Company Overview - Kite Realty Group (NYSE: KRG) is a real estate investment trust (REIT) that owns and operates a portfolio of open-air shopping centers and mixed-use destinations, primarily located in high-growth Sun Belt and strategic gateway markets [2] - As of December 31, 2025, the company owned interests in 169 U.S. open-air shopping centers and mixed-use assets, totaling approximately 27.3 million square feet of gross leasable space [2] - The company has over six decades of experience in real estate development, operation, and investment, focusing on enhancing portfolio quality and maximizing long-term value for stakeholders [2] Upcoming Events - Kite Realty Group will present at the Citi 2026 Global Property CEO Conference on March 2, 2026, at 11:40 a.m. EST [1] - The presentation will include the KRG Q4 2025 Investor Update, and a replay of the webcast will be available on the company's website after the conference [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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 ...

Financial Data and Key Metrics Changes - Kite Realty Group reported $0.52 of NAREIT FFO per share and $0.51 of Core FFO per share in Q4 2025, with full-year results of $2.10 and $2.06 respectively, reflecting a 3.5% year-over-year growth in Core FFO per share [15][16] - Same property NOI growth for the full year was 2.9%, exceeding original guidance by 115 basis points, with an average growth of 4% over the past four years [16][19] - The company maintained a net debt to EBITDA ratio of 4.9 times, below its long-term target range of 5-5.5 times [20] Business Line Data and Key Metrics Changes - The lease rate increased by 120 basis points sequentially, driven by strong demand, particularly from anchor tenants, with 9 anchor leases signed in Q4 and 28 for the full year [7][8] - Small shop lease rates increased by 50 basis points sequentially and 110 basis points year-over-year, indicating a steady upward trend over the last five years [8] Market Data and Key Metrics Changes - The company sold approximately $622 million of non-core assets, reducing the percentage of ABR from power centers by 400 basis points and increasing exposure to neighborhood, grocery, lifestyle, and mixed-use assets [6][11] - The signed-not-open pipeline grew by $4 million sequentially to $37 million of NOI, with 70% expected to come online in 2026 [16] Company Strategy and Development Direction - The company aims to focus on higher long-term organic growth by shedding lower growth assets and negotiating better annual rent bumps, targeting 200 basis points of embedded escalators in the portfolio [9][12] - Development activities include a significant expansion at One Loudoun, adding retail, office, hotel, and multifamily units to a premier mixed-use asset [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational momentum and the ability to capitalize on it in 2026 and beyond, emphasizing the importance of optimizing and de-risking the portfolio [15][20] - The guidance for 2026 includes NAREIT and Core FFO per share ranges between $2.06 and $2.12, with expectations of lower growth in the first half of the year followed by acceleration [17][18] Other Important Information - The company executed $300 million in stock buybacks at a significant discount to NAV, viewing it as a clear yield arbitrage opportunity [7][12] - The balance sheet remains strong with over $1 billion in liquidity, allowing for flexibility in capital allocation [20] Q&A Session Summary Question: Expectations on non-core dispositions pricing - Management indicated that pricing for non-core dispositions would be similar to 2025, with a healthy market demand for such products [24] Question: 1031 acquisitions product type - The focus remains on moving away from larger format centers towards neighborhood grocery and lifestyle mixed-use assets, with considerations for tax management [26][28] Question: Key factors driving guidance range - Factors include lower bad debt, rent commencement dates, and timing of transactional activities, with a focus on visibility for guidance [33][34] Question: Update on City Center disposition - The City Center is actively being remarketed, with a weighted average transactional date expected in August [41] Question: Broader acquisition environment - The market is active with strong bids across retail, and the company is underwriting several opportunities while focusing on embedded rent growth [44][45] Question: Components of bad debt expectations - A general reserve of 100 basis points was set, primarily due to specific tenants, with a focus on monitoring the situation throughout the year [50][51] Question: Flow-through from same-property NOI to FFO growth - Limitations on flow-through are attributed to recurring unpredictable items and non-cash items from previous mergers, which are expected to normalize [66] Question: Share repurchase strategy - The company continues to evaluate share repurchases based on market conditions and the potential for future growth, maintaining a focus on a healthy balance sheet [70][71]

Financial Data and Key Metrics Changes - In Q4 2025, the company earned $0.52 of NAREIT FFO per share and $0.51 of Core FFO per share, with full-year Core FFO per share growing 3.5% year-over-year to $2.06 [15][17] - Same property NOI growth for the full year was 2.9%, exceeding original guidance by 115 basis points [16] - The net debt to EBITDA ratio remains below the long-term target range of 5-5.5 times, currently at 4.9 times [20] Business Line Data and Key Metrics Changes - The lease rate increased by 120 basis points sequentially, driven by strong demand, particularly from anchor tenants [7] - The small shop lease rate increased by 50 basis points sequentially and 110 basis points year-over-year, indicating a steady upward trajectory [8] - The company signed leases with 9 anchor tenants in Q4, totaling approximately 645,000 sq ft, with a blended comparable cash spread of 24% [8] Market Data and Key Metrics Changes - The company sold approximately $622 million of non-core assets, reducing the percentage of ABR from power centers by 400 basis points compared to the previous year [6][11] - The signed-not-open pipeline grew by $4 million sequentially to $37 million of NOI, with 70% expected to come online in 2026 [16] Company Strategy and Development Direction - The company aims to focus on higher long-term organic growth by shedding lower growth assets and negotiating better annual rent bumps, targeting 200 basis points of embedded escalators in the portfolio [9] - Development activities include a significant expansion at One Loudoun, adding various types of retail and residential spaces [9][10] - The company is actively pursuing acquisitions in neighborhood grocery and lifestyle mixed-use properties, moving away from larger format centers [26][90] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational momentum and plans to capitalize on it for further growth in 2026 and beyond [7][20] - The company anticipates lower growth in the first half of 2026, followed by acceleration in the latter half, influenced by the timing of signed-not-open leases [18] - Management emphasized the importance of maintaining a strong balance sheet to provide flexibility in capital allocation [20] Other Important Information - The company allocated $300 million for stock buybacks at a significant discount to NAV, viewing it as an arbitrage opportunity [12] - The company has over $1 billion in liquidity, positioning it well for future opportunities [20] Q&A Session Summary Question: Expectations on non-core dispositions pricing - Management indicated that pricing for non-core dispositions would be similar to 2025, with a healthy market demand for such products [24] Question: 1031 acquisitions product type - The focus remains on moving towards neighborhood grocery and lifestyle mixed-use properties, with considerations for tax management [26][28] Question: Key factors affecting guidance range - Factors include lower bad debt, rent commencement dates, and timing of transactional activities [33][34] Question: Update on City Center disposition - The City Center is actively being remarketed due to tenant issues, with a weighted average transactional date expected in August [41] Question: Broader acquisition environment - The market is active with strong bids across retail, and the company is underwriting several opportunities [44] Question: Components of bad debt expectations - A general reserve of 100 basis points was set, primarily due to specific tenants like The Container Store [51] Question: Flow-through from same-property NOI to FFO growth - Limiting factors include recurring unpredictable items and non-cash items from previous mergers [66] Question: Share repurchase strategy - The company continues to evaluate share repurchases based on market conditions and capital allocation opportunities [70]

Financial Data and Key Metrics Changes - Kite Realty Group reported NAREIT FFO per share of $0.52 and Core FFO per share of $0.51 for Q4 2025, with full-year figures of $2.10 and $2.06 respectively, reflecting a 3.5% year-over-year growth in Core FFO per share [13][14] - Same property NOI growth for the full year 2025 was 2.9%, exceeding original guidance by 115 basis points [14] - The company maintained a net debt to EBITDA ratio of 4.9 times, below its long-term target range of 5-5.5 times [19] Business Line Data and Key Metrics Changes - The lease rate increased by 120 basis points sequentially, driven by strong demand, particularly from anchor tenants [5][6] - The company signed leases with 9 anchor tenants in Q4 2025, totaling approximately 645,000 sq ft, with a blended comparable cash spread of 24% [6] - Small shop lease rates increased by 50 basis points sequentially and 110 basis points year-over-year, indicating a steady upward trajectory [6] Market Data and Key Metrics Changes - The company sold approximately $622 million of non-core assets, reducing the percentage of ABR from power centers by 400 basis points compared to the previous year [4][10] - The signed-not-open pipeline grew by $4 million sequentially to $37 million of NOI, with 70% expected to come online in 2026 [14] Company Strategy and Development Direction - The company is focused on higher long-term organic growth by shedding lower growth assets and negotiating better annual rent bumps, aiming for 200 basis points of embedded escalators in the portfolio [7][8] - Development activities include a significant expansion at One Loudoun, adding various retail and residential spaces to enhance the mixed-use asset [8][9] - The company aims to capitalize on strong market demand while optimizing its portfolio through strategic acquisitions and dispositions [11][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in converting momentum into results for 2026, emphasizing the importance of optimizing and de-risking the portfolio [13] - The guidance for 2026 includes NAREIT and Core FFO per share ranges of $2.06 to $2.12, with expectations of lower growth in the first half of the year followed by acceleration [15][17] - Management highlighted the importance of maintaining a strong balance sheet to pursue opportunities that enhance shareholder value while ensuring financial discipline [19] Other Important Information - The company allocated $300 million for stock buybacks at a significant discount to its consensus NAV, viewing it as a yield arbitrage opportunity [5][11] - The company is actively pursuing 1031 acquisitions, focusing on neighborhood grocery and lifestyle mixed-use assets to enhance embedded rent growth [24][27] Q&A Session Summary Question: Expectations on pricing for non-core dispositions - Management indicated that pricing would be similar to previous dispositions, with a healthy market demand for such products [22] Question: Type of product for 1031 acquisitions - The focus remains on moving away from larger format centers towards neighborhood grocery and lifestyle mixed-use assets, with an emphasis on embedded rent growth [24][27] Question: Key factors driving guidance range - Factors include lower bad debt, rent commencement dates, and timing of transactional activities, which could impact the high or low end of the guidance range [32][33] Question: Update on City Center disposition - City Center is included in the $115 million of non-core assets expected to be sold, with an estimated value in the mid-fifties million range [104]

Southlake Town Square – Dallas / Fort Worth, TX MSA INVESTOR UPDATE Q4 2025 © 2026 Kite Realty Group | kiterealty.com Prestonwood Place – Dallas / Fort Worth, TX MSA Kings Lake Square – Naples, FL MSA KRG Overview 169 Operating Properties 27M Total Owned GLA (SF) 95.1% Retail Portfolio Percent Leased $22.63 Retail Annualized Base Rent (ABR) per SF 4.9x Net Debt to Adjusted EBITDA 79% Retail Wtd. ABR from Assets with a Grocery Component2 67% Wtd. ABR in Sun Belt Markets3 2,187 Multifamily Units4 ~4,000 Opera ...

Core Viewpoint - Kite Realty Group reported quarterly funds from operations (FFO) of $0.51 per share, matching the Zacks Consensus Estimate, but down from $0.53 per share a year ago, indicating a slight decline in performance [1] Financial Performance - The company posted revenues of $204.94 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 1.6%, compared to $214.72 million in the same quarter last year [2] - Over the last four quarters, Kite Realty Group has surpassed consensus FFO estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Kite Realty Group shares have increased approximately 4.4% since the beginning of the year, while the S&P 500 has declined by 0.1% [3] - The stock's immediate price movement will depend on management's commentary during the earnings call and future FFO expectations [3] Future Outlook - The current consensus FFO estimate for the coming quarter is $0.51 on revenues of $204.55 million, and for the current fiscal year, it is $2.09 on revenues of $830.43 million [7] - The estimate revisions trend for Kite Realty Group was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The REIT and Equity Trust - Retail industry is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom half [8]

Financial Performance - For the fourth quarter of 2025, net income attributable to common shareholders was $180.8 million, or $0.84 per diluted share, compared to $21.8 million, or $0.10 per diluted share in Q4 2024, representing a significant increase [6]. - Full year 2025 generated Core FFO of $460.4 million, or $2.06 per diluted share, a 3.5% year-over-year increase, and NAREIT FFO of $468.6 million, or $2.10 per diluted share, a 1.4% year-over-year increase [8]. - Total revenue for Q4 2025 was $204,937,000, a decrease of 3.0% from $212,211,000 in Q4 2024 [24]. - Net income attributable to common shareholders for Q4 2025 was $180,822,000, significantly up from $21,824,000 in Q4 2024 [24]. - NAREIT Funds From Operations (FFO) for Q4 2025 was $113,072,000, down from $119,470,000 in Q4 2024 [24]. - Total expenses for Q4 2025 were $169.282 million, an increase of 2.7% from $165.404 million in Q4 2024 [30]. - The total assets decreased to $6,664,497,000 in Q4 2025 from $7,091,767,000 in Q4 2024 [28]. - The total liabilities decreased to $3,472,723,000 in Q4 2025 from $3,679,690,000 in Q4 2024 [28]. Leasing Activity - The company executed 683 new and renewal leases representing approximately 4.6 million square feet at comparable cash leasing spreads of 13.8% [8]. - The retail portfolio leased percentage was 95.1% at December 31, 2025, a 120-basis point increase sequentially [12]. - Same Property Net Operating Income (NOI) increased by 2.9% in 2025 [8]. - The percentage of total properties leased increased to 94.4% in Q4 2025 from 93.2% in Q3 2025 [24]. - New lease cash rent spread for Q4 2025 was 21.8%, down from 26.1% in Q3 2025 [24]. - New leases in Q4 2025 totaled 61, covering 373,526 square feet, with a new rent average of $29.79 per square foot, reflecting a 21.8% increase from prior rents [81]. - Non-option renewals in Q4 2025 had an average cash rent of $23.86 per square foot, showing a 14.5% increase from prior rents [81]. - The company executed a total of 683 leases covering 4,566,646 square feet, with an average cash rent of $22.13 per square foot, indicating a 13.8% increase [81]. Property Sales and Acquisitions - In 2025, the company sold 13 properties and two land parcels for $621.7 million in gross proceeds, reducing power center exposure by approximately 400 basis points of total weighted annualized base rent (ABR) [7]. - Kite Realty Group acquired Legacy West for a gross purchase price of $785.0 million, with KRG's share being $408.2 million [64]. - The total acquisitions for the period amounted to $476.6 million, with a combined GLA of 512,987 square feet [64]. - The company disposed of properties totaling $733.8 million, with a total GLA of 3,518,397 square feet [65]. Financial Guidance and Projections - The company expects 2026 net income attributable to common shareholders to be between $0.36 and $0.42 per diluted share, with NAREIT FFO and Core FFO guidance of $2.06 to $2.12 per diluted share [12]. - The company anticipates remaining NOI from development and redevelopment projects to be $2,750,000 [89]. - The projected completion date for the One Loudoun Expansion is between Q4 2026 and Q2 2027, with an estimated cost of $91.0 million [68]. Debt and Liquidity - Total outstanding debt as of December 31, 2025, was $3,217,866,000, with a weighted average interest rate of 4.35% [51]. - Cash and cash equivalents amounted to $36,761,000, providing liquidity for operational needs [47]. - The debt service coverage ratio was 4.2x, significantly above the required minimum of 1.5x [47]. - The ratio of company share of net debt to adjusted EBITDA was 4.9x, indicating a manageable level of debt relative to earnings [48]. - The company has $1,010,800,000 available under its unsecured credit facility, enhancing financial flexibility [47]. Operational Metrics - The operating retail portfolio ABR per square foot was $22.63 at December 31, 2025, a 7.0% increase year-over-year [12]. - The company reported a gain on sales of operating properties of $183.107 million in Q4 2025, compared to no gain in Q4 2024 [30]. - The total Annualized Portfolio Cash NOI is reported at $598,866,000 [89]. - The company’s NAREIT Funds from Operations (FFO) is a key performance measure, excluding depreciation and amortization related to real estate [93]. - Core Funds from Operations (Core FFO) adjusts FFO for non-cash transactions, providing a clearer view of cash flow-generating operations [96]. Tenant and Portfolio Information - The top 25 tenants contributed a total of $155,561 thousand in Annual Base Rent (ABR), representing 25.5% of the company's total ABR as of December 31, 2025 [76]. - The total number of stores for the top 25 tenants was 405, indicating a diverse tenant mix [76]. - The company reported a total of 3,792 expiring leases with a total Gross Leasable Area (GLA) of 8,392,881 square feet and an Annual Base Rent (ABR) of $568,421,000 as of December 31, 2025 [85]. - For 2026, the company has 380 expiring leases with an expiring ABR of $40,930,000, representing 7.0% of total ABR [85].

Core Insights - Kite Realty Group reported significant growth in net income for both the fourth quarter and the full year of 2025, with net income attributable to common shareholders reaching $180.8 million, or $0.84 per diluted share, compared to $21.8 million, or $0.10 per diluted share in the same quarter of 2024 [1][21]. For the full year, net income was $298.7 million, or $1.37 per diluted share, up from $4.1 million, or $0.02 per diluted share in 2024 [1][21]. Financial Performance - The company generated Core Funds From Operations (FFO) of $460.4 million, or $2.06 per diluted share, representing a 3.5% year-over-year increase [5]. NAREIT FFO was $468.6 million, or $2.10 per diluted share, reflecting a 1.4% year-over-year increase [5]. - Same Property Net Operating Income (NOI) increased by 2.9% year-over-year [5]. The operating retail portfolio's annualized base rent (ABR) per square foot was $22.63, a 7.0% increase year-over-year [5]. Leasing and Portfolio Management - In 2025, the company leased approximately 4.6 million square feet with comparable blended cash leasing spreads of 13.8% [2]. The retail portfolio's leased percentage was 95.1% at year-end, a 120-basis point increase sequentially [5]. - The company executed 683 new and renewal leases representing approximately 4.6 million square feet, with cash leasing spreads of 20.3% on a blended basis for comparable new and non-option renewal leases [5]. Capital Allocation and Shareholder Returns - Kite Realty Group formed two joint ventures with GIC in 2025, totaling approximately $1.0 billion in gross asset value [2]. The company sold 13 properties and two land parcels for $621.7 million in gross proceeds, reducing power center exposure by approximately 400 basis points of total weighted annualized base rent [2]. - The company repurchased 13.0 million common shares for $300.0 million at an average price of $23.00 [2]. A special dividend of $0.145 per common share was declared and paid in January 2026, with a first-quarter 2026 dividend of $0.29 per common share representing a 7.4% year-over-year increase [11]. 2026 Outlook - The company expects to generate net income attributable to common shareholders of $0.36 to $0.42 per diluted share in 2026, with NAREIT FFO and Core FFO both projected to be in the range of $2.06 to $2.12 per diluted share [9]. The guidance is based on assumptions including a Same Property NOI range of 2.25% to 3.25% [11].

分组1 - Kite Realty Group (NYSE: KRG) announced its 2025 dividend distributions, with a total distribution of $1.08 per share, consisting of $0.8984 in ordinary dividends and $0.1816 in capital gain distributions [1] - The ordinary dividend represents 83.19% of the total distribution, while the capital gain distribution accounts for 16.81% [1] - The dividend payments are scheduled for January 16, April 16, July 16, and October 16, 2025, with each payment set at $0.27 per share [1] 分组2 - Kite Realty Group is a real estate investment trust (REIT) specializing in open-air shopping centers and mixed-use assets, primarily grocery-anchored [2] - The company operates in high-growth Sun Belt and strategic gateway markets, owning interests in 180 U.S. properties with approximately 29.7 million square feet of gross leasable space as of September 30, 2025 [2] - KRG has over 60 years of experience in real estate development, construction, and operation, focusing on maximizing value and returns to shareholders [2]