KITE REALTY GROUP TRUST - FORM 8-K - EX-99.2 - EXHIBIT 99.2 Q2 2018 SUPPLEMENTAL

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 EARNINGS RELEASE - KITE REALTY GROUP TRUST	exhibit99_1xq22018.htm
8-K - FORM 8-K Q2 2018 - KITE REALTY GROUP TRUST	form8k_q22018.htm



		Exhibit 99.2



QUARTERLY FINANCIAL SUPPLEMENTAL – JUNE 30, 2018



PAGE NO.		TABLE OF CONTENTS

3		Earnings Press Release
7		Corporate Profile
8		Contact Information
9		Important Notes Including Non-GAAP Disclosures
11		Consolidated Balance Sheets
12		Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2018
13		Funds from Operations for the Three and Six Months Ended June 30, 2018
14		Adjusted Funds From Operations and Other Financial Information for the Three and Six Months Ended June 30, 2018
15		Market Capitalization as of June 30, 2018
15		Ratio of Debt to Total Undepreciated Assets as of June 30, 2018
15		Ratio of Company Share of Net Debt to EBITDA as of June 30, 2018
16		Same Property Net Operating Income for the Three and Six Months Ended June 30, 2018
17		Net Operating Income by Quarter
18		Consolidated Joint Venture Summary as of June 30, 2018
19		Unconsolidated Joint Venture Summary as of June 30, 2018
20		Summary of Outstanding Debt as of June 30, 2018
21		Maturity Schedule of Outstanding Debt as of June 30, 2018
23		Unsecured Public Debt Covenants
24		Top 10 Retail Tenants by Total Gross Leasable Area
25		Top 25 Tenants by Annualized Base Rent
26		Retail Leasing Spreads
27		Lease Expirations – Operating Portfolio
28		Lease Expirations – Retail Anchor Tenants
29		Lease Expirations – Retail Shops
30		Lease Expirations – Office Tenants and Other
31		Development Projects Under Construction
32		Under Construction Redevelopment, Reposition, and Repurpose Projects
33		Redevelopment, Reposition, and Repurpose Opportunities
34		2018 Property Dispositions
35		Geographic Diversification – Annualized Base Rent by Region and State
36		Operating Retail Portfolio Summary Report
41		Operating Office Properties and Other
42		Components of Net Asset Value
43		Earnings Guidance – 2018



p. 2	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18

PRESS RELEASE

Contact Information:

Wade Achenbach

SVP, Capital Markets & Corporate Treasurer

317.713.5660

wachenbach@kiterealty.com

Kite Realty Group Trust Reports Second Quarter 2018 Operating Results

Indianapolis, Indiana, August 1, 2018 - Kite Realty Group Trust (NYSE: KRG) (“KRG”) announced today its operating results for the second quarter ended June 30, 2018. Financial statements, exhibits, and reconciliations of non-GAAP measures attached to this release include the details of KRG’s results.

“We continued through the second quarter with strong operational performance and execution on our objectives,” said John A. Kite, Chairman and Chief Executive Officer. “We reached several key milestones during the quarter - improving our operating portfolio’s ABR, lowering our Net Debt to EBITDA ratio, and raising our liquidity level to an all-time high. We contributed three operating properties into a strategic partnership at cap rates that demonstrate the private market value of our well-positioned, open-air shopping centers while also reducing our leverage. We continue progress on our Big Box Surge, and we expect to complete four additional 3-R projects by year end with solid projected returns.”

Second Quarter Highlights

Financial Results


•	Realized net loss attributable to common shareholders of $1.4 million, or $0.02 per common share, including a $14.8 million impairment charge.


•	Generated Funds from Operations of the Operating Partnership (FFO), as defined by NAREIT, of $45.7 million, or $0.53 per diluted common share.

Balance Sheet


•	Generated $89.0 million in net proceeds from the contribution of three shopping centers to a joint venture involving TH Real Estate, a Nuveen company, and used the proceeds to pay down debt.


•	Reduced ratio of Net Debt to EBITDA to 6.5x from 6.8x at the end of the prior quarter.


•	Recast unsecured revolving credit facility, increasing the borrowing capacity to $600 million, reducing the interest rate, and extending the maturity date.


•	Realized an all-time high liquidity level of close to $500 million.

Portfolio Operations


•	Increased Same-Property Net Operating Income (NOI) 1.5% compared to the same period in the prior year.


•	Generated blended cash rent spreads of 10.3% on 66 comparable new and renewal leases - blended leasing spread on a GAAP basis was 16.3%.


•	Improved annualized base rent (ABR) for the operating retail portfolio to $16.66 per square foot.


•	Executed a 56,000 square foot lease at our Thirty South Meridian office building in Indianapolis, stabilizing our office portfolio leased percentage at 96.2%.



p. 3	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18

Redevelopment


•	Completed Redevelopment, Repurpose and Reposition (3-R) projects at City Center (New York /Northern New Jersey MSA) and Portofino Shopping Center (Houston MSA).

Financial & Portfolio Results

Financial Results

Net loss attributable to common shareholders for the three months ended June 30, 2018, was $1.4 million, compared to net income of $10.2 million for the same period in 2017. Second quarter 2018 results included a $14.8 million impairment charge relating to certain properties.

For the three months ended June 30, 2018, FFO, as defined by NAREIT, was $45.7 million, or $0.53 per diluted common share, compared to $46.2 million, or $0.54 per diluted common share, for the second quarter of 2017.

Portfolio Operations

As of June 30, 2018, KRG owned interests in 115 operating and redevelopment properties totaling approximately 22.5 million square feet and two development projects currently under construction totaling 0.7 million square feet. The owned gross leasable area in KRG’s retail operating portfolio was 93.6% leased as of June 30, 2018, and the total portfolio was 93.7% leased. Small shop leased percentage maintained a strong level at 90.4%

Same-property NOI, which includes 102 operating properties, increased 1.5% in the second quarter compared to the same period in the prior year. The properties included in the same-property pool were 93.7% and 94.7% leased as of June 30, 2018 and 2017, respectively, while economic occupancy was at 93.0% and 93.9%, respectively, for the same periods.

KRG executed leases on 81 individual spaces totaling 356,896 square feet during the second quarter of 2018, including 66 comparable new and renewal leases for 263,997 square feet. Cash rent spreads on comparable new and renewal leases executed in the quarter were 23.1% and 8.2%, respectively, for a blended cash rent spread of 10.3%. The blended leasing spread on a GAAP basis, which includes periodic contractual rent increases over the term of the lease, was 16.3%.

KRG continued progress on its anchor space repositioning efforts (Big Box Surge) with the execution of two new retail anchor leases. HomeGoods leased a 23,364 square-foot space at Centennial Center (Las Vegas MSA), and Ollie’s Bargain Outlet leased a 42,250 square-foot space at Colonial Square (Fort Myers MSA).

Balance Sheet

In the second quarter, KRG contributed three properties (Livingston Shopping Center in Livingston, New Jersey; Plaza Volente in Austin, Texas; and Tamiami Crossing in Naples, Florida) to a new joint venture with a fund managed by TH Real Estate, a Nuveen company, in exchange for a 20% ownership interest and $89.0 million in net proceeds. KRG will manage the day-to-day operations of the properties, for which it will receive property management and leasing fees. The net proceeds received from the joint venture transaction were used to pay down debt. As part of the formation of the joint venture, a 10-year $51.9 million fixed-rate loan (KRG share: $10.4 million) was placed on the contributed properties, bearing an interest rate of 4.09%.

KRG continues to strengthen its balance sheet, as it reduced its ratio of Net Debt to EBITDA to 6.5x from 6.8x at the end of last quarter. KRG currently has only $37.7 million of term maturities through 2020, and the debt portfolio has a weighted average maturity of 5.2 years.

During the second quarter, KRG successfully recast its unsecured revolving credit facility, increasing the borrowing capacity to $600 million and extending the maturity date to April 22, 2023 (which assumes KRG’s exercise of two six-month extensions that are subject to certain conditions). It also lowered the leverage pricing across the grid and lowered



p. 4	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18

the capitalization rate from 6.75% to 6.50%. Additional details are available in the Form 8-K filed by KRG on April 25, 2018.

Redevelopment

During the quarter, KRG completed construction on 3-R projects at City Center (New York / Northern New Jersey MSA) and Portofino Shopping Center (Houston MSA). KRG invested $24.8 million in the redevelopment of these assets for a projected combined annualized return of 6.9%. Since inception, projects from KRG’s 3-R initiative have an approximate annualized return of 9.4%.

2018 Earnings Guidance

KRG has updated its guidance for 2018 FFO, as defined by NAREIT, to a range of $1.98 to $2.01 per diluted common share. This update reflects reduced ownership of the three properties contributed to the new joint venture as described in the Capital Recycling section of this release. Please refer to the full list of guidance assumptions on page 43 of the second quarter supplemental.



Guidance Range for Full Year 2018	Low				High
Consolidated net loss per diluted common share		$	(0.23	)		$	(0.20	)
Add: Depreciation, amortization and other	1.76				1.76
Add: Impairment Charge		0.45				0.45
FFO, as defined by NAREIT, per diluted common share		$	1.98			$	2.01

Earnings Conference Call

Kite Realty Group Trust will conduct a conference call to discuss its financial results on Thursday, August 2, 2018, at 1:00 p.m. Eastern Time. A live webcast of the conference call will be available on KRG’s corporate website at www.kiterealty.com. The dial-in numbers are (844) 309-0605 for domestic callers and (574) 990-9933 for international callers (passcode 8090669). In addition, a webcast replay link will be available on the corporate website.

About Kite Realty Group Trust

Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to tenants in desirable markets through our portfolio of open-air shopping centers. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders. For more information, please visit our website at kiterealty.com.

Safe Harbor

Certain statements in this document that are not historical fact may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include, but are not limited to: national and local economic, business, real estate and other market conditions, particularly in light of low growth in the U.S. economy as well as economic uncertainty caused by fluctuations in the prices of oil and other energy sources and inflationary trends or outlook; financing risks, including the availability of, and costs associated with, sources of liquidity; KRG’s ability to refinance, or extend the maturity dates of, its indebtedness; the level and volatility of interest rates; the financial



p. 5	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18

stability of tenants, including their ability to pay rent and the risk of tenant bankruptcies; the competitive environment in which KRG operates; acquisition, disposition, development and joint venture risks; property ownership and management risks; KRG’s ability to maintain its status as a real estate investment trust for federal income tax purposes; potential environmental and other liabilities; impairment in the value of real estate property KRG owns; the impact of online retail competition and the perception that such competition has on the value of shopping center assets; risks related to the geographical concentration of KRG’s properties in Florida, Indiana and Texas; insurance costs and coverage; risks associated with cybersecurity attacks and the loss of confidential information and other business interruptions; and other factors affecting the real estate industry generally. KRG refers you to the documents filed by KRG from time to time with the SEC, specifically the section titled “Risk Factors” in KRG’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, which discuss these and other factors that could adversely affect KRG’s results. KRG undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.



p. 6	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



CORPORATE PROFILE

General Description

Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) engaged primarily in the ownership and operation, acquisition, development and redevelopment of high-quality neighborhood and community shopping centers in select markets in the United States. As of June 30, 2018, we owned interests in 115 operating and redevelopment properties totaling approximately 22.5 million square feet and two development projects currently under construction.

Our strategy is to maximize the cash flow of our operating properties, successfully complete the construction and lease-up of our redevelopment and development portfolio, and identify additional opportunities to acquire or dispose of properties to further strengthen the Company. New investments are focused in the shopping center sector primarily in markets where we believe we can leverage our existing infrastructure and relationships to generate attractive risk-adjusted returns or otherwise in desirable trade areas. Dispositions are generally designed to increase the quality of our portfolio and to strengthen the Company’s balance sheet.

Company Highlights as of June 30, 2018



	# of Properties	Total GLA /NRA	Owned GLA /NRA¹
Operating Retail Properties	105	21,141,980	14,947,831
Operating Office Properties and Other	4	496,728	496,728
Redevelopment Properties	6	828,713	705,713
Total Operating and Redevelopment Properties	115	22,467,421	16,150,272
Development Projects	2	682,460	160,960
Total All Properties	117	23,149,881	16,311,232
	Retail	Office & Other	Total
Operating Properties – Leased Percentage¹	93.6%	97.0%	93.7%
States			19

Stock Listing: New York Stock Exchange symbol: KRG



____________________
1	Excludes square footage of structures located on land owned by the company and ground leased to tenants.



p. 7	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



CONTACT INFORMATION

Corporate Office

30 South Meridian Street, Suite 1100

Indianapolis, IN 46204

(888) 577-5600

(317) 577-5600

www.kiterealty.com



Investor Relations Contact:	Analyst Coverage:	Analyst Coverage:

Wade B. Achenbach	Robert W. Baird & Co.	DA Davidson
Senior Vice President, Finance & Capital Markets	Mr. RJ Milligan	Mr. James O. Lykins
Kite Realty Group Trust	(813) 273-8252	(503) 603-3041
30 South Meridian Street, Suite 1100	rjmilligan@rwbaird.com	jlykins@dadco.com
Indianapolis, IN 46204
(317) 577-5660	Bank of America/Merrill Lynch	KeyBanc Capital Markets
wachenbach@kiterealty.com	Mr. Jeffrey Spector/Mr. Craig Schmidt	Mr. Jordan Sadler/Mr. Todd Thomas
	(646) 855-1363/(646) 855-3640	(917) 368-2280/(917) 368-2286
Transfer Agent:	jeff.spector@baml.com	tthomas@keybanccm.com
	craig.schmidt@baml.com	jsadler@keybanccm.com
Broadridge Financial Solutions
Ms. Kristen Tartaglione	Barclays	Raymond James
2 Journal Square, 7^th Floor	Mr. Ross Smotrich/Ms. Linda Tsai	Mr. Paul Puryear/Mr. Collin Mings
Jersey City, NJ 07306	(212) 526-2306/(212) 526-9937	(727) 567-2253/(727) 567-2585
(201) 714-8094	ross.smotrich@barclays.com	paul.puryear@raymondjames.com
	linda.tsai@barclays.com	collin.mings@raymondjames.com
Stock Specialist:
	BTIG	Sandler O’Neill
GTS	Mr. Michael Gorman	Mr. Alexander Goldfarb
545 Madison Avenue	(212) 738-6138	(212) 466-7937
15th Floor	mgorman@btig.com	agoldfarb@sandleroneill.com
New York, NY 10022
(212) 715-2830	Capital One Securities, Inc.	Wells Fargo Securities, LLC
	Mr. Christopher Lucas	Mr. Jeffrey J. Donnelly, CFA /Ms. Tamara Fique
	(571) 633-8151	(617) 603-4262/(443) 263-6568
	christopher.lucas@capitalone.com	jeff.donnelly@wellsfargo.com
		tamara.fique@wellsfargo.com
	Citigroup Global Markets
	Mr. Michael Bilerman/Ms. Christy McElroy
	(212) 816-1383/(212) 816-6981
	michael.bilerman@citigroup.com
	christy.mcelroy@citigroup.com



p. 8	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



IMPORTANT NOTES INCLUDING NON-GAAP DISCLOSURES

Interim Information

This Quarterly Financial Supplemental 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 quarter ended June 30, 2018 to be filed on or about August 9, 2018, 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, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include but are not limited to:


•	national and local economic, business, real estate and other market conditions, particularly in light of low growth in the U.S. economy as well as economic uncertainty caused by fluctuations in the prices of oil and other energy sources and inflationary trends or outlook;


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


•	our ability to refinance, or extend the maturity dates of, our 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;


•	our ability to maintain our status as a real estate investment trust for federal income tax purposes;


•	potential environmental and other liabilities;


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


•	the impact of online retail and the perception that such retail has on the value of shopping center assets;


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


•	insurance costs and coverage;


•	risks associated with cybersecurity attacks and the loss of confidential information and other business disruptions;


•	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, 2017, 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.

Non-GAAP Disclosures

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. The Company calculates FFO, a non-GAAP financial measure, in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts ("NAREIT"). The NAREIT white paper defines FFO as net income (determined in accordance with GAAP), excluding gains (or losses) from sales and impairments of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

Considering the nature of our business as a real estate owner and operator, the Company believes 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. A reconciliation of net income (computed in accordance with GAAP) to FFO is included elsewhere in this Financial Supplement.



p. 9	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



IMPORTANT NOTES INCLUDING NON-GAAP DISCLOSURES (CONTINUED)

Adjusted Funds from Operations

Adjusted Funds From Operations (“AFFO”) is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO modifies FFO, as adjusted for certain cash and non-cash transactions not included in FFO. AFFO should not be considered an alternative to net income as an indication of the company's performance or as an alternative to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the company’s performance. The Company’s computation of AFFO may differ from the methodology for calculating AFFO used by other REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net income (computed in accordance with GAAP) to AFFO is included elsewhere in this Financial Supplement.

Net Operating Income and Same Property Net Operating Income

The Company uses property net operating income (“NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. The Company defines NOI as income from our real estate, including lease termination fees received from tenants, less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions and certain corporate level expenses. The Company believes that NOI is helpful to investors as a measure of our operating 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 depreciation and amortization, interest expense, and impairment, if any.

The Company also uses same property NOI ("Same Property NOI"), a non-GAAP financial measure, to evaluate the performance of our properties. Same Property NOI excludes properties that have not been owned for the full period presented. It also excludes net gains from outlot sales, straight-line rent revenue, lease termination fees, amortization of lease intangibles and significant prior period expense recoveries and adjustments, if any. The Company believes that Same Property NOI is helpful to investors as a measure of our operating performance because it includes only the NOI of properties that have been owned and fully operational for the full quarters presented. The Company believes such presentation eliminates disparities in net income due to the acquisition or disposition of properties during the particular quarters presented and thus provides a more consistent comparison of our properties. The year-to-date results represent the sum of the individual quarters, as reported.

NOI and Same Property NOI should not, however, be considered as alternatives to net income (calculated in accordance with GAAP) as indicators of our financial performance. Our computation of NOI and Same Property NOI may differ from the methodology used by other REITs, and therefore may not be comparable to such other REITs.

When evaluating the properties that are included in the same property pool, the Company has established specific criteria for determining the inclusion of properties acquired or those recently under development. An acquired property is included in the same property pool when there is a full quarter of operations in both years subsequent to the acquisition date. Development and redevelopment properties are included in the same property pool four full quarters after the properties have been transferred to the operating portfolio. A redevelopment property is first excluded from the same property pool when the execution of a redevelopment plan is likely and the Company begins recapturing space from tenants. For the quarter ended June 30, 2018, the Company excluded six redevelopment properties and the recently completed City Center, Northdale Promenade and Burnt Store Marketplace redevelopments from the same property pool that met these criteria and were owned in both comparable periods.

Earnings Before Interest Expense, Income Tax Expense, Depreciation and Amortization (EBITDA)

The Company defines EBITDA, a non-GAAP financial measure, as net income before depreciation and amortization, interest expense and income tax expense of taxable REIT subsidiary. For informational purposes, the Company has also provided Adjusted EBITDA, which the Company defines as EBITDA less (i) EBITDA from unconsolidated entities, (ii) gains on sales of operating properties or impairment charges, (iii) other income and expense, (iv) noncontrolling interest EBITDA and (v) other non-recurring activity or items impacting comparability from period to period. Annualized Adjusted EBITDA is Adjusted EBITDA for the most recent quarter multiplied by four. Net Debt to Adjusted EBITDA is the Company's share of net debt divided by Annualized Adjusted EBITDA. EBITDA, Adjusted EBITDA, Annualized Adjusted EBITDA and Net Debt to Adjusted EBITDA, as calculated by us, are not comparable to EBITDA and EBITDA-related measures reported by other REITs that do not define EBITDA and EBITDA-related measures exactly as we do. EBITDA, Adjusted EBITDA and Annualized Adjusted EBITDA do not represent cash generated from operating activities in accordance with GAAP, and should not be considered alternatives to net income as an indicator of performance or as alternatives to cash flows from operating activities as an indicator of liquidity.

Considering the nature of our business as a real estate owner and operator, the Company believes that EBITDA, Adjusted EBITDA and the ratio of Net Debt to Adjusted EBITDA are helpful to investors in measuring our operational performance because they exclude various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. For informational purposes, the Company has also provided Annualized Adjusted EBITDA, adjusted as described above. The Company believes this supplemental information provides a meaningful measure of our operating performance. The Company believes presenting EBITDA and the related measures in this manner allows investors and other interested parties to form a more meaningful assessment of our operating results.



p. 10	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



CONSOLIDATED BALANCE SHEETS (UNAUDITED)



($ in thousands)
	June 30, 2018			December 31, 2017
Assets:
Investment properties, at cost	$	3,753,966		$	3,957,884
Less: accumulated depreciation	(677,124		)	(664,614		)
	3,076,842			3,293,270
Cash and cash equivalents	32,384			24,082
Tenant and other receivables, including accrued straight-line rent of $31,164 and $31,747 respectively, net of allowance for uncollectible accounts	53,109			58,328
Restricted cash and escrow deposits	10,948			8,094
Deferred costs and intangibles, net	100,809			112,359
Prepaid and other assets	14,232			12,465
Investments in unconsolidated subsidiaries	13,873			3,900
Total Assets	$	3,302,197		$	3,512,498
Liabilities and Shareholders’ Equity:
Mortgage and other indebtedness, net	$	1,565,429		$	1,699,239
Accounts payable and accrued expenses	101,180			78,482
Deferred revenue and other liabilities	87,338			96,564
Total Liabilities	1,753,947			1,874,285
Commitments and contingencies
Limited Partners’ interests in the Operating Partnership and other redeemable noncontrolling interests	48,120			72,104
Shareholders’ Equity:
Kite Realty Group Trust Shareholders’ Equity:
Common Shares, $.01 par value, 225,000,000 shares authorized, 83,672,700 and 83,606,068 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	837			836
Additional paid in capital	2,075,191			2,071,418
Accumulated other comprehensive income	5,649			2,990
Accumulated deficit	(582,245		)	(509,833		)
Total Kite Realty Group Trust Shareholders’ Equity	1,499,432			1,565,411
Noncontrolling Interests	698			698
Total Equity	1,500,130			1,566,109
Total Liabilities and Equity	$	3,302,197		$	3,512,498



p. 11	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)



($ in thousands, except per share data)
	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Revenue:
Minimum rent	$	68,182		$	68,395		$	137,147		$	137,341
Tenant reimbursements	17,664			18,521			36,036			37,091
Other property related revenue	4,927			5,733			5,991			8,330
Fee income	963			—			2,325			—
Total revenue	91,736			92,649			181,499			182,762
Expenses:
Property operating	12,621			12,139			25,091			25,091
Real estate taxes	10,392			11,228			21,146			21,559
General, administrative, and other	5,553			5,488			11,499			10,958
Depreciation and amortization	40,451			42,710			79,006			88,540
Impairment charges	14,777			—			38,847			7,411
Total expenses	83,794			71,565			175,589			153,559
Operating income	7,942			21,084			5,910			29,203
Interest expense	(16,746		)	(16,433		)	(33,084		)	(32,878		)
Income tax benefit (expense) of taxable REIT subsidiary	28			(3		)	51			30
Other expense, net	(115		)	(80		)	(265		)	(219		)
(Loss) income from continuing operations	(8,891		)	4,568			(27,388		)	(3,864		)
Gains on sales of operating properties	7,829			6,290			8,329			15,160
Net (loss) income	(1,062		)	10,858			(19,059		)	11,296
Net income attributable to noncontrolling interests	(304		)	(678		)	(225		)	(1,110		)
Net (loss) income attributable to Kite Realty Group Trust common shareholders	$	(1,366	)	$	10,180		$	(19,284	)	$	10,186

(Loss) income per common share - basic and diluted	$	(0.02	)	$	0.12		$	(0.23	)	$	0.12

Weighted average common shares outstanding - basic	83,672,896			83,585,736			83,651,402			83,575,587
Weighted average common shares outstanding - diluted	83,672,896			83,652,627			83,651,402			83,640,327
Cash dividends declared per common share	$	0.3175		$	0.3025		$	0.6350		$	0.6050



p. 12	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



FUNDS FROM OPERATIONS¹



($ in thousands, except per share data)
	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Funds From Operations ("FFO")
Consolidated net (loss) income	$	(1,062	)	$	10,858		$	(19,059	)	$	11,296
Less: net income attributable to noncontrolling interests in properties	(343		)	(438		)	(694		)	(870		)
Less: gains on sales of operating properties	(7,829		)	(6,290		)	(8,329		)	(15,160		)
Add: impairment charges	14,777			—			38,847			7,411
Add: depreciation and amortization of consolidated entities, net of noncontrolling interests	40,178			42,050			78,457			87,416
FFO of the Operating Partnership¹	45,721			46,180			89,222			90,093
Less: Limited Partners' interests in FFO	(1,119		)	(1,056		)	(2,141		)	(2,045		)
FFO attributable to Kite Realty Group Trust common shareholders¹	$	44,602		$	45,124		$	87,081		$	88,048
FFO, as defined by NAREIT, per share of the Operating Partnership - basic	$	0.53		$	0.54		$	1.04		$	1.05
FFO, as defined by NAREIT, per share of the Operating Partnership - diluted	$	0.53		$	0.54		$	1.04		$	1.05


Weighted average common shares outstanding - basic	83,672,896			83,585,736			83,651,402			83,575,587
Weighted average common shares outstanding - diluted	83,722,444			83,652,627			83,694,898			83,640,327
Weighted average common shares and units outstanding - basic	85,739,745			85,572,566			85,691,306			85,551,356
Weighted average common shares and units outstanding - diluted	85,789,293			85,639,457			85,734,802			85,616,096

FFO, as defined by NAREIT, per diluted share/unit
Consolidated net (loss) income	$	(0.01	)	$	0.13		$	(0.22	)	$	0.13
Less: net income attributable to noncontrolling interests in properties	—			(0.01		)	(0.01		)	(0.01		)
Less: gains on sales of operating properties	(0.09		)	(0.07		)	(0.10		)	(0.17		)
Add: impairment charges	0.17			—			0.45			0.08
Add: depreciation and amortization of consolidated entities, net of noncontrolling interests	0.46			0.49			0.92			1.02
FFO, as defined by NAREIT, of the Operating Partnership per diluted share/unit¹	$	0.53		$	0.54		$	1.04		$	1.05



____________________
1	“FFO of the Operating Partnership" measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to Kite Realty Group Trust common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.



p. 13	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



ADJUSTED FUNDS FROM OPERATIONS AND OTHER FINANCIAL INFORMATION



($ in thousands)
	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Reconciliation of FFO, as adjusted, to Adjusted Funds from Operations (AFFO)
FFO, as defined by NAREIT, of the Operating Partnership	$	45,721	$	46,180	$	89,222	$	90,093
Add:
Depreciation of non-real estate assets	273		660		550		1,131
Amortization of deferred financing costs	898		668		1,558		1,350
Non-cash compensation expense	1,119		1,285		2,304		2,479
Less:
Straight-line rent	611		1,099		1,562		2,420
Market rent amortization income	2,065		950		4,641		1,800
Amortization of debt premium	547		713		1,536		1,486
Other cash and non-cash adjustments¹	920		—		920		866
Capital expenditures²:
Maintenance capital expenditures³	1,427		367		2,148		1,240
Revenue enhancing tenant improvements – retail	2,355		3,175		5,148		9,730
Revenue enhancing tenant improvements – office	625		318		625		318
External lease commissions	783		479		1,233		1,099
Total AFFO of the Operating Partnership	$	38,678	$	41,692	$	75,821	$	76,094

Other Financial Information:
Scheduled debt principal payments	$	1,353	$	1,274	$	2,883	$	2,389
Capitalized interest cost	$	502	$	792	$	936	$	1,533
Mark to market lease amount in Deferred revenue and other liabilities on consolidated balance sheet	$	73,653	$	86,815
Acreage of undeveloped, vacant land in the operating portfolio⁴	42.5



	June 30, 2018		December 31, 2017
Investment Properties, at Cost:
Land, building and improvements⁴	$	3,670,110	$	3,873,149
Furniture, equipment and other	9,022		8,453
Land held for development	31,142		31,142
Construction in progress	43,692		45,140
Total	$	3,753,966	$	3,957,884



____________________
1	Reflects a non-cash termination fee for the quarter ended June 30, 2018.
2	Excludes landlord work, tenant improvements and leasing commissions relating to development and 3-R projects.
3	A portion of these capital improvements are reimbursed by tenants and are revenue producing.
4	Includes undeveloped vacant land with a book value of $17.5 million at June 30, 2018.



p. 14	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



MARKET CAPITALIZATION AS OF JUNE 30, 2018



($ in thousands)
	Percent of Total Equity			Total Market Capitalization			Percent of Total Market Capitalization
Equity Capitalization:
Total Common Shares Outstanding	97.6		%	83,672,700
Operating Partnership ("OP") Units Outstanding	2.4		%	2,066,849
Combined Common Shares and OP Units	100.0		%	85,739,549
Market Price of Common Shares				$	17.08
Total Equity Capitalization				1,464,431			49	%
Debt Capitalization:
Company Consolidated Outstanding Debt				1,565,429
Plus: Debt Premium and Issuance Costs, net				4,307
Plus: Company Share of Unconsolidated Joint Venture Debt				18,164
Less: Partner Share of Consolidated Joint Venture Debt¹				(10,073		)
Company Share of Outstanding Debt				1,577,827
Less: Cash, Cash Equivalents, and Restricted Cash				(43,332		)
Total Net Debt Capitalization				1,534,495			51	%
Total Enterprise Value				$	2,998,926		100	%

RATIO OF DEBT TO TOTAL UNDEPRECIATED ASSETS AS OF JUNE 30, 2018
Consolidated Undepreciated Real Estate Assets				$	3,753,966
Company Share of Unconsolidated Real Estate Assets				26,906
				3,780,872
Total Debt Capitalization				1,544,568
Ratio of Debt to Total Undepreciated Real Estate Assets				40.9		%

RATIO OF COMPANY SHARE OF NET DEBT TO EBITDA AS OF JUNE 30, 2018
Company's Consolidated Debt & Share of Unconsolidated Debt				$	1,577,827
Less: Cash, Cash Equivalents, and Restricted Cash				(43,332		)
				1,534,495
Q2 2018 EBITDA, Annualized:
- Consolidated EBITDA	$	252,680
- Unconsolidated EBITDA	136
- Minority interest EBITDA ¹	(1,404		)
- Pro-forma adjustments ²	(16,775		)	234,637
Ratio of Company Share of Net Debt to EBITDA				6.5x



____________________
1	See page 18 for details
2	Relates to current quarter GAAP operating income, annualized, for properties sold during the quarter and a reduction to normalize other property related revenue to historical run rate.



p. 15	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



SAME PROPERTY NET OPERATING INCOME (NOI)



($ in thousands)
	Three Months Ended June 30,							Six Months Ended June 30,
	2018			2017			% Change	2018			2017			% Change
Number of properties for the quarter¹	102			102

Leased percentage at period end	93.7		%	94.7		%		93.7		%	94.7		%
Economic Occupancy percentage²	93.0		%	93.9		%		93.1		%	93.9		%

Minimum rent	$	58,168		$	57,500			$	115,820		$	114,628
Tenant recoveries	16,451			16,217				33,133			32,534
Other income	240			173				510			457
	74,859			73,890				149,463			147,619

Property operating expenses	(10,795		)	(9,988		)		(21,467		)	(20,505		)
Bad debt expense	(452		)	(865		)		(816		)	(1,463		)
Real estate taxes	(9,743		)	(9,940		)		(19,690		)	(19,711		)
	(20,990		)	(20,793		)		(41,973		)	(41,679		)
Same Property NOI³	$	53,869		$	53,097		1.5%	$	107,490		$	105,940		1.5%

Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure:
Net operating income - same properties	$	53,869		$	53,097			$	107,490		$	105,940
Net operating income - non-same activity⁴	13,891			16,185				25,447			30,172
Other income (expense), net	876			(83		)		2,111			(189		)
General, administrative and other	(5,553		)	(5,488		)		(11,499		)	(10,958		)
Impairment charges	(14,777		)	—				(38,847		)	(7,411		)
Depreciation and amortization expense	(40,451		)	(42,710		)		(79,006		)	(88,540		)
Interest expense	(16,746		)	(16,433		)		(33,084		)	(32,878		)
Gains on sales of operating properties	7,829			6,290				8,329			15,160
Net income attributable to noncontrolling interests	(304		)	(678		)		(225		)	(1,110		)
Net (loss) income attributable to common shareholders	$	(1,366	)	$	10,180			$	(19,284	)	$	10,186



____________________
1	Same Property NOI excludes six properties in redevelopment, the recently completed City Center, Northdale Promenade, Burnt Store Marketplace, and Parkside Town Commons - Phase II, as well as office properties (Thirty South Meridian and Eddy Street Commons).
2	Excludes leases that are signed but for which tenants have not yet commenced the payment of cash rent. Calculated as a weighted average based on the timing of cash rent commencement and expiration during the period.
3	Same Property NOI excludes net gains from outlot sales, straight-line rent revenue, lease termination fees, amortization of lease intangibles and significant prior period expense recoveries and adjustments, if any.
4	Includes non-cash activity across the portfolio as well as net operating income from properties not included in the same property pool.



p. 16	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



NET OPERATING INCOME BY QUARTER



($ in thousands)
	Three Months Ended
	June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017
Revenue:
Minimum rent¹	$	68,182		$	68,965		$	68,518		$	67,585		$	68,395
Tenant reimbursements	17,664			18,373			18,252			17,657			18,521
Other property related revenue²	4,368			434			358			1,252			5,267
Overage rent	100			148			780			82			16
Parking revenue, net³	83			67			218			138			137
	90,397			87,987			88,126			86,714			92,336
Expenses:
Property operating - Recoverable⁴	9,959			10,235			10,018			9,533			9,386
Property operating - Non-Recoverable⁴	2,413			1,984			2,417			2,053			2,573
Real estate taxes	10,265			10,591			10,638			10,675			11,095
	22,637			22,810			23,073			22,261			23,054
Net Operating Income - Properties	67,760			65,177			65,053			64,453			69,282
Other (Expenses) Income:
General, administrative, and other	(5,553		)	(5,945		)	(5,360		)	(5,431		)	(5,488		)
Fee income	963			1,362			377			—			—
	(4,590		)	(4,583		)	(4,983		)	(5,431		)	(5,488		)
Earnings Before Interest, Taxes, Depreciation and Amortization	63,170			60,594			60,070			59,022			63,794
Impairment charge	(14,777		)	(24,070		)	—			—			—
Depreciation and amortization	(40,451		)	(38,556		)	(40,758		)	(42,793		)	(42,710		)
Interest expense	(16,746		)	(16,337		)	(16,452		)	(16,372		)	(16,433		)
Income tax benefit (expense) of taxable REIT subsidiary	28			23			36			33			(3		)
Other expense, net	(115		)	(151		)	(101		)	(94		)	(80		)
(Loss) Income From Continuing Operations	(8,891		)	(18,497		)	2,795			(204		)	4,568
Gains on sales of operating properties	7,829			500			—			—			6,290
Net (loss) income	(1,062		)	(17,997		)	2,795			(204		)	10,858
Less: Net loss (income) attributable to noncontrolling interests	(304		)	80			(486		)	(418		)	(678		)
Net (loss) income attributable to Kite Realty Group Trust	$	(1,366	)	$	(17,917	)	$	2,309		$	(622	)	$	10,180
NOI/Revenue	75.0		%	74.1		%	73.8		%	74.3		%	75.0		%
Recovery Ratios⁵
- Retail Properties	89.7		%	90.5		%	90.9		%	89.9		%	93.1		%
- Consolidated	87.3		%	88.2		%	88.4		%	87.4		%	90.4		%



____________________
1	Minimum rent includes $4.8 million in ground lease-related revenue for the three months ended June 30, 2018.
2	Other property related revenue for the three months ended June 30, 2018 includes $3.0 million of gain on land sales and $1.0 million of lease termination income.
3	Parking revenue, net represents the net operating results of the Eddy Street Parking Garage and the Union Station Parking Garage. In the three months ended June 30, 2018, this amount was calculated as revenue of $460,000 less real estate taxes and property operating expenses of $127,000 and $249,000, respectively.
4	Recoverable expenses include total management fee expense (or recurring G&A expense of $1.3 million) allocable to the property operations in the three months ended June 30, 2018, a portion of which is recoverable. Non-recoverable expenses primarily include bad debt provision, ground rent, professional fees, and operating costs for Lake Lofts at Deerwood.
5	“Recovery Ratio” is computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense.



p. 17	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



CONSOLIDATED JOINT VENTURE SUMMARY - JUNE 30, 2018

($ in thousands)



Ownership
Joint Venture Entity	Location (MSA)		Owned GLA	KRG Ownership %		Current KRG Economic Ownership%¹
Delray Marketplace	Delray, FL		260,255	50%		98%
Pan Am Plaza	Indianapolis, IN		—	85%		85%
Crossing at Killingly Commons	Killingly, CT		208,929	55%		90%
Territory Portfolio²	Las Vegas, NV		847,690	78%		94%
Balance Sheet			Current Partner Economic Ownership %
Joint Venture Entity	Debt Balance			Partner Share of Debt		Redeemable Noncontrolling Interest
Delray Marketplace	$	56,850	2%	$	1,138	$	—
Pan Am Plaza	—		15%	—		—
Crossing at Killingly Commons	—		10%	—		10,070
Territory Portfolio²	148,940		6%	8,935		—
Total	$	205,790		$	10,073	$	10,070
Income Statement
Joint Venture Entity				Quarterly Minority Interest		Annualized Minority Interest
Delray Marketplace				$	—	$	—	KRG has an 8% cumulative preferred return
Pan Am Plaza				—		—		Project currently in Land Held For Development
Crossing at Killingly Commons				132		528		Partner receives a fixed annual preferred payment of 5.5% on $9.6 million
Territory Portfolio²				219		876		Partner receives a fixed annual preferred payment of 4% on $21.9 million
Total				$	351	$	1,404



____________________
1	Economic ownership % represents the Company's share of cash flow.
2	Joint Venture includes six operating properties located in Las Vegas, Nevada. Our partner has elected to redeem its remaining interest of $21.9 million. The Company must redeem $10 million of the interest by August 8, 2018. The Company can determine the timing of the closing for the redemption of the remainder of the interest, which must occur before November 8, 2018.



p. 18	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



UNCONSOLIDATED JOINT VENTURE SUMMARY - JUNE 30, 2018



($ in thousands)
	Joint Ventures

Venture	Eddy Street Embassy Suites ¹			TH Real Estate ²
KRG Ownership Interest	35		%	20		%

Condensed Balance Sheets
Real Estate Investment	$	37,118		$	102,919
Other Assets	514			—
Total Assets	$	37,632		$	102,919

Debt	$	22,245		$	51,890
Other Liabilities	5,387			1,164
Total Liabilities	27,632			53,054

Partners' Equity	10,000			49,865
Total Liabilities and Equity	$	37,632		$	102,919

KRG Share of Equity	$	1,400		$	9,973
KRG Share of Debt	7,786			10,378



1		The joint venture is currently constructing a full service Embassy Suites at the University of Notre Dame. There are currently no operations at this property while it is under construction. The hotel is expected to open in the fall of 2018.
2		The joint venture was formed on June 29, 2018. The results of operations for the joint venture for the 2nd quarter of 2018 were not material.



p. 19	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



SUMMARY OF OUTSTANDING DEBT AS OF June 30, 2018



($ in thousands)
TOTAL OUTSTANDING DEBT¹
	Outstanding Amount			Ratio		Weighted Average Interest Rate		Weighted Average Maturity (in years)
Fixed Rate Debt	$	1,465,330		92	%	4.10	%	5.3
Variable Rate Debt	104,406			7	%	3.55	%	3.7
Net Debt Premiums and Issuance Costs, Net	(4,307		)	N/A		N/A		N/A
Total Consolidated Debt	1,565,429			99	%	4.08	%	5.2
KRG Share of Unconsolidated Debt	18,164			1	%	3.16	%	8.3
Total	$	1,583,593		100	%	4.05	%	5.2



SCHEDULE OF MATURITIES BY YEAR
	Secured Debt
	Scheduled Principal Payments			Term Maturities		Unsecured Debt²		Total Consolidated Debt			Total Unconsolidated Debt		Total Outstanding Debt
2018	$	2,298		$	—	$	—	$	2,298		$	—	$	2,298
2019	5,164			—		—		5,164			—		5,164
2020	5,395			37,680		—		43,075			100		43,175
2021	4,627			159,875		200,000		364,502			245		364,747
2022	1,113			205,208		200,000		406,321			258		406,579
2023	806			181,940		104,100		286,846			270		287,116
2024	854			—		—		854			6,913		7,767
2025	904			—		80,000		80,904			—		80,904
2026 And Beyond	4,672			100		375,000		379,772			10,378		390,150
Net Debt Premiums and Issuance Cost, Net	(4,307		)	—		—		(4,307		)	—		(4,307		)
Total	$	21,526		$	584,803	$	959,100	$	1,565,429		$	18,164	$	1,583,593



1	Fixed rate debt includes, and variable rate date excludes, the portion of such debt that has been hedged by interest rate derivatives. As of June 30, 2018, $378.5 million in variable rate debt is hedged for a weighted average 2.8 years.
2	This presentation reflects the Company's exercise of its option to extend the maturity date by one year to April 22, 2023 for the Company's unsecured credit facility. The ability to exercise this option is subject to certain conditions, which the Company does not unilaterally control.



p. 20	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF JUNE 30, 2018



($ in thousands)
Property	Lender	Interest Rate¹		Maturity Date	Balance as of June 30, 2018	% of Total Outstanding



2018 Debt Maturities					—	—	%

2019 Debt Maturities					—	—	%


Lake City Commons/12th Street Plaza/University Town Center II	CMBS	5.7	%	9/1/2020	20,700
Thirty South²	Associated Bank	LIBOR + 150		12/31/2020	16,980
2020 Debt Maturities					37,680	2.4	%

Waxahachie Crossing	CMBS	5.55	%	3/1/2021	7,750
International Speedway Square	CMBS	5.77	%	4/1/2021	18,833
Lima Marketplace	CMBS	5.8	%	4/1/2021	8,383
Bell Oaks Centre	CMBS	5.59	%	4/1/2021	6,548
Northcrest Shopping Center	CMBS	5.48	%	5/1/2021	15,780
University Town Center	CMBS	5.48	%	6/1/2021	18,690
Village at Bay Park	CMBS	5.58	%	6/1/2021	9,183
Silver Springs Pointe	CMBS	5.03	%	7/1/2021	8,800
Lake Mary Plaza	CMBS	5.1	%	7/1/2021	5,080
Unsecured Term Loan³	KeyBank (Admin. Agent)	LIBOR + 130		7/28/2021	200,000
Bayport Commons	CMBS	5.44	%	7/28/2021	11,787
Eddy Street Commons	CMBS	5.44	%	9/1/2021	22,861
Four Property Pool Loan	CMBS	5.44	%	9/1/2021	33,333
2021 Debt Maturities					367,028	23.1	%

Centre at Panola, Phase I	CMBS	6.78	%	1/1/2022	1,502
Delray Marketplace⁴	Bank of America	LIBOR + 160		2/5/2022	56,850
Palm Coast Landing	CMBS	5	%	3/1/2022	22,103
Bayonne Crossing	CMBS	4.33	%	4/1/2022	44,124
Saxon Crossing	CMBS	4.65	%	7/1/2022	11,400
Merrimack Village Center	CMBS	4.36	%	7/6/2022	5,445
Shops at Moore	CMBS	4.29	%	9/1/2022	21,300
Shops at Julington Creek	CMBS	4.6	%	9/1/2022	4,785
Centre Point Commons	CMBS	4.34	%	10/1/2022	14,410
Unsecured Term Loan³	KeyBank (Admin. Agent)	LIBOR + 160		10/26/2022	200,000
Miramar Square	CMBS	4.16	%	12/1/2022	31,625
2022 Debt Maturities					413,544	26.1	%
See footnotes on next page



p. 21	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF June 30, 2018 (CONTINUED)



($ in thousands)
Property	Lender	Interest Rate¹		Maturity Date	Balance as of June 30, 2018			% of Total Outstanding

Centennial Gateway / Eastgate⁵	CMBS	3.81	%	1/1/2023	44,385
Centennial Center⁵	CMBS	3.83	%	1/6/2023	70,455
Eastern Beltway⁵	CMBS	3.83	%	1/6/2023	34,100
The Corner	CMBS	4.10	%	3/1/2023	14,750
Chapel Hill	CMBS	3.78	%	4/1/2023	18,250
Unsecured Credit Facility^3,6,7	KeyBank (Admin. Agent)	LIBOR + 115		4/22/2023	9,100
Senior Unsecured Note	Various	4.23	%	9/10/2023	95,000
2023 Debt Maturities					286,040			18.0	%

2024 Debt Maturities					—			—	%

Senior Unsecured Note	Various	4.47	%	9/10/2025	80,000
2025 Debt Maturities					80,000			5.0	%

Senior Unsecured Note	Various	4.00	%	10/1/2026	300,000
Senior Unsecured Note	Various	4.57	%	9/10/2027	75,000
Rampart Commons	CMBS	5.73	%	6/10/2030	10,444
2026 And Beyond Debt Maturities					385,444			24.3	%
NET PREMIUMS ON ACQUIRED DEBT & ISSUANCE COSTS					(4,307		)
TOTAL DEBT PER CONSOLIDATED BALANCE SHEET					$	1,565,429		98.9	%

Unconsolidated Debt
Embassy Suites at University of Notre Dame⁸	1st Source Bank	LIBOR + 250		7/1/2024	7,786
TH Real EstateJV Debt⁵	MetLife Real Estate Lending	4.09%		7/1/2028	10,378
TOTAL UNCONSOLIDATED DEBT					18,164			1.1	%
TOTAL CONSOLIDATED AND UNCONSOLIDATED DEBT					$	1,583,593		100.0	%



____________________
1	At June 29, 2018, one-month LIBOR was 2.09%.
2	Subsequent to quarter end, an amendment was executed to extend the maturity date to June 30, 2025.
3	The Company has 98 unencumbered properties of which 94 are wholly owned and included in the unencumbered property pool of our unsecured facilities.
4	Property is held in a joint venture. The loan is guaranteed by Kite Realty Group, LP. See Joint Venture Summary on pages 18-19 for additional detail.
5	Properties are held in joint ventures. See Joint Venture Summary on page 18-19 for additional detail.
6	Assumes Company exercises its option to extend the maturity date by one year.
7	Total availability under our unsecured credit facility is $600 million.
8	KRG's share of total loan commitment is $11.83 million. Beginning on July 1, 2019 the loan will convert to a fixed rate loan with an interest rate of 5.02%. On August 1, 2020 the loan will begin amortizing.



p. 22	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



UNSECURED PUBLIC DEBT COVENANTS



	June 30, 2018			Debt Covenant Threshold¹

Total Debt to Undepreciated Assets	40.1%			<60%

Secured Debt to Undepreciated Assets	15.7%			<40%

Undepreciated Unencumbered Assets to Unsecured Debt	269.3%			>150%

Debt Service Coverage	3.3x			>1.5x


Senior Unsecured Debt Ratings:
Moody's Investors Service	Baa3/Stable
Standard & Poor's Rating Services	BBB-/Stable


Liquidity ($ in thousands)
Cash and cash equivalents		$	32,384
Availability under unsecured credit facility		459,079
		$	491,463



____________________
1	For a complete listing of all Debt Covenants related to the Company's Senior Unsecured Notes, as well as definitions of the terms, refer to the Company's filings with the SEC.



p. 23	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



TOP 10 RETAIL TENANTS BY TOTAL GROSS LEASABLE AREA (GLA)

As of June 30, 2018

This table includes the following:


•	Operating retail properties;


•	Operating office properties; and


•	Development/Redevelopment property tenants open for business or ground lease tenants who commenced paying rent as of June 30, 2018.



Tenant	Number of Locations	Total GLA	Number of Leases	Company Owned GLA	Ground Lease GLA	Number of Anchor Owned Locations	Anchor Owned GLA
Walmart Stores, Inc.¹	13	2,244,581	5	—	811,956	8	1,432,625
Target Corporation	15	2,202,085	—	—	—	15	2,202,085
Lowe's Companies, Inc.	14	2,072,666	5	128,997	650,161	9	1,293,508
Home Depot Inc.	6	788,167	1	—	131,858	5	656,309
Kohl's Corporation	8	694,386	5	184,516	244,010	3	265,860
Publix Super Markets, Inc.	14	670,665	14	670,665	—	—	—
The TJX Companies, Inc. ²	21	626,931	21	626,931	—	—	—
Bed Bath & Beyond, Inc. ³	19	493,719	19	493,719	—	—	—
Ross Stores, Inc.⁴	17	488,707	17	488,707	—	—	—
Dick's Sporting Goods, Inc.⁵	8	390,502	8	390,502	—	—	—
Total	135	10,672,409	95	2,984,037	1,837,985	40	5,850,387



____________________
1	Includes Sam's Club, which is owned by the same parent company.
2	Includes TJ Maxx (13), Home Goods (2) and Marshalls (6), all of which are owned by the same parent company. Includes two stores totaling 50,174 square feet at properties owned in unconsolidated joint ventures.
3	Includes Bed Bath and Beyond (11), Buy Buy Baby (4), Christmas Tree Shops (1) and Cost Plus World Market (3), all of which are owned by the same parent company. Includes two stores totaling 43,269 square feet at properties owned in unconsolidated joint ventures.
4	Includes one store totaling 25,000 square feet at a property owned in an unconsolidated joint venture.
5	Includes Dick's Sporting Goods (7) and Golf Galaxy (1), both of which are owned by the same parent company.



p. 24	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



TOP 25 TENANTS BY ANNUALIZED BASE RENT

As of June 30, 2018

($ in thousands, except per square foot data)

This table includes the following:


•	Operating retail properties;


•	Operating office properties; and


•	Development/Redevelopment property tenants open for business or ground lease tenants who commenced paying rent as of June 30, 2018.



	Number of Stores			Annualized Base Rent^3,4				Annualized Base Rent per Sq. Ft.⁴
Tenant (# Stores)	Wholly Owned	JV¹	Total Leased GLA/NRA²	Pro-Rata Share		100%		Pro-Rata Share		100%		% of Total Portfolio Annualized Base Rent⁴
Publix Super Markets, Inc.	14	—	670,665	$	6,739	$	6,739	$	10.05	$	10.05	2.5	%
The TJX Companies, Inc.⁵	19	2	626,931	6,104		6,653		10.40		10.61		2.5	%
Bed Bath & Beyond, Inc.⁶	17	2	493,719	5,400		6,093		11.76		12.34		2.3	%
PetSmart, Inc.	17	1	371,735	5,463		5,659		15.19		15.22		2.1	%
Ross Stores, Inc.	16	1	488,707	5,297		5,542		11.30		11.34		2.1	%
Lowe's Companies, Inc.	5	—	128,997	5,204		5,204		6.68		6.68		1.9	%
Dick's Sporting Goods, Inc.⁷	8	—	390,502	4,212		4,212		10.79		10.79		1.6	%
Nordstrom, Inc. / Nordstrom Rack (6)	5	1	197,797	3,525		4,001		20.48		20.23		1.5	%
Ascena Retail Group⁸	32	—	198,882	3,994		3,994		20.08		20.08		1.5	%
Michaels Stores, Inc.	13	1	295,066	3,719		3,895		13.21		13.20		1.4	%
LA Fitness	5	—	208,209	3,574		3,574		17.16		17.16		1.3	%
Office Depot (8) / Office Max (4)	12	—	245,455	3,381		3,381		13.77		13.77		1.3	%
Best Buy Co., Inc.	6	—	213,604	3,084		3,084		14.44		14.44		1.1	%
Kohl's Corporation	5	—	184,516	2,927		2,927		6.83		6.83		1.1	%
National Amusements	1	—	80,000	2,898		2,898		36.22		36.22		1.1	%
Mattress Firm Holdings Corp (17) / Sleepy's (5)	22	—	101,361	2,841		2,841		28.02		28.02		1.1	%
Petco Animal Supplies, Inc.	12	—	167,455	2,819		2,819		16.83		16.83		1.0	%
Walmart Stores, Inc.⁹	5	—	—	2,652		2,652		3.27		3.27		1.0	%
Ulta Beauty, Inc.	10	2	127,451	2,140		2,578		19.32		20.22		1.0	%
DSW Inc.	8	1	175,133	2,196		2,491		13.76		14.22		0.9	%
Stein Mart, Inc.	8	1	307,222	2,122		2,381		7.54		7.75		0.9	%
Frank Theatres	2	—	122,224	2,311		2,311		18.91		18.91		0.9	%
Hobby Lobby Stores, Inc.	5	—	271,254	2,190		2,190		8.07		8.07		0.8	%
Walgreens Boots Alliance, Inc.	4	—	67,212	2,099		2,099		31.23		31.23		0.8	%
The Gap / Old Navy (9)	9	—	148,401	2,095		2,095		14.11		14.11		0.8	%
TOTAL	260	12	6,282,498	$	88,983	$	92,310	$	11.43	$	11.56	34.5	%



____________________
1	JV Stores represent stores at unconsolidated properties.
2	Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants.
3	Annualized base rent represents the monthly contractual rent for June 30, 2018 for each applicable tenant multiplied by 12. Annualized base rent does not include tenant reimbursements. Annualized base rent at pro-rata share represents 100% of the annualized base rent at consolidated properties and our share of the annualized base rent at unconsolidated properties.
4	Annualized base rent and percent of total portfolio includes ground lease rent.
5	Includes TJ Maxx (13), Marshalls (6) and HomeGoods (2), all of which are owned by the same parent company.
6	Includes Bed Bath and Beyond (11), Buy Buy Baby (4) Christmas Tree Shops (1) and Cost Plus World Market (3), all of which are owned by the same parent company.
7	Includes Dick's Sporting Goods (7) and Golf Galaxy (1), both of which are owned by the same parent company.
8	Includes Ann Taylor (5), Catherines (1), Dress Barn (11), Lane Bryant (7), Justice Stores (4) and Maurices (4), all of which are owned by the same parent company.
9	Includes Sam's Club, which is owned by the same parent company.



p. 25	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



RETAIL LEASING SPREADS



			Comparable Space^2,3
Category	Total Leases	Total Sq. Ft.	Leases	Sq. Ft.	Prior Rent PSF⁴		New Rent PSF^5,6		Cash Rent Spread		GAAP Rent Spread⁷		TI, LL Work, Lease Commissions PSF^8,9
New Leases - Q2, 2018	32	123,379	17	30,480	$	25.90	$	31.88	23.1	%	39.5	%		$	56.43
New Leases - Q1, 2018¹	20	84,176	13	57,694	$	18.01	$	17.61	(2.2	)%	(0.3	)%		$	15.49
New Leases - Q4, 2017	48	155,805	19	83,638	$	17.09	$	20.51	20.0	%	29.7	%		$	74.23
New Leases - Q3, 2017	39	92,089	18	44,091	$	23.58	$	28.04	18.9	%	24.9	%		$	49.06

Renewals - Q2, 2018	49	233,517	49	233,517	$	20.32	$	21.98	8.2	%	13.7	%		$	0.80
Renewals - Q1, 2018¹	45	333,654	45	333,654	$	16.61	$	17.12	3.1	%	6.6	%		$	0.97
Renewals - Q4, 2017	83	589,332	83	589,332	$	16.47	$	17.34	5.3	%	8.8	%		$	0.73
Renewals - Q3, 2017	47	340,725	47	340,725	$	16.40	$	17.99	9.7	%	16.4	%		$	1.63

Total - Q2, 2018	81	356,896	66	263,997	$	20.96	$	23.13	10.3	%	16.3	%		$	7.22
Total - Q1, 2018¹	65	417,830	58	391,348	$	16.81	$	17.19	2.3	%	5.3	%		$	3.11
Total - Q4, 2017	131	745,137	102	672,970	$	16.55	$	17.74	7.2	%	11.2	%		$	9.86
Total - Q3, 2017	86	432,814	65	384,816	$	17.22	$	19.14	11.1	%	17.0	%		$	7.06



________________
1	Excluding one anchor tenant lease that did not require the Company to expend any capital and one strategic anchor renewal, new and renewal lease cash spreads were 16.5% (cost $32.22 PSF) and 7.0%, respectively, for a blended cash rent spread of 8.2%.
2	Comparable space leases on this report are included for retail properties only. Leases at our two office properties, Thirty South Meridian and Eddy Street Commons, and ground leases are excluded.
3	Comparable leases represent those leases signed for which there was a former tenant within the last 12 months.
4	Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.
5	All amounts reported at lease execution.
6	Contractual rent represents contractual minimum rent per square foot for the first 12 months of the lease.
7	The aggregate spread on a straight-line basis over the contractual life of the lease to the comparable lease.
8	Includes redevelopment costs for tenant specific landlord work and tenant allowances provided to tenants at properties in the 3-R pipeline.
9	Excluding the costs associated with two anchor leases, the Q4, 2017 new lease costs were $50.27 PSF.



p. 26	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



LEASE EXPIRATIONS – OPERATING PORTFOLIO

As of June 30, 2018

($ in thousands, except per square foot data)

This table includes the following:


•	Operating retail properties;


•	Operating office properties; and


•	Development/Redevelopment property tenants open for business or ground lease tenants who commenced paying rent as of June 30, 2018.



			Expiring Annualized Base Rent^{3, 4}						Expiring Annualized Base Rent per Sq. Ft.
	Number of Expiring Leases¹	Expiring GLA/NRA²	Pro-Rata Share		100%		% of Total Annualized Base Rent		Pro-Rata Share		100%		Expiring Ground Lease Revenue
2018	83	376,111	$	6,567	$	6,567	2.6	%	$	17.46	$	17.46	$	68
2019	228	1,421,181	21,241		21,351		8.6	%	15.00		15.02		653
2020	248	1,893,631	27,624		27,823		11.2	%	14.64		14.69		1,511
2021	305	1,772,364	29,532		29,841		12.0	%	16.77		16.84		605
2022	304	2,026,167	34,944		35,042		14.1	%	17.27		17.29		1,240
2023	305	2,277,728	40,198		40,264		16.2	%	17.67		17.68		1,992
2024	110	987,932	15,283		17,606		7.1	%	18.28		17.82		288
2025	86	738,112	12,280		13,316		5.4	%	17.72		18.04		736
2026	80	801,508	10,734		11,451		4.6	%	14.32		14.29		1,320
2027	79	782,369	12,013		12,517		5.0	%	16.31		16.00		358
Beyond	128	1,804,712	32,269		32,269		13.0	%	17.77		17.88		10,606
	1,956	14,881,815	$	242,686	$	248,047	100.0	%	$	16.67	$	16.67	$	19,376



____________________
1	Lease expiration table reflects rents in place as of June 30, 2018 and does not include option periods; 2018 expirations include 10 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 June 2018 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.
4	54% of our annualized base rent is generated from tenants occupying less than 16,000 square feet.



p. 27	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



LEASE EXPIRATIONS – RETAIL ANCHOR TENANTS¹

As of June 30, 2018

($ in thousands, except per square foot data)

This table includes the following:


•	Operating retail properties; and


•	Development/Redevelopment property tenants open for business or ground lease tenants who commenced paying rent as of June 30, 2018.



			Expiring Annualized Base Rent⁴						Expiring Annualized Base Rent per Sq. Ft.
	Number of Expiring Leases²	Expiring GLA/NRA³	Pro-Rata Share		100%		% of Total Annualized Base Rent		Pro-Rata Share		100%		Expiring Ground Lease Revenue
2018	4	179,604	$	1,866	$	1,866	0.8	%	$	10.39	$	10.39	$	—
2019	26	887,579	8,430		8,430		3.4	%	9.50		9.50		—
2020	40	1,367,047	14,905		14,905		6.0	%	10.90		10.90		1,111
2021	42	1,091,651	12,704		12,704		5.1	%	11.64		11.64		—
2022	50	1,316,927	16,705		16,705		6.7	%	12.68		12.68		745
2023	56	1,454,463	20,601		20,601		8.3	%	14.16		14.16		1,551
2024	24	709,756	8,345		10,530		4.2	%	14.84		14.84		—
2025	19	448,453	5,187		6,158		2.5	%	12.80		13.73		381
2026	17	554,351	4,543		5,259		2.1	%	9.04		9.49		750
2027	20	570,380	6,345		6,848		2.8	%	12.09		12.01		—
Beyond	38	1,359,743	20,928		20,928		8.4	%	15.39		15.39		6,354
	336	9,939,954	$	120,558	$	124,935	50.3	%	$	12.49	$	12.57	$	10,891



____________________
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 June 30, 2018 and does not include option periods.
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 June 2018 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.



p. 28	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



LEASE EXPIRATIONS – RETAIL SHOPS

As of June 30, 2018

($ in thousands, except per square foot data)

This table includes the following:


•	Operating retail properties; and


•	Development/Redevelopment property tenants open for business as of June 30, 2018.



			Expiring Annualized Base Rent³					Expiring Annualized Base Rent per Sq. Ft.
	Number of Expiring Leases¹	Expiring GLA/NRA²	Pro-Rata Share		100%		% of Total Annualized Base Rent	Pro-Rata Share		100%		Expiring Ground Lease Revenue
2018	79	196,507	$	4,701	$	4,701	1.9%	$	23.92	$	23.92	$	68
2019	200	525,844	12,591		12,702		5.1%	24.18		24.16		653
2020	206	513,273	12,463		12,662		5.1%	24.59		24.67		400
2021	260	671,714	16,599		16,908		6.8%	25.12		25.17		605
2022	249	644,220	16,968		17,066		6.9%	26.47		26.49		495
2023	245	696,358	18,525		18,592		7.5%	26.71		26.70		441
2024	85	248,198	6,648		6,785		2.7%	27.27		27.34		288
2025	63	194,353	5,470		5,535		2.2%	28.44		28.48		355
2026	63	247,157	6,192		6,192		2.5%	25.05		25.05		570
2027	58	202,835	5,390		5,390		2.2%	26.57		26.57		358
Beyond	87	313,452	8,683		8,683		3.5%	27.83		27.70		4,252
	1,595	4,453,911	$	114,230	$	115,215	46.4%	$	25.86	$	25.87	$	8,485



____________________
1	Lease expiration table reflects rents in place as of June 30, 2018, and does not include option periods; 2018 expirations include 10 month-to-month tenants. This column also excludes ground leases.
2	Expiring GLA excludes estimated square footage attributable to non-owned structures on land we own and ground leased to tenants.
3	Annualized base rent represents the monthly contractual rent for June 2018 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.



p. 29	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



LEASE EXPIRATIONS – OFFICE TENANTS AND OTHER

As of June 30, 2018

($ in thousands, except per square foot data)




	Number of Expiring Leases¹	Expiring GLA/NRA¹	Expiring Annualized Base Rent²		% of Total Annualized Base Rent	Expiring Annualized Base Rent per Sq. Ft.
2018	—	—	$	—	—%	$	—
2019	1	5,253	101		—%	19.25
2020	2	13,311	256		0.1%	19.25
2021	3	8,999	229		0.1%	25.49
2022	5	65,020	1,271		0.5%	19.55
2023	4	126,907	1,071		0.4%	8.44
2024	2	32,483	408		0.2%	12.57
2025	4	95,306	1,623		0.7%	17.03
2026	—	—	—		—%	—
2027	1	9,154	278		0.1%	30.38
Beyond⁴	3	131,517	2,658		1.1%	20.21
	25	487,950	$	7,897	3.2%	$	16.18



____________________
1	Lease expiration table reflects rents in place as of June 30, 2018 and does not include option periods. This column also excludes ground leases.
2	Lease expiration table reflects rents in place as of June 30, 2018 and does not include option periods. This column also excludes ground leases.
3	Annualized base rent represents the monthly contractual rent for June 2018 for each applicable tenant multiplied by 12. Excludes tenant reimbursements.
4	Expiring NRA includes 48,908 square feet leased to the Company and subsidiaries.



p. 30	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



DEVELOPMENT PROJECTS UNDER CONSTRUCTION

As of June 30, 2018

($ in thousands)



Project	Company Ownership %	MSA	Projected Stabilization Date¹	Projected Owned GLA²	Projected Total GLA³	Percent of Owned GLA Occupied⁴		Percent of Owned GLA Pre-Leased/ Committed		KRG Share of Total Estimated Project Cost^5,6		KRG Share of Cost Incurred as of June 30, 2018		Major Tenants and Non-owned Anchors
Embassy Suites at the University of Notre Dame⁵	35%	South Bend	Q4 2018	152,460	152,460	NA		NA		$	14,665	$	12,482	Embassy Suites full-service hotel
Eddy Street Commons at Notre Dame, IN - Phase II⁶	100%	South Bend	Q4 2020	8,500	530,000	—	%	—	%	10,000		3,369		Ground lease with multi-family developer on 450 units; 8,500 square feet of owned retail.
Total				160,960	682,460	—	%	—	%	$	24,665	$	15,851



Projected Annualized Development / Redevelopment Cash NOI Summary
Remaining Under Construction Development / Redevelopment Cash NOI (excluding hotel)	$	3,339
Remaining Transitional Development / Redevelopment Cash NOI	569
Total Remaining Annual Cash NOI	$	3,908




Summary of Construction In Progress on Consolidated Balance Sheet:
Under Construction Development / Redevelopment CIP	$	14,196
Transitional Development / Redevelopment CIP	127
Holly Springs Towne Center - Phase III	5,832
Various tenant improvements and small projects	23,537
Construction In Progress on Consolidated Balance Sheet	$	43,692



____________________
1	Stabilization date represents near completion of project construction and substantial occupancy of the property.
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	Total Estimated Project Cost of $14.7 million reflects the Company's pro-rata share of the gross project cost ($47.9 million) after deducting the TIF contribution ($6 million)
6	Total estimated cost of all components of Eddy Street Phase II equals $90.8 million, consisting of KRG estimated project cost ($10.0 million), TIF ($16.1 million), and residential apartments and townhomes to be ground subleased to unrelated third party ($64.7 million).



p. 31	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



UNDER CONSTRUCTION REDEVELOPMENT, REPOSITION, AND REPURPOSE PROJECTS



($ in thousands)

Property	Location (MSA)	Description	Projected ROI¹	Projected Cost	Percentage of Cost Spent	Est. Stabilized Period
Beechwood Promenade*	Athens	Backfilling vacant anchor and shop space with Michaels, and construction of outlot for Starbucks.	9.5% - 10.5%	$7,000 - $8,000	51%	2H 2018
Centennial Center A	Las Vegas	Reposition of two retail buildings totaling 14,000 square feet, and the addition of a Panera Bread outlot. Addition of traffic signal and other significant building/site enhancements.	13.5% - 14.5%	$3,500 - $4,500	62%	2H 2018
Fishers Station*	Indianapolis	Demolition and expansion of previous anchor space and replacement with a Kroger ground lease. Kroger has notified us it does not plan to open at this location. The Company has a long-term ground lease with Kroger that requires rent payments commencing in the second half of 2018. Also, center upgrades and new shop space.	10.5% - 11.5%	$10,500 - $11,000	88%	2H 2018
Rampart Commons*	Las Vegas	Relocating, retenanting, and renegotiating leases as a part of new development plan. Upgrades to building façades and hardscape throughout the center.	7.0% - 7.5%	$15,500 - $16,500	68%	2H 2018

UNDER CONSTRUCTION REDEVELOPMENT, REPOSITION, REPURPOSE TOTALS			9.5% - 10.5%	$36,500 - $40,000	70%



COMPLETED PROJECTS DURING Q2 2018

Property	Location (MSA)	Description	Annual Projected ROI	Cost
City Center²	New York City	Reactivating street-level retail components and enhancing overall shopping experience within multi-level project.
Portofino Shopping Center, Phase II	Houston	Expansion of vacant space to accommodate Nordstrom Rack; rightsizing of existing Old Navy, and relocation of shop tenants.

COMPLETED PROJECTS TOTALS			6.9%	$24,780



________________
1	Projected ROI is calculated by dividing incremental rent for comparable spaces or full rent for spaces vacant 12 months or more over total projected cost of the defined 3R area.
2	City Center includes 85% of income to be leased. Project was completed prior to lease-up of one shop vacancy.
*	Asterisk represents redevelopment assets removed from the operating portfolio.



p. 32	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



REDEVELOPMENT, REPOSITION, AND REPURPOSE OPPORTUNITIES



($ in thousands)

Property	Type of Project	Location (MSA)	Description
Courthouse Shadows*	Redevelopment	Naples	Demolition of the site to create mixed use format and outparcel development.
Hamilton Crossing Centre*	Redevelopment	Indianapolis	Creation of a mixed use (office, retail, and multi-family) development.
Centennial Center B	Reposition¹	Las Vegas	General building enhancements to five remaining outparcels. Addition of two restaurants to anchor the small shop building.
The Corner*	Repurpose	Indianapolis	Creation of a mixed use (retail and multi-family) development to replace an unanchored small shop center.

Total Targeted Return			9.0% - 11.0%
Total Expected Cost			$40,000 - $56,000



____________________
1	Reposition refers to less substantial asset enhancements based on internal costs.
*	Asterisk represents redevelopment assets removed from the operating portfolio.
Note:	These opportunities are merely potential at this time and are subject to various contingencies, many of which are beyond the Company's control. Targeted return is based upon our current expectations of capital expenditures, budgets, anticipated leases and certain other factors relating to such opportunities. The actual return on these investments may not meet our expectations.



p. 33	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



2018 PROPERTY DISPOSITIONS

($ in thousands)



Property Name	MSA	Date Sold	Sales Price
Trussville Promenade	Birmingham, AL	2/21/2018
Memorial Commons	Goldsboro, NC	3/15/2018
TH Real Estate Joint Venture - Tamiami Crossing, Plaza Volente, Livingston Shopping Center ¹	Naples, FL New York/Northern New Jersey Austin, TX	6/29/2018

Total			$	142,815



1		Reflects 80% of the total agreed upon value as the Company has retained a 20% ownership interest.



p. 34	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



GEOGRAPHIC DIVERSIFICATION – ANNUALIZED BASE RENT BY REGION AND STATE

As of June 30, 2018

($ in thousands)




	Total Operating Portfolio Excluding Developments and Redevelopments			Developments and Redevelopments²			Joint Ventures³			Total Operating Portfolio Including Developments and Redevelopments
Region/State	Owned GLA/NRA¹	Annualized Base Rent		Owned GLA/NRA¹	Annualized Base Rent		Owned GLA/NRA¹	Annualized Base Rent		Number of Properties	Owned GLA/NRA¹	Annualized Base Rent - Ground Leases		Total Annualized Base Rent		Percent of Annualized Base Rent
Florida
Florida	4,188,213	$	60,909	124,802	$	107	121,705	$	1,525	37	4,434,720	$	3,659	$	66,200	24.8%

Midwest
Indiana - Retail	2,169,133	29,306		178,758	1,646		—	—		23	2,347,891	1,179		32,131		12.0%
Indiana - Other	365,122	6,590		—	—		152,460	—		3	517,582	—		6,590		2.5%
Illinois	310,892	3,571		—	—		—	—		3	310,892	—		3,571		1.3%
Ohio	236,230	2,151		—	—		—	—		1	236,230	—		2,151		0.8%
Wisconsin	82,254	1,287		—	—		—	—		1	82,254	381		1,668		0.6%
Total Midwest	3,163,631	42,905		178,758	1,646		152,460	—		31	3,494,849	1,560		46,111		17.2%

Southeast
North Carolina	1,065,067	20,575		—	—		—	—		8	1,065,067	3,768		24,343		9.1%
Georgia	426,637	5,082		331,198	3,433		—	—		4	757,835	336		8,851		3.3%
Tennessee	406,722	6,345		—	—		—	—		2	406,722	—		6,345		2.4%
South Carolina	515,173	5,618		—	—		—	—		3	515,173	—		5,618		2.1%
Total Southeast	2,413,599	37,620		331,198	3,433		—	—		17	2,744,797	4,104		45,157		16.9%

Mid-Central
Texas	1,824,765	28,285		—	—		156,215	2,544		10	1,980,980	1,082		31,911		11.9%
Oklahoma	859,097	11,486		—	—		—	—		5	859,097	1,045		12,531		4.7%
Texas - Other	107,400	591		—	—		—	—		1	107,400	—		591		0.2%
Total Mid-Central	2,791,262	40,362		—	—		156,215	2,544		16	2,947,477	2,127		45,033		16.8%

West
Nevada	846,988	19,427		79,455	2,036		—	—		7	926,443	4,083		25,546		9.6%
Utah	391,826	7,055		—	—		—	—		2	391,826	68		7,123		2.7%
Arizona	79,902	2,373		—	—		—	—		1	79,902	—		2,373		0.9%
Total West	1,318,716	28,855		79,455	2,036		—	—		10	1,398,171	4,151		35,042		13.1%

Northeast
New York	363,103	8,419		—	—		—	—		1	363,103	—		8,419		3.1%
New Jersey	106,146	3,095		—	—		139,559	2,635		2	245,705	2,263		7,993		3.0%
Virginia	397,835	7,558		—	—		—	—		1	397,835	310		7,868		2.9%
Connecticut	205,683	3,235		—	—		—	—		1	205,683	1,034		4,269		1.6%
New Hampshire	78,892	1,163		—	—		—	—		1	78,892	168		1,331		0.5%
Total Northeast	1,151,659	23,470		—	—		139,559	2,635		6	1,291,218	3,775		29,880		11.2%
	15,027,080	$	234,121	714,213	$	7,222	569,939	$	6,704	117	16,311,232	$	19,376	$	267,423	100.0%



____________________
1	Owned GLA/NRA represents gross leasable area or net leasable area owned by the Company. It also excludes the square footage of Union Station Parking Garage.
2	Represents the six redevelopment and one consolidated development project not in the retail operating portfolio.
3	Represents the three operating properties and one development project owned in unconsolidated joint ventures.



p. 35	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



OPERATING RETAIL PORTFOLIO SUMMARY REPORT

As of June 30, 2018



Property¹	Location (MSA)	Year Built/ Renovated	Owned GLA²			Leased %						ABR per SqFt		Grocery Anchors⁴	Other Retailers⁴
Property¹	Location (MSA)	Year Built/ Renovated	Total	Anchors	Shops	Total		Anchors		Shops		ABR per SqFt		Grocery Anchors⁴	Other Retailers⁴
Arizona
The Corner	Tucson	2008	79,902	55,883	24,019	100.0	%	100.0	%	100.0	%	$	29.70	Total Wine & More	Nordstrom Rack, Panera Bread, (Home Depot)
Connecticut
Killingly Commons³	Willimantic, CT	2010	205,683	148,250	57,433	96.0	%	100.0	%	85.5	%	16.39		Stop & Shop Supermarket, (Target)	TJ Maxx, Bed Bath & Beyond, Michaels, Petco, Staples, Lowe's Home Improvement Center
Florida
12th Street Plaza	Vero Beach	1978/2003	135,016	121,376	13,640	100.0	%	100.0	%	100.0	%	10.10		Publix	Stein Mart, Tuesday Morning
Bayport Commons	Tampa	2008	97,163	71,540	25,623	95.4	%	100.0	%	82.6	%	14.88		(Target)	PetSmart, Michaels, Gander Outdoors
Bolton Plaza	Jacksonville	1986/2014	154,555	136,195	18,360	100.0	%	100.0	%	100.0	%	9.77		Aldi	LA Fitness, Academy Sports, Marshalls, Panera Bread
Burnt Store Marketplace	Punta Gorda	1989/2018	95,625	45,600	50,025	89.6	%	100.0	%	80.1	%	13.77		Publix	Anytime Fitness, Pet Supermarket, (Home Depot)
Centre Point Commons	Sarasota	2007	119,283	93,574	25,709	98.7	%	100.0	%	93.7	%	17.72			Best Buy, Dick's Sporting Goods, Office Depot, Panera Bread, (Lowe's Home Improvement Center)
Cobblestone Plaza	Miami	2011	133,244	68,219	65,025	82.7	%	70.4	%	95.7	%	31.17		Whole Foods	Party City
Colonial Square	Fort Myers	2010	186,517	150,505	36,012	92.4	%	100.0	%	60.7	%	11.53			Kohl's, Hobby Lobby, PetSmart,
Delray Marketplace³	Miami	2013	260,182	118,136	142,046	95.7	%	100.0	%	92.0	%	26.68		Publix	Frank Theatres, Burt & Max's, Ann Taylor Loft, Chico's, White House Black Market
Estero Town Commons	Fort Meyers	2006	25,696	—	25,696	80.4	%	—	%	80.4	%	14.76			Lowe's Home Improvement Center, Dollar Tree
Gainesville Plaza	Gainesville	1970/2015	162,309	125,162	37,147	92.3	%	100.0	%	66.4	%	9.45		Save-A-Lot	Ross Stores, Burlington, 2nd & Charles
Hunter's Creek Promenade	Orlando	1994	119,729	55,999	63,730	100.0	%	100.0	%	100.0	%	14.78		Publix
Indian River Square	Vero Beach	1997/2004	142,592	109,000	33,592	92.5	%	100.0	%	68.2	%	11.49		(Target)	Beall's, Office Depot, Dollar Tree
International Speedway Square	Daytona Beach	1999/2013	233,424	203,405	30,019	95.3	%	100.0	%	63.2	%	11.24		Total Wine & More	Bed Bath & Beyond, Stein Mart, Old Navy, Staples, Michaels, Dick’s Sporting Goods, Shoe Carnival
Kings Lake Square	Naples	1986/2014	88,611	45,600	43,011	95.5	%	100.0	%	90.7	%	18.62		Publix
Lake City Commons	Lake City	2008	65,723	45,600	20,123	100.0	%	100.0	%	100.0	%	14.62		Publix
Lake City Commons - Phase II	Lake City	2011	16,291	12,131	4,160	100.0	%	100.0	%	100.0	%	15.71		Publix	PetSmart
Lake Mary Plaza	Orlando	2009	21,370	14,880	6,490	100.0	%	100.0	%	100.0	%	37.63			Walgreens
Lakewood Promenade	Jacksonville	1948/1998	196,763	77,840	118,923	83.7	%	100.0	%	73.1	%	12.26		Winn Dixie	Stein Mart, Starbucks, Salon Lofts
Lithia Crossing	Tampa	2003/2013	90,515	53,547	36,968	98.7	%	100.0	%	96.8	%	15.22		The Fresh Market	Stein Mart, Chili's, Panera Bread
Miramar Square	Miami	2008	224,731	137,505	87,226	88.8	%	85.5	%	94.0	%	16.17			Kohl's, Miami Children's Hospital, Dollar General
Northdale Promenade	Tampa	1985/2017	173,862	118,269	55,593	99.4	%	100.0	%	98.1	%	12.88		(Winn Dixie)	TJ Maxx, Ulta Beauty, Beall's, Crunch Fitness, Tuesday Morning
Palm Coast Landing at Town Square	Palm Coast	2010	168,352	100,822	67,530	98.6	%	100.0	%	96.6	%	19.03		(Target)	Michaels, PetSmart, Ross Stores, TJ Maxx, Ulta Beauty
Pine Ridge Crossing	Naples	1993	105,962	66,435	39,527	100.0	%	100.0	%	100.0	%	18.13		Publix, (Target)	Ulta Beauty, (Beall's)
Pleasant Hill Commons	Orlando	2008	70,645	45,600	25,045	98.3	%	100.0	%	95.2	%	15.19		Publix
Riverchase Plaza	Naples	1991/2001	78,291	48,890	29,401	100.0	%	100.0	%	100.0	%	16.51		Publix

See footnotes on page 40



p. 36	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of June 30, 2018



Property¹	Location (MSA)	Year Built/ Renovated	Owned GLA²			Leased %						ABR per Sq. ft.		Grocery Anchors⁴	Other Retailers⁴
Property¹	Location (MSA)	Year Built/ Renovated	Total	Anchors	Shops	Total		Anchors		Shops		ABR per Sq. ft.		Grocery Anchors⁴	Other Retailers⁴
Saxon Crossing	Daytona Beach	2009	119,907	95,304	24,603	99.0	%	100.0	%	95.1	%	$	14.33	(Target)	Hobby Lobby, LA Fitness, (Lowe's Home Improvement Center)
Shoppes of Eastwood	Orlando	1997	69,076	51,512	17,564	98.1	%	100.0	%	92.5	%	13.63		Publix
Shops at Eagle Creek	Naples	1983/2013	70,731	50,187	20,544	98.4	%	100.0	%	94.3	%	16.09		The Fresh Market	Staples, (Lowe's Home Improvement Center), Panera Bread
Tamiami Crossing³	Naples	2016	121,705	121,705	—	100.0	%	100.0	%	—	%	12.53		Aldi, (Walmart)	Marshalls, Michaels, PetSmart, Ross Stores, Stein Mart, Ulta Beauty
Tarpon Bay Plaza	Naples	2007	82,561	60,139	22,422	94.1	%	100.0	%	78.2	%	17.53		(Target)	PetSmart, Cost Plus World Market, Staples, Panera Bread
Temple Terrace	Tampa	2012	90,328	58,798	31,530	92.9	%	100.0	%	79.6	%	10.57		Winn Dixie	Burger King
The Landing at Tradition	Port St. Lucie	2007	362,642	290,203	72,439	70.5	%	69.4	%	75.2	%	16.54		(Target)	TJ Maxx, Ulta Beauty, Bed Bath & Beyond, LA Fitness, Michaels, Old Navy, PetSmart, Pier 1, DSW, Five Below
The Shops at Julington Creek	Jacksonville	2011	40,254	21,038	19,216	92.8	%	100.0	%	84.9	%	19.44		The Fresh Market
Tradition Village Center	Port St. Lucie	2006	84,086	45,600	38,486	96.6	%	100.0	%	92.6	%	17.44		Publix
Waterford Lakes Village	Orlando	1997	77,971	51,703	26,268	96.7	%	100.0	%	90.3	%	12.94		Winn Dixie
Georgia
Mullins Crossing	Augusta	2005	283,936	236,340	47,596	89.2	%	87.0	%	100.0	%	12.82		(Target)	Ross Stores, Kohls, La-Z-Boy, Marshalls, Office Max, Petco, Ulta Beauty, Panera Bread
Publix at Acworth	Atlanta	1996	69,640	37,888	31,752	100.0	%	100.0	%	100.0	%	12.49		Publix
The Centre at Panola	Atlanta	2001	73,061	51,674	21,387	100.0	%	100.0	%	100.0	%	13.19		Publix
Illinois
Fox Lake Crossing	Chicago	2002	99,149	65,977	33,172	94.3	%	100.0	%	83.1	%	13.19			Dollar Tree
Naperville Marketplace	Chicago	2008	83,743	61,683	22,060	100.0	%	100.0	%	100.0	%	13.84		(Caputo's Fresh Market)	TJ Maxx, PetSmart
South Elgin Commons	Chicago	2011	128,000	128,000	—	54.7	%	54.7	%	—	%	16.83		(Target)	LA Fitness, Ross Stores
Indiana
54th & College	Indianapolis	2008	—	—	—	—	%	—	%	—	%	0.00		The Fresh Market
Beacon Hill	Chicago	2006	56,820	11,043	45,777	98.0	%	100.0	%	97.5	%	16.39		(Strack & Van Til)	(Walgreens), Jimmy John's, Rosati's, Great Clips
Bell Oaks Centre	Evansville	2008	94,958	74,122	20,836	100.0	%	100.0	%	100.0	%	12.24		Schnuck's Market
Boulevard Crossing	Kokomo	2004	124,634	74,440	50,194	95.6	%	100.0	%	89.1	%	14.90			Petco, TJ Maxx, Ulta Beauty, Shoe Carnival, (Kohl's)
Bridgewater Marketplace	Indianapolis	2008	25,975	—	25,975	87.6	%	—	%	87.6	%	20.44			(Walgreens), The Local Eatery, Original Pancake House
Castleton Crossing	Indianapolis	1975/2012	286,377	247,710	38,667	100.0	%	100.0	%	100.0	%	12.20			TJ Maxx/HomeGoods, Burlington, Shoe Carnival, Value City Furniture, K&G Menswear, Chipotle, Verizon, Five Below
Cool Creek Commons	Indianapolis	2005	124,251	53,600	70,651	94.4	%	100.0	%	90.2	%	18.45		The Fresh Market	Stein Mart, McAlister's Deli, Beauty Brands, Buffalo Wild Wings, Pet People
Depauw University Bookstore and Café	Indianapolis	2012	11,974	—	11,974	100.0	%	—	%	100.0	%	9.17			Follett's, Starbucks
Eddy Street Commons at Notre Dame	South Bend	2009	87,991	20,154	67,837	98.8	%	100.0	%	98.4	%	25.78			Hammes Bookstore & Cafe, Chipotle, Urban Outfitters, Five Guys, Kilwins, Blaze Pizza
Geist Pavilion	Indianapolis	2006	63,910	29,700	34,210	97.2	%	100.0	%	94.8	%	16.97			Ace Hardware, Goodwill, Ale Emporium, Pure Barre
Glendale Town Center	Indianapolis	1958/2008	393,002	329,546	63,456	97.8	%	100.0	%	86.6	%	7.44		(Target)	Macy’s, Staples, Landmark Theaters, Pei Wei, LensCrafters, Panera Bread, (Walgreens), (Lowe's Home Improvement Center)
Greyhound Commons	Indianapolis	2005	9,152	—	9,152	100.0	%	—	%	100.0	%	14.16			(Lowe's Home Improvement Center), Abuelo's Mexican, Koto Japenese Steakhouse

See footnotes on page 40



p. 37	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of June 30, 2018



Property¹	Location (MSA)	Year Built/ Renovated	Owned GLA²			Leased %						ABR per Sqft		Grocery Anchors⁴	Other Retailers⁴
Property¹	Location (MSA)	Year Built/ Renovated	Total	Anchors	Shops	Total		Anchors		Shops		ABR per Sqft		Grocery Anchors⁴	Other Retailers⁴
Lima Marketplace	Fort Wayne	2008	100,461	71,521	28,940	94.8	%	100.0	%	81.8	%	$	15.24	Aldi, (Walmart)	PetSmart, Office Depot, Aldi, Dollar Tree
Rangeline Crossing	Indianapolis	1986/2013	100,196	47,962	52,234	96.2	%	100.0	%	92.8	%	22.42		Earth Fare	Walgreens, Panera Bread, Pet Valu, City BBQ
Rivers Edge	Indianapolis	2011	150,428	117,890	32,538	100.0	%	100.0	%	100.0	%	22.02			Nordstrom Rack, The Container Store, Arhaus Furniture, Bicycle Garage of Indy, Buy Buy Baby, J Crew Mercantile
Stoney Creek Commons	Indianapolis	2000/2013	84,330	84,330	—	64.1	%	64.1	%	—	%	13.44			LA Fitness, Goodwill, (Lowe's Home Improvement Center)
Traders Point I	Indianapolis	2005	279,700	238,721	40,979	74.7	%	71.6	%	92.8	%	15.02			Dick's Sporting Goods, AMC Theatres, Bed Bath & Beyond, Michaels, Old Navy, PetSmart, Books-A-Million
Traders Point II	Indianapolis	2005	45,977	—	45,977	92.2	%	—	%	92.2	%	26.78
Whitehall Pike	Bloomington	1999	128,997	128,997	—	100.0	%	100.0	%	—	%	7.86			Lowe's Home Improvement Center
Nevada
Cannery Corner³	Las Vegas	2008	30,738	—	30,738	94.4	%	—	%	94.4	%	37.29		(Sam's Club)	Chipotle, Five Guys, (Lowe's Home Improvement Center)
Centennial Center³	Las Vegas	2002	333,939	158,196	175,743	95.8	%	100.0	%	92.0	%	24.70		Sam's Club, Walmart	Ross Stores, Big Lots, Famous Footwear, Michaels, Petco, Rhapsodielle, Home Depot, HomeGoods
Centennial Gateway³	Las Vegas	2005	193,069	139,913	53,156	98.5	%	100.0	%	94.6	%	24.33		Trader Joe's	24 Hour Fitness, Party City, Sportsman's Warehouse, Walgreens
Eastern Beltway Center³	Las Vegas	1998/2006	162,445	83,983	78,462	81.1	%	71.7	%	91.1	%	26.68		Sam's Club, Walmart	Office Max, Petco, Ross Stores, Skechers, (Home Depot)
Eastgate Plaza³	Las Vegas	2002	96,594	53,030	43,564	78.1	%	76.4	%	80.2	%	23.32		(Walmart)	99 Cents Only Store, Party City
Lowe's Plaza³	Las Vegas	2007	30,203	—	30,203	63.6	%	—	%	63.6	%	28.24			Starbucks, (Lowe's Home Improvement Center)
New Hampshire
Merrimack Village Center	Manchester	2007	78,892	54,000	24,892	100.0	%	100.0	%	100.0	%	14.75		Supervalu/Shaw's
New Jersey
Bayonne Crossing	New York / Northern New Jersey	2011	106,146	52,219	53,927	100.0	%	100.0	%	100.0	%	29.15		Walmart	Michaels, New York Sports Club, Lowe's Home Improvement Center
Livingston Shopping Center³	New York / Northern New Jersey	1997	139,559	133,125	6,434	95.4	%	100.0	%	—	%	19.77			Cost Plus World Market, Buy Buy Baby, Nordstrom Rack, DSW, TJ Maxx, Ulta Beauty
New York
City Center	New York / Northern New Jersey	2004/2018	363,103	325,139	37,964	81.7	%	82.8	%	72.8	%	28.37		ShopRite	Nordstrom Rack, New York Sports Club, Club Champion Golf, National Amusements
North Carolina
Holly Springs Towne Center - Phase I	Raleigh	2013	207,521	109,233	98,288	92.2	%	100.0	%	83.5	%	17.43		(Target)	Dick's Sporting Goods, Marshalls, Petco, Ulta Beauty, Michaels
Holly Springs Towne Center - Phase II	Raleigh	2016	145,009	111,843	33,166	100.0	%	100.0	%	100.0	%	18.07		(Target)	Bed Bath & Beyond, DSW, AMC Theatres/Carmike Theatres, 02 Fitness
Northcrest Shopping Center	Charlotte	2008	133,627	65,576	68,051	97.5	%	100.0	%	95.1	%	22.70		(Target)	REI Co-Op, David's Bridal, Dollar Tree, Old Navy, Five Below
Oleander Place	Wilmington	2012	45,530	30,144	15,386	100.0	%	100.0	%	100.0	%	17.50		Whole Foods
Parkside Town Commons - Phase I	Raleigh	2015	55,390	22,500	32,890	100.0	%	100.0	%	100.0	%	24.81		Harris Teeter/Kroger, (Target)	Petco, Guitar Center
Parkside Town Commons - Phase II	Raleigh	2017	291,713	191,988	99,725	97.5	%	100.0	%	92.5	%	19.73		(Target)	Frank Theatres, Golf Galaxy, Hobby Lobby, Stein Mart, Chuy's, Starbucks, Panera Bread, Levity Live
Perimeter Woods	Charlotte	2008	125,646	105,262	20,384	100.0	%	100.0	%	100.0	%	21.17			Best Buy, Off Broadway Shoes, Office Max, PetSmart, Lowe's Home Improvement Center
Toringdon Market	Charlotte	2004	60,631	26,072	34,559	94.2	%	100.0	%	89.8	%	21.40		Earth Fare



p. 38	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

See footnotes on page 40

As of June 30, 2018



Property¹	Location (MSA)	Year Built/ Renovated	Owned GLA²			Leased %									Other Retailers⁴
Property¹	Location (MSA)	Year Built/ Renovated	Total	Anchors	Shops	Total		Anchors		Shops		ABR per Sqft		Grocery Anchor⁴	Other Retailers⁴
Ohio
Eastgate Pavilion	Cincinnati	1995	236,230	231,730	4,500	100.0	%	100.0	%	100.0	%	$	9.11		Best Buy, Dick's Sporting Goods, Value City Furniture, Petsmart, DSW, Bed Bath & Beyond
Oklahoma
Belle Isle Station	Oklahoma City	2000	201,987	130,363	71,624	80.2	%	71.2	%	96.5	%	16.63		(Walmart)	Shoe Carnival, Old Navy, Ross Stores, Nordstrom Rack, Ulta Beauty
Shops at Moore	Oklahoma City	2010	260,509	187,916	72,593	96.4	%	100.0	%	87.0	%	11.85			Bed Bath & Beyond, Best Buy, Hobby Lobby, Office Depot, PetSmart, Ross Stores, (J.C. Penney)
Silver Springs Pointe	Oklahoma City	2001	48,474	20,515	27,959	79.1	%	100.0	%	63.7	%	15.94		(Sam's Club), (Walmart)	Kohls, Office Depot, (Home Depot)
University Town Center	Oklahoma City	2009	158,375	77,097	81,278	98.2	%	100.0	%	96.5	%	19.00		(Target)	Office Depot, Petco, TJ Maxx, Ulta Beauty
University Town Center Phase II	Oklahoma City	2012	189,752	133,546	56,206	93.4	%	100.0	%	77.7	%	12.70		(Target)	Academy Sports, DSW, Home Goods, Michaels, Kohl's, Guitar Center
South Carolina
Hitchcock Plaza	Augusta	2006	252,311	214,480	37,831	90.1	%	89.7	%	92.3	%	10.54			TJ Maxx, Ross Stores, Academy Sports, Bed Bath & Beyond, Farmers Home Furniture, Old Navy, Petco
Publix at Woodruff	Greenville	1997	68,055	47,955	20,100	100.0	%	100.0	%	100.0	%	11.18		Publix
Shoppes at Plaza Green	Greenville	2000	194,807	172,136	22,671	94.7	%	94.1	%	100.0	%	13.33			Bed Bath & Beyond, Christmas Tree Shops, Sears, Party City, Shoe Carnival, AC Moore, Old Navy
Tennessee
Cool Springs Market	Nashville	1995	230,980	172,712	58,268	100.0	%	100.0	%	100.0	%	16.68		(Kroger)	Dick's Sporting Goods, Marshalls, Buy Buy Baby, DSW, Staples, Jo-Ann Fabric, Panera Bread
Hamilton Crossing - Phase II & III	Knoxville	2008	175,742	135,737	40,005	94.7	%	100.0	%	76.6	%	14.98			Dick's Sporting Goods, Michaels, Old Navy, PetSmart, Ross Stores
Texas
Chapel Hill Shopping Center	Dallas/Ft. Worth	2001	127,007	43,450	83,557	92.8	%	100.0	%	89.1	%	25.56		H-E-B Grocery	The Container Store, Cost Plus World Market
Colleyville Downs	Dallas/Ft. Worth	2014	190,988	142,073	48,915	97.8	%	100.0	%	91.3	%	13.13		Whole Foods	Westlake Hardware, Vineyards Antique Mall, Goody Goody Liquor, Petco
Kingwood Commons	Houston	1999	164,375	74,836	89,539	99.3	%	100.0	%	98.6	%	20.01		Randall's Food and Drug	Petco, Chico's, Talbots, Ann Taylor
Market Street Village/ Pipeline Point	Dallas/Ft. Worth	1970/2011	156,621	136,742	19,879	100.0	%	100.0	%	100.0	%	13.07			Jo-Ann Fabric, Ross Stores, Office Depot, Buy Buy Baby, Party City
Plaza at Cedar Hill	Dallas/Ft. Worth	2000/2010	302,645	244,252	58,393	88.5	%	85.8	%	100.0	%	13.55		Sprouts Farmers Market	DSW, Ross Stores, Hobby Lobby, Office Max, Marshalls, Home Goods
Plaza Volente³	Austin	2004	156,215	105,000	51,215	96.3	%	100.0	%	88.6	%	16.91		H-E-B Grocery
Portofino Shopping Center	Houston	1999/2010	386,171	218,861	167,310	94.8	%	100.0	%	88.0	%	19.79		(Sam's Club)	DSW, Michaels, PGA Superstore, SteinMart, PetSmart, Old Navy, TJ Maxx, Nordstrom Rack
Sunland Towne Centre	El Paso	1996/2014	306,454	265,037	41,417	98.9	%	100.0	%	91.7	%	12.06		Sprouts Farmers Market	PetSmart, Ross Stores, Bed Bath & Beyond, Spec's Fine Wines

See footnotes on page 40



p. 39	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of June 30, 2018



Property¹	Location (MSA)	Year Built/ Renovated	Owned GLA²			Leased %						ABR per Sqft		Grocery Anchors⁴	Other Retailers⁴
Property¹	Location (MSA)	Year Built/ Renovated	Total	Anchors	Shops	Total		Anchors		Shops		ABR per Sqft		Grocery Anchors⁴	Other Retailers⁴
Waxahachie Crossing	Dallas/Ft. Worth	2010	97,127	72,191	24,936	100.0	%	100.0	%	100.0	%	$	14.97		Best Buy, PetSmart, Ross Stores, (Home Depot), (J.C. Penney)
Westside Market	Dallas/Ft. Worth	2013	93,377	70,000	23,377	100.0	%	100.0	%	100.0	%	16.14		Randalls Tom Thumb
Utah
Draper Crossing	Salt Lake City	2012	163,856	115,916	47,940	96.9	%	100.0	%	89.5	%	16.34		Kroger/Smith's	TJ Maxx, Dollar Tree, Downeast Home
Draper Peaks	Salt Lake City	2012	227,970	101,464	126,506	96.5	%	100.0	%	93.7	%	20.27			Michaels, Office Depot, Petco, Quilted Bear, Ross Stores, (Kohl's)
Virginia
Landstown Commons	Virginia Beach	2007	397,835	207,300	190,535	95.1	%	100.0	%	89.7	%	19.98			Ross Stores, Bed Bath & Beyond, Best Buy, PetSmart, Ulta Beauty, Walgreens, AC Moore, Kirkland's, Five Below, Office Max, (Kohl's)
Wisconsin
Village at Bay Park	Green Bay	2005	82,254	23,878	58,376	98.2	%	100.0	%	97.4	%	15.94			DSW, J.C. Penney, Kirkland's, Chico's, Dress Barn

Total			14,947,831	10,234,860	4,712,971	93.6	%	95.0	%	90.4	%	$	16.66

Total at Pro-Rata Share			14,613,848	9,946,996	4,666,852	93.5	%	94.8	%	90.6	%	$	16.67



____________________
1	All properties are wholly owned, except as indicated. Unless otherwise noted, each property is owned in fee simple by the Company.
2	Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of June 30, 2018, except for Greyhound Commons and 54th & College.
3	See Joint Venture Summary on page 18.
4	Tenants within parentheses are non-owned.



p. 40	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



OPERATING OFFICE PROPERTIES AND OTHER

As of June 30, 2018

($ in thousands, except per square foot data)



Property	MSA	Year Built/ Renovated	Acquired, Redeveloped or Developed	Owned NRA	Percentage Of Owned NRA Leased		Annualized Base Rent¹		Percentage of Annualized Office and Other Base Rent		Base Rent Per Leased Sq. Ft.		Major Tenants
Office Properties
Thirty South Meridian²	Indianapolis	1905/2002	Redeveloped	283,494	95.9	%	$	5,331	68.4	%	$	20.82	Carrier, Stifel, Kite Realty Group, Lumina Foundation
Union Station Parking Garage³	Indianapolis	1986	Acquired	N/A	N/A		N/A		N/A		N/A		Denison Parking
Stand-alone Office Components of Retail Properties
Eddy Street Office (part of Eddy Street Commons)⁴	South Bend	2009	Developed	81,628	100.0	%	1,259		16.2	%	15.43		University of Notre Dame Offices
Tradition Village Office (part of Tradition Village Square)	Port St. Lucie	2006	Acquired	24,206	87.4	%	610		7.8	%	28.80
Total Office Properties				389,328	96.2	%	$	7,199	92.4	%	$	19.22


Other Properties
Burlington	San Antonio	1992/2000	Acquired	107,400	100.0	%	$	591	7.6	%	$	5.50	Burlington
				107,400	100.0	%	$	591	7.6	%	$	8.60

Total Office and Other				496,728	97.0	%	$	7,790	100.0	%	$	16.16

Multi-Family
Lake Lofts at Deerwood⁵	Jacksonville	2017	Developed	—	—		—		—		—		130 Apartment Units



____________________
1	Annualized Base Rent represents the monthly contractual rent for June 2018 for each applicable property, multiplied by 12.
2	Annualized Base Rent includes $929,157 from the Company and subsidiaries as of June 30, 2018, which is eliminated for purposes of our consolidated financial statement presentation.
3	The garage is managed by a third party.
4	The Company also owns the Eddy Street Commons retail shopping center in South Bend, Indiana, along with a parking garage that serves a hotel and the office and retail components of the property.
5	Lake Lofts at Deerwood has 122 leases (94%) executed as of June 30, 2018.



p. 41	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



COMPONENTS OF NET ASSET VALUE

As of June 30, 2018

($ in thousands)




Cash Net Operating Income (NOI)				Supplemental Page No.:	Other Assets				Supplemental Page No.:
GAAP property NOI (incl. Ground Lease Revenue)	$	67,760		17	Cash and cash equivalents	$	32,384		11
Below-market lease intangibles, net	(2,065		)	14	Tenant and other receivables (net of SLR)	21,945			11
Straight-line rent	(611		)	14	Restricted cash and escrow deposits	10,948			11
Other property related revenue	(4,368		)	17	Prepaid and other assets	14,232			11
Ground lease ("GL") revenue	(4,844		)	17, footnote 1	Undeveloped land in operating portfolio	17,500			14, footnote 4
Consolidated Cash Property NOI (excl. GL)	$	55,872			Land held for development	31,142			14
Annualized Consolidated Cash Property NOI (excl. ground leases)	$	223,488			CIP not in under construction development/redevelopment¹	29,369			31
					Total Other Asset Value	$	157,520

Adjustments To Normalize Annualized Cash NOI					Liabilities
Total projected remaining development / transitional redevelopment cash NOI ²	$	3,908		31	Mortgage and other indebtedness	$	(1,565,429	)	11
Unconsolidated EBITDA	136			15	KRG share of unconsolidated debt	(18,164		)	15
Pro forma adjustments³	(4,394		)		Accounts payable and accrued expenses	(101,180		)	11
General and administrative expense allocable to property management activities included in property expenses ($1,300 in Q1)	5,200			17, footnote 4	Other liabilities⁴	(13,685		)	11, 14
Total Adjustments	4,850				Debt premium and issuance costs, net	(4,308		)	15
					Non-controlling redeemable joint venture interest	(10,070		)	18
					Projected remaining under construction development/redevelopment⁵	(20,289		)	31, 32
Annualized Normalized Portfolio Cash NOI (excl. Ground Leases)	$	228,338			Total Liabilities	$	(1,733,125	)
Annualized Ground Lease NOI	19,376
Total Annualized Portfolio Cash NOI	$	247,714			Common Shares and Units Outstanding	85,739,549			15



____________________
1	Includes CIP amounts for Holly Springs Town Center - Phase III, miscellaneous tenant improvements and small projects.
2	Excludes the projected cash NOI and related cost from the 3-R opportunities outlined on page 33.
3	Current quarter cash NOI, annualized, for properties sold during the quarter.
4	Deferred revenue and other liabilities of $87.3 million less mark-to-market lease liability of $73.7 million.
5	Assumes mid-point of projected cost range ($38.3 million) for 3-R projects under construction and remaining cost on page 32 for development projects.



p. 42	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18



EARNINGS GUIDANCE - 2018



	Updated 2018 Guidance¹
FFO per diluted share, as defined by NAREIT (Updated)	$1.98 - $2.01

Key Assumptions
Disposition of operating properties	± $140 million
Same property NOI growth²	1.0% - 1.5%
Percent leased at year-end - Retail Portfolio	93.5% - 94.5%
General and administrative expenses	$21.5 million - $22.5 million
GAAP interest expense	$65 million - $66 million
Fee income	$2.5 million
Gain on sale of non-depreciable assets included in other property related revenue	$3.0 million
Non-cash items ³	$9.5 million - $10.5 million



____________________
1	The Company’s 2018 guidance is based on a number of factors, many of which are outside the Company’s control and all of which are subject to change. The Company may change its guidance during the year if actual or anticipated results vary from these assumptions, although the Company undertakes no obligation to do so.
2	As defined on same property net operating income table on page 16.
3	Includes below market lease amortization and straight line rent.



p. 43	Kite Realty Group Trust Supplemental Financial and Operating Statistics –6/30/18

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