<span item_type="fundamental" item_id="97e3a52d063745cdae9ce87f27d6701f" counter_id="ST/US/KRG" env="prod"></span><span item_type="announcement" item_id="617230560416830337" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 844.37 M, beating the estimate of USD 842.23 M.</p><p>EPS: As of FY2025, the actual value is USD 1.37.</p><p>EBIT: As of FY2025, the actual value is USD 273.2 M.</p><p></p><h3>Financial Performance</h3><h4>Total Revenue</h4><ul><li>Total revenue increased to $844,365 thousand in 2025 from $837,479 thousand in 2024, representing an increase of $6,886 thousand.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span><ul><li>Rental income was $830,771 thousand in 2025 compared to $826,548 thousand in 2024, an increase of $4,223 thousand.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>Other property-related revenue rose to $9,354 thousand in 2025 from $6,268 thousand in 2024, an increase of $3,086 thousand.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>Fee income decreased to $4,240 thousand in 2025 from $4,663 thousand in 2024, a decrease of - $423 thousand.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li></ul></li></ul><h4>Total Expenses</h4><ul><li>Total expenses decreased to $701,239 thousand in 2025 from $729,588 thousand in 2024, a change of - $28,349 thousand.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span><ul><li>Property operating expenses increased to $116,113 thousand in 2025 from $113,601 thousand in 2024, an increase of $2,512 thousand.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>Real estate taxes were $104,531 thousand in 2025 compared to $103,893 thousand in 2024, an increase of $638 thousand.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>General, administrative and other expenses increased to $55,459 thousand in 2025 from $52,558 thousand in 2024, an increase of $2,901 thousand.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>Depreciation and amortization decreased to $373,287 thousand in 2025 from $393,335 thousand in 2024, a decrease of - $20,048 thousand.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>Impairment charges decreased to $51,849 thousand in 2025 from $66,201 thousand in 2024, a decrease of - $14,352 thousand.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li></ul></li></ul><h4>Net Income</h4><ul><li>Net Income Attributable to Common Shareholders was $298,663 thousand in 2025, a substantial increase from $4,071 thousand in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li></ul><h4>Same Property Net Operating Income (NOI)</h4><ul><li>Same Property NOI increased by 2.9% to $539,690 thousand in 2025 from $524,600 thousand in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li></ul><h4>Funds From Operations (FFO)</h4><ul><li>NAREIT FFO of the Operating Partnership was $468,638 thousand in 2025, up from $463,723 thousand in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>FFO attributable to common shareholders was $458,637 thousand in 2025, compared to $455,834 thousand in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>Core FFO of the Operating Partnership was $460,433 thousand in 2025, an increase from $444,408 thousand in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li></ul><h4>Debt and Liquidity</h4><ul><li>Net Debt to Adjusted EBITDA was 4.9x as of December 31, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>Borrowing capacity included $1.0 billion remaining on the $1.1 billion unsecured revolving credit facility as of December 31, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>Debt principal scheduled to mature amounted to $410.6 million through December 31, 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>Cash and cash equivalents were $36.8 million as of December 31, 2025, with restricted cash and escrow deposits at $441.6 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>Total consolidated indebtedness was $3.0 billion as of December 31, 2025, comprising 84% fixed-rate debt and 16% variable-rate debt (considering hedges).<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li></ul><h3>Operational Metrics</h3><h4>Property Portfolio (as of December 31, 2025)</h4><ul><li>Kite Realty Group Trust operated 169 properties, consisting of 167 operating retail/mixed-use and 2 standalone office properties, with a total owned GLA of 27,294 thousand square feet.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>The Total Weighted ABR was $607,492 thousand, with a significant geographic concentration in the South (64.1%).<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>The top 25 tenants accounted for 25.5% of total ABR, and no single retail tenant exceeded 2.6% of total ABR.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>The operating retail portfolio had a leased percentage of 95.1%, with anchor leased at 96.7% and small shop leased at 92.3%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>ABR per square foot increased by $1.48 (7.0%) year-over-year to $22.63, and 79% of operating retail portfolio ABR was derived from properties with a grocery component.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li></ul><h4>Lease Activity (Year Ended December 31, 2025)</h4><ul><li>The company executed new and renewal leases on 683 individual spaces, totaling approximately 4.6 million square feet.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>The blended cash leasing spread on 501 comparable leases was 13.8%, with comparable new and non-option renewal leases showing a 20.3% spread.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>Average base rent for new comparable leases signed was $29.78 per square foot (compared to $23.96 expiring), and for renewals, it was $17.62 per square foot (compared to $16.41 expiring).<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>The spread between leased and occupied square footage represents approximately $37.0 million of Net Operating Income (NOI).<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li></ul><h4>Lease Expirations (as of December 31, 2025)</h4><ul><li>7.0% of total ABR is scheduled to expire in 2026, with an expiring retail ABR per square foot of $24.60 ($32.52 for shop tenants and $15.24 for anchor tenants).<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li></ul><h4>Development and Redevelopment Projects (as of December 31, 2025)</h4><ul><li>The active project, One Loudoun Expansion, has a projected completion date between Q4 2026 and Q2 2027, with total project costs (Kite Realty Group Trust’s share) estimated at $81.0 million – $91.0 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li><li>Kite Realty Group Trust’s remaining spend for this project is $50.0 million – $60.0 million, with an estimated stabilized NOI to Kite Realty Group Trust of $4.7 million – $6.2 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></li></ul><h3>Outlook/Guidance</h3><p>[凯特地产信托] anticipates adequate liquidity for its operations and cash requirements over the next 12 months and beyond, leveraging cash flows, capital markets, and its Revolving Facility.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span> The company expects to incur approximately $130 million in additional major tenant improvement costs within the next 12 to 24 months.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span> The remaining $50.0 million to $60.0 million costs for the One Loudoun Expansion project are expected to be funded primarily through operational cash flows or borrowings on the Revolving Facility.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1286043/000128604326000009/krg-20251231.htm"></span></p>

Kite Realty Grp Trust | 10-K: FY2025 Revenue Beats Estimate at USD 844.37 M