Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to


Commission File Number:	001-32268	Kite Realty Group Trust
Commission File Number:	333-202666-01	Kite Realty Group, L.P.

KITE REALTY GROUP TRUST
KITE REALTY GROUP, L.P.
(Exact name of registrant as specified in its charter)

Maryland

Kite Realty Group Trust

11-3715772

Delaware

Kite Realty Group, L.P.

20-1453863

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

30 S. Meridian Street, Suite 1100, Indianapolis, Indiana 46204

(Address of principal executive offices) (Zip Code)

(317) 577-5600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, $0.01 par value per share

KRG

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Kite Realty Group Trust

Yes

☒

Kite Realty Group, L.P.

Yes

☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Kite Realty Group Trust

Yes

☒

Kite Realty Group, L.P.

Yes

☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Kite Realty Group Trust:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

Kite Realty Group, L.P.:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Kite Realty Group Trust

Kite Realty Group, L.P.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Kite Realty Group Trust

Yes

☐

Kite Realty Group, L.P.

Yes

☐

The number of Common Shares outstanding as of May 1, 2024 was 219,603,862 ($0.01 par value).

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2024 of Kite Realty Group Trust, Kite Realty Group, L.P. and its subsidiaries. Unless stated otherwise or the context otherwise requires, references to “Kite Realty Group Trust” or the “Parent Company” mean Kite Realty Group Trust, and references to the “Operating Partnership” mean Kite Realty Group, L.P. and its consolidated subsidiaries. The terms “Company,” “we,” “us,” and “our” refer to the Parent Company and the Operating Partnership, collectively, and those entities owned or controlled by the Parent Company and/or the Operating Partnership.

The Operating Partnership is engaged in the ownership, operation, acquisition, development and redevelopment of high-quality, open-air shopping centers and mixed-use assets that are primarily grocery-anchored and located in high-growth Sun Belt markets and select strategic gateway markets in the United States, and the Parent Company conducts substantially all of its activities through the Operating Partnership and its wholly owned subsidiaries. The Parent Company is the sole general partner of the Operating Partnership and, as of March 31, 2024, owned approximately 98.3% of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining 1.7% of the common partnership interests (“Limited Partner Units” and, together with the General Partner Units, the “Common Units”) are owned by the limited partners.

We believe combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report benefits investors by:

•enhancing investors’ understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•eliminating duplicative disclosure and providing a more streamlined and readable presentation of information as a substantial portion of the Company’s disclosure applies to both the Parent Company and the Operating Partnership; and

•creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.

We believe it is important to understand the few differences between the Parent Company and the Operating Partnership in the context of how we operate as an interrelated consolidated company. The Parent Company has no material assets or liabilities other than its investment in the Operating Partnership. The Parent Company issues public equity from time to time but does not have any indebtedness as all debt is incurred by the Operating Partnership. In addition, the Parent Company currently does not nor does it intend to guarantee any debt of the Operating Partnership. The Operating Partnership has numerous wholly owned subsidiaries, and it also owns interests in certain joint ventures. These subsidiaries and joint ventures own and operate retail shopping centers and other real estate assets. The Operating Partnership is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for General Partner Units, the Operating Partnership generates the capital required by the business through its operations, its incurrence of indebtedness, and the issuance of Limited Partner Units to third parties.

Shareholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Parent Company and those of the Operating Partnership. In order to highlight this and other differences between the Parent Company and the Operating Partnership, there are separate sections in this report, as applicable, that separately discuss the Parent Company and the Operating Partnership, including separate financial statements and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure of the Parent Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the collective Company.

KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P. AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024

TABLE OF CONTENTS


PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Kite Realty Group Trust
	Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	4

	Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023	5

	Consolidated Statements of Shareholders’ Equity for the Three Months Ended March 31, 2024 and 2023	6

	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023	7

	Kite Realty Group, L.P. and subsidiaries
	Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	8

	Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023	9

	Consolidated Statements of Partners’ Equity for the Three Months Ended March 31, 2024 and 2023	10

	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023	11

	Kite Realty Group Trust and Kite Realty Group, L.P. and subsidiaries
	Notes to Consolidated Financial Statements	12

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26

Item 3.	Quantitative and Qualitative Disclosure about Market Risk	39

Item 4.	Controls and Procedures	39

PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	41

Item 1A.	Risk Factors	41

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41

Item 3.	Defaults Upon Senior Securities	41

Item 4.	Mine Safety Disclosures	41

Item 5.	Other Information	41

Item 6.	Exhibits	42

SIGNATURES		43

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

KITE REALTY GROUP TRUST

Consolidated Balance Sheets

(Unaudited)

($ in thousands, except share and per share data)


	March 31, 2024		December 31, 2023
Assets:
Investment properties, at cost	$	7,758,372	$	7,740,061
Less: accumulated depreciation	(1,452,715)		(1,381,770)
Net investment properties	6,305,657		6,358,291

Cash and cash equivalents	83,579		36,413
Tenant and other receivables, including accrued straight-line rent of $58,492 and $55,482, respectively	118,057		113,290
Restricted cash and escrow deposits	5,385		5,017
Deferred costs, net	285,452		304,171
Short-term deposits	265,000		—
Prepaid and other assets	131,765		117,834
Investments in unconsolidated subsidiaries	9,599		9,062

Total assets	$	7,204,494	$	6,944,078

Liabilities and Equity:
Liabilities:
Mortgage and other indebtedness, net	$	3,167,513	$	2,829,202
Accounts payable and accrued expenses	171,574		198,079
Deferred revenue and other liabilities	258,985		272,942

Total liabilities	3,598,072		3,300,223

Commitments and contingencies
Limited Partners’ interests in the Operating Partnership	73,713		73,287

Equity:
Common shares, $0.01 par value, 490,000,000 shares authorized, 219,603,862 and 219,448,429 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	2,196		2,194
Additional paid-in capital	4,887,573		4,886,592
Accumulated other comprehensive income	54,891		52,435
Accumulated deficit	(1,413,828)		(1,373,083)
Total shareholders’ equity	3,530,832		3,568,138
Noncontrolling interests	1,877		2,430
Total equity	3,532,709		3,570,568
Total liabilities and equity	$	7,204,494	$	6,944,078

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP TRUST

Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

($ in thousands, except share and per share data)


	Three Months Ended March 31,
	2024		2023
Revenue:
Rental income	$	205,813	$	203,063
Other property-related revenue	1,311		1,916
Fee income	315		1,771
Total revenue	207,439		206,750

Expenses:
Property operating	28,081		27,314
Real estate taxes	26,534		27,183
General, administrative and other	12,784		13,384

Depreciation and amortization	100,379		108,071

Total expenses	167,778		175,952

Loss on sales of operating properties, net	(236)		—

Operating income	39,425		30,798
Other (expense) income:
Interest expense	(30,364)		(25,425)
Income tax (expense) benefit of taxable REIT subsidiaries	(158)		29

Equity in loss of unconsolidated subsidiaries	(420)		(244)
Gain on sale of unconsolidated property, net	2,325		—
Other income, net	3,628		403
Net income	14,436		5,561
Net income attributable to noncontrolling interests	(280)		(170)
Net income attributable to common shareholders	$	14,156	$	5,391

Net income per common share – basic and diluted	$	0.06	$	0.02


Weighted average common shares outstanding – basic	219,501,114		219,233,569
Weighted average common shares outstanding – diluted	219,900,306		219,965,061



Net income	$	14,436	$	5,561
Change in fair value of derivatives	2,542		(11,645)
Total comprehensive income (loss)	16,978		(6,084)
Comprehensive income attributable to noncontrolling interests	(365)		(82)
Comprehensive income (loss) attributable to the Company	$	16,613	$	(6,166)

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP TRUST

Consolidated Statements of Shareholders’ Equity

(Unaudited)

(in thousands, except share data)


	Common Shares			Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total
	Shares	Amount
Balance at December 31, 2023	219,448,429	$	2,194	$	4,886,592	$	52,435	$	(1,373,083)	$	3,568,138
Stock compensation activity	155,433	2		1,991		—		—		1,993
Other comprehensive income	—	—		—		2,456		—		2,456
Distributions to common shareholders	—	—		—		—		(54,901)		(54,901)
Net income attributable to common shareholders	—	—		—		—		14,156		14,156

Adjustment to redeemable noncontrolling interests	—	—		(1,010)		—		—		(1,010)
Balance at March 31, 2024	219,603,862	$	2,196	$	4,887,573	$	54,891	$	(1,413,828)	$	3,530,832


Balance at December 31, 2022	219,185,658	$	2,192	$	4,897,736	$	74,344	$	(1,207,757)	$	3,766,515
Stock compensation activity	140,240	1		2,134		—		—		2,135
Other comprehensive loss	—	—		—		(11,557)		—		(11,557)
Distributions to common shareholders	—	—		—		—		(52,659)		(52,659)
Net income attributable to common shareholders	—	—		—		—		5,391		5,391

Adjustment to redeemable noncontrolling interests	—	—		(3,821)		—		—		(3,821)
Balance at March 31, 2023	219,325,898	$	2,193	$	4,896,049	$	62,787	$	(1,255,025)	$	3,706,004

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP TRUST

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Three Months Ended March 31,
	2024		2023
Cash flows from operating activities:
Net income	$	14,436	$	5,561
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	101,309		108,959
Loss on sales of operating properties, net	236		—
Gain on sale of unconsolidated property, net	(2,325)		—


Straight-line rent	(3,126)		(3,545)
Compensation expense for equity awards	2,488		2,571
Amortization of debt fair value adjustments	(3,243)		(3,348)
Amortization of in-place lease liabilities	(2,266)		(2,730)
Changes in assets and liabilities:
Tenant receivables	(1,369)		1,103
Deferred costs and other assets	(17,045)		(5,196)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(35,514)		(39,772)
Net cash provided by operating activities	53,581		63,603

Cash flows from investing activities:

Capital expenditures	(28,200)		(39,121)
Net proceeds from sales of land	1,759		—

Investment in short-term deposits	(265,000)		—
Small business loan repayments	—		146
Change in construction payables	485		(2,552)
Distribution from unconsolidated joint venture	1,618		13

Net cash used in investing activities	(289,338)		(41,514)

Cash flows from financing activities:
Proceeds from issuance of common shares, net	22		25
Repurchases of common shares upon the vesting of restricted shares	(867)		(730)
Debt and equity issuance costs	(3,625)		(47)
Loan proceeds	385,345		162,000
Loan payments	(41,269)		(199,336)

Distributions paid – common shareholders	(54,862)		(52,605)
Distributions paid – redeemable noncontrolling interests	(833)		(671)
Distributions to noncontrolling interests	(620)		—
Net cash provided by (used in) financing activities	283,291		(91,364)

Net change in cash, cash equivalents and restricted cash	47,534		(69,275)
Cash, cash equivalents and restricted cash, beginning of period	41,430		121,970
Cash, cash equivalents and restricted cash, end of period	$	88,964	$	52,695

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

(in thousands, except unit data)


	March 31, 2024		December 31, 2023
Assets:
Investment properties, at cost	$	7,758,372	$	7,740,061
Less: accumulated depreciation	(1,452,715)		(1,381,770)
Net investment properties	6,305,657		6,358,291

Cash and cash equivalents	83,579		36,413
Tenant and other receivables, including accrued straight-line rent of $58,492 and $55,482, respectively	118,057		113,290
Restricted cash and escrow deposits	5,385		5,017
Deferred costs, net	285,452		304,171
Short-term deposits	265,000		—
Prepaid and other assets	131,765		117,834
Investments in unconsolidated subsidiaries	9,599		9,062

Total assets	$	7,204,494	$	6,944,078

Liabilities and Equity:
Liabilities:
Mortgage and other indebtedness, net	$	3,167,513	$	2,829,202
Accounts payable and accrued expenses	171,574		198,079
Deferred revenue and other liabilities	258,985		272,942

Total liabilities	3,598,072		3,300,223

Commitments and contingencies
Limited Partners’ interests in the Operating Partnership	73,713		73,287

Partners’ Equity:
Common equity, 219,603,862 and 219,448,429 units issued and outstanding at March 31, 2024 and December 31, 2023, respectively	3,475,941		3,515,703
Accumulated other comprehensive income	54,891		52,435
Total Partners’ equity	3,530,832		3,568,138
Noncontrolling interests	1,877		2,430
Total equity	3,532,709		3,570,568
Total liabilities and equity	$	7,204,494	$	6,944,078

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

(in thousands, except unit and per unit data)


	Three Months Ended March 31,
	2024		2023
Revenue:
Rental income	$	205,813	$	203,063
Other property-related revenue	1,311		1,916
Fee income	315		1,771
Total revenue	207,439		206,750

Expenses:
Property operating	28,081		27,314
Real estate taxes	26,534		27,183
General, administrative and other	12,784		13,384

Depreciation and amortization	100,379		108,071

Total expenses	167,778		175,952

Loss on sales of operating properties, net	(236)		—

Operating income	39,425		30,798
Other (expense) income:
Interest expense	(30,364)		(25,425)
Income tax (expense) benefit of taxable REIT subsidiaries	(158)		29

Equity in loss of unconsolidated subsidiaries	(420)		(244)
Gain on sale of unconsolidated property, net	2,325		—
Other income, net	3,628		403
Net income	14,436		5,561
Net income attributable to noncontrolling interests	(67)		(104)
Net income attributable to common unitholders	$	14,369	$	5,457

Allocation of net income:
Limited Partners	$	213	$	66
Parent Company	14,156		5,391
	$	14,369	$	5,457

Net income per common unit – basic and diluted	$	0.06	$	0.02


Weighted average common units outstanding – basic	223,109,983		222,186,023
Weighted average common units outstanding – diluted	223,509,175		222,917,515



Net income	$	14,436	$	5,561
Change in fair value of derivatives	2,542		(11,645)
Total comprehensive income (loss)	16,978		(6,084)
Comprehensive income attributable to noncontrolling interests	(67)		(104)
Comprehensive income (loss) attributable to common unitholders	$	16,911	$	(6,188)

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Consolidated Statements of Partners’ Equity

(Unaudited)

(in thousands)


	General Partner				Total
	Common Equity		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2023	$	3,515,703	$	52,435	$	3,568,138
Stock compensation activity	1,993		—		1,993
Other comprehensive income attributable to Parent Company	—		2,456		2,456
Distributions to Parent Company	(54,901)		—		(54,901)
Net income attributable to Parent Company	14,156		—		14,156

Adjustment to redeemable noncontrolling interests	(1,010)		—		(1,010)
Balance at March 31, 2024	$	3,475,941	$	54,891	$	3,530,832


Balance at December 31, 2022	$	3,692,171	$	74,344	$	3,766,515
Stock compensation activity	2,135		—		2,135
Other comprehensive loss attributable to Parent Company	—		(11,557)		(11,557)
Distributions to Parent Company	(52,659)		—		(52,659)
Net income attributable to Parent Company	5,391		—		5,391

Adjustment to redeemable noncontrolling interests	(3,821)		—		(3,821)
Balance at March 31, 2023	$	3,643,217	$	62,787	$	3,706,004

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Three Months Ended March 31,
	2024		2023
Cash flows from operating activities:
Net income	$	14,436	$	5,561
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	101,309		108,959
Loss on sales of operating properties, net	236		—
Gain on sale of unconsolidated property, net	(2,325)		—


Straight-line rent	(3,126)		(3,545)
Compensation expense for equity awards	2,488		2,571
Amortization of debt fair value adjustments	(3,243)		(3,348)
Amortization of in-place lease liabilities	(2,266)		(2,730)
Changes in assets and liabilities:
Tenant receivables	(1,369)		1,103
Deferred costs and other assets	(17,045)		(5,196)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(35,514)		(39,772)
Net cash provided by operating activities	53,581		63,603

Cash flows from investing activities:

Capital expenditures	(28,200)		(39,121)
Net proceeds from sales of land	1,759		—

Investment in short-term deposits	(265,000)		—
Small business loan repayments	—		146
Change in construction payables	485		(2,552)
Distribution from unconsolidated joint venture	1,618		13

Net cash used in investing activities	(289,338)		(41,514)

Cash flows from financing activities:
Contributions from the General Partner	22		25
Repurchases of common shares upon the vesting of restricted shares	(867)		(730)
Debt and equity issuance costs	(3,625)		(47)
Loan proceeds	385,345		162,000
Loan payments	(41,269)		(199,336)

Distributions paid – common unitholders	(54,862)		(52,605)
Distributions paid – redeemable noncontrolling interests	(833)		(671)
Distributions to noncontrolling interests	(620)		—
Net cash provided by (used in) financing activities	283,291		(91,364)

Net change in cash, cash equivalents and restricted cash	47,534		(69,275)
Cash, cash equivalents and restricted cash, beginning of period	41,430		121,970
Cash, cash equivalents and restricted cash, end of period	$	88,964	$	52,695

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

March 31, 2024

(Unaudited)

($ in thousands, except share, per share, unit and per unit amounts and where indicated in millions or billions)

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

Kite Realty Group Trust (the “Parent Company”), through its majority-owned subsidiary, Kite Realty Group, L.P. (the “Operating Partnership”), owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development and redevelopment of high-quality, open-air shopping centers and mixed-use assets that are primarily grocery-anchored and located in high-growth Sun Belt markets and select strategic gateway markets in the United States. The terms “Company,” “we,” “us,” and “our” refer to the Parent Company and the Operating Partnership, collectively, and those entities owned or controlled by the Parent Company and/or the Operating Partnership.

The Operating Partnership was formed on August 16, 2004, when the Parent Company contributed properties and the net proceeds from an initial public offering (“IPO”) of shares of its common stock to the Operating Partnership. The Parent Company was organized in Maryland in 2004 to succeed in the development, acquisition, construction and real estate businesses of its predecessor. We believe the Company qualifies as a real estate investment trust (“REIT”) under sections 856-860 of the Internal Revenue Code of 1986, as amended.

The Parent Company is the sole general partner of the Operating Partnership and, as of March 31, 2024, owned approximately 98.3% of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining 1.7% of the common partnership interests (“Limited Partner Units” and, together with the General Partner Units, the “Common Units”) were owned by the limited partners. As the sole general partner of the Operating Partnership, the Parent Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. The Parent Company and the Operating Partnership are operated as one enterprise. The management of the Parent Company consists of the same members as the management of the Operating Partnership. As the sole general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have any significant assets other than its investment in the Operating Partnership.

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the presentation not misleading. The unaudited consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 include all adjustments, consisting of normal recurring adjustments, necessary in the opinion of management to present fairly the financial information set forth therein. The unaudited consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the combined Annual Report on Form 10-K of the Parent Company and the Operating Partnership for the year ended December 31, 2023.

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Actual results could differ from these estimates. The results of operations for the interim periods are not necessarily indicative of the results that may be expected on an annual basis.

As of March 31, 2024, the Company’s portfolio consisted of the following:


	Properties	Square Footage
Operating retail properties(1)	180	28,096,542
Office properties	1	287,291
Development and redevelopment projects:
Carillon medical office building	1	126,000
The Corner – IN(2)	1	24,000
Hamilton Crossing Centre	1	92,283
Edwards Multiplex – Ontario	1	124,614

(1)Included within operating retail properties are 10 properties that contain an office component. Of the 180 operating retail properties, 177 are consolidated within these financial statements and the remaining three are accounted for under the equity method.

(2)This property is held in an unconsolidated joint venture in which the Company has a 50% ownership interest.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Components of Investment Properties

The following table summarizes the composition of the Company’s investment properties as of March 31, 2024 and December 31, 2023 (in thousands):


	Balance as of
	March 31, 2024		December 31, 2023
Land, buildings and improvements	$	7,696,890	$	7,684,066
Construction in progress	61,482		55,995
Investment properties, at cost	$	7,758,372	$	7,740,061

Components of Rental Income including Allowance for Uncollectible Accounts

Rental income related to the Company’s operating leases is comprised of the following for the three months ended March 31, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
	2024		2023
Fixed contractual lease payments – operating leases	$	160,540	$	158,590
Variable lease payments – operating leases	40,470		39,754
Bad debt reserve	(589)		(1,555)
Straight-line rent adjustments	3,363		3,858
Straight-line rent reserve for uncollectibility	(237)		(314)
Amortization of in-place lease liabilities, net	2,266		2,730
Rental income	$	205,813	$	203,063

The Company makes estimates as to the collectability of its accounts receivable. In making these estimates, the Company reviews a variety of qualitative and quantitative data and considers such factors as the credit quality of our customer, historical write-off experience and current economic trends, to make a subjective determination. An allowance for uncollectible accounts, including future credit losses of the accrued straight-line rent receivables, is maintained for estimated losses resulting from the inability of certain tenants to meet contractual obligations under their lease agreements.

Short-Term Deposits

As of March 31, 2024, the Company has $265.0 million in short-term deposits invested at Goldman Sachs Bank USA and KeyBank National Association, which will be used to satisfy all 2024 debt maturities. The deposit balance approximates fair value and earns interest at a weighted average rate of 5.34% with a final maturity date of July 22, 2024. During the three months ended March 31, 2024, the Company earned $2.9 million of interest income on the deposits, which is recorded within “Other income, net” in the accompanying consolidated statements of operations and comprehensive income.

Consolidation and Investments in Joint Ventures

The accompanying financial statements are presented on a consolidated basis and include all accounts of the Parent Company, the Operating Partnership, the taxable REIT subsidiaries (“TRSs”) of the Operating Partnership, subsidiaries of the Operating Partnership that are controlled and any variable interest entities (“VIEs”) in which the Operating Partnership is the primary beneficiary. As of March 31, 2024, we owned investments in two consolidated joint ventures that were VIEs in which the partners did not have substantive participating rights and we were the primary beneficiary. As of March 31, 2024, these consolidated VIEs had mortgage debt totaling $111.5 million, which was secured by assets of the VIEs totaling $218.1 million. The Operating Partnership guarantees the mortgage debt of these VIEs.

The Operating Partnership is considered a VIE as the limited partners do not hold kick-out rights or substantive participating rights. The Parent Company consolidates the Operating Partnership as it is the primary beneficiary.

As of March 31, 2024, the Company also owned investments in four unconsolidated joint ventures accounted for under the equity method, which are not considered VIEs. On January 31, 2024, the joint venture that owned Glendale Center Apartments, of which we have an 11.5% ownership interest, sold the 267-unit property to a third party, resulting in a gain on sale of $20.2 million. The Company recognized its share of the gain on sale of unconsolidated property of $2.3 million during the three months ended March 31, 2024. In addition, the Company received a $1.6 million distribution upon the disposition of the property. The Company maintains an investment in the joint venture, which is in the process of winding up its activities and distributing remaining net assets. Glendale Center Apartments is adjacent to our Glendale Town Center operating retail property in the Indianapolis MSA.

Income Taxes and REIT Compliance

Parent Company

The Parent Company has been organized and operated, and intends to continue to operate, in a manner that will enable it to maintain its qualification as a REIT for U.S. federal income tax purposes. As a result, it generally will not be subject to U.S. federal income tax on the earnings that it distributes to the extent it distributes its “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders of the Parent Company and meets certain other requirements on a recurring basis. To the extent that it satisfies this distribution requirement but distributes less than 100% of its taxable income, it will be subject to U.S. federal income tax on its undistributed REIT taxable income at regular corporate income tax rates. REITs are subject to a number of organizational and operational requirements. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates for a period of four years following the year in which qualification is lost. Additionally, we may also be subject to certain taxes enacted by the Inflation Reduction Act of 2022 that are applicable to non-REIT corporations, including the nondeductible 1% excise tax on certain stock repurchases. We may also be subject to certain U.S. federal, state and local taxes on our income and property and to U.S. federal income and excise taxes on our undistributed taxable income even if the Parent Company does qualify as a REIT. The Operating Partnership intends to continue to make distributions to the Parent Company in amounts sufficient to assist the Parent Company in adhering to REIT requirements and maintaining its REIT status.

We have elected to treat Kite Realty Holdings, LLC and IWR Protective Corporation as TRSs with respect to the REIT, and we may elect to treat other subsidiaries as TRSs in the future. This election enables us to receive income and provide services that would otherwise be impermissible for a REIT. Deferred tax assets and liabilities are established for temporary differences between the financial reporting bases and the tax bases of assets and liabilities at the tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized.

Operating Partnership

The allocated share of income and loss, other than the operations of our TRSs, is included in the income tax returns of the Operating Partnership’s partners. Accordingly, the only U.S. federal income taxes included in the accompanying consolidated financial statements are in connection with the TRSs.

Noncontrolling Interests

We report the non-redeemable noncontrolling interests in subsidiaries as equity, and the amount of consolidated net income attributable to these noncontrolling interests is set forth separately in the accompanying consolidated financial statements. The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the three months ended March 31, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
	2024		2023
Noncontrolling interests balance as of January 1,	$	2,430	$	5,370
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests	67		104
Distributions to noncontrolling interests	(620)		—
Noncontrolling interests balance as of March 31,	$	1,877	$	5,474

Noncontrolling Interests – Joint Venture

Prior to the October 2021 merger with Retail Properties of America, Inc. (“RPAI”), RPAI entered into a joint venture related to the development, ownership and operation of the multifamily rental portion of the expansion project at One Loudoun Downtown – Pads G & H. The Company owns 90% of the joint venture.

Under terms defined in the joint venture agreement, after construction completion and stabilization of the development project (as defined in the joint venture agreement), the Company has the ability to call, and the joint venture partner has the ability to put to the Company, subject to certain conditions, the joint venture partner’s interest in the joint venture at fair value. As of March 31, 2024, these conditions for exercising the put and call options have been met but neither the Company nor the joint venture partner has exercised their respective options.

The joint venture is considered a VIE primarily because the Company’s joint venture partner does not have substantive kick-out rights or substantive participating rights. The Company is considered the primary beneficiary as it has a controlling financial interest in the joint venture. As such, the Company has consolidated this joint venture and presented the joint venture partner’s interests as noncontrolling interests.

Redeemable Noncontrolling Interests – Limited Partners

Limited Partner Units are redeemable noncontrolling interests in the Operating Partnership. We classify redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because we may be required to pay cash to holders of Limited Partner Units upon redemption of their interests in the Operating Partnership or deliver registered shares upon their conversion. The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid-in capital. As of March 31, 2024 and December 31, 2023, the redemption value of the redeemable noncontrolling interests in the Operating Partnership exceeded the historical book value, and the balances were accordingly adjusted to redemption value.

We allocate net operating results of the Operating Partnership after noncontrolling interests in the consolidated properties based on the partners’ respective weighted average ownership interest. We adjust the redeemable noncontrolling interests in the Operating Partnership at the end of each reporting period to reflect their interests in the Operating Partnership or redemption value. This adjustment is reflected in our shareholders’ and Parent Company’s equity. For the three months ended March 31, 2024 and 2023, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows:


	Three Months Ended March 31,
	2024		2023
Parent Company’s weighted average interest in the Operating Partnership	98.4	%	98.7	%
Limited partners’ weighted average interests in the Operating Partnership	1.6	%	1.3	%

As of March 31, 2024, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.3% and 1.7%. As of December 31, 2023, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.4% and 1.6%.

Concurrent with the Parent Company’s IPO and related formation transactions, certain individuals received Limited Partner Units of the Operating Partnership in exchange for their interests in certain properties. The limited partners have the right to redeem Limited Partner Units for cash or, at the Parent Company’s election, common shares of the Parent Company in an amount equal to the market value of an equivalent number of common shares of the Parent Company at the time of redemption. Such common shares must be registered, which is not fully in the Parent Company’s control. Therefore, the limited partners’ interest is not reflected within permanent equity. The Parent Company also has the right to redeem the Limited Partner Units directly from the limited partner in exchange for either cash in the amount specified above or a number of its common shares equal to the number of Limited Partner Units being redeemed.

There were 3,707,004 and 3,512,868 Limited Partner Units outstanding as of March 31, 2024 and December 31, 2023, respectively. The increase in Limited Partner Units outstanding from December 31, 2023 is due to non-cash compensation awards granted to our executive officers in the form of Limited Partner Units.

The redeemable noncontrolling interests in the Operating Partnership for the three months ended March 31, 2024 and 2023 were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Redeemable noncontrolling interests balance as of January 1,	$	73,287	$	53,967
Net income allocable to redeemable noncontrolling interests	213		65
Distributions declared to redeemable noncontrolling interests	(882)		(728)
Other, net including adjustments to redemption value	1,095		3,750
Total limited partners’ interests in the Operating Partnership balance as of March 31,	$	73,713	$	57,054

Fair Value Measurements

We follow the framework established under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, for measuring fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination or upon determination of an impairment.

Assets and liabilities recorded at fair value in the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

•Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access.

•Level 2 fair value inputs are inputs other than quoted prices included in Level 1 that are observable for similar instruments, either directly or indirectly, and appropriately consider counterparty creditworthiness in the valuation.

•Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an instrument at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate.

In instances where the determination of the fair value measurement is based upon inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Effects of Accounting Pronouncements

In March 2024, the SEC issued a final rule, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This final rule is effective for the Company for the fiscal year beginning in 2025 and requires companies to annually disclose, among other things, (i) climate-related risks that have had or are reasonably likely to have a material impact on the Company, including on its strategy, results of operations, or financial condition, (ii) activities to mitigate or adapt to such risks, including a quantitative and qualitative description of material expenditures incurred and impacts on estimates and assumptions, (iii) information about oversight by a company’s board of directors of climate-related risks and management’s role in managing material climate-related risks; and (iv) information on any climate-related targets or goals that are material to the company’s business, results of operations, or financial condition. In addition, the final rule requires (i) disclosure of Scope 1 and/or Scope 2 greenhouse gas (“GHG”) emissions on a phased-in basis when those emissions are material, (ii) the filing of an attestation

report covering the disclosure of the Scope 1 and/or Scope 2 emissions on a phased-in basis, and (iii) disclosure of the financial statement effects of severe weather events and other natural conditions. In April 2024, the SEC announced a stay of these climate disclosure rules pending judicial review. The Company will continue to evaluate the impact of this final rule until it becomes effective.

NOTE 3. DEFERRED COSTS AND INTANGIBLES, NET

Deferred costs consist primarily of acquired lease intangible assets, broker fees and capitalized internal commissions incurred in connection with lease originations. Deferred leasing costs, lease intangibles and similar costs are amortized on a straight-line basis over the terms of the related leases. As of March 31, 2024 and December 31, 2023, deferred costs consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Acquired lease intangible assets	$	405,513	$	433,771
Deferred leasing costs and other	78,858		74,662
	484,371		508,433
Less: accumulated amortization	(198,919)		(204,262)


Deferred costs, net	$	285,452	$	304,171

The amortization of deferred leasing costs, lease intangibles and other is included within “Depreciation and amortization” in the accompanying consolidated statements of operations and comprehensive income. The amortization of above-market lease intangibles is included as a reduction to “Rental income” in the accompanying consolidated statements of operations and comprehensive income. The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Amortization of deferred leasing costs, lease intangibles and other	$	21,278	$	28,481
Amortization of above-market lease intangibles	$	2,704	$	3,183

NOTE 4. DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES

Deferred revenue and other liabilities consist of (i) the unamortized fair value of below-market lease liabilities recorded in connection with purchase accounting, (ii) retainage payables for development and redevelopment projects, (iii) tenant rent payments received in advance of the month in which they are due, and (iv) lease liabilities recorded upon adoption of ASU 2016-02, Leases (Topic 842). The amortization of below-market lease liabilities is recognized as revenue over the remaining life of the leases (including option periods for leases with below-market renewal options) through 2085. Tenant rent payments received in advance are recognized as revenue in the period to which they apply, which is typically the month following their receipt.

As of March 31, 2024 and December 31, 2023, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Unamortized in-place lease liabilities	$	154,478	$	159,449
Retainages payable and other	9,908		9,229
Tenant rents received in advance	26,115		35,339
Lease liabilities	68,484		68,925


Deferred revenue and other liabilities	$	258,985	$	272,942

The amortization of below-market lease intangibles is included as a component of “Rental income” in the accompanying consolidated statements of operations and comprehensive income and totaled $5.0 million and $5.9 million for the three months ended March 31, 2024 and 2023, respectively.

NOTE 5. MORTGAGE AND OTHER INDEBTEDNESS

The following table summarizes the Company’s indebtedness as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024		December 31, 2023
Mortgages payable	$	152,038	$	153,306
Senior unsecured notes	2,179,635		1,829,635
Unsecured term loans	820,000		820,000
Unsecured revolving line of credit	—		—
	3,151,673		2,802,941
Unamortized discounts and premiums, net	28,067		35,765
Unamortized debt issuance costs, net	(12,227)		(9,504)
Total mortgage and other indebtedness, net	$	3,167,513	$	2,829,202

Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of March 31, 2024, considering the impact of interest rate swaps, is summarized below (dollars in thousands):


	Amount Outstanding		Ratio		Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate debt(1)	$	2,980,273	95	%	4.05	%	4.2
Variable rate debt(2)	171,400		5	%	9.09	%	2.4
Debt discounts, premiums and issuance costs, net	15,840		N/A		N/A		N/A
Mortgage and other indebtedness, net	$	3,167,513	100	%	4.33	%	4.1

(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of March 31, 2024, $820.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 1.4 years.

(2)Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of March 31, 2024, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 1.4 years.

Mortgages Payable

The following table summarizes the Company’s mortgages payable (dollars in thousands):


	March 31, 2024					December 31, 2023
	Balance		Weighted Average Interest Rate		Weighted Average Years to Maturity	Balance		Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate mortgages payable(1)	$	135,638	5.09	%	7.8	$	136,306	5.09	%	8.1
Variable rate mortgage payable(2)	16,400		7.50	%	2.3	17,000		7.59	%	2.6
Total mortgages payable	$	152,038				$	153,306

(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of March 31, 2024 and December 31, 2023.

(2)The interest rate on the variable rate mortgage is based on Bloomberg Short Term Bank Yield Index (“BSBY”) plus 215 basis points. The one-month BSBY rate was 5.35% and 5.44% as of March 31, 2024 and December 31, 2023, respectively.

Mortgages payable, which are secured by certain real estate and, in some cases, by guarantees from the Operating Partnership, are generally due in monthly installments of principal and interest and mature over various terms through 2033. During the three months ended March 31, 2024, we made scheduled principal payments of $1.3 million related to amortizing loans.

Unsecured Notes

The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):


		March 31, 2024				December 31, 2023
	Maturity Date	Balance		Interest Rate		Balance		Interest Rate
Senior notes – 4.58% due 2024	June 30, 2024	$	149,635	4.58	%	$	149,635	4.58	%
Senior notes – 4.00% due 2025	March 15, 2025	350,000		4.00	%	350,000		4.00	%
Senior notes – SOFR + 3.65% due 2025(1)	September 10, 2025	80,000		9.21	%	80,000		9.27	%
Senior notes – 4.08% due 2026	September 30, 2026	100,000		4.08	%	100,000		4.08	%
Senior notes – 4.00% due 2026	October 1, 2026	300,000		4.00	%	300,000		4.00	%
Senior exchangeable notes – 0.75% due 2027	April 1, 2027	175,000		0.75	%	175,000		0.75	%
Senior notes – SOFR + 3.75% due 2027(2)	September 10, 2027	75,000		9.31	%	75,000		9.37	%
Senior notes – 4.24% due 2028	December 28, 2028	100,000		4.24	%	100,000		4.24	%
Senior notes – 4.82% due 2029	June 28, 2029	100,000		4.82	%	100,000		4.82	%
Senior notes – 4.75% due 2030	September 15, 2030	400,000		4.75	%	400,000		4.75	%
Senior notes – 5.50% due 2034(3)	March 1, 2034	350,000		4.60	%	—		—	%
Total senior unsecured notes		$	2,179,635			$	1,829,635

(1)$80,000 of 4.47% senior unsecured notes due 2025 has been swapped to a variable rate of three-month Secured Overnight Financing Rate (“SOFR”) plus 3.65% through September 10, 2025.

(2)$75,000 of 4.57% senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025.

(3)The coupon rate of the Notes Due 2034 (defined below) is 5.50%; however, due to hedging activities, the Company’s interest rate is 4.60%.

During the three months ended March 31, 2024, the Company completed a public offering of $350.0 million in aggregate principal amount of 5.50% senior unsecured notes due 2034 (“Notes Due 2034”). The Notes Due 2034 were priced at 98.670% of the principal amount to yield 5.673% to maturity and will mature on March 1, 2034, unless earlier redeemed. The proceeds will be used to satisfy the $269.6 million of debt maturities due in 2024 and for general corporate purposes.

Unsecured Term Loans and Revolving Line of Credit

The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands):


		March 31, 2024				December 31, 2023
	Maturity Date	Balance		Interest Rate		Balance		Interest Rate
Unsecured term loan due 2024 – fixed rate(1)	July 17, 2024	$	120,000	2.68	%	$	120,000	2.68	%
Unsecured term loan due 2025 – fixed rate(2)	October 24, 2025	250,000		5.09	%	250,000		5.09	%
Unsecured term loan due 2026 – fixed rate(3)	July 17, 2026	150,000		2.73	%	150,000		2.73	%
Unsecured term loan due 2029 – fixed rate(4)	July 29, 2029	300,000		3.82	%	300,000		3.82	%
Total unsecured term loans		$	820,000			$	820,000

Unsecured credit facility revolving line of credit – variable rate(5)	January 8, 2026	$	—	6.49	%	$	—	6.58	%

(1)$120,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 1.58% plus a credit spread based on a ratings grid ranging from 0.80% to 1.65% through July 17, 2024. The applicable credit spread was 1.10% as of March 31, 2024 and December 31, 2023.

(2)$250,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 5.09% through October 24, 2025. The maturity date of the term loan may be extended for up to three additional periods of one year each at the Operating Partnership’s option, subject to certain conditions.

(3)$150,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a ratings grid ranging from 0.75% to 1.60% through July 17, 2026. The applicable credit spread was 1.05% as of March 31, 2024 and December 31, 2023.

(4)$300,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 2.47% plus a credit spread based on a ratings grid ranging from 1.15% to 2.20% through August 1, 2025. The applicable credit spread was 1.35% as of March 31, 2024 and December 31, 2023.

(5)The revolving line of credit has two six-month extension options that the Company can exercise, at its election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity.

Unsecured Revolving Credit Facility

In July 2022, the Operating Partnership, as borrower, and the Company entered into the Second Amendment (the “Second Amendment”) to the Sixth Amended and Restated Credit Agreement, dated as of July 8, 2021 (as amended, the “Credit Agreement”) with a syndicate of financial institutions to provide for an unsecured revolving credit facility aggregating $1.1 billion (the “Revolving Facility”) and a seven-year $300.0 million unsecured term loan (the “$300M Term Loan”). Under the Second Amendment, the Operating Partnership has the option, subject to certain customary conditions, to increase the Revolving Facility and/or incur additional term loans in an aggregate amount for all such increases and additional loans of up to $600.0 million, for a total facility amount of up to $2.0 billion. The Revolving Facility has a scheduled maturity date of January 8, 2026, which maturity date may be extended for up to two additional periods of six months at the Operating Partnership’s option, subject to certain conditions.

Borrowings under the Revolving Facility bear interest at a rate per annum equal to SOFR plus a margin based on the Operating Partnership’s leverage ratio or credit rating, respectively, plus a facility fee based on the Operating Partnership’s leverage ratio or credit rating, respectively. The SOFR rate is also subject to an additional 0.10% spread adjustment as specified in the Second Amendment. The Revolving Facility is currently priced on the leverage-based pricing grid. In accordance with the Credit Agreement, the credit spread set forth in the leverage grid resets quarterly based on the Company’s leverage, as calculated at the previous quarter end. The Company may irrevocably elect to convert to the ratings-based pricing grid at any time. As of March 31, 2024, making such an election would have resulted in a lower interest rate; however, the Company had not made the election to convert to the ratings-based pricing grid. The Credit Agreement includes a sustainability metric based on targeted greenhouse gas emission reductions, which results in a reduction of the otherwise applicable interest rate margin by one basis point upon achievement of targets set forth therein.

The following table summarizes the key terms of the Revolving Facility as of March 31, 2024 (dollars in thousands):

Leverage-Based Pricing

Investment Grade Pricing

Credit Agreement

Maturity Date

Extension Option

Extension Fee

Credit Spread

Facility Fee

Credit Spread

Facility Fee

SOFR Adjustment

$1,100,000 unsecured revolving line of credit

1/8/2026

2 six-month

0.075%

1.05%–1.50%

0.15%–0.30%

0.725%–1.40%

0.125%–0.30%

0.10%

The Operating Partnership’s ability to borrow under the Credit Agreement is subject to ongoing compliance by the Operating Partnership and its subsidiaries with various restrictive covenants, including with respect to liens, transactions with affiliates, dividends, mergers and asset sales. In addition, the Credit Agreement requires that the Operating Partnership satisfy certain financial covenants, including (i) a maximum leverage ratio; (ii) a minimum fixed charge coverage ratio; (iii) a maximum secured indebtedness ratio; (iv) a maximum unsecured leverage ratio; and (v) a minimum unencumbered interest coverage ratio. As of March 31, 2024, we were in compliance with all such covenants.

Unsecured Term Loans

As of March 31, 2024, the Operating Partnership has the following unsecured term loans: (i) a $120.0 million unsecured term loan due July 2024 (the “$120M Term Loan”), (ii) a $250.0 million unsecured term loan due October 2025 (the “$250M Term Loan”), (iii) a $150.0 million unsecured term loan due July 2026 (the “$150M Term Loan”), and (iv) the $300M Term Loan that matures in July 2029, each of which bears interest at a rate of SOFR plus a credit spread. The $120M Term Loan, $150M Term Loan and $300M Term Loan are each priced on a ratings-based pricing grid while the $250M Term Loan is priced on a leverage-based pricing grid. The agreements related to the $150M Term Loan and $300M Term Loan include a sustainability metric based on targeted greenhouse gas emission reductions, which results in a reduction of the otherwise applicable interest rate margin by one basis point upon achievement of targets set forth in each agreement.

The following table summarizes the key terms of the unsecured term loans as of March 31, 2024 (dollars in thousands):

Unsecured Term Loans

Maturity Date

Leverage-Based Pricing
Credit Spread

Investment Grade Pricing
Credit Spread

SOFR Adjustment

$120,000 unsecured term loan due 2024

7/17/2024

1.20% – 1.70%

0.80% – 1.65%

0.10%

$250,000 unsecured term loan due 2025

10/24/2025(1)

2.00% – 2.55%

2.00% – 2.50%

0.10%

$150,000 unsecured term loan due 2026

7/17/2026

1.20% – 1.70%

0.75% – 1.60%

0.10%

$300,000 unsecured term loan due 2029

7/29/2029

N/A

1.15% – 2.20%

0.10%

(1)The maturity date may be extended for up to three additional periods of one year each at the Operating Partnership’s option, subject to certain conditions.

Under the agreement related to the $120M Term Loan and the $150M Term Loan, the Operating Partnership has the option to increase each of the term loans to $250.0 million upon the Operating Partnership’s request, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts. The Operating Partnership is permitted to prepay each of the $120M Term Loan and $150M Term Loan, in whole or in part, at any time without being subject to a prepayment fee.

The Operating Partnership has the option to increase the $250M Term Loan to $300.0 million, subject to certain conditions including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts. The Operating Partnership is permitted to prepay the $250M Term Loan in whole or in part, at any time, subject to a prepayment fee if prepaid on or before October 25, 2023.

The Operating Partnership is permitted to prepay the $300M Term Loan in whole or in part, at any time, subject to a prepayment fee if prepaid on or before July 29, 2024.

The unsecured term loan agreements contain representations, financial and other affirmative and negative covenants and events of default that are substantially similar to those contained in the Credit Agreement. The unsecured term loan agreements all rank pari passu with the Operating Partnership’s Revolving Facility and other unsecured indebtedness of the Operating Partnership.

Debt Issuance Costs

Debt issuance costs are amortized over the terms of the respective loan agreements. The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands):


	Three Months Ended March 31,
	2024		2023
Amortization of debt issuance costs	$	929	$	888

Debt Discounts and Premiums

Debt discounts and premiums, including the related value of interest rate swaps that were assumed in the October 2021 merger with RPAI, are amortized over the terms of the respective loan agreements. The following amounts of amortization are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands):


	Three Months Ended March 31,
	2024		2023
Amortization of debt discounts, premiums and hedge instruments	$	3,756	$	5,003

In addition, the estimated amounts of reduction to interest expense as of March 31, 2024 for each of the next five years and thereafter related to the amortization of debt discounts, premiums and assumed hedge instruments, assuming these instruments are held to maturity, are as follows (in thousands):


April 2024 through December 2024	$	9,955
2025	7,807
2026	6,152
2027	5,235
2028	5,225
Thereafter	5,411
Total unamortized debt discounts, premiums and hedge instruments	$	39,785

The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of March 31, 2024 to the balance of unamortized discounts and premiums, net (in thousands):


Unamortized discounts and premiums on mortgages payable, senior unsecured notes and unsecured term loans	$	37,274
Unamortized hedge instruments	2,511
Total unamortized debt discounts, premiums and hedge instruments	39,785
Unamortized hedge instruments (included in accumulated other comprehensive income)	(2,511)
Fair value of variable interest rate swaps	(9,207)
Unamortized discounts and premiums, net	$	28,067

Fair Value of Fixed and Variable Rate Debt

As of March 31, 2024, the estimated fair value of fixed rate debt was $2.2 billion compared to the book value of $2.3 billion. The fair value was estimated using Level 2 and 3 inputs with cash flows discounted at current borrowing rates for similar instruments, which ranged from 5.75% to 7.11%. As of March 31, 2024, the estimated fair value of variable rate debt was $839.9 million compared to the book value of $836.4 million. The fair value was estimated using Level 2 and 3 inputs with cash flows discounted at current borrowing rates for similar instruments, which ranged from 6.48% to 7.33%.

NOTE 6. DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME

In order to manage potential future variable interest rate risk, we enter into interest rate derivative agreements from time to time. We do not use interest rate derivative agreements for trading or speculative purposes. The agreements with each of our derivative counterparties provide that in the event of default on any of our indebtedness, we could also be declared in default on our derivative obligations.

The following table summarizes the terms and fair values of the Company’s derivative financial instruments that were designated and qualified as part of a hedging relationship as of March 31, 2024 and December 31, 2023 (dollars in thousands):


									Fair Value Assets (Liabilities)(1)
Type of Hedge	Number of Instruments	Aggregate Notional		Reference Rate	Interest Rate		Effective Date	Maturity Date	March 31, 2024		December 31, 2023
Cash Flow	Four	$	250,000	SOFR	2.99	%	12/1/2022	10/24/2025	$	6,287	$	4,952
Cash Flow	Two	100,000		SOFR	2.66	%	8/1/2022	8/1/2025	2,707		2,415
Cash Flow	Two	200,000		SOFR	2.37	%	11/22/2023	8/1/2025	6,165		5,716
Cash Flow	Three	120,000		SOFR	1.58	%	8/15/2022	7/17/2024	1,301		2,236
Cash Flow	Three	150,000		SOFR	1.68	%	8/15/2022	7/17/2026	8,815		7,744
		$	820,000						$	25,275	$	23,063

Fair Value(2)	Two	$	155,000	SOFR	SOFR + 3.70%		4/23/2021	9/10/2025	$	(9,207)	$	(9,408)

Forward-Starting Cash Flow(3)	Three	$	150,000	SOFR	3.44	%	6/28/2024	6/28/2034	$	—	$	(700)

(1)Derivatives in an asset position are included within “Prepaid and other assets” and derivatives in a liability position are included within “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets.

(2)The derivative agreements swap a blended fixed rate of 4.52% for a blended floating rate of three-month SOFR plus 3.70%.

(3)The forward-starting interest rate swaps were terminated in conjunction with the issuance of the Notes Due 2034.

In December 2023, we entered into three forward-starting interest rate swap agreements with notional amounts totaling $150.0 million that swap a floating rate of compound SOFR for a fixed rate of 3.44% with an effective date of June 28, 2024 and a maturity date of June 28, 2034. These interest rate swaps fixed the interest rate on a portion of the Notes Due 2034, which were issued in January 2024, and were subsequently terminated upon issuance of the Notes Due 2034. We received $0.7 million upon termination, which is included as a component of “Accumulated other comprehensive income” in the accompanying consolidated balance sheets and is being reclassified as a reduction to interest expense over the term of the debt.

In October 2022, we terminated two forward-starting interest rate swaps with notional amounts totaling $150.0 million and a maturity date of June 1, 2032 and received $30.9 million upon termination. This settlement is included as a component of “Accumulated other comprehensive income” in the accompanying consolidated balance sheets and is being reclassified to earnings over time as the hedged items are recognized in earnings. During the year ended December 31, 2023, we accelerated the reclassification of $3.1 million in accumulated other comprehensive income as a reduction to interest expense as a result of a portion of the hedged forecasted transaction becoming probable not to occur. In January 2024, we completed a public offering of the Notes Due 2034. The remaining balance in accumulated other comprehensive income is being reclassified as a reduction to interest expense over the term of the debt.

These interest rate derivative agreements are the only assets or liabilities that we record at fair value on a recurring basis. The valuation of these assets and liabilities is determined using widely accepted techniques including discounted cash flow analysis. These techniques consider the contractual terms of the derivatives (including the period to maturity) and use observable market-based inputs such as interest rate curves and implied volatilities. We also incorporate credit valuation adjustments into the fair value measurements to reflect nonperformance risk on both our part and that of the respective counterparties.

We have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, although the credit valuation adjustments associated with our derivatives use Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. As of March 31, 2024 and December 31, 2023, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations were classified within Level 2 of the fair value hierarchy.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to earnings over time as the hedged items are recognized in earnings. Approximately $4.9 million and $4.2 million was reclassified as a reduction to interest expense during the three months ended March 31, 2024 and 2023, respectively. As interest payments on our derivatives are made over the next 12 months, we estimate the decrease to interest expense to be approximately $22.5 million, assuming the current SOFR curve.

Unrealized gains and losses on our interest rate derivative agreements are the only components of the change in accumulated other comprehensive income.

NOTE 7. SHAREHOLDERS’ EQUITY

Distributions

Our Board of Trustees declared a cash distribution of $0.25 per common share and Common Unit for the first quarter of 2024. This distribution was paid on April 12, 2024 to common shareholders and common unitholders of record as of April 5, 2024.

For the three months ended March 31, 2023, we declared a cash distribution of $0.24 per common share and Common Unit.

At-The-Market Offering Program

In February 2021, the Company and the Operating Partnership entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with each of BofA Securities, Inc., Citigroup Global Markets Inc., KeyBanc Capital Markets Inc. and Raymond James & Associates, Inc., pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $150.0 million of its common shares of beneficial interest, $0.01 par value per share, under an at-the-market offering program (the “ATM Program”). In November 2021, the Company and the Operating Partnership amended the Equity Distribution Agreement to reflect their filing of a shelf registration statement on November 16, 2021 with the SEC. The Operating Partnership intends to use the net proceeds, if any, to repay borrowings under its Revolving Facility and other indebtedness and for working capital and other general corporate purposes. The Operating Partnership may also use the net proceeds for acquisitions of operating properties and the development or redevelopment of properties, although there are currently no understandings, commitments or agreements to do so. As of March 31, 2024, the Company has not sold any common shares under the ATM Program.

Share Repurchase Program

The Company has an existing share repurchase program under which it may repurchase, from time to time, up to a maximum of $300.0 million of its common shares (the “Share Repurchase Program”). The Company intends to fund any future repurchases under the Share Repurchase Program with cash on hand or availability under the Revolving Facility, subject to any applicable restrictions. The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will depend upon prevailing market conditions, regulatory requirements and other factors. In February 2024, the Company extended the Share Repurchase Program for an additional year to February 28, 2025, if not terminated or extended prior to that date. As of March 31, 2024, the Company has not repurchased any shares under the Share Repurchase Program.

NOTE 8. EARNINGS PER SHARE OR UNIT

Basic earnings per share or unit is calculated based on the weighted average number of common shares/units outstanding during the period. Diluted earnings per share/unit is calculated based on the weighted average number of common shares/units outstanding during the period combined with the incremental average common shares/units that would have been outstanding assuming the conversion of all potentially dilutive common shares/units into common shares/units as of the earliest date possible.

Potentially dilutive securities include (i) outstanding options to acquire common shares; (ii) Limited Partner Units, which may be exchanged for either cash or common shares at the Parent Company’s option and under certain circumstances; (iii) AO LTIP Units; and (iv) deferred common share units, which may be credited to the personal accounts of non-employee trustees in lieu of compensation paid in cash or the issuance of common shares to such trustees. Limited Partner Units have been omitted from the Parent Company’s denominator for the purpose of computing diluted earnings per share since the effect of including those amounts in the denominator would have no dilutive impact. Weighted average Limited Partner Units outstanding were 3.6 million and 3.0 million for the three months ended March 31, 2024 and 2023, respectively.

NOTE 9. COMMITMENTS AND CONTINGENCIES

Other Commitments and Contingencies

We are obligated under various completion guarantees with certain lenders and lease agreements with tenants to complete all or portions of a development project and tenant-specific space currently under construction. We believe we currently have sufficient financing in place to fund these projects and expect to do so primarily through free cash flow or borrowings on the Revolving Facility.

In 2017, we provided a repayment guaranty on a $33.8 million construction loan associated with the development of the Embassy Suites at the University of Notre Dame, consistent with our 35% ownership interest. Our portion of the repayment guaranty is limited to $5.9 million, and the guaranty’s term is through July 1, 2024, the maturity date of the construction loan. As of March 31, 2024, the outstanding loan balance was $32.5 million, of which our share was $11.4 million. The loan is secured by the hotel.

In 2021, we provided repayment and completion guaranties on loans totaling $66.2 million associated with the development of The Corner mixed-use project in the Indianapolis MSA. As of March 31, 2024, the outstanding balance of the loans was $65.6 million, of which our share was $32.8 million.

Legal Proceedings

We are not subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against us. We are parties to routine litigation, claims, and administrative proceedings arising in the ordinary course of business. Management believes that such matters will not have a material adverse impact on our consolidated financial condition, results of operations or cash flows taken as a whole.

NOTE 10. SUBSEQUENT EVENTS

In connection with the preparation of our financial statements, we have evaluated events and transactions that occurred subsequent to March 31, 2024 for recognition and/or disclosure purposes. Based on this evaluation, there were no subsequent events from March 31, 2024 through the date the financial statements were issued.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the accompanying historical financial statements and related notes thereto. In this discussion, unless the context suggests otherwise, references to “our Company,” “we,” “us,” and “our” mean Kite Realty Group Trust and its direct and indirect subsidiaries, including Kite Realty Group, L.P.

CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, 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:

•economic, business, banking, real estate and other market conditions, particularly in connection with low or negative growth in the U.S. economy as well as economic uncertainty (including a potential economic slowdown or recession, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending);

•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 our tenants;

•the competitive environment in which we operate, including potential oversupplies of, or a reduction in demand for, rental space;

•acquisition, disposition, development and joint venture risks;

•property ownership and management risks, including the relative illiquidity of real estate investments, and expenses, vacancies or the inability to rent space on favorable terms or at all;

•our ability to maintain our status as a real estate investment trust (“REIT”) for U.S. federal income tax purposes;

•potential environmental and other liabilities;

•impairment in the value of real estate property we own;

•the attractiveness of our properties to tenants, the actual and perceived impact of e-commerce on the value of shopping center assets, and changing demographics and customer traffic patterns;

•business continuity disruptions and a deterioration in our tenants’ ability to operate in affected areas or delays in the supply of products or services to us or our tenants from vendors that are needed to operate efficiently, causing costs to rise sharply and inventory to fall;

•risks related to our current geographical concentration of properties in the states of Texas, Florida, and North Carolina and the metropolitan statistical areas (“MSAs”) of New York, Atlanta, Seattle, Chicago, and Washington, D.C.;

•civil unrest, acts of violence, terrorism or war, acts of God, climate change, epidemics, pandemics, natural disasters and severe weather conditions, including such events that may result in underinsured or uninsured losses or other increased costs and expenses;

•changes in laws and government regulations including governmental orders affecting the use of our properties or the ability of our tenants to operate, and the costs of complying with such changed laws and government regulations;

•possible short-term or long-term changes in consumer behavior due to COVID-19 and the fear of future pandemics;

•our ability to satisfy environmental, social or governance standards set by various constituencies;

•insurance costs and coverage, especially in Florida and Texas coastal areas;

•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 this Quarterly Report on Form 10-Q and, from time to time, in other reports we file with the Securities and Exchange Commission (the “SEC”) or in other documents that we publicly disseminate, including, in particular, the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

We undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Overview

Our Business and Properties

Kite Realty Group Trust is a publicly held REIT that, through its majority-owned subsidiary, Kite Realty Group, L.P., owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development, and redevelopment of high-quality, open-air shopping centers and mixed-use assets that are primarily grocery-anchored and located in high-growth Sun Belt and select strategic gateway markets in the United States. We derive our revenue primarily from the collection of contractual rents and reimbursement payments from tenants under existing lease agreements at each of our properties. Therefore, our operating results depend materially on, among other things, the ability of our tenants to make required lease payments, the health and resilience of the U.S. retail sector, interest rate volatility, stability in the banking sector, job growth, the real estate market, and overall economic conditions.

As of March 31, 2024, we owned interests in 180 operating retail properties totaling approximately 28.1 million square feet and one office property with 0.3 million square feet. Of the 180 operating retail properties, 10 contain an office component. We also owned two development projects under construction as of this date and an additional two properties with future redevelopment opportunities.

Inflation

We believe inflationary concerns could negatively impact consumer confidence and spending and our tenants’ sales and overall health. This could, in turn, continue to put downward pricing pressure on rents that we are able to charge to new or renewing tenants, such that future rent spreads and, in some cases, our percentage rents, could be adversely impacted. Many of our leases contain provisions designed to mitigate the adverse impact of inflation, including annual rent increases and requirements for tenants to pay a share of operating expenses, including common area maintenance, real estate taxes, insurance or other operating expenses related to the maintenance of our properties, with escalation clauses in most leases. Over the last year, we have made significant improvements converting leases to include higher fixed-rent bumps while also including CPI-based, anti-gouging protection for tenants. However, the stated rent increases or limits on such tenant’s obligation to pay its share of operating expenses could be lower than the increase in inflation at any given time. Inflation may also increase labor or other general and administrative expenses that cannot be easily reduced.

Historically, economic indicators such as GDP growth, consumer confidence and employment have been correlated with demand for certain of our tenants’ products and services. If an economic recession returns, it could, among other impacts, (i) increase the number of our tenants that are unable to meet their lease obligations to us and (ii) limit the demand for space in our properties from new tenants.

Operating Activity

During the first quarter of 2024, we executed new and renewal leases on 185 individual spaces totaling 968,681 square feet (12.8% cash leasing spread on 130 comparable leases). New leases were signed on 38 individual spaces for 175,087 square feet of gross leasable area (“GLA”) (48.1% cash leasing spread on 19 comparable leases), while non-option renewal leases were signed on 93 individual spaces for 330,966 square feet of GLA (12.2% cash leasing spread on 57 comparable leases) and option renewals were signed on 54 individual spaces for 462,628 square feet of GLA (5.3% cash leasing spread). The blended cash spreads for comparable new and non-option renewal leases were 23.3%. Comparable new and renewal leases are defined as those for which the space was occupied by a tenant within the last 12 months.

Results of Operations

The comparability of results of operations for the three months ended March 31, 2024 and 2023 is affected by our development, redevelopment, and operating property acquisition and disposition activities during these periods. Therefore, we believe it is most useful to review the comparisons of our results of operations for these periods in conjunction with the discussion of our activities during those periods, which is set forth below.

Acquisitions

The following operating property was acquired during the period from January 1, 2023 through March 31, 2024:

Property Name

MSA

Acquisition Date

GLA

Prestonwood Place

Dallas, TX

September 22, 2023

155,975

Dispositions

The following operating and other properties were sold during the period from January 1, 2023 through March 31, 2024:

Property Name

MSA

Disposition Date

GLA

Kingwood Commons

Houston, TX

May 8, 2023

158,172

Pan Am Plaza & Garage

Indianapolis, IN

June 8, 2023

—

Reisterstown Road Plaza

Baltimore, MD

September 11, 2023

376,683

Eastside

Dallas, TX

October 24, 2023

43,640

In addition, during the three months ended March 31, 2024, the joint venture that owned Glendale Center Apartments, of which we have an 11.5% ownership interest, sold the 267-unit property to a third party. Glendale Center Apartments is adjacent to our Glendale Town Center operating retail property in the Indianapolis MSA.

Development and Redevelopment Projects

The following properties were under active development or redevelopment at various times during the period from January 1, 2023 through March 31, 2024 and removed from our operating portfolio:

Project Name

MSA

Transition to

Development or Redevelopment(1)

Transition to
Operating Portfolio

GLA

Active Projects

Carillon MOB(2)

Washington, D.C.

October 2021

Pending

126,000

The Corner – IN(2)

Indianapolis, IN

December 2015

Pending

24,000

Future Opportunities

Hamilton Crossing Centre(2)(3)

Indianapolis, IN

June 2014

Pending

92,283

Edwards Multiplex – Ontario(2)

Los Angeles, CA

March 2023

Pending

124,614

Completed Projects

The Landing at Tradition – Phase II

Port St. Lucie, FL

September 2021

June 2023

39,900

(1)Transition date represents the date the property was transferred from our operating portfolio into redevelopment status. For legacy Retail Properties of America, Inc. (“RPAI”) projects, the transition date represents the later of the date of the closing of the merger (October 2021) and the date the project was transferred into redevelopment status.

(2)This property has been identified as a redevelopment property and is not included in the operating portfolio or the same property pool. The redevelopment projects at Hamilton Crossing Centre and The Corner – IN will include the creation of a mixed-used development.

(3)Approximately half of the Hamilton Crossing site was sold in January 2022 to Republic Airways, Inc. In addition to the sale, the Company entered into a development and construction management agreement for the development of a corporate campus for Republic Airways. Phase I of the corporate campus was completed in 2023.

Comparison of Operating Results for the Three Months Ended March 31, 2024 to the Three Months Ended March 31, 2023

The following table reflects changes in the components of our consolidated statements of operations for the three months ended March 31, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
	2024		2023		Change
Revenue:
Rental income	$	205,813	$	203,063	$	2,750
Other property-related revenue	1,311		1,916		(605)
Fee income	315		1,771		(1,456)
Total revenue	207,439		206,750		689

Expenses:
Property operating	28,081		27,314		767
Real estate taxes	26,534		27,183		(649)
General, administrative and other	12,784		13,384		(600)

Depreciation and amortization	100,379		108,071		(7,692)

Total expenses	167,778		175,952		(8,174)

Loss on sales of operating properties, net	(236)		—		(236)

Operating income	39,425		30,798		8,627
Other (expense) income:
Interest expense	(30,364)		(25,425)		(4,939)
Income tax (expense) benefit of taxable REIT subsidiaries	(158)		29		(187)

Equity in loss of unconsolidated subsidiaries	(420)		(244)		(176)
Gain on sale of unconsolidated property, net	2,325		—		2,325
Other income, net	3,628		403		3,225
Net income	14,436		5,561		8,875
Net income attributable to noncontrolling interests	(280)		(170)		(110)
Net income attributable to common shareholders	$	14,156	$	5,391	$	8,765


Property operating expense to total revenue ratio			13.5		%				13.2		%

Rental income (including tenant reimbursements) increased $2.8 million, or 1.4%, due to the following (in thousands):


	Net change Three Months Ended March 31, 2023 to 2024
Properties or components of properties sold during 2023 and/or 2024	$	(3,629)
Properties under redevelopment or acquired during 2023 and/or 2024	2,691
Properties fully operational during 2023 and 2024 and other	3,688
Total	$	2,750

The net increase of $3.7 million in rental income for properties that were fully operational during 2023 and 2024 is primarily due to (i) an increase in lease termination income of $1.5 million, (ii) a decrease in bad debt expense of $1.1 million, (iii) an increase in tenant reimbursements of $0.7 million due to higher recoverable common area maintenance expenses, and

(iv) an increase in ancillary income of $0.4 million. The occupancy of the fully operational properties decreased from 92.6% for the three months ended March 31, 2023 to 90.9% for the three months ended March 31, 2024.

Other property-related revenue primarily consists of parking revenues, gains on the sale of land and other miscellaneous activity. This revenue decreased by $0.6 million primarily as a result of a decrease in parking revenue of $0.4 million due to the sale of Pam Am Plaza Garage in June 2023 along with a decrease in miscellaneous income of $0.2 million.

We recorded fee income of $0.3 million and $1.8 million during the three months ended March 31, 2024 and 2023, respectively, from property management and development services provided to third parties and unconsolidated joint ventures. The decrease in fee income is primarily related to a decrease in development fees earned related to the development of a corporate campus for Republic Airways at Hamilton Crossing Centre.

Property operating expenses increased $0.8 million, or 2.8%, due to the following (in thousands):


	Net change Three Months Ended March 31, 2023 to 2024
Properties or components of properties sold during 2023 and/or 2024	$	(1,328)
Properties under redevelopment or acquired during 2023 and/or 2024	273
Properties fully operational during 2023 and 2024 and other	1,822
Total	$	767

The net increase of $1.8 million in property operating expenses for properties that were fully operational during 2023 and 2024 is primarily due to increases in the following: (i) $0.7 million in landscaping and repairs and maintenance expenses, (ii) $0.6 million in insurance, (iii) $0.3 million in non-recoverable operating expenses, and (iv) $0.2 million in security expenses. As a percentage of revenue, property operating expenses increased from 13.2% to 13.5% due to an increase in expenses in 2024.

Real estate taxes decreased $0.6 million, or 2.4%, due to the following (in thousands):


	Net change Three Months Ended March 31, 2023 to 2024
Properties or components of properties sold during 2023 and/or 2024	$	(541)
Properties under redevelopment or acquired during 2023 and/or 2024	301
Properties fully operational during 2023 and 2024 and other	(409)
Total	$	(649)

The net decrease of $0.4 million in real estate taxes for properties that were fully operational during 2023 and 2024 is primarily due to higher capitalized real estate tax expenses related to signed anchor leases at certain properties in the portfolio in 2024. The majority of real estate tax expense is recoverable from tenants and such recovery is reflected within “Rental income” in the accompanying consolidated statements of operations and comprehensive income.

General, administrative and other expenses decreased $0.6 million, or 4.5%, primarily due to a decrease in payroll costs due to lower head count.

Depreciation and amortization expense decreased $7.7 million, or 7.1%, due to the following (in thousands):


	Net change Three Months Ended March 31, 2023 to 2024
Properties or components of properties sold during 2023 and/or 2024	$	(2,510)
Properties under redevelopment or acquired during 2023 and/or 2024	1,722
Properties fully operational during 2023 and 2024 and other	(6,904)
Total	$	(7,692)

The net decrease of $6.9 million in depreciation and amortization at properties that were fully operational during 2023 and 2024 is primarily due to the timing of placing assets in service and writing-off tenant-related assets as a result of tenant move-outs along with certain assets with shorter useful lives acquired in the October 2021 merger with RPAI that became fully depreciated during the prior year.

Interest expense increased $4.9 million, or 19.4%, primarily due to interest on the January 2024 public offering of $350.0 million in aggregate principal amount of 5.50% senior unsecured notes due 2034 (“Notes Due 2034”), partially offset by favorable interest rate swaps.

The $2.3 million gain on sale of unconsolidated property represents our share of the gain on the sale of Glendale Center Apartments during the three months ended March 31, 2024. No such gain was recorded during the three months ended March 31, 2023.

Other income, net increased $3.2 million primarily due to interest income earned on the proceeds from the Notes Due 2034.

Net Operating Income and Same Property Net Operating Income

We use property net operating income (“NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. We define 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, including merger and acquisition costs. We believe 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.

We also use same property NOI (“Same Property NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. Same Property NOI is net income excluding properties that have not been owned for the full periods presented. Same Property NOI also excludes (i) net gains from outlot sales, (ii) straight-line rent revenue, (iii) lease termination income in excess of lost rent, (iv) amortization of lease intangibles, and (v) significant prior period expense recoveries and adjustments, if any. When we receive payments in excess of any accounts receivable for terminating a lease, Same Property NOI will include such excess payments as monthly rent until the earlier of the expiration of 12 months or the start date of a replacement tenant. We believe 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 for the full periods presented. We believe such presentation eliminates disparities in net income due to the acquisition or disposition of properties during the particular periods presented, and thus provides a more consistent metric for the comparison of our properties. Same Property NOI includes the results of properties that have been owned for the entire current and prior year reporting periods.

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, we have 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 we (a) begin recapturing space from tenants or (b) the contemplated plan significantly impacts the operations of the property.

For the three months ended March 31, 2024, the same property pool excludes the following:

•properties acquired or placed in service during 2023 and 2024;

•The Landing at Tradition – Phase II, which was reclassified from active redevelopment into our operating portfolio in June 2023;

•our active development and redevelopment projects at Carillon medical office building and The Corner – IN;

•Hamilton Crossing Centre and Edwards Multiplex – Ontario, which were reclassified from our operating portfolio into redevelopment in June 2014 and March 2023, respectively;

•properties sold or classified as held for sale during 2023 and 2024; and

•office properties.

The following table presents Same Property NOI and a reconciliation to net income attributable to common shareholders for the three months ended March 31, 2024 and 2023 (dollars in thousands):


	Three Months Ended March 31,
	2024	2023	Change
Number of properties in same property pool for the period(1)	179	179


Leased percentage at period end(2)	94.0	%	95.2	%
Economic occupancy percentage at period end(2)	91.2	%	92.3	%
Economic occupancy percentage(3)	90.9	%	92.6	%


Same Property NOI	$	143,796	$	141,202	1.8	%

Reconciliation of Same Property NOI to most directly comparable GAAP measure:
Net operating income – same properties	$	143,796	$	141,202

Net operating income – non-same activity(4)	8,713		9,280
Total property NOI	152,509		150,482		1.3	%
Other income, net	3,365		1,959
General, administrative and other	(12,784)		(13,384)



Depreciation and amortization	(100,379)		(108,071)
Interest expense	(30,364)		(25,425)
Loss on sales of operating properties, net	(236)		—
Gain on sale of unconsolidated property, net	2,325		—
Net income attributable to noncontrolling interests	(280)		(170)
Net income attributable to common shareholders	$	14,156	$	5,391

(1)Same Property NOI excludes the following: (i) properties acquired or placed in service during 2023 and 2024; (ii) The Landing at Tradition – Phase II, which was reclassified from active redevelopment into our operating portfolio in June 2023; (iii) our active development and redevelopment projects at Carillon medical office building and The Corner – IN; (iv) Hamilton Crossing Centre and Edwards Multiplex – Ontario, which were reclassified from our operating portfolio into redevelopment in June 2014 and March 2023, respectively; (v) properties sold or classified as held for sale during 2023 and 2024; and (vi) office properties.

(2)Decrease in leased and economic occupancy percentages is primarily attributable to the Bed Bath & Beyond Inc. bankruptcy.

(3)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.

(4)Includes non-cash activity across the portfolio as well as NOI from properties not included in the same property pool, including properties sold during both periods.

Our Same Property NOI increased 1.8% for the three months ended March 31, 2024 compared to the same period of the prior year primarily due to contractual rent growth and lower bad debt expense.

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 our operating performance. We calculate 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”), as restated in 2018. The NAREIT white paper defines FFO as net income (calculated in accordance with GAAP), excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, and (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.

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 (a) should not be considered as an alternative to net income (calculated in accordance with GAAP) for the purpose of measuring our financial performance, (b) is not an alternative to cash flows from operating activities (calculated in accordance with GAAP) as a measure of our liquidity, and (c) 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.

From time to time, the Company may report or provide guidance with respect to “FFO, as adjusted,” which removes the impact of certain non-recurring and non-operating transactions or other items the Company does not consider to be representative of its core operating results including, without limitation, (i) gains or losses associated with the early extinguishment of debt, (ii) gains or losses associated with litigation involving the Company that is not in the normal course of business, (iii) merger and acquisition costs, (iv) the impact on earnings from employee severance, (v) the excess of redemption value over carrying value of preferred stock redemption, and (vi) the impact of prior period bad debt or the collection of accounts receivable previously written off (“prior period collection impact”) due to the recovery from the COVID-19 pandemic, which are not otherwise adjusted in the Company’s calculation of FFO.

Our calculations of FFO and reconciliation to net income for the three months ended March 31, 2024 and 2023 (unaudited) are as follows (dollars in thousands):


	Three Months Ended March 31,
	2024		2023
Net income	$	14,436	$	5,561
Less: net income attributable to noncontrolling interests in properties	(67)		(104)
Add: loss on sales of operating properties, net	236		—
Less: gain on sale of unconsolidated property, net	(2,325)		—

Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests	100,560		108,309
FFO of the Operating Partnership(1)	112,840		113,766
Less: Limited Partners’ interests in FFO	(1,822)		(1,507)
FFO attributable to common shareholders(1)	$	111,018	$	112,259
FFO per share of the Operating Partnership – diluted	$	0.50	$	0.51

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

Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

We define EBITDA, a non-GAAP financial measure, as net income before interest expense, income tax expense of the taxable REIT subsidiaries, and depreciation and amortization. For informational purposes, we also provide Adjusted EBITDA, which we define as EBITDA less (i) EBITDA from unconsolidated entities, as adjusted, (ii) gains on sales of operating properties or impairment charges, (iii) merger and acquisition costs, (iv) other income and expense, (v) noncontrolling interest Adjusted EBITDA, and (vi) 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 our 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, we believe 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, we also provide Annualized Adjusted EBITDA, adjusted as described above. We believe this supplemental information provides a meaningful measure of our operating

performance. We believe 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.

The following table presents a reconciliation of our EBITDA, Adjusted EBITDA and Annualized Adjusted EBITDA to net income (the most directly comparable GAAP measure) and a calculation of Net Debt to Adjusted EBITDA (in thousands):


	Three Months Ended March 31, 2024
Net income	$	14,436
Depreciation and amortization	100,379
Interest expense	30,364
Income tax expense of taxable REIT subsidiaries	158
EBITDA	145,337
Unconsolidated Adjusted EBITDA	369
Gain on sale of unconsolidated property, net	(2,325)


Loss on sales of operating properties, net	236
Other income and expense, net	(3,208)
Noncontrolling interests	(196)
Adjusted EBITDA	$	140,213

Annualized Adjusted EBITDA(1)	$	560,852

Company share of Net Debt:
Mortgage and other indebtedness, net	$	3,167,513
Plus: Company share of unconsolidated joint venture debt	54,573
Less: Partner share of consolidated joint venture debt(2)	(9,837)
Less: debt discounts, premiums and issuance costs, net	(15,840)
Company’s consolidated debt and share of unconsolidated debt	3,196,409
Less: cash, cash equivalents, restricted cash and short-term deposits	(356,712)
Company share of Net Debt	$	2,839,697
Net Debt to Adjusted EBITDA	5.1x

(1)Represents Adjusted EBITDA for the three months ended March 31, 2024 (as shown in the table above) multiplied by four.

(2)Partner share of consolidated joint venture debt is calculated based upon the partner’s pro rata ownership of the joint venture, multiplied by the related secured debt balance.

Liquidity and Capital Resources

Overview

Our primary finance and capital strategy is to maintain a strong balance sheet with sufficient flexibility to fund our operating and investment activities in a cost-effective manner. We consider a number of factors when evaluating our level of indebtedness and making decisions regarding additional borrowings or equity offerings, including the interest or dividend rate, the maturity date and the Company’s debt maturity ladder, the impact of financial metrics such as overall Company leverage levels and coverage ratios, and the Company’s ability to generate cash flow to cover debt service. We continuously monitor the capital markets and may consider raising additional capital through the issuance of our common or preferred shares, unsecured debt securities, or other securities.

As of March 31, 2024, we had approximately $83.6 million in cash and cash equivalents on hand, $5.4 million in restricted cash and escrow deposits, $265.0 million of short-term deposits, and $1.1 billion of remaining availability under the Revolving Facility compared to $269.6 million of debt maturing in the second through fourth quarters of 2024. During the three months ended March 31, 2024, we completed a public offering of the Notes Due 2034, the proceeds of which are currently invested in short-term deposits that will be used to satisfy all 2024 debt maturities. We believe we will have adequate liquidity over the next 12 months and beyond to operate our business and meet our cash requirements.

We derive the majority of our revenue from tenants who lease space from us under existing lease agreements at each of our properties. Therefore, our ability to generate cash from operations is dependent upon the rents that we are able to charge and

collect from our tenants. While we believe that the nature of the properties in which we typically invest—primarily neighborhood and community shopping centers—provides a relatively stable revenue flow, an economic downturn, instability in the banking sector, tenant bankruptcies, inflation, labor shortages, supply chain constraints, and/or increasing energy prices and interest rates, among other events, could adversely affect the ability of some of our tenants to meet their lease obligations.

Our Principal Capital Resources

For a discussion of cash generated from operations, see “Cash Flows” beginning on page 37. In addition to cash generated from operations, our other principal capital resources are discussed below.

Over the last several years, we have made substantial progress in enhancing our liquidity position and reducing our leverage and borrowing costs. We continue to focus on a balanced approach to growth and staggering debt maturities in order to retain our financial flexibility.

As of March 31, 2024, we had approximately $1.1 billion available under the Revolving Facility for future borrowings. We also had $348.6 million in cash, cash equivalents and short-term deposits as of March 31, 2024.

We were in compliance with all applicable financial covenants under the Revolving Facility, unsecured term loans and senior unsecured notes as of March 31, 2024.

In November 2021, the Company filed with the SEC a shelf registration statement on Form S-3, which is effective for a term of three years, relating to the offer and sale, from time to time, of an indeterminate amount of equity and debt securities. Equity securities may be offered and sold by the Parent Company, and the net proceeds of any such offerings would be contributed to the Operating Partnership in exchange for additional General Partner Units. Debt securities may be offered and sold by the Operating Partnership with the Operating Partnership receiving the proceeds. From time to time, we may issue securities under this shelf registration statement for general corporate purposes, which may include acquisitions of additional properties, repayment of outstanding indebtedness, capital expenditures, the expansion, redevelopment, and/or improvement of properties in our portfolio, working capital and other general purposes.

In February 2021, the Company and the Operating Partnership entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with each of BofA Securities, Inc., Citigroup Global Markets Inc., KeyBanc Capital Markets Inc. and Raymond James & Associates, Inc., pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $150.0 million of its common shares of beneficial interest, $0.01 par value per share under an at-the-market offering program (the “ATM Program”). In November 2021, the Company and the Operating Partnership amended the Equity Distribution Agreement to reflect their filing of a shelf registration statement on November 16, 2021 with the SEC. The Operating Partnership intends to use the net proceeds, if any, to repay borrowings under the Revolving Facility and other indebtedness and for working capital and other general corporate purposes. The Operating Partnership may also use the net proceeds for acquisitions of operating properties and the development or redevelopment of properties, although there are currently no understandings, commitments or agreements to do so. As of March 31, 2024, the Company has not sold any common shares under the ATM Program.

In the future, we will continue to monitor the capital markets and may consider raising additional capital through the issuance of our common shares, preferred shares or other securities. We may also raise capital by disposing of properties, land parcels or other assets that are no longer core components of our growth strategy. The sale price may differ from our carrying value at the time of sale.

Our Principal Liquidity Needs

Short-Term Liquidity Needs

Near-Term Debt Maturities. As of March 31, 2024, we had no secured debt, excluding scheduled monthly principal payments, and $619.6 million of unsecured debt scheduled to mature prior to March 31, 2025. We believe we have sufficient liquidity to repay these obligations with proceeds from the Notes Due 2034, additional available cash on hand, and borrowings on the Revolving Facility.

Other Short-Term Liquidity Needs. The requirements for qualifying as a REIT and for a tax deduction for some or all of the dividends paid to shareholders necessitate that we distribute at least 90% of our taxable income on an annual basis. Such requirements cause us to have substantial liquidity needs over both the short and long term. Our short-term liquidity needs consist primarily of funds necessary to pay operating expenses associated with our operating properties, scheduled interest and

principal payments on our debt of approximately $90.0 million and $3.9 million, respectively, for the remainder of 2024, expected dividend payments to our common shareholders and common unitholders, and recurring capital expenditures.

In February 2024, our Board of Trustees declared a cash distribution of $0.25 per common share and Common Unit for the first quarter of 2024. This distribution was paid on April 12, 2024 to common shareholders and common unitholders of record as of April 5, 2024. Future distributions, if any, are at the discretion of the Board of Trustees, who will continue to evaluate our sources and uses of capital, liquidity position, operating fundamentals, maintenance of our REIT qualification and other factors they may deem relevant. We believe we have sufficient liquidity to pay any dividend from available cash on hand and borrowings on the Revolving Facility.

Other short-term liquidity needs include expenditures for tenant improvements, external leasing commissions and recurring capital expenditures. During the three months ended March 31, 2024, we incurred $5.7 million for recurring capital expenditures on operating properties and $18.4 million for tenant improvements and external leasing commissions, which includes costs to re-lease anchor space at our operating properties related to tenants open and operating as of March 31, 2024 (excluding development and redevelopment properties). We currently anticipate incurring approximately $100 million of additional major tenant improvement costs related to leasing activity for space that is currently vacant at a number of our operating properties over the next 12 to 24 months. We believe we have the ability to fund these costs through cash flows from operations or borrowings on the Revolving Facility.

As of March 31, 2024, we had development projects under construction at Carillon medical office building and The Corner – IN. Our share of total estimated costs for these two projects is $91.6 million, of which our share of the expected funding requirement is estimated to be $59.7 million. As of March 31, 2024, we have incurred $31.9 million of these costs. We anticipate incurring the majority of the remaining costs for these projects over the next 12 months and believe we have the ability to fund these projects through cash flows from operations or borrowings on the Revolving Facility.

Share Repurchase Program

The Company has an existing share repurchase program under which it may repurchase, from time to time, up to a maximum of $300.0 million of its common shares (the “Share Repurchase Program”). The Company intends to fund any future repurchases under the Share Repurchase Program with cash on hand or availability under the Revolving Facility, subject to any applicable restrictions. The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will depend upon prevailing market conditions, regulatory requirements, and other factors. In February 2024, the Company extended the Share Repurchase Program for an additional year to February 28, 2025, if not terminated or extended prior to that date. As of March 31, 2024, the Company has not repurchased any shares under the Share Repurchase Program.

Long-Term Liquidity Needs

Our long-term liquidity needs consist primarily of funds necessary to pay for any new development projects, redevelopment of existing properties, non-recurring capital expenditures, acquisitions of properties, payment of indebtedness at maturity and obligations under ground leases.

Selective Acquisitions, Developments and Joint Ventures. We may selectively pursue the acquisition, development and redevelopment of other properties, which would require additional capital. It is unlikely that we would have sufficient funds on hand to meet these long-term capital requirements; therefore, we would have to satisfy these needs through additional borrowings, sales of common or preferred shares, issuance of Operating Partnership units, cash generated through property dispositions and/or participation in joint venture arrangements. We cannot be certain that we would have access to these sources of capital on satisfactory terms, if at all, to fund our long-term liquidity requirements. We evaluate all future opportunities against pre-established criteria including, but not limited to, location, demographics, expected return, tenant credit quality, tenant relationships, and the amount of existing retail space. Our ability to access the capital markets will depend on a number of factors, including general capital market conditions.

Potential Debt Repurchases. We may from time to time, depending on market conditions and prices, contractual restrictions, our financial liquidity and other factors, seek to repurchase our senior unsecured notes maturing at various dates through March 2034 in open-market transactions, by tender offer or otherwise, as market conditions warrant.

Commitments under Ground Leases. We are obligated under 12 ground leases for approximately 98 acres of land as of March 31, 2024. Most of these ground leases require fixed annual rent payments and the expiration dates of the remaining

initial terms of these ground leases range from 2025 to 2092. Assuming we exercise all available options to extend the terms of our ground leases, our ground leases will expire between 2043 and 2115.

Capital Expenditures on Consolidated Properties

The following table summarizes cash capital expenditures for our development and redevelopment projects and other capital expenditures for the three months ended March 31, 2024 (in thousands):


	Three Months Ended March 31, 2024
Active development and redevelopment projects	$	3,712



Recurring operating capital expenditures (primarily tenant improvements) and other	24,488
Total	$	28,200

We capitalize certain indirect costs such as interest, payroll, and other general and administrative costs related to these development activities. If we had experienced a 10% reduction in development and redevelopment activities without a corresponding decrease in indirect project costs, we would have recorded additional expense of $0.1 million for the three months ended March 31, 2024.

Debt Maturities

The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of March 31, 2024, presented on a calendar year basis (in thousands):


	Secured Debt
	Scheduled Principal Payments		Term Maturities		Unsecured Debt		Total
2024	$	3,853	$	—	$	269,635	$	273,488
2025	5,248		—		680,000		685,248
2026	4,581		10,600		550,000		565,181
2027	3,120		—		250,000		253,120
2028	3,757		—		100,000		103,757
Thereafter	28,091		92,788		1,150,000		1,270,879
	$	48,650	$	103,388	$	2,999,635	$	3,151,673
Debt discounts, premiums and issuance costs, net							15,840
Total							$	3,167,513

Failure to comply with the obligations under our debt agreements, including payment obligations, could cause an event of default under such debt, which, among other things, could result in the loss of title to the assets securing the debt, acceleration of the payment of all principal and interest and/or termination of the agreements, or exposure to the risk of foreclosure. In addition, certain of our variable rate loans contain cross-default provisions whereby a violation by the Company of any financial covenant set forth in the Revolving Facility will constitute an “Event of Default” under the loans, which could allow the lenders to accelerate the amounts due under our debt agreements if we fail to satisfy these financial covenants. See Item 1A. “Risk Factors – Risks Related to Our Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 for more information related to the risks associated with our indebtedness.

Impact of Changes in Credit Ratings on Our Liquidity

We have received investment grade corporate credit ratings from three nationally recognized credit rating agencies. During the three months ended March 31, 2024, we received a credit rating upgrade with a stable outlook from one of the rating agencies and a positive credit rating outlook from another rating agency.

In the future, these ratings could change based upon, among other things, the impact that prevailing economic conditions may have on our results of operations and financial condition. Credit rating reductions by one or more rating agencies could also adversely affect our access to funding sources, the cost and other terms of obtaining funding, as well as our overall financial condition, operating results and cash flow.

Cash Flows

As of March 31, 2024, we had cash, cash equivalents and restricted cash of $89.0 million. We may be subject to concentrations of credit risk with regard to our cash and cash equivalents. We place our cash and short-term investments with highly rated financial institutions. While we attempt to limit our exposure at any point in time, occasionally such cash and investments may temporarily exceed the Federal Deposit Insurance Corporation (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”) insurance limits. We also maintain certain compensating balances in several financial institutions in support of borrowings from those institutions. Such compensating balances were not material to the accompanying consolidated balance sheets.

Comparison of the Three Months Ended March 31, 2024 to the Three Months Ended March 31, 2023

Our cash flow activities are summarized as follows (in thousands):


	Three Months Ended March 31,
	2024		2023		Change
Net cash provided by operating activities	$	53,581	$	63,603	$	(10,022)
Net cash used in investing activities	(289,338)		(41,514)		(247,824)
Net cash provided by (used in) financing activities	283,291		(91,364)		374,655
Increase (decrease) in cash, cash equivalents and restricted cash	47,534		(69,275)		116,809
Cash, cash equivalents and restricted cash, at beginning of period	41,430		121,970
Cash, cash equivalents and restricted cash, at end of period	$	88,964	$	52,695

Cash provided by operating activities was $53.6 million for the three months ended March 31, 2024 and $63.6 million for the same period of 2023. The cash flows were negatively impacted due to the timing of annual insurance premium payments, partially offset by an increase in net operating income.

Cash used in investing activities was $289.3 million for the three months ended March 31, 2024 and $41.5 million for the same period of 2023. Highlights of significant cash sources and uses in investing activities are as follows:

•We invested $265.0 million of proceeds from the Notes Due 2034 in short-term certificates of deposit during the three months ended March 31, 2024;

•Capital expenditures decreased by $10.9 million primarily related to the timing of capital projects along with a change in construction payables of $0.5 million for the three months ended March 31, 2024;

•We received net proceeds of $1.8 million from the sale of land at Broadstone Station during the three months ended March 31, 2024. We did not sell any land during the three months ended March 31, 2023; and

•We received a $1.6 million distribution upon the joint venture’s disposition of Glendale Center Apartments, of which we own an 11.5% interest, to a third party during the three months ended March 31, 2024.

Cash provided by financing activities was $283.3 million for the three months ended March 31, 2024 compared to cash used in financing activities of $91.4 million for the same period of 2023. Highlights of significant cash sources and uses in financing activities are as follows:

•We received $345.3 million of proceeds from the Notes Due 2034 and borrowed $40.0 million on the Revolving Facility during the three months ended March 31, 2024 compared to borrowings of $162.0 million on the Revolving Facility during the three months ended March 31, 2023;

•We repaid $40.0 million of borrowings on the Revolving Facility and $1.3 million of mortgages payable during the three months ended March 31, 2024 compared to repayments of $37.0 million of borrowings on the Revolving Facility and $162.3 million of mortgages payable during the three months ended March 31, 2023; and

•We made distributions to common shareholders and holders of common partnership interests in the Operating Partnership of $55.7 million during the three months ended March 31, 2024 compared to distributions of $53.3 million during the three months ended March 31, 2023.

Critical Accounting Estimates

We based the discussion and analysis of our financial condition and results of operations upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. There were no changes made by management to the critical accounting policies in the three months ended March 31, 2024. We discuss the most critical estimates in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk Related to Fixed and Variable Rate Debt

As of March 31, 2024, we had $3.2 billion of outstanding consolidated indebtedness (inclusive of net unamortized debt discounts, premiums and issuance costs of $15.8 million). In addition, we were party to various consolidated interest rate hedge agreements totaling $975.0 million with maturities over various terms through 2026. Reflecting the effects of these hedge agreements, our fixed and variable rate debt would have been $3.0 billion (95%) and $171.4 million (5%), respectively, of our total consolidated indebtedness as of March 31, 2024.

As of March 31, 2024, we had $619.6 million of fixed rate debt scheduled to mature within the next 12 months. A 100-basis point change in interest rates on this debt as of March 31, 2024 would change our annual cash flow by $6.2 million. A 100-basis point change in interest rates on our unhedged variable rate debt as of March 31, 2024 would change our annual cash flow by $1.7 million. Based upon the terms of our variable rate debt, we are most vulnerable to a change in short-term Secured Overnight Financing Rate (“SOFR”) interest rates.

ITEM 4. CONTROLS AND PROCEDURES

Kite Realty Group Trust

Evaluation of Disclosure Controls and Procedures

An evaluation was performed under the supervision and with the participation of the Parent Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on that evaluation, the Parent Company’s Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

There has been no change in the Parent Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) identified in connection with the evaluation required by Rule 13a-15(b) under the Securities Exchange Act of 1934 of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of March 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Kite Realty Group, L.P.

Evaluation of Disclosure Controls and Procedures

An evaluation was performed under the supervision and with the participation of the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of Kite Realty Group Trust (the sole general partner of Kite Realty Group, L.P.), of the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on that evaluation, the Operating Partnership’s Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

There has been no change in the Operating Partnership’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) identified in connection with the evaluation required by Rule 13a-15(b)

under the Securities Exchange Act of 1934 of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of March 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

ITEM 1A. RISK FACTORS

There have been no material changes from the risk factors previously disclosed in response to Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 20, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

During the three months ended March 31, 2024, certain of our employees surrendered shares owned by them to satisfy their statutory minimum U.S. federal and state tax obligations associated with the vesting of restricted common shares of beneficial interest issued under the Company’s 2013 Equity Incentive Plan, as amended and restated as of May 11, 2022. These shares were repurchased by the Company.

The following table summarizes all of these repurchases during the three months ended March 31, 2024:


Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs	Maximum number of shares that may yet be purchased under the plans or programs(1)
January 1, 2024 to January 31, 2024	—	$	—	N/A	$	300,000,000
February 1, 2024 to February 29, 2024	1,544	$	21.28	N/A	$	300,000,000
March 1, 2024 to March 31, 2024	41,301	$	21.28	N/A	$	300,000,000
Total	42,845	$	21.28

(1)Represents amounts outstanding under the Company’s authorized Share Repurchase Program, which was announced in February 2021. In April 2022, the Company’s Board of Trustees increased the size of the program from $150.0 million to $300.0 million and in February 2024, extended the program for an additional year. The program may be suspended or terminated at any time by the Company and will terminate on February 28, 2025, if not terminated or extended prior to that date.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Trading Arrangements

During the three months ended March 31, 2024, none of our officers or trustees adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

ITEM 6. EXHIBITS

Exhibit No.

Description

Location

3.1

Articles of Amendment and Restatement of Declaration of Trust of the Kite Realty Group Trust, as supplemented and amended

Incorporated by reference to Exhibit 3.1 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 28, 2022

3.2

Third Amended and Restated Bylaws of Kite Realty Group Trust, effective November 8, 2023

Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on November 9, 2023

4.1

Second Supplemental Indenture, dated January 17, 2024, among Kite Realty Group, L.P., as issuer, Kite Realty Group Trust, as possible future guarantor, and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee

Incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on January 17, 2024

4.2

Form of Global Note representing the 5.500% Senior Notes due 2034 (included in Exhibit 4.1)

Incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on January 17, 2024

31.1

Certification of principal executive officer of the Parent Company required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

31.2

Certification of principal financial officer of the Parent Company required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

31.3

Certification of principal executive officer of the Operating Partnership required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

31.4

Certification of principal financial officer of the Operating Partnership required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

32.1

Certification of Chief Executive Officer and Chief Financial Officer of the Parent Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Filed herewith

32.2

Certification of Chief Executive Officer and Chief Financial Officer of the Operating Partnership pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Filed herewith

101.INS

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

Filed herewith

101.SCH

Inline XBRL Taxonomy Extension Schema Document

Filed herewith

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

Filed herewith

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

Filed herewith

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

Filed herewith

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

Filed herewith

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

KITE REALTY GROUP TRUST

Date:

May 7, 2024

By:

/s/ JOHN A. KITE

John A. Kite

Chairman and Chief Executive Officer

(Principal Executive Officer)

Date:

May 7, 2024

By:

/s/ HEATH R. FEAR

Heath R. Fear

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

KITE REALTY GROUP, L.P.

By: Kite Realty Group Trust, its sole general partner

Date:

May 7, 2024

By:

/s/ JOHN A. KITE

John A. Kite

Chairman and Chief Executive Officer

(Principal Executive Officer)

Date:

May 7, 2024

By:

/s/ HEATH R. FEAR

Heath R. Fear

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

EXHIBIT 31.1

KITE REALTY GROUP TRUST

CERTIFICATION

I, John A. Kite, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Kite Realty Group Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: May 7, 2024	By:	/s/ JOHN A. KITE

		John A. Kite
		Chairman and Chief Executive Officer

EXHIBIT 31.2

KITE REALTY GROUP TRUST

CERTIFICATION

I, Heath R. Fear, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Kite Realty Group Trust;

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: May 7, 2024	By:	/s/ HEATH R. FEAR

		Heath R. Fear
		Executive Vice President and Chief Financial Officer

EXHIBIT 31.3

KITE REALTY GROUP, L.P.

CERTIFICATION

I, John A. Kite, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Kite Realty Group, L.P.;

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: May 7, 2024	By:	/s/ JOHN A. KITE

		John A. Kite
		Chief Executive Officer
		Kite Realty Group Trust, sole general partner of
		Kite Realty Group, L.P.

EXHIBIT 31.4

KITE REALTY GROUP, L.P.

CERTIFICATION

I, Heath R. Fear, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Kite Realty Group, L.P.;

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: May 7, 2024	By:	/s/ HEATH R. FEAR

		Heath R. Fear
		Chief Financial Officer
		Kite Realty Group Trust, sole general partner of
		Kite Realty Group, L.P.

EXHIBIT 32.1

Certification of Chief Executive Officer and Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350, As Adopted

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The undersigned, John A. Kite, Chairman and Chief Executive Officer of Kite Realty Group Trust (the “Parent Company”), and Heath R. Fear, Chief Financial Officer of the Parent Company, each hereby certifies based on his knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(1)The Quarterly Report on Form 10-Q of the Parent Company for the quarter ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

(2)The information in the Report fairly presents, in all material respects, the financial condition and results of operations of the Parent Company.



Date: May 7, 2024	By:	/s/ JOHN A. KITE

		John A. Kite
		Chairman and Chief Executive Officer


Date: May 7, 2024	By:	/s/ HEATH R. FEAR

		Heath R. Fear
		Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Parent Company and will be retained by the Parent Company and furnished to the Securities and Exchange Commission or its staff upon request.

EXHIBIT 32.2

Certification of Chief Executive Officer and Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350, As Adopted

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The undersigned, John A. Kite, Chief Executive Officer of Kite Realty Group Trust in its capacity as the sole general partner of Kite Realty Group, L.P. (the “Operating Partnership”), and Heath R. Fear, Chief Financial Officer of Kite Realty Group Trust in its capacity as the sole general partner of the Operating Partnership, each hereby certifies based on his knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(1)The Quarterly Report on Form 10-Q of the Operating Partnership for the quarter ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

(2)The information in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.



Date: May 7, 2024	By:	/s/ JOHN A. KITE

		John A. Kite
		Chief Executive Officer
		Kite Realty Group Trust, sole general partner of
		Kite Realty Group, L.P.


Date: May 7, 2024	By:	/s/ HEATH R. FEAR

		Heath R. Fear
		Chief Financial Officer
		Kite Realty Group Trust, sole general partner of
		Kite Realty Group, L.P.

A signed original of this written statement required by Section 906 has been provided to the Operating Partnership and will be retained by the Operating Partnership and furnished to the Securities and Exchange Commission or its staff upon request.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 01, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-32268
Entity Registrant Name	KITE REALTY GROUP TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	11-3715772
Entity Address, Address Line One	30 S. Meridian Street
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46204
City Area Code	317
Local Phone Number	577-5600
Title of 12(b) Security	Common Shares, $0.01 par value per share
Trading Symbol	KRG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		219,603,862
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001286043
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Kite Realty Group, L.P.
Entity Information [Line Items]
Entity File Number	333-202666-01
Entity Registrant Name	KITE REALTY GROUP, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1453863
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001636315

Consolidated Balance Sheets (Unaudited) - KRG Trust - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Investment properties, at cost	$ 7,758,372	$ 7,740,061
Less: accumulated depreciation	(1,452,715)	(1,381,770)
Net investment properties	6,305,657	6,358,291
Cash and cash equivalents	83,579	36,413
Tenant and other receivables, including accrued straight-line rent of $58,492 and $55,482, respectively	118,057	113,290
Restricted cash and escrow deposits	5,385	5,017
Deferred costs, net	285,452	304,171
Short-term deposits	265,000	0
Prepaid and other assets	131,765	117,834
Investments in unconsolidated subsidiaries	9,599	9,062
Total assets	7,204,494	6,944,078
Liabilities:
Mortgage and other indebtedness, net	3,167,513	2,829,202
Accounts payable and accrued expenses	171,574	198,079
Deferred revenue and other liabilities	258,985	272,942
Total liabilities	3,598,072	3,300,223
Commitments and contingencies
Limited Partners’ interests in the Operating Partnership	73,713	73,287
Equity:
Common shares, $0.01 par value, 490,000,000 shares authorized, 219,603,862 and 219,448,429 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	2,196	2,194
Additional paid-in capital	4,887,573	4,886,592
Accumulated other comprehensive income	54,891	52,435
Accumulated deficit	(1,413,828)	(1,373,083)
Total shareholders’ equity/Partners’ equity	3,530,832	3,568,138
Noncontrolling interests	1,877	2,430
Total equity	3,532,709	3,570,568
Total liabilities and equity	$ 7,204,494	$ 6,944,078

Consolidated Balance Sheets (Unaudited) (Parenthetical) - KRG Trust - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accrued straight-line rent	$ 58,492	$ 55,482
Common shares, par value (in USD per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	490,000,000	490,000,000
Common shares, shares issued (in shares)	219,603,862	219,448,429
Common shares, shares outstanding (in shares)	219,603,862	219,448,429

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - KRG Trust - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Rental income	$ 205,813	$ 203,063
Total revenue	207,439	206,750
Expenses:
Property operating	28,081	27,314
Real estate taxes	26,534	27,183
General, administrative and other	12,784	13,384
Depreciation and amortization	100,379	108,071
Total expenses	167,778	175,952
Loss on sales of operating properties, net	(236)	0
Operating income	39,425	30,798
Interest expense	(30,364)	(25,425)
Income tax (expense) benefit of taxable REIT subsidiaries	(158)	29
Equity in loss of unconsolidated subsidiaries	(420)	(244)
Gain on sale of unconsolidated property, net	2,325	0
Other income, net	3,628	403
Net income	14,436	5,561
Net income attributable to noncontrolling interests	(280)	(170)
Net income attributable to common shareholders	$ 14,156	$ 5,391
Net income per common share
Net income per common share – basic (in USD per share)	$ 0.06	$ 0.02
Net income per common share – diluted (in USD per share)	$ 0.06	$ 0.02
Weighted average common shares outstanding - basic (in shares)	219,501,114	219,233,569
Weighted average common shares outstanding - diluted (in shares)	219,900,306	219,965,061
Net income	$ 14,436	$ 5,561
Change in fair value of derivatives	2,542	(11,645)
Total comprehensive income (loss)	16,978	(6,084)
Comprehensive income attributable to noncontrolling interests	(365)	(82)
Comprehensive income (loss) attributable to the Company	16,613	(6,166)
Other property-related revenue
Revenue:
Other revenue	1,311	1,916
Fee income
Revenue:
Other revenue	$ 315	$ 1,771

Consolidated Statements of Shareholders' Equity (Unaudited) - KRG Trust - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2022		219,185,658
Balance at beginning of period at Dec. 31, 2022	$ 3,766,515	$ 2,192	$ 4,897,736	$ 74,344	$ (1,207,757)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation activity (in shares)		140,240
Stock compensation activity	2,135	$ 1	2,134
Other comprehensive income (loss)	(11,557)			(11,557)
Distributions to common shareholders	(52,659)				(52,659)
Net income attributable to common shareholders	5,391				5,391
Adjustment to redeemable noncontrolling interests	(3,821)		(3,821)
Balance at end of period (in shares) at Mar. 31, 2023		219,325,898
Balance at end of period at Mar. 31, 2023	$ 3,706,004	$ 2,193	4,896,049	62,787	(1,255,025)
Balance at beginning of period (in shares) at Dec. 31, 2023	219,448,429	219,448,429
Balance at beginning of period at Dec. 31, 2023	$ 3,568,138	$ 2,194	4,886,592	52,435	(1,373,083)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation activity (in shares)		155,433
Stock compensation activity	1,993	$ 2	1,991
Other comprehensive income (loss)	2,456			2,456
Distributions to common shareholders	(54,901)				(54,901)
Net income attributable to common shareholders	14,156				14,156
Adjustment to redeemable noncontrolling interests	$ (1,010)		(1,010)
Balance at end of period (in shares) at Mar. 31, 2024	219,603,862	219,603,862
Balance at end of period at Mar. 31, 2024	$ 3,530,832	$ 2,196	$ 4,887,573	$ 54,891	$ (1,413,828)

Consolidated Statements of Cash Flows (Unaudited) - KRG Trust - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 14,436	$ 5,561
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	101,309	108,959
Loss on sales of operating properties, net	236	0
Gain on sale of unconsolidated property, net	(2,325)	0
Straight-line rent	(3,126)	(3,545)
Compensation expense for equity awards	2,488	2,571
Amortization of debt fair value adjustments	(3,243)	(3,348)
Amortization of in-place lease liabilities	(2,266)	(2,730)
Changes in assets and liabilities:
Tenant receivables	(1,369)	1,103
Deferred costs and other assets	(17,045)	(5,196)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(35,514)	(39,772)
Net cash provided by operating activities	53,581	63,603
Cash flows from investing activities:
Capital expenditures	(28,200)	(39,121)
Net proceeds from sales of land	1,759	0
Investment in short-term deposits	(265,000)	0
Small business loan repayments	0	146
Change in construction payables	485	(2,552)
Distribution from unconsolidated joint venture	1,618	13
Net cash used in investing activities	(289,338)	(41,514)
Cash flows from financing activities:
Proceeds from issuance of common shares, net	22	25
Repurchases of common shares upon the vesting of restricted shares	(867)	(730)
Debt and equity issuance costs	(3,625)	(47)
Loan proceeds	385,345	162,000
Loan payments	(41,269)	(199,336)
Distributions paid – common shareholders	(54,862)	(52,605)
Distributions paid – redeemable noncontrolling interests	(833)	(671)
Distributions to noncontrolling interests	(620)	0
Net cash provided by (used in) financing activities	283,291	(91,364)
Net change in cash, cash equivalents and restricted cash	47,534	(69,275)
Cash, cash equivalents and restricted cash, beginning of period	41,430	121,970
Cash, cash equivalents and restricted cash, end of period	$ 88,964	$ 52,695

Consolidated Balance Sheets (Unaudited) - KRG, LP - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Investment properties, at cost	$ 7,758,372	$ 7,740,061
Less: accumulated depreciation	(1,452,715)	(1,381,770)
Net investment properties	6,305,657	6,358,291
Cash and cash equivalents	83,579	36,413
Tenant and other receivables, including accrued straight-line rent of $58,492 and $55,482, respectively	118,057	113,290
Restricted cash and escrow deposits	5,385	5,017
Deferred costs, net	285,452	304,171
Short-term deposits	265,000	0
Prepaid and other assets	131,765	117,834
Investments in unconsolidated subsidiaries	9,599	9,062
Total assets	7,204,494	6,944,078
Liabilities:
Mortgage and other indebtedness, net	3,167,513	2,829,202
Accounts payable and accrued expenses	171,574	198,079
Deferred revenue and other liabilities	258,985	272,942
Total liabilities	3,598,072	3,300,223
Commitments and contingencies
Limited Partners’ interests in the Operating Partnership	73,713	73,287
Partners’ Equity:
Common equity, 219,603,862 and 219,448,429 units issued and outstanding at March 31, 2024 and December 31, 2023, respectively	2,196	2,194
Accumulated other comprehensive income	54,891	52,435
Total shareholders’ equity/Partners’ equity	3,530,832	3,568,138
Noncontrolling interests	1,877	2,430
Total equity	3,532,709	3,570,568
Total liabilities and equity	7,204,494	6,944,078
Kite Realty Group, L.P.
Assets:
Investment properties, at cost	7,758,372	7,740,061
Less: accumulated depreciation	(1,452,715)	(1,381,770)
Net investment properties	6,305,657	6,358,291
Cash and cash equivalents	83,579	36,413
Tenant and other receivables, including accrued straight-line rent of $58,492 and $55,482, respectively	118,057	113,290
Restricted cash and escrow deposits	5,385	5,017
Deferred costs, net	285,452	304,171
Short-term deposits	265,000	0
Prepaid and other assets	131,765	117,834
Investments in unconsolidated subsidiaries	9,599	9,062
Total assets	7,204,494	6,944,078
Liabilities:
Mortgage and other indebtedness, net	3,167,513	2,829,202
Accounts payable and accrued expenses	171,574	198,079
Deferred revenue and other liabilities	258,985	272,942
Total liabilities	3,598,072	3,300,223
Commitments and contingencies
Limited Partners’ interests in the Operating Partnership	73,713	73,287
Partners’ Equity:
Common equity, 219,603,862 and 219,448,429 units issued and outstanding at March 31, 2024 and December 31, 2023, respectively	3,475,941	3,515,703
Accumulated other comprehensive income	54,891	52,435
Total shareholders’ equity/Partners’ equity	3,530,832	3,568,138
Noncontrolling interests	1,877	2,430
Total equity	3,532,709	3,570,568
Total liabilities and equity	$ 7,204,494	$ 6,944,078

Consolidated Balance Sheets (Unaudited) (Parenthetical) - KRG, LP - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued straight-line rent	$ 58,492	$ 55,482
Common shares, shares issued (in shares)	219,603,862	219,448,429
Common shares, shares outstanding (in shares)	219,603,862	219,448,429
Kite Realty Group, L.P.
Accrued straight-line rent	$ 58,492	$ 55,482
Common shares, shares issued (in shares)	219,603,862	219,448,429
Common shares, shares outstanding (in shares)	219,603,862	219,448,429

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - KRG, LP - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Rental income	$ 205,813	$ 203,063
Total revenue	207,439	206,750
Expenses:
Property operating	28,081	27,314
Real estate taxes	26,534	27,183
General, administrative and other	12,784	13,384
Depreciation and amortization	100,379	108,071
Total expenses	167,778	175,952
Loss on sales of operating properties, net	(236)	0
Operating income	39,425	30,798
Interest expense	(30,364)	(25,425)
Income tax (expense) benefit of taxable REIT subsidiaries	(158)	29
Equity in loss of unconsolidated subsidiaries	(420)	(244)
Gain on sale of unconsolidated property, net	2,325	0
Other income, net	3,628	403
Net income	14,436	5,561
Net income attributable to noncontrolling interests	(280)	(170)
Net income attributable to common shareholders	$ 14,156	$ 5,391
Net income per common share
Net income per common share – basic (in USD per share)	$ 0.06	$ 0.02
Net income per common share – diluted (in USD per share)	$ 0.06	$ 0.02
Weighted average common units outstanding – basic (in shares)	219,501,114	219,233,569
Weighted average common units outstanding – diluted (in shares)	219,900,306	219,965,061
Net income	$ 14,436	$ 5,561
Change in fair value of derivatives	2,542	(11,645)
Total comprehensive income (loss)	16,978	(6,084)
Comprehensive income attributable to noncontrolling interests	(365)	(82)
Comprehensive income (loss) attributable to the Company	16,613	(6,166)
Other property-related revenue
Revenue:
Other revenue	1,311	1,916
Fee income
Revenue:
Other revenue	315	1,771
Kite Realty Group, L.P.
Revenue:
Rental income	205,813	203,063
Total revenue	207,439	206,750
Expenses:
Property operating	28,081	27,314
Real estate taxes	26,534	27,183
General, administrative and other	12,784	13,384
Depreciation and amortization	100,379	108,071
Total expenses	167,778	175,952
Loss on sales of operating properties, net	(236)	0
Operating income	39,425	30,798
Interest expense	(30,364)	(25,425)
Income tax (expense) benefit of taxable REIT subsidiaries	(158)	29
Equity in loss of unconsolidated subsidiaries	(420)	(244)
Gain on sale of unconsolidated property, net	2,325	0
Other income, net	3,628	403
Net income	14,436	5,561
Net income attributable to noncontrolling interests	(67)	(104)
Net income attributable to common shareholders	14,369	5,457
Allocation of net income:
Limited Partners	213	66
Parent Company	$ 14,156	$ 5,391
Net income per common share
Net income per common share – basic (in USD per share)	$ 0.06	$ 0.02
Net income per common share – diluted (in USD per share)	$ 0.06	$ 0.02
Weighted average common units outstanding – basic (in shares)	223,109,983	222,186,023
Weighted average common units outstanding – diluted (in shares)	223,509,175	222,917,515
Net income	$ 14,436	$ 5,561
Change in fair value of derivatives	2,542	(11,645)
Total comprehensive income (loss)	16,978	(6,084)
Comprehensive income attributable to noncontrolling interests	(67)	(104)
Comprehensive income (loss) attributable to the Company	16,911	(6,188)
Kite Realty Group, L.P. \| Other property-related revenue
Revenue:
Other revenue	1,311	1,916
Kite Realty Group, L.P. \| Fee income
Revenue:
Other revenue	$ 315	$ 1,771

Consolidated Statements of Partners' Equity (Unaudited) - KRG, LP - USD ($) $ in Thousands	Total	Kite Realty Group, L.P.	Kite Realty Group, L.P. General Partner Common Equity	Kite Realty Group, L.P. General Partner Accumulated Other Comprehensive Income (Loss)
Partners' capital, balance at beginning of period at Dec. 31, 2022		$ 3,766,515	$ 3,692,171	$ 74,344
Increase (Decrease) in Partners' Capital [Roll Forward]
Stock compensation activity		2,135	2,135
Other comprehensive income (loss) attributable to Parent Company	$ (11,557)	(11,557)		(11,557)
Distributions to Parent Company		(52,659)	(52,659)
Net income attributable to Parent Company	5,391	5,391	5,391
Adjustment to redeemable noncontrolling interests		(3,821)	(3,821)
Partners' capital, balance at end of period at Mar. 31, 2023		3,706,004	3,643,217	62,787
Partners' capital, balance at beginning of period at Dec. 31, 2023		3,568,138	3,515,703	52,435
Increase (Decrease) in Partners' Capital [Roll Forward]
Stock compensation activity		1,993	1,993
Other comprehensive income (loss) attributable to Parent Company	2,456	2,456		2,456
Distributions to Parent Company		(54,901)	(54,901)
Net income attributable to Parent Company	$ 14,156	14,156	14,156
Adjustment to redeemable noncontrolling interests		(1,010)	(1,010)
Partners' capital, balance at end of period at Mar. 31, 2024		$ 3,530,832	$ 3,475,941	$ 54,891

Consolidated Statements of Cash Flows (Unaudited) - KRG, LP - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 14,436	$ 5,561
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	101,309	108,959
Loss on sales of operating properties, net	236	0
Gain on sale of unconsolidated property, net	(2,325)	0
Straight-line rent	(3,126)	(3,545)
Compensation expense for equity awards	2,488	2,571
Amortization of debt fair value adjustments	(3,243)	(3,348)
Amortization of in-place lease liabilities	(2,266)	(2,730)
Changes in assets and liabilities:
Tenant receivables	(1,369)	1,103
Deferred costs and other assets	(17,045)	(5,196)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(35,514)	(39,772)
Net cash provided by operating activities	53,581	63,603
Cash flows from investing activities:
Capital expenditures	(28,200)	(39,121)
Net proceeds from sales of land	1,759	0
Investment in short-term deposits	(265,000)	0
Small business loan repayments	0	146
Change in construction payables	485	(2,552)
Distribution from unconsolidated joint venture	1,618	13
Net cash used in investing activities	(289,338)	(41,514)
Cash flows from financing activities:
Contributions from the General Partner	22	25
Repurchases of common shares upon the vesting of restricted shares	(867)	(730)
Debt and equity issuance costs	(3,625)	(47)
Loan proceeds	385,345	162,000
Loan payments	(41,269)	(199,336)
Distributions paid – common shareholders	(54,862)	(52,605)
Distributions paid – redeemable noncontrolling interests	(833)	(671)
Distributions to noncontrolling interests	(620)	0
Net cash provided by (used in) financing activities	283,291	(91,364)
Net change in cash, cash equivalents and restricted cash	47,534	(69,275)
Cash, cash equivalents and restricted cash, beginning of period	41,430	121,970
Cash, cash equivalents and restricted cash, end of period	88,964	52,695
Kite Realty Group, L.P.
Cash flows from operating activities:
Net income	14,436	5,561
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	101,309	108,959
Loss on sales of operating properties, net	236	0
Gain on sale of unconsolidated property, net	(2,325)	0
Straight-line rent	(3,126)	(3,545)
Compensation expense for equity awards	2,488	2,571
Amortization of debt fair value adjustments	(3,243)	(3,348)
Amortization of in-place lease liabilities	(2,266)	(2,730)
Changes in assets and liabilities:
Tenant receivables	(1,369)	1,103
Deferred costs and other assets	(17,045)	(5,196)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(35,514)	(39,772)
Net cash provided by operating activities	53,581	63,603
Cash flows from investing activities:
Capital expenditures	(28,200)	(39,121)
Net proceeds from sales of land	1,759	0
Investment in short-term deposits	(265,000)	0
Small business loan repayments	0	146
Change in construction payables	485	(2,552)
Distribution from unconsolidated joint venture	1,618	13
Net cash used in investing activities	(289,338)	(41,514)
Cash flows from financing activities:
Contributions from the General Partner	22	25
Repurchases of common shares upon the vesting of restricted shares	(867)	(730)
Debt and equity issuance costs	(3,625)	(47)
Loan proceeds	385,345	162,000
Loan payments	(41,269)	(199,336)
Distributions paid – common shareholders	(54,862)	(52,605)
Distributions paid – redeemable noncontrolling interests	(833)	(671)
Distributions to noncontrolling interests	(620)	0
Net cash provided by (used in) financing activities	283,291	(91,364)
Net change in cash, cash equivalents and restricted cash	47,534	(69,275)
Cash, cash equivalents and restricted cash, beginning of period	41,430	121,970
Cash, cash equivalents and restricted cash, end of period	$ 88,964	$ 52,695

ORGANIZATION AND BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND BASIS OF PRESENTATION

As of March 31, 2024, the Company’s portfolio consisted of the following:


	Properties	Square Footage
Operating retail properties(1)	180	28,096,542
Office properties	1	287,291
Development and redevelopment projects:
Carillon medical office building	1	126,000
The Corner – IN(2)	1	24,000
Hamilton Crossing Centre	1	92,283
Edwards Multiplex – Ontario	1	124,614

(2)This property is held in an unconsolidated joint venture in which the Company has a 50% ownership interest.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Components of Investment Properties

The following table summarizes the composition of the Company’s investment properties as of March 31, 2024 and December 31, 2023 (in thousands):


	Balance as of
	March 31, 2024		December 31, 2023
Land, buildings and improvements	$	7,696,890	$	7,684,066
Construction in progress	61,482		55,995
Investment properties, at cost	$	7,758,372	$	7,740,061

Components of Rental Income including Allowance for Uncollectible Accounts

Rental income related to the Company’s operating leases is comprised of the following for the three months ended March 31, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
	2024		2023
Fixed contractual lease payments – operating leases	$	160,540	$	158,590
Variable lease payments – operating leases	40,470		39,754
Bad debt reserve	(589)		(1,555)
Straight-line rent adjustments	3,363		3,858
Straight-line rent reserve for uncollectibility	(237)		(314)
Amortization of in-place lease liabilities, net	2,266		2,730
Rental income	$	205,813	$	203,063

Short-Term Deposits

Consolidation and Investments in Joint Ventures

Income Taxes and REIT Compliance

Parent Company

Operating Partnership

Noncontrolling Interests


	Three Months Ended March 31,
	2024		2023
Noncontrolling interests balance as of January 1,	$	2,430	$	5,370
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests	67		104
Distributions to noncontrolling interests	(620)		—
Noncontrolling interests balance as of March 31,	$	1,877	$	5,474

Noncontrolling Interests – Joint Venture

Redeemable Noncontrolling Interests – Limited Partners


	Three Months Ended March 31,
	2024		2023
Parent Company’s weighted average interest in the Operating Partnership	98.4	%	98.7	%
Limited partners’ weighted average interests in the Operating Partnership	1.6	%	1.3	%

The redeemable noncontrolling interests in the Operating Partnership for the three months ended March 31, 2024 and 2023 were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Redeemable noncontrolling interests balance as of January 1,	$	73,287	$	53,967
Net income allocable to redeemable noncontrolling interests	213		65
Distributions declared to redeemable noncontrolling interests	(882)		(728)
Other, net including adjustments to redemption value	1,095		3,750
Total limited partners’ interests in the Operating Partnership balance as of March 31,	$	73,713	$	57,054

Fair Value Measurements

Assets and liabilities recorded at fair value in the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

•Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access.

Effects of Accounting Pronouncements

DEFERRED COSTS AND INTANGIBLES, NET

3 Months Ended

Mar. 31, 2024

Deferred Costs [Abstract]

DEFERRED COSTS AND INTANGIBLES, NET


	March 31, 2024		December 31, 2023
Acquired lease intangible assets	$	405,513	$	433,771
Deferred leasing costs and other	78,858		74,662
	484,371		508,433
Less: accumulated amortization	(198,919)		(204,262)


Deferred costs, net	$	285,452	$	304,171


	Three Months Ended March 31,
	2024		2023
Amortization of deferred leasing costs, lease intangibles and other	$	21,278	$	28,481
Amortization of above-market lease intangibles	$	2,704	$	3,183

DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES

3 Months Ended

Mar. 31, 2024

Other Liabilities Disclosure [Abstract]

DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES

As of March 31, 2024 and December 31, 2023, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Unamortized in-place lease liabilities	$	154,478	$	159,449
Retainages payable and other	9,908		9,229
Tenant rents received in advance	26,115		35,339
Lease liabilities	68,484		68,925


Deferred revenue and other liabilities	$	258,985	$	272,942

MORTGAGE AND OTHER INDEBTEDNESS

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

MORTGAGE AND OTHER INDEBTEDNESS

The following table summarizes the Company’s indebtedness as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024		December 31, 2023
Mortgages payable	$	152,038	$	153,306
Senior unsecured notes	2,179,635		1,829,635
Unsecured term loans	820,000		820,000
Unsecured revolving line of credit	—		—
	3,151,673		2,802,941
Unamortized discounts and premiums, net	28,067		35,765
Unamortized debt issuance costs, net	(12,227)		(9,504)
Total mortgage and other indebtedness, net	$	3,167,513	$	2,829,202


	Amount Outstanding		Ratio		Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate debt(1)	$	2,980,273	95	%	4.05	%	4.2
Variable rate debt(2)	171,400		5	%	9.09	%	2.4
Debt discounts, premiums and issuance costs, net	15,840		N/A		N/A		N/A
Mortgage and other indebtedness, net	$	3,167,513	100	%	4.33	%	4.1

Mortgages Payable

The following table summarizes the Company’s mortgages payable (dollars in thousands):


	March 31, 2024					December 31, 2023
	Balance		Weighted Average Interest Rate		Weighted Average Years to Maturity	Balance		Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate mortgages payable(1)	$	135,638	5.09	%	7.8	$	136,306	5.09	%	8.1
Variable rate mortgage payable(2)	16,400		7.50	%	2.3	17,000		7.59	%	2.6
Total mortgages payable	$	152,038				$	153,306

(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of March 31, 2024 and December 31, 2023.

Unsecured Notes

The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):


		March 31, 2024				December 31, 2023
	Maturity Date	Balance		Interest Rate		Balance		Interest Rate
Senior notes – 4.58% due 2024	June 30, 2024	$	149,635	4.58	%	$	149,635	4.58	%
Senior notes – 4.00% due 2025	March 15, 2025	350,000		4.00	%	350,000		4.00	%
Senior notes – SOFR + 3.65% due 2025(1)	September 10, 2025	80,000		9.21	%	80,000		9.27	%
Senior notes – 4.08% due 2026	September 30, 2026	100,000		4.08	%	100,000		4.08	%
Senior notes – 4.00% due 2026	October 1, 2026	300,000		4.00	%	300,000		4.00	%
Senior exchangeable notes – 0.75% due 2027	April 1, 2027	175,000		0.75	%	175,000		0.75	%
Senior notes – SOFR + 3.75% due 2027(2)	September 10, 2027	75,000		9.31	%	75,000		9.37	%
Senior notes – 4.24% due 2028	December 28, 2028	100,000		4.24	%	100,000		4.24	%
Senior notes – 4.82% due 2029	June 28, 2029	100,000		4.82	%	100,000		4.82	%
Senior notes – 4.75% due 2030	September 15, 2030	400,000		4.75	%	400,000		4.75	%
Senior notes – 5.50% due 2034(3)	March 1, 2034	350,000		4.60	%	—		—	%
Total senior unsecured notes		$	2,179,635			$	1,829,635

(1)$80,000 of 4.47% senior unsecured notes due 2025 has been swapped to a variable rate of three-month Secured Overnight Financing Rate (“SOFR”) plus 3.65% through September 10, 2025.

(2)$75,000 of 4.57% senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025.

(3)The coupon rate of the Notes Due 2034 (defined below) is 5.50%; however, due to hedging activities, the Company’s interest rate is 4.60%.

Unsecured Term Loans and Revolving Line of Credit

The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands):


		March 31, 2024				December 31, 2023
	Maturity Date	Balance		Interest Rate		Balance		Interest Rate
Unsecured term loan due 2024 – fixed rate(1)	July 17, 2024	$	120,000	2.68	%	$	120,000	2.68	%
Unsecured term loan due 2025 – fixed rate(2)	October 24, 2025	250,000		5.09	%	250,000		5.09	%
Unsecured term loan due 2026 – fixed rate(3)	July 17, 2026	150,000		2.73	%	150,000		2.73	%
Unsecured term loan due 2029 – fixed rate(4)	July 29, 2029	300,000		3.82	%	300,000		3.82	%
Total unsecured term loans		$	820,000			$	820,000

Unsecured credit facility revolving line of credit – variable rate(5)	January 8, 2026	$	—	6.49	%	$	—	6.58	%

Unsecured Revolving Credit Facility

The following table summarizes the key terms of the Revolving Facility as of March 31, 2024 (dollars in thousands):

Leverage-Based Pricing

Investment Grade Pricing

Credit Agreement

Maturity Date

Extension Option

Extension Fee

Credit Spread

Facility Fee

Credit Spread

Facility Fee

SOFR Adjustment

$1,100,000 unsecured revolving line of credit

1/8/2026

2 six-month

0.075%

1.05%–1.50%

0.15%–0.30%

0.725%–1.40%

0.125%–0.30%

0.10%

Unsecured Term Loans

The following table summarizes the key terms of the unsecured term loans as of March 31, 2024 (dollars in thousands):

Unsecured Term Loans

Maturity Date

Leverage-Based Pricing
Credit Spread

Investment Grade Pricing
Credit Spread

SOFR Adjustment

$120,000 unsecured term loan due 2024

7/17/2024

1.20% – 1.70%

0.80% – 1.65%

0.10%

$250,000 unsecured term loan due 2025

10/24/2025(1)

2.00% – 2.55%

2.00% – 2.50%

0.10%

$150,000 unsecured term loan due 2026

7/17/2026

1.20% – 1.70%

0.75% – 1.60%

0.10%

$300,000 unsecured term loan due 2029

7/29/2029

N/A

1.15% – 2.20%

0.10%

(1)The maturity date may be extended for up to three additional periods of one year each at the Operating Partnership’s option, subject to certain conditions.

The Operating Partnership is permitted to prepay the $300M Term Loan in whole or in part, at any time, subject to a prepayment fee if prepaid on or before July 29, 2024.

Debt Issuance Costs


	Three Months Ended March 31,
	2024		2023
Amortization of debt issuance costs	$	929	$	888

Debt Discounts and Premiums


	Three Months Ended March 31,
	2024		2023
Amortization of debt discounts, premiums and hedge instruments	$	3,756	$	5,003


April 2024 through December 2024	$	9,955
2025	7,807
2026	6,152
2027	5,235
2028	5,225
Thereafter	5,411
Total unamortized debt discounts, premiums and hedge instruments	$	39,785

The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of March 31, 2024 to the balance of unamortized discounts and premiums, net (in thousands):


Unamortized discounts and premiums on mortgages payable, senior unsecured notes and unsecured term loans	$	37,274
Unamortized hedge instruments	2,511
Total unamortized debt discounts, premiums and hedge instruments	39,785
Unamortized hedge instruments (included in accumulated other comprehensive income)	(2,511)
Fair value of variable interest rate swaps	(9,207)
Unamortized discounts and premiums, net	$	28,067

Fair Value of Fixed and Variable Rate Debt

DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME


									Fair Value Assets (Liabilities)(1)
Type of Hedge	Number of Instruments	Aggregate Notional		Reference Rate	Interest Rate		Effective Date	Maturity Date	March 31, 2024		December 31, 2023
Cash Flow	Four	$	250,000	SOFR	2.99	%	12/1/2022	10/24/2025	$	6,287	$	4,952
Cash Flow	Two	100,000		SOFR	2.66	%	8/1/2022	8/1/2025	2,707		2,415
Cash Flow	Two	200,000		SOFR	2.37	%	11/22/2023	8/1/2025	6,165		5,716
Cash Flow	Three	120,000		SOFR	1.58	%	8/15/2022	7/17/2024	1,301		2,236
Cash Flow	Three	150,000		SOFR	1.68	%	8/15/2022	7/17/2026	8,815		7,744
		$	820,000						$	25,275	$	23,063

Fair Value(2)	Two	$	155,000	SOFR	SOFR + 3.70%		4/23/2021	9/10/2025	$	(9,207)	$	(9,408)

Forward-Starting Cash Flow(3)	Three	$	150,000	SOFR	3.44	%	6/28/2024	6/28/2034	$	—	$	(700)

(2)The derivative agreements swap a blended fixed rate of 4.52% for a blended floating rate of three-month SOFR plus 3.70%.

(3)The forward-starting interest rate swaps were terminated in conjunction with the issuance of the Notes Due 2034.

Unrealized gains and losses on our interest rate derivative agreements are the only components of the change in accumulated other comprehensive income.

SHAREHOLDERS’ EQUITY	3 Months Ended
SHAREHOLDERS’ EQUITY	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY Distributions Our Board of Trustees declared a cash distribution of $0.25 per common share and Common Unit for the first quarter of 2024. This distribution was paid on April 12, 2024 to common shareholders and common unitholders of record as of April 5, 2024. For the three months ended March 31, 2023, we declared a cash distribution of $0.24 per common share and Common Unit. At-The-Market Offering Program In February 2021, the Company and the Operating Partnership entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with each of BofA Securities, Inc., Citigroup Global Markets Inc., KeyBanc Capital Markets Inc. and Raymond James & Associates, Inc., pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $150.0 million of its common shares of beneficial interest, $0.01 par value per share, under an at-the-market offering program (the “ATM Program”). In November 2021, the Company and the Operating Partnership amended the Equity Distribution Agreement to reflect their filing of a shelf registration statement on November 16, 2021 with the SEC. The Operating Partnership intends to use the net proceeds, if any, to repay borrowings under its Revolving Facility and other indebtedness and for working capital and other general corporate purposes. The Operating Partnership may also use the net proceeds for acquisitions of operating properties and the development or redevelopment of properties, although there are currently no understandings, commitments or agreements to do so. As of March 31, 2024, the Company has not sold any common shares under the ATM Program. Share Repurchase Program The Company has an existing share repurchase program under which it may repurchase, from time to time, up to a maximum of $300.0 million of its common shares (the “Share Repurchase Program”). The Company intends to fund any future repurchases under the Share Repurchase Program with cash on hand or availability under the Revolving Facility, subject to any applicable restrictions. The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will depend upon prevailing market conditions, regulatory requirements and other factors. In February 2024, the Company extended the Share Repurchase Program for an additional year to February 28, 2025, if not terminated or extended prior to that date. As of March 31, 2024, the Company has not repurchased any shares under the Share Repurchase Program.

EARNINGS PER SHARE OR UNIT	3 Months Ended
EARNINGS PER SHARE OR UNIT	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE OR UNIT	EARNINGS PER SHARE OR UNIT Basic earnings per share or unit is calculated based on the weighted average number of common shares/units outstanding during the period. Diluted earnings per share/unit is calculated based on the weighted average number of common shares/units outstanding during the period combined with the incremental average common shares/units that would have been outstanding assuming the conversion of all potentially dilutive common shares/units into common shares/units as of the earliest date possible. Potentially dilutive securities include (i) outstanding options to acquire common shares; (ii) Limited Partner Units, which may be exchanged for either cash or common shares at the Parent Company’s option and under certain circumstances; (iii) AO LTIP Units; and (iv) deferred common share units, which may be credited to the personal accounts of non-employee trustees in lieu of compensation paid in cash or the issuance of common shares to such trustees. Limited Partner Units have been omitted from the Parent Company’s denominator for the purpose of computing diluted earnings per share since the effect of including those amounts in the denominator would have no dilutive impact. Weighted average Limited Partner Units outstanding were 3.6 million and 3.0 million for the three months ended March 31, 2024 and 2023, respectively.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Other Commitments and Contingencies We are obligated under various completion guarantees with certain lenders and lease agreements with tenants to complete all or portions of a development project and tenant-specific space currently under construction. We believe we currently have sufficient financing in place to fund these projects and expect to do so primarily through free cash flow or borrowings on the Revolving Facility. In 2017, we provided a repayment guaranty on a $33.8 million construction loan associated with the development of the Embassy Suites at the University of Notre Dame, consistent with our 35% ownership interest. Our portion of the repayment guaranty is limited to $5.9 million, and the guaranty’s term is through July 1, 2024, the maturity date of the construction loan. As of March 31, 2024, the outstanding loan balance was $32.5 million, of which our share was $11.4 million. The loan is secured by the hotel. In 2021, we provided repayment and completion guaranties on loans totaling $66.2 million associated with the development of The Corner mixed-use project in the Indianapolis MSA. As of March 31, 2024, the outstanding balance of the loans was $65.6 million, of which our share was $32.8 million. Legal Proceedings We are not subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against us. We are parties to routine litigation, claims, and administrative proceedings arising in the ordinary course of business. Management believes that such matters will not have a material adverse impact on our consolidated financial condition, results of operations or cash flows taken as a whole.

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In connection with the preparation of our financial statements, we have evaluated events and transactions that occurred subsequent to March 31, 2024 for recognition and/or disclosure purposes. Based on this evaluation, there were no subsequent events from March 31, 2024 through the date the financial statements were issued.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income attributable to common shareholders	$ 14,156	$ 5,391

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Consolidation and Investments in Joint Ventures	Consolidation and Investments in Joint Ventures The accompanying financial statements are presented on a consolidated basis and include all accounts of the Parent Company, the Operating Partnership, the taxable REIT subsidiaries (“TRSs”) of the Operating Partnership, subsidiaries of the Operating Partnership that are controlled and any variable interest entities (“VIEs”) in which the Operating Partnership is the primary beneficiary. As of March 31, 2024, we owned investments in two consolidated joint ventures that were VIEs in which the partners did not have substantive participating rights and we were the primary beneficiary. As of March 31, 2024, these consolidated VIEs had mortgage debt totaling $111.5 million, which was secured by assets of the VIEs totaling $218.1 million. The Operating Partnership guarantees the mortgage debt of these VIEs. The Operating Partnership is considered a VIE as the limited partners do not hold kick-out rights or substantive participating rights. The Parent Company consolidates the Operating Partnership as it is the primary beneficiary. As of March 31, 2024, the Company also owned investments in four unconsolidated joint ventures accounted for under the equity method, which are not considered VIEs. On January 31, 2024, the joint venture that owned Glendale Center Apartments, of which we have an 11.5% ownership interest, sold the 267-unit property to a third party, resulting in a gain on sale of $20.2 million. The Company recognized its share of the gain on sale of unconsolidated property of $2.3 million during the three months ended March 31, 2024. In addition, the Company received a $1.6 million distribution upon the disposition of the property. The Company maintains an investment in the joint venture, which is in the process of winding up its activities and distributing remaining net assets. Glendale Center Apartments is adjacent to our Glendale Town Center operating retail property in the Indianapolis MSA.
Income Taxes and REIT Compliance	Income Taxes and REIT Compliance Parent Company The Parent Company has been organized and operated, and intends to continue to operate, in a manner that will enable it to maintain its qualification as a REIT for U.S. federal income tax purposes. As a result, it generally will not be subject to U.S. federal income tax on the earnings that it distributes to the extent it distributes its “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders of the Parent Company and meets certain other requirements on a recurring basis. To the extent that it satisfies this distribution requirement but distributes less than 100% of its taxable income, it will be subject to U.S. federal income tax on its undistributed REIT taxable income at regular corporate income tax rates. REITs are subject to a number of organizational and operational requirements. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates for a period of four years following the year in which qualification is lost. Additionally, we may also be subject to certain taxes enacted by the Inflation Reduction Act of 2022 that are applicable to non-REIT corporations, including the nondeductible 1% excise tax on certain stock repurchases. We may also be subject to certain U.S. federal, state and local taxes on our income and property and to U.S. federal income and excise taxes on our undistributed taxable income even if the Parent Company does qualify as a REIT. The Operating Partnership intends to continue to make distributions to the Parent Company in amounts sufficient to assist the Parent Company in adhering to REIT requirements and maintaining its REIT status. We have elected to treat Kite Realty Holdings, LLC and IWR Protective Corporation as TRSs with respect to the REIT, and we may elect to treat other subsidiaries as TRSs in the future. This election enables us to receive income and provide services that would otherwise be impermissible for a REIT. Deferred tax assets and liabilities are established for temporary differences between the financial reporting bases and the tax bases of assets and liabilities at the tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. Operating Partnership The allocated share of income and loss, other than the operations of our TRSs, is included in the income tax returns of the Operating Partnership’s partners. Accordingly, the only U.S. federal income taxes included in the accompanying consolidated financial statements are in connection with the TRSs.
Noncontrolling Interests	Noncontrolling Interests We report the non-redeemable noncontrolling interests in subsidiaries as equity, and the amount of consolidated net income attributable to these noncontrolling interests is set forth separately in the accompanying consolidated financial statements. Noncontrolling Interests – Joint Venture Prior to the October 2021 merger with Retail Properties of America, Inc. (“RPAI”), RPAI entered into a joint venture related to the development, ownership and operation of the multifamily rental portion of the expansion project at One Loudoun Downtown – Pads G & H. The Company owns 90% of the joint venture. Under terms defined in the joint venture agreement, after construction completion and stabilization of the development project (as defined in the joint venture agreement), the Company has the ability to call, and the joint venture partner has the ability to put to the Company, subject to certain conditions, the joint venture partner’s interest in the joint venture at fair value. As of March 31, 2024, these conditions for exercising the put and call options have been met but neither the Company nor the joint venture partner has exercised their respective options. The joint venture is considered a VIE primarily because the Company’s joint venture partner does not have substantive kick-out rights or substantive participating rights. The Company is considered the primary beneficiary as it has a controlling financial interest in the joint venture. As such, the Company has consolidated this joint venture and presented the joint venture partner’s interests as noncontrolling interests. Redeemable Noncontrolling Interests – Limited Partners Limited Partner Units are redeemable noncontrolling interests in the Operating Partnership. We classify redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because we may be required to pay cash to holders of Limited Partner Units upon redemption of their interests in the Operating Partnership or deliver registered shares upon their conversion. The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid-in capital. As of March 31, 2024 and December 31, 2023, the redemption value of the redeemable noncontrolling interests in the Operating Partnership exceeded the historical book value, and the balances were accordingly adjusted to redemption value. We allocate net operating results of the Operating Partnership after noncontrolling interests in the consolidated properties based on the partners’ respective weighted average ownership interest. We adjust the redeemable noncontrolling interests in the Operating Partnership at the end of each reporting period to reflect their interests in the Operating Partnership or redemption value. This adjustment is reflected in our shareholders’ and Parent Company’s equity. As of March 31, 2024, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.3% and 1.7%. As of December 31, 2023, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.4% and 1.6%. Concurrent with the Parent Company’s IPO and related formation transactions, certain individuals received Limited Partner Units of the Operating Partnership in exchange for their interests in certain properties. The limited partners have the right to redeem Limited Partner Units for cash or, at the Parent Company’s election, common shares of the Parent Company in an amount equal to the market value of an equivalent number of common shares of the Parent Company at the time of redemption. Such common shares must be registered, which is not fully in the Parent Company’s control. Therefore, the limited partners’ interest is not reflected within permanent equity. The Parent Company also has the right to redeem the Limited Partner Units directly from the limited partner in exchange for either cash in the amount specified above or a number of its common shares equal to the number of Limited Partner Units being redeemed. There were 3,707,004 and 3,512,868 Limited Partner Units outstanding as of March 31, 2024 and December 31, 2023, respectively. The increase in Limited Partner Units outstanding from December 31, 2023 is due to non-cash compensation awards granted to our executive officers in the form of Limited Partner Units.
Fair Value Measurements	Fair Value Measurements We follow the framework established under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, for measuring fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination or upon determination of an impairment. Assets and liabilities recorded at fair value in the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: •Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access. •Level 2 fair value inputs are inputs other than quoted prices included in Level 1 that are observable for similar instruments, either directly or indirectly, and appropriately consider counterparty creditworthiness in the valuation. •Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an instrument at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. In instances where the determination of the fair value measurement is based upon inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
Effects of Accounting Pronouncements	Effects of Accounting Pronouncements In March 2024, the SEC issued a final rule, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This final rule is effective for the Company for the fiscal year beginning in 2025 and requires companies to annually disclose, among other things, (i) climate-related risks that have had or are reasonably likely to have a material impact on the Company, including on its strategy, results of operations, or financial condition, (ii) activities to mitigate or adapt to such risks, including a quantitative and qualitative description of material expenditures incurred and impacts on estimates and assumptions, (iii) information about oversight by a company’s board of directors of climate-related risks and management’s role in managing material climate-related risks; and (iv) information on any climate-related targets or goals that are material to the company’s business, results of operations, or financial condition. In addition, the final rule requires (i) disclosure of Scope 1 and/or Scope 2 greenhouse gas (“GHG”) emissions on a phased-in basis when those emissions are material, (ii) the filing of an attestation report covering the disclosure of the Scope 1 and/or Scope 2 emissions on a phased-in basis, and (iii) disclosure of the financial statement effects of severe weather events and other natural conditions. In April 2024, the SEC announced a stay of these climate disclosure rules pending judicial review. The Company will continue to evaluate the impact of this final rule until it becomes effective.

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Property Ownership

As of March 31, 2024, the Company’s portfolio consisted of the following:


	Properties	Square Footage
Operating retail properties(1)	180	28,096,542
Office properties	1	287,291
Development and redevelopment projects:
Carillon medical office building	1	126,000
The Corner – IN(2)	1	24,000
Hamilton Crossing Centre	1	92,283
Edwards Multiplex – Ontario	1	124,614

(2)This property is held in an unconsolidated joint venture in which the Company has a 50% ownership interest.

The following table summarizes the composition of the Company’s investment properties as of March 31, 2024 and December 31, 2023 (in thousands):


	Balance as of
	March 31, 2024		December 31, 2023
Land, buildings and improvements	$	7,696,890	$	7,684,066
Construction in progress	61,482		55,995
Investment properties, at cost	$	7,758,372	$	7,740,061

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Investment Properties

As of March 31, 2024, the Company’s portfolio consisted of the following:


	Properties	Square Footage
Operating retail properties(1)	180	28,096,542
Office properties	1	287,291
Development and redevelopment projects:
Carillon medical office building	1	126,000
The Corner – IN(2)	1	24,000
Hamilton Crossing Centre	1	92,283
Edwards Multiplex – Ontario	1	124,614

(2)This property is held in an unconsolidated joint venture in which the Company has a 50% ownership interest.

The following table summarizes the composition of the Company’s investment properties as of March 31, 2024 and December 31, 2023 (in thousands):


	Balance as of
	March 31, 2024		December 31, 2023
Land, buildings and improvements	$	7,696,890	$	7,684,066
Construction in progress	61,482		55,995
Investment properties, at cost	$	7,758,372	$	7,740,061

Schedule of Rental Income

Rental income related to the Company’s operating leases is comprised of the following for the three months ended March 31, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
	2024		2023
Fixed contractual lease payments – operating leases	$	160,540	$	158,590
Variable lease payments – operating leases	40,470		39,754
Bad debt reserve	(589)		(1,555)
Straight-line rent adjustments	3,363		3,858
Straight-line rent reserve for uncollectibility	(237)		(314)
Amortization of in-place lease liabilities, net	2,266		2,730
Rental income	$	205,813	$	203,063

Schedule of Noncontrolling Interests

The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the three months ended March 31, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
	2024		2023
Noncontrolling interests balance as of January 1,	$	2,430	$	5,370
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests	67		104
Distributions to noncontrolling interests	(620)		—
Noncontrolling interests balance as of March 31,	$	1,877	$	5,474

Schedule of Weighted Average Interests of Parent and Limited Partners

For the three months ended March 31, 2024 and 2023, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows:


	Three Months Ended March 31,
	2024		2023
Parent Company’s weighted average interest in the Operating Partnership	98.4	%	98.7	%
Limited partners’ weighted average interests in the Operating Partnership	1.6	%	1.3	%

Schedule of Redeemable Noncontrolling Interests

The redeemable noncontrolling interests in the Operating Partnership for the three months ended March 31, 2024 and 2023 were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Redeemable noncontrolling interests balance as of January 1,	$	73,287	$	53,967
Net income allocable to redeemable noncontrolling interests	213		65
Distributions declared to redeemable noncontrolling interests	(882)		(728)
Other, net including adjustments to redemption value	1,095		3,750
Total limited partners’ interests in the Operating Partnership balance as of March 31,	$	73,713	$	57,054

DEFERRED COSTS AND INTANGIBLES, NET (Tables)

3 Months Ended

Mar. 31, 2024

Deferred Costs [Abstract]

Schedule of Deferred Costs

As of March 31, 2024 and December 31, 2023, deferred costs consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Acquired lease intangible assets	$	405,513	$	433,771
Deferred leasing costs and other	78,858		74,662
	484,371		508,433
Less: accumulated amortization	(198,919)		(204,262)


Deferred costs, net	$	285,452	$	304,171

Schedule of Amortization of Deferred Costs

The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Amortization of deferred leasing costs, lease intangibles and other	$	21,278	$	28,481
Amortization of above-market lease intangibles	$	2,704	$	3,183

The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands):


	Three Months Ended March 31,
	2024		2023
Amortization of debt issuance costs	$	929	$	888

DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Deferred Revenue, Intangibles and Other Liabilities

As of March 31, 2024 and December 31, 2023, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Unamortized in-place lease liabilities	$	154,478	$	159,449
Retainages payable and other	9,908		9,229
Tenant rents received in advance	26,115		35,339
Lease liabilities	68,484		68,925


Deferred revenue and other liabilities	$	258,985	$	272,942

MORTGAGE AND OTHER INDEBTEDNESS (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedules of Indebtedness

The following table summarizes the Company’s indebtedness as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024		December 31, 2023
Mortgages payable	$	152,038	$	153,306
Senior unsecured notes	2,179,635		1,829,635
Unsecured term loans	820,000		820,000
Unsecured revolving line of credit	—		—
	3,151,673		2,802,941
Unamortized discounts and premiums, net	28,067		35,765
Unamortized debt issuance costs, net	(12,227)		(9,504)
Total mortgage and other indebtedness, net	$	3,167,513	$	2,829,202

The following table summarizes the Company’s mortgages payable (dollars in thousands):


	March 31, 2024					December 31, 2023
	Balance		Weighted Average Interest Rate		Weighted Average Years to Maturity	Balance		Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate mortgages payable(1)	$	135,638	5.09	%	7.8	$	136,306	5.09	%	8.1
Variable rate mortgage payable(2)	16,400		7.50	%	2.3	17,000		7.59	%	2.6
Total mortgages payable	$	152,038				$	153,306

(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of March 31, 2024 and December 31, 2023.

The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):


		March 31, 2024				December 31, 2023
	Maturity Date	Balance		Interest Rate		Balance		Interest Rate
Senior notes – 4.58% due 2024	June 30, 2024	$	149,635	4.58	%	$	149,635	4.58	%
Senior notes – 4.00% due 2025	March 15, 2025	350,000		4.00	%	350,000		4.00	%
Senior notes – SOFR + 3.65% due 2025(1)	September 10, 2025	80,000		9.21	%	80,000		9.27	%
Senior notes – 4.08% due 2026	September 30, 2026	100,000		4.08	%	100,000		4.08	%
Senior notes – 4.00% due 2026	October 1, 2026	300,000		4.00	%	300,000		4.00	%
Senior exchangeable notes – 0.75% due 2027	April 1, 2027	175,000		0.75	%	175,000		0.75	%
Senior notes – SOFR + 3.75% due 2027(2)	September 10, 2027	75,000		9.31	%	75,000		9.37	%
Senior notes – 4.24% due 2028	December 28, 2028	100,000		4.24	%	100,000		4.24	%
Senior notes – 4.82% due 2029	June 28, 2029	100,000		4.82	%	100,000		4.82	%
Senior notes – 4.75% due 2030	September 15, 2030	400,000		4.75	%	400,000		4.75	%
Senior notes – 5.50% due 2034(3)	March 1, 2034	350,000		4.60	%	—		—	%
Total senior unsecured notes		$	2,179,635			$	1,829,635

(1)$80,000 of 4.47% senior unsecured notes due 2025 has been swapped to a variable rate of three-month Secured Overnight Financing Rate (“SOFR”) plus 3.65% through September 10, 2025.

(2)$75,000 of 4.57% senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025.

(3)The coupon rate of the Notes Due 2034 (defined below) is 5.50%; however, due to hedging activities, the Company’s interest rate is 4.60%.

The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands):


		March 31, 2024				December 31, 2023
	Maturity Date	Balance		Interest Rate		Balance		Interest Rate
Unsecured term loan due 2024 – fixed rate(1)	July 17, 2024	$	120,000	2.68	%	$	120,000	2.68	%
Unsecured term loan due 2025 – fixed rate(2)	October 24, 2025	250,000		5.09	%	250,000		5.09	%
Unsecured term loan due 2026 – fixed rate(3)	July 17, 2026	150,000		2.73	%	150,000		2.73	%
Unsecured term loan due 2029 – fixed rate(4)	July 29, 2029	300,000		3.82	%	300,000		3.82	%
Total unsecured term loans		$	820,000			$	820,000

Unsecured credit facility revolving line of credit – variable rate(5)	January 8, 2026	$	—	6.49	%	$	—	6.58	%

Schedule of Weighted Average Interest Rates and Maturities


	Amount Outstanding		Ratio		Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate debt(1)	$	2,980,273	95	%	4.05	%	4.2
Variable rate debt(2)	171,400		5	%	9.09	%	2.4
Debt discounts, premiums and issuance costs, net	15,840		N/A		N/A		N/A
Mortgage and other indebtedness, net	$	3,167,513	100	%	4.33	%	4.1

Schedule of Key Terms of Revolving Facility and Term Loans

The following table summarizes the key terms of the Revolving Facility as of March 31, 2024 (dollars in thousands):

Leverage-Based Pricing

Investment Grade Pricing

Credit Agreement

Maturity Date

Extension Option

Extension Fee

Credit Spread

Facility Fee

Credit Spread

Facility Fee

SOFR Adjustment

$1,100,000 unsecured revolving line of credit

1/8/2026

2 six-month

0.075%

1.05%–1.50%

0.15%–0.30%

0.725%–1.40%

0.125%–0.30%

0.10%

The following table summarizes the key terms of the unsecured term loans as of March 31, 2024 (dollars in thousands):

Unsecured Term Loans

Maturity Date

Leverage-Based Pricing
Credit Spread

Investment Grade Pricing
Credit Spread

SOFR Adjustment

$120,000 unsecured term loan due 2024

7/17/2024

1.20% – 1.70%

0.80% – 1.65%

0.10%

$250,000 unsecured term loan due 2025

10/24/2025(1)

2.00% – 2.55%

2.00% – 2.50%

0.10%

$150,000 unsecured term loan due 2026

7/17/2026

1.20% – 1.70%

0.75% – 1.60%

0.10%

$300,000 unsecured term loan due 2029

7/29/2029

N/A

1.15% – 2.20%

0.10%

(1)The maturity date may be extended for up to three additional periods of one year each at the Operating Partnership’s option, subject to certain conditions.

Schedule of Amortization of Debt Issuance Costs

The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Amortization of deferred leasing costs, lease intangibles and other	$	21,278	$	28,481
Amortization of above-market lease intangibles	$	2,704	$	3,183


	Three Months Ended March 31,
	2024		2023
Amortization of debt issuance costs	$	929	$	888

Schedule of Debt Discounts, Premiums and Hedge Instruments Amortization

The following amounts of amortization are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands):


	Three Months Ended March 31,
	2024		2023
Amortization of debt discounts, premiums and hedge instruments	$	3,756	$	5,003

Schedule of Debt Discounts, Premiums and Hedge Instruments Amortization Maturity


April 2024 through December 2024	$	9,955
2025	7,807
2026	6,152
2027	5,235
2028	5,225
Thereafter	5,411
Total unamortized debt discounts, premiums and hedge instruments	$	39,785

Schedule of Reconciliation of Unamortized Debt Discounts, Premiums and Hedge Instruments

The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of March 31, 2024 to the balance of unamortized discounts and premiums, net (in thousands):


Unamortized discounts and premiums on mortgages payable, senior unsecured notes and unsecured term loans	$	37,274
Unamortized hedge instruments	2,511
Total unamortized debt discounts, premiums and hedge instruments	39,785
Unamortized hedge instruments (included in accumulated other comprehensive income)	(2,511)
Fair value of variable interest rate swaps	(9,207)
Unamortized discounts and premiums, net	$	28,067

DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Terms and Fair Values of Derivative Financial Instruments


									Fair Value Assets (Liabilities)(1)
Type of Hedge	Number of Instruments	Aggregate Notional		Reference Rate	Interest Rate		Effective Date	Maturity Date	March 31, 2024		December 31, 2023
Cash Flow	Four	$	250,000	SOFR	2.99	%	12/1/2022	10/24/2025	$	6,287	$	4,952
Cash Flow	Two	100,000		SOFR	2.66	%	8/1/2022	8/1/2025	2,707		2,415
Cash Flow	Two	200,000		SOFR	2.37	%	11/22/2023	8/1/2025	6,165		5,716
Cash Flow	Three	120,000		SOFR	1.58	%	8/15/2022	7/17/2024	1,301		2,236
Cash Flow	Three	150,000		SOFR	1.68	%	8/15/2022	7/17/2026	8,815		7,744
		$	820,000						$	25,275	$	23,063

Fair Value(2)	Two	$	155,000	SOFR	SOFR + 3.70%		4/23/2021	9/10/2025	$	(9,207)	$	(9,408)

Forward-Starting Cash Flow(3)	Three	$	150,000	SOFR	3.44	%	6/28/2024	6/28/2034	$	—	$	(700)

(2)The derivative agreements swap a blended fixed rate of 4.52% for a blended floating rate of three-month SOFR plus 3.70%.

(3)The forward-starting interest rate swaps were terminated in conjunction with the issuance of the Notes Due 2034.

ORGANIZATION AND BASIS OF PRESENTATION - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024
General Partner Units
Organization [Line Items]
General partner, ownership interest (as a percent)	98.30%
Kite Realty Group, L.P.
Organization [Line Items]
Limited partners, ownership interest (as a percent)	1.70%

ORGANIZATION AND BASIS OF PRESENTATION - Real Estate Properties (Details)	Mar. 31, 2024 ft² property
Operating retail properties
Real Estate Properties [Line Items]
Number of real estate properties	180
Square footage \| ft²	28,096,542
Operating retail properties \| Consolidated entities
Real Estate Properties [Line Items]
Number of real estate properties	177
Operating retail properties \| Equity method investee
Real Estate Properties [Line Items]
Number of real estate properties	3
Office properties
Real Estate Properties [Line Items]
Number of real estate properties	1
Square footage \| ft²	287,291
Development and redevelopment projects \| The Corner – IN
Real Estate Properties [Line Items]
Ownership percentage in equity method investment (as a percent)	50.00%
Development and redevelopment projects \| Carillon medical office building
Real Estate Properties [Line Items]
Number of real estate properties	1
Square footage \| ft²	126,000
Development and redevelopment projects \| The Corner – IN
Real Estate Properties [Line Items]
Number of real estate properties	1
Square footage \| ft²	24,000
Development and redevelopment projects \| Hamilton Crossing Centre
Real Estate Properties [Line Items]
Number of real estate properties	1
Square footage \| ft²	92,283
Development and redevelopment projects \| Edwards Multiplex – Ontario
Real Estate Properties [Line Items]
Number of real estate properties	1
Square footage \| ft²	124,614
Operating retail properties with office components
Real Estate Properties [Line Items]
Number of real estate properties	10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investment Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Land, buildings and improvements	$ 7,696,890	$ 7,684,066
Construction in progress	61,482	55,995
Investment properties, at cost	$ 7,758,372	$ 7,740,061

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Fixed contractual lease payments – operating leases	$ 160,540	$ 158,590
Variable lease payments – operating leases	40,470	39,754
Bad debt reserve	(589)	(1,555)
Straight-line rent adjustments	3,363	3,858
Straight-line rent reserve for uncollectibility	(237)	(314)
Amortization of in-place lease liabilities, net	2,266	2,730
Rental income	$ 205,813	$ 203,063

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Thousands		3 Months Ended
	Jan. 31, 2024 USD ($) unit	Mar. 31, 2024 USD ($) jointVenture shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) shares
Noncontrolling Interest [Line Items]
Short-term deposits		$ 265,000		$ 0
Short-term deposits, interest rate (as a percent)		5.34%
Interest income		$ 2,900
Variable interest entity, number of entities \| jointVenture		2
Assets of VIEs		$ 7,204,494		$ 6,944,078
Number of investments in unconsolidated joint ventures \| jointVenture		4
Gain on sale		$ (236)	$ 0
Gain on sale of unconsolidated property		2,325	0
Distribution from unconsolidated joint venture		$ 1,618	$ 13
Limited partners' capital account, units outstanding (in shares) \| shares		3,707,004		3,512,868
Glendale Center Apartments
Noncontrolling Interest [Line Items]
Ownership percentage in equity method investment (as a percent)	11.50%
Gain on sale	$ 20,200
Gain on sale of unconsolidated property		$ 2,300
Distribution from unconsolidated joint venture		$ 1,600
Glendale Center Apartments \| Multifamily
Noncontrolling Interest [Line Items]
Number of multifamily rental units \| unit	267
One Loudoun Downtown - Pads G & H
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent (as a percent)		90.00%
Operating Partnership
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent (as a percent)		98.30%		98.40%
Noncontrolling interest, ownership percentage by limited partners (as a percent)		1.70%		1.60%
Variable Interest Entities
Noncontrolling Interest [Line Items]
Mortgage debt of VIEs		$ 111,500
Assets of VIEs		$ 218,100

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interests balance as of January 1,	$ 2,430	$ 5,370
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests	67	104
Distributions declared to redeemable noncontrolling interests	(620)	0
Noncontrolling interests balance as of March 31,	$ 1,877	$ 5,474

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Weighted Average Interests in Operating Partnership (Details) - Operating Partnership	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Parent Company’s weighted average interest in the Operating Partnership	98.40%	98.70%
Limited partners’ weighted average interests in the Operating Partnership	1.60%	1.30%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward]
Net income allocable to redeemable noncontrolling interests	$ 280	$ 170
Distributions declared to redeemable noncontrolling interests	(620)	0
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward]
Redeemable noncontrolling interests balance as of January 1,	73,287	53,967
Net income allocable to redeemable noncontrolling interests	213	65
Distributions declared to redeemable noncontrolling interests	(882)	(728)
Other, net including adjustments to redemption value	1,095	3,750
Total limited partners’ interests in the Operating Partnership balance as of March 31,	$ 73,713	$ 57,054

DEFERRED COSTS AND INTANGIBLES, NET - Deferred Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs [Abstract]
Acquired lease intangible assets	$ 405,513	$ 433,771
Deferred leasing costs and other	78,858	74,662
Deferred costs and intangibles, gross	484,371	508,433
Less: accumulated amortization	(198,919)	(204,262)
Deferred costs, net	$ 285,452	$ 304,171

DEFERRED COSTS AND INTANGIBLES, NET - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Deferred Costs [Abstract]
Amortization of deferred leasing costs, lease intangibles and other	$ 21,278	$ 28,481
Amortization of above-market lease intangibles	$ 2,704	$ 3,183

DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Unamortized in-place lease liabilities	$ 154,478		$ 159,449
Retainages payable and other	9,908		9,229
Tenant rents received in advance	26,115		35,339
Lease liabilities	$ 68,484		$ 68,925
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Deferred revenue and other liabilities		Deferred revenue and other liabilities
Deferred revenue and other liabilities	$ 258,985		$ 272,942
Amortization of below-market lease intangibles	$ 5,000	$ 5,900

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Indebtedness (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Gross debt	$ 3,151,673	$ 2,802,941
Unamortized discounts and premiums, net	28,067	35,765
Unamortized debt issuance costs, net	(12,227)	(9,504)
Total mortgage and other indebtedness, net	3,167,513	2,829,202
Unsecured revolving line of credit
Debt Instrument [Line Items]
Gross debt	0	0
Mortgages payable
Debt Instrument [Line Items]
Gross debt	152,038	153,306
Senior unsecured notes
Debt Instrument [Line Items]
Gross debt	2,179,635	1,829,635
Unsecured term loans
Debt Instrument [Line Items]
Gross debt	$ 820,000	$ 820,000

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Weighted Average Interest Rates and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Gross debt	$ 3,151,673	$ 2,802,941
Debt discounts, premiums and issuance costs, net	15,840
Total mortgage and other indebtedness, net	$ 3,167,513	$ 2,829,202
Ratio (as a percent)	100.00%
Weighted average interest rate (as a percent)	4.33%
Weighted average years to maturity (in years)	4 years 1 month 6 days
Fixed rate debt considering hedges
Debt Instrument [Line Items]
Gross debt	$ 2,980,273
Ratio (as a percent)	95.00%
Weighted average interest rate (as a percent)	4.05%
Weighted average years to maturity (in years)	4 years 2 months 12 days
Fixed rate debt considering hedges \| Variable Rate Debt
Debt Instrument [Line Items]
Total mortgage and other indebtedness, net	$ 820,000
Weighted average years to maturity (in years)	1 year 4 months 24 days
Variable rate debt considering hedges
Debt Instrument [Line Items]
Gross debt	$ 171,400
Ratio (as a percent)	5.00%
Weighted average interest rate (as a percent)	9.09%
Weighted average years to maturity (in years)	2 years 4 months 24 days
Variable rate debt considering hedges \| Fixed Rate Debt
Debt Instrument [Line Items]
Total mortgage and other indebtedness, net	$ 155,000
Weighted average years to maturity (in years)	1 year 4 months 24 days

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Mortgages Payable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Gross debt	$ 3,151,673	$ 2,802,941
Weighted average interest rate (as a percent)	4.33%
Weighted average years to maturity (in years)	4 years 1 month 6 days
Variable Rate Debt \| Minimum
Debt Instrument [Line Items]
Variable interest rate (as a percent)	6.48%
Variable Rate Debt \| Maximum
Debt Instrument [Line Items]
Variable interest rate (as a percent)	7.33%
Mortgages payable
Debt Instrument [Line Items]
Gross debt	$ 152,038	153,306
Mortgages payable \| Fixed Rate Debt
Debt Instrument [Line Items]
Gross debt	$ 135,638	$ 136,306
Weighted average interest rate (as a percent)	5.09%	5.09%
Weighted average years to maturity (in years)	7 years 9 months 18 days	8 years 1 month 6 days
Mortgages payable \| Fixed Rate Debt \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	3.75%	3.75%
Mortgages payable \| Fixed Rate Debt \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	5.73%	5.73%
Mortgages payable \| Variable Rate Debt
Debt Instrument [Line Items]
Gross debt	$ 16,400	$ 17,000
Weighted average interest rate (as a percent)	7.50%	7.59%
Weighted average years to maturity (in years)	2 years 3 months 18 days	2 years 7 months 6 days
Mortgages payable \| Variable Rate Debt \| BSBY
Debt Instrument [Line Items]
Credit spread (as a percent)	2.15%
Variable interest rate (as a percent)	5.35%	5.44%

MORTGAGE AND OTHER INDEBTEDNESS - Additional Information (Details)	1 Months Ended	3 Months Ended
	Jul. 31, 2022 USD ($) extension	Mar. 31, 2024 USD ($) extension	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Gross debt		$ 3,151,673,000	$ 2,802,941,000
Percentage bearing fixed interest, amount		2,300,000,000
Percentage bearing variable interest, amount		$ 836,400,000
Unsecured revolving line of credit
Debt Instrument [Line Items]
Interest rate (as a percent)		6.49%	6.58%
Gross debt		$ 0	$ 0
Number of extension options \| extension		2
Extension period (in years)		6 months
Unsecured revolving line of credit \| SOFR
Debt Instrument [Line Items]
Reduction of interest rate margin upon achievement of sustainability metric		0.0001
Unsecured revolving line of credit \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Line of credit, aggregate borrowing capacity	$ 1,100,000,000	$ 1,100,000,000
Line of credit, accordion feature, increase limit	600,000,000
Line of credit, accordion feature, maximum borrowing capacity	$ 2,000,000,000
Number of extension options \| extension	2	2
Extension period (in years)	6 months	6 months
Unsecured revolving line of credit \| Kite Realty Group, L.P. \| SOFR
Debt Instrument [Line Items]
Credit spread, increase (as a percent)	0.10%	0.10%
Fixed Rate Debt
Debt Instrument [Line Items]
Long-term debt, fair value		$ 2,200,000,000
Fixed Rate Debt \| Minimum
Debt Instrument [Line Items]
Fixed interest rate (as a percent)		5.75%
Fixed Rate Debt \| Maximum
Debt Instrument [Line Items]
Fixed interest rate (as a percent)		7.11%
Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, fair value		$ 839,900,000
Variable Rate Debt \| Minimum
Debt Instrument [Line Items]
Variable interest rate (as a percent)		6.48%
Variable Rate Debt \| Maximum
Debt Instrument [Line Items]
Variable interest rate (as a percent)		7.33%
Mortgages payable
Debt Instrument [Line Items]
Scheduled principal payments		$ 1,300,000
Gross debt		152,038,000	153,306,000
Mortgages payable \| Fixed Rate Debt
Debt Instrument [Line Items]
Gross debt		$ 135,638,000	$ 136,306,000
Mortgages payable \| Fixed Rate Debt \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)		3.75%	3.75%
Mortgages payable \| Fixed Rate Debt \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)		5.73%	5.73%
Mortgages payable \| Variable Rate Debt
Debt Instrument [Line Items]
Gross debt		$ 16,400,000	$ 17,000,000
Senior unsecured notes
Debt Instrument [Line Items]
April 2024 through December 2024		269,600,000
Gross debt		2,179,635,000	1,829,635,000
Senior unsecured notes \| Senior notes - 5.50% due 2034
Debt Instrument [Line Items]
Principal amount of debt issued		$ 350,000,000
Interest rate (as a percent)		5.50%
Interest rate, percentage of principal amount (as a percent)		0.98670
Effective interest rate (as a percent)		5.673%
Gross debt		$ 350,000,000	$ 0
Senior unsecured notes \| Senior notes - 4.58% due 2024
Debt Instrument [Line Items]
Interest rate (as a percent)		4.58%	4.58%
Gross debt		$ 149,635,000	$ 149,635,000
Unsecured term loans
Debt Instrument [Line Items]
Gross debt		$ 820,000,000	$ 820,000,000
Unsecured term loans \| Unsecured term loan due 2029
Debt Instrument [Line Items]
Interest rate (as a percent)		3.82%	3.82%
Gross debt		$ 300,000,000	$ 300,000,000
Unsecured term loans \| Unsecured term loan due 2029 \| SOFR
Debt Instrument [Line Items]
Gross debt		$ 300,000,000
Fixed interest rate (as a percent)		2.47%
Variable interest rate (as a percent)		1.35%	1.35%
Unsecured term loans \| Unsecured term loan due 2029 \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Principal amount of debt issued	$ 300,000,000
Debt instrument term (in years)	7 years
Gross debt		$ 300,000,000
Unsecured term loans \| Unsecured term loan due 2029 \| Kite Realty Group, L.P. \| SOFR
Debt Instrument [Line Items]
Credit spread, increase (as a percent)		0.10%
Reduction of interest rate margin upon achievement of sustainability metric		0.0001
Unsecured term loans \| $120M unsecured term loan
Debt Instrument [Line Items]
Interest rate (as a percent)		2.68%	2.68%
Gross debt		$ 120,000,000	$ 120,000,000
Unsecured term loans \| $120M unsecured term loan \| SOFR
Debt Instrument [Line Items]
Gross debt		$ 120,000,000
Fixed interest rate (as a percent)		1.58%
Variable interest rate (as a percent)		1.10%	1.10%
Unsecured term loans \| $120M unsecured term loan \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Gross debt		$ 120,000,000
Maximum borrowing capacity		$ 250,000,000
Unsecured term loans \| $120M unsecured term loan \| Kite Realty Group, L.P. \| SOFR
Debt Instrument [Line Items]
Credit spread, increase (as a percent)		0.10%
Unsecured term loans \| Unsecured term loan due 2025
Debt Instrument [Line Items]
Interest rate (as a percent)		5.09%	5.09%
Gross debt		$ 250,000,000	$ 250,000,000
Number of extension options \| extension		3
Extension period (in years)		1 year
Unsecured term loans \| Unsecured term loan due 2025 \| SOFR
Debt Instrument [Line Items]
Gross debt		$ 250,000,000
Fixed interest rate (as a percent)		5.09%
Unsecured term loans \| Unsecured term loan due 2025 \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Gross debt		$ 250,000,000
Number of extension options \| extension		3
Extension period (in years)		1 year
Maximum borrowing capacity		$ 300,000,000
Unsecured term loans \| Unsecured term loan due 2025 \| Kite Realty Group, L.P. \| SOFR
Debt Instrument [Line Items]
Credit spread, increase (as a percent)		0.10%
Unsecured term loans \| $150M unsecured term loan
Debt Instrument [Line Items]
Interest rate (as a percent)		2.73%	2.73%
Gross debt		$ 150,000,000	$ 150,000,000
Unsecured term loans \| $150M unsecured term loan \| SOFR
Debt Instrument [Line Items]
Gross debt		$ 150,000,000
Fixed interest rate (as a percent)		1.68%
Variable interest rate (as a percent)		1.05%	1.05%
Unsecured term loans \| $150M unsecured term loan \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Gross debt		$ 150,000,000
Maximum borrowing capacity		$ 250,000,000
Unsecured term loans \| $150M unsecured term loan \| Kite Realty Group, L.P. \| SOFR
Debt Instrument [Line Items]
Credit spread, increase (as a percent)		0.10%
Reduction of interest rate margin upon achievement of sustainability metric		0.0001

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Unsecured Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Gross debt	$ 3,151,673	$ 2,802,941
Senior unsecured notes
Debt Instrument [Line Items]
Gross debt	2,179,635	1,829,635
Senior unsecured notes \| Senior notes - 4.58% due 2024
Debt Instrument [Line Items]
Gross debt	$ 149,635	$ 149,635
Interest rate (as a percent)	4.58%	4.58%
Senior unsecured notes \| Senior notes - 4.00% due 2025
Debt Instrument [Line Items]
Gross debt	$ 350,000	$ 350,000
Interest rate (as a percent)	4.00%	4.00%
Senior unsecured notes \| Senior notes - SOFR + 3.65% due 2025
Debt Instrument [Line Items]
Gross debt	$ 80,000	$ 80,000
Interest rate (as a percent)	9.21%	9.27%
Senior unsecured notes \| Senior notes - SOFR + 3.65% due 2025 \| SOFR
Debt Instrument [Line Items]
Credit spread (as a percent)	3.65%
Senior unsecured notes \| Senior notes - 4.47% due 2025
Debt Instrument [Line Items]
Gross debt	$ 80,000
Interest rate (as a percent)	4.47%
Senior unsecured notes \| Senior notes - 4.47% due 2025 \| SOFR
Debt Instrument [Line Items]
Credit spread (as a percent)	3.65%
Senior unsecured notes \| Senior notes - 4.08% due 2026
Debt Instrument [Line Items]
Gross debt	$ 100,000	$ 100,000
Interest rate (as a percent)	4.08%	4.08%
Senior unsecured notes \| Senior notes - 4.00% due 2026
Debt Instrument [Line Items]
Gross debt	$ 300,000	$ 300,000
Interest rate (as a percent)	4.00%	4.00%
Senior unsecured notes \| Senior notes - SOFR + 3.75% due 2027
Debt Instrument [Line Items]
Gross debt	$ 75,000	$ 75,000
Interest rate (as a percent)	9.31%	9.37%
Senior unsecured notes \| Senior notes - SOFR + 3.75% due 2027 \| SOFR
Debt Instrument [Line Items]
Credit spread (as a percent)	3.75%
Senior unsecured notes \| Senior notes - 4.57% due 2027
Debt Instrument [Line Items]
Gross debt	$ 75,000
Interest rate (as a percent)	4.57%
Senior unsecured notes \| Senior notes - 4.57% due 2027 \| SOFR
Debt Instrument [Line Items]
Credit spread (as a percent)	3.75%
Senior unsecured notes \| Senior notes - 4.24% due 2028
Debt Instrument [Line Items]
Gross debt	$ 100,000	$ 100,000
Interest rate (as a percent)	4.24%	4.24%
Senior unsecured notes \| Senior notes - 4.82% due 2029
Debt Instrument [Line Items]
Gross debt	$ 100,000	$ 100,000
Interest rate (as a percent)	4.82%	4.82%
Senior unsecured notes \| Senior notes - 4.75% due 2030
Debt Instrument [Line Items]
Gross debt	$ 400,000	$ 400,000
Interest rate (as a percent)	4.75%	4.75%
Senior unsecured notes \| Senior notes - 5.50% due 2034
Debt Instrument [Line Items]
Gross debt	$ 350,000	$ 0
Interest rate (as a percent)	5.50%
Senior unsecured notes \| Senior notes - 5.50% due 2034 \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Interest rate (as a percent)	4.60%	0.00%
Senior exchangeable notes \| Senior exchangeable notes - 0.75% due 2027
Debt Instrument [Line Items]
Gross debt	$ 175,000	$ 175,000
Interest rate (as a percent)	0.75%	0.75%

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Term Loans and Revolving Line of Credit (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) extension	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Gross debt	$ 3,151,673	$ 2,802,941
Unsecured credit facility revolving line of credit
Debt Instrument [Line Items]
Gross debt	$ 0	$ 0
Interest rate (as a percent)	6.49%	6.58%
Number of extension options \| extension	2
Extension period (in years)	6 months
Extension fee percentage (as a percent)	0.00075
Unsecured term loans
Debt Instrument [Line Items]
Gross debt	$ 820,000	$ 820,000
Unsecured term loan due 2024 \| Unsecured term loans
Debt Instrument [Line Items]
Gross debt	$ 120,000	$ 120,000
Interest rate (as a percent)	2.68%	2.68%
Unsecured term loan due 2024 \| Unsecured term loans \| SOFR
Debt Instrument [Line Items]
Gross debt	$ 120,000
Fixed interest rate (as a percent)	1.58%
Variable interest rate (as a percent)	1.10%	1.10%
Unsecured term loan due 2024 \| Unsecured term loans \| SOFR \| Minimum
Debt Instrument [Line Items]
Credit spread (as a percent)	0.80%
Unsecured term loan due 2024 \| Unsecured term loans \| SOFR \| Maximum
Debt Instrument [Line Items]
Credit spread (as a percent)	1.65%
Unsecured term loan due 2025 \| Unsecured term loans
Debt Instrument [Line Items]
Gross debt	$ 250,000	$ 250,000
Interest rate (as a percent)	5.09%	5.09%
Number of extension options \| extension	3
Extension period (in years)	1 year
Unsecured term loan due 2025 \| Unsecured term loans \| SOFR
Debt Instrument [Line Items]
Gross debt	$ 250,000
Fixed interest rate (as a percent)	5.09%
Unsecured term loan due 2026 \| Unsecured term loans
Debt Instrument [Line Items]
Gross debt	$ 150,000	$ 150,000
Interest rate (as a percent)	2.73%	2.73%
Unsecured term loan due 2026 \| Unsecured term loans \| SOFR
Debt Instrument [Line Items]
Gross debt	$ 150,000
Fixed interest rate (as a percent)	1.68%
Variable interest rate (as a percent)	1.05%	1.05%
Unsecured term loan due 2026 \| Unsecured term loans \| SOFR \| Minimum
Debt Instrument [Line Items]
Credit spread (as a percent)	0.75%
Unsecured term loan due 2026 \| Unsecured term loans \| SOFR \| Maximum
Debt Instrument [Line Items]
Credit spread (as a percent)	1.60%
Unsecured term loan due 2029 \| Unsecured term loans
Debt Instrument [Line Items]
Gross debt	$ 300,000	$ 300,000
Interest rate (as a percent)	3.82%	3.82%
Unsecured term loan due 2029 \| Unsecured term loans \| SOFR
Debt Instrument [Line Items]
Gross debt	$ 300,000
Fixed interest rate (as a percent)	2.47%
Variable interest rate (as a percent)	1.35%	1.35%
Unsecured term loan due 2029 \| Unsecured term loans \| SOFR \| Minimum
Debt Instrument [Line Items]
Credit spread (as a percent)	1.15%
Unsecured term loan due 2029 \| Unsecured term loans \| SOFR \| Maximum
Debt Instrument [Line Items]
Credit spread (as a percent)	2.20%

MORTGAGE AND OTHER INDEBTEDNESS - Summary of Revolving Facility (Details) - Unsecured revolving line of credit	1 Months Ended	3 Months Ended
	Jul. 31, 2022 USD ($) extension	Mar. 31, 2024 USD ($) extension
Line of Credit Facility [Line Items]
Number of extension options		2
Extension period (in years)		6 months
Extension fee percentage (as a percent)		0.00075
Kite Realty Group, L.P.
Line of Credit Facility [Line Items]
Line of credit, aggregate borrowing capacity \| $	$ 1,100,000,000	$ 1,100,000,000
Number of extension options	2	2
Extension period (in years)	6 months	6 months
Extension fee percentage (as a percent)		0.00075
Kite Realty Group, L.P. \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0.10%	0.10%
Kite Realty Group, L.P. \| Minimum \| Leverage-based pricing
Line of Credit Facility [Line Items]
Facility fee (as a percent)		0.15%
Kite Realty Group, L.P. \| Minimum \| Investment grade pricing
Line of Credit Facility [Line Items]
Facility fee (as a percent)		0.125%
Kite Realty Group, L.P. \| Minimum \| SOFR \| Leverage-based pricing
Line of Credit Facility [Line Items]
Credit spread (as a percent)		1.05%
Kite Realty Group, L.P. \| Minimum \| SOFR \| Investment grade pricing
Line of Credit Facility [Line Items]
Credit spread (as a percent)		0.725%
Kite Realty Group, L.P. \| Maximum \| Leverage-based pricing
Line of Credit Facility [Line Items]
Facility fee (as a percent)		0.30%
Kite Realty Group, L.P. \| Maximum \| Investment grade pricing
Line of Credit Facility [Line Items]
Facility fee (as a percent)		0.30%
Kite Realty Group, L.P. \| Maximum \| SOFR \| Leverage-based pricing
Line of Credit Facility [Line Items]
Credit spread (as a percent)		1.50%
Kite Realty Group, L.P. \| Maximum \| SOFR \| Investment grade pricing
Line of Credit Facility [Line Items]
Credit spread (as a percent)		1.40%

MORTGAGE AND OTHER INDEBTEDNESS - Summary of Unsecured Term Loans (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) extension	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Gross debt	$ 3,151,673,000	$ 2,802,941,000
Unsecured term loans
Debt Instrument [Line Items]
Gross debt	820,000,000	820,000,000
Unsecured term loans \| $120M unsecured term loan
Debt Instrument [Line Items]
Gross debt	120,000,000	120,000,000
Unsecured term loans \| $120M unsecured term loan \| SOFR
Debt Instrument [Line Items]
Gross debt	$ 120,000,000
Unsecured term loans \| $120M unsecured term loan \| Minimum \| SOFR
Debt Instrument [Line Items]
Credit spread (as a percent)	0.80%
Unsecured term loans \| $120M unsecured term loan \| Maximum \| SOFR
Debt Instrument [Line Items]
Credit spread (as a percent)	1.65%
Unsecured term loans \| $120M unsecured term loan \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Gross debt	$ 120,000,000
Unsecured term loans \| $120M unsecured term loan \| Kite Realty Group, L.P. \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.10%
Unsecured term loans \| $120M unsecured term loan \| Kite Realty Group, L.P. \| Minimum \| SOFR \| Leverage-based pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	1.20%
Unsecured term loans \| $120M unsecured term loan \| Kite Realty Group, L.P. \| Minimum \| SOFR \| Investment grade pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	0.80%
Unsecured term loans \| $120M unsecured term loan \| Kite Realty Group, L.P. \| Maximum \| SOFR \| Leverage-based pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	1.70%
Unsecured term loans \| $120M unsecured term loan \| Kite Realty Group, L.P. \| Maximum \| SOFR \| Investment grade pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	1.65%
Unsecured term loans \| $250M unsecured term loan
Debt Instrument [Line Items]
Gross debt	$ 250,000,000	250,000,000
Number of extension options \| extension	3
Extension period (in years)	1 year
Unsecured term loans \| $250M unsecured term loan \| SOFR
Debt Instrument [Line Items]
Gross debt	$ 250,000,000
Unsecured term loans \| $250M unsecured term loan \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Gross debt	$ 250,000,000
Number of extension options \| extension	3
Extension period (in years)	1 year
Unsecured term loans \| $250M unsecured term loan \| Kite Realty Group, L.P. \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.10%
Unsecured term loans \| $250M unsecured term loan \| Kite Realty Group, L.P. \| Minimum \| SOFR \| Leverage-based pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	2.00%
Unsecured term loans \| $250M unsecured term loan \| Kite Realty Group, L.P. \| Minimum \| SOFR \| Investment grade pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	2.00%
Unsecured term loans \| $250M unsecured term loan \| Kite Realty Group, L.P. \| Maximum \| SOFR \| Leverage-based pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	2.55%
Unsecured term loans \| $250M unsecured term loan \| Kite Realty Group, L.P. \| Maximum \| SOFR \| Investment grade pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	2.50%
Unsecured term loans \| $150M unsecured term loan
Debt Instrument [Line Items]
Gross debt	$ 150,000,000	150,000,000
Unsecured term loans \| $150M unsecured term loan \| SOFR
Debt Instrument [Line Items]
Gross debt	$ 150,000,000
Unsecured term loans \| $150M unsecured term loan \| Minimum \| SOFR
Debt Instrument [Line Items]
Credit spread (as a percent)	0.75%
Unsecured term loans \| $150M unsecured term loan \| Maximum \| SOFR
Debt Instrument [Line Items]
Credit spread (as a percent)	1.60%
Unsecured term loans \| $150M unsecured term loan \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Gross debt	$ 150,000,000
Unsecured term loans \| $150M unsecured term loan \| Kite Realty Group, L.P. \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.10%
Unsecured term loans \| $150M unsecured term loan \| Kite Realty Group, L.P. \| Minimum \| SOFR \| Leverage-based pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	1.20%
Unsecured term loans \| $150M unsecured term loan \| Kite Realty Group, L.P. \| Minimum \| SOFR \| Investment grade pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	0.75%
Unsecured term loans \| $150M unsecured term loan \| Kite Realty Group, L.P. \| Maximum \| SOFR \| Leverage-based pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	1.70%
Unsecured term loans \| $150M unsecured term loan \| Kite Realty Group, L.P. \| Maximum \| SOFR \| Investment grade pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	1.60%
Unsecured term loans \| $300M unsecured term loan
Debt Instrument [Line Items]
Gross debt	$ 300,000,000	$ 300,000,000
Unsecured term loans \| $300M unsecured term loan \| SOFR
Debt Instrument [Line Items]
Gross debt	$ 300,000,000
Unsecured term loans \| $300M unsecured term loan \| Minimum \| SOFR
Debt Instrument [Line Items]
Credit spread (as a percent)	1.15%
Unsecured term loans \| $300M unsecured term loan \| Maximum \| SOFR
Debt Instrument [Line Items]
Credit spread (as a percent)	2.20%
Unsecured term loans \| $300M unsecured term loan \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Gross debt	$ 300,000,000
Unsecured term loans \| $300M unsecured term loan \| Kite Realty Group, L.P. \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.10%
Unsecured term loans \| $300M unsecured term loan \| Kite Realty Group, L.P. \| Minimum \| SOFR \| Investment grade pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	1.15%
Unsecured term loans \| $300M unsecured term loan \| Kite Realty Group, L.P. \| Maximum \| SOFR \| Investment grade pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	2.20%

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Debt Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Amortization of debt issuance costs	$ 929	$ 888

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Debt Discounts and Premiums (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Amortization of debt discounts, premiums and hedge instruments	$ 3,756	$ 5,003

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Maturities for Debt Discounts, Premiums and Hedge Instruments Amortization (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
April 2024 through December 2024	$ 9,955
2025	7,807
2026	6,152
2027	5,235
2028	5,225
Thereafter	5,411
Total unamortized debt discounts, premiums and hedge instruments	$ 39,785

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Reconciliation for Debt Discounts, Premiums and Hedge Instruments Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Unamortized discounts and premiums on mortgages payable, senior unsecured notes and unsecured term loans	$ 37,274
Unamortized hedge instruments	2,511
Total unamortized debt discounts, premiums and hedge instruments	39,785
Unamortized hedge instruments (included in accumulated other comprehensive income)	(2,511)
Fair value of variable interest rate swaps	(9,207)
Unamortized discounts and premiums, net	$ 28,067	$ 35,765

DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME - Summary of Terms and Fair Value of Derivative Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) instrument	Dec. 31, 2023 USD ($)
Interest Rate Swap \| Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional	$ 820,000
Fair value assets (liabilities)	$ 25,275	$ 23,063
$250M Interest Rate Swap Maturing in 2025 \| Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	4
Aggregate notional	$ 250,000
Fair value assets (liabilities)	$ 6,287	4,952
$250M Interest Rate Swap Maturing in 2025 \| Cash Flow \| SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate (as a percent)	2.99%
$100M Interest Rate Swap Maturing in 2025 \| Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	2
Aggregate notional	$ 100,000
Fair value assets (liabilities)	$ 2,707	2,415
$100M Interest Rate Swap Maturing in 2025 \| Cash Flow \| SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate (as a percent)	2.66%
$200M Interest Rate Swap Maturing in 2025 \| Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	2
Aggregate notional	$ 200,000
Fair value assets (liabilities)	$ 6,165	5,716
$200M Interest Rate Swap Maturing in 2025 \| Cash Flow \| SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate (as a percent)	2.37%
$120M Interest Rate Swap Maturing in 2024 \| Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	3
Aggregate notional	$ 120,000
Fair value assets (liabilities)	$ 1,301	2,236
$120M Interest Rate Swap Maturing in 2024 \| Cash Flow \| SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate (as a percent)	1.58%
$150M Interest Rate Swap Maturing in 2026 \| Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	3
Aggregate notional	$ 150,000
Fair value assets (liabilities)	$ 8,815	7,744
$150M Interest Rate Swap Maturing in 2026 \| Cash Flow \| SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate (as a percent)	1.68%
$155M Interest Rate Swap Maturing in 2025 \| Fair Value
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	2
Aggregate notional	$ 155,000
Fair value assets (liabilities)	$ (9,207)	(9,408)
Fixed interest rate (as a percent)	4.52%
$155M Interest Rate Swap Maturing in 2025 \| Fair Value \| SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Credit spread (as a percent)	3.70%
Blending floating interest rate (as a percent)	3.70%
$150M Forward-Starting Interest Rate Swap Maturing in 2034 \| Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	3
Aggregate notional	$ 150,000
Fair value assets (liabilities)	$ 0	$ (700)
$150M Forward-Starting Interest Rate Swap Maturing in 2034 \| Cash Flow \| SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate (as a percent)	3.44%

DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Oct. 31, 2022 USD ($) derivativeContract	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain reclassified from AOCI into income, effective portion, net		$ 4,900	$ 4,200
$150M Forward-Starting Interest Rate Swap Maturing in 2034 \| Kite Realty Group, L.P.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument				3
Aggregate notional				$ 150,000
Fixed interest rate (as a percent)				3.44%
Proceeds from terminated interest rate swap contracts		700
$150M Forward-Starting Interest Rate Swap Maturing in 2032 \| Kite Realty Group, L.P.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional	$ 150,000
Proceeds from terminated interest rate swap contracts	$ 30,900
Number of instruments terminated \| derivativeContract	2
Amount reclassified from terminated interest rate swap contracts				$ 3,100
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount expected to be reclassified to interest expense over the next 12 months		$ 22,500

SHAREHOLDERS’ EQUITY (Details) - USD ($)	3 Months Ended
SHAREHOLDERS’ EQUITY (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Feb. 28, 2021
Class of Stock [Line Items]
Dividends declared per common share (in USD per share)	$ 0.25	$ 0.24
Common shares, par value (in USD per share)	$ 0.01		$ 0.01
Aggregate value of shares authorized to be repurchased	$ 300,000,000
Number of shares repurchased (in shares)	0
ATM Offering Program
Class of Stock [Line Items]
Aggregate sales price of shares authorized to be sold under ATM program				$ 150,000,000
Common shares, par value (in USD per share)				$ 0.01
Number of shares sold under ATM program (in shares)	0

EARNINGS PER SHARE OR UNIT (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Weighted average limited partner units outstanding, basic (in shares)	3.6	3.0

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2021	Dec. 31, 2017
Embassy Suites at Eddy St. Commons Joint Venture
Guarantor Obligations [Line Items]
Ownership percentage in equity method investment (as a percent)			35.00%
Construction loan payable	$ 32,500,000
Embassy Suites at Eddy St. Commons Joint Venture \| Payment guarantee
Guarantor Obligations [Line Items]
Current amount of obligation			$ 5,900,000
Embassy Suites at Eddy St. Commons Joint Venture \| Payment guarantee \| Construction contracts
Guarantor Obligations [Line Items]
Current amount of obligation	11,400,000
Embassy Suites at Eddy St. Commons Joint Venture \| Construction loans
Guarantor Obligations [Line Items]
Repayment guaranties			$ 33,800,000
Buckingham Joint Venture at The Corner
Guarantor Obligations [Line Items]
Construction loan payable	65,600,000
Buckingham Joint Venture at The Corner \| Payment guarantee \| Construction contracts
Guarantor Obligations [Line Items]
Current amount of obligation	$ 32,800,000
Buckingham Joint Venture at The Corner \| Construction loans
Guarantor Obligations [Line Items]
Repayment guaranties		$ 66,200,000

Kite Realty (NYSE:KRG)
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From Dec 2024 to Jan 2025

Kite Realty (NYSE:KRG)
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From Jan 2024 to Jan 2025

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