Exhibit 99.2

QUARTERLY FINANCIAL SUPPLEMENTAL – MARCH 31, 2020

PAGE NO.	TABLE OF CONTENTS
3	Earnings Press Release
6	Corporate Profile
7	Contact Information
8	Important Notes Including Non-GAAP Disclosures
10	Consolidated Balance Sheets
11	Consolidated Statements of Operations for the Three Months Ended March 31, 2020
12	Same Property Net Operating Income
13	Net Operating Income and EBITDA by Quarter
14	Funds from Operations for the Three Months Ended March 31, 2020
15	Adjusted Funds From Operations and Other Financial Information for the Three Months Ended March 31, 2020
16	Summary Income Statement
17	Joint Venture Summary as of March 31, 2020
18	Summary of Outstanding Debt as of March 31, 2020
19	Maturity Schedule of Outstanding Debt as of March 31, 2020
20	Key Debt Metrics
21	Top 25 Tenants by Annualized Base Rent
22	Retail Leasing Spreads
23	Lease Expirations
24	Development and Redevelopment Projects
25	Geographic Diversification – Annualized Base Rent by Region and State
26	Operating Retail Portfolio Summary Report
30	Operating Office Properties and Other
31	Components of Net Asset Value

p. 2 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

PRESS RELEASE

Contact Information: Kite Realty Group Trust

Jason Colton

SVP, Capital Markets & Investor Relations

317.713.2762

jcolton@kiterealty.com

Kite Realty Group Trust Reports First Quarter 2020 Operating Results and

Provides Update on COVID-19

Indianapolis, Indiana, May 6, 2020 - Kite Realty Group Trust (NYSE:KRG) reported today its operating results for the first quarter ended March 31, 2020.

“During the ongoing COVID-19 pandemic, our priorities continue to be the safety of our employees, tenants, and shoppers as we assist our essential retailers in providing services and items to our communities,” said John A. Kite, Chairman and CEO. “We have a crisis-tested team, and I am very proud of how our people have adapted and stepped up to the challenge of helping our retailers find creative ways to continue serving the public in a safe manner. As individual states start to relax restrictions, we look forward to using the lessons we have learned over the last several weeks to continue supporting our tenants and working together during re-openings.”

First Quarter Financial Results

▪ Realized net loss attributable to common shareholders of $0.1 million, or $0.00 per common share, compared to net income of $5.7 million, or $0.07 per common share, for the same period in 2019.

▪ Generated NAREIT Funds From Operations of the Operating Partnership (FFO) of $30.7 million, or $0.36 per diluted common share.

▪ FFO per share was negatively impacted by ($0.04) per diluted common share due to a non-cash straight-line rental revenue charge related to the impact of COVID-19.

▪ Increased Same-Property Net Operating Income (NOI) by 0.9%.

▪ Same-Property NOI was negatively impacted by 40 basis points due to an acceleration of bad debt related to the impact of COVID-19.

First Quarter Portfolio Operations

▪ Executed 42 new and renewal leases representing 256,113 square feet.

▪ GAAP leasing spreads of 34.6% (11.5% cash basis) on 11 comparable new leases, 16.3% (8.9% cash basis) on 21 comparable renewals, and 25.5% (10.2% cash basis) on a blended basis.

▪ Annualized base rent (ABR) for the operating retail portfolio was $18.01, a 5% increase year-over-year.

▪ Retail leased percentage was 94.5%, a decrease of 50 basis points year-over-year.

▪ Declines in leased percentages were primarily driven by previously disclosed closures including Earth Fare and Dress Barn.

First Quarter Transactional Activity

▪ Sold two outparcels for total gross proceeds of $4.1 million.

p. 3 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

First Quarter Capital Markets Activity

▪ Borrowed $300 million from our $600 million revolving credit facility.

Balance Sheet Overview

▪ As of March 31, 2020, KRG’s net-debt-to-EBITDA was 6.4x.

▪ Excluding a non-cash straight-line rent reserve of approximately $2.9 million related to COVID-19 net-debt-to-EBITDA would have been 6.0x.

▪ No debt maturities until 2022.

▪ Only $3.5 million of redevelopment capital commitments remaining in 2020.

COVID-19 Update (as of April 30, 2020)

▪ Approximately 51% of tenants (based on ABR) were open and operating for business in some capacity during the month of April.

▪ Approximately 67% of total April 2020 base rent and recoveries collected.

▪ KRG launched the KRG Small Business Loan program. The initiative, exclusively for KRG tenants, is designed to provide up to a total of $5 million in expedited, low-interest loans to select KRG small-business tenants to help navigate the current environment.

▪ Through our Kite Cares initiative, KRG has partnered with grocery and restaurant tenants to deliver food to local hospitals, at-risk citizens, and first responders in quarantine. KRG has also contributed support to furloughed restaurant and hospitality workers and recently helped launch a multi-organization hunger drive.

▪ Please see KRG’s first quarter investor presentation for further details.

2020 Earnings Guidance

Given the ongoing uncertainty surrounding the impacts COVID-19 will have on the economy and our tenants, the Company withdrew previously provided 2020 guidance on March 27, 2020. The Company’s guidance remains withdrawn.

Earnings Conference Call

Kite Realty Group Trust will conduct a conference call to discuss its financial results on Thursday, May 7, 2020, at 11:00 a.m. Eastern Time. A live webcast of the conference call will be available on KRG’s corporate website at www.kiterealty.com. The dial-in numbers are (844) 309-0605 for domestic callers and (574) 990-9933 for international callers (passcode 3461866). In addition, a webcast replay link will be available on the corporate website.

About Kite Realty Group Trust

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

Safe Harbor

This release, 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.

Currently, one of the most significant factors that could cause actual outcomes to differ materially from the forward-looking statements is the potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition, result of operations, cash flows and performance of the Company and its tenants, the real

p. 4 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

estate market and the global economy and financial markets. The effects of COVID-19 have caused many of the Company’s tenants to close stores, reduce hours or significantly limit service, making it difficult for them to meet their obligations, and therefore will significantly impact the Company for the foreseeable future. The extent to which the COVID-19 pandemic impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measure, and possible short-term and long-term effects of the pandemic on consumer behavior, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.

Additional risks, uncertainties and other factors that might cause such differences, some of which could be material, include but are not limited to: national and local economic, business, real estate and other market conditions, particularly in connection with low or negative growth in the U.S. economy as well as economic uncertainty; financing risks, including the availability of, and costs associated with, sources of liquidity; the Company’s ability to refinance, or extend the maturity dates of, the Company’s indebtedness; the level and volatility of interest rates; the financial stability of tenants, including their ability to pay rent and the risk of tenant insolvency and bankruptcy; the competitive environment in which the Company operates; acquisition, disposition, development and joint venture risks; property ownership and management risks; the Company’s ability to maintain the Company’s status as a real estate investment trust for U.S. federal income tax purposes; potential environmental and other liabilities; impairment in the value of real estate property the Company owns; the actual and perceived impact of e-commerce on the value of shopping center assets; risks related to the geographical concentration of the Company’s properties in Florida, Indiana, Texas, Nevada and North Carolina; civil unrest, acts of terrorism or war, acts of God, climate change, epidemics, pandemics (including COVID-19), natural disasters and sever weather conditions such as hurricanes, tropical storms, tornadoes, earthquakes, droughts, floods and fires that may result in underinsured or uninsured losses; changes in laws and government regulations; governmental orders affecting the use of the Company’s properties or the ability of its tenants to operate; insurance costs and coverage; risks associated with cybersecurity attacks and the loss of confidential information and other business disruptions; other factors affecting the real estate industry generally; and other risks identified in reports the Company files with the Securities and Exchange Commission (“the SEC”) or in other documents that it publicly disseminates, including, in particular, the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and in the Company’s quarterly reports on Form 10-Q. The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

p. 5 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

CORPORATE PROFILE

General Description

Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) engaged primarily in the ownership and operation, acquisition, development and redevelopment of high-quality neighborhood and community shopping centers in certain select markets in the United States. As of March 31, 2020, we owned interests in 90 operating and redevelopment properties totaling approximately 17.4 million square feet and one development project currently under construction.

Our strategy is to maximize the cash flow of our operating properties, successfully complete the construction and lease-up of our redevelopment and development portfolio, and continue to gain scale in our target markets. New investments are focused in the shopping center sector primarily in markets that are benefiting from existing and accelerating migration patterns and where we believe we can leverage our existing infrastructure and relationships to generate attractive risk-adjusted returns. Dispositions are generally designed to increase the quality of our portfolio and exit non-target markets. The proceeds of dispositions will generally be used to acquire assets in our target markets or strengthen the Company’s balance sheet.  

Company Highlights as of March 31, 2020

	# of Properties	Total GLA /NRA	Owned  GLA /NRA1
Operating Retail Properties	82	16,034,861	11,554,294
Operating Office Properties and Other	4	498,242	498,242
Redevelopment Properties	4	900,221	635,518
Total Operating and Redevelopment Properties	90	17,433,324	12,688,054
Development Projects	1	530,000	8,500
Total All Properties	91	17,963,324	12,696,554
	Retail	Non-Retail	Total
Operating Properties –  Leased Percentage	94.5%	96.9%	94.5%
States			16

Stock Listing: New York Stock Exchange symbol: KRG

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

p. 6 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

CONTACT INFORMATION    

Corporate Office

30 South Meridian Street, Suite 1100

Indianapolis, IN 46204

(888) 577-5600

(317) 577-5600

www.kiterealty.com

Investor Relations Contact:	Analyst Coverage:	Analyst Coverage:
Jason Colton	Robert W. Baird & Co.	Compass Point Research & Trading, LLC
Senior Vice President, Capital Markets and IR	Mr. RJ Milligan	Mr. Floris van Dijkum
Kite Realty Group Trust	(813) 273-8252	(646) 757-2621
30 South Meridian Street, Suite 1100	rjmilligan@rwbaird.com	fvandijkum@compasspointllc.com
Indianapolis, IN 46204
(317) 713-2762	Bank of America/Merrill Lynch	DA Davidson
jcolton@kiterealty.com	Mr. Jeffrey Spector/Mr. Craig Schmidt	Mr. Barry Oxford
	(646) 855-1363/(646) 855-3640	(212) 240-9871
Transfer Agent:	jeff.spector@baml.com	boxford@dadco.com
	craig.schmidt@baml.com
Broadridge Financial Solutions		KeyBanc Capital Markets
Ms. Kristen Tartaglione	BTIG	Mr. Jordan Sadler/Mr. Todd Thomas
2 Journal Square, 7th Floor	Mr. Michael Gorman	(917) 368-2280/(917) 368-2286
Jersey City, NJ  07306	(212) 738-6138	tthomas@keybanccm.com
(201) 714-8094	mgorman@btig.com	jsadler@keybanccm.com
Stock Specialist:	Capital One Securities, Inc.	Raymond James
	Mr. Christopher Lucas	Mr. Paul Puryear/Mr. Collin Mings
GTS	(571) 633-8151	(727) 567-2253/(727) 567-2585
545 Madison Avenue	christopher.lucas@capitalone.com	paul.puryear@raymondjames.com
15th Floor		collin.mings@raymondjames.com
New York, NY 10022	Citigroup Global Markets
(212) 715-2830	Mr. Michael Bilerman/Ms. Christy McElroy	Piper Sandler
	(212) 816-1383/(212) 816-6981	Mr. Alexander Goldfarb
	michael.bilerman@citigroup.com	(212) 466-7937
	christy.mcelroy@citigroup.com	alexander.goldfarb@psc.com
	Wells Fargo Securities, LLC
	Ms. Tamara Fique
	(617) 603-4262/(443) 263-6568
	tamara.fique@wellsfargo.com

p. 7 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

IMPORTANT NOTES INCLUDING NON-GAAPDISCLOSURES    

Interim Information

This Quarterly Financial Supplemental contains historical information of Kite Realty Group Trust (“the Company” or “KRG”) and is intended to supplement the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, to be filed on or about May 7, 2020, which should be read in conjunction with this supplement. The supplemental information is unaudited, although it reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.

Forward-Looking Statements

This supplemental information package, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements.

Currently, one of the most significant factors that could cause actual outcomes to differ materially from the forward-looking statements is the potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets. The effects of COVID-19 have caused many of the Company’s tenants to close stores, reduce hours or significantly limit service, making it difficult for them to meet their rent obligations, and therefore will significantly impact the Company for the foreseeable future. The extent to which the COVID-19 pandemic impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, and possible short-term and long-term effects of the pandemic on consumer behavior, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.

Risks, uncertainties and other factors that might cause such differences, some of which could be material, include but are not limited to:

• national and local economic, business, real estate and other market conditions, particularly in connection with low or negative growth in the U.S. economy as well as economic uncertainty;

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

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

• the level and volatility of interest rates;

• the financial stability of tenants, including their ability to pay rent and the risk of tenant insolvency and bankruptcy;

• the competitive environment in which the Company operates;

• acquisition, disposition, development and joint venture risks;

• property ownership and management risks;

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

• potential environmental and other liabilities;

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

• the actual and perceived impact of e-commerce on the value of shopping center assets;

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

• civil unrest, acts of terrorism or water, acts of God, climate change, epidemics, pandemics (including COVID-19), natural disasters and severe weather conditions such as hurricanes, tropical storms, tornadoes, earthquakes, droughts, floods and fires that may results in underinsured or uninsured losses;

• changes in laws and government regulations;

• governmental orders affecting the use of our properties or the ability of our tenants to operate;

• insurance costs and coverage;

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

• other factors affecting the real estate industry generally; and

• other risks identified in reports the Company files with the Securities and Exchange Commission (“the SEC”) or in other documents that it publicly disseminates, including, in particular, the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and in our quarterly reports on Form 10-Q.

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

Non-GAAP Disclosures

Funds from Operations

Funds from Operations (FFO) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. The Company calculates FFO, a non-GAAP financial measure, in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts ("NAREIT"), as restated in 2018. The NAREIT white paper defines FFO as net income (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and 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 flow 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

p. 8 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

IMPORTANT NOTES INCLUDING NON-GAAPDISCLOSURES (CONTINUED)

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. For informational purposes, we have also provided FFO adjusted for loss on debt extinguishment. A reconciliation of net income (calculated in accordance with GAAP) to FFO is included elsewhere in this Financial Supplement.

From time to time, the Company may report or provide guidance with respect to “NAREIT 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, gains or losses associated with the early extinguishment of debt, gains or losses associated with litigation involving the Company that is not in the normal course of business, the impact on earnings from executive separation, and the excess of redemption value over carrying value of preferred stock redemption, which are not otherwise adjusted in the Company’s calculation of FFO.

Adjusted Funds from Operations

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

Net Operating Income and Same Property Net Operating Income

The Company uses property net operating income (“NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. The Company defines NOI as income from our real estate, including lease termination fees received from tenants, less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions and certain corporate level expenses. The Company believes that NOI is helpful to investors as a measure of our operating performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as depreciation and amortization, interest expense, and impairment, if any.

The Company also uses same property NOI ("Same Property NOI"), a non-GAAP financial measure, to evaluate the performance of our properties. Same Property NOI excludes properties that have not been owned for the full period presented. It also excludes net gains from outlot sales, straight-line rent revenue, lease termination income in excess of lost rent, amortization of lease intangibles and significant prior period expense recoveries and adjustments, if any. When a lease is terminated in consideration for settlement, Same Property NOI will include the monthly rent until the earlier of 12 months or the start date of a replacement tenant. The Company believes that Same Property NOI is helpful to investors as a measure of our operating performance because it includes only the NOI of properties that have been owned and fully operational for the full quarters presented. The Company believes such presentation eliminates disparities in net income due to the acquisition or disposition of properties during the particular periods presented and thus provides a more consistent 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, the Company has established specific criteria for determining the inclusion of properties acquired or those recently under development. An acquired property is included in the same property pool when there is a full quarter of operations in both years subsequent to the acquisition date. Development and redevelopment properties are included in the same property pool four full quarters after the properties have been transferred to the operating portfolio. A redevelopment property is first excluded from the same property pool when the execution of a redevelopment plan is likely and the Company a) begins recapturing space from tenants or b) the contemplated plan significantly impacts the operations of the property. For the quarter ended March 31, 2020, the Company excluded four redevelopment properties from the same property pool that met these criteria and were owned in both comparable periods. In addition, the Company excluded one recently acquired property from the same property pool.

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

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

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

p. 9 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

CONSOLIDATEDBALANCESHEETS(UNAUDITED)

($ in thousands)
	March 31, 2020			December 31, 2019
Assets:
Investment properties, at cost	$	3,091,565		$	3,087,391
Less: accumulated depreciation	(687,592		)	(666,952		)
	2,403,973			2,420,439
Cash and cash equivalents	343,893			31,336
Tenant and other receivables, including accrued straight-line rent of $25,487 and $27,256, respectively	49,850			55,286
Restricted cash and escrow deposits	21,739			21,477
Deferred costs and intangibles, net	69,520			73,157
Prepaid and other assets	36,345			34,548
Investments in unconsolidated subsidiaries	12,085			12,644
Total Assets	$	2,937,405		$	2,648,887
Liabilities and Shareholders’ Equity:
Mortgage and other indebtedness, net	$	1,446,488		$	1,146,580
Accounts payable and accrued expenses	109,352			69,817
Deferred revenue and other liabilities	83,292			90,180
Total Liabilities	1,639,132			1,306,577
Commitments and contingencies
Limited Partners’ interests in the Operating Partnership and other redeemable noncontrolling interests	44,744			52,574
Shareholders’ Equity:
Kite Realty Group Trust Shareholders’ Equity:
Common Shares, $.01 par value, 225,000,000 shares authorized, 84,114,704 and 83,963,369 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	841			840
Additional paid in capital	2,081,480			2,074,436
Accumulated other comprehensive loss	(32,450		)	(16,283		)
Accumulated deficit	(797,040		)	(769,955		)
Total Kite Realty Group Trust Shareholders’ Equity	1,252,831			1,289,038
Noncontrolling Interests	698			698
Total Equity	1,253,529			1,289,736
Total Liabilities and Equity	$	2,937,405		$	2,648,887

p. 10 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)

($ in thousands, except per share data)
	Three Months Ended March 31,
	2020			2019
Revenue:
Rental income	$	65,527		$	82,358
Other property related revenue	4,281			1,055
Fee income	104			102
Total revenue	69,912			83,515
Expenses:
Property operating	10,801			11,431
Real estate taxes	8,934			10,206
General, administrative, and other	6,926			6,777
Depreciation and amortization	31,468			34,635
Impairment charges	—			4,077
Total expenses	58,129			67,126
Gain on sale of operating properties, net	1,043			6,587
Operating income	12,826			22,976
Interest expense	(12,293		)	(16,459		)
Income tax benefit of taxable REIT subsidiary	104			82
Equity in loss of unconsolidated subsidiaries	(403		)	(427		)
Other expense, net	(104		)	(184		)
Net income	130			5,988
Net income attributable to noncontrolling interests	(204		)	(273		)
Net (loss) income attributable to Kite Realty Group Trust common shareholders	$	(74	)	$	5,715
Net income per common share - basic and diluted	$	0.00		$	0.07
Weighted average common shares outstanding - basic	84,023,090			83,843,681
Weighted average common shares outstanding - diluted	84,023,090			84,034,997
Cash dividends declared per common share	$	0.3175		$	0.3175

p. 11 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

SAME PROPERTY NET OPERATING INCOME (NOI)

($ in thousands)
	Three Months Ended March 31,
	2020			2019			% Change
Number of properties for the quarter1	82			82
Leased percentage at period end	94.4		%	95.6		%
Economic Occupancy percentage2	93.9		%	92.1		%
Minimum rent	$	50,522		$	49,437
Tenant recoveries	15,385			14,814
Bad debt	(647		)	(437		)
Other income	208			289
	65,468			64,103
Property operating expenses	(8,921		)	(8,231		)
Real estate taxes	(8,700		)	(8,473		)
	(17,621		)	(16,704		)
Same Property NOI3	$	47,847		$	47,399		0.9%
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure:
Net operating income - same properties	$	47,847		$	47,399
Net operating income - non-same activity4	2,374			14,479
Other expense, net	(447		)	(529		)
General, administrative and other	(6,926		)	(6,777		)
Impairment charges	—			(4,077		)
Depreciation and amortization expense	(31,468		)	(34,635		)
Interest expense	(12,293		)	(16,459		)
Gain on sales of operating properties	1,043			6,587
Net income attributable to noncontrolling interests	(204		)	(273		)
Net (loss) income attributable to common shareholders	$	(74	)	$	5,715

____________________
1	Same Property NOI excludes (i) The Corner, Courthouse Shadows, Glendale Town Center, and Hamilton Crossing redevelopments, (ii) the recently acquired Nora Plaza, and (iii) office properties.
2	Excludes leases that are signed but for which tenants have not yet commenced the payment of cash rent. Calculated as a weighted average based on the timing of cash rent commencement and expiration during the period.
3	Same Property NOI excludes net gains from outlot sales, straight-line rent revenue, lease termination income in excess of lost rent, amortization of lease intangibles, fee income and significant prior period expense recoveries and adjustments, if any.
4	Includes non-cash activity across the portfolio as well as net operating income from properties not included in the same property pool including properties sold during both periods.

p. 12 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

NET OPERATINGINCOME AND EBITDA BYQUARTER

($ in thousands)
	Three Months Ended
	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Revenue:
Minimum rent1	$	50,020		$	56,674		$	56,012		$	62,047		$	63,999
Tenant reimbursements	15,419			16,161			16,504			17,573			18,142
Other property related revenue2	3,205			254			1,100			492			359
Overage rent	89			870			57			174			217
Parking revenue, net3	467			514			583			518			243
	69,200			74,473			74,256			80,804			82,960
Expenses:
Property operating  - Recoverable4	9,087			9,721			9,207			9,594			9,764
Property operating - Non-Recoverable4	1,319			1,468			1,467			1,491			1,388
Real estate taxes	8,721			8,793			9,430			9,727			10,032
	19,127			19,982			20,104			20,812			21,184
Net Operating Income - Properties	50,073			54,491			54,152			59,992			61,776
Other (Expenses) Income:
General, administrative, and other	(6,926		)	(7,691		)	(6,709		)	(7,037		)	(6,777		)
Fee income	104			144			110			91			102
	(6,822		)	(7,547		)	(6,599		)	(6,946		)	(6,675		)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	43,251			46,944			47,553			53,046			55,101
Impairment charge	—			—			(8,538		)	(25,107		)	(4,077		)
Depreciation and amortization	(31,468		)	(30,765		)	(31,985		)	(34,713		)	(34,635		)
Interest expense	(12,293		)	(12,383		)	(14,302		)	(16,124		)	(16,459		)
Equity in earnings (loss) of unconsolidated subsidiaries	(403		)	49			(11		)	(238		)	(427		)
Income tax benefit of taxable REIT subsidiary	104			94			41			66			82
Loss on debt extinguishment	—			(1,950		)	(7,045		)	(2,577		)	—
Other expense, net	(104		)	(139		)	(116		)	(142		)	(184		)
Gain (loss) on sales of operating properties	1,043			14,005			(5,714		)	24,092			6,587
Net income (loss)	130			15,855			(20,117		)	(1,697		)	5,988
Less: Net (income) loss attributable to noncontrolling interests	(204		)	(541		)	382			(99		)	(273		)
Net income (loss) attributable to Kite Realty Group Trust	$	(74	)	$	15,314		$	(19,735	)	$	(1,796	)	$	5,715
NOI/Revenue	72.4		%	73.2		%	72.9		%	74.2		%	74.5		%
Recovery Ratios5
- Retail Properties	89.6		%	90.7		%	91.6		%	94.3		%	93.9		%
- Consolidated	86.6		%	87.3		%	88.6		%	91.0		%	91.6		%

____________________
1	Minimum rent includes $4.2 million in ground lease-related revenue for the three months ended March 31, 2020. In addition, minimum rent includes $0.2 million, $2.1 million, $0.4 million, $0.2 million, $0.1 million, and $0.5 million of lease termination income for the three months ended March 31, 2020 December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019, respectively.
2	Other property related revenue for the three months ended March 31, 2020 includes $3.0 million in sales of ancillary land holdings adjacent to operating properties.
3	Parking revenue, net represents the net operating results of the Eddy Street Parking Garage, the Union Station Parking Garage, and the Pan Am Plaza Parking Garage.
4	Recoverable expenses include total management fee expense (or recurring G&A expense of $1.6 million) allocable to the property operations in the three months ended March 31, 2020, a portion of which is recoverable. Non-recoverable expenses primarily include ground rent, professional fees, and marketing costs.
5	“Recovery Ratio” is computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense.

p. 13 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

FUNDS FROM OPERATIONS^{1, 2}

($ in thousands, except per share data)
	Three Months Ended March 31,
	2020			2019
Funds From Operations ("FFO")
Consolidated net income	$	130		$	5,988
Less: net income attributable to noncontrolling interests in properties	(132		)	(132		)
Less: Gain on sales of operating properties	(1,043		)	(6,587		)
Add: impairment charges	—			4,077
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests	31,788			34,896
FFO of the Operating Partnership1	30,743			38,242
Less: Limited Partners' interests in FFO	(769		)	(918		)
FFO attributable to Kite Realty Group Trust common shareholders1	$	29,974		$	37,324
FFO, as defined by NAREIT, per share of the Operating Partnership - basic	$	0.36		$	0.45
FFO, as defined by NAREIT, per share of the Operating Partnership - diluted	$	0.36		$	0.44
Weighted average common shares outstanding - basic	84,023,090			83,843,681
Weighted average common shares outstanding - diluted	84,175,520			84,034,097
Weighted average common shares and units outstanding - basic	86,200,410			85,912,080
Weighted average common shares and units outstanding - diluted	86,352,840			86,102,496
FFO, as defined by NAREIT, per diluted share/unit
Consolidated net income	$	—		$	0.07
Less: net income attributable to noncontrolling interests in properties	—			—
Less: Gain on sales of operating properties	(0.01		)	(0.08		)
Add: impairment charges	—			0.04
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests	0.37			0.41
FFO, as defined by NAREIT, of the Operating Partnership per diluted share/unit1	$	0.36		$	0.44

____________________
1	“FFO of the Operating Partnership" measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to Kite Realty Group Trust common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.
2	Per share/unit amounts of components will not necessarily sum to the total due to rounding to the nearest cent.

p. 14 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

ADJUSTED FUNDS FROM OPERATIONS AND OTHER FINANCIAL INFORMATION

($ in thousands)
	Three Months Ended March 31,
	2020			2019
Reconciliation of FFO, as adjusted, to Adjusted Funds from Operations (AFFO)
FFO, as defined by NAREIT, of the Operating Partnership	$	30,743		$	38,242
Add:
Depreciation of non-real estate assets	133			177
Amortization of deferred financing costs	582			669
Non-cash compensation expense	981			1,284
Less:
Straight-line rent - minimum rent	158			566
Straight-line rent - common area maintenance	178			109
Straight-line rent - reserve for uncollectability	(2,876		)	—
Market rent amortization income	599			1,046
Amortization of debt premium	111			547
Capital expenditures1:
Maintenance capital expenditures	161			351
Revenue enhancing tenant improvements	2,713			2,372
External lease commissions	262			449
Total Recurring AFFO of the Operating Partnership	31,133			$	34,932
Other Financial Information:
Scheduled debt principal payments	$	549		$	1,159

____________________
1	Excludes landlord work, tenant improvements and leasing commissions relating to development, redevelopment, and Big Box Surge projects.

p. 15 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

SUMMARY INCOME STATEMENT

($ in thousands)
	Three Months Ended March 31,
	2020			2019			% Change
Same Property Revenue	$	65,468		$	64,103		2.1	%
Same Property Expenses	(17,621		)	(16,704		)	(5.5	)%
Same Property Net Operating Income	47,847			47,399			0.9	%
Sold Assets Net Operating Income	—			11,818			(100.0	)%
Non-Same Property Net Operating Income	2,227			2,559			(13.0	)%
Net Operating Income	50,074			61,776			(18.9	)%
General and Administrative Expense	(6,926		)	(6,777		)	(2.2	)%
Fee income	104			102			2.0	%
EBITDA	43,252			55,101			(21.5	)%
Interest Expense	(12,293		)	(12,110		)	(1.5	)%
Interest Related to Retired Debt	—			(4,349		)	100.0	%
Other income (expense), net	(216		)	(400		)	46.0	%
Funds From Operations	30,743			38,242			(19.6	)%
Non-Cash Items	3,526			(138		)	2,655.1	%
Capital Expenditures	(3,136		)	(3,172		)	1.1	%
Recurring Adjusted Funds From Operations	31,133			34,932			(10.9	)%
FFO per share of the Operating Partnership - diluted	$	0.36		$	0.44		(18.2	)%

p. 16 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

JOINT VENTURE SUMMARY - MARCH 31, 2020

($ in thousands)

CONSOLIDATED INVESTMENTS
Investment Partner	Total GLA	Total Assets		Total Debt		Partner Economic Ownership Interest 1		Partner Share of Debt		Partner Share of Annual Income
Individual Investors	465,917	$	144,408	$	55,650	2.0% - 15.0%		$	1,113	$	528
UNCONSOLIDATED INVESTMENTS
Investment Partner	Total GLA	Total Assets		Total Debt		KRG Economic Ownership Interest		KRG Share of Debt		KRG Investment		KRG Share of Quarterly EBITDA		KRG Share of Quarterly EBITDA Annualized
Nuveen	416,877	$	102,294	$	51,890	20	%	$	10,378	$	9,306	$	346	$	1,385
Individual Investors	152,460	45,588		33,634		35	%	11,770		2,779		7		28
Total	569,337	$	147,882	$	85,524			$	22,148	$	12,085	$	353	$	1,413

____________________
1	Economic ownership % represents the partner's share of cash flow.

p. 17 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

SUMMARY OFOUTSTANDINGDEBT AS OF March 31, 2020

($ in thousands)
TOTAL OUTSTANDING DEBT 1
	Outstanding Amount			Ratio		Weighted Average Interest Rate		Weighted Average Maturity (in years)
Fixed Rate Debt	$	1,097,103		74	%	3.79	%	4.9
Variable Rate Debt	355,650			24	%	2.53	%	5.2
Net Debt Premiums and Issuance Costs, Net	(6,265		)	N/A		N/A		N/A
Total Consolidated Debt	1,446,488			98	%	3.49	%	5.0
KRG Share of Unconsolidated Debt	22,148			2	%	3.77	%	6.1
Total	$	1,468,636		100	%	3.48	%	5.0

SCHEDULE OF MATURITIES BY YEAR
	Secured Debt
	Scheduled Principal Payments			Term Maturities		Unsecured Debt 2		Total Consolidated Debt			Total Unconsolidated Debt		Total Outstanding Debt
2020	1,677			—		—		1,677			100		1,777
2021	2,303			—		—		2,303			245		2,548
2022	1,043			178,877		—		179,920			258		180,178
2023	806			161,517		395,000		557,323			270		557,593
2024	854			—		—		854			10,897		11,751
2025	904			—		80,000		80,904			—		80,904
2026 And Beyond	4,672			100		625,000		629,772			10,378		640,150
Net Debt Premiums and Issuance Cost, Net	(6,265		)	—		—		(6,265		)	—		(6,265		)
Total	$	5,994		$	340,494	$	1,100,000	$	1,446,488		$	22,148	$	1,468,636

1	Fixed rate debt includes, and variable rate date excludes, the portion of such debt that has been hedged by interest rate derivatives. As of March 31, 2020, $250 million in variable rate debt is hedged for a weighted average of 5.2 years.
2	This presentation reflects the Company's exercise of its option to extend the maturity date by one year to April 22, 2023 for the Company's unsecured credit facility.The ability to exercise this option is subject to certain conditions, which the Company does not unilaterally control.

During the quarter, the Company borrowed $300 million under the Credit Facility as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 pandemic.

p. 18 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

MATURITYSCHEDULE OFOUTSTANDINGDEBT AS OF March 31, 2020

($ in thousands)
Property	Interest Rate1		Maturity Date	Balance as of March 31, 2020			% of  Total Outstanding
2020 Debt Maturities				—			—	%
2021 Debt Maturities				—			—	%
Delray Marketplace 2	LIBOR + 160		2/5/2022	55,650
Bayonne Crossing	4.43	%	4/1/2022	42,737
Saxon Crossing	4.65	%	7/1/2022	11,400
Shops at Moore	4.29	%	9/1/2022	21,300
Shops at Julington Creek	4.60	%	9/1/2022	4,785
Centre Point Commons	4.34	%	10/1/2022	14,410
Miramar Square	4.16	%	12/1/2022	31,625
2022 Debt Maturities				181,907			12	%
Centennial Gateway	3.81	%	1/1/2023	23,962
Centennial Center	3.83	%	1/6/2023	70,455
Eastern Beltway	3.83	%	1/6/2023	34,100
The Corner (AZ)	4.10	%	3/1/2023	14,750
Chapel Hill	3.78	%	4/1/2023	18,250
Unsecured Credit Facility 3	LIBOR + 115		4/22/2023	300,000
Senior Unsecured Note	4.23	%	9/10/2023	95,000
2023 Debt Maturities				556,517			38	%
2024 Debt Maturities				—			—	%
Senior Unsecured Note	4.47	%	9/10/2025	80,000
2025 Debt Maturities				80,000			5	%
Senior Unsecured Note	4.00	%	10/1/2026	300,000
Senior Unsecured Note	4.57	%	9/10/2027	75,000
Unsecured Term Loan 4	LIBOR + 200		10/24/2028	250,000
Rampart Commons	5.73	%	6/10/2030	9,329
2026 And Beyond Debt Maturities				634,329			43	%
NET PREMIUMS ON ACQUIRED DEBT & ISSUANCE COSTS				(6,265		)
TOTAL DEBT PER CONSOLIDATED BALANCE SHEET				$	1,446,488		98	%
KRG Share of Unconsolidated Debt
Embassy Suites at University of Notre Dame 5	LIBOR + 250		7/1/2024	11,770
Nuveen 5	4.09%		7/1/2028	10,378
TOTAL KRG SHARE OF UNCONSOLIDATED DEBT				22,148			2	%
TOTAL CONSOLIDATED AND KRG SHARE OF UNCONSOLIDATED DEBT				$	1,468,636

1	At March 31, 2020, one-month LIBOR was 0.99%.
2	Property is held in a joint venture. The loan is guaranteed by Kite Realty Group, LP. See Joint Venture Summary on page 17 for additional detail.
3	Assumes Company exercises its option to extend the maturity date by one year.
4	Assumes Company exercises three one-year options to extend the maturity date by three years.
5	Properties are held in joint ventures. See Joint Venture Summary on page 17 for additional detail.

p. 19 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

KEY DEBT METRICS

UNSECURED PUBLIC DEBT COVENANTS
	March 31, 2020				Debt Covenant Threshold1
Total Debt to Undepreciated Assets	41.0%				<60%
Secured Debt to Undepreciated Assets	10.2%				<40%
Undepreciated Unencumbered Assets to Unsecured Debt	253%				>150%
Debt Service Coverage	3.5x				>1.5x
Senior Unsecured Debt Ratings:
Moody's Investors Service	Baa3/Stable
Standard & Poor's Rating Services	BBB-/Stable
Liquidity ($ in thousands)
Cash and cash equivalents		$	343,893
Availability under unsecured credit facility		281,526
		$	625,419
Unencumbered NOI as a % of Total NOI		75		%

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

NET DEBT TO EBITDA
Company's Consolidated Debt & Share of Unconsolidated Debt				$	1,473,784
Less: Cash, Cash Equivalents, and Restricted Cash				(366,224		)
				$	1,107,560
Q1 2020 EBITDA, Annualized:
-  Consolidated EBITDA	$	173,001
-  Unconsolidated EBITDA 1	1,413
- Minority Interest EBITDA 1	(528		)	173,886
Ratio of Company Share of Net Debt to EBITDA 2				6.4x

____________________
1	See page 17 for details
2	Excluding the straight-line rent reserve taken for impacts of COVID-19, Net Debt to EBITDA would have been 6.0x.

p. 20 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

TOP 25 TENANTS BY ANNUALIZED BASE RENT

As of March 31, 2020

($ in thousands, except per square foot data)

This table includes the following:

• Operating retail properties;

• Operating office properties; and

• Development/Redevelopment property tenants open for business or ground lease tenants who commenced paying rent as of March 31, 2020.

	Number of Stores									Credit Ratings
Tenant (# Stores)	Wholly Owned	JV1	Total Leased GLA/NRA2	Annualized Base Rent3,4		Annualized Base Rent per Sq. Ft.4		% of Total Portfolio Annualized Base Rent4		S&P	Moody's
Publix Super Markets, Inc.	11	—	535,466	$	5,454	$	10.19	2.5	%	N/A	N/A
The TJX Companies, Inc.5	14	2	471,684	4,764		11.04		2.2	%	A	A2
Bed Bath & Beyond, Inc.6	14	2	422,348	4,081		10.52		1.9	%	B+	Ba2
PetSmart, Inc.	13	1	291,389	4,077		14.59		1.9	%	B-	B3
Ross Stores, Inc.	12	1	364,442	4,000		11.61		1.8	%	BBB+	A2
Dick's Sporting Goods, Inc.7	7	—	340,502	3,679		10.81		1.7	%	N/A	N/A
Nordstrom Rack	5	1	197,797	3,571		20.75		1.6	%	BBB-	Baa3
Michaels Stores, Inc.	11	1	253,936	3,285		13.66		1.5	%	B	Ba2
National Amusements	1	—	80,000	2,953		36.92		1.4	%	B-	N/A
The Gap8	12	—	183,599	2,835		15.44		1.3	%	BB-	Ba1
Kohl's Corporation	4	—	184,516	2,832		7.87		1.3	%	BBB-	Baa2
Walmart Stores, Inc.9	5	—	—	2,652		3.27		1.2	%	AA	Aa2
Best Buy Co., Inc.	5	—	183,604	2,612		14.22		1.2	%	BBB	Baa1
Lowe's Companies, Inc.	3	—	—	2,375		4.91		1.1	%	BBB+	Baa1
LA Fitness	3	—	125,209	2,292		18.31		1.1	%	N/A	N/A
Petco Animal Supplies, Inc.	9	—	125,897	2,230		17.71		1.0	%	CCC+	B3
Burlington Stores, Inc.	3	—	238,400	2,226		9.34		1.0	%	BB	N/A
Hobby Lobby Stores, Inc.	5	—	271,254	2,190		8.07		1.0	%	N/A	N/A
Whole Foods Market, Inc.	4	—	139,781	2,130		15.24		1.0	%	A+	A2
The Kroger Co.10	3	—	60,268	2,099		9.19		1.0	%	BBB	Baa1
Mattress Firm Holdings Corp (12) / Sleepy's (4)	16	—	76,408	2,069		27.08		1.0	%	N/A	N/A
New York Sports Club	2	—	86,717	1,921		22.16		0.9	%	N/A	N/A
Randall's Food and Drugs	2	—	133,990	1,754		13.09		0.8	%	N/A	N/A
Office Depot (5) / Office Max (2)	7	—	146,780	1,734		11.81		0.8	%	B	Ba3
Walgreens	3	—	52,662	1,726		32.78		0.8	%	BBB	Baa2
TOTAL	174	8	4,966,649	$	71,541	$	11.07	32.7	%

1	JV Stores represent stores at unconsolidated properties.
2	Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants.
3	Annualized base rent represents the monthly contractual rent for March 31, 2020, for each applicable tenant multiplied by 12. Annualized base rent does not include tenant reimbursements. Annualized base rent represents 100% of the annualized base rent at consolidated properties and our share of the annualized base rent at unconsolidated properties.
4	Annualized base rent and percent of total portfolio includes ground lease rent.
5	Includes TJ Maxx (9), Marshalls (5) and HomeGoods (2).
6	Includes Bed Bath and Beyond (8), Buy Buy Baby (4) Christmas Tree Shops (1), and Cost Plus World Market (3).
7	Includes Dick's Sporting Goods (6) and Golf Galaxy (1).
8	Includes Old Navy (11) and Athleta (1).
9	Includes Sam's Club.
10	Includes Kroger (1), Harris Teeter (1), and Smith's (1).

p. 21 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

RETAIL LEASING SPREADS

			Comparable Space1, 2
Category	Total Leases	Total Sq. Ft.	Leases	Sq. Ft.	Prior Rent PSF3		New Rent PSF4		Cash Rent Spread		GAAP Rent Spread5		TI, LL Work, Lease Commissions PSF6
New Leases - Q1, 2020	15	124,235	11	113,251	$	15.61	$	17.41	11.5	%	34.6	%
New Leases - Q4, 2019	26	111,552	16	86,085	16.36		23.13		41.4	%	52.6	%
New Leases - Q3, 2019	22	71,241	10	25,428	21.98		27.33		24.3	%	42.4	%
New Leases - Q2, 2019	33	121,100	21	87,514	18.37		21.70		18.2	%	25.4	%
Total	96	428,128	58	312,278	$	17.11	$	21.00	22.7	%	34.6	%		$	60.09
Renewals - Q1, 2020	27	131,878	21	94,130	$	19.02	$	20.73	8.9	%	16.3	%
Renewals - Q4, 2019	30	190,159	29	187,790	14.40		15.55		8.0	%	13.4	%
Renewals - Q3, 2019	48	490,983	44	444,065	13.26		14.10		6.3	%	9.5	%
Renewals - Q2, 2019	48	379,892	48	379,892	14.26		15.11		5.9	%	10.5	%
Total	153	1,192,912	142	1,105,877	$	14.29	$	15.26	6.8	%	10.4	%		$	0.27
Total - Q1, 2020	42	256,113	32	207,381	$	17.16	$	18.91	10.2	%	25.5	%
Total - Q4, 2019	56	301,711	45	273,875	15.02		17.94		19.4	%	27.1	%
Total - Q3, 2019	70	562,224	54	469,493	13.74		14.82		7.9	%	12.3	%
Total - Q2, 2019	81	500,992	69	467,406	15.03		16.34		8.7	%	14.0	%
Total	249	1,621,040	200	1,418,155	$	14.91	$	16.52	10.8	%	15.7	%		$	13.44

________________
1	Comparable space leases on this report are included for second generation retail spaces. Comparable leases represent those leases for which there was a former tenant within the last 12 months. Leases at our two office properties, Thirty South Meridian and Eddy Street Commons, and ground leases are excluded.
2	Comparable renewals exclude terms shorter than two years.
3	Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term. All amounts reported at lease execution.
4	Contractual rent represents contractual minimum rent per square foot for the first 12 months of the lease.
5	The aggregate spread on a straight-line basis over the contractual life of the lease to the comparable lease.
6	Includes redevelopment costs for tenant specific landlord work and tenant allowances provided to tenants at properties in the redevelopment pipeline.

p. 22 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

LEASE EXPIRATIONS

As of March 31, 2020

($ in thousands, except per square foot data)

This table includes the following:

• Operating retail properties;

• Operating office properties; and

• Development/Redevelopment property tenants open for business or ground lease tenants who commenced paying rent as of March 31, 2020.

		Expiring GLA2							Expiring Annualized Base Rent per Sq. Ft.3
	Number of Expiring Leases1	Shop Tenants	Anchor Tenants	Office and Other Tenants	Expiring Annualized Base Rent (Pro-rata)		% of Total Annualized Base Rent (Pro-rata)		Shop Tenants		Anchor Tenants		Office and Other Tenants		Total
2020	111	208,451	311,238	3,242	$	9,601	4.8	%	$	26.50	$	13.36	$	19.25	$	18.56
2021	213	455,737	883,384	17,868	22,717		11.2	%	27.21		11.57		21.97		16.88
2022	253	522,045	1,078,093	65,020	29,664		14.7	%	27.25		13.22		19.67		17.85
2023	248	521,357	1,125,475	129,935	32,684		16.2	%	28.81		14.71		9.17		18.42
2024	207	450,520	868,181	33,827	24,450		12.1	%	29.37		15.14		13.96		20.38
2025	169	359,112	1,025,534	113,309	23,000		11.4	%	29.54		10.84		16.39		15.85
2026	81	222,752	506,792	—	10,329		5.1	%	26.10		9.92		—		15.24
2027	70	193,448	365,093	9,154	9,951		4.9	%	28.49		13.00		31.29		19.06
2028	73	173,916	346,802	61,747	11,485		5.7	%	30.67		13.91		22.19		19.77
2029	52	124,096	243,700	2,200	7,116		3.5	%	30.48		13.11		62.73		19.23
Beyond	75	180,376	903,149	54,721	21,045		10.4	%	27.86		16.55		23.16		18.61
	1,552	3,411,810	7,657,441	491,023	$	202,041	100.0	%	$	28.28	$	13.35	$	16.94	$	17.99

____________________
1	Lease expiration table reflects rents in place as of March 31, 2020 and does not include option periods; 2020 expirations include 11 month-to-month tenants. This column also excludes ground leases.
2	Expiring GLA excludes estimated square footage attributable to non-owned structures on land owned by the Company and ground leased to tenants.
3	Annualized base rent represents the monthly contractual rent as of March 31, 2020 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.

p. 23 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

DEVELOPMENT AND REDEVELOPMENT PROJECTS

($ in thousands)

Project	MSA	KRG Ownership %	Anticipated Start Date	Projected Stabilization Date1	Projected New Total GLA	Projected New Owned GLA	KRG Share of Estimated Project Cost		KRG Share of Cost Incurred		Estimated Return on Investment3
Active Developments
Eddy Street Commons at Notre Dame, IN - Phase II 2	South Bend, IN	100%	N/A	Q4 2020	530,000	8,500	$	10,000	$	6,490	11.0% - 13.0%
Total					530,000	8,500	$	10,000	$	6,490	11.0% - 13.0%

Future Opportunities4
Hamilton Crossing Centre	Indianapolis, IN	Creation of a mixed use (office, retail, and multi-family) development.
The Corner	Indianapolis, IN	Creation of a mixed use (retail and multi-family) development to replace an unanchored small shop center.
Glendale Town Center	Indianapolis, IN	Repositioning vacant anchor box with several national tenants. Addition of multi-family development.
Courthouse Shadows	Naples, FL	Demolition of the site to create mixed-use format.

Summary of Construction in Progress on Consolidated Balance Sheet
Under Construction Development / Redevelopment CIP	$	4,763
Big Box Retenanting	13,750
Holly Springs Towne Center - Phase III	6,030
Various tenant improvements and small projects	19,240
Construction in Progress on Consolidated Balance Sheet	$	43,783

Big Box Surge
Leases Signed	22
Tenants Open and Paying Rent	17
Capital Spent (cumulative)	33,900
Estimated Capital Remaining	9,000
Total Estimated Capital	42,900
Estimated Return on Costs	16	%

Projected Annualized Development / Redevelopment Cash NOI Summary
Remaining Under Construction Development / Redevelopment Cash NOI 5	$	1,153
Total Remaining Annual Cash NOI	$	1,153

____________________
1	Stabilization date represents near completion of project construction and substantial occupancy of the property.
2	Total estimated cost of all components of Eddy Street Phase II equals $90.8 million, consisting of KRG estimated project cost ($10.0 million), TIF ($16.1 million), and residential apartments and townhomes to be ground subleased to unrelated third party ($64.7 million).
3	Projected ROI for redevelopments is an estimate of the expected incremental stabilized annual operating cash flows to be generated divided by the estimated project costs, including construction, development, financing, and other soft costs, when applicable to the project.
4	These opportunities are deemed potential at this time and are subject to various contingencies, many of which could be beyond the Company's control.
5	Does not include NOI associated with Big Box Surge.

p. 24 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

GEOGRAPHIC DIVERSIFICATION –ANNUALIZED BASE RENT BYREGION ANDSTATE

As of March 31, 2020

($ in thousands)

	Total Operating Portfolio Excluding Developments and Redevelopments			Developments and Redevelopments2			Joint Ventures3			Total Operating Portfolio Including Developments and Redevelopments
Region/State	Owned GLA/NRA1	Annualized Base Rent		Owned GLA/NRA1	Annualized Base Rent		Owned GLA/NRA1	Annualized Base Rent		Number of Properties	Owned GLA/NRA1	Annualized Base Rent - Ground Leases		Total Annualized Base Rent		Percent of Annualized Base Rent
South
Florida	3,322,537	$	53,236	124,802	$	251	121,591	$	1,527	30	3,568,930	$	3,729	$	58,743	26.2%
Texas	1,798,705	28,355		—	—		156,197	2,810		10	1,954,902	1,354		32,519		14.5%
North Carolina	1,072,372	19,981		—	—		—	—		8	1,072,372	2,004		21,985		9.8%
Oklahoma	505,300	7,023		—	—		—	—		3	505,300	850		7,873		3.4%
Georgia	276,318	3,666		—	—		—	—		1	276,318	336		4,002		1.8%
South Carolina	257,665	2,745		—	—		—	—		2	257,665	—		2,745		1.2%
Tennessee	230,980	3,813		—	—		—	—		1	230,980	—		3,813		1.7%
Texas - Other	107,400	591		—	—		—	—		1	107,400	—		591		0.3%
Total South	7,571,277	119,410		124,802	251		277,788	4,337		56	7,973,867	8,273		132,271		58.9%
Midwest
Indiana - Retail	1,461,626	23,317		519,216	2,834		—	—		19	1,980,842	1,626		27,777		12.4%
Indiana - Other	366,502	6,758		—	—		—	—		3	366,502	—		6,758		3.0%
Illinois	83,759	1,140		—	—		—	—		1	83,759	—		1,140		0.5%
Ohio	236,230	2,155		—	—		—	—		1	236,230	—		2,155		1.0%
Total Midwest	2,148,117	33,370		519,216	2,834		—	—		24	2,667,333	1,626		37,830		16.9%
West
Nevada	768,726	20,181		—	—		—	—		4	768,726	3,592		23,773		10.6%
Utah	392,772	7,238		—	—		—	—		2	392,772	—		7,238		3.1%
Arizona	79,902	2,467		—	—		—	—		1	79,902	—		2,467		1.1%
Total West	1,241,400	29,886		—	—		—	—		7	1,241,400	3,592		33,478		14.8%
Northeast
New York	363,103	9,304		—	—		—	—		1	363,103	—		9,304		4.1%
New Jersey	106,146	3,128		—	—		139,022	2,814		2	245,168	2,263		8,205		3.7%
Connecticut	205,683	2,428		—	—		—	—		1	205,683	1,061		3,489		1.6%
Total Northeast	674,932	14,860		—	—		139,022	2,814		4	813,954	3,324		20,998		9.4%
	11,635,726	$	197,526	644,018	$	3,085	416,810	$	7,151	91	12,696,554	$	16,815	$	224,577	100.0%

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

p. 25 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

OPERATING RETAIL PORTFOLIO SUMMARY REPORT

As of March 31, 2020

Property	Location (MSA)	Year Built/ Renovated	Owner-ship %	Owned GLA1			Leased %						ABR per SqFt		Grocery Anchors2	Other Retailers2
				Total	Anchors	Shops	Total		Anchors		Shops
Arizona
The Corner	Tucson	2008	100%	79,902	55,883	24,019	100.0	%	100.0	%	100.0	%	$	30.87	Total Wine & More	Nordstrom Rack, Panera Bread, (Home Depot)
Connecticut
Crossing at Killingly Commons	Willimantic, CT	2010	85%	205,683	148,250	57,433	79.9	%	86.2	%	63.7	%	14.76		Stop & Shop Supermarket, (Target)	TJ Maxx, Michaels, Petco, Staples, Lowe's Home Improvement Center
Florida
12th Street Plaza	Vero Beach	1978/2003	100%	135,016	121,376	13,640	100.0	%	100.0	%	100.0	%	10.34		Publix	Stein Mart, Tuesday Morning
Bayport Commons	Tampa	2008	100%	97,163	71,540	25,623	100.0	%	100.0	%	100.0	%	15.43		(Target)	PetSmart, Michaels
Centre Point Commons	Sarasota	2007	100%	119,320	93,574	25,746	98.7	%	100.0	%	93.8	%	17.74			Best Buy, Dick's Sporting Goods, Office Depot, Panera Bread, (Lowe's Home Improvement Center)
Cobblestone Plaza	Miami	2011	100%	133,251	68,219	65,032	96.7	%	100.0	%	93.2	%	28.40		Whole Foods	Party City, Planet Fitness
Colonial Square	Fort Myers	2010	100%	186,517	150,505	36,012	88.1	%	100.0	%	38.4	%	11.74			Kohl's, Hobby Lobby, PetSmart
Delray Marketplace	Miami	2013	98%	260,234	118,064	142,170	94.4	%	100.0	%	89.8	%	26.79		Publix	Paragon Theatres, Burt & Max's, Ann Taylor Loft, Chico's, White House Black Market
Estero Town Commons	Fort Meyers	2006	100%	25,696	—	25,696	94.7	%	—	%	94.7	%	15.27			Lowe's Home Improvement Center, Dollar Tree
Hunter's Creek Promenade	Orlando	1994	100%	119,759	55,999	63,760	100.0	%	100.0	%	100.0	%	15.76		Publix
Indian River Square	Vero Beach	1997/2004	100%	142,592	109,000	33,592	95.9	%	100.0	%	82.7	%	12.19		(Target)	Beall's, Office Depot, Dollar Tree, Panera
International Speedway Square	Daytona Beach	1999/2013	100%	233,424	203,405	30,019	94.6	%	100.0	%	57.9	%	11.33		Total Wine & More	Bed Bath & Beyond, Stein Mart, Old Navy, Staples, Michaels, Dick’s Sporting Goods, Shoe Carnival
Kings Lake Square	Naples	1986/2014	100%	88,611	45,600	43,011	100.0	%	100.0	%	100.0	%	19.77		Publix
Lake City Commons	Lake City	2008	100%	65,746	45,600	20,146	100.0	%	100.0	%	100.0	%	15.65		Publix
Lake City Commons - Phase II	Lake City	2011	100%	16,291	12,131	4,160	100.0	%	100.0	%	100.0	%	15.83		Publix	PetSmart
Lake Mary Plaza	Orlando	2009	100%	21,385	14,880	6,505	94.1	%	100.0	%	80.6	%	38.38			Walgreens
Lithia Crossing	Tampa	2003/2013	100%	90,521	53,547	36,974	100.0	%	100.0	%	100.0	%	16.10		The Fresh Market	Stein Mart, Chili's, Panera Bread
Miramar Square	Miami	2008	100%	225,205	147,505	77,700	96.2	%	100.0	%	89.0	%	17.77		Sprouts Farmers Market	Kohl's, Miami Children's Hospital
Northdale Promenade	Tampa	1985/2017	100%	179,598	130,269	49,329	93.8	%	100.0	%	77.4	%	13.00		(Winn Dixie)	TJ Maxx, Ulta Beauty, Beall's, Crunch Fitness, Tuesday Morning
Pine Ridge Crossing	Naples	1993	100%	105,962	66,435	39,527	96.3	%	100.0	%	90.0	%	18.07		Publix, (Target)	Ulta Beauty, (Beall's)
Pleasant Hill Commons	Orlando	2008	100%	70,645	45,600	25,045	100.0	%	100.0	%	100.0	%	15.90		Publix
Riverchase Plaza	Naples	1991/2001	100%	78,291	48,890	29,401	96.3	%	100.0	%	90.3	%	16.84		Publix
Saxon Crossing	Daytona Beach	2009	100%	119,909	95,304	24,605	97.2	%	100.0	%	86.2	%	15.47		(Target)	Hobby Lobby, LA Fitness, (Lowe's Home Improvement Center)
Shoppes of Eastwood	Orlando	1997	100%	69,076	51,512	17,564	98.1	%	100.0	%	92.5	%	13.97		Publix
Shops at Eagle Creek	Naples	1983/2013	100%	70,731	50,187	20,544	100.0	%	100.0	%	100.0	%	16.56		The Fresh Market	Staples, Panera Bread, (Lowe's Home Improvement Center)
Tamiami Crossing	Naples	2016	20%	121,591	121,591	—	100.0	%	100.0	%	—	%	12.56		Aldi, (Walmart)	Marshalls, Michaels, PetSmart, Ross Stores, Stein Mart, Ulta Beauty
Tarpon Bay Plaza	Naples	2007	100%	81,864	59,442	22,422	100.0	%	100.0	%	100.0	%	16.99		(Target)	PetSmart, Cost Plus World Market, Ross Stores, Panera Bread

See footnotes on page 30

p. 26 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of March 31, 2020

Property1	Location (MSA)	Year Built/ Renovated	Owner-ship %	Owned GLA2			Leased %						ABR per Sq. ft.	Grocery Anchors4	Other Retailers4
				Total	Anchors	Shops	Total		Anchors		Shops
The Landing at Tradition	Port St. Lucie	2007	100%	359,049	283,030	76,019	80.1	%	79.4	%	82.9	%	16.51	(Target)	TJ Maxx, Ulta Beauty, Bed Bath & Beyond, LA Fitness, Michaels, Old Navy, PetSmart, DSW, Five Below, Ross Stores
The Shops at Julington Creek	Jacksonville	2011	100%	40,254	21,038	19,216	100.0	%	100.0	%	100.0	%	20.56	The Fresh Market
Tradition Village Center	Port St. Lucie	2006	100%	84,086	45,600	38,486	98.6	%	100.0	%	97.0	%	18.62	Publix
Waterford Lakes Village	Orlando	1997	100%	78,001	51,703	26,298	93.4	%	100.0	%	80.3	%	13.16	Winn Dixie
Georgia
Mullins Crossing	Augusta	2005	100%	276,318	228,224	48,094	99.3	%	100.0	%	96.1	%	13.36	(Target)	Ross Stores, Old Navy, Five Below, Kohls, La-Z-Boy, Marshalls, Office Max, Petco, Ulta Beauty, Panera Bread
Illinois
Naperville Marketplace	Chicago	2008	100%	83,759	61,683	22,076	97.7	%	100.0	%	91.1	%	13.93	(Caputo's Fresh Market)	TJ Maxx, PetSmart
Indiana
54th & College	Indianapolis	2008	100%	—	—	—	—	%	—	%	—	%	0.00	The Fresh Market
Bridgewater Marketplace	Westfield	2008	100%	25,975	—	25,975	100.0	%	—	%	100.0	%	21.73		(Walgreens), The Local Eatery, Original Pancake House
Castleton Crossing	Indianapolis	1975/2012	100%	286,377	247,710	38,667	100.0	%	100.0	%	100.0	%	12.33		TJ Maxx/HomeGoods, Burlington, Shoe Carnival, Value City Furniture, K&G Menswear, Chipotle, Verizon, Five Below
Cool Creek Commons	Westfield	2005	100%	124,303	53,600	70,703	98.7	%	100.0	%	97.6	%	19.69	The Fresh Market	Stein Mart, McAlister's Deli, Buffalo Wild Wings, Pet People
Depauw University Bookstore and Café	Indianapolis	2012	100%	11,974	—	11,974	100.0	%	—	%	100.0	%	9.17		Follett's, Starbucks
Eddy Street Commons at Notre Dame	South Bend	2009	100%	87,987	20,154	67,833	98.8	%	100.0	%	98.4	%	26.71		Hammes Bookstore & Cafe, Chipotle, Urban Outfitters, Five Guys, Kilwins, Blaze Pizza
Fishers Station	Fishers	1989/2018	100%	52,395	15,441	36,954	97.8	%	100.0	%	96.9	%	17.83		Dollar Tree, Goodwill
Geist Pavilion	Fishers	2006	100%	63,910	29,700	34,210	100.0	%	100.0	%	100.0	%	17.43		Ace Hardware, Goodwill, Ale Emporium, Pure Barre
Greyhound Commons	Carmel	2005	100%	9,152	—	9,152	100.0	%	—	%	100.0	%	14.74		(Lowe's Home Improvement Center), Abuelo's Mexican, Koto Japenese Steakhouse
Nora Plaza	Indianapolis	2004	100%	139,670	73,589	66,081	96.2	%	100.0	%	91.9	%	15.33	Whole Foods, (Target)	Marshalls
Rangeline Crossing	Carmel	1986/2013	100%	99,435	48,171	51,264	71.8	%	47.7	%	94.5	%	25.59		Walgreens, Panera Bread, Pet Valu, City BBQ
Rivers Edge	Indianapolis	2011	100%	150,459	117,890	32,569	100.0	%	100.0	%	100.0	%	22.50		Nordstrom Rack, The Container Store, Arhaus Furniture, Bicycle Garage of Indy, Buy Buy Baby, J Crew Mercantile
Stoney Creek Commons	Noblesville	2000/2013	100%	84,226	84,226	—	64.1	%	64.1	%	—	%	14.38		LA Fitness, Goodwill, (Lowe's Home Improvement Center)
Traders Point I	Indianapolis	2005	100%	279,786	238,721	41,065	73.9	%	71.6	%	87.5	%	14.48		Dick's Sporting Goods, AMC Theatres, Bed Bath & Beyond, Michaels, Old Navy, PetSmart, Books-A-Million
Traders Point II	Indianapolis	2005	100%	45,977	—	45,977	92.2	%	—	%	92.2	%	27.59		Starbucks, Noodles & Company, Qdoba

See footnotes on page 30

p. 27 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of March 31, 2020

Property1	Location (MSA)	Year Built/ Renovated	Owner-ship %	Owned GLA2			Leased %						ABR per Sqft	Grocery Anchors4	Other Retailers4
				Total	Anchors	Shops	Total		Anchors		Shops
Nevada
Centennial Center	Las Vegas	2002	100%	334,023	147,824	186,199	99.2	%	100.0	%	98.6	%	25.74	Sam's Club, Walmart	Ross Stores, Big Lots, Famous Footwear, Michaels, Petco, Home Depot, HomeGoods, Skechers, Five Below, Sephora, Tillys
Centennial Gateway	Las Vegas	2005	100%	193,072	139,913	53,159	99.4	%	100.0	%	97.8	%	25.66	Trader Joe's	24 Hour Fitness, Party City, Sportsman's Warehouse, Walgreens
Eastern Beltway Center	Las Vegas	1998/2006	100%	162,317	77,436	84,881	90.9	%	100.0	%	82.5	%	27.47	Sam's Club, Walmart	Petco, Ross Stores, Skechers, Old Navy, (Home Depot)
Rampart Commons	Las Vegas	2002/2018	100%	79,314	11,965	67,349	100.0	%	100.0	%	100.0	%	33.72		Athleta, North Italia, Pottery Barn, Williams Sonoma, Flower Child, Crunch Fitness
New Jersey
Bayonne Crossing	New York / Northern New Jersey	2011	100%	106,146	52,219	53,927	100.0	%	100.0	%	100.0	%	29.47	Walmart	Michaels, New York Sports Club, Lowe's Home Improvement Center
Livingston Shopping Center	New York / Northern New Jersey	1997	20%	139,022	133,125	5,897	97.9	%	100.0	%	50.8	%	20.67		Cost Plus World Market, Buy Buy Baby, Nordstrom Rack, DSW, TJ Maxx, Ulta Beauty
New York
City Center	New York / Northern New Jersey	2004/2018	100%	363,103	325,139	37,964	96.9	%	100.0	%	70.7	%	26.43	ShopRite	Nordstrom Rack, New York Sports Club, Burlington, Club Champion Golf, National Amusements
North Carolina
Holly Springs Towne Center - Phase I	Raleigh	2013	100%	209,850	121,761	88,089	97.5	%	100.0	%	94.0	%	18.26	(Target)	Dick's Sporting Goods, Marshalls, Petco, Ulta Beauty, Michaels, Old Navy, Five Below
Holly Springs Towne Center - Phase II	Raleigh	2016	100%	144,995	111,843	33,152	100.0	%	100.0	%	100.0	%	17.83	(Target)	Bed Bath & Beyond, DSW, AMC Theatres, 02 Fitness
Northcrest Shopping Center	Charlotte	2008	100%	133,627	65,576	68,051	97.7	%	100.0	%	95.6	%	23.85	(Target)	REI Co-Op, David's Bridal, Old Navy, Five Below
Oleander Place	Wilmington	2012	100%	45,524	30,144	15,380	100.0	%	100.0	%	100.0	%	17.98	Whole Foods
Parkside Town Commons - Phase I	Raleigh	2015	100%	55,368	22,500	32,868	100.0	%	100.0	%	100.0	%	25.70	Harris Teeter/Kroger, (Target)	Petco, Guitar Center
Parkside Town Commons - Phase II	Raleigh	2017	100%	296,715	187,406	109,309	79.3	%	68.0	%	98.6	%	20.19	(Target)	Golf Galaxy, Hobby Lobby, Stein Mart, Chuy's, Starbucks, Panera Bread, Levity Live
Perimeter Woods	Charlotte	2008	100%	125,666	105,262	20,404	99.2	%	100.0	%	95.0	%	20.70		Best Buy, Off Broadway Shoes, PetSmart, Michaels, (Lowe's Home Improvement Center)
Toringdon Market	Charlotte	2004	100%	60,627	26,072	34,555	54.9	%	—	%	96.3	%	29.29
Ohio
Eastgate Pavilion	Cincinnati	1995	100%	236,230	231,730	4,500	100.0	%	100.0	%	100.0	%	9.12		Best Buy, Dick's Sporting Goods, Value City Furniture, Petsmart, DSW, Bed Bath & Beyond
Oklahoma
Belle Isle Station	Oklahoma City	2000	100%	196,350	115,783	80,567	96.9	%	100.0	%	92.3	%	17.71	(Walmart)	REI, Shoe Carnival, Old Navy, Ross Stores, Nordstrom Rack, Ulta Beauty, Five Below
Shops at Moore	Oklahoma City	2010	100%	260,510	187,916	72,594	97.2	%	100.0	%	89.9	%	12.33		Bed Bath & Beyond, Best Buy, Hobby Lobby, Old Navy, PetSmart, Ross Stores, (J.C. Penney)
Silver Springs Pointe	Oklahoma City	2001	100%	48,440	20,515	27,925	83.0	%	100.0	%	70.4	%	13.29	(Sam's Club), (Walmart)	Kohls, Office Depot, (Home Depot)

p. 28 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

See footnotes on page 30

As of March 31, 2020

Property1	Location (MSA)	Year Built/ Renovated	Owner-ship %	Owned GLA2			Leased %						ABR per Sqft		Other Retailers4
				Total	Anchors	Shops	Total		Anchors		Shops			Grocery Anchor4
South Carolina
Publix at Woodruff	Greenville	1997	100%	68,103	47,955	20,148	91.0	%	100.0	%	69.5	%	10.49	Publix
Shoppes at Plaza Green	Greenville	2000	100%	189,562	161,900	27,662	82.6	%	87.1	%	56.8	%	13.37		Bed Bath & Beyond, Christmas Tree Shops, Sears Outlet, Party City, Shoe Carnival, Old Navy
Tennessee
Cool Springs Market	Nashville	1995	100%	230,980	172,712	58,268	100.0	%	100.0	%	100.0	%	16.51	(Kroger)	Dick's Sporting Goods, Marshalls, Buy Buy Baby, DSW, Staples, Jo-Ann Fabric, Panera Bread
Texas
Chapel Hill Shopping Center	Dallas/Ft. Worth	2001	100%	126,812	43,450	83,362	94.6	%	100.0	%	91.8	%	26.79	H-E-B Grocery	The Container Store, Cost Plus World Market
Colleyville Downs	Dallas/Ft. Worth	2014	100%	194,666	139,219	55,447	94.5	%	100.0	%	80.8	%	15.33	Whole Foods	Westlake Hardware, Goody Goody Liquor, Petco, Fit Factory
Kingwood Commons	Houston	1999	100%	158,109	74,836	83,273	91.9	%	100.0	%	84.7	%	21.21	Randall's Food and Drug	Petco, Chico's, Talbots, Ann Taylor
Market Street Village/ Pipeline Point	Dallas/Ft. Worth	1970/2011	100%	156,621	136,742	19,879	100.0	%	100.0	%	100.0	%	13.43		Jo-Ann Fabric, Ross Stores, Office Depot, Buy Buy Baby, Party City
Plaza at Cedar Hill	Dallas/Ft. Worth	2000/2010	100%	295,758	234,358	61,400	95.4	%	100.0	%	77.8	%	13.56	Sprouts Farmers Market, Total Wine	DSW, Ross Stores, Hobby Lobby, Office Max, Marshalls, Home Goods
Plaza Volente	Austin	2004	20%	156,197	105,000	51,197	100.0	%	100.0	%	100.0	%	17.99	H-E-B Grocery
Portofino Shopping Center	Houston	1999/2010	100%	369,781	218,861	150,920	94.0	%	100.0	%	85.3	%	19.79	(Sam's Club)	DSW, Michaels, PGA Superstore, SteinMart, PetSmart, Old Navy, TJ Maxx, Nordstrom Rack, Five Below
Sunland Towne Centre	El Paso	1996/2014	100%	306,454	265,037	41,417	98.9	%	100.0	%	91.7	%	11.20	Sprouts Farmers Market	PetSmart, Ross Stores, Bed Bath & Beyond, Spec's Fine Wines, At Home
Waxahachie Crossing	Dallas/Ft. Worth	2010	100%	97,127	72,191	24,936	100.0	%	100.0	%	100.0	%	15.23		Best Buy, PetSmart, Ross Stores, (Home Depot), (J.C. Penney)
Westside Market	Dallas/Ft. Worth	2013	100%	93,377	70,000	23,377	100.0	%	100.0	%	100.0	%	16.64	Randalls Tom Thumb
Utah
Draper Crossing	Salt Lake City	2012	100%	164,657	115,916	48,741	100.0	%	100.0	%	100.0	%	17.00	Kroger/Smith's	TJ Maxx, Dollar Tree, Downeast Home
Draper Peaks	Salt Lake City	2012	100%	228,115	101,464	126,651	92.6	%	100.0	%	86.6	%	21.02		Michaels, Office Depot, Petco, Quilted Bear, Ross Stores, (Kohl's)
Total				11,554,294	7,878,558	3,675,736	94.5	%	96.1	%	91.1	%	18.01
Total at Pro-Rata Share				11,220,846	7,590,785	3,630,061	94.3	%	95.9	%	91.0	%	18.04

____________________
1	Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of March 31, 2020, except for Greyhound Commons and 54th & College.
2	Tenants within parentheses are non-owned.

p. 29 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

NON-RETAIL OPERATING PROPERTIES

As of March 31, 2020

($ in thousands, except per square foot data)

Property	MSA	Year Built/ Renovated	Owned NRA	Percentage Of Owned NRA Leased		Annualized Base Rent1		Percentage of Annualized Office and Other Base Rent		Base Rent Per Leased Sq. Ft.		Major Tenants
Commercial Properties
Thirty South Meridian2	Indianapolis	1905/2002	284,874	94.6	%	$	5,435	67.4	%	$	20.17	Carrier, Kite Realty Group, Lumina Foundation
Union Station Parking Garage3	Indianapolis	1986	N/A	N/A		N/A		N/A		N/A		Denison Parking (manager)
Pan Am Plaza Parking Garage3	Indianapolis		N/A	N/A		N/A		N/A		N/A		Denison Parking (manager)
Stand-alone Office Components of Retail Properties
Eddy Street Office (part of Eddy Street Commons)4	South Bend	2009	81,628	100.0	%	1,323		16.4	%	16.20		University of Notre Dame Offices
Tradition Village Office (part of Tradition Village Square)	Port St. Lucie	2006	24,340	100.0	%	716		8.9	%	29.41
Total Commercial Properties			390,842	96.1	%	$	7,474	92.7	%	$	19.91
Other Properties
Burlington	San Antonio	1992/2000	107,400	100.0	%	$	591	7.3	%	$	5.50	Burlington
			107,400	100.0	%	$	591	7.3	%	$	5.50
Total Commercial and Other			498,242	96.9	%	$	8,065	100.0	%	$	16.70
Multi-Family/Lodging
Embassy Suites South Bend at Notre Dame5	South Bend	2018	—	N/A		—		—		—		Full service hotel with 164 rooms
The Foundry Lofts and Apartments at Eddy Street	South Bend	2009	—	100.0	%	—		—		—		Air rights lease for apartment complex with 266 units
Summit at City Center Apartments	New York / Northern New Jersey	2004	—	100.0	%	—		—		—		Apartment complex with 26 units.

____________________
1	Annualized Base Rent represents the monthly contractual rent as of March 31, 2020 for each applicable property, multiplied by 12.
2	Annualized Base Rent includes $852,256 from the Company and subsidiaries as of March 31, 2020, which is eliminated for purposes of our consolidated financial statement presentation.
3	The garage is managed by a third party.
4	The Company also owns the Eddy Street Commons retail shopping center in South Bend, Indiana, along with a parking garage that serves a hotel and the office and retail components of the property.
5	Property owned in an unconsolidated joint venture.

p. 30 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020

COMPONENTS OF NET ASSET VALUE

As of March 31, 2020

($ in thousands)

Cash Net Operating Income (NOI)				Supplemental Page No.:	Other Assets				Supplemental Page No.:
GAAP property NOI (incl. Ground Lease Revenue)	$	50,073		13	Cash and cash equivalents	$	343,893		10
Below-market lease intangibles, net	(599		)	15	Tenant and other receivables (net of SLR)	24,363			10
Straight-line rent including reserve for uncollectability	2,540			15	Restricted cash and escrow deposits	21,739			10
Other property related revenue	(3,205		)	13	Prepaid and other assets	36,345			10
Ground lease ("GL") revenue	(4,204		)		Undeveloped land in operating portfolio 1	13,000
Consolidated Cash Property NOI (excl. GL)	$	44,605			Land held for development	13,612
Annualized Consolidated Cash Property NOI (excl. ground leases)	$	178,421			CIP not in under construction development/redevelopment2	19,240			24
					Total Other Asset Value	$	472,192
Adjustments To Normalize Annualized Cash NOI					Liabilities
Total projected remaining development / transitional redevelopment cash NOI 3	$	1,153		24	Mortgage and other indebtedness	$	(1,446,488	)	10
Unconsolidated EBITDA	1,413			17	KRG share of unconsolidated debt	(22,148		)	17
					Partner share of consolidated joint venture debt	1,113			17
					Accounts payable and accrued expenses	(109,352		)	11
General and administrative expense allocable to property management activities included in property expenses ($1,600 in Q1)	6,400			13, footnote 4	Other liabilities5	(34,060		)	10
Total Adjustments	8,966				Debt premium and issuance costs, net	(6,265		)	18
					Non-controlling redeemable joint venture interest	(10,070		)
					Projected remaining under construction development/redevelopment6	(3,510		)
Annualized Normalized Portfolio Cash NOI (excl. Ground Leases)	$	187,387			Total Liabilities	$	(1,630,780	)
Annualized Ground Lease NOI	16,815
Total Annualized Portfolio Cash NOI	$	204,202			Common Shares and Units Outstanding	86,349,695

____________________
1	Undeveloped land with a book value of $13.0 million at March 31, 2020.
2	Includes CIP amounts for Holly Springs Town Center - Phase III, miscellaneous tenant improvements and small projects.
3	Excludes the projected cash NOI and related cost from the redevelopment opportunities outlined on page 24.
4	Annualized cash NOI for properties sold and acquired during the quarter.
5	Deferred revenue and other liabilities of $83.3 million less mark-to-market lease liability of $49.2 million.
6	Remaining cost on page 24 for development project.

p. 31 Kite Realty Group Trust Supplemental Financial and Operating Statistics –3/31/2020