KITE REALTY GROUP TRUST - FORM 8-K - EX-99.2 - EXHIBIT 99.2 Q3 2011 SUPPLEMENTAL

Attached files

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EX-99.1 - EXHIBIT 99.1 PRESS RELEASE - KITE REALTY GROUP TRUST	exhibi99_1.htm
8-K - FORM 8-K Q3 2011 - KITE REALTY GROUP TRUST	form8k_q32011.htm

EXHIBIT 99.2

QUARTERLY FINANCIAL SUPPLEMENT 2011

KITE REALTY GROUP TRUST

SEPTEMBER 30, 2011

INVESTOR RELATIONS CONTACTS:

Dan Sink, Chief Financial Officer

Dave Buell, Financial Reporting Manager

30 S. MERIDIAN STREET • INDIANAPOLIS, INDIANA 46204 • 317.577.5600

SUPPLEMENTAL INFORMATION – SEPTEMBER 30, 2011

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 Other Financial Information for the Three and Nine Months Ended September 30
10		Market Capitalization
10		Ratio of Debt to Total Undepreciated Assets as of September 30, 2011
11		Same Property Net Operating Income for the Three and Nine Months Ended September 30
12		Net Operating Income by Quarter
13		Summary of Outstanding Debt as of September 30, 2011
14		Schedule of Outstanding Debt as of September 30, 2011
17		Joint Venture Summary – Unconsolidated Properties
18		Condensed Combined Balance Sheets of Unconsolidated Properties
19		Condensed Combined Statements of Operations of Unconsolidated Properties for the Three and Nine Months Ended September 30
20		Top 10 Retail Tenants by Gross Leasable Area
21		Top 25 Tenants by Annualized Base Rent
22		Lease Expirations – Operating Portfolio
23		Lease Expirations – Retail Anchor Tenants
24		Lease Expirations – Retail Shops
25		Lease Expirations – Commercial Tenants
26		Summary Retail Portfolio Statistics Including Joint Venture Properties
27		Summary Commercial Portfolio Statistics
28		In-Process Development / Redevelopment Projects
29		Future Development / Redevelopment Projects
30		Geographic Diversification – Operating Portfolio
31		Operating Retail Properties
35		Operating Commercial Properties
36		Retail Operating Portfolio – Tenant Breakdown

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

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CORPORATE PROFILE

General Description

Kite Realty Group Trust is a full-service, vertically integrated real estate company engaged primarily in the development, construction, acquisition, ownership and operation of high-quality neighborhood and community shopping centers in selected markets in the United States. We are organized as a real estate investment trust ("REIT") for federal income tax purposes. As of September 30, 2011, we owned interests in 63 properties totaling approximately 9.3 million square feet and an additional 0.4 million square feet in two properties currently under in-process development.

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 new developments and acquisitions. New investments are focused in the shopping center sector, although we may selectively pursue commercial development or acquisition opportunities in markets where we currently operate and where we believe we can leverage existing infrastructure and relationships to generate attractive risk-adjusted returns.

Company Highlights as of September 30, 2011

·	Operating Retail Properties	53
·	Operating Commercial Properties	4
·	Total Properties Under Redevelopment	6
	Total Operating and Redevelopment Properties	63
·	Total Properties Under In-Process Development	2
·	States	9
·	Total GLA/NRA of 57 Operating Properties	8,690,759
·	Owned GLA/NRA of 57 Operating Properties	5,800,222
·	Projected Owned GLA of In-Process Development and Redevelopment Projects	578,640
·	Percentage of Owned GLA/NRA Leased – Total Portfolio	93.1%
·	Percentage of Owned GLA Leased – Retail Operating	93.1%
·	Percentage of Owned NRA Leased – Commercial Operating	93.3%
·	Total Full-Time Employees	75

Stock Listing: New York Stock Exchange symbol: KRG

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

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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	BMO Capital Markets	Morgan Keegan
Kite Realty Group Trust	Mr. Paul E. Adornato, CFA	Mr. Steve Swett
30 South Meridian Street, Suite 1100	(212) 885-4170	(212) 508-7585
Indianapolis, IN 46204	paul.adornato@bmo.com	stephen.swett@morgankeegan.com
(317) 577-5609
dsink@kiterealty.com	Citigroup Global Markets	Raymond James
	Mr. Michael Bilerman/Mr. Quentin Velleley	Mr. Paul Puryear/Mr. R. J. Milligan
Dave Buell, Financial Reporting Manager	(212) 816-1383/(212) 816-6981	(727) 567-2253/(727) 567-2660
Kite Realty Group Trust	michael.bilerman@citigroup.com	paul.puryear@raymondjames.com
30 South Meridian Street, Suite 1100	Quentin.velleley@citi.com	Richard.milligan@raymondjames.com
Indianapolis, IN 46204
(317) 713-5647	Hilliard Lyons	RBC Capital Markets
dbuell@kiterealty.com	Ms. Carol L. Kemple	Mr. Rich Moore/Mr. Wes Golladay
	(502) 588-1839	(440) 715-2646/(440) 715-2650
Transfer Agent:	Ckemple@hilliard.com	rich.moore@rbccm.com
		wes.golladay@rbccm.com
Stocktrans, a Broadridge Company	Janney Montgomery Scott
Mr. Jason Fanty	Mr. Andrew T. Dizio, CFA	Stifel, Nicolaus & Company, Inc.
51 Mercedes Way	(215) 665-6439	Mr. Nathan Isbee
Edgewood, NY 11717	adizio@jmsonline.com	(443) 224-1346
(631) 247-2625		nisbee@stifel.com
	KeyBanc Capital Markets
Stock Specialist:	Mr. Jordan Sadler/Mr. Todd Thomas	Wells Fargo Securities, LLC
	(917) 368-2280/(917) 368-2286	Mr. Jeffrey J. Donnelly, CFA
Barclays Capital	tthomas@keybanccm.com	(617) 603-4262
45 Broadway	jsadler@keybanccm.com	jeff.donnelly@wachovia.com
20th Floor
New York, NY 10006
(646) 333-7000

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 4

CONTACT INFORMATION

Interim Information

This Quarterly Financial Supplement contains historical information of Kite Realty Group Trust (“the Company” or “KRG”) and is intended to supplement the Company’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2011 to be filed on or about November 9, 2011, 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 current recession;

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

·	the Company’s ability to refinance, or extend the maturity dates of, 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 Company’s 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 and Texas;

·	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, 2010, 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 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. 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.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

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CORPORATE STRUCTURE CHART — SEPTEMBER 30, 2011

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

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CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	September 30, 2011			December 31, 2010
Assets:
Investment properties, at cost:
Land	$	238,765,784		$	228,707,073
Land held for development		34,137,679			27,384,631
Buildings and improvements		834,683,594			780,038,034
Furniture, equipment and other		5,381,232			5,166,303
Construction in progress		147,869,319			158,636,747
		1,260,837,608			1,199,932,788
Less: accumulated depreciation		(173,291,230	)		(152,083,936	)
		1,087,546,378			1,047,848,852
Cash and cash equivalents		9,241,422			15,394,528
Tenant receivables, including accrued straight-line rent of $10,636,463 and $9,113,712, respectively, net of allowance for uncollectible accounts		19,397,381			18,204,215
Other receivables		3,218,490			5,484,277
Investments in unconsolidated entities, at equity		21,310,480			11,193,113
Escrow deposits		14,303,077			8,793,968
Deferred costs, net		30,144,538			24,207,046
Prepaid and other assets		2,466,816			1,656,746
Total Assets	$	1,187,628,582		$	1,132,782,745

Liabilities and Equity:
Mortgage and other indebtedness	$	675,762,674		$	610,926,613
Accounts payable and accrued expenses		42,554,356			32,362,917
Deferred revenue and other liabilities1		13,136,563			15,399,002
Total Liabilities		731,453,593			658,688,532
Commitments and contingencies
Redeemable noncontrolling interests in the Operating Partnership		41,941,449			44,115,028
Equity:
Kite Realty Group Trust Shareholders’ Equity:
Preferred Shares, $.01 par value, 40,000,000 shares authorized, 2,800,000 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively		70,000,000			70,000,000
Common Shares, $.01 par value, 200,000,000 shares authorized 63,606,971 shares and 63,342,219 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively		636,070			633,422
Additional paid in capital		449,650,250			448,779,180
Accumulated other comprehensive loss		(1,547,036	)		(2,900,100	)
Accumulated deficit		(108,744,484	)		(93,447,581	)
Total Kite Realty Group Trust Shareholders’ Equity		409,994,800			423,064,921
Noncontrolling Interests		4,238,740			6,914,264
Total Equity		414,233,540			429,979,185
Total Liabilities and Equity	$	1,187,628,582		$	1,132,782,745

____________________
1	Includes $8,936,672 of deferred revenue related to mark to market lease accounting as of September 30, 2011 and $9,867,906 as of December 31, 2010.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Revenue:
Minimum rent	$	19,503,426		$	18,292,136		$	56,844,760		$	53,768,732
Tenant reimbursements		4,924,929			4,246,120			14,970,159			13,347,228
Other property related revenue		852,629			1,346,672			3,155,222			3,295,520
Construction and service fee revenue		180,299			1,270,928			266,820			5,101,126
Total revenue		25,461,283			25,155,856			75,236,961			75,512,606
Expenses:
Property operating		4,488,239			4,496,055			13,940,116			12,804,258
Real estate taxes		3,488,890			3,158,006			10,441,201			9,697,406
Cost of construction and services		135,816			1,147,383			299,982			4,543,084
General, administrative and other		1,402,299			1,260,314			4,664,671			3,891,076
Depreciation and amortization		8,797,064			10,731,138			27,867,160			31,441,383
Total expenses		18,312,308			20,792,896			57,213,130			62,377,207
Operating income		7,148,975			4,362,960			18,023,831			13,135,399
Interest expense		(6,567,870	)		(6,978,767	)		(18,310,016	)		(21,313,368	)
Income tax expense of taxable REIT subsidiary		(119,561	)		(80,954	)		(72,728	)		(234,054	)
Income (loss) income from unconsolidated entities		239,852			(1,847	)		244,447			(100,442	)
Other income		40,839			53,633			183,460			186,193
Consolidated net income (loss)		742,235			(2,644,975	)		68,994			(8,326,272	)
Net loss attributable to noncontrolling interests		57,931			255,021			410,968			841,083
Net income (loss) attributable to Kite Realty Group Trust		800,166			(2,389,954	)		479,962			(7,485,189	)
Dividends on preferred shares		(1,443,750	)		—			(4,331,250	)		—
Net loss attributable to common shareholders	$	(643,584	)	$	(2,389,954	)	$	(3,851,288	)	$	(7,485,189	)

Net loss per common share attributable to Kite Realty Group Trust common shareholders – basic and diluted	$	(0.01	)	$	(0.04	)	$	(0.06	)	$	(0.12	)

Weighted average common shares outstanding – basic and diluted		63,597,290			63,288,181			63,538,314			63,206,901
Dividends declared per common share	$	0.0600		$	0.0600		$	0.1800		$	0.1800

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

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FUNDS FROM OPERATIONS AND OTHER FINANCIAL INFORMATION –THREE AND NINE MONTHS

			Three Months Ended September 30,						Nine Months Ended September 30,
			2011			2010			2011			2010
Consolidated net income (loss)			$	742,235		$	(2,644,975	)	$	68,994		$	(8,326,272	)
Less dividends on preferred shares				(1,443,750	)		—			(4,331,250	)		—
Less net income attributable to noncontrolling interests in properties				(21,049	)		(42,182)			(62,825	)		(96,708	)
Add depreciation and amortization, net of noncontrolling interests				8,656,553			10,483,967			27,523,156			30,852,578
Funds From Operations of the Kite Portfolio1				7,933,989			7,796,810			23,198,075			22,429,598
Less redeemable noncontrolling interests in Funds From Operations				(881,143	)		(850,813	)		(2,551,788	)		(2,489,685	)
Funds From Operations allocable to the Company1			$	7,052,846		$	6,945,997		$	20,646,287		$	19,939,913

Basic FFO per share of the Kite Portfolio			$	0.11		$	0.11		$	0.32		$	0.32
Diluted FFO per share of the Kite Portfolio			$	0.11		$	0.11		$	0.32		$	0.31

Basic weighted average Common Shares outstanding				63,597,290			63,288,181			63,538,314			63,206,901
Diluted weighted average Common Shares outstanding				63,833,551			63,522,229			63,818,493			63,439,031
Basic weighted average Common Shares and Units outstanding				71,443,788			71,190,157			71,389,398			71,154,942
Diluted weighted average Common Shares and Units outstanding				71,680,049			71,424,206			71,669,577			71,387,071

Other Financial Information:
Capital expenditures2
Tenant improvements – Retail			$	589,970		$	349,511		$	1,673,604		$	935,789
Tenant improvements – Commercial				—			—			53,500			—
Leasing commissions – Retail				324,489			152,434			1,019,175			533,263
Leasing commissions – Commercial				—			—			—			30,662
Capital improvements3				85,110			335,527			362,253			622,154
Scheduled debt principal payments				1,219,532			1,205,192			3,603,096			3,605,217
Straight line rent – total				883,417			175,984			1,906,931			415,806
– term of lease				228,714
– pre-cash rent period – operating properties				290,356
– pre-cash rent period – dev/redev properties				364,347
Market rent amortization income from acquired leases				584,862			710,601			1,931,572			2,196,266
Market debt adjustment				107,714			107,714			323,142			323,143
Non-cash compensation expense				227,566			143,688			633,569			491,663
Capitalized interest				2,190,116			2,433,281			6,488,949			6,587,523
Mark to market lease amount in Deferred revenue and Other liabilities on condensed consolidated balance sheet				8,936,672			10,493,945			8,936,672			10,493,945
Additional Construction in progress not in development pipeline tables				30,983,823
Acreage of undeveloped, vacant land in the operating portfolio4				32.3
Mid-quarter rent commencement not recognized in income statement (annualized) 5			$	149,906
	____________________
	1	“Funds From Operations of the Operating Partnership” measures 100% of the operating performance of the Operating Partnership’s 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	Excludes tenant improvements and leasing commissions relating to development and redevelopment projects and first-generation space.
	3	A portion of these capital improvements are reimbursed by tenants and are revenue producing.
	4	Not reflected in construction in progress and land held for development (book value $6.4 million).
	5	Reflects impact for full quarter for operating property tenants commencing cash rent in the quarter offset by terminated tenants

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

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MARKET CAPITALIZATION AS OF SEPTEMBER 30, 2011

							Total			Percent of
				Percent of			Market			Total Market
				Total Equity			Capitalization			Capitalization
Equity Capitalization:

Total Common Shares Outstanding				89.0		%		63,606,971

Operating Partnership ("OP") Units Outstanding				11.0		%		7,846,498

Combined Common Shares and OP Units				100.0		%		71,453,469

Market Price of Common Shares at September 30, 2011							$	3.66

Series A Preferred Shares								70,000,000

Total Equity Capitalization								331,519,697		35	%

Debt Capitalization:
Company Consolidated Outstanding Debt								675,762,674

Less: Partner Share of Consolidated Joint Venture Debt								(46,752,650	)

Company Share of Outstanding Debt								629,010,024

Pro-rata Share of Unconsolidated Joint Venture Debt								10,533,533

Less: Cash and Cash Equivalents (Consolidated and Pro-rata share of unconsolidated Joint Venture cash)								(10,411,414	)

Total Net Debt Capitalization								629,132,143		65	%

Total Market Capitalization as of September 30, 2011							$	960,651,840		100	%

RATIO OF DEBT TO TOTAL UNDEPRECIATED ASSETS AS OF SEPTEMBER 30, 2011
Consolidated Undepreciated Real Estate Assets				$	1,260,837,608
Company Share of Unconsolidated Real Estate Assets					29,250,055
Escrow and Other Deposits					14,303,077
				$	1,304,390,740

Total Consolidated Debt				$	675,762,674
Company Share of Joint Venture Debt					10,533,533
Less: Cash, including unconsolidated					(10,411,414	)
				$	675,884,793

Ratio of Net Debt to Total Undepreciated Real Estate Assets					51.8	%

RATIO OF COMPANY SHARE OF DEBT TO EBITDA AS OF SEPTEMBER 30, 2011
Company share of
- consolidated debt				$	629,010,024
- unconsolidated debt					10,533,533
Less: Cash					(10,411,414	)
					629,132,143
Q3 2011 EBITDA, annualized:
- consolidated		$	63,784,156
- unconsolidated		1,165,684
- pro forma adjustment1		1,182,871
- minority interest EBITDA		(126,240		)	66,006,471
					9.53	x

	1	Represents full year effect of adjustments for seasonality of percentage rent, annualization of mid-third quarter rent commencement, and normalizing other property related revenue.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

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SAME PROPERTY NET OPERATING INCOME (NOI)

	Three Months Ended September 30,								Nine Months Ended September 30,
	2011			2010			% Change		2011			2010			% Change
Number of properties at period end1		54			54					54			54

Leased percentage at period-end		93.2%			92.4%					93.2%			92.4%
Minimum rent	$	17,084,313		$	16,600,949				$	50,120,731		$	49,156,232
Tenant recoveries		4,134,886			3,831,193					12,680,348			12,300,733
Other income		38,667			21,481					186,829			122,840
		21,257,866			20,453,623					62,987,908			61,579,805

Property operating expenses		3,894,894			3,710,112					12,182,472			11,616,688
Real estate taxes		2,793,205			2,873,550					8,369,499			8,778,521
		6,688,099			6,583,662					20,551,971			20,395,209

Net operating income – same properties (54 properties)2		14,569,767			13,869,961		5.0	%		42,435,937			41,184,596		3.0	%

Reconciliation to Most Directly Comparable GAAP Measure:

Net operating income – same properties	$	14,569,767		$	13,869,961				$	42,435,937		$	41,184,596
Other income (expense), net		(13,769,601	)		(16,259,915	)				(41,955,975	)		(48,669,785	)
Less: dividends on preferred shares		(1,443,750	)		—					(4,331,250	)		—
Net loss attributable to common shareholders	$	(643,584	)	$	(2,389,954	)			$	(3,851,288	)	$	(7,485,189	)

____________________
1	Same Property analysis excludes Courthouse Shadows, Four Corner Square, Rivers Edge, The Centre and Bolton Plaza properties as the Company pursues redevelopment of these properties.

2	Same Property net operating income is considered a non-GAAP measure because it excludes net gains from outlot sales, write offs of straight-line rent and lease intangibles, bad debt expense and related recoveries, lease termination fees 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.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

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NET OPERATING INCOME BY QUARTER

	Three Months Ended
	September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Revenue:
Minimum rent	$	19,503,426		$	18,974,092		$	18,367,242		$	18,067,685		$	18,292,136
Tenant reimbursements		4,924,929			4,866,020			5,179,210			4,319,215			4,246,120
Other property related revenue		389,186			1,027,535			418,620			1,288,954			934,004
Parking revenue, net1		73,242			(32,470	)		63,355			90,655			47,848
		24,890,783			24,835,177			24,028,427			23,766,509			23,520,108
Expenses:
Property operating – Recoverable2		3,439,098			3,239,523			4,019,203			3,756,769			3,189,813
Property operating – Non-Recoverable2		848,651			1,044,234			668,605			923,526			1,124,230
Real estate taxes		3,299,179			3,428,512			3,128,591			2,164,704			2,975,198
		7,586,928			7,712,269			7,816,399			6,844,999			7,289,241
Net Operating Income – Properties		17,303,855			17,122,908			16,212,028			16,921,510			16,230,867

Other Income (Expense):
Construction and service fee revenue		180,299			76,483			10,038			1,746,947			1,270,928
Cost of construction and services		(135,816	)		(114,254	)		(49,913	)		(1,598,958	)		(1,147,383	)
General, administrative, and other		(1,374,659	)		(1,413,918	)		(1,848,452	)		(1,480,980	)		(1,260,314	)
Transaction costs		(27,640	)		(49,968	)		—			—			—
		(1,357,816	)		(1,501,657	)		(1,888,327	)		(1,332,991	)		(1,136,769	)
Earnings Before Interest, Taxes, Depreciation and Amortization		15,946,039			15,621,251			14,323,701			15,588,519			15,094,098

Depreciation and amortization		(8,797,064	)		(9,893,224	)		(9,176,873	)		(9,290,845	)		(10,731,138	)
Interest expense		(6,567,870	)		(5,840,521	)		(5,901,625	)		(7,219,072	)		(6,978,767	)
Income tax benefit (expense) of taxable REIT subsidiary		(119,561	)		30,760			16,073			(31,932	)		(80,954	)
Income (loss) from unconsolidated entities		239,852			92,220			(87,625	)		48,477			(1,847	)
Other income		40,839			93,582			49,038			44,985			53,633
Net income (loss)		742,235			104,068			(777,311	)		(859,868	)		(2,644,975	)
Net loss attributable to noncontrolling interest		57,931			282,545			70,494			74,227			255,021
Net income (loss) attributable to Kite Realty Group Trust		800,166			386,613	)		(706,817	)		(785,641	)		(2,389,954	)
Dividends on preferred shares		(1,443,750	)		(1,443,750	)		(1,443,750	)		(376,979	)		—
Net loss attributable to common shareholders	$	(643,584	)	$	(1,057,137	)	$	(2,150,567	)	$	(1,162,620	)	$	(2,389,954	)

NOI/Revenue		69.5%			68.9%			67.5%			71.2%			69.0%
Recovery Ratio3
– Retail Only		80.9%			82.3%			83.0%			85.7%			77.2%
– Total Portfolio		73.1%			73.0%			72.5%			72.9%			68.9%

____________________
1	Parking revenue, net, represents the net operating results of the Eddy Street Parking Garage and the Union Station Parking Garage.
2	Recoverable expenses include total management fee expense, a portion of which is recoverable. Non-recoverable expenses primarily include bad debt and legal expense.
3	“Recovery Ratio” is computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 12

SUMMARY OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2011

TOTAL OUTSTANDING DEBT
	Outstanding Amount			Ratio			Weighted Average Interest Rate1			Weighted Average Maturity (in years)
Fixed Rate Debt
Consolidated	$	376,856,906			55	%		5.87	%		5.6
Floating Rate Debt (Hedged)		88,916,292			13	%		5.14	%		1.1
Total Fixed Rate Debt		465,773,198			68	%		5.73	%		4.8
Variable Rate Debt:
Construction Loans		72,631,572			11	%		3.98	%		2.2
Other Variable		226,050,428			32	%		2.99	%		2.3
Floating Rate Debt (Hedged)		(88,916,292	)		-13	%		-3.10	%		-1.1
Unconsolidated		10,533,533			2	%		3.45	%		2.4
Total Variable Rate Debt		220,299,241			32	%		3.29	%		2.8
Net Premiums on Fixed Rate Debt		223,768			N/A			N/A			N/A
Total	$	686,296,207			100	%		4.94	%		4.1


SCHEDULE OF MATURITIES BY YEAR
	Mortgage Debt						Construction Loans		Total Consolidated Outstanding Debt		KRG Share of Unconsolidated Mortgage Debt		Total Consolidated and Unconsolidated Debt
	Annual Maturity		Term Maturities		Corporate Debt		Construction Loans		Total Consolidated Outstanding Debt		KRG Share of Unconsolidated Mortgage Debt		Total Consolidated and Unconsolidated Debt
2011	$	1,268,272	$	20,442,866	$	—	$	—	$	21,711,138	$	—	$	21,711,138
2012		5,325,824		49,994,076		—		4,725,000		60,044,900		—		60,044,900
2013		5,485,046		34,515,434		—		49,834,940		89,835,420		5,776,000		95,611,420
2014		5,302,831		38,237,374		131,686,200		—		175,226,405		4,757,533		179,983,938
2015		5,114,909		38,301,942		—		—		43,416,851		—		43,416,851
2016 and Beyond		15,831,228		251,401,332		—		18,071,632		285,304,192		—		285,304,192
Net Premiums on Fixed Rate Debt		223,768		—		—		—		223,768		—		223,768
Total	$	38,551,878	$	432,893,024	$	131,686,200	$	72,631,572	$	675,762,674	$	10,533,533	$	686,296,207

____________________
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.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 13

SCHEDULE OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2011

CONSOLIDATED DEBT
Fixed Rate Debt				Interest Rate		Maturity Date	Balance as of September 30, 2011		Monthly Debt Service as of September 30, 2011
50th & 12th				5.67	%	11/11/14	$	4,232,424	$	27,190
Bayport Commons6				5.44	%	9/1/21		13,110,476		74,045
The Centre at Panola, Phase I				6.78	%	1/1/22		3,310,495		36,583
Cool Creek Commons				5.88	%	4/11/16		17,470,541		106,534
Eddy Street Commons				5.44	%	9/1/21		25,471,783		143,860
Four Property Pool Loan				5.44	%	9/1/21		43,351,975		244,844
Fox Lake Crossing				5.16	%	7/1/12		10,863,691		68,603
Geist Pavilion				5.78	%	1/1/17		11,125,000		55,372
Indian River Square				5.42	%	6/11/15		12,901,765		74,850
International Speedway Square				5.77	%	4/1/21		20,899,869		122,817
Kedron Village				5.70	%	1/11/17		29,700,000		145,778
Pine Ridge Crossing				6.34	%	10/11/16		17,500,000		95,601
Plaza at Cedar Hill				7.38	%	2/1/12		24,840,027		193,484
Plaza Volente				5.42	%	6/11/15		27,821,249		161,405
Preston Commons				5.90	%	3/11/13		4,157,970		28,173
Riverchase Plaza				6.34	%	10/11/16		10,500,000		57,360
Sunland Towne Centre				6.01	%	7/1/16		24,958,560		150,048
30 South				6.09	%	1/11/14		21,004,941		142,257
Traders Point				5.86	%	10/11/16		45,895,436		231,593
Whitehall Pike				6.71	%	7/5/18		7,740,704		77,436
Subtotal							$	376,856,906	$	2,237,833

Floating Rate Debt (Hedged)				LIBOR Hedge Rate		Maturity Date	Balance as of September 30, 2011		Monthly Debt Service as of September 30, 2011
Bank of America				1.73	%	12/27/11	$	19,700,000	$	28,401
PNC Bank				1.89	%	4/30/12		14,638,680		23,056
Charter One Bank				2.98	%	10/31/11		20,000,000		49,667
M&I Bank				1.65	%	12/19/11		20,000,000		27,500
TD Bank				3.31	%	1/3/17		14,577,612		40,210
Subtotal							$	88,916,292	$	168,834
TOTAL CONSOLIDATED FIXED RATE DEBT							$	465,773,198	$	2,406,667
TOTAL NET PREMIUMS ON FIXED RATE DEBT							$	223,768

Variable Rate Debt: Mortgages			Lender	Interest Rate1		Maturity Date	Balance as of September 30, 2011
951 & 41			KeyBank	LIBOR + 300		9/22/13	$	7,800,000
Beacon Hill2			Fifth Third Bank	LIBOR + 125		3/30/14		7,260,750
Eastgate Pavilion			PNC Bank	LIBOR + 295		4/30/12		14,638,680
Estero Town Commons3			Wells Fargo	LIBOR + 325		1/15/13		10,500,000
Fishers Station4			Old National Bank	LIBOR + 340		6/30/14		3,651,492
Gateway Shopping Center5			Charter One Bank	LIBOR + 190		10/31/11		20,442,866
Indiana State Motor Pool			Old National Bank	LIBOR + 325		2/4/14		3,350,915
Ridge Plaza			TD Bank	LIBOR + 325		1/3/17		14,531,583
Tarpon Springs Plaza			Wells Fargo	LIBOR + 325		1/15/13		12,187,942
Subtotal							$	94,364,228
	____________________
	1	At September 30, 2011, one-month LIBOR was 0.24%.

	2	The Company has a preferred return, then a 50% interest. The loan is guaranteed by Kite Realty Group, LP.

	3	The Company has a preferred return, then a 40% interest. The loan is guaranteed by Kite Realty Group, LP.

	4	The Company has a 25% interest in this property. The loan is guaranteed by Kite Realty Group, LP, the operating partnership. In addition, the Company has a $4.3 million revolving line of credit that is secured by this property. This line of credit has a maturity date of 6/30/13 at an interest rate of LIBOR+305. There are no amounts outstanding under this line of credit as of September 30, 2011.

	5	The Company has a preferred return, then a 50% interest. This loan is a several guaranteed by Kite Realty Group, LP. Subsequent to September 30, 2011 the maturity date for this loan was extended to 10/31/12.

	6	The Company has a preferred return, then a 60% interest.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 14

SCHEDULE OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2011 (CONTINUED)

Variable Rate Debt:

Construction Loans

Lender

Interest

Rate1

Maturity Date

Total

Commitment

Balance as of

September 30, 2011

Bridgewater Marketplace2

Indiana Bank And Trust

LIBOR + 185

6/29/13

7,000,000

Cobblestone Plaza3

Wells Fargo

LIBOR + 350

2/12/13

34,000,000

32,511,066

Delray Marketplace3

Wells Fargo

LIBOR + 300

1/31/12

4,725,000

Rivers Edge

Huntington Bank

LIBOR + 325

1/15/16

25,500,000

18,071,632

South Elgin Commons

Charter One Bank

LIBOR + 325

9/30/13

16,500,000

10,323,874

Subtotal

87,725,000

72,631,572

Corporate Debt

Lender

Interest

Rate1

Maturity Date

Balance as of

September 30, 2011

Unsecured Credit Facility4

KeyBank (Admin. Agent)

LIBOR + 275

6/6/14

131,686,200

Floating Rate Debt (Hedged)5

Various

(88,916,292)

TOTAL CONSOLIDATED VARIABLE RATE DEBT

209,765,708

TOTAL DEBT PER CONSOLIDATED BALANCE SHEET

675,762,674

____________________
1	At September 30, 2011, the one-month LIBOR interest rate was 0.24%.

2	The loan has a LIBOR floor of 3.15%.

3	The Company has a preferred return, then a 50% interest. This loan is guaranteed by Kite Realty Group, LP.

4	The Company has 48 unencumbered properties of which 45 are wholly owned and used as collateral under the unsecured credit facility and three of which are owned in joint ventures. The major unencumbered properties include: Broadstone Station, The Centre, The Corner, Coral Springs Plaza, Courthouse Shadows, Four Corner Square, King's Lake Square, Lithia Crossing, Market Street Village, Oleander Shopping Center, PEN Products, Red Bank Commons, Shops at Eagle Creek, Traders Point II, Union Station Parking Garage, Wal-Mart Plaza and Waterford Lakes.

5	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.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 15

SCHEDULE OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2011 (CONTINUED)

UNCONSOLIDATED DEBT

Variable Rate Debt - Construction Loans	Lender	Interest Rate1	Maturity Date	Total Commitment		Balance as of June 30, 2011
Parkside Town Commons2	Bank of America	LIBOR + 275	8/31/13	$	14,440,000	$	14,440,000
Eddy Street Commons – Limited Service Hotel 3	1st Source Bank	LIBOR + 315	8/18/14	10,850,000			9,515,066

Parkside Town Commons Joint Venture Partners' Share – 60%							(8,664,000	)
Eddy Street Commons – Limited Service Hotel Joint Venture Partners' Share – 50%							(4,757,533	)
KRG SHARE OF UNCONSOLIDATED DEBT						$	10,533,533

TOTAL KRG CONSOLIDATED DEBT							675,762,674
TOTAL KRG DEBT						$	686,296,207

____________________
1	At September 30, 2011, the one-month LIBOR interest rate was 0.24%.

2	The Company owns a 40% interest in Parkside Town Commons. This will change to a 20% ownership at the time of the hard cost construction financing.

3	The Company owns a 50% interest in Eddy Street Commons – Limited Service Hotel. The loan has a LIBOR floor of 0.85%.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 16

JOINT VENTURE SUMMARY — UNCONSOLIDATED PROPERTIES

During 2011, the Company owned the following unconsolidated properties with joint venture partners:

Property		Percentage Owned by the Company
Parkside Town Commons – Development Property1		40%
Eddy Street Commons Limited Service Hotel – Development Property		50%

____________________

1	The Company's 40% interest in Parkside Town Commons will change to 20% at the time of construction financing placement.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 17

CONDENSED COMBINED BALANCE SHEETS OF UNCONSOLIDATED PROPERTIES

(Parkside Town Commons and Eddy Street Commons Limited Service Hotel)

(Unaudited)

	September 30, 2011			December 31, 2010
Assets:
Investment properties, at cost:
Buildings and improvements	$	9,284,446		$	9,180,156
Furniture, equipment and other		257,673			258,048
Construction in progress		61,925,479			60,852,416
		71,467,598			70,290,620
Less: accumulated depreciation		(582,392	)		(388,260	)
		70,885,206			69,902,360
Cash and cash equivalents		2,510,112			1,146,354
Other receivables		521,546			141,043
Escrow deposits		—			600,000
Deferred costs, net		68,531			86,153
Prepaid and other assets		94,484			38,052
Total Assets	$	74,079,879		$	71,913,962

Liabilities and Shareholders’ Equity:
Mortgage and other indebtedness	$	23,955,066		$	43,287,141
Accounts payable and accrued expenses		1,653,122			839,607
Total Liabilities		25,608,188			44,126,748
Accumulated equity		48,471,689			27,787,214
Total Liabilities and Accumulated Equity	$	74,079,877		$	71,913,962
Company’s share of cash and cash equivalents	$	1,169,992		$	551,207
Company’s share of unconsolidated real estate assets	$	29,250,055		$	28,865,939
Company’s share of mortgage and other indebtedness	$	10,533,533		$	18,256,271

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 18

CONDENSED COMBINED STATEMENTS OF OPERATIONS OF UNCONSOLIDATED PROPERTIES

(Eddy Street Commons Limited Service Hotel)1

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010				2011			2010
Revenue:
Minimum rent	$	—		$	—		$	—		$	—
Tenant reimbursements		—			—			—			—
Other property related revenue		1,683,863			926,006			3,428,897			1,027,202
Total revenue		1,683,863			926,006			3,428,897			1,027,202

Expenses:
Property operating		977,846			537,568			2,048,556			741,122
Real estate taxes		87,501			44,000			308,534			44,000
Other expense		35,674			28,293			83,414			28,293
Total expenses		1,101,021			609,861			2,440,504			813,415


Net operating income		582,842			316,145			988,393			213,787
Depreciation and amortization2		—			(248,155	)		(194,133	)		(330,873	)
Interest expense		(103,139	)		(71,685	)		(305,367	)		(83,798	)
Net income (loss)	$	479,703		$	(3,695	)	$	488,893		$	(200,884	)
Company’s share of unconsolidated net operating income	$	291,421		$	158,073		$	494,197		$	106,893
Company’s share of unconsolidated interest expense	$	(51,570	)	$	(35,843	)	$	(152,684	)	$	(41,899	)

____________________
1	Parkside Town Commons is not yet operational.

2	Depreciation was ceased on the hotel asset in April 2011. In November, the Company sold the hotel.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 19

TOP 10 RETAIL TENANTS BY GROSS LEASABLE AREA (GLA)

As of September 30, 2011

This table includes the following:

·	Operating retail properties;

·	Operating commercial properties; and

·	Development property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 2011.

Tenant	Number of Locations		Total GLA		Number of Leases		Company Owned GLA1		Number of Anchor Owned Locations		Anchor Owned GLA2
Lowe's Home Improvement3		8		1,082,630		2		128,997		6		953,633
Target		6		665,732		0		0		6		665,732
Wal-Mart		4		618,161		1		103,161		3		515,000
Publix		6		289,779		6		289,779		0		0
Federated Department Stores		1		237,455		1		237,455		0		0
Kohl’s		2		186,090		0		0		2		186,090
Ross Stores		6		172,648		6		172,648		0		0
Dick's Sporting Goods		3		171,737		3		171,737		0		0
Bed Bath & Beyond/Buy Buy Baby		6		168,165		6		168,165		0		0
PetSmart		6		147,079		6		147,079		0		0
		48		3,739,476		31		1,419,021		17		2,320,455

____________________
1	Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants.

2	Includes the estimated size of the structures located on land owned by the Company and ground leased to tenants.

3	The Company has entered into one ground lease with Lowe’s Home Improvement for a total of 163,000 square feet, which is included in Anchor Owned GLA.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 20

TOP 25 TENANTS BY ANNUALIZED BASE RENT1,2

As of September 30, 2011

This table includes the following:

·	Operating retail properties;

·	Operating commercial properties; and

·	Development property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 2011.

Tenant	Type of Property	Number of Locations	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	Retail	6	289,779	4.9%	$	2,366,871	$	8.17	3.1%
Petsmart	Retail	6	147,079	2.5%		2,057,838		13.99	2.7%
Ross Stores	Retail	6	172,648	2.9%		1,887,521		10.93	2.4%
Bed Bath & Beyond/Buy Buy Baby	Retail	6	168,165	2.9%		1,823,311		10.84	2.4%
Toys R' Us	Retail	3	138,600	2.4%		1,779,446		12.84	2.3%
Lowe's Home Improvement	Retail	2	128,997	2.2%		1,764,000		6.04	2.3%
State of Indiana	Commercial	3	210,393	3.6%		1,635,911		7.78	2.1%
Marsh Supermarkets	Retail	2	124,902	2.1%		1,605,139		12.85	2.1%
Dick's Sporting Goods	Retail	3	171,737	2.9%		1,404,508		8.18	1.8%
Indiana Supreme Court	Commercial	1	75,488	1.3%		1,339,164		17.74	1.7%
Staples	Retail	4	89,797	1.5%		1,226,835		13.66	1.6%
HEB Grocery Company	Retail	1	105,000	1.8%		1,155,000		11.00	1.5%
Office Depot	Retail	4	103,402	1.8%		1,080,922		10.45	1.4%
Best Buy	Retail	2	75,045	1.3%		911,993		12.15	1.2%
Kmart	Retail	1	110,875	1.9%		850,379		7.67	1.1%
LA Fitness	Retail	1	45,000	0.8%		843,750		18.75	1.1%
TJX Companies	Retail	3	88,550	1.5%		834,813		9.43	1.1%
Michaels	Retail	3	68,989	1.2%		792,515		11.49	1.0%
Dominick's	Retail	1	65,977	1.1%		775,230		11.75	1.0%
City Securities Corporation	Commercial	1	38,810	0.7%		771,155		19.87	1.0%
A & P	Retail	1	58,732	1.0%		763,516		13.00	1.0%
Mattress Firm	Retail	7	29,255	0.5%		688,814		23.55	0.9%
Stein Mart	Retail	3	106,000	1.8%		682,000		6.43	0.9%
Nordstrom	Retail	1	35,200	0.6%		633,600		18.00	0.8%
Petco	Retail	3	40,778	0.7%		595,945		14.61	0.8%
			2,689,198	45.9%	$	30,270,176	$	10.60	39.3%

____________________
1	Annualized base rent represents the monthly contractual rent for September 2011 for each applicable tenant multiplied by 12.

2	Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants.

3	Annualized Base Rent per square foot is adjusted to account for the estimated square footage attributed to structures on land owned by the Company and ground leased to tenants.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 21

LEASE EXPIRATIONS – OPERATING PORTFOLIO1

As of September 30, 2011

This table includes the following:

·	Operating retail properties;

·	Operating commercial properties; and

·	Development property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 2011.

	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
2011	36	96,435	1.7%	$	1,504,109	2.0%	$	15.60	$	0
2012	86	292,670	5.0%		4,727,191	6.3%		16.15		0
2013	84	553,824	9.5%		6,732,268	9.0%		12.16		72,000
2014	85	564,261	9.7%		7,584,259	10.1%		13.44		340,475
2015	92	748,387	12.8%		10,141,618	13.5%		13.55		198,650
2016	96	844,238	14.5%		7,737,390	10.3%		9.16		0
2017	47	494,431	8.5%		7,326,110	9.7%		14.82		266,300
2018	31	369,736	6.3%		5,121,215	6.8%		13.85		0
2019	17	187,312	3.2%		2,854,670	3.8%		15.24		33,000
2020	19	359,888	6.2%		3,611,650	4.8%		10.04		156,852
Beyond	66	1,322,721	22.6%		17,846,758	23.7%		13.49		1,849,290
Total	659	5,833,903	100.0%	$	75,187,238	100.0%	$	12.89	$	2,916,567

____________________
1	Lease expiration table reflects rents in place as of September 30, 2011 and does not include option periods; 2011 expirations include 18 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 September 2011 for each applicable tenant multiplied by 12. Excludes ground lease revenue.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 22

LEASE EXPIRATIONS – RETAIL ANCHOR TENANTS1

As of September 30, 2011

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, 2011.

	Number of Expiring Leases1,2	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
2011	1	20,512	0.4%	$	126,672	0.2%	$	6.18	$	0
2012	5	99,747	1.7%		827,432	1.1%		8.30		0
2013	4	254,062	4.4%		1,256,461	1.7%		4.95		0
2014	9	236,834	4.1%		2,355,657	3.1%		9.95		0
2015	18	503,359	8.6%		5,020,887	6.7%		9.97		0
2016	13	609,387	10.5%		3,335,253	4.4%		5.47		0
2017	13	307,112	5.3%		3,680,144	4.9%		11.98		0
2018	8	300,576	5.2%		3,580,504	4.8%		11.91		0
2019	6	150,989	2.5%		2,070,625	2.8%		13.71		0
2020	9	326,354	5.5%		2,767,033	3.6%		8.48		0
Beyond	30	1,105,463	18.9%		13,645,240	18.1%		12.34		990,000
Total	116	3,914,395	67.1%	$	38,665,908	51.4%	$	9.88	$	990,000

____________________
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, 2011 and does not include option periods; 2011 expirations include one month-to-month tenant. This column also excludes ground leases.

3	Expiring GLA excludes square footage for non-owned ground lease structures on land we own and ground leased to tenants.

4	Annualized base rent represents the monthly contractual rent for September 2011 for each applicable property multiplied by 12. Excludes ground lease revenue.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 23

LEASE EXPIRATIONS – RETAIL SHOPS

As of September 30, 2011

This table includes the following:

·	Operating retail properties; and

·	Development property tenants open for business as of September 30, 2011.

	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
2011	35	75,923	1.3%	$	1,377,437	1.8%	$	18.14	$	0
2012	80	183,405	3.1%		3,737,953	5.0%		20.38		0
2013	74	164,803	2.8%		3,740,101	5.0%		22.69		72,000
2014	73	164,739	2.8%		3,647,145	4.9%		22.14		340,475
2015	73	199,927	3.4%		4,341,224	5.8%		21.71		198,650
2016	83	234,851	4.0%		4,402,137	5.9%		18.74		0
2017	32	107,034	1.8%		2,220,690	3.0%		20.75		266,300
2018	22	62,121	1.1%		1,414,004	1.9%		22.76		0
2019	11	36,323	0.6%		784,045	1.0%		21.59		33,000
2020	9	27,372	0.5%		702,885	0.9%		25.68		156,852
Beyond	32	120,867	2.2%		2,932,783	3.7%		24.26		859,290
Total	524	1,377,365	23.6%	$	29,300,404	38.9%	$	21.27	$	1,926,567

____________________
1	Lease expiration table reflects rents in place as of September 30, 2011, and does not include option periods; 2011 expirations include 17 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 September 2011 for each applicable property multiplied by 12. Excludes ground lease revenue.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 24

LEASE EXPIRATIONS – COMMERCIAL TENANTS

As of September 30, 2011

	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.
2011	0	0	0.0%	$	0	0.0%	$	0.00
2012	1	9,518	0.2%		161,806	0.2%		17.00
2013	6	134,959	2.3%		1,735,707	2.3%		12.86
2014	3	162,688	2.8%		1,581,457	2.1%		9.72
2015	1	45,101	0.8%		779,507	1.0%		17.28
2016	0	0	0.0%		0	0.0%		0.00
2017	2	80,285	1.4%		1,425,276	1.9%		17.75
2018	1	7,039	0.1%		126,708	0.2%		18.00
2019	0	0	0.0%		0	0.0%		0.00
2020	1	6,162	0.1%		141,732	0.2%		23.00
Beyond	4	96,391	1.6%		1,268,735	1.7%		13.16
Total	19	542,143	9.3%	$	7,220,928	9.6%	$	13.32

____________________
1	Lease expiration table reflects rents in place as of September 30, 2011 and does not include option periods. This column also excludes ground leases.

2	Annualized base rent represents the monthly contractual rent for September 30, 2011 for each applicable property multiplied by 12.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 25

SUMMARY RETAIL PORTFOLIO STATISTICS INCLUDING JOINT VENTURE PROPERTIES

	September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Company Owned GLA – Operating Retail1		5,219,373			5,133,713			5,052,161			5,132,850			4,999,009
Total GLA – Operating Retail1		8,109,910			8,026,604			7,939,606			8,020,295			7,886,454
Projected Company Owned GLA Under Development and Redevelopment2	See Note 4			See Note 4				841,677			716,100			791,506
Existing Owned GLA of Future Redevelopment Projects4		417,671			417,671			–			–			–
Projected Owned GLA of In-Process Development and Redevelopment Projects4		578,640			706,640			–			–			–
Projected Total GLA Under In-Process Development and Redevelopment2,4		1,107,257			1,418,000			1,034,290			908,743			1,113,663
Number of Operating Retail Properties		53			53			52			53			51
Number of Retail Properties In-Process Development or Redevelopment		9			9			8			6			7
Percentage Leased – Operating Retail		93.1	%		93.0	%		92.3	%		92.2	%		92.2	%
Annualized Base Rent & Ground Lease Revenue – Operating Retail Properties3 (excludes redevelopment)	$	65,314,333		$	64,332,559		$	62,628,349		$	63,533,070		$	61,225,594

____________________
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.

4	In June 2011, the Company revised the classifications of its In-Process and Future Development projects. See pages 28 and 29

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 26

SUMMARY COMMERCIAL PORTFOLIO STATISTICS

Retail Portfolio	September 30, 2011	June 30, 2011	March 31, 2011	December 31, 2010	September 30, 2010
Company Owned Net Rentable Area (NRA)1,4	580,849	580,849	581,380	581,380	499,221
Number of Operating Commercial Properties	4	4	4	4	4
Percentage Leased – Operating Commercial Properties4	93.3%	93.3%	92.0%	94.8%	95.5%
Annualized Base Rent – Commercial Properties2,3,4	$7,220,928	$7,216,472	$7,055,940	$7,474,590	$6,409,885

____________________
1	Company Owned NRA does not include square footage of Union Station Parking Garage, a detached parking garage supporting the 30 South property that includes approximately 850 parking spaces. It is managed by a third party.

2	Annualized Base Rent does not include income attributable to the Union Station Parking Garage.

3	Annualized Base Rent includes $779,507 from KRG and subsidiaries as of September 30, 2011.

4	Includes the office space at Eddy Street Commons.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 27

IN-PROCESS DEVELOPMENT / REDEVELOPMENT PROJECTS

Project	Project Type	Company Ownership %1	MSA	Actual/ Projected Opening Date2	Projected Owned GLA3	Projected Total GLA4	Percent of Owned GLA Occupied5	Percent of Owned GLA Pre-Leased/ Committed6	Total Estimated Project Cost7	Cost Incurred as of September 30, 20117	Major Tenants and Non-owned Anchors
Cobblestone Plaza, FL1	Development	50%	Ft. Lauderdale	Q2 2009/ Q4 2011	132,743	142,643	50.9%	95.6%	$52,000	$50,203	Whole Foods, Pets Emporium, Party City
Delray Marketplace, FL9	Development	50%	Delray Beach	Q4 2012	253,371	258,084	0.0%	66.0%	95,000	49,949	Publix, Frank Theatres, Max's Grille, Bobby Chan's, Charming Charlie, Chico's, White House \| Black Market, Jos. A Banks
Oleander Pointe, NC	Redevelopment	100%	Wilmington	Q4 2011	43,806	43,806	3.4%	85.9%	5,000	585	Whole Foods
Rivers Edge, IN	Redevelopment	100%	Indianapolis	Q4 2011	148,720	148,720	68.9%	100.0%	21,500	15,035	Nordstrom Rack, Buy Buy Baby, Container Store, Arhaus Furniture, BGI Fitness
Total In-Process Development / Redevelopment Projects					578,640	593,253	29.6%	83.0%	$173,500	$115,772

Cost incurred as of 9/30/2011 included in Construction in progress on condensed consolidated balance sheet.8										$72,192

____________________
1	The Company owns Cobblestone Plaza through a joint venture (cumulative preferred return of 10%, then 50%). Whole Foods is planning to take possession in the fourth quarter of 2011.

2	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.

3	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.

	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.

5	Includes tenants that have taken possession of their space or have begun paying rent.

6	Excludes outlot land parcels owned by the Company and ground leased to tenants. Includes leases under negotiation for approximately 13,226 square feet for which the Company has signed non-binding letters of intent.

7	Dollars in thousands. Reflects both the Company’s and partners’ share of costs.

8	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.

9	The Company owns Delray Marketplace through joint venture (cumulative preferred return of 8%, then 50%).

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 28

FUTURE DEVELOPMENT / REDEVELOPMENT PROJECTS

Project		Project Type4	MSA	Existing Owned GLA	Estimated Total GLA1	Total Estimated Project Cost1,2		Cost Incurred as of September 30, 20112		Major Tenants and Non-owned Anchors
Consolidated –
The Centre, IN		Redevelopment	Indianapolis	80,689	80,689	$	2,000	$	—	CVS Pharmacy
Bolton Plaza, FL		Redevelopment	Jacksonville	172,938	172,938		5,700		3,149	Academy Sports & Outdoors
Courthouse Shadows, FL		Redevelopment	Naples	134,867	134,867		2,500		388	Publix, Office Max
Broadstone Station, NC	Development		Raleigh	—	345,000		19,100		13,501	Shops, Pad Sales, Jr. Boxes, Super Wal-Mart (non-owned)
Four Corner Square / Maple Valley, WA5		Redevelopment/ Development	Seattle	29,177	118,010		14,100		10,931	Johnson Hardware (Do It Center), Walgreens, Grocer, Shops
New Hill Place, NC Phase I	Development		Raleigh	—	310,000		30,000		16,723	Target, Frank Theatres, 4 National Junior Anchors
Total Consolidated				417,671	1,161,504	$	73,400	$	44,692

Unconsolidated –
Parkside Town Commons, NC3	Development		Raleigh	—	1,500,000	$	148,000	$	63,783	Frank Theatres, Discount Department Store, Jr. Boxes, Restaurants
KRG Current Share of Unconsolidated3					1,500,000	$	29,600	$	25,513
							20%		40%

____________________
1	Total Estimated Cost and Estimated Total GLA based on preliminary site plans and includes non-owned anchor space that exists or is currently under construction.

2	Dollars in thousands. Reflects both the Company's and partners' share of costs.

3	Parkside Town Commons is owned through a joint venture with Prudential Real Estate Investors. The Company’s interest in this joint venture is 40% as of September 30, 2011 and will be reduced to 20% at the time of project specific construction financing.

4	Redevelopment properties have been removed from the operating portfolio statistics.

5	"Total Estimated Project Cost" includes a portion of the acquisition cost of the Four Corner Square shopping center which is a component of the Maple Valley redevelopment.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 29

GEOGRAPHIC DIVERSIFICATION – OPERATING PORTFOLIO

As of September 30, 2011

	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.
Indiana	24	2,273,806	39.2%	223	$	27,340,256	39.3%	$	12.87
· Retail	20	1,692,957	29.2%	204		20,119,328	28.9%		12.71
· Commercial	4	580,849	10.0%	19		7,220,928	10.4%		13.32
Florida	13	1,308,092	22.6%	172		15,135,588	21.7%		12.64
Texas	7	1,098,395	18.9%	80		12,070,461	17.3%		11.73
Georgia	3	300,116	5.2%	57		4,061,179	5.8%		14.61
Washington	3	126,496	2.2%	20		2,785,725	4.0%		23.38
Ohio	1	236,230	4.1%	7		2,119,766	3.0%		8.97
Illinois	3	310,830	5.4%	21		3,977,424	5.7%		13.32
New Jersey	1	115,088	2.0%	14		1,575,388	2.3%		16.43
Oregon	2	31,169	0.4%	13		552,907	0.9%		23.90
Total	57	5,800,222	100.0%	607	$	69,618,694	100.0%	$	12.89

____________________
1	This table includes operating retail properties, operating commercial properties, and ground lease tenants who commenced paying rent as of September 30, 2011 and excludes six retail properties under redevelopment.

2	Owned GLA/NRA represents gross leasable area or net leasable area owned by the Company. It does not include 29 parcels or outlots owned by the Company and ground leased to tenants, which contain 18 non-owned structures totaling approximately 357,104 square feet. It also excludes the square footage of Union Station Parking Garage.

3	Annualized Base Rent excludes $2,916,567 in annualized ground lease revenue attributable to parcels and outlots owned by the Company and ground leased to tenants.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 30

OPERATING RETAIL PROPERTIES – TABLE I

As of September 30, 2011

Property1	State	MSA	Year Built/Renovated	Year Added to Operating Portfolio	Acquired, Redeveloped, or Developed	Total GLA2	Owned GLA2	Percentage of Owned GLA Leased3
Bayport Commons7	FL	Oldsmar	2008	2008	Developed	268,556	97,153	91.2%
Coral Springs Plaza	FL	Ft. Lauderdale	2004/2010	2004	Redeveloped	46,079	46,079	100.0%
Estero Town Commons7	FL	Naples	2006	2007	Developed	206,600	25,631	72.6%
Indian River Square	FL	Vero Beach	1997/2004	2005	Acquired	379,246	144,246	97.6%
International Speedway Square	FL	Daytona	1999	1999	Developed	242,995	233,495	92.7%
King's Lake Square	FL	Naples	2003	2011	Acquired	85,497	85,497	90.5%
Lithia Crossing	FL	Tampa	1993	2006	Acquired	86,950	81,504	87.9%
Pine Ridge Crossing	FL	Naples	1993	2006	Acquired	258,874	105,515	96.3%
Riverchase Plaza	FL	Naples	1991/2001	2006	Acquired	78,380	78,380	95.5%
Shops at Eagle Creek	FL	Naples	1983	2003	Redeveloped	72,271	72,271	52.0%
Tarpon Springs Plaza	FL	Naples	2007	2007	Developed	276,346	82,547	95.1%
Wal-Mart Plaza	FL	Gainesville	1970	2004	Acquired	177,826	177,826	94.6%
Waterford Lakes Village	FL	Orlando	1997	2004	Acquired	77,948	77,948	98.4%
Kedron Village	GA	Atlanta	2006	2006	Developed	282,125	157,409	90.8%
Publix at Acworth	GA	Atlanta	1996	2004	Acquired	69,628	69,628	91.0%
The Centre at Panola	GA	Atlanta	2001	2004	Acquired	73,079	73,079	98.2%
Fox Lake Crossing	IL	Chicago	2002	2005	Acquired	99,072	99,072	89.4%
Naperville Marketplace	IL	Chicago	2008	2008	Developed	169,600	83,758	98.1%
South Elgin Commons	IL	Chicago	2009	2009	Developed	128,000	128,000	100.0%
50 South Morton	IN	Indianapolis	1999	1999	Developed	2,000	2,000	100.0%
54th & College	IN	Indianapolis	2008	2008	Developed	20,100	-	*
Beacon Hill7	IN	Crown Point	2006	2007	Developed	127,821	57,191	73.1%
Boulevard Crossing	IN	Kokomo	2004	2004	Developed	213,696	123,629	92.0%
Bridgewater Marketplace	IN	Indianapolis	2008	2008	Developed	50,820	25,975	68.3%
Cool Creek Commons	IN	Indianapolis	2005	2005	Developed	137,107	124,583	92.0%
Eddy Street Commons (Retail Only)	IN	South Bend	2009	2010	Developed	88,143	88,143	92.1%
Fishers Station4	IN	Indianapolis	1989	2004	Acquired	116,885	116,885	93.1%
Geist Pavilion	IN	Indianapolis	2006	2006	Developed	64,114	64,114	86.4%
Glendale Town Center	IN	Indianapolis	1958/2008	2008	Redeveloped	685,827	403,198	97.6%
Greyhound Commons	IN	Indianapolis	2005	2005	Developed	153,187	-	*
Hamilton Crossing Centre	IN	Indianapolis	1999	2004	Acquired	87,424	82,424	96.6%
Martinsville Shops	IN	Martinsville	2005	2005	Developed	10,886	10,886	100.0%
Red Bank Commons	IN	Evansville	2005	2006	Developed	324,308	34,258	66.1%

____________________
*	Property consists of ground leases only and, therefore, no Owned GLA. 54th & College is a single ground lease property; Greyhound Commons has two of four outlots leased.

1	All properties are wholly owned, except as indicated. Unless otherwise noted, each property is owned in fee simple by the Company.

2	Owned GLA represents gross leasable area that is owned by the Company. Total GLA includes Owned GLA, square footage attributable to non-owned anchor space, and non-owned structures on ground leases.

3	Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of September 30, 2011, except for Greyhound Commons and 54th & College (see *).

4	This property is divided into two parcels: a grocery store and small shops. The Company owns a 25% interest in the small shops parcel through a joint venture and a 100% interest in the grocery store. The joint venture partner is entitled to an annual preferred payment of $106,000. All remaining cash flow is distributed to the Company.

5	The Company does not own the land at this property. It has leased the land pursuant to two ground leases that expire in 2017. The Company has six five-year options to renew this lease.

6	The Company does not own the land at this property. It has leased the land pursuant to a ground lease that expires in 2012. The Company has six five-year renewal options and a right of first refusal to purchase the land.

7	The Company owns and manages the following properties through joint ventures with third parties: Beacon Hill (50%); Cornelius Gateway (80%); Estero Town Commons (40%); and Sandifur Plaza (95%).

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 31

OPERATING RETAIL PROPERTIES – TABLE I (CONTINUED)

Property1	State	MSA	Year Built/Renovated	Year Added to Operating Portfolio	Acquired, Redeveloped, or Developed	Total GLA2	Owned GLA2	Percentage of Owned GLA Leased3
Stoney Creek Commons	IN	Indianapolis	2000	2000	Developed	189,527	49,330	100.0%
The Corner	IN	Indianapolis	1984/2003	1984	Developed	42,660	42,660	100.0%
Traders Point	IN	Indianapolis	2005	2005	Developed	348,835	279,684	99.2%
Traders Point II	IN	Indianapolis	2005	2005	Developed	46,600	46,600	64.4%
Whitehall Pike	IN	Bloomington	1999	1999	Developed	128,997	128,997	100.0%
Zionsville Place	IN	Indianapolis	2006	2006	Developed	12,400	12,400	100.0%
Ridge Plaza	NJ	Oak Ridge	2002	2003	Acquired	115,088	115,088	83.3%
Eastgate Pavilion	OH	Cincinnati	1995	2004	Acquired	236,230	236,230	100.0%
Cornelius Gateway7	OR	Portland	2006	2007	Developed	35,800	21,324	62.3%
Shops at Otty5	OR	Portland	2004	2004	Developed	154,845	9,845	100.0%
Burlington Coat Factory6	TX	San Antonio	1992/2000	2000	Redeveloped	107,400	107,400	100.0%
Cedar Hill Village	TX	Dallas	2002	2004	Acquired	139,092	44,214	94.2%
Market Street Village	TX	Hurst	1970/2004	2005	Acquired	163,625	156,625	100.0%
Plaza at Cedar Hill	TX	Dallas	2000	2004	Acquired	299,847	299,847	86.9%
Plaza Volente	TX	Austin	2004	2005	Acquired	160,333	156,333	91.0%
Preston Commons	TX	Dallas	2002	2002	Developed	142,539	27,539	77.4%
Sunland Towne Centre	TX	El Paso	1996	2004	Acquired	312,450	306,437	97.6%
50th & 12th	WA	Seattle	2004	2004	Developed	14,500	14,500	100.0%
Gateway Shopping Center	WA	Seattle	2008	2008	Developed	285,200	99,444	94.8%
Sandifur Plaza7	WA	Pasco	2008	2008	Developed	12,552	12,552	82.5%
					Total	8,109,910	5,219,373	93.1%

See prior page for footnote disclosure.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 32

OPERATING RETAIL PROPERTIES – TABLE II

As of September 30, 2011

Property	State	MSA	Annualized Base Rent Revenue1	Annualized Ground Lease Revenue	Annualized Total Retail Revenue	Percentage of Annualized Total Retail Revenue	Base Rent Per Leased Owned GLA2	Major Tenants and Non-Owned Anchors3
Bayport Commons	FL	Oldsmar	$1,621,013	$ -	$1,621,013	2.48%	$18.29	PetSmart, Best Buy, Michaels, Target (non-owned)
Coral Springs Plaza	FL	Ft. Lauderdale	663,538	-	663,538	1.02%	14.40	Toys “R” Us/Babies “R” Us
Estero Town Commons	FL	Naples	496,485	750,000	1,246,485	1.91%	26.68	Lowe's Home Improvement
Indian River Square	FL	Vero Beach	1,449,613	-	1,449,613	2.22%	10.30	Beall's, Office Depot, Target (non-owned), Lowe's Home Improvement (non-owned)
International Speedway Square	FL	Daytona	2,167,185	405,475	2,572,660	3.94%	10.01	Bed Bath & Beyond, Stein Mart, Old Navy, Staples, Michaels, Dick’s Sporting Goods
King's Lake Square	FL	Naples	1,004,373	-	1,004,373	1.54%	12.98	Publix, Retro Fitness
Litha Crossing	FL	Tampa	997,084	72,000	1,069,084	1.64%	13.92	Stein Mart
Pine Ridge Crossing	FL	Naples	1,607,928	-	1,607,928	2.46%	15.83	Publix, Target (non-owned), Beall's (non-owned)
Riverchase Plaza	FL	Naples	1,044,608	-	1,044,608	1.60%	13.96	Publix
Shops at Eagle Creek	FL	Naples	610,100	55,104	665,204	1.02%	16.25	Staples, Lowe’s Home Improvement (non-owned)
Tarpon Springs Plaza	FL	Naples	1,609,167	100,000	1,709,167	2.62%	20.49	Cost Plus, A C Moore, Staples, Target (non-owned)
Wal-Mart Plaza	FL	Gainesville	919,171	-	919,171	1.41%	5.46	Books-A-Million, Save-A-Lot, Wal-Mart
Waterford Lakes Village	FL	Orlando	945,323	-	945,323	1.45%	12.32	Winn-Dixie
Kedron Village	GA	Atlanta	2,458,284	-	2,458,284	3.76%	17.20	Bed Bath & Beyond, Ross, PETCO, Target (non-owned)
Publix at Acworth	GA	Atlanta	733,393	-	733,393	1.12%	11.58	Publix
The Centre at Panola	GA	Atlanta	869,502	-	869,502	1.33%	12.11	Publix
Fox Lake Crossing	IL	Chicago	1,164,371	-	1,164,371	1.78%	13.15	Dominick's Finer Foods
Naperville Marketplace	IL	Chicago	1,041,157	-	1,041,157	1.59%	12.67	TJ Maxx, PetSmart, Caputo’s (non-owned)
South Elgin Commons	IL	Chicago	1,771,896	-	1,771,896	2.71%	13.84	LA Fitness, Target (non-owned), Ross, Toys “R” Us/Babies “R” Us
50 South Morton	IN	Indianapolis	126,000	-	126,000	0.19%	63.00
54th & College	IN	Indianapolis	-	260,000	260,000	0.40%	-	The Fresh Market (non-owned)
Beacon Hill	IN	Crown Point	586,307	-	586,307	0.90%	14.03	Strack & Van Til (non-owned), Walgreens (non-owned)
Boulevard Crossing	IN	Kokomo	1,574,914	-	1,574,914	2.41%	13.84	PETCO, TJ Maxx, Ulta Salon, Kohl's (non-owned)
Bridgewater Marketplace	IN	Indianapolis	311,253	-	311,253	0.48%	17.55	Walgreens (non-owned)
Cool Creek Commons	IN	Indianapolis	1,902,729	-	1,902,729	2.91%	16.60	The Fresh Market, Stein Mart, Cardinal Fitness
Eddy Street Commons	IN	South Bend	1,863,046	-	1,863,046	2.85%	22.96	Hammes Bookstore, Urban Outfitters
Fishers Station	IN	Indianapolis	1,197,294	-	1,197,294	1.83%	11.00	Marsh Supermarkets, Goodwill, Dollar Tree
Geist Pavilion	IN	Indianapolis	923,580	-	923,580	1.41%	16.68	Goodwill, Ace Hardware
Glendale Town Center	IN	Indianapolis	2,500,717	-	2,500,717	3.83%	6.35	Macy’s, Landmark Theatres, Staples, Indianapolis Library, Lowe's Home Improvement (non-owned), Target (non-owned), Walgreens (non-owned)
Greyhound Commons	IN	Indianapolis	-	221,748	221,748	0.34%	-	Lowe's Home Improvement (non-owned)
Hamilton Crossing Centre	IN	Indianapolis	1,460,652	78,650	1,539,302	2.36%	18.34	Office Depot
Martinsville Shops	IN	Martinsville	123,039	-	123,039	0.19%	11.30	Walgreens (non-owned)
Red Bank Commons	IN	Evansville	319,264	-	319,264	0.49%	14.09	Wal-Mart (non-owned), Home Depot (non-owned)

____________________
1	Annualized Base Rent Revenue represents the contractual rent for September 2011 for each applicable property, multiplied by 12. This table does not include Annualized Base Rent from development property tenants open for business as of September 30, 2011.

2	Owned GLA represents gross leasable area that is owned by the Company. Total GLA includes Owned GLA, square footage attributable to non-owned anchor space and non-owned structures on ground leases.

3	Represents the three largest tenants that occupy at least 10,000 square feet of GLA at the property, including non-owned anchors.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 33

OPERATING RETAIL PROPERTIES – TABLE II (CONTINUED)

Property	State	MSA	Annualized Base Rent Revenue1	Annualized Ground Lease Revenue	Annualized Total Retail Revenue	Percentage of Annualized Total Retail Revenue	Base Rent Per Leased Owned GLA2	Major Tenants and Non-Owned Anchors3
Stoney Creek Commons	IN	Indianapolis	491,323	-	491,323	0.75%	9.96	HH Gregg , Office Depot, Lowe's Home Improvement (non-owned)
The Corner	IN	Indianapolis	627,048	-	627,048	0.96%	14.70	Hancock Fabrics
Traders Point	IN	Indianapolis	4,071,372	435,000	4,506,372	6.90%	14.68	Dick's Sporting Goods, AMC Theatre, Marsh, Bed Bath & Beyond, Michaels, Old Navy, PetSmart
Traders Point II	IN	Indianapolis	780,784	-	780,784	1.20%	26.03
Whitehall Pike	IN	Bloomington	1,014,000	-	1,014,000	1.55%	7.86	Lowe's Home Improvement
Zionsville Place	IN	Indianapolis	246,004	-	246,004	0.38%	19.84
Ridge Plaza	NJ	Oak Ridge	1,575,388	-	1,575,388	2.41%	16.43	A&P Grocery, CVS
Eastgate Pavilion	OH	Cincinnati	2,119,766	-	2,119,766	3.25%	8.97	Best Buy, Dick's Sporting Goods, Value City Furniture, PetSmart, DSW
Cornelius Gateway	OR	Portland	272,194	-	272,194	0.42%	20.49	Fedex/Kinkos
Shops at Otty	OR	Portland	280,714	136,300	417,014	0.64%	28.51	Wal-Mart (non-owned)
Burlington Coat Factory	TX	San Antonio	537,000	-	537,000	0.82%	5.00	Burlington Coat Factory
Cedar Hill Village	TX	Dallas	723,651	-	723,651	1.11%	17.37	24 Hour Fitness, JC Penney (non-owned)
Market Street Village	TX	Hurst	1,780,097	33,000	1,813,097	2.78%	11.37	Jo-Ann Fabric, Ross, Office Depot, Buy Buy Baby
Plaza at Cedar Hill	TX	Dallas	3,275,831	-	3,275,831	5.02%	12.57	Hobby Lobby, Office Max, Ross, Marshalls, Sprouts Farmers Market, Toys“R”Us/Babies“R”Us
Plaza Volente	TX	Austin	2,135,632	110,000	2,245,632	3.44%	15.01	H-E-B Grocery
Preston Commons	TX	Dallas	525,468	-	525,468	0.80%	24.65	Lowe's Home Improvement (non-owned)
Sunland Towne Centre	TX	El Paso	3,092,782	115,290	3,208,072	4.91%	10.35	PetSmart, Ross, HMY Roomstore, Kmart, Bed Bath & Beyond, Specs Fine Wines
50th & 12th	WA	Seattle	475,000	-	475,000	0.73%	32.76	Walgreens
Gateway Shopping Center	WA	Seattle	2,114,406	144,000	2,258,406	3.46%	22.43	PetSmart, Ross, Rite Aid, Party City, Kohl’s (non-owned), Winco (non-owned)
Sandifur Plaza	WA	Pasco	196,320	-	196,320	0.30%	18.96	Walgreens (non-owned)
		Total	$62,397,766	$2,916,567	$ 65,314,333	100%	$12.84

See prior page for footnote disclosure.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 34

OPERATING COMMERCIAL PROPERTIES

As of September 30, 2011

Property	MSA	Year Built/ Renovated	Acquired, Redeveloped or Developed	Owned NRA	Percentage Of Owned NRA Leased	Annualized Base Rent1		Percentage of Annualized Commercial Base Rent	Base Rent Per Leased Sq. Ft.		Major Tenants
Indiana
30 South2	Indianapolis	1905/2002	Redeveloped	298,346	87.0%	$	4,638,104	64.2%	$	17.86	Indiana Supreme Court, City Securities, Kite Realty Group, Lumina Foundation
Pen Products	Indianapolis	2003	Developed	85,875	100.0%		834,705	11.6%		9.72	Indiana Dept. of Administration
Union Station Parking Garage3	Indianapolis	1986	Acquired	N/A	N/A		N/A	N/A		N/A	Denison Parking
Indiana State Motorpool	Indianapolis	2004	Developed	115,000	100.0%		639,400	8.9%		5.56	Indiana Dept. of Administration
Eddy Street Office (part of Eddy Street Commons) 4	South Bend	2009	Developed	81,628	100.0%		1,108,719	15.4%		13.58	University of Notre Dame Offices
TOTAL				580,849	93.3%	$	7,220,928	100.0%	$	13.32

____________________
1	Annualized Base Rent represents the monthly contractual rent for September 2011 for each applicable property, multiplied by 12.

2	Annualized Base Rent includes $779,507 from the Company and subsidiaries as of September 30, 2011.

3	The garage is managed by a third party.

4	The Company also owns a 50% interest in an unconsolidated limited service hotel at Eddy Street Commons in South Bend, Indiana along with a parking garage that serves the hotel and the office and retail components of the property.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 35

RETAIL OPERATING PORTFOLIO – TENANT BREAKDOWN1

As of September 30, 2011

	Owned Gross Leasable Area				Percent of Owned GLA Leased			Annualized Base Rent1				Annualized Base Rent per Leased Sq. Ft.
Property	State	Anchors	Shops	Total	Anchors	Shops	Total	Anchors	Shops	Ground Lease	Total	Anchors	Shops	Total
Bayport Commons	FL	71,540	25,613	97,153	100.0%	66.8%	91.2%	$1,107,187	$513,826	$ -	$1,621,013	$15.48	$30.04	$18.29
Coral Springs Plaza	FL	46,079	-	46,079	100.0%	0.0%	100.0%	663,538	-	-	663,538	14.40	-	14.40
Estero Town Commons	FL	-	25,631	25,631	0.0%	72.6%	72.6%	-	496,485	750,000	1,246,485	-	26.68	26.68
Indian River Square	FL	116,342	27,904	144,246	100.0%	87.5%	97.6%	973,085	476,528	-	1,449,613	8.36	19.53	10.30
International Speedway Square	FL	203,457	30,038	233,495	100.0%	43.3%	92.7%	1,933,185	234,000	405,475	2,572,660	9.50	18.00	10.01
King's Lake Square	FL	49,805	35,692	85,497	100.0%	77.3%	90.5%	358,890	645,483	-	1,004,373	7.21	23.40	12.98
Lithia Crossing	FL	36,000	45,504	81,504	100.0%	78.3%	87.9%	234,000	763,084	72,000	1,069,084	6.50	21.41	13.92
Pine Ridge Crossing	FL	66,351	39,164	105,515	100.0%	90.0%	96.3%	627,628	980,301	-	1,607,928	9.46	27.82	15.83
Riverchase Plaza	FL	48,890	29,490	78,380	100.0%	88.0%	95.5%	386,231	658,377	-	1,044,608	7.90	25.37	13.96
Shops at Eagle Creek	FL	51,703	20,568	72,271	49.3%	58.7%	52.0%	356,678	253,422	55,104	665,204	14.00	20.99	16.25
Tarpon Springs Plaza	FL	60,151	22,396	82,547	100.0%	82.1%	95.1%	1,144,008	465,159	100,000	1,709,167	19.02	25.31	20.49
Wal-Mart Plaza	FL	138,323	39,503	177,826	100.0%	75.8%	94.6%	561,479	357,692	-	919,171	4.06	11.94	5.46
Waterford Lakes Village	FL	51,703	26,245	77,948	100.0%	95.3%	98.4%	408,452	536,871	-	945,323	7.90	21.46	12.32
Kedron Village	GA	68,845	88,564	157,409	100.0%	83.6%	90.8%	849,648	1,608,636	-	2,458,284	12.34	21.72	17.20
Publix at Acworth	GA	37,888	31,740	69,628	100.0%	80.2%	91.0%	337,203	396,189	-	733,393	8.90	15.57	11.58
The Centre at Panola	GA	51,674	21,405	73,079	100.0%	93.9%	98.2%	413,392	456,110	-	869,502	8.00	22.69	12.11
Fox Lake Crossing	IL	65,977	33,095	99,072	100.0%	68.1%	89.4%	775,230	389,141	-	1,164,371	11.75	17.26	13.15
Naperville Marketplace	IL	61,683	22,075	83,758	100.0%	92.8%	98.1%	719,379	321,778	-	1,041,157	11.66	15.71	12.67
South Elgin Commons	IL	128,000	-	128,000	100.0%	0.0%	100.0%	1,771,896	-	-	1,771,896	13.84	-	13.84
50 South Morton	IN	-	2,000	2,000	0.0%	100.0%	100.0%	-	126,000	-	126,000	-	63.00	63.00
54th & College	IN	-	-	-	0.0%	0.0%	0.0%	-	-	260,000	260,000	-	-	-
Beacon Hill	IN	11,043	46,148	57,191	100.0%	66.6%	73.1%	132,516	453,791	-	586,307	-	14.76	14.03
Boulevard Crossing	IN	73,440	50,189	123,629	100.0%	80.4%	92.0%	862,900	712,014	-	1,574,914	11.75	17.65	13.84
Bridgewater Marketplace	IN	-	25,975	25,975	0.0%	68.3%	68.3%	-	311,253	-	311,253	-	17.55	17.55
Cool Creek Commons	IN	63,600	60,983	124,583	100.0%	83.7%	92.0%	643,200	1,259,529	-	1,902,729	10.11	24.69	16.60
Eddy Street Commons	IN	20,154	67,989	88,143	100.0%	89.7%	92.1%	342,618	1,520,428	-	1,863,046	17.00	24.93	22.96
Fishers Station	IN	72,212	44,673	116,885	100.0%	82.0%	93.1%	705,907	491,388	-	1,197,294	9.78	13.42	11.00
Geist Pavilion	IN	29,700	34,414	64,114	100.0%	74.6%	86.4%	360,956	562,624	-	923,580	12.15	21.91	16.68
Glendale Town Center	IN	329,588	73,610	403,198	100.0%	87.1%	97.6%	1,244,313	1,256,404	-	2,500,717	3.78	19.60	6.35
Greyhound Commons	IN	-	-	-	0.0%	0.0%	0.0%	-	-	221,748	221,748	-	-	-
Hamilton Crossing Centre	IN	30,722	51,702	82,424	100.0%	94.6%	93.5%	345,623	1,115,029	78,650	1,539,302	11.25	22.80	18.34
Martinsville Shops	IN	-	10,886	10,886	0.0%	100.0%	100.0%	-	123,039	-	123,039	-	11.30	11.30
Red Bank Commons	IN	-	34,258	34,258	0.0%	66.1%	66.1%	-	319,264	-	319,264	-	14.09	14.09
Stoney Creek Commons	IN	49,330	-	49,330	100.0%	0.0%	100.0%	491,323	-	-	491,323	9.96	-	9.96
The Corner	IN	12,200	30,460	42,660	100.0%	100.0%	100.0%	88,450	538,599	-	627,048	7.25	17.68	14.70
Traders Point	IN	238,721	40,963	279,684	100.0%	94.3%	99.2%	3,134,370	937,002	435,000	4,506,372	13.13	24.27	14.68
Traders Point II	IN	-	46,600	46,600	0.0%	64.4%	64.4%	-	780,784	-	780,784	-	26.03	26.03
Whitehall Pike	IN	128,997	-	128,997	100.0%	0.0%	100.0%	1,014,000	-	-	1,014,000	7.86	-	7.86
Zionsville Place	IN	-	12,400	12,400	0.0%	100.0%	100.0%	-	246,004	-	246,004	-	19.84	19.84
Ridge Plaza	NJ	69,612	45,476	115,088	100.0%	57.8%	83.3%	997,762	577,626	-	1,575,388	14.33	21.99	16.43
Eastgate Pavilion	OH	231,730	4,500	236,230	100.0%	100.0%	100.0%	1,987,016	132,750	-	2,119,766	8.57	29.50	8.97
Cornelius Gateway	OR	-	21,324	21,324	0.0%	62.3%	62.3%	-	272,194	-	272,194	-	20.49	20.49
Shops at Otty	OR	-	9,845	9,845	0.0%	100.0%	100.0%	-	280,714	136,300	417,014	-	28.51	28.51
Burlington Coat Factory	TX	107,400	-	107,400	100.0%	0.0%	100.0%	537,000	-	-	537,000	5.00	-	5.00
Cedar Hill Village	TX	32,231	11,983	44,214	100.0%	78.7%	94.2%	531,812	191,840	-	723,651	16.50	20.34	17.37
Market Street Village	TX	136,746	19,879	156,625	100.0%	100.0%	100.0%	1,312,907	467,190	33,000	1,813,097	9.60	23.50	11.37
Plaza at Cedar Hill	TX	227,106	72,741	299,847	89.0%	80.5%	86.9%	2,137,941	1,137,890	-	3,275,831	10.58	19.42	12.57
Plaza Volente	TX	105,000	51,333	156,333	100.0%	72.6%	91.0%	1,155,000	980,632	110,000	2,245,632	11.00	26.32	15.01
Preston Commons	TX	-	27,539	27,539	0.0%	77.4%	77.4%	-	525,468	-	525,468	-	24.65	24.65
Sunland Towne Centre	TX	265,037	41,400	306,437	100.0%	81.9%	97.6%	2,324,476	768,306	115,290	3,208,072	8.77	22.66	10.35
50th & 12th	WA	14,500	-	14,500	100.0%	0.0%	100.0%	475,000	-	-	475,000	32.76	-	32.76
Gateway Shopping Center	WA	74,639	24,805	99,444	100.0%	79.1%	94.8%	1,497,779	616,627	144,000	2,258,406	20.06	31.41	22.43
Sandifur Plaza	WA	-	12,552	12,552	0.0%	82.5%	82.5%	-	196,320	-	196,320	-	18.96	18.96
	Total	3,678,119	1,541,254	5,219,373	98.6%	80.0%	93.1%	$35,943,978	$26,453,787	$2,916,567	$65,314,333	$ 9.91	$21.46	$12.84

____________________
1	This table does not include annualized base rent from development property tenants open for business as of September 30, 2011.

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/11

p. 36

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