Form 8-K KITE REALTY GROUP TRUST For: Nov 03

November 3, 2014 7:59 AM

�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): November 3, 2014

�

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 November 3, 2014, Kite Realty Group Trust (the Company) announced its consolidated financial results for the quarter ended September 30, 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 Third 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 November 3, 2014
99.2	�	Kite Realty Group Trust Third 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: November 3, 2014	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 November 3, 2014
99.2	�	Kite Realty Group Trust Third 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

Third Quarter 2014 Results

Indianapolis, Ind., November 3, 2014 Kite Realty Group Trust (NYSE: KRG) (the Company) announced today its operating results for the third quarter ended September 30, 2014.��All share and per share amounts in this release and in the exhibits have been restated for the effects of the Companys one-for-four reverse share split in August 2014.

Third Quarter Highlights

��	As adjusted for merger and acquisition costs, FFO was $43.8 million, or $0.51 per diluted common share, for the third quarter of 2014

�

��	Same property net operating income growth of 4.7%

�

��	Positive aggregate cash rent spread of 14.4%

�

��	Announced definitive agreement to sell a 15-asset portfolio for gross proceeds of approximately $318 million

�

��	In October, received investment grade credit ratings from Moodys and Standard & Poors of Baa3 and BBB-, respectively

The closing of the third quarter marks a marquee time for the Company and we are pleased to report our strong performance, said John A. Kite, Chairman and CEO.��We delivered on our stated objectives and previously announced financial targets, while remaining focused on our core strategic goals.��This quarter, with the merger and full integration process behind us, we were able to deliver exceptional operating results.

We now have the strongest balance sheet in our history.��We have reduced our net debt to EBITDA to approximately 6.5x, and by executing on our balance sheet strategy, we were able to achieve investment grade credit ratings.��We continue to enhance our portfolio, highlighted by our recently announced 15-asset disposition, which capitalizes on the current transaction environment.��This quarters results underscore the significant steps the Company has taken, and we remain extremely optimistic about the future for the new Kite.

�

Third Quarter Financial Results

�

For the three months ended September 30, 2014, FFO was $24.7 million, or $0.29 per diluted common share, for real estate properties in which subsidiaries of the Companys operating partnership owns an interest (the Kite Portfolio), compared to $14.0 million, or $0.56 per diluted common share, for the same period in the prior year.��As adjusted for costs associated with our completed merger with Inland Diversified Real Estate Trust (Inland Diversified), FFO for the three months ended September 30, 2014, was $43.8 million or $0.51 per diluted common share for the Kite Portfolio, compared to $13.1 million, or $0.52 per diluted common share, for the same period in the prior year. The reduction in FFO was primarily driven by certain one-time items.

�

For the nine months ended September 30, 2014, FFO was $51.8 million or $1.00 per diluted common share for the Kite Portfolio, compared to $35.5 million, or $1.50 per diluted common share for the same period of the prior year.��As adjusted for merger and acquisition costs of $26.8 million, FFO for the nine months ended September 30, 2014 was $78.7 million, or $1.52 per diluted common share for the Kite Portfolio, compared to $34.8 million, or $1.47 per diluted common share, in the same period of the prior year, which is adjusted for certain one-time items.

�

Net loss attributable to common shareholders for the three months ended September 30, 2014, was $16.4 million compared to a net loss of $0.9 million for the same period in 2013.��Net losses attributable to common shareholders during the three months ended September 30, 2014, and September 30, 2013 includes merger and acquisition costs of $19.1 million and $0.2 million, respectively.

Net loss attributable to common shareholders was $19.3 million for the first nine months of 2014, compared to a $9.6 million net loss in the same period of the prior year.��Net loss in the current year includes merger and acquisition costs of $26.8 million, offset by gains on sales of operating properties totaling $9.5 million.��The prior years net loss included a $5.4 million impairment charge.

Portfolio Operations

As of September 30, 2014, the Company owned interests in 126 operating properties totaling approximately 25.6 million square feet.��The owned GLA, excluding ground leases and non-owned anchors, in the Companys retail operating portfolio was 94.9% leased as of September 30, 2014, compared to 95.2% as of June 30, 2014 and 95.9% leased as of September 30, 2013.

Same property net operating income, which includes 50 operating properties, increased 4.7% in the third quarter of 2014 compared to the same period in the prior year. The leased percentage of these properties increased to 96.4% at September 30, 2014, from 96.1% at September 30, 2013.�

The Company executed 64 leases totaling 424,516 square feet during the third quarter of 2014.��There were 51 comparable new and renewal leases executed during the quarter for 320,551 owned square feet. Cash spreads on new leases executed in the quarter were up 43.9%, while cash spreads on renewals were up 6.3% for a blended spread of 14.4%.

�

Real Estate Activity

�

��Development

�

As of September 30, 2014, the Company owned interests in three development projects under construction, estimated to total over 720,000 square feet, including Phase II of Holly Springs Towne Center and Phases I and II of Parkside Town Commons, all near Raleigh, North Carolina.��Phase II of Holly Springs Towne Center is anchored by Carmike Cinemas, Bed Bath & Beyond and DSW.��Parkside Town Commons Phases I and II are anchored by Target, Frank Theatres, Harris Teeter, PETCO, Golf Galaxy and Field & Stream.��Notable tenant openings in the quarter included Dress Barn at Holly Springs Towne Center and PETCO, Golf Galaxy and Field & Stream at Parkside Town Commons.

These projects were in the aggregate 74.3% pre-leased or committed as of September 30, 2014, with a total estimated cost of approximately $156.5 million, of which approximately $111 million had been incurred as of September 30, 2014.

�

Redevelopment

�

The Company substantially completed Bolton Plaza in Jacksonville, Florida, a 155,000 square foot shopping center.��This redevelopment included a repositioning of existing space and was transitioned to the operating portfolio during the quarter.��Academy Sports and LA Fitness occupy the former Wal-Mart building and Panera Bread is also a tenant at the center.

In addition, Gainesville Plaza in Gainesville, Florida consists of 165,000 square feet, of which 81.6% is pre-leased or committed as of September 30, 2014.��The property is anchored by Burlington Coat Factory, which opened during the quarter, and Ross Dress for Less.

Dispositions

�

On September 16, 2014, the Company announced it had entered into a definitive agreement to sell 15 operating properties.��The sale is expected to close in two tranches on or before December 15, 2014, and March 16, 2015, respectively, subject to the satisfaction of customary closing conditions.��The disposition includes properties either located in non-core markets or deemed non-core by the Company from a qualitative perspective. The proceeds will initially be used to retire debt and will provide capital to later be deployed into acquisition opportunities in markets which can increase scale and asset quality, consistent with the Companys operating strategy.

Also in the third quarter, the Company sold Zionsville Walgreens for $7.35 million.��This sale continues to reduce the Companys exposure to single tenant assets.

�

Distributions and Shareholders Equity

On September 19, 2014, the Board of Trustees declared a quarterly cash dividend of $0.26 per common share, which was paid on October 13, 2014 to shareholders of record on October 6, 2014.

On August 7, 2014, the Board of Trustees declared a quarterly cash dividend of $0.515625 per preferred share, which was paid on September 1, 2014 to shareholders of record on August 22, 2014.

On August 11, 2014, after market close, the Company completed a one-for-four reverse share split of its common shares. As a result of the reverse share split, the number of outstanding common shares of the Company was reduced from approximately 332.7 million to approximately 83.2 million.

�

2014 Earnings Guidance

The Company is updating its FFO guidance as adjusted for the year ending December 31, 2014, to be within a range of $2.00-2.04 per diluted common share, excluding merger and acquisition costs.��The Companys consolidated net loss guidance for the year is expected to be within the range of $(0.20) to $(0.16) per diluted common share.��This guidance is restated to reflect the Companys one-for-four reverse share split of its common shares in August 2014.��Utilizing the NAREIT whitepaper definition of FFO, the Companys guidance range would be $1.55 to $1.59 per diluted common share and reflects a reduction of $0.45 for costs associated with its merger with Inland Diversified.��The Company also is increasing its 2014 guidance for same property net operating income to 4.4% - 4.6% growth over the prior year, up from 3.5% - 4.0%.

Guidance Range for Full Year 2014	�	Low		�	�	� High		�
Consolidated net loss per diluted common share	�	$	(0.20	)	�	$	(0.16	)
Less: Dividends on preferred shares	�	�	(0.14	)	�	�	(0.14	)
Less: Gains on sales of operating properties	�	�	(0.16	)	�	�	(0.16	)
Add: Depreciation and amortization and other	�	�	2.05	�	�	�	2.05	�
FFO per diluted common share (NAREIT definition)	�	�	1.55	�	�	�	1.59	�
Add: Merger and acquisition costs	�	�	0.45	�	�	�	0.45	�
FFO per diluted common share, as adjusted	�	$	2.00	�	�	$	2.04	�

Non-GAAP Financial Measures

Given the nature of the Companys business as a real estate owner and operator, the Company believes that FFO and FFO, as adjusted, 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. For informational purposes, we have also provided FFO, as adjusted for 2014 costs associated with our merger with Inland Diversified and 2013 write-off of deferred loan costs and non-cash gain on debt extinguishment.��We believe this supplemental information provides a more meaningful measure of our operating performance.��The Company believes presenting FFO and adjusted FFO 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 and adjusted FFO are included in the attached table.

Earnings Conference Call

The Company will conduct a conference call to discuss its financial results on Monday, November 3rd at 11:00 a.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 (877) 703-6104 for domestic callers and (857) 244-7303 for international callers (passcode 17742563).��In addition, a webcast replay of the call will be available until December 31, 2014.

�

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 September 30, 2014, the Company owned interests in a portfolio of 132 operating, development and redevelopment properties totaling approximately 26.7 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)

�	�	September 30, 2014		�	�	December 31, 2013		�
Assets:	�	�		�	�	�		�
�	�	�		�	�	�		�
�Investment properties, at cost	�	$	3,673,832,165	�	�	$	1,877,058,271	�
Less: accumulated depreciation	�	�	(282,693,584	)	�	�	(232,580,267	)�
�	�	�	3,391,138,581	�	�	�	1,644,478,004	�
Cash and cash equivalents	�	�	31,213,429	�	�	�	18,134,320	�
Tenant receivables, including accrued straight-line rent of $17,304,875 and $14,490,070, respectively, net of allowance for uncollectible accounts	�	�	38,622,387	�	�	�	24,767,556	�
Other receivables	�	�	4,891,082	�	�	�	4,566,679	�
Restricted cash and escrow deposits	�	�	17,442,007	�	�	�	11,046,133	�
Deferred costs, net	�	�	168,237,357	�	�	�	56,387,586	�
Prepaid and other assets	�	�	12,072,887	�	�	�	4,546,752	�
Assets held for sale2	�	�	344,466,022	�	�	�	-	�
Total Assets	�	$	4,008,083,752	�	�	$	1,763,927,030	�
Liabilities and Shareholders Equity:	�	�	�	�	�	�	�	�
Mortgage and other indebtedness1	�	$	1,556,495,902	�	�	$	857,144,074	�
Accounts payable and accrued expenses	�	�	87,823,304	�	�	�	61,437,187	�
Deferred revenue and other liabilities	�	�	141,864,601	�	�	�	44,313,402	�
Liabilities held for sale2	�	�	176,635,843	�	�	�	-	�
Total Liabilities	�	�	1,962,819,650	�	�	�	962,894,663	�
�	�	�	�	�	�	�	�	�
Commitments and contingencies	�	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�	�
Limited Partners interests in the Operating Partnership and other redeemable noncontrolling interests	�	�	109,553,889	�	�	�	43,927,540	�
�	�	�	�	�	�	�	�	�
Shareholders Equity:	�	�	�	�	�	�	�	�
Kite Realty Group Trust Shareholders Equity:	�	�	�	�	�	�	�	�
Preferred Shares, $.01 par value, 40,000,000 shares authorized, 4,100,000��and 4,100,000 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	�	�	102,500,000	�	�	�	102,500,000	�
Common Shares, $.01 par value, 450,000,000 shares authorized, 83,459,618 shares and 32,706,554 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	�	�	834,596	�	�	�	327,066	�
Additional paid in capital	�	�	2,059,063,388	�	�	�	822,507,368	�
Accumulated other comprehensive income	�	�	1,151,247	�	�	�	1,352,850	�
Accumulated deficit	�	�	(231,202,890	)	�	�	(173,130,113	)�
Total Kite Realty Group Trust Shareholders Equity	�	�	1,932,346,341	�	�	�	753,557,171	�
Noncontrolling Interests	�	�	3,363,872	�	�	�	3,547,656	�
Total Equity	�	�	1,935,710,213	�	�	�	757,104,827	�
Total Liabilities and Equity	�	$	4,008,083,752	�	�	$	1,763,927,030	�

�

____________________
1	Includes debt premium of $27.5 million at September 30, 2014.
2	See Other Financial Information for details.

�

Kite Realty Group Trust

Consolidated Statements of Operations

For the Three and Nine Months Ended September 30, 2014 and 2013

(Unaudited)

�

Three Months Ended

September 30,

�

Nine Months Ended

September 30,

�

2014

�

2013

�

2014

�

2013

�

Revenue:

�

Minimum rent

�

69,033,444

�

23,726,468

�

131,515,166

�

66,858,966

�

Tenant reimbursements

�

17,605,172

�

6,257,937

�

35,083,261

�

17,350,746

�

Other property related revenue

�

1,938,247

�

2,568,468

�

5,481,402

�

9,300,135

�

Total revenue

�

88,576,863

�

32,552,873

�

172,079,829

�

93,509,847

�

Expenses:

�

Property operating

�

11,850,627

�

5,448,738

�

26,056,661

�

15,582,301

�

Real estate taxes

�

10,631,555

�

3,724,116

�

20,047,713

�

10,684,894

�

General, administrative and other

�

3,938,758

�

2,114,828

�

9,358,218

�

6,069,063

�

Merger and acquisition costs

�

19,088,590

�

153,314

�

26,849,077

�

566,826

�

Depreciation and amortization

�

44,382,793

�

15,373,538

�

81,559,506

�

40,565,934

�

Total expenses

�

89,892,323

�

26,814,534

�

163,871,175

�

73,469,018

�

Operating (loss) income

�

(1,315,460

)

�

5,738,339

�

8,208,654

�

20,040,829

�

Interest expense

�

(15,386,192

)

�

(7,541,534

)

�

(30,291,028

)

�

(20,812,460

)

Income tax expense of taxable REIT subsidiary

�

(14,144

)

�

(30,596

)

�

(36,612

)

�

(106,477

)

Other expense, net

�

(13,070

)

�

(47,013

)

�

(119,469

)

�

(39,151

)

Loss from continuing operations

�

(16,728,866

)

�

(1,880,804

)

�

(22,238,455

)

�

(917,259

)

Discontinued operations:

�

Operating income from discontinued operations

�

1,393,616

�

604,454

�

Impairment charge

�

(5,371,427

)

Non-cash gain on debt extinguishment

�

1,241,724

�

1,241,724

�

Gain on sale of operating property

�

486,540

�

3,198,772

�

486,540

�

Income (loss) from discontinued operations

�

3,121,880

�

3,198,772

�

(3,038,709

)

(Loss) income before gain on sale of operating properties

�

(16,728,866

)

�

1,241,076

�

(19,039,683

)

�

(3,955,968

)

Gain on sale of operating properties

�

2,749,403

�

6,335,518

�

Net (loss) income

�

(13,979,463

)

�

1,241,076

�

(12,704,165

)

�

(3,955,968

)

Less: Net (income) loss attributable to noncontrolling interest

�

(304,456

)

�

15,173

�

(223,865

)

�

651,327

�

Less: Dividends on preferred shares

�

(2,114,063

)

�

(2,114,063

)

�

(6,342,188

)

�

(6,342,188

)

Net loss attributable to Kite Realty Group Trust common shareholders

�

(16,397,982

)

�

(857,813

)

�

(19,270,218

)

�

(9,646,829

)

�

�(Loss) income per common share basic and diluted:

�

Continuing operations

�

(0.20

)

�

(0.16

)

�

(0.45

)

�

(0.31

)

Discontinued operations

�

0.12

�

0.06

�

(0.13

)

�

(0.20

)

�

(0.04

)

�

(0.39

)

�

(0.44

)

�

Weighted average common shares outstanding basic and diluted

�

83,455,900

�

23,450,974

�

49,884,469

�

21,906,686

�

Common dividends declared per common share

�

0.26

�

0.24

�

0.76

�

0.72

�

Amounts attributable to Kite Realty Group Trust common shareholders:

�

Loss from continuing operations

�

(16,397,982

)

�

(3,771,352

)

�

(22,366,523

)

�

(6,824,266

)

Income (loss) from discontinued operations

�

2,913,539

�

3,096,305

�

(2,822,563

)

Net loss

�

(16,397,982

)

�

(857,813

)

�

(19,270,218

)

�

(9,646,829

)

____________________��
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

For the Three and Nine Months Ended September 30, 2014 and 2013

(Unaudited)

�

Three Months Ended

September 30,

�

Nine Months Ended

September 30,

�

2014

�

2013

�

2014

�

2013

�

Funds From Operations

�

Consolidated net (loss) income

�

(13,979,463

)

�

1,241,076

�

(12,704,165

)

�

(3,955,968

)

Less: dividends on preferred shares

�

(2,114,063

)

�

(2,114,063

)

�

(6,342,188

)

�

(6,342,188

)

Less: net income attributable to noncontrolling interests in properties

�

(678,828

)

�

(27,978

)

�

(757,069

)

�

(89,750

)

Less: gain on sale of operating properties

�

(2,749,403

)

�

(486,540

)

�

(9,534,290

)

�

(486,540

)

Add: impairment charge

�

5,371,427

�

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

�

44,208,215

�

15,379,237

�

81,160,870

�

41,019,039

�

Funds From Operations of the Operating Partnership

�

24,686,458

�

13,991,732

�

51,823,158

�

35,516,020

�

Less Limited Partners' interests in Funds From Operations

�

(353,750

)

�

(942,811

)

�

(1,658,341

)

�

(2,526,288

)

Funds From Operations allocable to the Company1

�

24,332,708

�

13,048,921

�

50,164,817

�

32,989,732

�

Basic FFO per share of the Operating Partnership (NAREIT definition)

�

0.29

�

0.56

�

1.01

�

1.51

�

Diluted FFO per share of the Operating Partnership (NAREIT definition)

�

0.29

�

0.56

�

1.00

�

1.50

�

Funds From Operations of the Operating Partnership

�

24,686,458

�

13,991,732

�

51,823,159

�

35,516,020

�

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

�

317,057

�

488,629

�

Add: Merger related costs

�

19,088,590

�

26,849,077

�

Less: Gain on debt extinguishment

�

(1,241,724

)

�

(1,241,724

)

Funds From Operations of the Kite Portfolio as adjusted

�

43,775,048

�

13,067,065

�

78,672,236

�

34,762,925

�

Basic FFO per share of the Operating Partnership, as adjusted

�

0.51

�

0.52

�

1.53

�

1.47

�

Diluted FFO per share of the Operating Partnership, as adjusted

�

0.51

�

0.52

�

1.52

�

1.47

�

Basic weighted average Common Shares outstanding

�

83,455,900

�

23,450,974

�

49,884,469

�

21,906,686

�

Diluted weighted average Common Shares outstanding

�

83,718,735

�

23,517,222

�

50,145,571

�

21,976,131

�

Basic weighted average Common Shares and Units outstanding

�

85,114,237

�

25,132,645

�

51,543,952

�

23,589,574

�

Diluted weighted average Common Shares and Units outstanding

�

85,377,073

�

25,198,894

�

51,805,054

�

23,659,019

�

____________________
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.

�

Kite Realty Group Trust

Same Property Net Operating Income

For the Three and Nine Months Ended September 30, 2014 and 2013

(Unaudited)

�

Three Months Ended September 30,

�

Nine Months Ended September 30,

�

2014

�

2013

�

% Change

�

2014

�

2013

�

% Change

�

Number of properties at period end1�

�

Leased percentage at period end�

�

96.4

�

96.1

�

96.4

�

96.1

�

Economic Occupancy percentage at period end�2

�

94.9

�

92.8

�

94.9

�

92.8

�

Minimum rent

�

19,845,719

�

19,087,381

�

56,988,100

�

54,604,856

�

Tenant recoveries�

�

5,698,457

�

5,642,824

�

17,234,056

�

16,300,109

�

Other income�

�

608,902

�

687,021

�

1,866,890

�

1,809,407

�

26,153,078

�

25,417,226

�

76,089,046

�

72,714,372

�

Property operating expenses�

�

5,161,636

�

5,218,913

�

15,975,587

�

15,127,255

�

Real estate taxes�

�

3,430,190

�

3,419,428

�

10,324,768

�

9,986,567

�

8,591,826

�

8,638,341

�

26,300,355

�

25,113,822

�

Net operating income same properties (50 properties)3

�

17,561,252

�

16,778,885

�

4.7

�

49,788,691

�

47,600,550

�

4.6

�

Reconciliation to Most Directly Comparable GAAP Measure:�

�

Net operating income - same properties

�

17,561,252

�

16,778,885

�

49,788,691

�

47,600,550

�

Net operating income - non-same activity

�

48,533,429

�

6,601,135

�

76,186,764

�

19,642,102

�

Other expense, net

�

(27,214

)

�

(77,609

)

�

(156,081

)

�

(145,628

)

�

General and administrative expenses

�

(3,938,758

)

�

(2,114,828

)

�

(9,358,218

)

�

(6,069,063

)

�

Merger and acquisition costs

�

(19,088,590

)

�

(153,314

)

�

(26,849,077

)

�

(566,826

)

�

Impairment charge

�

(5,371,427

)

�

Depreciation expense

�

(44,382,793

)

�

(15,373,538

)

�

(81,559,506

)

�

(40,565,934

)

�

Interest expense

�

(15,386,192

)

�

(7,541,534

)

�

(30,291,028

)

�

(20,812,460

)

�

Discontinued operations

�

3,121,880

�

2,332,718

�

Gain on sales of operating properties

�

2,749,403

�

9,534,290

�

Net (income) loss attributable to noncontrolling interests

�

(304,456

)

�

15,173

�

(223,865

)

�

651,327

�

Dividends on preferred shares

�

(2,114,063

)

�

(2,114,063

)

�

(6,342,188

)

�

(6,342,188

)

�

Net loss attributable to common shareholders

�

(16,397,982

)

�

(857,813

)

�

(19,270,218

)

�

(9,646,829

)

�

____________________
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.
�	�

The Company believes that Net Operating Income 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 alternatives to net income (calculated in accordance with GAAP) as indicators of the Company's financial performance.

�

�

QUARTERLY FINANCIAL SUPPLEMENT

SEPTEMBER 30, 2014

�

KITE REALTY GROUP TRUST

INVESTOR RELATIONS CONTACTS:

Dan Sink, Chief Financial Officer

Margaret Kofkoff, Senior Financial Analyst & Investor Relations

�

QUARTERLY FINANCIAL SUPPLEMENT SEPTEMBER 30, 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 Nine Months Ended September 30
9	�	Funds from Operations and Adjusted Funds from Operations for the Three and Nine Months Ended September 30
10	�	Other Financial Information
11	�	Market Capitalization
11	�	Ratio of Debt to Total Undepreciated Assets as of September 30
11	�	Ratio of Company Share of Net Debt to EBITDA as of September 30
12	�	Same Property Net Operating Income for the Three and Nine Months Ended September 30
13	�	Net Operating Income by Quarter�
14	�	Consolidated Joint Venture Summary
15	�	Summary of Outstanding Debt as of September 30
16	�	Maturity Schedule of Outstanding Debt as of September 30
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	�	Earnings Guidance
�	�	�

�

CORPORATE PROFILE

�

General Description

�

Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) engaged primarily in the ownership and operation, acquisition, development and redevelopment of high-quality neighborhood and community shopping centers in select markets in the United States. As of September 30, 2014, we owned interests in 129 properties totaling approximately 26 million square feet and an additional 0.7 million square feet in three 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 September 30, 2014

�

�	# of Properties	Total GLA /NRA1	Owned �GLA /NRA1
�	�	�	�
Operating Retail Properties(2)	124	25,213,668	16,935,582
Operating Office Properties	2	386,852	386,852
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	129	25,977,348	17,689,590
�	�	�	�
Development Projects:	�	�	�
��- Under Construction	3	723,976	502,553
��Subtotal Development Properties	3	723,976	502,553
Total All Properties	132	26,701,324	18,192,143
�	�	�	�
�	Retail	Office	Total1
�	�	�	�
Operating Properties ��Leased Percentage1	94.9%	95.2%	94.9%
�	�	�	�
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 15 properties held for sale with owned square footage 1,545,675 and a leased percentage of 95.3%.

p.�3

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

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	�	Janney Capital Market
Kite Realty Group Trust�	�	Mr. Jeffrey Spector/Mr. Craig Schmidt	�	Mr. Michael Gorman
30 South Meridian Street, Suite 1100�	�	(646) 855-1363/(646) 855-3640	�	(215) 665-6224
Indianapolis, IN 46204�	�	[email protected]	�	[email protected]
(317)�577-5609	�	[email protected]	�	�
[email protected]�	�	�	�	KeyBanc Capital Markets
�	�	BMO Capital Markets�	�	Mr. Jordan Sadler/Mr. Todd Thomas
Margaret Kofkoff, CFA	�	Mr. Paul E. Adornato	�	(917) 368-2280/(917) 368-2286
Senior Financial Analyst &	�	(212)�885-4170	�	[email protected]
Investor Relations	�	[email protected]�	�	[email protected]
Kite Realty Group Trust�	�	�	�	�
30 South Meridian Street, Suite 1100�	�	Capital One Securities, Inc.	�	Raymond James�
Indianapolis, IN 46204�	�	Mr. Christopher Lucas/Mr. Vineet Khanna	�	Mr. Paul Puryear/Mr. R. J. Milligan
(317)�713-7644	�	(571) 633-8151/(571) 835-7013	�	(727)�567-2253/(727) 567-2660
[email protected]	�	[email protected]	�	[email protected]�
�	�	[email protected]	�	[email protected]
Transfer Agent:	�	�	�	�
�	�	Citigroup Global Markets�	�	Stifel, Nicolaus & Company, Inc.�
Broadridge Financial Solutions	�	Mr. Michael Bilerman/Ms. Christy McElroy	�	Mr. Nathan Isbee/Ms. Jennifer Hummert�
Ms. Kristen Tartaglione	�	(212)�816-1383/(212) 816-6981	�	(443) 224-1346�/(443) 224-1288
2 Journal Square, 7th Floor	�	[email protected]�	�	[email protected]�
Jersey City, NJ��07306	�	[email protected]	�	[email protected]
(201) 714-8094	�	�	�	�
�	�	Hilliard Lyons	�	Wells Fargo Securities, LLC
Stock Specialist:	�	Ms. Carol L. Kemple	�	Mr. Jeffrey J. Donnelly, CFA�/Ms. Tamara��Fique
�	�	(502) 588-1839	�	(617)�603-4262/(443) 263-6568
Barclays Capital	�	[email protected]	�	[email protected]�
45 Broadway�	�	�	�	[email protected]
20th Floor�	�	�	�	�
New York, NY 10006�	�	�	�	�
(646)�333-7000	�	�	�	�
�	�	�	�	�
�	�	�	�	�

�

p.�4

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 to be filed on or about November 7, 2014, 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 and costs incurred in the first, second and third quarters of 2014 related to our merger with Inland Diversified Real Estate Trust .��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 9/30/14

�

CORPORATE�STRUCTURE CHART� SEPTEMBER 30, 2014

�

�

p.�6

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

�

�	�	September 30, 2014		�	� December 31, 2013		�
Assets:	�	�		�	�		�
�	�	�		�	�		�
�Investment properties, at cost	�	$	3,673,832,165	�	$	1,877,058,271	�
Less: accumulated depreciation	�	�	(282,693,584	)	�	(232,580,267	)
�	�	�	3,391,138,581	�	�	1,644,478,004	�
Cash and cash equivalents	�	�	31,213,429	�	�	18,134,320	�
Tenant receivables, including accrued straight-line rent of $17,304,875 and $14,490,070, respectively, net of allowance for uncollectible accounts	�	�	38,622,387	�	�	24,767,556	�
Other receivables	�	�	4,891,082	�	�	4,566,679	�
Restricted cash and escrow deposits	�	�	17,442,007	�	�	11,046,133	�
Deferred costs, net	�	�	168,237,357	�	�	56,387,586	�
Prepaid and other assets	�	�	12,072,887	�	�	4,546,752	�
Assets held for sale2	�	�	344,466,022	�	�	-	�
Total Assets	�	$	4,008,083,752	�	$	1,763,927,030	�
Liabilities and Shareholders Equity:	�	�	�	�	�	�	�
Mortgage and other indebtedness1	�	$	1,556,495,902	�	$	857,144,074	�
Accounts payable and accrued expenses	�	�	87,823,304	�	�	61,437,187	�
Deferred revenue and other liabilities	�	�	141,864,601	�	�	44,313,402	�
Liabilities held for sale2	�	�	176,635,843	�	�	-	�
Total Liabilities	�	�	1,962,819,650	�	�	962,894,663	�
�	�	�	�	�	�	�	�
Commitments and contingencies	�	�	�	�	�	�	�
�	�	�	�	�	�	�	�
Limited Partners interests in the Operating Partnership and other redeemable noncontrolling interests	�	�	109,553,889	�	�	43,927,540	�
�	�	�	�	�	�	�	�
Shareholders Equity:	�	�	�	�	�	�	�
Kite Realty Group Trust Shareholders Equity:	�	�	�	�	�	�	�
Preferred Shares, $.01 par value, 40,000,000 shares authorized, 4,100,000��and 4,100,000 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	�	�	102,500,000	�	�	102,500,000	�
Common Shares, $.01 par value, 450,000,000 shares authorized, 83,459,618 shares and 32,706,554 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	�	�	834,596	�	�	327,066	�
Additional paid in capital	�	�	2,059,063,388	�	�	822,507,368	�
Accumulated other comprehensive income	�	�	1,151,247	�	�	1,352,850	�
Accumulated deficit	�	�	(231,202,890	)	�	(173,130,113	)
Total Kite Realty Group Trust Shareholders Equity	�	�	1,932,346,341	�	�	753,557,171	�
Noncontrolling Interests	�	�	3,363,872	�	�	3,547,656	�
Total Equity	�	�	1,935,710,213	�	�	757,104,827	�
Total Liabilities and Equity	�	$	4,008,083,752	�	$	1,763,927,030	�

____________________
1	Includes debt premium of $27.5 million at September 30, 2014.
2	See Other Financial Information for details.

p.�7

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

CONSOLIDATED STATEMENTS OF OPERATIONS THREE AND NINE MONTHS (UNAUDITED)1

�

Three Months Ended

September 30,

�

Nine Months Ended

September 30,

�

2014

�

2013

�

2014

�

2013

�

Revenue:

�

Minimum rent

�

69,033,444

�

23,726,468

�

131,515,166

�

66,858,966

�

Tenant reimbursements

�

17,605,172

�

6,257,937

�

35,083,261

�

17,350,746

�

Other property related revenue

�

1,938,247

�

2,568,468

�

5,481,402

�

9,300,135

�

Total revenue

�

88,576,863

�

32,552,873

�

172,079,829

�

93,509,847

�

Expenses:

�

Property operating

�

11,850,627

�

5,448,738

�

26,056,661

�

15,582,301

�

Real estate taxes

�

10,631,555

�

3,724,116

�

20,047,713

�

10,684,894

�

General, administrative and other

�

3,938,758

�

2,114,828

�

9,358,218

�

6,069,063

�

Merger and acquisition costs

�

19,088,590

�

153,314

�

26,849,077

�

566,826

�

Depreciation and amortization

�

44,382,793

�

15,373,538

�

81,559,506

�

40,565,934

�

Total expenses

�

89,892,323

�

26,814,534

�

163,871,175

�

73,469,018

�

Operating (loss) income

�

(1,315,460

)

�

5,738,339

�

8,208,654

�

20,040,829

�

Interest expense

�

(15,386,192

)

�

(7,541,534

)

�

(30,291,028

)

�

(20,812,460

)

Income tax expense of taxable REIT subsidiary

�

(14,144

)

�

(30,596

)

�

(36,612

)

�

(106,477

)

Other expense, net

�

(13,070

)

�

(47,013

)

�

(119,469

)

�

(39,151

)

Loss from continuing operations

�

(16,728,866

)

�

(1,880,804

)

�

(22,238,455

)

�

(917,259

)

Discontinued operations:

�

Operating income from discontinued operations

�

1,393,616

�

604,454

�

Impairment charge

�

(5,371,427

)

Non-cash gain on debt extinguishment

�

1,241,724

�

1,241,724

�

Gain on sale of operating property

�

486,540

�

3,198,772

�

486,540

�

Income (loss) from discontinued operations

�

3,121,880

�

3,198,772

�

(3,038,709

)

(Loss) income before gain on sale of operating properties

�

(16,728,866

)

�

1,241,076

�

(19,039,683

)

�

(3,955,968

)

Gain on sale of operating properties

�

2,749,403

�

6,335,518

�

Net (loss) income

�

(13,979,463

)

�

1,241,076

�

(12,704,165

)

�

(3,955,968

)

Less: Net (income) loss attributable to noncontrolling interest

�

(304,456

)

�

15,174

�

(223,865

)

�

651,327

�

Less: Dividends on preferred shares

�

(2,114,063

)

�

(2,114,063

)

�

(6,342,188

)

�

(6,342,188

)

Net loss attributable to Kite Realty Group Trust common shareholders

�

(16,397,982

)

�

(857,813

)

�

(19,270,218

)

�

(9,646,829

)

�

�(Loss) income per common share basic and diluted:

�

Continuing operations

�

(0.20

)

�

(0.16

)

�

(0.45

)

�

(0.31

)

Discontinued operations

�

0.12

�

0.06

�

(0.13

)

�

(0.20

)

�

(0.04

)

�

(0.39

)

�

(0.44

)

�

Weighted average common shares outstanding basic and diluted

�

83,455,900

�

23,450,974

�

49,884,469

�

21,906,686

�

Common dividends declared per common share

�

0.26

�

0.24

�

0.76

�

0.72

�

Amounts attributable to Kite Realty Group Trust common shareholders:

�

Loss from continuing operations

�

(16,397,982

)

�

(3,771,352

)

�

(22,366,523

)

�

(6,824,266

)

Income (loss) from discontinued operations

�

2,913,539

�

3,096,305

�

(2,822,563

)

Net loss

�

(16,397,982

)

�

(857,813

)

�

(19,270,218

)

�

(9,646,829

)

�

____________________
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 9/30/14

�

FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS (AFFO)2

�

Three Months Ended

September 30,

�

Nine Months Ended

September 30,

�

2014

�

2013

�

2014

�

2013

�

Funds From Operations

�

Consolidated net (loss) income

�

(13,979,463

)

�

1,241,076

�

(12,704,165

)

�

(3,955,968

)

Less: dividends on preferred shares

�

(2,114,063

)

�

(2,114,063

)

�

(6,342,188

)

�

(6,342,188

)

Less: net income attributable to noncontrolling interests in properties

�

(678,828

)

�

(27,978

)

�

(757,069

)

�

(89,750

)

Less: gain on sale of operating properties

�

(2,749,403

)

�

(486,540

)

�

(9,534,290

)

�

(486,540

)

Add: impairment charge

�

5,371,427

�

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

�

44,208,215

�

15,379,237

�

81,160,870

�

41,019,039

�

Funds From Operations of the Operating Partnership

�

24,686,458

�

13,991,732

�

51,823,158

�

35,516,020

�

Less Limited Partners' interests in Funds From Operations

�

(353,750

)

�

(942,811

)

�

(1,658,341

)

�

(2,526,288

)

Funds From Operations allocable to the Company1

�

24,332,708

�

13,048,921

�

50,164,817

�

32,989,732

�

Basic FFO per share of the Operating Partnership (NAREIT definition)

�

0.29

�

0.56

�

1.01

�

1.51

�

Diluted FFO per share of the Operating Partnership (NAREIT definition)

�

0.29

�

0.56

�

1.00

�

1.50

�

Funds From Operations of the Operating Partnership

�

24,686,458

�

13,991,732

�

51,823,158

�

35,516,020

�

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

�

317,057

�

488,629

�

Add: Merger related costs

�

19,088,590

�

26,849,077

�

Less: Gain on debt extinguishment

�

(1,241,724

)

�

(1,241,724

)

Funds From Operations of the Kite Portfolio as adjusted

�

43,775,048

�

13,067,065

�

78,672,235

�

34,762,925

�

Basic FFO per share of the Operating Partnership, as adjusted

�

0.51

�

0.52

�

1.53

�

1.47

�

Diluted FFO per share of the Operating Partnership, as adjusted

�

0.51

�

0.52

�

1.52

�

1.47

�

Basic weighted average Common Shares outstanding

�

83,455,900

�

23,450,974

�

49,884,469

�

21,906,686

�

Diluted weighted average Common Shares outstanding

�

83,718,735

�

23,517,222

�

50,145,571

�

21,976,131

�

Basic weighted average Common Shares and Units outstanding

�

85,114,237

�

25,132,645

�

51,543,952

�

23,589,574

�

Diluted weighted average Common Shares and Units outstanding

�

85,377,073

�

25,198,894

�

51,805,054

�

23,659,019

�

Adjusted Funds from Operations (AFFO)

�

Total FFO of the Kite Portfolio, as adjusted

�

43,775,048

�

13,067,065

�

78,672,235

�

34,762,925

�

Add:

�

Depreciation of non-real estate assets

�

134,645

�

81,508

�

360,470

�

268,762

�

Amortization of deferred financing costs

�

852,696

�

499,179

�

1,912,090

�

1,434,099

�

Non-cash�compensation expense

�

1,253,752

�

496,479

�

2,353,629

�

1,176,801

�

Less:

�

Straight-line rent and above/below market rent

�

3,217,632

�

1,521,136

�

6,932,017

�

4,474,029

�

Amortization of debt premium

�

1,659,340

�

2,021

�

1,663,382

�

125,010

�

Maintenance capital expenditures

�

941,486

�

289,684

�

1,677,201

�

725,582

�

Revenue enhancing T/I retail3

�

1,161,824

�

1,045,135

�

2,530,949

�

4,136,459

�

External leasing commissions

�

255,268

�

279,655

�

754,979

�

792,493

�

Revenue enhancing T/I office

�

525,091

�

319,551

�

Total AFFO available to shareholders4

�

38,780,591

�

11,006,600

�

69,214,805

�

27,069,463

�

Total AFFO per share4

�

0.45

�

0.44

�

1.34

�

1.14

�

____________________
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	For the three months ended September 30, 2014, includes $0.5 million for anchor retenanting at Lithia Crossing.
4	Excludes merger and acquisition costs.

�

p.�9

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

OTHER FINANCIAL INFORMATION

�

Three Months Ended

September 30,

�

Nine Months Ended

September 30,

�

2014

�

2013

�

2014

�

2013

�

Other Financial Information:

�

Capital expenditures1�

�

�� Tenant improvements Retail

�

1,161,824

�

1,045,135

�

2,530,949

�

4,136,459

�

Tenant improvements Office

�

525,091

�

319,551

�

�� Leasing commissions Retail

�

255,268

�

279,655

�

725,541

�

792,493

�

�Leasing commissions Office

�

29,438

�

�� Capital improvements2

�

941,486

�

289,684

�

1,677,201

�

725,582

�

Scheduled debt principal payments�

�

1,645,208

�

1,507,063

�

4,666,301

�

4,933,570

�

Straight line rent� total

�

1,597,477

�

875,740

�

3,350,403

�

2,557,882

�

Market rent amortization income from acquired leases

�

1,620,155

�

645,396

�

3,581,614

�

1,916,147

�

Amortization of debt premium

�

1,659,340

�

2,021

�

1,663,382

�

125,010

�

Amortization of deferred financing costs

�

852,696

�

499,179

�

1,912,090

�

1,434,099

�

Non-cash compensation expense

�

1,253,752

�

496,479

�

2,353,629

�

1,176,801

�

Capitalized interest�

�

1,123,579

�

1,018,041

�

3,613,807

�

3,964,255

�

Mark to market lease amount in Deferred revenue and other liabilities on consolidated balance sheet� excluding

�� properties held for sale

�

113,173,015

�

10,959,527

�

Acreage of undeveloped, vacant land in the operating portfolio3

�

57.2

�

32.7

�

�	�	September 30, 2014		�
Detail of assets and liabilities held for sale:	�	�		�
�	�	�		�
Assets:	�	�		�
Investment properties at cost:	�	$	323,570,482	�
��Less:��accumulated depreciation	�	�	(3,049,926	)
�	�	�	320,520,556	�
Accounts receivable, prepaids and other assets	�	�	1,989,132	�
Deferred costs, net	�	�	21,956,334	�
�	�	�	344,466,022	�
�	�	�	�	�
Liabilities:	�	�	�	�
Mortgage and other indebtedness4	�	�	144,316,064	�
Deferred revenue and other liabilities	�	�	28,563,898	�
Accounts payable and accrued expenses	�	�	3,755,881	�
�	�	$	176,635,843	�
�	�	�	�	�

�	�	September 30, 2014		�	�	December 31, 2013		�
Investment properties, at cost:	�	�		�	�	�		�
Land3	�	$	763,563,123	�	�	$	333,458,070	�
Buildings and improvements	�	�	2,749,023,136	�	�	�	1,351,641,925	�
Furniture, equipment and other	�	�	6,314,796	�	�	�	4,970,310	�
Land held for development	�	�	54,778,349	�	�	�	56,078,488	�
Construction in progress	�	�	100,152,761	�	�	�	130,909,478	�
Total	�	$	3,673,832,165	�	�	$	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 $15.5 million at September 30, 2014.
4	Includes unamortized debt premium of $4.2 million

�

p.�10

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

MARKET CAPITALIZATION AS OF�SEPTEMBER 30, 2014

�		�			�	Total		�	Percent of
�		Percent of			�	Market		�	Total Market
�		Total Equity			�	Capitalization		�	Capitalization
Equity Capitalization:		�		�	�	�	�	�	�
Total Common Shares Outstanding		98.1		%	�	�	�83,459,618	�	�
�		�		�	�	�	�	�	�
Operating Partnership ("OP") Units�Outstanding		1.9		%	�	�	1,656,946	�	�
�		�		�	�	�	�	�	�
Combined Common Shares and OP Units		100.0		%	�	�	�85,116,564	�	�
�		�		�	�	�	�	�	�
Market Price of Common Shares		�		�	�	$	�24.24	�	�
�		�		�	�	�	�	�	�
Series A Preferred Shares ($26.35/share)		�		�	�	�	�	�	�
�		�		�	�	�	108,035,000	�	�
Total Equity Capitalization		�		�	�	�	2,171,260,511	�	57%
�		�		�	�	�	�	�	�
Debt Capitalization:		�		�	�	�	�	�	�
Company Consolidated Outstanding Debt		�		�	�	�	1,556,495,902	�	�
�		�		�	�	�	�	�	�
Plus: Indebtedness of assets held for sale		�		�	�	�	144,316,064	�	�
�		�		�	�	�	�	�	�
Less: Debt Premium		�		�	�	�	(27,460,433	)	�
�		�		�	�	�	�	�	�
Less: Debt Premium - assets held for sale		�		�	�	�	(4,238,950	)	�
�		�		�	�	�	�	�	�
Less: Partner Share of Consolidated Joint Venture Debt1		�		�	�	�	(24,122,478	)	�
�		�		�	�	�	�	�	�
Company Share of Outstanding Debt		�		�	�	�	��1,644,990,105	�	�
�		�		�	�	�	�	�	�
Less: Cash and Cash Equivalents		�		�	�	�	�(31,213,429	)	�
�		�		�	�	�	�	�	�
Total Net Debt Capitalization		�		�	�	�	�1,613,776,676	�	43%
�		�		�	�	�	�	�	�
Total Enterprise Value		�		�	�	$	3,785,037,187	�	100%
�		�		�	�	�	�	�	�
RATIO OF DEBT TO TOTAL UNDEPRECIATED ASSETS AS OF SEPTEMBER 30, 2014
�		�	�	�	�	�	�	�	�
Consolidated Undepreciated Real Estate Assets		�	�	�	�	$	�3,673,832,165	�	�
Real estate assets of assets held for sale		�	�	�	�	�	323,570,482	�	�
Company Share of Unconsolidated Real Estate Assets2		�	�	�	�	�	�2,500,000	�	�
Escrow and Other Deposits including assets held for sale		�	�	�	�	�	�17,651,877	�	�
�		�	�	�	�	�	�4,017,554,524	�	�
Total Consolidated Debt		�	�	�	�	�	1,700,811,966	�	�
Less: Debt premium including assets held for sale		�	�	�	�	�	(31,699,383	)	�
Less: Cash and cash equivalents		�	�	�	�	�	�(31,213,429	)	�
�		�	�	�	�	$	�1,637,899,154	�	�
�		�	�	�	�	�	�	�	�
Ratio of Debt to Total Undepreciated Real Estate Assets		�	�	�	�	�	40.8	%	�
�		�		�	�	�	�	�	�
RATIO OF COMPANY SHARE OF NET DEBT TO EBITDA AS OF SEPTEMBER 30, 2014
�		�	�	�	�	�	�	�	�
Company share of consolidated debt		�	�	�	�	$	1,644,990,105	�	�
Less:�Cash and Cash Equivalents					�	�	(31,213,429	)	�
�		�	�	�	�	�	1,613,776,676	�	�
Q3 2014 EBITDA, annualized:		�	�		�	�	�	�	�
��-��consolidated (excluding merger costs)	�	$	248,623,692	�	�	�	�	�	�
��-��unconsolidated	�	�	131,250	�	�	�	�	�	�
��-��minority interest EBITDA1	�	�	(2,715,310	)	�	�	246,039,632	�	�
�		�	�	�	�	�	6.56x	�	�

�

____________________
1	See Joint Venture Summary��page for details.
2	Included in prepaid and other assets

�

p. 11

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

SAME PROPERTY NET OPERATING INCOME (NOI)

�

Three Months Ended September 30,

�

Nine Months Ended September 30,

�

2014

�

2013

�

% Change

�

2014

�

2013

�

% Change

�

Number of properties at period end1�

�

Leased percentage at period end�

�

96.4

�

96.1

�

96.4

�

96.1

�

Economic Occupancy percentage at period end�2

�

94.9

�

92.8

�

94.9

�

92.8

�

Minimum rent

�

19,845,719

�

19,087,381

�

56,988,100

�

54,604,856

�

Tenant recoveries�

�

5,698,457

�

5,642,824

�

17,234,056

�

16,300,109

�

Other income�

�

608,902

�

687,021

�

1,866,890

�

1,809,407

�

26,153,078

�

25,417,226

�

76,089,046

�

72,714,372

�

Property operating expenses�

�

5,161,636

�

5,218,913

�

15,975,587

�

15,127,255

�

Real estate taxes�

�

3,430,190

�

3,419,428

�

10,324,768

�

9,986,567

�

8,591,826

�

8,638,341

�

26,300,355

�

25,113,822

�

Net operating income same properties (50 properties)3

�

17,561,252

�

16,778,885

�

4.7

�

49,788,691

�

47,600,550

�

4.6

�

Reconciliation to Most Directly Comparable GAAP Measure:�

�

Net operating income - same properties

�

17,561,252

�

16,778,885

�

49,788,691

�

47,600,550

�

Net operating income - non-same activity

�

48,533,429

�

6,601,135

�

76,186,764

�

19,642,102

�

Other expense, net

�

(27,214

)

�

(77,609

)

�

(156,081

)

�

(145,628

)

�

General and administrative expenses

�

(3,938,758

)

�

(2,114,828

)

�

(9,358,218

)

�

(6,069,063

)

�

Merger and acquisition costs

�

(19,088,590

)

�

(153,314

)

�

(26,849,077

)

�

(566,826

)

�

Impairment charge

�

(5,371,427

)

�

Depreciation expense

�

(44,382,793

)

�

(15,373,538

)

�

(81,559,506

)

�

(40,565,934

)

�

Interest expense

�

(15,386,192

)

�

(7,541,534

)

�

(30,291,028

)

�

(20,812,460

)

�

Discontinued operations

�

3,121,880

�

2,332,718

�

Gain on sales of operating properties

�

2,749,403

�

9,534,290

�

Net (income) loss attributable to noncontrolling interests

�

(304,456

)

�

15,173

�

(223,865

)

�

651,327

�

Dividends on preferred shares

�

(2,114,063

)

�

(2,114,063

)

�

(6,342,188

)

�

(6,342,188

)

�

Net loss attributable to common shareholders

�

(16,397,982

)

�

(857,813

)

�

(19,270,218

)

�

(9,646,829

)

�

____________________
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 9/30/14

�

NET�OPERATING INCOME BY QUARTER

�

Three Months Ended

�

September 30,

2014

�

June 30,

2014

�

March 31,

2014

�

December 31,

2013

�

September 30,�

2013

Revenue:�

�

Minimum rent�

69,033,444

�

31,221,687

�

31,260,036

�

26,778,302

�

23,726,468

�

Tenant reimbursements�

�

17,605,172

�

8,315,228

�

9,162,860

�

7,071,611

�

6,257,937

�

Other property related revenue1

�

1,296,138

�

833,009

�

1,305,164

�

1,380,844

�

1,910,420

�

Overage rent

�

124,988

�

70,790

�

458,038

�

184,824

�

119,975

�

Parking revenue, net2

�

126,642

�

219,936

�

26,130

�

121,028

�

86,676

�

88,186,384

�

40,660,650

�

42,212,228

�

35,536,609

�

32,101,476

�

Expenses:�

�

Property operating� Recoverable3

�

9,888,434

�

5,536,914

�

6,399,906

�

4,831,008

�

4,506,739

�

Property operating Non-Recoverable3

�

1,747,943

�

1,149,413

�

683,261

�

1,105,602

�

721,809

�

Real estate taxes�

�

10,455,326

�

4,325,181

�

4,897,428

�

4,346,503

�

3,492,909

�

22,091,703

�

11,011,508

�

11,980,595

�

10,283,113

�

8,721,457

�

Net Operating Income Properties�

�

66,094,681

�

29,649,142

�

30,231,633

�

25,253,496

�

23,380,019

�

Other Income (Expense):�

�

General, administrative, and other�

�

(3,938,758

)

�

(2,313,357

)

�

(3,106,102

)

�

(2,141,729

�

(2,114,828

)

Merger and acquisition costs

�

(19,088,590

)

�

(3,280,099

)

�

(4,480,389

)

�

(1,647,740

)

�

(153,314

)

�

(23,027,348

)

�

(5,593,456

)

�

(7,586,491

)

�

(3,789,469

)

�

(2,268,142

)

Earnings Before Interest, Taxes, Depreciation and Amortization

�

43,067,333

�

24,055,686

�

22,645,142

�

21,464,027

�

21,111,877

�

Depreciation and amortization�

�

(44,382,793

)

�

(19,737,108

)

�

(17,439,606

)

�

(13,913,089

)

�

(15,373,538

)

Interest expense

�

(15,386,192

)

�

(7,521,991

)

�

(7,382,845

)

�

(7,181,116

)

�

(7,541,534

)

Income tax (expense)/benefit of taxable REIT subsidiary�

�

(14,144

)

�

(75,614

)

�

53,146

�

(155,927

)

�

(30,596

)

Other (expense) income, net

�

(13,070

)

�

83,323

�

(92,944

)

�

(23,231

)

�

(47,013

)

�

(Loss) Income From Continuing Operations

�

(16,728,866

)

�

(3,195,704

)

�

(2,217,107

)

�

190,664

�

(1,880,804

)

�

Discontinued operations:

�

Income from discontinued operations

�

230,048

�

1,393,616

�

Gain on debt extinguishment

�

1,241,724

�

Gain on sale of operating properties

�

3,198,772

�

486,540

�

Income from discontinued operations

�

3,198,772

�

230,048

�

3,121,880

�

(Loss) income before gain on sale of operating properties

�

(16,728,866

)

�

(3,195,704

)

�

981,665

�

420,712

�

1,241,076

�

Gain on sale of operating property

�

2,749,403

�

3,489,338

�

Net (loss) income

�

(13,979,463

)

�

(3,195,704

)

�

4,471,003

�

420,712

�

1,241,076

�

Less: Net income attributable to noncontrolling interest

�

(304,456

)

�

219,502

�

(138,912

)

�

34,193

�

15,173

�

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

(16,397,982

)

�

(5,090,265

)

�

2,218,028

�

(1,659,158

)

�

(857,813

)

�

NOI/Revenue

�

75.0%

�

72.9%

�

71.6%

�

71.1%

�

72.8%

�

Recovery Ratio4

�

�� Retail Only

�

89.0%

�

89.5%

�

85.7%

�

85.9%

�

85.4%

�

�� Consolidated

�

86.5%

�

84.3%

�

81.1%

�

77.1%

�

78.2%

�

____________________
1	Other property related revenue for the three months ended September 30, 2014 includes $1.1 million of lease termination income and a pre-tax gain of $0.2 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 $1.1 million) allocable to the property operations in the three months ended September 30, 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.
�	�

p. 13

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

CONSOLIDATED JOINT VENTURE SUMMARY

�

As of September 30, 2014

Ownership

�

Joint Venture Entity

Location (MSA)

Owned GLA

�

KRG

Ownership %

Current

KRG

Economic %1

�

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

�

Current

Partner

Economic %

�

Joint Venture Entity

9/30/2014

Debt Balance

Partner Share

of Debt

Redeemable

Noncontrolling Interest

�

Cornelius Gateway

20%

�

Beacon Hill

�

6,752,550

�

405,153

�

Delray Marketplace

�

59,138,103

�

1,182,762

�

Fishers Station2

�

3,318,024

12%

�

398,163

�

Bayport Commons

�

12,592,154

�

Pan Am Plaza

�

15%

�

City Center at White Plains

�

90,000,000

11%

�

9,900,000

�

27,842,198

�

Crossing at Killingly Commons

�

33,000,000

10%

�

3,300,000

�

10,070,146

�

Territory Portfolio3

�

148,940,000

�

8,936,400

�

31,442,940

�

Total

353,740,831

�

24,122,478

69,355,284

�

Income Statement

�

Joint Venture Entity

�

EBITDA

Comments

�

Total Quarterly

Minority Interest

Annualized Minority

Interest

�

Cornelius Gateway

�

573

2,292

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

�

678,828

2,715,310

�

____________________
1	Economic % represents partner share of cash flow.
2	Joint Venture entity also owns a portion of Fishers Station shopping center.
3	Joint Venture includes the six operating properties in Las Vegas.

�

p. 14

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

SUMMARY OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2014

�

TOTAL OUTSTANDING DEBT

�

Outstanding

Amount

�

Ratio

�

Weighted

Average

Interest Rate1

�

Weighted Average

Maturity (in years)

�

Fixed Rate Debt:

�

Consolidated

�

800,078,314

�

5.06

�

5.6

�

Variable Rate Debt (Hedged)

�

456,275,141

�

3.25

�

3.6

�

Total Fixed Rate Debt

�

1,256,353,455

�

4.40

�

4.9

�

Variable Rate Debt:

�

Construction Loans�

�

147,041,291

�

2.15

�

1.0

�

Other Variable�

�

238,915,864

�

2.42

�

4.8

�

Corporate Unsecured

�

343,000,000

�

1.52

�

5.1

�

Variable Rate Debt (Hedged)

�

(456,275,141

)

�

(30

% )

�

(1.94

% )

�

(3.6

)

Total Variable Rate Debt�

�

272,682,014

�

1.94

�

5.2

�

Net Premiums on Acquired Debt

�

27,460,433

�

N/A

�

N/A

�

N/A

�

Total

�

1,556,495,902

�

100

�

3.96

�

4.9

�

SCHEDULE OF MATURITIES BY YEAR

�

Mortgage Debt

�

Construction

Loans

�

Total Consolidated Outstanding

Debt

�

Scheduled Principal Payments

�

Term

Maturities

�

Corporate

Debt2

�

2014

�

1,657,341

�

59,138,103

�

60,795,444

�

2015

�

6,484,740

�

112,347,048

�

34,044,690

�

152,876,478

�

2016

�

5,606,989

�

143,379,403

�

53,858,498

�

202,844,890

�

2017

�

4,502,488

�

65,106,246

�

69,608,734

�

2018

�

4,549,810

�

68,693,599

�

73,243,409

�

2019

�

4,373,874

�

113,000,000

�

117,373,874

�

2020

�

4,178,765

�

28,102,416

�

230,000,000

�

262,281,181

�

2021

�

2,949,764

�

182,202,854

�

185,152,618

�

2022

�

291,109

�

240,877,732

�

241,168,841

�

2023 and beyond

�

163,690,000

�

163,690,000

�

Net Premiums on Acquired Debt

�

27,460,433

�

27,460,433

�

Total

�

62,055,313

�

1,004,399,298

�

343,000,000

�

147,041,291

�

1,556,495,902

�

____________________
1	Calculations on Hedged Debt assume a weighted average spread over LIBOR on all variable rate debt, consistent with the hedges designation.
2	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 9/30/14

�

MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2014

�

Property

Lender(s)

Loan Type

�

Interest Rate1

�

Maturity Date

�

Total Commitment

�

Balance as of

Sept. 30, 2014

�

%�of

�Total Outstanding

�

Monthly Debt

Service as of Sept. 30, 2014

�

Delray Marketplace2,3

Bank of America/USBank

Construction Variable

�

LIBOR + 175

�

11/18/14

�

60,783,941

�

59,138,103

�

96,950

�

2014 Debt Maturities

�

59,138,103

�

3.9

�

Indian River Square

CMBS

Fixed Rate

�

5.42

6/11/15

�

12,288,208

�

74,850

�

Plaza Volente

CMBS

Fixed Rate

�

5.42

6/11/15

�

26,498,180

�

161,405

�

Holly Springs Towne Center-Phase I4

Bank of America

Construction Variable

�

LIBOR + 225

�

7/31/15

�

37,500,000

�

34,044,690

�

70,508

�

Landstown Commons

Bank of America, NA

Other Variable

�

LIBOR + 175

�

9/25/15

�

50,140,000

�

82,241

�

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

�

146,876,184

�

9.6

�

Cool Creek Commons

CMBS

Fixed Rate

�

5.88

4/11/16

�

16,697,481

�

106,534

�

Sunland Towne Centre

CMBS

Fixed Rate

�

6.01

7/1/16

�

24,044,668

�

150,048

�

Mullins Crossing

CMBS

Fixed Rate

�

5.50

9/6/16

�

21,025,683

�

133,430

�

Pine Ridge Crossing

CMBS

Fixed Rate

�

6.34

10/11/16

�

16,928,218

�

108,823

�

Riverchase Plaza

CMBS

Fixed Rate

�

6.34

10/11/16

�

10,156,930

�

65,294

�

Traders Point

CMBS

Fixed Rate

�

5.86

10/11/16

�

43,763,358

�

283,478

�

Parkside Town Commons5

Huntington Bank (Admin Agent)

Construction Variable

�

LIBOR + 210

�

11/21/16

�

87,225,000

�

53,858,498

�

102,568

�

Eastgate Pavilion

Associated Bank

Other Variable

�

LIBOR + 225

�

12/31/16

�

15,925,500

�

59,547

�

2016 Debt Maturities

�

202,400,336

�

13.2

�

Geist Pavilion

CMBS

Fixed Rate

�

5.78

1/1/17

�

10,752,929

�

65,135

�

Pleasant Hill Commons

John Hancock Life Ins

Fixed Rate

�

6.00

6/1/17

�

6,800,000

�

34,000

�

Crossing at Killingly Commons2,6

Huntington Bank

Other Variable

�

LIBOR + 275

�

11/1/17

�

33,000,000

�

74,582

�

Wheatland Towne Crossing

Capital One

Other Variable

�

LIBOR + 235

�

12/20/17

�

15,080,000

�

32,542

�

2017 Debt Maturities

�

65,632,929

�

4.3

�

Colonial Square & Village Walk

CMBS

Fixed Rate

�

5.50

1/1/18

�

25,000,000

�

118,403

�

Beacon Hill7

Fifth Third Bank

Other Variable

�

LIBOR + 195

�

4/1/18

�

6,752,550

�

27,573

�

Whitehall Pike

CMBS

Fixed Rate

�

6.71

7/5/18

�

6,382,915

�

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

�

71,465,465

�

4.7

�

Unsecured Credit Facility8,9

KeyBank (Admin. Agent)

Corporate Unsecured

�

LIBOR + 140

�

7/1/19

�

113,000,000

�

N/A

�

2019 Debt Maturities

�

113,000,000

�

7.4

�

Unsecured Term Loan10

KeyBank (Admin. Agent)

Corporate Unsecured

�

LIBOR + 135

�

1/1/20

�

230,000,000

�

N/A

�

Fishers Station2

Old National Bank

Other Variable

�

LIBOR + 225

�

1/4/20

�

7,525,820

�

17,520

�

Bridgewater Marketplace

Old National Bank

Other Variable

�

LIBOR + 225

�

1/4/20

�

1,884,494

�

9,551

�

Lake City Commons /Whispering Ridge/University Town Center II

CMBS

Fixed Rate

�

5.70

9/1/20

�

20,700,000

�

101,603

�

Thirty South Meridian

Associated Bank

Other Variable

�

LIBOR + 205

�

12/31/20

�

18,607,500

�

67,973

�

2020 Debt Maturities

�

278,717,814

�

18.2

�

Waxahachie Crossing

CMBS

Fixed Rate

�

5.55

3/1/21

�

7,750,000

�

37,039

�

International Speedway Square

CMBS

Fixed Rate

�

5.77

4/1/21

�

20,081,988

�

122,817

�

Lima Marketplace

CMBS

Fixed Rate

�

5.80

4/1/21

�

8,383,000

�

41,868

�

Bell Oaks Centre

CMBS

Fixed Rate

�

5.59

4/1/21

�

6,547,500

�

31,489

�

Northcrest Shopping Center

CMBS

Fixed Rate

�

5.48

5/1/21

�

15,780,000

�

74,396

�

University Town Center

CMBS

Fixed Rate

�

5.48

6/1/21

�

18,690,000

�

88,116

�

Village at Bay Park

CMBS

Fixed Rate

�

5.58

6/1/21

�

9,183,298

�

44,126

�

Silver Springs Pointe

CMBS

Fixed Rate

�

5.03

7/1/21

�

8,800,000

�

38,131

�

Lake Mary Plaza

CMBS

Fixed Rate

�

5.10

7/1/21

�

5,080,000

�

22,310

�

Bayport Commons2

CMBS

Fixed Rate

�

5.44

9/1/21

�

12,592,154

�

74,045

�

Eddy Street Commons

CMBS

Fixed Rate

�

5.44

9/1/21

�

24,464,756

�

143,859

�

Four Property Pool Loan

CMBS

Fixed Rate

�

5.44

9/1/21

�

41,638,055

�

244,843

�

2021 Debt Maturities

�

178,990,751

�

11.7

�

Centre at Panola, Phase I

CMBS

Fixed Rate

�

6.78

1/1/22

�

2,608,887

�

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 9/30/14

�

MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2014 (CONTINUED)

�

�			�	�	�	�	�	�	�	�
Property			Lender(s)	Loan Type	Interest Rate1	Maturity Date	Total Commitment	Balance as of Sept. 30, 2014	%��of �Total Outstanding	Monthly Debt Service as of Sept. 30, 2014
Saxon Crossing			CMBS	Fixed Rate	4.65%	7/1/22	�	$ 11,400,000	�	$ 45,648
Merrimack Village Center			CMBS	Fixed Rate	4.36%	7/6/22	�	�5,445,000	�	�20,443
Shops at Moore			CMBS	Fixed Rate	4.29%	9/1/22	�	�21,300,000	�	�78,658
Shops at Julington Creek			CMBS	Fixed Rate	4.60%	9/1/22	�	�4,785,000	�	�18,954
City Center2			Bank of America	Other Variable	LIBOR + 245	9/28/22	�	�90,000,000	�	�201,894
Centre Point Commons			CMBS	Fixed Rate	4.34%	10/1/22	�	�14,410,000	�	�53,835
Miramar Square			CMBS	Fixed Rate	4.16%	12/1/22	�	�31,625,000	�	�113,288
2022 Debt Maturities			�	�	�	�	�	249,123,887	16.3%	�
�			�	�	�	�	�	�	�	�
Centennial Gateway/Eastgate2			CMBS	Fixed Rate	3.81%	1/1/23	�	�44,385,000	�	�145,658
Centennial Center2			CMBS	Fixed Rate	3.83%	1/6/23	�	�70,455,000	�	�232,456
Eastern Beltway2			CMBS	Fixed Rate	3.83%	1/6/23	�	�34,100,000	�	�112,508
Corner, The			CMBS	Fixed Rate	4.10%	3/1/23	�	�14,750,000	�	�52,095
2023 Debt Maturities			�	�	�	�	�	��163,690,000	10.7%	�
�			�	�	�	�	�	�	�	�
NET PREMIUMS ON ACQUIRED DEBT				�	�	�	�	��27,460,433	�	�
TOTAL KRG DEBT (Consolidated and KRG Share of Unconsolidated)						�	�	$1,556,495,902	�	�
�		�		�	�	�	�	�	�	�
____________________
1	At September 30, 2014, one-month LIBOR interest rate was 0.15%.
2	Property is held in a joint venture.��The loan is guaranteed by Kite Realty Group, LP. See Joint Venture Summary page for additional detail.
3	Loan has two one year extension options.
4	Loan has a two year extension option.
5	Loan has a four year extension option.
6	Loan has a five year extension option.
7	Loan has a one year extension option.
8	Assumes Company exercises its option to extend the maturity date by one year.
9	The Company has 84 unencumbered properties of which 76 are wholly owned and are guarantors under the unsecured credit facility and unsecured term loan.
10	Assumes Company exercises its option to extend the maturity date by six months.
�	�

�

p. 17

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

SCHEDULE OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2014 (CONTINUED)

�

Floating Rate Debt Hedged1

�

Lender

Loan Type

�

LIBOR Hedge Rate

�

Maturity Date

�

Balance as of

Sept. 30, 2014

�

Monthly Debt

Service as of

Sept. 30, 2014

�

US Bank

Variable Rate

�

0.26

11/18/2014

�

56,000,000

�

12,250

�

Associated Bank1

Variable Rate

�

1.35

12/31/2016

�

15,100,000

�

16,955

�

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

�

Capital One

Variable Rate

�

1.01

12/20/2017

�

9,900,000

�

8,333

�

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

�

10,000,000

�

11,083

�

Associated Bank

Variable Rate

�

2.12

1/15/2020

�

16,200,000

�

28,620

�

Total

�

456,275,141

�

____________________
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 or prepaid at closing.

Loans

�

Property

Lender

Loan Type

�

Interest Rate

�

Maturity Date

�

Balance as of

Sept. 30, 2014

�

Monthly Debt

Service as of

Sept. 30, 2014

�

Regal Court

CMBS

Fixed Rate

�

5.30

6/1/15

�

23,900,000

�

109,077

�

TJ Maxx at Branson

CMBS

Fixed Rate

�

5.78

5/11/16

�

3,016,549

�

18,443

�

Shoppes at Prairie Ridge

PNC Bank

Other Variable

�

LIBOR + 250

�

6/22/16

�

15,591,446

�

33,409

�

Fox Point Plaza

PNC Bank, NA

Other Variable

�

LIBOR + 225

�

10/21/16

�

10,836,530

�

23,214

�

Branson Hills Shopping Center

PNC Bank, NA

Other Variable

�

LIBOR + 225

�

5/9/17

�

20,240,000

�

39,294

�

Kohl's at Branson

CMBS

Fixed Rate

�

5.95

11/11/17

�

6,554,189

�

39,955

�

Copps Grocery

Parkway Bank and Trust Company

Fixed Rate

�

3.95

9/26/18

�

8,375,400

�

28,488

�

Prattville Town Center

CMBS

Fixed Rate

�

5.48

5/1/21

�

15,930,000

�

75,103

�

Heritage Square

CMBS

Fixed Rate

�

5.10

7/1/21

�

4,460,000

�

19,587

�

Walgreens Plaza

CMBS

Fixed Rate

�

5.30

7/1/21

�

4,650,000

�

21,238

�

Fairgrounds Crossing

CMBS

Fixed Rate

�

5.21

10/6/21

�

13,453,000

�

60,326

�

Harvest Square

CMBS

Fixed Rate

�

4.65

1/1/22

�

6,800,000

�

27,228

�

Eastside Junction

CMBS

Fixed Rate

�

4.60

6/1/22

�

6,270,000

�

24,836

�

Net Premiums on Acquired Debt

�

4,238,950

�

Total

�

144,316,064

�

Hedges

Loan Type

�

LIBOR Hedge Rate

�

Maturity Date

�

Balance as of

Sept. 30, 2014

�

Monthly Debt

Service as of

Sept. 30, 2014

�

Lender

PNC Bank

Variable Rate (Hedged)

�

1.97

6/22/2016

�

13,358,984

�

21,931

�

PNC Bank

Variable Rate (Hedged)

�

1.50

10/21/2016

�

10,836,530

�

13,546

�

PNC Bank

Variable Rate (Hedged)

�

1.13

5/9/2017

�

10,150,000

�

9,558

�

Total

�

34,345,514

�

____________________
��**	Weighted average interest rate, including hedged portion, is 4.61%.

p. 18

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

��

TOP 10 RETAIL TENANTS BY GROSS LEASABLE AREA (GLA)

�

As of September 30, 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 September 30, 2014.

Tenant

�

Number of

Stores

�

Total GLA

�

Number of

Leases

�

Company

Owned GLA1

�

Number of Anchor

Owned Locations

�

Anchor

Owned GLA2

�

Target

�

2,716,833

�

2,716,833

�

Lowes Home Improvement

�

1,897,998

�

128,997

�

1,769,001

�

Wal-Mart

�

1,836,157

�

203,742

�

1,632,415

�

Publix

�

959,422

�

959,422

�

Kohls

�

703,369

�

253,241

�

450,128

�

TJX Companies4

�

642,557

�

642,557

�

Dick's Sporting Goods

�

490,622

�

490,622

�

Ross Dress for Less

�

460,580

�

460,580

�

PetSmart

�

453,063

�

453,063

�

Bed Bath & Beyond3

�

433,053

�

433,053

�

Total

�

168

�

10,593,654

�

123

�

4,025,277

�

6,568,377

�

____________________
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	Includes Buy Buy Baby, Christmas Tree Shops and Cost Plus, which are owned by the same parent company.
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 9/30/14

�

TOP 25 TENANTS BY ANNUALIZED BASE RENT

As of September 30, 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 September 30, 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

�

959,422

�

5.6

�

9,446,607

�

9.85

�

3.5

PetSmart

�

453,063

�

2.7

�

6,693,272

�

14.77

�

2.5

TJX Companies4

�

642,557

�

3.8

�

6,164,825

�

9.59

�

2.3

Office Depot/Office Max

�

412,204

�

2.4

�

5,454,512

�

13.23

�

2.0

Dick's Sporting Goods

�

490,622

�

2.9

�

5,375,691

�

10.96

�

2.0

Lowes Home Improvement5

�

128,997

�

0.8

�

5,039,000

�

6.51

�

1.9

Ross Dress for Less

�

460,580

�

2.7

�

4,917,367

�

10.68

�

1.8

Bed Bath & Beyond

�

433,053

�

2.5

�

4,504,730

�

10.40

�

1.7

Michaels

�

316,232

�

1.9

�

4,086,266

�

12.92

�

1.5

Kohls5

�

253,241

�

1.5

�

3,893,839

�

6.63

�

1.5

Best Buy

�

273,429

�

1.6

�

3,833,090

�

14.02

�

1.4

Wal-Mart5

�

203,742

�

1.2

�

3,655,238

�

3.60

�

1.4

Walgreens

�

107,331

�

0.6

�

3,632,601

�

33.84

�

1.4

LA Fitness

�

208,209

�

1.2

�

3,363,098

�

16.15

�

1.3

Sports Authority

�

211,739

�

1.2

�

2,944,606

�

13.91

�

1.1

Toys R Us/Babies R Us3

�

209,940

�

1.2

�

2,765,780

�

13.17

�

1.0

National Amusements

�

80,000

�

0.5

�

2,716,800

�

33.96

�

1.0

Petco

�

155,457

�

0.9

�

2,529,271

�

16.27

�

0.9

Nordstrom

�

103,904

�

0.6

�

2,043,876

�

19.67

�

0.8

Mattress Firm

�

72,991

�

0.4

�

1,843,697

�

25.26

�

0.7

Ulta Salon

�

96,649

�

0.6

�

1,826,229

�

18.90

�

0.7

New York Sports Club

�

86,717

�

0.5

�

1,815,540

�

20.94

�

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

�

0.6

Dollar Tree

�

153,776

�

0.9

�

1,718,823

�

11.18

�

0.6

TOTAL

�

6,764,207

�

39.6

�

93,744,775

�

10.96

�

35.1

____________________
1	Annualized base rent represents the monthly contractual rent for the month of September 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 annualized base rent includes ground lease rent.
�	�

�

p.�20

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

RETAIL LEASING SUMMARY1 THREE MONTHS ENDED SEPTEMBER 30, 2014

�

Category1

�

Total Leases

�

Total Sq. Ft.

�

Same Space Leases2

�

Same Space Sq. Ft.

�

Prior Rent PSF3

�

New Rent PSF4,5

�

Rent Spread

�

Same Space TI PSF

�

New Leases

�

172,799

�

68,834

�

13.91

�

20.03

�

43.9

�

11.97

�

Renewal and Options

�

251,717

�

251,717

�

13.92

�

14.80

�

6.3

�

0.41

�

Total New, Renewal, and Options

�

424,516

�

320,551

�

13.92

�

15.92

�

14.4

�

2.89

�

________________
1	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 9/30/14

�

LEASE EXPIRATIONS OPERATING PORTFOLIO

As of September 30, 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 September 30, 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
2014	78	�	267,414	�	1.6%	�	$	4,299,663	�	1.7%	�	$	16.08	�	$	255,475
2015	242	�	1,270,581	�	7.7%	�	�	18,226,851	�	7.3%	�	�	14.35	�	�	143,650
2016	290	�	1,628,755	�	9.8%	�	�	21,707,166	�	8.7%	�	�	13.33	�	�	0
2017	299	�	1,800,467	�	10.8%	�	�	28,092,746	�	11.3%	�	�	15.60	�	�	512,556
2018	350	�	2,239,022	�	13.5%	�	�	35,978,036	�	14.4%	�	�	16.07	�	�	1,037,875
2019	268	�	1,727,344	�	10.4%	�	�	28,025,344	�	11.2%	�	�	16.22	�	�	643,470
2020	120	�	1,589,883	�	9.6%	�	�	18,795,103	�	7.5%	�	�	11.82	�	�	1,492,445
2021	93	�	862,398	�	5.2%	�	�	12,271,774	�	4.9%	�	�	14.23	�	�	580,525
2022	94	�	879,742	�	5.3%	�	�	14,406,067	�	5.8%	�	�	16.38	�	�	1,185,782
2023	117	�	1,013,533	�	6.1%	�	�	16,110,790	�	6.5%	�	�	15.90	�	�	359,523
Beyond	233	�	3,319,074	�	20.0%	�	�	51,732,552	�	20.7%	�	�	15.59	�	�	12,360,559
�	2,184	�	16,598,213	�	100.0%	�	$	249,646,094	�	100.0%	�	$	15.04	�	$	18,571,860

____________________
1	Lease expiration table reflects rents in place as of September 30, 2014 and does not include option periods; 2014 expirations include 44 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 September 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 9/30/14

�

LEASE EXPIRATIONS RETAIL ANCHOR TENANTS1

As of September 30, 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 September 30, 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
2014	4	�	105,033	�	0.6%	�	$	867,086	�	0.4%	�	$	8.26	�	$	0
2015	23	�	692,473	�	4.2%	�	�	6,432,402	�	2.6%	�	�	9.29	�	�	0
2016	32	�	983,677	�	5.9%	�	�	8,404,600	�	3.4%	�	�	8.54	�	�	0
2017	44	�	1,106,078	�	6.7%	�	�	12,920,310	�	5.1%	�	�	11.68	�	�	0
2018	55	�	1,452,200	�	8.8%	�	�	17,168,014	�	6.9%	�	�	11.82	�	�	644,149
2019	43	�	1,156,444	�	7.0%	�	�	14,604,497	�	5.9%	�	�	12.63	�	�	0
2020	40	�	1,353,513	�	8.2%	�	�	13,861,921	�	5.6%	�	�	10.24	�	�	1,110,883
2021	24	�	663,293	�	4.0%	�	�	7,270,534	�	2.9%	�	�	10.96	�	�	0
2022	27	�	616,349	�	3.7%	�	�	8,346,496	�	3.3%	�	�	13.54	�	�	744,622
2023	28	�	679,943	�	4.1%	�	�	8,271,605	�	3.3%	�	�	12.17	�	�	260,000
Beyond	83	�	2,827,618	�	17.0%	�	�	40,164,597	�	16.0%	�	�	14.20	�	�	8,248,014
�	403	�	11,636,621	�	70.1%	�	$	138,312,062	�	55.4%	�	$	11.89	�	$	11,007,667

____________________
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 September 30, 2014 and does not include option periods; 2014 expirations include 3 month-to-month tenants. 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 September 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 9/30/14

�

LEASE EXPIRATIONS RETAIL SHOPS

As of September 30, 2014

This table includes the following:

��	Operating retail properties; and

��	Development property tenants open for business as of September 30, 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
2014	�	74	�	162,381	�	1.0%	�	$	3,432,576	�	1.5%	�	$	21.14	�		$	255,475
2015	�	217	�	539,524	�	3.3%	�	�	11,064,993	�	4.4%	�	�	20.51	�		�	143,650
2016	�	258	�	645,078	�	3.9%	�	�	13,302,566	�	5.3%	�	�	20.62	�		�	0
2017	�	253	�	611,279	�	3.7%	�	�	13,676,589	�	5.5%	�	�	22.37	�		�	512,556
2018	�	293	�	768,985	�	4.6%	�	�	18,426,450	�	7.4%	�	�	23.96	�		�	393,727
2019	�	224	�	565,647	�	3.4%	�	�	13,319,727	�	5.3%	�	�	23.55	�		�	643,470
2020	�	79	�	226,301	�	1.4%	�	�	4,749,414	�	1.9%	�	�	20.99	�		�	381,562
2021	�	68	�	192,943	�	1.2%	�	�	4,859,509	�	2.0%	�	�	25.19	�		�	580,525
2022	�	64	�	212,347	�	1.3%	�	�	5,185,953	�	2.1%	�	�	24.42	�		�	441,160
2023	�	87	�	300,602	�	1.8%	�	�	7,170,997	�	2.9%	�	�	23.86	�		�	99,522
Beyond	�	146	�	384,532	�	2.3%	�	�	10,151,532	�	4.2%	�	�	26.40	�		�	4,112,546
�	�	1,763	�	4,609,619	�	27.8%	�	$	105,340,306	�	42.2%	�	$	22.85	�		$	7,564,193

____________________
1	Lease expiration table reflects rents in place as of September 30, 2014, and does not include option periods; 2014 expirations include 41 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 September 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 9/30/14

�

LEASE EXPIRATIONS OFFICE TENANTS

As of September 30, 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.
2014	0	�	0	�	0.0%	�	$	0	�	0.0%	�	$	0.00
2015	2	�	38,584	�	0.2%	�	�	729,456	�	0.3%	�	�	18.91
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	�	10,069	�	0.1%	�	�	183,768	�	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
Beyond	4	�	106,924	�	0.6%	�	�	1,416,423	�	0.6%	�	�	13.25
�	18	�	351,973	�	2.1%	�	$	5,993,726	�	2.4%	�	$	17.03

____________________
1	Lease expiration table reflects rents in place as of September 30, 2014 and does not include option periods. This column also excludes ground leases.
2	Annualized base rent represents the monthly contractual rent for the month of September 2014 for each applicable property multiplied by 12. Excludes tenant reimbursements.
�	�

�

p. 25

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

SUMMARY RETAIL PORTFOLIO STATISTICS INCLUDING JOINT VENTURE PROPERTIES

�

September 30,

2014

�

June 30,

2014

�

March 31,

2014

�

December 31,

2013

�

September 30,

2013

�

Company Owned GLA� Operating Retail1

�

16,935,582

�

8,489,877

�

8,483,449

�

8,358,846

�

6,065,122

�

Total GLA� Operating Retail1

�

25,213,668

�

11,296,321

�

11,295,013

�

11,463,830

�

8,483,361

�

Projected Owned GLA of Development and Redevelopment�Projects Under Construction

�

665,246

�

831,698

�

914,636

�

879,754

�

1,199,235

�

Projected Total GLA of Development�and Redevelopment Projects Under Construction2

�

888,641

�

1,055,093

�

1,138,031

�

1,073,890

�

1,570,540

�

Number of Operating Retail Properties

�

124

�

Number of Retail Development Properties Under Construction

�

Number of Retail Redevelopment�Properties

�

Percentage Leased Operating Retail4

�

94.9

�

95.2

�

95.3

�

95.3

�

95.9

Annualized Base Rent & Ground Lease Revenue Operating Retail Properties3 (excludes redevelopment)

�

258,706,533

�

112,602,606

�

112,631,533

�

108,829,221

�

80,106,832

�

____________________
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.

�

p. 26

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

SUMMARY OFFICE PORTFOLIO STATISTICS

Retail Portfolio

�

September 30,

2014

�

June 30,

2014

�

March 31,

2014

�

December 31,

2013

�

September 30,

2013

�

Company Owned Net Rentable Area (NRA)1

�

386,852

�

386,852

�

386,852

�

386,852

�

379,974

�

Number of Operating Office Properties4

�

Percentage Leased Operating Office Properties�

�

95.2

�

95.2

�

95.2

�

95.2

�

94.2

Annualized Base Rent Office Properties2,3

�

5,993,727

�

5,993,727

�

5,993,732

�

5,941,788

�

5,936,163

�

____________________
1	Company Owned NRA does not include square footage of Union Station Parking Garage, a detached parking garage supporting the Thirty South Meridian property that includes approximately 850 parking spaces. It is managed by a third party.
2	Annualized Base Rent does not include tenant reimbursements or income attributable to the Union Station Parking Garage.
3	Annualized Base Rent includes $723,216 from KRG and subsidiaries.
4	Includes the office space at Eddy Street Commons.

�

p. 27

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

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 Sept. 30, 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	$17,773	�	Target (non-owned), Carmike Cinemas,��Bed Bath & Beyond, DSW
Parkside Town Commons, NC Phase I8	��100%	Raleigh	Q2 2014	104,978	245,573	77.8%	90.2%	39,000	38,760	�	Target (non-owned), Harris Teeter (ground lease), Petco
Parkside Town Commons, NC Phase II	�100%	Raleigh	Q3 2014	275,432	324,260	30.9%	66.8%	70,000	54,265	�	Frank Theatres, Golf Galaxy, Field & Stream
Total			�	502,553	723,976	33.2%	74.3%	$156,500	$110,798	�	�
� Cost incurred as of September 30, 2014 included in Construction In Progress on balance sheet							�	�	$59,889	�	�

____________________
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 15,113 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 9/30/14

�

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 Sept. 30, 20146	�	Major Tenants and Non-owned Anchors
Gainesville Plaza, FL	100%	Gainesville	Q2 2015	164,665	162,693	66.3%	81.6%	14,300	$6,023	�	Burlington Coat Factory, Ross Dress for Less
�	�	�	�	�	�	�	�	�	�	�	�
Total	�	�	�	164,665	162,693	66.3%	81.6%	$14,300	$6,023	�	�
� Cost incurred as of September 30, 2014 included in Construction In Progress on balance sheet								�	$3,086	�	�

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 Sept. 30, 20146		�	Major Tenants and Non-owned Anchors
Hamilton Crossing Centre, IN	100%	Indianapolis	TBD	77,296	69,596	TBD	$135		�	TBD
Courthouse Shadows, FL	100%	Naples	TBD	134,867	134,867	TBD	534		�	Grocer, Office Max
Total			�	212,163	204,463	TBD	$669		�	�
� Cost incurred as of September 30, 2014 included in Construction In Progress on balance sheet						�	$669		�	�

Summary of Construction In Progress on Consolidated Balance Sheet ($ in thousands): �				�
Cost incurred for development projects under construction	�	$	59,889	�
Cost incurred for redevelopment projects under construction	�	�	3,086	�
Cost incurred for redevelopment projects pending construction	�	�	669	�
Deerwood apartments	�	�	14,659	�
Holly Springs Towne Center Phase III	�	�	4,367	�
Miscellaneous tenant improvements and small projects	�	�	17,483	�
Construction In Progress on Consolidated Balance Sheet	�	$	100,153	�

�

�
�	See prior page for footnotes.
�	�

�

p. 29

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

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	�
Total	�	�	�	�	$	42,538,000	�

�

�____________________
1	Company under definitive agreement to sell 15 operating properties.
�	�

�

p.�30

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

GEOGRAPHIC DIVERSIFICATION OPERATING PORTFOLIO

As of September 30, 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	5	�	831,781	�	4.8%	�	91	�	$	8,991,263	�	3.6%	�	$	11.33
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	�	1.2%	�	24	�	�	3,241,084	�	1.3%	�	�	16.00
Florida	36	�	4,353,316	�	25.2%	�	614	�	�	59,671,453	�	24.2%	�	�	14.88
Georgia	5	�	789,645	�	4.6%	�	97	�	�	9,296,488	�	3.8%	�	�	12.09
Illinois	3	�	310,865	�	1.8%	�	23	�	�	4,095,850	�	1.7%	�	�	13.61
Indiana	21	�	2,302,439	�	13.3%	�	256	�	�	29,574,408	�	12.0%	�	�	13.32
Indiana Office	2	�	369,556	�	2.1%	�	18	�	�	5,993,727	�	2.4%	�	�	17.03
Louisiana	1	�	151,719	�	0.9%	�	22	�	�	2,314,980	�	0.9%	�	�	19.58
Missouri	2	�	365,937	�	2.1%	�	36	�	�	4,493,188	�	1.8%	�	�	12.42
Nebraska	1	�	69,676	�	0.4%	�	2	�	�	992,226	�	0.4%	�	�	14.24
Nevada	6	�	847,690	�	4.9%	�	168	�	�	18,277,981	�	7.4%	�	�	23.37
New Hampshire	1	�	78,892	�	0.5%	�	14	�	�	963,807	�	0.4%	�	�	12.22
New Jersey	1	�	106,383	�	0.6%	�	26	�	�	2,870,700	�	1.2%	�	�	28.16
New York	1	�	365,905	�	2.1%	�	13	�	�	9,250,483	�	3.8%	�	�	25.85
North Carolina	8	�	780,227	�	4.5%	�	119	�	�	13,121,405	�	5.3%	�	�	17.74
Ohio	1	�	236,230	�	1.4%	�	7	�	�	2,062,668	�	0.8%	�	�	8.73
Oklahoma	4	�	657,146	�	3.8%	�	82	�	�	8,500,268	�	3.4%	�	�	13.48
Oregon	2	�	31,171	�	0.2%	�	13	�	�	553,894	�	0.2%	�	�	23.63
South Carolina	3	�	516,732	�	3.0%	�	42	�	�	5,494,462	�	2.2%	�	�	10.89
Tennessee	2	�	403,776	�	2.3%	�	34	�	�	5,461,354	�	2.2%	�	�	14.77
Texas	10	�	1,951,840	�	11.3%	�	201	�	�	25,950,265	�	10.5%	�	�	13.77
Utah	2	�	384,692	�	2.2%	�	75	�	�	6,262,204	�	2.5%	�	�	16.57
Virginia	1	�	399,047	�	2.3%	�	59	�	�	7,040,439	�	2.9%	�	�	18.69
Washington	1	�	107,998	�	0.6%	�	24	�	�	2,092,040	�	0.8%	�	�	21.36
Wisconsin	4	�	451,717	�	2.6%	�	53	�	�	5,910,115	�	2.4%	�	�	13.70
Total	126	�	17,305,138	�	100.0%	�	�2,137	�	$	246,644,301	�	100.0%	�	$	15.02

____________________
1	This table includes operating retail properties, operating office properties, and ground lease tenants who commenced paying rent as of September 30, 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 $18,055,959 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 9/30/14

�

OPERATING RETAIL PORTFOLIO SUMMARY REPORT

�

As of September 30, 2014

�	�	Year	Owned GLA2			�	Leased			�	�	�
Property1	MSA	Built/ Renovated	Total	Anchors	Shops		Total	Anchors	Shops	ABR per Sqft	Major Owned Tenants	Major Non-owned Tenants
Alabama	�	�	�	�	�		�	�	�	�	�	�
Clay Marketplace	Birmingham	1966/2003	66,165	44,840	21,325		94.7%	100.0%	83.5%	12.60	Publix	�
Eastside Junction**	Athens	2008	79,700	45,600	34,100		88.6%	100.0%	73.3%	11.82	Publix	�
Harvest Square**	Harvest	2008	70,590	45,600	24,990		93.2%	100.0%	80.8%	14.97	Publix	�
Prattville Town Center**	Prattville	2007	168,842	112,042	56,800		98.9%	100.0%	96.8%	14.52	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	Killington	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	Lowe's Home Improvement, 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		85.4%	100.0%	45.0%	8.78	LA Fitness, Academy Sports	�
Burnt Store Promenade	Punta Gorda	1989	94,223	42,112	52,111		74.9%	100.0%	54.6%	8.99	Publix	Home Depot
Centre Point Commons	Bradenton	2007	119,275	93,574	25,701		98.8%	100.0%	94.6%	17.07	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%	25.74	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%	9.10	Publix, Bealls, Ace Hardware	�
Delray Marketplace	Delray	2013	260,255	118,136	142,119		89.8%	100.0%	81.4%	24.01	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		100.0%	100.0%	100.0%	13.00	Publix	�
Indian River Square	Vero Beach	1997/2004	142,706	109,000	33,706		95.9%	100.0%	82.8%	10.87	Bealls, Office Depot, Dollar Tree	Target
International Speedway Square	Daytona	1999/2013	233,495	203,457	30,038		99.5%	100.0%	96.0%	10.96	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%	17.27	Publix, Royal Fitness	�
Lake City Commons	Lake City	2008	66,510	45,600	20,910		88.9%	100.0%	64.6%	13.38	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%	37.71	Walgreens	�
Lakewood Promenade	Jacksonville	1948/1998	196,820	77,840	118,980		84.1%	100.0%	73.7%	11.27	Stein Mart, Winn Dixie	�
Lithia Crossing	Tampa	2003/2013	90,499	53,547	36,952		89.9%	100.0%	75.3%	13.99	Stein Mart, The Fresh Market	�
Miramar Square	Miramar	2008	238,334	137,505	100,829		84.2%	85.5%	82.5%	18.06	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%	11.39	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%	18.19	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%	16.25	Publix, Party City	Bealls, Target

�

See notes on page 36

�

p. 32

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of September 30, 2014

�	�	Year	Owned GLA2			�	Leased			�	�	�
Property1	MSA	Built/ Renovated	Total	Anchors	Shops	Total		Anchors	Shops	ABR per Sq. ft.	Major Owned Tenants	Major Non-owned Tenants
Pleasant Hill Commons	Kissimmee	2008	70,642	45,600	25,042	94.1%		100.0%	83.2%	14.17	Publix	�
Publix at St. Cloud	St. Cloud	2003	78,820	54,379	24,441	92.7%		100.0%	76.5%	12.36	Publix	�
Riverchase Plaza	Naples	1991/2001	78,291	48,890	29,401	98.5%		100.0%	95.9%	15.28	Publix	�
Saxon Crossing	Orange City	2009	119,894	95,304	24,590	100.0%		100.0%	100.0%	14.70	Hobby Lobby, LA Fitness	Lowe's Home Improvement
Shops at Eagle Creek	Naples	1983/2013	70,755	50,187	20,568	89.7%		100.0%	64.5%	14.80	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%	12.68	Publix	�
Shops at Julington Creek	Jacksonville	2011	40,207	21,038	19,169	96.4%		100.0%	92.5%	18.16	The Fresh Market	�
Tarpon Bay Plaza	Naples	2007	82,547	60,151	22,396	90.8%		100.0%	66.1%	21.59	World Market, Staples	Target
Temple Terrace	Temple Terrace	2012	90,377	58,798	31,579	100.0%		100.0%	100.0%	10.39	Sweetbay, United Parcel Service	�
The Landings at Tradition	Port St Lucie	2007	359,758	272,944	86,814	90.4%		100.0%	60.1%	15.18	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	112,421	45,600	66,821	78.2%		100.0%	63.4%	15.34	Publix	�
Village Walk	Fort Myers	2009	78,533	54,340	24,193	90.0%		100.0%	67.5%	15.87	Publix	�
Waterford Lakes Village	Orlando	1997	77,948	51,703	26,245	96.7%		100.0%	90.1%	12.36	Winn-Dixie	�
Georgia	�	�	�	�	�	�		�	�	�	�	�
Beechwood Promenade	Athens	1961/2009	342,217	247,011	95,206	95.4%		100.0%	83.6%	11.53	TJ Maxx, Georgia Theatre, CVS, BodyPlex, Stein Mart, Tuesday Morning, The Fresh Market, Jos A. Bank, Ann Taylor, Talbots, USPS, Buffalos	�
Heritage Square**	Conyers	2010	22,385	10,479	11,906	88.8%		100.0%	79.0%	34.18	Walgreens	�
Mullins Crossing	Evans	2005	282,336	236,340	45,996	100.0%		100.0%	100.0%	11.18	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%	13.48	Dominick's Finer Foods, Dollar Tree	�
Naperville Marketplace	Chicago	2008	83,793	61,683	22,110	100.0%		100.0%	100.0%	13.40	TJ Maxx, PetSmart	Caputo's
South Elgin Commons	South Elgin	2011	128,000	128,000	-	100.0%		100.0%	0.0%	13.84	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%	14.97	Anytime Fitness	Strack & Van Til, Walgreens
Bell Oaks Center	Newburgh	2008	94,811	74,122	20,689	98.5%		100.0%	93.0%	11.59	Archie & Clyde's Restaurant, Schnuck Markets	�
Boulevard Crossing	Kokomo	2004	124,631	74,440	50,191	96.7%		100.0%	91.8%	14.23	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	2005/2012	124,646	62,600	62,046	92.7%		85.6%	99.8%	16.72	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%	22.50	Hammes Bookstore, Urban Outfitters	�
Fishers Station	Indianapolis	1989/2009	116,943	72,212	44,731	96.6%		100.0%	91.2%	11.73	Marsh Supermarkets, Goodwill, Dollar Tree	�
Geist Pavilion	Indianapolis	2006	64,102	29,700	34,402	95.9%		100.0%	92.3%	16.23	Goodwill, Ace Hardware	�
Glendale Town Center	Indianapolis	1958/2008	393,002	329,546	63,456	98.8%		100.0%	92.7%	6.95	Macys, Landmark Theaters, Staples, Indianapolis Library, Nexus Academy of Indianapolis	Lowe's Home Improvement, Target, Walgreens

�

See Notes on page 36

�

p. 33

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of September 30, 2014

�

�	�	Year	Owned GLA2			�	Leased			�	�	�
Property1	MSA	Built/ Renovated	Total	Anchors	Shops	Total		Anchors	Shops	ABR per Sqft	Major Owned Tenants	Major 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	Walmart
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%	19.65	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%	18.67	�	�
Traders Point	Indianapolis	2005	279,684	238,721	40,963	99.2%		100.0%	94.3%	14.69	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%	25.32	�	�
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	77.9%		77.7%	78.2%	19.58	Dick's Sporting Goods, DSW, Ulta Salon, JC Penney, Kohls	�
Missouri	�	�	�	�	�	�		�	�	�	�	�
Branson Hills Shopping Center** (Includes Branson Hills Plaza & Shoppes at Branson Hills)	Branson	2005	289,986	226,096	63,890	98.6%		100.0%	93.4%	12.49	TJ Maxx, Bed Bath & Beyond, Best Buy, Books-A-Million, Kohls, MC Sports, Michaels, Petco, Ulta Salon, Home Depot	Walmart, Target
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	77.9%		0.0%	77.9%	35.26	�	�
Centennial Center	Las Vegas	2002	334,705	158,335	176,370	93.3%		100.0%	87.2%	22.61	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	97.9%		100.0%	92.3%	23.72	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%	22.97	Home Consignment Center, Office Max, Petco, Ross Dress for Less, Sam's Club, Walmart	Home Depot
Eastgate	Las Vegas	2002	96,589	53,030	43,559	88.5%		100.0%	74.4%	21.67	99 Cent Only Store, Office Depot, Party City	Walmart
Lowe's Plaza	Las Vegas	2007	30,208	-	30,208	44.4%		0.0%	44.4%	30.48	�	Sams Club, Lowes Home Improvement
New Hampshire	�	�	�	�	�	�		�	�	�	�	�
Merrimack Village Center	Merrimack	2007	78,892	54,000	24,892	100.0%		100.0%	100.0%	12.22	Supervalu	�
New Jersey	�	�	�	�	�	�		�	�	�	�	�
Bayonne Crossing	Bayonne	2011	106,383	52,219	54,164	95.8%		100.0%	91.8%	28.16	Michaels, New York Sports Club, Lowe's Home Improvement, Walmart	�
New York	�	�	�	�	�	�		�	�	�	�	�
City Center at White Plains	White Plains	2004	365,905	329,360	36,545	97.8%		100.0%	78.1%	25.85	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	90.8%		100.0%	80.6%	15.73	Dick's Sporting Goods, Marshalls, Petco, Ulta Salon	Target
The Landing at Ocean Isle Beach**	Ocean Isle Beach	2009	53,220	41,982	11,238	94.5%		100.0%	74.1%	17.17	Lowes Foods	�
Memorial Commons	Goldsboro	2008	111,271	73,876	37,395	91.0%		100.0%	73.1%	11.98	Harris Teeter, Office Depot	�

�

See Notes on page 36

�

p. 34

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of September 30, 2014

�

�	�	Year	Owned GLA2			�	Leased			�	�	�
Property1	MSA	Built/ Renovated	Total	Anchors	Shops	Total		Anchors	Shops	ABR per Sqft	Major Owned Tenants	Major Non-owned Tenants
Northcrest Shopping Center	Charlotte	2008	133,674	76,053	57,621	95.7%		100.0%	89.9%	21.34	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%	19.51	Earth Fare	�
Walgreens Plaza**	Jacksonville	2010	42,219	27,779	14,440	95.6%		100.0%	87.0%	21.29	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%	12.02	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	79.8%		100.0%	65.0%	15.36	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%	11.88	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%	9.27	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	94.8%		94.1%	100.0%	13.25	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%	14.91	Jo-Ann Fabric, Dicks Sporting Goods, Staples, Marshalls	Kroger
Hamilton Crossing Phases II & III	Alcoa	2008	179,864	135,737	44,127	97.6%		100.0%	90.0%	14.60	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	98.1%		100.0%	96.4%	18.59	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	98.0%		100.0%	89.5%	12.28	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	99.1%		100.0%	97.3%	16.87	H-E-B Grocery	�
Portofino Shopping Center	Houston	1999/2010	371,990	211,858	160,132	88.0%		89.4%	86.1%	17.31	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 notes on page 36

�

p. 35

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of September 30, 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%

�100.0%

�89.4%

15.83�

Randall's Tom Thumb

�

Wheatland Town Crossing

Wheatland

�2012

�194,727

�142,302

�52,425

�97.8%

�100.0%

�91.9%

�12.77

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%

14.51

Dollar Tree, Downeast Home, Smiths, TJ Maxx

�

Draper Peaks

Draper

�2012

220,594

101,464

119,130

98.5%

100.0%

97.3%

18.09

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%

18.69

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

�

Copps Grocery**

Stevens Point

2012

69,911

100.0%

0.0%

15.50

Copps Grocery

�

Fox Point Plaza**

Neenah

2008

171,121

112,127

58,994

98.1%

100.0%

94.5%

9.99

Bethesda Lutheran Thrift Store, Pick N Save, Rent-A-Center, Adventures in Advertising

�

Shoppes at Prairie Ridge**

Pleasant Prairie

2009

128,431

78,843

49,588

94.4%

100.0%

85.5%

17.20

Dicks Sporting Goods, PetSmart, Ulta Salon, JC Penney

Target

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

�

16,935,582

11,684,865

5,250,717

94.9%

99.0%

85.8%

$14.98

�

____________________
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 September 30, 2014, except for Greyhound Commons and 54th & College.
3	See Consolidated Joint Venture Summary.
**	These properties are under a definitive agreement to be sold.
�	�

�

p. 36

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

OPERATING OFFICE PROPERTIES

As of September 30, 2014

Property

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

Indiana

�

Thirty South Meridian2

Indianapolis

1905/2002

Redeveloped

305,224

93.9%

4,865,147

81.2%

18.00

�

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

Eddy Street Office (part of Eddy Street Commons) 4

South Bend

2009

Developed

81,628

100.0%

�

1,128,580

18.8%

�

13.83

�

University of Notre Dame Offices

Total

�

386,852

95.2%

5,993,727

100.0%

17.03

�

____________________
1	Annualized Base Rent represents the monthly contractual rent for September 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 September 30, 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 9/30/14

�

EARNINGS GUIDANCE

As of September 30, 2014

�

�	�	Q2��2014 Revised Guidance	�	Q3��2014 Revised Guidance
FFO per diluted common share, as adjusted1,2	�	$1.96 ��$2.08	�	$2.00 ��$2.04
FFO per diluted common share (NAREIT definition) 2	�	N/A	�	$1.55 ��$1.59
Same Property NOI	�	3.5% 4.0%	�	4.4% 4.6%
Percent leased at year-end	�	95% 96%	�	95% 96%
Asset Dispositions3	�	$40 ��$50 million	�	$200 ��$210 million
�	�	�	�	�

____________________
1	Excludes costs related to the merger with Inland Diversified Real Estate Trust.
2	Restated for the effects of the Companys 1 for 4 reverse share split
3	Includes $163 million of assets expected to be sold in December 2014, pursuant to an executed definitive agreement.

�

p. 38

Kite Realty Group Trust Supplemental Financial and Operating Statistics 9/30/14

�

StreetInsider

Log in to your account:

Form 8-K KITE REALTY GROUP TRUST For: Nov 03

Categories

Next Articles