EX-99.2 3 exhibit99_2xq42019.htm EXHIBIT 99.2 Q4 2019 SUPPLEMENTAL

|  | Exhibit 99.2

Q UARTERLY F INANCIAL S UPPLEMENTAL – D ECEMBER 31, 2019 |

PAGE NO. |  | TABLE OF CONTENTS
3 |  | Earnings Press Release
6 |  | Corporate Profile
7 |  | Contact Information
8 |  | Important Notes Including Non-GAAP Disclosures
10 |  | Consolidated Balance Sheets
11 |  | Consolidated Statements of Operations for the Three and Twelve Months Ended December 31, 2019
12 |  | Same Property Net Operating Income
13 |  | Net Operating Income and EBITDA by Quarter
14 |  | Funds from Operations for the Three and Twelve Months Ended December 31, 2019
15 |  | Adjusted Funds From Operations and Other Financial Information for the Three and Twelve Months Ended December 31, 2019
16 |  | Summary Income Statement
17 |  | Joint Venture Summary as of December 31, 2019
18 |  | Summary of Outstanding Debt as of December 31, 2019
19 |  | Maturity Schedule of Outstanding Debt as of December 31, 2019
20 |  | Key Debt Metrics
21 |  | Top 25 Tenants by Annualized Base Rent
22 |  | Retail Leasing Spreads
23 |  | Lease Expirations
24 |  | Development and Redevelopment Projects
25 |  | 2019 Transactions
26 |  | Geographic Diversification – Annualized Base Rent by Region and State
27 |  | Operating Retail Portfolio Summary Report
31 |  | Operating Office Properties and Other
32 |  | Components of Net Asset Value
33 |  | Earnings Guidance – 2020

p. 2 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

PRESS RELEASE
Contact Information: Kite Realty Group Trust
Jason Colton
SVP, Capital Markets & Investor Relations
317.713.2762
jcolton@kiterealty.com
Kite Realty Group Trust Reports Strong 2019 Operating Results and Provides 2020 Guidance
Indianapolis, Indiana, February 18, 2020 - Kite Realty Group Trust (NYSE:KRG) (“KRG”) reported today its operating results for the fourth quarter ended December 31, 2019.
“2019 was a transformative year for KRG. We enhanced the quality of our portfolio and reduced leverage to an all-time low,” said John A. Kite, Chairman and CEO. “KRG remains a top-tier operator by delivering strong leasing results, with a sector-leading small shop leased percentage of 92.5% in the fourth quarter. As we embark on a new decade with an improved portfolio, we are focused on capitalizing on growth opportunities and maximizing FFO.”
Fourth Quarter Financial Results

▪ | Realized net income attributable to common shareholders of $15.3 million, or $0.18 per common share, compared to net loss of $31.2 million, or $0.37 per common share, for the same period in 2018.

▪ | Generated NAREIT Funds From Operations of the Operating Partnership (FFO) of $32.8 million, or $0.38 per diluted common share, and FFO as adjusted of $34.7 million, or $0.40 per diluted common share.

▪ | Increased Same-Property Net Operating Income (NOI) by 3.2%.

Fourth Quarter Portfolio Operations

▪ | Executed 56 new and renewal leases representing 301,711 square feet.

▪ | GAAP leasing spreads of 52.6% (41.4% cash basis) on 16 comparable new leases, 13.4% (8.0% cash basis) on 29 comparable renewals, and 27.1% (19.4% cash basis) on a blended basis.

▪ | Annualized base rent (ABR) for the operating retail portfolio was $17.83, a 6% increase year-over-year.

▪ | Retail leased percentage was 96.1%, an increase of 150 basis points year-over-year.

▪ | Anchor leased percentage was 97.8%, an increase of 160 basis points year-over-year.

▪ | Small shop leased percentage was 92.5%, an increase of 130 basis points year-over-year.

Full Year Highlights

▪ | Realized net loss attributable to common shareholders of $0.5 million, or $0.01 per common share, compared to net loss of $46.6 million for 2018. Results for 2019 included a $37.7 million impairment charge related to certain properties.

▪ | Generated NAREIT FFO of $131.4 million, or $1.52 per diluted common share, and FFO as adjusted of $143.0 million, or $1.66 per diluted common share.

▪ | Increased Same-Property NOI by 2.2%.

▪ | Executed 302 new and renewal leases representing over 2 million square feet.

▪ | GAAP leasing spreads of 44.8% (35.5% cash basis) on 64 comparable new leases, 7.5% (3.3% cash basis) on 178 comparable renewals, and 14.5% (9.2% cash basis) on a blended basis.

p. 3 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

2019 Transactional Activity

▪ | Sold twenty-three non-core assets for a total of $544 million during 2019.

▪ | Acquired two assets for a combined $59 million during 2019.

2019 Capital Markets Activity

▪ | Paid down $391 million in loans at a weighted average interest rate of 4.48%.

Balance Sheet
As of December 31, 2019, KRG’s net-debt-to-EBITDA ratio was 5.9x, down from 6.7x as of December 31, 2018. KRG has zero debt maturing through 2021 and zero drawn on its $600 million line of credit.
Dividends
On February 12 th, KRG’s Board of Trustees declared a dividend of $0.3175 per common share. The dividend will be payable on or about April 3, 2020, to shareholders of record as of March 27, 2020.
ESG Initiatives
KRG recognizes the importance that Environmental, Social, and Governance (ESG) initiatives play in generating sustainable long-term returns. To assist in the Company’s efforts to enhance its ESG disclosure and to better incorporate ESG considerations into its operations, KRG announces the creation of an ESG Task Force headed by CEO John A. Kite. The Task Force includes representatives of the Company’s asset management, human capital, legal, marketing, and investor relations groups and will report regularly to the Board of Trustees on its activities. The Company expects to publish more information on the Task Force’s efforts shortly.
2020 Earnings Guidance
KRG is providing 2020 guidance for net income of $0.13 to $0.17 per share and NAREIT FFO $1.48 to $1.52 per share. The components of the FFO guidance are as follows:

| 2020 Guidance
Net Income |  | $0.13 - $0.17
NAREIT FFO | $1.48 - $1.52
Same-Property NOI Growth (excluding redevelopments) | 1.00% - 2.00%
Bad Debt Assumption (in addition to known vacancies and any declared or imminent bankruptcies) | 90bps of Same-Property Revenues

Net Income to NAREIT FFO Reconciliation
|  | Low End | High End |
Net Income Guidance |  | $0.13 | $0.17 |
Depreciation |  | 1.35 | 1.35 |
NAREIT FFO Guidance |  | $1.48 | $1.52 |

2020 Estimated FFO Per Share Bridge
|  | Low End | High End
2019 NAREIT FFO |  | $1.53 | $1.53
Loss on debt extinguishment |  | 0.13 | 0.13
2019 FFO (as adjusted) |  | $1.66 | $1.66
Impact of 2019 Transactions |  | (0.20) | (0.20)
Term fee related to office building |  | (0.02) | (0.02)
2020 Same-Property NOI |  | 0.02 | 0.04
2020 Other Items |  | 0.02 | 0.04
2020 Estimated NAREIT FFO |  | $1.48 | $1.52
Estimated adjustments |  | 0.00 | 0.00
2020 Estimated FFO (as adjusted) |  | $1.48 | $1.52

p. 4 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

Earnings Conference Call
Kite Realty Group Trust will conduct a conference call to discuss its financial results on Wednesday, February 19, 2020, at 10:00 a.m. Eastern Time. A live webcast of the conference call will be available on KRG’s corporate website at www.kiterealty.com. The dial-in numbers are (844) 309-0605 for domestic callers and (574) 990-9933 for international callers (passcode 3793609). In addition, a webcast replay link will be available on the corporate website.
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to retailers in desirable markets through our portfolio of neighborhood, community, and lifestyle centers. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders. For more information, please visit our website at kiterealty.com.
Safe Harbor
Certain statements in this document that are not historical fact may constitute 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: national and local economic, business, real estate and other market conditions, particularly in light of low or negative growth in the U.S. economy as well as economic uncertainty; the risk that KRG may not be able to successfully complete the planned dispositions on favorable terms - or at all; financing risks, including the availability of, and costs associated with, sources of liquidity; KRG’s ability to refinance, or extend the maturity dates of, its indebtedness; the level and volatility of interest rates; the financial stability of tenants, including their ability to pay rent and the risk of tenant insolvency or bankruptcies; the competitive environment in which KRG operates; acquisition, disposition, development and joint venture risks; property ownership and management risks; KRG’s ability to maintain its status as a real estate investment trust for federal income tax purposes; potential environmental and other liabilities; impairment in the value of real estate property KRG owns; the actual and perceived impact of e-commerce on the value of shopping center assets; risks related to the geographical concentration of KRG’s properties in Florida, Indiana, Texas, Nevada, and North Carolina; insurance costs and coverage; risks associated with cybersecurity attacks and the loss of confidential information and other business interruptions; and other factors affecting the real estate industry generally. KRG refers you to the documents filed by KRG from time to time with the SEC, specifically the section titled “Risk Factors” in KRG’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which discuss these and other factors that could adversely affect KRG’s results. KRG undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

p. 5 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

C ORPORATE P ROFILE |  |

General Description
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) engaged primarily in the ownership and operation, acquisition, development and redevelopment of high-quality neighborhood and community shopping centers in certain select markets in the United States. As of December 31, 2019, we owned interests in 90 operating and redevelopment properties totaling approximately 17.4 million square feet and one development project currently under construction.
Our strategy is to maximize the cash flow of our operating properties, successfully complete the construction and lease-up of our redevelopment and development portfolio, and continue to gain scale in our target markets. New investments are focused in the shopping center sector primarily in markets that are benefiting from existing and accelerating migration patters and where we believe we can leverage our existing infrastructure and relationships to generate attractive risk-adjusted returns. Dispositions are generally designed to increase the quality of our portfolio and exit non-target markets. The proceeds of dispositions will generally be used to acquire assets in our target markets or strengthen the Company’s balance sheet.
Company Highlights as of December 31, 2019

|  | # of Properties | Total GLA /NRA | Owned GLA /NRA 1
Operating Retail Properties |  | 82 |  | 16,034,796 |  | 11,554,229 |
Operating Office Properties and Other |  | 4 |  | 498,242 |  | 498,242 |
Redevelopment Properties |  | 4 |  | 900,221 |  | 635,518 |
Total Operating and Redevelopment Properties |  | 90 |  | 17,433,259 |  | 12,687,989 |
Development Projects |  | 1 |  | 530,000 |  | 8,500 |
Total All Properties |  | 91 |  | 17,963,259 |  | 12,696,489 |
|  | Retail | Non-Retail | Total
Operating Properties – Leased Percentage |  | 96.1% | 97.7% | 96.1%
States |  |  |  | 16

Stock Listing: New York Stock Exchange symbol: KRG

____________________
1 | Excludes square footage of structures located on land owned by the company and ground leased to tenants and adjacent non-owned anchors.

p. 6 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

C ONTACT I NFORMATION |  |

Corporate Office
30 South Meridian Street, Suite 1100
Indianapolis, IN 46204
(888) 577-5600
(317) 577-5600
www.kiterealty.com

Investor Relations Contact: |  | Analyst Coverage: |  | Analyst Coverage:
Jason Colton |  | Robert W. Baird & Co. |  | Compass Point Research & Trading, LLC
Senior Vice President, Capital Markets and IR |  | Mr. RJ Milligan |  | Mr. Floris van Dijkum
Kite Realty Group Trust | (813) 273-8252 | (646) 757-2621
30 South Meridian Street, Suite 1100 |  | rjmilligan@rwbaird.com |  | fvandijkum@compasspointllc.com
Indianapolis, IN 46204 |  |  |  |
(317) 713-2762 |  | Bank of America/Merrill Lynch |  | DA Davidson
jcolton@kiterealty.com |  | Mr. Jeffrey Spector/Mr. Craig Schmidt |  | Mr. Barry Oxford
|  | (646) 855-1363/(646) 855-3640 |  | (212) 240-9871
Transfer Agent: |  | jeff.spector@baml.com |  | boxford@dadco.com
|  | craig.schmidt@baml.com |  |
Broadridge Financial Solutions |  |  |  | KeyBanc Capital Markets
Ms. Kristen Tartaglione |  | Barclays |  | Mr. Jordan Sadler/Mr. Todd Thomas
2 Journal Square, 7 th Floor |  | Mr. Ross Smotrich |  | (917) 368-2280/(917) 368-2286
Jersey City, NJ 07306 |  | (212) 526-2306/(212) 526-9937 |  | tthomas@keybanccm.com
(201) 714-8094 |  | ross.smotrich@barclays.com |  | jsadler@keybanccm.com
Stock Specialist: |  | BTIG |  | Raymond James
|  | Mr. Michael Gorman |  | Mr. Paul Puryear/Mr. Collin Mings
GTS |  | (212) 738-6138 |  | (727) 567-2253/(727) 567-2585
545 Madison Avenue |  | mgorman@btig.com |  | paul.puryear@raymondjames.com
15th Floor |  |  |  | collin.mings@raymondjames.com
New York, NY 10022 |  | Capital One Securities, Inc. |  |
(212) 715-2830 |  | Mr. Christopher Lucas |  | Piper Sandler
|  | (571) 633-8151 |  | Mr. Alexander Goldfarb
|  | christopher.lucas@capitalone.com |  | (212) 466-7937
|  |  |  | alexander.goldfarb@psc.com
|  | Citigroup Global Markets |  |
|  | Mr. Michael Bilerman/Ms. Christy McElroy |  | Wells Fargo Securities, LLC
|  | (212) 816-1383/(212) 816-6981 |  | Ms. Tamara Fique
|  | michael.bilerman@citigroup.com |  | (617) 603-4262/(443) 263-6568
|  | christy.mcelroy@citigroup.com |  | tamara.fique@wellsfargo.com

p. 7 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

I MPORTANT N OTES I NCLUDING N ON-GAAP D ISCLOSURES |

Interim Information
This Quarterly Financial Supplemental contains historical information of Kite Realty Group Trust (“the Company” or “KRG”) and is intended to supplement the Company’s Annual Report on Form 10-K for the quarter ended December 31, 2019, to be filed on or about February 19, 2020, which should be read in conjunction with this supplement. The supplemental information is unaudited, although it reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.
Forward-Looking Statements
This supplemental information package, 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:

• | national and local economic, business, real estate and other market conditions, particularly in connection with low or negative growth in the U.S. economy as well as economic uncertainty;

• | 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 tenants, including their ability to pay rent and the risk of tenant insolvency and bankruptcy;

• | the competitive environment in which the Company operates;

• | acquisition, disposition, development and joint venture risks;

• | property ownership and management risks;

• | our ability to maintain our status as a real estate investment trust for federal income tax purposes;

• | potential environmental and other liabilities;

• | impairment in the value of real estate property the Company owns;

• | the actual and perceived impact of e-commerce on the value of shopping center assets;

• | risks related to the geographical concentration of our properties in Florida, Indiana and Texas;

• | insurance costs and coverage;

• | risks associated with cybersecurity attacks and the loss of confidential information and other business disruptions;

• | other factors affecting the real estate industry generally; and

• | other risks identified in reports the Company files with the Securities and Exchange Commission (“the SEC”) or in other documents that it publicly disseminates, including, in particular, the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and in our quarterly reports on Form 10-Q.

The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Disclosures
Funds from Operations
Funds from Operations (FFO) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. The Company calculates 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 depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and 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, the Company believes 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 flow 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. For informational purposes, we have also provided FFO adjusted for loss on debt extinguishment. A reconciliation of net income (calculated in accordance with GAAP) to FFO is included elsewhere in this Financial Supplement.
From time to time, the Company may report or provide guidance with respect to “NAREIT 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, gains or losses associated with the early extinguishment of debt, gains or losses associated with litigation involving the Company that is not in the normal course of business, the impact on earnings from executive separation, and the excess of redemption value over carrying value of preferred stock redemption, which are not otherwise adjusted in the Company’s calculation of FFO.

p. 8 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

I MPORTANT N OTES I NCLUDING N ON-GAAP D ISCLOSURES (CONTINUED) |

Adjusted Funds from Operations
Adjusted Funds from Operations (“AFFO”) is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO modifies FFO, as adjusted for certain cash and non-cash transactions not included in FFO. AFFO should not be considered an alternative to net income as an indication of the company's performance or as an alternative to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the company’s performance. The Company’s computation of AFFO may differ from the methodology for calculating AFFO used by other REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net income (calculcated in accordance with GAAP) to AFFO is included elsewhere in this Financial Supplement.
Net Operating Income and Same Property Net Operating Income
The Company uses property net operating income (“NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. The Company defines 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. The Company believes 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.
The Company also uses same property NOI ("Same Property NOI"), a non-GAAP financial measure, to evaluate the performance of our properties. Same Property NOI excludes properties that have not been owned for the full period presented. It also excludes net gains from outlot sales, straight-line rent revenue, lease termination fees, amortization of lease intangibles and significant prior period expense recoveries and adjustments, if any. The Company believes 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 and fully operational for the full quarters presented. The Company believes such presentation eliminates disparities in net income due to the acquisition or disposition of properties during the particular quarters presented and thus provides a more consistent comparison of our properties. The year-to-date results represent the sum of the individual quarters, as reported.
NOI and Same Property NOI should not, however, be considered as alternatives to net income (calculated in accordance with GAAP) as indicators 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, the Company has 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 the Company a) begins recapturing space from tenants or b) the contemplated plan significantly impacts the operations of the property. For the quarter ended December 31, 2019, the Company excluded four redevelopment properties and one recently completed redevelopment from the same property pool that met these criteria and were owned in both comparable periods. In addition, the Company excluded one recently acquired property from the same property pool.
Earnings Before Interest Expense, Income Tax Expense, Depreciation and Amortization (EBITDA)
The Company defines EBITDA, a non-GAAP financial measure, as net income before depreciation and amortization, interest expense and income tax expense of taxable REIT subsidiary. For informational purposes, the Company has also provided Adjusted EBITDA, which the Company defines as EBITDA less (i) EBITDA from unconsolidated entities, (ii) gains on sales of operating properties or impairment charges, (iii) other income and expense, (iv) noncontrolling interest EBITDA and (v) 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 the Company's 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, the Company believes 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, the Company has also provided Annualized Adjusted EBITDA, adjusted as described above. The Company believes this supplemental information provides a meaningful measure of our operating performance. The Company believes 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.

p. 9 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

C ONSOLIDATED B ALANCE S HEETS (U NAUDITED) |

($ in thousands) |  |  |  |
|  | December 31, 2019 |  | December 31, 2018
Assets: |  |  |  |
Investment properties, at cost |  | $ | 3,087,391 |  |  | $ | 3,641,120 |
Less: accumulated depreciation |  | (666,952 | ) |  | (699,927 | )
|  | 2,420,439 |  |  | 2,941,193 |
Cash and cash equivalents |  | 31,336 |  |  | 35,376 |
Tenant and other receivables, including accrued straight-line rent of $27,256 and $31,347, respectively |  | 55,286 |  |  | 58,059 |
Restricted cash and escrow deposits |  | 21,477 |  |  | 10,130 |
Deferred costs and intangibles, net |  | 73,157 |  |  | 95,264 |
Prepaid and other assets |  | 34,548 |  |  | 12,764 |
Investments in unconsolidated subsidiaries |  | 12,644 |  |  | 13,496 |
Assets held for sale |  | — |  |  | 5,731 |
Total Assets |  | $ | 2,648,887 |  |  | $ | 3,172,013 |
Liabilities and Shareholders’ Equity: |  |  |  |  |
Mortgage and other indebtedness, net |  | $ | 1,146,580 |  |  | $ | 1,543,301 |
Accounts payable and accrued expenses |  | 69,817 |  |  | 85,934 |
Deferred revenue and other liabilities |  | 90,180 |  |  | 83,632 |
Total Liabilities |  | 1,306,577 |  |  | 1,712,867 |
Commitments and contingencies |  |  |  |  |
Limited Partners’ interests in the Operating Partnership and other redeemable noncontrolling interests |  | 52,574 |  |  | 45,743 |
Shareholders’ Equity: |  |  |  |  |
Kite Realty Group Trust Shareholders’ Equity: |  |  |  |  |
Common Shares, $.01 par value, 225,000,000 shares authorized, 83,963,369 and 83,800,886 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively |  | 840 |  |  | 838 |
Additional paid in capital |  | 2,074,436 |  |  | 2,078,099 |
Accumulated other comprehensive loss |  | (16,283 | ) |  | (3,497 | )
Accumulated deficit |  | (769,955 | ) |  | (662,735 | )
Total Kite Realty Group Trust Shareholders’ Equity |  | 1,289,038 |  |  | 1,412,705 |
Noncontrolling Interests |  | 698 |  |  | 698 |
Total Equity |  | 1,289,736 |  |  | 1,413,403 |
Total Liabilities and Equity |  | $ | 2,648,887 |  |  | $ | 3,172,013 |

p. 10 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

C ONSOLIDATED S TATEMENTS OF O PERATIONS (U NAUDITED) |

($ in thousands, except per share data) |  |  |  |  |  |  |  |
|  | Three Months Ended December 31, |  | Twelve Months Ended December 31,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Revenue: |  |  |  |  |  |  |  |
Rental income |  | $ | 73,705 |  |  | $ | 81,826 |  |  | $ | 308,399 |  |  | $ | 338,523 |
Other property related revenue |  | 1,416 |  |  | 5,018 |  |  | 6,326 |  |  | 13,138 |
Fee income |  | 144 |  |  | 93 |  |  | 448 |  |  | 2,523 |
Total revenue |  | 75,265 |  |  | 86,937 |  |  | 315,173 |  |  | 354,184 |
Expenses: |  |  |  |  |  |  |  |  |  |
Property operating |  | 11,636 |  |  | 13,172 |  |  | 45,575 |  |  | 50,356 |
Real estate taxes |  | 8,992 |  |  | 10,028 |  |  | 38,777 |  |  | 42,378 |
General, administrative, and other |  | 7,691 |  |  | 4,957 |  |  | 28,214 |  |  | 21,320 |
Depreciation and amortization |  | 30,765 |  |  | 36,299 |  |  | 132,098 |  |  | 152,163 |
Impairment charges |  | — |  |  | 31,513 |  |  | 37,723 |  |  | 70,360 |
Total expenses |  | 59,084 |  |  | 95,969 |  |  | 282,387 |  |  | 336,577 |
Gain (loss) on sale of operating properties, net |  | 14,005 |  |  | (4,725 | ) |  | 38,971 |  |  | 3,424 |
Operating income |  | 30,186 |  |  | (13,757 | ) |  | 71,757 |  |  | 21,031 |
Interest expense |  | (12,383 | ) |  | (17,643 | ) |  | (59,268 | ) |  | (66,785 | )
Income tax benefit of taxable REIT subsidiary |  | 94 |  |  | 150 |  |  | 282 |  |  | 227 |
Loss on debt extinguishment |  | (1,950 | ) |  | — |  |  | (11,572 | ) |  | — |
Equity in earnings (loss) of unconsolidated subsidiary |  | 49 |  |  | (303 | ) |  | (628 | ) |  | (278 | )
Other expense, net |  | (141 | ) |  | (156 | ) |  | (573 | ) |  | (646 | )
Net income (loss) |  | 15,855 |  |  | (31,709 | ) |  | (2 | ) |  | (46,451 | )
Net (income) loss attributable to noncontrolling interests |  | (541 | ) |  | 488 |  |  | (532 | ) |  | (116 | )
Net income (loss) attributable to Kite Realty Group Trust common shareholders |  | $ | 15,314 |  |  | $ | (31,221 | ) |  | $ | (534 | ) |  | $ | (46,567 | )
Income (loss) per common share - basic and diluted |  | $ | 0.18 |  |  | $ | (0.37 | ) |  | $ | (0.01 | ) |  | $ | (0.56 | )
Weighted average common shares outstanding - basic |  | 83,960,045 |  |  | 83,762,664 |  |  | 83,926,296 |  |  | 83,693,385 |
Weighted average common shares outstanding - diluted |  | 84,478,245 |  |  | 83,762,664 |  |  | 83,926,296 |  |  | 83,693,385 |
Cash dividends declared per common share |  | $ | 0.3175 |  |  | $ | 0.3175 |  |  | $ | 1.2700 |  |  | $ | 1.2700 |

p. 11 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

S AME P ROPERTY N ET O PERATING I NCOME (NOI) |

($ in thousands) |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended December 31, |  | Twelve Months Ended December 31,
| 2019 |  | 2018 |  | % Change |  | 2019 |  | 2018 |  | % Change
Number of properties for the quarter 1 | 81 |  |  | 81 |  |  |  |  |  |  |  |  |  |  |
Leased percentage at period end | 96.0 | % |  | 95.0 | % |  |  |  | 96.0 | % |  | 95.0 | % |  |
Economic Occupancy percentage 2 | 93.7 | % |  | 92.1 | % |  |  |  | 92.6 | % |  | 92.6 | % |  |
Minimum rent | $ | 50,343 |  |  | $ | 49,123 |  |  |  |  | $ | 212,243 |  |  | $ | 209,304 |  |  |
Tenant recoveries | 15,276 |  |  | 14,899 |  |  |  |  | 62,588 |  |  | 61,343 |  |  |
Bad debt | (488 | ) |  | (947 | ) |  |  |  | (2,043 | ) |  | (2,208 | ) |  |
Other income | 1,027 |  |  | 1,069 |  |  |  |  | 2,115 |  |  | 2,016 |  |  |
| 66,158 |  |  | 64,144 |  |  |  |  | 274,903 |  |  | 270,455 |  |  |
Property operating expenses | (8,551 | ) |  | (8,454 | ) |  |  |  | (34,514 | ) |  | (34,760 | ) |  |
Real estate taxes | (8,522 | ) |  | (8,105 | ) |  |  |  | (35,803 | ) |  | (35,584 | ) |  |
| (17,073 | ) |  | (16,559 | ) |  |  |  | (70,317 | ) |  | (70,344 | ) |  |
Same Property NOI 3 | $ | 49,085 |  |  | $ | 47,585 |  |  | 3.2% |  | $ | 204,586 |  |  | $ | 200,111 |  |  | 2.2%
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure: |  |  |  |  |  |  |  |  |  |  |
Net operating income - same properties | $ | 49,085 |  |  | $ | 47,585 |  |  |  |  | $ | 204,586 |  |  | $ | 200,111 |  |  |
Net operating income - non-same activity 4 | 5,408 |  |  | 16,059 |  |  |  |  | 25,787 |  |  | 58,816 |  |  |
Other income (expense), net | 146 |  |  | (216 | ) |  |  |  | (471 | ) |  | 1,826 |  |  |
General, administrative and other | (7,691 | ) |  | (4,957 | ) |  |  |  | (28,214 | ) |  | (21,320 | ) |  |
Impairment charges | — |  |  | (31,513 | ) |  |  |  | (37,723 | ) |  | (70,360 | ) |  |
Depreciation and amortization expense | (30,765 | ) |  | (36,299 | ) |  |  |  | (132,098 | ) |  | (152,163 | ) |  |
Interest expense | (12,383 | ) |  | (17,643 | ) |  |  |  | (59,268 | ) |  | (66,785 | ) |  |
Loss on debt extinguishment | (1,950 | ) |  | — |  |  |  |  | (11,572 | ) |  | — |  |  |
Gain (loss) on sales of operating properties | 14,005 |  |  | (4,725 | ) |  |  |  | 38,971 |  |  | 3,424 |  |  |
Net (income) loss attributable to noncontrolling interests | (541 | ) |  | 488 |  |  |  |  | (532 | ) |  | (116 | ) |  |
Net income (loss) attributable to common shareholders | $ | 15,314 |  |  | $ | (31,221 | ) |  |  |  | $ | (534 | ) |  | $ | (46,567 | ) |  |

____________________
1 | Same Property NOI excludes (i) The Corner, Courthouse Shadows, Glendale Town Center, and Hamilton Crossing redevelopments, (ii) the recently completed Rampart Commons redevelopment, (iii) the recently acquired Nora Plaza, and (iv) office properties.
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 excludes net gains from outlot sales, straight-line rent revenue, lease termination fees, amortization of lease intangibles, fee income and significant prior period expense recoveries and adjustments, if any.
4 | Includes non-cash activity across the portfolio as well as net operating income from properties not included in the same property pool including properties sold during both periods.

p. 12 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

N ET O PERATING I NCOME AND EBITDA BY Q UARTER |

($ in thousands) |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended
|  | December 31, 2019 |  | September 30, 2019 |  | June 30, 2019 |  | March 31, 2019 |  | December 31, 2018
Revenue: |  |  |  |  |  |  |  |  |  |
Minimum rent 1 |  | $ | 56,674 |  |  | $ | 56,012 |  |  | $ | 62,047 |  |  | $ | 63,999 |  |  | $ | 64,764 |
Tenant reimbursements |  | 16,161 |  |  | 16,504 |  |  | 17,573 |  |  | 18,142 |  |  | 17,558 |
Other property related revenue |  | 254 |  |  | 1,100 |  |  | 492 |  |  | 359 |  |  | 3,091 |
Overage rent |  | 870 |  |  | 57 |  |  | 174 |  |  | 217 |  |  | 830 |
Parking revenue, net 2 |  | 514 |  |  | 583 |  |  | 518 |  |  | 243 |  |  | 170 |
|  | 74,473 |  |  | 74,256 |  |  | 80,804 |  |  | 82,960 |  |  | 86,413 |
Expenses: |  |  |  |  |  |  |  |  |  |
Property operating - Recoverable 3 |  | 9,721 |  |  | 9,207 |  |  | 9,594 |  |  | 9,764 |  |  | 10,018 |
Property operating - Non-Recoverable 3 |  | 1,468 |  |  | 1,467 |  |  | 1,491 |  |  | 1,426 |  |  | 2,888 |
Real estate taxes |  | 8,793 |  |  | 9,430 |  |  | 9,727 |  |  | 10,032 |  |  | 9,861 |
|  | 19,982 |  |  | 20,104 |  |  | 20,812 |  |  | 21,222 |  |  | 22,767 |
Net Operating Income - Properties |  | 54,491 |  |  | 54,152 |  |  | 59,992 |  |  | 61,738 |  |  | 63,646 |
Other (Expenses) Income: |  |  |  |  |  |  |  |  |  |
General, administrative, and other |  | (7,691 | ) |  | (6,709 | ) |  | (7,037 | ) |  | (6,777 | ) |  | (4,957 | )
Fee income |  | 144 |  |  | 110 |  |  | 91 |  |  | 102 |  |  | 93 |
|  | (7,547 | ) |  | (6,599 | ) |  | (6,946 | ) |  | (6,675 | ) |  | (4,864 | )
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization |  | 46,944 |  |  | 47,553 |  |  | 53,046 |  |  | 55,063 |  |  | 58,782 |
Impairment charge |  | — |  |  | (8,538 | ) |  | (25,107 | ) |  | (4,077 | ) |  | (31,513 | )
Depreciation and amortization |  | (30,765 | ) |  | (31,985 | ) |  | (34,713 | ) |  | (34,635 | ) |  | (36,299 | )
Interest expense |  | (12,383 | ) |  | (14,302 | ) |  | (16,124 | ) |  | (16,459 | ) |  | (17,643 | )
Equity in earnings (loss) of unconsolidated subsidiaries |  | 49 |  |  | (11 | ) |  | (238 | ) |  | (427 | ) |  | (303 | )
Income tax benefit of taxable REIT subsidiary |  | 94 |  |  | 41 |  |  | 66 |  |  | 82 |  |  | 150 |
Loss on debt extinguishment |  | (1,950 | ) |  | (7,045 | ) |  | (2,577 | ) |  | — |  |  | — |
Other expense, net |  | (141 | ) |  | (116 | ) |  | (142 | ) |  | (176 | ) |  | (158 | )
Gain (loss) on sales of operating properties |  | 14,005 |  |  | (5,714 | ) |  | 24,092 |  |  | 6,587 |  |  | (4,725 | )
Net income (loss) |  | 15,855 |  |  | (20,117 | ) |  | (1,697 | ) |  | 5,958 |  |  | (31,709 | )
Less: Net (income) loss attributable to noncontrolling interests |  | (541 | ) |  | 382 |  |  | (99 | ) |  | (273 | ) |  | 488 |
Net income (loss) attributable to Kite Realty Group Trust |  | $ | 15,314 |  |  | $ | (19,735 | ) |  | $ | (1,796 | ) |  | $ | 5,685 |  |  | $ | (31,221 | )
NOI/Revenue |  | 73.2 | % |  | 72.9 | % |  | 74.2 | % |  | 74.4 | % |  | 73.7 | %
Recovery Ratios 4 |  |  |  |  |  |  |  |  |  |
- Retail Properties |  | 90.7 | % |  | 91.6 | % |  | 94.3 | % |  | 93.9 | % |  | 90.7 | %
- Consolidated |  | 87.3 | % |  | 88.6 | % |  | 91.0 | % |  | 91.6 | % |  | 88.3 | %

____________________
1 | Minimum rent includes $4.2 million in ground lease-related revenue for the three months ended December 31, 2019. In addition, minimum rent includes $2.1 million, $0.4 million, $0.2 million, $0.1 million, and $0.5 million of lease termination income for the three months ended December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019, and December 31, 2018, respectively.
2 | Parking revenue, net represents the net operating results of the Eddy Street Parking Garage, the Union Station Parking Garage, and the Pan Am Plaza Parking Garage.
3 | Recoverable expenses include total management fee expense (or recurring G&A expense of $1.5 million) allocable to the property operations in the three months ended December 31, 2019, a portion of which is recoverable. Non-recoverable expenses primarily include ground rent, professional fees, and marketing costs.
4 | “Recovery Ratio” is computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense.

p. 13 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

F UNDS F ROM O PERATIONS 1, 2 |

($ in thousands, except per share data) |  |  |  |  |  |  |  |
|  | Three Months Ended December 31, |  | Twelve Months Ended December 31,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Funds From Operations ("FFO") |  |  |  |  |  |  |  |
Consolidated net income (loss) |  | $ | 15,855 |  |  | $ | (31,709 | ) |  | $ | (2 | ) |  | $ | (46,451 | )
Less: net income attributable to noncontrolling interests in properties |  | (132 | ) |  | (172 | ) |  | (528 | ) |  | (1,151 | )
Less: (Gain) loss on sales of operating properties |  | (14,005 | ) |  | 4,725 |  |  | (38,971 | ) |  | (3,424 | )
Add: impairment charges |  | — |  |  | 31,513 |  |  | 37,723 |  |  | 70,360 |
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests |  | 31,065 |  |  | 36,534 |  |  | 133,184 |  |  | 151,856 |
FFO of the Operating Partnership 1 |  | 32,783 |  |  | 40,891 |  |  | 131,406 |  |  | 171,190 |
Less: Limited Partners' interests in FFO |  | (785 | ) |  | (982 | ) |  | (3,153 | ) |  | (4,109 | )
FFO attributable to Kite Realty Group Trust common shareholders 1 |  | $ | 31,998 |  |  | $ | 39,909 |  |  | $ | 128,253 |  |  | $ | 167,081 |
FFO, as defined by NAREIT, per share of the Operating Partnership - basic |  | $ | 0.38 |  |  | $ | 0.48 |  |  | $ | 1.53 |  |  | $ | 2.00 |
FFO, as defined by NAREIT, per share of the Operating Partnership - diluted |  | $ | 0.38 |  |  | $ | 0.48 |  |  | $ | 1.52 |  |  | $ | 2.00 |
FFO of the Operating Partnership 1 |  | $ | 32,783 |  |  | $ | 40,891 |  |  | $ | 131,406 |  |  | $ | 171,190 |
Add: loss on debt extinguishment |  | 1,950 |  |  | — |  |  | 11,572 |  |  | — |
FFO, as adjusted, of the Operating Partnership |  | $ | 34,733 |  |  | $ | 40,891 |  |  | $ | 142,978 |  |  | $ | 171,190 |
FFO, as adjusted, per share of the Operating Partnership - basic and diluted |  | $ | 0.40 |  |  | $ | 0.48 |  |  | $ | 1.66 |  |  | $ | 2.00 |
Weighted average common shares outstanding - basic |  | 83,960,045 |  |  | 83,762,664 |  |  | 83,926,296 |  |  | 83,693,385 |
Weighted average common shares outstanding - diluted |  | 84,478,245 |  |  | 83,822,752 |  |  | 84,214,079 |  |  | 83,744,896 |
Weighted average common shares and units outstanding - basic |  | 86,070,082 |  |  | 85,808,725 |  |  | 86,027,409 |  |  | 85,740,449 |
Weighted average common shares and units outstanding - diluted |  | 86,588,282 |  |  | 85,868,813 |  |  | 86,315,191 |  |  | 85,791,961 |
FFO, as defined by NAREIT, per diluted share/unit |  |  |  |  |  |  |  |
Consolidated net income (loss) |  | $ | 0.18 |  |  | $ | (0.37 | ) |  | $ | — |  |  | $ | (0.54 | )
Less: net income attributable to noncontrolling interests in properties |  | — |  |  | — |  |  | (0.01 | ) |  | (0.01 | )
Less: Loss (gain) on sales of operating properties |  | (0.16 | ) |  | 0.05 |  |  | (0.45 | ) |  | (0.04 | )
Add: impairment charges |  | — |  |  | 0.37 |  |  | 0.44 |  |  | 0.82 |
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests |  | 0.36 |  |  | 0.43 |  |  | 1.54 |  |  | 1.77 |
FFO, as defined by NAREIT, of the Operating Partnership per diluted share/unit 1 |  | $ | 0.38 |  |  | $ | 0.48 |  |  | $ | 1.52 |  |  | $ | 2.00 |
Add: loss on debt extinguishment |  | 0.02 |  |  | — |  |  | 0.13 |  |  | — |
FFO, as adjusted, of the Operating Partnership per diluted share/unit 2 |  | $ | 0.40 |  |  | $ | 0.48 |  |  | $ | 1.66 |  |  | $ | 2.00 |

____________________
1 | “FFO of the Operating Partnership" measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to Kite Realty Group Trust common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.
2 | Per share/unit amounts of components will not necessarily sum to the total due to rounding to the nearest cent.

p. 14 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

A DJUSTED F UNDS F ROM O PERATIONS AND O THER F INANCIAL I NFORMATION |

($ in thousands) |  |  |  |  |  |  |  |
|  | Three Months Ended December 31, |  | Twelve Months Ended December 31,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Reconciliation of FFO, as adjusted, to Adjusted Funds from Operations (AFFO) |  |  |  |  |  |  |  |  |  |  |  |
FFO, as defined by NAREIT, as adjusted, of the Operating Partnership |  | $ | 34,733 |  |  | $ | 40,891 |  |  | $ | 142,978 |  |  | $ | 171,190 |
Add: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of non-real estate assets |  | 139 |  |  | 195 |  |  | 672 |  |  | 1,035 |
Amortization of deferred financing costs |  | 633 |  |  | 1,724 |  |  | 2,762 |  |  | 3,944 |
Non-cash compensation expense |  | 1,335 |  |  | 931 |  |  | 5,361 |  |  | 4,087 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent - minimum rent |  | 538 |  |  | 739 |  |  | 1,175 |  |  | 3,061 |
Straight-line rent - common area maintenance |  | 246 |  |  | — |  |  | 1,030 |  |  | — |
Market rent amortization income |  | 795 |  |  | 872 |  |  | 3,780 |  |  | 6,360 |
Amortization of debt premium |  | 137 |  |  | 547 |  |  | 1,467 |  |  | 2,630 |
Other cash and non-cash adjustments |  | — |  |  | (1,551 | ) |  | — |  |  | (287 | )
Capital expenditures 1: |  |  |  |  |  |  |  |
Maintenance capital expenditures |  | 1,654 |  |  | 1,156 |  |  | 4,276 |  |  | 4,469 |
Revenue enhancing tenant improvements |  | 2,219 |  |  | 4,198 |  |  | 8,584 |  |  | 13,722 |
External lease commissions |  | 525 |  |  | 596 |  |  | 1,764 |  |  | 2,398 |
Total Recurring AFFO of the Operating Partnership |  | 30,726 |  |  | $ | 37,184 |  |  | $ | 129,697 |  |  | $ | 147,903 |
Other Financial Information: |  |  |  |  |  |  |  |
Scheduled debt principal payments |  | $ | 579 |  |  | $ | 1,388 |  |  | $ | 4,071 |  |  | $ | 5,349 |

____________________
1 | Excludes landlord work, tenant improvements and leasing commissions relating to development, redevelopment, and Big Box Surge projects.

p. 15 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

S UMMARY I NCOME S TATEMENT AND L EASE A CCOUNTING I MPACT |

($ in thousands) |  |  |  |  |  |  |
|  | Three Months Ended December 31, |
|  | 2019 |  | 2018 |  | % Change |
Same Property Revenue |  | $ | 66,158 |  |  | $ | 64,144 |  |  | 3.1 | % |
Same Property Expenses |  | (17,073 | ) |  | (16,559 | ) |  | (3.1 | )% |
Same Property Net Operating Income |  | 49,085 |  |  | 47,585 |  |  | 3.2 | % |
Sold Assets Net Operating Income |  | 671 |  |  | 11,421 |  |  | (94.1 | )% |
Non-Same Property Net Operating Income |  | 4,735 |  |  | 4,640 |  |  | 2.0 | % |
Net Operating Income |  | 54,491 |  |  | 63,646 |  |  | (14.4 | )% |
General and Administrative Expense |  | (7,691 | ) |  | (4,957 | ) |  | (55.2 | )% |
Fee income |  | 144 |  |  | 93 |  |  | 54.8 | % |
EBITDA |  | 46,944 |  |  | 58,782 |  |  | (20.1 | )% |
Interest Expense |  | (12,067 | ) |  | (13,319 | ) |  | 9.4 | % |
Interest Related to Retired Debt |  | (316 | ) |  | (4,324 | ) |  | 92.7 | % |
Other income (expense), net |  | 172 |  |  | (248 | ) |  | 169.4 | % |
Funds From Operations, as adjusted |  | 34,733 |  |  | 40,891 |  |  | (15.1 | )% |
Non-Cash Items |  | 391 |  |  | 2,243 |  |  | 82.6 | % |
Capital Expenditures |  | (4,398 | ) |  | (5,950 | ) |  | 26.1 | % |
Recurring Adjusted Funds From Operations |  | 30,726 |  |  | 37,184 |  |  | (17.4 | )% |
FFO, as adjusted, per share of the Operating Partnership - diluted |  | $ | 0.40 |  |  | $ | 0.48 |  |  | (16.7 | )% |

Impact of New Lease Guidance Implementation |  |
Balance Sheet Impact |  | Amount |  | Account
Right of Use Asset |  | $ | 26,728 |  |  | Prepaid and Other Assets
Lease Liabilities |  | $ | 27,015 |  |  | Deferred Revenue and Other Liabilities
Income Statement Impact |  | Amount |  | Account
Internal and third party leasing and legal costs not directly incremental to a lease execution - Q4 2019 |  | $ | 1,414 |  |  | General & Administrative Expense
Straight-line rent - common area maintenance |  | $ | 246 |  |  | Rental Income
Revenues deemed uncollectible - Q4 2019 |  | $ | 654 |  |  | Rental Income
Bad debt expense - Q4 2018 |  | $ | 1,237 |  |  | Property Operating Expense

p. 16 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

J OINT V ENTURE S UMMARY - D ECEMBER 31, 2019 |

($ in thousands)

CONSOLIDATED INVESTMENTS |  |  |  |  |  |
Investment Partner | Total GLA | Total Assets | Total Debt | Partner Economic Ownership Interest 1 | Partner Share of Debt | Partner Share of Annual Income |  |
Individual Investors | 465,981 |  | $ | 145,078 |  | $ | 55,830 |  | 2.0% - 15.0% |  | $ | 1,117 |  | $ | 528 |  |  |
UNCONSOLIDATED INVESTMENTS |  |  |  |  |
Investment Partner | Total GLA | Total Assets | Total Debt | KRG Economic Ownership Interest | KRG Share of Debt | KRG Investment | KRG Share of Quarterly EBITDA | KRG Share of Quarterly EBITDA Annualized
Nuveen | 416,877 |  | $ | 103,632 |  | $ | 51,890 |  | 20 | % | $ | 10,378 |  | $ | 9,501 |  | $ | 313 |  | $ | 1,253 |
Individual Investors | 152,460 |  | 46,069 |  | 33,634 |  | 35 | % | 11,770 |  | 3,143 |  | 461 |  | 1,844 |
Total | 569,337 |  | $ | 149,701 |  | $ | 85,524 |  |  | $ | 22,148 |  | $ | 12,644 |  | $ | 774 |  | $ | 3,097 |

____________________
1 | Economic ownership % represents the partner's share of cash flow.

p. 17 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

S UMMARY OF O UTSTANDING D EBT AS OF D ECEMBER 31, 2019 |

($ in thousands) |  |  |  |  |  |  |
TOTAL OUTSTANDING DEBT 1 |  |  |  |  |  |
| Outstanding Amount |  | Ratio |  | Weighted Average Interest Rate |  | Weighted Average Maturity (in years)
Fixed Rate Debt | $ | 1,113,672 |  |  | 95 | % |  | 3.94 | % |  | 5.7 |
Variable Rate Debt | 39,630 |  |  | 3 | % |  | 3.68 | % |  | 7.6 |
Net Debt Premiums and Issuance Costs, Net | (6,722 | ) |  |  |  |  | N/A |  |  | N/A |
Total Consolidated Debt | 1,146,580 |  |  | 98 | % |  | 3.93 | % |  | 5.8 |
KRG Share of Unconsolidated Debt | 22,148 |  |  | 2 | % |  | 4.18 | % |  | 6.4 |
Total | $ | 1,168,728 |  |  | 100 | % |  | 3.94 | % |  | 5.8 |

SCHEDULE OF MATURITIES BY YEAR |  |  |  |  |  |  |  |
|  | Secured Debt |  |  |  |  |  |  |  |
Scheduled Principal Payments |  | Term Maturities |  | Unsecured Debt 2 |  | Total Consolidated Debt |  | Total Unconsolidated Debt |  | Total Outstanding Debt
2020 |  | 2,226 |  |  | — |  |  | — |  |  | 2,226 |  |  | 100 |  |  | 2,326 |
2021 |  | 2,303 |  |  | — |  |  | — |  |  | 2,303 |  |  | 245 |  |  | 2,548 |
2022 |  | 1,043 |  |  | 178,877 |  |  | — |  |  | 179,920 |  |  | 258 |  |  | 180,178 |
2023 |  | 806 |  |  | 161,517 |  |  | 95,000 |  |  | 257,323 |  |  | 270 |  |  | 257,593 |
2024 |  | 854 |  |  | — |  |  | — |  |  | 854 |  |  | 10,897 |  |  | 11,751 |
2025 |  | 904 |  |  | — |  |  | 80,000 |  |  | 80,904 |  |  | — |  |  | 80,904 |
2026 And Beyond |  | 4,672 |  |  | 100 |  |  | 625,000 |  |  | 629,772 |  |  | 10,378 |  |  | 640,150 |
Net Debt Premiums and Issuance Cost, Net |  | (6,722 | ) |  | — |  |  | — |  |  | (6,722 | ) |  | — |  |  | (6,722 | )
Total |  | $ | 6,086 |  |  | $ | 340,494 |  |  | $ | 800,000 |  |  | $ | 1,146,580 |  |  | $ | 22,148 |  |  | $ | 1,168,728 |

1 | Fixed rate debt includes, and variable rate date excludes, the portion of such debt that has been hedged by interest rate derivatives. As of December 31, 2019, $266.2 million in variable rate debt is hedged for a weighted average of 3.0 years.
2 | This presentation reflects the Company's exercise of its option to extend the maturity date by one year to April 22, 2023 for the Company's unsecured credit facility.The ability to exercise this option is subject to certain conditions, which the Company does not unilaterally control.

p. 18 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

M ATURITY S CHEDULE OF O UTSTANDING D EBT AS OF D ECEMBER 31, 2019 |

($ in thousands) |  |  |  |  |  |  |  |  |
Property |  | Interest Rate 1 |  | Maturity Date |  | Balance as of December 31, 2019 |  | % of Total Outstanding |
2020 Debt Maturities |  |  |  |  |  | — |  |  | — | % |
2021 Debt Maturities |  |  |  |  |  | — |  |  | — | % |
Delray Marketplace 2 |  | LIBOR + 160 |  |  | 2/5/2022 |  | 55,830 |  |  |  |
Bayonne Crossing |  | 4.43 | % |  | 4/1/2022 |  | 42,940 |  |  |  |
Saxon Crossing |  | 4.65 | % |  | 7/1/2022 |  | 11,400 |  |  |  |
Shops at Moore |  | 4.29 | % |  | 9/1/2022 |  | 21,300 |  |  |  |
Shops at Julington Creek |  | 4.60 | % |  | 9/1/2022 |  | 4,785 |  |  |  |
Centre Point Commons |  | 4.34 | % |  | 10/1/2022 |  | 14,410 |  |  |  |
Miramar Square |  | 4.16 | % |  | 12/1/2022 |  | 31,625 |  |  |  |
2022 Debt Maturities |  |  |  |  |  | 182,290 |  |  | 15.6 | % |
Centennial Gateway |  | 3.81 | % |  | 1/1/2023 |  | 23,962 |  |  |  |
Centennial Center |  | 3.83 | % |  | 1/6/2023 |  | 70,455 |  |  |  |
Eastern Beltway |  | 3.83 | % |  | 1/6/2023 |  | 34,100 |  |  |  |
The Corner (AZ) |  | 4.10 | % |  | 3/1/2023 |  | 14,750 |  |  |  |
Chapel Hill |  | 3.78 | % |  | 4/1/2023 |  | 18,250 |  |  |  |
Unsecured Credit Facility 3 |  | LIBOR + 115 |  |  | 4/22/2023 |  | — |  |  |  |
Senior Unsecured Note |  | 4.23 | % |  | 9/10/2023 |  | 95,000 |  |  |  |
2023 Debt Maturities |  |  |  |  |  | 256,517 |  |  | 21.9 | % |
2024 Debt Maturities |  |  |  |  |  | — |  |  | — | % |
Senior Unsecured Note |  | 4.47 | % |  | 9/10/2025 |  | 80,000 |  |  |  |
2025 Debt Maturities |  |  |  |  |  | 80,000 |  |  | 6.8 | % |
Senior Unsecured Note |  | 4.00 | % |  | 10/1/2026 |  | 300,000 |  |  |  |
Senior Unsecured Note |  | 4.57 | % |  | 9/10/2027 |  | 75,000 |  |  |  |
Unsecured Term Loan 4 |  | LIBOR + 200 |  |  | 10/24/2028 |  | 250,000 |  |  |  |
Rampart Commons |  | 5.73 | % |  | 6/10/2030 |  | 9,495 |  |  |  |
2026 And Beyond Debt Maturities |  |  |  |  |  | 634,495 |  |  | 54.3 | % |
NET PREMIUMS ON ACQUIRED DEBT & ISSUANCE COSTS |  |  |  |  |  | (6,722 | ) |  |  |
TOTAL DEBT PER CONSOLIDATED BALANCE SHEET |  |  |  | $ | 1,146,580 |  |  | 98.1 | % |
KRG Share of Unconsolidated Debt |  |  |  |  |  |  |  |  |
Embassy Suites at University of Notre Dame |  | LIBOR + 250 |  |  | 7/1/2024 |  | 11,770 |  |  |  |
Nuveen 5 |  | 4.09% |  |  | 7/1/2028 |  | 10,378 |  |  |  |
TOTAL KRG SHARE OF UNCONSOLIDATED DEBT |  |  |  |  |  | 22,148 |  |  | 1.9 | % |
TOTAL CONSOLIDATED AND KRG SHARE OF UNCONSOLIDATED DEBT |  |  |  | $ | 1,168,728 |  |  |  |  |

1 | At December 31, 2019, one-month LIBOR was 1.76%.
2 | Property is held in a joint venture. The loan is guaranteed by Kite Realty Group, LP. See Joint Venture Summary on page 17 for additional detail.
3 | Assumes Company exercises its option to extend the maturity date by one year.
4 | Assumes Company exercises three one-year options to extend the maturity date by three years.
5 | Properties are held in joint ventures. See Joint Venture Summary on page 17 for additional detail.

p. 19 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

K EY D EBT M ETRICS |

UNSECURED PUBLIC DEBT COVENANTS |  |  |  |
| December 31, 2019 |  | Debt Covenant Threshold 1
Total Debt to Undepreciated Assets | 35.8% |  | <60%
Secured Debt to Undepreciated Assets | 11.2% |  | <40%
Undepreciated Unencumbered Assets to Unsecured Debt | 309% |  | >150%
Debt Service Coverage | 3.6x |  | >1.5x
Senior Unsecured Debt Ratings: |  |  |  |
Moody's Investors Service | Baa3/Stable |  |
Standard & Poor's Rating Services | BBB-/Stable |  |
Liquidity ($ in thousands) |  |  |  |
Cash and cash equivalents |  | $ | 31,336 |  |  |
Availability under unsecured credit facility |  | 583,439 |  |  |
|  | $ | 614,775 |  |  |
Unencumbered NOI as a % of Total NOI |  | 74 | % |  |

____________________
1 | For a complete listing of all Debt Covenants related to the Company's Senior Unsecured Notes, as well as definitions of the terms, refer to the Company's filings with the SEC.

NET DEBT TO EBITDA |  |  |
Company's Consolidated Debt & Share of Unconsolidated Debt |  |  | $ | 1,174,333 |
Less: Cash, Cash Equivalents, and Restricted Cash |  | (53,464 | )
Less: Pro-forma adjustment 1 |  |  | (27,200 | )
|  |  | $ | 1,093,669 |
Q4 2019 EBITDA, Annualized: |  |  |
- Consolidated EBITDA | $ | 187,776 |  |  |
- Unconsolidated EBITDA | 3,097 |  |  |
- Pro-forma adjustments 2 | (6,071 | ) |  |
- Minority Interest EBITDA 3 | (528 | ) |  | 184,274 |
Ratio of Company Share of Net Debt to EBITDA |  |  |  | 5.9x |

____________________ |  |  |  |
1 | Relates to timing of quarterly dividend payment being made prior to quarter-end resulting in five payments year to date.
2 | Relates to annualized EBITDA for properties sold during the quarter and timing of overage rent and lease termination income.
3 | See page 17 for details

p. 20 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

T OP 25 T ENANTS BY A NNUALIZED B ASE R ENT |

As of December 31, 2019
($ in thousands, except per square foot data)
This table includes the following:

• | Operating retail properties;

• | Operating office properties; and

• | Development/Redevelopment property tenants open for business or ground lease tenants who commenced paying rent as of December 31, 2019.

|  | Number of Stores |  |  |  |  |  |  |  |  |  | Credit Ratings
Tenant (# Stores) |  | Wholly Owned |  | JV 1 |  | Total Leased GLA/NRA 2 |  | Annualized Base Rent 3,4 |  | Annualized Base Rent per Sq. Ft.4 |  | % of Total Portfolio Annualized Base Rent 4 |  | S&P |  | Moody's
Publix Super Markets, Inc. |  | 11 |  | — |  |  | 535,466 |  |  | $ | 5,454 |  |  | $ | 10.19 |  |  | 2.5 | % |  | N/A |  | N/A
The TJX Companies, Inc.5 |  | 14 |  | 2 |  |  | 471,798 |  |  | 4,749 |  |  | 11.00 |  |  | 2.2 | % |  | A+ |  | A2
Bed Bath & Beyond, Inc.6 |  | 14 |  | 2 |  |  | 422,348 |  |  | 4,281 |  |  | 11.04 |  |  | 1.9 | % |  | BB |  | Baa3
PetSmart, Inc. |  | 13 |  | 1 |  |  | 291,389 |  |  | 4,077 |  |  | 14.59 |  |  | 1.8 | % |  | B- |  | B3
Ross Stores, Inc. |  | 12 |  | 1 |  |  | 364,476 |  |  | 3,986 |  |  | 11.57 |  |  | 1.8 | % |  | A- |  | A2
Dick's Sporting Goods, Inc.7 |  | 7 |  | — |  |  | 340,502 |  |  | 3,647 |  |  | 10.71 |  |  | 1.7 | % |  | N/A |  | N/A
Nordstrom Rack |  | 5 |  | 1 |  |  | 197,797 |  |  | 3,571 |  |  | 20.75 |  |  | 1.6 | % |  | BBB+ |  | Baa2
Michaels Stores, Inc. |  | 11 |  | 1 |  |  | 253,936 |  |  | 3,222 |  |  | 13.41 |  |  | 1.5 | % |  | B+ |  | Ba2
National Amusements |  | 1 |  | — |  |  | 80,000 |  |  | 2,953 |  |  | 36.92 |  |  | 1.3 | % |  | B+ |  | N/A
Kohl's Corporation |  | 4 |  | — |  |  | 184,516 |  |  | 2,832 |  |  | 7.87 |  |  | 1.3 | % |  | BBB |  | Baa2
Walmart Stores, Inc.8 |  | 5 |  | — |  |  | — |  |  | 2,652 |  |  | 3.27 |  |  | 1.2 | % |  | AA |  | Aa2
Best Buy Co., Inc. |  | 5 |  | — |  |  | 183,604 |  |  | 2,612 |  |  | 14.22 |  |  | 1.2 | % |  | BBB |  | Baa1
The Gap 9 |  | 11 |  | — |  |  | 162,773 |  |  | 2,588 |  |  | 15.90 |  |  | 1.2 | % |  | BB |  | Baa2
Lowe's Companies, Inc. |  | 3 |  | — |  |  | — |  |  | 2,375 |  |  | 4.91 |  |  | 1.1 | % |  | BBB+ |  | Baa1
LA Fitness |  | 3 |  | — |  |  | 125,209 |  |  | 2,292 |  |  | 18.31 |  |  | 1.0 | % |  | N/A |  | N/A
Burlington Stores, Inc. |  | 3 |  | — |  |  | 238,400 |  |  | 2,226 |  |  | 9.34 |  |  | 1.0 | % |  | BB+ |  | N/A
Hobby Lobby Stores, Inc. |  | 5 |  | — |  |  | 271,254 |  |  | 2,190 |  |  | 8.07 |  |  | 1.0 | % |  | N/A |  | N/A
Petco Animal Supplies, Inc. |  | 9 |  | — |  |  | 125,897 |  |  | 2,188 |  |  | 17.38 |  |  | 1.0 | % |  | CCC+ |  | B3
Whole Foods Market, Inc. |  | 4 |  | — |  |  | 139,781 |  |  | 2,130 |  |  | 15.24 |  |  | 0.8 | % |  | A+ |  | A3
The Kroger Co.10 |  | 3 |  | — |  |  | 60,268 |  |  | 2,099 |  |  | 9.19 |  |  | 1.0 | % |  | BBB |  | Baa1
Mattress Firm Holdings Corp (12) / Sleepy's (4) |  | 16 |  | — |  |  | 76,408 |  |  | 2,069 |  |  | 27.08 |  |  | 0.9 | % |  | N/A |  | N/A
Office Depot (6) / Office Max (2) |  | 8 |  | — |  |  | 167,606 |  |  | 1,957 |  |  | 11.67 |  |  | 0.9 | % |  | B |  | Ba3
New York Sports Club |  | 2 |  | — |  |  | 86,717 |  |  | 1,921 |  |  | 22.16 |  |  | 0.9 | % |  | N/A |  | N/A
Randall's Food and Drugs |  | 2 |  | — |  |  | 133,990 |  |  | 1,754 |  |  | 13.09 |  |  | 0.8 | % |  | N/A |  | N/A
Walgreens |  | 3 |  | — |  |  | 52,662 |  |  | 1,726 |  |  | 32.78 |  |  | 0.8 | % |  | BBB |  | Baa2
TOTAL |  | 174 |  | 8 |  |  | 4,966,797 |  |  | $ | 71,553 |  |  | $ | 11.18 |  |  | 32.1 | % |  |  |  |

1 | JV Stores represent stores at unconsolidated properties.
2 | Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants.
3 | Annualized base rent represents the monthly contractual rent for December 31, 2019, for each applicable tenant multiplied by 12. Annualized base rent does not include tenant reimbursements. Annualized base rent represents 100% of the annualized base rent at consolidated properties and our share of the annualized base rent at unconsolidated properties.
4 | Annualized base rent and percent of total portfolio includes ground lease rent.
5 | Includes TJ Maxx (9), Marshalls (5) and HomeGoods (2).
6 | Includes Bed Bath and Beyond (8), Buy Buy Baby (4) Christmas Tree Shops,(1), and Cost Plus World Market (3).
7 | Includes Dick's Sporting Goods (6) and Golf Galaxy (1).
8 | Includes Sam's Club.
9 | Includes Old Navy (10) and Athleta (1).
10 | Includes Kroger (1), Harris Teeter (1), and Smith's (1).
| Ascena Retail Group announced plans to commence a wind down of Dressbarn's operations. Excluding Dressbarn stores, Ascena Retail Group accounts for 0.6% of total portfolio annualized base rent.

p. 21 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

R ETAIL L EASING S PREADS |

|  |  |  |  |  | Comparable Space 1, 2 |
Category |  | Total Leases | Total Sq. Ft. |  | Leases |  | Sq. Ft. |  | Prior Rent PSF 3 |  | New Rent PSF 4 |  | Cash Rent Spread | GAAP Rent Spread 5 | TI, LL Work, Lease Commissions PSF 6
New Leases - Q4, 2019 |  | 26 |  |  | 111,552 |  |  | 16 |  | 86,085 |  |  | $ | 16.36 |  |  | $ | 23.13 |  |  | 41.4 | % | 52.6 | % |  |  |
New Leases - Q3, 2019 |  | 22 |  |  | 71,241 |  |  | 10 |  | 25,428 |  |  | 21.98 |  |  | 27.33 |  |  | 24.3 | % | 42.4 | % |  |  |
New Leases - Q2, 2019 |  | 33 |  |  | 121,100 |  |  | 21 |  | 87,514 |  |  | 18.37 |  |  | 21.70 |  |  | 18.2 | % | 25.4 | % |  |  |
New Leases - Q1, 2019 |  | 33 |  |  | 166,518 |  |  | 17 |  | 96,698 |  |  | 11.83 |  |  | 18.71 |  |  | 58.2 | % | 63.3 | % |  |  |
Total |  | 114 |  |  | 470,411 |  |  | 64 |  | 295,725 |  |  | $ | 15.96 |  |  | $ | 21.62 |  |  | 35.5 | % | 44.8 | % |  | $ | 75.90 |  |
Renewals - Q4, 2019 |  | 30 |  |  | 190,159 |  |  | 29 |  | 187,790 |  |  | $ | 14.40 |  |  | $ | 15.55 |  |  | 8.0 | % | 13.4 | % |  |  |
Renewals - Q3, 2019 |  | 48 |  |  | 490,983 |  |  | 44 |  | 444,065 |  |  | 13.26 |  |  | 14.10 |  |  | 6.3 | % | 9.5 | % |  |  |
Renewals - Q2, 2019 |  | 48 |  |  | 379,892 |  |  | 48 |  | 379,892 |  |  | 14.26 |  |  | 15.11 |  |  | 5.9 | % | 10.5 | % |  |  |
Renewals - Q1, 2019 |  | 62 |  |  | 475,587 |  |  | 57 |  | 455,410 |  |  | 15.10 |  |  | 14.62 |  |  | (3.2 | )% | 1.0 | % |  |  |
Total |  | 188 |  |  | 1,536,621 |  |  | 178 |  | 1,467,157 |  |  | $ | 14.24 |  |  | $ | 14.71 |  |  | 3.3 | % | 7.5 | % |  | $ | 0.33 |  |
Total - Q4, 2019 |  | 56 |  | 301,711 |  |  | 45 |  | 273,875 |  |  | $ | 15.02 |  |  | $ | 17.94 |  |  | 19.4 | % | 27.1 | % |  |  |
Total - Q3, 2019 |  | 70 |  | 562,224 |  |  | 54 |  | 469,493 |  |  | 13.74 |  |  | 14.82 |  |  | 7.9 | % | 12.3 | % |  |  |
Total - Q2, 2019 |  | 81 |  | 500,992 |  |  | 69 |  | 467,406 |  |  | 15.03 |  |  | 16.34 |  |  | 8.7 | % | 14 | % |  |  |
Total - Q1, 2019 |  | 95 |  | 642,105 |  |  | 74 |  | 552,108 |  |  | 14.53 |  |  | 15.34 |  |  | 5.6 | % | 10.2 | % |  |  |
Total |  | 302 |  | 2,007,032 |  |  | 242 |  | 1,762,882 |  |  | $ | 14.53 |  |  | $ | 15.87 |  |  | 9.2 | % | 14.5 | % |  | $ | 13.00 |  |

________________
1 | Comparable space leases on this report are included for second generation retail spaces. Comparable leases represent those leases for which there was a former tenant within the last 12 months. Leases at our two office properties, Thirty South Meridian and Eddy Street Commons, and ground leases are excluded.
2 | Comparable renewals exclude terms shorter than two years.
3 | Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term. All amounts reported at lease execution.
4 | Contractual rent represents contractual minimum rent per square foot for the first 12 months of the lease.
5 | The aggregate spread on a straight-line basis over the contractual life of the lease to the comparable lease.
6 | Includes redevelopment costs for tenant specific landlord work and tenant allowances provided to tenants at properties in the redevelopment pipeline.

p. 22 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

L EASE E XPIRATIONS |

As of December 31, 2019
($ in thousands, except per square foot data)
This table includes the following:

• | Operating retail properties;

• | Operating office properties; and

• | Development/Redevelopment property tenants open for business or ground lease tenants who commenced paying rent as of December 31, 2019.

|  |  |  | Expiring GLA 2 |  |  |  |  |  | Expiring Annualized Base Rent per Sq. Ft.3
|  | Number of Expiring Leases 1 |  | Shop Tenants |  | Anchor Tenants |  | Office and Other Tenants |  | Expiring Annualized Base Rent (Pro-rata) |  | % of Total Annualized Base Rent (Pro-rata) |  | Shop Tenants |  | Anchor Tenants |  | Office and Other Tenants | Total
2020 |  | 154 |  |  | 332,585 |  |  | 534,529 |  |  | 3,242 |  |  | $ | 14,567 |  |  | 7.2 | % |  | $ | 25.24 |  |  | $ | 11.83 |  |  | $ | 19.25 |  | $ | 16.90 |
2021 |  | 212 |  |  | 451,708 |  |  | 865,234 |  |  | 17,868 |  |  | 22,455 |  |  | 11.0 | % |  | 27.19 |  |  | 11.65 |  |  | 21.97 |  | 16.96 |
2022 |  | 256 |  |  | 535,220 |  |  | 1,078,093 |  |  | 65,020 |  |  | 29,813 |  |  | 14.6 | % |  | 26.94 |  |  | 13.17 |  |  | 19.67 |  | 17.80 |
2023 |  | 252 |  |  | 536,662 |  |  | 1,125,475 |  |  | 129,935 |  |  | 33,020 |  |  | 16.2 | % |  | 28.29 |  |  | 14.86 |  |  | 9.15 |  | 18.45 |
2024 |  | 210 |  |  | 458,244 |  |  | 868,181 |  |  | 33,827 |  |  | 24,609 |  |  | 12.1 | % |  | 29.30 |  |  | 15.08 |  |  | 13.96 |  | 20.38 |
2025 |  | 149 |  |  | 310,145 |  |  | 1,015,606 |  |  | 116,988 |  |  | 21,270 |  |  | 10.5 | % |  | 29.05 |  |  | 10.77 |  |  | 16.20 |  | 15.24 |
2026 |  | 78 |  |  | 212,668 |  |  | 496,033 |  |  | — |  |  | 10,007 |  |  | 4.9 | % |  | 26.49 |  |  | 9.85 |  |  | — |  | 15.23 |
2027 |  | 70 |  |  | 192,682 |  |  | 365,093 |  |  | 9,154 |  |  | 9,875 |  |  | 4.9 | % |  | 28.23 |  |  | 12.99 |  |  | 31.29 |  | 18.94 |
2028 |  | 70 |  |  | 163,274 |  |  | 371,802 |  |  | 61,747 |  |  | 11,524 |  |  | 5.7 | % |  | 30.71 |  |  | 14.02 |  |  | 21.75 |  | 19.36 |
2029 |  | 54 |  |  | 128,882 |  |  | 243,700 |  |  | 2,200 |  |  | 7,186 |  |  | 3.5 | % |  | 29.90 |  |  | 13.11 |  |  | 62.73 |  | 19.17 |
Beyond |  | 67 |  |  | 159,699 |  |  | 820,149 |  |  | 54,721 |  |  | 19,192 |  |  | 9.4 | % |  | 28.73 |  |  | 16.70 |  |  | 21.59 |  | 18.72 |
|  | 1,572 |  |  | 3,481,769 |  |  | 7,783,895 |  |  | 494,702 |  |  | $ | 203,520 |  |  | 100.0 | % |  | $ | 27.93 |  |  | $ | 13.25 |  |  | $ | 16.66 |  | $ | 17.81 |

____________________
1 | Lease expiration table reflects rents in place as of December 31, 2019 and does not include option periods; 2020 expirations include 8 month-to-month tenants. This column also excludes ground leases.
2 | Expiring GLA excludes estimated square footage attributable to non-owned structures on land owned by the Company and ground leased to tenants.
3 | Annualized base rent represents the monthly contractual rent as of December 31, 2019 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.

p. 23 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

D EVELOPMENT AND R EDEVELOPMENT P ROJECTS |

($ in thousands)

Project | MSA | KRG Ownership % | Anticipated Start Date | Projected Stabilization Date 1 | Projected New Total GLA | Projected New Owned GLA | KRG Share of Estimated Project Cost | KRG Share of Cost Incurred | Estimated Return on Investment 3 | Description
Active Developments |  |  |  |  |  |  |  |  |  |
Eddy Street Commons at Notre Dame, IN - Phase II 2 | South Bend, IN | 100% | N/A | Q4 2020 | 530,000 |  | 8,500 |  | $ | 10,000 |  | $ | 6,286 |  | 11.0% - 13.0% |
Total |  |  | 530,000 |  | 8,500 |  | $ | 10,000 |  | $ | 6,286 |  | 11.0% - 13.0% |

Future Opportunities 4 |  |
Hamilton Crossing Centre | Indianapolis, IN | Creation of a mixed use (office, retail, and multi-family) development.
The Corner | Indianapolis, IN | Creation of a mixed use (retail and multi-family) development to replace an unanchored small shop center.
Glendale Town Center | Indianapolis, IN | Repositioning vacant anchor box with several national tenants. Addition of multi-family development.

Summary of Construction in Progress on Consolidated Balance Sheet |
Under Construction Development / Redevelopment CIP | $ | 4,485 |
Big Box Retenanting | 11,498 |
Holly Springs Towne Center - Phase III | 5,913 |
Various tenant improvements and small projects | 19,308 |
Construction in Progress on Consolidated Balance Sheet | $ | 41,204 |

Big Box Surge |
Leases Signed | 22 |
Tenants Open and Paying Rent | 17 |
Capital Spent (cumulative) | 26,700 |
Estimated Capital Remaining | 16,200 |
Total Estimated Capital | 42,900 |
Estimated Return on Costs | 16 | %

Projected Annualized Development / Redevelopment Cash NOI Summary |  |
Remaining Under Construction Development / Redevelopment Cash NOI 5 | $ | 1,256 |
Total Remaining Annual Cash NOI | $ | 1,256 |

____________________
1 | Stabilization date represents near completion of project construction and substantial occupancy of the property.
2 | Total estimated cost of all components of Eddy Street Phase II equals $90.8 million, consisting of KRG estimated project cost ($10.0 million), TIF ($16.1 million), and residential apartments and townhomes to be ground subleased to unrelated third party ($64.7 million).
3 | Projected ROI for redevelopments is an estimate of the expected incremental stabilized annual operating cash flows to be generated divided by the estimated project costs, including construction, development, financing, and other soft costs, when applicable to the project.
4 | These opportunities are deemed potential at this time and are subject to various contingencies, many of which could be beyond the Company's control.
5 | Does not include NOI associated with Big Box Surge. |  |

p. 24 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

2019 T RANSACTIONS |

PROPERTY DISPOSITIONS |  |  |
Property Name | MSA | Quarter Sold |  | Sales Price
Whitehall Pike | Bloomington, IN | Q1 |  |
Beechwood Promenade | Athens, GA | Q2 |  |
Village at Bay Park | Green Bay, WI | Q2 |  |
Lakewood Promenade | Jacksonville, FL | Q2 |  |
Palm Coast Landing | Palm Coast, FL | Q2 |  |
Lowe's - Perimeter Woods | Charlotte, NC | Q2 |  |
Cannery Corner | Las Vegas, NV | Q2 |  |
Temple Terrace | Tampa, FL | Q2 |  |
University Town Center | Oklahoma City, OK | Q2 |  |
Gainesville Plaza | Gainesville, FL | Q3 |  |
Bolton Plaza | Jacksonville, FL | Q3 |  |
Eastgate Plaza | Las Vegas, NV | Q3 |  |
Burnt Store | Punta Gorda, FL | Q3 |  |
Landstown Commons | Virginia Beach, VA | Q3 |  |
Lima Marketplace | Fort Wayne, IN | Q3 |  |
Hitchcock Plaza | Aiken, SC | Q3 |  |
Merrimack Village Center | Manchester, NH | Q3 |  |
Publix at Acworth | Atlanta, GA | Q4 |  |
The Center at Panola | Atlanta, GA | Q4 |  |
Beacon Hill | Crown Point, IN | Q4 |  |
Bell Oaks Centre | Evansville, IN | Q4 |  |
Boulevard Crossing | Kokomo, IN | Q4 |  |
South Elgin Commons | Chicago, IL | Q4 |  |
Total |  |  |  | $ | 543,799 |

PROPERTY ACQUISITIONS |  |  |
Property Name | MSA | Quarter Acquired |  | Acquisition Price
Pan Am Plaza Garage | Indianapolis, IN | Q1 |  |
Nora Plaza | Indianapolis, IN | Q3 |  |
Total |  |  |  | $ | 58,500 |

p. 25 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

G EOGRAPHIC D IVERSIFICATION – A NNUALIZED B ASE R ENT BY R EGION AND S TATE |

As of December 31, 2019
($ in thousands)

|  | Total Operating Portfolio Excluding Developments and Redevelopments |  | Developments and Redevelopments 2 |  | Joint Ventures 3 |  | Total Operating Portfolio Including Developments and Redevelopments
Region/State |  | Owned GLA/NRA 1 |  | Annualized Base Rent |  | Owned GLA/NRA 1 |  | Annualized Base Rent |  | Owned GLA/NRA 1 |  | Annualized Base Rent |  | Number of Properties |  | Owned GLA/NRA 1 |  | Annualized Base Rent - Ground Leases |  | Total Annualized Base Rent |  | Percent of Annualized Base Rent
South |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Florida |  | 3,323,004 |  |  | $ | 53,003 |  |  | 124,802 |  |  | $ | 251 |  |  | 121,705 |  |  | $ | 1,528 |  |  | 30 |  | 3,569,511 |  |  | $ | 3,845 |  |  | $ | 58,627 |  |  | 25.9%
Texas |  | 1,798,944 |  |  | 28,690 |  |  | — |  |  | — |  |  | 156,150 |  |  | 2,801 |  |  | 10 |  | 1,955,094 |  |  | 1,351 |  |  | 32,842 |  |  | 14.5%
North Carolina |  | 1,072,354 |  |  | 20,596 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  | 1,072,354 |  |  | 2,004 |  |  | 22,600 |  |  | 10.0%
Oklahoma |  | 505,220 |  |  | 7,044 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  | 505,220 |  |  | 850 |  |  | 7,894 |  |  | 3.5%
Georgia |  | 276,318 |  |  | 3,664 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  | 276,318 |  |  | 336 |  |  | 4,000 |  |  | 1.8%
Tennessee |  | 230,980 |  |  | 3,808 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  | 230,980 |  |  | — |  |  | 3,808 |  |  | 1.7%
South Carolina |  | 257,683 |  |  | 3,245 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  | 257,683 |  |  | — |  |  | 3,245 |  |  | 1.4%
Texas - Other |  | 107,400 |  |  | 591 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  | 107,400 |  |  | — |  |  | 591 |  |  | 0.3%
Total South |  | 7,571,903 |  |  | 120,641 |  |  | 124,802 |  |  | 251 |  |  | 277,855 |  |  | 4,329 |  |  | 56 |  | 7,974,560 |  |  | 8,386 |  |  | 133,607 |  |  | 59.1%
Midwest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indiana - Retail |  | 1,461,464 |  |  | 23,634 |  |  | 519,216 |  |  | 3,071 |  |  | — |  |  | — |  |  | 19 |  | 1,980,680 |  |  | 1,626 |  |  | 28,331 |  |  | 12.5%
Indiana - Other |  | 366,502 |  |  | 6,684 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  | 366,502 |  |  | — |  |  | 6,684 |  |  | 3.0%
Illinois |  | 83,759 |  |  | 1,138 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  | 83,759 |  |  | — |  |  | 1,138 |  |  | 0.5%
Ohio |  | 236,230 |  |  | 2,155 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  | 236,230 |  |  | — |  |  | 2,155 |  |  | 1.0%
Total Midwest |  | 2,147,955 |  |  | 33,611 |  |  | 519,216 |  |  | 3,071 |  |  | — |  |  | — |  |  | 24 |  | 2,667,171 |  |  | 1,626 |  |  | 38,308 |  |  | 17.0%
West |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nevada |  | 768,745 |  |  | 19,791 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  | 768,745 |  |  | 3,592 |  |  | 23,383 |  |  | 10.3%
Utah |  | 392,157 |  |  | 7,263 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  | 392,157 |  |  | — |  |  | 7,263 |  |  | 3.2%
Arizona |  | 79,902 |  |  | 2,467 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  | 79,902 |  |  | — |  |  | 2,467 |  |  | 1.1%
Total West |  | 1,240,804 |  |  | 29,521 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  | 1,240,804 |  |  | 3,592 |  |  | 33,113 |  |  | 14.6%
Northeast |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York |  | 363,103 |  |  | 9,302 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  | 363,103 |  |  | — |  |  | 9,302 |  |  | 4.1%
New Jersey |  | 106,146 |  |  | 3,127 |  |  | — |  |  | — |  |  | 139,022 |  |  | 2,817 |  |  | 2 |  | 245,168 |  |  | 2,263 |  |  | 8,207 |  |  | 3.6%
Connecticut |  | 205,683 |  |  | 2,566 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  | 205,683 |  |  | 1,061 |  |  | 3,627 |  |  | 1.6%
Total Northeast |  | 674,932 |  |  | 14,995 |  |  | — |  |  | — |  |  | 139,022 |  |  | 2,817 |  |  | 4 |  | 813,954 |  |  | 3,324 |  |  | 21,136 |  |  | 9.3%
|  | 11,635,594 |  |  | $ | 198,768 |  |  | 644,018 |  |  | $ | 3,322 |  |  | 416,877 |  |  | $ | 7,146 |  |  | 91 |  | 12,696,489 |  |  | $ | 16,928 |  |  | $ | 226,164 |  |  | 100.0%

____________________
1 | Owned GLA/NRA represents gross leasable area or net leasable area owned by the Company. It also excludes the square footage of Union Station Parking Garage and Pan Am Plaza Parking Garage.
2 | Represents the four redevelopment and one development project not in the retail operating portfolio.
3 | Represents the three operating properties owned in unconsolidated joint ventures.

p. 26 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

O PERATING R ETAIL P ORTFOLIO S UMMARY R EPORT |

As of December 31, 2019

Property | Location (MSA) | Year Built/ Renovated | Owner-ship % | Owned GLA 1 |  | Leased % | ABR per SqFt | Grocery Anchors 2 | Other Retailers 2
Total | Anchors | Shops |  | Total | Anchors | Shops
Arizona |  |  |  |  |  |  |  |  |  |  |  |  |
The Corner | Tucson | 2008 | 100% | 79,902 |  | 55,883 |  | 24,019 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | $ | 30.87 |  | Total Wine & More | Nordstrom Rack, Panera Bread, (Home Depot)
Connecticut |  |  |  |  |  |  |  |  |  |  |  |  |
Crossing at Killingly Commons | Willimantic, CT | 2010 | 85% | 205,683 |  | 148,250 |  | 57,433 |  |  | 86.0 | % | 86.2 | % | 85.5 | % | 14.50 |  | Stop & Shop Supermarket, (Target) | TJ Maxx, Michaels, Petco, Staples, Lowe's Home Improvement Center
Florida |  |  |  |  |  |  |  |  |  |  |  |  |
12th Street Plaza | Vero Beach | 1978/2003 | 100% | 135,016 |  | 121,376 |  | 13,640 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 10.32 |  | Publix | Stein Mart, Tuesday Morning
Bayport Commons | Tampa | 2008 | 100% | 97,163 |  | 71,540 |  | 25,623 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 15.38 |  | (Target) | PetSmart, Michaels
Centre Point Commons | Sarasota | 2007 | 100% | 119,320 |  | 93,574 |  | 25,746 |  |  | 98.7 | % | 100.0 | % | 93.8 | % | 17.74 |  |  | Best Buy, Dick's Sporting Goods, Office Depot, Panera Bread, (Lowe's Home Improvement Center)
Cobblestone Plaza | Miami | 2011 | 100% | 133,259 |  | 68,219 |  | 65,040 |  |  | 96.7 | % | 100.0 | % | 93.2 | % | 28.16 |  | Whole Foods | Party City, Planet Fitness
Colonial Square | Fort Myers | 2010 | 100% | 186,517 |  | 150,505 |  | 36,012 |  |  | 92.4 | % | 100.0 | % | 60.7 | % | 11.94 |  |  | Kohl's, Hobby Lobby, PetSmart,
Delray Marketplace | Miami | 2013 | 98% | 260,298 |  | 118,136 |  | 142,162 |  |  | 91.6 | % | 100.0 | % | 84.6 | % | 26.42 |  | Publix | Frank Theatres, Burt & Max's, Ann Taylor Loft, Chico's, White House Black Market
Estero Town Commons | Fort Meyers | 2006 | 100% | 25,696 |  | — |  | 25,696 |  |  | 94.7 | % | — | % | 94.7 | % | 15.23 |  |  | Lowe's Home Improvement Center, Dollar Tree
Hunter's Creek Promenade | Orlando | 1994 | 100% | 119,759 |  | 55,999 |  | 63,760 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 15.60 |  | Publix |
Indian River Square | Vero Beach | 1997/2004 | 100% | 142,592 |  | 109,000 |  | 33,592 |  |  | 95.9 | % | 100.0 | % | 82.7 | % | 12.17 |  | (Target) | Beall's, Office Depot, Dollar Tree, Panera
International Speedway Square | Daytona Beach | 1999/2013 | 100% | 233,424 |  | 203,405 |  | 30,019 |  |  | 94.6 | % | 100.0 | % | 57.9 | % | 11.23 |  | Total Wine & More | Bed Bath & Beyond, Stein Mart, Old Navy, Staples, Michaels, Dick’s Sporting Goods, Shoe Carnival
Kings Lake Square | Naples | 1986/2014 | 100% | 88,611 |  | 45,600 |  | 43,011 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 19.30 |  | Publix |
Lake City Commons | Lake City | 2008 | 100% | 65,746 |  | 45,600 |  | 20,146 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 15.58 |  | Publix |
Lake City Commons - Phase II | Lake City | 2011 | 100% | 16,291 |  | 12,131 |  | 4,160 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 15.80 |  | Publix | PetSmart
Lake Mary Plaza | Orlando | 2009 | 100% | 21,385 |  | 14,880 |  | 6,505 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 38.00 |  |  | Walgreens
Lithia Crossing | Tampa | 2003/2013 | 100% | 90,515 |  | 53,547 |  | 36,968 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 16.06 |  | The Fresh Market | Stein Mart, Chili's, Panera Bread
Miramar Square | Miami | 2008 | 100% | 225,205 |  | 147,505 |  | 77,700 |  |  | 99.5 | % | 100.0 | % | 98.5 | % | 17.53 |  | Sprouts Farmers Market | Kohl's, Miami Children's Hospital
Northdale Promenade | Tampa | 1985/2017 | 100% | 179,602 |  | 130,269 |  | 49,333 |  |  | 96.6 | % | 100.0 | % | 87.5 | % | 13.00 |  | (Winn Dixie) | TJ Maxx, Ulta Beauty, Beall's, Crunch Fitness, Tuesday Morning
Pine Ridge Crossing | Naples | 1993 | 100% | 105,962 |  | 66,435 |  | 39,527 |  |  | 96.3 | % | 100.0 | % | 90.0 | % | 18.06 |  | Publix, (Target) | Ulta Beauty, (Beall's)
Pleasant Hill Commons | Orlando | 2008 | 100% | 70,645 |  | 45,600 |  | 25,045 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 15.86 |  | Publix |
Riverchase Plaza | Naples | 1991/2001 | 100% | 78,291 |  | 48,890 |  | 29,401 |  |  | 96.3 | % | 100.0 | % | 90.3 | % | 16.77 |  | Publix |
Saxon Crossing | Daytona Beach | 2009 | 100% | 119,907 |  | 95,304 |  | 24,603 |  |  | 97.2 | % | 100.0 | % | 86.2 | % | 15.39 |  | (Target) | Hobby Lobby, LA Fitness, (Lowe's Home Improvement Center)
Shoppes of Eastwood | Orlando | 1997 | 100% | 69,076 |  | 51,512 |  | 17,564 |  |  | 98.1 | % | 100.0 | % | 92.5 | % | 13.87 |  | Publix |
Shops at Eagle Creek | Naples | 1983/2013 | 100% | 70,731 |  | 50,187 |  | 20,544 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 16.53 |  | The Fresh Market | Staples, Panera Bread, (Lowe's Home Improvement Center)
Tamiami Crossing | Naples | 2016 | 20% | 121,705 |  | 121,705 |  | — |  |  | 100.0 | % | 100.0 | % | — | % | 12.55 |  | Aldi, (Walmart) | Marshalls, Michaels, PetSmart, Ross Stores, Stein Mart, Ulta Beauty
Tarpon Bay Plaza | Naples | 2007 | 100% | 81,864 |  | 59,442 |  | 22,422 |  |  | 97.4 | % | 100.0 | % | 90.6 | % | 17.43 |  | (Target) | PetSmart, Cost Plus World Market, Ross Stores, Panera Bread

See footnotes on page 30

p. 27 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

O PERATING R ETAIL P ORTFOLIO S UMMARY R EPORT (CONTINUED) |

As of December 31, 2019

Property 1 | Location (MSA) | Year Built/ Renovated | Owner-ship % | Owned GLA 2 |  | Leased % | ABR per Sq. ft. | Grocery Anchors 4 | Other Retailers 4
Total | Anchors | Shops |  | Total | Anchors | Shops
The Landing at Tradition | Port St. Lucie | 2007 | 100% | 359,474 |  | 283,064 |  | 76,410 |  |  | 78.7 | % | 79.4 | % | 76.2 | % | 16.33 | (Target) | TJ Maxx, Ulta Beauty, Bed Bath & Beyond, LA Fitness, Michaels, Old Navy, PetSmart, Pier 1, DSW, Five Below, Ross Stores
The Shops at Julington Creek | Jacksonville | 2011 | 100% | 40,254 |  | 21,038 |  | 19,216 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 20.48 | The Fresh Market |
Tradition Village Center | Port St. Lucie | 2006 | 100% | 84,086 |  | 45,600 |  | 38,486 |  |  | 98.6 | % | 100.0 | % | 97.0 | % | 18.55 | Publix |
Waterford Lakes Village | Orlando | 1997 | 100% | 77,975 |  | 51,703 |  | 26,272 |  |  | 96.7 | % | 100.0 | % | 90.2 | % | 13.20 | Winn Dixie |
Georgia |  |  |  |  |  |  |  |  |  |  |  |  |
Mullins Crossing | Augusta | 2005 | 100% | 276,318 |  | 228,224 |  | 48,094 |  |  | 99.3 | % | 100.0 | % | 96.1 | % | 13.35 | (Target) | Ross Stores, Old Navy, Five Below, Kohls, La-Z-Boy, Marshalls, Office Max, Petco, Ulta Beauty, Panera Bread
Illinois |  |  |  |  |  |  |  |  |  |  |  |  |
Naperville Marketplace | Chicago | 2008 | 100% | 83,759 |  | 61,683 |  | 22,076 |  |  | 97.7 | % | 100.0 | % | 91.1 | % | 13.91 | (Caputo's Fresh Market) | TJ Maxx, PetSmart
Indiana |  |  |  |  |  |  |  |  |  |  |  |  |
54th & College | Indianapolis | 2008 | 100% | — |  | — |  | — |  |  | — | % | — | % | — | % | 0.00 | The Fresh Market |
Bridgewater Marketplace | Westfield | 2008 | 100% | 25,975 |  | — |  | 25,975 |  |  | 100.0 | % | — | % | 100.0 | % | 21.49 |  | (Walgreens), The Local Eatery, Original Pancake House
Castleton Crossing | Indianapolis | 1975/2012 | 100% | 286,377 |  | 247,710 |  | 38,667 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 12.30 |  | TJ Maxx/HomeGoods, Burlington, Shoe Carnival, Value City Furniture, K&G Menswear, Chipotle, Verizon, Five Below
Cool Creek Commons | Westfield | 2005 | 100% | 124,303 |  | 53,600 |  | 70,703 |  |  | 96.4 | % | 100.0 | % | 93.7 | % | 19.30 | The Fresh Market | Stein Mart, McAlister's Deli, Buffalo Wild Wings, Pet People
Depauw University Bookstore and Café | Indianapolis | 2012 | 100% | 11,974 |  | — |  | 11,974 |  |  | 100.0 | % | — | % | 100.0 | % | 9.17 |  | Follett's, Starbucks
Eddy Street Commons at Notre Dame | South Bend | 2009 | 100% | 87,987 |  | 20,154 |  | 67,833 |  |  | 98.8 | % | 100.0 | % | 98.4 | % | 26.66 |  | Hammes Bookstore & Cafe, Chipotle, Urban Outfitters, Five Guys, Kilwins, Blaze Pizza
Fishers Station | Fishers | 1989/2018 | 100% | 52,400 |  | 15,441 |  | 36,959 |  |  | 97.8 | % | 100.0 | % | 96.9 | % | 17.72 |  | Dollar Tree, Goodwill
Geist Pavilion | Fishers | 2006 | 100% | 63,910 |  | 29,700 |  | 34,210 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 17.43 |  | Ace Hardware, Goodwill, Ale Emporium, Pure Barre
Greyhound Commons | Carmel | 2005 | 100% | 9,152 |  | — |  | 9,152 |  |  | 100.0 | % | — | % | 100.0 | % | 14.74 |  | (Lowe's Home Improvement Center), Abuelo's Mexican, Koto Japenese Steakhouse
Nora Plaza | Indianapolis | 2004 | 100% | 139,743 |  | 73,589 |  | 66,154 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 15.17 | Whole Foods, (Target) | Marshalls
Rangeline Crossing | Carmel | 1986/2013 | 100% | 99,226 |  | 47,962 |  | 51,264 |  |  | 97.2 | % | 100.0 | % | 94.5 | % | 22.94 |  | Walgreens, Panera Bread, Pet Valu, City BBQ
Rivers Edge | Indianapolis | 2011 | 100% | 150,428 |  | 117,890 |  | 32,538 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 22.20 |  | Nordstrom Rack, The Container Store, Arhaus Furniture, Bicycle Garage of Indy, Buy Buy Baby, J Crew Mercantile
Stoney Creek Commons | Noblesville | 2000/2013 | 100% | 84,226 |  | 84,226 |  | — |  |  | 64.1 | % | 64.1 | % | — | % | 14.38 |  | LA Fitness, Goodwill, (Lowe's Home Improvement Center)
Traders Point I | Indianapolis | 2005 | 100% | 279,786 |  | 238,721 |  | 41,065 |  |  | 73.9 | % | 71.6 | % | 87.5 | % | 14.69 |  | Dick's Sporting Goods, AMC Theatres, Bed Bath & Beyond, Michaels, Old Navy, PetSmart, Books-A-Million
Traders Point II | Indianapolis | 2005 | 100% | 45,977 |  | — |  | 45,977 |  |  | 92.2 | % | — | % | 92.2 | % | 27.59 |  | Starbucks, Noodles & Company, Qdoba

See footnotes on page 30

p. 28 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

O PERATING R ETAIL P ORTFOLIO S UMMARY R EPORT (CONTINUED) |

As of December 31, 2019

Property 1 | Location (MSA) | Year Built/ Renovated | Owner-ship % | Owned GLA 2 |  | Leased % | ABR per Sqft | Grocery Anchors 4 | Other Retailers 4
Total | Anchors | Shops |  | Total | Anchors | Shops
Nevada |  |  |  |  |  |  |  |  |  |  |  |  |
Centennial Center | Las Vegas | 2002 | 100% | 334,042 |  | 147,824 |  | 186,218 |  |  | 96.5 | % | 100.0 | % | 93.7 | % | 25.45 | Sam's Club, Walmart | Ross Stores, Big Lots, Famous Footwear, Michaels, Petco, Home Depot, HomeGoods, Skechers, Five Below, Sephora
Centennial Gateway | Las Vegas | 2005 | 100% | 193,072 |  | 139,913 |  | 53,159 |  |  | 99.4 | % | 100.0 | % | 97.8 | % | 25.55 | Trader Joe's | 24 Hour Fitness, Party City, Sportsman's Warehouse, Walgreens
Eastern Beltway Center | Las Vegas | 1998/2006 | 100% | 162,317 |  | 77,436 |  | 84,881 |  |  | 90.9 | % | 100.0 | % | 82.5 | % | 27.36 | Sam's Club, Walmart | Petco, Ross Stores, Skechers, Old Navy, (Home Depot)
Rampart Commons | Las Vegas | 2002/2018 | 100% | 79,314 |  | 11,965 |  | 67,349 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 33.45 |  | Athleta, North Italia, Pottery Barn, Williams Sonoma, Flower Child, Crunch Fitness
New Jersey |  |  |  |  |  |  |  |  |  |  |  |  |
Bayonne Crossing | New York / Northern New Jersey | 2011 | 100% | 106,146 |  | 52,219 |  | 53,927 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 29.46 | Walmart | Michaels, New York Sports Club, Lowe's Home Improvement Center
Livingston Shopping Center | New York / Northern New Jersey | 1997 | 20% | 139,022 |  | 133,125 |  | 5,897 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 20.26 |  | Cost Plus World Market, Buy Buy Baby, Nordstrom Rack, DSW, TJ Maxx, Ulta Beauty
New York |  |  |  |  |  |  |  |  |  |  |  |  |
City Center | New York / Northern New Jersey | 2004/2018 | 100% | 363,103 |  | 325,139 |  | 37,964 |  |  | 96.9 | % | 100.0 | % | 70.7 | % | 26.43 | ShopRite | Nordstrom Rack, New York Sports Club, Burlington, Club Champion Golf, National Amusements
North Carolina |  |  |  |  |  |  |  |  |  |  |  |  |
Holly Springs Towne Center - Phase I | Raleigh | 2013 | 100% | 209,852 |  | 121,761 |  | 88,091 |  |  | 95.9 | % | 100.0 | % | 90.2 | % | 18.04 | (Target) | Dick's Sporting Goods, Marshalls, Petco, Ulta Beauty, Michaels, Old Navy, Five Below
Holly Springs Towne Center - Phase II | Raleigh | 2016 | 100% | 144,995 |  | 111,843 |  | 33,152 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 17.83 | (Target) | Bed Bath & Beyond, DSW, AMC Theatres, 02 Fitness
Northcrest Shopping Center | Charlotte | 2008 | 100% | 133,627 |  | 65,576 |  | 68,051 |  |  | 97.0 | % | 100.0 | % | 94.1 | % | 23.77 | (Target) | REI Co-Op, David's Bridal, Old Navy, Five Below
Oleander Place | Wilmington | 2012 | 100% | 45,524 |  | 30,144 |  | 15,380 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 17.91 | Whole Foods |
Parkside Town Commons - Phase I | Raleigh | 2015 | 100% | 55,368 |  | 22,500 |  | 32,868 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 25.61 | Harris Teeter/Kroger, (Target) | Petco, Guitar Center
Parkside Town Commons - Phase II | Raleigh | 2017 | 100% | 296,715 |  | 187,406 |  | 109,309 |  |  | 99.5 | % | 100.0 | % | 98.6 | % | 17.33 | (Target) | Frank Theatres, Golf Galaxy, Hobby Lobby, Stein Mart, Chuy's, Starbucks, Panera Bread, Levity Live
Perimeter Woods | Charlotte | 2008 | 100% | 125,646 |  | 105,262 |  | 20,384 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 20.71 |  | Best Buy, Off Broadway Shoes, PetSmart, Michaels, (Lowe's Home Improvement Center)
Toringdon Market | Charlotte | 2004 | 100% | 60,627 |  | 26,072 |  | 34,555 |  |  | 97.9 | % | 100.0 | % | 96.3 | % | 22.71 | Earth Fare |
Ohio |  |  |  |  |  |  |  |  |  |  |  |  |
Eastgate Pavilion | Cincinnati | 1995 | 100% | 236,230 |  | 231,730 |  | 4,500 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 9.12 |  | Best Buy, Dick's Sporting Goods, Value City Furniture, Petsmart, DSW, Bed Bath & Beyond
Oklahoma |  |  |  |  |  |  |  |  |  |  |  |  |
Belle Isle Station | Oklahoma City | 2000 | 100% | 196,298 |  | 115,783 |  | 80,515 |  |  | 96.9 | % | 100.0 | % | 92.4 | % | 17.92 | (Walmart) | REI, Shoe Carnival, Old Navy, Ross Stores, Nordstrom Rack, Ulta Beauty, Five Below
Shops at Moore | Oklahoma City | 2010 | 100% | 260,482 |  | 187,916 |  | 72,566 |  |  | 97.2 | % | 100.0 | % | 90.0 | % | 12.25 |  | Bed Bath & Beyond, Best Buy, Hobby Lobby, Office Depot, PetSmart, Ross Stores, (J.C. Penney)
Silver Springs Pointe | Oklahoma City | 2001 | 100% | 48,440 |  | 20,515 |  | 27,925 |  |  | 83.0 | % | 100.0 | % | 70.4 | % | 13.28 | (Sam's Club), (Walmart) | Kohls, Office Depot, (Home Depot)

See footnotes on page 30

p. 29 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

O PERATING R ETAIL P ORTFOLIO S UMMARY R EPORT (CONTINUED) |

As of December 31, 2019

Property 1 | Location (MSA) | Year Built/ Renovated | Owner-ship % | Owned GLA 2 |  | Leased % | ABR per Sqft |  | Other Retailers 4
Total | Anchors | Shops |  | Total | Anchors | Shops | Grocery Anchor 4
South Carolina |  |  |  |  |  |  |  |  |  |  |  |  |
Publix at Woodruff | Greenville | 1997 | 100% | 68,119 |  | 47,955 |  | 20,164 |  |  | 96.8 | % | 100.0 | % | 89.3 | % | 11.06 | Publix |
Shoppes at Plaza Green | Greenville | 2000 | 100% | 189,564 |  | 161,900 |  | 27,664 |  |  | 98.2 | % | 100.0 | % | 87.6 | % | 13.51 |  | Bed Bath & Beyond, Christmas Tree Shops, Sears, Party City, Shoe Carnival, AC Moore, Old Navy
Tennessee |  |  |  |  |  |  |  |  |  |  |  |  |
Cool Springs Market | Nashville | 1995 | 100% | 230,980 |  | 172,712 |  | 58,268 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 16.48 | (Kroger) | Dick's Sporting Goods, Marshalls, Buy Buy Baby, DSW, Staples, Jo-Ann Fabric, Panera Bread
Texas |  |  |  |  |  |  |  |  |  |  |  |  |
Chapel Hill Shopping Center | Dallas/Ft. Worth | 2001 | 100% | 126,986 |  | 43,450 |  | 83,536 |  |  | 97.2 | % | 100.0 | % | 95.8 | % | 26.28 | H-E-B Grocery | The Container Store, Cost Plus World Market
Colleyville Downs | Dallas/Ft. Worth | 2014 | 100% | 194,666 |  | 139,219 |  | 55,447 |  |  | 97.3 | % | 100.0 | % | 90.4 | % | 15.45 | Whole Foods | Westlake Hardware, Goody Goody Liquor, Petco, Fit Factory
Kingwood Commons | Houston | 1999 | 100% | 158,109 |  | 74,836 |  | 83,273 |  |  | 94.3 | % | 100.0 | % | 89.2 | % | 21.24 | Randall's Food and Drug | Petco, Chico's, Talbots, Ann Taylor
Market Street Village/ Pipeline Point | Dallas/Ft. Worth | 1970/2011 | 100% | 156,621 |  | 136,742 |  | 19,879 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 13.20 |  | Jo-Ann Fabric, Ross Stores, Office Depot, Buy Buy Baby, Party City
Plaza at Cedar Hill | Dallas/Ft. Worth | 2000/2010 | 100% | 295,758 |  | 234,358 |  | 61,400 |  |  | 98.5 | % | 100.0 | % | 92.6 | % | 13.75 | Sprouts Farmers Market, Total Wine | DSW, Ross Stores, Hobby Lobby, Office Max, Marshalls, Home Goods
Plaza Volente | Austin | 2004 | 20% | 156,150 |  | 105,000 |  | 51,150 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 17.94 | H-E-B Grocery |
Portofino Shopping Center | Houston | 1999/2010 | 100% | 369,846 |  | 218,861 |  | 150,985 |  |  | 94.0 | % | 100.0 | % | 85.2 | % | 19.72 | (Sam's Club) | DSW, Michaels, PGA Superstore, SteinMart, PetSmart, Old Navy, TJ Maxx, Nordstrom Rack, Five Below
Sunland Towne Centre | El Paso | 1996/2014 | 100% | 306,454 |  | 265,037 |  | 41,417 |  |  | 98.9 | % | 100.0 | % | 91.7 | % | 11.26 | Sprouts Farmers Market | PetSmart, Ross Stores, Bed Bath & Beyond, Spec's Fine Wines, At Home
Waxahachie Crossing | Dallas/Ft. Worth | 2010 | 100% | 97,127 |  | 72,191 |  | 24,936 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 15.07 |  | Best Buy, PetSmart, Ross Stores, (Home Depot), (J.C. Penney)
Westside Market | Dallas/Ft. Worth | 2013 | 100% | 93,377 |  | 70,000 |  | 23,377 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 16.61 | Randalls Tom Thumb |
Utah |  |  |  |  |  |  |  |  |  |  |  |  |
Draper Crossing | Salt Lake City | 2012 | 100% | 164,657 |  | 115,916 |  | 48,741 |  |  | 100.0 | % | 100.0 | % | 100.0 | % | 16.97 | Kroger/Smith's | TJ Maxx, Dollar Tree, Downeast Home
Draper Peaks | Salt Lake City | 2012 | 100% | 227,500 |  | 101,464 |  | 126,036 |  |  | 95.2 | % | 100.0 | % | 91.3 | % | 20.64 |  | Michaels, Office Depot, Petco, Quilted Bear, Ross Stores, (Kohl's)
Total |  |  |  | 11,554,229 |  | 7,878,569 |  | 3,675,660 |  |  | 96.1 | % | 97.8 | % | 92.5 | % | 17.83 |  |
Total at Pro-Rata Share |  |  | 11,220,882 |  | 7,590,705 |  | 3,630,177 |  |  | 96.0 | % | 97.7 | % | 92.4 | % | 17.85 |  |

____________________
1 |  | Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of December 31, 2019, except for Greyhound Commons and 54th & College.
2 |  | Tenants within parentheses are non-owned.

p. 30 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

N ON-R ETAIL O PERATING P ROPERTIES |

As of December 31, 2019
($ in thousands, except per square foot data)

Property | MSA | Year Built/ Renovated | Owned NRA | Percentage Of Owned NRA Leased | Annualized Base Rent 1 | Percentage of Annualized Office and Other Base Rent | Base Rent Per Leased Sq. Ft. |  | Major Tenants
Commercial Properties |  |  |  |  |  |  |  |  |
Thirty South Meridian 2 | Indianapolis | 1905/2002 | 284,874 |  | 95.9 | % | $ | 5,392 |  | 67.5 | % | $ | 19.74 |  |  | Carrier, Kite Realty Group, Lumina Foundation
Union Station Parking Garage 3 | Indianapolis | 1986 | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  |  | Denison Parking (manager)
Pan Am Plaza Parking Garage 3 | Indianapolis |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  |  | Denison Parking (manager)
Stand-alone Office Components of Retail Properties |  |  |  |  |  |  |
Eddy Street Office (part of Eddy Street Commons)4 | South Bend | 2009 | 81,628 |  | 100.0 | % | 1,292 |  | 16.2 | % | 15.82 |  |  | University of Notre Dame Offices
Tradition Village Office (part of Tradition Village Square) | Port St. Lucie | 2006 | 24,340 |  | 100.0 | % | 713 | 8.9 | % | 29.30 |  |  |
Total Commercial Properties |  |  | 390,842 |  | 96.2 | % | $ | 7,397 |  | 92.6 | % | $ | 19.51 |  |  |
Other Properties |  |  |  |  |  |  |  |
Burlington | San Antonio | 1992/2000 | 107,400 |  | 100.0 | % | $ | 591 |  | 7.4 | % | $ | 5.50 |  |  | Burlington
|  |  | 107,400 |  | 100.0 | % | $ | 591 |  | 7.4 | % | $ | 5.50 |  |  |
Total Commercial and Other |  |  | 498,242 |  | 97.7 | % | $ | 7,988 |  | 100.0 | % | $ | 16.42 |  |  |
Multi-Family/Lodging |  |  |  |  |  |  |  |  |
Embassy Suites South Bend at Notre Dame 5 | South Bend | 2018 | — |  | N/A |  | — |  | — |  | — |  |  | Full service hotel with 164 rooms
The Foundry Lofts and Apartments at Eddy Street | South Bend | 2009 | — |  | 100.0 | % | — |  | — |  | — |  |  | Air rights lease for apartment complex with 266 units
Summit at City Center Apartments | New York / Northern New Jersey | 2004 | — |  | 100.0 | % | — |  | — |  | — |  |  | Apartment complex with 26 units.

____________________
1 | Annualized Base Rent represents the monthly contractual rent as of December 31, 2019 for each applicable property, multiplied by 12.
2 | Annualized Base Rent includes $929,157 from the Company and subsidiaries as of December 31, 2019, which is eliminated for purposes of our consolidated financial statement presentation.
3 | The garage is managed by a third party.
4 | The Company also owns the Eddy Street Commons retail shopping center in South Bend, Indiana, along with a parking garage that serves a hotel and the office and retail components of the property.
5 | Property owned in an unconsolidated joint venture.

p. 31 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

C OMPONENTS OF N ET A SSET V ALUE |

As of December 31, 2019
($ in thousands)

Cash Net Operating Income (NOI) |  | Supplemental Page No.: |  | Other Assets |  | Supplemental Page No.:
GAAP property NOI (incl. Ground Lease Revenue) | $ | 54,491 |  | 13 |  | Cash and cash equivalents | $ | 31,336 |  | 10
Below-market lease intangibles, net | (795 | ) | 15 |  | Tenant and other receivables (net of SLR) | 28,030 |  | 10
Straight-line rent | (784 | ) | 15 |  | Restricted cash and escrow deposits | 21,477 |  | 10
Other property related revenue | (254 | ) | 13 |  | Prepaid and other assets | 34,548 |  | 10
Ground lease ("GL") revenue | (4,232 | ) |  |  | Undeveloped land in operating portfolio 1 | 13,000 |  |
Consolidated Cash Property NOI (excl. GL) | $ | 48,426 |  |  |  | Land held for development | 15,215 |  |
Annualized Consolidated Cash Property NOI (excl. ground leases) | $ | 193,704 |  |  |  | CIP not in under construction development/redevelopment 2 | 19,308 |  | 24
|  |  |  | Total Other Asset Value | $ | 162,914 |  |
Adjustments To Normalize Annualized Cash NOI |  |  |  | Liabilities |  |
Total projected remaining development / transitional redevelopment cash NOI 3 | $ | 1,256 |  | 24 |  | Mortgage and other indebtedness | $ | (1,146,580 | ) | 10
Unconsolidated EBITDA | 3,097 |  | 17 |  | KRG share of unconsolidated debt | (22,148 | ) | 17
Pro-forma adjustments 4 | (6,071 | ) | 20 |  | Partner share of consolidated joint venture debt | 1,117 |  | 17
|  |  |  |  | Accounts payable and accrued expenses | (69,817 | ) | 11
General and administrative expense allocable to property management activities included in property expenses ($1,500 in Q4) | 6,000 |  | 13, footnote 3 |  | Other liabilities 5 | (40,108 | ) | 10
Total Adjustments | 4,282 |  |  |  | Debt premium and issuance costs, net | (6,722 | ) | 18
|  |  |  | Non-controlling redeemable joint venture interest | (10,070 | ) |
|  |  |  | Projected remaining under construction development/redevelopment 6 | (3,714 | ) |
Annualized Normalized Portfolio Cash NOI (excl. Ground Leases) | $ | 197,986 |  |  |  | Total Liabilities | $ | (1,298,042 | ) |
Annualized Ground Lease NOI | 16,928 |  |  |  |  |  |
Total Annualized Portfolio Cash NOI | $ | 214,914 |  |  |  | Common Shares and Units Outstanding | 86,073,406 |  |

____________________
1 | Undeveloped land with a book value of $13.0 million at December 31, 2019.
2 | Includes CIP amounts for Holly Springs Town Center - Phase III, miscellaneous tenant improvements and small projects.
3 | Excludes the projected cash NOI and related cost from the redevelopment opportunities outlined on page 24.
4 | Annualized cash NOI for properties sold and acquired during the quarter.
5 | Deferred revenue and other liabilities of $90.2 million less mark-to-market lease liability of $50.1 million.
6 | Remaining cost on page 24 for development project.

p. 32 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019

E ARNINGS G UIDANCE - 2020 |

|  | 2020 Guidance 1
Net Income |  | $0.13 - $0.17
NAREIT FFO |  | $1.48 - $1.52
Same Property NOI Growth (excluding redevelopments) |  | 1.00% - 2.00%
Bad Debt Assumption (in addition to known vacancies and any declared or imminent bankruptcies) |  | 90 bps of Same-Property Revenues

Net Income to NAREIT FFO Reconciliation |  | Low |  | High
Net Income Guidance |  | $ | 0.13 |  |  | $ | 0.17 |
Depreciation and Amortization |  | 1.35 |  |  | 1.35 |
NAREIT FFO Guidance |  | $ | 1.48 |  |  | $ | 1.52 |

2020 Estimated FFO Per Share Bridge
|  | Low End |  | High End
2019 NAREIT FFO |  | $1.53 |  | $1.53
Loss on debt extinguishment |  | 0.13 |  | 0.13
2019 FFO (as adjusted) |  | 1.66 |  | 1.66
Impact of 2019 Transactions |  | (0.20) |  | (0.20)
Term fee related to office building |  | (0.02) |  | (0.02)
2020 Same-Property NOI |  | 0.02 |  | 0.04
2020 Other Items |  | 0.02 |  | 0.04
2020 Estimated NAREIT FFO |  | 1.48 |  | 1.52
Estimated adjustments |  | 0.00 |  | 0.00
2020 Estimated FFO (as adjusted) |  | $1.48 |  | $1.52

_________ |  |  |  |  |  |  |
1 | The Company’s 2020 guidance is based on a number of factors, many of which are outside the Company’s control and all of which are subject to change. The Company may change its guidance during the year if actual or anticipated results vary from these assumptions, although the Company undertakes no obligation to do so. |

p. 33 | Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/2019