Form 8-K KITE REALTY GROUP TRUST For: Feb 05

February 5, 2015 4:02 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

�

FORM 8-K

�

CURRENT REPORT

�

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

�

Date of Report (Date of earliest event reported): February 5, 2015

�

KITE REALTY GROUP TRUST

(Exact name of registrant as specified in its charter)

�

Maryland	�	1-32268	�	11-3715772
(State or other jurisdiction	�	(Commission	�	(IRS Employer
of incorporation)	�	File Number)	�	Identification Number)
�	�	�	�	�
30 S. Meridian Street			�	�
Suite 1100			�	�
Indianapolis, IN			�	46204
(Address of principal executive offices)			�	(Zip Code)
�			�	�
(317) 577-5600
(Registrants telephone number, including area code)
�			�	�
Not applicable
(Former name or former address, if changed since last report)

�

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

�

Item 2.02. Results of Operations and Financial Condition.

�

On February 5, 2015, Kite Realty Group Trust (the Company) announced its consolidated financial results for the quarter ended December 31, 2014. A copy of the Companys press release is furnished as Exhibit 99.1 to this current report on Form 8-K. A copy of the Companys Fourth Quarter 2014 Supplemental Disclosure is furnished as Exhibit 99.2 to this current report on Form 8-K. The information contained in Item 2.02 of this current report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed filed with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

�

Item 9.01. Financial Statements and Exhibits.

�

(a) Not applicable.

�

(b) Not applicable.

�

(d) Exhibits.

�

Exhibit No.	�	Description
99.1	�	Kite Realty Group Trust Press Release dated February 5, 2015
99.2	�	Kite Realty Group Trust Fourth Quarter 2014 Supplemental Disclosure

�

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

�	KITE REALTY GROUP TRUST
�	�
Date: February 5, 2015	By:	/s/ Daniel R. Sink
�	�	Daniel R. Sink
�	�	Executive Vice President and
�	�	Chief Financial Officer

�

EXHIBIT INDEX

Exhibit	�	Document
99.1	�	Kite Realty Group Trust Press Release dated February 5, 2015
99.2	�	Kite Realty Group Trust Fourth Quarter 2014 Supplemental Disclosure

PRESS RELEASE

�

Contact Information:	Investors/Media:
Kite Realty Group Trust	Kite Realty Group Trust
Dan Sink, Chief Financial Officer	Maggie Kofkoff, Investor Relations
(317) 577-5609	(317) 713-7644
[email protected]	[email protected]

��

Kite Realty Group Trust Reports Fourth Quarter and Full Year 2014 Results,

Successfully Completes Transformative Year,

Achieves Investment Grade Rated Balance Sheet, and

Announces a 4.8% Increase to Quarterly Common Dividend

Indianapolis, Ind., February 5, 2015 Kite Realty Group Trust (NYSE: KRG) (the Company) announced today operating results for the fourth quarter and full year ended December 31, 2014.��Financial statements and exhibits attached to this release include results for the three and twelve months ended December 31, 2014 and 2013.

�

We completed an excellent fourth quarter and strategically transformative year for Kite Realty.��We successfully completed and integrated a milestone $2.1 billion merger while quickly executing transactions to sell $318 million of non-core assets.��The merger and subsequent asset sale improved our portfolios metrics and materially increased our net asset value.��These actions also enabled us to further strengthen our balance sheet and increase our recurring cash flow, which was recognized when we were awarded investment grade ratings from both Moodys and S&P, said John Kite, Chairman and Chief Executive Officer.��Our 2015 outlook is very positive as supported by increasing our dividend by approximately 5 percent.��Looking forward, we continue to focus on strong portfolio operations, improving asset quality by conservatively redeploying the sales proceeds, and enhancing our financial flexibility.

�

Fourth Quarter Highlights

�

��	Generated Funds From Operations (FFO), as adjusted, of $43 million, or $0.50 per diluted common share, an 8.7% increase over the same period in 2013 on a per diluted share basis.

�

��	Increased same-property net operating income (NOI) by 4.8% compared to the same period in 2013.

�

��	Increased annualized base rent for the operating retail portfolio by 15% to $15.15 per square foot compared to the same period in 2013.

�

��	Received investment grade ratings from Moodys and Standard & Poors of Baa3 and BBB-, respectively.

�

��	Acquired Rampart Commons in the Summerlin-area of Las Vegas, Nevada, for $32.3 million.

�

��	Closed on the first tranche of the previously announced 15-asset disposition for $151 million, or $74 million of net proceeds.

�

2014 Full Year Highlights

�

��	Generated FFO, as adjusted, of $121.6 million, or $2.02 per diluted common share.

�

��	Generated Adjusted Funds From Operations (AFFO) of $1.77 per diluted common share, an 18.8% increase from the prior year.

�

��	Closed and fully integrated the $2.1 billion merger with Inland Diversified Real Estate Trust, Inc. and completed $193.3 million of non-core asset dispositions.

�

��	Executed 229 new and renewal leases for over 1.2 million square feet.

�

��	Completed redevelopment projects at Bolton Plaza in Jacksonville, Florida, and Kings Lake Square in Naples, Florida, and moved these properties to the operating portfolio.

�

��	Amended the Companys revolving credit facility, increasing the credit capacity from $200 million to $500 million.

�

Financial Results

For the three months ended December 31, 2014, FFO, as adjusted, was $43 million, or $0.50 per diluted common share for Kite Realty Group, L.P.s real estate properties in which the Company owns an interest (to which we refer as Kite Portfolio), compared to $13.8 million, or $0.46 per diluted common share, for the same period in the prior year.

�

Reported FFO, as defined by NAREIT, for the three months ended December 31, 2014, was $42.3 million, or $0.50 per diluted common share, for the Kite Portfolio, compared to $12.1 million, or $0.40 per diluted common share, for the same period in the prior year.

�

For the twelve months ended December 31, 2014, FFO, as adjusted, was $121.6 million, or $2.02 per diluted common share, for the Kite Portfolio, compared to $48.5 million, or $1.92 per diluted common share, for the prior year.��Reported FFO, as defined by NAREIT, which includes merger and acquisition costs of $27.5 million, for the twelve months ended December 31, 2014, was $94.1 million, or $1.56 per diluted common share, for the Kite Portfolio, compared to $47.6 million, or $1.88 per diluted common share, for the prior year.

�

Net income attributable to common shareholders for the three months ended December 31, 2014, was $5.1 million, compared to a net loss of $1.7 million for the same period in 2013. �For the twelve months ended December 31, 2014, net loss attributable to common shareholders was $14.2 million, compared to a net loss of $11.3 million for the twelve months ended December 31, 2013.

Net loss attributable to common shareholders for the twelve months ended December 31, 2014, and December 31, 2013, included $27.5 million of merger and acquisition related costs and $5.4 million of non-cash impairment, respectively.

�

Portfolio Activity During The Fourth Quarter

�

Acquisitions

�

In December, the Company acquired Rampart Commons in the Summerlin-area of Las Vegas, Nevada, for a gross purchase price of $32.3 million.��The 81,000 square foot shopping center is 100% leased and includes a merchandise mix of high quality retailers and restaurants, including Pottery Barn, Williams-Sonoma, Ann Taylor, Talbots, Chicos and PF Changs.

Dispositions

During the fourth quarter, the Company closed on the first tranche of its previously announced 15-asset disposition. This tranche included 8 retail properties for a gross sales price of approximately $151 million, or $74 million of net proceeds.

The second tranche of the sale is expected to close on or before March 16, 2015, subject to the satisfaction of customary closing conditions, and includes 7 retail properties for a gross sales price of approximately $167 million, or approximately $103 million of net proceeds.

�

Portfolio Operations

��	Same-property NOI increased by 4.8% in the fourth quarter of 2014 and 4.7% for the full year of 2014 over the same periods in the prior year.

�

��	The total portfolio was 94.8% leased at year-end.

�

��	Executed 76 new and renewal leases for over 376,000 square feet during the fourth quarter.

�

As of December 31, 2014, the Company owned interests in 123 operating properties totaling approximately 25 million square feet.��The owned GLA in the Companys retail operating portfolio was 94.8% leased, and the Companys office properties were 93.4% leased, both as of December 31, 2014.

Same-property NOI, which includes 52 operating properties, increased 4.8% in the fourth quarter of 2014 and 4.7% for the full year of 2014, both as compared to the same periods of the prior year. These 52 properties were 96.1% leased as of December 31, 2014.

A total of 76 new and renewal leases for over 376,000 square feet were executed in the quarter, of which 55 leases for over 331,000 square feet were for comparable space.��The Company generated positive cash spreads of 20.9% on new comparable leases and 5.7% on renewal leases for a blended spread of 7.5%.

�

Distributions

The Board of Trustees approved a quarterly common share cash distribution of $0.2725 per common share for the quarter ended March 31, 2015, which represents a 4.8% increase over its previous quarterly distribution.��The distribution will be paid to shareholders of record as of April 6, 2015, on or about April 13, 2015.

The Board of Trustees also approved a quarterly preferred share cash distribution of $0.515625 per preferred share covering the distribution period from December 2, 2014, to March 1, 2015, payable to shareholders of record as of February 17, 2015.��This distribution will be paid on or about March 1, 2015.

�

2015 Earnings Guidance

The Company currently expects its reported FFO, as defined by NAREIT, for the year ending December 31, 2015, to be between $1.90 to $2.00 per diluted common share and net income to be within a range of $0.18 to $0.28 per diluted common share.

While other factors may impact FFO and net earnings, the Companys 2015 guidance is based primarily on the following assumptions:

��	Portfolio leased percentage ranging from 95% to 96% at December 31, 2015;

��	An increase of 2.5% to 3.5% in same-property NOI compared to the prior year;

��	The impact from the previously announced asset sale of $318 million, including the second tranche, which is expected to close on or before March 16, 2015, subject to normal closing conditions;

��	Midpoint of guidance assumes $80 million in acquisitions during 2015;

��	Opportunistically accessing the unsecured bond market and utilizing the proceeds to repay near-term maturities and certain borrowings under the line of credit;

��	General and administrative expenses ranging from $16 million to $18 million for 2015; and

��	No acquisition costs or costs related to the prepayment of debt or calling of outstanding preferred securities.

The Companys 2015 guidance is also based on a number of other factors, many of which are outside the Companys control and all of which are subject to change.��The Company may change its guidance during the year as actual and anticipated results vary from these assumptions.

Following is a reconciliation of the range of 2015 estimated net income per diluted common share to estimated FFO per diluted common share:

�

Guidance Range for Full Year 2015	�	Low		�	�	High		�
Consolidated net income per diluted common share	�	$	0.18	�	�	$	0.28	�
Less: Dividends on preferred shares	�	�	(0.10	)	�	�	(0.10	)
Add: Depreciation, amortization and other	�	�	1.82	�	�	�	1.82	�
FFO per diluted common share	�	$	1.90	�	�	$	2.00	�

�

Non-GAAP Financial Measures

�

Given the nature of the Companys business as a real estate owner and operator, the Company believes that FFO, FFO, as adjusted, and AFFO are helpful to investors when measuring operating performance because they exclude various items included in net income or loss that do not relate to or are not indicative of operating performance, such as gains or losses from sales and impairments of operating properties and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. We believe this supplemental information provides a more meaningful measure of our operating performance. The Company believes presenting FFO, FFO, as adjusted, and AFFO in this manner allows investors and other interested parties to form a more meaningful assessment of the Companys operating results. Reconciliations of net income to FFO, FFO, as adjusted, and AFFO are included in the attached table.

Earnings Conference Call

The Company will conduct a conference call to discuss its financial results on Friday, February 6, 2015, at 1:00 p.m. Eastern Time.��A live webcast of the conference call will be available online on the Companys corporate website at www.kiterealty.com.��The dial-in numbers are (866) 700-6067 for domestic callers and (617) 213-8834 for international callers (passcode 93981841).��In addition, a webcast replay link will be available on the corporate website.

About Kite Realty Group Trust

�

Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust engaged in the ownership, operation, management, leasing, acquisition, construction, redevelopment and development of neighborhood and community shopping centers in selected markets in the United States. As of December 31, 2014, the Company owned interests in a portfolio of 127 operating, development and redevelopment properties totaling approximately 25.5 million total square feet across 26 states. For more information, please visit the Companys website at www.kiterealty.com.

�

Safe Harbor

�

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include, but are not limited to: national and local economic, business, real estate and other market conditions, particularly in light of low growth in the U.S. economy, financing risks, including the availability of and costs associated with sources of liquidity, the Companys ability to refinance, or extend the maturity dates of, its indebtedness, the level and volatility of interest rates, the financial stability of tenants, including their ability to pay rent and the risk of tenant bankruptcies, the competitive environment in which the Company operates, acquisition, disposition, development and joint venture, property ownership and management risks, the Companys ability to maintain its status as a real estate investment trust for federal income tax purposes, potential environmental and other liabilities, impairment in the value of real estate property the Company owns, risks related to the geographical concentration of our properties in Indiana, Florida and Texas, the dilutive effects of future offerings of issuing additional securities, and other factors affecting the real estate industry generally. The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled Risk Factors in the Companys Annual Report on Form 10-K for the year ended December 31, 2013, which discuss these and other factors that could adversely affect the Companys results. 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.

�

Kite Realty Group Trust

Consolidated Balance Sheets

(Unaudited)

�

�	�	December 31, 2014		�	�	December 31, 2013		�
Assets:	�	�		�	�	�		�
�	�	�		�	�	�		�
�Investment properties, at cost	�	$	3,732,747,979	�	�	$	1,877,058,271	�
Less: accumulated depreciation	�	�	(315,092,881	)	�	�	(232,580,267	)
�	�	�	3,417,655,098	�	�	�	1,644,478,004	�
Cash and cash equivalents	�	�	43,825,526	�	�	�	18,134,320	�
Tenant and other receivables, including accrued straight-line rent of $18,629,987 and $14,490,070, respectively, net of allowance for uncollectible accounts	�	�	48,096,669	�	�	�	29,334,235	�
Restricted cash and escrow deposits	�	�	16,170,973	�	�	�	11,046,133	�
Deferred costs and intangibles, net	�	�	159,977,680	�	�	�	56,387,586	�
Prepaid and other assets	�	�	8,847,088	�	�	�	4,546,752	�
Assets held for sale2	�	�	179,642,501	�	�	�	-	�
Total Assets	�	$	3,874,215,535	�	�	$	1,763,927,030	�
Liabilities and Equity:	�	�	�	�	�	�	�	�
Mortgage and other indebtedness1	�	$	1,554,263,020	�	�	$	857,144,074	�
Accounts payable and accrued expenses	�	�	75,149,213	�	�	�	61,437,187	�
Deferred revenue and intangibles, net, and other liabilities	�	�	136,409,308	�	�	�	44,313,402	�
Liabilities held for sale2	�	�	81,164,271	�	�	�	-	�
Total Liabilities	�	�	1,846,985,812	�	�	�	962,894,663	�
�	�	�	�	�	�	�	�	�
Commitments and contingencies	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�
Limited Partners interests in the Operating Partnership and other redeemable noncontrolling interests	�	�	125,082,085	�	�	�	43,927,540	�
�	�	�	�	�	�	�	�	�
Shareholders Equity:	�	�	�	�	�	�	�	�
Kite Realty Group Trust Shareholders Equity:	�	�	�	�	�	�	�	�
Preferred Shares, $.01 par value, 40,000,000 shares authorized, 4,100,000��shares issued and outstanding at December 31, 2014 and��2013 with a liquidation value of $102,500,000	�	�	102,500,000	�	�	�	102,500,000	�
Common Shares, $.01 par value, 450,000,000 shares authorized, 83,490,663 shares and 32,706,554 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively	�	�	834,907	�	�	�	327,066	�
Additional paid in capital	�	�	2,044,424,643	�	�	�	822,507,368	�
Accumulated other comprehensive (loss) income	�	�	(1,174,755	)	�	�	1,352,850	�
Accumulated deficit	�	�	(247,801,217	)	�	�	(173,130,113	)
Total Kite Realty Group Trust Shareholders Equity	�	�	1,898,783,578	�	�	�	753,557,171	�
Noncontrolling Interests	�	�	3,364,060	�	�	�	3,547,656	�
Total Equity	�	�	1,902,147,638	�	�	�	757,104,827	�
Total Liabilities and Equity	�	$	3,874,215,535	�	�	$	1,763,927,030	�

�

1	Includes debt premium of $28.2 million at December 31, 2014.
2	See Other Financial Information for details.

�

Kite Realty Group Trust

Consolidated Statements of Operations

For the Three and Twelve Months Ended December 31, 2014 and 2013

(Unaudited)

�

Three Months Ended December 31,

�

Twelve Months Ended

December 31,

�

2014

�

2013

�

2014

�

2013

�

Revenue:

�

Minimum rent

�

67,939,287

�

26,778,302

�

199,454,454

�

93,637,268

�

Tenant reimbursements

�

17,690,203

�

7,071,611

�

52,773,464

�

24,422,357

�

Other property related revenue

�

1,818,395

�

2,128,567

�

7,299,797

�

11,428,702

�

Total revenue

�

87,447,885

�

35,978,480

�

259,527,715

�

129,488,327

�

Expenses:

�

Property operating

�

12,645,977

�

6,146,950

�

38,702,755

�

21,729,251

�

Real estate taxes

�

9,899,582

�

4,578,034

�

29,947,296

�

15,262,928

�

General, administrative and other

�

3,684,306

�

2,141,729

�

13,042,524

�

8,210,793

�

Merger and acquisition costs

�

659,382

�

1,647,740

�

27,508,459

�

2,214,567

�

Depreciation and amortization

�

39,438,396

�

13,913,089

�

120,997,901

�

54,479,023

�

Total expenses

�

66,327,643

�

28,427,542

�

230,198,935

�

101,896,562

�

Operating income

�

21,120,242

�

7,550,938

�

29,328,780

�

27,591,765

�

Interest expense

�

(15,221,779

)

�

(7,181,116

)

�

(45,512,807

)

�

(27,993,577

)

Income tax benefit (expense) of taxable REIT subsidiary

�

12,563

�

(155,927

)

�

(24,049

)

�

(262,404

)

Other expense, net

�

(124,834

)

�

(23,231

)

�

(244,302

)

�

(62,381

)

Income/(loss) from continuing operations

�

5,786,192

�

190,664

�

(16,452,378

)

�

(726,597

)

Discontinued operations:

�

Operating income from discontinued operations

�

230,048

�

834,505

�

Impairment charge

�

(5,371,427

)

Non-cash gain on debt extinguishment

�

1,241,724

�

Gain on sales of operating properties

�

3,198,772

�

486,540

�

Income (loss) from discontinued operations

�

230,048

�

3,198,772

�

(2,808,658

)

Income (loss) before gain on sale of operating properties

�

5,786,192

�

420,712

�

(13,253,606

)

�

(3,535,255

)

Gain on sales of operating properties

�

2,242,450

�

8,577,968

�

Net income (loss)

�

8,028,642

�

420,712

�

(4,675,638

)

�

(3,535,255

)

Less: Net (income) loss attributable to noncontrolling interest

�

(801,280

)

�

34,193

�

(1,025,144

)

�

685,520

�

Less: Dividends on preferred shares

�

(2,114,063

)

�

(2,114,063

)

�

(8,456,251

)

�

(8,456,251

)

Net Income (loss) attributable to Kite Realty Group Trust common shareholders

�

5,113,299

�

(1,659,158

)

�

(14,157,033

)

�

(11,305,986

)

�

�Income (loss) per common share basic and diluted:

�

Continuing operations

�

0.06

�

(0.07

)

�

(0.29

)

�

(0.37

)

Discontinued operations

�

0.01

�

0.05

�

(0.11

)

�

0.06

�

(0.06

)

�

(0.24

)

�

(0.48

)

Weighted average common shares outstanding basic

�

83,478,680

�

28,368,568

�

58,353,448

�

23,535,434

�

Weighted average common shares outstanding diluted

�

83,727,400

�

28,368,568

�

58,353,448

�

23,535,434

�

Common dividends declared per common share

�

0.26

�

0.24

�

1.02

�

0.96

�

Amounts attributable to Kite Realty Group Trust common shareholders:

�

Income (loss) from continuing operations

�

5,113,299

�

(1,876,323

)

�

(17,267,871

)

�

(8,685,508

)

Income (loss) from discontinued operations

�

217,165

�

3,110,838

�

(2,620,478

)

Net Income (loss)

�

5,113,299

�

(1,659,158

)

�

(14,157,033

)

�

(11,305,986

)

______________

1	Share and per share information has been restated for the effects of the Companys one-for-four reverse share split in August 2014.

�

Kite Realty Group Trust

Funds From Operations and Adjusted Funds From Operations

For the Three and Twelve Months Ended December 31, 2014 and 2013

(Unaudited)

�

Three Months Ended

December 31,

�

Twelve Months Ended

December 31,

�

2014

�

2013

�

2014

�

2013

�

Funds From Operations

�

Consolidated net income (loss)

�

8,028,642

�

420,712

�

(4,675,638

)

�

(3,535,255

)

Less: dividends on preferred shares

�

(2,114,063

)

�

(2,114,063

)

�

(8,456,251

)

�

(8,456,251

)

Less: net income attributable to noncontrolling interests in properties

�

(678,131

)

�

(31,021

)

�

(1,435,200

)

�

(120,771

)

Less: gains on sales of operating properties

�

(2,242,450

)

�

(11,776,740

)

�

(486,540

)

Add: impairment charge

�

5,371,427

�

Add: depreciation and amortization of consolidated entities, net of noncontrolling interests

�

39,291,135

�

13,831,109

�

120,452,005

�

54,850,148

�

Funds From Operations of the Operating Partnership

�

42,285,133

�

12,106,737

�

94,108,176

�

47,622,758

�

Less Limited Partners' interests in Funds From Operations

�

(882,580

)

�

(668,457

)

�

(2,540,921

)

�

(3,194,745

)

Funds From Operations allocable to the Company2

�

41,402,553

�

11,438,280

�

91,567,255

�

44,428,013

�

FFO per share of the Operating Partnership basic

�

0.50

�

0.40

�

1.57

�

1.89

�

FFO per share of the Operating Partnership diluted

�

0.50

�

0.40

�

1.56

�

1.88

�

Funds From Operations of the Operating Partnership

�

42,285,133

�

12,106,737

�

94,108,176

�

47,622,758

�

Add write-off of loan fees on early repayment of debt

�

488,629

�

Add: Merger and acquisition costs

�

659,382

�

1,647,740

�

27,508,459

�

1,647,740

�

Less: Gain on debt extinguishment

�

(1,241,724

)

Funds From Operations of the Kite Portfolio, as adjusted

�

42,944,515

�

13,754,477

�

121,616,635

�

48,517,403

�

FFO per share of the Operating Partnership, as adjusted basic

�

0.50

�

0.46

�

2.03

�

1.92

�

FFO per share of the Operating Partnership, as adjusted diluted

�

0.50

�

0.46

�

2.02

�

1.92

�

Weighted average Common Shares outstanding basic

�

83,478,680

�

23,368,568

�

58,353,448

�

23,535,434

�

Weighted average Common Shares outstanding diluted

�

83,727,400

�

28,431,962

�

58,593,868

�

23,596,421

�

Weighted average Common Shares and Units outstanding basic

�

85,128,444

�

30,047,345

�

60,010,480

�

25,217,286

�

Weighted average Common Shares and Units outstanding diluted

�

85,377,163

�

30,110,740

�

60,250,900

�

25,278,273

�

Reconciliation of FFO, as adjusted, to Adjusted Funds from Operations (AFFO)

�

Total FFO of the Kite Portfolio, as adjusted

�

42,944,515

�

13,754,477

�

121,616,635

�

48,517,403

�

Add:

�

Depreciation of non-real estate assets

�

147,261

�

114,663

�

545,896

�

383,425

�

Amortization of deferred financing costs

�

951,576

�

511,067

�

2,863,666

�

2,433,794

�

Non-cash compensation expense

�

884,594

�

288,911

�

2,461,526

�

1,073,119

�

Less:

�

Straight-line rent and above/below market rent

�

2,333,009

�

1,719,082

�

9,265,026

�

6,169,645

�

Amortization of debt premium

�

1,804,732

�

2,021

�

3,468,114

�

127,031

�

Maintenance capital expenditures

�

398,116

�

304,893

�

2,075,316

�

1,030,475

�

Revenue enhancing T/I retail

�

1,720,955

�

462,076

�

4,251,903

�

5,926,359

�

Revenue enhancing T/I office

�

171,387

�

525,091

�

490,938

�

External leasing commissions

�

507,348

�

308,612

�

1,262,327

�

1,101,105

�

Total AFFO available to shareholders3

�

38,163,786

�

11,701,047

�

106,639,946

�

37,562,188

�

Total AFFO per share3

�

0.45

�

0.39

�

1.77

�

1.49

�

____________________

�

Funds From Operations of the Kite Portfolio measures 100% of the operating performance of the Operating Partnerships real estate properties and construction and service subsidiaries in which the Company owns an interest. Funds From Operations allocable to the Company reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.

�

Share and per share information has been restated for the effects of the Companys one-for-four reverse share split in August 2014.

�

Excludes merger and acquisition costs.

�

Kite Realty Group Trust

Same-Property Net Operating Income

For the Three and Twelve Months Ended December 31, 2014 and 2013

(Unaudited)

�

Three Months Ended December 31,

�

Twelve Months Ended December 31,

�

2014

�

2013

�

% Change

�

2014

�

2013

�

% Change

�

Number of properties at period end1�

�

Leased percentage at period end�

�

96.1%

�

96.4%

�

96.1%

�

96.4%

�

Economic Occupancy percentage at period end�2

�

94.8%

�

93.1%

�

94.8%

�

93.1%

�

Minimum rent

20,602,511

�

19,965,283

�

77,590,611

�

74,570,139

�

Tenant recoveries�

�

6,032,999

�

5,578,720

�

23,267,055

�

21,878,829

�

Other income�

�

1,080,882

�

1,084,461

�

2,947,772

�

2,893,868

�

27,716,392

�

26,628,464

�

103,805,438

�

99,342,836

�

Property operating expenses�

�

5,936,026

�

5,509,551

�

21,911,613

�

20,636,806

�

Real estate taxes�

�

3,535,700

�

3,714,402

�

13,860,468

�

13,700,969

�

9,471,726

�

9,223,953

�

35,772,081

�

34,337,775

�

Net operating income same properties (52 properties)3

18,244,666

�

17,404,511

�

4.8

�

68,033,357

�

65,005,061

�

4.7

�

Reconciliation to Most Directly Comparable GAAP Measure:�

�

Net operating income - same properties

18,244,666

�

17,404,511

�

68,033,357

�

65,005,061

�

Net operating income - non-same activity

�

46,657,660

�

7,848,985

�

122,844,307

�

27,491,087

�

Other expense, net

�

(112,271

)

�

(179,158

)

�

(268,351

)

�

(324,785

)

�

General, administrative and other

�

(3,684,306

)

�

(2,141,729

)

�

(13,042,524

)

�

(8,210,793

)

�

Merger and acquisition costs

�

(659,382

)

�

(1,647,740

)

�

(27,508,459

)

�

(2,214,567

)

�

Impairment charge

�

(5,371,427

)

�

Depreciation expense

�

(39,438,396

)

�

(13,913,089

)

�

(120,997,901

)

�

(54,479,023

)

�

Interest expense

�

(15,221,779

)

�

(7,181,116

)

�

(45,512,807

)

�

(27,993,577

)

�

Discontinued operations

�

230,048

�

2,562,769

�

Gains on sales of operating properties

�

2,242,450

�

11,776,740

�

Net (income) loss attributable to noncontrolling interests

�

(801,280

)

�

34,193

�

(1,025,144

)

�

685,520

�

Dividends on preferred shares

�

(2,114,063

)

�

(2,114,063

)

�

(8,456,251

)

�

(8,456,251

)

�

Net income (loss) attributable to common shareholders

5,113,299

�

(1,659,158

)

�

(14,157,033

)

(11,305,986

)

�

____________________

�

Same-property NOI analysis excludes operating properties in redevelopment.

�

Excludes leases that are signed but for which tenants have not commenced payment of cash rent.

�

Same-property NOI excludes net gains from outlot sales, straight-line rent revenue, bad debt expense and related recoveries, lease termination fees, amortization of lease intangibles and significant prior year expense recoveries and adjustments, if any.

�

The Company believes that same-property NOI is helpful to investors as a measure of its operating performance because it excludes various items included in net income that do not relate to or are not indicative of its operating performance, such as depreciation and amortization, interest expense, and impairment, if any.��The Company believes that same-property NOI is helpful to investors as a measure of its operating performance because it includes only the NOI of properties that have been owned for the full period presented, which eliminates disparities in net income due to the redevelopment, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent metric for the comparison of the Company's properties.��NOI and same-property NOI should not, however, be considered as an alternatives to net income (calculated in accordance with GAAP) as indicators of the Company's financial performance.

�

�

QUARTERLY FINANCIAL SUPPLEMENT

�

DECEMBER 31, 2014

�

KITE REALTY GROUP TRUST

INVESTOR RELATIONS CONTACTS:

Dan Sink, Chief Financial Officer

Margaret Kofkoff, Senior Financial Analyst & Investor Relations

�

30 S. MERIDIAN STREET " INDIANAPOLIS, INDIANA 46204 " 317.577.5600 " KITEREALTY.COM

��

�

QUARTERLY FINANCIAL SUPPLEMENT DECEMBER 31, 2014

�
�

PAGE NO.	�	TABLE OF CONTENTS
�	�	�
3	�	Corporate Profile�
4	�	Contact Information�
5	�	Important Notes�
6	�	Corporate Structure Chart�
7	�	Consolidated Balance Sheets�
8	�	Consolidated Statements of Operations for the Three and Twelve Months Ended December 31
9	�	Funds from Operations and Adjusted Funds from Operations for the Three and Twelve Months Ended December 31
10	�	Other Financial Information
11	�	Market Capitalization
11	�	Ratio of Debt to Total Undepreciated Assets as of December 31
11	�	Ratio of Company Share of Net Debt to EBITDA as of December 31
12	�	Same Property Net Operating Income for the Three and Twelve Months Ended December 31
13	�	Net Operating Income by Quarter�
14	�	Consolidated Joint Venture Summary
15	�	Summary of Outstanding Debt as of December 31
16	�	Maturity Schedule of Outstanding Debt as of December 31
19	�	Top 10 Retail Tenants by Gross Leasable Area�
20	�	Top 25 Tenants by Annualized Base Rent�
21	�	Retail Leasing Summary
22	�	Lease Expirations Operating Portfolio�
23	�	Lease Expirations Retail Anchor Tenants�
24	�	Lease Expirations Retail Shops�
25	�	Lease Expirations Office Tenants�
26	�	Summary Retail Portfolio Statistics�Including Joint Venture Properties
27	�	Summary Office Portfolio Statistics�
28	�	Development Projects�
29	�	Redevelopment Projects
30	�	2014 Property Dispositions
31	�	Geographic Diversification Operating Portfolio�
32	�	Operating Retail Portfolio Summary Report
37	�	Operating Office Properties
38	�	2015 Earnings Guidance
�	�	�

�

QUARTERLY FINANCIAL SUPPLEMENT DECEMBER 31, 2014

�

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 select markets in the United States. As of December 31, 2014, we owned interests in 123 properties totaling approximately 25 million square feet and an additional 0.9 million square feet in four development projects currently under construction.

�

Our strategy is to maximize the cash flow of our operating properties, successfully complete the construction and lease-up of our development portfolio and identify additional growth opportunities in the form of acquisitions and redevelopments. New investments are focused in the shopping center sector in markets where we currently operate and where we believe we can leverage our existing infrastructure and relationships to generate attractive risk-adjusted returns.

�

Company Highlights as of December 31, 2014

�

�	# of Properties	Total GLA /NRA1	Owned �GLA /NRA1
�	�	�	�
Operating Retail Properties2	118	23,859,680	16,156,995
Operating Office Properties	2	406,063	406,063
Redevelopment Properties	�	�	�
��- Under Construction	1	164,665	162,693
��- Pending Construction	2	212,163	204,463
��Subtotal Redevelopment Properties	3	376,828	367,156
Total Operating and Redevelopment Properties	123	24,642,571	16,930,214
�	�	�	�
Development Projects:	�	�	�
��- Under Construction	4	862,749	627,321
��Subtotal Development Properties	4	862,749	627,321
Total All Properties	127	25,505,320	17,557,535
�	�	�	�
�	Retail	Office	Total1
�	�	�	�
Operating Properties ��Leased Percentage1	94.8%	93.4%	94.8%
�	�	�	�
States	�	�	26

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.
�	�
2	Includes seven properties held for sale with 740,034 owned square feet and a leased percentage of 93.8%.

�

p.�3

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

CONTACT INFORMATION

�

Corporate Office

�

30 South Meridian Street, Suite 1100

Indianapolis, IN 46204

(888) 577-5600

(317) 577-5600

www.kiterealty.com

�

Investor Relations Contacts:	�	Analyst Coverage:	�	Analyst Coverage:
�	�	�	�	�
Dan Sink, Chief Financial Officer�	�	Bank of America/Merrill Lynch	�	KeyBanc Capital Markets
Kite Realty Group Trust�	�	Mr. Jeffrey Spector/Mr. Craig Schmidt	�	Mr. Jordan Sadler/Mr. Todd Thomas
30 South Meridian Street, Suite 1100�	�	(646) 855-1363/(646) 855-3640	�	(917) 368-2280/(917) 368-2286
Indianapolis, IN 46204�	�	[email protected]	�	[email protected]
(317)�577-5609	�	[email protected]	�	[email protected]
[email protected]�	�	�	�	�
�	�	BMO Capital Markets�	�	Raymond James�
Margaret Kofkoff, CFA	�	Mr. Paul E. Adornato	�	Mr. Paul Puryear/ Mr. Daniel Mannix, CFA
Senior Financial Analyst &	�	(212)�885-4170	�	(727)�567-2253/ (727) 567-2619
Investor Relations	�	[email protected]�	�	[email protected]�
Kite Realty Group Trust�	�	�	�	[email protected]
30 South Meridian Street, Suite 1100�	�	Capital One Securities, Inc.	�	�
Indianapolis, IN 46204�	�	Mr. Christopher Lucas/Mr. Vineet Khanna	�	Sandler ONeill
(317)�713-7644	�	(571) 633-8151/(571) 835-7013	�	Mr. Alexander Goldfarb/Mr. Andrew Schaffer, CAIA
[email protected]	�	[email protected]	�	(212) 466-8062/(212) 466-7937
�	�	[email protected]	�	[email protected]
Transfer Agent:	�	�	�	[email protected]
�	�	Citigroup Global Markets�	�	�
Broadridge Financial Solutions	�	Mr. Michael Bilerman/Ms. Christy McElroy	�	Stifel, Nicolaus & Company, Inc.�
Ms. Kristen Tartaglione	�	(212)�816-1383/(212) 816-6981	�	Mr. Nathan Isbee/Ms. Jennifer Hummert�
2 Journal Square, 7th Floor	�	[email protected]�	�	(443) 224-1346�/(443) 224-1288
Jersey City, NJ��07306	�	[email protected]	�	[email protected]�
(201) 714-8094	�	�	�	[email protected]
�	�	Cowan Group Inc.	�	�
Stock Specialist:	�	Mr. Michael Gorman	�	Wells Fargo Securities, LLC
�	�	(646) 562-1320	�	Mr. Jeffrey J. Donnelly, CFA�/Ms. Tamara��Fique
Barclays Capital	�	[email protected]	�	(617)�603-4262/(443) 263-6568
45 Broadway�	�	�	�	[email protected]�
20th Floor�	�	Hilliard Lyons	�	[email protected]
New York, NY 10006�	�	Ms. Carol L. Kemple	�	�
(646)�333-7000	�	(502) 588-1839	�	�
�	�	[email protected]	�	�
�	�	�	�	�

�

p. 4

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

IMPORTANT NOTES

�

Interim Information

�

This Quarterly Financial Supplement contains historical information of Kite Realty Group Trust (the Company or KRG) and is intended to supplement the Companys Annual Report on Form 10-K for the year ended December 31, 2014 to be filed on or about March 2, 2015, which should be read in conjunction with this supplement. The supplemental information is unaudited, although it reflects all adjustments which, 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 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 expressed or implied by the forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include, but are not limited to:

�

��	national and local economic, business, real estate and other market conditions, particularly in light of the recent slowing of growth in the U.S. economy;

��	financing risks, including the availability of and costs associated with sources of liquidity;

��	the Companys ability to refinance, or extend the maturity dates of, its indebtedness;

��	the level and volatility of interest rates;

��	the financial stability of tenants, including their ability to pay rent and the risk of tenant bankruptcies;

��	the competitive environment in which the Company operates;

��	acquisition, disposition, development and joint venture risks;

��	property ownership and management risks;

��	the Companys ability to maintain its status as a real estate investment trust (REIT) for federal income tax purposes;

��	potential environmental and other liabilities;

��	impairment in the value of real estate property the Company owns;

��	risks related to the geographical concentration of our properties in Indiana, Florida, Texas and North Carolina;

��	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, 2013, 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.

�

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. We calculate FFO in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (NAREIT), which we refer to as the White Paper. The White Paper defines FFO as net income (determined in accordance with generally accepted accounting principles (GAAP)), excluding gains (or losses) from sales and impairments of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

�

Considering the nature of our business as a real estate owner and operator, we believe 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. For informational purposes, we have also provided FFO adjusted for the write-off of deferred financing costs in the first quarter of 2013, a gain on debt extinguishment in the third quarter of 2013, and costs incurred in 2014 related to our merger with Inland Diversified Real Estate Trust and other acquisitions .��We believe this supplemental information provides a meaningful measure of our operating performance.��We believe our presentation of adjusted FFO provides investors with another financial measure that may facilitate comparison of operating performance between periods and among our peer companies.��FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of our financial performance, is not an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, and 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.

�

Net Operating Income

�

Net operating income (NOI) is provided here as a supplemental measure of operating performance. NOI is defined as property revenues less property operating expenses, excluding depreciation and amortization, interest expense, impairment, and other items. We believe this presentation of NOI is helpful to investors as a measure of our operational performance because it is widely used in the real estate industry to measure the performance of real estate assets without regard to various items, included in net income, that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending upon accounting methods and book value of assets. We also believe NOI helps our investors to meaningfully compare the results of our operating performance from period to period by removing the impact of our capital structure (primarily interest expense on our outstanding indebtedness) and depreciation of the basis in our assets from our operating results. NOI should not, however, be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of our financial performance.

p.�5

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

CORPORATE STRUCTURE CHART - DECEMBER 31, 2014

�

�

p.�6

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

�

�	�	December 31, 2014		�	�	December 31, 2013		�
Assets:	�	�		�	�	�		�
�	�	�		�	�	�		�
�Investment properties, at cost	�	$	3,732,747,979	�	�	$	1,877,058,271	�
Less: accumulated depreciation	�	�	(315,092,881	)	�	�	(232,580,267	)
�	�	�	3,417,655,098	�	�	�	1,644,478,004	�
�	�	�	�	�	�	�	�	�
Cash and cash equivalents	�	�	43,825,526	�	�	�	18,134,320	�
Tenant and other��receivables, including accrued straight-line rent of $18,629,987 and $14,490,070, respectively, net of allowance for uncollectible accounts	�	�	48,096,669	�	�	�	29,334,235	�
Restricted cash and escrow deposits	�	�	16,170,973	�	�	�	11,046,133	�
Deferred costs and intangibles, net	�	�	159,977,680	�	�	�	56,387,586	�
Prepaid and other assets	�	�	8,847,088	�	�	�	4,546,752	�
Assets held for sale2	�	�	179,642,501	�	�	�	-	�
Total Assets	�	$	3,874,215,535	�	�	$	1,763,927,030	�
Liabilities and Equity:	�	�	�	�	�	�	�	�
Mortgage and other indebtedness1	�	$	1,554,263,020	�	�	$	857,144,074	�
Accounts payable and accrued expenses	�	�	75,149,213	�	�	�	61,437,187	�
Deferred revenue and intangibles, net and other liabilities	�	�	136,409,308	�	�	�	44,313,402	�
Liabilities held for sale2	�	�	81,164,271	�	�	�	-	�
Total Liabilities	�	�	1,846,985,812	�	�	�	962,894,663	�
�	�	�	�	�	�	�	�	�
Commitments and contingencies	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�
Limited Partners interests in the Operating Partnership and other redeemable noncontrolling interests	�	�	125,082,085	�	�	�	43,927,540	�
�	�	�	�	�	�	�	�	�
Shareholders Equity:	�	�	�	�	�	�	�	�
Kite Realty Group Trust Shareholders Equity:	�	�	�	�	�	�	�	�
Preferred Shares, $.01 par value, 40,000,000 shares authorized, 4,100,000��shares issued and outstanding at December 31, 2014 and��2013 with a liquidation value of $102,500,000	�	�	102,500,000	�	�	�	102,500,000	�
Common Shares, $.01 par value, 450,000,000 shares authorized, 83,490,663 shares and 32,706,554 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively	�	�	834,907	�	�	�	327,066	�
Additional paid in capital	�	�	2,044,424,643	�	�	�	822,507,368	�
Accumulated other comprehensive (loss) income	�	�	(1,174,755	)	�	�	1,352,850	�
Accumulated deficit	�	�	(247,801,217	)	�	�	(173,130,113	)
Total Kite Realty Group Trust Shareholders Equity	�	�	1,898,783,578	�	�	�	753,557,171	�
Noncontrolling Interests	�	�	3,364,060	�	�	�	3,547,656	�
Total Equity	�	�	1,902,147,638	�	�	�	757,104,827	�
Total Liabilities and Equity	�	$	3,874,215,535	�	�	$	1,763,927,030	�

__________________

1	Includes debt premium of $28.2 million at December 31, 2014.
2	See Other Financial Information for details.

�

p.��7

��Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

CONSOLIDATED STATEMENTS OF OPERATIONS - THREE AND TWELVE MONTHS�(UNAUDITED)1

�

Three Months Ended December 31,

�

Twelve Months Ended

December 31,

�

2014

�

2013

�

2014

�

2013

�

Revenue:

�

Minimum rent

�

67,939,287

�

26,778,302

�

199,454,454

�

93,637,268

�

Tenant reimbursements

�

17,690,203

�

7,071,611

�

52,773,464

�

24,422,357

�

Other property related revenue

�

1,818,395

�

2,128,567

�

7,299,797

�

11,428,702

�

Total revenue

�

87,447,885

�

35,978,480

�

259,527,715

�

129,488,327

�

Expenses:

�

Property operating

�

12,645,977

�

6,146,950

�

38,702,755

�

21,729,251

�

Real estate taxes

�

9,899,582

�

4,578,034

�

29,947,296

�

15,262,928

�

General, administrative and other

�

3,684,306

�

2,141,729

�

13,042,524

�

8,210,793

�

Merger and acquisition costs

�

659,382

�

1,647,740

�

27,508,459

�

2,214,567

�

Depreciation and amortization

�

39,438,396

�

13,913,089

�

120,997,901

�

54,479,023

�

Total expenses

�

66,327,643

�

28,427,542

�

230,198,935

�

101,896,562

�

Operating income

�

21,120,242

�

7,550,938

�

29,328,780

�

27,591,765

�

Interest expense

�

(15,221,779

)

�

(7,181,116

)

�

(45,512,807

)

�

(27,993,577

)

Income tax benefit (expense) of taxable REIT subsidiary

�

12,563

�

(155,927

)

�

(24,049

)

�

(262,404

)

Other expense, net

�

(124,834

)

�

(23,231

)

�

(244,302

)

�

(62,381

)

Income/(loss) from continuing operations

�

5,786,192

�

190,664

�

(16,452,378

)

�

(726,597

)

Discontinued operations:

�

Operating income from discontinued operations

�

230,048

�

834,505

�

Impairment charge

�

(5,371,427

)

Non-cash gain on debt extinguishment

�

1,241,724

�

Gain on sales of operating properties

�

3,198,772

�

486,540

�

Income (loss) from discontinued operations

�

230,048

�

3,198,772

�

(2,808,658

)

Income (loss) before gain on sale of operating properties

�

5,786,192

�

420,712

�

(13,253,606

)

�

(3,535,255

)

Gain on sales of operating properties

�

2,242,450

�

8,577,968

�

Net income (loss)

�

8,028,642

�

420,712

�

(4,675,638

)

�

(3,535,255

)

Less: Net (income) loss attributable to noncontrolling interest

�

(801,280

)

�

34,193

�

(1,025,144

)

�

685,520

�

Less: Dividends on preferred shares

�

(2,114,063

)

�

(2,114,063

)

�

(8,456,251

)

�

(8,456,251

)

Net Income (loss) attributable to Kite Realty Group Trust common shareholders

�

5,113,299

�

(1,659,158

)

�

(14,157,033

)

�

(11,305,986

)

�

�Income (loss) per common share basic and diluted:

�

Continuing operations

�

0.06

�

(0.07

)

�

(0.29

)

�

(0.37

)

Discontinued operations

�

0.01

�

0.05

�

(0.11

)

�

0.06

�

(0.06

)

�

(0.24

)

�

(0.48

)

Weighted average common shares outstanding basic

�

83,478,680

�

28,368,568

�

58,353,448

�

23,535,434

�

Weighted average common shares outstanding diluted

�

83,727,400

�

28,368,568

�

58,353,448

�

23,535,434

�

Common dividends declared per common share

�

0.26

�

0.24

�

1.02

�

0.96

�

Amounts attributable to Kite Realty Group Trust common shareholders:

�

Income (loss) from continuing operations

�

5,113,299

�

(1,876,323

)

�

(17,267,871

)

�

(8,685,508

)

Income (loss) from discontinued operations

�

217,165

�

3,110,838

�

(2,620,478

)

Net Income (loss)

�

5,113,299

�

(1,659,158

)

�

(14,157,033

)

�

(11,305,986

)

______________

1	Share and per share information has been restated for the effects of the Companys one-for-four reverse share split in August 2014.

p.�8��

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS1

�

Three Months Ended

December 31,

�

Twelve Months Ended

December 31,

�

2014

�

2013

�

2014

�

2013

�

Funds From Operations

�

Consolidated net income (loss)

�

8,028,642

�

420,712

�

(4,675,638

)

�

(3,535,255

)

Less: dividends on preferred shares

�

(2,114,063

)

�

(2,114,063

)

�

(8,456,251

)

�

(8,456,251

)

Less: net income attributable to noncontrolling interests in properties

�

(678,131

)

�

(31,021

)

�

(1,435,200

)

�

(120,771

)

Less: gains on sales of operating properties

�

(2,242,450

)

�

(11,776,740

)

�

(486,540

)

Add: impairment charge

�

5,371,427

�

Add: depreciation and amortization of consolidated entities, net of noncontrolling interests

�

39,291,135

�

13,831,109

�

120,452,005

�

54,850,148

�

Funds From Operations of the Operating Partnership

�

42,285,133

�

12,106,737

�

94,108,176

�

47,622,758

�

Less Limited Partners' interests in Funds From Operations

�

(882,580

)

�

(668,457

)

�

(2,540,921

)

�

(3,194,745

)

Funds From Operations allocable to the Company2

�

41,402,553

�

11,438,280

�

91,567,255

�

44,428,013

�

FFO per share of the Operating Partnership basic

�

0.50

�

0.40

�

1.57

�

1.89

�

FFO per share of the Operating Partnership diluted

�

0.50

�

0.40

�

1.56

�

1.88

�

Funds From Operations of the Operating Partnership

�

42,285,133

�

12,106,737

�

94,108,176

�

47,622,758

�

Add write-off of loan fees on early repayment of debt

�

488,629

�

Add: Merger and acquisition costs

�

659,382

�

1,647,740

�

27,508,459

�

1,647,740

�

Less: Gain on debt extinguishment

�

(1,241,724

)

Funds From Operations of the Kite Portfolio, as adjusted

�

42,944,515

�

13,754,477

�

121,616,635

�

48,517,403

�

FFO per share of the Operating Partnership, as adjusted basic

�

0.50

�

0.46

�

2.03

�

1.92

�

FFO per share of the Operating Partnership, as adjusted diluted

�

0.50

�

0.46

�

2.02

�

1.92

�

Weighted average Common Shares outstanding basic

�

83,478,680

�

28,368,568

�

58,353,448

�

23,535,434

�

Weighted average Common Shares outstanding diluted

�

83,727,400

�

28,431,962

�

58,593,868

�

23,596,421

�

Weighted average Common Shares and Units outstanding basic

�

85,128,444

�

30,047,345

�

60,010,480

�

25,217,286

�

Weighted average Common Shares and Units outstanding diluted

�

85,377,163

�

30,110,740

�

60,250,900

�

25,278,273

�

Reconciliation of FFO, as adjusted, to Adjusted Funds from Operations (AFFO)

�

Total FFO of the Kite Portfolio, as adjusted

�

42,944,515

�

13,754,477

�

121,616,635

�

48,517,403

�

Add:

�

Depreciation of non-real estate assets

�

147,261

�

114,663

�

545,896

�

383,425

�

Amortization of deferred financing costs

�

951,576

�

511,067

�

2,863,666

�

2,433,794

�

Non-cash compensation expense

�

884,594

�

288,911

�

2,461,526

�

1,073,119

�

Less:

�

Straight-line rent and above/below market rent

�

2,333,009

�

1,719,082

�

9,265,026

�

6,169,645

�

Amortization of debt premium

�

1,804,732

�

2,021

�

3,468,114

�

127,031

�

Maintenance capital expenditures

�

398,116

�

304,893

�

2,075,316

�

1,030,475

�

Revenue enhancing T/I retail

�

1,720,955

�

462,076

�

4,251,903

�

5,926,359

�

Revenue enhancing T/I office

�

171,387

�

525,091

�

490,938

�

External leasing commissions

�

507,348

�

308,612

�

1,262,327

�

1,101,105

�

Total AFFO available to shareholders3

�

38,163,786

�

11,701,047

�

106,639,946

�

37,562,188

�

Total AFFO per share3

�

0.45

�

0.39

�

1.77

�

1.49

�

____________________
1	Funds From Operations of the Kite Portfolio measures 100% of the operating performance of the Operating Partnerships real estate properties and construction and service subsidiaries in which the Company owns an interest. Funds From Operations allocable to the Company reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.
2	Share and per share information has been restated for the effects of the Companys one-for-four reverse share split in August 2014.
3	Excludes merger and acquisition costs.
�	�

p.�9��

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

OTHER FINANCIAL INFORMATION

�

Three Months Ended

December 31,

�

Twelve Months Ended

December 31,

�

2014

�

2013

�

2014

�

2013

�

Other Financial Information:

�

Capital expenditures1�

�

�Tenant improvements Retail

1,720,955

�

462,076

�

4,251,903

�

5,926,359

�

Tenant improvements Office

�

171,387

�

525,091

�

1,877,078

�

Leasing commissions Retail

�

477,910

�

273,426

�

1,203,451

�

1,065,918

�

Leasing commissions Office

�

29,438

�

35,186

�

58,876

�

35,186

�

�Maintenance capital expenditures2

�

398,116

�

304,893

�

2,075,316

�

1,030,475

�

Scheduled debt principal payments�

�

1,821,274

�

1,416,208

�

6,487,575

�

6,349,778

�

Straight line rent� total

�

1,393,691

�

956,926

�

4,744,094

�

3,514,808

�

Market rent amortization income from acquired leases

�

939,318

�

762,156

�

4,520,932

�

2,673,885

�

Amortization of debt premium

�

1,804,732

�

2,021

�

3,468,114

�

127,031

�

Amortization of deferred financing costs

�

951,576

�

511,067

�

2,863,666

�

2,433,794

�

Non-cash compensation expense

�

884,594

�

288,911

�

2,461,526

�

1,073,119

�

Capitalized interest�

�

1,174,769

�

1,117,163

�

4,788,576

�

5,081,418

�

Mark to market lease amount in Deferred revenue and other liabilities on consolidated balance sheet excluding properties held for sale

�

113,411,482

�

36,172,867

�

Acreage of undeveloped, vacant land in the operating portfolio3

�

39.20

�

Detail of assets and liabilities held for sale:	�	December 31, 2014		�
�	�	�		�
Assets:	�	�		�
Investment properties at cost:	�	$	170,781,506	�
��Less:��accumulated depreciation	�	�	(1,312,785	)
�	�	�	169,468,721	�
Accounts receivable, prepaids and other assets	�	�	1,187,604	�
Deferred costs, net	�	�	8,986,176	�
Total assets	�	$	179,642,501	�
�	�	�	�	�
Liabilities:	�	�	�	�
Mortgage and other indebtedness4	�	$	67,452,374	�
Deferred revenue and other liabilities	�	�	12,283,912	�
Accounts payable and accrued expenses	�	�	1,427,985	�
Total liabilities	�	$	81,164,271	�
�	�	�	�	�

�

�	�	December 31, 2014		�	�	December 31, 2013		�
Investment properties, at cost:	�	�		�	�	�		�
Land3	�	$	778,780,359	�	�	$	333,458,070	�
Buildings and improvements	�	�	2,785,779,690	�	�	�	1,351,641,925	�
Furniture, equipment and other	�	�	6,398,274	�	�	�	4,970,310	�
Land held for development	�	�	35,906,844	�	�	�	56,078,488	�
Construction in progress	�	�	125,882,812	�	�	�	130,909,478	�
Total	�	$	3,732,747,979	�	�	$	1,877,058,271	�

�

____________________
�	�
1	Excludes landlord work, tenant improvements and leasing commissions relating to development and redevelopment projects and first-generation space.
2	A portion of these capital improvements are reimbursed by tenants and are revenue producing.
3	Includes undeveloped vacant land with a book value $12.3 million at December 31, 2014.
4	Includes unamortized debt premium of $3.2 million

p.�10��

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

MARKET CAPITALIZATION�AS OF�DECEMBER 31, 2014

�

Total

�

Percent of

�

Percent of

�

Market

�

Total Market

�

Total Equity

�

Capitalization

�

Capitalization

�

Equity Capitalization:�

�

Total Common Shares Outstanding�

98.1

�

�83,490,663

�

Operating Partnership ("OP") Units�Outstanding

1.9

�

1,639,443

�

Combined Common Shares and OP Units�

100.0

�

�85,130,106

�

Market Price of Common Shares

�

�28.74

�

Series A Preferred Shares ($26.08/share)

�

106,928,000

�

Total Equity Capitalization�

�

2,553,567,246

�

63%

�

Debt Capitalization:�

�

Company Consolidated Outstanding Debt�

�

1,554,263,020

�

Plus: Indebtedness of Assets Held for Sale

�

67,452,374

�

Less: Debt Premium

�

(28,159,394

)

�

Less: Debt Premium Asset Held for Sale

�

(3,249,374

)

�

Less: Partner Share of Consolidated Joint Venture Debt1

�

(24,038,783

)

�

Company Share of Consolidated Debt

�

��1,566,267,843

�

Less: Cash and Cash Equivalents

�

�(43,825,526

)

�

Total Net Debt Capitalization�

�

�1,522,442,317

�

37%

�

Total Enterprise Value�

�

4,076,009,563

�

100%

�

RATIO OF DEBT TO TOTAL UNDEPRECIATED ASSETS AS OF DECEMBER 31, 2014

Consolidated Undepreciated Real Estate Assets

�

�3,732,747,979

�

Real Estate Assets of Assets Held for Sale at Cost

�

�170,781,506

�

Company Share of Unconsolidated Real Estate Assets2

�

�2,500,000

�

Escrow and Other Deposits

�

�16,170,973

�

�3,922,200,458

�

Total Consolidated Debt

�

1,621,715,394

�

Less: Debt Premium including Assets Held for Sale

�

(31,408,768

)

�

Less: Cash and Cash Equivalents

�

(43,825,526

)

�

1,546,481,100

�

Ratio of Debt to Total Undepreciated Real Estate Assets

�

39.4

�

RATIO OF COMPANY SHARE OF NET DEBT TO EBITDA AS OF DECEMBER 31, 2014

�

Company Share of Consolidated Debt

�

1,566,267,843

�

Less:��Cash and Cash Equivalents

�

(43,825,526

)

�

1,522,442,317

�

Q4 2014 EBITDA, Annualized:

�

��-��consolidated (excluding merger and acquisition costs)

244,872,080

�

��-��EBITDA from properties sold in current quarter

�

(8,692,276

)

�

��-��unconsolidated EBITDA

�

131,250

�

��-��minority interest EBITDA1

�

(2,715,522

)

�

233,595,532

�

6.5x

�

See Joint Venture Summary page for details.

Included in prepaid and other assets on Consolidated Balance Sheets.

p. 11��

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

SAME PROPERTY NET OPERATING INCOME (NOI)

�

Three Months Ended December 31,

�

Twelve Months Ended December 31,

�

2014

�

2013

�

% Change

�

2014

�

2013

�

% Change

�

Number of properties at period end1�

�

Leased percentage at period end�

�

96.1%

�

96.4%

�

96.1%

�

96.4%

�

Economic Occupancy percentage at period end�2

�

94.8%

�

93.1%

�

94.8%

�

93.1%

�

Minimum rent

20,602,511

�

19,965,283

�

77,590,611

�

74,570,139

�

Tenant recoveries�

�

6,032,999

�

5,578,720

�

23,267,055

�

21,878,829

�

Other income�

�

1,080,882

�

1,084,461

�

2,947,772

�

2,893,868

�

27,716,392

�

26,628,464

�

103,805,438

�

99,342,836

�

Property operating expenses�

�

5,936,026

�

5,509,551

�

21,911,613

�

20,636,806

�

Real estate taxes�

�

3,535,700

�

3,714,402

�

13,860,468

�

13,700,969

�

9,471,726

�

9,223,953

�

35,772,081

�

34,337,775

�

Net operating income same properties (52 properties)3

18,244,666

�

17,404,511

�

4.8

�

68,033,357

�

65,005,061

�

4.7

�

Reconciliation to Most Directly Comparable GAAP Measure:�

�

Net operating income - same properties

18,244,666

�

17,404,511

�

68,033,357

�

65,005,061

�

Net operating income - non-same activity

�

46,657,660

�

7,848,985

�

122,844,307

�

27,491,087

�

Other expense, net

�

(112,271

)

�

(179,158

)

�

(268,351

)

�

(324,785

)

�

General, administrative and other

�

(3,684,306

)

�

(2,141,729

)

�

(13,042,524

)

�

(8,210,793

)

�

Merger and acquisition costs

�

(659,382

)

�

(1,647,740

)

�

(27,508,459

)

�

(2,214,567

)

�

Impairment charge

�

(5,371,427

)

�

Depreciation expense

�

(39,438,396

)

�

(13,913,089

)

�

(120,997,901

)

�

(54,479,023

)

�

Interest expense

�

(15,221,779

)

�

(7,181,116

)

�

(45,512,807

)

�

(27,993,577

)

�

Discontinued operations

�

230,048

�

2,562,769

�

Gains on sales of operating properties

�

2,242,450

�

11,776,740

�

Net (income) loss attributable to noncontrolling interests

�

(801,280

)

�

34,193

�

(1,025,144

)

�

685,520

�

Dividends on preferred shares

�

(2,114,063

)

�

(2,114,063

)

�

(8,456,251

)

�

(8,456,251

)

�

Net income (loss) attributable to common shareholders

5,113,299

�

(1,659,158

)

�

(14,157,033

)

(11,305,986

)

�

____________________
1	Same property NOI analysis excludes operating properties in redevelopment.
2	Excludes leases that are signed but for which tenants have not commenced payment of cash rent.
3	Same property net operating income excludes net gains from outlot sales, straight-line rent revenue, bad debt expense and related recoveries, lease termination fees, amortization of lease intangibles and significant prior year expense recoveries and adjustments, if any.
�	�

�

p. 12

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

NET�OPERATING�INCOME BY QUARTER

�

December 31,

2014

�

September 30,

2014

June 30,

2014

�

March 31,

2014

December 31,

2013

Revenue:�

�

Minimum rent5

67,939,287

�

69,033,444

�

31,221,687

�

31,260,036

�

26,778,302

�

Tenant reimbursements�

�

17,690,203

�

17,605,172

�

8,315,228

�

9,162,860

�

7,071,611

�

Other property related revenue1

�

844,172

�

1,296,138

�

833,009

�

1,305,164

�

1,380,844

�

Overage rent

�

422,017

�

124,988

�

70,790

�

458,038

�

184,824

�

Parking revenue, net2

�

137,009

�

126,642

�

219,936

�

26,130

�

121,028

�

87,032,688

�

88,186,384

�

40,660,650

�

42,212,228

�

35,536,609

�

Expenses:�

�

Property operating� Recoverable3

�

10,641,322

�

9,888,434

�

5,536,914

�

6,399,906

�

4,831,008

�

Property operating Non-Recoverable3

�

1,765,686

�

1,747,943

�

1,149,413

�

683,261

�

1,105,602

�

Real estate taxes�

�

9,723,354

�

10,455,326

�

4,325,181

�

4,897,428

�

4,346,503

�

22,130,362

�

22,091,703

�

11,011,508

�

11,980,595

�

10,283,113

�

Net Operating Income Properties�

�

64,902,326

�

66,094,681

�

29,649,142

�

30,231,633

�

25,253,496

�

Other Income (Expense):�

�

General, administrative, and other�

�

(3,684,306

)

�

(3,938,758

)

�

(2,313,357

)

�

(3,106,102

)

�

(2,141,729

)

Merger and acquisition costs

�

(659,382

)

�

(19,088,590

)

�

(3,280,099

)

�

(4,480,389

)

�

(1,647,740

)

�

(4,343,688

)

�

(23,027,348

)

�

(5,593,456

)

�

(7,586,491

)

�

(3,789,469

)

Earnings Before Interest, Taxes, Depreciation and Amortization

�

60,558,638

�

43,067,333

�

24,055,686

�

22,645,142

�

21,464,027

�

Depreciation and amortization�

�

(39,438,396

)

�

(44,382,793

)

�

(19,737,108

)

�

(17,439,606

)

�

(13,913,089

)

Interest expense

�

(15,221,779

)

�

(15,386,192

)

�

(7,521,991

)

�

(7,382,845

)

�

(7,181,116

)

Income tax benefit (expense) of taxable REIT subsidiary�

�

12,563

�

(14,144

)

�

(75,614

)

�

53,146

�

(155,927

)

Other (expense) income, net

�

(124,834

)

�

(13,070

)

�

83,323

�

(92,944

)

�

(23,231

)

�

Income (Loss)��From Continuing Operations

�

5,786,192

�

(16,728,866

)

�

(3,195,704

)

�

(2,217,107

)

�

190,664

�

Income from discontinued operations

�

230,048

�

Gain on debt extinguishment

�

Gains on sales of operating properties

�

3,198,772

�

Income from discontinued operations

�

3,198,772

�

230,048

�

Income (loss) before gains on sales of operating properties

�

5,786,192

�

(16,728,866

)

�

(3,195,704

)

�

981,665

�

420,712

�

Gains on sales of operating properties

�

2,242,450

�

2,749,403

�

3,489,338

�

Net income (loss)

�

8,028,642

�

(13,979,463

)

�

(3,195,704

)

�

4,471,003

�

420,712

�

Less: Net (income) attributable to noncontrolling interests

�

(801,280

)

�

(304,456

)

�

219,502

�

(138,912

)

�

34,193

�

Less: Dividends on preferred shares

�

(2,114,063

)

�

(2,114,063

)

�

(2,114,063

)

�

(2,114,063

)

�

(2,114,063

)

Net income (loss) attributable to Kite Realty Group Trust

5,113,299

�

(16,397,982

)

(5,090,265

)

�

2,218,028

�

(1,659,158

)

�

NOI/Revenue

�

74.6%

�

75.0%

�

72.9%

�

71.6%

�

71.1%

�

Recovery Ratios4

�

�� Retail Only

�

89.6%

�

89.0%

�

89.5%

�

85.7%

�

85.9%

�

�� Consolidated

�

86.9%

�

86.5%

�

84.3%

�

81.1%

�

77.1%

�

____________________
1	Other property related revenue for the three months ended December 31, 2014 includes pre-tax gains of $0.6 million from the sale of residential units at Eddy Street Commons.
2	Parking revenue, net, represents the net operating results of the Eddy Street Parking Garage and the Union Station Parking Garage.
3	Recoverable expenses include total management fee expense (or G&A expense of $1.2 million) allocable to the property operations in the three months ended December 31, 2014, a portion of which is recoverable. Non-recoverable expenses primarily include bad debt, ground rent, and legal expenses.
4	Recovery Ratio is computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense.
5	Minimum rent includes $4.4 million in ground lease related revenue for the fourth quarter of 2014.
�	�

p.��13��

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

CONSOLIDATED JOINT VENTURE SUMMARY

As of December 31, 2014

Ownership

�

KRG

Economic Ownership%1

�

Joint Venture Entity

Location (MSA)

Owned GLA

KRG

Ownership %

�

Cornelius Gateway

Portland, OR

21,326

80%

�

Beacon Hill

Crown Point, IN

57,191

50%

94%

�

Delray Marketplace

Delray, FL

260,255

50%

98%

�

Fishers Station2

Indianapolis, IN

71,943

25%

88%

�

Bayport Commons

Oldsmar, FL

97,193

60%

100%

�

Pan Am Plaza

Indianapolis, IN

85%

�

City Center at White Plains

White Plains, NY

365,905

67%

89%

�

Crossing at Killingly Commons

Killington, CT

208,929

55%

90%

�

Territory Portfolio3

Las Vegas, NV

847,690

78%

94%

�

Balance Sheet

�

Partner Economic Ownership %

�

Joint Venture Entity

Debt Balance

Partner Share

of Debt

Redeemable Noncontrolling Interest

�

Cornelius Gateway

20%

�

Beacon Hill

�

6,691,350

�

401,481

�

Delray Marketplace

�

55,320,215

�

1,106,404

�

Fishers Station2

�

3,287,484

12%

�

394,498

�

Bayport Commons

�

12,527,746

�

Pan Am Plaza

�

15%

�

City Center at White Plains

�

90,000,000

11%

�

9,900,000

�

32,580,815

�

Crossing at Killingly Commons

�

33,000,000

10%

�

3,300,000

�

11,784,040

�

Territory Portfolio3

�

148,940,000

�

8,936,400

�

33,397,193

�

Total

349,766,795

�

24,038,783

77,762,048

�

Income Statement

�

Joint Venture Entity

�

EBITDA

Comments

�

Total Quarterly Minority Interest

Annualized Minority

Interest

�

Cornelius Gateway

�

(124)

(496)

Beacon Hill

�

KRG has a 10% cumulative preferred return

Delray Marketplace

�

KRG has a 8% cumulative preferred return

Fishers Station2

�

28,167

�

112,668

Partner receives a fixed annual payment

Bayport Commons

�

Cumulative preferred return

Pan Am Plaza

�

Project currently in Land Held For Development

City Center at White Plains

�

266,000

�

1,064,000

Partner receives a fixed annual preferred payment of 4% on $26.6 million

Crossing at Killingly Commons

�

84,088

�

336,350

Partner receives a fixed annual preferred payment of 3.5% on $9.6 million

Territory Portfolio3

�

300,000

�

1,200,000

Partner receives a fixed annual preferred payment of 4% on $30 million

Total

�

678,131

2,712,522

�

________________

�

Economic ownership % represents partner share of cash flow.

Joint Venture entity also owns a portion of Fishers Station shopping center.

Joint Venture includes the six operating properties located in Las Vegas.

�

p.�14��

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

SUMMARY OF OUTSTANDING DEBT AS OF DECEMBER 31, 2014

�

TOTAL OUTSTANDING DEBT

�

Outstanding

Amount

�

Ratio

�

Weighted

Average

Interest Rate1

�

Weighted Average

Maturity (in years)

Fixed Rate Debt:

�

Consolidated

��810,958,454

�

53%

�

5.07%

�

5.5

�

Variable Rate Debt (Hedged)

�

373,275,141

�

24%

�

3.39%

�

3.9

�

Total Fixed Rate Debt

�

1,184,233,595

�

77%

�

4.54%

�

5.0

�

Variable Rate Debt:

�

Construction Loans�

�

119,347,302

�

2.11%

�

1.9

�

Other Variable�

�

205,797,870

�

13%

�

2.44%

�

4.8

�

Corporate Unsecured

�

390,000,000

�

26%

�

1.54%

�

4.8

�

Variable Rate Debt (Hedged)

�

-373,275,141

�

-24%

�

-1.89%

�

-3.9

�

Total Variable Rate Debt�

�

341,870,031

�

23%

�

1.89%

�

4.8

�

Net Premiums on Acquired Debt

�

28,159,394

�

N/A

�

N/A

�

N/A

�

Total2

��1,554,263,020

�

100%

�

3.95%

�

5.0

�

SCHEDULE OF MATURITIES BY YEAR					�		�	�	�	�
�	Mortgage Debt				�		Construction Loans		Total Consolidated Outstanding Debt
�	Scheduled Principal Payments		Term Maturities		Corporate Debt3		Construction Loans		Total Consolidated Outstanding Debt
2015	$	�6,558,494	$	�112,347,048	$	-	$	-	$	�118,905,542
2016	�	�5,707,691	�	�128,265,403	�	-	�	119,347,303	�	�253,320,397
2017	�	�4,997,784	�	�50,026,246	�	-	�	-	�	�55,024,030
2018	�	�5,060,128	�	�68,693,599	�	-	�	-	�	�73,753,727
2019	�	�4,931,648	�	�-	�	160,000,000	�	-	�	�164,931,648
2020	�	�4,857,900	�	�26,619,580	�	230,000,000	�	-	�	�261,477,480
2021	�	�3,573,442	�	�182,202,854	�	-	�	-	�	�185,776,296
2022	�	�1,052,501	�	�240,877,732	�	-	�	-	�	�241,930,233
2023 and beyond	�	�7,194,287	�	�163,789,986	�	-	�	-	�	�170,984,273
Net Premiums on Acquired Debt	�	28,159,394	�	-	�	-	�	-	�	�28,159,394
Total	$	�72,093,269	$	�972,822,448	$	390,000,000	$	119,347,303	$	�1,554,263,020

____________________
1	Calculations on Hedged Debt assume a weighted average spread over LIBOR on all variable rate debt, consistent with the hedges designation.
2	Excludes debt and debt premiums related to held for sale assets of $67,452,374.
3	This presentation reflects the Company's exercise of its options to extend the maturity dates by one year to July 1, 2019 for the Company's unsecured credit facility and its option to extend the maturity date by six months to January 1, 2020 for the Company's unsecured term loan.
�	�

p. 15

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF DECEMBER 31, 2014

Property	Lender(s)	Loan Type	Interest Rate1	Maturity Date	Total Commitment	Balance as of Dec. 31, 2014	%��of �Total Outstanding	Monthly Debt Service as of Dec. 31, 2014
�	�	�	�	�	�	�	�	�
Indian River Square	CMBS	Fixed Rate	5.42%	6/11/15	�	�12,231,757	�	�74,850
Plaza Volente	CMBS	Fixed Rate	5.42%	6/11/15	�	�26,376,449	�	�161,405
Landstown Commons	Bank of America, NA	Other Variable	LIBOR + 175	9/25/15	�	�50,140,000	�	�79,776
Draper Peaks A	Transamerica Financial Life	Fixed Rate	5.42%	10/1/15	�	�13,990,760	�	�63,192
Draper Peaks B	Transamerica Financial Life	Fixed Rate	6.19%	10/1/15	�	�9,914,346	�	�51,142
2015 Debt Maturities	�	�	�	�	�	�112,653,312	7.4%	�
�	�	�	�	�	�	�	�	�
Cool Creek Commons	CMBS	Fixed Rate	5.88%	4/11/16	�	�16,625,704	�	�106,534
Sunland Towne Centre	CMBS	Fixed Rate	6.01%	7/1/16	�	�23,959,377	�	�150,048
Mullins Crossing	CMBS	Fixed Rate	5.50%	9/6/16	�	�20,917,206	�	�133,430
Pine Ridge Crossing	CMBS	Fixed Rate	6.34%	10/11/16	�	�16,872,920	�	�108,823
Riverchase Plaza	CMBS	Fixed Rate	6.34%	10/11/16	�	�10,123,752	�	�65,294
Traders Point	CMBS	Fixed Rate	5.86%	10/11/16	�	�43,560,181	�	�283,478
Parkside Town Commons2	Huntington Bank (Admin Agent)	Construction Variable	LIBOR + 210	11/21/16	�87,225,000	�64,027,088	�	�131,128
Delray Marketplace3	Bank of America/US Bank	Construction Variable	LIBOR + 175	11/18/16	56,832,513	�55,320,214	�	�93,888
2016 Debt Maturities	�	�	�	�	�	251,406,442	16.5%	�
�	�	�	�	�	�	�	�	�
Geist Pavilion	CMBS	Fixed Rate	5.78%	1/1/17	�	�10,714,443	�	�65,135
Pleasant Hill Commons	John Hancock Life Ins	Fixed Rate	6.00%	6/1/17	�	�6,800,000	�	�34,000
Crossing at Killingly Commons3,4	Huntington Bank	Other Variable	LIBOR + 275	11/1/17	�	�33,000,000	�	�82,522
2017 Debt Maturities	�	�	�	�	�	50,514,443	3.3%	�
�	�	�	�	�	�	�	�	�
Colonial Square & Village Walk	CMBS	Fixed Rate	5.50%	1/1/18	�	�25,000,000	�	�114,583
Beacon Hill7	Fifth Third Bank	Other Variable	LIBOR + 195	4/1/18	�	�6,691,350	�	�27,096
Whitehall Pike	CMBS	Fixed Rate	6.71%	7/5/18	�	�6,256,979	�	�77,436
Perimeter Woods S.C.	Jackson National Life Insurance	Fixed Rate	6.02%	9/1/18	�	�33,330,000	�	�167,206
2018 Debt Maturities	�	�	�	�	�	71,278,329	4.7%	�
�	�	�	�	�	�	�	�	�
Unsecured Credit Facility5,6	KeyBank (Admin. Agent)	Corporate Unsecured	LIBOR + 140	7/1/19	�	160,000,000	�	�N/A
2019 Debt Maturities	�	�	�	�	�	160,000,000	10.5%	�
�	�	�	�	�	�	�	�	�
Unsecured Term Loan6,7	KeyBank (Admin. Agent)	Corporate Unsecured	LIBOR + 135	1/1/20	�	�230,000,000	�	�N/A
Fishers Station3	Old National Bank	Other Variable	LIBOR + 225	1/4/20	�	�7,456,520	�	�17,009
Lake City Commons /Whispering Ridge/University Town Center II	CMBS	Fixed Rate	5.70%	9/1/20	�	�20,700,000	�	�98,325
Thirty South Meridian	Associated Bank	Other Variable	LIBOR + 205	12/31/20	�	�18,510,000	�	�64,373
2020 Debt Maturities	�	�	�	�	�	276,666,520	18.1%	�
�	�	�	�	�	�	�	�	�
Waxahachie Crossing	CMBS	Fixed Rate	5.55%	3/1/21	�	�7,750,000	�	�35,844
International Speedway Square	CMBS	Fixed Rate	5.77%	4/1/21	�	�20,006,070	�	�122,817
Lima Marketplace	CMBS	Fixed Rate	5.80%	4/1/21	�	�8,383,000	�	�40,518
Bell Oaks Centre	CMBS	Fixed Rate	5.59%	4/1/21	�	�6,547,500	�	�30,473
Northcrest Shopping Center	CMBS	Fixed Rate	5.48%	5/1/21	�	�15,780,000	�	�71,996
University Town Center	CMBS	Fixed Rate	5.48%	6/1/21	�	�18,690,000	�	�85,273
Village at Bay Park	CMBS	Fixed Rate	5.58%	6/1/21	�	�9,183,298	�	�42,702
Silver Springs Pointe	CMBS	Fixed Rate	5.03%	7/1/21	�	�8,800,000	�	�36,901
Lake Mary Plaza	CMBS	Fixed Rate	5.10%	7/1/21	�	�5,080,000	�	�21,590
Bayport Commons	CMBS	Fixed Rate	5.44%	9/1/21	�	12,527,746	�	�74,045
Eddy Street Commons	CMBS	Fixed Rate	5.44%	9/1/21	�	�24,339,621	�	�143,860
Four Property Pool Loan	CMBS	Fixed Rate	5.44%	9/1/21	�	�41,425,079	�	�244,843
2021 Debt Maturities	�	�	�	�	�	178,512,314	11.7%	�
�	�	�	�	�	�	�	�	�
Centre at Panola, Phase I	CMBS	Fixed Rate	6.78%	1/1/22	�	�2,543,477	�	�36,583
Palm Coast Landing at Town Center	CMBS	Fixed Rate	5.00%	3/1/22	�	�22,550,000	�	�93,958
Bayonne Crossing	CMBS	Fixed Rate	4.08%	4/1/22	�	�45,000,000	�	�153,000
�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�
See footnotes on next page	�	�	�	�	�	�	�	�

�

p. 16

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF DECEMBER 31, 2014

�

�			�	�	�	�	�	�	�	�
�			�	�	�	�	�	�	�	�
�			�	�	�	�	�	�	�	�
Property			Lender(s)	Loan Type	Interest Rate1	Maturity Date	Total Commitment	Balance as of Dec. 31, 2014	%��of �Total Outstanding	Monthly Debt Service as of Dec. 31, 2014
Saxon Crossing			CMBS	Fixed Rate	4.65%	7/1/22	�	$ 11,400,000	�	$ 44,175
Merrimack Village Center			CMBS	Fixed Rate	4.36%	7/6/22	�	�5,445,000	�	�19,784
Shops at Moore			CMBS	Fixed Rate	4.29%	9/1/22	�	�21,300,000	�	�76,121
Shops at Julington Creek			CMBS	Fixed Rate	4.60%	9/1/22	�	�4,785,000	�	�18,343
City Center3			Bank of America	Other Variable	LIBOR + 245	9/28/22	�	�90,000,000	�	�195,478
Centre Point Commons			CMBS	Fixed Rate	4.34%	10/1/22	�	�14,410,000	�	�52,098
Miramar Square			CMBS	Fixed Rate	4.16%	12/1/22	�	�31,625,000	�	�109,633
2022 Debt Maturities			�	�	�	�	�	�249,058,477	16.3%	�
�			�	�	�	�	�	�	�	�
Centennial Gateway/Eastgate3			CMBS	Fixed Rate	3.81%	1/1/23	�	�44,385,000	�	�140,959
Centennial Center3			CMBS	Fixed Rate	3.83%	1/6/23	�	�70,455,000	�	�224,957
Eastern Beltway3			CMBS	Fixed Rate	3.83%	1/6/23	�	�34,100,000	�	�108,878
Corner, The			CMBS	Fixed Rate	4.10%	3/1/23	�	�14,750,000	�	�50,414
2023 Debt Maturities			�	�	�	�	�	�163,690,000	10.7%	�
�			�	�	�	�	�	�	�	�
Rampart Commons			CMBS	Fixed Rate	5.73%	6/10/30	�	�12,323,789	�	84,718
2030 Debt Maturities			�	�	�	�	�	�12,323,789	0.8%	�
�			�	�	�	�	�	�	�	�
�			�	�	�	�	�	�	�	�
NET PREMIUMS ON ACQUIRED DEBT				�	�	�	�	28,159,394	�	�
TOTAL DEBT PER CONSOLIDATED BALANCE SHEET8						�	�	$1,554,263,020	�	�
�		�		�	�	�	�	�	�	�
____________________
1	At December 31, 2014, one-month LIBOR interest rate was 0.17%.
2	Loan has a four year extension option.
3	Property is held in a joint venture.��The loan is guaranteed by Kite Realty Group, LP. See Joint Venture Summary on page 14 for additional detail.
4	Loan has a five year extension option.
5	Assumes Company exercises its option to extend the maturity date by one year.
6	The Company has 88 unencumbered properties of which 80 are wholly owned and are guarantors under the unsecured credit facility and unsecured term loan.
7	Assumes Company exercises its option to extend the maturity date by six months.
8	Excludes debt and debt premiums related to held for sale assets of $67,452,374.
�	�
�	�
�	�

p. 17

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

SCHEDULE OF OUTSTANDING DEBT AS OF DECEMBER 31, 2014 (CONTINUED)

Floating Rate Debt Hedged1		�	�	�	�	�	�	�
Lender	Loan Type	LIBOR Hedge Rate	Maturity Date	�	Balance as of Dec. 31, 2014	�	�	Monthly Debt Service as of Dec. 31, 2014
KeyBank	Variable Rate	3.31%	1/3/2017	�	14,043,793	�	�	�38,737
Huntington Bank	Variable Rate	0.98%	10/1/2017	�	24,750,000	�	�	�20,213
Various Banks	Variable Rate	0.91%	2/26/2018	�	50,000,000	�	�	�37,750
JP Morgan	Variable Rate	1.49%	8/21/2018	�	40,950,000	�	�	�50,710
Capital One	Variable Rate	2.97%	12/10/2018	�	49,331,348	�	�	�121,890
Bank of America	Variable Rate	1.40%	3/29/2019	�	45,000,000	�	�	�52,313
Various Banks1	Variable Rate	1.52%	4/30/2019	�	125,000,000	�	�	�158,167
Old National	Variable Rate	1.33%	1/4/2020	�	8,000,000	�	�	�8,867
Associated Bank	Variable Rate	2.12%	1/15/2020	�	16,200,000	�	�	�28,620
�	�	�	�	�	�	�	�	�
Total	�	�	�	$	373,275,141	�	�	�

____________________
1	Calculations on Hedged Debt assume a weighted average spread over LIBOR on all variable rate debt, as the hedges are designated with various pieces of debt.

The following loans and hedges are associated with assets held for sale and are anticipated to be assumed by the acquirer or prepaid at closing.

Loans	Lender	Loan Type	Interest Rate	Maturity Date	�	Balance as of Dec. 31, 2014	�	Monthly Debt Service as of Dec. 31, 2014
Property	Lender	Loan Type	Interest Rate	Maturity Date	�	Balance as of Dec. 31, 2014	�	Monthly Debt Service as of Dec. 31, 2014
Regal Court	CMBS	Fixed Rate	5.30%	6/1/15	$	23,900,000	$	105,558
Prattville Town Center	CMBS	Fixed Rate	5.48%	5/1/21	�	15,930,000	�	72,681
Walgreens Plaza	CMBS	Fixed Rate	5.30%	7/1/21	�	4,650,000	�	20,553
Fairgrounds Crossing	CMBS	Fixed Rate	5.21%	10/6/21	�	13,453,000	�	58,380
Eastside Junction	CMBS	Fixed Rate	4.60%	6/1/22	�	6,270,000	�	24,035
NET PREMIUMS ON ACQUIRED DEBT		�	�	�	�	3,249,374	�	�
Total	�	�	5.26%	�	$	67,452,374	�	�
�	�	�	�	�	�	�	�	�

p. 18

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

TOP 10 RETAIL TENANTS BY GROSS LEASABLE AREA (GLA)

�

As of December 31, 2014

This table includes the following:

��	Operating retail properties;

��	Operating office properties; and

��	Development property tenants open for business or ground lease tenants who commenced paying rent as of December 31, 2014.

Tenant	�	Number of Stores	�	Total GLA	�	Number of Leases	�	Company Owned GLA1	�	Number of Anchor Owned Locations	�	Anchor Owned GLA2
Target	�	18	�	2,599,993	�	0	�	0	�	18	�	2,599,993
Wal-Mart	�	15	�	1,762,447	�	6	�	203,742	�	9	�	1,558,705
Lowes Home Improvement3	�	15	�	1,627,998	�	5	�	128,997	�	10	�	1,499,001
Publix	�	19	�	913,822	�	19	�	913,822	�	0	�	0
Kohls	�	11	�	634,644	�	6	�	184,516	�	5	�	450,128
TJX Companies4	�	20	�	612,257	�	20	�	612,257	�	0	�	0
Dick's Sporting Goods	�	11	�	525,622	�	11	�	525,622	�	0	�	0
Ross Dress for Less	�	16	�	460,580	�	16	�	460,580	�	0	�	0
PetSmart	�	21	�	434,349	�	21	�	434,349	�	0	�	0
Office Depot/Office Max	�	20	�	412,204	�	20	�	412,204	�	0	�	0
Total	�	166	�	9,983,916	�	124	�	3,876,089	�	42	�	6,107,827

____________________
1	Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants.
�	�
2	Includes the estimated size of the structures located on land owned by the Company and ground leased to tenants.
�	�
3	The Company has entered into four ground leases with Lowes Home Improvement for a total of 645,161 square feet, which is included in Anchor Owned GLA.
�	�
4	Includes TJ Maxx, HomeGoods and Marshalls, which are owned by the same parent company.
�	�
�	�
�	�

�

p. 19

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

TOP 25 TENANTS BY ANNUALIZED BASE RENT

As of December 31, 2014

This table includes the following:

��	Operating retail properties;

��	Operating office properties; and

��	Development property tenants open for business or ground lease tenants who commenced paying rent as of December 31, 2014.

Tenant

�

Number

Stores

�

Leased GLA/NRA2

�

% of Owned

GLA/NRA

of the

Portfolio

�

Annualized

Base Rent1

�

Annualized

Base Rent

per Sq. Ft.

�

% of Total

Portfolio

Annualized

Base Rent

Publix

�

913,822

�

5.6%

�

8,869,767

�

9.71

�

3.4%

PetSmart

�

434,349

�

2.7%

�

6,413,497

�

14.77

�

2.5%

TJX Companies4

�

612,257

�

3.7%

�

5,876,975

�

9.60

�

2.3%

Dick's Sporting Goods

�

525,622

�

3.2%

�

5,631,941

�

10.71

�

2.2%

Office Depot/Office Max

�

412,204

�

2.5%

�

5,348,762

�

12.98

�

2.1%

Lowes Home Improvement5

�

128,997

�

0.8%

�

5,039,000

�

6.51

�

1.9%

Ross Dress for Less

�

460,580

�

2.8%

�

4,917,367

�

10.68

�

1.9%

Bed Bath & Beyond3

�

408,053

�

2.5%

�

4,335,980

�

10.63

�

1.7%

Michaels

�

299,275

�

1.8%

�

3,882,782

�

12.97

�

1.5%

Wal-Mart5

�

203,742

�

1.2%

�

3,655,238

�

3.60

�

1.4%

LA Fitness

�

208,209

�

1.3%

�

3,447,473

�

16.56

�

1.3%

Best Buy

�

243,429

�

1.5%

�

3,383,090

�

13.90

�

1.3%

Kohls5

�

184,516

�

1.1%

�

3,302,074

�

6.37

�

1.3%

Walgreens

�

96,852

�

0.6%

�

3,113,766

�

33.84

�

1.2%

Sports Authority

�

211,739

�

1.3%

�

2,944,606

�

13.91

�

1.1%

National Amusements

�

80,000

�

0.5%

�

2,882,650

�

36.03

�

1.1%

Toys R Us/Babies R Us5

�

179,316

�

1.1%

�

2,765,780

�

15.42

�

1.1%

Petco

�

140,957

�

0.9%

�

2,326,271

�

16.50

�

0.9%

Nordstrom

�

103,904

�

0.6%

�

2,043,976

�

19.67

�

0.8%

New York Sports Club

�

86,717

�

0.5%

�

1,815,540

�

20.94

�

0.7%

Burlington Coat Factory

�

247,400

�

1.5%

�

1,791,800

�

7.24

�

0.7%

Mattress Firm

�

69,258

�

0.4%

�

1,755,457

�

25.35

�

0.7%

Staples

�

116,362

�

0.7%

�

1,747,821

�

15.02

�

0.7%

Randalls Food & Drugs

�

133,990

�

0.8%

�

1,732,196

�

12.93

�

0.7%

Hobby Lobby

�

221,254

�

1.4%

�

1,692,018

�

7.65

�

0.7%

TOTAL

�

230

�

6,722,804

�

41.1%

�

90,715,826

�

10.60

�

34.9%

____________________
1	Annualized base rent represents the monthly contractual rent for the month of December 2014 for each applicable tenant multiplied by 12. Annualized base rent does not include tenant reimbursements.
�	�
2	Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants.
�	�
3	Includes Buy Buy Baby, Christmas Tree Shops and Cost Plus, which are owned by the same parent company.
�	�
4	Includes TJ Maxx, Marshalls and HomeGoods.
�	�
5	Annualized base rent and percent of total portfolio includes ground lease rent.
�	�
�	�

p.�20

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

RETAIL LEASING SUMMARY1

�

Retail Only

�

Category1

�

Total Leases

�

Total Sq. Ft.

�

Comparable Space

�

Prior Rent PSF3

�

New Rent PSF4,5

�

Rent Spread

�

Same Space TI PSF

Leases2

�

Sq. Ft.

�

New Leases Q4

�

72,113

�

27,335

�

$18.25

�

$22.06

�

20.9%

�

$32.14

New Leases Q3

�

172,799

�

68,834

�

$13.91

�

$20.03

�

43.9%

�

$11.97

�

Renewals Q4

�

303,993

�

303,993

�

$12.26

�

$12.95

�

5.7%

�

$0.53

Renewals Q3

�

251,717

�

251,717

�

$13.92

�

$14.80

�

6.3%

�

$0.41

�

Total Q4

�

376,106

�

331,328

�

$12.75

�

$13.70

�

7.5%

�

$3.18

Total Q3

�

424,516

�

320,551

�

$13.92

�

$15.92

�

14.4%

�

$2.89

�

________________
1	Comparable space leases on this report represent retail properties only.��Office leases are shown as non-comparable and ground leases are excluded.
2	Comparable leases represent those leases signed for which there was a former tenant within the last 12 months.
3	Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.
4	All amounts reported at lease execution.
5	Contractual rent represents contractual minimum rent per square foot for the first twelve months of the lease.
�	�
�	�

p.�21

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

LEASE EXPIRATIONS OPERATING PORTFOLIO

As of December 31, 2014

This table includes the following:

��	Operating retail properties;

��	Operating office properties; and

��	Development property tenants open for business or ground lease tenants who commenced paying rent as of December 31, 2014.

�	�	Number of Expiring Leases1	�	Expiring GLA/NRA2	�	% of Total GLA/NRA Expiring	�	Expiring Annualized Base Rent3		�	% of Total Annualized Base Rent	�	Expiring Annualized Base Rent per Sq. Ft.		�	Expiring Ground Lease Revenue
2015	�	232	�	1,070,912	�	6.7%	�	$	16,213,136	�	6.7%	�	$	15.14	�	$	277,296
2016	�	267	�	1,504,117	�	9.4%	�	�	20,384,310	�	8.4%	�	�	13.55	�	�	159,000
2017	�	293	�	1,817,224	�	11.4%	�	�	28,793,332	�	11.9%	�	�	15.84	�	�	512,556
2018	�	345	�	2,218,200	�	13.9%	�	�	35,947,219	�	14.8%	�	�	16.21	�	�	1,037,875
2019	�	258	�	1,658,871	�	10.4%	�	�	26,928,164	�	11.1%	�	�	16.23	�	�	651,970
2020	�	143	�	1,815,447	�	11.3%	�	�	21,781,548	�	9.0%	�	�	12.00	�	�	1,492,445
2021	�	93	�	862,111	�	5.4%	�	�	12,550,543	�	5.2%	�	�	14.56	�	�	468,525
2022	�	90	�	876,639	�	5.5%	�	�	14,383,982	�	5.9%	�	�	16.41	�	�	1,185,782
2023	�	112	�	979,919	�	6.1%	�	�	15,624,199	�	6.4%	�	�	15.94	�	�	359,523
2024	�	92	�	901,209	�	5.6%	�	�	17,969,693	�	7.4%	�	�	19.94	�	�	381,004
Beyond	�	95	�	2,301,846	�	14.4%	�	�	32,062,078	�	13.2%	�	�	13.93	�	�	11,398,003
�	�	2,020	�	16,006,495	�	100.0%	�	$	242,638,205	�	100.0%	�	$	15.16	�	$	17,923,979

____________________
1	Lease expiration table reflects rents in place as of December 31, 2014 and does not include option periods; 2014 expirations include 42 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 for the month of December 2014 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.

p. 22

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

LEASE EXPIRATIONS RETAIL ANCHOR TENANTS1

As of December 31, 2014

This table includes the following:

��	Operating retail properties; and

��	Development property tenants open for business or ground lease tenants who commenced paying rent as of December 31, 2014.

�	�	Number of Expiring Leases2	�	Expiring GLA/NRA3	�	% of Total GLA/NRA Expiring	�	Expiring Annualized Base Rent4		�	% of Total Annualized Base Rent	�	Expiring Annualized Base Rent per Sq. Ft.		�	Expiring Ground Lease Revenue
2015	�	19	�	521,005	�	3.3%	�	$	4,879,766	�	2.0%	�	$	9.37	�	$	0
2016	�	29	�	901,466	�	5.6%	�	�	7,772,418	�	3.2%	�	�	8.62	�	�	159,000
2017	�	45	�	1,123,378	�	7.0%	�	�	13,346,582	�	5.5%	�	�	11.88	�	�	0
2018	�	53	�	1,436,700	�	9.0%	�	�	16,964,964	�	6.9%	�	�	11.81	�	�	644,149
2019	�	39	�	1,081,636	�	6.8%	�	�	13,289,345	�	5.5%	�	�	12.29	�	�	0
2020	�	40	�	1,524,582	�	9.5%	�	�	15,352,823	�	6.3%	�	�	10.07	�	�	1,110,883
2021	�	24	�	645,258	�	4.0%	�	�	7,059,460	�	2.9%	�	�	10.94	�	�	0
2022	�	26	�	616,349	�	3.9%	�	�	8,346,496	�	3.4%	�	�	13.54	�	�	744,622
2023	�	25	�	654,829	�	4.1%	�	�	7,895,351	�	3.2%	�	�	12.06	�	�	260,000
2024	�	19	�	667,044	�	4.2%	�	�	12,222,225	�	5.0%	�	�	18.32	�	�	260,004
Beyond	�	48	�	2,039,951	�	12.8%	�	�	25,922,435	�	10.6%	�	�	12.71	�	�	7,505,194
�	�	367	�	11,212,198	�	70.0%	�	$	133,051,864	�	54.8%	�	$	11.87	�	$	10,683,851

____________________
1	Retail anchor tenants are defined as tenants that occupy 10,000 square feet or more.
�	�
2	Lease expiration table reflects rents in place as of December 31, 2014 and does not include option periods; 2014 expirations include one month-to-month tenant. This column also excludes ground leases.
�	�
3	Expiring GLA excludes square footage for non-owned ground lease structures on land we own and ground leased to tenants.
�	�
4	Annualized base rent represents the monthly contractual rent for the month of December 2014 for each applicable property multiplied by 12. Excludes tenant reimbursements and ground lease revenue.

p.�23

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

LEASE EXPIRATIONS RETAIL SHOPS

As of December 31, 2014

�

This table includes the following:

��	Operating retail properties; and

��	Development property tenants open for business as of December 31, 2014.

�	�	Number of Expiring Leases1	�	Expiring GLA/NRA1,2	�	% of Total GLA/NRA Expiring	�	Expiring Annualized Base Rent3		�	% of Total Annualized Base Rent	�	Expiring Annualized Base Rent per Sq. Ft.			�	Expiring Ground Lease Revenue
2015	�	210	�	503,929	�	3.2%	�	$	10,536,093	�	4.4%	�	$	20.91	�		$	277,296
2016	�	238	�	602,651	�	3.8%	�	�	12,611,893	�	5.2%	�	�	20.93	�		�	0
2017	�	246	�	610,736	�	3.8%	�	�	13,950,903	�	5.8%	�	�	22.84	�		�	512,556
2018	�	290	�	763,663	�	4.8%	�	�	18,598,683	�	7.7%	�	�	24.35	�		�	393,727
2019	�	218	�	571,982	�	3.6%	�	�	13,537,699	�	5.6%	�	�	23.67	�		�	651,970
2020	�	102	�	277,554	�	1.7%	�	�	6,185,790	�	2.6%	�	�	22.29	�		�	381,562
2021	�	68	�	210,691	�	1.3%	�	�	5,349,352	�	2.2%	�	�	25.39	�		�	468,525
2022	�	61	�	209,244	�	1.3%	�	�	5,163,867	�	2.1%	�	�	24.68	�		�	441,160
2023	�	85	�	292,102	�	1.8%	�	�	7,060,660	�	2.9%	�	�	24.17	�		�	99,522
2024	�	72	�	206,881	�	1.3%	�	�	5,439,841	�	2.2%	�	�	26.29	�		�	121,000
Beyond	�	44	�	182,255	�	1.1%	�	�	5,002,881	�	2.2%	�	�	27.45	�		�	3,892,810
�	�	1,634	�	4,431,688	�	27.7%	�	$	103,437,660	�	42.6%	�	$	23.34	�		$	7,240,128

____________________
1	Lease expiration table reflects rents in place as of December 31, 2014, and does not include option periods; 2014 expirations include 39 month-to-month tenants.��This column also excludes ground leases.
�	�
2	Expiring GLA excludes estimated square footage to non-owned structures on land we own and ground leased to tenants.
�	�
3	Annualized base rent represents the monthly contractual rent for the month of December 2014 for each applicable property multiplied by 12. Excludes tenant reimbursements and ground lease revenue.

p.�24

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

LEASE EXPIRATIONS OFFICE TENANTS

�

As of December 31, 2014

�

�	�	Number of Expiring Leases1	�	Expiring NLA1	�	% of Total NRA Expiring	�	Expiring Annualized Base Rent2		�	% of Total Annualized Base Rent	�	Expiring Annualized Base Rent per Sq. Ft.
2015	�	3	�	45,978	�	0.3%	�	$	797,277	�	0.3%	�	$	17.34
2016	�	0	�	0	�	0.0%	�	�	0	�	0.0%	�	�	0.00
2017	�	2	�	83,110	�	0.5%	�	�	1,495,847	�	0.6%	�	�	18.00
2018	�	2	�	17,837	�	0.1%	�	�	383,572	�	0.2%	�	�	21.50
2019	�	1	�	5,253	�	0.0%	�	�	101,120	�	0.0%	�	�	19.25
2020	�	1	�	13,311	�	0.1%	�	�	242,935	�	0.1%	�	�	18.25
2021	�	1	�	6,162	�	0.0%	�	�	141,732	�	0.1%	�	�	23.00
2022	�	3	�	51,046	�	0.3%	�	�	873,619	�	0.4%	�	�	17.11
2023	�	2	�	32,988	�	0.2%	�	�	668,189	�	0.3%	�	�	20.26
2024	�	1	�	27,284	�	0.2%	�	�	307,627	�	0.1%	�	�	11.28
Beyond	�	3	�	79,640	�	0.5%	�	�	1,136,762	�	0.5%	�	�	14.27
�	�	19	�	362,609	�	2.3%	�	$	6,148,681	�	2.5%	�	$	16.96

____________________
1	Lease expiration table reflects rents in place as of December 31, 2014 and does not include option periods. This column also excludes ground leases. 2015 expirations include two month-to-month tenants.
�	�
2	Annualized base rent represents the monthly contractual rent for the month of December 2014 for each applicable property multiplied by 12. Excludes tenant reimbursements.
�	�
�	�

p. 25

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

SUMMARY RETAIL PORTFOLIO STATISTICS INCLUDING JOINT VENTURE PROPERTIES

�

�	December 31, 2014	�	September 30, 2014	�	June 30, 2014	�	March 31, 2014	�	December 31, 2013
Company Owned GLA� Operating Retail1,5	16,156,995	�	16,935,582	�	8,489,877	�	8,483,449	�	8,358,846
Total GLA� Operating Retail1,5	23,859,680	�	25,213,668	�	11,296,321	�	11,295,013	�	11,463,830
Projected Owned GLA of Development and Redevelopment�Projects Under Construction	784,019	�	665,246	�	831,698	�	914,636	�	879,754
Projected Total GLA of Development�and Redevelopment Projects Under Construction2	1,027,414	�	888,641	�	1,055,093	�	1,138,031	�	1,073,890
Number of Operating Retail Properties	118	�	124	�	64	�	64	�	66
Number of Retail Development Properties Under Construction	4	�	3	�	3	�	2	�	2
Number of Retail Redevelopment�Properties	3	�	3	�	4	�	4	�	4
Percentage Leased Operating Retail4	94.8%	�	94.9%	�	95.2%	�	95.3%	�	95.3%
Annualized Base Rent & Ground Lease Revenue Operating Retail Properties3 (excludes redevelopment)	$249,518,912	�	$258,706,533	�	$112,602,606	�	$112,631,533	�	$108,829,221
�	�	�	�	�	�	�	�	�	�

____________________
1	Company Owned GLA represents gross leasable area owned by the Company. Total GLA includes Company Owned GLA, plus square footage attributable to non-owned outlot structures on land owned by the Company and ground leased to tenants, and non-owned anchor space.
�	�
2	Projected Company Owned GLA Under Development or Redevelopment represents gross leasable area under development that is projected to be owned by the Company. Projected Total GLA Under Development or Redevelopment includes Projected Company Owned GLA, plus projected square footage attributable to non-owned outlot structures on land owned by the Company and ground leased to tenants, and non-owned anchor space that is existing or under construction.
�	�
3	Annualized Base Rent represents the monthly contractual rent in effect for each period shown, multiplied by 12. Excludes tenant reimbursements.
�	�
4	Excludes square footage of structure owned by tenants under ground leases with the Company.
�	�
5	As of December 31, 2014, GLA includes seven properties held for sale with 740,034 owned square feet and a leased percentage of 93.8%.

p.�26

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

SUMMARY OFFICE PORTFOLIO STATISTICS

�

Retail Portfolio	December 31, 2014	�	September 30, 2014	�	June 30, 2014	�	March 31, 2014	�	December 31, 2013
Company Owned Net Rentable Area (NRA)3	406,063	�	386,852	�	386,852	�	386,852	�	386,852
Number of Operating Office Properties	2	�	2	�	2	�	2	�	2
Percentage Leased Operating Office Properties3	93.3%	�	95.2%	�	95.2%	�	95.2%	�	95.2%
Annualized Base Rent Office Properties1,2,3	$6,148,681	�	$5,993,727	�	$5,993,727	�	$5,993,732	�	$5,941,788

____________________
1	Annualized Base Rent does not include tenant reimbursements or income attributable to the Union Station Parking Garage.
�	�
2	Annualized Base Rent includes $723,216 from KRG and subsidiaries.
�	�
3	Includes the separate office space at Eddy Street Commons and Tradition Village Square.
�	�
�	�

p.�27

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

DEVELOPMENT PROJECTS

Under Construction:		�	�	�	�	�	�	�	�	�	�
Project	Company Ownership %	MSA	Actual/ Projected��Opening Date1	Projected Owned GLA2	Projected Total GLA3	Percent of Owned GLA Occupied4	Percent of Owned GLA Pre-Leased/ Committed5	Total Estimated Project Cost7	Cost Incurred as of Dec. 31, 20146	�	Major Tenants and Non-owned Anchors
Holly Springs Towne Center, NC - Phase II	100%	Raleigh	Q3 2015	122,143	154,143	0.0%	77.6%	$47,500	$18,226	�	Target (non-owned), Carmike Cinemas,��Bed Bath & Beyond, DSW
Parkside Town Commons, NC Phase I8	100%	Raleigh	Q2 2014	104,978	245,573	82.2%	90.2%	39,000	38,804	�	Target (non-owned), Harris Teeter (ground lease), Petco
Parkside Town Commons, NC Phase II	100%	Raleigh	Q3 2014	281,427	324,260	30.2%	67.8%	70,000	68,345	�	Frank Theatres, Golf Galaxy, Field & Stream
Tamiami Crossing, FL	100%	Naples	Q2 2016	118,773	138,773	0.0%	85.5%	44,000	20,185	�	Stein Mart, 4 national junior anchors
Total			�	627,321	862,749	27.3%	76.8%	$200,500	$145,560	�	�
� Cost incurred as of December 31, 2014 and included in Construction In Progress on balance sheet							�	�	$81,953	�	�

____________________
1	Opening Date is defined as the first date a tenant is open for business or a ground lease payment is made. Stabilization (i.e., 85% occupied) typically occurs within six to twelve months after the opening date.
�	�
2	Projected Owned GLA represents gross leasable area we project we will own. It excludes square footage that we project will be attributable to non-owned outlot structures on land owned by us and expected to be ground leased to tenants. It also excludes non-owned anchor space.
�	�
3	Projected Total GLA includes Projected Owned GLA, projected square footage attributable to non-owned outlot structures on land that we own, and non-owned anchor space that currently exists or is under construction.
�	�
4	Includes tenants that have taken possession of their space or have begun paying rent.
�	�
5	Excludes outlot land parcels owned by the Company and ground leased to tenants. Includes leases under negotiation for approximately 80,385 square feet for which the Company has signed non-binding letters of intent.
�	�
6	Dollars in thousands. Reflects both the Companys and partners share of costs.
�	�
7	Cost incurred is reclassified to fixed assets on the consolidated balance sheet on a pro-rata basis as portions of the asset are placed in service.
�	�
8	The owned GLA for Parkside Town Commons Phase I includes a 53,000 square foot ground lease with Harris Teeter Supermarket.
�	�
�	�

p.�28

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

REDEVELOPMENT PROJECTS

�

Under Construction: �					�	�	�	�	�	�	�
Project	Company Ownership %	MSA	Actual/ Projected��Opening Date1	Projected Total GLA3	Projected Owned GLA2	Percent of Owned GLA Occupied4	Percent of Owned GLA Pre-Leased/ Committed5	Total Estimated Project Cost7	Cost Incurred as of Dec. 31, 20146	�	Major Tenants and Non-owned Anchors
Gainesville Plaza, FL	100%	Gainesville	Q2 2015	164,665	162,693	66.3%	81.6%	14,300	$7,677	�	Burlington Coat Factory, Ross Dress for Less
�	�	�	�	�	�	�	�	�	�	�	�
Total	�	�	�	164,665	162,693	66.3%	81.6%	$14,300	$7,677	�	�
� Cost incurred as of December 31, 2014 and included in Construction In Progress on balance sheet								�	$4,535	�	�

Pending Commencement of Construction: �					�	�	�	�	�		�
Project	Company Ownership %	MSA	Actual/ Projected��Opening Date1	Projected Total GLA3	Projected Owned GLA2	Total Estimated Project Cost7	Cost Incurred as of Dec. 31, 20146		�	Major Tenants and Non-owned Anchors
Hamilton Crossing Centre, IN	100%	Indianapolis	TBD	77,296	69,596	TBD	$149		�	TBD
Courthouse Shadows, FL	100%	Naples	TBD	134,867	134,867	TBD	580		�	TBD
Total			�	212,163	204,463	TBD	$729		�	�
� Cost incurred as of December 31, 2014 and included in Construction In Progress on balance sheet						�	$729		�	�

Summary of Construction In Progress on Consolidated Balance Sheet ($ in thousands):
Cost incurred for development projects under construction	$	81,953
Cost incurred for redevelopment projects under construction (from above)	4,535
Deerwood apartments	15,656
Cost incurred for development projects pending construction (from above)	729
Holly Springs Towne Center Phase III	4,372
Miscellaneous tenant improvements and small projects	�	18,638
Construction In Progress on Consolidated Balance Sheet	$	125,883

�
�	See prior page for footnotes.
�	�
�	�

�
�

p.�29

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

2014 PROPERTY DISPOSITIONS

�

� Property Name	�	� � � Property Type	MSA	� � Date Sold	�	� � Sales Price		�
50th & 12th	�	Single tenant (Walgreens)	Seattle, WA	1/7/14	�	$	8,640,000	�
Red Bank Commons	�	Unanchored strip center	Evansville, IN	3/7/14	�	�	5,300,000	�
Ridge Plaza	�	A & P Grocery-anchored center	Oak Ridge, NJ	3/31/14	�	�	21,250,000	�
Zionsville Walgreens	�	Single tenant (Walgreens)	Indianapolis, IN	9/23/14	�	�	7,348,000	�
�	�	�	�	�	�	�	�	�
Tranche I of asset sale1			�	�	�	�	150,776,000	�
Landing at Ocean Isle	�	Grocery-anchored center	Ocean Isle Beach, NC	11/21/14	�	�	�	�
Fox Point Plaza	�	Grocery-anchored center	Neenah, WI	12/15/14	�	�	�	�
Shoppes at Prairie Ridge	�	Power center	Pleasant Prairie, WI	12/15/14	�	�	�	�
Heritage Square	�	Walgreens-anchored center	Conyers, GA	12/15/14	�	�	�	�
Harvest Square	�	Grocery-anchored center	Harvest, AL	12/15/14	�	�	�	�
Copps Grocery	�	Single tenant	Stevens Point, WI	12/15/14	�	�	�	�
Branson Hills Shopping Center	�	Power center	Branson, MO	12/15/14	�	�	�	�
Total	�	�	�	�	�	$	193,314,000	�

�
1	Company is party to a definitive agreement to sell an additional seven operating properties.
�	�
�	�

p.�30

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

GEOGRAPHIC DIVERSIFICATION OPERATING PORTFOLIO

�

As of December 31, 2014

�	Number of Operating Properties1	�	Owned��GLA/NRA2	�	Percent of Owned GLA/NRA	�	Total Number of Leases	�	Annualized Base Rent3		�	Percent of Annualized Base Rent	�	Annualized Base Rent per Leased Sq. Ft.
Alabama	4	�	761,191	�	4.6%	�	76	�	�	$8,042,976	�	3.4%	�	�	$11.04
Arizona	1	�	79,902	�	0.5%	�	10	�	�	2,241,241	�	0.9%	�	�	28.05
Arkansas	1	�	151,927	�	0.9%	�	14	�	�	1,926,306	�	0.8%	�	�	12.85
Connecticut	1	�	208,929	�	1.3%	�	24	�	�	3,241,084	�	1.4%	�	�	16.00
Florida	36	�	4,353,316	�	26.3%	�	621	�	�	60,158,585	�	25.2%	�	�	14.95
Georgia	4	�	736,636	�	4.5%	�	88	�	�	8,381,113	�	3.5%	�	�	11.73
Illinois	3	�	310,865	�	1.9%	�	23	�	�	4,183,945	�	1.8%	�	�	13.90
Indiana Retail Properties	21	�	2,302,439	�	13.9%	�	254	�	�	29,671,651	�	12.5%	�	�	13.38
Indiana Office Properties	2	�	369,556	�	2.2%	�	17	�	�	6,074,620	�	2.5%	�	�	17.13
Louisiana	1	�	151,719	�	0.9%	�	23	�	�	2,384,349	�	1.0%	�	�	19.77
Missouri	1	�	75,951	�	0.5%	�	6	�	�	922,461	�	0.4%	�	�	12.15
Nebraska	1	�	69,676	�	0.4%	�	2	�	�	992,226	�	0.4%	�	�	14.24
Nevada	7	�	928,982	�	5.6%	�	181	�	�	20,414,409	�	8.6%	�	�	23.69
New Hampshire	1	�	78,892	�	0.5%	�	14	�	�	969,452	�	0.4%	�	�	12.29
New Jersey	1	�	106,383	�	0.6%	�	26	�	�	2,880,205	�	1.2%	�	�	28.25
New York	1	�	365,905	�	2.2%	�	12	�	�	9,141,058	�	3.8%	�	�	26.01
North Carolina	7	�	727,007	�	4.4%	�	113	�	�	12,351,054	�	5.2%	�	�	17.89
Ohio	1	�	236,230	�	1.4%	�	7	�	�	2,062,668	�	0.9%	�	�	8.73
Oklahoma	4	�	657,146	�	4.0%	�	79	�	�	8,475,793	�	3.6%	�	�	13.52
Oregon	2	�	31,171	�	0.2%	�	13	�	�	553,894	�	0.2%	�	�	23.63
South Carolina	3	�	516,732	�	3.1%	�	41	�	�	5,371,276	�	2.3%	�	�	10.67
Tennessee	2	�	399,376	�	2.4%	�	34	�	�	5,473,938	�	2.3%	�	�	14.80
Texas	10	�	1,951,840	�	11.8%	�	202	�	�	25,986,912	�	10.9%	�	�	13.80
Utah	2	�	384,692	�	2.3%	�	74	�	�	6,156,037	�	2.6%	�	�	16.47
Virginia	1	�	399,047	�	2.4%	�	59	�	�	7,052,329	�	3.0%	�	�	18.72
Washington	1	�	107,998	�	0.7%	�	24	�	�	2,092,039	�	0.9%	�	�	21.36
Wisconsin	1	�	82,254	�	0.5%	�	15	�	�	1,062,753	�	0.4%	�	�	14.67
Total	120	�	16,545,762	�	100.0%	�	��2,052	�	�	$238,264,375	�	100.0%	�	�	$15.19

____________________
1	This table includes operating retail properties, operating office properties, and ground lease tenants who commenced paying rent as of December 31, 2014 and excludes three��retail properties under redevelopment.
�	�
2	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.
�	�
3	Annualized Base Rent excludes $17,403,219 in annualized ground lease revenue attributable to parcels and outlots owned by the Company and ground leased to tenants.
�	�
�	�
�	�

p.�31

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

OPERATING RETAIL PORTFOLIO SUMMARY REPORT

As of December 31, 2014

�	�	Year	Owned GLA2			�	Leased			�	�	Major
Property1	MSA	Built/ Renovated	Total	Anchors	Shops		Total	Anchors	Shops	ABR per SqFt	Major Owned Tenants	Non-owned Tenants
Alabama	�	�	�	�	�		�	�	�	�	�	�
Clay Marketplace	Birmingham	1966/2003	66,165	44,840	21,325		93.1%	100.0%	78.7%	12.50	Publix	�
Eastside Junction**	Athens	2008	79,700	45,600	34,100		91.0%	100.0%	79.0%	12.02	Publix	�
Prattville Town Center**	Prattville	2007	168,842	112,042	56,800		98.9%	100.0%	96.8%	14.61	Books A Million, Office Depot, PetSmart, Ross Dress for Less, TJ Maxx	Target, Home Depot
Trussville Promenade	Birmingham	1999	446,484	354,010	92,474		95.7%	100.0%	79.4%	9.26	Wal-Mart, Regal Cinemas, Marshalls, Big Lots, PetSmart, Dollar Tree	Kohl's, Sam's Club
Arizona	�	�	�	�	�		�	�	�	�	�	�
The Corner	Tucson	2008	79,902	55,883	24,019		100.0%	100.0%	100.0%	28.05	Nordstrom Rack, Total Wine & More	Home Depot
Arkansas	�	�	�	�	�		�	�	�	�	�	�
Fairgrounds Crossing**	Hot Springs	2011	151,927	126,613	25,314		98.7%	100.0%	91.9%	12.85	Bed Bath & Beyond, Best Buy, Dick's Sporting Goods, Michaels, PetSmart	Sams Club
Connecticut	�	�	�	�	�		�	�	�	�	�	�
Crossing at Killingly Commons	Worcester MA-CT	2010	208,929	148,250	60,679		97.0%	100.0%	89.5%	16.00	Bed Bath & Beyond, Lowe's Home Improvement,��Michaels, Petco, Staples, Stop & Shop Supermarket, TJ Maxx	Target
Florida	�	�	�	�	�		�	�	�	�	�	�
12th Street Plaza	Vero Beach	1978/2003	138,268	121,376	16,892		99.0%	100.0%	91.7%	9.82	Publix, Stein Mart, Tuesday Morning, Sunshine Furniture, Planet Fitness	�
Bayport Commons	Oldsmar	2008	97,193	71,540	25,653		91.6%	100.0%	68.1%	16.08	Gander Mountain, PetSmart,��Michaels	Target
Bolton Plaza	Jacksonville	1986/2014	155,705	114,195	41,510		87.5%	100.0%	53.0%	9.12	LA Fitness, Academy Sports	�
Burnt Store Promenade	Punta Gorda	1989	94,223	42,112	52,111		74.9%	100.0%	54.6%	9.04	Publix	Home Depot
Centre Point Commons	Bradenton	2007	119,275	93,574	25,701		100.0%	100.0%	100.0%	16.88	Best Buy, Dick's Sporting Goods, Office Depot	Lowes Home Improvement
Cobblestone Plaza	Ft Lauderdale	2011	133,213	68,169	65,044		99.2%	100.0%	98.3%	25.79	Whole Foods, Party City, All Pets Emporium	�
Colonial Square	Fort Myers	2010	182,354	146,283	36,071		92.2%	100.0%	60.6%	15.06	Around the Clock Fitness, Dollar Tree, Hobby Lobby, PetSmart, Sports Authority	Kohls
Cove Center	Stuart	1984/2008	155,053	130,915	24,138		96.2%	100.0%	75.5%	9.12	Publix, Bealls, Ace Hardware	�
Delray Marketplace	Delray	2013	260,255	118,136	142,119		90.4%	100.0%	82.4%	24.08	Frank Theatres, Publix, Jos. A. Bank, Carls Patio, Chicos, Charming Charlie, Ann Taylor	�
Estero Town Commons	Naples	2006	25,631	-	25,631		46.8%	0.0%	46.8%	18.67	Lowe's Home Improvement	�
Hunter's Creek Promenade	Orlando	1994	119,729	55,999	63,730		98.4%	100.0%	97.0%	13.35	Publix	�
Indian River Square	Vero Beach	1997/2004	142,706	109,000	33,706		95.9%	100.0%	82.8%	10.88	Bealls, Office Depot, Dollar Tree	Target
International Speedway Square	Daytona	1999/2013	233,495	203,457	30,038		99.5%	100.0%	96.0%	10.97	Bed Bath & Beyond, Stein Mart, Old Navy, Staples, Michaels, Dicks Sporting Goods, Total Wine & More, Shoe Carnival	�
King's Lake Square	Naples	1986/2014	87,073	55,610	31,463		88.8%	100.0%	69.1%	17.34	Publix, Royal Fitness	�
Lake City Commons	Lake City	2008	66,510	45,600	20,910		90.7%	100.0%	70.4%	13.60	Publix	�
Lake City Commons - Phase II	Lake City	2011	16,291	12,131	4,160		100.0%	100.0%	100.0%	14.86	PetSmart	�
Lake Mary Plaza	Lake Mary	2009	21,370	14,880	6,490		91.4%	100.0%	71.6%	37.82	Walgreens	�
Lakewood Promenade	Jacksonville	1948/1998	196,820	77,840	118,980		86.3%	100.0%	77.3%	11.43	Stein Mart, Winn Dixie	�
Lithia Crossing	Tampa	2003/2013	90,499	53,547	36,952		91.2%	100.0%	78.6%	14.14	Stein Mart, The Fresh Market	�
Miramar Square	Miramar	2008	238,334	137,505	100,829		84.9%	85.5%	84.2%	18.30	Kohl's, Miami Children's Hospital, Dollar General	�
Northdale Promenade	Tampa	1985/2002	175,925	118,269	57,656		93.6%	100.0%	80.5%	11.51	TJ Maxx, Bealls, Crunch Fitness	Winn Dixie
Palm Coast Landing	Palm Coast	2010	168,297	106,292	62,005		94.3%	94.9%	93.5%	18.20	Michaels, PetSmart, Ross Dress for Less, TJ Maxx, Ulta Salon	Target
Pine Ridge Crossing	Naples	1993	105,867	66,351	39,516		98.0%	100.0%	94.5%	16.30	Publix, Party City	Bealls, Target

�

See footnotes on page 36

p.�32

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of December 31, 2014

�	�	Year	Owned GLA2			�	Leased			�	�	Major
Property1	MSA	Built/ Renovated	Total	Anchors	Shops	Total		Anchors	Shops	ABR per Sq. ft.	Major Owned Tenants	Non-owned Tenants
Pleasant Hill Commons	Kissimmee	2008	70,642	45,600	25,042	95.2%		100.0%	86.4%	14.22	Publix	�
Publix at St. Cloud	St. Cloud	2003	78,820	54,379	24,441	92.7%		100.0%	76.5%	12.42	Publix	�
Riverchase Plaza	Naples	1991/2001	78,291	48,890	29,401	98.5%		100.0%	95.9%	15.29	Publix	�
Saxon Crossing	Orange City	2009	119,894	95,304	24,590	100.0%		100.0%	100.0%	14.71	Hobby Lobby, LA Fitness	Lowe's Home Improvement
Shops at Eagle Creek	Naples	1983/2013	70,755	50,187	20,568	91.4%		100.0%	70.4%	14.99	Staples, The Fresh Market	Lowe's Home Improvement
Shops of Eastwood	Orlando	1997	69,037	51,512	17,525	98.1%		100.0%	92.6%	12.74	Publix	�
Shops at Julington Creek	Jacksonville	2011	40,207	21,038	19,169	96.4%		100.0%	92.5%	18.27	The Fresh Market	�
Tarpon Bay Plaza	Naples	2007	82,547	60,151	22,396	90.8%		100.0%	66.1%	21.60	World Market, Staples	Target
Temple Terrace	Temple Terrace	2012	90,377	58,798	31,579	100.0%		100.0%	100.0%	10.41	Sweetbay, United Parcel Service	�
The Landings at Tradition	Port St Lucie	2007	359,758	272,944	86,814	90.4%		100.0%	60.1%	15.19	Babies R Us, Bed Bath & Beyond, LA Fitness, Michaels, Office Max, Old Navy, PetSmart, Pier 1, Sports Authority, TJ Maxx, Ulta Salon	Target
Tradition Village Square	Port St Lucie	2006	93,210	45,600	47,610	85.9%		100.0%	72.3%	16.08	Publix	�
Village Walk	Fort Myers	2009	78,533	54,340	24,193	90.0%		100.0%	67.5%	15.88	Publix	�
Waterford Lakes Village	Orlando	1997	77,948	51,703	26,245	96.7%		100.0%	90.1%	12.39	Winn-Dixie	�
Georgia	�	�	�	�	�	�		�	�	�	�	�
Beechwood Promenade	Athens	1961/2009	342,217	247,011	95,206	94.2%		100.0%	79.0%	11.42	TJ Maxx, Georgia Theatre, CVS, BodyPlex, Stein Mart, Tuesday Morning, The Fresh Market, Jos A. Bank, Ann Taylor, Talbots, USPS, Buffalos	�
Mullins Crossing	Evans	2005	251,712	205,716	45,996	100.0%		100.0%	100.0%	11.94	Babies R Us, Kohls, La-Z Boy, Marshalls, Office Max, Ross Dress for Less, Petco	Target
Publix at Acworth	Atlanta	1996	69,628	37,888	31,740	96.6%		100.0%	92.4%	11.94	Publix	�
The Centre at Panola	Atlanta	2001	73,079	51,674	21,405	100.0%		100.0%	100.0%	12.21	Publix	�
Illinois	�	�	�	�	�	�		�	�	�	�	�
Fox Lake Crossing	Chicago	2002	99,072	65,977	33,095	90.0%		100.0%	69.9%	13.50	Dominick's Finer Foods, Dollar Tree	�
Naperville Marketplace	Chicago	2008	83,793	61,683	22,110	100.0%		100.0%	100.0%	13.42	TJ Maxx, PetSmart	Caputo's
South Elgin Commons	South Elgin	2011	128,000	128,000	-	100.0%		100.0%	0.0%	14.50	LA Fitness, Ross Dress for Less, Toy R Us	Target
Indiana	�	�	�	�	�	�		�	�	�	�	�
54th & College	Indianapolis	2008	-	-	-	0.0%		0.0%	0.0%	-	The Fresh Market (ground lease)	�
Beacon Hill	Crown Point	2006	57,191	11,043	46,148	84.0%		100.0%	80.1%	15.09	Anytime Fitness	Strack & Van Til, Walgreens
Bell Oaks Center	Newburgh	2008	94,811	74,122	20,689	98.5%		100.0%	93.0%	11.61	Archie & Clyde's Restaurant, Schnucks Markets	�
Boulevard Crossing	Kokomo	2004	124,631	74,440	50,191	95.4%		100.0%	88.6%	14.24	Petco, TJ Maxx, Ulta Salon, Shoe Carnival	Kohl's
Bridgewater Marketplace	Indianapolis	2008	25,975	-	25,975	68.2%		0.0%	68.2%	17.68	�	Walgreens
Castleton Crossing	Indianapolis	1975/2012	277,812	247,710	30,102	100.0%		100.0%	100.0%	10.75	K&G Menswear, Value City, TJ Maxx/Home Goods, Shoe Carnival, Dollar Tree, Burlington Coat Factory	�
Cool Creek Commons	Indianapolis	2005	124,646	53,600	71,046	95.6%		100.0%	92.2%	17.22	The Fresh Market, Stein Mart	�
Depauw University Bookstore and Caf�	Greencastle	2012	11,974	-	11,974	100.0%		0.0%	100.0%	8.36	Folletts, Starbucks	�
Eddy Street Commons	South Bend	2009	88,093	20,154	67,939	92.7%		100.0%	90.6%	23.28	Hammes Bookstore, Urban Outfitters	�
Fishers Station	Indianapolis	1989/2009	116,943	72,212	44,731	96.6%		100.0%	91.2%	11.75	Marsh Supermarkets, Goodwill, Dollar Tree	�
Geist Pavilion	Indianapolis	2006	64,102	29,700	34,402	95.9%		100.0%	92.3%	16.25	Goodwill, Ace Hardware	�
Glendale Town Center	Indianapolis	1958/2008	393,002	329,546	63,456	98.8%		100.0%	92.7%	6.99	Macys, Landmark Theaters, Staples, Indianapolis Library, Nexus Academy of Indianapolis	Lowe's Home Improvement, Target, Walgreens
�	�	�	�	�	�	�		�	�	�	�	�
�	�	�	�	�	�	�		�	�	�	�	�
�	�	�	�	�	�	�		�	�	�	�	�

See foototes on page 36

p.�33

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

��As of December 31, 2014

�	�	Year	Owned GLA2			�	Leased			�	�	Major
Property1	MSA	Built/ Renovated	Total	Anchors	Shops	Total		Anchors	Shops	ABR per Sqft	Major Owned Tenants	Non-owned Tenants
Greyhound Commons	Indianapolis	2005	-	-	-	0.0%		0.0%	0.0%	-	�	Lowe's Home Improvement Center
Lima Marketplace	Fort Wayne	2008	93,135	71,521	21,614	98.5%		100.0%	93.5%	13.97	Aldi, Dollar Tree, Office Depot, PetSmart	Wal-mart
Rangeline Crossing	Indianapolis	1986/2013	99,311	47,962	51,349	91.8%		100.0%	84.1%	21.57	Earth Fare, Walgreens	�
Rivers Edge	Indianapolis	2011	149,209	117,890	31,319	100.0%		100.0%	100.0%	19.68	Buy Buy Baby, Nordstrom Rack, The Container Store, Arhaus Furniture, Bicycle Garage of Indy	�
Stoney Creek Commons	Indianapolis	2000/2013	84,330	84,330	-	100.0%		100.0%	0.0%	12.39	HH Gregg, Goodwill, LA Fitness	Lowe's Home Improvement
The Corner	Indianapolis	1984/2013	42,494	12,200	30,294	65.1%		0.0%	91.3%	18.71	�	�
Traders Point	Indianapolis	2005	279,684	238,721	40,963	97.5%		100.0%	82.7%	14.59	Dick's Sporting Goods, AMC Theatres, Marsh Supermarkets, Bed, Bath & Beyond, Michaels, Old Navy, PetSmart, Books-A-Million	�
Traders Point II	Indianapolis	2005	46,099	-	46,099	88.7%		0.0%	88.7%	25.33	�	�
Whitehall Pike	Bloomington	1999	128,997	128,997	-	100.0%		100.0%	0.0%	7.86	Lowe's Home Improvement Center	�
Louisiana	�	�	�	�	�	�		�	�	�	�	�
Regal Court**	Shreveport	2008	151,719	89,649	62,070	79.5%		77.7%	82.1%	19.77	Dick's Sporting Goods, DSW, Ulta Salon, JC Penney, Kohls	�
Missouri	�	�	�	�	�	�		�	�	�	�	�
Shops at Hawk Ridge**	Lake St Louis	2008	75,951	66,081	9,870	100.0%		100.0%	100.0%	12.15	Sports Authority, TJ Maxx	Lowe's Home Improvement, Wal-Mart
Nebraska	�	�	�	�	�	�		�	�	�	�	�
Whispering Ridge**	Omaha	2008	69,676	69,676	-	100.0%		100.0%	0.0%	14.24	PetSmart, Sports Authority	�
Nevada	�	�	�	�	�	�		�	�	�	�	�
Cannery Corner	Las Vegas	2008	30,745	-	30,745	88.3%		0.0%	88.3%	34.38	�	�
Centennial Center	Las Vegas	2002	334,705	158,335	176,370	92.5%		100.0%	85.7%	22.58	Big Lots, Famous Footwear, Michaels, Office Max, Party City, Petco, Rhapsodielle, Ross Dress for Less, Home Depot, Sam's Club, Wal-Mart		�
Centennial Gateway	Las Vegas	2005	192,999	139,861	53,138	96.7%		100.0%	88.2%	23.59	24 Hour Fitness, Fresh & Easy Neighborhood Market, Sportsman's Warehouse, Walgreens	�
Eastern Beltway Center	Las Vegas	1998/2006	162,444	83,982	78,462	97.4%		100.0%	94.6%	23.05	Home Consignment Center, Office Max, Petco, Ross Dress for Less, Sam's Club, Wal-mart	Home Depot
Eastgate	Las Vegas	2002	96,589	53,030	43,559	88.5%		100.0%	74.4%	21.71	99 Cent Only Store, Office Depot, Party City	Wal-mart
Lowe's Plaza	Las Vegas	2007	30,208	-	30,208	44.4%		0.0%	44.4%	30.48	�	Sams Club, Lowes Home Improvement
Rampart Commons	Las Vegas	2002	81,292	29,265	52,027	100.0%		100.0%	100.0%	26.79	Ann Taylor, Chicos, Francescas Collection, Banana Republic, Pottery Barn, Williams Sonoma	�
New Hampshire	�	�	�	�	�	�		�	�	�	�	�
Merrimack Village Center	Merrimack	2007	78,892	54,000	24,892	100.0%		100.0%	100.0%	12.29	Supervalu	�
New Jersey	�	�	�	�	�	�		�	�	�	�	�
Bayonne Crossing	Bayonne	2011	106,383	52,219	54,164	95.8%		100.0%	91.8%	28.25	Michaels, New York Sports Club, Lowe's Home Improvement, Wal-mart	�
New York	�	�	�	�	�	�		�	�	�	�	�
City Center at White Plains	White Plains	2004	365,905	329,360	36,545	96.0%		100.0%	60.3%	26.01	Barnes & Noble, National Amusement, New York Sports Club, Nordstrom Rack, Shop Rite, Toys R Us/Babies R Us			��Target
North Carolina	�	�	�	�	�	�		�	�	�	�	�
Holly Springs Towne Center	Holly Springs	2013	207,631	109,233	98,398	92.3%		100.0%	83.7%	15.93	Dick's Sporting Goods, Marshalls, Petco, Ulta Salon	Target
Memorial Commons	Goldsboro	2008	111,271	73,876	37,395	91.0%		100.0%	73.1%	12.00	Harris Teeter, Office Depot	�

�

See foototes on page 36

p.�34

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

�

��As of December 31, 2014

�	�	Year	Owned GLA2			�	Leased			�	�	Major
Property1	MSA	Built/ Renovated	Total	Anchors	Shops	Total		Anchors	Shops	ABR per Sqft	Major Owned Tenants	Non-owned Tenants
Northcrest Shopping Center	Charlotte	2008	133,674	76,053	57,621	95.7%		100.0%	89.9%	21.40	David's Bridal, Dollar Tree, Old Navy, REI, Shoe Carnival	Target
Oleander Place	Wilmington	2012	45,530	30,144	15,386	100.0%		100.0%	100.0%	16.06	Whole Foods	�
Perimeter Woods	Charlotte	2008	126,143	105,262	20,881	99.2%		100.0%	95.2%	20.60	Best Buy, Off Broadway Shoes, Office Max, PetSmart, Lowe's Home Improvement	�
Toringdon Market	Charlotte	2004	60,539	26,072	34,467	100.0%		100.0%	100.0%	19.63	Earth Fare	�
Walgreens Plaza**	Jacksonville	2010	42,219	27,779	14,440	91.1%		100.0%	74.0%	22.11	L-3 Communications, Walgreens	�
Ohio	�	�	�	�	�	�		�	�	�	�	�
Eastgate Pavilion	Cincinnati	1995	236,230	231,730	4,500	100.0%		100.0%	100.0%	8.73	Best Buy, Dick's Sporting Goods, Value City Furniture, PetSmart, DSW, Bed Bath & Beyond	�
Oklahoma	�	�	�	�	�	�		�	�	�	�	�
Shops at Moore	Moore	2010	259,692	187,916	71,776	99.5%		100.0%	98.3%	12.03	Bed Bath and Beyond, Best Buy, Dustee's Fashion Accessories, Hobby Lobby, Office Depot, PetSmart, Ross Dress for Less	JC Penney
Silver Springs Pointe	Oklahoma City	2001	48,444	20,515	27,929	73.0%		100.0%	53.1%	15.02	Kohls, Office Depot	Walmart, �Sams Club, Home Depot
University Town Center	Norman	2009	158,516	77,097	81,419	95.6%		100.0%	91.5%	17.43	Office Depot, Petco, TJ Maxx, Ulta Salon	Target
University Town Center Phase II	Norman	2012	190,494	133,546	56,948	95.4%		100.0%	84.5%	12.07	Academy Sports, DSW, Home Goods, Michaels, Kohls	�
Oregon	�	�	�	�	�	�		�	�	�	�	�
Cornelius Gateway	Portland	2006	21,326	-	21,326	70.8%		0.0%	70.8%	21.10	Fedex/Kinkos	Fred Meyer
Shops at Otty	Portland	2004	9,845	-	9,845	84.7%		0.0%	84.7%	28.19	�	Wal-Mart
South Carolina	�	�	�	�	�	�		�	�	�	�	�
Hitchcock Plaza	Aiken	2006	252,370	214,480	37,890	100.0%		100.0%	100.0%	9.29	Academy Sports, Achieve Fitness, Bed Bath and Beyond, Farmers Home Furniture, Old Navy, Ross Dress for Less, TJ Maxx	�
Shoppes at Plaza Green	Greenville	2000	196,307	172,136	24,171	94.0%		94.1%	93.8%	12.67	Bed Bath & Beyond, Christmas Tree Shops, Sears, Party City, Shoe Carnival, AC Moore, Old Navy	�
Publix at Woodruff	Greenville	1997	68,055	47,955	20,100	97.4%		100.0%	91.0%	10.40	Publix	�
Tennessee	�	�	�	�	�	�		�	�	�	�	�
Cool Springs Market	Nashville	1995	223,912	165,712	58,200	86.8%		87.9%	83.7%	14.95	Jo-Ann Fabric, Dicks Sporting Goods, Staples, Marshalls	Kroger
Hamilton Crossing Phases II & III	Alcoa	2008	175,464	135,737	39,727	100.0%		100.0%	100.0%	14.63	Dicks Sporting Goods, Michaels, Old Navy, PetSmart, Ross Dress for Less	�
Texas	�	�	�	�	�	�		�	�	�	�	�
Burlington Coat Factory	San Antonio	1992/2000	107,400	107,400	-	100.0%		100.0%	0.0%	5.00	Burlington Coat Factory	�
Kingwood Commons	Houston	1999	164,366	74,836	89,530	99.7%		100.0%	99.4%	18.82	Randall's Food and Drug, Petco, Chico's, Talbots, Ann Taylor, Jos. A. Bank	�
Market Street Village	Hurst	1970/2011	156,625	136,746	19,879	100.0%		100.0%	100.0%	11.61	Jo-Ann Fabric, Ross Dress for Less, Office Depot, Buy Buy Baby	�
Plaza at Cedar Hill	Dallas	2000/2010	303,458	244,065	59,393	99.2%		100.0%	95.7%	12.52	Hobby Lobby, Office Max, Ross Dress for Less, Marshalls, Sprouts Farmers Market, Toys R Us/Babies R Us, DSW	�
Plaza Volente	Austin	2004	156,333	105,000	51,333	94.2%		100.0%	82.4%	16.75	H-E-B Grocery	�
Portofino Shopping Center	Houston	1999/2010	371,990	211,858	160,132	86.6%		89.4%	83.0%	17.27	DSW, Michaels, Sports Authority, Lifeway Christian Store, Stein Mart, PetSmart, Old Navy	Sams Club
Sunland Towne Centre	El Paso	1996/2014	306,437	265,037	41,400	98.9%		100.0%	91.7%	11.36	PetSmart, Ross Dress for Less, Kmart, Bed Bath & Beyond, Specs Fine Wines, Sprouts Farmers Market	�

�
�

See footnotes on page 36

p. 35

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of December 31, 2014

�

Year

Owned GLA2

�

Leased

�

Major

Property1

MSA

Built/

Renovated

Total

Anchors

Shops

Total

Anchors

Shops

ABR

per Sqft

Major Owned Tenants

Non-owned Tenants

Waxahachie Crossing

Waxahachie

2010

97,127

72,191

24,936

98.8%

100.0%�

95.2%�

14.13

�� Best Buy, PetSmart, Ross Dress for Less

Home Depot,

JC Penney

Westside Market

Frisco

2013

93,377

70,000

23,377

97.4%

��

�89.4%

15.83

Randall's Tom Thumb

�

Wheatland Town Crossing

Wheatland

2012

194,727

142,302

52,425

100.0%

��

�100.0%

12.89

Conn's, Dollar Tree, Office Depot, Party City, PetSmart, Ross Dress for Less, Shoe Carnival

Target, Aldi

Utah

�

Draper Crossing

Draper

2012

164,098

115,916

48,182

97.9%

100.0%

� 92.8%

14.54

�� Dollar Tree, Downeast Home, Smiths, TJ Maxx

�

Draper Peaks

Draper

2012

220,594

101,464

119,130

96.6%

100.0%

� 93.7%

17.93

Michaels, Office Depot, Petco, Quilted Bear, Ross Dress for Less

Kohls

Virginia

�

Landstown Commons

Virginia Beach

2007

399,047

217,466

181,581

94.4%

100.0%

87.7%

18.72

AC Moore, Bed Bath & Beyond, Best Buy, Books-A-Million,

Office Max, PetSmart, Ross Dress for Less, Shoe Carnival, Walgreens

Kohls

Washington

�

Four Corner Square

Maple Valley

1985/2013

107,998

68,046

39,952

90.7%

100.0%

74.8%

21.36

Walgreens, Grocery Outlet, Johnsons Do-It Center

�

Wisconsin

�

Village at Bay Park

Green Bay

2005

82,254

23,878

58,376

88.1%

100.0%

83.2%

14.67

DSW, JC Penney

�

�Total

�

16,156,995

11,089,468

5,067,527

94.8%

99.0%

85.7%

$15.15

�

____________________
�	�
1	All properties are wholly owned, except as indicated. Unless otherwise noted, each property is owned in fee simple by the Company.
�	�
2	Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of December 31, 2014, except for Greyhound Commons and 54th & College.
�	�
3	See Joint Venture Summary.
�	�
**	This property is under a definitive agreement to be sold.
�	�
�	�

p. 36

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

OPERATING OFFICE PROPERTY INFORMATION

�

As of December 31, 2014

�

MSA

Year Built/

Renovated

Acquired,

Redeveloped

or Developed

Owned

NRA

Percentage

Of Owned

NRA

Leased

Annualized

Base Rent1

Percentage

Annualized

Office

Base Rent

Per Leased

Sq. Ft.

�

Major Tenants

Office properties

�

Thirty South Meridian2

Indianapolis

1905/2002

Redeveloped

287,928

94.8%

4,918,074

80.0%

18.01

�

Indiana Supreme Court, City Securities, Kite Realty Group, Lumina Foundation

Union Station Parking Garage3

Indianapolis

1986

Acquired

N/A

�

N/A

�

N/A

�

Denison Parking

Stand-alone office components of retail projects

�

Eddy Street Office (part of Eddy Street Commons) 4

South Bend

2009

Developed

81,628

100.0%

1,156,546

18.8%

14.17

�

University of Notre Dame Offices

Tradition Village Office (part of Tradition Village Square)

Port St. Lucie

2006

Acquired

19,211

41.2%

�

74,061

1.2%

�

9.36

�

Total

�

388,767

93.3%

6,148,681

100.0%

16.96

�

____________________
1	Annualized Base Rent represents the monthly contractual rent for December 2014 for each applicable property, multiplied by 12. Excludes tenant reimbursements.
�	�
2	Annualized Base Rent includes $723,216 from the Company and subsidiaries as of December 31, 2014.
�	�
3	The garage is managed by a third party.
�	�
4	The Company also owns Eddy Street Commons in South Bend, Indiana along with a parking garage that serves a hotel and the office and retail components of the property.

p. 37

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

�

EARNINGS GUIDANCE

�

As of December 31, 2014

�	�	2015 Guidance	�
FFO per diluted common share, as adjusted1,2,3	�	$1.90 - $2.00	�
Acquisitions at mid-point of the guidance range	�	$80 million	�
Same Property NOI	�	2.5% 3.5%	�
Percent leased at year-end	�	95% 96%	�
�	�	�	�
�	�	�	�

____________________
1	Excludes acquisition costs and costs related to early prepayment of debt or preferred.
�	�
2	The impact from the previously announced asset sale of $318 million, including the second tranche which is expected to close on or before March 16, 2015.
�	�
3	Opportunistically access the unsecured bond market and utilize the proceeds to repay near-term maturities and certain borrowings under the Companys line of credit.

p. 38

Kite Realty Group Trust Supplemental Financial and Operating Statistics 12/31/14

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