Here are 1-2 brief analogies for Kite Realty Trust (KRG):

1. Simon Property Group (SPG), but for your local grocery store's shopping center.

   (Simon Property Group is widely known for owning large, often enclosed malls; KRG specializes in open-air, grocery-anchored shopping centers that cater to daily necessities.)

2. American Tower (AMT), but for the physical locations of retail stores instead of cell towers.

   (American Tower is a well-known REIT that owns essential infrastructure like cell towers and leases space on them; KRG owns essential retail infrastructure – shopping centers – and leases space to various businesses.)

• Retail Space Leasing: Providing rentable space within open-air, grocery-anchored shopping centers to various retail and service tenants.
• Property Management: Operating and maintaining their portfolio of shopping centers to ensure optimal tenant experience and property value.
• Real Estate Development: Developing and redeveloping shopping centers to expand their portfolio and enhance asset quality.

Kite Realty Trust (KRG) is a real estate investment trust (REIT) that primarily owns and operates open-air shopping centers. As such, the company sells space (leases) primarily to other companies rather than individuals.

KRG's major customers are its retail tenants. Based on their portfolio and typical tenants for this type of REIT, key customer companies often include:

• Publix Super Markets, Inc. (Private Company)
• The Kroger Co. (NYSE: KR)
• Target Corporation (NYSE: TGT)
• The TJX Companies, Inc. (NYSE: TJX)

Kite Realty Trust (KRG) specializes in the ownership, operation, and development of high-quality, open-air shopping centers and mixed-use assets, primarily grocery-anchored neighborhood and community centers within the United States.

The addressable markets for Kite Realty Trust's main products and services are substantial within the U.S. region:

• The overall U.S. grocery retail market is projected to exceed $1.5 trillion by 2027, demonstrating a compound annual growth rate (CAGR) of 3.1%.
• Investments specifically in grocery-anchored retail properties comprised approximately 22% of all retail center acquisitions in 2023. Multi-tenant, grocery-anchored retail transactions in the U.S. totaled $7.0 billion in 2024, indicating robust investment appetite.
• U.S. open-air shopping centers are experiencing historically low vacancy rates, with only 6.2% of space available for lease as of late 2024 and early 2025, the lowest level since 2006. This scarcity, coupled with minimal new construction, creates favorable conditions for rent growth. This segment is considered to be undergoing a "retail renaissance."

Kite Realty Trust's focus is on selected markets across the U.S., particularly in high-growth Sun Belt regions and strategic gateway markets.

Expected Drivers of Future Revenue Growth for Kite Realty Trust (KRG)

Over the next 2-3 years, Kite Realty Trust (KRG) is expected to drive future revenue growth through several key strategies:

1. Organic Rent Growth and Strong Leasing Spreads

   Kite Realty Trust consistently reports strong blended cash leasing spreads on new and renewal leases, indicating its ability to achieve higher rental rates. The company has also emphasized embedding higher rent bumps in its leases. For new and non-option renewal leases signed in the first three quarters of 2024, the average annual growth was 3.5%, a 50 basis point increase over 2023. This organic growth in minimum rents and favorable leasing spreads directly contributes to increased revenue.

2. Increasing Occupancy Rates

   KRG is focused on driving both anchor and small shop occupancy to historical highs, with the total portfolio at 95% leased, a 160 basis point year-over-year increase as of Q3 2024. The company views recent bankruptcy-driven vacancies as opportunities to re-lease space, upgrade the tenant mix, and enhance growth. A strong signed-not-open pipeline, with an average annual base rent (ABR) significantly above the current portfolio average, is anticipated to contribute to an acceleration in same-property net operating income (NOI) growth as these leases commence.

3. Strategic Portfolio Optimization and Focus on High-Growth Markets

   KRG is actively optimizing its portfolio through strategic asset recycling, including the disposition of non-core assets (with a disposition pipeline of approximately $500 million), and investing in high-quality, grocery-anchored, open-air shopping centers and mixed-use assets located in high-growth Sun Belt and strategic gateway markets. This strategy aims to enhance portfolio quality, diversify the tenant mix with high-credit tenants (such as Whole Foods, Crate & Barrel, Nordstrom Rack, and HomeSense), and generate long-term value creation.

Share Repurchases

• Kite Realty Trust authorized a $150 million share repurchase program in February 2021, set to run through February 28, 2022.
• Between July 1 and October 30, 2025, the company repurchased 3.4 million shares for approximately $75 million, completing the program announced in 2021.
• Proceeds from anticipated non-core asset sales in late 2025, estimated at $500 million, may be deployed into future share repurchases.

Share Issuance

• In July 2021, Kite Realty Trust merged with Retail Properties of America, Inc. (RPAI) in a 100% stock-for-stock transaction.
• This merger resulted in each RPAI common share being converted into 0.6230 newly issued KRG common shares, with RPAI shareholders expected to own approximately 60% of the combined company's equity.
• This transaction significantly increased KRG's shares outstanding from approximately 84.19 million in 2020 to about 180 million in 2021.

Outbound Investments

• KRG acquired Village Commons (Miami MSA), a Publix-anchored center, for $68.4 million in Q1 2025.
• In Q1 2025, KRG's joint venture with GIC acquired Legacy West (Dallas MSA) for $785 million, with KRG's share of the investment being $408 million.
• The company completed one acquisition for $81.0 million and $142.1 million of dispositions in 2023.

Capital Expenditures

• Kite Realty Trust undertook a multi-faceted, transformational redevelopment project at Glendale Town Center in Indianapolis, including new retail, multi-family, and outlot components, which was expected to be completed in 2021.
• The company continuously optimizes its portfolio through strategic development and redevelopment, focusing on enhancing property value and appeal in high-growth Sun Belt and strategic gateway markets.