KITE REALTY GROUP TRUST

Listed Company

KRGCIK 0001286043NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$844.37M

Net Income

$305.53M

Total Assets

$6.66B

Equity

$3.07B

Shares Out

203.07M

Op. Cash Flow

$429.66M

Business

Kite Realty Group Trust is a publicly held REIT that owns interests in subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development, and redevelopment of high-quality open-air, grocery-anchored shopping centers and mixed-use assets. The company leases and manages retail and mixed-use space, develops and redevelops properties, and collects contractual rents and tenant reimbursements. Its business is organized across an operating retail portfolio, an office portfolio, active development/redevelopment projects, and joint venture investments. Properties are concentrated in high-growth Sun Belt markets and select strategic U.S. gateway markets, leased directly to a diversified tenant base and financed through public and private capital markets.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	831	827	810	782	367
Total revenue	844	837	821	802	373
Property operating	116	114	108	107	56
Real estate taxes	105	104	102	105	50
General, administrative and other	55	53	56	55	34
Depreciation and amortization	373	393	426	470	200
Impairment charges	52	66	477,000	0	0
Total expenses	701	730	693	737	426
Interest expense	−133	−126	−105	−104	—
Income tax expense of taxable REIT subsidiaries	−467,000	−139,000	−533,000	−43,000	310,000
Gain (loss) on sales of operating properties, net	292	−864,000	23	27	31
Net gains from outlot sales	6	4	2	—	—
Loss on extinguishment of debt	0	−180,000	0	0	0
Equity in (loss) earnings of unconsolidated subsidiaries	−12	−1	33,000	256,000	−416,000
Gain on sale of unconsolidated property, net	0	2	0	0	—
Other income, net	9	18	2	240,000	355,000
Net income	306	4	48	−12	−82
Net income attributable to noncontrolling interests	−7	−345,000	−885,000	−482,000	916,000
Net income attributable to common shareholders	299	4	47	−13	−81
Net income per common share basic (in dollars per share)	1.37	0.02	0.22	−0.06	−0.73
Net income per common share diluted (in dollars per share)	1.37	0.02	0.22	−0.06	−0.73
Weighted average common shares outstanding - basic (in shares)	218	220	219	219	111
Weighted average common shares outstanding - diluted (in shares)	218	220	220	219	111
Change in fair value of derivatives	−14	−16	−22	91	16
Total comprehensive income (loss)	292	−12	26	79	−66
Comprehensive income attributable to noncontrolling interests	−7	−231,000	−786,000	−2	229,000
Comprehensive income (loss) attributable to the Company	285	−12	26	78	−66

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment properties, at cost:	7,003	7,634	7,740	7,733	7,592
Less: accumulated depreciation	−1,656	−1,588	−1,382	−1,161	−885
Net investment properties	5,347	6,047	6,358	6,571	6,708
Cash and cash equivalents	37	128	36	116	93
Tenant and other receivables, including accrued straight-line rent of $70,940 and $67,377, respectively	128	126	113	101	68
Restricted cash and escrow deposits	442	5	5	6	7
Deferred costs, net	182	238	304	410	542
Short-term deposits	0	350	0	0	125
Prepaid and other assets	94	105	118	127	85
Investments in unconsolidated subsidiaries	364	20	9	10	12
Assets associated with investment properties held for sale	71	74	0	—	—
Total assets	6,664	7,092	6,944	7,342	7,640
Mortgage and other indebtedness, net	3,025	3,227	2,829	3,010	3,151
Accounts payable and accrued expenses	221	203	198	208	185
Deferred revenue and other liabilities	222	246	273	298	321
Liabilities associated with investment properties held for sale	4	4	0	—	—
Total liabilities	3,473	3,680	3,300	3,516	3,657
Commitments and contingencies	—	—	—	—	—
Limited Partners interests in the Operating Partnership	116	98	73	54	55
Common shares, $0.01 par value, 490,000,000 shares authorized, 208,979,900 and 219,667,067 shares issued and outstanding at December 31, 2025 and 2024, respectively	2	2	2	2	2
Additional paid-in capital	4,612	4,869	4,887	4,898	4,899
Accumulated other comprehensive income	23	37	52	74	−16
Accumulated deficit	−1,564	−1,595	−1,373	−1,208	−963
Total shareholders equity	3,074	3,312	3,568	3,767	3,922
Noncontrolling interests	2	2	2	5	5
Total equity	3,076	3,314	3,571	3,772	3,927
Total liabilities and equity	6,664	7,092	6,944	7,342	7,640

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	380	398	430	473	203
(Gain) loss on sales of operating properties, net	−292	864,000	−23	−27	−31
Straight-line rent	−10	−12	−12	−17	−5
Compensation expense for equity awards	11	11	10	10	7
Amortization of debt fair value adjustments	−6	−12	−13	−14	−3
Amortization of in-place lease assets and liabilities	−8	−10	−12	−5	−3
Tenant receivables	−3	−3	−940,000	−17	−3
Deferred costs and other assets	−8	−20	−28	8	7
Accounts payable, accrued expenses, deferred revenue and other liabilities	4	1	−4	−21	11
Net cash provided by operating activities	430	419	395	379	100
Acquisitions of interests in properties	−68	−41	−78	—	—
Capital expenditures	−152	−140	−145	—	—
Net proceeds from outlot sales	13	13	3	5	54
Net proceeds from sales of operating properties	722	30	138	76	27
Investments in unconsolidated subsidiaries	−254	0	0	−125,000	−134,000
Investment in short-term deposits	0	−615	0	0	−125
Proceeds from short-term deposits	350	265	0	—	—
Small business loan repayments	0	0	346,000	657,000	712,000
Distributions from unconsolidated joint ventures	4	2	0	1	1
Capital contributions to unconsolidated joint ventures	−2	−13	0	—	—
Net cash provided by (used in) investing activities	614	−499	−82	−45	−91
Proceeds from issuance of common shares, net	78,000	74,000	86,000	30,000	31,000
Repurchases of common shares upon the vesting of restricted shares	−1	−907,000	−767,000	−2	−15
Shares repurchased through Share Repurchase Program	−248	0	0	—	—
Debt and equity issuance costs	−4	−19	−767,000	−5	−8
Loan proceeds	817	733	369	455	215
Loan payments	−1,018	−315	−544	−569	−78
Distributions paid common shareholders	−236	−222	−211	−180	−58
Distributions paid redeemable noncontrolling interests	−6	−4	−3	−3	−2
Distributions to noncontrolling interests	−284,000	−817,000	−3	0	0
Net cash (used in) provided by financing activities	−698	172	−393	−313	44
Net change in cash, cash equivalents and restricted cash	345	92	−81	22	54
Cash paid for interest, net of capitalized interest	133	131	121	114	60
Accrued capital expenditures and tenant improvements	7	10	10	—	—
Contribution of real estate and working capital in exchange for equity investment in unconsolidated joint venture	123	0	0	—	—
Exchange of redeemable noncontrolling interests for common shares	0	0	2	2	4

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