Here are 1-3 brief analogies for Kite Realty Trust (KRG):

• KRG is like a national landlord for shopping centers, similar to how a large hotel chain like Marriott owns and manages a portfolio of properties.
• Think of KRG as a landlord for thousands of retail businesses, similar to how American Tower Corporation is a landlord for thousands of cell towers, but for shopping centers instead of communication infrastructure.
• KRG is like a big real estate developer and manager for neighborhood and community shopping centers, similar to how Simon Property Group is for large enclosed malls, but KRG focuses on convenient, open-air centers.

• Retail Property Leasing: Kite Realty Group provides leasable space within its portfolio of neighborhood, community, and lifestyle centers to various retailers.
• Real Estate Development and Redevelopment: The company undertakes the creation of new retail properties and the enhancement of existing ones to optimize their value and appeal.
• Property Management: Kite Realty Group manages the daily operations, maintenance, and tenant relationships for its extensive portfolio of retail centers.

Major Customers of Kite Realty Trust (KRG)

Kite Realty Group Trust (KRG) is a real estate investment trust (REIT) that owns and operates a portfolio of neighborhood, community, and lifestyle centers. As such, KRG's primary customers are the retailers and other businesses that lease space within its properties.

The company primarily sells to other companies. Its major customers (tenants) include a diverse group of national and regional retailers. Based on recent investor presentations, the top tenants by annualized base rent include:

• Publix (Private)
• The TJX Companies, Inc. (TJX)
• The Kroger Co. (KR)
• Ahold Delhaize (ADRNY)
• Ross Stores, Inc. (ROST)
• Target Corporation (TGT)
• Total Wine & More (Private)
• Sprouts Farmers Market, Inc. (SFM)
• DICK'S Sporting Goods, Inc. (DKS)
• Burlington Stores, Inc. (BURL)

John A. Kite, Chairman of the Board of Trustees & Chief Executive Officer

Mr. Kite has served as Chairman of the Board since December 2008, as a trustee since the company's formation in March 2004, and as Chief Executive Officer since its IPO in August 2004. He previously served as President from the IPO until December 2008. From 1997 to the IPO in 2004, he was President and Chief Executive Officer of the predecessor "Kite Companies." Mr. Kite began his career in 1987 at Harris Trust and Savings Bank in Chicago and joined Kite Development in 1990 as its Chief Financial Officer.

Heath R. Fear, Executive Vice President, Chief Financial Officer

Mr. Fear has served as Executive Vice President and Chief Financial Officer of Kite Realty Group since November 2018. Prior to joining KRG, he served as Chief Financial Officer at GGP Inc. He also previously held the role of Chief Financial Officer and Treasurer at Retail Properties of America, Inc. (RPAI) from 2015 to 2017. GGP Inc., where Mr. Fear served as CFO, was acquired by Brookfield Asset Management Inc. for $15 billion in 2018. Mr. Fear has over 20 years of experience in the real estate industry.

Thomas K. McGowan, President & Chief Operating Officer

Mr. McGowan has served as President since 2008 and Chief Operating Officer of Kite Realty Group since 2004. His responsibilities primarily include new project development, land acquisition, leasing, real estate property management, and general operational and organizational functions of the development and construction departments. Before joining the Kite Companies, Mr. McGowan worked for real estate developer Mansur Development Corporation for eight years. He has over 30 years of experience in real estate investment.

Adam M. Jaworski, Senior Vice President, Chief Accounting Officer and principal accounting officer

Mr. Jaworski was appointed Senior Vice President, Chief Accounting Officer and principal accounting officer, effective April 6, 2026. He currently serves as Chief Accounting Officer of Brookfield Properties Retail, a position he has held since January 2022. Prior to joining Brookfield, Mr. Jaworski served as Chief Financial Officer of Oak Street Investment Grade Net Lease, Inc. and Chief Accounting Officer of Oak Street Real Estate Capital, LLC from May 2021 to December 2021.

Dean Papadakis, Senior Vice President, Chief Legal Officer

Mr. Papadakis is Kite Realty Group's Senior Vice President, Chief Legal Officer, joining in 2022. Prior to his role at KRG, he was a founding partner of the Chicago-based law firm, Kaplan Papadakis & Gournis, P.C., for over twenty-five years, with a concentration on retail leasing and transactional work.

Key Risks to Kite Realty Trust (KRG)

• Tenant Credit Quality: Kite Realty Group faces risks related to the credit quality of its tenants. A portfolio with lower credit tenants can result in higher vacancy rates and reduced occupancy levels if these tenants struggle to meet their lease obligations. This can also negatively affect the perceived value of KRG's properties, making it more challenging to attract new tenants or secure favorable financing. For example, PetSmart, one of KRG's largest tenants by ABR percentage, holds a B1 credit rating from Moody's, which is considered subpar by financial analysts.
• Economic Sensitivity and Household Income: The potential for rent increases and property value appreciation for Kite Realty Group's properties can be limited in areas with lower median household incomes. This can impact the REIT's overall growth potential. While the 3-mile average household income for KRG's properties has seen improvement, it remains lower compared to some of its peers.
• Rising Construction Costs: An additional risk factor for Kite Realty Group includes the potential for significantly rising construction costs.

The addressable market for Kite Realty Group Trust (KRG), a real estate investment trust specializing in open-air shopping centers and mixed-use destinations, primarily consists of the U.S. retail real estate market.

The global shopping centers market size was valued at USD 6241.9 billion in 2024 and is projected to reach USD 11189.14 billion by 2033, with a compound annual growth rate (CAGR) of 6.7% during the forecast period (2026-2033). North America is a dominant region within this global market.

Within the United States, the retail real estate market, especially for open-air suburban retail centers, is experiencing strong fundamentals due to limited new supply and increasing demand. Neighborhood centers, which are a key focus for KRG, are driving the majority of current construction activity in the retail sector. In 2025, approximately 8.5 million square feet (67%) of the 12.7 million square feet under construction in the retail pipeline were neighborhood centers. These convenience-oriented, community-serving retail formats have demonstrated resilience against e-commerce pressures and demographic shifts.

In 2024, the U.S. retail capital market saw a volume of $49.5 billion in trades. Through May 2025, U.S. retail property sales reached $24.6 billion, representing a 7% year-over-year increase. When considering a full-year rolling comparison, the retail transaction volume climbed by 17.8%, from $72.2 billion to $85 billion.

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 revenue growth through several key initiatives:

1. Increased Same Property Net Operating Income (NOI) and Minimum Rent: KRG anticipates continued growth in same property NOI, bolstered by increases in minimum rent across its portfolio. This growth is expected to accelerate in the latter half of 2024, establishing a strong foundation for 2025 and 2026. For example, the first quarter of 2024 saw same property NOI increase by 1.8% due to higher minimum rent. Looking ahead, same property NOI for the first quarter of 2025 grew 3.1%, driven by a 350 basis point increase from minimum rent.
2. Higher Embedded Rent Bumps in New and Renewal Leases: The company is successfully negotiating higher fixed rent escalations, particularly within its small shop leases. In the first quarter of 2024, new and non-option renewal shop leases had an average annual growth of 3.4%, with 70% of these leases featuring fixed rent bumps of 4% or more. This trend represents a significant improvement from 2022, when the average annual growth was 2.7% and only 3% of leases had such bumps. By the first quarter of 2025, new and non-option renewal shop leases had weighted average rent bumps of 360 basis points, nearly 100 basis points higher than shop leases executed three years prior.
3. Robust Leasing Volume and Occupancy Gains: KRG continues to benefit from strong demand for space in its properties, leading to high leasing volumes and improved occupancy rates. The company executed nearly 5 million square feet of leasing in 2025, marking its highest annual volume in company history. In the third quarter of 2024, leasing activity reached an all-time high of approximately 1.7 million square feet, with portfolio occupancy increasing to 95%. Furthermore, the leased rate increased by 120 basis points sequentially in the fourth quarter of 2025, driven by demand from anchor tenants.
4. Strategic Acquisitions and Development Pipeline: Acquisitions, such as Legacy West, are expected to immediately enhance portfolio quality, foster new relationships with luxury tenants, and offer significant mark-to-market opportunities, contributing to FFO per share. Additionally, KRG's development and construction teams continue to deliver new tenants, with approximately 70% of its $37 million "signed-not-open" NOI pipeline expected to come online in 2026. The company also announced the One Loudoun project and acquired Parkside West Cobb for $40 million in the third quarter of 2024.

Share Repurchases

• Kite Realty Group Trust's Board of Trustees approved a share repurchase program in February 2021, initially authorizing up to $150.0 million in common share repurchases.
• This program was increased by $150.0 million in April 2022, bringing the total authorized amount to $300.0 million, and was extended in January 2025 for an additional year until February 28, 2026.
• In 2025, the company repurchased 7.2 million common shares for $161.1 million year-to-date as of December 8, 2025, with an additional 7.7 million shares repurchased in the fourth quarter of 2025 for $177.8 million.

Outbound Investments

• In 2021, Kite Realty Group Trust completed a merger with Retail Properties of America, Inc. (RPAI), which positioned KRG as a top-five open-air shopping center REIT based on market capitalization.
• The company acquired the Sprouts and Total Wine building adjacent to its MacArthur Crossing property in the Dallas/Fort Worth, TX area for $21.9 million in the second quarter of 2022.
• In 2025, Kite Realty Group formed two Joint Ventures with GIC, encompassing approximately $1.0 billion of gross asset value.

Capital Expenditures

• Kite Realty Group's long-term liquidity needs primarily involve funding new development projects, redevelopment of existing properties, non-recurring capital expenditures, and property acquisitions.
• As of July 2022, the company had five active development projects with future capital commitments totaling $80.1 million.
• Capital expenditures are primarily focused on increasing the cash flow and value of properties through the ownership, operation, acquisition, development, and redevelopment of high-quality, open-air, grocery-anchored shopping centers and vibrant mixed-use assets in high-growth Sun Belt and select strategic gateway markets.