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    KITE REALTY GROUP TRUST (KRG)

    Kite Realty Group Trust (KRG) is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation, acquisition, development, and redevelopment of high-quality, open-air shopping centers and mixed-use assets. The company focuses on grocery-anchored shopping centers and necessity-based retail properties, ensuring stable demand and resilience during economic fluctuations. KRG operates primarily in high-growth Sun Belt and strategic gateway markets in the United States, leasing its properties to a diversified tenant base.

    1. Minimum Rent - Charges tenants a base rent for occupying retail spaces in its properties, forming the core of its revenue generation.
    2. Tenant Reimbursements - Collects payments from tenants for recoverable expenses, including property operating costs and real estate taxes.
    3. Other Property-Related Revenue - Generates miscellaneous income from property operations, such as parking fees or advertising revenue.
    4. Overage Rent - Earns additional rent based on tenant sales exceeding a predetermined threshold.
    5. Fee Income - Provides services to tenants or other entities, earning fees for these activities.
    6. Bad Debt Reserve - Accounts for uncollectible accounts, which reduce overall revenue.

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    1. Based on Legacy West’s embedded rent bumps of 2.6% versus the portfolio’s average of around 1.8% and the projected 30% rollover deals, can you detail the principal risks to achieving the expected NOI growth and how you plan to mitigate these risks?
    2. With the general bad debt reserve being increased by 15 basis points while the anchor bankruptcy reserve declined by the same amount, how do you expect these adjustments to impact future cash flow stability and the overall risk profile of your portfolio?
    3. Given that the acquisition of Legacy West is being financed partially through a revolving credit facility, what are the specific trade-offs in terms of increased leverage, and how does this decision compare with the potential alternative of repurchasing shares at current market levels?
    4. Considering the office segment’s high lease occupancy (approximately 98.7%) but an average remaining lease duration of around 6 years, what strategies do you have in place to drive rent growth and manage tenant turnover in a competitive submarket like Plano?
    5. As you explore expanding your joint venture relationship with GIC beyond Legacy West, what specific criteria will you apply to evaluate future acquisitions, and how do you anticipate such partnerships impacting your capital allocation and long-term leverage targets?

    Research analysts who have asked questions during KITE REALTY GROUP TRUST earnings calls.

    Alexander Goldfarb

    Piper Sandler

    6 questions for KRG

    Also covers: ALEX, ALX, AVB +25 more

    Todd Thomas

    KeyBanc Capital Markets

    6 questions for KRG

    Also covers: AAT, AKR, BRX +20 more

    Andrew Reale

    Bank of America

    5 questions for KRG

    Also covers: AKR, BRX, IVT +3 more

    Daniel Purpura

    Green Street

    4 questions for KRG

    Also covers: IVT, PECO

    Hongliang Zhang

    JPMorgan Chase & Co.

    4 questions for KRG

    Also covers: EXR

    Alexander Fagan

    Baird

    3 questions for KRG

    Cooper Clark

    Wells Fargo

    3 questions for KRG

    Also covers: APLE, AVB, BRX +15 more

    Craig Mailman

    Citigroup

    3 questions for KRG

    Also covers: AKR, BRX, COLD +15 more

    Floris Gerbrand van Dijkum

    Compass Point Research & Trading, LLC

    3 questions for KRG

    Also covers: AKR, ALX, APLE +14 more

    Floris van Dijkum

    Compass Point Research & Trading

    3 questions for KRG

    Also covers: AKR, ALX, APLE +19 more

    Kenneth Billingsley

    Compass Point Research & Trading LLC

    3 questions for KRG

    Also covers: APLE, CURB, DRH +5 more

    Michael Goldsmith

    UBS

    3 questions for KRG

    Also covers: ADC, AMH, AVB +30 more

    Nick Joseph

    Citigroup Inc.

    3 questions for KRG

    Also covers: AIV, ARE, AVB +8 more

    Zachary White

    BTIG

    3 questions for KRG

    Dori Kesten

    Wells Fargo & Company

    2 questions for KRG

    Also covers: APLE, BRX, DRH +14 more

    Linda Yu Tsai

    Jefferies Financial Group Inc.

    2 questions for KRG

    Also covers: ADC, AKR, BRX +11 more

    Michael Mueller

    JPMorgan Chase & Co.

    2 questions for KRG

    Also covers: AKR, BRX, CBL +25 more

    Alec Feygin

    Robert W. Baird & Co. Incorporated

    1 question for KRG

    Also covers: CTRE, FCPT, GMRE +5 more

    Alex Fiagon

    Robert W. Baird & Co. Incorporated

    1 question for KRG

    Daniel Propera

    Green Street Advisors, LLC

    1 question for KRG

    Jeffrey Spector

    BofA Securities

    1 question for KRG

    Also covers: AKR, AMH, AVB +25 more

    Linda Tsai

    Jefferies

    1 question for KRG

    Also covers: ADC, AKR, AMH +20 more

    Paulina Rojas Schmidt

    Green Street Advisors

    1 question for KRG

    Also covers: AKR, BRX, CURB +8 more

    R.J. Milligan

    Raymond James

    1 question for KRG

    Also covers: ADC, CTO, FCPT +5 more

    Wesley Golladay

    Robert W. Baird & Co.

    1 question for KRG

    Also covers: ADC, ARE, CPT +22 more
    Program DetailsProgram 1
    Approval DateFebruary 2021
    End Date/DurationFebruary 28, 2026
    Total Additional Amount$300.0 million
    Remaining Authorization$300.0 million (as of 2025-06-02)
    DetailsExtended in January 2025 for an additional year. No shares repurchased under the program except for 51,057 shares in March 2025 for employee tax obligations (not part of the public program).
    CustomerRelationshipSegmentDetails

    The TJX Companies, Inc.

    Tenant under lease

    Retail

    $16.615 million, 2.8% of ABR

    Best Buy Co., Inc.

    Tenant under lease

    Retail

    $11.447 million, 1.9% of ABR

    Ross Stores, Inc.

    Tenant under lease

    Retail

    $11.333 million, 1.9% of ABR

    PetSmart, Inc.

    Tenant under lease

    Retail

    $10.991 million, 1.9% of ABR

    Michaels Stores, Inc.

    Tenant under lease

    Retail

    $8.346 million, 1.4% of ABR

    Gap Inc.

    Tenant under lease

    Retail

    $8.137 million, 1.4% of ABR

    Dick’s Sporting Goods, Inc.

    Tenant under lease

    Retail

    $7.956 million, 1.3% of ABR

    Publix Super Markets, Inc.

    Tenant under lease

    Retail

    $6.935 million, 1.2% of ABR

    Ulta Beauty, Inc.

    Tenant under lease

    Retail

    $6.303 million, 1.1% of ABR

    Total Wine & More

    Tenant under lease

    Retail

    $6.152 million, 1.0% of ABR

    The Kroger Co.

    Tenant under lease

    Retail

    $6.041 million, 1.0% of ABR

    Lowe’s Companies, Inc.

    Tenant under lease

    Retail

    $5.838 million, 1.0% of ABR

    Fitness International, LLC

    Tenant under lease

    Retail

    $5.696 million, 1.0% of ABR

    Five Below, Inc.

    Tenant under lease

    Retail

    $5.684 million, 1.0% of ABR

    BJ’s Wholesale Club, Inc.

    Tenant under lease

    Retail

    $5.515 million, 0.9% of ABR

    Petco Health and Wellness Company

    Tenant under lease

    Retail

    $5.135 million, 0.9% of ABR

    Nordstrom, Inc.

    Tenant under lease

    Retail

    $5.015 million, 0.8% of ABR

    Kohl’s Corporation

    Tenant under lease

    Retail

    $4.980 million, 0.8% of ABR

    The Container Store Group, Inc.

    Tenant under lease

    Retail

    $4.707 million, 0.8% of ABR

    Designer Brands Inc. (DSW)

    Tenant under lease

    Retail

    $4.630 million, 0.8% of ABR

    KnitWell Group

    Tenant under lease

    Retail

    $4.571 million, 0.8% of ABR

    Trader Joe’s

    Tenant under lease

    Retail

    $4.521 million, 0.8% of ABR

    Burlington Stores, Inc.

    Tenant under lease

    Retail

    $4.412 million, 0.8% of ABR

    Sprouts Farmers Market, Inc.

    Tenant under lease

    Retail

    $4.384 million, 0.7% of ABR

    Office Depot, Inc.

    Tenant under lease

    Retail

    $4.369 million, 0.7% of ABR

    Recent press releases and 8-K filings for KRG.

    Kite Realty Group Trust Reports Strong Q2 2025 Results and Raises Full-Year Guidance
    ·$KRG
    Earnings
    Guidance Update
    M&A
    • Kite Realty Group Trust reported Q2 2025 NAREIT FFO per share of $0.51 and core FFO per share of $0.50.
    • The company raised its 2025 guidance, increasing the midpoints of NAREIT and core FFO per share by $0.01 each and the same property NOI assumption by 25 basis points.
    • Operational highlights included 17% blended cash leasing spreads, the highest in five years, and 3.3% same property NOI growth in Q2 2025.
    • Strategic capital recycling efforts continued with the formation of two joint ventures with GIC, comprising over $1 billion in gross asset value, and the sale of three non-core assets year-to-date.
    • KRG also issued a seven-year $300 million bond at a 5.2% coupon, resulting in a net debt to EBITDA of 5.1 times.
    Aug 1, 2025, 4:05 PM
    Kite Realty Group, L.P. Completes $300 Million Senior Notes Offering
    ·$KRG
    Debt Issuance
    • Kite Realty Group, L.P. (KRG) completed an offering of $300 million aggregate principal amount of 5.200% Senior Notes due 2032 on June 27, 2025.
    • The notes bear interest at 5.200% per annum, payable semi-annually on February 15 and August 15, beginning February 15, 2026, and will mature on August 15, 2032.
    • The Operating Partnership intends to use the net proceeds to repay its $150 million unsecured term loan due July 17, 2026, and $80 million Senior Notes due September 10, 2025, along with a portion of its unsecured revolving credit facility.
    • The Indenture for the notes includes financial covenants such as a maximum leverage ratio of 60%, a maximum secured indebtedness ratio of 40%, and a Consolidated EBITDA to annual debt service charge ratio of at least 1.50 to 1.00.
    Jun 27, 2025, 12:00 AM