Exhibit 99.2

QUARTERLY FINANCIAL SUPPLEMENTAL – JUNE 30, 2021

PAGE NO.						TABLE OF CONTENTS
3						Earnings Press Release
7						Corporate Profile
8						Contact Information
9						Important Notes Including Non-GAAP Disclosures
12						Consolidated Balance Sheets
13						Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020
14						Same Property Net Operating Income
15						Net Operating Income and EBITDA by Quarter
16						Funds from Operations for the Three and Six Months Ended June 30, 2021 and 2020
17						Adjusted Funds From Operations and Other Financial Information for the Three and Six Months Ended June 30, 2021 and 2020
18						Summary Income Statement
19						Accounts Receivable Impact of COVID-19
20						Joint Venture Summary as of June 30, 2021
21						Summary of Outstanding Debt as of June 30, 2021
22						Maturity Schedule of Outstanding Debt as of June 30, 2021
23						Key Debt Metrics
24						Top 25 Tenants by Annualized Base Rent
25						Retail Leasing Spreads
26						Lease Expirations
27						Development and Redevelopment Projects
28						Geographic Diversification – Annualized Base Rent by Region and State
29						Operating Retail Portfolio Summary Report
33						Operating Office Properties and Other
34						Components of Net Asset Value

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 Second Quarter 2021 Operating Results and Raises Full Year Guidance

Indianapolis, Indiana, August 2, 2021 - Kite Realty Group Trust (NYSE: KRG) reported today its operating results for the second quarter ended June 30, 2021.

“During the second quarter, KRG delivered exceptional operational results as we continue to capitalize on strong retailer demand for our high-quality open-air shopping centers,” said John A. Kite, Chairman and CEO. “Given the continued leasing momentum and reduced tenant fallout, we raised guidance an additional $0.02 at the midpoint.”

Second Quarter Financial Results

•Realized net loss attributable to common shareholders of $0.2 million, or $0.00 per common share, compared to net loss of $4.8 million, or $0.06 per common share, for the three months ending June 30, 2021 and 2020, respectively.

•Generated NAREIT Funds From Operations of the Operating Partnership (FFO) of $29.9 million, or $0.34 per diluted common share.

•Generated Funds From Operations, as adjusted, of the Operating Partnership (FFO) of $29.6 million, or $0.34 per diluted common share.

◦Excludes a positive impact of $1.1 million of 2020 Collection Impact (as defined below).

◦Excludes a negative impact of $0.8 million of merger and acquisition costs.

•Same-Property Net Operating Income (NOI) increased by 10.1%.

•Approximately 98% of second quarter base rent and recoveries have been collected.

•As detailed on page 19 of our supplemental, KRG had a recovery of bad debt of approximately $0.6 million.

Second Quarter Portfolio Operations

•Executed 73 new and renewal leases representing over 637,000 square feet, which more than doubled the year-over-year leasing activity.

◦GAAP leasing spreads of 31.2% (19.7% cash basis) on 11 comparable new leases, 12.1% (7.5% cash basis) on 39 comparable renewals, and 14.7% (9.2% cash basis) on a blended basis.

•Signed significant new anchor leases, including Adidas at Portofino Shopping Center (Houston, TX) and Old Navy at Crossing at Killingly Commons (Willimantic, CT).

•Annualized base rent (ABR) per square foot for the operating retail portfolio was $18.48, a 2.2% increase year-over-year.

•Retail leased percentage was 91.5%, a sequential increase of 100 basis points.

Balance Sheet Overview

•As of June 30, 2021, KRG’s net-debt-to-Adjusted EBITDA was 6.4x.

Merger Update

p. 3 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

•On July 18, 2021, the Company, and KRG Oak, LLC, a wholly-owned subsidiary of the Company, entered into a definitive merger agreement with Retail Properties of America, Inc. (“RPAI”) pursuant to which RPAI will merge with and into a KRG Oak, LLC, and each outstanding share of RPAI common stock will be converted into a right to receive 0.623 common shares of the Company, plus cash in lieu of fractional shares, if any. The merger is subject to customary closing conditions, including approval by RPAI’s stockholders and the Company’s shareholders at special meetings. The Company currently expects that the transaction will close in the fourth quarter of 2021.

2021 Earnings Guidance

KRG is raising 2021 guidance for FFO, as adjusted, by $0.02 at the midpoint to $1.29 to $1.35 per share (previously $1.26 - $1.34).

•Estimated 2021 FFO, as adjusted, excludes the impact of 2020 cash and non-cash bad debt or accounts receivable (“2020 Collection Impact”). In the future, should there continue to be previous bad debt collected (recognized as revenue) or accounts receivable written off (recognized as expense) related to 2020 accounts receivable, KRG will disclose the impact, but exclude it from FFO, as adjusted.

•Estimated 2021 FFO, as adjusted, excludes any future merger and acquisition costs associated with the proposed merger with RPAI. The historical costs incurred through June 30, 2021 are reflected below.

•All estimates exclude the impact from the proposed merger with RPAI, other than Merger and Acquisition Costs incurred during the second quarter of 2021.

Net Income to FFO, as adjusted, Reconciliation
						Low End						High End
Net Income						$	(0.08)					$	(0.02)
Depreciation						1.37						1.37
NAREIT FFO						1.29						1.35
Less: 2020 Collections Impact						(0.01)						(0.01)
Add: Merger and Acquisition Costs						0.01						0.01
FFO, as adjusted, Guidance						$	1.29					$	1.35

Earnings Conference Call

Kite Realty Group Trust will conduct a conference call to discuss its financial results on Tuesday, August 3, 2021, at 11:00 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 (Conference ID: 5090863). In addition, a webcast replay link will be available on the corporate website. As a reminder, this call will focus on second quarter results and we request that you confine your questions and comments to these results and not the previously announced pending merger with RPAI.

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.

Connect with KRG: LinkedIn | Twitter | Instagram | Facebook

Safe Harbor

This release, 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 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations

p. 4 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

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.

Currently, one of the most significant factors that could cause actual outcomes to differ significantly from our forward-looking statements is the potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, including possible resurgences and mutations, on the financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets. The effects of COVID-19 have caused and may continue to cause many of our tenants to close stores, reduce hours or significantly limit service, making it difficult for them to meet their rent obligations, and therefore has and will continue to impact us significantly for the foreseeable future. COVID-19 has impacted us significantly, and the extent to which it will continue to impact us and our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the continued speed of the vaccine distribution, the efficacy of vaccines, including against variants of COVID-19, acceptance and availability of vaccines, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.

Additional risks, uncertainties and other factors that might cause such differences, some of which could be material, include but are not limited to: the ability to complete the merger with RPAI, including the satisfaction of the conditions necessary to close the proposed transaction (such as approval by the shareholders of both companies), on the terms or timeline currently contemplated, or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement relating to the proposed transaction with RPAI; risks associated with acquisitions generally, including the integration of the Company’s and RPAI’s businesses and the ability to achieve expected synergies or costs savings; the risk that disruptions caused by or relating to the proposed transaction will harm the Company’s business, including current plans and operations; 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; the Company’s ability to refinance, or extend the maturity dates of, the Company’s indebtedness; the level and volatility of interest rates; the financial stability of tenants, including their ability to pay rent or request rent concessions, and the risk of tenant insolvency and bankruptcy; the competitive environment in which the Company operates, including potential oversupplies of and reduction in demand for rental space; acquisition, disposition, development and joint venture risks; property ownership and management risks, including the relative illiquidity of real estate investments, periodic costs to repair, renovate and re-lease spaces, operating costs and expenses, vacancies or the inability to rent space on favorable terms or at all; the Company’s ability to maintain the Company’s status as a real estate investment trust for U.S. federal income tax purposes; potential environmental and other liabilities; impairment in the value of real estate property the Company owns; the attractiveness of our properties to tenants, the actual and perceived impact of e-commerce on the value of shopping center assets and changing demographics and customer traffic patterns; risks related to our current geographical concentration of the Company’s properties in Florida, Indiana, Texas, North Carolina and Nevada; civil unrest, acts of terrorism or war, acts of God, climate change, epidemics, pandemics (including COVID-19), natural disasters and severe weather conditions such as hurricanes, tropical storms, tornadoes, earthquakes, droughts, floods and fires, including such events or conditions that may result in underinsured or uninsured losses or other increased costs and expenses; changes in laws and government regulations including governmental orders affecting the use of the Company’s properties or the ability of its tenants to operate, and the costs of complying with such changed laws and government regulations; possible short-term or long-term changes in consumer behavior due to COVID-19 and the fear of future pandemics; 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

p. 5 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

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 the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and in the Company’s 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.

This Earnings Release also includes certain forward-looking non-GAAP information. Due to high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these estimates, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable efforts.

p. 6 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

CORPORATE PROFILE

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 June 30, 2021, we owned interests in 87 operating properties totaling approximately 16.8 million square feet and five development and redevelopment projects.

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 patterns 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, strengthen the Company’s balance sheet, or otherwise allocated so as to generate attractive risk-adjusted returns.  

Company Highlights as of June 30, 2021

						# of Properties			Total GLA /NRA			Owned  GLA /NRA1
Operating Retail Properties						83			16,262,602			11,659,098
Operating Office Properties and Other						4			498,242			498,242
Total Operating Properties						87			16,760,844			12,157,340
Development and Redevelopment Projects2						5			866,493			368,890
Total All Properties						92			17,627,337			12,526,230
						Retail			Non-Retail			Total
Operating Properties –  Leased Percentage						91.5%			96.9%			91.7%
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.
2			Includes square footage of planned space upon completion.

p. 7 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

CONTACT INFORMATION    

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. Wes Golladay

Mr. Floris van Dijkum

Kite Realty Group Trust

(216) 737-7510

(646) 757-2621

30 South Meridian Street, Suite 1100

wgolladay@rwbaird.com

fvandijkum@compasspointllc.com

Indianapolis, IN 46204

(317) 713-2762

Bank of America/Merrill Lynch

KeyBanc Capital Markets

jcolton@kiterealty.com

Mr. Jeffrey Spector/Mr. Craig Schmidt

Mr. Jordan Sadler/Mr. Todd Thomas

(646) 855-1363/(646) 855-3640

(917) 368-2280/(917) 368-2286

Transfer Agent:

jeff.spector@bofa.com

tthomas@keybanccm.com

craig.schmidt@bofa.com

jsadler@keybanccm.com

Broadridge Financial Solutions

Ms. Kristen Tartaglione

BTIG

Raymond James

2 Journal Square, 7th Floor

Mr. Michael Gorman

Mr. RJ Milligan

Jersey City, NJ  07306

(212) 738-6138

(727) 567-2585

(201) 714-8094

mgorman@btig.com

rjmilligann@raymondjames.com

Stock Specialist:

Capital One Securities, Inc.

Piper Sandler

Mr. Christopher Lucas

Mr. Alexander Goldfarb

GTS

(571) 633-8151

(212) 466-7937

545 Madison Avenue

christopher.lucas@capitalone.com

alexander.goldfarb@psc.com

15th Floor

New York, NY 10022

Citigroup Global Markets

Wells Fargo Securities, LLC

(212) 715-2830

Mr. Michael Bilerman/Ms. Katy McConnell

Ms. Tamara Fique

(212) 816-1383/(212) 816-6981

(617) 603-4262/(443) 263-6568

michael.bilerman@citigroup.com

tamara.fique@wellsfargo.com

katy.mcconnell@citigroup.com

p. 8 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

IMPORTANT NOTES INCLUDING NON-GAAP DISCLOSURES    

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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, to be filed on or about August 6, 2021, 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.

Currently, one of the most significant factors that could cause actual outcomes to differ materially from the forward-looking statements is the potential adverse effect of the current pandemic of the novel coronavirus ("COVID-19"), including possible resurgences and mutations, on the financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets. The effects of COVID-19 have caused and may continue to cause many of the Company’s tenants to close stores, reduce hours or significantly limit service, making it difficult for them to meet their rental obligations, and therefore has and will continue to impact us significantly for the foreseeable future. COVID-19 has impacted the Company significantly, and the extent to which it will continue to impact the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the continued speed of the vaccine distribution, the efficacy of vaccines, including against variants of COVID-19, acceptance and availability of vaccines, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, and possible short-term and long-term effects of the pandemic on consumer behavior, among others.

In addition, risks, uncertainties and factors that might cause such differences from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements, some of which could be material, include but are not limited to:

•The ability to complete the Merger with RPAI, including the satisfaction of the conditions necessary to close the proposed transaction (such as approval by the shareholders of both companies), on the terms or timeline currently contemplated, or at all;

•the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement relating to the proposed transaction with RPAI;

•risks associated with acquisitions generally, including the integration of the Company’s and RPAI’s businesses and the ability to achieve expected synergies or cost savings;

•the risk that disruptions caused by or relating to the proposed transaction will harm the Company’s business, including current plans and operations;

•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 or request rent concessions, and the risk of tenant insolvency and bankruptcy;

•the competitive environment in which the Company operates, including potential oversupplies of and reduction in demand for rental space;

•acquisition, disposition, development and joint venture risks;

•property ownership and management risks, including the relative illiquidity of real estate investments, period costs to repair, renovate and re-lease spaces, oeprating costs and expense, vacancies or the inability to rent space on favorable terms or at all;

•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 attractiveness of our properties to tenants, the actual and perceived impact of e-commerce on the value of shopping center assets and changing demographics and customer traffic patterns;

•risks related to our current geographical concentration of our properties in Florida, Indiana, Texas, Nevada and North Carolina;

•civil unrest, acts of terrorism or water, acts of God, climate change, epidemics, pandemics (including COVID-19), natural disasters and severe weather conditions such as hurricanes, tropical storms, tornadoes, earthquakes, droughts, floods and fires, including such events or conditions that may result in underinsured or uninsured losses, or other increased costs and expenses;

•changes in laws and government regulations including governmental orders affecting the use of our properties or the ability of our tenants to operate, and the costs of complying with such changed laws and government regulations;

•possible short-term or long-term changes in consumer behavior due to COVID-19 and the fear of future pandemics;

•insurance costs and coverage;

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

p. 9 Kite Realty Group Trust Supplemental Financial and Operating Statistics 6/30/2021

IMPORTANT NOTES INCLUDING NON-GAAP DISCLOSURES (CONTINUED)

•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, 2020, 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 excludes the gain on the sale of the ground lease portfolio as this sale was part of our capital strategy distinct from our ongoing operating strategy of selling individual land parcels, from time to time. 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. 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 “FFO as adjusted” which starts with FFO, as defined by NAREIT, and then 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, merger and acquisition costs, the impact on earnings from employee severance, the excess of redemption value over carrying value of preferred stock redemption, and the impact of 2020 bad debt or 2020 accounts receivable ("2020 Collection Impact"), which are not otherwise adjusted in the Company’s calculation of FFO.

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, including merger and acquisition costs. 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 income in excess of lost rent, amortization of lease intangibles and significant prior period expense recoveries and adjustments, if any. When the Company receives payments in excess of any accounts receivable for terminating a lease, Same Property NOI will include such excess payments as monthly rent until the earlier of the following: the expiration of 12 months or the start date of a replacement tenant. 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 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 periods

p. 10 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

IMPORTANT NOTES INCLUDING NON-GAAP DISCLOSURES (CONTINUED)

presented and thus provides a more consistent metric for the comparison of our properties. Same Property NOI includes the results of properties that have been owned for the entire current and prior year reporting periods.

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 June 30, 2021, the Company excluded three redevelopment properties 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) and Net Debt to 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 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. 11 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

($ in thousands)
						June 30, 2021						December 31, 2020
Assets:
Investment properties, at cost						$	3,147,133					$	3,143,961
Less: accumulated depreciation						(803,437)						(755,100)
						2,343,696						2,388,861
Cash and cash equivalents						89,894						43,648
Tenant and other receivables, including accrued straight-line rent of $24,802 and $24,783, respectively						46,678						57,154
Restricted cash and escrow deposits						4,186						2,938
Deferred costs and intangibles, net						57,239						63,171
Short-term deposits and other assets						164,489						39,975
Investments in unconsolidated subsidiaries						13,023						12,792
Total Assets						$	2,719,205					$	2,608,539
Liabilities and Shareholders’ Equity:
Mortgage and other indebtedness, net						$	1,289,369					$	1,170,794
Accounts payable and accrued expenses						74,440						77,469
Deferred revenue and other liabilities						83,856						85,649
Total Liabilities						1,447,665						1,333,912
Commitments and contingencies
Limited Partners’ interests in the Operating Partnership and other redeemable noncontrolling interests						57,367						43,275
Shareholders’ Equity:
Kite Realty Group Trust Shareholders’ Equity:
Common Shares, $.01 par value, 225,000,000 shares authorized, 84,546,649 and 84,187,999 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively						845						842
Additional paid in capital						2,064,310						2,085,003
Accumulated other comprehensive loss						(24,354)						(30,885)
Accumulated deficit						(827,326)						(824,306)
Total Kite Realty Group Trust Shareholders’ Equity						1,213,475						1,230,654
Noncontrolling Interests						698						698
Total Equity						1,214,173						1,231,352
Total Liabilities and Equity						$	2,719,205					$	2,608,539

p. 12 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

($ in thousands, except per share data)
						Three Months Ended June 30,												Six Months Ended June 30,
						2021						2020						2021						2020
Revenue:
Rental income						$	67,990					$	61,538					$	135,880					$	127,066
Other property related revenue						1,027						1,676						2,078						5,956
Fee income						515						91						948						195
Total revenue						69,532						63,305						138,906						133,217
Expenses:
Property operating						10,227						9,319						20,496						20,120
Real estate taxes						8,550						8,254						17,950						17,188
General, administrative, and other						8,159						6,578						15,435						13,504
Merger and acquisition costs						760						—						760						—
Depreciation and amortization						29,798						31,409						60,431						62,877
Total expenses						57,494						55,560						115,072						113,689
Gain on sale of properties, net						50						623						26,258						1,666
Operating income						12,088						8,368						50,092						21,194
Interest expense						(12,266)						(13,271)						(24,508)						(25,564)
Income tax benefit of taxable REIT subsidiary						100						202						218						306
Equity in loss of unconsolidated subsidiaries						(244)						(436)						(562)						(839)
Other income, net						227						351						19						249
Net (loss) income						(95)						(4,786)						25,259						(4,654)
Net (income) loss attributable to noncontrolling interests						(147)						17						(926)						(188)
Net (loss) income attributable to Kite Realty Group Trust common shareholders						$	(242)					$	(4,769)					$	24,333					$	(4,842)
Net income (loss) per common share - basic and diluted						$	0.00					$	(0.06)					$	0.29					$	(0.06)
Weighted average common shares outstanding - basic						84,509,871						84,157,541						84,423,703						84,090,316
Weighted average common shares outstanding - diluted						84,509,871						84,157,541						85,280,156						84,090,316
Dividends per common share						$	0.1700					$	0.0000					$	0.3200					$	0.3175

p. 13 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

SAME PROPERTY NET OPERATING INCOME (NOI)

($ in thousands)
			Three Months Ended June 30,																		Six Months Ended June 30,
			2021						2020						% Change						2021						2020						% Change
Number of properties for the period1			83						83
Leased percentage at period end			91.6		%				94.6		%										91.6		%				94.6		%
Economic Occupancy percentage2			89.2		%				92.4		%										89.0		%				92.7		%
Minimum rent			$	49,407					$	49,787											$	99,278					$	100,735
Tenant recoveries			14,864						14,944												29,864						30,701
Bad debt recovery (provision)			73						(5,439)												(568)						(6,090)
Other income			343						82												514						322
			64,687						59,374												129,088						125,668
Property operating expenses			(8,705)						(7,718)												(17,411)						(16,842)
Real estate taxes			(8,679)						(8,693)												(17,497)						(17,610)
			(17,384)						(16,411)												(34,908)						(34,452)
Same Property NOI			$	47,303					$	42,963					10.1%						$	94,180					$	91,216					3.2%
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure:
Net operating income - same properties			$	47,303					$	42,963											$	94,180					$	91,216
Net operating income - non-same activity3			3,452						2,769												6,280						4,693
Other income (expense), net			83						117												(325)						(284)
General, administrative and other			(8,159)						(6,578)												(15,435)						(13,504)
Merger and acquisition costs			(760)						—												(760)						—
Depreciation and amortization expense			(29,798)						(31,409)												(60,431)						(62,877)
Interest expense			(12,266)						(13,271)												(24,508)						(25,564)
Gain on sales of properties			50						623												26,258						1,666
Net (income) loss attributable to noncontrolling interests			(147)						17												(926)						(188)
Net (loss) income attributable to common shareholders			$	(242)					$	(4,769)											$	24,333					$	(4,842)

____________________
1			Same Property NOI excludes (i) The Corner, Glendale Town Center, and Hamilton Crossing redevelopments, (ii) Eddy Street Commons - Phases II and III developments, (iii) the recently acquired Eastgate Crossing, 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			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. 14 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

NET OPERATING INCOME AND EBITDA BY QUARTER

($ in thousands)
						Three Months Ended
						June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020
Revenue:
Minimum rent1						$	49,097					$	49,801					$	49,506					$	48,669					$	49,265
Minimum rent - ground leases						3,656						4,038						4,190						4,152						4,242
Tenant reimbursements						14,308						15,389						15,863						15,134						14,656
Bad debt recovery (expense)						597						(1,420)						(3,412)						(3,643)						(6,627)
Other property related revenue						336						549						1,675						201						1,411
Overage rent						332						82						164						—						3
Parking revenue, net2						152						(1)						(257)						(32)						(102)
						68,478						68,438						67,729						64,481						62,848
Expenses:
Property operating  - Recoverable3						8,666						8,407						8,688						8,700						8,316
Property operating - Non-Recoverable3						1,229						1,547						1,516						1,342						725
Real estate taxes						8,343						9,212						9,122						9,168						8,165
						18,238						19,166						19,326						19,210						17,206
Net Operating Income - Properties						50,240						49,272						48,403						45,271						45,642
Other (Expenses) Income:
General, administrative, and other						(8,159)						(7,276)						(7,602)						(6,482)						(6,578)
Severance charges						—						—						(3,253)						—						—
Fee income						515						434						79						104						91
						(7,644)						(6,842)						(10,776)						(6,378)						(6,487)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization						42,596						42,430						37,627						38,893						39,155
Depreciation and amortization						(29,798)						(30,634)						(31,818)						(33,953)						(31,409)
Merger and acquisition costs						(760)						—						—						—						—
Interest expense						(12,266)						(12,242)						(12,284)						(12,550)						(13,271)
Equity in loss of unconsolidated subsidiaries						(244)						(318)						(429)						(417)						(436)
Income tax benefit of taxable REIT subsidiary						100						118						200						190						202
Other income (expense), net						227						(206)						21						(16)						350
Gain (loss) on sales of properties						50						26,207						(159)						3,226						623
Net income (loss)						(95)						25,355						(6,842)						(4,627)						(4,786)
Less: Net (income) loss attributable to noncontrolling interests						(147)						(778)						48						40						17
Net (loss) income attributable to Kite Realty Group Trust						$	(242)					$	24,577					$	(6,794)					$	(4,587)					$	(4,769)
NOI/Revenue						73.4		%				72.0		%				71.5		%				70.2		%				72.6		%
Recovery Ratios4
- Retail Properties						88.1		%				90.6		%				92.8		%				87.8		%				92.3		%
- Consolidated						84.1		%				87.3		%				89.1		%				84.7		%				88.9		%

____________________
1			Minimum rent includes $0.3 million, $1.2 million, $0.6 million, $0.3 million, and $0.6 million of lease termination income for the three months ended June 30, 2021, March 31, 2021, December, 31, 2020, September 30, 2020, and June 30, 2020, 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 recurring G&A expense of $1.4 million allocable to the property operations in the three months ended June 30, 2021, 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. 15 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

FUNDS FROM OPERATIONS1, 2

($ in thousands, except per share data)
						Three Months Ended June 30,												Six Months Ended June 30,
						2021						2020						2021						2020
Funds From Operations ("FFO")
Consolidated net (loss) income						$	(95)					$	(4,786)					$	25,259					$	(4,654)
Less: net income attributable to noncontrolling interests in properties						(132)						(132)						(264)						(264)
Less: Gain on sales of properties						(50)						(623)						(26,258)						(1,666)
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests						30,142						31,744						61,113						63,531
FFO of the Operating Partnership1						29,865						26,203						59,850						56,947
Less: Limited Partners' interests in FFO						(888)						(769)						(1,758)						(1,508)
FFO attributable to Kite Realty Group Trust common shareholders1						$	28,977					$	25,434					$	58,092					$	55,439
FFO, as defined by NAREIT, per share of the Operating Partnership - basic						$	0.34					$	0.30					$	0.69					$	0.66
FFO, as defined by NAREIT, per share of the Operating Partnership - diluted						$	0.34					$	0.30					$	0.68					$	0.66
Add: merger and acquisition costs						760						—						760						—
Less: 2020 Collection Impact						(1,057)						—						(1,267)						—
FFO, as adjusted, of the Operating Partnership						$	29,568					$	26,203					$	59,343					$	56,947
FFO, as adjusted, per share of the Operating Partnership - basic						$	0.34					$	0.30					$	0.68					$	0.66
FFO, as adjusted, per share of the Operating Partnership - diluted						$	0.34					$	0.30					$	0.68					$	0.66
Weighted average common shares outstanding - basic						84,509,871						84,157,541						84,423,703						84,090,316
Weighted average common shares outstanding - diluted						85,684,070						84,318,868						85,280,156						84,247,173
Weighted average common shares and units outstanding - basic						86,986,054						86,392,532						86,924,446						86,296,471
Weighted average common shares and units outstanding - diluted						88,160,253						86,553,859						87,780,899						86,453,328
FFO, as defined by NAREIT, per diluted share/unit
Consolidated net income (loss)						$	0.00					$	(0.06)					$	0.29					$	(0.05)
Less: net income attributable to noncontrolling interests in properties						0.00						0.00						0.00						0.00
Less: Gain on sales of properties						0.00						(0.01)						(0.30)						(0.02)
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests						0.34						0.37						0.70						0.73
FFO, as defined by NAREIT, of the Operating Partnership per diluted share/unit1, 2						$	0.34					$	0.30					$	0.68					$	0.66
Add: merger and acquisition costs						0.01						—						0.01						—
Less: 2020 Collection Impact						(0.01)						—						(0.01)						—
FFO, as adjusted, of the Operating Partnership per diluted share/unit 2						$	0.34					$	0.30					$	0.68					$	0.66

____________________
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. 16 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

ADJUSTED FUNDS FROM OPERATIONS AND OTHER FINANCIAL INFORMATION

($ in thousands)
						Three Months Ended June 30,												Six Months Ended June 30,
						2021						2020						2021						2020
Reconciliation of FFO, as adjusted, to Adjusted Funds from Operations (AFFO)
FFO, as adjusted, of the Operating Partnership						$	29,568					$	26,203					$	59,343					$	56,947
Add:
Depreciation of non-real estate assets						98						118						202						251
Amortization of deferred financing costs						702						590						1,230						1,172
Non-cash compensation expense						1,831						1,433						3,508						2,414
Less:
Straight-line rent - minimum rent						268						213						214						371
Straight-line rent - common area maintenance						259						180						414						358
Straight-line rent - reserve for uncollectability						—						(881)						(110)						(3,757)
Market rent amortization income						422						768						902						1,367
Amortization of debt premium						111						111						222						222
Capital expenditures1:
Maintenance capital expenditures						194						820						360						981
Revenue enhancing tenant improvements						606						735						2,357						3,448
External lease commissions						308						102						618						364
Total Recurring AFFO of the Operating Partnership						30,031						$	26,296					$	59,306					$	57,430
Other Financial Information:
Scheduled debt principal payments						$	574					$	554					$	1,141					$	1,103

____________________
1			Excludes landlord work, tenant improvements and leasing commissions relating to development, redevelopment, and Anchor Acceleration projects.

p. 17 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

SUMMARY INCOME STATEMENT

($ in thousands)
						Three Months Ended June 30,
						2021						2020						% Change
Same Property Revenue						$	64,687					$	59,374					8.9		%
Same Property Expenses						(17,384)						(16,411)						(5.9)		%
Same Property Net Operating Income						47,303						42,963						10.1		%
Sold Assets Net Operating Income						—						573
Non-Same Property Net Operating Income						2,937						2,106
Net Operating Income						50,240						45,642						10.1		%
General and Administrative Expense						(8,159)						(6,578)						(24.0)		%
Fee income						515						91						465.9		%
EBITDA						42,596						39,155						8.8		%
Merger and acquisition costs						(760)						—
Interest Expense						(12,266)						(13,271)						7.6		%
Other income (expense), net						295						319						7.5		%
Funds From Operations						29,865						26,203						14.0		%
2020 Collection Impact						(1,057)						—						100.0		%
Merger and Acquisition Costs						760						—						100.0		%
Funds From Operations, as adjusted						29,568						26,203						12.8		%
Non-Cash Items						1,571						1,750						10.2		%
Capital Expenditures						(1,108)						(1,657)						33.1		%
Recurring Adjusted Funds From Operations						30,031						26,296						14.2		%
FFO per share of the Operating Partnership, as adjusted - diluted						$	0.34					$	0.30					13.4		%

p. 18 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

IMPACT OF COVID-19

($ in thousands)
Bad Debt Breakout
			Amount			Supplemental Page No.:
Bad Debt Type
2nd Quarter Billed Rent Deemed Uncollectible - Operating Tenants			$	722
2nd Quarter Cash Impact			722
Recovery of Bad Debt Incurred in 1st Quarter 2021			(149)
Straight-Line Rent Recovery from 1st Quarter 2021			(113)
2021 Impact			460
Previous Accounts Receivable Balance Accrued in 2020 Now Deemed Uncollectible			553
Recovery of Bad Debt Incurred in 2020			(1,065)
Straight-Line Rent Recovery from 2020			(545)
Total 2nd Quarter Bad Debt Expense (Recovery)			$	(597)		15

Accounts Receivable Impact
			Amount			Supplemental Page No.:
Balance as of March 31, 2021			$	49,080
Small Business Loans			(158)
Other Activity			2,069
2nd Quarter Billed Rent Outstanding			1,975
2nd Quarter Billed Rent Deemed Uncollectible			(722)
Accounts Receivable Balances Prior to 1st Quarter Deemed Uncollectible			(553)
Amounts Collected Outstanding as of December 31			(5,013)
Balance as of June 30, 2021			$	46,678		12

Revenue Breakdown
			Amount			Supplemental Page No.:
2nd Quarter Billed Rent			$	64,656
2nd Quarter Billed Rent Deemed Uncollectible			(722)
Previous Billed Rent Deemed Uncollectible			(553)
Reserved in Previous Quarter, Paid in 2nd Quarter			1,065
Other Revenues			4,032
2nd Quarter Total Revenues			$	68,478		15
2nd Quarter Total Revenues			68,478
Previous Accounts Receivable Balance Now Deemed Uncollectible			553
Recovery of Previous Bad Debt			(1,065)
Other Revenues			(4,032)
2nd Quarter Net Recurring Revenue			$	63,934
Comparison to Q1 2020
1st Quarter 2020 Billed Rent			$	67,400
Difference from 1st Quarter 2020 to 2nd Quarter 2021 in Billed Rent			(4.1)		%
1st Quarter 2020 Net Recurring Revenues			$	68,020
Difference from 1st Quarter 2020 to 2nd Quarter 2021 in Net Recurring Revenues			(6.0)		%

p. 19 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

JOINT VENTURE SUMMARY - JUNE 30, 2021

($ 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			466,907			$	138,832		$	29,373		2% - 15%			$	587		$	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			$	101,208		$	51,890		20%			$	10,378		$	9,010		$	328		$	1,312
Individual Investors			359,460			69,375			44,502			12% - 35%			13,022			4,013			174			696
Total			776,337			$	170,583		$	96,392					$	23,400		$	13,023		$	502		$	2,008

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

p. 20 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

SUMMARY OF OUTSTANDING DEBT AS OF JUNE 30, 2021

($ in thousands)
TOTAL OUTSTANDING DEBT 1
			Outstanding Amount						Ratio						Weighted Average Interest Rate						Weighted Average Maturity (in years)
Fixed Rate Debt			1,115,185						84		%				3.59		%				4.6
Variable Rate Debt			184,373						14		%				3.50		%				4.4
Net Debt Premiums and Issuance Costs, Net			(10,189)						N/A						N/A						N/A
Total Consolidated Debt			1,289,369						98		%				3.58		%				4.6
KRG Share of Unconsolidated Debt			23,400						2		%				4.50		%				5.3
Total			1,312,769						100		%				3.60		%				4.6

SCHEDULE OF MATURITIES BY YEAR
						Secured Debt
						Scheduled Principal  Payments						Term Maturities						Unsecured Debt 2						Total Consolidated Debt						Total Unconsolidated Debt						Total Outstanding Debt
2021						1,162						—						—						1,162						145						1,307
2022						1,043						153,500						—						154,543						341						154,884
2023						806						161,517						95,000						257,323						270						257,593
2024						854						—						—						854						1,534						2,388
2025						904						—						80,000						80,904						10,732						91,636
2026						957						—						300,000						300,957						—						300,957
2027 And Beyond						3,715						100						500,000						503,815						10,378						514,193
Net Debt Premiums and Issuance Cost, Net						(10,189)						—						—						(10,189)						—						(10,189)
Total						$	(748)					$	315,117					$	975,000					$	1,289,369					$	23,400					$	1,312,769

1			Fixed rate debt includes, and variable rate debt excludes, the portion of such debt that has been hedged by interest rate derivatives. As of June 30, 2021, $250 million in variable rate debt is hedged for a weighted average of 4.2 years and $155 million in fixed rate debt is hedged to floating rate for a weighted average of 4.2 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. 21 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF JUNE 30, 2021

($ in thousands)
Property						Interest Rate1						Maturity Date						Balance as of June 30, 2021						% of  Total Outstanding
2021 Debt Maturities																		—						—		%
Delray Marketplace 2						LIBOR + 160						2/5/2022						29,373
Bayonne Crossing						4.43		%				4/1/2022						41,686
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																		154,579						12		%
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						20		%
2024 Debt Maturities																		—						—		%
Senior Unsecured Note 6						LIBOR + 365						9/10/2025						80,000
2025 Debt Maturities																		80,000						6		%
Senior Unsecured Note						4.00		%				10/1/2026						300,000
2026 Debt Maturities																		300,000						23		%
Senior Unsecured Exchangeable Note						0.75		%				4/1/2027						175,000
Senior Unsecured Note 6						LIBOR + 375						9/10/2027						75,000
Unsecured Term Loan 4						LIBOR + 200						10/24/2028						250,000
Rampart Commons						5.73		%				6/10/2030						8,462
2027 And Beyond Debt Maturities																		508,462						39		%
NET PREMIUMS ON ACQUIRED DEBT & ISSUANCE COSTS																		(10,189)
TOTAL DEBT PER CONSOLIDATED BALANCE SHEET																		$	1,289,369					98		%
KRG Share of Unconsolidated Debt
Embassy Suites at University of Notre Dame 5						LIBOR + 250						7/1/2025						11,770
Glendale Center Apartments 5						LIBOR + 280						5/31/2024						1,252
Nuveen 5						4.09%						7/1/2028						10,378
TOTAL KRG SHARE OF UNCONSOLIDATED DEBT																		23,400						2		%
TOTAL CONSOLIDATED AND KRG SHARE OF UNCONSOLIDATED DEBT																		$	1,312,769

1			At June 30 2021, one-month LIBOR was 0.10%.
2			Property is held in a joint venture. The loan is guaranteed by Kite Realty Group, LP.
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. Term loan is hedged to a fixed rate of 4.20% until initial maturity of 2025.
5			Properties are held in joint ventures. See Joint Venture Summary on page 20 for additional detail.
6			Notes are hedged to floating rate until 9/10/2025.

p. 22 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

KEY DEBT METRICS

UNSECURED PUBLIC DEBT COVENANTS

June 30, 2021

Debt Covenant Threshold1

Total Debt to Undepreciated Assets

38%

<60%

Secured Debt to Undepreciated Assets

10%

<40%

Undepreciated Unencumbered Assets to Unsecured Debt

276%

>150%

Debt Service Coverage

3.2x

>1.5x

UNSECURED CREDIT FACILITY COVENANTS

June 30, 2021

Debt Covenant Threshold

Maximum Leverage

39%

<60%

Minimum Fixed Charge Coverage

3.3x

>1.50x

Secured Indebtedness

10.4%

<45%

Unsecured Debt Interest Coverage

3.9x

>1.75x

Unsecured Leverage

42%

<60%

Senior Unsecured Debt Ratings:

Moody's Investors Service

Baa3/Stable

Standard & Poor's Rating Services

BBB-/Stable

Liquidity ($ in thousands)

Cash, cash equivalents, and short-term deposits

$

214,894

Availability under unsecured credit facility

422,117

$

637,011

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									$	1,322,371
Less: Cash, Cash Equivalents, Restricted Cash, and Short-Term Deposits									(220,589)
									$	1,101,782
Q2 2021 EBITDA, Annualized:
-  Consolidated EBITDA			$	170,384
-  Unconsolidated EBITDA 1			2,008
- Minority Interest EBITDA 1			(528)						171,864
Ratio of Company Share of Net Debt to EBITDA									6.4x

____________________

1

See page 20 for details

p. 23 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

TOP 25 TENANTS BY ANNUALIZED BASE RENT

As of June 30, 2021

($ 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 June 30, 2021.

						Number of Stores																																				Credit Ratings
Tenant						Wholly Owned						JV1						Total Leased GLA/NRA2						Annualized Base Rent3,4						Annualized Base Rent per Sq. Ft.4						% of Total Portfolio Annualized Base Rent4						S&P						Moody's
Publix Super Markets, Inc.						11						—						535,466						$	5,455					$	10.19					2.51 %						N/A						N/A
The TJX Companies, Inc.5						14						2						471,684						4,862						11.26						2.24 %						A						A2
PetSmart, Inc.						13						1						291,379						4,084						14.62						1.88 %						B						B2
Ross Stores, Inc.						12						1						364,442						4,067						11.81						1.87 %						BBB+						A2
Dick's Sporting Goods, Inc.6						7						—						340,502						3,764						11.05						1.73 %						N/A						N/A
Nordstrom Rack						5						1						197,797						3,571						20.75						1.64 %						BB+						Baa3
Michaels Stores, Inc.						11						1						253,849						3,319						13.81						1.53 %						N/A						N/A
Burlington Stores, Inc.						5						—						310,423						3,092						9.96						1.42 %						BB+						N/A
Old Navy (11) / Athleta (1)						12						—						188,548						3,035						16.10						1.40 %						BB-						Ba2
National Amusements						1						—						80,000						2,953						36.92						1.36 %						B-						N/A
Kohl's Corporation						4						—						184,516						2,832						7.87						1.30 %						BBB-						Baa2
Walmart Stores, Inc.7						5						—						—						2,776						3.42						1.28 %						AA						Aa2
Best Buy Co., Inc.						5						—						183,604						2,661						14.49						1.23 %						BBB+						A3
Petco Animal Supplies, Inc.						10						—						136,669						2,436						17.83						1.12 %						B						B2
Lowe's Companies, Inc.						3						—						—						2,375						4.91						1.09 %						BBB+						Baa1
LA Fitness						3						—						125,209						2,292						18.31						1.06 %						CCC+						Caa1
Hobby Lobby Stores, Inc.						5						—						271,254						2,276						8.39						1.05 %						N/A						N/A
Bed Bath & Beyond, Inc.8						8						1						251,060						2,243						9.72						1.03 %						B+						Ba3
Whole Foods Market, Inc.						4						—						139,781						2,130						15.24						0.98 %						AA						A1
Mattress Firm, Inc.9						16						—						76,408						2,129						27.86						0.98 %						N/A						N/A
Walgreens						4						—						63,462						2,104						33.15						0.97 %						BBB						Baa2
The Kroger Co.10						3						—						60,268						2,099						9.19						0.97 %						BBB						Baa1
Total Wine & More						4						—						105,684						2,013						19.05						0.93 %						N/A						N/A
Ulta Beauty						8						2						100,086						1,760						21.10						0.81 %						N/A						N/A
Five Below, Inc.						11						—						94,197						1,738						18.45						0.80 %						N/A						N/A
TOTAL						184						9						4,826,288						$	72,067					$	11.47					33.2		%

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 June 30, 2021, 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 Dick's Sporting Goods (6) and Golf Galaxy (1).
7			Includes Walmart (3) and Sam's Club (2).
8			Includes Bed Bath and Beyond (5) and Buy Buy Baby (4).
9			Includes Mattress Firm (12) and Sleepy's (4).
10			Includes Kroger (1), Harris Teeter (1), and Smith's (1).

p. 24 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

RETAIL LEASING SPREADS

																		Comparable Space1, 2
Category						Total Leases						Total Sq. Ft.						Leases						Sq. Ft.						Prior Rent PSF3						New Rent PSF4						Cash Rent Spread			GAAP Rent Spread5			TI, LL Work, Lease Commissions PSF6
New Leases - Q2, 2021						27						159,497						11						35,612						$	25.86					$	30.95					19.7		%	31.2		%
New Leases - Q1, 2021						20						100,604						16						89,791						15.20						19.06						25.3		%	34.9		%
New Leases - Q4, 2020						18						170,711						11						91,576						24.40						23.41						(4.1)		%	9.8		%
New Leases - Q3, 2020						21						87,000						16						69,144						22.03						22.53						2.3		%	15.3		%
Total						86						517,812						54						286,123						$	21.12					$	22.77					7.8		%	20.6		%				$	44.56
Renewals - Q2, 2021						46						478,498						39						395,202						$	14.93					$	16.05					7.5		%	12.1		%
Renewals - Q1, 2021						56						326,333						46						300,894						19.67						20.06						2.0		%	6.9		%
Renewals - Q4, 2020						42						362,858						26						254,752						17.22						17.40						1.0		%	7.7		%
Renewals - Q3, 2020						57						370,151						45						314,219						15.03						16.18						7.6		%	14.5		%
Total						201						1,537,840						156						1,265,067						$	16.54					$	17.31					4.7		%	10.2		%				$	0.72
Total - Q2, 2021						73						637,995						50						430,814						$	15.83					$	17.28					9.2		%	14.7		%
Total - Q1, 2021						76						426,937						62						390,685						18.64						19.83						6.4		%	12.2		%
Total - Q4, 2020						60						533,569						37						346,328						19.12						18.99						(0.7)		%	8.4		%
Total - Q3, 2020						78						457,151						61						383,363						16.29						17.33						6.3		%	14.7		%
Total						287						2,055,652						210						1,551,190						$	17.39					$	18.32					5.3		%	12.5		%				$	8.80

________________
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 leases with terms twenty-four months or shorter.
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.

p. 25 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

LEASE EXPIRATIONS

As of June 30, 2021

($ 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 June 30, 2021.

												Expiring GLA2																														Expiring Annualized Base Rent per Sq. Ft.3
						Number of Expiring Leases1						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
2021						77						167,395						72,860						21,110						$	5,892					2.9		%				$	28.42					$	12.35					$	21.60		$	23.24
2022						225						478,291						722,261						65,020						24,222						12.0		%				27.84						13.49						20.04			19.22
2023						244						503,679						1,050,807						113,177						31,836						15.7		%				29.22						15.54						7.64			19.12
2024						210						454,629						778,424						33,827						22,518						11.1		%				29.96						13.61						14.07			20.21
2025						197						407,757						1,178,558						124,107						27,370						13.5		%				30.35						11.39						17.16			16.44
2026						189						439,224						1,143,370						—						24,379						12.1		%				27.46						11.31						—			15.94
2027						103						240,206						643,670						9,154						15,362						7.6		%				29.75						12.81						33.20			17.65
2028						71						176,769						272,757						61,747						10,941						5.4		%				30.86						15.15						22.63			21.46
2029						52						139,674						177,159						—						6,505						3.2		%				31.09						12.21						—			20.53
2030						43						144,391						266,032						—						7,642						3.8		%				27.52						14.51						—			18.94
Beyond						99						220,022						1,112,679						54,721						25,582						12.6		%				28.70						16.24						23.56			18.48
						1,510						3,372,037						7,418,577						482,863						$	202,248					100.0		%				$	29.09					$	13.56					$	17.02		$	18.43

____________________
1			Lease expiration table reflects rents in place as of June 30, 2021 and does not include option periods; 2021 expirations include 13 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 June 30, 2021 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.

p. 26 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

DEVELOPMENT AND REDEVELOPMENT PROJECTS

($ in thousands)

Project			MSA			KRG Ownership %			Anticipated Start Date			Projected Stabilization Date1			Projected New Total GLA			Projected New Owned GLA			Total Project Cost			KRG Equity Requirement			KRG Remaining Spend			Estimated Return on Project2
Active Projects
Glendale Town Center Apartments			Indianapolis, IN			12%			Q2 2020			Q2 2022			207,000			24,000			$	38,400		$	1,200		$	600		7.0% - 8.0%
Eddy Street Commons at Notre Dame, IN - Phase III			South Bend, IN			100%			Q3 2020			Q1 2022			68,500			18,600			7,500			7,500			4,400			8.5% - 9.5%
Glendale Town Center Retail3			Indianapolis, IN			100%			Q1 2021			Q1 2022			54,500			54,500			11,000			3,900			3,500			27.0% - 28.0%
Total															330,000			97,100			$	56,900		$	12,600		$	8,500		14.0% - 15.0%

Future Opportunities4
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.

Anchor Acceleration
Leases Signed			7
Tenants Open and Paying Rent			—
Capital Spent (cumulative)			$	200
Estimated Capital Remaining			8,500
Total Estimated Capital			$	8,700
Estimated Return on Costs			36		%

Projected Annualized Development / Redevelopment Cash NOI Summary
Remaining Under Construction Development / Redevelopment Cash NOI5			$	1,993
Total Remaining Annual Cash NOI			$	1,993

____________________
1			Stabilization date represents near completion of project construction and substantial occupancy of the property.
2			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.
3			Equity requirement is lower than total project cost due to a $7.1 million TIF received from the City of Indianapolis.
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 the Anchor Acceleration.

p. 27 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

GEOGRAPHIC DIVERSIFICATION – ANNUALIZED BASE RENT BY REGION AND STATE

As of June 30, 2021

($ in thousands)

						Total Operating Portfolio Excluding Developments and Redevelopments												Developments and Redevelopments2												Joint Ventures3												Total Operating Portfolio Including  Developments and Redevelopments
Region/State						Owned GLA/NRA1						Annualized Base Rent						Owned GLA/NRA1						Annualized Base Rent						Owned GLA/NRA1						Annualized Base Rent						Number of Properties						Owned GLA/NRA1						Annualized Base Rent - Ground Leases						Total Annualized Base Rent						Percent of Annualized Base Rent
South
Florida						3,331,981						$	52,963					—						$	—					121,591						$	1,217					29						3,453,572						$	2,801					$	56,981					25.6%
Texas						1,795,458						27,416						—						—						156,099						2,556						10						1,951,557						1,377						31,349						14.1%
North Carolina						1,233,213						24,496						—						—						—						—						9						1,233,213						817						25,313						11.4%
Oklahoma						505,275						6,620						—						—						—						—						3						505,275						861						7,481						3.4%
Georgia						276,318						3,730						—						—						—						—						1						276,318						357						4,087						1.8%
Tennessee						230,981						3,790						—						—						—						—						1						230,981						—						3,790						1.7%
South Carolina						257,957						2,760						—						—						—						—						2						257,957						—						2,760						1.2%
Texas - Other						107,400						644						—						—						—						—						1						107,400						—						644						0.3%
Total South						7,738,583						122,419						—						—						277,690						3,773						56						8,016,273						6,213						132,405						59.6%
Midwest
Indiana - Retail						1,393,928						22,677						344,890						2,230						—						—						19						1,738,818						1,519						26,426						11.9%
Indiana - Other						366,502						6,820						24,000						—						—						—						4						390,502						—						6,820						3.1%
Ohio						236,230						1,899						—						—						—						—						1						236,230						—						1,899						0.9%
Illinois						83,759						1,152						—						—						—						—						1						83,759						—						1,152						0.5%
Total Midwest						2,080,419						32,548						368,890						2,230						—						—						25						2,449,309						1,519						36,297						16.3%
West
Nevada						768,654						19,371						—						—						—						—						4						768,654						3,767						23,138						10.4%
Utah						392,288						7,380						—						—						—						—						2						392,288						—						7,380						3.3%
Arizona						79,902						2,467						—						—						—						—						1						79,902						—						2,467						1.1%
Total West						1,240,844						29,218						—						—						—						—						7						1,240,844						3,767						32,985						14.8%
Northeast
New York						363,023						9,078						—						—						—						—						1						363,023						—						9,078						4.1%
New Jersey						112,140						2,831						—						—						139,022						2,849						2						251,162						2,072						7,752						3.5%
Connecticut						205,619						2,600						—						—						—						—						1						205,619						1,061						3,661						1.6%
Total Northeast						680,782						14,509						—						—						139,022						2,849						4						819,804						3,133						20,491						9.2%
						11,740,628						$	198,694					368,890						$	2,230					416,712						$	6,622					92						12,526,230						$	14,632					$	222,178					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 three redevelopment and two development projects not in the retail operating portfolio.
3			Represents the three operating properties owned in unconsolidated joint ventures.

p. 28 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

OPERATING RETAIL PORTFOLIO SUMMARY REPORT

As of June 30, 2021

Property			Location (MSA)			Year Built/ Renovated			Owner-ship %			Owned GLA1												Leased %									ABR per SqFt			Grocery Anchors2			Other Retailers2
												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%			205,619			148,261			57,358						89.3 %			100.0 %			61.7 %			14.16			Stop & Shop Supermarket, (Target)			TJ Maxx, Michaels, Petco, Staples, Lowe's Home Improvement Center, Old Navy
Florida
12th Street Plaza			Vero Beach			1978/2003			100%			135,016			121,376			13,640						75.7 %			73.0 %			100.0 %			11.53			Publix			Tuesday Morning
Bayport Commons			Tampa			2008			100%			98,668			73,045			25,623						100.0 %			100.0 %			100.0 %			17.91			(Target)			Burlington, PetSmart, Michaels
Centre Point Commons			Sarasota			2007			100%			119,366			93,574			25,792						98.7 %			100.0 %			93.8 %			17.96						Best Buy, Dick's Sporting Goods, Office Depot, Panera Bread, (Lowe's Home Improvement Center)
Cobblestone Plaza			Miami			2011			100%			133,251			68,219			65,032						96.7 %			100.0 %			93.2 %			29.07			Whole Foods			Party City, Planet Fitness
Colonial Square			Fort Myers			2010			100%			186,517			150,505			36,012						95.7 %			100.0 %			77.7 %			12.59						Kohl's, Hobby Lobby, PetSmart
Delray Marketplace			Miami			2013			98%			260,387			118,136			142,251						94.2 %			100.0 %			89.4 %			26.38			Publix			Paragon 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 %			0.0 %			94.7 %			15.65						Lowe's Home Improvement Center, Dollar Tree
Hunter's Creek Promenade			Orlando			1994			100%			119,759			55,999			63,760						98.0 %			100.0 %			96.3 %			16.42			Publix
Indian River Square			Vero Beach			1997/2004			100%			142,622			109,000			33,622						92.6 %			100.0 %			68.6 %			12.29			(Target)			Beall's, Office Depot, Dollar Tree, (Panera Bread)
International Speedway Square			Daytona Beach			1999/2013			100%			233,424			203,405			30,019						71.5 %			74.7 %			49.6 %			12.38			Total Wine & More			Bed Bath & Beyond, Staples, Michaels, Dick’s Sporting Goods, Shoe Carnival
Kings Lake Square			Naples			1986/2014			100%			88,616			45,600			43,016						98.0 %			100.0 %			95.8 %			19.28			Publix
Lake City Commons			Lake City			2008			100%			65,723			45,600			20,123						96.4 %			100.0 %			88.2 %			15.63			Publix
Lake City Commons - Phase II			Lake City			2011			100%			16,291			12,131			4,160						100.0 %			100.0 %			100.0 %			15.98			Publix			PetSmart
Lake Mary Plaza			Orlando			2009			100%			21,385			14,880			6,505						100.0 %			100.0 %			100.0 %			38.22						Walgreens
Lithia Crossing			Tampa			2003/2013			100%			90,722			53,747			36,975						58.2 %			32.6 %			95.4 %			23.50			The Fresh Market			Chili's, Panera Bread
Miramar Square			Miami			2008			100%			231,696			147,505			84,191						94.7 %			100.0 %			85.4 %			18.23			Sprouts Farmers Market			Kohl's, Miami Children's Hospital
Northdale Promenade			Tampa			1985/2017			100%			179,572			130,269			49,303						95.0 %			100.0 %			81.9 %			12.86			(Winn Dixie)			TJ Maxx, Ulta Beauty, Beall's, Crunch Fitness, Tuesday Morning
Pine Ridge Crossing			Naples			1993			100%			105,945			66,435			39,510						94.2 %			100.0 %			84.5 %			18.25			Publix, (Target)			Ulta Beauty, (Beall's)
Pleasant Hill Commons			Orlando			2008			100%			70,645			45,600			25,045						100.0 %			100.0 %			100.0 %			15.94			Publix
Riverchase Plaza			Naples			1991/2001			100%			78,291			48,890			29,401						94.8 %			100.0 %			86.2 %			17.11			Publix
Saxon Crossing			Daytona Beach			2009			100%			119,909			95,304			24,605						96.0 %			100.0 %			80.5 %			15.38			(Target)			Hobby Lobby, LA Fitness, (Lowe's Home Improvement Center)
Shoppes of Eastwood			Orlando			1997			100%			69,076			51,512			17,564						94.8 %			100.0 %			79.6 %			13.34			Publix
Shops at Eagle Creek			Naples			1983/2013			100%			70,731			50,187			20,544						95.8 %			100.0 %			85.7 %			16.30			The Fresh Market			Staples, (Panera Bread), (Lowe's Home Improvement Center)
Tamiami Crossing			Naples			2016			20%			121,591			121,591			—						73.7 %			73.7 %			0.0 %			13.59			Aldi, (Walmart)			Marshalls, Michaels, PetSmart, Ross Stores, Ulta Beauty
Tarpon Bay Plaza			Naples			2007			100%			81,864			59,442			22,422						98.5 %			100.0 %			94.6 %			17.70			(Target)			PetSmart, Cost Plus World Market, Ross Stores, Panera Bread

See footnotes on page 32

p. 29 Kite Realty Group Trust Supplemental Financial and Operating Statistics - 6/30/2021

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of June 30, 2021

Property1			Location (MSA)			Year Built/ Renovated			Owner-ship %			Owned GLA1												Leased %									ABR per Sq. ft.			Grocery Anchors2			Other Retailers2
												Total			Anchors			Shops						Total			Anchors			Shops
The Landing at Tradition			Port St. Lucie			2007			100%			359,210			283,191			76,019						80.1 %			78.8 %			84.7 %			16.19			(Target)			TJ Maxx, Ulta Beauty, Burlington, LA Fitness, Michaels, Old Navy, PetSmart, 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 %			21.27			The Fresh Market
Tradition Village Center			Port St. Lucie			2006			100%			84,998			45,600			39,398						95.5 %			100.0 %			90.2 %			18.89			Publix
Waterford Lakes Village			Orlando			1997			100%			78,007			51,703			26,304						98.4 %			100.0 %			95.2 %			13.95
Georgia
Mullins Crossing			Augusta			2005			100%			276,318			228,224			48,094						99.3 %			100.0 %			96.1 %			13.59			(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 %			14.09			(Caputo's Fresh Market)			TJ Maxx, PetSmart
Indiana
54th & College			Indianapolis			2008			100%			—			—			—						—		%	—		%	—		%	—			The Fresh Market
Bridgewater Marketplace			Westfield			2008			100%			25,975			—			25,975						100.0 %			0.0 %			100.0 %			23.57						(Walgreens), The Local Eatery, Original Pancake House
Castleton Crossing			Indianapolis			1975/2012			100%			286,377			247,710			38,667						97.4 %			100.0 %			80.6 %			12.24						TJ Maxx/HomeGoods, Burlington, Shoe Carnival, Value City Furniture, K&G Menswear, Chipotle, Verizon, Five Below
Cool Creek Commons			Westfield			2005			100%			125,072			54,401			70,671						98.2 %			100.0 %			96.7 %			21.18			The Fresh Market, Total Wine & More			McAlister's Deli, Buffalo Wild Wings, Pet People
Depauw University Bookstore and Café			Indianapolis			2012			100%			11,974			—			11,974						100.0 %			0.0 %			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 %			27.25						Hammes Bookstore & Cafe, Chipotle, Urban Outfitters, Five Guys, Kilwins, Blaze Pizza
Fishers Station			Fishers			1989/2018			100%			52,395			15,441			36,954						78.8 %			100.0 %			70.0 %			17.03						Dollar Tree, Goodwill
Geist Pavilion			Fishers			2006			100%			63,910			29,700			34,210						97.6 %			100.0 %			95.6 %			18.64						Ace Hardware, Goodwill, Ale Emporium, Pure Barre
Greyhound Commons			Carmel			2005			100%			9,152			—			9,152						100.0 %			0.0 %			100.0 %			15.33						(Lowe's Home Improvement Center), Koto Japenese Steakhouse
Nora Plaza			Indianapolis			2004			100%			139,633			73,589			66,044						92.1 %			100.0 %			83.3 %			15.20			Whole Foods, (Target)			Marshalls
Rangeline Crossing			Carmel			1986/2013			100%			99,497			48,171			51,326						66.4 %			47.7 %			84.0 %			24.65						Walgreens, Panera Bread, City BBQ
Rivers Edge			Indianapolis			2011			100%			150,207			117,890			32,317						97.5 %			100.0 %			88.2 %			22.61						Nordstrom Rack, The Container Store, Arhaus Furniture, Bicycle Garage of Indy, Buy Buy Baby
Stoney Creek Commons			Noblesville			2000/2013			100%			84,226			84,226			—						64.1 %			64.1 %			0.0 %			14.38						LA Fitness, Goodwill, (Lowe's Home Improvement Center)
Traders Point I			Indianapolis			2005			100%			211,545			170,809			40,736						82.6 %			85.4 %			70.9 %			15.59						Dick's Sporting Goods, AMC Theatres, Michaels, Old Navy, PetSmart, Books-A-Million
Traders Point II			Indianapolis			2005			100%			45,978			—			45,978						90.4 %			0.0 %			90.4 %			28.19						Starbucks, Noodles & Company, Qdoba

See footnotes on page 32

p. 30 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of June 30, 2021

Property1			Location (MSA)			Year Built/ Renovated			Owner-ship %			Owned GLA1												Leased %									ABR per Sqft			Grocery Anchors2			Other Retailers2
												Total			Anchors			Shops						Total			Anchors			Shops
Nevada
Centennial Center			Las Vegas			2002			100%			334,023			147,824			186,199						100.0 %			100.0 %			100.0 %			26.25			Sam's Club, Walmart			Ross Stores, Big Lots, Famous Footwear, Michaels, Petco, Home Depot, HomeGoods, Skechers, Five Below, Sephora, Tillys
Centennial Gateway			Las Vegas			2005			100%			193,088			139,913			53,175						100.0 %			100.0 %			100.0 %			22.45			Trader Joe's			Party City, Sportsman's Warehouse, Walgreens, UFC Fit
Eastern Beltway Center			Las Vegas			1998/2006			100%			162,356			77,436			84,920						88.4 %			100.0 %			77.9 %			26.94			Sam's Club, Walmart			Petco, Ross Stores, Skechers, Old Navy, (Home Depot)
Rampart Commons			Las Vegas			2002/2018			100%			79,187			11,965			67,222						90.8 %			100.0 %			89.1 %			33.40						Athleta, North Italia, Pottery Barn, Williams Sonoma, Flower Child
New Jersey
Bayonne Crossing			New York / Northern New Jersey			2011			100%			112,140			51,488			60,652						73.3 %			41.8 %			100.0 %			34.46			Walmart			Michaels, Lowe's Home Improvement Center
Livingston Shopping Center			New York / Northern New Jersey			1997			20%			139,022			133,125			5,897						97.9 %			100.0 %			50.8 %			20.93						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%			363,023			325,139			37,884						96.2 %			100.0 %			63.7 %			25.99			ShopRite			Nordstrom Rack, New York Sports Club, Burlington, Club Champion Golf, National Amusements
North Carolina
Eastgate Crossing			Raleigh			1958/2007			100%			158,724			59,456			99,268						87.2 %			100.0 %			79.6 %			29.85			Trader Joe's, Aldi			Chipotle, Petco, Starbucks, Ulta Beauty
Holly Springs Towne Center - Phase I			Raleigh			2013			100%			209,811			121,761			88,050						91.7 %			100.0 %			80.1 %			18.38			(Target)			Dick's Sporting Goods, Marshalls, Petco, Ulta Beauty, Michaels, Old Navy, Five Below
Holly Springs Towne Center - Phase II			Raleigh			2016			100%			145,043			111,843			33,200						98.8 %			100.0 %			94.6 %			18.15			(Target)			Bed Bath & Beyond, DSW, AMC Theatres, 02 Fitness
Northcrest Shopping Center			Charlotte			2008			100%			133,633			65,576			68,057						91.8 %			100.0 %			83.9 %			23.69			(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 %			18.12			Whole Foods
Parkside Town Commons - Phase I			Raleigh			2015			100%			55,368			22,500			32,868						100.0 %			100.0 %			100.0 %			26.49			Harris Teeter/Kroger, (Target)			Petco, Guitar Center
Parkside Town Commons - Phase II			Raleigh			2017			100%			298,402			188,785			109,617						85.0 %			82.3 %			89.5 %			19.70			(Target)			Golf Galaxy, Hobby Lobby, (Chuy's), Starbucks, Panera Bread, Levity Live, Paragon Theatres
Perimeter Woods			Charlotte			2008			100%			125,579			105,175			20,404						100.0 %			100.0 %			100.0 %			20.89						Best Buy, Off Broadway Shoes, PetSmart, Michaels, (Lowe's Home Improvement Center)
Toringdon Market			Charlotte			2004			100%			61,129			26,546			34,583						97.9 %			100.0 %			96.3 %			23.60			Earth Fare
Ohio
Eastgate Pavilion			Cincinnati			1995			100%			236,230			231,730			4,500						89.0 %			88.8 %			100.0 %			9.03						Best Buy, Dick's Sporting Goods, Value City Furniture, Petsmart, DSW
Oklahoma
Belle Isle Station			Oklahoma City			2000			100%			196,210			115,783			80,427						86.7 %			100.0 %			67.5 %			17.80			(Walmart)			REI, Shoe Carnival, Old Navy, Ross Stores, Nordstrom Rack, Ulta Beauty, Five Below
Shops at Moore			Oklahoma City			2010			100%			260,625			188,037			72,588						92.6 %			94.6 %			87.2 %			12.47						Bed Bath & Beyond, Best Buy, Hobby Lobby, Old Navy, PetSmart, Ross Stores
Silver Springs Pointe			Oklahoma City			2001			100%			48,440			20,515			27,925						83.0 %			100.0 %			70.4 %			14.55			(Sam's Club), (Walmart)			Kohls, Office Depot, (Home Depot)

See footnotes on page 32

p. 31 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of June 30, 2021

Property1			Location (MSA)			Year Built/ Renovated			Owner-ship %			Owned GLA1												Leased %									ABR per Sqft						Other Retailers 2
												Total			Anchors			Shops						Total			Anchors			Shops						Grocery Anchor 2
South Carolina
Publix at Woodruff			Greenville			1997			100%			68,103			47,955			20,148						94.2 %			100.0 %			80.2 %			11.05			Publix
Shoppes at Plaza Green			Greenville			2000			100%			189,854			162,192			27,662						82.5 %			86.9 %			56.8 %			13.09						Bed Bath & Beyond, Christmas Tree Shops, American Freight, Party City, Shoe Carnival, Old Navy
Tennessee
Cool Springs Market			Nashville			1995			100%			230,981			172,712			58,269						97.8 %			100.0 %			91.4 %			16.77			(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%			126,812			43,450			83,362						100.0 %			100.0 %			100.0 %			26.79			H-E-B Grocery			The Container Store, Cost Plus World Market
Colleyville Downs			Dallas/Ft. Worth			2014			100%			194,744			139,219			55,525						98.0 %			100.0 %			93.1 %			15.79			Whole Foods			Westlake Hardware, Goody Goody Liquor, Petco, Fit Factory
Kingwood Commons			Houston			1999			100%			158,070			74,836			83,234						50.5 %			14.5 %			83.0 %			26.58						Petco, Chico's, Talbots, Ann Taylor
Market Street Village/ Pipeline Point			Dallas/Ft. Worth			1970/2011			100%			156,616			136,737			19,879						100.0 %			100.0 %			100.0 %			13.58			Spec's Wine Spirits & Finer Foods			Jo-Ann Fabric, Ross Stores, Buy Buy Baby, Party City
Plaza at Cedar Hill			Dallas/Ft. Worth			2000/2010			100%			295,665			234,358			61,307						90.5 %			90.0 %			92.5 %			14.17			Sprouts Farmers Market, Total Wine & More			DSW, Ross Stores, Hobby Lobby, Marshalls, Home Goods, Ulta Beauty
Plaza Volente			Austin			2004			20%			156,099			105,000			51,099						96.4 %			100.0 %			89.0 %			16.98			H-E-B Grocery
Portofino Shopping Center			Houston			1999/2010			100%			366,593			216,008			150,585						85.7 %			89.5 %			80.1 %			21.08			(Sam's Club)			DSW, Michaels, PGA Superstore, PetSmart, Old Navy, TJ Maxx, Nordstrom Rack, Five Below, Adidas
Sunland Towne Centre			El Paso			1996/2014			100%			306,454			265,037			41,417						95.2 %			95.7 %			91.7 %			11.21			Sprouts Farmers Market, Spec's Wine Spirts & Finer Foods			PetSmart, Ross Stores, Bed Bath & Beyond, At Home
Waxahachie Crossing			Dallas/Ft. Worth			2010			100%			97,127			72,191			24,936						100.0 %			100.0 %			100.0 %			15.57						Best Buy, PetSmart, Ross Stores, (Home Depot)
Westside Market			Dallas/Ft. Worth			2013			100%			93,377			70,000			23,377						100.0 %			100.0 %			100.0 %			16.70			Randalls Tom Thumb
Utah
Draper Crossing			Salt Lake City			2012			100%			164,657			115,916			48,741						100.0 %			100.0 %			100.0 %			17.38			Kroger/Smith's			TJ Maxx, Dollar Tree, Downeast Home
Draper Peaks			Salt Lake City			2012			100%			227,631			101,464			126,167						93.5 %			100.0 %			88.3 %			21.22						Michaels, Office Depot, Petco, Quilted Bear, Ross Stores, (Kohl's)
Total												11,659,098			7,871,442			3,787,656						91.5		%	93.2		%	87.8		%	$	18.48
Total at Pro-Rata Share												11,325,728			7,583,669			3,742,059						91.5		%	93.3		%	87.9		%	$	18.51

____________________
1						Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of June 30, 2021, except for Greyhound Commons and 54th & College.
2						Tenants within parentheses are non-owned.

p. 32 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

NON-RETAIL OPERATING PROPERTIES

As of June 30, 2021

($ in thousands, except per square foot data)

Property			MSA			Year Built/ Renovated			Owned NRA			Percentage Of Owned NRA Leased			Annualized Base Rent1			Percentage of Annualized Office and Other Base Rent			Base Rent Per Leased Sq. Ft.						Major Tenants
Commercial Properties
Thirty South Meridian2			Indianapolis			1905/2002			284,874			94.6		%	$	5,489		66.8		%	$	20.37					Carrier, Kite Realty Group, Lumina Foundation
Union Station Parking Garage3			Indianapolis			1986			N/A			N/A			N/A			N/A			N/A						Denison Parking (manager)
Pan Am Plaza Parking Garage3			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		%	1,331			16.2		%	16.31						University of Notre Dame Offices
Tradition Village Office (part of Tradition Village Square)			Port St. Lucie			2006			24,340			100.0		%	756			9.2		%	31.05
Total Commercial Properties									390,842			96.1		%	$	7,575		92.2		%	$	20.17
Other Properties
Burlington			San Antonio			1992/2000			107,400			100.0		%	$	644		7.8		%	$	6.00					Burlington
									107,400			100.0		%	$	644		7.8		%	$	6.00
Total Commercial and Other									498,242			96.9		%	$	8,220		100.0		%	$	17.02
Multi-Family/Lodging
Embassy Suites South Bend at Notre Dame5			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
The Foundry Lofts and Apartments at Eddy Street Phase II			South Bend			2020			—			100.0		%	—			—			—						Air rights lease for apartment complex with 453 units
Summit at City Center Apartments			New York / Northern New Jersey			2004			—			100.0		%	—			—			—						Apartment complex with 24 units.

____________________
1			Annualized Base Rent represents the monthly contractual rent as of June 30, 2021 for each applicable property, multiplied by 12.
2			Annualized Base Rent includes $859,256 from the Company and subsidiaries as of June 30, 2021, 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. 33 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021

COMPONENTS OF NET ASSET VALUE

As of June 30, 2021

($ in thousands)

Cash Net Operating Income (NOI)						Supplemental Page No.:						Other Assets						Supplemental Page No.:
GAAP property NOI (incl. Ground Lease Revenue)			$	50,240		15						Cash and cash equivalents			$	89,894		12
Below-market lease intangibles, net			(422)			17						Tenant and other receivables (net of SLR)			21,876			12
Straight-line rent			(527)			17						Restricted cash and escrow deposits			4,186			12
Other property related revenue			(336)			15						Short-term deposits and other assets			164,489			12
Ground lease ("GL") revenue			(3,656)			15						Undeveloped land in operating portfolio 1			13,000
Consolidated Cash Property NOI (excl. GL)			$	45,299								Land held for development			12,677
Annualized Consolidated Cash Property NOI (excl. ground leases)			$	181,196
												Total Other Asset Value			$	306,122
Adjustments To Normalize Annualized Cash NOI												Liabilities
Total projected remaining development / transitional redevelopment cash NOI 3			$	1,993		27						Mortgage and other indebtedness			$	(1,289,369)		12
Unconsolidated EBITDA			2,008			20						KRG share of unconsolidated debt			(23,400)			20
												Partner share of consolidated joint venture debt			587			20
												Accounts payable and accrued expenses			(74,440)			12
General and administrative expense allocable to property management activities included in property expenses ($1,400 in Q2)			5,600			15, footnote 4						Other liabilities4			(39,993)			12
Total Adjustments			9,601									Debt premium and issuance costs, net			(10,189)			21
												Non-controlling redeemable joint venture interest			(10,070)
												Projected remaining under construction development/redevelopment 5			(17,000)			27
Annualized Normalized Portfolio Cash NOI (excl. Ground Leases)			$	190,797								Total Liabilities			$	(1,463,874)
Annualized Ground Lease NOI 6			14,624
Total Annualized Portfolio Cash NOI			$	205,421								Common Shares and Units Outstanding			87,002,502

____________________
1			Undeveloped land with a book value of $13.0 million at June 30, 2021.
2			Includes CIP amounts for miscellaneous tenant improvements and small projects.
3			Excludes the projected cash NOI and related cost from the redevelopment opportunities outlined on page 27.
4			Deferred revenue and other liabilities of $83.9 million less mark-to-market lease liability of $43.9 million.
5			Remaining costs on page 27 for development projects and Anchor Acceleration.
6			Pro-forma for the sale of the ground lease portfolio.

p. 34 Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/2021