Kite Realty Group Trust · NYSE:KRG
Kite Realty Group Trust — Debt Investor Presentation (October 2026)
17 slides from Kite Realty Group Trust's debt investor presentation, October 2026
Slide 1: Fixed Income Investor Update Q3 2026
Fixed Income Investor Update Q3 2026 © 2026 Kite Realty Group | kiterealty.com
Slide 2: KRG Overview
KRG Overview 164 26M 95.3% FOUNDED: 1960 KRG Operating Properties Total Owned GLA (SF) Retail Portfolio Percent Leased IPO: 2004 NYSE $5.1B $8.2B $23.52 5.2x 79% Retail Wtd. ABR from Market Cap1 Enterprise Value1 Retail Annualized Base Net Debt to Adjusted Assets with a Grocery Rent (ABR) per SF EBI
Slide 3: KRG's Strategic Advantages
KRG’s Strategic Advantages Best-in-Class Flexible and Durable High-Quality Sun Belt Operating Platform Balance Sheet Portfolio Operating margins and metrics are Low leverage with manageable near- Primarily concentrated in Sun Belt among the best in the open-air retail term maturities markets with se
Slide 4: Third Quarter Highlights
Third Quarter Highlights NET DEBT TO ADJUSTED EBITDA ABR PSF 6.9x $23.52 6.8x 1 6.7x $22.63 4.5% $21.15 CAGR $20.70 6.0x $20.02 5.9x $19.36 $18.42 $17.83 5.2x 5.2x 5.1x $16.84 4.9x $16.07 4.7x 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026 Q
Slide 5: Balance Sheet Philosophy
Balance Sheet Philosophy Net debt to Adjusted EBITDA in the low- to-mid 5x range Fund the business in a way that is A well-laddered transparent to maturity schedule is the best hedge operations against interest rates (unencumbered NOI of at least 95% excluding JV Assets) KRG has a low leverage, unse
Slide 6: Balance Sheet Snapshot
Balance Sheet Snapshot • In September, Fitch Ratings upgraded the Corporate Credit Rating of KRG to BBB+ from BBB. The Rating Outlook is Stable. • In its rating action, Fitch stated, “The upgrade reflects KRG’s sustained operational outperformance, execution of its large-scale capital recycling prog
Slide 7: Capital Structure and Liquidity Profile
Capital Structure and Liquidity Profile Capital Structure Fixed vs. Variable2 (% of Total Capitalization) 0.5% 3.3% 0.4% 15% Equity 6.7% Unsecured Debt - Public 9.7% Bonds Unsecured Debt $8.2 Billion Total Unsecured Term Loans 85% Enterprise 17.0% Value1 62.4% JV Debt Fixed Rate Debt Variable Rate D
Slide 8: Ample Covenant Coverage
Ample Covenant Coverage Debt As of As of As of Covenant September 30, As of June 30, As of March December September Unsecured Public Debt Covenants Threshold1 2026 2026 31, 2026 31, 2025 30, 2025 Total Debt to Undepreciated Assets < 60% 42% 40% 41% 40% 39% Secured Debt to Undepreciated Assets < 40%
Slide 9: Well-Staggered Maturity Ladder
Well-Staggered Maturity Ladder $1,000 Debt Maturity Profile as of September 30, 2026 0.079 ($ in M) 5.36% 4.79% $800 0.059 4.93% 4.60% 4.62% 4.60% 4.16% 0.039 $600 2.16% 20% of Total Debt Outstanding 0.019 $193 $400 $35 -0.001 $10 $645 -0.021 $300 $250 $200 $400 $350 $350 $250 -0.041 $100 $100 $4 $6
Slide 10: Ratings Mismatch Relative to Peers
Ratings Mismatch Relative to Peers Net Debt + EV / Total Liquidity Unencumbered Debt Preferred / Liquidity Capital ($, / EV or Assets to Service Fitch / Moody’s / S&P EBITDA ($, B) B)1 Capital2 Unsecured Debt2 Coverage2 KRG BBB+ / Baa2 / BBB 5.2x $1.1 $8.2 13.3% 2.4x 4.2x Average – peers with higher
Slide 11: Fixed Income Checklist
Fixed Income Checklist ▪ Solid Sector Fundamentals ✓ Open-air retail is resilient and experiencing strong tailwinds ▪ Strong Issuer Operating Fundamentals ✓ KRG is one of the most efficient and effective operators in the space ▪ Proven Management Team ✓ “Real estate first” management team with 75+ y
Slide 12: Disclaimer
Disclaimer Forward-Looking Statements This Investor Update, 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.
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures Net Operating Income, Cash Net Operating Income and Same Property Net Operating Income The Company uses net operating income (“NOI”) and cash NOI, which are non-GAAP financial measures, to evaluate the performance of our properties. The Company also uses total property NO
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Net Debt to Adjusted EBITDA The Company defines EBITDA, a non-GAAP financial measure, as net income before interest expense, income tax expense of the taxable REIT subsidiaries, and depreciation
Slide 15: Appendix: Reconciliation of Same Property NOI to Net Income
Appendix: Reconciliation of Same Property NOI to Net Income Kite Realty Group Same Property Net Operating Income (“NOI”) (dollars in thousands) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 Change 2026 2025 Change Number of properties in Same Property Pool fo
Slide 16: Appendix: NAREIT and Core Funds from Operations
Appendix: NAREIT and Core Funds from Operations Kite Realty Group NAREIT Funds From Operations (“FFO”)(1) (dollars in thousands, except per share amounts) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Net (loss) income $ (13,624) $ (16,410) $ 163,63
Slide 17: Appendix: Reconciliation of EBITDA to Net Income
Appendix: Reconciliation of EBITDA to Net Income Kite Realty Group Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) (dollars in thousands) (unaudited) Three Months Ended September 30, 2026 Net loss $ (13,624) Depreciation and amortization 79,655 Interest expense 31,569 Incom
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