Exhibit 99.2

Kite Realty Group Trust

Quarterly Financial Supplement as of March 31, 2022

T A B L E O F C O N T E N T S

Earnings Press Release			i–iv
Contact Information			1
Results Overview			2
Consolidated Balance Sheets			3
Consolidated Statements of Operations			4
Same Property Net Operating Income			5
Net Operating Income and EBITDA by Quarter			6
Funds From Operations			7
Joint Venture Summary			8
Key Debt Metrics			9
Summary of Outstanding Debt			10
Maturity Schedule of Outstanding Debt			11
Acquisitions and Dispositions			12
Development and Redevelopment Projects			13
Geographic Diversification – ABR by Region and State			14
Top 25 Tenants by ABR			15
Retail Leasing Spreads			16
Lease Expirations			17
Components of Net Asset Value			18
Non-GAAP Financial Measures			19–20

Kite Realty Group Trust | 30 South Meridian Street, Suite 1100 | Indianapolis, Indiana 46204 | 888.577.5600 | www.kiterealty.com

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 First Quarter 2022 Operating Results

Raises 2022 guidance

Leased over 1 million square feet at 16.1% comparable blended cash leasing spreads

Acquired $66 million of high-quality Sun Belt assets

Share repurchase program upsized to $300 million from $150 million

Indianapolis, Indiana, April 28, 2022 – Kite Realty Group Trust (NYSE: KRG), a premier owner and operator of high-quality, open-air grocery-anchored neighborhood and community centers, along with vibrant mixed-use assets, reported today its operating results for the first quarter ended March 31, 2022.

“KRG had an exceptional first quarter of 2022 and our team is executing on all fronts,” said John A. Kite, Chairman and CEO. “KRG continues to capitalize on robust demand for open-air retail shopping destinations, as evidenced by our sustained leasing volume and over 16% cash leasing spreads. Based on the first quarter’s outperformance and our improved outlook for the balance of 2022, we are increasing our FFO, as adjusted guidance by $0.05 per share at the midpoint and increasing same-property NOI growth by 75 basis points at the midpoint. KRG’s results continue to validate our ability to scale KRG’s operating platform across our high-quality portfolio of open-air shopping destinations to drive long-term value creation.”

First Quarter 2022 Financial Results

▪Net loss attributable to common shareholders of $16.8 million, or $0.08 per diluted share, compared to net income of $24.6 million, or $0.29 per diluted share, for the quarters ended March 31, 2022 and 2021, respectively.

▪Generated NAREIT Funds From Operations of the Operating Partnership (FFO) of $101.7 million, or $0.46 per diluted share.

▪Generated FFO, as adjusted, of the Operating Partnership of $101.5 million, or $0.46 per diluted share, which is a 35% per share increase over the comparable period in 2021.

▪Excludes a positive impact of $1.1 million of prior period collection impact related to the recovery of cash and non-cash bad debt and accounts receivable in 2022.

▪Excludes the impact of $0.9 million of merger and acquisition costs.

▪Same Property Net Operating Income (NOI) increased by 5.9% (including legacy RPAI properties).

First Quarter 2022 Portfolio Operations

▪Executed 182 new and renewal leases representing approximately 1.1 million square feet.

▪Cash leasing spreads of 58.7% on 26 comparable new leases, 8.9% on 79 comparable renewals, and 16.1% on a blended basis.

▪Operating retail portfolio annualized base rent (ABR) per square foot of $19.57 at March 31, 2022, a 5.6% increase year-over-year.

▪Retail portfolio percent leased of 93.6% at March 31, 2022, a sequential increase of 20 basis points.

▪Portfolio leased-to-occupied spread of 320 basis points, which equates to $37.0 million of signed-not-open NOI.

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First Quarter 2022 Capital Allocation Activity

▪As previously disclosed, sold a portion of Hamilton Crossing Centre (Carmel, IN) and entered into a fee development agreement to build an approximately $200 million mixed-use corporate campus for Republic Airways. In addition to the $6.9 million KRG received for the land, KRG will earn significant development fees and development profits, while contributing no incremental capital.

▪Acquired Pebble Marketplace (Las Vegas, NV), an 85,800 square foot grocery-anchored center, for a purchase price of $44.1 million.

Subsequent Capital Allocation Activity

▪Acquired the Sprouts and Total Wine building at KRG-owned MacArthur Crossing (Dallas / Fort Worth, TX) for a purchase price of $21.9 million.

▪Used the $125.0 million short-term deposit that matured on April 7, 2022 to repay borrowings on the Company’s revolving line of credit.

▪The Company’s Board of Trustees authorized a $150.0 million increase to the size of its existing share repurchase program, authorizing share repurchases up to an aggregate $300.0 million.

Balance Sheet Overview

▪As of March 31, 2022, KRG’s net debt to Adjusted EBITDA was 5.7x.

▪Pro forma for $37.0 million of signed-not-open NOI (represents expected revenue associated with leases that have been executed as of March 31, 2022, but have yet to commence rent payments), net debt to adjusted EBITDA would be 5.4x.

2022 Earnings Guidance

KRG is updating its 2022 guidance for FFO, as adjusted, to $1.74 to $1.80 per diluted share from $1.69 to $1.75 per diluted share, based, in part, on the following key assumptions:

▪Increased same property NOI range to 2.25% to 3.25%, which represents a 75-basis point increase at the midpoint.

▪Decreased bad debt by 25 basis points to 1.25% of total revenues at the midpoint.

▪Any transaction activity is expected to be earnings neutral.

The following table reconciles the Company’s 2022 net income guidance range to the Company’s updated 2022 FFO, as adjusted, guidance range:

			Low						High
Net loss			$	(0.30)					$	(0.24)
Depreciation and amortization			2.02						2.02
NAREIT FFO			$	1.72					$	1.78
Non-recurring merger and acquisition costs			0.02						0.02
FFO, as adjusted			$	1.74					$	1.80

Earnings Conference Call

Kite Realty Group Trust will conduct a conference call to discuss its financial results on Friday, April 29, 2022, at 11:00 a.m. Eastern Time. A live webcast of the conference call will be available on KRG’s 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: 9268086). In addition, a webcast replay link will be available on KRG’s website.

About Kite Realty Group Trust

Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust (REIT) headquartered in Indianapolis, IN that is one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use assets. The company’s primarily grocery-anchored portfolio is located in high-growth Sun Belt and select strategic gateway markets. The combination of necessity-based grocery-anchored neighborhood and community centers, along with vibrant mixed-use assets makes the KRG portfolio an ideal mix for both retailers and consumers. Publicly listed since 2004, KRG has nearly 60 years of experience in developing, constructing and operating real estate. Using operational, investment, development, and redevelopment expertise, KRG continuously optimizes its portfolio to maximize value and return to shareholders. As of March 31, 2022, the Company owned interests in 181 U.S. open-air shopping centers and mixed-use assets,

ii

comprising approximately 28.8 million square feet of gross leasable space. For more information, please visit 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 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 adverse effect of the current pandemic of the novel coronavirus, or COVID-19, including possible resurgences, variants 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. 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, 2021 and in the Company’s quarterly reports on Form 10-Q 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 risks associated with the merger with RPAI, including the integration of the businesses of the combined company, the ability to achieve expected synergies or costs savings and potential disruptions to the Company’s 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 (including the potential effects of inflation); the risk that our actual NOI for leases that have signed but not yet opened will not be consistent with expected NOI for leases that have signed but not yet opened; 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; 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, 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; business continuity disruptions and a deterioration in our tenant’s ability to operate in affected areas or delays in the supply of products or services to us or our tenants from vendors that are needed to operate efficiently, causing costs to rise sharply and inventory to fall; risks related to our current geographical concentration of the Company’s properties in Texas, Florida, New York, Maryland, and North Carolina; civil unrest, acts of terrorism or war, acts of God, climate change, epidemics, pandemics (including COVID-19), natural disasters and severe weather conditions, including such events 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; our ability to satisfy environmental, social or governance standards set by various constituencies; insurance costs and coverage; risks associated with cybersecurity attacks and the loss of confidential information and other business disruptions; other factors affecting the real estate industry generally; and other risks identified in reports the Company files with the Securities and Exchange Commission (“the SEC”) or in other documents that it publicly disseminates, including, in particular, the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, 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.

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Kite Realty Group Trust

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.

Green Street Advisors, Inc.

Senior Vice President, Capital Markets and IR

Mr. Wes Golladay

Mr. Vince Tibone

(317) 713-2762

(216) 737-7510

(949) 640-8780

jcolton@kiterealty.com

wgolladay@rwbaird.com

vtibone@greenstreet.com

Matt Hunt

Bank of America/Merrill Lynch

Jefferies LLC

Director, Capital Markets and IR

Mr. Jeffrey Spector/Mr. Craig Schmidt

Ms. Linda Tsai

(317) 713-7646

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

(212) 778-8011

mhunt@kiterealty.com

jeff.spector@bofa.com

ltsai@jefferies.com

craig.schmidt@bofa.com

Kite Realty Group Trust

KeyBanc Capital Markets

30 South Meridian Street, Suite 1100

Barclays

Mr. Todd Thomas

Indianapolis, IN 46204

Mr. Anthony F. Powell

(917) 368-2286

(212) 526-8768

tthomas@keybanccm.com

anthony.powell@barclays.com

Transfer Agent

Broadridge Financial Solutions

BTIG

Raymond James

Ms. Kristen Tartaglione

Mr. Michael Gorman

Mr. RJ Milligan

2 Journal Square, 7th Floor

(212) 738-6138

(727) 567-2585

Jersey City, NJ 07306

mgorman@btig.com

rjmilligann@raymondjames.com

(201) 714-8094

Capital One Securities, Inc.

Piper Sandler

Mr. Christopher Lucas

Mr. Alexander Goldfarb

Stock Specialist

(571) 633-8151

(212) 466-7937

GTS

christopher.lucas@capitalone.com

alexander.goldfarb@psc.com

545 Madison Avenue

15th Floor

Citigroup Global Markets

Wells Fargo Securities, LLC

New York, NY 10022

Mr. Michael Bilerman

Ms. Tamara Fique

(212) 715-2830

(212) 816-1383

(617) 603-4262/(443) 263-6568

michael.bilerman@citi.com

tamara.fique@wellsfargo.com

Compass Point Research & Trading, LLC

Mr. Floris van Dijkum

(646) 757-2621

fvandijkum@compasspointllc.com

1st Quarter 2022 Supplemental Financial and Operating Statistics 1

Kite Realty Group Trust

Results Overview

(dollars in thousands, except per share and per square foot amounts)

			Three Months Ended March 31,
Summary Financial Results			2022						2021
Total revenue (page 4)			$	194,391					$	69,375
Net (loss) income attributable to common shareholders (page 4)			$	(16,804)					$	24,577
Net (loss) income per diluted share (page 4)			$	(0.08)					$	0.29
Net operating income (NOI) (page 6)			$	139,295					$	49,272
Adjusted EBITDA (page 6)			$	128,295					$	42,430
NAREIT Funds From Operations (FFO) (page 7)			$	101,709					$	29,987
NAREIT FFO per diluted share (page 7)			$	0.46					$	0.34
FFO, as adjusted (page 7)			$	101,538					$	29,778
FFO, as adjusted per diluted share (page 7)			$	0.46					$	0.34
Dividends declared per share (page 4)			$	0.19					$	0.15
Dividend payout ratio (as % of NAREIT FFO, as adjusted)			41		%				44		%

			Three Months Ended
Summary Operating and Financial Ratios			March 31, 2022						December 31, 2021						September 30, 2021						June 30, 2021						March 31, 2021
NOI margin (page 6)			72.7		%				71.0		%				73.7		%				73.4		%				72.0		%
NOI margin – retail (page 6)			73.1		%				71.6		%				74.3		%				74.0		%				72.7		%
Same property NOI performance(1) (page 5)			5.9		%				7.2		%				10.8		%				10.1		%				(2.9)		%
Total property NOI performance (page 5)			182.7		%				138.2		%				15.2		%				11.0		%				(1.6)		%
Net debt to Adjusted EBITDA, current quarter (page 9)			5.7x						6.0x						6.1x						6.4x						6.5x
Recovery ratio of retail operating properties (page 6)			85.9		%				84.7		%				89.4		%				88.1		%				90.6		%
Recovery ratio of consolidated portfolio (page 6)			81.3		%				79.2		%				86.1		%				84.1		%				87.3		%
Outstanding Classes of Stock
Common shares and units outstanding (page 18)			221,559,185						221,327,346						87,004,756						87,002,502						86,967,035
Summary Portfolio Statistics
Number of properties
Operating retail (page 14)			181						180						83						83						83
Office and other components			12						12						4						4						4
Development and redevelopment projects (page 13)			7						8						5						3						3
Owned retail operating gross leasable area (GLA)(2) (page 14)			28.8		M				28.7		M				11.7		M				11.7		M				11.7		M
Owned office GLA (page 14)			1.6		M				1.6		M				0.4		M				0.4		M				0.4		M
Number of multifamily units(3)			1,690						1,690						1,294						1,009						1,009
Percent leased – total			93.5		%				93.3		%				93.0		%				91.7		%				90.8		%
Percent leased – retail			93.6		%				93.4		%				92.8		%				91.5		%				90.5		%
Anchor			96.1		%				95.9		%				94.8		%				93.2		%				92.0		%
Small shop			88.5		%				88.3		%				88.7		%				87.8		%				87.5		%
Annualized base rent (ABR) per square foot			$	19.57					$	19.36					$	18.54					$	18.48					$	18.53
Total new and renewal lease GLA (page 16)			1,053,963						927,065						584,820						637,995						426,937
New lease cash rent spread (page 16)			58.7		%				27.4		%				20.6		%				19.7		%				25.3		%
Renewal lease cash rent spread (page 16)			8.9		%				8.3		%				10.4		%				7.5		%				2.0		%
Total new and renewal lease cash rent spread (page 16)			16.1		%				12.9		%				13.4		%				9.2		%				6.4		%

2022 Guidance			Current (as of 4/28/22)						Previous (as of 2/14/22)
NAREIT FFO per diluted share			$1.72 to $1.78						$1.67 to $1.73
FFO, as adjusted per diluted share			$1.74 to $1.80						$1.69 to $1.75
Credit Ratings and Outlook
Moody's Investors Services			Baa3 / Stable
Standard & Poor's Rating Services			BBB- / Stable
Fitch Ratings			BBB / Stable

(1)Same property NOI excludes properties that have not been owned for the full period presented. However, due to the size of the RPAI portfolio acquired in the merger, the legacy RPAI properties have been deemed to qualify for the same property pool beginning in 2022 if they had a full first quarter of operations in 2021 within the legacy RPAI portfolio prior to the merger.

(2)Owned GLA represents gross leasable area owned by the Company and excludes the square footage of non-retail property components and development and redevelopment projects.

(3)Represents the number of multifamily units that the Company has an economic interest in.

1st Quarter 2022 Supplemental Financial and Operating Statistics 2

Kite Realty Group Trust

Consolidated Balance Sheets

(dollars in thousands)

(unaudited)

			March 31, 2022						December 31, 2021
Assets:
Investment properties at cost			$	7,627,581					$	7,592,348
Less: accumulated depreciation			(950,737)						(884,809)
Net investment properties			6,676,844						6,707,539
Cash and cash equivalents			74,345						93,241
Tenant and other receivables, including accrued straight-line rent of $32,125 and $28,071, respectively			69,135						68,444
Restricted cash and escrow deposits			7,845						7,122
Deferred costs, net			512,411						541,518
Short-term deposits			125,000						125,000
Prepaid and other assets			96,281						84,826
Investments in unconsolidated subsidiaries			11,833						11,885
Total assets			$	7,573,694					$	7,639,575
Liabilities and Shareholders’ Equity:
Mortgage and other indebtedness, net			$	3,179,118					$	3,150,808
Accounts payable and accrued expenses			124,193						184,982
Deferred revenue and other liabilities			306,268						321,419
Total liabilities			3,609,579						3,657,209
Commitments and contingencies
Limited Partners’ interests in the Operating Partnership and other redeemable noncontrolling interests			60,376						55,173
Shareholders’ Equity:
Common shares, $0.01 par value, 490,000,000 shares authorized, 219,042,903 and 218,949,569 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively			2,190						2,189
Additional paid-in capital			4,894,897						4,898,673
Accumulated other comprehensive income (loss)			22,811						(15,902)
Accumulated deficit			(1,021,317)						(962,913)
Total shareholders’ equity			3,898,581						3,922,047
Noncontrolling interests			5,158						5,146
Total equity			3,903,739						3,927,193
Total liabilities and shareholders’ equity			$	7,573,694					$	7,639,575

1st Quarter 2022 Supplemental Financial and Operating Statistics 3

Kite Realty Group Trust

Consolidated Statements of Operations

(dollars in thousands, except per share amounts)

(unaudited)

			Three Months Ended March 31,
			2022						2021
Revenue:
Rental income			$	189,858					$	67,890
Other property-related revenue			2,224						1,051
Fee income			2,309						434
Total revenue			194,391						69,375
Expenses:
Property operating			25,928						10,269
Real estate taxes			26,859						9,400
General, administrative and other			13,309						7,276
Merger and acquisition costs			925						—
Depreciation and amortization			121,504						30,634
Total expenses			188,525						57,579
Gain on sales of operating properties, net			3,168						26,207
Operating income			9,034						38,003
Other (expense) income:
Interest expense			(25,514)						(12,242)
Income tax benefit of taxable REIT subsidiary			71						118
Equity in loss of unconsolidated subsidiaries			(314)						(318)
Other expense, net			(103)						(206)
Net (loss) income			(16,826)						25,355
Net loss (income) attributable to noncontrolling interests			22						(778)
Net (loss) income attributable to common shareholders			$	(16,804)					$	24,577
Net (loss) income per common share – basic and diluted			$	(0.08)					$	0.29
Weighted average common shares outstanding – basic			218,981,168						84,336,577
Weighted average common shares outstanding – diluted			218,981,168						84,446,989
Dividends declared per common share			$	0.19					$	0.15

1st Quarter 2022 Supplemental Financial and Operating Statistics 4

Kite Realty Group Trust

Same Property Net Operating Income (“NOI”)(1)

(dollars in thousands)

(unaudited)

			Three Months Ended March 31,
			2022						2021						Change
Number of properties in same property pool for the period(2)			178						178
Leased percentage at period end			93.6		%				91.3		%
Economic occupancy percentage(3)			90.4		%				89.7		%
Minimum rent			$	140,234					$	134,772
Tenant recoveries			39,526						39,173
Bad debt provision			(1,669)						(3,534)
Other income, net			2,526						1,741
Total revenue			180,617						172,152
Property operating expenses			(23,552)						(22,143)
Real estate taxes			(27,542)						(27,757)
Total expenses			(51,094)						(49,900)
Same Property NOI			$	129,523					$	122,252					5.9		%
Reconciliation of Same Property NOI to most directly comparable GAAP measure:
Net operating income – same properties			$	129,523					$	122,252
Prior period collection impact – same properties			1,964						5,658
Net operating income – non-same activity(4)			7,808						(78,638)
Total property NOI			139,295						49,272						182.7		%
Other income, net			1,963						28
General, administrative and other			(13,309)						(7,276)
Merger and acquisition costs			(925)						—
Depreciation and amortization			(121,504)						(30,634)
Interest expense			(25,514)						(12,242)
Gain on sales of operating properties, net			3,168						26,207
Net loss (income) attributable to noncontrolling interests			22						(778)
Net (loss) income attributable to common shareholders			$	(16,804)					$	24,577

(1)Same Property NOI excludes properties that have not been owned for the full periods presented. However, due to the size of the RPAI portfolio acquired in the merger, the legacy RPAI properties have been deemed to qualify for the same property pool beginning in 2022 if they had a full first quarter of operations in 2021 within the legacy RPAI portfolio prior to the merger.

(2)Same Property NOI excludes (i) Glendale Town Center, which was reclassified from active redevelopment into our operating portfolio in December 2021, (ii) seven active development and redevelopment projects noted on page 13, (iii) Arcadia Village and Pebble Marketplace, which were acquired subsequent to January 1, 2021, and (iv) office properties and includes the legacy RPAI same property pool.

(3)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.

(4)Includes non-cash activity across the portfolio as well as NOI from properties not included in the same property pool, including properties sold during both periods.

1st Quarter 2022 Supplemental Financial and Operating Statistics 5

Kite Realty Group Trust

Net Operating Income and EBITDA by Quarter

(dollars in thousands)

(unaudited)

			Three Months Ended
			March 31, 2022						December 31, 2021						September 30, 2021						June 30, 2021						March 31, 2021
Revenue:
Minimum rent(1)			$	139,137					$	121,615					$	49,497					$	49,097					$	49,801
Minimum rent – ground leases			10,634						7,129						3,663						3,656						4,038
Tenant reimbursements			39,836						33,870						15,186						14,308						15,389
Bad debt (expense) recovery			(571)						(1,636)						1,709						597						(1,420)
Other property-related revenue			1,124						450						258						336						549
Overage rent			822						324						161						332						82
Parking revenue, net(2)			534						552						320						152						(1)
Total revenue			191,516						162,304						70,794						68,478						68,438
Expenses:
Property operating – recoverable(3)			22,321						19,991						9,185						8,666						8,407
Property operating – non-recoverable(3)			3,237						4,237						1,001						1,229						1,547
Real estate taxes			26,663						22,764						8,444						8,343						9,212
Total expenses			52,221						46,992						18,630						18,238						19,166
NOI			139,295						115,312						52,164						50,240						49,272
Other (expense) income:
General, administrative and other			(13,309)						(10,307)						(8,241)						(8,159)						(7,276)
Fee income			2,309						98						195						515						434
Total other (expense) income			(11,000)						(10,209)						(8,046)						(7,644)						(6,842)
Adjusted EBITDA			128,295						105,103						44,118						42,596						42,430
Depreciation and amortization			(121,504)						(109,835)						(30,193)						(29,798)						(30,634)
Merger and acquisition costs			(925)						(76,564)						(9,198)						(760)						—
Interest expense			(25,514)						(23,061)						(12,878)						(12,266)						(12,242)
Equity in (loss) earnings of unconsolidated subsidiaries			(314)						342						(196)						(244)						(318)
Income tax benefit of taxable REIT subsidiary			71						2						91						100						118
Other (expense) income, net			(103)						166						168						227						(206)
Gain on sales of operating properties, net			3,168						3,692						1,260						50						26,207
Net (loss) income			(16,826)						(100,155)						(6,828)						(95)						25,355
Less: net loss (income) attributable to noncontrolling interests			22						1,974						(132)						(147)						(778)
Net (loss) income attributable to common shareholders			$	(16,804)					$	(98,181)					$	(6,960)					$	(242)					$	24,577
NOI/Revenue – Retail properties			73.1		%				71.6		%				74.3		%				74.0		%				72.7		%
NOI/Revenue			72.7		%				71.0		%				73.7		%				73.4		%				72.0		%
Recovery Ratios(4)
– Retail properties			85.9		%				84.7		%				89.4		%				88.1		%				90.6		%
– Consolidated			81.3		%				79.2		%				86.1		%				84.1		%				87.3		%

(1)Minimum rent includes $0.8 million, $0.5 million, $33,000, $0.3 million, and $1.2 million of lease termination income for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021, and March 31, 2021, 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 $3.7 million allocable to the property operations in the three months ended March 31, 2022, a portion of which is recoverable. Non-recoverable expenses primarily include ground rent, professional fees, and marketing costs.

(4)“Recovery Ratios” are computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense.

1st Quarter 2022 Supplemental Financial and Operating Statistics 6

Kite Realty Group Trust

Funds From Operations (“FFO”)(1)(2)

(dollars in thousands, except per share amounts)

(unaudited)

			Three Months Ended March 31,
			2022						2021
Net (loss) income			$	(16,826)					$	25,355
Less: net income attributable to noncontrolling interests in properties			(144)						(132)
Less: gain on sales of operating properties, net			(3,168)						(26,207)
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests			121,847						30,971
FFO of the Operating Partnership(1)			101,709						29,987
Less: Limited Partners’ interests in FFO			(1,118)						(870)
FFO attributable to common shareholders(1)			$	100,591					$	29,117
FFO, as defined by NAREIT, per share of the Operating Partnership – basic			$	0.46					$	0.35
FFO, as defined by NAREIT, per share of the Operating Partnership – diluted			$	0.46					$	0.34
FFO of the Operating Partnership(1)			$	101,709					$	29,987
Add: merger and acquisition costs			925						—
Less: prior period collection impact			(1,096)						(209)
FFO, as adjusted, of the Operating Partnership			$	101,538					$	29,778
FFO, as adjusted, per share of the Operating Partnership – basic			$	0.46					$	0.34
FFO, as adjusted, per share of the Operating Partnership – diluted			$	0.46					$	0.34
Weighted average common shares outstanding – basic			218,981,168						84,336,577
Weighted average common shares outstanding – diluted			220,202,896						84,446,989
Weighted average common shares and units outstanding – basic			221,428,198						86,862,153
Weighted average common shares and units outstanding – diluted			222,649,925						86,972,566
FFO, as defined by NAREIT, per diluted share/unit
Net (loss) income			$	(0.08)					$	0.29
Less: net income attributable to noncontrolling interests in properties			—						—
Less: gain on sales of operating properties, net			(0.01)						(0.30)
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests			0.55						0.36
FFO, as defined by NAREIT, of the Operating Partnership per diluted share/unit(1)(2)			$	0.46					$	0.34
Add: merger and acquisition costs			—						—
Less: prior period collection impact			—						—
FFO, as adjusted, of the Operating Partnership per diluted share/unit(2)			$	0.46					$	0.34
Reconciliation of FFO, as adjusted, to Adjusted Funds from Operations (AFFO)
FFO, as adjusted, of the Operating Partnership			$	101,538					$	29,778
Less (add): non-cash income adjustments			6,329						(1,778)
Less: maintenance capital expenditures			3,719						167
Less: tenant-related capital expenditures(3)			13,010						2,061
Total Recurring AFFO of the Operating Partnership			$	78,480					$	29,328

(1)“FFO of the Operating Partnership” measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to 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.

(3)Excludes landlord work, tenant improvements and leasing commissions related to development and redevelopment projects.

1st Quarter 2022 Supplemental Financial and Operating Statistics 7

Kite Realty Group Trust

Joint Venture Summary as of March 31, 2022

(dollars in thousands)

Consolidated Investments
Investments																		Total Debt						Partner Economic Ownership Interest(1)						Partner Share of Debt						Partner Share of Annual Income
Delray Marketplace																		$	28,893					2		%				$	578					$	—
Crossing at Killingly Commons																		—						10		%				—						528
One Loudoun – Pads G&H Residential																		—						10		%				—						48
Total																		$	28,893											$	578					$	576

Unconsolidated Investments
Investments						Retail GLA						Multifamily Units												Total Debt						KRG Economic Ownership Interest						KRG Share of Debt						KRG Investment						KRG Share of Quarterly EBITDA						KRG Share of Quarterly EBITDA Annualized
Three Property Retail Portfolio						416,576						—												$	51,890					20		%				$	10,378					$	7,899					$	302					$	1,208
Glendale Center Apartments						—						267												22,372						11.5		%				2,573						1,434						40						160
Embassy Suites at Eddy Street Commons						—						—												33,634						35		%				11,772						—						78						312
The Corner (development)						24,000						285												15,487						50		%				7,744						—						—						—
Other investments						—						—												—						—		%				—						2,500						34						136
Total						440,576						552												$	123,383											$	32,467					$	11,833					$	454					$	1,816

(1)Economic ownership % represents the partner’s share of cash flow.

1st Quarter 2022 Supplemental Financial and Operating Statistics 8

Kite Realty Group Trust

Key Debt Metrics as of March 31, 2022

(dollars in thousands)

Senior Unsecured Notes Covenants
			March 31, 2022						Debt Covenant Threshold(1)
Total debt to undepreciated assets			38%						<60%
Secured debt to undepreciated assets			4%						<40%
Undepreciated unencumbered assets to unsecured debt			272%						>150%
Debt service coverage			4.2x						>1.5x
Unsecured Credit Facility Covenants
			March 31, 2022						Debt Covenant Threshold(1)
Maximum leverage			39%						<60%
Minimum fixed charge coverage			3.9x						>1.50x
Secured indebtedness			4.5%						<45%
Unsecured debt interest coverage			4.2x						>1.75x
Unsecured leverage			37.2%						<60%
Senior Unsecured Debt Ratings
Moody's Investors Service			Baa3/Stable
Standard & Poor's Rating Services			BBB-/Stable
Fitch Ratings			BBB/Stable
Liquidity
Cash, cash equivalents and short-term deposits			$	199,345
Availability under unsecured credit facility			713,500
			$	912,845
Unencumbered NOI as a % of Total NOI			89		%

(1)For a complete listing of all debt covenants related to the Company’s Senior Unsecured Notes and Unsecured Credit Facility, as well as definitions of the terms, refer to the Company’s filing with the SEC.

Net Debt to EBITDA
Company's consolidated debt and share of unconsolidated debt									$	3,161,907
Less: cash, cash equivalents, restricted cash, and short-term deposits									(207,190)
									$	2,954,717
Q1 2022 EBITDA, Annualized:
–  Consolidated EBITDA			$	513,180
–  Unconsolidated EBITDA(1)			1,816
– Minority interest EBITDA(1)			(576)						514,420
Ratio of Company share of Net Debt to EBITDA									5.7x

(1)See page 8 for details.

1st Quarter 2022 Supplemental Financial and Operating Statistics 9

Kite Realty Group Trust

Summary of Outstanding Debt as of March 31, 2022

(dollars in thousands)

Total Outstanding Debt			Amount Outstanding						Ratio						Weighted Average Interest Rate						Weighted Average Years to Maturity
Fixed rate debt(1)			$	2,811,125					89		%				4.00		%				4.4
Variable rate debt(2)			318,893						10		%				3.11		%				4.3
Debt discounts, premiums and issuance costs, net			49,100						N/A						N/A						N/A
Total consolidated debt			3,179,118						99		%				3.90		%				4.4
KRG share of unconsolidated debt			32,467						1		%				4.49		%				7.3
Total			$	3,211,585					100		%				3.91		%				4.4

Schedule of Maturities by Year
			Secured Debt
			Scheduled Principal  Payments						Term Maturities						Unsecured Debt(3)						Total Consolidated Debt						Total Unconsolidated Debt						Total Debt Outstanding
2022			$	2,553					$	83,520					$	—					$	86,073					$	44					$	86,117
2023			2,600						220,499						295,000						518,099						270						518,369
2024			2,721						—						269,635						272,356						2,855						275,211
2025			2,848						—						430,000						432,848						11,176						444,024
2026			2,981						—						550,000						552,981												552,981
2027 and beyond			30,181						2,480						1,235,000						1,267,661						18,122						1,285,783
Debt discounts, premiums and issuance costs, net			—						1,600						47,500						49,100						—						49,100
Total			$	43,884					$	308,099					$	2,827,135					$	3,179,118					$	32,467					$	3,211,585

(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of March 31, 2022, $720.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 3.0 years.

(2)Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of March 31, 2022, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 3.4 years.

(3)This presentation reflects the Company’s exercise of its option to extend the maturity date of its unsecured credit facility by one year to January 8, 2027. The ability to exercise this option is subject to certain customary conditions, which the Company does not unilaterally control.

1st Quarter 2022 Supplemental Financial and Operating Statistics 10

Kite Realty Group Trust

Maturity Schedule of Outstanding Debt as of March 31, 2022

(dollars in thousands)

Description						Interest Rate(1)						Maturity Date						Balance as of March 31, 2022						% of Total Outstanding
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																		83,520						3		%
Centennial Gateway						3.81%						1/1/2023						23,962
Gateway Village						4.14%						1/1/2023						30,768
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
Delray Marketplace(2)						LIBOR + 160						8/4/2023						28,893
Senior Unsecured Note						4.23%						9/10/2023						95,000
Unsecured Term Loan(3)						4.10%						11/22/2023						200,000
2023 Debt Maturities																		516,178						16		%
Senior Unsecured Note						4.58%						6/30/2024						149,635
Unsecured Term Loan(4)						2.88%						7/17/2024						120,000
2024 Debt Maturities																		269,635						8		%
Senior Unsecured Note						4.00%						3/15/2025						350,000
Senior Unsecured Note(5)						LIBOR + 365						9/10/2025						80,000
2025 Debt Maturities																		430,000						13		%
Unsecured Term Loan(6)						2.97%						7/17/2026						150,000
Senior Unsecured Note						4.08%						9/30/2026						100,000
Senior Unsecured Note						4.00%						10/1/2026						300,000
2026 Debt Maturities																		550,000						17		%
Unsecured Credit Facility(7)						LIBOR + 110						1/8/2027						135,000
Senior Unsecured Exchangeable Notes						0.75%						4/1/2027						175,000
Northgate North						4.50%						6/1/2027						23,479
Senior Unsecured Note(5)						LIBOR + 375						9/10/2027						75,000
Unsecured Term Loan(8)						5.09%						10/24/2028						250,000
Senior Unsecured Note						4.24%						12/28/2028						100,000
Senior Unsecured Note						4.82%						6/28/2029						100,000
Rampart Commons						5.73%						6/10/2030						7,911
Senior Unsecured Note						4.75%						9/15/2030						400,000
The Shoppes at Union Hill						3.75%						6/1/2031						10,746
Nora Plaza Shops						3.80%						2/1/2032						3,549
2027 and beyond Debt Maturities																		1,280,685						40		%
Debt discounts, premiums and issuance costs, net																		49,100
Total debt per consolidated balance sheet																		$	3,179,118					99		%
KRG share of unconsolidated debt
Embassy Suites at Eddy Street Commons						LIBOR + 250						7/1/2025						$	11,772
Glendale Center Apartments						LIBOR + 280						5/31/2024						2,573
Three Property Retail Portfolio						4.09%						7/1/2028						10,378
The Corner (development)						4.61%						8/15/2038						7,744
Total KRG share of unconsolidated debt																		32,467						1		%
Total consolidated and KRG share of unconsolidated debt																		$	3,211,585

(1)At March 31, 2022, one-month LIBOR was 0.45% and three-month LIBOR was 0.96%.

(2)Property is held in a joint venture. The loan is guaranteed by Kite Realty Group, LP.

(3)Term loan is hedged to a fixed rate of 2.85% plus a credit spread of 1.25%.

(4)Term loan is hedged to a fixed rate of 1.68% plus a credit spread of 1.20%.

(5)Notes due 2025 are hedged to a floating rate until September 10, 2025. Notes due 2027 are hedged to a floating rate until September 10, 2025 and revert back to a fixed rate of 4.57% until maturity in 2027.

(6)Term loan is hedged to a fixed rate of 1.77% plus a credit spread of 1.20%.

(7)Assumes the Company exercises its option to extend the maturity date by one year to 2027.

(8)Assumes the Company exercises three one-year options to extend the maturity date to 2028. Term loan is hedged to a fixed rate of 5.09% until the initial maturity of October 24, 2025. Term loan interest rate reverts back to a floating rate of LIBOR plus 2.00% beyond the initial maturity date.

1st Quarter 2022 Supplemental Financial and Operating Statistics 11

Kite Realty Group Trust

Acquisitions and Dispositions

(dollars in thousands)

Acquisitions

Property Name

Acquisition Date

Metropolitan Statistical Area (MSA)

Property Type

GLA

Acquisition Price

Pebble Marketplace

February 16, 2022

Las Vegas, NV

Multi-tenant retail

85,796

$

44,100

MacArthur Crossing

April 13, 2022

Dallas/Fort Worth

Two-tenant building

56,077

21,920

Total acquisitions

141,873

$

66,020

Dispositions

Property Name

Disposition Date

MSA

Property Type

GLA

Sales Price

Hamilton Crossing Centre

January 26, 2022

Indianapolis

Redevelopment

—

$

6,900

Total dispositions

—

$

6,900

1st Quarter 2022 Supplemental Financial and Operating Statistics 12

Kite Realty Group Trust

Development and Redevelopment Projects

(dollars in thousands)

Project						MSA						KRG Ownership %						Projected Completion Date(1)						Total Commercial GLA						Total Multifamily Units						Total Project Costs(2)						KRG Equity Requirement(2)						KRG Remaining Spend						Estimated Stabilized NOI to KRG						Estimated Remaining NOI to Come Online(3)
Active Projects
Shoppes at Quarterfield						Washington, D.C./Baltimore						100%						Q2 2022						58,000						—						$	4,800					$	4,800					$	3,200					$1.0M–$1.1M						$0.0M–$0.1M
One Loudoun – Residential						Washington, D.C./Baltimore						90%						Q2 2022						—						378						11,500						11,500						2,200						$6.3M–$6.5M						$3.8M–$4.0M
Circle East						Washington, D.C./Baltimore						100%						Q3 2022						82,000						370						15,100						15,100						14,300						$1.9M–$2.2M						$1.1M–$1.4M
One Loudoun – Pads G&H Commercial						Washington, D.C./Baltimore						100%						Q2 2023						67,000						—						10,200						10,200						8,600						$1.7M–$2.1M						$0.1M–$0.5M
The Landing at Tradition – Phase II						Port St. Lucie, FL						100%						Q2 2023						39,900						—						10,900						10,900						10,500						$1.1M–$1.2M						$0.6M–$0.7M
Carillon MOB						Washington, D.C./Baltimore						100%						Q4 2024						126,000						—						59,700						59,700						52,400						$3.5M–$4.0M						$3.1M–$3.6M
The Corner – IN(4)						Indianapolis, IN						50%						Q4 2024						24,000						285						63,900						—						—						$1.7M–$1.9M						$1.7M–$1.9M
Total																								396,900						1,033						$	176,100					$	112,200					$	91,200					$17.2M–$19.0M						$10.4M–$12.2M

Future Opportunities(5)
Hamilton Crossing Centre – Phase II			Indianapolis, IN			Addition of mixed-use (multifamily, office and retail) components adjacent to the Republic Airways headquarters.
Carillon			Washington, D.C./Baltimore			Potential of 1.2 million square feet of commercial GLA and 3,000 multifamily units for additional expansion.
One Loudoun			Washington, D.C./Baltimore			Potential of 2.9 million square feet of commercial GLA for additional expansion.
Main Street Promenade			Chicago, IL			Potential of 10,000 square feet of commercial GLA and 47 multifamily units for additional expansion.
Downtown Crown			Washington, D.C./Baltimore			Potential of 42,000 square feet of commercial GLA for additional expansion.

(1)Completion date represents the earlier of one year after completion of project construction or substantial occupancy of the property.

(2)Total project costs and KRG equity requirement represent costs to KRG post-merger and exclude any costs spent to date prior to the merger.

(3)Estimated remaining NOI to come online excludes in-place NOI and NOI related to tenants that have signed leases but have not yet commenced paying rent.

(4)KRG does not have any equity requirements related to this development. Total project costs are at 100% and are net of a $13.5 million TIF.

(5)These opportunities are deemed potential at this time and are subject to various contingencies, many of which could be beyond the Company’s control.

1st Quarter 2022 Supplemental Financial and Operating Statistics 13

Kite Realty Group Trust

Geographic Diversification – ABR by Region and State as of March 31, 2022

(dollars in thousands)

												Total Retail Operating Portfolio																		Total Office Components
Region/State						Number of Properties(1)						Owned GLA/NRA(2)						Total Weighted ABR(3)						% of Weighted ABR(3)						Owned GLA/NRA(2)						Total Weighted ABR(3)						% of Weighted ABR(3)
South
Texas						45						7,732						$	143,165					23.9		%				432						$	10,948					1.8		%
Florida						29						3,514						59,666						10.0		%				38						1,071						0.2		%
Maryland						7						1,620						33,798						5.6		%				224						3,314						0.6		%
North Carolina						8						1,537						30,783						5.1		%				—						—						—		%
Virginia						7						1,115						28,358						4.7		%				158						5,012						0.9		%
Georgia						10						1,707						25,759						4.3		%				—						—						—		%
Tennessee						3						580						8,228						1.4		%				—						—						—		%
Oklahoma						3						505						7,504						1.3		%				—						—						—		%
South Carolina						2						258						3,076						0.5		%				—						—						—		%
Total South						114						18,568						340,337						56.8		%				852						20,345						3.5		%
West
Washington						10						1,683						30,368						5.1		%				—						—						—		%
Nevada						5						850						26,501						4.4		%				—						—						—		%
California						3						655						15,716						2.6		%				—						—						—		%
Arizona						5						726						14,565						2.4		%				—						—						—		%
Utah						2						392						7,767						1.3		%				—						—						—		%
Total West						25						4,306						94,917						15.8		%				—						—						—		%
Midwest
Indiana						16						1,633						28,944						4.8		%				369						7,135						1.2		%
Illinois						9						1,266						26,319						4.4		%				163						4,208						0.7		%
Michigan						1						308						6,753						1.1		%				—						—						—		%
Missouri						1						453						4,145						0.7		%				—						—						—		%
Ohio						1						236						1,912						0.3		%				—						—						—		%
Total Midwest						28						3,896						68,073						11.3		%				532						11,343						1.9		%
Northeast
New York						8						1,083						34,412						5.7		%				174						7,527						1.3		%
New Jersey						4						343						11,149						1.9		%				—						—						—		%
Massachusetts						1						272						5,522						0.9		%				—						—						—		%
Connecticut						1						206						3,625						0.6		%				—						—						—		%
Pennsylvania						1						136						1,982						0.3		%				—						—						—		%
Total Northeast						15						2,040						56,690						9.4		%				174						7,527						1.3		%
Total						182						28,810						$	560,017					93.3		%				1,558						$	39,215					6.7		%

(1)Number of properties represents consolidated and unconsolidated retail properties and the Company’s single standalone office property in Indianapolis, IN.

(2)Owned GLA/NRA represents gross leasable area owned by the Company and excludes the square footage of development and redevelopment projects.

(3)Weighted ABR and percent of weighted ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties.

1st Quarter 2022 Supplemental Financial and Operating Statistics 14

Kite Realty Group Trust

Top 25 Tenants by ABR as of March 31, 2022

(dollars in thousands, except per square foot data)

This table includes the Company’s retail operating properties.

			Tenant						Primary DBA/ Number of Stores						Number of Stores(1)						Total Leased GLA/NRA(2)						ABR(3)						% of Weighted ABR(4)
1			The TJX Companies, Inc.						T.J. Maxx (18), Marshalls (12), HomeGoods (10), Homesense (2), T.J. Maxx & HomeGoods combined (2)						44						1,296						$	14,065					2.5		%
2			Best Buy Co., Inc.						Best Buy (15), Pacific Sales (1)						16						633						11,145						2.0		%
3			PetSmart, Inc.												32						657						10,486						1.9		%
4			Ross Stores, Inc.						Ross Dress for Less						31						885						10,330						1.8		%
5			Michaels Stores, Inc.						Michaels						29						651						8,736						1.6		%
6			Bed Bath & Beyond Inc.						Bed Bath & Beyond (14), buybuy BABY (9)						23						613						8,382						1.5		%
7			Gap Inc.						Old Navy (25), The Gap (3), Banana Republic (3), Athleta (2)						33						451						8,113						1.4		%
8			Dick’s Sporting Goods, Inc.						Dick’s Sporting Goods (11), Golf Galaxy (1)						12						591						7,236						1.3		%
9			Publix Super Markets, Inc.												14						669						6,884						1.2		%
10			Lowe’s Companies, Inc.												7						168						6,488						1.2		%
11			Albertsons Companies, Inc.						Safeway (4), Jewel-Osco (3), Tom Thumb (2)						9						481						6,437						1.1		%
12			The Kroger Co.						Kroger (6), Harris Teeter (2), QFC (1), Smith’s (1)						10						355						5,753						1.0		%
13			Petco Health And Wellness Company, Inc.												22						299						5,346						1.0		%
14			Ulta Beauty, Inc.												24						248						5,154						0.9		%
15			Total Wine & More												13						305						5,069						0.9		%
16			BJ’s Wholesale Club, Inc.												2						115						4,939						0.9		%
17			Five Below, Inc.												29						258						4,901						0.9		%
18			Kohl’s Corporation												7						361						4,865						0.9		%
19			Burlington Stores, Inc.												8						445						4,496						0.8		%
20			Ahold U.S.A. Inc.						Stop & Shop (3), Giant Foods (1)						4						239						4,464						0.8		%
21			DSW Designer Shoe Warehouse												16						314						4,452						0.8		%
22			Office Depot, Inc.						Office Depot (11), OfficeMax (3)						14						308						4,376						0.8		%
23			Mattress Firm Group Inc.						Mattress Firm (26), Sleepy’s (5)						31						153						4,319						0.8		%
24			Party City Holdings Inc.												18						263						4,093						0.7		%
25			Fitness International, LLC												5						205						4,092						0.7		%
			Total Top Tenants												453						10,963						$	164,621					29.4		%

(1)Number of stores represents stores at consolidated and unconsolidated properties.

(2)Total leased GLA/NRA excludes the square footage of structures located on land owned by the Company and ground-leased to tenants.

(3)ABR represents the monthly contractual rent for March 31, 2022, for each applicable tenant multiplied by 12 and does not include tenant reimbursements. ABR represents 100% of the ABR at consolidated properties and the Company’s share of the ABR at unconsolidated properties excluding ground lease rent.

(4)Percent of weighted ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties.

1st Quarter 2022 Supplemental Financial and Operating Statistics 15

Kite Realty Group Trust

Retail Leasing Spreads

																		Comparable Space(1)(2)
Category						Total Leases(1)						Total Sq. Ft.(1)						Leases						Sq. Ft.						Prior Rent PSF(3)						New Rent PSF(4)						Cash Rent Spread						TI, LL Work, Lease Commissions PSF(5)
New Leases – Q1 2022						72						326,957						26						91,064						$	19.95					$	31.66					58.7		%
New Leases – Q4 2021						47						236,615						23						134,201						19.76						25.18						27.4		%
New Leases – Q3 2021						38						239,157						17						124,864						13.47						16.23						20.6		%
New Leases – Q2 2021						27						159,497						11						35,612						25.86						30.95						19.7		%
Total						184						962,226						77						385,741						$	18.33					$	24.35					32.8		%				$	72.58
Renewals – Q1 2022						110						727,006						79						588,368						$	18.16					$	19.77					8.9		%
Renewals – Q4 2021						85						690,450						60						515,802						16.08						17.41						8.3		%
Renewals – Q3 2021						44						345,663						33						220,843						18.68						20.63						10.4		%
Renewals – Q2 2021						46						478,498						39						395,202						14.93						16.05						7.5		%
Total						285						2,241,617						211						1,720,215						$	16.86					$	18.32					8.7		%				$	0.77
Total – Q1 2022						182						1,053,963						105						679,432						$	18.40					$	21.36					16.1		%
Total – Q4 2021						132						927,065						83						650,003						16.84						19.02						12.9		%
Total – Q3 2021						82						584,820						50						345,707						16.79						19.04						13.4		%
Total – Q2 2021						73						637,995						50						430,814						15.83						17.28						9.2		%
Total						469						3,203,843						288						2,105,956						$	17.13					$	19.42					13.4		%				$	13.92

(1)Excludes office and ground leases. Comparable space leases on this table are included for second generation retail spaces. Comparable leases represent those leases for which there was a former tenant within the last 12 months.

(2)Comparable renewals exclude leases with terms 24 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)Includes redevelopment costs for tenant-specific landlord work and tenant allowances provided to tenants.

1st Quarter 2022 Supplemental Financial and Operating Statistics 16

Kite Realty Group Trust

Lease Expirations as of March 31, 2022

(dollars in thousands, except per square foot data)

These tables include the following:

▪Operating retail properties;

▪Operating office properties; and

▪Development/redevelopment property tenants open for business who have commenced paying rent as of March 31, 2022.

Retail Portfolio
												Expiring GLA – Retail(2)																								Expiring ABR per Sq. Ft.(3)
						Number of Expiring Leases(1)						Shop Tenants						Anchor Tenants												Expiring ABR (Pro-rata)						% of Total ABR (Pro-rata)						Shop Tenants						Anchor Tenants												Total
2022						402						892,337						795,106												$	33,531					6.4		%				$	28.56					$	10.22											$	19.90
2023						591						1,387,264						2,557,662												78,005						14.9		%				30.40						14.04												19.79
2024						595						1,380,744						2,575,566												76,604						14.6		%				32.11						13.36												20.14
2025						452						1,072,978						2,541,030												64,991						12.4		%				30.56						12.97												18.23
2026						438						989,332						2,359,691												63,512						12.1		%				30.74						14.36												19.27
2027						378						897,842						2,156,859												56,391						10.8		%				30.01						13.82												18.60
2028						182						447,736						1,047,933												30,451						5.8		%				33.81						14.66												20.38
2029						161						387,430						1,111,043												31,130						5.9		%				32.57						16.78												20.83
2030						126						382,710						539,346												19,163						3.7		%				28.69						15.54												20.94
2031						129						339,693						655,504												20,991						4.0		%				31.69						15.76												21.16
Beyond						193						449,250						2,093,253												49,439						9.4		%				31.89						17.11												19.67
						3,647						8,627,316						18,432,993												$	524,208					100.0		%				$	30.83					$	14.31											$	19.61

Office Portfolio
												Expiring GLA(2)
						Number of Expiring Office Leases(1)						Office Tenants																		Expiring Office ABR						% of Total Office ABR												Expiring Office ABR per Sq. Ft.(3)
2022						35						329,935																		$	7,825					20.0		%										$	23.72
2023						35						126,396																		3,903						10.0		%										30.88
2024						40						227,209																		6,124						15.6		%										26.95
2025						13						164,133																		3,492						8.9		%										21.28
2026						13						66,843																		2,044						5.2		%										30.58
2027						14						79,394																		2,426						6.2		%										30.55
2028						5						112,519																		2,951						7.5		%										26.23
2029						5						75,943																		2,813						7.2		%										37.04
2030						4						41,061																		910						2.3		%										22.17
2031						4						121,003																		3,357						8.5		%										27.74
Beyond						4						90,599																		3,369						8.6		%										37.19
						172						1,435,035																		$	39,214					100.0		%										$	27.33

(1)Lease expiration table reflects rents in place as of March 31, 2022 and does not include option periods; 2022 expirations include 68 month-to-month retail tenants and five month-to-month office 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)ABR represents the monthly contractual rent as of March 31, 2022 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.

1st Quarter 2022 Supplemental Financial and Operating Statistics 17

Kite Realty Group Trust

Components of Net Asset Value as of March 31, 2022

(dollars in thousands)

Cash Net Operating Income (NOI)						Page						Other Assets(3)						Page
GAAP property NOI (incl. ground lease revenue)			$	139,295		6						Cash, cash equivalents and restricted cash			$	82,190		3
Below-market lease intangibles, net			(584)									Short-term deposits			125,000			3
Straight-line rent			(4,045)									Tenant and other receivables (net of SLR)			37,010			3
Other property-related revenue			(1,124)			6						Prepaid and other assets			96,281			3
Ground lease (“GL”) revenue			(10,634)			6
Consolidated Cash Property NOI (excl. GL)			$	122,908
Annualized Consolidated Cash Property NOI (excl. ground leases)			$	491,632
Adjustments To Normalize Annualized Cash NOI												Liabilities
Remaining NOI to come online from development and redevelopment projects(1)			$	11,334		13						Mortgage and other indebtedness, net			$	(3,130,018)		3
Unconsolidated EBITDA			1,816			8						Pro rata adjustment for joint venture debt			(31,889)			8
General and administrative expense allocable to property management activities included in property expenses ($3.7 million in Q1)			14,800			6, note 3						Accounts payable and accrued expenses			(124,193)			3
Total Adjustments			27,950									Other liabilities			(306,268)			3
												Noncontrolling redeemable joint venture interest			(10,070)
												Projected remaining under construction development/redevelopment(2)			(91,200)			13
Annualized Normalized Portfolio Cash NOI (excl. ground leases)			$	519,582
Annualized ground lease NOI			42,536
Total Annualized Portfolio Cash NOI			$	562,118								Common shares and Units outstanding			221,559,185

(1)Excludes the projected cash NOI and related cost from the future opportunities outlined on page 13.

(2)Remaining costs on page 13 for development projects.

(3)Excludes construction in progress and entitled land held for development.

1st Quarter 2022 Supplemental Financial and Operating Statistics 18

Kite Realty Group Trust

Non-GAAP Financial Measures

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 2021 gain on sale of the ground lease portfolios as these sales were 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. The Company’s 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 prior period bad debt or the collection of accounts receivable previously written off (“prior period 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 real estate industry. AFFO modifies FFO for certain cash and non-cash transactions that are not included in FFO. AFFO should not be considered an alternative to net income as an indicator of the Company’s performance or as an alternative to cash flow as a measure of liquidity or the Company’s 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 (calculated 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 is net income excluding properties that have not been owned for the full periods presented. However, due to the size of the Retail Properties of America, Inc. (“RPAI”) portfolio acquired in the merger with RPAI, which closed in October 2021, (the “Merger”), the legacy RPAI properties have been deemed to qualify for the same property pool beginning in 2022 if they had a full quarter of operations in 2021 within the legacy RPAI portfolio prior to the Merger. Same Property NOI also excludes (i) net gains from outlot sales, (ii) straight-line rent revenue, (iii) lease termination income in excess of lost rent, (iv) amortization of lease intangibles, and (v) 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 expiration of 12 months or the start date of a replacement tenant.

1st Quarter 2022 Supplemental Financial and Operating Statistics 19

Kite Realty Group Trust

Non-GAAP Financial Measures (continued)

Net Operating Income and Same Property Net Operating Income (continued)

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 periods presented. The Company believes such presentation eliminates disparities in net income due to the acquisition or disposition of properties during the particular periods 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.

In order to provide meaningful comparative information across periods that, in some cases, predate the Merger, all information regarding the performance of the same property pool is presented as though the Merger was consummated on January 1, 2021 (i.e., as though the properties owned by RPAI prior to the Merger that are included in our same property pool had been owned by the Company for the entirety of all comparison periods for which same property pool information is presented). 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. The Company’s 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, we have 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. The properties acquired in the Merger with RPAI qualify for the same property pool beginning in 2022 if they had a full first quarter of operations in 2021 within the legacy RPAI portfolio prior to the Merger. 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 we (a) begin recapturing space from tenants or (b) the contemplated plan significantly impacts the operations of the property. For the three months ended March 31, 2022, the same property pool excludes (i) Glendale Town Center, which was reclassified from active redevelopment into our operating portfolio in December 2021, (ii) seven active development and redevelopment projects, (iii) Arcadia Village and Pebble Marketplace, which were acquired subsequent to January 1, 2021, and (iv) office properties.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Net Debt to EBITDA

The Company defines EBITDA, a non-GAAP financial measure, as net income before interest expense, income tax expense of the taxable REIT subsidiary, and depreciation and amortization. For informational purposes, the Company also provides Adjusted EBITDA, which it defines as EBITDA less (i) EBITDA from unconsolidated entities, (ii) gains on sales of operating properties or impairment charges, (iii) merger and acquisition costs, (iv) other income and expense, (v) noncontrolling interest EBITDA, and (vi) 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 the Company, 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 the Company’s 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 also provides Annualized Adjusted EBITDA, adjusted as described above. The Company believes this supplemental information provides a meaningful measure of its 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 the Company’s operating results.

1st Quarter 2022 Supplemental Financial and Operating Statistics 20