KITE REALTY GROUP TRUST - FORM 8-K - EX-99.2 - EXHIBIT 99.2 Q4 2011 SUPPLEMENTAL

Attached files

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8-K - FORM 8-K Q4 2011 - KITE REALTY GROUP TRUST	form8k_q42011.htm
EX-99.1 - EXHIBIT 99.1 PRESS RELEASE - KITE REALTY GROUP TRUST	exhibit99_1.htm

EXHIBIT 99.2

QUARTERLY FINANCIAL SUPPLEMENT 2011

KITE REALTY GROUP TRUST

DECEMBER 31, 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 – DECEMBER 31, 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 Twelve Months Ended December 31
9		Funds from Operations and Other Financial Information for the Three and Twelve Months Ended December 31
10		Market Capitalization
10		Ratio of Debt to Total Undepreciated Assets as of December 31, 2011
11		Same Property Net Operating Income for the Three and Twelve Months Ended December 31
12		Net Operating Income by Quarter
13		Summary of Outstanding Debt as of December 31, 2011
14		Schedule of Outstanding Debt as of December 31, 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 Twelve Months Ended December 31
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

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

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 December 31, 2011, we owned interests in 63 properties totaling approximately 9.0 million square feet and an additional 0.6 million square feet in three 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 December 31, 2011

·	Operating Retail Properties	54
·	Operating Commercial Properties	4
·	Total Properties Under Redevelopment	6
	Total Operating and Redevelopment Properties	63
·	Total Properties Under In-Process Development	3
·	States	9
·	Total GLA/NRA of 58 Operating Properties	8,976,140
·	Owned GLA/NRA of 58 Operating Properties	6,073,743
·	Projected Owned GLA of In-Process Development and Redevelopment Projects
·	Percentage of Owned GLA/NRA Leased – Total Portfolio	93.3 %
·	Percentage of Owned GLA Leased – Retail Operating	93.3%
·	Percentage of Owned NRA Leased – Commercial Operating	93.3%
·	Total Full-Time Employees	77

Stock Listing: New York Stock Exchange symbol: KRG

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

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) 274-2625		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

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

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 Company’s Annual Report on Form 10-K for the year ended December 31, 2011 to be filed on or about March 15, 2012, 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 expects to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2011 on or about March 15, 2012.

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.

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

CORPOATE STRUCTURE CHART - DECEMBER 31, 2011

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	December 31, 2011			December 31, 2010
Assets:
Investment properties, at cost:
Land	$	238,129,092		$	228,707,073
Land held for development		36,977,501			27,384,631
Buildings and improvements		845,173,680			780,038,034
Furniture, equipment and other		5,474,403			5,166,303
Construction in progress		147,973,380			158,636,747
		1,273,728,056			1,199,932,788
Less: accumulated depreciation		(178,006,632	)		(152,083,936	)
		1,095,721,424			1,047,848,852
Cash and cash equivalents		10,042,450			15,394,528
Tenant receivables, including accrued straight-line rent of $11,398,347 and $9,113,712, respectively, net of allowance for uncollectible accounts		20,413,671			18,204,215
Other receivables		2,978,225			5,484,277
Investments in unconsolidated entities, at equity		21,646,443			11,193,113
Escrow deposits		9,424,986			8,793,968
Deferred costs, net		31,079,129			24,207,046
Prepaid and other assets		1,959,790			1,656,746
Total Assets	$	1,193,266,118		$	1,132,782,745

Liabilities and Equity:
Mortgage and other indebtedness	$	689,122,933		$	610,926,613
Accounts payable and accrued expenses		36,048,324			32,362,917
Deferred revenue and other liabilities1		12,636,228			15,399,002
Total Liabilities		737,807,485			658,688,532
Commitments and contingencies
Redeemable noncontrolling interests in the Operating Partnership		41,836,613			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 December 31, 2011 and December 31, 2010, respectively		70,000,000			70,000,000
Common Shares, $.01 par value, 200,000,000 shares authorized 63,617,019 shares and 63,342,219 shares issued and outstanding at December 31, 2011 and December 31, 2010, respectively		636,170			633,422
Additional paid in capital		449,763,528			448,779,180
Accumulated other comprehensive loss		(1,524,095	)		(2,900,100	)
Accumulated deficit		(109,504,068	)		(93,447,581	)
Total Kite Realty Group Trust Shareholders’ Equity		409,371,535			423,064,921
Noncontrolling Interests		4,250,485			6,914,264
Total Equity		413,662,020			429,979,185
Total Liabilities and Equity	$	1,193,266,118		$	1,132,782,745

____________________
1	Includes $8,637,607 of deferred revenue related to mark to market lease accounting as of December 31, 2011 and $9,867,906 as of December 31, 2010.

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

CONSOLIDATED STATEMENTS OF OPERATIONS – THREE AND TWELVE MONTHS (UNAUDITED)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2011			2010			2011			2010
Revenue:
Minimum rent	$	20,174,665		$	18,067,685		$	77,019,425		$	71,836,417
Tenant reimbursements		5,294,063			4,319,215			20,264,222			17,666,443
Other property related revenue		1,097,401			1,769,649			4,252,623			5,065,169
Construction and service fee revenue		106,285			1,746,947			373,105			6,848,073
Total revenue		26,672,414			25,903,496			101,909,375			101,416,102
Expenses:
Property operating		4,667,749			4,887,479			18,607,865			17,691,738
Real estate taxes		3,387,794			2,347,560			13,828,995			12,044,966
Cost of construction and services		9,092			1,598,958			309,074			6,142,042
General, administrative and other		1,619,726			1,480,980			6,284,397			5,372,056
Depreciation and amortization		9,201,670			9,290,845			37,068,830			40,732,228
Total expenses		18,886,031			19,605,822			76,099,161			81,983,030
Operating income		7,786,383			6,297,674			25,810,214			19,433,072
Interest expense		(6,981,496	)		(7,219,072	)		(25,291,512	)		(28,532,440	)
Income tax benefit/(expense) of taxable REIT subsidiary		74,022			(31,932	)		1,294			(265,986	)
Income (loss) income from unconsolidated entities		89,181			48,477			333,628			(51,964	)
Gain on sale of unconsolidated property, net		4,320,155			—			4,320,155			—
Other income		25,410			44,985			208,870			231,178
Income (loss) from continuing operations		5,313,655			(859,868	)		5,382,649			(9,186,140	)
Discontinued operations – loss on sale of operating property		(397,909	)		—			(397,909	)		—
Consolidated net income (loss)		4,915,746			(859,868	)		4,984,740			(9,186,140	)
Net (income)/loss attributable to noncontrolling interests		(414,434	)		74,227			(3,466	)		915,310
Net income (loss) attributable to Kite Realty Group Trust		4,501,312			(785,641	)		4,981,274			(8,270,830	)
Dividends on preferred shares		(1,443,750	)		(376,979	)		(5,775,000	)		(376,979	)
Net income (loss) attributable to common shareholders	$	3,057,562		$	(1,162,620	)	$	(793,726	)	$	(8,647,809	)

Net income (loss) per common share attributable to Kite Realty Group Trust common shareholders – basic and diluted:
Income (loss) from continuing operations attributable to common shareholders	$	0.05		$	(0.02	)	$	(0.01	)	$	(0.14	)
Loss from discontinued operations attributable to common shareholders		(0.00	)		—			(0.00	)		—
Net income (loss) attributable to common shareholders	$	0.05		$	(0.02	)	$	(0.01	)	$	(0.14	)


Weighted average common shares outstanding – basic		63,613,728			63,340,098			63,557,322			63,240,474
Weighted average common shares outstanding – diluted		71,696,106			63,340,098			63,557,322			63,240,474
Dividends declared per common share	$	0.06		$	0.06		$	0.24		$	0.24

Income (loss) attributable to Kite Realty Group Trust common shareholders:
Income (loss) from continuing operations	$	3,411,876		$	(1,162,620	)	$	(439,412	)	$	(8,647,809	)
Discontinued operations		(354,314	)		—			(354,314	)		—
Net income (loss) attributable to Kite Realty Group Trust Common shareholders	$	3,057,562		$	(1,162,620	)	$	(793,726	)	$	(8,647,809	)

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

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

			Three Months Ended December 31,						Twelve Months Ended December 31,
			2011			2010			2011			2010
Consolidated net income (loss)			$	4,915,746		$	(859,868	)	$	4,984,740		$	(9,186,140	)
Less dividends on preferred shares				(1,443,750	)		(376,979	)		(5,775,000	)		(376,979	)
Less net income attributable to noncontrolling interests in properties				(38,244	)		(20,446	)		(101,069	)		(117,155	)
Add loss on sale of operating property				397,909			—			397,909			—
Less gain on sale of unconsolidated property, net				(4,320,155	)		—			(4,320,155	)		—
Add depreciation and amortization, net of noncontrolling interests				9,054,424			9,098,045			36,577,580			39,950,624
Funds From Operations of the Kite Portfolio1				8,565,930			7,840,752			31,764,005			30,270,350
Less redeemable noncontrolling interests in Funds From Operations				(942,252	)		(869,391	)		(3,494,040	)		(3,359,076	)
Funds From Operations allocable to the Company1			$	7,623,628		$	6,971,361		$	28,269,965		$	26,911,274

Basic FFO per share of the Kite Portfolio			$	0.12		$	0.11		$	0.44		$	0.43
Diluted FFO per share of the Kite Portfolio			$	0.12		$	0.11		$	0.44		$	0.42

Basic weighted average Common Shares outstanding				63,613,728			63,340,098			63,557,322			63,240,474
Diluted weighted average Common Shares outstanding				63,852,565			63,641,410			63,828,582			63,490,597
Basic weighted average Common Shares and Units outstanding				71,457,269			71,199,356			71,406,505			71,166,137
Diluted weighted average Common Shares and Units outstanding				71,696,106			71,500,669			71,677,765			71,416,260

Other Financial Information:
Capital expenditures2
Tenant improvements – Retail3			$	2,067,241		$	74,961		$	3,740,846		$	1,010,750
Tenant improvements – Commercial				—			—			53,500			—
Leasing commissions – Retail				231,943			304,876			1,251,118			838,140
Leasing commissions – Commercial				40,351			—			40,351			30,662
Capital improvements4				142,126			145,394			504,379			767,648
Scheduled debt principal payments				1,642,750			1,201,871			5,245,847			4,807,088
Straight line rent – total				783,779			131,257			2,690,710			547,063
– term of lease				103,551
– pre-cash rent period – operating properties				647,593
– pre-cash rent period – dev/redev properties				32,635
Market rent amortization income from acquired leases				528,430			626,039			2,460,002			2,822,305
Market debt adjustment				107,714			107,714			430,856			430,858
Non-cash compensation expense				245,718			163,775			879,287			655,438
Capitalized interest				1,997,641			2,219,539			8,486,590			8,807,062
Mark to market lease amount in Deferred revenue and Other liabilities on condensed consolidated balance sheet				8,637,607			9,867,906			8,637,607			9,687,906
Acreage of undeveloped, peripheral land in the operating portfolio5				33.6
Mid-quarter rent commencement not recognized in income statement (annualized)6			$	83,219

	____________________
	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	Reflects tenant improvements totaling $1.8 million for two anchor tenants.
	4	A portion of these capital improvements are reimbursed by tenants and are revenue producing.
	5	Not reflected in construction in progress and land held for development (book value $7.1 million).
	6	Reflects impact for full quarter for operating property tenants commencing cash rent in the quarter offset by terminated tenants

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

MARKET CAPITALIZATION AS OF DECEMBER 31, 2011


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

Total Common Shares Outstanding				89.0		%		63,617,019

Operating Partnership ("OP") Units Outstanding				11.0		%		7,842,498

Combined Common Shares and OP Units				100.0		%		71,459,517

Market Price of Common Shares at December 31, 2011							$	4.51

Series A Preferred Shares								70,000,000

Total Equity Capitalization								392,282,422		37	%

Debt Capitalization:
Company Consolidated Outstanding Debt								689,122,933

Less: Partner Share of Consolidated Joint Venture Debt2								(25,631,856	)

Company Share of Outstanding Debt								663,491,077

Pro-rata Share of Unconsolidated Joint Venture Debt								5,776,000

Less: Cash and Cash Equivalents (Consolidated and Pro-rata share of unconsolidated Joint Venture cash)								(10,623,848	)

Total Net Debt Capitalization								658,643,229		63	%

Total Market Capitalization as of December 31, 2011							$	1,050,925,651		100	%

RATIO OF DEBT TO TOTAL UNDEPRECIATED ASSETS AS OF DECEMBER 31, 2011
Consolidated Undepreciated Real Estate Assets				$	1,273,728,056
Company Share of Unconsolidated Real Estate Assets					24,843,382
Escrow and Other Deposits					9,424,986
				$	1,307,996,424

Total Consolidated Debt				$	689,122,933
Company Share of Joint Venture Debt					5,776,000
Less: Cash, including unconsolidated					(10,623,848	)
				$	684,275,085

Ratio of Net Debt to Total Undepreciated Real Estate Assets					52.3	%

RATIO OF COMPANY SHARE OF DEBT TO EBITDA AS OF DECEMBER 31, 2011
Company share of
- consolidated debt				$	663,491,077
- unconsolidated debt					5,776,000
Less: Cash					(10,623,848	)
					658,643,229
Q4 2011 EBITDA, annualized:
- consolidated		$	67,952,212
- pro forma adjustment1		6,757
- minority interest EBITDA		(192,597		)	67,766,372
					9.72	x

1	Represents full year effect of adjustments for seasonality of percentage rent, annualization of mid-fourth quarter rent commencement, and normalizing other property related revenue.
2	Partners’ interests in Estero Town Commons and Cobblestone Plaza were acquired for a nominal amount.

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

SAME PROPERTY NET OPERATING INCOME (NOI)

	Three Months Ended December 31,								Twelve Months Ended December 31,
	2011			2010			% Change		2011			2010			% Change
Number of properties at period end1		52			52					52			52

Leased percentage at period-end		93.0%			92.6%					93.0%			92.6%
Minimum rent	$	16,740,686		$	16,237,150				$	66,861,417		$	65,393,382
Tenant recoveries		4,082,673			3,953,498					16,763,021			16,254,231
Other income		1,061,788			1,134,904					1,248,617			1,257,744
		21,885,147			21,325,552					84,873,055			82,905,357

Property operating expenses		4,094,458			4,842,809					16,276,930			16,459,497
Real estate taxes		2,729,037			2,238,111					11,098,536			11,016,632
		6,823,495			7,080,920					27,375,466			27,476,129

Net operating income – same properties (52 properties)2		15,061,652			14,244,632		5.7	%		57,497,589			55,429,228		3.7	%

Reconciliation to Most Directly Comparable GAAP Measure:

Net operating income – same properties	$	15,061,652		$	14,244,632				$	57,497,589		$	55,429,228
Other income (expense), net		(10,560,340	)		(15,030,273	)				(52,516,315	)		(63,700,058	)
Less: dividends on preferred shares		(1,443,750	)		(376,979	)				(5,775,000	)		(376,979	)
Net loss attributable to common shareholders	$	3,057,562		$	(1,162,620	)			$	(793,726	)	$	(8,647,809	)

____________________
1	Same Property analysis excludes Courthouse Shadows, The Centre and Bolton Plaza 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.

p. 11

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

NET OPERATING INCOME BY QUARTER

	Three Months Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010
Revenue:
Minimum rent	$	20,174,665		$	19,503,426		$	18,974,092		$	18,367,242		$	18,067,685
Tenant reimbursements		5,294,063			4,924,929			4,866,020			5,179,210			4,319,215
Other property related revenue		568,919			389,186			1,027,535			418,620			1,288,954
Parking revenue, net1		99,510			73,242			(32,470	)		63,355			90,655
		26,137,157			24,890,783			24,835,177			24,028,427			23,766,509
Expenses:
Property operating – Recoverable2		3,518,157			3,439,098			3,239,523			4,019,203			3,756,769
Property operating – Non-Recoverable2		910,331			848,651			1,044,234			668,605			923,526
Real estate taxes		3,198,083			3,299,179			3,428,512			3,128,591			2,164,704
		7,626,571			7,586,928			7,712,269			7,816,399			6,844,999
Net Operating Income – Properties		18,510,586			17,303,855			17,122,908			16,212,028			16,921,510

Other Income (Expense):
Construction and service fee revenue		106,285			180,299			76,483			10,038			1,746,947
Cost of construction and services		(9,092	)		(135,816	)		(114,254	)		(49,913	)		(1,598,958	)
General, administrative, and other		(1,619,726	)		(1,374,659	)		(1,413,918	)		(1,848,452	)		(1,480,980	)
Transaction costs		—			(27,640	)		(49,968	)		—			—
		(1,522,533	)		(1,357,816	)		(1,501,657	)		(1,888,327	)		(1,332,991	)
Earnings Before Interest, Taxes, Depreciation and Amortization		16,988,053			15,946,039			15,621,251			14,323,701			15,588,519

Depreciation and amortization		(9,201,670	)		(8,797,064	)		(9,893,224	)		(9,176,873	)		(9,290,845	)
Interest expense		(6,981,496	)		(6,567,870	)		(5,840,521	)		(5,901,625	)		(7,219,072	)
Income tax benefit (expense) of taxable REIT subsidiary		74,022			(119,561	)		30,760			16,073			(31,932	)
Income (loss) from unconsolidated entities		89,181			239,852			92,220			(87,625	)		48,477
Gain on sale of unconsolidated property, net		4,320,155			—			—			—			—
Other income		25,410			40,839			93,582			49,038			44,985
Income (loss) from continuing operations		5,313,655			742,235			104,068			(777,311	)		(859,868	)
Discontinued operations - sale of operating property 4		(397,909	)		—			—			—			—
Net income (loss)		4,915,746			742,235			104,068			(777,311	)		(859,868	)
Net (income) loss attributable to noncontrolling interest		(414,434	)		57,931			282,545			70,494			74,227
Net income (loss) attributable to Kite Realty Group Trust		4,501,312			800,166			386,613			(706,817	)		(785,641	)
Dividends on preferred shares		(1,443,750	)		(1,443,750	)		(1,443,750	)		(1,443,750	)		(376,979	)
Net income (loss) attributable to common shareholders	$	3,057,562		$	(643,584	)	$	(1,057,137	)	$	(2,150,567	)	$	(1,162,620	)

NOI/Revenue		70.8%			69.5%			68.9%			67.5%			71.2%
Recovery Ratio3
– Retail Only		87.3%			80.9%			82.3%			83.0%			85.7%
– Total Portfolio		78.8%			73.1%			73.0%			72.5%			72.9%

____________________
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 (or G&A expense of $0.4 million) allocable to the property operations in the three months ended December 31, 2011, 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.
4	In December 2011, the Company sold its Martinsville Shops property. The operating results of this property were not material.

p. 12

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

SUMMARY OF OUTSTANDING DEBT AS OF DECEMBER 31, 2011

TOTAL OUTSTANDING DEBT
	Outstanding Amount			Ratio			Weighted Average Interest Rate1			Weighted Average Maturity (in years)
Fixed Rate Debt
Consolidated	$	375,615,005			54	%		5.86	%		5.4
Floating Rate Debt (Hedged)		29,677,612			4	%		5.38	%		5.0
Total Fixed Rate Debt		405,292,617			58	%		5.83	%		5.3
Variable Rate Debt:
Construction Loans		82,454,406			12	%		3.64	%		2.1
Other Variable		230,937,468			33	%		3.28	%		2.5
Floating Rate Debt (Hedged)		(29,677,612	)		-4	%		-3.37	%		-5.0
Unconsolidated		5,776,000			1	%		3.05	%		1.7
Total Variable Rate Debt		289,490,262			42	%		3.37	%		2.1
Net Premiums on Fixed Rate Debt		116,054			N/A			N/A			N/A
Total	$	694,898,933			100	%		4.81	%		4.0


SCHEDULE OF MATURITIES BY YEAR
	Mortgage Debt						Construction Debt		Total Consolidated Outstanding Debt		KRG Share of UnconsolidatedMortgage Debt		Total Consolidated and Unconsolidated Debt
	Annual Maturity		Term Maturities		Corporate Debt		Construction Debt		Total Consolidated Outstanding Debt		KRG Share of UnconsolidatedMortgage Debt		Total Consolidated and Unconsolidated Debt
2012	$	5,324,072	$	55,708,261	$	-	$	-	$	61,032,333	$	-	$	61,032,333
2013		5,483,183		34,515,432		-		53,890,081		93,888,696		5,776,000		99,664,696
2014		5,300,844		38,124,712		134,686,200		7,798,762		185,910,518		-		185,910,518
2015		5,112,791		38,301,942		-		1,080,000		44,494,733		-		44,494,733
2016		4,312,359		124,903,612		-		19,685,563		148,901,534		-		148,901,534
2017		2,675,493		52,560,715		-		-		55,236,208		-		55,236,208
2018		2,513,756		4,253,650		-		-		6,767,406		-		6,767,406
2019 and Beyond		6,327,931		86,447,520		-		-		92,775,451		-		92,775,451
Net Premiums on Fixed Rate Debt		116,054		-		-		-		116,054		-		116,054
Total	$	37,166,483	$	434,815,844	$	134,686,200	$	82,454,406	$	689,122,933	$	5,776,000	$	694,898,933

____________________
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.

p. 13

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

SCHEDULE OF OUTSTANDING DEBT AS OF DECEMBER 31, 2011

CONSOLIDATED DEBT
Fixed Rate Debt				Interest Rate		Maturity Date	Balance As of December31,2011		Monthly Debt Service As of December 31, 2011
50th & 12th				5.67	%	11/11/14	$	4,211,416	$	27,190
Bayport Commons1				5.44	%	9/1/21		13,070,487		74,045
The Centre at Panola, Phase I				6.78	%	1/1/22		3,257,178		36,583
Cool Creek Commons				5.88	%	4/11/16		17,410,311		106,534
Eddy Street Commons				5.44	%	9/1/21		25,394,089		143,860
Four Property Pool Loan				5.44	%	9/1/21		43,219,744		244,842
Fox Lake Crossing				5.16	%	7/1/12		10,799,299		68,605
Geist Pavilion				5.78	%	1/1/17		11,125,000		53,585
Indian River Square				5.42	%	6/11/15		12,853,758		74,850
International Speedway Square				5.77	%	4/1/21		20,835,938		122,817
Kedron Village				5.70	%	1/11/17		29,700,000		141,075
Pine Ridge Crossing				6.34	%	10/11/16		17,470,402		108,823
Plaza at Cedar Hill2				7.38	%	2/1/12		24,722,234		193,484
Plaza Volente				5.42	%	6/11/15		27,717,728		161,405
Preston Commons				5.90	%	3/11/13		4,135,348		28,175
Riverchase Plaza				6.34	%	10/11/16		10,482,241		65,294
Sunland Towne Centre				6.01	%	7/1/16		24,887,224		150,048
30 South				6.09	%	1/11/14		20,900,992		142,257
Traders Point				5.86	%	10/11/16		45,783,943		283,478
Whitehall Pike				6.71	%	7/5/18		7,637,673		77,436
Subtotal							$	375,615,005	$	2,304,386

Floating Rate Debt (Hedged)				LIBOR Hedge Rate		Maturity Date	Balance as of December 31 , 2011		Monthly Debt Service As of December 31, 2011
Associated Bank				1.35	%	12/31/16	$	15,100,000	$	16,954
TD Bank				3.31	%	1/3/17		14,577,612		40,210
Subtotal							$	29,677,612	$	57,164
TOTAL CONSOLIDATED FIXED RATE DEBT							$	405,292,617	$	2,361,550
TOTAL NET PREMIUMS ON FIXED RATE DEBT							$	116,054

Variable Rate Debt: Mortgages			Lender	Interest Rate3		Maturity Date	Balance as of December 31, 2011
951 & 41			KeyBank	LIBOR+300		9/22/13	$	7,800,000
Beacon Hill4			Fifth Third Bank	LIBOR+125		3/30/14		7,217,850
Eastgate Pavilion			Associated Bank	LIBOR+225		12/31/16		16,800,000
Estero Town Commons			Wells Fargo	LIBOR+325		1/15/13		10,500,000
Fishers Station5			Old National Bank	LIBOR+340		6/30/14		3,625,230
Gateway Shopping Center6			Charter One Bank	LIBOR+190		10/31/12		20,352,866
Indiana State Motor Pool			Old National Bank	LIBOR+325		2/4/14		3,307,415
Ridge Plaza			TD Bank	LIBOR+325		1/3/17		14,459,965
Tarpon Springs Plaza			Wells Fargo	LIBOR+325		1/15/13		12,187,942
Subtotal							$	96,251,268
	____________________
	1	The Company has a preferred return, then a 60% interest.

	2	The loan was paid off with the Company's Unsecured Credit Facility subsequent to December 31, 2011.

	3	At December 31, 2011, one-month LIBOR was 0.30%.

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

	5	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 revolver 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 December 31, 2011.

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

p. 14

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

SCHEDULE OF OUTSTANDING DEBT AS OF DECEMBER 31, 2011 (CONTINUED)

Variable Rate Debt:

Construction Loans

Lender

Interest

Rate1

Maturity Date

Total

Commitment

Balance as of

December 31, 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

33,637,744

Delray Marketplace3

Bank of America/US Bank

LIBOR + 200

11/18/14

62,000,000

7,798,762

Rivers Edge

Huntington Bank

LIBOR + 325

1/15/16

25,500,000

19,685,563

South Elgin Commons

Charter One Bank

LIBOR + 325

9/30/13

16,500,000

13,252,337

Zionsville Walgreens

Associated Bank

LIBOR + 225

6/30/15

4,704,000

1,080,000

Subtotal

149,704,000

82,454,406

Corporate Debt

Lender

Interest

Rate1

Maturity Date

Balance as of

December 31, 2011

Unsecured Credit Facility4

KeyBank (Admin. Agent)

LIBOR + 325

6/6/14

134,686,200

Floating Rate Debt (Hedged)5

Various

(29,677,612

)

TOTAL CONSOLIDATED VARIABLE RATE DEBT

283,714,262

TOTAL DEBT PER CONSOLIDATED BALANCE SHEET

689,122,933

____________________
1	At December 31, 2011, the one-month LIBOR interest rate was 0.30%.

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 47 unencumbered properties of which 44 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.

p. 15

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

SCHEDULE OF OUTSTANDING DEBT AS OF DECEMBER 31, 2011 (CONTINUED)

UNCONSOLIDATED DEBT

Variable Rate Debt - Construction Loans	Lender	Interest Rate1	Maturity Date	Total Commitment		Balance as of December 31, 2011
Parkside Town Commons2	Bank of America	LIBOR+275	8/31/13	$	14,440,000	$	14,440,000
Parkside Town Commons Joint Venture Partners' Share – 60%							(8,664,000	)

KRG SHARE OF UNCONSOLIDATED DEBT						$	5,776,000

TOTAL KRG CONSOLIDATED DEBT							689,122,933
TOTAL KRG DEBT						$	694,898,933

____________________
1	At December 31, 2011, the one-month LIBOR interest rate was 0.30%.

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

p. 16

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

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 Hotel2		50%

____________________

1	The Company's 40% interest in Parkside Town Commons will change to 20% at the time of construction financing placement.
2	The hotel was sold in November 2011.

p. 17

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

CONDENSED COMBINED BALANCE SHEETS OF UNCONSOLIDATED PROPERTIES

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

(Unaudited)

	December 31, 2011		December 31, 2010
Assets:
Investment properties, at cost:
Buildings and improvements	$	—	$	9,180,156
Furniture, equipment and other		—		258,048
Construction in progress		62,108,456		60,852,416
		62,108,456		70,290,620
Less: accumulated depreciation		—		(388,260	)
		62,108,456		69,902,360
Cash and cash equivalents		1,267,585		1,146,354
Other receivables		59,273		141,043
Escrow deposits		432,176		600,000
Deferred costs, net		—		86,153
Prepaid and other assets		—		38,052
Total Assets	$	63,867,490	$	71,913,962

Liabilities and Shareholders’ Equity:
Mortgage and other indebtedness	$	14,440,000	$	43,287,141
Accounts payable and accrued expenses		742,475		839,607
Total Liabilities		15,182,475		44,126,748
Accumulated equity		48,685,015		27,787,214
Total Liabilities and Accumulated Equity	$	63,867,490	$	71,913,962
Company’s share of cash and cash equivalents	$	581,398	$	551,207
Company’s share of unconsolidated real estate assets	$	24,843,382	$	28,865,939
Company’s share of mortgage and other indebtedness	$	5,776,000	$	18,256,271

p. 18

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

CONDENSED COMBINED STATEMENTS OF OPERATIONS OF UNCONSOLIDATED PROPERTIES

(Eddy Street Commons Limited Service Hotel)1,2

(Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December31,
	2011			2010				2011			2010
Revenue:
Minimum rent	$	—		$	—		$	—		$	—
Tenant reimbursements		—			—			—			—
Other property related revenue		1,014,477			975,559			4,443,374			2,002,761
Total revenue		1,014,477			975,559			4,443,374			2,002,761

Expenses:
Property operating		611,200			670,040			2,659,755			1,411,162
Real estate taxes		29,167			26,000			337,701			70,000
Other expense		12,298			19,605			95,712			47,898
Total expenses		652,665			715,645			3,093,168			1,529,060


Net operating income		361,812			259,914			1,350,206			473,701
Depreciation and amortization		—			(57,389	)		(194,133	)		(388,262	)
Interest expense		(34,732	)		(105,570	)		(340,099	)		(189,368	)
Gain on sale operating property		8,286,246			—			8,286,246			—
Net income (loss)	$	8,613,326		$	96,955		$	9,102,220		$	(103,929	)
Company’s share of unconsolidated net operating income	$	180,906		$	129,957		$	675,103		$	236,851
Company’s share of unconsolidated interest expense	$	(17,366	)	$	(52,785	)	$	(170,050	)	$	(94,684	)

____________________
1	Parkside Town Commons is not yet operational.

2	The Company sold the hotel in November 2011.

p. 19

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

TOP 10 RETAIL TENANTS BY GROSS LEASABLE AREA (GLA)

As of December 31, 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 December 31, 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
Bed Bath & Beyond/Buy Buy Baby		7		194,313		7		194,313		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
PetSmart		6		147,079		6		147,079		0		0
		49		3,765,624		32		1,445,169		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.

p. 20

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

TOP 25 TENANTS BY ANNUALIZED BASE RENT1,2

As of December 31, 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 December 31, 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.3		% of Total Portfolio Annualized Base Rent
Publix	Retail	6	289,779	4.8%	$	2,366,871	$	8.17	2.9%
Bed Bath & Beyond / Buy Buy Baby	Retail	7	194,313	3.2%		2,162,567		11.13	2.7%
PetSmart	Retail	6	147,079	2.5%		2,057,838		13.99	2.6%
Ross Stores	Retail	6	172,648	2.9%		1,887,521		10.93	2.3%
Toys “R” Us	Retail	3	138,600	2.3%		1,779,446		12.84	2.2%
Lowe's Home Improvement	Retail	2	128,997	2.2%		1,764,000		6.04	2.2%
State of Indiana	Commercial	3	210,393	3.5%		1,635,911		7.78	2.0%
Marsh Supermarkets	Retail	2	124,902	2.1%		1,605,139		12.85	2.0%
Dick's Sporting Goods	Retail	3	171,737	2.9%		1,404,508		8.18	1.7%
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	1.5%
HEB Grocery Company	Retail	1	105,000	1.8%		1,155,000		11.00	1.4%
Office Depot	Retail	4	96,060	1.6%		1,080,922		11.25	1.3%
Best Buy	Retail	2	75,045	1.3%		911,993		12.15	1.1%
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	1.0%
TJX Companies	Retail	3	88,550	1.5%		834,813		9.43	1.0%
Michaels	Retail	3	68,989	1.2%		792,515		11.49	1.0%
Mattress Firm	Retail	8	32,405	0.5%		788,354		24.33	1.0%
Dominick's	Retail	1	65,977	1.1%		775,230		11.75	1.0%
City Securities Corporation	Commercial	1	38,810	0.6%		771,155		19.87	1.0%
A & P	Retail	1	58,732	1.0%		763,516		13.00	0.9%
Stein Mart	Retail	3	106,000	1.8%		682,000		6.43	0.8%
Whole Foods	Retail	1	36,000	0.6%		697,320		19.37	0.9%
Nordstrom Rack	Retail	1	35,200	0.6%		633,600		18.00	0.8%
TOTAL			2,706,376	45.5%	$	30,810,347	$	10.79	38.1%

____________________
1	Annualized base rent represents the monthly contractual rent for December 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.

p. 21

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

LEASE EXPIRATIONS – OPERATING PORTFOLIO1

As of December 31, 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 December 31, 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
2012	94	317,763	5.3%	$	5,004,551	6.4%	$	15.75	$	0
2013	83	539,924	9.1%		6,342,645	8.1%		11.75		72,000
2014	88	565,629	9.5%		7,636,691	9.8%		13.50		340,475
2015	88	716,194	12.0%		9,698,301	12.4%		13.54		198,650
2016	101	840,622	14.1%		7,914,152	10.1%		9.41		0
2017	66	525,557	8.8%		8,113,559	10.4%		15.44		266,300
2018	34	381,601	6.4%		5,361,279	6.9%		14.05		0
2019	19	191,174	3.2%		2,918,600	3.7%		15.27		33,000
2020	21	373,805	6.3%		3,880,090	5.0%		10.38		156,852
2021	30	401,815	6.7%		5,414,045	6.9%		13.47		0
Beyond	52	1,108,647	18.6%		15,874,038	20.3%		14.32		2,099,290
Total	676	5,962,731	100.0%	$	78,157,951	100.0%	$	13.11	$	3,166,567

____________________
1	Lease expiration table reflects rents in place as of December 31, 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 December 2011 for each applicable tenant multiplied by 12. Excludes ground lease revenue.

p. 22

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

LEASE EXPIRATIONS – RETAIL ANCHOR TENANTS1

As of December 31, 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 December 31, 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
2012	5	101,539	1.7%	$	783,752	1.0%	$	7.72	$	0
2013	4	254,062	4.3%		1,256,461	1.6%		4.95		0
2014	9	236,834	4.0%		2,355,657	3.0%		9.95		0
2015	17	488,359	8.2%		4,798,887	6.1%		9.83		0
2016	13	609,387	10.2%		3,366,253	4.3%		5.52		0
2017	13	307,112	5.2%		3,703,488	4.7%		12.06		0
2018	8	300,576	5.0%		3,580,504	4.6%		11.91		0
2019	6	150,989	2.5%		2,070,625	2.7%		13.71		0
2020	9	326,354	5.5%		2,767,033	3.5%		8.48		0
2021	10	331,359	5.6%		3,790,787	4.9%		11.44		0
Beyond	27	927,535	15.5%		12,371,026	15.9%		13.34		990,000
Total	121	4,034,106	67.7%	$	40,844,473	52.3%	$	10.12	$	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 December 31, 2011 and does not include option periods; 2012 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 December 2011 for each applicable property multiplied by 12. Excludes ground lease revenue.

p. 23

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

LEASE EXPIRATIONS – RETAIL SHOPS

As of December 31, 2011

This table includes the following:

·	Operating retail properties; and

·	Development property tenants open for business as of December 31, 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
2012	88	206,706	3.5%	$	4,058,993	5.2%	$	19.64	$	0
2013	74	160,972	2.7%		3,534,237	4.5%		21.96		72,000
2014	76	166,107	2.8%		3,699,577	4.7%		22.27		340,475
2015	70	182,734	3.1%		4,119,907	5.3%		22.55		198,650
2016	88	231,235	3.9%		4,547,899	5.8%		19.67		0
2017	51	138,160	2.3%		2,984,794	3.8%		21.60		266,300
2018	25	73,986	1.2%		1,654,068	2.1%		22.36		0
2019	13	40,185	0.7%		847,975	1.1%		21.10		33,000
2020	11	37,382	0.6%		939,357	1.2%		25.13		156,852
2021	19	64,294	1.1%		1,481,525	1.9%		23.04		0
Beyond	21	84,721	1.3%		2,234,278	2.9%		26.37		1,109,290
Total	536	1,386,482	23.2%	$	30,102,610	38.5%	$	21.71	$	2,176,567

____________________
1	Lease expiration table reflects rents in place as of December 31, 2011, and does not include option periods; 2012 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 December 2011 for each applicable property multiplied by 12. Excludes ground lease revenue.

p. 24

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

LEASE EXPIRATIONS – COMMERCIAL TENANTS

As of December 31, 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.
2012	1	9,518	0.2%	$	161,806	0.2%	$	17.00
2013	5	124,890	2.1%		1,551,947	2.0%		12.43
2014	3	162,688	2.7%		1,581,457	2.0%		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	1.8%		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	10,069	0.2%		173,700	0.2%		17.25
2021	1	6,162	0.1%		141,732	0.2%		23.00
Beyond	4	96,391	1.5%		1,268,736	1.6%		13.16
	19	542,143	9.1%	$	7,210,869	9.2%	$	13.30

____________________
1	Lease expiration table reflects rents in place as of December 31, 2011 and does not include option periods. This column also excludes ground leases.

2	Annualized base rent represents the monthly contractual rent for December 31, 2011 for each applicable property multiplied by 12.

p. 25

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

SUMMARY RETAIL PORTFOLIO STATISTICS INCLUDING JOINT VENTURE PROPERTIES

	December 31, 2011	September 30, 2011	June 30, 2011	March 31, 2011	December 31, 2010
Company Owned GLA – Operating Retail1	5,492,894	5,219,373	5,133,713	5,052,161	5,132,850
Total GLA – Operating Retail1	8,395,291	8,109,910	8,026,604	7,939,606	8,020,295
Projected Company Owned GLA Under Development and Redevelopment2	See Note 4	See Note 4	See Note 4	841,677	716,100
Existing Owned GLA of Future Redevelopment Projects4	388,494	417,671	417,671	–	–
Projected Owned GLA of In-Process Development and Redevelopment Projects4	625,186	578,640	706,640	–	–
Projected Total GLA Under In-Process Development and Redevelopment2,4	813,797	1,107,257	1,418,000	1,034,290	908,743
Number of Operating Retail Properties	54	53	53	52	53
Number of Retail Properties In-Process Development or Redevelopment	8	9	9	8	6
Percentage Leased – Operating Retail	93.3%	93.1%	93.0%	92.3%	92.2%
Annualized Base Rent & Ground Lease Revenue – Operating Retail Properties3 (excludes redevelopment)	$71,171,147	$65,314,333	$64,332,559	$62,628,349	$63,533,070

____________________
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

p. 26

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

SUMMARY COMMERCIAL PORTFOLIO STATISTICS

Retail Portfolio	December 31, 2011	September 30, 2011	June 30, 2011	March 31, 2011	December 31, 2010
Company Owned Net Rentable Area (NRA)1,4	580,849	580,849	580,849	581,380	581,380
Number of Operating Commercial Properties	4	4	4	4	4
Percentage Leased – Operating Commercial Properties4	93.3%	93.3%	93.3%	92.0%	94.8%
Annualized Base Rent – Commercial Properties2,3,4	$7,210,868	$7,220,928	$7,216,472	$7,055,940	$7,474,590

____________________
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 December 31, 2011.

4	Includes the office space at Eddy Street Commons.

p. 27

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

IN-PROCESS DEVELOPMENT / REDEVELOPMENT PROJECTS

Project	Project Type	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 December 31, 20116	Major Tenants and Non-owned Anchors
Delray Marketplace, FL8	Development	50%	Delray Beach	Q4 2012	253,371	258,084	0.0%	71.7%	$93,000	$51,739	Publix, Frank Theatres, Max's Grille, Charming Charlie, Chico's, White House/Black Market, Jos. A Bank
New Hill Place, NC - I	Development	100%	Raleigh	Q2 2013	204,936	374,334	0.0%	65.1%	57,000	17,092	Target (non-owned), Dick’s Sporting Goods, Marshall’s, Michael’s, Petco
Oleander Pointe, NC	Redevelopment	100%	Wilmington	Q4 2011	43,806	48,306	68.5%	85.9%	5,000	1,685	Whole Foods
Four Corner Square / Maple Valley, WA 9	Development/ Redevelopment	100%	Seattle	Q4 2012	108,523	118,523	48.4%	81.0%	23,500	11,246	Johnson’s Home & Garden, Walgreens, Grocery Outlet
Walgreen's, IN	Development	100%	Indianapolis	Q3 2012	14,550	14,550	0.0%	100.0%	5,200	2,351	Walgreens
Total In-Process Development / Redevelopment Projects					625,186	813,797	13.2%	72.8%	$183,700	$84,113
Cost incurred as of 12/31/11 included in Construction in progress on condensed consolidated balance sheet7										$83,863

____________________
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 48,032 square feet for which the Company has signed non-binding letters of intent.

6	Dollars in thousands. Reflects both the Company’s 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 Company owns Delray Marketplace through joint venture (preferred return, then 50%).

9	Total estimated project cost for Maple Valley/Four Corner Square is shown net of projected sales of $9.9 million. The existing Four Corner property will be redeveloped and is currently 71.2% leased. The cost incurred represents the cost primarily related to the Maple Valley land and site work to date.

p. 28

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

FUTURE DEVELOPMENT / REDEVELOPMENT PROJECTS

Project		Project Type4	MSA	Existing Owned GLA	Estimated Total GLA1	Total Estimated Project Cost1,2		Cost Incurred as of December 31, 20112		Major Tenants and Non-owned Anchors
Consolidated–
The Centre, IN		Redevelopment	Indianapolis	80,689	80,689	$	2,000	$	—	Grocer, 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)
New Hill Place, NC Phase II		Development	Raleigh	—	170,000		44,300		14,452	Target (non-owned), Frank Theatres, and three Junior Anchors

Total Consolidated				388,494	903,494	$	73,600	$	31,490

Unconsolidated–
Parkside Town Commons, NC3	Development		Raleigh	—	1,500,000	$	148,000	$	63,966	Target (non-owned), Frank Theatres, Grocery, Jr. Boxes, Restaurants
KRG Current Share of Unconsolidated3					1,500,000	$	29,600	$	25,586
							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 December 31, 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.

Construction In Progress Reconciliation to Consolidated Balance Sheet:
Cost incurred for in-process developments (page 28)	$	83,863,279
Cost incurred for future developments (above)		31,489,541
Cobblestone Plaza (tenants in buildout phase)		15,219,447
Rivers Edge (tenants in buildout phase)		1,106,518
New Hill – Phase III		5,443,365
Apex – Phase II (residual land and related sitework)		9,236,644
Miscellaneous tenant improvements and small projects		1,614,586
CIP on Consolidated Balance Sheet	$	147,973,380

p. 29

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

GEOGRAPHIC DIVERSIFICATION – OPERATING PORTFOLIO

As of December 31, 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	2,412,010	39.8%	236	$	30,035,068	39.9%	$	13.27
· Retail	20	1,831,161	30.2%	217		22,824,199	30.4%		13.26
· Commercial	4	580,849	9.6%	19		7,210,869	9.5%		13.30
Florida	14	1,439,725	23.7%	195		17,968,119	23.9%		13.78
Texas	7	1,102,079	18.1%	81		12,342,942	16.4%		11.65
Georgia	3	300,116	4.9%	56		3,924,880	5.2%		14.46
Washington	3	126,496	2.1%	20		2,788,752	3.7%		23.41
Ohio	1	236,230	3.9%	7		2,119,766	2.8%		8.97
Illinois	3	310,830	5.1%	21		3,982,131	5.3%		13.33
New Jersey	1	115,088	1.9%	13		1,493,068	2.0%		15.90
Oregon	2	31,169	0.5%	13		560,722	0.8%		24.24
Total	58	6,073,743	100.0%	642	$	75,215,448	100.0%	$	13.27

____________________
1	This table includes operating retail properties, operating commercial properties, and ground lease tenants who commenced paying rent as of December 31, 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 $3,166,567 in annualized ground lease revenue attributable to parcels and outlots owned by the Company and ground leased to tenants.

p. 30

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

OPERATING RETAIL PROPERTIES – TABLE I

As of December 31, 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	97,112	91.3%
Cobblestone Plaza	FL	Ft. Lauderdale	2011	2011	Developed	143,493	133,214	92.2%
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	142,706	93.5%
International Speedway Square	FL	Daytona	1999	1999	Developed	242,995	233,495	92.7%
King's Lake Square	FL	Naples	1986	2003	Acquired	85,497	85,497	90.5%
Lithia Crossing	FL	Tampa	1993	2011	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	90.9%
Waterford Lakes Village	FL	Orlando	1997	2004	Acquired	77,948	77,948	96.1%
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	81.6%
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	93.3%
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	96.4%
Eddy Street Commons (Retail Only)	IN	South Bend	2009	2010	Developed	88,143	88,143	93.8%
Fishers Station4	IN	Indianapolis	1989	2004	Acquired	116,885	116,885	91.1%
Geist Pavilion	IN	Indianapolis	2006	2006	Developed	64,114	64,114	72.8%
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	87,353	82,353	98.3%
Red Bank Commons	IN	Evansville	2005	2006	Developed	324,308	34,258	77.8%

____________________
*	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 December 31, 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%); Bayport Commons (60%); and Sandifur Plaza (95%).

p. 31

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

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
Rivers Edge	IN	Indianapolis	2011	2011	Redeveloped	149,209	149,209	100.0%
Stoney Creek Commons	IN	Indianapolis	2000	2000	Developed	189,527	49,330	100.0%
The Corner	IN	Indianapolis	1984/2003	1984	Developed	42,612	42,612	92.9%
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	81.6%
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	303,531	303,531	95.3%
Plaza Volente	TX	Austin	2004	2005	Acquired	160,333	156,333	92.1%
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	8,395,291	5,492,894	93.3%

See prior page for footnote disclosure.

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

OPERATING RETAIL PROPERTIES – TABLE II

As of December 31, 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	2.28%	$18.29	PetSmart, Best Buy, Michaels, Target (non-owned)
Cobblestone Plaza	FL	Ft. Lauderdale	2,950,595	250,000	3,200,595	4.50%	24.02	Whole Foods, Party City, All Pets Emporium
Coral Springs Plaza	FL	Ft. Lauderdale	663,538	-	663,538	0.93%	14.40	Toys “R” Us/Babies “R” Us, Lowes (non-owned), Wal-Mart (non-owned)
Estero Town Commons	FL	Naples	485,359	750,000	1,235,359	1.74%	26.08	Lowe's Home Improvement
Indian River Square	FL	Vero Beach	1,401,093	-	1,401,093	1.97%	10.50	Beall's, Office Depot, Target (non-owned), Lowe's Home Improvement (non-owned)
International Speedway Square	FL	Daytona	2,191,935	405,475	2,597,410	3.65%	10.13	Bed Bath & Beyond, Stein Mart, Old Navy, Staples, Michaels, Dick’s Sporting Goods
King's Lake Square	FL	Naples	999,293	-	999,293	1.40%	12.91	Publix, Retro Fitness
Lithia Crossing	FL	Tampa	1,003,212	72,000	1,075,212	1.51%	14.00	Stein Mart
Pine Ridge Crossing	FL	Naples	1,622,611	-	1,622,611	2.28%	15.97	Publix, Target (non-owned), Beall's (non-owned)
Riverchase Plaza	FL	Naples	1,045,378	-	1,045,378	1.47%	13.97	Publix
Shops at Eagle Creek	FL	Naples	610,844	55,104	665,948	0.94%	16.27	Staples, Lowe’s Home Improvement (non-owned)
Tarpon Springs Plaza	FL	Naples	1,609,775	100,000	1,709,775	2.40%	20.50	Cost Plus, A C Moore, Staples, Target (non-owned)
Wal-Mart Plaza	FL	Gainesville	856,486	-	856,486	1.20%	5.30	Books-A-Million, Save-A-Lot, Wal-Mart
Waterford Lakes Village	FL	Orlando	906,987	-	906,987	1.27%	12.11	Winn-Dixie
Kedron Village	GA	Atlanta	2,422,736	-	2,422,736	3.40%	16.95	Bed Bath & Beyond, Ross, PETCO, Target (non-owned)
Publix at Acworth	GA	Atlanta	632,643	-	632,643	0.89%	11.13	Publix
The Centre at Panola	GA	Atlanta	869,502	-	869,502	1.22%	12.11	Publix
Fox Lake Crossing	IL	Chicago	1,166,027	-	1,166,027	1.64%	13.17	Dominick's Finer Foods, Dollar Tree
Naperville Marketplace	IL	Chicago	1,044,205	-	1,044,205	1.47%	12.71	TJ Maxx, PetSmart, Caputo’s (non-owned)
South Elgin Commons	IL	Chicago	1,771,900	-	1,771,900	2.49%	13.84	LA Fitness, Target (non-owned), Ross, Toys “R” Us/Babies “R” Us
50 South Morton	IN	Indianapolis	126,000	-	126,000	0.18%	63.00
54th & College	IN	Indianapolis	-	260,000	260,000	0.37%	-	The Fresh Market (non-owned)
Beacon Hill	IN	Crown Point	587,251	-	587,251	0.83%	14.05	Strack & Van Til (non-owned), Walgreens (non-owned)
Boulevard Crossing	IN	Kokomo	1,598,782	-	1,598,782	2.25%	13.86	PETCO, TJ Maxx, Ulta Salon, Kohl's (non-owned)
Bridgewater Marketplace	IN	Indianapolis	311,253	-	311,253	0.44%	17.55	Walgreens (non-owned)
Cool Creek Commons	IN	Indianapolis	1,938,301	-	1,938,301	2.72%	16.14	The Fresh Market, Stein Mart, Bang Fitness
Eddy Street Commons	IN	South Bend	1,904,440	-	1,904,440	2.68%	23.04	Hammes Bookstore, Urban Outfitters
Fishers Station	IN	Indianapolis	1,163,187	-	1,163,187	1.63%	10.92	Marsh Supermarkets, Goodwill, Dollar Tree
Geist Pavilion	IN	Indianapolis	754,203	-	754,203	1.06%	16.15	Goodwill, Ace Hardware
Glendale Town Center	IN	Indianapolis	2,518,762	-	2,518,762	3.54%	6.40	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	0.31%	-	Lowe's Home Improvement (non-owned)
Hamilton Crossing Centre	IN	Indianapolis	1,493,716	78,650	1,572,366	2.21%	18.44	Office Depot
Red Bank Commons	IN	Evansville	363,264	-	363,264	0.51%	13.63	Wal-Mart (non-owned), Home Depot (non-owned)

____________________
1	Annualized Base Rent Revenue represents the contractual rent for December 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 December 31, 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.

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

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
Rivers Edge	IN	Indianapolis	2,831,115	-	2,831,115	3.98%	18.97	Buy Buy Baby, Nordstrom Rack, The Container Store, Arhaus Furniture
Stoney Creek Commons	IN	Indianapolis	491,323	-	491,323	0.69%	9.96	HH Gregg , Office Depot, Lowe's Home Improvement (non-owned)
The Corner	IN	Indianapolis	604,131	-	604,131	0.85%	15.26	Hancock Fabrics
Traders Point	IN	Indianapolis	4,074,696	435,000	4,509,696	6.34%	14.69	Dick's Sporting Goods, AMC Theatre, Marsh, Bed Bath & Beyond, Michaels, Old Navy, PetSmart
Traders Point II	IN	Indianapolis	797,375	-	797,375	1.12%	26.58
Whitehall Pike	IN	Bloomington	1,014,000	-	1,014,000	1.42%	7.86	Lowe's Home Improvement
Zionsville Place	IN	Indianapolis	252,400	-	252,400	0.35%	20.35
Ridge Plaza	NJ	Oak Ridge	1,493,068	-	1,493,068	2.10%	15.90	A&P Grocery, CVS
Eastgate Pavilion	OH	Cincinnati	2,119,766	-	2,119,766	2.98%	8.97	Best Buy, Dick's Sporting Goods, Value City Furniture, PetSmart, DSW
Cornelius Gateway	OR	Portland	275,230	-	275,230	0.39%	20.71	FedEx/Kinko’s
Shops at Otty	OR	Portland	285,492	136,300	421,792	0.59%	29.00	Wal-Mart (non-owned)
Burlington Coat Factory	TX	San Antonio	537,000	-	537,000	0.75%	5.00	Burlington Coat Factory
Cedar Hill Village	TX	Dallas	723,651	-	723,651	1.02%	17.37	24 Hour Fitness, JC Penney (non-owned)
Market Street Village	TX	Hurst	1,780,097	33,000	1,813,097	2.55%	11.37	Jo-Ann Fabric, Ross, Office Depot, Buy Buy Baby, Hancock Fabric
Plaza at Cedar Hill	TX	Dallas	3,487,280	-	3,487,280	4.90%	12.05	Hobby Lobby, Office Max, Ross, Marshalls, Sprouts Farmers Market, Toys “R” Us/Babies “R” Us, DSW, Home Goods
Plaza Volente	TX	Austin	2,194,589	110,000	2,304,589	3.24%	15.23	H-E-B Grocery
Preston Commons	TX	Dallas	526,332	-	526,332	0.74%	24.69	Lowe's Home Improvement (non-owned)
Sunland Towne Centre	TX	El Paso	3,093,992	115,290	3,209,282	4.51%	10.35	PetSmart, Ross, HMY Roomstore, Kmart, Bed Bath & Beyond, Specs Fine Wines
50th & 12th	WA	Seattle	475,000	-	475,000	0.67%	32.76	Walgreens
Gateway Shopping Center4	WA	Seattle	2,117,432	144,000	2,261,432	3.18%	22.46	PetSmart, Ross, Rite Aid, Party City, Kohl’s (non-owned), Winco (non-owned)
Sandifur Plaza	WA	Pasco	196,320	-	196,320	0.28%	18.96	Walgreens (non-owned)
		Total	$68,004,580	$3,166,567	$71,171,147	100%	$13.26

See prior page for footnote disclosure.

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

OPERATING COMMERCIAL PROPERTIES

As of December 31, 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%	$	4,628,044	64.2%	$	17.82	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	8.8%		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%	$	7,210,868	100.0%	$	13.30

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

2	Annualized Base Rent includes $779,507 from the Company and subsidiaries as of December 31, 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.

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Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

RETAIL OPERATING PORTFOLIO – TENANT BREAKDOWN1

As of December 31, 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	25,572	97,112	100.0%	66.9%	91.3%	1,107,187	513,826	-	1,621,013	15.48	30.04	18.29
	Cobblestone Plaza		FL	68,169	65,045	133,214	100.0%	84.0%	92.2%	1,075,686	1,874,909	250,000	3,200,595	15.78	34.31	24.02
	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%	-	485,359	750,000	1,235,359	-	26.08	26.08
	Indian River Square		FL	109,000	33,706	142,706	100.0%	72.4%	93.5%	919,500	481,593	-	1,401,093	8.44	19.73	10.50
	International Speedway Square		FL	203,457	30,038	233,495	100.0%	43.3%	92.7%	1,957,935	234,000	405,475	2,597,410	9.62	18.00	10.13
	King's Lake Square		FL	49,805	35,692	85,497	100.0%	77.3%	90.5%	358,890	640,403	-	999,293	7.21	23.21	12.91
	Lithia Crossing		FL	36,000	45,504	81,504	100.0%	78.3%	87.9%	234,000	769,212	72,000	1,075,212	6.50	21.58	14.00
	Pine Ridge Crossing		FL	66,351	39,164	105,515	100.0%	90.0%	96.3%	627,628	994,983	-	1,622,611	9.46	28.24	15.97
	Riverchase Plaza		FL	48,890	29,490	78,380	100.0%	88.0%	95.5%	386,231	659,147	-	1,045,378	7.90	25.40	13.97
	Shops at Eagle Creek		FL	51,703	20,568	72,271	49.3%	58.7%	52.0%	356,678	254,166	55,104	665,948	14.00	21.05	16.27
	Tarpon Springs Plaza		FL	60,151	22,396	82,547	100.0%	82.1%	95.1%	1,144,008	465,767	100,000	1,709,775	19.02	25.34	20.50
	Wal-Mart Plaza		FL	138,323	39,503	177,826	100.0%	59.1%	90.9%	561,479	295,007	-	856,486	4.06	12.63	5.30
	Waterford Lakes Village		FL	51,703	26,245	77,948	100.0%	88.5%	96.1%	408,452	498,535	-	906,987	7.90	21.47	12.11
	Kedron Village		GA	68,845	88,564	157,409	100.0%	83.6%	90.8%	872,993	1,549,743	-	2,422,736	12.68	20.93	16.95
	Publix at Acworth		GA	37,888	31,740	69,628	100.0%	59.7%	81.6%	337,203	295,439	-	632,643	8.90	15.60	11.13
	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	390,797	-	1,166,027	11.75	17.33	13.17
	Naperville Marketplace		IL	61,683	22,075	83,758	100.0%	92.8%	98.1%	719,379	324,826	-	1,044,205	11.66	15.86	12.71
	South Elgin Commons		IL	128,000	-	128,000	100.0%	0.0%	100.0%	1,771,900	-	-	1,771,900	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	454,735	-	587,251	-	14.79	14.05
	Boulevard Crossing		IN	73,440	50,189	123,629	100.0%	83.6%	93.3%	862,900	735,882	-	1,598,782	11.75	17.54	13.86
	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%	92.6%	96.4%	643,200	1,295,101	-	1,938,301	10.11	22.93	16.14
	Eddy Street Commons		IN	20,154	67,989	88,143	100.0%	91.9%	93.8%	342,618	1,561,822	-	1,904,440	17.00	24.99	23.04
	Fishers Station		IN	72,212	44,673	116,885	100.0%	76.8%	91.1%	705,907	457,280	-	1,163,187	9.78	13.33	10.92
	Geist Pavilion		IN	40,167	23,947	64,114	73.9%	71.0%	72.8%	360,956	393,247	-	754,203	12.15	23.14	16.15
	Glendale Town Center		IN	329,588	73,610	403,198	100.0%	87.1%	97.6%	1,250,563	1,268,199	-	2,518,762	3.79	19.78	6.40
	Greyhound Commons		IN	-	-	-	0.0%	0.0%	0.0%	-	-	221,748	221,748	-	-	-
	Hamilton Crossing Centre		IN	30,722	51,631	82,353	100.0%	97.4%	98.3%	345,623	1,148,093	78,650	1,572,366	11.25	22.84	18.44
	Red Bank Commons		IN	-	34,258	34,258	0.0%	77.8%	77.8%	-	363,264	-	363,264	-	13.63	13.63
	Rivers Edge		IN	117,890	31,319	149,209	100.0%	100.0%	100.0%	2,080,785	750,330	-	2,831,115	17.65	23.96	18.97
	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	30,412	42,612	100.0%	90.0%	92.9%	88,450	515,681	-	604,131	7.25	18.83	15.26
	Traders Point		IN	238,721	40,963	279,684	100.0%	94.3%	99.2%	3,134,370	940,326	435,000	4,509,696	13.13	24.36	14.69
	Traders Point II		IN	-	46,600	46,600	0.0%	64.4%	64.4%	-	797,375	-	797,375	-	26.58	26.58
	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%	-	252,400	-	252,400	-	20.35	20.35
	Ridge Plaza		NJ	69,612	45,476	115,088	100.0%	53.5%	81.6%	959,586	533,482	-	1,493,068	13.78	21.94	15.90
	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%	-	275,230	-	275,230	-	20.71	20.71
	Shops at Otty		OR	-	9,845	9,845	0.0%	100.0%	100.0%	-	285,492	136,300	421,792	-	29.00	29.00
	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	244,121	59,410	303,531	100.0%	76.2%	95.3%	2,601,765	885,515	-	3,487,280	10.66	19.57	12.05
	Plaza Volente		TX	105,000	51,333	156,333	100.0%	76.1%	92.1%	1,155,000	1,039,589	110,000	2,304,589	11.00	26.62	15.23
	Preston Commons		TX	-	27,539	27,539	0.0%	77.4%	77.4%	-	526,332	-	526,332	-	24.69	24.69
	Sunland Towne Centre		TX	265,037	41,400	306,437	100.0%	81.9%	97.6%	2,324,477	769,515	115,290	3,209,282	8.77	22.70	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	619,653	144,000	2,261,432	20.06	31.56	22.46
	Sandifur Plaza		WA	-	12,552	12,552	0.0%	82.5%	82.5%	-	196,320	-	196,320	-	18.96	18.96
			Total	3,884,318	1,608,576	5,492,894	99.1%	79.5%	93.3%	$39,526,862	$28,477,718	$3,166,567	$71,171,147	$10.27	$22.26	$13.26

1		This table does not include annualized base rent from development property tenants open for business as of December 31, 2011.

p. 36

Kite Realty Group Trust Supplemental Financial and Operating Statistics –12/31/11

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