krg-20250630

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, 2025


☐						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.
(Exact name of registrant as specified in its charter)

Maryland

Kite Realty Group Trust

11-3715772

Delaware

Kite Realty Group, L.P.

20-1453863

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

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

(Address of principal executive offices) (Zip Code)

(317) 577-5600

(Registrant’s telephone number, including area code)

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

Title of each class

Trading Symbol(s)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Kite Realty Group Trust

Yes

☒

Kite Realty Group, L.P.

Yes

☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Kite Realty Group Trust

Yes

☒

Kite Realty Group, L.P.

Yes

☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Kite Realty Group Trust:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

Kite Realty Group, L.P.:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

☐

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.

Kite Realty Group Trust

Kite Realty Group, L.P.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Kite Realty Group Trust

Yes

☐

Kite Realty Group, L.P.

Yes

☐

The number of Common Shares outstanding as of July 25, 2025 was 219,858,193 ($0.01 par value).

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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2025 of Kite Realty Group Trust, Kite Realty Group, L.P. and its subsidiaries. Unless stated otherwise or the context otherwise requires, references to “Kite Realty Group Trust” or the “Parent Company” mean Kite Realty Group Trust, and references to the “Operating Partnership” mean Kite Realty Group, L.P. and its consolidated subsidiaries. The terms “Company,” “we,” “us,” and “our” refer to the Parent Company and the Operating Partnership, collectively, and those entities owned or controlled by the Parent Company and/or the Operating Partnership.

The Operating Partnership is engaged in the ownership, operation, acquisition, development and redevelopment of high-quality, open-air shopping centers and mixed-use assets that are primarily grocery-anchored and located in high-growth Sun Belt markets and select strategic gateway markets in the United States, and the Parent Company conducts substantially all of its activities through the Operating Partnership and its wholly owned subsidiaries. The Parent Company is the sole general partner of the Operating Partnership and, as of June 30, 2025, owned approximately 97.8% of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining 2.2% of the common partnership interests (“Limited Partner Units” and, together with the General Partner Units, the “Common Units”) are owned by the limited partners.

We believe combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report benefits investors by:

•enhancing investors’ understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•eliminating duplicative disclosure and providing a more streamlined and readable presentation of information as a substantial portion of the Company’s disclosure applies to both the Parent Company and the Operating Partnership; and

•creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.

We believe it is important to understand the few differences between the Parent Company and the Operating Partnership in the context of how we operate as an interrelated consolidated company. The Parent Company has no material assets or liabilities other than its investment in the Operating Partnership. The Parent Company issues public equity from time to time but does not have any indebtedness as all debt is incurred by the Operating Partnership. In addition, the Parent Company currently does not nor does it intend to guarantee any debt of the Operating Partnership. The Operating Partnership has numerous wholly owned subsidiaries, and it also owns interests in certain joint ventures. These subsidiaries and joint ventures own and operate retail shopping centers and other real estate assets. The Operating Partnership is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for General Partner Units, the Operating Partnership generates the capital required by the business through its operations, its incurrence of indebtedness, and the issuance of Limited Partner Units to third parties.

Shareholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Parent Company and those of the Operating Partnership. In order to highlight this and other differences between the Parent Company and the Operating Partnership, there are separate sections in this report, as applicable, that separately discuss the Parent Company and the Operating Partnership, including separate financial statements and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure of the Parent Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the collective Company.

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KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P. AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025

TABLE OF CONTENTS


PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	KITE REALTY GROUP TRUST
	Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	4

	Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024	5

	Consolidated Statements of Shareholders’ Equity for the Three and Six Months Ended June 30, 2025 and 2024	6

	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024	7

	KITE REALTY GROUP, L.P. AND SUBSIDIARIES
	Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	8

	Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024	9

	Consolidated Statements of Partners’ Equity for the Three and Six Months Ended June 30, 2025 and 2024	10

	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024	11

	KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P. AND SUBSIDIARIES
	Notes to Consolidated Financial Statements	12

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30

Item 3.	Quantitative and Qualitative Disclosure about Market Risk	47

Item 4.	Controls and Procedures	47

PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	49

Item 1A.	Risk Factors	49

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49

Item 3.	Defaults Upon Senior Securities	49

Item 4.	Mine Safety Disclosures	49

Item 5.	Other Information	49

Item 6.	Exhibits	50

SIGNATURES		51

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PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

KITE REALTY GROUP TRUST

Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share data)


	June 30, 2025		December 31, 2024
Assets:
Investment properties, at cost	$	7,423,024	$	7,634,191
Less: accumulated depreciation	(1,661,279)		(1,587,661)
Net investment properties	5,761,745		6,046,530

Cash and cash equivalents	182,044		128,056
Tenant and other receivables, including accrued straight-line rent of $69,042 and $67,377, respectively	125,289		125,768
Restricted cash and escrow deposits	5,566		5,271
Deferred costs, net	208,683		238,213
Short-term deposits	—		350,000
Prepaid and other assets	96,278		104,627
Investments in unconsolidated subsidiaries	390,827		19,511
Assets associated with investment properties held for sale	87,908		73,791
Total assets	$	6,858,340	$	7,091,767

Liabilities and Equity:
Liabilities:
Mortgage and other indebtedness, net	$	3,022,496	$	3,226,930
Accounts payable and accrued expenses	180,564		202,651
Deferred revenue and other liabilities	227,807		246,100
Liabilities associated with investment properties held for sale	4,949		4,009
Total liabilities	3,435,816		3,679,690

Commitments and contingencies
Limited Partners’ interests in the Operating Partnership	102,891		98,074

Equity:
Common shares, $0.01 par value, 490,000,000 shares authorized, 219,858,193 and 219,667,067 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	2,198		2,197
Additional paid-in capital	4,867,036		4,868,554
Accumulated other comprehensive income	28,397		36,612
Accumulated deficit	(1,579,915)		(1,595,253)
Total shareholders’ equity	3,317,716		3,312,110
Noncontrolling interests	1,917		1,893
Total equity	3,319,633		3,314,003
Total liabilities and equity	$	6,858,340	$	7,091,767

The accompanying notes are an integral part of these consolidated financial statements.

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KITE REALTY GROUP TRUST

Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

(in thousands, except share and per share data)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenue:
Rental income	$	211,182	$	205,836	$	430,354	$	411,649
Other property-related revenue	1,360		3,146		3,525		4,457
Fee income	853		3,452		1,278		3,767
Total revenue	213,395		212,434		435,157		419,873

Expenses:
Property operating	28,881		28,564		58,707		56,645
Real estate taxes	26,651		26,493		54,412		53,027
General, administrative and other	13,390		12,966		25,648		25,750

Depreciation and amortization	97,887		99,291		196,118		199,670
Impairment charges	—		66,201		—		66,201
Total expenses	166,809		233,515		334,885		401,293

Other (expense) income:
Interest expense	(34,052)		(30,981)		(67,006)		(61,345)
Income tax expense of taxable REIT subsidiaries	(199)		(132)		(209)		(290)
Gain (loss) on sales of operating properties, net	103,022		(1,230)		103,113		(1,466)

Equity in loss of unconsolidated subsidiaries	(3,238)		(174)		(3,845)		(594)
Gain on sale of unconsolidated property, net	—		—		—		2,325
Other income, net	480		4,295		4,538		7,923
Net income (loss)	112,599		(49,303)		136,863		(34,867)
Net (income) loss attributable to noncontrolling interests	(2,281)		665		(2,815)		385
Net income (loss) attributable to common shareholders	$	110,318	$	(48,638)	$	134,048	$	(34,482)

Net income (loss) per common share – basic and diluted	$	0.50	$	(0.22)	$	0.61	$	(0.16)


Weighted average common shares outstanding – basic	219,835,322		219,622,059		219,775,829		219,561,586
Weighted average common shares outstanding – diluted	219,949,868		219,622,059		219,888,939		219,561,586



Net income (loss)	$	112,599	$	(49,303)	$	136,863	$	(34,867)
Change in fair value of derivatives	(3,991)		(4,708)		(8,271)		(2,166)
Total comprehensive income (loss)	108,608		(54,011)		128,592		(37,033)
Comprehensive (income) loss attributable to noncontrolling interests	(2,200)		737		(2,759)		372
Comprehensive income (loss) attributable to the Company	$	106,408	$	(53,274)	$	125,833	$	(36,661)

The accompanying notes are an integral part of these consolidated financial statements.

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KITE REALTY GROUP TRUST

Consolidated Statements of Shareholders’ Equity

(Unaudited)

(in thousands, except share data)


	Common Shares			Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total
	Shares	Amount
Balance at December 31, 2024	219,667,067	$	2,197	$	4,868,554	$	36,612	$	(1,595,253)	$	3,312,110
Stock compensation activity	145,233	1		1,449		—		—		1,450
Other comprehensive loss	—	—		—		(4,305)		—		(4,305)
Distributions to common shareholders	—	—		—		—		(59,349)		(59,349)
Net income attributable to common shareholders	—	—		—		—		23,730		23,730

Adjustment to redeemable noncontrolling interests	—	—		(5,683)		—		—		(5,683)
Balance at March 31, 2025	219,812,300	$	2,198	$	4,864,320	$	32,307	$	(1,630,872)	$	3,267,953
Stock compensation activity	45,893	—		3,178		—		—		3,178
Other comprehensive loss	—	—		—		(3,910)		—		(3,910)
Distributions to common shareholders	—	—		—		—		(59,361)		(59,361)
Net income attributable to common shareholders	—	—		—		—		110,318		110,318

Adjustment to redeemable noncontrolling interests	—	—		(462)		—		—		(462)
Balance at June 30, 2025	219,858,193	$	2,198	$	4,867,036	$	28,397	$	(1,579,915)	$	3,317,716


Balance at December 31, 2023	219,448,429	$	2,194	$	4,886,592	$	52,435	$	(1,373,083)	$	3,568,138
Stock compensation activity	155,433	2		1,991		—		—		1,993
Other comprehensive income	—	—		—		2,456		—		2,456
Distributions to common shareholders	—	—		—		—		(54,901)		(54,901)
Net income attributable to common shareholders	—	—		—		—		14,156		14,156

Adjustment to redeemable noncontrolling interests	—	—		(1,010)		—		—		(1,010)
Balance at March 31, 2024	219,603,862	$	2,196	$	4,887,573	$	54,891	$	(1,413,828)	$	3,530,832
Stock compensation activity	51,091	1		3,077		—		—		3,078
Other comprehensive loss	—	—		—		(4,636)		—		(4,636)
Distributions to common shareholders	—	—		—		—		(54,917)		(54,917)
Net loss attributable to common shareholders	—	—		—		—		(48,638)		(48,638)

Adjustment to redeemable noncontrolling interests	—	—		(4,118)		—		—		(4,118)
Balance at June 30, 2024	219,654,953	$	2,197	$	4,886,532	$	50,255	$	(1,517,383)	$	3,421,601

The accompanying notes are an integral part of these consolidated financial statements.

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KITE REALTY GROUP TRUST

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Six Months Ended June 30,
	2025		2024
Cash flows from operating activities:
Net income (loss)	$	136,863	$	(34,867)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	199,451		201,586
(Gain) loss on sales of operating properties, net	(103,113)		1,466
Gain on sale of unconsolidated property, net	—		(2,325)
Impairment charges	—		66,201

Straight-line rent	(5,074)		(6,780)
Compensation expense for equity awards	5,220		5,386
Amortization of debt fair value adjustments	(3,551)		(6,463)
Amortization of in-place lease liabilities	(5,107)		(4,656)
Equity in loss of unconsolidated joint ventures	3,845		594
Changes in assets and liabilities:
Tenant receivables	1,712		(3,157)
Deferred costs and other assets	(9,910)		(9,831)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(13,442)		(11,468)
Net cash provided by operating activities	206,894		195,686

Cash flows from investing activities:
Acquisitions of interests in properties	(67,854)		—
Capital expenditures	(83,290)		(69,937)
Net proceeds from sales of land	—		4,855
Net proceeds from sales of operating properties	232,523		29,809
Investments in unconsolidated subsidiaries	(253,924)		—
Investment in short-term deposits	—		(265,000)
Proceeds from short-term deposits	350,000		145,000


Distributions from unconsolidated joint ventures	2,780		1,618
Capital contributions to unconsolidated joint ventures	(2,205)		(946)
Net cash provided by (used in) investing activities	178,030		(154,601)

Cash flows from financing activities:
Proceeds from issuance of common shares, net	36		37
Repurchases of common shares upon the vesting of restricted shares	(1,171)		(867)
Debt and equity issuance costs	(2,893)		(3,640)
Loan proceeds	696,539		385,345
Loan payments	(900,608)		(192,180)

Distributions paid – common shareholders	(118,659)		(109,763)
Distributions paid – redeemable noncontrolling interests	(3,758)		(1,760)
Distributions to noncontrolling interests	(127)		(692)
Net cash (used in) provided by financing activities	(330,641)		76,480

Net change in cash, cash equivalents and restricted cash	54,283		117,565
Cash, cash equivalents and restricted cash, beginning of period	133,552		41,430
Cash, cash equivalents and restricted cash, end of period	$	187,835	$	158,995

Non-cash investing and financing activities:
Accrued capital expenditures and tenant improvements	$	2,697	$	6,973
Contribution of real estate and working capital in exchange for equity investment in unconsolidated joint venture	$	122,622	$	—

The accompanying notes are an integral part of these consolidated financial statements.

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KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

(in thousands, except unit data)


	June 30, 2025		December 31, 2024
Assets:
Investment properties, at cost	$	7,423,024	$	7,634,191
Less: accumulated depreciation	(1,661,279)		(1,587,661)
Net investment properties	5,761,745		6,046,530

Cash and cash equivalents	182,044		128,056
Tenant and other receivables, including accrued straight-line rent of $69,042 and $67,377, respectively	125,289		125,768
Restricted cash and escrow deposits	5,566		5,271
Deferred costs, net	208,683		238,213
Short-term deposits	—		350,000
Prepaid and other assets	96,278		104,627
Investments in unconsolidated subsidiaries	390,827		19,511
Assets associated with investment properties held for sale	87,908		73,791
Total assets	$	6,858,340	$	7,091,767

Liabilities and Equity:
Liabilities:
Mortgage and other indebtedness, net	$	3,022,496	$	3,226,930
Accounts payable and accrued expenses	180,564		202,651
Deferred revenue and other liabilities	227,807		246,100
Liabilities associated with investment properties held for sale	4,949		4,009
Total liabilities	3,435,816		3,679,690

Commitments and contingencies
Limited Partners’ interests in the Operating Partnership	102,891		98,074

Partners’ Equity:
Common equity, 219,858,193 and 219,667,067 units issued and outstanding at June 30, 2025 and December 31, 2024, respectively	3,289,319		3,275,498
Accumulated other comprehensive income	28,397		36,612
Total Partners’ equity	3,317,716		3,312,110
Noncontrolling interests	1,917		1,893
Total equity	3,319,633		3,314,003
Total liabilities and equity	$	6,858,340	$	7,091,767

The accompanying notes are an integral part of these consolidated financial statements.

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KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

(in thousands, except unit and per unit data)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenue:
Rental income	$	211,182	$	205,836	$	430,354	$	411,649
Other property-related revenue	1,360		3,146		3,525		4,457
Fee income	853		3,452		1,278		3,767
Total revenue	213,395		212,434		435,157		419,873

Expenses:
Property operating	28,881		28,564		58,707		56,645
Real estate taxes	26,651		26,493		54,412		53,027
General, administrative and other	13,390		12,966		25,648		25,750

Depreciation and amortization	97,887		99,291		196,118		199,670
Impairment charges	—		66,201		—		66,201
Total expenses	166,809		233,515		334,885		401,293

Other (expense) income:
Interest expense	(34,052)		(30,981)		(67,006)		(61,345)
Income tax expense of taxable REIT subsidiaries	(199)		(132)		(209)		(290)
Gain (loss) on sales of operating properties, net	103,022		(1,230)		103,113		(1,466)

Equity in loss of unconsolidated subsidiaries	(3,238)		(174)		(3,845)		(594)
Gain on sale of unconsolidated property, net	—		—		—		2,325
Other income, net	480		4,295		4,538		7,923
Net income (loss)	112,599		(49,303)		136,863		(34,867)
Net income attributable to noncontrolling interests	(81)		(74)		(151)		(141)
Net income (loss) attributable to common unitholders	$	112,518	$	(49,377)	$	136,712	$	(35,008)

Allocation of net income (loss):
Limited Partners	$	2,200	$	(739)	$	2,664	$	(526)
Parent Company	110,318		(48,638)		134,048		(34,482)
	$	112,518	$	(49,377)	$	136,712	$	(35,008)

Net income (loss) per common unit – basic and diluted	$	0.50	$	(0.22)	$	0.61	$	(0.16)


Weighted average common units outstanding – basic	224,684,910		223,329,063		224,451,187		223,219,523
Weighted average common units outstanding – diluted	224,799,456		223,329,063		224,564,297		223,219,523



Net income (loss)	$	112,599	$	(49,303)	$	136,863	$	(34,867)
Change in fair value of derivatives	(3,991)		(4,708)		(8,271)		(2,166)
Total comprehensive income (loss)	108,608		(54,011)		128,592		(37,033)
Comprehensive income attributable to noncontrolling interests	(81)		(74)		(151)		(141)
Comprehensive income (loss) attributable to common unitholders	$	108,527	$	(54,085)	$	128,441	$	(37,174)

The accompanying notes are an integral part of these consolidated financial statements.

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KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Consolidated Statements of Partners’ Equity

(Unaudited)

(in thousands)


	General Partner				Total
	Common Equity		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2024	$	3,275,498	$	36,612	$	3,312,110
Stock compensation activity	1,450		—		1,450
Other comprehensive loss attributable to Parent Company	—		(4,305)		(4,305)
Distributions to Parent Company	(59,349)		—		(59,349)
Net income attributable to Parent Company	23,730		—		23,730

Adjustment to redeemable noncontrolling interests	(5,683)		—		(5,683)
Balance at March 31, 2025	$	3,235,646	$	32,307	$	3,267,953
Stock compensation activity	3,178		—		3,178
Other comprehensive loss attributable to Parent Company	—		(3,910)		(3,910)
Distributions to Parent Company	(59,361)		—		(59,361)
Net income attributable to Parent Company	110,318		—		110,318

Adjustment to redeemable noncontrolling interests	(462)		—		(462)
Balance at June 30, 2025	$	3,289,319	$	28,397	$	3,317,716


Balance at December 31, 2023	$	3,515,703	$	52,435	$	3,568,138
Stock compensation activity	1,993		—		1,993
Other comprehensive income attributable to Parent Company	—		2,456		2,456
Distributions to Parent Company	(54,901)		—		(54,901)
Net income attributable to Parent Company	14,156		—		14,156

Adjustment to redeemable noncontrolling interests	(1,010)		—		(1,010)
Balance at March 31, 2024	$	3,475,941	$	54,891	$	3,530,832
Stock compensation activity	3,078		—		3,078
Other comprehensive loss attributable to Parent Company	—		(4,636)		(4,636)
Distributions to Parent Company	(54,917)		—		(54,917)
Net loss attributable to Parent Company	(48,638)		—		(48,638)

Adjustment to redeemable noncontrolling interests	(4,118)		—		(4,118)
Balance at June 30, 2024	$	3,371,346	$	50,255	$	3,421,601

The accompanying notes are an integral part of these consolidated financial statements.

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KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Six Months Ended June 30,
	2025		2024
Cash flows from operating activities:
Net income (loss)	$	136,863	$	(34,867)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	199,451		201,586
(Gain) loss on sales of operating properties, net	(103,113)		1,466
Gain on sale of unconsolidated property, net	—		(2,325)
Impairment charges	—		66,201

Straight-line rent	(5,074)		(6,780)
Compensation expense for equity awards	5,220		5,386
Amortization of debt fair value adjustments	(3,551)		(6,463)
Amortization of in-place lease liabilities	(5,107)		(4,656)
Equity in loss of unconsolidated joint ventures	3,845		594
Changes in assets and liabilities:
Tenant receivables	1,712		(3,157)
Deferred costs and other assets	(9,910)		(9,831)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(13,442)		(11,468)
Net cash provided by operating activities	206,894		195,686

Cash flows from investing activities:
Acquisition of interests in properties	(67,854)		—
Capital expenditures	(83,290)		(69,937)
Net proceeds from sales of land	—		4,855
Net proceeds from sales of operating properties	232,523		29,809
Investments in unconsolidated subsidiaries	(253,924)		—
Investment in short-term deposits	—		(265,000)
Proceeds from short-term deposits	350,000		145,000


Distributions from unconsolidated joint ventures	2,780		1,618
Capital contributions to unconsolidated joint ventures	(2,205)		(946)
Net cash provided by (used in) investing activities	178,030		(154,601)

Cash flows from financing activities:
Contributions from the General Partner	36		37
Repurchases of common shares upon the vesting of restricted shares	(1,171)		(867)
Debt and equity issuance costs	(2,893)		(3,640)
Loan proceeds	696,539		385,345
Loan payments	(900,608)		(192,180)

Distributions paid – common unitholders	(118,659)		(109,763)
Distributions paid – redeemable noncontrolling interests	(3,758)		(1,760)
Distributions to noncontrolling interests	(127)		(692)
Net cash (used in) provided by financing activities	(330,641)		76,480

Net change in cash, cash equivalents and restricted cash	54,283		117,565
Cash, cash equivalents and restricted cash, beginning of period	133,552		41,430
Cash, cash equivalents and restricted cash, end of period	$	187,835	$	158,995

Non-cash investing and financing activities:
Accrued capital expenditures and tenant improvements	$	2,697	$	6,973
Contribution of real estate and working capital in exchange for equity investment in unconsolidated joint venture	$	122,622	$	—

The accompanying notes are an integral part of these consolidated financial statements.

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KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2025

(dollars in thousands, except share, per share, unit and per unit amounts and where indicated in millions or billions)

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

Kite Realty Group Trust (the “Parent Company”), through its majority-owned subsidiary, Kite Realty Group, L.P. (the “Operating Partnership”), owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development and redevelopment of high-quality, open-air, grocery-anchored shopping centers and vibrant mixed-use assets that are primarily located in high-growth Sun Belt markets and select strategic gateway markets in the United States. The terms “Company,” “we,” “us,” and “our” refer to the Parent Company and the Operating Partnership, collectively, and those entities owned or controlled by the Parent Company and/or the Operating Partnership.

The Operating Partnership was formed on August 16, 2004, when the Parent Company contributed properties and the net proceeds from an initial public offering (“IPO”) of shares of its common stock to the Operating Partnership. The Parent Company was organized in Maryland in 2004 to succeed in the acquisition, development, construction and real estate businesses of its predecessor. We believe the Company qualifies as a real estate investment trust (“REIT”) under sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”).

The Parent Company is the sole general partner of the Operating Partnership and, as of June 30, 2025, owned approximately 97.8% of the common partnership interests in the Operating Partnership (the “General Partner Units”). The remaining 2.2% of the common partnership interests (the “Limited Partner Units” and, together with the General Partner Units, the “Common Units”) were owned by the limited partners. As the sole general partner of the Operating Partnership, the Parent Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. The Parent Company and the Operating Partnership are operated as one enterprise. The management of the Parent Company consists of the same members as the management of the Operating Partnership. As the sole general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have any significant assets other than its investment in the Operating Partnership.

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the presentation not misleading. The unaudited consolidated financial statements as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 include all adjustments, consisting of normal recurring adjustments, necessary in the opinion of management to present fairly the financial information set forth therein. The unaudited consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the combined Annual Report on Form 10-K of the Parent Company and the Operating Partnership for the year ended December 31, 2024.

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results that may be expected on an annual basis.

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As of June 30, 2025, the Company’s portfolio consisted of the following:


	Properties	Square Footage
Operating retail/mixed-use properties	171	27,256,979
Operating retail/mixed-use properties – unconsolidated joint ventures	8	2,146,707
Total operating retail/mixed-use properties(1)	179	29,403,686
Standalone office properties(2)	2	412,812
Development and redevelopment projects:
One Loudoun Expansion	—	119,000
Hamilton Crossing Centre	1	92,283
Edwards Multiplex – Ontario	1	124,614

(1)Included within the operating retail/mixed-use properties are 11 properties that contain an office component. Excludes two operating retail properties classified as held for sale as of June 30, 2025.

(2)Standalone office properties include the Company’s headquarters at 30 South Meridian and the Carillon medical office building, which was reclassified from active redevelopment into our office portfolio in December 2024.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Components of Investment Properties

The following table summarizes the composition of the Company’s investment properties as of June 30, 2025 and December 31, 2024 (in thousands):


	June 30, 2025		December 31, 2024
Land, buildings and improvements	$	7,381,763	$	7,591,036
Construction in progress	41,261		43,155
Investment properties, at cost	$	7,423,024	$	7,634,191

Components of Rental Income, including Allowance for Uncollectible Accounts

Rental income related to the Company’s operating leases is comprised of the following for the three and six months ended June 30, 2025 and 2024 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Fixed contractual lease payments – operating leases	$	167,569	$	161,673	$	336,408	$	322,213
Variable lease payments – operating leases	41,176		39,663		87,466		80,133
Bad debt reserve	(1,625)		(1,544)		(3,701)		(2,133)
Straight-line rent adjustments	2,709		2,829		5,496		6,192
Straight-line rent (reserve) recovery for uncollectibility	(216)		825		(422)		588
Amortization of in-place lease liabilities, net	1,569		2,390		5,107		4,656
Rental income	$	211,182	$	205,836	$	430,354	$	411,649

The Company makes estimates as to the collectability of its accounts receivable. In making these estimates, the Company reviews a variety of qualitative and quantitative data and considers such factors as the credit quality of the tenant, historical write-off experience, tenant creditworthiness, and current economic trends, to make a subjective determination. An allowance for uncollectible accounts, including future credit losses of the accrued straight-line rent receivables, is maintained for estimated losses resulting from the inability of certain tenants to meet contractual obligations under their lease agreements.

Short-Term Deposits

In August 2024, the Company invested $350.0 million in short-term deposits at Goldman Sachs Bank USA and KeyBank National Association. These short-term deposits earned interest at a weighted average interest rate of 5.05% with a maturity date of February 2025. During the six months ended June 30, 2025, the Company earned $2.5 million of interest income on the August 2024 deposits, which is recorded within “Other income, net” in the accompanying consolidated statements of operations and comprehensive income (loss).

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Consolidation and Investments in Joint Ventures

The accompanying financial statements are presented on a consolidated basis and include all accounts of the Parent Company, the Operating Partnership, the taxable REIT subsidiaries (“TRSs”) of the Operating Partnership, subsidiaries of the Operating Partnership that are controlled, and any variable interest entities (“VIEs”) in which the Operating Partnership is the primary beneficiary. As of June 30, 2025, we owned investments in two consolidated joint ventures that were VIEs in which the partners did not have substantive participating rights, and we were the primary beneficiary. As of June 30, 2025, these consolidated VIEs had mortgage debt totaling $108.5 million, which was secured by assets of the VIEs totaling $219.8 million. The Operating Partnership guarantees the mortgage debt of these VIEs.

The Operating Partnership is considered a VIE as the limited partners do not hold kick-out rights or substantive participating rights. The Parent Company consolidates the Operating Partnership as it is the primary beneficiary.

Income Taxes and REIT Compliance

Parent Company

The Parent Company has been organized and operated, and intends to continue to operate, in a manner that will enable it to maintain its qualification as a REIT for U.S. federal income tax purposes. As a result, it generally will not be subject to U.S. federal income tax on the earnings that it distributes to the extent it distributes its “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders of the Parent Company and meets certain other requirements on a recurring basis. To the extent that it satisfies this distribution requirement but distributes less than 100% of its taxable income, it will be subject to U.S. federal income tax on its undistributed REIT taxable income at regular corporate income tax rates. REITs are subject to a number of organizational and operational requirements. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates for a period of four years following the year in which qualification is lost. Additionally, we may also be subject to certain taxes enacted by the Inflation Reduction Act of 2022 that are applicable to non-REIT corporations, including the nondeductible 1% excise tax on certain stock repurchases. We may also be subject to certain U.S. federal, state, and local taxes on our income and property and to U.S. federal income and excise taxes on our undistributed taxable income even if the Parent Company does qualify as a REIT. The Operating Partnership intends to continue to make distributions to the Parent Company in amounts sufficient to assist the Parent Company in adhering to REIT requirements and maintaining its REIT status.

We have elected to treat Kite Realty Holdings, LLC and IWR Protective Corporation as TRSs of the Operating Partnership, and we may elect to treat other subsidiaries as TRSs in the future. This election enables us to receive income and provide services that would otherwise be impermissible for a REIT. Deferred tax assets and liabilities are established for temporary differences between the financial reporting bases and the tax bases of assets and liabilities at the tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized.

Operating Partnership

The allocated share of income and loss, other than the operations of our TRSs, is included in the income tax returns of the Operating Partnership’s partners. Accordingly, the only U.S. federal income taxes included in the accompanying consolidated financial statements are in connection with the TRSs.

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Noncontrolling Interests

We report the non-redeemable noncontrolling interests in subsidiaries as equity, and the amount of consolidated net income attributable to these noncontrolling interests is set forth separately in the accompanying consolidated financial statements. The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the six months ended June 30, 2025 and 2024 (in thousands):


	Six Months Ended June 30,
	2025		2024
Noncontrolling interests balance as of January 1,	$	1,893	$	2,430
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests	151		141
Distributions to noncontrolling interests	(127)		(692)
Noncontrolling interests balance as of June 30,	$	1,917	$	1,879

Noncontrolling Interests – Joint Venture

Prior to the merger with Retail Properties of America, Inc. (“RPAI”) in October 2021, RPAI entered into a joint venture related to the development, ownership and operation of the multifamily rental portion of the expansion project at One Loudoun Downtown – Pads G & H. The Company owns 90% of the joint venture.

Under terms defined in the joint venture agreement, after construction completion and stabilization of the development project (as defined in the joint venture agreement), the Company has the ability to call, and the joint venture partner has the ability to put to the Company, subject to certain conditions, the joint venture partner’s interest in the joint venture at fair value. As of June 30, 2025, the conditions for exercising the put and call options have been met but neither the Company nor the joint venture partner has exercised their respective options.

The joint venture is considered a VIE primarily because the Company’s joint venture partner does not have substantive kick-out rights or substantive participating rights. The Company is considered the primary beneficiary as it has a controlling financial interest in the joint venture. As such, the Company has consolidated this joint venture and presented the joint venture partner’s interests as noncontrolling interests.

Redeemable Noncontrolling Interests – Limited Partners

Limited Partner Units are redeemable noncontrolling interests in the Operating Partnership. We classify redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because we may be required to pay cash to holders of Limited Partner Units upon redemption of their interests in the Operating Partnership or deliver registered shares upon their conversion. The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid-in capital. As of June 30, 2025 and December 31, 2024, the redemption value of the redeemable noncontrolling interests in the Operating Partnership exceeded the historical book value, and the balances were accordingly adjusted to redemption value.

We allocate net operating results of the Operating Partnership after noncontrolling interests in the consolidated properties based on the partners’ respective weighted average ownership interest. We adjust the redeemable noncontrolling interests in the Operating Partnership at the end of each reporting period to reflect their interests in the Operating Partnership or redemption value. This adjustment is reflected in our shareholders’ and Parent Company’s equity. For the three and six months ended June 30, 2025 and 2024, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Parent Company’s weighted average interest in the Operating Partnership	97.8	%	98.3	%	97.9	%	98.4	%
Limited partners’ weighted average interests in the Operating Partnership	2.2	%	1.7	%	2.1	%	1.6	%

As of June 30, 2025, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 97.8% and 2.2%, respectively. As of December 31, 2024, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.1% and 1.9%, respectively.

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Concurrent with the Parent Company’s IPO and related formation transactions, certain individuals received Limited Partner Units of the Operating Partnership in exchange for their interests in certain properties. The limited partners have the right to redeem Limited Partner Units for cash or, at the Parent Company’s election, common shares of the Parent Company in an amount equal to the market value of an equivalent number of common shares of the Parent Company at the time of redemption. Such common shares must be registered, which is not fully in the Parent Company’s control. Therefore, the limited partners’ interest is not reflected within permanent equity. The Parent Company also has the right to redeem the Limited Partner Units directly from the limited partner in exchange for either cash in the amount specified above or a number of its common shares equal to the number of Limited Partner Units being redeemed.

There were 4,849,588 and 4,192,597 Limited Partner Units outstanding as of June 30, 2025 and December 31, 2024, respectively. The increase in Limited Partner Units outstanding from December 31, 2024 is due to non-cash compensation awards granted to our executive officers in the form of Limited Partner Units.

The redeemable noncontrolling interests in the Operating Partnership for the six months ended June 30, 2025 and 2024 were as follows (in thousands):


	Six Months Ended June 30,
	2025		2024
Redeemable noncontrolling interests balance as of January 1,	$	98,074	$	73,287
Net income (loss) allocable to redeemable noncontrolling interests	2,664		(526)
Distributions declared to redeemable noncontrolling interests	(3,936)		(1,809)
Other, net including adjustments to redemption value	6,089		5,141
Total limited partners’ interests in the Operating Partnership balance as of June 30,	$	102,891	$	76,093

Fair Value Measurements

We follow the framework established under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, for measuring fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination or upon determination of an impairment.

Assets and liabilities recorded at fair value in the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

•Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access.

•Level 2 fair value inputs are inputs other than quoted prices included in Level 1 that are observable for similar instruments, either directly or indirectly, and appropriately consider counterparty creditworthiness in the valuation.

•Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an instrument at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate.

In instances where the determination of the fair value measurement is based upon inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

New Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This new guidance requires public entities to disclose, in a tabular format, the amounts of certain natural expenses included within relevant expense captions presented on the face of the income statement, as well as provide additional disclosures about selling expenses. The new disclosure requirements are effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

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NOTE 3. ACQUISITIONS

The Company closed on the following wholly owned and unconsolidated asset acquisitions during the six months ended June 30, 2025 (dollars in thousands):


Date	Property Name	Ownership Interest	Metropolitan Statistical Area (MSA)	Property Type	Retail Square Footage	Acquisition Price
January 15, 2025	Village Commons	100%	Miami	Multi-tenant retail	170,976	$	68,400
April 28, 2025	Legacy West(1)	52%	Dallas/Ft. Worth	Multi-tenant retail, office & multifamily	342,011	408,200
					512,987	$	476,600

(1)Legacy West also contains 443,553 square feet of office space and 782 multifamily units.

The above acquisitions were funded using a combination of available cash on hand, proceeds from dispositions, and borrowings on the Company’s unsecured revolving line of credit. Substantially all of the purchase price was allocated to investment properties.

In March 2025, the Company entered into a joint venture with GIC (the “Legacy West Joint Venture”), and on April 28, 2025, the joint venture acquired Legacy West for a gross purchase price of $785.0 million, including the assumption of $304.0 million of debt with an interest rate of 3.80%. The Company owns 52% of the equity in the Legacy West Joint Venture. The Company’s share of the purchase price is $408.2 million, and the acquisition was initially funded with borrowings of $255.0 million on the Company’s unsecured revolving line of credit. See Note 5 to the accompanying consolidated financial statements for details of the Legacy West Joint Venture with GIC.

The Company did not acquire any properties during the six months ended June 30, 2024.

NOTE 4. DISPOSITIONS AND IMPAIRMENT CHARGES

The Company closed on the following dispositions during the six months ended June 30, 2025 (dollars in thousands):


Date	Property Name	MSA	Property Type	Square Footage	Sales Price		Gain (Loss)
April 4, 2025	Stoney Creek Commons	Indianapolis	Multi-tenant retail	84,094	$	9,500	$	4,802
June 25, 2025	Fullerton Metrocenter	Los Angeles	Multi-tenant retail	241,027	118,500		20,295
June 27, 2025	Denton Crossing(1)	Dallas/Ft. Worth	Multi-tenant retail	343,345	81,593		35,636
June 27, 2025	Parkway Towne Crossing(1)	Dallas/Ft. Worth	Multi-tenant retail	180,736	57,653		18,133
June 27, 2025	The Landing at Tradition(1)	Port St. Lucie, FL	Multi-tenant retail	397,199	93,754		23,710
				1,246,401	$	361,000	$	102,576

(1)The Company has retained a 52% noncontrolling interest in this property.

During the three months ended June 30, 2025, the Company contributed three previously wholly owned properties, Denton Crossing, Parkway Towne Crossing, and The Landing at Tradition, valued at $233.0 million in the aggregate to a newly formed joint venture with GIC (the “GIC Portfolio Joint Venture”) (see Note 5 to the accompanying consolidated financial statements for further details), and received $112.1 million in gross proceeds for the 48% interest in the joint venture acquired by GIC.

The Company calculated the gain on sale in accordance with ASC 606, Revenue from Contracts with Customers, and ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets, which requires full gain recognition upon deconsolidation of a nonfinancial asset. The gain on sale was calculated as the fair value of each of the three properties (based upon the sales price for the 48% interest acquired by GIC) less the aggregate carrying value. The Company’s retained 52% equity method investment was recorded at fair value as of the transaction date, which equaled $120.9 million.

The Company closed on the following disposition during the six months ended June 30, 2024 (dollars in thousands):

Date

Property Name

MSA

Property Type

Square
Footage

Sales Price

Gain (Loss)

May 31, 2024

Ashland & Roosevelt

Chicago

Multi-tenant retail

104,176

30,600

(1,230)

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As of June 30, 2025, the Company had entered into a contract to sell Humblewood Shopping Center, an 85,682 square foot multi-tenant retail property in the Houston MSA. This property qualified for held-for-sale accounting treatment upon meeting all applicable GAAP criteria during the quarter ended June 30, 2025, at which time depreciation and amortization ceased. In addition, the assets and liabilities associated with this property are separately classified as held for sale in the accompanying consolidated balance sheet as of June 30, 2025. Humblewood Shopping Center was sold on July 21, 2025 for a gross sales price of $18.3 million with an anticipated gain on sale. The proceeds from the sale are restricted for 180 days related to a potential Code Section 1031 tax-deferred exchange (“1031 Exchange”).

We have also classified City Center, a 362,278 square foot multi-tenant retail property in the New York MSA, as held for sale since June 30, 2024 as the Company has and remains committed to a plan to sell this asset although the sale has not been completed within one year. This property qualified for held-for-sale accounting treatment upon meeting all applicable GAAP criteria as of June 30, 2024, at which time depreciation and amortization were ceased, and continues to meet the GAAP criteria for held-for-sale accounting treatment as of June 30, 2025. In addition, the assets and liabilities associated with this property remain separately classified as held for sale in the accompanying consolidated balance sheets as of June 30, 2025 and December 31, 2024.

As of June 30, 2024, in connection with the preparation and review of the second quarter 2024 financial statements and in conjunction with classifying City Center as held for sale, we evaluated City Center for impairment and recorded a $66.2 million impairment charge due to changes in the facts and circumstances underlying the Company’s expected future hold period of the property. A shortening of the expected future hold period is considered an impairment indicator; therefore, we assessed the recoverability of City Center by comparing the carrying value of long-lived assets of $135.1 million as of June 30, 2024 to its estimated fair value of $69.6 million, which was determined using the income approach, less estimated selling costs of $0.7 million. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated hold period to a present value at a risk-adjusted rate. We used capitalization rates as a significant assumption in the valuation model, which are considered to be Level 3 inputs within the fair value hierarchy. We applied capitalization rates ranging from 6.0% to 15.0% to property income streams based upon the risk profile of the respective tenants and market rent of the leasable space. Based on this analysis, we recorded a $66.2 million non-cash impairment charge on City Center during the three months ended June 30, 2024.

The following table presents the assets and liabilities associated with Humblewood Shopping Center and City Center, the investment properties classified as held for sale as of June 30, 2025. In addition, City Center was classified as held for sale as of December 31, 2024 (in thousands):


	June 30, 2025		December 31, 2024
Assets


Net investment properties	$	81,841	$	68,991

Tenant and other receivables	2,471		1,760
Restricted cash and escrow deposits	225		225
Deferred costs, net	3,071		2,634
Prepaid and other assets	300		181
Assets associated with investment properties held for sale	$	87,908	$	73,791

Liabilities

Accounts payable and accrued expenses	$	868	$	544
Deferred revenue and other liabilities	4,081		3,465
Liabilities associated with investment properties held for sale	$	4,949	$	4,009

There were no discontinued operations for the six months ended June 30, 2025 and 2024 as none of the dispositions or planned dispositions represented a strategic shift that has had, or will have, a material effect on our operations or financial results.

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NOTE 5. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

The following table summarizes the Company’s investments in unconsolidated joint ventures as of June 30, 2025 and December 31, 2024 (dollars in thousands):


	Date of Investment	Ownership Interest		Investment at
Joint Venture				June 30, 2025		December 31, 2024
Embassy Suites at Eddy Street Commons(1)	December 2017	35	%	$	9,007	$	9,514
Nuveen Portfolio Joint Venture(2)	June 2018	20	%	5,935		5,951
Glendale Multifamily Joint Venture(3)	May 2020	11.5	%	405		536
The Corner – IN Joint Venture(4)	September 2021	50	%	1,967		1,010
Legacy West Joint Venture	April 2025	52	%	248,280		—
GIC Portfolio Joint Venture	June 2025	52	%	122,733		—
Other investments				2,500		2,500
				$	390,827	$	19,511

(1)The Company formed a joint venture with an unrelated third party to develop and own an Embassy Suites hotel next to Eddy Street Commons, our operating retail property at the University of Notre Dame.

(2)The Company formed a joint venture with Nuveen Real Estate, formerly known as TH Real Estate, and sold three properties (Livingston Shopping Center, Plaza Volente and Tamiami Crossing) to the joint venture. The Company is the operating member of the joint venture and earns fees for providing property management and leasing services.

(3)The Company formed a joint venture with an unrelated third party for the planned development of a multifamily project adjacent to Glendale Town Center, our operating retail property in the Indianapolis MSA. The Company’s partner is the operating member of the joint venture.

(4)The Company formed a joint venture with an unrelated third party for the planned redevelopment of The Corner in the Indianapolis MSA into a mixed-use, multifamily, and retail project. During the three months ended March 31, 2025, we completed major development construction activities at The Corner – IN and reclassified the property from active development into our operating portfolio in March 2025.

On January 31, 2024, the joint venture that owned Glendale Center Apartments sold the 267-unit property to a third party, resulting in a gain on sale of $20.2 million. The Company recognized its share of the gain on the sale of unconsolidated property of $2.3 million during the six months ended June 30, 2024. In addition, the Company received a $1.6 million distribution upon the disposition of the property during the six months ended June 30, 2024. The Company maintains an investment in the joint venture, which is in the process of winding up its activities and distributing remaining net assets.

In March 2025, the Company entered into a joint venture with GIC, and on April 28, 2025, the joint venture acquired Legacy West in the Dallas/Fort Worth MSA. See Note 3 to the accompanying consolidated financial statements for details on the acquisition. The Company owns 52% of the equity in the Legacy West joint venture. The Company is the operating member of the joint venture, and an affiliate of the Company is the property manager responsible for the day-to-day management of Legacy West. The Company provides leasing, construction, and property management services to the Legacy West joint venture for which it earns fees.

In June 2025, the Company entered into a second joint venture with GIC and contributed three previously wholly owned properties valued at $233.0 million in the aggregate for a 52% noncontrolling interest in the GIC Portfolio Joint Venture. See Note 4 to the accompanying consolidated financial statements for details on the disposition. The Company is the operating member of the joint venture, and an affiliate of the Company is the property manager responsible for the day-to-day management of the three properties. The Company provides leasing, construction, and property management services to the GIC Portfolio Joint Venture for which it earns fees.

Both members of these investments have substantive participating rights over major decisions that impact the economics and operations of the joint ventures. The Company has the ability to exercise significant influence but does not have financial or operating control over these investments, and as a result, the Company accounts for these investments pursuant to the equity method of accounting. Under the equity method, the net equity investment of the Company is reflected in the accompanying consolidated balance sheets, and the Company’s share of net income or loss from each unconsolidated joint venture is included in the accompanying consolidated statements of operations and comprehensive income (loss). Distributions from these investments that are related to income from operations are included as operating activities, and distributions that are related to capital transactions are included in investing activities in the Company’s consolidated statements of cash flows.

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NOTE 6. DEFERRED COSTS AND INTANGIBLES, NET

Deferred costs consist primarily of acquired lease intangible assets, broker fees, and capitalized internal commissions incurred in connection with lease originations. Deferred leasing costs, lease intangibles and similar costs are amortized on a straight-line basis over the terms of the related leases. As of June 30, 2025 and December 31, 2024, deferred costs consisted of the following (in thousands):


	June 30, 2025		December 31, 2024
Acquired lease intangible assets	$	299,106	$	357,674
Deferred leasing costs and other	90,183		89,762
	389,289		447,436
Less: accumulated amortization	(177,535)		(206,589)
	$	211,754	$	240,847
Less: deferred costs associated with investment properties held for sale	(3,071)		(2,634)
Deferred costs, net	$	208,683	$	238,213

The amortization of deferred leasing costs, lease intangibles and other is included within “Depreciation and amortization” in the accompanying consolidated statements of operations and comprehensive income (loss). The amortization of above-market lease intangibles is included as a reduction to “Rental income” in the accompanying consolidated statements of operations and comprehensive income (loss). The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income (loss) are as follows (in thousands):


	Six Months Ended June 30,
	2025		2024
Amortization of deferred leasing costs, lease intangibles and other	$	35,742	$	40,850
Amortization of above-market lease intangibles	$	4,221	$	5,177

NOTE 7. DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES

Deferred revenue and other liabilities consist of (i) the unamortized fair value of below-market lease liabilities recorded in connection with purchase accounting, (ii) retainage payables for development and redevelopment projects, (iii) tenant rent payments received in advance of the month in which they are due, and (iv) lease liabilities recorded upon adoption of ASU 2016-02, Leases (Topic 842). The amortization of below-market lease liabilities is recognized as revenue over the remaining life of the leases (including option periods for leases with below-market renewal options) through 2085. Tenant rent payments received in advance are recognized as revenue in the period to which they apply, which is typically the month following their receipt.

As of June 30, 2025 and December 31, 2024, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands):


	June 30, 2025		December 31, 2024
Unamortized in-place lease liabilities	$	127,259	$	142,035
Retainage payables and other	7,295		8,317
Tenant rents received in advance	31,452		32,176
Lease liabilities	65,882		67,037
	$	231,888	$	249,565
Less: deferred revenue associated with investment properties held for sale	(4,081)		(3,465)
Deferred revenue and other liabilities	$	227,807	$	246,100

The amortization of below-market lease intangibles is included as a component of “Rental income” in the accompanying consolidated statements of operations and comprehensive income (loss) and totaled $12.9 million and $9.8 million for the six months ended June 30, 2025 and 2024, respectively.

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NOTE 8. MORTGAGE AND OTHER INDEBTEDNESS

The following table summarizes the Company’s indebtedness as of June 30, 2025 and December 31, 2024 (in thousands):


	June 30, 2025		December 31, 2024
Mortgages payable	$	145,578	$	148,185
Senior unsecured notes	2,330,000		2,380,000
Unsecured term loans	550,000		700,000
Unsecured revolving line of credit	—		—
	3,025,578		3,228,185
Unamortized discounts and premiums, net	19,925		22,191
Unamortized debt issuance costs, net	(23,007)		(23,446)
Total mortgage and other indebtedness, net	$	3,022,496	$	3,226,930

Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of June 30, 2025, considering the impact of interest rate swaps, is summarized below (dollars in thousands):


	Amount Outstanding		Ratio		Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate debt(1)	$	2,857,178	94	%	4.28	%	4.8
Variable rate debt(2)	168,400		6	%	7.63	%	1.2
Debt discounts, premiums and issuance costs, net	(3,082)		N/A		N/A		N/A
Mortgage and other indebtedness, net	$	3,022,496	100	%	4.46	%	4.6

(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of June 30, 2025, $700.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 0.4 years.

(2)Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of June 30, 2025, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 0.2 years.

Mortgages Payable

The following table summarizes the Company’s mortgages payable (dollars in thousands):


	June 30, 2025					December 31, 2024
	Balance		Weighted Average Interest Rate		Weighted Average Years to Maturity	Balance		Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate mortgages payable(1)	$	132,178	5.11	%	6.6	$	133,585	5.10	%	7.1
Variable rate mortgage payable(2)	13,400		6.47	%	1.1	14,600		6.48	%	1.6
Total mortgages payable	$	145,578				$	148,185

(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of June 30, 2025 and December 31, 2024.

(2)The interest rate on the variable rate mortgage is based on the Secured Overnight Financing Rate (“SOFR”) plus 215 basis points. The one-month SOFR rate was 4.32% and 4.33% as of June 30, 2025 and December 31, 2024, respectively.

Mortgages payable, which are secured by certain real estate and, in some cases, by guarantees from the Operating Partnership, are generally due in monthly installments of principal and interest and mature over various terms through 2033. During the six months ended June 30, 2025, we made scheduled principal payments of $2.6 million related to amortizing loans.

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Unsecured Notes

The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):


		June 30, 2025				December 31, 2024
	Maturity Date	Balance		Interest Rate		Balance		Interest Rate
Senior notes – 4.00% due 2025	March 15, 2025	$	—	—	%	$	350,000	4.00	%
Senior notes – SOFR + 3.65% due 2025(1)	September 10, 2025	80,000		7.68	%	80,000		7.70	%
Senior notes – 4.08% due 2026	September 30, 2026	100,000		4.08	%	100,000		4.08	%
Senior notes – 4.00% due 2026	October 1, 2026	300,000		4.00	%	300,000		4.00	%
Senior exchangeable notes – 0.75% due 2027	April 1, 2027	175,000		0.75	%	175,000		0.75	%
Senior notes – SOFR + 3.75% due 2027(2)	September 10, 2027	75,000		7.78	%	75,000		7.80	%
Senior notes – 4.24% due 2028	December 28, 2028	100,000		4.24	%	100,000		4.24	%
Senior notes – 4.82% due 2029	June 28, 2029	100,000		4.82	%	100,000		4.82	%
Senior notes – 4.75% due 2030	September 15, 2030	400,000		4.75	%	400,000		4.75	%
Senior notes – 4.95% due 2031	December 15, 2031	350,000		4.95	%	350,000		4.95	%
Senior notes – 5.20% due 2032	August 15, 2032	300,000		5.20	%	—		—	%
Senior notes – 5.50% due 2034(3)	March 1, 2034	350,000		4.60	%	350,000		4.60	%
Total senior unsecured notes		$	2,330,000			$	2,380,000

(1)$80,000 of 4.47% senior unsecured notes due 2025 has been swapped to a variable rate of three-month SOFR plus 3.65% through September 10, 2025.

(2)$75,000 of 4.57% senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025.

(3)The coupon rate is 5.50%; however, as a result of hedging activities, the Company’s interest rate is 4.60%.

In March 2025, the Company repaid the $350.0 million principal balance of the 4.00% senior unsecured notes due 2025 using proceeds from the August 2024 public offering of $350.0 million in aggregate principal amount of 4.95% senior unsecured notes due 2031.

In June 2025, the Company completed a public offering of $300.0 million in aggregate principal amount of 5.20% senior unsecured notes due 2032 (the “Notes Due 2032”). The Notes Due 2032 were priced at 99.513% of the principal amount to yield 5.281% to maturity and will mature on August 15, 2032, unless earlier redeemed. The proceeds were used to repay the $150.0 million unsecured term loan that was scheduled to mature on July 17, 2026 and borrowings on the Company’s revolving line of credit, with the remaining proceeds to be used to repay the $80.0 million principal balance of the 4.47% senior unsecured notes that mature on September 10, 2025.

Unsecured Term Loans and Revolving Line of Credit

The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands):


		June 30, 2025				December 31, 2024
	Maturity Date	Balance		Interest Rate		Balance		Interest Rate
Unsecured term loan due 2026 – fixed rate(1)	July 17, 2026	$	—	—	%	$	150,000	2.73	%
Unsecured term loan due 2027 – fixed rate(2)	October 24, 2027	250,000		3.94	%	250,000		3.94	%
Unsecured term loan due 2029 – fixed rate(3)	July 29, 2029	300,000		3.72	%	300,000		3.72	%
Total unsecured term loans		$	550,000			$	700,000

Unsecured credit facility revolving line of credit – variable rate(4)	October 3, 2028	$	—	5.60	%	$	—	5.64	%

(1)As of December 31, 2024, $150,000 of SOFR-based variable rate debt had been swapped to a fixed rate of 1.68% plus a credit spread based on a ratings grid ranging from 0.75% to 1.60% through July 17, 2026. The applicable credit spread was 1.05% as of December 31, 2024. These interest rate swaps are expected to be assigned to the $300M Term Loan effective August 1, 2025.

(2)$250,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 2.99% plus a credit spread based on a ratings grid ranging from 0.75% to 1.60% through October 24, 2025. The applicable credit spread was 0.95% as of June 30, 2025 and December 31,

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2024. The maturity date of the term loan may be extended by one one-year period at the Operating Partnership’s election, subject to certain conditions.

(3)$300,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 2.47% plus a credit spread based on a ratings grid ranging from 1.15% to 2.20% through August 1, 2025. The applicable credit spread was 1.25% as of June 30, 2025 and December 31, 2024.

(4)The revolving line of credit can be extended for either one one-year period or up to two six-month periods at the Company’s election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity.

Unsecured Revolving Credit Facility

In October 2024, the Operating Partnership, as borrower, and the Company entered into the Third Amendment (the “Third Amendment”) to the Sixth Amended and Restated Credit Agreement, dated as of July 8, 2021 (as amended, the “Credit Agreement”) with a syndicate of financial institutions to provide for an unsecured revolving credit facility aggregating $1.1 billion (the “Revolving Facility”) and a seven-year $300.0 million unsecured term loan that matures in July 2029 (the “$300M Term Loan”). Under the Credit Agreement, the Operating Partnership has the option, subject to certain customary conditions, to increase the Revolving Facility and/or incur additional term loans up to a maximum aggregate amount not to exceed $2.0 billion. The Third Amendment extended the maturity date of the Revolving Facility to October 3, 2028, which maturity date may be extended for either one one-year period or up to two six-month periods at the Operating Partnership’s option, subject to certain conditions.

Borrowings under the Revolving Facility bear interest at a rate per annum equal to SOFR plus a margin based on the Operating Partnership’s leverage ratio or credit rating, respectively, plus a facility fee based on the Operating Partnership’s leverage ratio or credit rating, respectively. The SOFR rate is also subject to an additional 0.10% spread adjustment. The Revolving Facility is currently priced on the leverage-based pricing grid. In accordance with the Credit Agreement, the credit spread set forth in the leverage grid resets quarterly based on the Company’s leverage, as calculated at the previous quarter end. The Company may irrevocably elect to convert to the ratings-based pricing grid at any time. As of June 30, 2025, making such an election would have resulted in a lower interest rate; however, the Company had not made the election to convert to the ratings-based pricing grid. As specified in the Third Amendment, in the event that the Company so elects to convert to the ratings-based pricing grid, the Company has the ability to obtain more favorable pricing in certain circumstances when its total leverage ratio is (x) less than or equal to 35.0% or (y) greater than 35.0% but less than or equal to 37.5% with respect to not more than one fiscal quarter following a period in which the condition described in clause (x) was satisfied (the “Leverage Toggle”). The Third Amendment also includes an adjustment to the sustainability-linked pricing provisions that allows the otherwise applicable interest rate margin to be reduced by up to two basis points (previously one basis point) if certain greenhouse gas emission reduction targets are achieved. The greenhouse gas emission reduction targets have not been achieved as of June 30, 2025.

The following table summarizes the key terms of the Revolving Facility as of June 30, 2025 (dollars in thousands):

Leverage-Based Pricing

Investment-Grade Pricing

Credit Agreement

Maturity Date

Extension Options

Extension Fee

Credit Spread

Facility Fee

Credit Spread

Facility Fee

SOFR Adjustment

$1,100,000 unsecured revolving line of credit

10/3/2028

1 one-year or 2 six-month

0.075%

1.05%–1.50%

0.15%–0.30%

0.725%–1.40%

0.125%–0.30%

0.10%

The Operating Partnership’s ability to borrow under the Credit Agreement is subject to ongoing compliance by the Operating Partnership and its subsidiaries with various restrictive covenants, including with respect to liens, transactions with affiliates, dividends, mergers and asset sales. In addition, the Credit Agreement requires that the Operating Partnership satisfy certain financial covenants, including (i) a maximum leverage ratio; (ii) a minimum fixed charge coverage ratio; (iii) a maximum secured indebtedness ratio; (iv) a maximum unsecured leverage ratio; and (v) a minimum unencumbered interest coverage ratio. As of June 30, 2025, we were in compliance with all such covenants.

As of June 30, 2025, we had outstanding letters of credit totaling $4.5 million with no amounts advanced against these instruments.

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Unsecured Term Loans

As of June 30, 2025, the Operating Partnership has the following unsecured term loans: (i) a $250.0 million unsecured term loan due October 2027 (the “$250M Term Loan”) and (ii) the $300M Term Loan that matures in July 2029, both of which bear interest at a rate of SOFR plus a credit spread based on a ratings-based pricing grid. The loan agreements related to the $250M Term Loan and the $300M Term Loan include the same Leverage Toggle for determining pricing and sustainability-linked pricing provisions as described above for the Third Amendment to the Credit Agreement. The greenhouse gas emission reduction targets have not been achieved as of June 30, 2025.

The following table summarizes the key terms of the unsecured term loans as of June 30, 2025 (dollars in thousands):

Unsecured Term Loans

Maturity Date

Leverage-Based Pricing
Credit Spread

Investment-Grade Pricing
Credit Spread

SOFR Adjustment

$250,000 unsecured term loan due 2027

10/24/2027(1)

N/A

0.75% – 1.60%

0.10%

$300,000 unsecured term loan due 2029

7/29/2029

N/A

1.15% – 2.20%

0.10%

(1)The maturity date may be extended by one one-year period at the Operating Partnership’s option, subject to certain conditions.

The Operating Partnership has the option to increase the $250M Term Loan to $300.0 million, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts. The Operating Partnership is permitted to prepay the $250M Term Loan in whole or in part, without premium or penalty.

The Operating Partnership is permitted to prepay the $300M Term Loan in whole or in part at any time, without premium or penalty.

The unsecured term loan agreements contain representations, financial and other affirmative and negative covenants and events of default that are substantially similar to those contained in the Credit Agreement. The unsecured term loan agreements all rank pari passu with the Operating Partnership’s Revolving Facility and other unsecured indebtedness of the Operating Partnership.

Debt Issuance Costs

Debt issuance costs are amortized over the terms of the respective loans. The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (loss) (in thousands):


	Six Months Ended June 30,
	2025		2024
Amortization of debt issuance costs	$	3,333	$	1,916

Debt Discounts and Premiums

Debt discounts and premiums, including the related value of interest rate swaps that were assumed in the October 2021 merger with RPAI, are amortized over the terms of the respective loans. The following amounts of amortization are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (loss) (in thousands):


	Six Months Ended June 30,
	2025		2024
Amortization of debt discounts, premiums and hedge instruments	$	4,025	$	7,490

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In addition, the estimated amounts of the reduction to interest expense as of June 30, 2025 for each of the next five years and thereafter related to the amortization of debt discounts, premiums and assumed hedge instruments, assuming these instruments are held to maturity, are as follows (in thousands):


July 2025 through December 2025	$	3,197
2026	5,786
2027	4,709
2028	4,699
2029	3,773
Thereafter	(53)
Total unamortized debt discounts, premiums and hedge instruments	$	22,111

The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of June 30, 2025 to the balance of unamortized discounts and premiums, net (in thousands):


Unamortized discounts and premiums on mortgages payable, senior unsecured notes and unsecured term loans	$	21,116
Unamortized hedge instruments	995
Total unamortized debt discounts, premiums and hedge instruments	22,111
Unamortized hedge instruments (included in accumulated other comprehensive income)	(995)
Fair value of variable interest rate swaps	(1,191)
Unamortized discounts and premiums, net	$	19,925

Fair Value of Fixed and Variable Rate Debt

As of June 30, 2025, the estimated fair value of fixed rate debt was $2.5 billion compared to the book value of $2.5 billion. The fair value was estimated using Level 2 and Level 3 inputs with cash flows discounted at current borrowing rates for similar instruments, which ranged from 5.36% to 6.80%. As of June 30, 2025, the estimated fair value of variable rate debt was $564.9 million compared to the book value of $563.4 million. The fair value was estimated using Level 2 and Level 3 inputs with cash flows discounted at a current borrowing rate for similar instruments of 5.47%.

NOTE 9. DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME

In order to manage potential future variable interest rate risk, we enter into interest rate derivative agreements from time to time. We do not use interest rate derivative agreements for trading or speculative purposes. The agreements with each of our derivative counterparties provide that in the event of default on any of our indebtedness, we could also be declared in default on our derivative obligations.

The following table summarizes the terms and fair values of the Company’s derivative financial instruments that were designated and qualified as part of a hedging relationship as of June 30, 2025 and December 31, 2024 (dollars in thousands):


									Fair Value Assets (Liabilities)(1)
Type of Hedge	Number of Instruments	Aggregate Notional		Reference Rate	Interest Rate		Effective Date	Maturity Date	June 30, 2025		December 31, 2024
Cash Flow	Four	$	250,000	SOFR	2.99	%	12/1/2022	10/24/2025	$	1,006	$	2,307
Cash Flow	Two	100,000		SOFR	2.66	%	8/1/2022	8/1/2025	143		884
Cash Flow	Two	200,000		SOFR	2.37	%	11/22/2023	8/1/2025	336		2,101
Cash Flow(2)	Three	150,000		SOFR	1.68	%	8/15/2022	7/17/2026	3,234		5,316
		$	700,000						$	4,719	$	10,608

Fair Value(3)	Two	$	155,000	SOFR	SOFR + 3.70%		4/23/2021	9/10/2025	$	(1,191)	$	(3,937)

(1)Derivatives in an asset position are included within “Prepaid and other assets” and derivatives in a liability position are included within “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets.

(2)These interest rate swaps are expected to be assigned to the Company’s $300M Term Loan effective August 1, 2025.

(3)The derivative agreements swap a blended fixed rate of 4.52% for a blended floating rate of three-month SOFR plus 3.70%.

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In June 2025, we entered into three intraday interest rate lock agreements with notional amounts totaling $150.0 million that fixed the interest rate on a portion of the Notes Due 2032, which were issued in June 2025, at 4.21%. We paid $0.2 million upon termination, which is included as a component of “Accumulated other comprehensive income” in the accompanying consolidated balance sheets and is being reclassified as an increase to interest expense over the term of the debt.

These interest rate derivative agreements are the only assets or liabilities that we record at fair value on a recurring basis. The valuation of these assets and liabilities is determined using widely accepted techniques, including discounted cash flow analysis. These techniques consider the contractual terms of the derivatives (including the period to maturity) and use observable market-based inputs such as interest rate curves and implied volatilities. We also incorporate credit valuation adjustments into the fair value measurements to reflect non-performance risk on both our part and that of the respective counterparties.

We have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, although the credit valuation adjustments associated with our derivatives use Level 3 inputs such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. As of June 30, 2025 and December 31, 2024, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations are classified within Level 2 of the fair value hierarchy.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to earnings over time as the hedged items are recognized in earnings. Approximately $2.6 million and $5.2 million was reclassified as a reduction to interest expense during the three and six months ended June 30, 2025, respectively. Approximately $4.9 million and $9.8 million was reclassified as a reduction to interest expense during the three and six months ended June 30, 2024, respectively. As interest payments on our derivatives are made over the next 12 months, we estimate the decrease to interest expense to be approximately $8.7 million, assuming the current SOFR curve.

Unrealized gains and losses on our interest rate derivative agreements are the only components of the change in accumulated other comprehensive income.

NOTE 10. SEGMENT REPORTING

An operating segment is a component of a public entity that engages in business activities from which it may earn revenues and incur expenses and has discrete financial information available that is regularly reviewed by the chief operating decision maker (the “CODM”).

The Company’s primary business is the ownership and operation of high-quality, open-air shopping centers and mixed-use assets that are primarily grocery-anchored and located in high-growth Sun Belt markets and select strategic gateway markets in the United States. We derive our revenue primarily from the collection of contractual rents and reimbursement payments from tenants under existing lease agreements at each of our properties. The Company’s CODM, which is its Chief Executive Officer, regularly reviews operating and financial information for each property on an individual basis; therefore, each property represents an individual operating segment. The CODM does not distinguish or group our operations on a geographical or any other basis for purposes of measuring performance and allocating capital. Across our properties, the financial performance, revenue generating activities, and customer base is determined to be economically similar; therefore, all operating segments have been aggregated into one reportable segment.

The CODM measures and evaluates the financial performance of our portfolio of properties and decides how resources are allocated based on net operating income. The CODM uses net operating income to evaluate income generated from each property in deciding whether to reinvest profits for recurring capital expenditures or into other parts of the business, such as for acquisitions, developments, scheduled interest and principal payments on our indebtedness, or to pay dividends. Net operating income is also used to monitor budget versus actual results in assessing the performance of our properties. The CODM does not regularly review total assets for our single reportable segment as total assets are not used to assess performance or allocate resources.

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The following table presents information on the Company’s reported segment revenue, net operating income, and significant segment expenses for the three and six months ended June 30, 2025 and 2024 that are provided to the CODM and included within the Company’s single reportable operating segment measure of profit or loss:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenue:
Minimum rent	$	165,965	$	161,608	$	339,953	$	322,653
Tenant reimbursements	45,103		44,422		91,316		87,999
Bad debt reserve	(1,625)		(1,544)		(3,701)		(2,133)
Other property-related revenue	870		2,701		2,510		3,542
Overage rent	1,738		1,350		2,786		3,130
Total revenue	212,051		208,537		432,864		415,191

Expenses:
Property operating – recoverable	24,849		24,257		50,647		48,020
Property operating – non-recoverable	3,700		4,005		7,361		8,014
Real estate taxes	26,492		26,350		54,096		52,723


Total expenses	55,041		54,612		112,104		108,757

Net operating income	157,010		153,925		320,760		306,434

Other (expense) income:
Other general and administrative expenses	(13,390)		(12,966)		(25,648)		(25,750)
Fee income	853		3,452		1,278		3,767
Impairment charges	—		(66,201)		—		(66,201)
Depreciation and amortization	(97,887)		(99,291)		(196,118)		(199,670)

Interest expense	(34,052)		(30,981)		(67,006)		(61,345)
Equity in loss of unconsolidated subsidiaries	(3,238)		(174)		(3,845)		(594)
Gain on sale of unconsolidated property, net	—		—		—		2,325
Income tax expense of taxable REIT subsidiaries	(199)		(132)		(209)		(290)

Other income, net	480		4,295		4,538		7,923
Gain (loss) on sales of operating properties, net	103,022		(1,230)		103,113		(1,466)
Net income (loss)	112,599		(49,303)		136,863		(34,867)
Net (income) loss attributable to noncontrolling interests	(2,281)		665		(2,815)		385
Net income (loss) attributable to common shareholders	$	110,318	$	(48,638)	$	134,048	$	(34,482)

NOTE 11. SHAREHOLDERS’ EQUITY

Distributions

Our Board of Trustees declared a cash distribution of $0.27 per common share and Common Unit for the second quarter of 2025. This distribution was paid on July 16, 2025 to common shareholders and common unitholders of record as of July 9, 2025. For the six months ended June 30, 2025, we declared cash distributions totaling $0.54 per common share and Common Unit.

For the three and six months ended June 30, 2024, we declared cash distributions of $0.25 and $0.50 per common share and Common Unit, respectively.

Share Repurchase Program

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2025, the Company extended the Share Repurchase Program for an additional year to February 28, 2026, if not terminated or extended prior to that date. As of June 30, 2025, the Company has not repurchased any shares under the Share Repurchase Program.

NOTE 12. EARNINGS PER SHARE OR UNIT

Basic earnings per share or unit is calculated based on the weighted average number of common shares or units outstanding during the period. Diluted earnings per share or unit is calculated based on the weighted average number of common shares or units outstanding during the period combined with the incremental weighted average common shares or units that would have been outstanding assuming the conversion of all potentially dilutive common shares or units into common shares or units as of the earliest date possible.

Potentially dilutive securities include (i) outstanding options to acquire common shares; (ii) Limited Partner Units, which may be exchanged for either cash or common shares at the Parent Company’s option and under certain circumstances; (iii) Appreciation Only Long-Term Incentive Plan Units; (iv) deferred common share units, which may be credited to the personal accounts of members of the Board of Trustees in lieu of compensation paid in cash or the issuance of common shares to such trustees, and (v) common shares issuable upon the exchange of the Company’s Exchangeable Notes. The Company calculates the potential dilutive effect of the Exchangeable Notes under the if-converted method, which considers only the amounts settled in excess of the principal in diluted earnings per share as the principal must be paid in cash. Limited Partner Units have been omitted from the Parent Company’s denominator for the purpose of computing diluted earnings per share since the effect of including those amounts in the denominator would have no dilutive impact. Weighted average Limited Partner Units outstanding were 4.8 million and 4.7 million for the three and six months ended June 30, 2025, respectively, and 3.7 million for the three and six months ended June 30, 2024.

Due to the net loss allocable to common shareholders and common unitholders for the three and six months ended June 30, 2024, no securities had a dilutive impact for those periods.

NOTE 13. COMMITMENTS AND CONTINGENCIES

Other Commitments and Contingencies

We are obligated under various completion guarantees with certain lenders and lease agreements with tenants to complete all or portions of a development project and tenant-specific space that are currently under construction. We believe we currently have sufficient financing in place to fund these projects and expect to do so primarily through free cash flow or borrowings on the Revolving Facility.

In 2021, we provided repayment and completion guarantees on loans totaling $66.2 million associated with the development of The Corner mixed-use project in the Indianapolis MSA. As of June 30, 2025, the outstanding balance of the loans was $68.4 million, of which our share was $34.2 million.

As of June 30, 2025, we had outstanding letters of credit totaling $4.5 million with no amounts advanced against these instruments.

Legal Proceedings

We are not subject to any material litigation, nor, to management’s knowledge, is any material litigation currently threatened against us. We are parties to routine litigation, claims, and administrative proceedings arising in the ordinary course of business. Management believes that such matters will not have a material adverse impact on our consolidated financial condition, results of operations or cash flows taken as a whole.

NOTE 14. SUBSEQUENT EVENTS

Subsequent to June 30, 2025:

•one of our properties experienced severe flooding. We believe that we have adequate third-party insurance, subject to a $0.3 million deductible, including business interruption coverage, to address this matter, and at this time, we do not believe that the flood will have a significant adverse impact on our results of operations or financial condition on a consolidated basis;

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•we closed on the disposition of Humblewood Shopping Center, an 85,682 square foot multi-tenant retail property in the Houston MSA, which was classified as held for sale as of June 30, 2025, for a gross sales price of $18.3 million with an anticipated gain on sale. The proceeds are restricted for 180 days related to a potential 1031 Exchange; and

•the Operating Partnership amended the pricing terms of the Revolving Facility, $300M Term Loan, and $250M Term Loan to remove the 0.10% SOFR spread adjustment; in addition, the credit ratings-based pricing credit spread on the $300M Term Loan decreased from a range of 1.15% to 2.20% to a range of 0.75% to 1.60%.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the accompanying historical financial statements and related notes thereto. In this discussion, unless the context suggests otherwise, references to “our Company,” “we,” “us,” and “our” mean Kite Realty Group Trust and its direct and indirect subsidiaries, including Kite Realty Group, L.P.

CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, 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, disruptions related to tariffs and other trade or sanction issues, 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;

•our ability to refinance, or extend the maturity dates of, our indebtedness;

•the level and volatility of interest rates;

•the financial stability of our tenants;

•the competitive environment in which we operate, including potential oversupplies of, or a reduction in demand for, rental space;

•acquisition, disposition, development and joint venture risks;

•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;

•our ability to maintain our status as a real estate investment trust (“REIT”) for U.S. federal income tax purposes;

•potential environmental and other liabilities;

•impairment in the value of real estate property we own;

•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, causing costs to rise sharply and inventory to fall;

•risks related to our current geographical concentration of properties in the states of Texas, Florida, and North Carolina and the metropolitan statistical areas (“MSAs”) 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 our properties or the ability of our 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 this Quarterly Report on Form 10-Q and, from time to time, in other reports we file with the Securities and Exchange Commission (the “SEC”) or in other documents that we publicly disseminate, including, in particular, the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

We undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Overview

Our Business and Properties

Kite Realty Group Trust is a publicly held REIT that, through its majority-owned subsidiary, Kite Realty Group, L.P., owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development, and redevelopment of high-quality, open-air, grocery-anchored shopping centers and vibrant mixed-use assets that are primarily located in high-growth Sun Belt markets and select strategic gateway markets in the United States. We derive our revenue primarily from the collection of contractual rents and reimbursement payments from tenants under existing lease agreements at each of our properties. Therefore, our operating results depend materially on, among other things, the ability of our tenants to make required lease payments, the health and resilience of the U.S. retail sector, interest rate volatility, stability in the banking sector, job growth, the real estate market, and overall economic conditions.

As of June 30, 2025, we own interests in 179 operating retail/mixed-used properties, including 171 wholly owned shopping centers and eight shopping centers owned through four unconsolidated joint ventures, totaling approximately 29.4 million square feet, excluding two operating retail properties classified as held for sale as of June 30, 2025, and two standalone office properties with 0.4 million square feet. Of the 179 operating retail/mixed-use properties, 11 contain an office component. We also own interests in one development project under construction as of June 30, 2025 and an additional two properties with future redevelopment opportunities.

Inflation and Tariffs

We continue to monitor the impact of inflation and tariffs on our operating and financial performance. Although inflation has moderated significantly from peak levels experienced during 2022, inflation may increase in the near future given the enactment of tariffs on all imported goods and targeting specific countries by the U.S. government in 2025. These tariffs may lead to higher prices for many of the products that our tenants sell, potentially reducing consumer demand and spending and impacting our tenants’ sales volume. This, in turn, could put downward pricing pressure on rents that we are able to charge to new or renewing tenants, such that rent spreads and, in some cases, our percentage rents could be impacted. Additionally, uncertainty regarding the scope and duration of the current and potential tariffs can lead to significant business uncertainty, affecting our tenants’ strategic planning and store expansion plans. Many of our leases contain provisions designed to mitigate the adverse impact of inflation, including stated rent increases and requirements for tenants to pay a share of operating expenses, including common area maintenance, real estate taxes, insurance, or other operating expenses related to the maintenance of our properties, with escalation clauses in most leases. Over the past two years, we have made significant progress in executing leases that include higher fixed-rent increases while also including consumer price index-based, anti-gouging protection for tenants. However, the stated rent increases or limits on such tenant’s obligation to pay its share of operating expenses could be lower than the increase in inflation at any given time. Inflation may also increase labor or other general and administrative expenses, which cannot be easily reduced.

Historically, economic indicators such as GDP growth, consumer confidence, and employment have been correlated with demand for certain of our tenants’ products and services. An economic recession could, among other impacts, increase the number of our tenants that are unable to meet their lease obligations to us and limit the demand from new tenants for space in our properties.

Operating Activity

During the second quarter of 2025, we executed new and renewal leases on 170 individual spaces totaling 1,214,631 square feet (17.0% cash leasing spread on 133 comparable leases). New leases were signed on 64 individual spaces for 342,658 square feet of gross leasable area (“GLA”) (31.3% cash leasing spread on 38 comparable leases), while non-option renewal leases were signed on 63 individual spaces for 223,294 square feet of GLA (19.7% cash leasing spread on 52 comparable leases) and option renewals were signed on 43 individual spaces for 648,679 square feet of GLA (8.2% cash leasing spread). The blended cash spread for comparable new and non-option renewal leases was 25.5%. Comparable new and renewal leases are defined as those for which the space was occupied by a tenant within the last 12 months.

New Tax Legislation

Effective July 4, 2025, certain changes to U.S. tax law were approved that impact us and our shareholders. Among other changes, this legislation (i) permanently extends the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers under Section 199A of the Internal Revenue Code (the “Code”), (ii) increases the percentage limit under the REIT asset test applicable to taxable REIT subsidiaries from 20% to 25% for taxable years beginning after December 31, 2025, and (iii) increases the base on which the 30% interest deduction limit under Section 163(j) of the Code applies by excluding depreciation, amortization, and depletion from the definition of “adjusted taxable income” (i.e., based on EBITDA rather than EBIT) for taxable years beginning after December 31, 2024.

Results of Operations

The comparability of results of operations for the three and six months ended June 30, 2025 and 2024 is affected by our development, redevelopment, and operating property acquisition and disposition activities during these periods. Therefore, we believe it is most useful to review the comparisons of our results of operations for these periods in conjunction with the discussion of our transaction activities during those periods, which is set forth below.

Acquisitions

The following operating properties were acquired during the period from January 1, 2024 through June 30, 2025:

Property Name

MSA

Acquisition Date

Retail GLA

Parkside West Cobb

Atlanta

August 30, 2024

141,627

Village Commons

Miami

January 15, 2025

170,976

Legacy West(1)

Dallas/Ft. Worth

April 28, 2025

342,011

(1)We acquired a 52% interest in Legacy West in a joint venture with GIC for a gross purchase price of $785.0 million, including the assumption of $304.0 million of debt with an interest rate of 3.80%. Our share of the purchase price is $408.2 million. Legacy West also contains 443,553 square feet of office space and 782 multifamily units.

Dispositions

The following operating properties were sold during the period from January 1, 2024 through June 30, 2025:

Property Name

MSA

Disposition Date

GLA

Ashland & Roosevelt

Chicago

May 31, 2024

104,176

Stoney Creek Commons

Indianapolis

April 4, 2025

84,094

Fullerton Metrocenter

Los Angeles

June 25, 2025

241,027

Denton Crossing(1)

Dallas/Ft. Worth

June 27, 2025

343,345

Parkway Towne Crossing(1)

Dallas/Ft. Worth

June 27, 2025

180,736

The Landing at Tradition(1)

Port St. Lucie, FL

June 27, 2025

397,199

(1)We contributed this previously wholly owned property into a newly formed joint venture with GIC (the “GIC Portfolio Joint Venture”) and have retained a 52% noncontrolling interest in the property.

In addition to the above dispositions, Humblewood Shopping Center, an 85,682 square foot multi-tenant retail property in the Houston MSA, is classified as held for sale as of June 30, 2025 and was sold on July 21, 2025.

In January 2024, the joint venture that owned Glendale Center Apartments, of which we have an 11.5% ownership interest, sold the 267-unit property to a third party. Glendale Center Apartments is adjacent to our Glendale Town Center operating retail property in the Indianapolis MSA.

Development and Redevelopment Projects

The following properties were under active development or redevelopment at various times during the period from January 1, 2024 through June 30, 2025 and removed from our operating portfolio:

Project Name

MSA

Transition to

Development or Redevelopment(1)

Transition to
Operating Portfolio

GLA

Active Projects

One Loudoun Expansion(2)

Washington, D.C.

September 2024

Pending

119,000

Future Opportunities

Hamilton Crossing Centre(3)(4)

Indianapolis

June 2014

Pending

92,283

Edwards Multiplex – Ontario(3)

Los Angeles

March 2023

Pending

124,614

Completed Projects

Carillon medical office building(5)

Washington, D.C.

October 2021

December 2024

125,277

The Corner – IN(6)

Indianapolis

December 2015

March 2025

23,852

(1)Transition date represents the date the property was transferred from our operating portfolio into redevelopment status. For legacy Retail Properties of America, Inc. (“RPAI”) projects, the transition date represents the later of the date of the closing of the merger (October 2021) and the date the project was transferred into redevelopment status.

(2)The property is comprised of the development project (which has been excluded from the Company’s same property pool due to the ongoing development) and the remaining retail operating portion of the property (which is included in the Company’s same property pool as of June 30, 2025).

(3)This property has been identified as a redevelopment property and is not included in the operating portfolio or the same property pool. The redevelopment project at Hamilton Crossing Centre will include the creation of a mixed-used development.

(4)Approximately half of the Hamilton Crossing site was sold in January 2022 to Republic Airways Inc. In addition to the sale, the Company entered into a development and construction management agreement for the development of a corporate campus for Republic Airways. Phase I of the corporate campus was completed in 2023.

(5)This property is included in the office portfolio and is not included in the operating portfolio or the same property pool.

(6)This property is included in the operating portfolio and is not included in the same property pool.

In addition, in December 2024, the Company disposed of the first phase of a land parcel and the rights to develop 24 residential units at One Loudoun Expansion in the Washington, D.C. MSA. The Company is under contract to sell the remaining land and the rights to develop an additional 54 residential units, which are expected to close in phases through 2026.

Comparison of Operating Results for the Three Months Ended June 30, 2025 to the Three Months Ended June 30, 2024

The following table reflects changes in the components of our consolidated statements of operations for the three months ended June 30, 2025 and 2024 (in thousands):


	Three Months Ended June 30,
	2025		2024		Change
Revenue:
Rental income	$	211,182	$	205,836	$	5,346
Other property-related revenue	1,360		3,146		(1,786)
Fee income	853		3,452		(2,599)
Total revenue	213,395		212,434		961

Expenses:
Property operating	28,881		28,564		317
Real estate taxes	26,651		26,493		158
General, administrative and other	13,390		12,966		424

Depreciation and amortization	97,887		99,291		(1,404)
Impairment charges	—		66,201		(66,201)
Total expenses	166,809		233,515		(66,706)

Other (expense) income:
Interest expense	(34,052)		(30,981)		(3,071)
Income tax expense of taxable REIT subsidiaries	(199)		(132)		(67)
Gain (loss) on sales of operating properties, net	103,022		(1,230)		104,252

Equity in loss of unconsolidated subsidiaries	(3,238)		(174)		(3,064)

Other income, net	480		4,295		(3,815)
Net income (loss)	112,599		(49,303)		161,902
Net (income) loss attributable to noncontrolling interests	(2,281)		665		(2,946)
Net income (loss) attributable to common shareholders	$	110,318	$	(48,638)	$	158,956


Property operating expense to total revenue ratio			13.5		%				13.4		%

Rental income (including tenant reimbursements) increased $5.3 million, or 2.6%, due to the following (in thousands):


	Net Change Three Months Ended June 30, 2024 to 2025
Properties or components of properties sold or held for sale during 2024 and/or 2025	$	(802)
Properties under redevelopment or acquired during 2024 and/or 2025	1,582
Properties fully operational during 2024 and 2025 and other	4,566
Total	$	5,346

The net increase of $4.6 million in rental income for properties that were fully operational during 2024 and 2025 is primarily due to increases in the following: (i) base minimum rent of $2.4 million due to contractual rent changes, (ii) lease termination income of $1.9 million, (iii) tenant reimbursements of $0.4 million due to higher recoverable common area maintenance expenses, and (iv) overage rent of $0.3 million. These variances were partially offset by a decrease in ancillary income of $0.3 million. The occupancy of the fully operational properties decreased from 91.3% for the three months ended June 30, 2024 to 90.4% for the three months ended June 30, 2025.

Other property-related revenue primarily consists of parking revenues, gains on the sale of land, and other miscellaneous activity. This revenue decreased by $1.8 million primarily as a result of no land sales being completed during the three months ended June 30, 2025 compared to $1.9 million of gains on the sale of land realized during the three months ended June 30, 2024.

We recorded fee income of $0.9 million and $3.5 million during the three months ended June 30, 2025 and 2024, respectively, from property management and development services provided to third parties and unconsolidated joint ventures.

The decrease in fee income is primarily due to development fees earned during the three months ended June 30, 2024 related to the development of a hotel on the Pam Am Plaza site that did not reoccur in 2025.

Property operating expenses increased $0.3 million, or 1.1%, due to the following (in thousands):


	Net Change Three Months Ended June 30, 2024 to 2025
Properties or components of properties sold or held for sale during 2024 and/or 2025	$	(47)
Properties under redevelopment or acquired during 2024 and/or 2025	311
Properties fully operational during 2024 and 2025 and other	53
Total	$	317

The net increase of $0.1 million in property operating expenses for properties that were fully operational during 2024 and 2025 is primarily due to increases in the following: (i) $0.2 million in insurance expenses, (ii) $0.2 million in landscaping and repairs and maintenance expenses, and (iii) $0.2 million in administrative expenses, offset by a $0.6 million decrease in non-recoverable operating expenses. As a percentage of revenue, property operating expenses increased from 13.4% to 13.5% due to an increase in revenue in 2025.

Real estate taxes increased $0.2 million, or 0.6%, due to the following (in thousands):


	Net Change Three Months Ended June 30, 2024 to 2025
Properties or components of properties sold or held for sale during 2024 and/or 2025	$	(265)
Properties under redevelopment or acquired during 2024 and/or 2025	419
Properties fully operational during 2024 and 2025 and other	4
Total	$	158

There was no net change in real estate taxes for properties that were fully operational during 2024 and 2025 primarily due to higher real estate tax assessments and lower capitalized real estate taxes at certain properties in the portfolio in 2025 that were offset by an increase in real estate tax refunds received during the three months ended June 30, 2025. The majority of real estate tax expense is recoverable from tenants and such recovery is reflected within “Rental income” in the accompanying consolidated statements of operations and comprehensive income (loss).

General, administrative and other expenses increased $0.4 million, or 3.3%, primarily due to higher costs incurred related to travel and an increase in bank fees in 2025.

Depreciation and amortization expense decreased $1.4 million, or 1.4%, due to the following (in thousands):


	Net Change Three Months Ended June 30, 2024 to 2025
Properties or components of properties sold or held for sale during 2024 and/or 2025	$	(2,757)
Properties under redevelopment or acquired during 2024 and/or 2025	400
Properties fully operational during 2024 and 2025 and other	953
Total	$	(1,404)

The net increase of $1.0 million in depreciation and amortization at properties that were fully operational during 2024 and 2025 is primarily due to the timing of placing assets in service and writing-off tenant-related assets as a result of tenant move-outs.

Based on a reduction in the expected future hold period (see Note 4 to the accompanying consolidated financial statements), we recognized a $66.2 million impairment charge during the three months ended June 30, 2024 related to City Center, a retail operating property in the New York MSA. No impairment charges were recorded during the three months ended June 30, 2025.

Interest expense increased $3.1 million, or 9.9%, primarily due to an increase in interest incurred on the Company’s unsecured revolving line of credit due to increased borrowings along with less favorable interest rate swaps in 2025 compared to the prior year, partially offset by a decrease in interest incurred on the unsecured term loans.

We recorded a net gain on sales of operating properties of $103.0 million for the three months ended June 30, 2025 on the sales of Stoney Creek Commons and Fullerton Metrocenter and the contribution of three previously wholly owned properties to the GIC Portfolio Joint Venture compared to a net loss on sales of operating properties of $1.2 million on the sale of Ashland & Roosevelt for the three months ended June 30, 2024.

Other income, net decreased $3.8 million primarily due to a decrease in interest income earned during the three months ended June 30, 2025 compared to the prior year.

Comparison of Operating Results for the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024

The following table reflects changes in the components of our consolidated statements of operations for the six months ended June 30, 2025 and 2024 (in thousands):


	Six Months Ended June 30,
	2025		2024		Change
Revenue:
Rental income	$	430,354	$	411,649	$	18,705
Other property-related revenue	3,525		4,457		(932)
Fee income	1,278		3,767		(2,489)
Total revenue	435,157		419,873		15,284

Expenses:
Property operating	58,707		56,645		2,062
Real estate taxes	54,412		53,027		1,385
General, administrative and other	25,648		25,750		(102)

Depreciation and amortization	196,118		199,670		(3,552)
Impairment charges	—		66,201		(66,201)
Total expenses	334,885		401,293		(66,408)

Other (expense) income:
Interest expense	(67,006)		(61,345)		(5,661)
Income tax expense of taxable REIT subsidiaries	(209)		(290)		81
Gain (loss) on sales of operating properties, net	103,113		(1,466)		104,579

Equity in loss of unconsolidated subsidiaries	(3,845)		(594)		(3,251)
Gain on sale of unconsolidated property, net	—		2,325		(2,325)
Other income, net	4,538		7,923		(3,385)
Net income (loss)	136,863		(34,867)		171,730
Net (income) loss attributable to noncontrolling interests	(2,815)		385		(3,200)
Net income (loss) attributable to common shareholders	$	134,048	$	(34,482)	$	168,530


Property operating expense to total revenue ratio			13.5		%				13.5		%

Rental income (including tenant reimbursements) increased $18.7 million, or 4.5%, due to the following (in thousands):


	Net Change Six Months Ended June 30, 2024 to 2025
Properties or components of properties sold or held for sale during 2024 and/or 2025	$	(432)
Properties under redevelopment or acquired during 2024 and/or 2025	3,696
Properties fully operational during 2024 and 2025 and other	15,441
Total	$	18,705

The net increase of $15.4 million in rental income for properties that were fully operational during 2024 and 2025 is primarily due to increases in the following: (i) base minimum rent of $8.7 million due to contractual rent changes, (ii) lease termination income of $6.7 million, and (iii) tenant reimbursements of $2.4 million due to higher recoverable common area maintenance expenses. These variances were partially offset by an increase in bad debt expense of $1.5 million and decreases in ancillary income of $0.6 million and overage rent of $0.3 million.

Other property-related revenue primarily consists of parking revenues, gains on the sale of land, and other miscellaneous activity. This revenue decreased by $0.9 million primarily as a result of no land sales being completed during the six months ended June 30, 2025 compared to $1.9 million of gains on the sale of land realized during the six months ended June 30, 2024, partially offset by the receipt of $0.7 million of insurance proceeds during the six months ended June 30, 2025 related to a hail storm at one of our properties.

We recorded fee income of $1.3 million and $3.8 million during the six months ended June 30, 2025 and 2024, respectively, from property management and development services provided to third parties and unconsolidated joint ventures. The decrease in fee income is primarily due to development fees earned during the six months ended June 30, 2024 related to the development of a hotel on the Pam Am Plaza site that did not reoccur in 2025.

Property operating expenses increased $2.1 million, or 3.6%, due to the following (in thousands):


	Net Change Six Months Ended June 30, 2024 to 2025
Properties or components of properties sold or held for sale during 2024 and/or 2025	$	112
Properties under redevelopment or acquired during 2024 and/or 2025	546
Properties fully operational during 2024 and 2025 and other	1,404
Total	$	2,062

The net increase of $1.4 million in property operating expenses for properties that were fully operational during 2024 and 2025 is primarily due to increases in the following: (i) snow removal expenses of $0.8 million, (ii) insurance expenses of $0.7 million, and (iii) utilities of $0.3 million, partially offset by a $0.7 million decrease in non-recoverable expenses. As a percentage of revenue, property operating expenses were flat at 13.5%.

Real estate taxes increased $1.4 million, or 2.6%, due to the following (in thousands):


	Net Change Six Months Ended June 30, 2024 to 2025
Properties or components of properties sold or held for sale during 2024 and/or 2025	$	(467)
Properties under redevelopment or acquired during 2024 and/or 2025	730
Properties fully operational during 2024 and 2025 and other	1,122
Total	$	1,385

The net increase of $1.1 million in real estate taxes for properties that were fully operational during 2024 and 2025 is primarily due to higher real estate tax assessments and lower capitalized real estate taxes at certain properties in the portfolio in 2025, partially offset by an increase in real estate tax refunds received during the six months ended June 30, 2025. The majority of real estate tax expense is recoverable from tenants and such recovery is reflected within “Rental income” in the accompanying consolidated statements of operations and comprehensive income (loss).

General, administrative and other expenses decreased $0.1 million, or 0.4%, primarily due to a decrease in corporate communication expenses and franchise taxes in 2025.

Depreciation and amortization expense decreased $3.6 million, or 1.8%, due to the following (in thousands):


	Net Change Six Months Ended June 30, 2024 to 2025
Properties or components of properties sold or held for sale during 2024 and/or 2025	$	(5,459)
Properties under redevelopment or acquired during 2024 and/or 2025	1,064
Properties fully operational during 2024 and 2025 and other	843
Total	$	(3,552)

The net increase of $0.8 million in depreciation and amortization at properties that were fully operational during 2024 and 2025 is primarily due to the timing of placing assets in service and writing-off tenant-related assets as a result of tenant move-outs.

Based on a reduction in the expected future hold period (see Note 4 to the accompanying consolidated financial statements), we recorded a $66.2 million impairment charge during the six months ended June 30, 2024 related to City Center, a retail operating property in the New York MSA. No impairment charges were recorded during the six months ended June 30, 2025.

Interest expense increased $5.7 million, or 9.2%, primarily due to interest incurred on the $350.0 million in aggregate principal amount of 4.95% senior unsecured notes due 2031 (the “Notes Due 2031”) issued in August 2024, an increase in interest incurred on the Company’s unsecured revolving line of credit due to increased borrowings, and less favorable interest rate swaps in 2025 compared to the prior year, partially offset by a decrease in interest incurred on the unsecured term loans and private placement notes.

We recorded a net gain on sales of operating properties of $103.1 million for the six months ended June 30, 2025 on the sales of Stoney Creek Commons and Fullerton Metrocenter and the contribution of three previously wholly owned properties to the GIC Portfolio Joint Venture compared to a net loss on sales of operating properties of $1.5 million primarily on the sale of Ashland & Roosevelt for the six months ended June 30, 2024.

During the six months ended June 30, 2024, we recognized a $2.3 million gain on sale of unconsolidated property related to our share of the gain on the sale of Glendale Center Apartments. No such gain was recorded during the six months ended June 30, 2025.

Other income, net decreased $3.4 million primarily due to a decrease in interest income earned during the six months ended June 30, 2025 compared to the prior year.

Net Operating Income and Same Property Net Operating Income

We use property net operating income (“NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. We define 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. We believe 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.

We also use 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. 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, and (v) significant prior period expense recoveries and adjustments, if any. When we receive 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. We believe 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. We believe 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. 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 the three previously wholly owned properties that were contributed to the GIC Portfolio Joint Venture in June 2025.

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. Our 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 six months ended June 30, 2025, the Same Property Pool excludes the following:

•properties acquired or placed in service during 2024 and 2025;

•The Corner – IN, which was reclassified from active development into our operating portfolio in March 2025;

•our active development project at One Loudoun Expansion;

•Hamilton Crossing Centre and Edwards Multiplex – Ontario, which were reclassified from our operating portfolio into redevelopment in June 2014 and March 2023, respectively;

•properties sold or classified as held for sale during 2024 and 2025; and

•standalone office properties, including the Carillon medical office building, which was reclassified from active redevelopment into our office portfolio in December 2024.

The following table presents Same Property NOI and a reconciliation to net income (loss) attributable to common shareholders for the three and six months ended June 30, 2025 and 2024 (dollars in thousands):


	Three Months Ended June 30,			Six Months Ended June 30,
	2025	2024	Change	2025	2024	Change
Number of properties in Same Property Pool for the period(1)	175	175		175	175


Leased percentage at period end	93.2	%	94.8	%	93.2	%	94.8	%
Economic occupancy percentage at period end	90.3	%	91.6	%	90.3	%	91.6	%
Economic occupancy percentage(2)	90.4	%	91.3	%	91.1	%	91.2	%


Same Property NOI(3)	$	144,104	$	139,512	3.3	%	$	287,903	$	279,038	3.2	%

Reconciliation of Same Property NOI to most directly comparable GAAP measure:
Net operating income – same properties	$	144,104	$	139,512			$	287,903	$	279,038

Net operating income – non-same activity(4)	12,906		14,413				32,857		27,396
Total property NOI	157,010		153,925		2.0	%	320,760		306,434		4.7	%
Other (expense) income, net	(2,104)		7,441				1,762		10,806
General, administrative and other	(13,390)		(12,966)				(25,648)		(25,750)


Impairment charges	—		(66,201)				—		(66,201)
Depreciation and amortization	(97,887)		(99,291)				(196,118)		(199,670)
Interest expense	(34,052)		(30,981)				(67,006)		(61,345)
Gain (loss) on sales of operating properties, net	103,022		(1,230)				103,113		(1,466)
Gain on sale of unconsolidated property, net	—		—				—		2,325
Net (income) loss attributable to noncontrolling interests	(2,281)		665				(2,815)		385
Net income (loss) attributable to common shareholders	$	110,318	$	(48,638)			$	134,048	$	(34,482)

(1)Same Property NOI excludes the following: (i) properties acquired or placed in service during 2024 and 2025; (ii) The Corner – IN, which was reclassified from active development into our operating portfolio in March 2025; (iii) our active development project at One

Loudoun Expansion; (iv) Hamilton Crossing Centre and Edwards Multiplex – Ontario, which were reclassified from our operating portfolio into redevelopment in June 2014 and March 2023, respectively; (v) properties sold or classified as held for sale during 2024 and 2025; and (vi) standalone office properties, including the Carillon medical office building, which was reclassified from active redevelopment into our office portfolio in December 2024.

(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 the three previously wholly owned properties that were contributed to the GIC Portfolio Joint Venture in June 2025.

(4)Includes non-cash activity across the portfolio as well as NOI from properties not included in the Same Property Pool, including properties sold during both periods.

Our Same Property NOI increased 3.3% for the three months ended June 30, 2025 compared to the same period of the prior year primarily due to contractual rent growth.

NAREIT Funds From Operations

NAREIT Funds From Operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of our operating performance. We calculate 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, we believe 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. Our 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, we 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 employee severance, (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 our 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 our 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. We believe that Core FFO is useful to investors in evaluating our core cash flow-generating operations by adjusting for items that we do not consider to be part of our core business operations, allowing for comparison of our core operating performance between periods. Core FFO should not be considered as an alternative to net income as an indicator of our performance or as an alternative to cash flow as a measure of liquidity or our ability to make distributions. Our 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.

Our calculations of FFO and reconciliation to net income (loss) and Core FFO for the three and six months ended June 30, 2025 and 2024 (unaudited) are as follows (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income (loss)	$	112,599	$	(49,303)	$	136,863	$	(34,867)
Less: net income attributable to noncontrolling interests in properties	(81)		(74)		(151)		(141)
Less/add: (gain) loss on sales of operating properties, net	(103,022)		1,230		(103,113)		1,466
Less: gain on sale of unconsolidated property, net	—		—		—		(2,325)
Add: impairment charges	—		66,201		—		66,201
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests	104,469		99,433		203,146		199,993
NAREIT FFO of the Operating Partnership(1)	113,965		117,487		236,745		230,327
Less: Limited Partners’ interests in FFO	(2,466)		(1,946)		(4,929)		(3,768)
FFO attributable to common shareholders(1)	$	111,499	$	115,541	$	231,816	$	226,559
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted	$	0.51	$	0.53	$	1.05	$	1.03







Reconciliation of NAREIT FFO to Core FFO(2)
NAREIT FFO of the Operating Partnership(1)	$	113,965	$	117,487	$	236,745	$	230,327
Add:
Amortization of deferred financing costs	1,751		987		3,395		1,916
Non-cash compensation expense and other	3,048		2,906		5,564		5,628
Less:
Straight-line rent – minimum rent and common area maintenance	2,835		3,651		5,413		6,776
Market rent amortization income	1,879		2,390		5,421		4,657
Amortization of debt discounts, premiums and hedge instruments	890		3,734		3,646		7,490
Core FFO of the Operating Partnership	$	113,160	$	111,605	$	231,224	$	218,948
Core FFO per share of the Operating Partnership – diluted	$	0.50	$	0.50	$	1.03	$	0.98

(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.

Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

We define 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, we also provide Adjusted EBITDA, which we define 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 our share of net debt divided by Annualized Adjusted EBITDA. EBITDA, Adjusted EBITDA, Annualized Adjusted EBITDA, and Net Debt to Adjusted EBITDA, as calculated by us, 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, we believe 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, we also provide Annualized Adjusted EBITDA, adjusted as described above. We believe this supplemental information provides a meaningful measure of our operating

performance. We believe presenting EBITDA and the related measures in this manner allows investors and other interested parties to form a more meaningful assessment of our operating results.

The following table presents a reconciliation of our EBITDA, Adjusted EBITDA, and Annualized Adjusted EBITDA to net income (the most directly comparable GAAP measure) and a calculation of Net Debt to Adjusted EBITDA (in thousands):


	Three Months Ended June 30, 2025
Net income	$	112,599
Depreciation and amortization	97,887
Interest expense	34,052
Income tax expense of taxable REIT subsidiaries	199
EBITDA	244,737
Unconsolidated EBITDA, as adjusted	5,689



Gain on sales of operating properties, net	(103,022)
Other income and expense, net	2,758
Noncontrolling interests	(210)
Pro forma adjustments(1)	(2,280)
Adjusted EBITDA	$	149,952

Annualized Adjusted EBITDA(2)	$	590,690

Company share of Net Debt:
Mortgage and other indebtedness, net	$	3,022,496
Add: Company share of unconsolidated joint venture debt	190,841
Add: debt discounts, premiums and issuance costs, net	3,082
Less: Partner share of consolidated joint venture debt(3)	(9,777)
Company’s consolidated debt and share of unconsolidated debt	3,206,642
Less: cash, cash equivalents and restricted cash	(201,796)
Company share of Net Debt	$	3,004,846
Net Debt to Adjusted EBITDA	5.1x

(1)Pro forma adjustments relate to current quarter GAAP operating income for the sale of Fullerton Metrocenter and the sale of a 48% interest in three previously wholly owned properties that were contributed to the newly formed GIC Portfolio Joint Venture in June 2025, as well as the Legacy West Joint Venture’s acquisition of Legacy West in April 2025, both of which joint ventures the Company owns a 52% noncontrolling interest.

(2)Represents Adjusted EBITDA for the three months ended June 30, 2025 (as shown in the table above) multiplied by four.

(3)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.

Liquidity and Capital Resources

Overview

Our primary finance and capital strategy is to maintain a strong balance sheet with sufficient flexibility to fund our operating and investment activities in a cost-effective manner. We consider a number of factors when evaluating our level of indebtedness and making decisions regarding additional borrowings or equity offerings, including the interest or dividend rate, the maturity date and the Company’s debt maturity ladder, the impact of financial metrics such as overall Company leverage levels and coverage ratios, and the Company’s ability to generate cash flow to cover debt service. We continuously monitor the capital markets and may consider raising additional capital through the issuance of our common or preferred shares, unsecured debt securities, or other securities.

As of June 30, 2025, we had approximately $182.0 million in cash and cash equivalents on hand, $5.6 million in restricted cash and escrow deposits, and $1.1 billion of remaining availability under the $1.1 billion unsecured revolving credit facility (the “Revolving Facility”) compared to $80.0 million of debt maturities over the next 12 months. During the six months ended June 30, 2025, we (i) completed a public offering of $300.0 million in aggregate principal amount of 5.20% senior unsecured notes due 2032 (the “Notes Due 2032”), the proceeds of which were used to repay the $150.0 million unsecured term loan that

was scheduled to mature on July 17, 2026 and borrowings on the Revolving Facility, with the remaining proceeds to be used to repay the $80.0 million principal balance of the 4.47% senior unsecured notes that mature on September 10, 2025 and (ii) repaid the $350.0 million principal balance of the 4.00% senior unsecured notes that matured on March 15, 2025 using proceeds from the Notes Due 2031. We believe we will have adequate liquidity over the next 12 months and beyond to operate our business and meet our cash requirements.

We derive the majority of our revenue from tenants who lease space from us under existing lease agreements at each of our properties. Therefore, our ability to generate cash from operations is dependent upon the rents that we are able to charge and collect from our tenants. While we believe that the nature of the properties in which we typically invest—primarily neighborhood and community shopping centers—provides a relatively stable revenue flow, an economic downturn, instability in the banking sector, tenant bankruptcies, inflation, tariffs, labor shortages, supply chain constraints, severe weather events, and/or increasing energy prices and interest rates, among other events, could adversely affect the ability of some of our tenants to meet their lease obligations.

Our Principal Capital Resources

For a discussion of cash generated from operations, see “Cash Flows” beginning on page 46. In addition to cash generated from operations, our other principal capital resources are discussed below.

Over the last several years, we have made substantial progress in enhancing our liquidity position and reducing our leverage and borrowing costs. We continue to focus on a balanced approach to growth and staggering debt maturities in order to retain our financial flexibility.

As of June 30, 2025, we had $1.1 billion available under the Revolving Facility for future borrowings. We also had $182.0 million in cash and cash equivalents as of June 30, 2025.

We were in compliance with all applicable financial covenants under the Revolving Facility, unsecured term loans and senior unsecured notes as of June 30, 2025.

On June 7, 2024, the Company filed a shelf registration statement with the SEC on Form S-3, which is effective for a term of three years, relating to the offer and sale, from time to time, of an indeterminate amount of equity and debt securities. Equity securities may be offered and sold by the Parent Company, and the net proceeds of any such offerings would be contributed to the Operating Partnership in exchange for additional General Partner Units. Debt securities may be offered and sold by the Operating Partnership with the Operating Partnership receiving the proceeds. From time to time, we may issue securities under this shelf registration statement for general corporate purposes, which may include acquisitions of additional properties, repayment of outstanding indebtedness, capital expenditures, the expansion, redevelopment, and/or improvement of properties in our portfolio, working capital, and other general purposes.

In the future, we will continue to monitor the capital markets and may consider raising additional capital through the issuance of our common shares, preferred shares, or other securities. We may also raise capital by disposing of properties, land parcels, or other assets that are no longer core components of our growth strategy. The sale price may differ from our carrying value at the time of sale.

Our Principal Liquidity Needs

Short-Term Liquidity Needs

Near-Term Debt Maturities. As of June 30, 2025, we have no secured debt, excluding scheduled monthly principal payments, and $80.0 million of unsecured debt scheduled to mature over the next 12 months. We believe we have sufficient liquidity to repay this obligation through a combination of proceeds from the Notes Due 2032, cash flows generated from operations, capital markets transactions, and borrowings on the Revolving Facility.

Other Short-Term Liquidity Needs. The requirements for qualifying as a REIT and for a tax deduction for some or all of the dividends paid to shareholders necessitate that we distribute at least 90% of our taxable income on an annual basis. Such requirements cause us to have substantial liquidity needs over both the short and long term. Our short-term liquidity needs consist primarily of funds necessary to pay operating expenses associated with our operating properties, scheduled interest and principal payments on our debt of approximately $70.0 million and $2.6 million, respectively, for the remainder of 2025, expected dividend payments to our common shareholders and common unit holders, and recurring capital expenditures.

In April 2025, our Board of Trustees declared a cash distribution of $0.27 per common share and Common Unit for the second quarter of 2025. This distribution was paid on July 16, 2025 to common shareholders and common unit holders of record as of July 9, 2025. Future distributions, if any, are at the discretion of the Board of Trustees, who will continue to evaluate our sources and uses of capital, liquidity position, operating fundamentals, maintenance of our REIT qualification, and other factors they may deem relevant. We believe we have sufficient liquidity to pay any dividend from available cash on hand and borrowings on the Revolving Facility.

Other short-term liquidity needs include expenditures for tenant improvements, external leasing commissions, and recurring capital expenditures. During the six months ended June 30, 2025, we incurred $15.5 million for recurring capital expenditures on operating properties and $53.6 million for tenant improvements and external leasing commissions, which includes costs to re-lease anchor space at our operating properties related to tenants open and operating as of June 30, 2025 (excluding development and redevelopment properties). We currently anticipate incurring approximately $130 million of additional major tenant improvement costs related to executed leases for tenants not yet open at a number of our operating properties over the next 12 to 24 months. We believe we have the ability to fund these costs through cash flows generated from operations or borrowings on the Revolving Facility.

During the six months ended June 30, 2025, we completed major development construction activities at The Corner – IN and reclassified the property from active development into our operating portfolio in March 2025. As of June 30, 2025, the retail and office portions of the expansion project at One Loudoun Downtown (the “One Loudoun Expansion”), our mixed-use lifestyle center in the Washington, D.C. MSA, was under construction. Our share of the total estimated costs for this project is approximately $81.0 million to $91.0 million, of which our share of the expected funding requirement is approximately $65.0 million to $75.0 million. As of June 30, 2025, we have incurred $7.0 million of these costs. We anticipate incurring the majority of the remaining costs for this project over the next 12 to 24 months and believe we have the ability to fund this project through cash flows generated from operations or borrowings on the Revolving Facility.

Share Repurchase Program

The Company has an existing share repurchase program under which it may repurchase, from time to time, up to a maximum of $300.0 million of its common shares (the “Share Repurchase Program”). The Company intends to fund any future repurchases under the Share Repurchase Program with available cash on hand or availability under the Revolving Facility, subject to any applicable restrictions. The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will depend upon prevailing market conditions, regulatory requirements, and other factors. In January 2025, the Company extended the Share Repurchase Program for an additional year to February 28, 2026, if not terminated or extended prior to that date. As of June 30, 2025, the Company has not repurchased any shares under the Share Repurchase Program.

Long-Term Liquidity Needs

Our long-term liquidity needs consist primarily of funds necessary to pay for any new development projects, redevelopment of existing properties, non-recurring capital expenditures, acquisitions of properties, payment of indebtedness at maturity, and obligations under ground leases.

Selective Acquisitions, Developments and Joint Ventures. We may selectively pursue the acquisition, development, and redevelopment of other properties, which would require additional capital. It is unlikely that we would have sufficient funds on hand to meet these long-term capital requirements; therefore, we would have to satisfy these needs through additional borrowings, sales of common or preferred shares, issuance of Operating Partnership units, cash generated through property dispositions, and/or participation in joint venture arrangements. We cannot be certain that we would have access to these sources of capital on satisfactory terms, if at all, to fund our long-term liquidity requirements. We evaluate all future opportunities against pre-established criteria, including, but not limited to, location, demographics, expected return, tenant credit quality, tenant relationships, and the amount of existing retail space. Our ability to access the capital markets will depend on a number of factors, including general capital market conditions.

Potential Debt Repurchases. We may, from time to time, depending on market conditions and prices, contractual restrictions, our financial liquidity, and other factors, seek to repurchase our senior unsecured notes maturing at various dates through March 2034 in open market transactions, by tender offer, or otherwise, as market conditions warrant.

Commitments under Ground Leases. We are obligated under 12 ground leases for approximately 98 acres of land as of June 30, 2025. Most of these ground leases require fixed annual rent payments, and the expiration dates of the remaining initial

terms of these ground leases range from August 31, 2025 to 2092. Assuming we exercise all available options to extend the terms of our ground leases, our ground leases will expire between 2045 and 2115.

Capital Expenditures on Consolidated Properties

The following table summarizes cash capital expenditures for our development and redevelopment projects and other capital expenditures for the six months ended June 30, 2025 (in thousands):


	Six Months Ended June 30, 2025
Active development and redevelopment projects	$	7,674



Recurring operating capital expenditures (primarily tenant improvements) and other	68,054
Total	$	75,728

We capitalize certain indirect costs such as interest, payroll, and other general and administrative costs related to these development activities. If we had experienced a 10% reduction in development and redevelopment activities without a corresponding decrease in indirect project costs, we would have recorded additional expense of $0.1 million for the six months ended June 30, 2025.

Debt Maturities

The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of June 30, 2025, presented on a calendar year basis (in thousands):


	Secured Debt
	Scheduled Principal Payments		Term Maturities		Unsecured Debt		Total
2025	$	2,641	$	—	$	80,000	$	82,641
2026	4,581		10,600		400,000		415,181
2027	3,120		—		500,000		503,120
2028	3,757		—		100,000		103,757
2029	4,324		—		400,000		404,324
Thereafter	23,767		92,788		1,400,000		1,516,555
	$	42,190	$	103,388	$	2,880,000	$	3,025,578
Debt discounts, premiums and issuance costs, net							(3,082)
Total							$	3,022,496

Failure to comply with the obligations under our debt agreements, including payment obligations, could cause an event of default under such debt, which, among other things, could result in the loss of title to the assets securing the debt, acceleration of the payment of all principal and interest and/or termination of the agreements, or exposure to the risk of foreclosure. In addition, certain of our variable rate loans contain cross-default provisions whereby a violation by the Company of any financial covenant set forth in the Revolving Facility will constitute an “Event of Default” under the loans, which could allow the lenders to accelerate the amounts due under our debt agreements if we fail to satisfy these financial covenants. See Item 1A. “Risk Factors – Risks Related to Our Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024 for more information related to the risks associated with our indebtedness.

Impact of Changes in Credit Ratings on Our Liquidity

We have received investment-grade corporate credit ratings from three nationally recognized credit rating agencies. These ratings did not change as of June 30, 2025.

In the future, these ratings could change based upon, among other things, the impact that prevailing economic conditions may have on our results of operations and financial condition. Credit rating reductions by one or more rating agencies could also adversely affect our access to funding sources, the cost and other terms of obtaining funding, as well as our overall financial condition, operating results and cash flow.

Cash Flows

As of June 30, 2025, we had cash, cash equivalents and restricted cash of $187.6 million. We may be subject to concentrations of credit risk with regard to our cash and cash equivalents. We place our cash and short-term investments with highly rated financial institutions. While we attempt to limit our exposure at any point in time, occasionally such cash and investments may temporarily exceed the Federal Deposit Insurance Corporation (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”) insurance limits. We also maintain certain compensating balances in several financial institutions in support of borrowings from those institutions. Such compensating balances were not material to the accompanying consolidated balance sheets.

Comparison of the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024

The following table summarizes our cash flow activities (in thousands):


	Six Months Ended June 30,
	2025		2024		Change
Net cash provided by operating activities	$	206,894	$	195,686	$	11,208
Net cash provided by (used in) investing activities	178,030		(154,601)		332,631
Net cash (used in) provided by financing activities	(330,641)		76,480		(407,121)
Increase in cash, cash equivalents and restricted cash	54,283		117,565		(63,282)
Cash, cash equivalents and restricted cash, at beginning of period	133,552		41,430
Cash, cash equivalents and restricted cash, at end of period	$	187,835	$	158,995

Cash provided by operating activities was $206.9 million for the six months ended June 30, 2025 and $195.7 million for the same period of 2024. The cash flows were positively impacted by an increase in net operating income and changes to other working capital accounts.

Cash provided by investing activities was $178.0 million for the six months ended June 30, 2025 compared to cash used in investing activities of $154.6 million for the same period of 2024. Highlights of significant cash sources and uses in investing activities are as follows:

•We received $350.0 million in principal upon maturity of the short-term certificates of deposit that matured in February 2025 during the three months ended March 31, 2025;

•We invested $265.0 million of proceeds from the January 2024 public offering of $350.0 million in aggregate principal amount of 5.50% senior unsecured notes due 2034 (the “Notes Due 2034”) in short-term certificates of deposit during the six months ended June 30, 2024 and received $145.0 million upon maturity of the certificate of deposit that matured in June 2024;

•We invested $253.9 million in the Legacy West unconsolidated joint venture during the six months ended June 30, 2025;

•We received net proceeds of $232.5 million from the sale of Stoney Creek Commons and Fullerton Metrocenter and the contribution of three previously wholly owned properties to the GIC Portfolio Joint Venture during the six months ended June 30, 2025 compared to net proceeds of $34.7 million from the sale of Ashland and Roosevelt and four parcels of land during the six months ended June 30, 2024;

•We acquired Village Commons for $67.9 million during the six months ended June 30, 2025. We did not acquire any properties during the six months ended June 30, 2024;

•Capital expenditures increased by $13.4 million primarily related to the timing of capital projects;

•We received distributions totaling $2.8 million from unconsolidated joint ventures during the six months ended June 30, 2025. During the six months ended June 30, 2024, we received a $1.6 million distribution upon the joint venture’s disposition of Glendale Center Apartments, of which we own an 11.5% interest, to a third party; and

•We contributed $2.2 million to an unconsolidated joint venture during the six months ended June 30, 2025 related to our share of a developer fee and debt service on the construction loan at The Corner – IN, of which we own a 50% interest.

Cash used in financing activities was $330.6 million for the six months ended June 30, 2025 compared to cash provided by financing activities of $76.5 million for the same period of 2024. Highlights of significant cash sources and uses in financing activities are as follows:

•We borrowed $398.0 million on the Revolving Facility and received proceeds of $298.5 million from the Notes Due 2032 during the six months ended June 30, 2025 compared to the receipt of $345.3 million of proceeds from the Notes Due 2034 and borrowings of $40.0 million on the Revolving Facility during the six months ended June 30, 2024;

•We repaid the following during the six months ended June 30, 2025: (i) $398.0 million of borrowings on the Revolving Facility, (ii) $350.0 million principal balance of the 4.00% senior unsecured notes that matured on March 15, 2025, (iii) $150.0 million unsecured term loan that was scheduled to mature on July 17, 2026, and (iv) $2.6 million of mortgages payable compared to the following repayments during the six months ended June 30, 2024: (i) $149.6 million principal balance of the 4.58% senior unsecured notes that matured on June 30, 2024, (ii) $40.0 million of borrowings on the Revolving Facility, and (iii) $2.6 million of mortgages payable; and

•We made distributions to common shareholders and holders of common partnership interests in the Operating Partnership of $122.4 million during the six months ended June 30, 2025 compared to distributions of $111.5 million during the six months ended June 30, 2024.

Critical Accounting Estimates

We based the discussion and analysis of our financial condition and results of operations upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. There were no changes made by management to the critical accounting policies in the three months ended June 30, 2025. We discuss the most critical estimates in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 12, 2025.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk Related to Fixed and Variable Rate Debt

As of June 30, 2025, we had $3.0 billion of outstanding consolidated indebtedness (inclusive of net unamortized debt discounts, premiums and issuance costs of $3.1 million). In addition, we were party to various consolidated interest rate hedge agreements totaling $855.0 million with maturities over various terms through 2026. Reflecting the effects of these hedge agreements, our fixed and variable rate debt would have been $2.9 billion (94%) and $168.4 million (6%), respectively, of our total consolidated indebtedness as of June 30, 2025.

As of June 30, 2025, we had $400.0 million of fixed rate debt scheduled to mature within the next 18 months. A 100-basis point change in interest rates on this debt as of June 30, 2025 would change our annual cash flow by $4.0 million. A 100-basis point change in interest rates on our unhedged variable rate debt as of June 30, 2025 would change our annual cash flow by $1.7 million. Based upon the terms of our variable rate debt, we are most vulnerable to a change in short-term Secured Overnight Financing Rate (“SOFR”) interest rates.

ITEM 4. CONTROLS AND PROCEDURES

Kite Realty Group Trust

Evaluation of Disclosure Controls and Procedures

An evaluation was performed under the supervision and with the participation of the Parent Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on that evaluation, the Parent Company’s Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

There has been no change in the Parent Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) identified in connection with the evaluation required by Rule 13a-15(b) under the Securities Exchange Act of 1934 of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of June 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Kite Realty Group, L.P.

Evaluation of Disclosure Controls and Procedures

An evaluation was performed under the supervision and with the participation of the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of Kite Realty Group Trust (the sole general partner of Kite Realty Group, L.P.), of the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on that evaluation, the Operating Partnership’s Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

There has been no change in the Operating Partnership’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) identified in connection with the evaluation required by Rule 13a-15(b) under the Securities Exchange Act of 1934 of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of June 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are not subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against us. We are parties to routine litigation, claims, and administrative proceedings arising in the ordinary course of business. Management believes that such matters will not have a material adverse impact on our consolidated financial condition, results of operations or cash flows taken as a whole.

ITEM 1A. RISK FACTORS

There have been no material changes from the risk factors previously disclosed in response to Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 12, 2025.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

From time to time, certain of our employees surrender common shares owned by them to satisfy their statutory minimum U.S. federal and state tax obligations associated with the vesting of restricted common shares of beneficial interest issued under the Company’s 2013 Equity Incentive Plan, as amended and restated as of May 11, 2022. These shares are repurchased by the Company. There were no shares of common stock surrendered or repurchased during the three months ended June 30, 2025.

As of June 30, 2025, $300.0 million remained available for repurchases under the Company’s authorized Share Repurchase Program, which was announced in February 2021. In April 2022, the Company’s Board of Trustees increased the size of the program from $150.0 million to $300.0 million and, in January 2025, extended the program for an additional year. The program may be suspended or terminated at any time by the Company and will terminate on February 28, 2026, if not terminated or extended prior to that date.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Trading Arrangements

During the three months ended June 30, 2025, none of our officers or trustees adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

ITEM 6. EXHIBITS

Exhibit No.

Description

Location

3.1

Articles of Amendment and Restatement of Declaration of Trust of the Kite Realty Group Trust, as supplemented and amended

Incorporated by reference to Exhibit 3.1 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 28, 2022

3.2

Third Amended and Restated Bylaws of Kite Realty Group Trust, effective November 8, 2023

Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on November 9, 2023

4.1

Fourth Supplemental Indenture, dated as of June 27, 2025, among Kite Realty Group, L.P., as issuer, Kite Realty Group Trust, as possible future guarantor, and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee

Incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on June 27, 2025

4.2

Form of Global Note representing the 5.20% Senior Notes due 2032 (included in Exhibit 4.1)

Incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on June 27, 2025

10.1

Fourth Amendment to Sixth Amended and Restated Credit Agreement, dated as of July 28, 2025, by and among Kite Realty Group, L.P., Kite Realty Group Trust, KeyBank National Association, as Administrative Agent, and the other lenders party thereto

Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on July 30, 2025

10.2

Third Amendment to Term Loan Agreement, dated as of July 28, 2025, by and among Kite Realty Group, L.P., Kite Realty Group Trust, KeyBank National Association, as Administrative Agent, and the other lenders party thereto

Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on July 30, 2025

31.1

Certification of principal executive officer of the Parent Company required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

31.2

Certification of principal financial officer of the Parent Company required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

31.3

Certification of principal executive officer of the Operating Partnership required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

31.4

Certification of principal financial officer of the Operating Partnership required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

32.1

Certification of Chief Executive Officer and Chief Financial Officer of the Parent Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Filed herewith

32.2

Certification of Chief Executive Officer and Chief Financial Officer of the Operating Partnership pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Filed herewith

101.INS

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

Filed herewith

101.SCH

Inline XBRL Taxonomy Extension Schema Document

Filed herewith

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

Filed herewith

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

Filed herewith

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

Filed herewith

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

Filed herewith

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

KITE REALTY GROUP TRUST

Date:

July 31, 2025

By:

/s/ JOHN A. KITE

John A. Kite

Chairman and Chief Executive Officer

(Principal Executive Officer)

Date:

July 31, 2025

By:

/s/ HEATH R. FEAR