of luxury retail [110][113]

Group 1 - The article highlights that REIT (VNQ) share prices have significantly declined despite consistent growth in cash flows and dividends, leading to decade-low valuations for REITs [2] - The investment group High Yield Landlord, led by Jussi Askola, provides real-time insights into REIT investments, including multiple portfolios and direct access to analysts [3] - The company invests substantial resources, over $100,000 annually, into researching profitable real estate strategies to benefit its members [1]

Note: Unless otherwise indicated, the source of all Company data is publicly available information that has been or will be filed with the Securities and Exchange Commission for the period ending March 31, 2025. Founded / IPO NYSE Market Cap1 Enterprise Value1 Operating Retail Properties Total Owned Retail GLA (SF) Retail Portfolio Percent Leased Annualized Base Rent (ABR) per SF Net Debt to Adjusted EBITDA ABR from Assets with a Grocery Component2 ABR in Sun Belt Markets3 ABR from Community & Neighborhood ...

Core Insights - Kite Realty Group (KRG) reported revenue of $221.76 million for the quarter ended March 2025, reflecting a year-over-year increase of 6.9% [1] - The earnings per share (EPS) for the quarter was $0.53, significantly higher than $0.06 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $212.14 million by 4.54%, while the EPS also surpassed the consensus estimate of $0.51 by 3.92% [1] Revenue Breakdown - Rental income was reported at $219.17 million, exceeding the average estimate of $209.02 million from three analysts, marking a 6.5% year-over-year increase [4] - Tenant recoveries amounted to $44.64 million, slightly above the two-analyst average estimate of $44.48 million [4] - Minimum rent revenue was reported at $155.17 million, which fell short of the two-analyst average estimate of $164.33 million [4] Stock Performance - Over the past month, shares of Kite Realty Group have returned -2.3%, compared to a -0.8% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Group 1 - Kite Realty Group (KRG) reported quarterly funds from operations (FFO) of $0.53 per share, exceeding the Zacks Consensus Estimate of $0.51 per share, and up from $0.50 per share a year ago, representing an FFO surprise of 3.92% [1] - The company posted revenues of $221.76 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.54%, compared to year-ago revenues of $207.44 million [2] - Kite Realty Group has outperformed consensus revenue estimates three times over the last four quarters [2] Group 2 - The stock has underperformed the market, losing about 13.4% since the beginning of the year, while the S&P 500 declined by 6% [3] - The future performance of Kite Realty Group's stock will depend on management's commentary on the earnings call and the sustainability of the stock's immediate price movement based on recent numbers and future FFO expectations [3][4] Group 3 - The current consensus FFO estimate for the coming quarter is $0.51 on revenues of $214.87 million, and for the current fiscal year, it is $2.06 on revenues of $858.46 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Retail is currently in the top 29% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Exhibit 99.2 Kite Realty Group Quarterly Financial Supplement as of March 31, 2025 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 | | Funds From Operations | 7 | | Joint Venture Summary | 8 | | Key Debt Metrics | 9 | | Summary of Outstanding De ...

Core Insights - Kite Realty Group reported a net income of $23.7 million, or $0.11 per diluted share, for Q1 2025, compared to $14.2 million, or $0.06 per diluted share, in Q1 2024, indicating a significant year-over-year increase in profitability [1][21][34] - The company raised its 2025 guidance for NAREIT FFO to a range of $2.04 to $2.10 per diluted share, up from the previous range of $2.02 to $2.08 per diluted share [9] - Kite Realty Group acquired Legacy West in the Dallas MSA for $785 million, with its share amounting to $408 million, through a joint venture with GIC, enhancing its portfolio in a high-growth area [3][11] Financial Performance - The company generated NAREIT FFO of $122.8 million, or $0.55 per diluted share, and Core FFO of $118.1 million, or $0.53 per diluted share for Q1 2025 [7][24] - Same Property Net Operating Income (NOI) increased by 3.1% year-over-year, reflecting strong operational performance [7][33] - The operating retail portfolio's annualized base rent per square foot was $21.49, a 3.1% increase year-over-year [7] Capital Allocation and Investments - Kite Realty executed 182 new and renewal leases representing approximately 844,000 square feet, with blended cash leasing spreads of 13.7% [7][33] - The company sold Stoney Creek Commons for $9.5 million and acquired Village Commons for $68.4 million during the quarter [3][7] - The joint venture with GIC aims to co-invest in high-quality, open-air retail and mixed-use assets, with Legacy West being a key acquisition [3][11] Dividend and Shareholder Returns - The Board of Trustees declared a second quarter 2025 dividend of $0.27 per common share, representing an 8.0% year-over-year increase [8] - The company aims to maintain leverage at or below its long-term target of 5.0x to 5.5x net debt to EBITDA, with a current net debt to Adjusted EBITDA ratio of 4.7x [6][9]

Company Overview - Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust (REIT) specializing in open-air shopping centers and mixed-use assets, primarily grocery-anchored [3] - The company operates in high-growth Sun Belt and select strategic gateway markets, with a portfolio designed to cater to both retailers and consumers [3] - As of December 31, 2024, KRG owned interests in 179 U.S. open-air shopping centers and mixed-use assets, totaling approximately 27.7 million square feet of gross leasable space [3] Financial Results Announcement - Kite Realty Group will release its financial results for the quarter ending March 31, 2025, after market close on April 29, 2025 [1] - A conference call to discuss these results is scheduled for April 30, 2025, at 1:00 p.m. Eastern Time [1][2] Communication Channels - A live webcast of the conference call will be available on the company's website, and a replay will also be accessible [2]

Company Overview - Kite Realty Group Trust (NYSE: KRG) is a leading real estate investment trust (REIT) focused on owning and operating open-air shopping centers and mixed-use assets [2] - The company's portfolio is primarily grocery-anchored and located in high-growth Sun Belt regions and select strategic gateway markets [2] - As of December 31, 2024, KRG owned interests in 179 U.S. open-air shopping centers and mixed-use assets, totaling approximately 27.7 million square feet of gross leasable space [2] Upcoming Events - Kite Realty Group will present at the Citi 2025 Global Property CEO Conference on March 3, 2025, at 2:10 p.m. EST [1] - The presentation will include the KRG Q4 2024 Investor Update, and a replay will be available on the company's website after the conference [1]