2 unchanged sentences
Evaluation of Disclosure Controls and Procedures
−Removed: An evaluation was performed under the supervision and with the participation of the Parent Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended) as of the end of the period covered by this report.
+Added: An evaluation was performed under the supervision and with the participation of the Parent Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report.
Based on that evaluation, the Parent Company’s Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective.
5 unchanged sentences
Based on its evaluation under the framework in Internal Control – Integrated Framework, the Parent Company’s management has concluded that its internal control over financial reporting was effective as of December 31, 2025.
−Removed: The Parent Company’s
−Removed: independent auditors, KPMG LLP, an independent registered public accounting firm, have issued a report on its internal control over financial reporting as stated in their report which is included herein.
+Added: The Parent Company’s independent auditors, KPMG LLP, an independent registered public accounting firm, have issued a report on its internal control over financial reporting as stated in their report, which is included herein.
The Parent Company’s internal control system was designed to provide reasonable assurance to our management and Board of Trustees regarding the preparation and fair presentation of published financial statements.
3 unchanged sentences
Evaluation of Disclosure Controls and Procedures
−Removed: An evaluation was performed under the supervision and with the participation of the Operating Partnership’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended) as of the end of the period covered by this report.
+Added: An evaluation was performed under the supervision and with the participation of the Operating Partnership’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report.
Based on that evaluation, the Operating Partnership’s Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective.
14 unchanged sentences
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive income, shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule III – Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 12, 2025 expressed an unqualified opinion on those consolidated financial statements.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income (loss), shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III – Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 17, 2026 expressed an unqualified opinion on those consolidated financial statements.
Basis for Opinion
15 unchanged sentences
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
−Removed: Indianapolis, Indiana
+Added: Chicago, Illinois
February 17, 2026
1 unchanged sentence
To the Partners of Kite Realty Group, L.P.
−Removed: and subsidiaries and Board of Trustees of Kite Realty Group Trust:
+Added: and Board of Trustees of Kite Realty Group Trust:
Opinion on Internal Control Over Financial Reporting
2 unchanged sentences
In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Partnership as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive income, partner’s equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule III – Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 12, 2025 expressed an unqualified opinion on those consolidated financial statements.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Partnership as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income (loss), partners’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III – Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 17, 2026 expressed an unqualified opinion on those consolidated financial statements.
Basis for Opinion
15 unchanged sentences
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
−Removed: Indianapolis, Indiana
+Added: Chicago, Illinois
February 17, 2026
15 unchanged sentences
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
−Removed: (a) Documents filed as part of this report:
+Added: Documents filed as part of this report:
(1) Financial Statements:
−Removed: Consolidated financial statements for the Company listed on the index immediately preceding the financial statements at the end of this report.
+Added: Consolidated financial statements for the Company and the Operating Partnership listed on the index immediately preceding the financial statements at the end of this report.
(2) Financial Statement Schedule:
−Removed: Financial statement schedule for the Company listed on the index immediately preceding the financial statements at the end of this report.
−Removed: (3) Exhibits:
−Removed: The Company files as part of this report the exhibits listed on the Exhibit Index.
−Removed: (b) Exhibits:
−Removed: The Company files as part of this report the exhibits listed on the Exhibit Index.
−Removed: (c) Financial Statement Schedule:
−Removed: The Company files as part of this report the financial statement schedule listed on the index immediately preceding the financial statements at the end of this report.
−Removed: Other financial statement schedules are omitted because they are not applicable, or the required information is shown in the financial statements or notes thereto.
+Added: Financial statement schedule for the Company and the Operating Partnership listed on the index immediately preceding the financial statements at the end of this report.
EXHIBIT INDEX
25 unchanged sentences
Incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on January 17, 2024
+Added: Description Location
4.6 Form of Global Note representing the 5.500% Senior Notes due 2034 (included in Exhibit 4.5)
6 unchanged sentences
Incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 15, 2024
+Added: 4.9 Fourth Supplemental Indenture, dated as of June 27, 2025, among Kite Realty Group, L.P., as issuer, Kite Realty Group Trust, as possible future guarantor, and U.S.
+Added: Bank Trust Company, National Association (as successor in interest to U.S.
+Added: Bank National Association), as trustee
+Added: Incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on June 27, 2025
+Added: 4.10 Form of Global Note representing the 5.20% Senior Notes due 2032 (included in Exhibit 4.9)
+Added: Incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on June 27, 2025
4.11 Indenture, dated as of March 22, 2021, among Kite Realty Group, L.P., as Issuer, Kite Realty Group Trust, as REIT, and U.S.
1 unchanged sentence
Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on March 22, 2021
−Removed: Description Location
4.12 Form of Global Note representing the 0.75% Exchangeable Senior Notes due 2027 (included in Exhibit 4.11)
5 unchanged sentences
filed with the SEC on March 12, 2015
−Removed: 4.12 First Supplemental Indenture, dated March 12, 2015, by and between Retail Properties of America, Inc.
−Removed: as Issuer and U.S.
−Removed: Bank National Association as Trustee
−Removed: Incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Retail Properties of America, Inc.
−Removed: filed with the SEC on March 12, 2015
−Removed: 4.13 Second Supplemental Indenture, dated July 21, 2020, by and between Retail Properties of America, Inc.
−Removed: as Issuer and U.S.
−Removed: Bank National Association as Trustee
−Removed: Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Retail Properties of America, Inc.
−Removed: filed with the SEC on July 21, 2020
4.14 Third Supplemental Indenture, dated August 25, 2020, by and between Retail Properties of America, Inc.
16 unchanged sentences
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on March 12, 2012
+Added: Description Location
10.4 Amendment No.
12 unchanged sentences
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on December 31, 2020
−Removed: Description Location
10.9 Executive Employment Agreement, dated as of December 29, 2020, by and between the Company and Thomas K.
1 unchanged sentence
10.10 Executive Employment Agreement, dated as of December 29, 2020, by and between the Company and Heath R.
−Removed: Incorporated by reference to Exhibit 10.3 the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on December 31, 2020
+Added: Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on December 31, 2020
10.11 Indemnification Agreement, dated as of August 16, 2004, by and between Kite Realty Group Trust, Kite Realty Group, L.P.
5 unchanged sentences
Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on November 7, 2018
−Removed: 10.14 Indemnification Agreement, dated as of August 16, 2004, by and between Kite Realty Group Trust, Kite Realty Group, L.P.
−Removed: and William E.
−Removed: Incorporated by reference to Exhibit 10.20 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 20, 2004
10.14 Indemnification Agreement, dated as of March 8, 2013, by and between Kite Realty Group Trust, Kite Realty Group, L.P.
9 unchanged sentences
Incorporated by reference to Exhibit 10.23 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on March 7, 2014
−Removed: 10.19 Indemnification Agreement, dated as of February 27, 2015, by and between Kite Realty Group Trust, Kite Realty Group, L.P., and Lee A.
−Removed: Incorporated by reference to Exhibit 10.24 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 27, 2015
+Added: Description Location
10.18 Indemnification Agreement, dated as of February 27, 2015, by and between Kite Realty Group Trust, Kite Realty Group, L.P., and Charles H.
9 unchanged sentences
Incorporated by reference to Exhibit 10.16 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 22, 2021
−Removed: Description Location
10.22 Indemnification Agreement, dated as of October 22, 2021, by and among Kite Realty Group Trust, Kite Realty Group, L.P.
−Removed: and Gerald M.
−Removed: Incorporated by reference to Exhibit 10.17 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 22, 2021
−Removed: 10.25 Indemnification Agreement, dated as of October 22, 2021, by and among Kite Realty Group Trust, Kite Realty Group, L.P.
and Steven P.
31 unchanged sentences
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on May 13, 2022
+Added: Description Location
10.32 Form of Nonqualified Share Option Agreement under 2013 Equity Incentive Plan*
7 unchanged sentences
Incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of Kite Realty Group Trust filed with the SEC on August 9, 2006
−Removed: Description Location
10.36 Form of Performance Share Unit Agreement under 2013 Equity Incentive Plan*
14 unchanged sentences
Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 8, 2024
+Added: 10.44 Third Amendment to Term Loan Agreement, dated as of July 28, 2025, by and among Kite Realty Group, L.P., Kite Realty Group Trust, KeyBank National Association, as Administrative Agent, and the other lenders party thereto
+Added: Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on July 30, 2025
10.45 Amended and Restated Springing Guaranty, dated as of October 3, 2024, by Kite Realty Group Trust in favor of KeyBank National Association, as Agent
Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 8, 2024
+Added: Description Location
10.46 Note Purchase Agreement, dated as of August 28, 2015, by and among Kite Realty Group, L.P., and the other parties named therein as Purchasers
11 unchanged sentences
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 2, 2022
−Removed: Description Location
10.50 Third Amendment to Sixth Amended and Restated Credit Agreement, dated as of October 3, 2024, by and among Kite Realty Group, L.P., Kite Realty Group Trust, KeyBank National Association, as Administrative Agent, and the other lenders party thereto
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 8, 2024
−Removed: 10.53 Springing Guaranty, dated as of October 22, 2021, by Kite Realty Group Trust
−Removed: Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 22, 2021
−Removed: 10.54 Term Loan Agreement, dated as of July 17, 2019, by and among Retail Properties of America, Inc., as Borrower, and KeyBank National Association, as Administrative Agent, KeyBanc Capital Markets Inc., as Book Runner, KeyBanc Capital Markets Inc., Branch Banking and Trust Company, PNC Capital Markets LLC, TD Bank and Wells Fargo Bank, National Association, as Joint Lead Arrangers, Branch Banking and Trust Company, PNC Bank, National Association, TD Bank and Wells Fargo Bank, National Association, as Co-Syndication Agents, and the initial lenders named therein
−Removed: Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Retail Properties of America, Inc.
−Removed: filed with the SEC on July 23, 2019
−Removed: 10.55 First Amendment to Term Loan Agreement, dated as of May 4, 2020, by and among Retail Properties of America, Inc.
−Removed: as Borrower and KeyBank National Association as Administrative Agent and certain lenders from time to time parties thereto, as Lenders
−Removed: Incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of Retail Properties of America, Inc.
−Removed: filed with the SEC on May 6, 2020
−Removed: 10.56 Second Amendment to Term Loan Agreement, dated as of July 19, 2021, by and among Retail Properties of America, Inc.
−Removed: as Borrower and KeyBank National Association as Administrative Agent and certain lenders from time to time parties thereto, as Lenders
−Removed: Incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q of Retail Properties of America, Inc.
−Removed: filed with the SEC on August 4, 2021
−Removed: 10.57 Third Amendment to Term Loan Agreement, dated as of October 22, 2021, by and among Kite Realty Group, L.P., Kite Realty Group Trust, KeyBank National Association, as Administrative Agent, and the lenders party thereto
−Removed: Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 22, 2021
−Removed: 10.58 Fourth Amendment to Term Loan Agreement, dated as of July 29, 2022, by and among Kite Realty Group, L.P., Kite Realty Group Trust, KeyBank National Association, as Administrative Agent, and the lenders party thereto
−Removed: Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 2, 2022
−Removed: 10.59 Fifth Amendment to Term Loan Agreement, dated as of October 31, 2024, by and among Kite Realty Group, L.P., Kite Realty Group Trust, KeyBank National Association, as Administrative Agent, and the lenders party thereto
−Removed: Filed herewith
+Added: 10.51 Fourth Amendment to Sixth Amended and Restated Credit Agreement, dated as of July 28, 2025, by and among Kite Realty Group, L.P., Kite Realty Group Trust, KeyBank National Association, as Administrative Agent, and the other lenders party thereto
+Added: Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on July 30, 2025
10.52 Springing Guaranty, dated as of October 22, 2021, by Kite Realty Group Trust
13 unchanged sentences
filed with the SEC on February 13, 2019
−Removed: Description Location
10.56 Third Amendment to Term Loan Agreement, dated as of May 4, 2020, by and among Retail Properties of America, Inc.
4 unchanged sentences
Incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 22, 2021
+Added: Description Location
10.58 Springing Guaranty, dated as of October 22, 2021, by Kite Realty Group Trust
Incorporated by reference to Exhibit 10.6 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 22, 2021
−Removed: 10.67 Note Purchase Agreement dated as of May 16, 2014 among the Retail Properties of America, Inc.
−Removed: as Issuer and certain institutions as Purchasers
−Removed: Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Retail Properties of America, Inc.
−Removed: filed with the SEC on May 22, 2014
−Removed: 10.68 Assumption Agreement with respect to the 2014 Note Purchase Agreement, dated as of October 22, 2021, by Kite Realty Group, L.P.
−Removed: Incorporated by reference to Exhibit 10.8 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 22, 2021
−Removed: 10.69 Springing Guaranty with respect to the 2014 Note Purchase Agreement, dated as of October 22, 2021, by Kite Realty Group Trust
−Removed: Incorporated by reference to Exhibit 10.9 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 22, 2021
10.59 Note Purchase Agreement dated as of September 30, 2016, among Retail Properties of America, Inc.
15 unchanged sentences
19.1 Policy on Inside Information and Insider Trading
−Removed: Filed herewith
+Added: Incorporated by reference to Exhibit 19.1 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 12, 2025
21.1 List of Subsidiaries
6 unchanged sentences
Filed herewith
−Removed: Description Location
31.2 Certification of principal financial officer of the Parent Company required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
10 unchanged sentences
Filed herewith
+Added: Description Location
97.1 Kite Realty Group Trust Compensation Recovery Policy
46 unchanged sentences
(Principal Financial Officer) February 17, 2026
−Removed: BUELL Senior Vice President, Chief Accounting Officer February 12, 2025
+Added: /s/ JOSEPH D.
+Added: SCHMID Interim Chief Accounting Officer February 17, 2026
KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
5 unchanged sentences
Consolidated Balance Sheets as of December 31, 2025 and 2024
−Removed: Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2024, 2023 and 2022
+Added: Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2025, 2024 and 2023
Consolidated Statements of Shareholders’ Equity for the Years Ended December 31, 2025, 2024 and 2023
4 unchanged sentences
Consolidated Balance Sheets as of December 31, 2025 and 2024
−Removed: Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2024, 2023 and 2022
−Removed: Consolidated Statements of Partner’s Equity for the Years Ended December 31, 2024, 2023 and 2022
+Added: Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2025, 2024 and 2023
+Added: Consolidated Statements of Partners’ Equity for the Years Ended December 31, 2025, 2024 and 2023
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023
7 unchanged sentences
Notes to Schedule III
−Removed: All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions or are not applicable and therefore have been omitted.
+Added: All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are not applicable and therefore have been omitted.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
1 unchanged sentence
Opinion on the Consolidated Financial Statements
−Removed: We have audited the accompanying consolidated balance sheets of Kite Realty Group Trust and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive income, shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule III – Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements).
+Added: We have audited the accompanying consolidated balance sheets of Kite Realty Group Trust and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income (loss), shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III – Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S.
17 unchanged sentences
Evaluation of investment properties for potential impairment
−Removed: As discussed in Note 2 to the consolidated financial statements, land, buildings, and improvements, net was $7,591,036 thousand as of December 31, 2024.
+Added: As discussed in Note 2 to the consolidated financial statements, investment properties, at cost was $7,003,479 thousand as of December 31, 2025.
The Company’s investment properties are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable.
4 unchanged sentences
The following are the primary procedures we performed to address this critical audit matter.
−Removed: We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s process to evaluate potential impairment triggering events, including a control related to the evaluation of the holding period.
+Added: We evaluated the design and tested the operating effectiveness of a certain internal control related to the Company’s process to evaluate potential impairment triggering events, including a control related to the evaluation of the holding period.
We compared the holding periods assumed in the Company’s analysis to the Company’s historical holding periods for similar properties.
1 unchanged sentence
We read external communications with investors and analysts in order to identify information regarding potential sales of the Company’s investment properties.
+Added: We obtained management representations regarding potential disposal plans, if any.
We have served as the Company’s auditor since 2020.
−Removed: Indianapolis, Indiana
+Added: Chicago, Illinois
February 17, 2026
1 unchanged sentence
To the Partners of Kite Realty Group, L.P.
−Removed: and subsidiaries and Board of Trustees of Kite Realty Group Trust:
+Added: and Board of Trustees of Kite Realty Group Trust:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Kite Realty Group, L.P.
−Removed: and subsidiaries (the Partnership) as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive income, partner’s equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule III – Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements).
+Added: and subsidiaries (the Partnership) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income (loss), partners’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III – Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S.
17 unchanged sentences
Evaluation of investment properties for potential impairment
−Removed: As discussed in Note 2 to the consolidated financial statements, land, buildings, and improvements, net was $7,591,036 thousand as of December 31, 2024.
+Added: As discussed in Note 2 to the consolidated financial statements, investment properties, at cost was $7,003,479 thousand as of December 31, 2025.
The Partnership’s investment properties are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable.
4 unchanged sentences
The following are the primary procedures we performed to address this critical audit matter.
−Removed: We evaluated the design and tested the operating effectiveness of certain internal controls related to the Partnership’s process to evaluate potential impairment triggering events, including a control related to the evaluation of the holding period.
+Added: We evaluated the design and tested the operating effectiveness of a certain internal control related to the Partnership’s process to evaluate potential impairment triggering events, including a control related to the evaluation of the holding period.
We compared the holding periods assumed in the Partnership’s analysis to the Partnership’s historical holding periods for similar properties.
1 unchanged sentence
We read external communications with investors and analysts in order to identify information regarding potential sales of the Partnership’s investment properties.
+Added: We obtained management representations regarding potential disposal plans, if any.
We have served as the Partnership’s auditor since 2020.
−Removed: Indianapolis, Indiana
+Added: Chicago, Illinois
February 17, 2026
16 unchanged sentences
Investments in unconsolidated subsidiaries 364,407 19,511
−Removed: Assets associated with investment property held for sale 73,791 —
+Added: Assets associated with investment properties held for sale 71,105 73,791
Total assets $ 6,664,497 $ 7,091,767
3 unchanged sentences
Deferred revenue and other liabilities 221,813 246,100
−Removed: Liabilities associated with investment property held for sale 4,009 —
+Added: Liabilities associated with investment properties held for sale 4,314 4,009
Total liabilities 3,472,723 3,679,690
13 unchanged sentences
KITE REALTY GROUP TRUST
−Removed: Consolidated Statements of Operations and Comprehensive Income
+Added: Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except share and per share data)
8 unchanged sentences
General, administrative and other 55,459 52,558 56,142
−Removed: Merger and acquisition costs — — 925
Depreciation and amortization 373,287 393,335 426,361
1 unchanged sentence
Total expenses 701,239 729,588 693,364
−Removed: (Loss) gain on sales of operating properties, net ( 864 ) 22,601 27,069
−Removed: Operating income 111,390 152,241 91,669
Other (expense) income:
Interest expense ( 132,577 ) ( 125,691 ) ( 105,349 )
−Removed: Income tax expense of taxable REIT subsidiary ( 139 ) ( 533 ) ( 43 )
+Added: Income tax expense of taxable REIT subsidiaries ( 467 ) ( 139 ) ( 533 )
+Added: Gain (loss) on sales of operating properties, net 291,962 ( 864 ) 22,601
+Added: Net gains from outlot sales 6,096 4,363 1,662
Loss on extinguishment of debt — ( 180 ) —
2 unchanged sentences
Other income, net 9,038 17,869 1,991
−Removed: Net income (loss) 4,416 48,383 ( 12,154 )
+Added: Net income 305,528 4,416 48,383
Net income attributable to noncontrolling interests ( 6,865 ) ( 345 ) ( 885 )
−Removed: Net income (loss) attributable to common shareholders $ 4,071 $ 47,498 $ ( 12,636 )
−Removed: Net income (loss) per common share – basic and diluted $ 0.02 $ 0.22 $ ( 0.06 )
+Added: Net income attributable to common shareholders $ 298,663 $ 4,071 $ 47,498
+Added: Net income per common share – basic and diluted $ 1.37 $ 0.02 $ 0.22
Weighted average common shares outstanding – basic 218,310,451 219,614,149 219,344,832
Weighted average common shares outstanding – diluted 218,429,473 219,727,496 219,728,283
−Removed: Net income (loss) $ 4,416 $ 48,383 $ ( 12,154 )
+Added: Net income $ 305,528 $ 4,416 $ 48,383
Change in fair value of derivatives ( 13,637 ) ( 15,937 ) ( 22,008 )
−Removed: Total comprehensive (loss) income ( 11,521 ) 26,375 79,117
+Added: Total comprehensive income (loss) 291,891 ( 11,521 ) 26,375
Comprehensive income attributable to noncontrolling interests ( 6,762 ) ( 231 ) ( 786 )
−Removed: Comprehensive (loss) income attributable to the Company $ ( 11,752 ) $ 25,589 $ 77,610
+Added: Comprehensive income (loss) attributable to the Company $ 285,129 $ ( 11,752 ) $ 25,589
The accompanying notes are an integral part of these consolidated financial statements.
8 unchanged sentences
Stock compensation activity 189,610 2 10,789 — — 10,791
−Removed: Other comprehensive income — — — 90,246 — 90,246
+Added: Other comprehensive loss — — — ( 21,909 ) — ( 21,909 )
Distributions to common shareholders — — — — ( 212,824 ) ( 212,824 )
−Removed: Net loss attributable to common shareholders — — — — ( 12,636 ) ( 12,636 )
−Removed: Acquisition of partner’s noncontrolling interest in Killingly Commons — — 416 — — 416
+Added: Net income attributable to common shareholders — — — — 47,498 47,498
Exchange of redeemable noncontrolling interests for common shares 73,161 — 1,568 — — 1,568
5 unchanged sentences
Net income attributable to common shareholders — — — — 4,071 4,071
−Removed: Exchange of redeemable noncontrolling interests for common shares 73,161 — 1,568 — — 1,568
Adjustment to redeemable noncontrolling interests — — ( 28,805 ) — — ( 28,805 )
1 unchanged sentence
Stock compensation activity 168,219 1 10,656 — — 10,657
+Added: Shares repurchased through Share Repurchase Program ( 10,855,386 ) ( 108 ) ( 247,855 ) — — ( 247,963 )
Other comprehensive loss — — — ( 13,533 ) — ( 13,533 )
10 unchanged sentences
Cash flows from operating activities:
−Removed: Net income (loss) $ 4,416 $ 48,383 $ ( 12,154 )
−Removed: Adjustments to reconcile net income (loss) to net cash provided by operating activities:
+Added: Net income $ 305,528 $ 4,416 $ 48,383
+Added: Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 380,155 397,985 429,970
−Removed: Loss (gain) on sales of operating properties, net 864 ( 22,601 ) ( 27,069 )
+Added: (Gain) loss on sales of operating properties, net ( 291,962 ) 864 ( 22,601 )
+Added: Net gains from outlot sales ( 6,096 ) ( 4,363 ) ( 1,662 )
Gain on sale of unconsolidated property, net — ( 2,325 ) —
5 unchanged sentences
Amortization of in-place lease assets and liabilities ( 8,300 ) ( 10,078 ) ( 12,025 )
+Added: Equity in loss (earnings) of unconsolidated joint ventures 11,650 1,158 ( 33 )
Changes in assets and liabilities:
6 unchanged sentences
Capital expenditures ( 152,005 ) ( 140,470 ) ( 144,656 )
−Removed: Net proceeds from sales of land 13,198 3,166 4,716
+Added: Net proceeds from outlot sales 12,858 13,198 3,166
Net proceeds from sales of operating properties 721,823 30,409 137,687
+Added: Investments in unconsolidated subsidiaries ( 253,924 ) — —
Investment in short-term deposits — ( 615,000 ) —
1 unchanged sentence
Small business loan repayments — — 346
−Removed: Change in construction payables 479 ( 2,078 ) 6,341
−Removed: Distribution from unconsolidated joint venture 1,618 — 1,245
+Added: Distributions from unconsolidated joint ventures 4,201 1,618 —
Capital contributions to unconsolidated joint ventures ( 1,569 ) ( 13,185 ) —
−Removed: Net cash used in investing activities ( 498,991 ) ( 81,731 ) ( 45,149 )
+Added: Net cash provided by (used in) investing activities 613,530 ( 498,991 ) ( 81,731 )
Cash flows from financing activities:
1 unchanged sentence
Repurchases of common shares upon the vesting of restricted shares ( 1,339 ) ( 907 ) ( 767 )
+Added: Shares repurchased through Share Repurchase Program ( 247,963 ) — —
Debt and equity issuance costs ( 4,279 ) ( 18,992 ) ( 767 )
4 unchanged sentences
Distributions to noncontrolling interests ( 284 ) ( 817 ) ( 3,196 )
−Removed: Acquisition of partner’s noncontrolling interest in Killingly Commons joint venture — — ( 9,654 )
−Removed: Net cash provided by (used in) financing activities 172,085 ( 393,457 ) ( 312,527 )
+Added: Net cash (used in) provided by financing activities ( 698,350 ) 172,085 ( 393,457 )
Net change in cash, cash equivalents and restricted cash 344,839 92,122 ( 80,540 )
4 unchanged sentences
Non-cash investing and financing activities:
+Added: Accrued capital expenditures and tenant improvements $ 7,241 $ 10,259 $ 9,780
+Added: Contribution of real estate and working capital in exchange for equity investment in unconsolidated joint venture $ 122,622 $ — $ —
Exchange of redeemable noncontrolling interests for common shares $ — $ — $ 1,568
18 unchanged sentences
Investments in unconsolidated subsidiaries 364,407 19,511
−Removed: Assets associated with investment property held for sale 73,791 —
+Added: Assets associated with investment properties held for sale 71,105 73,791
Total assets $ 6,664,497 $ 7,091,767
3 unchanged sentences
Deferred revenue and other liabilities 221,813 246,100
−Removed: Liabilities associated with investment property held for sale 4,009 —
+Added: Liabilities associated with investment properties held for sale 4,314 4,009
Total liabilities 3,472,723 3,679,690
13 unchanged sentences
AND SUBSIDIARIES
−Removed: Consolidated Statements of Operations and Comprehensive Income
+Added: Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except unit and per unit data)
8 unchanged sentences
General, administrative and other 55,459 52,558 56,142
−Removed: Merger and acquisition costs — — 925
Depreciation and amortization 373,287 393,335 426,361
1 unchanged sentence
Total expenses 701,239 729,588 693,364
−Removed: (Loss) gain on sales of operating properties, net ( 864 ) 22,601 27,069
−Removed: Operating income 111,390 152,241 91,669
Other (expense) income:
Interest expense ( 132,577 ) ( 125,691 ) ( 105,349 )
−Removed: Income tax expense of taxable REIT subsidiary ( 139 ) ( 533 ) ( 43 )
+Added: Income tax expense of taxable REIT subsidiaries ( 467 ) ( 139 ) ( 533 )
+Added: Gain (loss) on sales of operating properties, net 291,962 ( 864 ) 22,601
+Added: Net gains from outlot sales 6,096 4,363 1,662
Loss on extinguishment of debt — ( 180 ) —
2 unchanged sentences
Other income, net 9,038 17,869 1,991
−Removed: Net income (loss) 4,416 48,383 ( 12,154 )
+Added: Net income 305,528 4,416 48,383
Net income attributable to noncontrolling interests ( 311 ) ( 280 ) ( 257 )
−Removed: Net income (loss) attributable to common unitholders $ 4,136 $ 48,126 $ ( 12,777 )
−Removed: Allocation of net income (loss):
+Added: Net income attributable to common unitholders $ 305,217 $ 4,136 $ 48,126
+Added: Allocation of net income:
Limited Partners $ 6,554 $ 65 $ 628
1 unchanged sentence
$ 305,217 $ 4,136 $ 48,126
−Removed: Net income (loss) per unit – basic and diluted $ 0.02 $ 0.22 $ ( 0.06 )
+Added: Net income per unit – basic and diluted $ 1.37 $ 0.02 $ 0.22
Weighted average common units outstanding – basic 223,073,641 223,416,919 222,514,956
Weighted average common units outstanding – diluted 223,192,663 223,530,266 222,898,407
−Removed: Net income (loss) $ 4,416 $ 48,383 $ ( 12,154 )
+Added: Net income $ 305,528 $ 4,416 $ 48,383
Change in fair value of derivatives ( 13,637 ) ( 15,937 ) ( 22,008 )
−Removed: Total comprehensive (loss) income ( 11,521 ) 26,375 79,117
+Added: Total comprehensive income (loss) 291,891 ( 11,521 ) 26,375
Comprehensive income attributable to noncontrolling interests ( 311 ) ( 280 ) ( 257 )
−Removed: Comprehensive (loss) income attributable to common unitholders $ ( 11,801 ) $ 26,118 $ 78,494
+Added: Comprehensive income (loss) attributable to common unitholders $ 291,580 $ ( 11,801 ) $ 26,118
The accompanying notes are an integral part of these consolidated financial statements.
1 unchanged sentence
AND SUBSIDIARIES
−Removed: Consolidated Statements of Partner’s Equity
+Added: Consolidated Statements of Partners’ Equity
(in thousands)
5 unchanged sentences
Stock compensation activity 10,791 — 10,791
−Removed: Other comprehensive income attributable to Parent Company — 90,246 90,246
+Added: Other comprehensive loss attributable to Parent Company — ( 21,909 ) ( 21,909 )
Distributions to Parent Company ( 212,824 ) — ( 212,824 )
−Removed: Net loss attributable to Parent Company ( 12,636 ) — ( 12,636 )
−Removed: Acquisition of partner’s noncontrolling interest in Killingly Commons 416 — 416
+Added: Net income attributable to Parent Company 47,498 — 47,498
Conversion of Limited Partner Units to shares of the Parent Company 1,568 — 1,568
5 unchanged sentences
Net income attributable to Parent Company 4,071 — 4,071
−Removed: Conversion of Limited Partner Units to shares of the Parent Company 1,568 — 1,568
Adjustment to redeemable noncontrolling interests ( 28,805 ) — ( 28,805 )
1 unchanged sentence
Stock compensation activity 10,657 — 10,657
+Added: Units repurchased in connection with Share Repurchase Program ( 247,963 ) — ( 247,963 )
Other comprehensive loss attributable to Parent Company — ( 13,533 ) ( 13,533 )
11 unchanged sentences
Cash flows from operating activities:
−Removed: Net income (loss) $ 4,416 $ 48,383 $ ( 12,154 )
−Removed: Adjustments to reconcile net income (loss) to net cash provided by operating activities:
+Added: Net income $ 305,528 $ 4,416 $ 48,383
+Added: Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 380,155 397,985 429,970
−Removed: Loss (gain) on sales of operating properties, net 864 ( 22,601 ) ( 27,069 )
+Added: (Gain) loss on sales of operating properties, net ( 291,962 ) 864 ( 22,601 )
+Added: Net gains from outlot sales ( 6,096 ) ( 4,363 ) ( 1,662 )
Gain on sale of unconsolidated property, net — ( 2,325 ) —
5 unchanged sentences
Amortization of in-place lease assets and liabilities ( 8,300 ) ( 10,078 ) ( 12,025 )
+Added: Equity in loss (earnings) of unconsolidated joint ventures 11,650 1,158 ( 33 )
Changes in assets and liabilities:
6 unchanged sentences
Capital expenditures ( 152,005 ) ( 140,470 ) ( 144,656 )
−Removed: Net proceeds from sales of land 13,198 3,166 4,716
+Added: Net proceeds from outlot sales 12,858 13,198 3,166
Net proceeds from sales of operating properties 721,823 30,409 137,687
+Added: Investments in unconsolidated subsidiaries ( 253,924 ) — —
Investment in short-term deposits — ( 615,000 ) —
1 unchanged sentence
Small business loan repayments — — 346
−Removed: Change in construction payables 479 ( 2,078 ) 6,341
−Removed: Distribution from unconsolidated joint venture 1,618 — 1,245
+Added: Distributions from unconsolidated joint ventures 4,201 1,618 —
Capital contributions to unconsolidated joint ventures ( 1,569 ) ( 13,185 ) —
−Removed: Net cash used in investing activities ( 498,991 ) ( 81,731 ) ( 45,149 )
+Added: Net cash provided by (used in) investing activities 613,530 ( 498,991 ) ( 81,731 )
Cash flows from financing activities:
1 unchanged sentence
Repurchases of common shares upon the vesting of restricted shares ( 1,339 ) ( 907 ) ( 767 )
+Added: Units repurchased in connection with Share Repurchase Program ( 247,963 ) — —
Debt and equity issuance costs ( 4,279 ) ( 18,992 ) ( 767 )
4 unchanged sentences
Distributions to noncontrolling interests ( 284 ) ( 817 ) ( 3,196 )
−Removed: Acquisition of partner’s noncontrolling interest in Killingly Commons joint venture — — ( 9,654 )
−Removed: Net cash provided by (used in) financing activities 172,085 ( 393,457 ) ( 312,527 )
+Added: Net cash (used in) provided by financing activities ( 698,350 ) 172,085 ( 393,457 )
Net change in cash, cash equivalents and restricted cash 344,839 92,122 ( 80,540 )
4 unchanged sentences
Non-cash investing and financing activities:
+Added: Accrued capital expenditures and tenant improvements $ 7,241 $ 10,259 $ 9,780
+Added: Contribution of real estate and working capital in exchange for equity investment in unconsolidated joint venture $ 122,622 $ — $ —
Conversion of Limited Partner Units to shares of the Parent Company $ — $ — $ 1,568
3 unchanged sentences
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: December 31, 2024
−Removed: (dollars in thousands, except share, per share, unit and per unit amounts and where indicated in millions or billions)
ORGANIZATION AND BASIS OF PRESENTATION
−Removed: Kite Realty Group Trust (the “Parent Company”), through its majority-owned subsidiary, Kite Realty Group, L.P.
+Added: Kite Realty Group Trust (the “Parent Company”) is a publicly held REIT that, through its majority-owned subsidiary, Kite Realty Group, L.P.
(the “Operating Partnership”), owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development, and redevelopment of high-quality, open-air, grocery-anchored shopping centers and vibrant mixed-use assets that are primarily located in high-growth Sun Belt markets and select strategic gateway markets in the United States.
2 unchanged sentences
The Parent Company was organized in Maryland in 2004 to succeed in the acquisition, development, construction and real estate businesses of its predecessor.
−Removed: We believe the Company qualifies as a real estate investment trust (“REIT”) under sections 856-860 of the Internal Revenue Code of 1986, as amended.
+Added: We believe the Company qualifies as a real estate investment trust (“REIT”) under sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”).
The Parent Company is the sole general partner of the Operating Partnership and, as of December 31, 2025, owned approximately 97.7 % of the common partnership interests in the Operating Partnership (the “General Partner Units”).
7 unchanged sentences
Actual results could differ from those estimates.
+Added: In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 205, Presentation of Financial Statements , certain prior year balances have been reclassified to conform to the current period presentation.
+Added: Specifically, all gains on sales of land parcels have been presented in a single line item, “Net gains from outlot sales,” rather than the previous presentation where it was included as a component of “Other property-related revenue” in the accompanying consolidated statements of operations and comprehensive income (loss).
Unless otherwise noted, all dollar amounts are stated in thousands, except share, per share, and per square foot data.
Number of properties and square feet are unaudited.
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025, the Company’s portfolio consisted of the following:
Properties Square Footage
−Removed: Operating retail properties (1)
+Added: Operating retail/mixed-use properties 159 24,733,200
+Added: Operating retail/mixed-use properties – unconsolidated joint ventures 8 2,146,882
+Added: Total operating retail/mixed-use properties (1)
167 26,880,082
−Removed: Office properties (2)
+Added: Standalone office properties (2)
Development and redevelopment projects:
−Removed: The Corner – IN (3)
One Loudoun Expansion — 119,000
1 unchanged sentence
Edwards Multiplex – Ontario 1 124,614
−Removed: (1) Included within operating retail properties are 10 properties that contain an office component.
−Removed: Excludes one operating retail property classified as held for sale as of December 31, 2024.
−Removed: Of the 179 operating retail properties, 176 are consolidated within these financial statements and the remaining three are accounted for under the equity method.
−Removed: (2) Office properties include Carillon medical office building, which was reclassified from active redevelopment into our office portfolio in December 2024.
−Removed: (3) This property is held in an unconsolidated joint venture in which the Company has a 50 % ownership interest.
−Removed: (4) During the three months ended September 30, 2024, the Company began development activities on the retail and office portions of the expansion project at One Loudoun Downtown (the “One Loudoun Expansion”) in the Washington, D.C.
−Removed: metropolitan statistical area (“MSA”).
−Removed: The Company estimates that it will incur net project costs of approximately $ 65.0 million to $ 75.0 million related to the One Loudoun Expansion.
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
+Added: (1) Included within the operating retail/mixed-use properties are 10 properties that contain an office component.
+Added: Excludes two operating retail properties classified as held for sale as of December 31, 2025, as well as Eastgate Crossing, a 152,682 square foot multi-tenant retail property in the Durham-Chapel Hill metropolitan statistical area (“MSA”) that was reclassified from our operating portfolio in September 2025 due to significant disruption caused by severe flooding as a result of Tropical Storm Chantal.
+Added: (2) Standalone office properties include the Company’s headquarters at 30 South Meridian and the Carillon medical office building, which was reclassified from active redevelopment into our office portfolio in December 2024.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
4 unchanged sentences
If a tenant vacates a space prior to the lease expiration, terminates its lease, or otherwise notifies the Company of its intent to do so, any related unamortized tenant allowances are expensed over the shortened lease period.
−Removed: Ordinary repairs and maintenance that do not extend the useful lives of the respective assets are expensed as incurred and included within “Property operating” expense in the accompanying consolidated statements of operations and comprehensive income.
−Removed: Predevelopment costs are incurred prior to vertical construction and for certain land held for development during the due diligence phase and include contract deposits, legal, engineering, cost of internal resources, and other professional fees related to evaluating the feasibility of developing or redeveloping a shopping center or other project.
+Added: Ordinary repairs and maintenance that do not extend the useful lives of the respective assets are expensed as incurred and included within “Property operating” expense in the accompanying consolidated statements of operations and comprehensive income (loss).
+Added: Predevelopment costs are incurred prior to vertical construction and for certain land held for development during the due diligence phase and include contract deposits, legal and engineering, the cost of internal resources, and other professional fees related to evaluating the feasibility of developing or redeveloping a shopping center or other project.
These predevelopment costs are capitalized and included within “Investment properties, at cost” in the accompanying consolidated balance sheets.
1 unchanged sentence
Land is transferred to construction in progress once construction commences on the related project.
−Removed: We also capitalize costs such as land acquisition, building construction, interest, real estate taxes, and the costs of personnel directly involved with the development of our properties.
−Removed: As a portion of a development project becomes operational, we expense a pro rata amount of the related costs.
+Added: We also capitalize costs such as land acquisition, building construction, interest, real estate taxes, and the cost of personnel directly involved in the development of our properties.
+Added: As a portion of a development project becomes operational, we begin depreciating a pro rata amount of the related costs.
Depreciation expense is computed using the straight-line method.
3 unchanged sentences
Depreciation may be accelerated for a redevelopment project, including partial demolition of an existing structure, after the asset is assessed for impairment.
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table summarizes the composition of the Company’s investment properties as of December 31, 2025 and 2024 (in thousands) :
12 unchanged sentences
• a reduction in the anticipated holding period;
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
• a cost accumulation or delay in the project completion date significantly above and beyond the original development or redevelopment estimate;
1 unchanged sentence
• any other quantitative or qualitative events or factors deemed significant by the Company’s management or Board of Trustees.
−Removed: Impairment losses for investment properties and intangible assets are measured when the undiscounted cash flows estimated to be generated by the investment properties during the expected holding period are less than the carrying amounts of those assets.
+Added: Impairment losses for investment properties and intangible assets are measured when the undiscounted cash flows estimated to be generated by the investment properties during the expected holding period are less than their carrying amounts.
The evaluation of impairment is subject to certain management assumptions, including projected net operating income, anticipated holding period, expected capital expenditures, and the capitalization rate used to estimate the property’s residual value.
6 unchanged sentences
Depreciation and amortization are suspended during the held-for-sale period.
−Removed: One property was classified as held for sale as of December 31, 2024 and no properties qualified for held-for-sale accounting treatment as of December 31, 2023.
+Added: Two properties are classified as held for sale as of December 31, 2025 and one property was classified as held for sale as of December 31, 2024.
Acquisition of Investment Properties
Real estate assets are recognized on our consolidated balance sheets at historical cost, less accumulated depreciation and amortization.
−Removed: Upon acquisition of real estate operating properties, we estimate the fair value of acquired identifiable tangible assets (consisting of land, buildings and improvements) and identified intangible assets and liabilities (consisting of above-market and below-market leases and in-place leases), assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition based upon an evaluation of information and estimates available at the acquisition date.
+Added: Upon acquisition of real estate operating properties, we estimate the fair value of acquired identifiable tangible assets (consisting of land, buildings and improvements) and identified intangible assets and liabilities (consisting of above-
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: market and below-market leases and in-place leases), assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition based upon an evaluation of information and estimates available at the acquisition date.
Based on these estimates, we record the estimated fair value to the applicable assets and liabilities.
−Removed: In making estimates of fair value, a number of sources are used, including information obtained as a result of pre-acquisition due diligence, marketing, and leasing activities.
+Added: In making estimates of fair value, several sources are used, including information obtained as a result of pre-acquisition due diligence, marketing, and leasing activities.
The estimates of fair value were determined to have primarily relied upon Level 2 and Level 3 inputs, as defined below.
Fair value is determined for tangible assets and intangible assets and liabilities, including:
−Removed: • the fair value of the building on an as-if-vacant basis and the fair value of land determined either by comparable market data, real estate tax assessments, independent appraisals, or other relevant data;
+Added: • the fair value of the building on an as-if-vacant basis and the fair value of the land determined either by comparable market data, real estate tax assessments, independent appraisals, or other relevant data;
• above-market and below-market in-place lease values for acquired properties, which are based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over the remaining non-cancelable term of the leases.
5 unchanged sentences
Our estimates of value use methods similar to those used by independent appraisers.
−Removed: Factors we consider in our analysis include an estimate of costs to execute similar leases, including tenant improvements, leasing commissions, and foregone costs related to the reimbursement of property operating expenses, and fair market rent received during the estimated lease-up period as if the space was vacant.
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
−Removed: value of in-place leases is amortized to depreciation and amortization expense over the remaining initial terms of the respective leases;
−Removed: • the fair value of any assumed financing that is determined to be above- or below-market terms.
+Added: Factors we consider in our analysis include an estimate of costs to execute similar leases, including tenant improvements, leasing commissions, and foregone costs related to the reimbursement of property operating expenses, and fair market rent received during the estimated lease-up period as if the space were vacant.
+Added: The value of in-place leases is amortized to depreciation and amortization expense over the remaining initial terms of the respective leases;
+Added: • the fair value of any assumed financing that is determined to have above- or below-market terms.
We use third-party and independent sources for our estimates to determine the respective fair value of each mortgage and other indebtedness, including related derivative instruments, assumed.
9 unchanged sentences
Under the VIE model, the Operating Partnership consolidates an entity when it has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.
−Removed: Under the VOE model, the Operating Partnership consolidates an entity when (i) it controls the entity through ownership of a majority voting interest if the entity is not a limited partnership or (ii) it controls the entity through its ability to remove the other partners or owners in the entity, at its discretion, when the entity is a limited partnership.
+Added: Under the VOE model, the
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: Operating Partnership consolidates an entity when (i) it controls the entity through ownership of a majority voting interest if the entity is not a limited partnership or (ii) it controls the entity through its ability to remove the other partners or owners in the entity, at its discretion, when the entity is a limited partnership.
In determining whether to consolidate a VIE with the Operating Partnership, we consider all relationships between the Operating Partnership and the applicable VIE, including development and management agreements and other contractual arrangements, in determining whether we have the power to direct the activities of the VIE that most significantly affect the VIE’s performance.
4 unchanged sentences
The Parent Company consolidates the Operating Partnership as it is the primary beneficiary in accordance with the VIE model.
−Removed: As of December 31, 2024, the Company also owned investments in four unconsolidated joint ventures accounted for under the equity method, which are not considered VIEs, as follows:
−Removed: Three Property Retail Portfolio Joint Venture
−Removed: On June 29, 2018, the Company formed a joint venture with Nuveen Real Estate, formerly known as TH Real Estate.
−Removed: The Company sold three properties (Livingston Shopping Center, Plaza Volente and Tamiami Crossing) to the joint venture, valued at $ 99.8 million in the aggregate, and, after considering third-party debt obtained by the joint venture upon formation, the Company contributed $ 10.0 million for a 20 % noncontrolling ownership interest in the joint venture.
−Removed: The Company is the
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
−Removed: operating member responsible for the day-to-day management of the properties and receives property management and leasing fees.
−Removed: Both members have substantive participating rights over major decisions that impact the economics and operations of the joint venture.
−Removed: The Company accounts for the joint venture under the equity method as it has the ability to exercise influence but not control over the operating and financial policies of the joint venture.
−Removed: Embassy Suites at Eddy Street Commons
−Removed: In December 2017, we formed a joint venture with an unrelated third party to develop and own an Embassy Suites hotel next to Eddy Street Commons, our operating retail property at the University of Notre Dame.
−Removed: We contributed $ 1.4 million of cash to the joint venture in return for a 35 % ownership interest in the joint venture.
−Removed: In 2017, the joint venture entered into a $ 33.8 million construction loan, which was repaid during the year ended December 31, 2024, of which the Company contributed $ 10.2 million, representing our 35 % share of the debt repaid.
−Removed: The Company accounts for the joint venture under the equity method, as both members have substantive participating rights, and we do not control the activities of the joint venture.
−Removed: Glendale Multifamily Joint Venture
−Removed: In May 2020, the Company formed a joint venture for the planned development of a multifamily project adjacent to our Glendale Town Center operating retail property in the Indianapolis metropolitan statistical area (“MSA”).
−Removed: The Company contributed land valued at $ 1.6 million to the joint venture and retained a 12 % ownership interest in the joint venture.
−Removed: On January 31, 2024, the joint venture sold the 267 -unit property to a third party, resulting in a gain on sale of $ 20.2 million.
−Removed: The Company recognized its share of the gain on the sale of unconsolidated property of $ 2.3 million during the year ended December 31, 2024.
−Removed: In addition, the Company received a $ 1.6 million distribution upon the disposition of the property.
−Removed: The Company maintains an investment in the joint venture, which is in the process of winding up its activities and distributing its remaining net assets.
−Removed: The Company’s partner is the operating member responsible for the day-to-day management of the property.
−Removed: Both members have substantive participating rights over major decisions that impact the economics and operations of the joint venture.
−Removed: The Company accounts for the joint venture under the equity method as it has the ability to exercise influence but not control over the operating and financial policies of the joint venture.
−Removed: Buckingham Mixed-Use Joint Venture
−Removed: In September 2021, the Company formed a joint venture for the planned redevelopment of The Corner in the Indianapolis MSA into a mixed-use, multifamily, and retail project.
−Removed: The Company contributed land valued at $ 4.0 million to the joint venture and retained a 50 % ownership interest in the joint venture.
−Removed: The Company’s partner is the operating member responsible for the day-to-day management of the property.
−Removed: Both members have substantive participating rights over major decisions that impact the economics and operations of the joint venture.
−Removed: The Company accounts for the joint venture under the equity method as it has the ability to exercise influence but not control over the operating and financial policies of the joint venture.
+Added: We use the nature-of-distribution approach for purposes of determining whether distributions should be classified as either a return on investment, which would be included in operating activities, or a return of investment, which would be included in investing activities in the accompanying consolidated statements of cash flows.
+Added: Under this approach, we assess the nature of all distributions to determine the appropriate classification.
Cash and Cash Equivalents
9 unchanged sentences
Cash, cash equivalents and restricted cash $ 478,391 $ 133,552 $ 41,430
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
Restricted Cash and Escrow Deposits
−Removed: Escrow deposits consist of cash held for real estate taxes, property maintenance, insurance and other requirements at specific properties as required by lending institutions, certain municipalities or other agreements.
+Added: Restricted cash and escrow deposits consist of cash held for real estate taxes, property maintenance, insurance, and other requirements at specific properties as required by lending institutions, certain municipalities, or other agreements, as well as funds held in escrow for potential Code Section 1031 tax-deferred exchange transactions (“1031 Exchanges”).
Short-Term Deposits
In January 2024, the Company invested $ 265.0 million in short-term deposits at Goldman Sachs Bank USA (“Goldman Sachs”) and KeyBank National Association (“KeyBank”).
−Removed: These short-term deposits earned interest at a weighted average interest rate of 5.34 % with a final maturity date of July 22, 2024.
−Removed: During the year ended December 31, 2024, the Company earned $ 6.3 million of interest income on the January 2024 deposits, which is recorded within “Other income, net” in the accompanying consolidated statements of operations and comprehensive income.
+Added: These short-term deposits earned interest at a weighted average interest rate of 5.34 % with a maturity date of July 2024.
+Added: During the year ended December 31, 2024, the Company earned $ 6.3 million of interest income on the January 2024 deposits, which is recorded within “Other income, net” in the accompanying consolidated statements of operations and comprehensive income (loss).
In August 2024, the Company invested $ 350.0 million in short-term deposits at Goldman Sachs and KeyBank.
−Removed: The deposit balance approximates fair value and earns interest at a weighted average interest rate of 5.05 % with a final maturity date in February 2025.
−Removed: During the year ended December 31, 2024, the Company earned $ 6.6 million of interest income on the August 2024 deposits, which is recorded within “Other income, net” in the accompanying consolidated statements of operations and comprehensive income.
+Added: These short-term deposits earned interest at a weighted average interest rate of 5.05 % with a maturity date of February 2025.
+Added: During the years ended December 31, 2025 and 2024, the Company earned $ 2.5 million and $ 6.6 million, respectively, of interest income on the August 2024 deposits, which is recorded within “Other income, net” in the accompanying consolidated statements of operations and comprehensive income (loss).
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Fair Value Measurements
−Removed: We follow the framework established under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, for measuring fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination or upon determination of an impairment.
+Added: We follow the framework established under ASC 820, Fair Value Measurements and Disclosures, for measuring the fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination or upon determination of an impairment.
Assets and liabilities recorded at fair value in the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:
5 unchanged sentences
Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
−Removed: “Acquisitions” to the accompanying consolidated financial statements includes a discussion of the fair values recorded for asset acquisitions.
−Removed: Level 3 inputs to these transactions include our estimations of net rental rates of retail anchor and small shop space, capitalization rates, and disposal values.
−Removed: “Dispositions and Impairment Charges” to the accompanying consolidated financial statements includes a discussion of the fair values recorded when we recognized impairment charges during the years ended December 31, 2024 and 2023.
−Removed: Level 2 inputs to these transactions include the expected sales price from an executed sales contract and Level 3 inputs include our estimation of capitalization rates.
−Removed: “Mortgage and Other Indebtedness” to the accompanying consolidated financial statements includes a discussion of the estimated fair value of fixed and variable rate debt, which are estimated using Level 2 and Level 3 inputs.
−Removed: As discussed in Note 9.
−Removed: “Derivative Instruments, Hedging Activities and Other Comprehensive Income” to the accompanying consolidated financial statements, we have determined that derivative valuations are classified within Level 2 of the fair value hierarchy.
+Added: Note 3, “Acquisitions,” to the accompanying consolidated financial statements includes a discussion of the fair values recorded for wholly owned asset acquisitions.
+Added: Level 3 inputs to these transactions include our estimations of net rental rates of retail anchors and small shop spaces, capitalization rates, and disposal values.
+Added: Note 4, “Dispositions and Impairment Charges,” to the accompanying consolidated financial statements includes a discussion of the fair values recorded when we recognized impairment charges during the years ended December 31, 2025, 2024 and 2023.
+Added: Level 2 inputs to these transactions include the expected sales price from an executed sales contract, and Level 3 inputs consist of our estimation of capitalization rates.
+Added: Note 9, “Mortgage and Other Indebtedness,” to the accompanying consolidated financial statements includes a discussion of the estimated fair value of fixed- and variable-rate debt, which are estimated using Level 2 and Level 3 inputs.
+Added: As discussed in Note 10, “Derivative Instruments, Hedging Activities and Other Comprehensive Income,” to the accompanying consolidated financial statements, we have determined that derivative valuations are classified within Level 2 of the fair value hierarchy.
Cash and cash equivalents, accounts receivable, escrows and deposits, and other working capital balances approximate fair value.
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
Derivative Financial Instruments
The Company accounts for its derivative financial instruments at fair value calculated in accordance with ASC 820, Fair Value Measurements and Disclosures .
−Removed: Gains and losses resulting from changes in the fair value of the derivatives are accounted for depending on the use of the derivative and whether it qualifies for hedge accounting.
+Added: Gains and losses resulting from changes in the fair value of the derivatives are accounted for depending on their use and whether they qualify for hedge accounting.
We use derivative instruments such as interest rate swaps or interest rate locks to mitigate interest rate risk on the related financial instruments.
5 unchanged sentences
As a lessor of real estate assets, the Company retains substantially all of the risks and benefits of ownership and accounts for its leases as operating leases.
−Removed: Contractual minimum base rent, percentage rent, and expense reimbursements from tenants for common area maintenance costs, insurance, and real estate taxes are our principal sources of revenue.
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: Contractual minimum base rent, percentage rent, and expense reimbursements from tenants for common area maintenance expenses, insurance, and real estate taxes are our principal sources of revenue.
Base minimum rents are recognized on a straight-line basis over the terms of the respective leases.
Certain lease agreements contain provisions that provide for additional rents based upon a tenant’s sales volume (contingent overage rent).
−Removed: Overage rent is recognized when tenants achieve the specified sales targets as defined in their lease agreements and is included within “Rental income” in the accompanying consolidated statements of operations and comprehensive income.
+Added: Overage rent is recognized when tenants achieve the specified sales targets as defined in their lease agreements and is included within “Rental income” in the accompanying consolidated statements of operations and comprehensive income (loss).
If we determine that collectibility is probable, we recognize income from rentals based on the methodology described above.
2 unchanged sentences
These receivables are reduced for credit loss, which is recognized as a reduction to rental income.
−Removed: We regularly evaluate the collectibility of these lease-related receivables by analyzing past-due account balances and consider such factors as the credit quality of the tenant, historical write-off experience, tenant creditworthiness, and current economic trends when evaluating the collectibility of rental income.
+Added: We regularly evaluate the collectibility of lease-related receivables by analyzing past-due account balances and consider such factors as the credit quality of the tenant, historical write-off experience, tenant creditworthiness, and current economic trends when evaluating the collectibility of rental income.
Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates.
1 unchanged sentence
As part of our ongoing business strategy, we will, from time to time, sell properties, land parcels, and outlots, some of which are ground-leased to tenants.
−Removed: Net gains realized on such sales were $ 4.4 million, $ 1.7 million, and $ 4.5 million for the years ended December 31, 2024, 2023 and 2022, respectively, and are included within “Other property-related revenue” in the accompanying consolidated statements of operations and comprehensive income.
+Added: Net gains realized on outlot sales were $ 6.1 million, $ 4.4 million, and $ 1.7 million for the years ended December 31, 2025, 2024 and 2023, respectively, and are presented in “Net gains from outlot sales” in the accompanying consolidated statements of operations and comprehensive income (loss).
Tenant and Other Receivables and Allowance for Uncollectible Accounts
5 unchanged sentences
The provision for revenues deemed uncollectible represented 0.8 %, 0.6 %, and 0.3 % of total revenues in each of the years ended December 31, 2025, 2024 and 2023, respectively.
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
Concentration of Credit Risk
3 unchanged sentences
In addition, our leases with tenants potentially subject us to a concentration of credit risk related to our accounts receivable and revenue.
−Removed: For the year ended December 31, 2024, the percentage of the Company’s revenue recognized from tenants leasing space in the states where the majority of our portfolio is concentrated, which includes Texas, Florida, Virginia, Indiana, and New York, was as follows:
+Added: For the year ended December 31, 2025, the percentage of the Company’s revenue recognized from tenants leasing space in the states where the majority of our portfolio is concentrated, which includes Texas, Florida, Virginia, New York, and Indiana, was as follows:
Florida 11.4 %
Virginia 7.5 %
−Removed: Indiana 6.4 %
New York 7.1 %
+Added: Indiana 6.7 %
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Income Taxes and REIT Compliance
Parent Company
−Removed: The Parent Company has been organized and operated, and intends to continue to operate, in a manner that will enable it to maintain its qualification as a REIT for U.S.
+Added: The Parent Company has been organized and operated, and it intends to continue to operate, in a manner that will enable it to maintain its qualification as a REIT for U.S.
federal income tax purposes.
20 unchanged sentences
Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
−Removed: The Company records interest related to unrecognized tax benefits within “Interest expense” and penalties within “General, administrative and other” expenses in the accompanying consolidated statements of operations and comprehensive income.
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
+Added: The Company records interest related to unrecognized tax benefits within “Interest expense” and penalties within “General, administrative and other” expenses in the accompanying consolidated statements of operations and comprehensive income (loss).
Our tax return for the year ended December 31, 2025 has not been filed as of the filing date of this Annual Report on Form 10-K of the Parent Company and the Operating Partnership.
12 unchanged sentences
federal income taxes included in the accompanying consolidated financial statements are in connection with the TRSs.
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Noncontrolling Interests
18 unchanged sentences
As such, the Company has consolidated this joint venture and presented the joint venture partner’s interests as noncontrolling interests.
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
Redeemable Noncontrolling Interests – Limited Partners
Limited Partner Units are redeemable noncontrolling interests in the Operating Partnership.
−Removed: We classify redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because we may be required to pay cash to holders of Limited Partner Units upon redemption of their interests in the Operating Partnership or deliver registered shares upon their conversion.
+Added: We classify redeemable noncontrolling interests in the Operating Partnership outside of permanent equity in the accompanying consolidated balance sheets because we may be required to pay cash to holders of Limited Partner Units upon redemption of their interests in the Operating Partnership or deliver registered shares upon their conversion.
The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid-in capital.
As of December 31, 2025 and 2024, the redemption value of the redeemable noncontrolling interests in the Operating Partnership exceeded the historical book value, and the balances were accordingly adjusted to redemption value.
−Removed: We allocate net operating results of the Operating Partnership after noncontrolling interests in the consolidated properties based on the partners’ respective weighted average ownership interest.
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: We allocate net operating results of the Operating Partnership after noncontrolling interests in the consolidated properties based on the partners’ respective weighted average ownership interests.
We adjust the redeemable noncontrolling interests in the Operating Partnership at the end of each reporting period to reflect their interests in the Operating Partnership or redemption value.
13 unchanged sentences
There were 4,849,588 and 4,192,597 Limited Partner Units outstanding as of December 31, 2025 and 2024, respectively.
−Removed: The increase in Limited Partner Units outstanding from December 31, 2023 is due to non-cash compensation awards granted to our executive officers in the form of Limited Partner Units and the exercise of previously granted Appreciation Only Long-Term Incentive Plan Units (“AO LTIP Units”) in exchange for Limited Partner Units.
−Removed: Redeemable Noncontrolling Interests – Subsidiaries
−Removed: Prior to the merger with Inland Diversified Real Estate Trust, Inc.
−Removed: (“Inland Diversified”) in 2014, Inland Diversified formed joint ventures with the previous owners of certain properties and issued Class B units in three joint ventures that indirectly own those properties.
−Removed: As of December 31, 2021, the Class B units related to one of these joint ventures that owned Crossing at Killingly Commons, our multi-tenant retail property in Dayville, Connecticut, were outstanding and accounted for as noncontrolling interests in the remaining venture.
−Removed: In October 2022, the remaining Class B units became redeemable at the partner’s election and the fulfillment of certain redemption criteria for cash or Limited Partner Units in the Operating Partnership.
−Removed: In October 2022, we received notice from our joint venture partner of its exercise of their right to redeem the remaining Class B units for cash in the amount of $ 9.7 million, which redemption was funded using available cash on October 3, 2022.
−Removed: Prior to the redemption, the Class B units did not have a maturity date and were not mandatorily redeemable unless either party had elected for the units to be redeemed.
−Removed: Prior to the redemption, we consolidated this joint venture because we controlled the decision-making, and our joint venture partner had limited protective rights.
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
−Removed: The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands) :
+Added: The increase in Limited Partner Units outstanding from December 31, 2024 is due to non-cash compensation awards granted to our executive officers in the form of Limited Partner Units.
+Added: The redeemable noncontrolling interests in the Operating Partnership for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands) :
Year Ended December 31,
3 unchanged sentences
Distributions declared to redeemable noncontrolling interests ( 7,355 ) ( 3,970 ) ( 3,159 )
−Removed: Payment for redemption of redeemable noncontrolling interests — — ( 10,070 )
Other, net including adjustments to redemption value 18,972 28,692 21,850
−Removed: Total limited partners’ interests in the Operating Partnership and other
−Removed: redeemable noncontrolling interests balance as of December 31,
−Removed: $ 98,074 $ 73,287 $ 53,967
−Removed: Limited partners’ interests in the Operating Partnership $ 98,074 $ 73,287 $ 53,967
−Removed: Other redeemable noncontrolling interests in certain subsidiaries — — —
−Removed: Total limited partners’ interests in the Operating Partnership and other
−Removed: redeemable noncontrolling interests balance as of December 31,
+Added: Total limited partners’ interests in the Operating Partnership as of December 31,
$ 116,245 $ 98,074 $ 73,287
Effects of Accounting Pronouncements
−Removed: Adoption of New Accounting Pronouncements
−Removed: Effective January 1, 2024, the Company adopted Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures , on a retrospective basis.
−Removed: This new guidance provides new disclosure requirements on significant segment expenses that are regularly provided to the chief operating decision maker and other significant segment items.
−Removed: Public entities with a single reportable segment, such as the Company, must apply all of the new disclosure requirements as well as all existing segment disclosure and reconciliation requirements in Topic 280 on an annual and interim basis.
−Removed: The adoption of this pronouncement did not have any effect on the Company’s consolidated financial statements.
−Removed: “Segment Reporting” to the accompanying consolidated financial statements for the Company’s reportable segment disclosures.
−Removed: Recently Issued Accounting Pronouncements
−Removed: In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):
+Added: In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):
Disaggregation of Income Statement Expenses .
−Removed: This new guidance requires public entities to disclose, in a tabular format, the amounts of certain natural expenses included within relevant expense captions presented on the face of the income statement, as well as provide additional disclosures about selling expenses.
+Added: This guidance requires public entities to disclose, in a tabular format, the amounts of certain natural expenses included within relevant expense captions presented on the face of the income statement and provide additional disclosures about selling expenses.
The new disclosure requirements are effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively.
The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.
−Removed: SEC Final Rule
−Removed: In March 2024, the SEC issued a final rule, The Enhancement and Standardization of Climate-Related Disclosures for Investors.
−Removed: This final rule requires companies to annually disclose climate-related information in registration statements and annual reports, including material climate-related risks and impacts on the Company, information about board oversight, risk management activities, and any material climate-related targets or goals.
−Removed: In addition, the final rule requires disclosure of material Scope 1 and/or Scope 2 greenhouse gas emissions, which will be subject to independent third-party assurance, and the financial statement effects of severe weather events and other natural conditions.
−Removed: In April 2024, the SEC announced a stay of these climate disclosure rules pending judicial review.
−Removed: The Company is continuing to evaluate the impact of this final rule until it becomes effective.
+Added: Any other recently issued accounting standards or pronouncements have been excluded, as they are either not relevant to the Company or they are not expected to have a material impact on the Company’s consolidated financial statements.
KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
2 unchanged sentences
Asset Acquisitions
−Removed: The Company closed on the following asset acquisitions during the years ended December 31, 2024, 2023 and 2022 (dollars in thousands) :
−Removed: Date Property Name MSA Property Type Square
−Removed: Footage Acquisition
+Added: The Company closed on the following wholly owned and unconsolidated asset acquisitions during the years ended December 31, 2025, 2024 and 2023 (dollars in thousands) :
+Added: Date Property Name Ownership Interest MSA Property Type Retail
+Added: Square Footage Acquisition
+Added: January 15, 2025 Village Commons 100 % Miami Multi-tenant retail 170,976 $ 68,400
+Added: April 28, 2025 Legacy West (1)
+Added: 52 % Dallas/Ft.
+Added: Worth Multi-tenant retail, office & multifamily 342,011 408,200
+Added: 512,987 $ 476,600
August 30, 2024 Parkside West Cobb 100 % Atlanta Multi-tenant retail 141,627 $ 40,125
1 unchanged sentence
Worth Multi-tenant retail 155,975 $ 81,000
−Removed: February 16, 2022 Pebble Marketplace Las Vegas Multi-tenant retail 85,796 $ 44,100
−Removed: April 13, 2022 MacArthur Crossing Dallas/Ft.
−Removed: Worth Two-tenant building 56,077 21,920
−Removed: July 15, 2022 Palms Plaza Miami Multi-tenant retail 68,976 35,750
−Removed: 210,849 $ 101,770
+Added: (1) Legacy West also contains 443,553 square feet of office space and 782 multifamily units.
The above acquisitions were funded using a combination of available cash on hand, proceeds from dispositions, and borrowings on the Company’s unsecured revolving line of credit.
1 unchanged sentence
The estimates of fair value primarily relied upon Level 2 and Level 3 inputs, as previously defined.
−Removed: The following table summarizes the fair value of assets acquired and liabilities assumed for the asset acquisitions completed during the years ended December 31, 2024, 2023 and 2022 (in thousands) :
+Added: In March 2025, the Company entered into a joint venture (the “Legacy West Joint Venture”), and on April 28, 2025, the joint venture acquired Legacy West for a gross purchase price of $ 785.0 million, including the assumption of $ 304.0 million of debt with an interest rate of 3.80 %.
+Added: The Company owns 52 % of the equity in the Legacy West Joint Venture, which is being accounted for under the equity method of accounting.
+Added: The Company’s share of the purchase price is $ 408.2 million, and the acquisition was initially funded with borrowings of $ 255.0 million on the Company’s unsecured revolving line of credit.
+Added: See Note 5 to the accompanying consolidated financial statements for details of the Legacy West Joint Venture.
+Added: The following table summarizes the fair value of assets acquired and liabilities assumed for the wholly owned asset acquisitions completed during the years ended December 31, 2025, 2024 and 2023 (in thousands) :
Year Ended December 31,
4 unchanged sentences
7,829 4,607 6,971
−Removed: Other assets — — 11
Total acquired assets 69,983 42,705 82,477
3 unchanged sentences
Fair value of net assets acquired $ 68,466 $ 39,545 $ 78,098
−Removed: (1) The weighted average remaining life of leases at the acquired properties is approximately 6.1 years, 6.2 years, and 6.7 years for asset acquisitions completed during the years ended December 31, 2024, 2023 and 2022, respectively.
KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
1 unchanged sentence
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: The range of the most significant Level 3 assumptions used in determining the value of the real estate and related assets acquired through asset acquisitions are as follows:
+Added: (1) The weighted average remaining life of leases at the acquired properties is approximately 6.1 years, 6.1 years, and 6.2 years for asset acquisitions completed during the years ended December 31, 2025, 2024 and 2023, respectively.
+Added: The range of the most significant Level 3 assumptions used in determining the value of the real estate and related assets acquired through wholly owned asset acquisitions are as follows:
2025 2024 2023
−Removed: Net rental rate per square foot – Retail Anchors $ 18.75 to $ 19.00
+Added: Net rental rate per square foot – Retail Anchors $ 15.50
$ 18.75 to $ 19.00
3 unchanged sentences
Discount rate 7.50 %
−Removed: 5.75 % to 7.25 %
The results of operations for each of the properties acquired through asset acquisitions during the years ended December 31, 2025, 2024 and 2023 have been included in operations since their respective dates of acquisition.
−Removed: Subsequent to December 31, 2024, the Company acquired Village Commons, a 170,976 -square-foot, grocery-anchored, multi-tenant retail property in the Miami MSA, for a gross purchase price of $ 68.4 million.
DISPOSITIONS AND IMPAIRMENT CHARGES
−Removed: The Company closed on the following dispositions during the years ended December 31, 2024, 2023 and 2022 (dollars in thousands) :
+Added: The Company closed on the following dispositions of operating properties during the years ended December 31, 2025, 2024 and 2023 (dollars in thousands) :
Date Property Name MSA Property Type Square
Footage Sales Price Gain (Loss)
+Added: April 4, 2025 Stoney Creek Commons Indianapolis Multi-tenant retail 84,094 $ 9,500 $ 4,802
+Added: June 25, 2025 Fullerton Metrocenter Los Angeles Multi-tenant retail 241,027 118,500 20,294
+Added: June 27, 2025 Denton Crossing (1)
+Added: Worth Multi-tenant retail 343,345 81,593 35,626
+Added: June 27, 2025 Parkway Towne Crossing (1)
+Added: Worth Multi-tenant retail 180,736 57,653 18,133
+Added: June 27, 2025 The Landing at Tradition (1)
+Added: Lucie Multi-tenant retail 397,199 93,754 23,639
+Added: July 21, 2025 Humblewood Shopping Center (2)
+Added: Houston Multi-tenant retail 85,682 18,250 5,890
+Added: October 10, 2025 DePauw University Bookstore and Café Indianapolis Single-user retail 11,974 600 413
+Added: November 20, 2025 Paradise Valley Marketplace (2)
+Added: Phoenix Multi-tenant retail 80,951 45,000 9,269
+Added: December 8, 2025 Belle Isle Station Oklahoma City Multi-tenant retail 196,158 45,000 11,727
+Added: December 8, 2025 Central Texas Marketplace (2)
+Added: Waco Multi-tenant retail 429,653 81,500 40,216
+Added: December 8, 2025 International Speedway Square (2)
+Added: Daytona Beach Multi-tenant retail 240,251 32,900 15,399
+Added: December 8, 2025 Pavilion at King’s Grant (2)
+Added: Charlotte Multi-tenant retail 303,212 64,450 27,790
+Added: December 8, 2025 Peoria Crossing (2)
+Added: Phoenix Multi-tenant retail 238,004 46,500 16,391
+Added: December 8, 2025 Portofino Shopping Center (2)
+Added: Houston Multi-tenant retail 342,863 101,200 48,977
+Added: December 8, 2025 Shops at Park Place (2)
+Added: Worth Multi-tenant retail 137,605 30,750 8,456
+Added: December 8, 2025 Watauga Pavilion (2)
+Added: Worth Multi-tenant retail 205,643 26,700 1,843
+Added: 3,518,397 $ 853,850 $ 288,865
May 31, 2024 Ashland & Roosevelt Chicago Multi-tenant retail 104,176 $ 30,600 $ ( 1,234 )
5 unchanged sentences
578,495 $ 142,050 $ 22,601
−Removed: January 26, 2022 Hamilton Crossing Centre Indianapolis Redevelopment (1)
−Removed: — $ 6,900 $ 3,168
−Removed: June 16, 2022 Plaza Del Lago Chicago Multi-tenant retail (2)
−Removed: 100,016 58,650 23,958
−Removed: October 27, 2022 Lincoln Plaza – Lowe’s Worcester, MA Ground lease interest (3)
−Removed: — 10,000 ( 57 )
−Removed: 100,016 $ 75,550 $ 27,069
−Removed: (1) The Company sold a portion of the redevelopment at Hamilton Crossing Centre.
−Removed: The total number of properties in our portfolio was not affected by this transaction.
−Removed: (2) Plaza Del Lago also contained 8,800 square feet of residential space comprised of 18 multifamily rental units.
−Removed: (3) The Company sold the ground lease interest in one tenant at Lincoln Plaza, an existing multi-tenant operating retail property.
−Removed: The total number of properties in our portfolio was not affected by this transaction.
−Removed: During the year ended December 31, 2024, the Company also received net proceeds of $ 6.4 million and recognized a gain of $ 2.5 million in connection with the sale of the first phase of a land parcel and the rights to develop 24 residential units at One Loudoun Expansion.
+Added: (1) The Company has retained a 52 % noncontrolling interest in this property.
+Added: (2) As of December 31, 2025, disposition proceeds related to this property are temporarily restricted related to a potential 1031 Exchange.
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: During the three months ended December 31, 2025, the Company sold a parcel and the related building to a tenant at Northpointe Plaza in the Spokane MSA for a sales price of $ 4.0 million and recorded a net gain of $ 2.6 million on the sale.
+Added: During the three months ended September 30, 2025, the Company sold approximately one acre of land at Hamilton Crossing Centre, a redevelopment property in the Indianapolis MSA, for a sales price of $ 0.8 million and recorded a net loss of $ 0.1 million on the sale.
+Added: In addition, the Company sold a land parcel at Lakewood Towne Center in the Seattle MSA for a sales price of $ 13.7 million and recorded a net gain of $ 6.1 million, which is recorded within “Net gains from outlot sales” in the accompanying consolidated statements of operations and comprehensive income (loss).
+Added: During the three months ended June 30, 2025, the Company contributed three previously wholly owned properties, Denton Crossing, Parkway Towne Crossing, and The Landing at Tradition, valued at $ 233.0 million in the aggregate to a newly formed joint venture (the “Seed Asset Joint Venture”) (see Note 5 to the accompanying consolidated financial statements for further details), and received $ 112.1 million in gross proceeds for the 48 % interest in the joint venture acquired by the joint venture partner.
+Added: The Company calculated the gain on sale from the Seed Asset Joint Venture in accordance with ASC 606, Revenue from Contracts with Customers , and ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets , which requires full gain recognition upon deconsolidation of a nonfinancial asset.
+Added: The gain on sale was calculated as the fair value of each of the three properties (based upon the sales price for the 48 % interest acquired by the joint venture partner) less the aggregate carrying value.
+Added: The Company’s retained 52 % equity method investment was recorded at fair value as of the transaction date, which equaled $ 120.9 million.
+Added: During the year ended December 31, 2024, the Company received net proceeds of $ 6.4 million and recognized a gain of $ 2.5 million in connection with the sale of the first phase of a land parcel and the rights to develop 24 residential units at the One Loudoun Expansion.
In addition, during the year ended December 31, 2024, the Company received proceeds of $ 0.6 million and recognized a gain of $ 0.6 million as a result of the receipt of an escrow related to the disposition of Reisterstown Road Plaza that previously closed on September 11, 2023.
−Removed: Since June 30, 2024, we have classified City Center, a 362,278 square foot multi-tenant retail property in the New York MSA, as held for sale as the Company has committed to a plan to sell this asset and expects that the sale will be completed within one year.
−Removed: This property qualified for held-for-sale accounting treatment upon meeting all applicable GAAP criteria as of
+Added: Investment Properties Held for Sale
+Added: As of December 31, 2025, the Company had entered into a contract to sell Coram Plaza, a 138,385 square foot multi-tenant retail property in the New York MSA.
+Added: This property qualified for held-for-sale accounting treatment upon meeting all applicable GAAP criteria during the quarter ended December 31, 2025, at which time depreciation and amortization ceased.
+Added: In addition, the assets and liabilities associated with this property are separately classified as held for sale in the accompanying consolidated balance sheets as of December 31, 2025.
+Added: In addition, City Center, a 362,278 square foot multi-tenant retail property in the New York MSA, remains held for sale as of December 31, 2025.
+Added: This property qualified for held-for-sale accounting treatment upon meeting all applicable GAAP criteria as of June 30, 2024, at which time depreciation and amortization ceased, and continues to meet the GAAP criteria for held-for-sale accounting treatment as of December 31, 2025.
+Added: In addition, the assets and liabilities associated with this property remain separately classified as held for sale in the accompanying consolidated balance sheets as of December 31, 2025 and 2024.
KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
1 unchanged sentence
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: June 30, 2024, at which time depreciation and amortization were ceased.
−Removed: In addition, the assets and liabilities associated with this property remain separately classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2024.
−Removed: No properties qualified for held-for-sale accounting treatment as of December 31, 2023.
−Removed: As of June 30, 2024, in connection with the preparation and review of the second quarter 2024 financial statements and in conjunction with classifying City Center as held for sale, we evaluated City Center for impairment and recorded a $ 66.2 million impairment charge due to changes in the facts and circumstances underlying the Company’s expected future hold period of the property.
−Removed: A shortening of the expected future hold period is considered an impairment indicator;
−Removed: therefore, we assessed the recoverability of City Center by comparing the carrying value of long-lived assets of $ 135.1 million as of June 30, 2024 to its estimated fair value of $ 69.6 million, which was determined using the income approach, less estimated selling costs of $ 0.7 million.
−Removed: The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated hold period to a present value at a risk-adjusted rate.
−Removed: We used capitalization rates as a significant assumption in the valuation model, which are considered to be Level 3 inputs within the fair value hierarchy.
−Removed: We applied capitalization rates ranging from 6.0 % to 15.0 % to property income streams based upon the risk profile of the respective tenants and market rent of the leasable space.
−Removed: Based on this analysis, we recorded a $ 66.2 million non-cash impairment charge on City Center during the three months ended June 30, 2024.
−Removed: Subsequent to December 31, 2024, the Company received bona fide purchase offers on City Center with a range of expected sales prices that are in line with the Company’s estimated fair value of $ 69.6 million determined as of June 30, 2024.
−Removed: Therefore, the estimated fair value of City Center determined as of June 30, 2024 continues to be a reasonable estimate of value.
−Removed: The following table presents the assets and liabilities associated with City Center, the investment property that remains classified as held for sale as of December 31, 2024 (in thousands) :
−Removed: December 31, 2024
−Removed: Net investment properties $ 68,991
+Added: The following table presents the assets and liabilities associated with Coram Plaza and City Center, the investment properties classified as held for sale as of December 31, 2025.
+Added: In addition, City Center was classified as held for sale as of December 31, 2024 (in thousands) :
+Added: December 31, 2025 December 31, 2024
+Added: Investment properties, net $ 64,899 $ 68,991
Tenant and other receivables 2,676 1,760
2 unchanged sentences
Prepaid and other assets 417 181
−Removed: Assets associated with investment property held for sale $ 73,791
+Added: Assets associated with investment properties held for sale $ 71,105 $ 73,791
Accounts payable and accrued expenses $ 811 $ 544
Deferred revenue and other liabilities 3,503 3,465
−Removed: Liabilities associated with investment property held for sale $ 4,009
−Removed: During the year ended December 31, 2023, in connection with the preparation and review of the third quarter 2023 financial statements, the Company recorded a $ 0.5 million impairment charge in connection with the sale of Eastside, a 43,640 square foot, multi-tenant retail property in the Dallas/Ft.
+Added: Liabilities associated with investment properties held for sale $ 4,314 $ 4,009
+Added: There were no discontinued operations for the years ended December 31, 2025, 2024 and 2023 as none of the dispositions or planned dispositions represented a strategic shift that has had, or will have, a material effect on our operations or financial results.
+Added: Valuation of Investment Properties
+Added: As of December 31, 2025, in connection with the preparation and review of the fourth quarter 2025 financial statements and in conjunction with classifying Coram Plaza as held for sale, we evaluated Coram Plaza for impairment and recorded a $ 12.5 million impairment charge based upon the terms and conditions of an executed contract.
+Added: As of December 31, 2025, the carrying value of Coram Plaza was $ 24.9 million and its estimated fair value was $ 12.5 million, less estimated selling costs of $ 0.1 million;
+Added: therefore, we recorded a $ 12.5 million impairment charge on Coram Plaza during the three months ended December 31, 2025.
+Added: As of September 30, 2025, in connection with the preparation and review of the third quarter 2025 financial statements, we evaluated the Carillon medical office building, which is included in our office portfolio, and the retail portion of Carillon for impairment and recorded impairment charges totaling $ 22.3 million based upon the terms and conditions of purchase offers received.
+Added: A decrease in market price along with a shortening of the expected future hold period are considered impairment indicators;
+Added: therefore, we assessed the recoverability of the carrying value of long-lived assets of Carillon using the held and used approach, noting the carrying value was not recoverable.
+Added: As of September 30, 2025, the carrying value of the Carillon medical office building was $ 35.7 million and its estimated fair value was $ 24.0 million;
+Added: therefore, we recorded an $ 11.7 million impairment charge on the Carillon medical office building during the three months ended September 30, 2025.
+Added: As of September 30, 2025, the carrying value of the retail portion of Carillon was $ 36.1 million and its estimated fair value was $ 25.5 million;
+Added: therefore, we recorded a $ 10.6 million impairment charge on the retail portion of Carillon during the three months ended September 30, 2025.
+Added: As of September 30, 2025, in connection with the preparation and review of the third quarter 2025 financial statements and in conjunction with continuing to classify City Center as held for sale, we evaluated City Center for impairment and recorded a $ 17.0 million impairment charge based upon the terms and conditions of purchase offers received.
+Added: We assessed the recoverability of City Center by comparing the carrying value of long-lived assets of $ 71.5 million as of September 30, 2025 to its estimated fair value of $ 55.0 million, less estimated selling costs of $ 0.5 million;
+Added: therefore, we recorded a $ 17.0 million impairment charge on City Center during the three months ended September 30, 2025.
+Added: During the year ended December 31, 2024, in connection with the preparation and review of the second quarter 2024 financial statements and in conjunction with classifying City Center as held for sale as of June 30, 2024, we recorded a $ 66.2 million impairment charge on City Center due to changes in the facts and circumstances underlying the Company’s
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: expected future hold period of the property.
+Added: We determined the impairment amount by comparing the carrying value of long-lived assets of $ 135.1 million as of June 30, 2024 to its estimated fair value of $ 69.6 million, which was determined using the income approach, less estimated selling costs of $ 0.7 million.
+Added: The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated hold period to a present value at a risk-adjusted rate.
+Added: We used capitalization rates as a significant assumption in the valuation model, which are considered to be Level 3 inputs within the fair value hierarchy.
+Added: We applied capitalization rates ranging from 6.0 % to 15.0 % to property income streams based upon the risk profile of the respective tenants and market rent of the leasable space.
+Added: Based on this analysis, we recorded a $ 66.2 million impairment charge on City Center during the year ended December 31, 2024.
+Added: During the year ended December 31, 2023, in connection with the preparation and review of the third quarter 2023 financial statements, we recorded a $ 0.5 million impairment charge in connection with the sale of Eastside, a 43,640 square foot multi-tenant retail property in the Dallas/Ft.
Worth MSA, as a result of a change in the expected hold period.
−Removed: The Company recorded the asset at the lower of cost or fair value less estimated costs to sell, which was approximately $ 14.1 million.
+Added: We recorded the asset at the lower of cost or fair value less estimated costs to sell, which was approximately $ 14.1 million.
The estimated fair value of Eastside was based upon the expected sales price from an executed sales contract and determined to be a Level 3 input within the fair value hierarchy.
Eastside was sold on October 24, 2023 for a gross sales price of $ 14.4 million.
−Removed: There were no discontinued operations for the years ended December 31, 2024, 2023 and 2022 as none of the dispositions or planned dispositions represented a strategic shift that has had, or will have, a material effect on our operations or financial results.
+Added: INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
+Added: The following table summarizes the Company’s investments in unconsolidated joint ventures as of December 31, 2025 and 2024 (dollars in thousands) :
+Added: Date of Investment Ownership Interest Investment at
+Added: Joint Venture December 31, 2025 December 31, 2024
+Added: Embassy Suites at Eddy Street Commons (1)
+Added: December 2017 35 % $ 8,797 $ 9,514
+Added: Nuveen Portfolio Joint Venture (2)
+Added: June 2018 20 % 5,552 5,951
+Added: Glendale Multifamily Joint Venture (3)
+Added: May 2020 11.5 % 409 536
+Added: The Corner – IN Joint Venture (4)
+Added: September 2021 50 % — 1,010
+Added: Legacy West Joint Venture April 2025 52 % 230,093 —
+Added: Seed Asset Joint Venture June 2025 52 % 117,056 —
+Added: Other investments 2,500 2,500
+Added: $ 364,407 $ 19,511
+Added: (1) The Company formed a joint venture with an unrelated third party to develop and own an Embassy Suites hotel next to Eddy Street Commons, our operating retail property at the University of Notre Dame.
+Added: The Company contributed $ 1.4 million in cash to the joint venture in return for a 35 % ownership interest.
+Added: In 2017, the joint venture entered into a $ 33.8 million construction loan, which was repaid during the year ended December 31, 2025, of which the Company contributed $ 10.2 million, representing our 35 % share of the debt repaid.
+Added: (2) The Company formed a joint venture with Nuveen Real Estate, formerly known as TH Real Estate, and contributed three properties (Livingston Shopping Center, Plaza Volente, and Tamiami Crossing) to the joint venture, valued at $ 99.8 million in the aggregate, and, after considering third-party debt obtained by the joint venture upon formation, the Company contributed $ 10.0 million for a 20 % noncontrolling ownership interest in the joint venture.
+Added: The Company is the operating member of the joint venture and earns fees for providing property management and leasing services.
+Added: (3) The Company formed a joint venture with an unrelated third party for the planned development of a multifamily project adjacent to Glendale Town Center, our operating retail property in the Indianapolis MSA.
+Added: The Company contributed land valued at $ 1.6 million to the joint venture and retained an 11.5 % ownership interest in the joint venture.
+Added: The Company’s partner is the operating member of the joint venture.
+Added: (4) The Company formed a joint venture with an unrelated third party for the planned redevelopment of The Corner in the Indianapolis MSA into a mixed-use, multifamily, and retail project.
+Added: The Company contributed land valued at $ 4.0 million to the joint venture and retained a 50 % ownership interest in the joint venture.
+Added: During the three months ended March 31, 2025, we completed major development construction activities at The Corner – IN and reclassified the property from active development into our operating portfolio in March 2025.
+Added: On January 31, 2024, the joint venture that owned Glendale Center Apartments sold the 267 -unit property to a third party, resulting in a gain on sale of $ 20.2 million.
+Added: The Company recognized its share of the gain from the sale of unconsolidated property of $ 2.3 million during the year ended December 31, 2024.
+Added: In addition, the Company received a $ 1.6 million
KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
1 unchanged sentence
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: distribution upon the disposition of the property during the year ended December 31, 2024.
+Added: The Company maintains an investment in the joint venture, which is in the process of winding up its activities and distributing its remaining net assets.
+Added: In March 2025, the Company entered into a joint venture with a leading global investment firm, and on April 28, 2025, the joint venture acquired Legacy West in the Dallas/Fort Worth MSA.
+Added: See Note 3 to the accompanying consolidated financial statements for details on the acquisition.
+Added: The Company owns 52 % of the equity in the Legacy West Joint Venture.
+Added: The Company is the operating member of the joint venture, and an affiliate of the Company is the property manager responsible for the day-to-day management of Legacy West.
+Added: The Company provides leasing, construction, and property management services to the Legacy West Joint Venture, for which it earns fees.
+Added: In June 2025, the Company entered into a second joint venture with the global investment firm and contributed three previously wholly owned properties valued at $ 233.0 million in the aggregate for a 52 % noncontrolling interest in the Seed Asset Joint Venture.
+Added: See Note 4 to the accompanying consolidated financial statements for details on the disposition.
+Added: The Company is the operating member of the joint venture, and an affiliate of the Company is the property manager responsible for the day-to-day management of the three properties.
+Added: The Company provides leasing, construction, and property management services to the Seed Asset Joint Venture, for which it earns fees.
+Added: The Company and our joint venture partners both have substantive participating rights over major decisions that impact the economics and operations of the joint ventures.
+Added: The Company has the ability to exercise significant influence but does not have financial or operating control over these investments, and as a result, the Company accounts for these investments pursuant to the equity method of accounting.
+Added: Under the equity method, the net equity investment of the Company is reflected in the accompanying consolidated balance sheets, and the Company’s share of net income or loss from each unconsolidated joint venture is included in the accompanying consolidated statements of operations and comprehensive income (loss).
SHARE-BASED COMPENSATION
The Company’s 2013 Equity Incentive Plan was amended and restated as of May 11, 2022 (the “Equity Plan”) to, among other things, provide for the issuance of up to an additional 3,000,000 common share equivalents of the Company.
−Removed: The Equity Plan authorizes the issuance of share options, share appreciation rights, restricted shares and units, long-term incentive plan units (“LTIP Units”), “appreciation only” LTIP Units (“AO LTIP Units”), performance awards, and other share-based awards to employees and trustees.
+Added: The Equity Plan authorizes the issuance of share options, share appreciation rights, restricted shares and units, long-term incentive plan units (“LTIP Units”), “appreciation only” LTIP Units (“AO LTIP Units”), performance awards, and other share-based awards to the Company’s employees and trustees.
As of December 31, 2025, there were 3,632,531 common share equivalents available for grant under the Equity Plan.
The Company accounts for its share-based compensation in accordance with the fair value recognition provisions provided in ASC 718, Stock Compensation .
−Removed: During the years ended December 31, 2024, 2023 and 2022, the Company recognized $ 10.2 million, $ 10.1 million, and $ 10.3 million of share-based compensation expense, net of amounts capitalized, respectively, which is included within “General, administrative and other” expenses in the accompanying consolidated statements of operations and comprehensive income.
+Added: During the years ended December 31, 2025, 2024 and 2023, the Company recognized $ 10.8 million, $ 10.7 million, and $ 10.1 million of share-based compensation expense, net of amounts capitalized, respectively, which is included within “General, administrative and other” expenses in the accompanying consolidated statements of operations and comprehensive income (loss).
During the years ended December 31, 2025, 2024 and 2023, the Company capitalized $ 1.1 million, $ 1.1 million, and $ 1.4 million of share-based compensation for development activities, respectively.
2 unchanged sentences
Pursuant to the Equity Plan, the Company may periodically grant options to purchase common shares at an exercise price equal to the grant date fair value of the Company’s common shares.
−Removed: Options granted typically vest over a five-year period and expire 10 years from the grant date.
−Removed: The Company issues new common shares upon the exercise of options.
+Added: The Company would issue new common shares upon the exercise of options.
There was no option activity during the years ended December 31, 2025 and 2024 as all outstanding options were exercised during 2022.
−Removed: In addition, no options were granted during the years ended December 31, 2024, 2023 or 2022.
−Removed: The aggregate intrinsic value of the 1,250 options exercised during the year ended December 31, 2022 was $ 3,300 .
+Added: In addition, no options were granted during the years ended December 31, 2025, 2024 and 2023.
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Restricted Shares
10 unchanged sentences
Restricted shares outstanding as of December 31, 2025 389,508 $ 22.32
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
The following table summarizes the restricted share grants and vestings during the years ended December 31, 2025, 2024 and 2023 (dollars in thousands, except share and per share data) :
16 unchanged sentences
LTIP Units vested ( 226,779 ) 15.86
−Removed: Restricted units outstanding as of December 31, 2024 410,709 $ 16.43
+Added: LTIP Units outstanding as of December 31, 2025 381,969 $ 18.00
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table summarizes the LTIP Unit grants and vestings during the years ended December 31, 2025, 2024 and 2023 (dollars in thousands, except unit and per unit data) :
6 unchanged sentences
2023 163,515 $ 17.45 $ 3,740
−Removed: As of December 31, 2024, there was $ 4.4 million of total unrecognized compensation expense related to LTIP Units, which is expected to be recognized over a weighted average period of 1.0 year.
+Added: As of December 31, 2025, there was $ 4.1 million of total unrecognized compensation expense related to LTIP Units, which is expected to be recognized over a weighted average period of 0.9 years.
We expect to incur approximately $ 2.5 million of this expense in 2026, $ 1.4 million in 2027, and the remainder in 2028.
1 unchanged sentence
During the years ended December 31, 2024 and 2023, the Company’s executive officers exercised 485,593 and 551,817 AO LTIP Units, respectively, which were previously granted in connection with the Company’s annual review of executive compensation.
−Removed: AO LTIP Units are designed to have economics similar to stock options and allow the recipient, subject to vesting requirements, to realize value above a threshold level set as of the grant date of the award (the “Participation Threshold”).
+Added: No AO LTIP Units were granted or exercised during the year ended December 31, 2025.
+Added: AO LTIP Units are designed to have economics similar to stock options and allow the recipient, subject to vesting requirements, to realize value above a threshold level as of the grant date of the award (the “Participation Threshold”).
The value of vested AO LTIP Units is realized through conversion into a number of vested LTIP Units in the Operating Partnership determined on the basis of how much the value of a common share of the Company has increased over the Participation Threshold.
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
The AO LTIP Units became exercisable and convertible into vested LTIP Units of the Operating Partnership after they became vested AO LTIP Units.
6 unchanged sentences
Special Long-Term Equity Award
−Removed: In January 2022, the Compensation Committee of the Company’s Board of Trustees granted a total of 363,883 LTIP Units to the Company’s named executive officers as a special long-term equity award related to the October 2021 merger with RPAI, which are subject to both performance and service conditions.
+Added: In January 2022, the Compensation Committee of the Company’s Board of Trustees granted a total of 363,883 LTIP Units to the Company’s named executive officers as a special long-term equity award related to the October 2021 merger with RPAI, which were subject to both performance and service conditions.
The LTIP Units granted were subject to an approximate three-year performance and service period, from October 23, 2021 through December 31, 2024, with the following performance components:
−Removed: (i) cumulative annualized net operating income for executed new leases from October 1, 2021 to December 31, 2024, which will be weighted at 60 %;
−Removed: (ii) post-merger cash general and administrative expense synergies achieved as of the end of the performance period, which will be weighted at 20 %;
−Removed: and (iii) same property net operating income margin improvement over the performance period, which will be weighted at 20 %.
−Removed: Overall performance is further subject to an absolute total shareholder return modifier that can increase (or decrease) the total number of LTIP Units eligible to vest by up to 25 % (not to exceed the maximum number of LTIP Units).
−Removed: Distributions will accrue during the performance period and be paid only on LTIP Units that vest at the conclusion of the performance period, and any accrued distributions on vested LTIP Units will be settled in cash at such time.
+Added: (i) cumulative annualized net operating income for executed new leases from October 1, 2021 to December 31, 2024, which was weighted at 60 %;
+Added: (ii) post-merger cash general and administrative expense synergies achieved as of the end of the performance period, which was weighted at 20 %;
+Added: and (iii) same property net operating income margin improvement over the performance period, which was weighted at 20 %.
+Added: Overall performance was further subject to an absolute total shareholder return modifier that could increase (or decrease) the total number of LTIP Units that were eligible to vest by up to 25 % (not to exceed the maximum number of LTIP Units).
+Added: In February 2025, a total of 363,883 LTIP Units were granted to the Company’s named executive officers related to the special long-term equity award.
+Added: Distributions accrued during the performance period and were paid only on LTIP Units that vested at the conclusion of the performance period, which totaled $ 1.0 million and were settled in cash at such time.
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DEFERRED COSTS AND INTANGIBLES, NET
8 unchanged sentences
$ 184,641 $ 240,847
−Removed: deferred costs associated with investment property held for sale ( 2,634 ) —
+Added: deferred costs associated with investment properties held for sale ( 3,088 ) ( 2,634 )
Deferred costs, net $ 181,553 $ 238,213
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
The estimated net amounts of amortization of acquired lease intangible assets for properties owned as of December 31, 2025 for each of the next five years and thereafter are as follows (in thousands) :
9 unchanged sentences
Total $ 11,642 $ 95,515 $ 107,157
−Removed: The amortization of deferred leasing costs, lease intangibles and other is included within “Depreciation and amortization” in the accompanying consolidated statements of operations and comprehensive income.
−Removed: The amortization of above-market lease intangibles is included as a reduction to “Rental income” in the accompanying consolidated statements of operations and comprehensive income.
−Removed: The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands) :
+Added: The amortization of deferred leasing costs, lease intangibles and other is included within “Depreciation and amortization” in the accompanying consolidated statements of operations and comprehensive income (loss).
+Added: The amortization of above-market lease intangibles is included as a reduction to “Rental income” in the accompanying consolidated statements of operations and comprehensive income (loss).
+Added: The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income (loss) are as follows (in thousands) :
Year Ended December 31,
3 unchanged sentences
DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES
−Removed: Deferred revenue and other liabilities consist of (i) the unamortized fair value of below-market lease liabilities recorded in connection with purchase accounting, (ii) retainage payables for development and redevelopment projects, (iii) tenant rent payments received in advance of the month in which they are due, and (iv) lease liabilities recorded upon adoption of ASU 2016-02, Leases (Topic 842) .
+Added: Deferred revenue and other liabilities consist of (i) the unamortized fair value of below-market lease liabilities recorded in connection with purchase accounting, (ii) retainage payables for development and redevelopment projects, (iii) tenant rent payments received in advance of the month in which they are due, and (iv) lease liabilities.
The amortization of below-market lease liabilities is recognized as revenue over the remaining life of the leases (including option periods for leases with below-market renewal options) through 2085.
Tenant rent payments received in advance are recognized as revenue in the period to which they apply, which is typically the month following their receipt.
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and 2024, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands) :
1 unchanged sentence
Unamortized in-place lease liabilities $ 110,038 $ 142,035
−Removed: Retainages payable and other 8,317 9,229
+Added: Retainage payables and other 18,479 8,317
Tenant rents received in advance 31,456 32,176
1 unchanged sentence
$ 225,316 $ 249,565
−Removed: deferred revenue associated with investment property held for sale ( 3,465 ) —
+Added: deferred revenue associated with investment properties held for sale ( 3,503 ) ( 3,465 )
Deferred revenue and other liabilities $ 221,813 $ 246,100
−Removed: The amortization of below-market lease intangibles is included as a component of “Rental income” in the accompanying consolidated statements of operations and comprehensive income and totaled $ 19.6 million, $ 24.0 million, and $ 18.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
−Removed: The estimated net amounts of amortization of in-place lease liabilities and the increasing effect on minimum rent for properties owned as of December 31, 2024 for each of the next five years and thereafter are as follows (in thousands) :
+Added: The amortization of below-market lease intangibles is included as a component of “Rental income” in the accompanying consolidated statements of operations and comprehensive income (loss) and totaled $ 19.8 million, $ 19.6 million, and $ 24.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.
+Added: The estimated net amounts of amortization of in-place lease liabilities and the resulting increase in minimum rent for properties owned as of December 31, 2025 for each of the next five years and thereafter are as follows (in thousands) :
2026 $ 10,859
19 unchanged sentences
Variable rate debt 497,200 16 % 4.73 % 2.5
−Removed: 169,600 5 % 7.64 % 1.7
Debt discounts, premiums and issuance costs, net ( 2,459 ) N/A N/A N/A
Mortgage and other indebtedness, net $ 3,025,478 100 % 4.36 % 4.2
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(1) Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps.
−Removed: As of December 31, 2024, $ 700.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 0.9 years.
−Removed: (2) Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps.
−Removed: As of December 31, 2024, $ 155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 0.7 years.
+Added: As of December 31, 2025, $ 150.0 million in variable rate debt is hedged to a fixed rate through July 17, 2026.
Mortgages Payable
11 unchanged sentences
(1) The fixed rate mortgages had interest rates ranging from 3.75 % to 5.73 % as of December 31, 2025 and 2024.
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
−Removed: (2) On October 1, 2024, the index on the variable rate mortgage was replaced with the Secured Overnight Financing Rate (“ SOFR ”) plus 215 basis points from the Bloomberg Short Term Bank Yield Index (“ BSBY ”) plus 215 basis points.
−Removed: The one-month SOFR rate was 4.33 % as of December 31, 2024, and the one-month BSBY rate was 5.44 % as of December 31, 2023.
+Added: (2) The interest rate on the variable rate mortgage is based on the Secured Overnight Financing Rate (“ SOFR ”) plus 215 basis points.
+Added: The one-month SOFR rate was 3.69 % and 4.33 % as of December 31, 2025 and 2024, respectively.
Mortgages payable, which are secured by certain real estate and, in some cases, by guarantees from the Operating Partnership, are generally due in monthly installments of principal and interest and mature over various terms through 2033.
5 unchanged sentences
Senior notes – 4.00 % due 2025
−Removed: June 30, 2024 $ — — % $ 149,635 4.58 %
−Removed: Senior notes – 4.00 % due 2025
March 15, 2025 $ — — % $ 350,000 4.00 %
−Removed: Senior notes – SOFR + 3.65 % due 2025 (1)
+Added: Senior notes – 4.47 % due 2025 (1)
September 10, 2025 — — % 80,000 7.70 %
5 unchanged sentences
April 1, 2027 175,000 0.75 % 175,000 0.75 %
−Removed: Senior notes – SOFR + 3.75 % due 2027 (2)
+Added: Senior notes – 4.57 % due 2027 (2)
September 10, 2027 75,000 4.57 % 75,000 7.80 %
8 unchanged sentences
Senior notes – 5.20 % due 2032
+Added: August 15, 2032 300,000 5.20 % — — %
+Added: Senior notes – 5.50 % due 2034 (3)
March 1, 2034 350,000 4.60 % 350,000 4.60 %
Total senior unsecured notes $ 2,250,000 $ 2,380,000
−Removed: (1) $ 80,000 of 4.47 % senior unsecured notes due 2025 has been swapped to a variable rate of three-month SOFR plus 3.65 % through September 10, 2025.
−Removed: (2) $ 75,000 of 4.57 % senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75 % through September 10, 2025.
−Removed: (3) The coupon rate of the Notes Due 2034 (defined below) is 5.50 %;
+Added: (1) As of December 31, 2024, $ 80,000 of 4.47 % senior unsecured notes due 2025 had been swapped to a variable rate of three-month SOFR plus 3.65 % through September 10, 2025.
+Added: (2) As of December 31, 2024, $ 75,000 of 4.57 % senior unsecured notes due 2027 had been swapped to a variable rate of three-month SOFR plus 3.75 % through September 10, 2025.
+Added: (3) The coupon rate is 5.50 %;
however, as a result of hedging activities, the Company’s interest rate is 4.60 %.
1 unchanged sentence
In October 2021, in connection with the merger with Retail Properties of America, Inc.
−Removed: (“RPAI”), the Operating Partnership entered into a number of assumption agreements pursuant to which the Operating Partnership assumed all of RPAI’s obligations under RPAI’s existing note purchase agreements related to an aggregate of $ 450.0 million in principal of privately placed senior unsecured notes.
+Added: (“RPAI”), the Operating Partnership entered into a number of assumption agreements pursuant to which the Operating Partnership assumed all of RPAI’s obligations under RPAI’s existing note purchase agreements related to an aggregate of $ 450.0 million in principal of
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: privately placed senior unsecured notes.
During the year ended December 31, 2024, the Company repaid the $ 149.6 million principal balance of the 4.58 % senior unsecured notes that matured on June 30, 2024.
In addition, in August 2015, the Operating Partnership entered into a note purchase agreement in connection with the issuance of $ 250.0 million of senior unsecured notes at a blended interest rate of 4.41 % and an average maturity of 9.8 years (collectively, the “Private Placement Notes”).
+Added: During the year ended December 31, 2025, the Company repaid the $ 80.0 million principal balance of the 4.47 % senior unsecured notes that matured on September 10, 2025 (the “Notes Due September 2025”).
During the year ended December 31, 2023, the Company repaid the $ 95.0 million principal balance of the 4.23 % senior unsecured notes that matured on September 10, 2023.
2 unchanged sentences
The make-whole amount is equal to the excess, if any, of the discounted value of the remaining scheduled payments with respect to the Private Placement Notes being prepaid over the amount of such Private Placement Notes.
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
Each note purchase agreement contains customary financial maintenance covenants, including a maximum total leverage ratio, secured and unsecured leverage ratios, and a minimum interest coverage ratio.
3 unchanged sentences
Publicly Placed Senior Unsecured Notes
+Added: In June 2025, the Company completed a public offering of $ 300.0 million in aggregate principal amount of 5.20 % senior unsecured notes due 2032 (the “Notes Due 2032”).
+Added: The Notes Due 2032 were priced at 99.513 % of the principal amount to yield 5.281 % to maturity and will mature on August 15, 2032, unless earlier redeemed.
+Added: The proceeds were used to repay the $ 150.0 million unsecured term loan that was scheduled to mature on July 17, 2026 (the “$ 150 M Term Loan”), borrowings on the Company’s revolving line of credit, and the Notes Due September 2025.
In August 2024, the Operating Partnership completed a public offering of $ 350.0 million in aggregate principal amount of 4.95 % senior unsecured notes due 2031 (the “Notes Due 2031”).
The Notes Due 2031 were priced at 99.328 % of the principal amount to yield 5.062 % to maturity and will mature on December 15, 2031, unless earlier redeemed.
−Removed: The Company expects the proceeds will be used to repay the $ 350.0 million principal balance of the 4.00 % senior unsecured notes due 2025 (the “Notes Due 2025”) and for general corporate purposes.
+Added: The proceeds were used to repay the $ 350.0 million principal balance of the 4.00 % senior unsecured notes that matured on March 15, 2025 and for general corporate purposes.
In January 2024, the Operating Partnership completed a public offering of $ 350.0 million in aggregate principal amount of 5.50 % senior unsecured notes due 2034 (the “Notes Due 2034”).
5 unchanged sentences
The Public Placement Notes are the direct, senior unsecured obligations of the Operating Partnership and rank equally in right of payment with all of its existing and future unsecured and unsubordinated indebtedness.
−Removed: The Operating Partnership may redeem the Public Placement Notes at its option and in its sole discretion, at any time or from time to time, prior to three months prior to the respective maturity date (such date, the “Par Call Date”), at a redemption price equal to 100 % of the principal amount of the applicable Public Placement Notes being redeemed, plus accrued and unpaid interest and a “make-whole” premium calculated in accordance with the indenture.
+Added: The Operating Partnership may redeem the Public Placement Notes at its option and in its sole discretion, at any time or from time to time, prior to three months prior to the respective maturity date (such date, the “Par Call Date”), at a redemption price equal to 100 % of the principal amount of the applicable Public Placement Notes being redeemed, plus accrued and unpaid interest and a “make-
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: whole” premium calculated in accordance with the indenture.
Redemptions on or after the respective Par Call Date are not subject to the addition of a “make-whole” premium.
Exchangeable Senior Notes
−Removed: In March 2021, the Operating Partnership issued $ 175.0 million aggregate principal amount of 0.75 % exchangeable senior notes maturing in April 2027 (the “Exchangeable Notes”).
+Added: In March 2021, the Operating Partnership issued $ 175.0 million aggregate principal amount of 0.75 % exchangeable senior notes that mature in April 2027 (the “Exchangeable Notes”).
The Exchangeable Notes are governed by an indenture between the Operating Partnership, the Company, and U.S.
5 unchanged sentences
During each of the years ended December 31, 2025, 2024 and 2023, we recognized approximately $ 1.3 million of interest expense related to the Exchangeable Notes.
−Removed: Prior to January 1, 2027, the Exchangeable Notes will be exchangeable into cash up to the principal amount of the Exchangeable Notes exchanged and, if applicable, cash or common shares or a combination thereof only upon certain circumstances and during certain periods.
+Added: Prior to January 1, 2027, the Exchangeable Notes are exchangeable into cash up to the principal amount of the Exchangeable Notes exchanged and, if applicable, cash or common shares or a combination thereof only upon certain circumstances and during certain periods.
On or after January 1, 2027, the Exchangeable Notes will be exchangeable into cash up to the principal amount of the Exchangeable Notes exchanged and, if applicable, cash or common shares or a combination thereof at the option of the holders at any time prior to the close of business on the second scheduled trading day preceding the maturity date.
−Removed: The initial exchange rate was 39.6628 common shares per $1,000 principal amount of Exchangeable Notes, which was equivalent to an initial exchange price of approximately $ 25.21 per common share and an exchange premium of
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
−Removed: approximately 25 % based upon the closing price of $ 20.17 per common share on March 17, 2021.
+Added: The initial exchange rate was 39.6628 common shares per $1,000 principal amount of Exchangeable Notes, which was equivalent to an initial exchange price of approximately $ 25.21 per common share and an exchange premium of approximately 25 % based upon the closing price of $ 20.17 per common share on March 17, 2021.
The exchange rate is subject to adjustment upon the occurrence of certain events but will not be adjusted for any accrued and unpaid interest.
−Removed: As of December 31, 2024, the exchange rate of the Exchangeable Notes is 41.1225 common shares per $1,000 principal amount of Exchangeable Notes due to adjustments related to dividends paid.
+Added: As of December 31, 2025, the exchange rate of the Exchangeable Notes is 41.8881 common shares per $1,000 of the principal amount due to adjustments related to dividends paid.
The Operating Partnership may redeem the Exchangeable Notes at its option, in whole or in part, on any business day on or after April 5, 2025, if the last reported sale price of the common shares has been at least 130 % of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Operating Partnership provides notice of redemption at a redemption price equal to 100 % of the principal amount of the Exchangeable Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
4 unchanged sentences
We incurred $ 9.8 million of costs related to the Capped Call Transactions, which are included within “Additional paid-in capital” in the accompanying consolidated balance sheets.
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Unsecured Term Loans and Revolving Line of Credit
5 unchanged sentences
Unsecured term loan due 2027 – fixed rate (2)
−Removed: July 17, 2026 150,000 2.73 % 150,000 2.73 %
−Removed: Unsecured term loan due 2027 – fixed rate (3)
October 24, 2027 250,000 4.72 % 250,000 3.94 %
7 unchanged sentences
The applicable credit spread was 1.05 % as of December 31, 2024.
−Removed: (2) $ 150,000 of SOFR -based variable rate debt has been swapped to a fixed rate of 1.68 % plus a credit spread based on a ratings grid ranging from 0.75 % to 1.60 % through July 17, 2026.
−Removed: The applicable credit spread was 1.05 % as of December 31, 2024 and 2023.
−Removed: (3) $ 250,000 of SOFR -based variable rate debt has been swapped to a fixed rate of 2.99 % plus a credit spread based on a ratings grid through October 24, 2025.
−Removed: As of December 31, 2024, the credit spread ranged from 0.75 % to 1.60 % and the applicable credit spread was 0.95 %.
−Removed: As of December 31, 2023, the credit spread ranged from 2.00 % to 2.50 % and the applicable credit spread was 2.10 %.
+Added: The $ 150 M Term Loan was repaid in June 2025 and the related interest rate swaps were assigned to the $ 300 M Term Loan effective August 1, 2025.
+Added: (2) As of December 31, 2024, $ 250,000 of SOFR -based variable rate debt had been swapped to a fixed rate of 2.99 % plus a credit spread based on a ratings grid ranging from 0.75 % to 1.60 % through October 24, 2025.
+Added: The applicable credit spread was 0.95 % as of December 31, 2024.
The maturity date of the term loan may be extended by one one-year period at the Operating Partnership’s election, subject to certain conditions.
−Removed: (4) $ 300,000 of SOFR -based variable rate debt has been swapped to a fixed rate of 2.47 % plus a credit spread based on a ratings grid ranging from 1.15 % to 2.20 % through August 1, 2025.
−Removed: The applicable credit spread was 1.25 % as of December 31, 2024 and 1.35 % as of December 31, 2023.
+Added: (3) As of December 31, 2025, $ 150,000 of the $ 300,000 SOFR -based variable rate debt has been swapped to a fixed rate of 1.68 % plus a credit spread based on a ratings grid ranging from 0.75 % to 1.60 % through July 17, 2026.
+Added: The applicable credit spread was 0.85 % as of December 31, 2025.
+Added: The interest rate shown is the weighted average rate as of December 31, 2025.
+Added: As of December 31, 2024, $ 300,000 of SOFR -based variable rate debt had been swapped to a fixed rate of 2.47 % plus a credit spread based on a ratings grid ranging from 1.15 % to 2.20 % through August 1, 2025.
+Added: The applicable credit spread was 1.25 % as of December 31, 2024.
(4) The revolving line of credit can be extended for either one one-year period or up to two six-month periods at the Company’s election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075 % of the revolving line of credit capacity.
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
Unsecured Revolving Credit Facility
1 unchanged sentence
Under the Credit Agreement, the Operating Partnership has the option, subject to certain customary conditions, to increase the Revolving Facility and/or incur additional term loans up to a maximum aggregate amount not to exceed $ 2.0 billion.
−Removed: The Third Amendment extended the maturity date of the Revolving Facility to October 3, 2028, which maturity date may be extended for either one one-year period or up to two six-month periods at the Operating Partnership’s option, subject to certain conditions.
+Added: The Revolving Facility matures on October 3, 2028, which maturity date may be extended for either one one-year period or up to two six-month periods at the Operating Partnership’s option, subject to certain conditions.
+Added: The Revolving Facility had an outstanding balance of $ 85.0 million as of December 31, 2025.
+Added: No amounts were outstanding as of December 31, 2024.
Borrowings under the Revolving Facility bear interest at a rate per annum equal to SOFR plus a margin based on the Operating Partnership’s leverage ratio or credit rating, respectively, plus a facility fee based on the Operating Partnership’s leverage ratio or credit rating, respectively.
−Removed: The SOFR rate is also subject to an additional 0.10 % spread adjustment.
+Added: In July 2025, the Operating Partnership, as borrower, and the Company entered into the Fourth Amendment (the “Fourth Amendment”) to the Credit Agreement to, among other things, eliminate an additional 0.10 % SOFR spread adjustment.
The Revolving Facility is currently priced on the leverage-based pricing grid.
3 unchanged sentences
however, the Company has not made the election to convert to the ratings-based pricing grid.
−Removed: As specified in the Third Amendment, in the event that the Company so elects to convert to the ratings-based pricing grid, the Company has the ability to obtain more favorable pricing in certain circumstances when its total leverage ratio is (x) less than or equal to 35.0 % or (y) greater than 35.0 % but less than or equal to 37.5 % with respect to not more than one fiscal quarter following a period in which the condition described in clause (x) was satisfied (the “Leverage Toggle”).
−Removed: The Third Amendment also includes an adjustment to the sustainability-linked pricing provisions that allows the otherwise applicable interest rate margin to be reduced by up to two basis points (previously one basis point) if certain greenhouse gas emission reduction targets are achieved.
+Added: As specified in the Credit Amendment, in the event that the Company so elects to convert to the ratings-based pricing grid, the Company has the ability to obtain more favorable pricing in certain circumstances when its total leverage ratio is (x) less than or equal to 35.0 % or (y) greater than 35.0 % but less than or equal to 37.5 % with respect to not more than one fiscal quarter following a period in which the condition described in clause (x)
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: was satisfied (the “Leverage Toggle”).
+Added: The Credit Amendment also includes an adjustment to the sustainability-linked pricing provisions that allows the otherwise applicable interest rate margin to be reduced by up to two basis points if certain greenhouse gas emission reduction targets are achieved.
The greenhouse gas emission reduction targets have not been achieved as of December 31, 2025.
1 unchanged sentence
Leverage-Based Pricing Investment-Grade Pricing
−Removed: Credit Agreement Maturity Date Extension Options Extension Fee Credit Spread Facility Fee Credit Spread Facility Fee SOFR Adjustment
+Added: Credit Agreement Maturity Date Extension Options Extension Fee Credit Spread Facility Fee Credit Spread Facility Fee
$ 1,100,000 unsecured revolving line of credit
−Removed: 10/3/2028 1 one-year or 2 six-month
+Added: October 3, 2028 1 one-year or 2 six-month
1.05 %– 1.50 %
9 unchanged sentences
As of December 31, 2025, we were in compliance with all such covenants.
−Removed: The Credit Agreement includes customary representations and warranties, which must continue to be true and correct in all material respects as a condition to future draws under the Revolving Facility.
+Added: The Credit Agreement includes customary representations and warranties, which must continue to be true and correct in all material respects as a condition for future draws under the Revolving Facility.
The Credit Agreement also contains customary events of default, the occurrence of which, following any applicable grace period, would permit the lenders to, among other things, declare the principal, accrued interest, and other obligations under the Credit Agreement to be immediately due and payable.
+Added: As of December 31, 2025, we had outstanding letters of credit totaling $ 4.2 million with no amounts advanced against these instruments.
Unsecured Term Loans
−Removed: In July 2022, in conjunction with the second amendment to the Credit Agreement, the Operating Partnership obtained a $ 300 M Term Loan that is priced on a ratings-based pricing grid at a rate of SOFR plus a credit spread ranging from 1.15 % to 2.20 %.
−Removed: The SOFR rate is also subject to an additional 0.10 % spread adjustment.
+Added: In July 2022, in conjunction with the second amendment to the Credit Agreement, the Operating Partnership obtained a $ 300 M Term Loan that bears interest at a rate of SOFR plus a credit spread based on a ratings-based pricing grid.
+Added: The Fourth Amendment to the Credit Agreement described above reduced the ratings-based pricing credit spread from a range of 1.15 % to 2.20 % to a range of 0.75 % to 1.60 %.
+Added: The Fourth Amendment also eliminated an additional 0.10 % SOFR spread adjustment.
Proceeds from the $ 300 M Term Loan were used to repay outstanding indebtedness and for general corporate purposes.
The Operating Partnership is permitted to prepay the $ 300 M Term Loan in whole or in part at any time, without premium or penalty.
−Removed: The Third Amendment to the Credit
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
−Removed: Agreement also applied the Leverage Toggle and adjustment to the sustainability-linked pricing provisions to the $ 300 M Term Loan.
−Removed: In October 2021, in connection with the merger with RPAI, the Operating Partnership (as successor by merger to RPAI) assumed RPAI’s $ 120 M Term Loan and $ 150.0 million unsecured term loan that matures in July 2026 (the “$ 150 M Term Loan”), which were originally priced on a leverage-based pricing grid with the credit spread set forth in the leverage grid resetting quarterly based upon the Company’s leverage, as calculated at the previous quarter end.
+Added: The loan agreement for the $ 300 M Term Loan includes the same Leverage Toggle for determining pricing and sustainability-linked pricing provisions as described above for the Credit Agreement.
+Added: The greenhouse gas emission reduction targets have not been achieved as of December 31, 2025.
+Added: In October 2021, in connection with the merger with RPAI, the Operating Partnership (as successor by merger to RPAI) assumed RPAI’s $ 120 M Term Loan and $ 150 M Term Loan, which were originally priced on a leverage-based pricing grid with the credit spread set forth in the leverage grid resetting quarterly based upon the Company’s leverage, as calculated at the previous quarter end.
The Operating Partnership had the option to irrevocably elect to convert to a ratings-based pricing grid at any time.
2 unchanged sentences
On October 31, 2024, the Operating Partnership entered into a fifth amendment to the loan agreement related to the $ 150 M Term Loan that implemented certain changes to the representations and warranties, covenants, and events of default consistent with the Third Amendment.
−Removed: The loan agreement related to the $ 150 M Term Loan includes a sustainability metric based on targeted greenhouse gas emission reductions, which results in a reduction of the otherwise applicable interest rate margin by one basis point upon achievement of targets set forth therein.
−Removed: The greenhouse gas emission reduction targets have not been achieved as of December 31, 2024.
−Removed: Under the loan agreement related to the $ 150 M Term Loan, the Operating Partnership has the option to increase the term loan to $ 250.0 million upon the Operating Partnership’s request, subject to certain conditions including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts.
−Removed: The Operating Partnership is permitted to prepay the $ 150 M Term Loan in whole or in part, at any time, without being subject to a prepayment fee.
+Added: The loan agreement related to the $ 150 M Term Loan included a sustainability metric based on targeted greenhouse gas emission reductions, which would result in a reduction of the otherwise applicable interest rate margin by one basis point upon achievement of targets set forth therein.
+Added: During the year ended December 31, 2025, the Operating Partnership repaid the $ 150 M Term Loan that was scheduled to mature on July 17, 2026.
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: Under the loan agreement related to the $ 150 M Term Loan, the Operating Partnership had the option to increase the term loan to $ 250.0 million upon the Operating Partnership’s request, subject to certain conditions including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts.
+Added: The Operating Partnership was permitted to prepay the $ 150 M Term Loan in whole or in part, at any time, without being subject to a prepayment fee.
In October 2018, the Operating Partnership entered into a term loan agreement with a group of financial institutions providing for an unsecured term loan facility of up to $ 250.0 million (the “$ 250 M Term Loan”).
In October 2024, the Operating Partnership entered into the Second Amendment (the “Second Amendment”) to the term loan agreement that extended the maturity date of the $ 250 M Term Loan to October 24, 2027, with the option to extend such maturity date by one one-year period at the Company’s election, subject to the payment of an extension fee and certain other customary conditions.
−Removed: In conjunction with the Second Amendment, the $ 250 M Term Loan is priced on a ratings-based pricing grid with the interest rate equal to (x) a margin ranging from 0.75 % to 1.60 % or (y) a base rate plus a margin ranging from 0.00 % to 0.60 % and includes the same Leverage Toggle for determining pricing and sustainability-linked pricing provisions as described above for the Third Amendment to the Credit Agreement.
+Added: In conjunction with the Second Amendment, the $ 250 M Term Loan is priced on a ratings-based pricing grid with the interest rate equal to (x) a margin ranging from 0.75 % to 1.60 % or (y) a base rate plus a margin ranging from 0.00 % to 0.60 % and includes the same Leverage Toggle for determining pricing and sustainability-linked pricing provisions as described above for the Credit Agreement.
In conjunction with the Second Amendment to the term loan agreement, the Company recorded a $ 0.2 million loss on extinguishment of debt related to the write-off of unamortized debt issuance costs.
+Added: In July 2025, the Operating Partnership entered into the third amendment to the term loan agreement related to the $ 250 M Term Loan that eliminated an additional 0.10 % SOFR spread adjustment.
The Operating Partnership has the option to increase the $ 250 M Term Loan to $ 300.0 million, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts.
3 unchanged sentences
The following table summarizes the key terms of the unsecured term loans as of December 31, 2025 (dollars in thousands) :
−Removed: Unsecured Term Loans Maturity Date Leverage-Based Pricing
−Removed: Credit Spread Investment-Grade Pricing
−Removed: Credit Spread SOFR Adjustment
−Removed: $ 150,000 unsecured term loan due 2026
−Removed: 7/17/2026 1.20 % – 1.70 %
−Removed: 0.75 % – 1.60 %
+Added: Unsecured Term Loans Maturity Date Investment-Grade Pricing
+Added: Credit Spread
$ 250,000 unsecured term loan due 2027
+Added: October 24, 2027 (1)
0.75 % – 1.60 %
−Removed: N/A 0.75 % – 1.60 %
$ 300,000 unsecured term loan due 2029
−Removed: 7/29/2029 N/A 1.15 % – 2.20 %
+Added: July 29, 2029 0.75 % – 1.60 %
(1) The maturity date may be extended by one one-year period at the Operating Partnership’s option, subject to certain conditions.
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
Debt Issuance Costs
Debt issuance costs are amortized over the terms of the respective loans.
−Removed: The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands) :
+Added: The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (loss) (in thousands) :
Year Ended December 31,
1 unchanged sentence
Amortization of debt issuance costs $ 6,868 $ 4,650 $ 3,609
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Debt Discounts and Premiums
−Removed: Debt discounts and premiums, including the related value of interest rate swaps that were assumed in the October 2021 merger with RPAI, are amortized over the terms of the respective loan agreements.
−Removed: The following amounts of amortization are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands) :
+Added: Debt discounts and premiums, including the related value of interest rate swaps that were assumed in the October 2021 merger with RPAI, are amortized over the terms of the respective loans.
+Added: The following amounts of amortization are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (loss) (in thousands) :
Year Ended December 31,
5 unchanged sentences
The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of December 31, 2025 to the balance of unamortized discounts and premiums, net (in thousands) :
−Removed: Unamortized discounts and premiums on mortgages payable, senior unsecured notes and unsecured term loans $ 26,128
+Added: Unamortized discounts and premiums on mortgages payable and senior unsecured notes $ 18,394
Unamortized hedge instruments 520
1 unchanged sentence
Unamortized hedge instruments (included in accumulated other comprehensive income) ( 520 )
−Removed: Fair value of variable interest rate swaps ( 3,937 )
Unamortized discounts and premiums, net $ 18,394
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
Debt Maturities
−Removed: The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of December 31, 2024 (in thousands) :
+Added: The following table summarizes the scheduled maturities and principal amortization of the Company’s consolidated indebtedness as of December 31, 2025 (in thousands) :
Principal Payments Term
9 unchanged sentences
Mortgage and other indebtedness, net $ 3,025,478
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Other Debt Activity
4 unchanged sentences
As of December 31, 2025, the estimated fair value of variable rate debt was $ 647.7 million compared to the book value of $ 647.2 million.
−Removed: The fair value was estimated using Level 2 and Level 3 inputs with cash flows discounted at a current borrowing rate for similar instruments of 5.48 %.
+Added: The fair value was estimated using Level 2 and Level 3 inputs with cash flows discounted at current borrowing rates for similar instruments, which ranged from 4.54 % to 5.84 %.
DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME
2 unchanged sentences
The agreements with each of our derivative counterparties provide that in the event of default on any of our indebtedness, we could also be declared in default on our derivative obligations.
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
The following table summarizes the terms and fair values of the Company’s derivative financial instruments that were designated and qualified as part of a hedging relationship as of December 31, 2025 and 2024 (dollars in thousands) :
4 unchanged sentences
Cash Flow Two — SOFR 2.37 % 11/22/2023 8/1/2025 — 2,101
−Removed: Cash Flow Three — SOFR 1.58 % 8/15/2022 7/17/2024 — 2,236
−Removed: Cash Flow Three 150,000 SOFR 1.68 % 8/15/2022 7/17/2026 5,316 7,744
+Added: Cash Flow (2)
+Added: Three 150,000 SOFR 1.68 % 8/15/2022 7/17/2026 1,503 5,316
$ 150,000 $ 1,503 $ 10,608
2 unchanged sentences
4/23/2021 9/10/2025 $ — $ ( 3,937 )
−Removed: Forward-Starting
−Removed: Cash Flow (3)
−Removed: Three $ 150,000 SOFR 3.44 % 6/28/2024 6/28/2034 $ — $ ( 700 )
(1) Derivatives in an asset position are included within “Prepaid and other assets” and derivatives in a liability position are included within “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets.
−Removed: (2) The derivative agreements swap a blended fixed rate of 4.52 % for a blended floating rate of three-month SOFR plus 3.70 %.
−Removed: (3) The forward-starting interest rate swaps were terminated in conjunction with the issuance of the Notes Due 2034 in January 2024.
+Added: (2) These interest rate swaps were assigned to the Company’s $ 300 M Term Loan effective August 1, 2025.
+Added: (3) The derivative agreements swapped a blended fixed rate of 4.52 % for a blended floating rate of three-month SOFR plus 3.70 % through September 10, 2025.
+Added: In June 2025, we entered into three intraday interest rate lock agreements with notional amounts totaling $ 150.0 million that fixed the interest rate on a portion of the Notes Due 2032, which were issued in June 2025, at 4.21 %.
+Added: We paid $ 0.2 million upon termination, which is included as a component of “Accumulated other comprehensive income” in the accompanying consolidated balance sheets and is being reclassified as an increase to interest expense over the term of the debt.
In August 2024, we entered into two intraday interest rate lock agreements with notional amounts totaling $ 350.0 million that fixed the interest rate on a portion of the Notes Due 2031, which were issued in August 2024, at 3.75 %.
2 unchanged sentences
These interest rate swaps fixed the interest rate on a portion of the Notes Due 2034, which were issued in January 2024, and were subsequently terminated upon issuance of the Notes Due 2034.
−Removed: We received $ 0.7 million upon termination, which is included as a component of “Accumulated other comprehensive income” in the accompanying consolidated balance sheets and is being reclassified as a reduction to interest expense over the term of the debt.
−Removed: In October 2022, we terminated two forward-starting interest rate swaps with notional amounts totaling $ 150.0 million and a maturity date of June 1, 2032 and received $ 30.9 million upon termination.
−Removed: This settlement is included as a component of “Accumulated other comprehensive income” in the accompanying consolidated balance sheets and is being reclassified to earnings over time as the hedged items are recognized in earnings.
−Removed: During the year ended December 31, 2023, we accelerated the reclassification of $ 3.1 million in accumulated other comprehensive income as a reduction to interest expense as a result of a portion of the hedged forecasted transaction becoming probable not to occur.
+Added: We received $ 0.7 million
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: upon termination, which is included as a component of “Accumulated other comprehensive income” in the accompanying consolidated balance sheets and is being reclassified as a reduction to interest expense over the term of the debt.
These interest rate derivative agreements are the only assets or liabilities that we record at fair value on a recurring basis.
3 unchanged sentences
We have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, although the credit valuation adjustments associated with our derivatives use Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties.
−Removed: As of December 31, 2024 and 2023, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
−Removed: and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives.
+Added: As of December 31, 2025 and 2024, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives.
As a result, we have determined that our derivative valuations are classified within Level 2 of the fair value hierarchy.
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to earnings over time as the hedged items are recognized in earnings.
−Removed: Approximately $ 17.4 million was reclassified as a reduction to interest expense during both of the years ended December 31, 2024 and 2023.
−Removed: Approximately $ 7.3 million was reclassified as an increase to interest expense during the year ended December 31, 2022.
+Added: Approximately $ 9.1 million, $ 17.4 million, and $ 17.4 million was reclassified as a reduction to interest expense during the years ended December 31, 2025, 2024 and 2023, respectively.
As interest payments on our derivatives are made over the next 12 months, we estimate the decrease to interest expense to be approximately $ 5.1 million, assuming the current SOFR curve.
3 unchanged sentences
The Company receives rental income from the leasing of retail and office space.
−Removed: The lease agreements generally provide for certain increases in base rent, reimbursement for certain operating expenses, and may require tenants to pay contingent rent to the extent their sales exceed a defined threshold.
+Added: The lease agreements generally provide for certain increases in base rent and reimbursements for certain operating expenses, and they may require tenants to pay contingent rent to the extent their sales exceed a defined threshold.
Certain tenants have the option in their lease agreement to extend their lease upon the expiration of the contractual term.
13 unchanged sentences
During the years ended December 31, 2025, 2024 and 2023, the Company earned overage rent totaling $ 6.0 million, $ 7.1 million, and $ 7.5 million, respectively.
−Removed: As of December 31, 2024, future minimum rentals to be received under non-cancelable operating leases, excluding variable lease payments and amounts deferred under lease concession agreements, for each of the next five years and thereafter are as follows (in thousands) :
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: As of December 31, 2025, the future minimum rentals to be received under non-cancelable operating leases, excluding variable lease payments and amounts deferred under lease concession agreements, for each of the next five years and thereafter are as follows (in thousands) :
Lease Payments
2 unchanged sentences
Total $ 3,360,019
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
Commitments under Ground Leases
3 unchanged sentences
Certain of these leases have five - to 10-year extension options ranging in total from 20 to 25 years.
−Removed: Right-of-use assets are included within “Prepaid and other assets” and lease liabilities are included within “Deferred revenue and other liabilities” in the accompanying consolidated balance sheets.
+Added: Right-of-use assets are included within “Prepaid and other assets,” and lease liabilities are reflected within “Deferred revenue and other liabilities” in the accompanying consolidated balance sheets.
During the years ended December 31, 2025, 2024 and 2023, the Company incurred ground lease expense on these operating leases of $ 6.3 million, $ 6.3 million, and $ 6.2 million, respectively.
The Company made payments of $ 5.3 million, $ 5.2 million, and $ 5.2 million during the years ended December 31, 2025, 2024 and 2023, respectively, which are included within operating cash flows.
−Removed: As of December 31, 2024, future minimum lease payments due under ground leases for each of the next five years and thereafter are as follows (in thousands) :
+Added: As of December 31, 2025, the future minimum lease payments due under ground leases for each of the next five years and thereafter are as follows (in thousands) :
Lease Obligations
8 unchanged sentences
therefore, each property represents an individual operating segment.
−Removed: The CODM does not distinguish or group our operations on a geographical or any other basis for purposes of measuring performance and allocating capital.
+Added: The CODM does not distinguish or group our operations on a geographical or any
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: other basis for purposes of measuring performance and allocating capital.
Across our properties, the financial performance, revenue generating activities, and customer base is determined to be economically similar;
4 unchanged sentences
The CODM does not regularly review total assets for our single reportable segment as total assets are not used to assess performance or allocate resources.
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Consolidated Financial Statements
The following table presents information on the Company’s reported segment revenue, net operating income, and significant segment expenses that are provided to the CODM and included within the Company’s single reportable operating segment measure of profit or loss:
13 unchanged sentences
Other (expense) income:
+Added: Net gains from outlot sales 6,096 4,363 1,662
Other general and administrative expenses ( 55,459 ) ( 52,558 ) ( 56,142 )
2 unchanged sentences
Depreciation and amortization ( 373,287 ) ( 393,335 ) ( 426,361 )
−Removed: Merger and acquisition costs — — ( 925 )
Interest expense ( 132,577 ) ( 125,691 ) ( 105,349 )
4 unchanged sentences
Other income, net 9,038 17,869 1,991
−Removed: (Loss) gain on sales of operating properties, net ( 864 ) 22,601 27,069
−Removed: Net income (loss) 4,416 48,383 ( 12,154 )
+Added: Gain (loss) on sales of operating properties, net 291,962 ( 864 ) 22,601
+Added: Net income 305,528 4,416 48,383
Net income attributable to noncontrolling interests ( 6,865 ) ( 345 ) ( 885 )
−Removed: Net income (loss) attributable to common shareholders $ 4,071 $ 47,498 $ ( 12,636 )
−Removed: SHAREHOLDERS’ EQUITY
−Removed: Distributions
−Removed: Our Board of Trustees declared a cash distribution of $ 0.27 per common share and Common Unit for the fourth quarter of 2024.
−Removed: This distribution was paid on January 16, 2025 to common shareholders and common unitholders of record as of January 9, 2025.
−Removed: For the years ended December 31, 2024, 2023 and 2022, we declared cash distributions totaling $ 1.03 , $ 0.97 , and $ 0.87 , respectively, per common share and Common Unit.
+Added: Net income attributable to common shareholders $ 298,663 $ 4,071 $ 47,498
KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
1 unchanged sentence
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: SHAREHOLDERS’ EQUITY
+Added: Distributions
+Added: On October 28, 2025, our Board of Trustees declared a cash distribution of $ 0.29 per common share and Common Unit for the fourth quarter of 2025.
+Added: On December 29, 2025, our Board of Trustees also declared a special cash distribution of $ 0.145 per common share and Common Unit.
+Added: These distributions were paid on January 16, 2026, to common shareholders and common unitholders of record as of January 9, 2026.
+Added: For the years ended December 31, 2025, 2024 and 2023, we declared cash distributions totaling $ 1.245 , $ 1.03 , and $ 0.97 , respectively, per common share and Common Unit.
Share Repurchase Program
−Removed: In February 2021, our Board of Trustees approved a share repurchase program under which the Company may repurchase, from time to time, up to an aggregate of $ 150.0 million of its common shares.
−Removed: In April 2022, our Board of Trustees authorized a $ 150.0 million increase to the size of the share repurchase program, authorizing share repurchases up to a maximum of $ 300.0 million of its common shares (the “Share Repurchase Program”).
−Removed: The Company intends to fund any future repurchases under the Share Purchase Program with cash on hand or availability under the Revolving Facility, subject to any applicable restrictions.
+Added: In February 2021, our Board of Trustees approved a share repurchase program under which the Company may repurchase, from time to time, up to an aggregate of $ 150.0 million of our common shares.
+Added: In April 2022, our Board of Trustees authorized a $ 150.0 million increase to the size of the share repurchase program, authorizing share repurchases up to a maximum of $ 300.0 million of our common shares (the “Share Repurchase Program”).
+Added: The Company intends to fund any future repurchases under the Share Repurchase Program with cash on hand or availability under the Revolving Facility, subject to any applicable restrictions.
The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will depend upon prevailing market conditions, regulatory requirements, and other factors.
−Removed: In January 2025, the Company extended the Share Repurchase Program for an additional year to February 28, 2026, if not terminated or extended prior to that date.
−Removed: As of December 31, 2024, the Company has no t repurchased any shares under the Share Repurchase Program.
+Added: In November 2025, the Company extended the Share Repurchase Program for an additional year to February 28, 2027, if not terminated or extended prior to that date.
+Added: During the year ended December 31, 2025, the Company repurchased 10.9 million common shares at an average price per share of $ 22.82 for a total of $ 247.7 million.
+Added: As of December 31, 2025 , $ 52.3 million remained available for repurchases of common shares under the Company’s Share Repurchase Program.
+Added: The Company did no t repurchase any shares during the years ended December 31, 2024 and 2023.
+Added: Subsequent to December 31, 2025, the Company repurchased 2.2 million common shares at an average price per share of $ 23.92 for a total of $ 52.3 million.
+Added: Additionally, in February 2026, our Board of Trustees authorized a $ 300.0 million increase to the size of the Share Repurchase Program, authorizing share repurchases up to a maximum of $ 600.0 million of our common shares.
Dividend Reinvestment and Share Purchase Plan
14 unchanged sentences
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: The following summarizes the calculation of basic and diluted earnings per share for the Parent Company for the years ended December 31, 2024, 2023 and 2022.
+Added: The following table summarizes the calculation of basic and diluted earnings per share for the Parent Company for the years ended December 31, 2025, 2024 and 2023.
We have omitted the calculation of basic and diluted earnings per unit since the dilutive securities for the Operating Partnership are the same as those for the Parent Company (dollars in thousands, except per share data) :
1 unchanged sentence
2025 2024 2023
−Removed: Net income (loss) attributable to common shareholders – basic and diluted $ 4,071 $ 47,498 $ ( 12,636 )
+Added: Net income attributable to common shareholders – basic and diluted $ 298,663 $ 4,071 $ 47,498
Weighted average common shares outstanding – basic 218,310,451 219,614,149 219,344,832
4 unchanged sentences
Weighted average common shares outstanding – diluted 218,429,473 219,727,496 219,728,283
−Removed: Net income (loss) per common share – basic $ 0.02 $ 0.22 $ ( 0.06 )
−Removed: Net income (loss) per common share – diluted $ 0.02 $ 0.22 $ ( 0.06 )
−Removed: Due to the net loss allocable to common shareholders and common unitholders for the year ended December 31, 2022, no securities had a dilutive impact for that period.
+Added: Net income per common share – basic $ 1.37 $ 0.02 $ 0.22
+Added: Net income per common share – diluted $ 1.37 $ 0.02 $ 0.22
COMMITMENTS AND CONTINGENCIES
5 unchanged sentences
In July 2024, the joint venture repaid the construction loan, of which we contributed $ 10.2 million, representing our 35 % share of the debt repaid.
−Removed: In 2021, we provided repayment and completion guaranties on loans totaling $ 66.2 million associated with the development of The Corner mixed-use project in the Indianapolis MSA.
+Added: In 2021, we provided repayment and completion guarantees on loans totaling $ 66.2 million associated with the development of The Corner mixed-use project in the Indianapolis MSA.
As of December 31, 2025, the outstanding balance of the loans was $ 69.1 million, of which our share was $ 34.5 million.
+Added: As of December 31, 2025, we had outstanding letters of credit totaling $ 4.2 million with no amounts advanced against these instruments.
+Added: In July 2025, Eastgate Crossing, a 152,682 square foot multi-tenant retail property in the Durham-Chapel Hill MSA, experienced severe flooding as a result of Tropical Storm Chantal.
+Added: We believe that we have adequate third-party insurance, subject to a $ 0.3 million deductible, including business interruption coverage, to address this matter, and at this time, we do not believe that the flood will have a significant adverse impact on our results of operations or financial condition on a consolidated basis.
Legal Proceedings
23 unchanged sentences
SUBSEQUENT EVENTS
−Removed: Subsequent to December 31, 2024, we closed on the acquisition of Village Commons, a 170,976 -square-foot, grocery-anchored, multi-tenant retail property located in West Palm Beach, Florida, for a gross purchase price of $ 68.4 million.
+Added: Subsequent to December 31, 2025, we:
+Added: • repurchased 2.2 million common shares at an average price per share of $ 23.92 for a total of $ 52.3 million;
+Added: • closed on the sale of the second phase of a land parcel and the rights to develop 14 residential units at the One Loudoun Expansion in the Washington, D.C.
+Added: MSA for a sales price of $ 3.7 million.
+Added: On February 14, 2026, our Board of Trustees authorized a $ 300.0 million increase to the size of our Share Repurchase Program, authorizing share repurchases up to a maximum of $ 600.0 million of our common shares.
KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
3 unchanged sentences
(in thousands)
−Removed: Initial Cost Cost Capitalized
+Added: Initial Cost (1)
+Added: Cost Capitalized
Subsequent to Acquisition/Development Gross Carrying Amount
8 unchanged sentences
12th Street Plaza $ — $ 2,624 $ 10,615 $ — $ 3,999 $ 2,624 $ 14,614 $ 17,238 $ 4,601 1978/2003 2012
−Removed: 54th & College — 2,672 — — — 2,672 — 2,672 — 2008 NA
+Added: 54th & College — 2,672 — — — 2,672 — 2,672 — 2008 N/A
Arcadia Village — 8,487 11,629 — 577 8,487 12,206 20,693 3,453 1957 2021
1 unchanged sentence
Bayonne Crossing — 47,809 38,339 — 3,672 47,809 42,011 89,820 14,688 2011 2014
−Removed: Bayport Commons — 7,005 20,402 — 4,820 7,005 25,222 32,227 11,479 2008 NA
−Removed: Belle Isle Station — 9,130 40,682 — 8,039 9,130 48,721 57,851 22,670 2000 2015
−Removed: Bridgewater Marketplace — 3,407 8,411 — 1,737 3,407 10,148 13,555 5,138 2008 NA
+Added: Bayport Commons — 7,005 20,362 — 4,899 7,005 25,261 32,266 12,356 2008 N/A
+Added: Bridgewater Marketplace — 3,407 7,473 — 1,800 3,407 9,273 12,680 4,597 2008 N/A
Burlington* — — 2,773 — 29 — 2,802 2,802 2,802 1992/2000 2000
3 unchanged sentences
Centennial Gateway — 5,305 48,398 — 1,537 5,305 49,935 55,240 22,522 2005 2014
−Removed: Central Texas Marketplace — 15,711 29,588 — 3,693 15,711 33,281 48,992 7,019 2004 2021
Centre at Laurel — 6,122 34,213 — 1,095 6,122 35,308 41,430 8,311 2005 2021
5 unchanged sentences
Coal Creek Marketplace — 9,397 11,645 — 520 9,397 12,165 21,562 3,548 1991 2021
−Removed: Cobblestone Plaza — 10,374 43,978 — 3,960 10,374 47,938 58,312 19,296 2011 NA
+Added: Cobblestone Plaza — 10,374 43,620 — 4,669 10,374 48,289 58,663 20,720 2011 N/A
Colleyville Downs — 5,446 36,506 — 5,148 5,446 41,654 47,100 23,622 2014 2015
2 unchanged sentences
Commons at Temecula — 18,966 43,691 — 665 18,966 44,356 63,322 13,309 1999 2021
−Removed: Cool Creek Commons — 6,062 12,302 — 7,990 6,062 20,292 26,354 9,543 2005 NA
+Added: Cool Creek Commons — 6,062 12,225 — 8,994 6,062 21,219 27,281 10,511 2005 N/A
Cool Springs Market — 12,444 20,880 40 12,021 12,484 32,901 45,385 17,121 1995 2013
Coppell Town Center — 5,052 11,214 — 815 5,052 12,029 17,081 3,525 1999 2021
−Removed: Coram Plaza — 6,992 22,995 — 552 6,992 23,547 30,539 4,533 2004 2021
Cypress Mill Plaza — 6,320 9,926 — 542 6,320 10,468 16,788 2,693 2004 2021
Davis Towne Crossing — 995 8,939 — 196 995 9,135 10,130 2,314 2003 2021
+Added: Delray Marketplace 12,200 18,750 84,233 1,284 12,078 20,034 96,311 116,345 38,936 2013 N/A
+Added: Downtown Crown — 25,759 76,338 — 8,501 25,759 84,839 110,598 14,122 2014 2021
+Added: Draper Crossing — 9,054 27,063 — 2,580 9,054 29,643 38,697 14,792 2012 2014
KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
3 unchanged sentences
(in thousands)
−Removed: Initial Cost Cost Capitalized
+Added: Initial Cost (1)
+Added: Cost Capitalized
Subsequent to Acquisition/Development Gross Carrying Amount
7 unchanged sentences
Operating Properties (continued)
−Removed: Delray Marketplace $ 14,600 $ 18,750 $ 84,751 $ 1,284 $ 11,093 $ 20,034 $ 95,844 $ 115,878 $ 35,830 2013 NA
−Removed: Denton Crossing — 8,257 38,695 — 4,962 8,257 43,657 51,914 8,638 2003 2021
−Removed: DePauw University Bookstore & Café* — 64 663 — 45 64 708 772 606 2012 NA
−Removed: Downtown Crown — 25,759 76,631 — 7,197 25,759 83,828 109,587 10,444 2014 2021
−Removed: Draper Crossing — 9,054 27,063 — 2,541 9,054 29,604 38,658 13,390 2012 2014
Draper Peaks $ — $ 11,498 $ 46,639 $ 522 $ 6,952 $ 12,020 $ 53,591 $ 65,611 $ 21,419 2012 2014
1 unchanged sentence
Eastern Beltway — 23,221 45,500 — 9,107 23,221 54,607 77,828 22,569 1998/2006 2014
−Removed: Eastgate Crossing — 4,244 58,197 — 6,019 4,244 64,216 68,460 8,979 1958/2007 2020
Eastgate Pavilion — 8,026 18,217 — 3,306 8,026 21,523 29,549 11,616 1995 2004
Eastwood Towne Center — 3,242 55,528 — 7,279 3,242 62,807 66,049 16,955 2002 2021
−Removed: Eddy Street Commons* — 1,900 48,164 — 6,950 1,900 55,114 57,014 19,316 2009/2022 NA
+Added: Eddy Street Commons* — 1,900 46,685 — 8,751 1,900 55,436 57,336 20,056 2009/2022 N/A
Edwards Multiplex — 22,583 27,232 — 294 22,583 27,526 50,109 7,811 1997 2021
−Removed: Estero Town Commons — 7,453 9,902 — 1,442 7,453 11,344 18,797 5,490 2006 NA
+Added: Estero Town Commons — 7,453 9,900 — 1,533 7,453 11,433 18,886 5,895 2006 N/A
Fairgrounds Plaza — 12,690 15,249 — 113 12,690 15,362 28,052 3,974 2002 2021
−Removed: Fishers Station — 4,966 13,028 — 386 4,966 13,414 18,380 5,424 2018 NA
+Added: Fishers Station — 5,041 13,001 — 312 5,041 13,313 18,354 6,069 2018 N/A
Fordham Place — 41,993 100,111 — 1,685 41,993 101,796 143,789 18,773 1920/2009 2021
Fort Evans Plaza II — 14,110 38,655 — 8,066 14,110 46,721 60,831 9,074 2008 2021
−Removed: Fullerton Metrocenter — 55,794 42,757 — 4,503 55,794 47,260 103,054 10,602 1988 2021
Galvez Shopping Center — 494 4,946 — 282 494 5,228 5,722 1,319 2004 2021
−Removed: Gardiner Manor Mall — 29,521 19,861 — 7,510 29,521 27,371 56,892 5,299 2000 2021
+Added: Gardiner Manor — 29,521 19,446 — 10,110 29,521 29,556 59,077 7,167 2000 2021
Gateway Pavilions — 44,167 8,458 — 2,556 44,167 11,014 55,181 3,496 2003 2021
2 unchanged sentences
Gateway Village — 32,045 33,316 — 806 32,045 34,122 66,167 10,374 1996 2021
−Removed: Geist Pavilion — 1,368 7,161 — 2,830 1,368 9,991 11,359 5,383 2006 NA
+Added: Geist Pavilion — 1,368 6,892 — 3,050 1,368 9,942 11,310 5,438 2006 N/A
Gerry Centennial Plaza — 3,448 9,552 — 979 3,448 10,531 13,979 2,492 2006 2021
2 unchanged sentences
Green's Corner — 4,716 13,623 — 198 4,716 13,821 18,537 3,989 1997 2021
−Removed: Greyhound Commons — 2,629 6 — 2,813 2,629 2,819 5,448 874 2005 NA
+Added: Greyhound Commons — 2,629 6 — 1,907 2,629 1,913 4,542 39 2005 N/A
Gurnee Town Center — 7,348 20,471 — 1,261 7,348 21,732 29,080 6,242 2000 2021
+Added: Henry Town Center — 9,353 49,123 — 3,719 9,353 52,842 62,195 14,826 2002 2021
+Added: Heritage Square — 11,373 16,099 — 609 11,373 16,708 28,081 4,939 1985 2021
+Added: Heritage Towne Crossing — 5,720 14,696 — 461 5,720 15,157 20,877 4,144 2002 2021
+Added: Holly Springs Towne Center — 22,324 92,404 — 9,115 22,324 101,519 123,843 36,678 2013 N/A
+Added: Home Depot Center* — — 20,122 — 462 — 20,584 20,584 5,819 1996 2021
+Added: Huebner Oaks — 19,423 35,404 — 3,427 19,423 38,831 58,254 8,950 1996 2021
+Added: Hunter's Creek Promenade — 8,017 12,258 179 2,035 8,196 14,293 22,489 6,312 1994 2013
KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
3 unchanged sentences
(in thousands)
−Removed: Initial Cost Cost Capitalized
+Added: Initial Cost (1)
+Added: Cost Capitalized
Subsequent to Acquisition/Development Gross Carrying Amount
7 unchanged sentences
Operating Properties (continued)
−Removed: Henry Town Center $ — $ 9,353 $ 49,262 $ — $ 2,920 $ 9,353 $ 52,182 $ 61,535 $ 11,213 2002 2021
−Removed: Heritage Square — 11,373 16,159 — 609 11,373 16,768 28,141 3,786 1985 2021
−Removed: Heritage Towne Crossing — 5,720 14,738 — 424 5,720 15,162 20,882 3,175 2002 2021
−Removed: Holly Springs Towne Center — 22,324 93,199 — 8,513 22,324 101,712 124,036 33,498 2013 NA
−Removed: Home Depot Center* — — 20,122 — 462 — 20,584 20,584 4,420 1996 2021
−Removed: Huebner Oaks — 19,423 35,529 — 1,151 19,423 36,680 56,103 6,818 1996 2021
−Removed: Humblewood Shopping Center — 3,921 10,826 — 519 3,921 11,345 15,266 2,262 1979/2005 2021
−Removed: Hunter's Creek Promenade — 8,017 12,289 179 2,015 8,196 14,304 22,500 5,726 1994 2013
Indian River Square $ — $ 4,000 $ 5,690 $ 1,100 $ 6,109 $ 5,100 $ 11,799 $ 16,899 $ 5,053 1997/2004 2005
−Removed: International Speedway Square — 7,157 10,757 — 9,588 7,157 20,345 27,502 13,447 1999 NA
Jefferson Commons — 23,356 19,473 — 4,507 23,356 23,980 47,336 6,702 2005 2021
20 unchanged sentences
Mullins Crossing* — 10,582 38,619 — 7,569 10,582 46,188 56,770 20,296 2005 2014
+Added: Naperville Marketplace — 5,364 11,377 — 487 5,364 11,864 17,228 5,975 2008 N/A
+Added: New Forest Crossing — 7,175 11,655 — 335 7,175 11,990 19,165 3,108 2003 2021
+Added: New Hyde Park Shopping Center — 10,792 9,450 — 850 10,792 10,300 21,092 1,891 1964/2011 2021
+Added: Newnan Crossing — 6,616 40,543 — 2,197 6,616 42,740 49,356 12,997 1999 2021
+Added: Newton Crossroads — 1,004 10,752 — 422 1,004 11,174 12,178 3,207 1997 2021
+Added: Nora Plaza 3,068 3,790 19,508 5,002 39,357 8,792 58,865 67,657 10,627 2004 2019
+Added: North Benson Center — 16,632 9,703 — 2,791 16,632 12,494 29,126 3,218 1988 2021
+Added: Northcrest Shopping Center — 4,044 33,519 — 3,443 4,044 36,962 41,006 14,708 2008 2014
+Added: Northdale Promenade — 1,718 27,242 — 400 1,718 27,642 29,360 20,976 2017 N/A
KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
3 unchanged sentences
(in thousands)
−Removed: Initial Cost Cost Capitalized
+Added: Initial Cost (1)
+Added: Cost Capitalized
Subsequent to Acquisition/Development Gross Carrying Amount
7 unchanged sentences
Operating Properties (continued)
−Removed: Naperville Marketplace $ — $ 5,364 $ 11,377 $ — $ 281 $ 5,364 $ 11,658 $ 17,022 $ 5,623 2008 NA
−Removed: New Forest Crossing — 7,175 11,976 — 317 7,175 12,293 19,468 2,667 2003 2021
−Removed: New Hyde Park Shopping Center — 10,792 9,548 — 607 10,792 10,155 20,947 1,458 1964/2011 2021
−Removed: Newnan Crossing — 6,616 40,854 — 1,342 6,616 42,196 48,812 10,140 1999 2021
−Removed: Newton Crossroads — 1,004 10,755 — 243 1,004 10,998 12,002 2,429 1997 2021
−Removed: Nora Plaza 3,203 3,790 19,508 5,002 32,366 8,792 51,874 60,666 7,536 2004 2019
−Removed: North Benson Center — 16,632 9,736 — 1,160 16,632 10,896 27,528 2,448 1988 2021
−Removed: Northcrest Shopping Center — 4,044 33,835 — 2,182 4,044 36,017 40,061 13,537 2008 2014
−Removed: Northdale Promenade — 1,718 27,242 — ( 38 ) 1,718 27,204 28,922 19,003 2017 NA
Northgate North $ 20,970 $ 20,063 $ 47,624 $ — $ 3,119 $ 20,063 $ 50,743 $ 70,806 $ 14,467 1999 2021
5 unchanged sentences
Palms Plaza — 12,049 24,201 — 1,648 12,049 25,849 37,898 6,047 1988/2004 2022
−Removed: Paradise Valley Marketplace — 6,889 35,761 — 233 6,889 35,994 42,883 7,400 2002 2021
Parkside Town Commons — 21,806 104,283 ( 60 ) 13,034 21,746 117,317 139,063 46,304 2015 N/A
Parkside West Cobb — 6,750 31,276 — 375 6,750 31,651 38,401 2,168 2016 2024
−Removed: Parkway Towne Crossing — 15,099 28,265 — 1,439 15,099 29,704 44,803 4,653 2010 2021
−Removed: Pavilion at King's Grant — 5,086 39,723 — 2,169 5,086 41,892 46,978 9,740 2002 2021
Pebble Marketplace — 7,504 34,237 — 1,202 7,504 35,439 42,943 4,743 1997 2022
Pelham Manor Shopping Plaza* — — 41,998 — 700 — 42,698 42,698 8,826 2008 2021
−Removed: Peoria Crossing — 18,879 15,782 — 1,336 18,879 17,118 35,997 3,914 2002 2021
Perimeter Woods — 6,893 27,204 — 5,876 6,893 33,080 39,973 12,962 2008 2014
4 unchanged sentences
Pleasant Run Towne Crossing — 4,465 24,645 — 2,448 4,465 27,093 31,558 7,229 2004 2021
−Removed: Portofino Shopping Center — 4,721 75,005 — 20,700 4,721 95,705 100,426 45,462 1999 2013
Prestonwood Place — 14,282 61,202 — 606 14,282 61,808 76,090 6,197 1979/2020 2023
+Added: Publix at Woodruff — 1,783 6,285 — 1,063 1,783 7,348 9,131 5,987 1997 2012
+Added: Rampart Commons 4,772 1,136 40,065 — 1,575 1,136 41,640 42,776 20,222 2018 2014
+Added: Rangeline Crossing — 1,981 17,434 — 4,461 1,981 21,895 23,876 9,475 1986/2013 N/A
+Added: Riverchase Plaza — 3,889 10,826 — 1,396 3,889 12,222 16,111 6,746 1991/2001 2006
+Added: Rivers Edge — 5,647 28,556 — 6,311 5,647 34,867 40,514 13,406 2011 2008
+Added: Rivery Towne Crossing — 5,230 2,154 — 1,176 5,230 3,330 8,560 1,028 2005 2021
+Added: Royal Oaks Village II — 3,462 9,006 — 866 3,462 9,872 13,334 2,664 2004 2021
+Added: Sawyer Heights Village — 18,720 19,354 — 725 18,720 20,079 38,799 4,346 2007 2021
+Added: Saxon Crossing — 3,764 15,133 — 1,337 3,764 16,470 20,234 6,552 2009 2014
+Added: Shoppes at Hagerstown — 6,796 15,803 — 925 6,796 16,728 23,524 3,559 2008 2021
+Added: Shoppes at Plaza Green — 3,749 20,528 — 9,485 3,749 30,013 33,762 12,223 2000 2012
+Added: Shoppes at Quarterfield — 4,105 8,703 — 650 4,105 9,353 13,458 1,557 1999/2022 2021
+Added: Shoppes of Eastwood — 1,688 8,911 — 1,145 1,688 10,056 11,744 6,256 1997 2013
+Added: Shoppes of New Hope — 2,107 10,559 — 241 2,107 10,800 12,907 2,553 2004 2021
KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
3 unchanged sentences
(in thousands)
−Removed: Initial Cost Cost Capitalized
+Added: Initial Cost (1)
+Added: Cost Capitalized
Subsequent to Acquisition/Development Gross Carrying Amount
7 unchanged sentences
Operating Properties (continued)
−Removed: Publix at Woodruff $ — $ 1,783 $ 6,285 $ — $ 1,009 $ 1,783 $ 7,294 $ 9,077 $ 5,483 1997 2012
−Removed: Rampart Commons 5,676 1,136 41,981 — 1,462 1,136 43,443 44,579 19,948 2018 2014
−Removed: Rangeline Crossing — 1,981 17,459 — 4,213 1,981 21,672 23,653 8,780 1986/2013 NA
−Removed: Riverchase Plaza — 3,889 10,875 — 1,343 3,889 12,218 16,107 6,418 1991/2001 2006
−Removed: Rivers Edge — 5,647 28,778 — 3,245 5,647 32,023 37,670 12,395 2011 2008
−Removed: Rivery Towne Crossing — 5,230 2,207 — 1,075 5,230 3,282 8,512 788 2005 2021
−Removed: Royal Oaks Village II — 3,462 9,092 — 867 3,462 9,959 13,421 2,090 2004 2021
−Removed: Sawyer Heights Village — 18,720 19,403 — 558 18,720 19,961 38,681 3,313 2007 2021
−Removed: Saxon Crossing — 3,764 15,133 — 926 3,764 16,059 19,823 5,899 2009 2014
−Removed: Shoppes at Hagerstown — 6,796 15,872 — 749 6,796 16,621 23,417 2,726 2008 2021
−Removed: Shoppes at Plaza Green — 3,749 20,762 — 6,829 3,749 27,591 31,340 10,846 2000 2012
−Removed: Shoppes at Quarterfield — 4,105 8,706 — 645 4,105 9,351 13,456 1,122 1999/2022 2021
−Removed: Shoppes of Eastwood — 1,688 8,911 — 1,146 1,688 10,057 11,745 5,705 1997 2013
−Removed: Shoppes of New Hope — 2,107 10,580 — 154 2,107 10,734 12,841 1,950 2004 2021
Shoppes of Prominence Point $ — $ 2,945 $ 11,078 $ — $ 638 $ 2,945 $ 11,716 $ 14,661 $ 2,890 2004 2021
3 unchanged sentences
Shops at Moore — 6,284 23,159 — 4,531 6,284 27,690 33,974 10,060 2010 2014
−Removed: Shops at Park Place — 8,042 18,358 — 272 8,042 18,630 26,672 4,192 2001 2021
Silver Springs Pointe — 7,580 4,947 — 567 7,580 5,514 13,094 2,897 2001 2014
3 unchanged sentences
Stonebridge Plaza — 1,923 7,917 — 324 1,923 8,241 10,164 2,350 1997 2021
−Removed: Stoney Creek Commons — 628 3,657 — 6,162 628 9,819 10,447 6,039 2000 NA
Sunland Towne Centre — 14,774 21,949 — 6,730 14,774 28,679 43,453 15,607 1996 2004
1 unchanged sentence
Target South Center — 2,581 9,553 — 136 2,581 9,689 12,270 2,821 1999 2021
−Removed: Tarpon Bay Plaza — 3,855 23,796 — 3,161 3,855 26,957 30,812 11,910 2007 NA
+Added: Tarpon Bay Plaza — 3,855 23,796 — 3,180 3,855 26,976 30,831 12,811 2007 N/A
The Brickyard — 29,389 19,134 — 5,836 29,389 24,970 54,359 6,905 1977/2004 2021
The Corner — 3,772 23,437 — 359 3,772 23,796 27,568 8,235 2008 2014
−Removed: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
−Removed: AND SUBSIDIARIES
−Removed: Consolidated Real Estate and Accumulated Depreciation
−Removed: December 31, 2024
−Removed: (in thousands)
−Removed: Initial Cost Cost Capitalized
−Removed: Subsequent to Acquisition/Development Gross Carrying Amount
−Removed: Close of Period
−Removed: Name Encumbrances Land Building &
−Removed: Improvements Land Building &
−Removed: Improvements Land Building &
−Removed: Improvements Total Accumulated
−Removed: Depreciation Year Built /
−Removed: Renovated Year
−Removed: Operating Properties (continued)
The Landing at Tradition — 1,300 — — 64 1,300 64 1,364 — 2007 2014
4 unchanged sentences
Towson Square — 1,412 26,684 — 352 1,412 27,036 28,448 5,170 2014 2021
−Removed: Traders Point — 11,135 42,152 — 3,216 11,135 45,368 56,503 27,761 2005 NA
+Added: Traders Point — 11,135 41,871 — 3,447 11,135 45,318 56,453 28,803 2005 N/A
Tradition Village Center — 3,140 14,576 — 1,773 3,140 16,349 19,489 7,214 2006 2014
Tysons Corner — 13,334 10,407 — 140 13,334 10,547 23,881 1,979 1980/2013 2021
+Added: Village Commons — 24,080 38,037 — 33 24,080 38,070 62,150 2,514 1987/2015 2025
Village Shoppes at Simonton — 1,627 11,633 — 133 1,627 11,766 13,393 2,904 2004 2021
Walter's Crossing — 13,056 20,656 — 4,271 13,056 24,927 37,983 5,801 2005 2021
−Removed: Watauga Pavilion — 5,511 23,936 — 247 5,511 24,183 29,694 4,736 2003 2021
Waterford Lakes Village — 2,317 1,773 — 11,592 2,317 13,365 15,682 2,528 1997 2004
2 unchanged sentences
Winchester Commons — 2,119 9,325 — 115 2,119 9,440 11,559 2,762 1999 2021
+Added: KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P.
+Added: AND SUBSIDIARIES
+Added: Consolidated Real Estate and Accumulated Depreciation
+Added: December 31, 2025
+Added: (in thousands)
+Added: Initial Cost (1)
+Added: Cost Capitalized
+Added: Subsequent to Acquisition/Development Gross Carrying Amount
+Added: Close of Period
+Added: Name Encumbrances Land Building &
+Added: Improvements Land Building &
+Added: Improvements Land Building &
+Added: Improvements Total Accumulated
+Added: Depreciation Year Built /
+Added: Renovated Year
+Added: Operating Properties (continued)
Woodinville Plaza $ — $ 24,722 $ 29,830 $ — $ 6,186 $ 24,722 $ 36,016 $ 60,738 $ 9,205 1981 2021
5 unchanged sentences
(in thousands)
−Removed: Initial Cost Cost Capitalized
+Added: Initial Cost (1)
+Added: Cost Capitalized
Subsequent to Acquisition/Development Gross Carrying Amount
10 unchanged sentences
Union Station Parking Garage — 904 2,310 — 2,281 904 4,591 5,495 2,577 1986 2001
−Removed: Total Office Properties — 3,428 44,835 — 32,973 3,428 77,808 81,236 22,254
+Added: Eastgate Crossing — 4,244 51,358 — 11,382 4,244 62,740 66,984 8,642 1958/2007 2020
+Added: Total Office and Other Properties — 7,384 82,340 — 47,280 7,384 129,620 137,004 32,050
Development and Redevelopment Projects
11 unchanged sentences
Grand Total $ 3,027,937 $ 1,746,370 $ 4,567,207 $ 8,290 $ 681,612 $ 1,754,660 $ 5,248,819 $ 7,003,479 $ 1,656,191
+Added: (1) The balance for initial cost could include parcels/outparcels, assets written off, and/or provisions for impairment.
* This property or a portion of the property is subject to a ground lease for the land.
11 unchanged sentences
Balance as of January 1, $ 7,634,191 $ 7,740,061 $ 7,732,573
−Removed: Acquisitions related to the RPAI merger — — ( 16,672 )
Acquisitions 62,117 38,101 75,587
16 unchanged sentences
Balance as of December 31, $ 1,656,191 $ 1,587,661 $ 1,381,770
−Removed: Depreciation of investment properties reflected in the accompanying consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as follows:
+Added: Depreciation of investment properties reflected in the accompanying consolidated statements of operations and comprehensive income (loss) is calculated over the estimated original lives of the assets as follows:
Buildings 20 – 35 years
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.