Kite Realty Group Trust (KRG) 8-K Kite Realty Group Trust Announces First Quarter 2006 Financial Results

Exhibit 99.2

Kite Realty Group Trust

Quarterly Financial Supplement

March 31, 2006

	Investor Relations
	Daniel R. Sink, CFO
	30 S. Meridian Street
	Suite 1100
	Indianapolis, IN 46204
	317.577.5600
	www.kiterealty.com

SUPPLEMENTAL INFORMATION – MARCH 31, 2006

PAGE NO.	TABLE OF CONTENTS
3	Corporate Profile
4	Contact Information
5	Important Notes
6	Corporate Structure Chart
7	Condensed Consolidated and Combined Balance Sheets
8	Consolidated Statements of Operations For the Three Months Ended March 31
9	Funds From Operations and Other Financial Information For the Three Months Ended March 31
10	Market Capitalization
11	Net Operating Income by Quarter
12	Summary of Outstanding Debt
13	Schedule of Outstanding Debt
16	Joint Venture Summary
17	Condensed Combined Balance Sheets of Unconsolidated Properties
18	Condensed Combined Statements of Operations of Unconsolidated Properties For the Three Months Ended March 31
19	Top 10 Retail Tenants by Gross Leaseable Area
20	Top 25 Tenants by Annualized Base Rent
21	Lease Expirations – Operating Portfolio
22	Lease Expirations – Retail Anchor Tenants
23	Lease Expirations – Retail Shops
24	Lease Expirations – Commercial Tenants
25	Summary Retail Portfolio Statistics
26	Summary Commercial Portfolio Statistics
27	Development Pipeline
28	Geographic Diversification – Operating Portfolio
29	Operating Retail Properties
31	Operating Commercial Properties
32	Retail Operating Portfolio – Tenant Breakdown
33	Same Property Net Operating Income

p. 2 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

CORPORATE PROFILE

General Description

Kite Realty Group Trust commenced operations in August 2004 as the successor to certain businesses of Kite Property Group, a nationally recognized real estate owner and developer.  We are a full service, vertically integrated real estate company focused primarily on the development, construction, acquisition, ownership and operation of high quality neighborhood and community shopping centers in selected growth markets in the United States. As of March 31, 2006, we owned interests in 47 operating properties totaling approximately 7.2 million square feet and interests in 12 properties under development anticipated to total 1.6 million square feet.  We are organized as a real estate investment trust (“REIT”) for federal income tax purposes.

Our strategy is to maximize the cash flow of our operating properties, successfully complete the construction and lease-up of our development portfolio and identify additional growth opportunities in the form of new developments and acquisitions.  New investments are focused in the shopping center sector, although we may selectively pursue commercial development or acquisition opportunities in markets where we currently operate and where we believe we can leverage existing infrastructure and relationships to generate attractive risk adjusted returns.

Company Highlights (as of March 31, 2006)

•	Operating Retail Properties	42
•	Operating Commercial Properties	5
•	Total Properties Under Development	12
•	States	9
•	Total GLA/NRA (operating)	7,213,038
•	Owned GLA/NRA (operating)	5,094,756
•	Percentage of Owned GLA Leased - Retail	94.8%
•	Percentage of Owned NRA Leased – Commercial	97.7%
•	Total Full-Time Employees	101

Stock Listing

New York Stock Exchange symbol: KRG

p. 3 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

CONTACT INFORMATION

Corporate  Office

30 South Meridian Street, Suite 1100
Indianapolis, IN  46204
1-888-577-5600
317-577-5600
www.kiterealty.com

Investor Relations Contacts:	Analyst Coverage:
Daniel R. Sink, Chief Financial Officer	Cantor Fitzgerald
Kite Realty Group Trust	Mr. Philip J. Martin
30 South Meridian Street, Suite 1100	(312) 469-7485
Indianapolis, IN  46204	pmartin@cantor.com
(317) 577-5609
dsink@kiterealty.com	Goldman, Sachs & Co.
	Mr. Dennis Maloney
The Ruth Group	(212) 902-4351
Stephanie Carrington	dennis.maloney@gs.com
(646) 536-7017
	Harris Nesbitt
Transfer Agent:	Mr. Paul E. Adornato, CFA
	(212) 885-4170
LaSalle Bank, National Association	paul.adornato@harrisnesbitt.com
135 South LaSalle Street
Chicago, IL  60603-3499	Lehman Brothers
(312) 904-2000	Mr. David Harris
	(212) 526-1790
Stock Specialist:	dharris4@lehman.com
Van der Moolen Specialists USA, LLC	Raymond James
45 Broadway	Mr. Paul Puryear
32nd Floor	(727) 567-2253
New York, NY  10006	paul.puryear@raymondjames.com
(646) 576-2707
	Stifel, Nicholas & Company, Inc.
	Mr. David M. Fick, CPA
	(410) 454-5018
	dmfick@stifel.com
	Wachovia Securities
	Mr. Jeffrey J. Donnelly, CFA
	(617) 603-4262
	jeff.donnelly@wachovia.com

p. 4 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

IMPORTANT NOTES

Interim Information

This Quarterly Financial Supplement contains historical information of Kite Realty Group Trust (the “Company” or “KRG”) and is intended to supplement the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2006, which should be read in conjunction with this package.  The supplemental information is unaudited, although it reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.

Forward-Looking Statements

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

• national and local economic, business, real estate and other market conditions;

• the ability of tenants to pay rent;

• the competitive environment in which the Company operates;

• financing risks;

• property ownership and management risks;

• the level and volatility of interest rates;

• financial stability of tenants;

• the Company’s ability to maintain its status as a REIT for federal income tax purposes;

• acquisition, disposition, development and joint venture risks;

• potential environmental and other liabilities;

• other factors affecting the real estate industry generally; and

• other risks identified in reports the Company files with the Securities and Exchange Commission (the “SEC”) or in other documents that it publicly disseminates. Including, in particular, the section tittled “Risk Factors ”, in our Annual Report on Form 10-K for the fiscal year ended December 31, 2005 and in on quarterly agents on Form 10-Q.

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

Funds From Operations

Funds from Operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. We calculate FFO in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (NAREIT), which we refer to as the White Paper. The White Paper defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

Given the nature of our business as a real estate owner and operator, we believe that FFO is helpful to investors in measuring our operational performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance such as gains (or losses) from sales of property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. FFO should not be considered as an alternative to net income (determined in accordance with generally accepted accounting principles (“GAAP”)) as an indicator of our financial performance, is not an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, and is not indicative of funds available to fund our cash needs, including our ability to make distributions. Our computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.

Net Operating Income

Net operating income (“NOI”) is provided here as a supplemental measure of operating performance.  NOI is defined as property revenues less property operating expenses, excluding depreciation and amortization, interest expense and other items.  We believe that this presentation of NOI is helpful to investors as a measure of its operational performance because it is widely used in the real estate industry to measure the performance of real estate assets without regard to various items included in net income that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending upon accounting methods and book value of assets.  We also believe NOI helps our investors to meaningfully compare the results of our operating performance from period to period by removing the impact of our capital structure (primarily interest expense on our outstanding indebtedness) and depreciation of our basis in our assets from our operating results.  NOI should not, however, be considered as an alternative to net income (calculated in accordance with GAAP) as an indicator of our financial performance.

Basis for Presentation

Kite Realty Group Trust commenced operations on August 16, 2004 upon completion of its initial public offering.  Prior to that date, the entities that owned the properties and service companies that we acquired as part of our formation transactions were under the common control of Al Kite, John Kite and Paul Kite (the “Principals”).  Certain line items in the accompanying financial information in the period beginning August 16, 2004 may not be comparable to prior periods due to acquisitions, including the purchase of minority partner and joint venture interests of the properties previously accounted for under the equity method.

p. 5 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

CORPORATE STRUCTURE CHART – MARCH 31, 2006      

p. 6 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2006			December 31, 2005
	(Unaudited)			(Unaudited)
Assets:
Investment properties, at cost:
Land	$	172,211,722		$	172,509,684
Land held for development		53,293,610			51,340,820
Buildings and improvements		485,808,204			485,129,649
Furniture, equipment and other		5,384,093			5,675,980
Construction in progress and other		85,558,803			65,903,868
		802,256,432			780,560,001
Less: accumulated depreciation		(47,194,381	)		(41,825,911	)
		755,062,051			738,734,090
Cash and cash equivalents		9,560,171			15,208,835
Tenant receivables, including accrued straight-line rent, net of allowance for bad debts		12,954,605			11,302,923
Other receivables		6,865,736			6,082,511
Investments in unconsolidated entities, at equity		1,191,443			1,303,919
Escrow deposits		5,466,752			6,718,198
Deferred costs, net		17,532,778			17,380,288
Prepaid and other assets		2,603,042			2,499,042
Total Assets	$	811,236,578		$	799,229,806
Liabilities and Shareholders’ Equity:
Mortgage and other indebtedness	$	390,950,748		$	375,245,837
Cash distributions and losses in excess of net investment in unconsolidated entities, at equity		53,551			—
Accounts payable and accrued expenses		31,530,388			30,642,822
Deferred revenue		25,210,889			25,369,152
Minority interest		4,748,825			4,847,801
Total liabilities		452,494,401			436,105,612
Commitments and Contingencies
Limited Partners’ interests in operating partnership		83,228,186			84,244,814
Shareholders’ Equity:
Preferred shares, $.01 par value, 40,000,000 shares authorized, no shares issued and outstanding		—			—
Common shares, $.01 par value, 200,000,000 shares authorized, 28,583,414 shares and 28,555,187 shares issued and outstanding at March 31, 2006 and December 31, 2005, respectively		285,834			285,552
Additional paid in capital and other		288,206,406			288,976,563
Unearned compensation		—			(808,015	)
Other comprehensive income		610,371			427,057
Accumulated deficit		(13,588,620	)		(10,001,777	)
Total shareholders’ equity		275,513,991			278,879,380
Total Liabilities and Shareholders’ Equity	$	811,236,578		$	799,229,806

p. 7 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

CONSOLIDATED STATEMENTS OF OPERATIONS – THREE MONTHS (UNAUDITED)

	Three Months Ended March 31,
	2006			2005
Revenue:
Minimum rent	$	15,734,672		$	12,530,628
Tenant reimbursements		3,695,873			2,623,188
Other property related revenue		1,051,701			948,500
Construction and service fee revenue		7,896,936			3,088,976
Other income, net		53,876			12,564
Total revenue		28,433,058			19,203,856
Expenses:
Property operating		3,034,174			2,728,090
Real estate taxes		2,506,914			1,498,381
Cost of construction and services		7,185,364			2,908,384
General, administrative, and other		1,343,537			1,232,269
Depreciation and amortization		7,522,235			4,819,333
Total expenses		21,592,224			13,186,457
Operating income		6,840,834			6,017,399
Interest expense		4,569,992			3,758,434
Income tax expense of taxable REIT subsidiary		13,287			—
Minority interest income		(37,524	)		(41,019	)
Equity in earnings of unconsolidated entities		87,973			75,795
Income from continuing operations		2,308,004			2,293,741
Operating income from discontinued operations		—			306,009
Limited partners’ interest in operating partnership		(535,457	)		(785,090	)
Net income	$	1,772,547		$	1,814,660
Income per common share – basic:
Continuing operations	$	0.06		$	0.08
Discontinued operations		—			0.01
	$	0.06		$	0.09
Income per common share -  diluted:
Continuing operations	$	0.06		$	0.08
Discontinued operations		—			0.01
	$	0.06		$	0.09
Weighted average common shares outstanding  -  basic		28,571,440			19,148,267
Weighted average common shares outstanding -  diluted		28,704,563			19,231,484
Dividends declared per common share	$	0.1875		$	0.1875

p. 8 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

FUNDS FROM OPERATIONS AND OTHER FINANCIAL INFORMATION – THREE MONTHS

	Three Months Ended March 31,
	2006			2005
Funds From Operations:
Net income	$	1,772,547		$	1,814,660
Add Limited Partners’ interests		535,457			785,090
Add depreciation and amortization of consolidated entities and discontinued operations, net of minority interest		7,428,693			4,913,703
Add depreciation and amortization of unconsolidated entities		102,019			68,212
Funds From Operations of the Kite Portfolio		9,838,716			7,581,665
Less Limited Partners’ interests		(2,271,952	)		(2,289,562	)
Funds From Operations allocable to the Company	$	7,566,764		$	5,292,103
Basic FFO per share of the Kite Portfolio	$	0.26		$	0.28
Diluted FFO per share of the Kite Portfolio	$	0.26		$	0.28
Basic weighted average Common Shares outstanding		28,571,440			19,148,267
Diluted weighted average Common Shares outstanding		28,704,563			19,231,484
Basic weighted average Common Shares and Units outstanding		37,190,104			27,432,527
Diluted weighted average Common Shares and Units outstanding		37,323,227			27,515,745
Other Financial Information:
Recurring Capital Expenditures 1
Tenant improvements	$	1,109,500	2	$	-0-
Leasing commissions		273,850	3		36,677
Capital improvements		19,707			7,085
Scheduled debt principal payments		631,274			618,759
Straight line rent		422,303			339,222
Market rent amortization income from acquired leases		877,836			938,029
Market debt adjustment		107,714			359,386
Capitalized Interest		1,395,645			380,198

1	Excludes tenant improvements and leasing commissions relating to development projects and first generation space.
2	Of this amount, $988,153 represents tenant improvements for Shoe Pavilion at Galleria Plaza and 24 Hour Fitness at Cedar Hill Village.
3	Of this amount, $198,404 represents leasing commissions for Shoe Pavilion at Galleria Plaza and 24 Hour Fitness at Cedar Hill Village.

p. 9 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

MARKET CAPITALIZATION AS OF MARCH 31, 2006

	Percent of Total Equity			Total Market Capitalization		Percent of Total Market Capitalization
Equity Capitalization:
Total Common Shares Outstanding		76.8	%	$	28,583,414
Operating Partnership (“OP”) Units		23.2	%		8,618,664
Combined Common Shares and OP Units		100.0	%		37,202,078
Market Price at March 31, 2006				$	15.95
Total Equity Capitalization				$	593,373,151		60	%
Debt Capitalization:
Company Outstanding Debt				$	390,950,748
Pro-rata Share of Joint Venture Debt					8,518,086
Total Debt Capitalization					399,468,834		40	%
Total Market Capitalization				$	992,841,985		100	%

p. 10 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

NET OPERATING INCOME BY QUARTER

	Three Months Ended															Twelve Months Ended December 31, 2005
	March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005
Revenue:
Minimum rent	$	15,734,672		$	14,931,419		$	14,176,125		$	13,346,461		$	12,530,627		$	54,984,632
Tenant reimbursements		3,695,873			4,054,644			2,401,869			2,871,856			2,623,188			11,951,557
Other property related revenue		1,051,701			2,027,454			2,409,900			407,589			948,500			5,793,443
Other income, net		53,876			65,205			57,759			79,894			12,564			215,422
		20,536,122			21,078,722			19,045,653			16,705,800			16,114,879			72,945,054
Expenses:
Property operating		3,034,174			4,230,328			2,933,662			2,451,266			2,728,089			12,343,345
Real estate taxes		2,506,914			2,480,709			1,604,623			1,874,849			1,498,382			7,458,563
		5,541,088			6,711,037			4,538,285			4,326,115			4,226,471			19,801,908
Net Operating Income – Properties		14,995,034			14,367,685			14,507,368			12,379,685			11,888,408			53,143,146
Other Income (Expense):
Construction and service fee revenue1		7,896,936			12,823,385			4,916,773			5,590,667			3,088,976			26,419,801
Cost of construction and services1		(7,185,364	)		(10,203,260	)		(4,320,679	)		(4,390,955	)		(2,908,384	)		(21,823,278	)
General, administrative, and other		(1,343,537	)		(1,706,050	)		(1,112,314	)		(1,277,102	)		(1,232,269	)		(5,327,735	)
Depreciation and amortization		(7,522,235	)		(6,175,623	)		(5,439,606	)		(5,356,576	)		(4,819,331	)		(21,791,136	)
		(8,154,200	)		(5,261,548	)		(5,955,826	)		(5,433,966	)		(5,871,008	)		(22,522,348	)
Earnings Before Interest and Taxes		6,840,834			9,106,137			8,551,542			6,945,719			6,017,400			30,620,798
Interest expense		4,569,992			4,411,460			5,176,657			4,742,869			3,758,435			18,089,421
Income tax expense of taxable REIT subsidiary		13,287			809,178			232,285			—			—			1,041,463
Minority interest income		(37,524	)		(550,599	)		(623,574	)		(51,930	)		(41,019	)		(1,267,122	)
Equity in earnings (loss) of unconsolidated entities		87,973			(26,225	)		76,385			126,556			75,795			252,511
Limited partners’ interests in operating partnership		(535,457	)		(2,883,132	)		(881,407	)		(779,669	)		(785,090	)		(5,329,298	)
Income From Continuing Operations		1,772,547			425,543			1,714,004			1,497,807			1,508,651			5,146,005
Operating income from discontinued operations		—			250,055			268,237			253,132			306,009			1,077,433
Gain on sale of operating property		—			7,212,402			—			—			—			7,212,402
Net income	$	1,772,547		$	7,888,000		$	1,982,241		$	1,750,939		$	1,814,660		$	13,435,840

1 Three months and twelve months ended December 31, 2005 include proceeds and costs from sale of a merchant building activity (before minority interest) of $5.65 million and $4.1 million, respectively.

p. 11 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

SUMMARY OF OUTSTANDING DEBT¹
TOTAL DEBT OUTSTANDING AS OF MARCH 31, 2006

	Outstanding Amount			Ratio			Weighted Average Interest Rate			Weighted Average Maturity (in years)
Fixed Rate Debt:
Consolidated	$	203,810			52	%		6.04	%		7.3
Unconsolidated		8,518			2	%		6.61	%		6.2
Floating Rate Debt (Hedged) 2		65,000			16	%		5.48	%		1.0
Total Fixed Rate Debt		277,328			70	%		5.92	%		5.8
Variable Rate Debt:3
Construction Loans		57,415			14	%		6.48	%		1.1
Other Variable		127,133			32	%		6.30	%		1.3
Floating Rate Debt (Hedged) 2		(65,000	)		-16	%		-6.18	%		-1.0
Total Variable Rate Debt		119,548			30	%		6.45	%		1.3
Net Premiums		2,593			N/A			N/A			N/A
Total	$	399,469			100	%		6.08	%		4.5

SCHEDULE OF MATURITIES BY YEAR AS OF MARCH 31, 2006

					Secured Revolving Credit Facility		Construction Loans		Total Consolidated Outstanding Debt		KRG Share Of Unconsolidated Mortgage Debt		Total Consolidated and Unconsolidated Debt
	Mortgage Debt
	Annual Maturity		Term Maturities
2006	$	1,835	$	16,500	$	0	$	20,747	$	39,082	$	143	$	39,225
2007		2,703		0		105,550		23,582		131,835		205		132,040
2008		2,652		8,292		0		13,086		24,030		218		24,248
2009		2,801		27,452		0		0		30,253		2,211		32,464
2010		3,023		0		0		0		3,023		97		3,120
2011		2,873		19,655		0		0		22,528		103		22,631
2012		2,349		35,356		0		0		37,705		110		37,815
2013		2,252		4,027		0		0		6,279		5,431		11,710
2014		1,861		27,567		0		0		29,428		0		29,428
2015		1,390		38,301		0		0		39,691		0		39,691
2016 and beyond		3,646		20,858		0		0		24,504		0		24,504
Net Premiums		0		0		0		0		2,593		0		2,593
Total	$	27,385	$	198,008	$	105,550	$	57,415	$	390,951	$	8,518	$	399,469

1   Dollars in thousands.
2   These debt obligations are hedged by interest rate swap agreements.
3   Variable Rate Debt% net of swap transactions:
- Construction	11	%	$	42,415
- Other Variable	19	%		77,133	(Includes debt on acquisition land held for development)
	30	%	$	119,548

p. 12 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

SCHEDULE OF OUTSTANDING DEBT¹
CONSOLIDATED DEBT AS OF MARCH 31, 2006

Fixed Rate Debt:	Lender/Servicer		Interest Rate			Maturity Date		Balance as of March 31, 2006		Monthly Debt Service as of March 31, 2006
50th & 12th		Wachovia Bank		5.67	%		11/11/14	$	4,622	$	27
176th & Meridian		Wachovia Bank		5.67	%		11/11/14		4,198		25
Boulevard Crossing		Wachovia Bank		5.11	%		12/11/09		12,439		69
Centre at Panola, Phase I		JP Morgan Chase		6.78	%		1/1/22		4,275		37
Cool Creek Commons		Lehman Brothers Bank		5.88	%		4/11/16		18,000		91
Corner Shops, The		Sun Life Assurance Co.		7.65	%		7/1/11		1,850		17
Fox Lake Crossing		Wachovia Bank		5.16	%		7/1/12		12,076		69
Indian River Square		Wachovia Bank		5.42	%		6/11/15		13,300		56
Indiana State Motor Pool		Old National		5.38	%		3/24/08		4,064		17
International Speedway Square		Lehman Brothers Bank		7.17	%		3/11/11		19,629		139
Plaza at Cedar Hill		GECC		7.38	%		2/1/12		26,911		193
Plaza Volente		Wachovia Bank		5.42	%		6/11/15		28,680		121
Preston Commons		Wachovia Bank		5.90	%		3/11/13		4,574		28
Ridge Plaza		Wachovia Bank		5.15	%		10/11/09		16,666		93
Thirty South		CS First Boston		6.09	%		1/11/14		22,905		142
Whitehall Pike		Banc One Capital Funding		6.71	%		7/5/2018		9,621		77
Subtotal								$	203,810	$	1,201
Floating Rate Debt (Hedged):	Lender		Interest Rate			Maturity Date		Balance as of March 31, 2006		Monthly Debt Service as of March 31, 2006
Collateral Pool Properties2		KeyBank		5.65	%		8/1/2007		35,000		165
Collateral Pool Properties2		KeyBank		5.38	%		8/1/2007		15,000		67
Collateral Pool Properties3		LaSalle Bank		5.19	%		5/1/2006		15,000		65
Subtotal								$	65,000	$	297
TOTAL CONSOLIDATED FIXED RATE DEBT								$	268,810	$	1,498
TOTAL NET PREMIUMS								$	2,593
Variable Rate Debt: Mortgages	Lender		Interest Rate4			Maturity Date		Balance as of March 31, 2006
Fishers Station Shops5		National City Bank		LIBOR + 275			9/1/2008		5,083
Sunland Towne Center		Key Bank		LIBOR + 185			5/10/2006		16,500
Subtotal								$	21,583

1	Dollars in thousands.
2	The Company entered into $35 million and $15 million fixed rate swap agreements which are designated as hedges against the revolving credit facility.
3	The Company transferred a $15 million fixed rate swap agreement which was designated as a hedge against the Cool Creek Commons construction loan to revolving credit facility.
4	At March 31, 2006, one-month LIBOR and Prime interest rates were 4.83% and 7.75%, respectively.
5	The Company has a 25% interest in this property. This loan is guaranteed by Kite Realty Group, LP.

p. 13 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

SCHEDULE OF OUTSTANDING DEBT ( CONTINUED)¹

Variable Rate Debt: Construction Loans	Servicer		Interest Rate 2		Maturity Date		Total Commitment		Balance as of March 31, 2006
Beacon Hill Shopping Center3		Fifth Third Bank		LIBOR + 150		9/30/07	$	34,800	$	5,608
Estero Town Center4		Wachovia Bank		LIBOR + 165		4/1/08		20,460		7,925
Geist Pavilion		The National Bank of Indianapolis and Busey Bank		LIBOR + 165		5/1/07		10,057		8,286
Red Bank Commons		Huntington Bank		LIBOR + 165		4/1/07		4,960		4,621
Naperville Marsh		LaSalle Bank		LIBOR + 165		6/30/06		11,650		11,622
Naperville Marketplace		LaSalle Bank		LIBOR + 175		6/30/07		14,400		5,067
Sandifur Plaza5		LaSalle Bank		LIBOR + 165		12/31/06		5,500		1,239
Tarpon Springs Plaza		Wachovia Bank		LIBOR + 175		4/1/08		20,000		5,161
Traders Point II		Huntington Bank		LIBOR + 165		6/28/06		9,587		7,886
Subtotal							$	131,414	$	57,415
Line of Credit	Lender		Interest Rate 2		Maturity Date		Total Available as of March 31, 2006		Balance as of March 31, 2006
Collateral Pool Properties: 6,7,8,9		Wachovia Bank		LIBOR + 135		8/31/07	$	126,530	$	105,550
Floating Rate Debt (Hedged)
Collateral Pool Properties7		KeyBank		LIBOR + 135		8/1/07				(35,000	)
Collateral Pool Properties7		KeyBank		LIBOR + 135		8/1/07				(15,000	)
Collateral Pool Properties4		LaSalle Bank		LIBOR + 135		5/1/06				(15,000	)
Subtotal									$	(65,000	)
Total Consolidated Variable Rate Debt									$	119,548
TOTAL DEBT PER CONSOLIDATED BALANCE SHEET									$	390,951

1	Dollars in thousands.
2	At March 31, 2006, one-month LIBOR and Prime interest rates were 4.83% and 7.75%, respectively.
3	The Company has a preferred return then a 50% interest. This loan is guaranteed by Kite Realty Group, LP.
4	The Company has a preferred return then a 40% interest. This loan is guaranteed by Kite Realty Group, LP.
5	The Company has a 80% interest in the Walgreens and 95% in the shops. This loan is guaranteed by Kite Realty Group, LP.
6	There are currently fifteen properties encumbered under the line of credit and thirty-four unencumbered properties and available to expand borrowings under the line.  The major unencumbered properties include: 50 S. Morton, Bolton Plaza, Centre at Panola Phase II, Circuit City Plaza, Fishers Station Marsh, Frisco Bridges, Greyhound Commons, Martinsville Shops, Shops at Otty, Sunland II, Traders Point, Wal-Mart Plaza, Weston Park.
7	The Company entered into a $35 million and $15 million fixed rate swap agreement which is designated as a hedge against the line of credit.
8	The total amount available for borrowing under the line is $126,530 of which $105,550 was outstanding at March 31, 2006.
9	The Company transferred a $15 million fixed rate swap agreement which was designated as a hedge against the Cool Creek construction loan to the revolving credit facility.

p. 14 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

SCHEDULE OF OUTSTANDING DEBT ( CONTINUED)¹

UNCONSOLIDATED DEBT AS OF MARCH 31, 2006  ²

	Lender		Interest Rate			Maturity Date		Balance as of March 31, 2006			Monthly Debt Service as of March 31, 2006
Fixed Rate
The Centre		Sun Life		6.99	%		6/1/2009	$	4,113		$	40
Spring Mill Medical		LaSalle Bank		6.45	%		9/1/2013		12,100			78
TOTAL UNCONSOLIDATED DEBT								$	16,213		$	118
JOINT VENTURE PARTNERS’ SHARE OF TOTAL UNCONSOLIDATED DEBT									(7,695	)
KRG’s SHARE OF TOTAL UNCONSOLIDATED DEBT								$	8,518
TOTAL KRG CONSOLIDATED DEBT								$	390,951
TOTAL KRG UNCONSOLIDATED DEBT									8,518
TOTAL KRG DEBT								$	399,469

1	Dollars in thousands.
2	The Company owns a 50% interest in Spring Mill Medical and a 60% interest in The Centre.

p. 15 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

JOINT VENTURE SUMMARY – UNCONSOLIDATED PROPERTIES

The Company owns the following two unconsolidated properties with joint venture partners:

Property	Percentage Owned by the Company
The Centre	60%
Spring Mill Medical	50%

p. 16 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

CONDENSED COMBINED BALANCE SHEETS OF UNCONSOLIDATED PROPERTIES
(THE CENTRE AND SPRING MILL MEDICAL)
(Unaudited)

	March 31, 2006			December 31, 2005
Assets:
Investment properties, at cost
Land	$	2,552,075		$	2,552,075
Buildings and improvements		14,566,616			14,566,616
Furniture and equipment		10,581			3,290
		17,129,272			17,121,981
Less: accumulated depreciation		(2,908,256	)		(2,793,109	)
		14,221,016			14,328,872
Cash and cash equivalents		716,354			902,443
Tenant receivables, including accrued straight line rent		157,049			140,124
Other receivables		—			—
Deferred costs, net		647,064			670,319
Prepaid and other assets		486			—
Total Assets	$	15,741,969		$	16,041,758
Liabilities and Accumulated Equity (Deficit):
Mortgage and other indebtedness	$	16,213,500		$	16,299,855
Accounts payable and accrued expenses		593,585			524,792
Due to affiliate		—			—
Total Liabilities		16,807,085			16,824,647
Accumulated equity (deficit)		(1,065,116	)		(782,889	)
Total Liabilities and Accumulated Equity (Deficit)	$	15,741,969		$	16,041,758

p. 17 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

CONDENSED COMBINED STATEMENTS OF OPERATIONS OF UNCONSOLIDATED PROPERTIES
(THE CENTRE AND SPRING MILL MEDICAL)
(Unaudited)

	Three Months Ended March 31
	2006		2005
Total Revenue	$	878,507	$	830,219
Expenses:
Property operating and other		201,282		233,972
Real estate taxes		61,319		55,674
Depreciation and amortization		133,239		131,814
Total expenses		395,840		421,460
Operating income		482,667		408,759
Interest expense		272,893		278,354
Net income	$	209,774	$	130,405

p. 18 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

TOP 10 RETAIL TENANTS BY GROSS LEASEABLE AREA (GLA)
AS OF MARCH 31, 2006

This Table Includes The Following:
	•	Operating Retail Properties
	•	Operating Commercial Properties
	•	Development Property Tenants open for business as of March 31, 2006

Tenant	Number of Locations	Total GLA	Number of Leases	Company Owned GLA	Number of Anchor Owned Locations	Anchor Owned GLA
Lowe’s Home Improvement1	8	1,084,630	2	128,997	6	955,633
Wal-Mart	3	459,649	2	234,649	1	225,000
Federated Department Stores	1	237,455	1	237,455	0	0
Marsh Supermarkets2	3	194,902	3	194,902	0	0
Circuit City	4	132,352	4	132,352	0	0
Dominick’s	2	131,613	2	131,613	0	0
Publix	3	129,357	3	129,357	0	0
Dick’s Sporting Goods	2	126,672	2	126,672	0	0
Kmart	1	110,875	1	110,875	0	0
Burlington Coat Factory	1	107,400	1	107,400	0	0
Total	28	2,714,905	21	1,534,272	7	1,180,633

1	A ground lease with Lowe's was entered into during the first quarter of 2006.  An estimated 165,000 square feet is included in Anchor Owned GLA to account for this property.
2	Includes the Marsh Supermarket at Naperville Marketplace, which is owned by a taxable REIT subsidiary and which KRG is marketing for sale.

p. 19 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

TOP 25 TENANTS BY ANNUALIZED BASE RENT²
AS OF MARCH 31, 2006

This Table Includes The Following:
	•	Operating Retail Properties
	•	Operating Commercial Properties
	•	Development Property Tenants open for business as of March 31, 2006

Tenant	Type of Property		Number of Locations		Leased GLA/NRA		% of Owned GLA/NRA of the Portfolio			Annualized Base Rent 1,2		Annualized Base Rent per Sq. Ft.		% of Total Portfolio Annualized Base Rent
Circuit City		Retail		4		132,352		2.6	%	$	1,930,190	$	14.58		3.2	%
Lowe’s Home Improvement 6		Retail		2		128,997		2.5	%	$	1,814,000	$	6.17		3.0	%
State of Indiana		Commercial		3		210,393		4.1	%	$	1,663,733	$	7.91		2.8	%
Eli Lilly		Commercial		1		99,542		1.9	%	$	1,642,443	$	16.50		2.7	%
Marsh Supermarkets 5		Retail		2		124,902		2.4	%	$	1,633,958	$	13.08		2.7	%
Dominick’s		Retail		2		131,613		2.6	%	$	1,411,728	$	10.73		2.3	%
Dick’s Sporting Goods		Retail		2		126,672		2.5	%	$	1,220,000	$	9.63		2.0	%
HEB		Retail		1		105,000		2.0	%	$	1,155,000	$	11.00		1.9	%
Bed Bath & Beyond		Retail		3		85,895		1.7	%	$	1,056,866	$	12.30		1.8	%
Walgreen’s		Retail		3		39,070		0.8	%	$	1,031,023	$	26.39		1.7	%
Publix		Retail		3		129,357		2.5	%	$	989,361	$	7.65		1.6	%
Wal-Mart		Retail		2		234,649		4.6	%	$	930,927	$	3.97		1.5	%
Ross Stores		Retail		3		87,656		1.7	%	$	893,821	$	10.20		1.5	%
Office Depot		Retail		3		84,372		1.6	%	$	873,089	$	10.35		1.5	%
Kmart		Retail		1		110,875		2.2	%	$	850,379	$	7.67		1.4	%
University Medical Diagnostics Associates 3		Commercial		1		32,256		0.6	%	$	844,402	$	26.18		1.4	%3
Winn-Dixie 4		Retail		2		103,406		2.0	%	$	806,266	$	7.80		1.3	%
Kerasotes 6		Retail		2		43,050		0.8	%	$	776,496	$	8.92		1.3	%
A & P		Retail		1		58,732		1.1	%	$	763,516	$	13.00		1.3	%
Old Navy		Retail		3		64,868		1.3	%	$	737,412	$	11.37		1.2	%
Shoe Pavilion		Retail		1		31,396		0.6	%	$	722,108	$	23.00		1.2	%
City Securities		Commercial		1		34,949		0.7	%	$	694,900	$	19.88		1.2	%
Indiana University Healthcare Associates		Commercial		1		31,175		0.6	%	$	622,201	$	19.96		1.0	%3
Bealls		Retail		2		79,611		1.6	%	$	576,000	$	7.24		1.0	%
Petsmart		Retail		2		50,909		1.0	%	$	537,095	$	10.55		0.9	%
Total						2,361,697		46.0	%	$	26,176,914	$	11.08		43.4	%

1	Annualized base rent represents the monthly contractual rent for March 2006 for each applicable tenant multiplied by 12.
2	Excludes tenants at development properties which are Build-to-Suits for sale.
3	Property held in unconsolidated joint venture. Annualized base rent is reflected at 100 percent.
4	In February 2005, Winn-Dixie Stores, Inc. filed a petition for Chapter 11 bankruptcy to reorganize its business operations. On February 28, 2006, Winn-Dixie announced plans to close its store at Shops at Eagle Creek but had not at  that date rejected its lease at this property. In its announcement, Winn-Dixie included its store at Waterford Lakes on its list of stores that it intended to retain as of that date.
5	Excludes the Marsh Supermarket at Naperville Marketplace, which is owned by a taxable REIT subsidiary and which KRG is marketing for sale; however, the Company cannot presently determine whether it can sell this asset within the  next twelve months. Also  excludes the Marsh Supermarket at Geist Pavilion where the tenant has commenced payment of rent but has not opened for business.
6	Annualized Base Rent Per Sq. Ft. is adjusted to account for the estimated square footage attributed to non-owned ground lease structures.

p. 20 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

LEASE EXPIRATIONS – OPERATING PORTFOLIO¹

This Table Includes The Following:
	•	Operating Retail Properties
	•	Operating Commercial Properties
	•	Development Property Tenants open for business as of March 31, 2006

	Number of Expiring Leases 2		Expiring GLA/NRA 3		% of Total GLA/NRA Expiring			Expiring Annualized Base Rent 4		% of Total Annualized Base Rent			Expiring Annualized Base Rent per Sq. Ft.		Expiring Ground Lease Revenue
2006		68		161,221		3.3	%	$	1,633,037		2.9	%	$	10.13	$	0
2007		82		257,875		5.3	%	$	3,434,250		6.0	%	$	13.32	$	800,000
2008		44		440,321		9.0	%	$	3,262,267		5.7	%	$	7.41	$	0
2009		58		204,763		4.2	%	$	3,118,861		5.4	%	$	15.23	$	0
2010		68		428,668		8.8	%	$	5,305,396		9.3	%	$	12.38	$	0
2011		45		605,284		12.3	%	$	5,645,983		9.9	%	$	9.33	$	0
2012		33		269,439		5.5	%	$	3,712,571		6.5	%	$	13.78	$	85,000
2013		19		183,068		3.7	%	$	2,591,954		4.5	%	$	14.16	$	0
2014		32		308,415		6.3	%	$	3,944,596		6.9	%	$	12.79	$	427,900
2015		41		598,729		12.3	%	$	7,078,432		12.3	%	$	11.82	$	251,500
Beyond		47		1,431,336		29.3	%	$	17,566,457		30.5	%	$	12.27	$	1,456,480
Total		537		4,889,119		100.0	%	$	57,293,804		100.0	%	$	11.72	$	3,020,880

1	Excludes tenants at development properties which are Build-to-Suits for sale.
2	Lease expiration table reflects rents in place as of March 31, 2006 and does not include option periods; 2006 expirations include month-to-month tenants. This column also excludes ground leases.
3	Expiring GLA excludes square footage for non-owned ground lease structures.
4	Annualized base rent represents the monthly contractual rent for March 2006 for each applicable tenant multiplied by 12. Excludes ground lease revenue.

p. 21 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

LEASE EXPIRATIONS –RETAIL ANCHOR TENANTS ¹

This Table Includes The Following:
	•	Operating Retail Properties
	•	Development Property Tenants open for business as of March 31, 2006

	Number of Expiring Leases 2		Expiring GLA 3		% of Total GLA Expiring			Expiring Annualized Base Rent 4		% of Total Annualized Base Rent			Expiring Annualized Base Rent per Sq. Ft.		Expiring Ground Lease Revenue
2006		1		34,212		0.7	%	$	18,000		0.0	%	$	0.53	$	0
2007		7		104,126		2.1	%	$	817,276		1.4	%	$	7.85	$	800,000
2008		3		342,049		7.0	%	$	1,441,077		2.5	%	$	4.21	$	0
2009		3		69,389		1.4	%	$	669,318		1.2	%	$	9.65	$	0
2010		11		284,459		5.8	%	$	2,611,106		4.6	%	$	9.18	$	0
2011		7		407,087		8.3	%	$	2,089,946		3.7	%	$	5.13	$	0
2012		5		135,399		2.8	%	$	1,172,103		2.1	%	$	8.66	$	0
2013		1		11,960		0.2	%	$	161,460		0.3	%	$	13.50	$	0
2014		5		91,602		1.9	%	$	983,243		1.7	%	$	10.73	$	0
2015		13		462,074		9.5	%	$	4,313,053		7.5	%	$	9.33	$	0
Beyond		30		1,312,063		26.8	%	$	14,962,976		26.1	%	$	11.40	$	1,040,000
Total		86		3,254,420		66.5	%	$	29,239,558		51.1	%	$	8.98	$	1,840,000

1	Retail anchor tenants are defined as tenants which occupy 10,000 square feet or more. Excludes tenants at development properties which are Build to Suits for sale.
2	Lease expiration table reflects rents in place as of March 31, 2006 and does not include option periods; 2006 expirations include month-to-month tenants. This column also excludes ground leases.
3	Expiring GLA excludes square footage for non-owned ground lease structures.
4	Annualized base rent represents the monthly contractual rent for March 2006 for each applicable property multiplied by 12. Excludes ground lease revenue.

p. 22 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

LEASE EXPIRATIONS – RETAIL SHOPS

This Table Includes The Following:
	•	Operating Retail Properties
	•	Development Property Tenants open for business as of March 31, 2006

	Number of Expiring Leases1		Expiring GLA2		% of Total GLA Expiring			Expiring Annualized Base Rent3		% of Total Annualized Base Rent			Expiring Annualized Base Rent per Sq. Ft.		Expiring Ground Lease Revenue
2006		66		126,009		2.6	%	$	1,614,787		2.8	%	$	12.81	$	0
2007		73		149,794		3.1	%	$	2,539,614		4.4	%	$	16.95	$	0
2008		40		90,307		1.9	%	$	1,661,252		2.9	%	$	18.40	$	0
2009		55		135,374		2.7	%	$	2,449,543		4.3	%	$	18.09	$	0
2010		56		135,331		2.7	%	$	2,514,511		4.4	%	$	18.58	$	0
2011		35		98,655		2.0	%	$	1,913,594		3.3	%	$	19.40	$	0
2012		26		96,988		2.0	%	$	1,949,760		3.4	%	$	20.10	$	85,000
2013		14		42,754		0.9	%	$	840,863		1.5	%	$	19.67	$	0
2014		25		66,864		1.4	%	$	1,573,003		2.8	%	$	23.53	$	427,900
2015		25		87,091		1.8	%	$	1,901,075		3.3	%	$	21.83	$	251,500
Beyond		15		55,842		1.1	%	$	1,136,878		2.0	%	$	20.36	$	416,480
Total		430		1,085,009		22.2	%	$	20,094,880		35.1	%	$	18.52	$	1,180,880

1	Lease expiration table reflects rents in place as of March 31, 2006 and does not include option periods; 2006 expirations include month-to-month tenants. This column also excludes ground leases.
2	Expiring GLA excludes square footage for non-owned ground lease structures.
3	Annualized base rent represents the monthly contractual rent for March 2006 for each applicable property multiplied by 12. Excludes ground lease revenue.

p. 23 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

LEASE EXPIRATIONS – COMMERCIAL TENANTS

This Table Includes The Following:
	•	Operating Commercial Properties
	•	Development Property Tenants open for business as of March 31, 2006

	Number of Expiring Leases1		Expiring NRA		% of Total NRA Expiring			Expiring Annualized Base Rent2		% of Total Annualized Base Rent			Expiring Annualized Base Rent per Sq. Ft.
2006		1		1,000		0.0	%	$	250		0.0	%	$	0.25
2007		2		3,955		0.1	%	$	77,360		0.1	%	$	19.56
2008		1		7,965		0.2	%	$	159,938		0.3	%	$	20.08
2009		0		0		0.0	%	$	0		0.0	%	$	0.00
2010		1		8,878		0.2	%	$	179,780		0.3	%	$	20.25
2011		3		99,542		2.0	%	$	1,642,443		2.9	%	$	16.50
2012		2		37,052		0.8	%	$	590,708		1.0	%	$	15.94
2013		4		128,354		2.6	%	$	1,589,631		2.8	%	$	12.38
2014		2		149,949		3.1	%	$	1,388,350		2.4	%	$	9.26
2015		3		49,564		1.0	%	$	864,304		1.5	%	$	17.44
Beyond		2		63,431		1.3	%	$	1,466,603		2.6	%	$	23.12
Total		21		549,690		11.3	%	$	7,959,366		13.9	%	$	14.48

1	Lease expiration table reflects rents in place as of March 31, 2006 and does not include option periods; 2006 expirations include month-to-month tenants. This column also excludes ground leases.
2	Annualized base rent represents the monthly contractual rent for March 2006 for each applicable property multiplied by 12.

p. 24 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

SUMMARY RETAIL PORTFOLIO STATISTICS
(INCLUDES JOINT VENTURE PROPERTIES)

Retail Portfolio	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
Company Owned GLA1 – Operating Retail		4,532,104			4,497,658			4,175,813			3,923,243			3,611,708
Total GLA1 – Operating Retail		6,650,386			6,160,940			5,685,320			5,356,973			4,806,438
Projected Company Owned GLA Under Development 2		696,896			690,161			628,100			946,700			854,300
Projected Total GLA Under Development		1,579,358			1,823,561			1,772,825			1,927,802			1,736,402
Number of Operating Retail Properties		42			40			37			36			33
Number of Retail Properties Under Development		12			14			13			12			10
Percentage Leased – Operating Retail		94.8	%		95.3	%		95.6	%		93.8	%		93.8	%
Annualized Base Rent & Ground Lease Revenue - Retail Properties3	$	51,480,775		$	50,059,285		$	46,701,031		$	41,304,284		$	38,076,654

1	“Company Owned GLA” represents gross leasable area that is owned by the Company.  “Total GLA” includes Company Owned GLA, plus square footage attributable to non-owned outlot structures on land that is owned by the Company and ground leased to tenants, plus non-owned anchor space.
2	“Projected Company Owned GLA Under Development” represents gross leaseable area under development that is projected to be owned by the Company.  “Projected Total GLA” includes Projected Company Owned GLA, plus projected square footage attributable to non-owned outlot structures on land that is owned by the Company and ground leased to tenants, plus non-owned anchor space that is existing or under construction.
3	Annualized base rent represents the monthly contractual rent for March 2006 for each applicable tenant multiplied by 12.

p. 25 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

SUMMARY COMMERCIAL PORTFOLIO STATISTICS
(INCLUDES JOINT VENTURE PROPERTIES)

Commercial Portfolio	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
Company Owned Net Rentable Area (NRA)1		562,652			562,652			662,652			662,652			662,652
NRA under Development		—			—			—			—			—
Number of Operating Commercial Properties		5			5			6			6			6
Number of Commercial Properties under Development		—			—			—			—			—
Percentage Leased – Operating Commercial Properties		97.7	%		97.3	%		97.7	%		97.7	%		97.7	%
Percentage Leased – Commercial Properties under Development		—			—			—			—			—
Annualized Base Rent – Commercial Properties 2,3	$	7,959,366		$	7,909,489		$	9,624,510		$	9,624,510		$	9,681,386

1	“Company Owned NRA” does not include square footage of Union Station Parking Garage, a detached parking garage supporting the Thirty South property that includes 851 parking spaces.  It is operated by Denison Parking, a third party, pursuant to a lease of the entire property.
2	“Annualized Base Rent” does not include approximately $500,000 in annualized income attributable to the Union Station Parking Garage.
3	Annualized Base rent includes $779,621 from KRG and Subsidiaries as of March 31, 2006.

p. 26 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

DEVELOPMENT PIPELINE
AS OF MARCH 31, 2006

2005 Deliveries/ 2006 Stabilizations	MSA	Type of Property		Opening Date1		Projected Owned GLA2		Projected Total GLA3		Percent of Owned GLA Occupied 10			Percent of Owned GLA Pre-Leased/ Committed5			Total Estimated Project Cost4		Cost Incurred as of March 31, 20064		Major Tenants and Non-owned Anchors
Indiana
Traders Point II	Indianapolis, IN		Retail		Q2 2005		46,600		50,200		46.0	%		53.8	%	$	10,650	$	8,942	Anchored by Traders Point I
Geist Pavilion	Indianapolis, IN		Retail		Q1 2005		64,300		64,300		58.3	%		86.9	%		11,971		10,963	Marsh Supermarket, Party Tree
Subtotal							110,900		114,500		53.2	%		73.0	%	$	22,621	$	19,905

2006-2007 Deliveries	MSA	Type of Property		Opening Date1		Projected Owned GLA2		Projected Total GLA3		Percent of Owned GLA Occupied			Percent of Owned GLA Pre-Leased/ Committed5			Total Estimated Project Cost4		Cost Incurred as of March 31, 20064		Major Tenants and Non-owned Anchors
Florida
Tarpon Springs Plaza	Naples, FL		Retail		Q1 2007		81,500		273,300		0.0	%		97.9	%	$	21,500	$	10,780	Target (non-owned)
Estero Town Commons 6,7,9	Naples, FL		Retail		Q3 2006		25,600		206,600		0.0	%		89.8	%		20,000		11,930	Lowe’s Home Improvement
Indiana
Beacon Hill Shopping Center 7,9	Crown Point, IN		Retail		Q3 2006		56,000		161,000		0.0	%		10.6	%		17,000		11,430	Strack & VanTil’s (non-owned)
Zionsville Place	Indianapolis, IN		Retail		Q2 2006		37,400		42,400		0.0	%		17.1	%		9,000		3,644	Small shops, garden-style office
Stoney Creek Commons II	Indianapolis, IN		Retail		Q3 2006		49,330		214,530		0.0	%		100.0	%		6,000		3,385	HH Gregg, Office Depot
Bridgewater Marketplace I	Indianapolis, IN		Retail		Q3 2006		41,031		51,031		0.0	%		38.7	%		15,000		4,228	Walgreen’s (build-to-suit for sale)
Illinois
Naperville Marketplace 8	Chicago, IL		Retail		Q3 2005		170,000		170,000		41.2	%		70.8	%		30,500		22,226	Marsh Supermarket, TJ Maxx
Oregon
Cornelius Gateway Build-to-Suit For Sale7,9	Portland, OR		Retail		Q2 2006		21,300		36,100		0.0	%		11.7	%		5,400		3,983	Walgreen’s (non-owned)
Washington
Sandifur Plaza Build-to-Suit for Sale 6,7,9	Tri-Cities, WA		Retail		Q4 2006		27,400		27,400		0.0	%		75.9	%		6,400		1,960	Walgreen’s
Gateway Shopping Center - Phase I & II 6,7,9,11	Seattle, WA		Retail		Q1 2007		76,522		282,522		0.0	%		39.4	%		24,300		8,319	Kohl’s (non-owned), Winco (non-owned)
Subtotal							585,083		1,464,883		11.9	%		66.7	%	$	155,170	$	81,885
Total							696,983		1,579,383		18.5	%		67.5	%	$	177,721	$	101,790

1	Opening Date is defined as the first date a tenant is open for business or a ground lease payment is made.
2	Projected Owned GLA represents gross leasable area that we project will be owned by us. It excludes square footage that we project will be attributable to non-owned outlot structures on land that is owned by us and that we expect to ground lease to tenants. It also excludes non-owned anchor space.
3	Projected Total GLA includes Projected Owned GLA, projected square footage attributable to non-owned outlot structures on land that is owned by us, and non-owned anchor space that is currently existing or under construction.
4	Dollars in thousands.
5	Land parcels owned by the Company and ground leased to tenants. Includes leases under negotiation for approximately 128,431 square feet for which we have signed non-binding letters of intent plus an executed lease with Lowe’s Home Improvement.
6	Opening Date and Total Estimated Cost based on preliminary siteplan.
7	Owned in a joint venture.
8	A 70,000 square foot Marsh is owned by a taxable REIT subsidiary, opened in August, 2005, and is being marketed for sale. The projected opening for the remainder of the center is Q3 2006.
9	We own the following development properties through joint ventures: Cornelius Gateway (80%); Sandifur Plaza (Walgreen’s 80%; small shops 95%); Beacon Hill (preferred return, then 50%); Gateway Shopping Center (preferred return, then 50% until internal rate of return threshold is reached and then 25%); and Estero Town Commons (preferred return, then 40%)
10	Includes tenants that have taken possession of their space or have begun paying rent.
11	Phase two was acquired in April 2006, consisting of a 93,000 square foot non-owned anchor, 45,000 square feet of small shops and two outlots.

p. 27 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

GEOGRAPHIC DIVERSIFICATION – OPERATING PORTFOLIO ¹
AS OF MARCH 31, 2006

	Number of Operating Properties		Owned GLA/NRA2		Percent of Owned GLA/NRA			Total Number of Leases		Annualized  Base Rent3		Percent of Annualized Base Rent			Annualized Base Rent per Leased SF
Indiana		20		2,124,078		41.6	%		215	$	22,400,791		39.7	%	$	11.64
•     Retail – Mall		1		579,189		11.4	%		40	$	2,378,807		4.2	%	$	5.25
•     Retail		14		982,237		19.2	%		154	$	12,062,618		21.4	%	$	13.10
•     Commercial		5		562,652		11.0	%		21	$	7,959,366		14.1	%	$	14.48
Texas		8		1,136,186		22.2	%		96	$	13,788,332		24.4	%	$	12.21
Florida		9		1,001,206		19.7	%		118	$	9,485,934		16.8	%	$	9.69
Illinois		2		231,770		4.6	%		36	$	3,113,872		5.5	%	$	14.16
New Jersey		1		115,088		2.3	%		17	$	1,784,524		3.2	%	$	15.99
Georgia		2		142,707		2.8	%		28	$	1,608,318		2.9	%	$	11.37
Washington		3		102,146		2.0	%		26	$	1,747,869		3.1	%	$	17.28
Ohio		1		231,730		4.6	%		6	$	2,221,017		3.9	%	$	9.58
Oregon		1		9,845		0.2	%		7	$	268,603		0.5	%	$	27.28
Total		47		5,094,756		100.0	%		549	$	56,419,260		100.0	%	$	11.64

1	Excludes tenants at development properties which are Build to Suits for sale.
2	Owned GLA/NRA represents gross leasable area or net leasable area owned by the Company. It does not include 24 parcels or outlots owned by the Company and ground leased to tenants, which contain 24 non-owned structures totaling approximately 324,319 square feet. It also excludes the square footage of Union Station Parking Garage.
3	Annualized Base Rent Revenue excludes $3,020,880 in annualized ground lease revenue attributable to parcels and outlots owned by the Company and ground leased to tenants. It also excludes approximately $500,000  in 2006 annualized minimum rent attributable to Union Station Parking Garage as well as the leases on properties classified as development properties.

p. 28 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

OPERATING RETAIL PROPERTIES – TABLE I
AS OF MARCH 31, 2006

Property 1,2	State	MSA	Year Built/ Renovated	Year Added to Operating  Portfolio	Acquired, Redeveloped, or Developed	Total GLA2	Owned GLA2	Percentage of Owned GLA Leased3
International Speedway Square	FL	Daytona	1999	1999	Developed	233,901	220,901	98.2	%
King’s Lake Square	FL	Naples	1986	2003	Acquired	85,497	85,497	97.5	%
Wal-Mart Plaza 4	FL	Gainesville	1970	2004	Acquired	177,826	177,826	100.0	%
Waterford Lakes	FL	Orlando	1997	2004	Acquired	77,948	77,948	100.0	%
Shops at Eagle Creek	FL	Naples	1998	2003	Acquired	75,944	75,944	91.9	%
Eagle Creek Lowe’s	FL	Naples	2006	2006	Developed	165,000	0	*
Circuit City Plaza	FL	Coral Springs	2004	2004	Developed	435,906	45,906	97.1	%
Indian River Square	FL	Vero Beach	1997/2004	2005	Acquired	379,246	144,246	100.0	%
Bolton Plaza	FL	Jacksonville	1986	2005	Acquired	172,938	172,938	94.9	%
Centre at Panola	GA	Atlanta	2001	2004	Acquired	73,079	73,079	100.0	%
Publix at Acworth	GA	Atlanta	1996	2004	Acquired	69,628	69,628	98.3	%
Silver Glen Crossing	IL	Chicago	2002	2004	Acquired	138,224	132,675	96.0	%
Fox Lake Crossing	IL	Chicago	2002	2005	Acquired	99,095	99,095	93.3	%
Glendale Mall	IN	Indianapolis	1958/2000	1999	Redeveloped	724,026	579,189	78.3	%
Cool Creek Commons	IN	Indianapolis	2005	2005	Developed	133,207	120,678	92.8	%
Boulevard Crossing	IN	Kokomo	2004	2004	Developed	214,696	112,696	96.0	%
Traders Point	IN	Indianapolis	2005	2005	Developed	328,278	252,501	94.8	%
Hamilton Crossing	IN	Indianapolis	1999	2004	Acquired	87,424	82,424	100.0	%
Fishers Station 5	IN	Indianapolis	1989	2004	Acquired	114,457	114,457	84.4	%
Whitehall Pike	IN	Bloomington	1999	1999	Developed	128,997	128,997	100.0	%
The Centre 6	IN	Indianapolis	1986	1986	Developed	80,689	80,689	88.5	%
The Corner Shops	IN	Indianapolis	1984/2003	1984	Developed	42,545	42,545	100.0	%
Stoney Creek Commons I	IN	Indianapolis	2000	2000	Developed	143,397	0	*
Greyhound Commons	IN	Indianapolis	2005	2005	Developed	153,187	0	*
Weston Park Phase I	IN	Indianapolis	2005	2005	Developed	12,200	0	*
Red Bank Commons	IN	Evansville	2005	2006	Developed	324,264	34,264	78.1	%
Martinsville Shops	IN	Martinsville	2005	2005	Developed	10,986	10,986	100.0	%
50 South Morton	IN	Indianapolis	1999	1999	Developed	2,000	2,000	100.0	%
Ridge Plaza	NJ	Oak Ridge	2002	2003	Acquired	115,088	115,088	96.9	%
Eastgate Pavilion	OH	Cincinnati	1995	2004	Acquired	231,730	231,730	100.0	%
Shops at Otty 7	OR	Portland	2004	2004	Developed	154,845	9,845	100.0	%
Plaza at Cedar Hill	TX	Dallas	2000	2004	Acquired	299,783	299,783	100.0	%
Sunland Towne Centre	TX	El Paso	1996	2004	Acquired	312,539	307,563	99.5	%
Galleria Plaza 8	TX	Dallas	2002	2004	Acquired	44,306	44,306	100.0	%
Cedar Hill Village	TX	Dallas	2002	2004	Acquired	139,092	44,262	94.2	%
Preston Commons	TX	Dallas	2002	2002	Developed	142,564	27,564	90.0	%
Burlington Coat Factory 9	TX	San Antonio	1992/2000	2000	Redeveloped	107,400	107,400	100.0	%
Plaza Volente	TX	Austin	2004	2005	Acquired	160,308	156,308	100.0	%
Market Street Village	TX	Hurst	1970/2004	2005	Acquired	156,000	149,000	100.0	%
50th & 12th	WA	Seattle	2004	2004	Developed	14,500	14,500	100.0	%
176th & Meridian	WA	Seattle	2004	2004	Developed	14,560	14,560	100.0	%
Four Corner Square	WA	Seattle	1985	2004	Acquired	73,086	73,086	98.6	%
					TOTAL	6,650,386	4,532,104	94.8%

(*)	Property consists of ground leases only, no Owned GLA. As of 3/31/06, the following were leased: Lowe’s at Eagle Creek – single ground lease property; Stoney Creek Commons – 1 of 2 outlots leased; Greyhound Commons – 2 of 4 outlots leased; and Weston Park Phase I – 2 of 3 outlots leased.
1	All properties are wholly-owned, except as indicated. Unless otherwise noted, each property is owned in fee simple by us.
2	Owned GLA represents gross leasable area that is owned by us. Total GLA includes Owned GLA, square footage attributable to non-owned anchor space and non-owned structures on ground leases.
3	Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of March 31, 2006 except for Stoney Creek Commons, Greyhound Commons, and Weston Park Phase I (see *) and Eagle Creek Lowe’s Home Improvement.
4	We acquired a 99.9% interest in this property through a joint venture with a third party that manages the property. At the current time, we receive 85% of the cash flow from the property, which percentage may decrease under certain circumstances.
5	This property is divided into two parcels: a grocery store and small shops. We own a 25% interest in the small shops in a joint venture and a 100% interest in the grocery store. The joint venture partner is entitled to an annual preferred payment of $96,000. All remaining cash flow is distributed to us.
6	We own a 60% interest in this property through a joint venture with the third party that manages the property.
7	We do not own the land at this property. We have leased the land pursuant to two ground leases that expire in 2017. We have six five-year options to renew this lease.
8	We do not own the land at this property. We lease the land pursuant to a ground lease that expires in 2027. We have five five-year renewal options.
9	We do not own the land at this property. We have leased the land pursuant to a ground lease that expires in 2012. We have six five-year renewal options and a right of first refusal to purchase the land.

p. 29 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

OPERATING RETAIL PROPERTIES – TABLE II
AS OF MARCH 31, 2006

Property	State		MSA		Annualized Base Rent Revenue		Annualized Ground Lease Revenue		Annualized Total Retail Revenue 1		Percentage of Annualized Total Retail Revenue			Base Rent Per Leased Owned GLA2		Major Tenants and Non-Owned Anchors3
RETAIL OPERATING PROPERTIES
International Speedway Square 4		FL		Daytona	$	2,422,964	$	232,900	$	2,655,864		5.1	%	$	11.17		SteinMart, Bed Bath, Circuit City
King’s Lake Square		FL		Naples	$	1,061,391	$	0	$	1,061,391		2.1	%	$	12.73		Publix, Walgreens
Wal-Mart Plaza 4		FL		Gainesville	$	926,101	$	0	$	926,101		1.8	%	$	5.21		Wal-Mart, Books A Million, Save A Lot
Waterford Lakes		FL		Orlando	$	911,422	$	0	$	911,422		1.8	%	$	11.69		Winn-Dixie5
Shops at Eagle Creek		FL		Naples	$	779,697	$	0	$	779,697		1.5	%	$	11.17		Winn-Dixie5
Eagle Creek Lowe’s		FL		Naples	$	0	$	800,000	$	800,000		1.6	%				Lowe’s Home Improvement
Circuit City Plaza		FL		Coral Springs	$	881,277	$	0	$	881,277		1.7	%	$	19.78		Circuit City, Wal-Mart (non-owned), Lowe’s Home Improvement (non-owned)
Indian River Square		FL		Vero Beach	$	1,419,265	$	0	$	1,419,265		2.8	%	$	9.84		Office Depot, Bealls, Ragshop, Lowe’s Home Improvement (non-owned), Target (non-owned)
Bolton Plaza 4		FL		Jacksonville	$	1,083,816	$	0	$	1,083,816		2.1	%	$	6.60		Wal-Mart
Centre at Panola		GA		Atlanta	$	831,224	$	0	$	831,224		1.6	%	$	11.37		Publix
Publix at Acworth		GA		Atlanta	$	777,094	$	0	$	777,094		1.5	%	$	11.36		Publix, CVS
Silver Glen Crossing		IL		Chicago	$	1,827,051	$	85,000	$	1,912,051		3.7	%	$	14.34		Dominick’s, MC Sports
Fox Lake Crossing		IL		Chicago	$	1,286,821	$	0	$	1,286,821		2.5	%	$	13.91		Dominick’s
Glendale Mall		IN		Indianapolis	$	2,378,807	$	140,000	$	2,518,807		4.8	%	$	5.25		L.S. Ayres, Kerasotes Theatre, Lowe’s Home Improvement (non-owned)
Cool Creek Commons		IN		Indianapolis	$	1,705,404	$	155,500	$	1,860,904		3.6	%	$	15.24		Fresh Market, Stein Mart
Boulevard Crossing		IN		Kokomo	$	1,368,905	$	0	$	1,368,905		2.7	%	$	12.66		TJ Maxx, Petco, Shoe Carnival, Kohl’s (non-owned)
Traders Point		IN		Indianapolis	$	3,310,170	$	635,000	$	3,945,170		7.7	%	$	13.83		Dick’s Sporting Goods, Bed Bath & Beyond, Michaels, Marsh Supermarkets, Books A Million, Old Navy
Hamilton Crossing		IN		Indianapolis	$	1,396,773	$	71,500	$	1,468,273		2.9	%	$	16.95		Office Depot
Fishers Station		IN		Indianapolis	$	1,176,363	$	0	$	1,176,363		2.3	%	$	12.18		Marsh Supermarket
Whitehall Pike		IN		Bloomington	$	1,014,000	$	0	$	1,014,000		2.0	%	$	7.86		Lowe’s Home Improvement
The Centre 4		IN		Indianapolis	$	908,663	$	0	$	908,663		1.8	%	$	12.73		Osco
The Corner Shops		IN		Indianapolis	$	522,936	$	0	$	522,936		1.0	%	$	12.29		Hancock Fabrics
Stoney Creek Commons		IN		Indianapolis	$	0	$	75,000	$	75,000		0.2	%				Lowe’s Home Improvement (non-owned)
Greyhound Commons		IN		Indianapolis	$	0	$	202,500	$	202,500		0.4	%				Lowe’s Home Improvement (non-owned)
Weston Park Phase I		IN		Indianapolis	$	0	$	190,000	$	190,000		0.4	%
Red Bank Commons		IN		Evansville	$	379,784	$	0	$	379,784		0.7	%	$	14.19		Wal-Mart (non-owned) Home Depot (non-owned)
Martinsville Shops		IN		Martinsville	$	147,620	$	0	$	147,620		0.3	%	$	13.44
50 South Morton		IN		Indianapolis	$	132,000	$	0	$	132,000		0.3	%	$	66.00
Ridge Plaza		NJ		Oak Ridge	$	1,784,524	$	0	$	1,784,524		3.5	%	$	15.99		A&P, CVS
Eastgate Pavilion		OH		Cincinnati	$	2,221,017	$	0	$	2,221,017		4.2	%	$	9.58		Dick’s Sporting Goods, Value City Furniture, Best Buy
Shops at Otty		OR		Portland	$	268,603	$	122,500	$	391,103		0.8	%	$	27.28		Wal-Mart (non-owned)
Plaza at Cedar Hill		TX		Dallas	$	3,580,844	$	0	$	3,580,844		7.0	%	$	11.94		Hobby Lobby, Linens ‘N Things, Marshall’s
Sunland Towne Centre		TX		El Paso	$	2,998,722	$	95,280	$	3,094,002		5.9	%	$	9.80		Kmart, Circuit City, Roomstore
Galleria Plaza		TX		Dallas	$	1,081,717	$	0	$	1,081,717		2.1	%	$	24.41		Shoe Pavilion
Cedar Hill Village		TX		Dallas	$	673,085	$	0	$	673,085		1.3	%	$	16.14		24 Hour Fitness, JC Penney (non-owned)
Preston Commons		TX		Dallas	$	583,352	$	0	$	583,352		1.1	%	$	23.52		Lowe’s Home Improvement (non-owned)
Burlington Coat Factory		TX		San Antonio	$	510,150	$	0	$	510,150		1.0	%	$	4.75		Burlington Coat Factory
Plaza Volente		TX		Austin	$	2,449,104	$	100,000	$	2,549,104		5.0	%	$	15.67		H-E-B Grocery
Market Street Village		TX		Hurst	$	1,911,357	$	115,700	$	2,027,057		3.9	%	$	12.83		Ross, Office Depot, JoAnn’s, Circuit City, Hancock Fabrics
50th & 12th		WA		Seattle	$	475,000	$	0	$	475,000		0.9	%	$	32.76		Walgreen’s
176th & Meridian		WA		Seattle	$	433,000	$	0	$	433,000		0.8	%	$	29.74		Walgreen’s
Four Corner Square		WA		Seattle	$	839,868	$	0	$	839,868		1.6	%	$	11.65		Johnson Hardware Store
				TOTAL	$	48,459,895	$	3,020,880	$	51,480,775		100.0	%	$	11.27

1	Annualized Base Rent represents the contractual rent for March 2006 for each applicable property, multiplied by 12. This table does not include Annualized Base Rent from development property tenants open for business as of March 31, 2006.
2	Owned GLA represents gross leasable area that is owned by us. Total GLA includes Owned GLA, square footage attributable to non-owned anchor space and non-owned structures on ground leases.
3	Represents the three largest tenants that occupy at least 10,000 square feet of GLA at the property, including non-owned anchors.
4	A third party manages this property.
5	In February 2005, Winn-Dixie Stores, Inc. filed a petition for Chapter 11 bankruptcy to reorganize its business operations. As of March 31, 2006, Winn-Dixie has not announced plans to close the stores at either of the Company’s properties, nor has it rejected either lease. On February 28, 2006, Winn-Dixie announced plans to close its store at Shops at Eagle Creek but had not at that date rejected the lease at this property. In its announcement, Winn-Dixie included its store at Waterford Lakes on its list of stores that it intended to retain as of that date.

p. 30 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

OPERATING COMMERCIAL PROPERTIES
AS OF MARCH 31, 2006

Property	MSA	Year Built/ Renovated		Acquired, Redeveloped, or Developed	Owned NRA		Percentage of Owned NRA Leased			Annualized Base Rent1		Percentage of Annualized Commercial Base Rent			Base Rent Per Leased Sq. Ft.		Major Tenants
Indiana
Thirty South 4	Indianapolis		1905/2002	Redeveloped		298,346		95.7	%	$	4,986,077		62.7	%	$	17.47		Eli Lilly, City Securities, Kite Realty Group
PEN Products	Indianapolis		2003	Developed		85,875		100.0	%		813,236		10.2	%		9.47		Indiana Department of Administration
Spring Mill Medical2	Indianapolis		1998/2002	Redeveloped		63,431		100.0	%		1,466,603		18.4	%		23.12		University Medical Diagnostic Associates; Indiana University Healthcare Associates
Union Station Parking Garage3	Indianapolis		1986	Acquired		N/A		N/A			N/A		N/A			N/A		Denison Parking
Indiana State Motor Pool	Indianapolis		2004	Developed		115,000		100.0	%		693,450		8.7	%		6.03		Indiana Dept. of Administration
Total						562,652		97.7	%	$	7,959,366		100.0		$	14.48

1	Annualized base rent represents the monthly contractual rent for March 2006 for each applicable property, multiplied by 12.
2	We own a 50% interest in this property through a joint venture with one of the tenants at this property.
3	2006 annualized base rent is approximately $500,000.
4	Annualized Base Rent includes $779,621 from KRG and Subsidiaries as of March 31, 2006.

p. 31 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

RETAIL OPERATING PORTFOLIO – TENANT B REAKDOWN¹
AS OF MARCH 31, 2006

	Owned Gross Leasable Area								Occupancy
Property	State		Anchors		Shops		Total		Anchors			Shops			Total
ISS		FL		200,401		20,500		220,901		100.0	%		80.4	%		98.2	%
King’s Lake Square		FL		49,805		35,692		85,497		100.0	%		94.0	%		97.5	%
Wal-Mart Plaza		FL		138,323		39,503		177,826		100.0	%		100.0	%		100.0	%
Waterford Lakes		FL		51,703		26,245		77,948		100.0	%		100.0	%		100.0	%
Shops at Eagle Creek		FL		51,703		24,241		75,944		100.0	%		74.7	%		91.9	%
Eagle Creek Lowe’s		FL
Circuit City Plaza		FL		33,014		12,892		45,906		100.0	%		89.5	%		97.1	%
Indian River Square		FL		116,342		27,904		144,246		100.0	%		100.0	%		100.0	%
Bolton Plaza		FL		131,488		41,450		172,938		100.0	%		78.8	%		94.9	%
Centre at Panola		GA		51,674		21,405		73,079		100.0	%		100.0	%		100.0	%
Publix at Acworth		GA		37,888		31,740		69,628		100.0	%		96.2	%		98.3	%
Silver Glen Crossing		IL		78,675		54,000		132,675		100.0	%		90.2	%		96.0	%
Fox Lake Crossing		IL		65,977		33,118		99,095		100.0	%		80.1	%		93.3	%
Glendale Mall		IN		437,702		141,487		579,189		86.5	%		52.7	%		78.3	%
Cool Creek Commons		IN		53,600		67,078		120,678		100.0	%		87.0	%		92.8	%
Boulevard Crossing		IN		74,440		38,256		112,696		100.0	%		88.2	%		96.0	%
Traders Point		IN		211,664		40,837		252,501		100.0	%		67.8	%		94.8	%
Hamilton Crossing		IN		30,722		51,702		82,424		100.0	%		100.0	%		100.0	%
Fishers Station		IN		57,000		57,457		114,457		100.0	%		68.9	%		84.4	%
Whitehall Pike		IN		128,997		0		128,997		100.0	%					100.0	%
The Centre		IN		18,720		61,969		80,689		100.0	%		85.0	%		88.5	%
The Corner Shops		IN		12,200		30,345		42,545		100.0	%		100.0	%		100.0	%
Stoney Creek Commons I		IN
Greyhound Commons		IN
Weston Park Phase I		IN
Red Bank Commons		IN		0		34,264		34,264					78.1	%		78.1	%
Martinsville Shops		IN		0		10,986		10,986					100.0	%		100.0	%
50 South Morton		IN		0		2,000		2,000					100.0	%		100.0	%
Ridge Plaza		NJ		69,612		45,476		115,088		100.0	%		92.3	%		97.0	%
Eastgate Pavilion		OH		231,730		0		231,730		100.0	%					100.0	%
Shops at Otty		OR		0		9,845		9,845					100.0	%		100.0	%
Plaza at Cedar Hill		TX		227,106		72,677		299,783		100.0	%		100.0	%		100.0	%
Sunland Towne Centre		TX		277,220		30,343		307,563		100.0	%		95.1	%		99.5	%
Galleria Plaza		TX		31,396		12,910		44,306		100.0	%		100.0	%		100.0	%
Cedar Hill Village		TX		32,231		12,031		44,262		100.0	%		78.8	%		94.2	%
Preston Commons		TX		0		27,564		27,564					90.0	%		90.0	%
Burlington Coat Factory		TX		107,400		0		107,400		100.0	%					100.0	%
Plaza Volente		TX		105,000		51,308		156,308		100.0	%		100.0	%		100.0	%
Market Street Village		TX		136,746		12,254		149,000		100.0	%		100.0	%		100.0	%
50th & 12th		WA		14,500		0		14,500		100.0	%					100.0	%
176th & Meridian		WA		14,560		0		14,560		100.0	%					100.0	%
Four Corner Square		WA		20,512		52,574		73,086		100.0	%		98.1	%		98.6	%
Total				3,300,051		1,232,053		4,532,104		98.2	%		85.8	%		94.8	%

	Annualized Base Rent1								Annualized Base Rent per Occupied Square Foot
Property	Anchors		Shops		Ground Leases		Total		Anchors		Shops		Total
ISS	$	2,118,321	$	304,643	$	232,900	$	2,655,864	$	10.57	$	18.49	$	11.17
King’s Lake Square	$	361,793	$	699,598	$	0	$	1,061,391	$	7.26	$	20.85	$	12.73
Wal-Mart Plaza	$	538,544	$	387,557	$	0	$	926,101	$	3.89	$	9.81	$	5.21
Waterford Lakes	$	408,452	$	502,970	$	0	$	911,422	$	7.90	$	19.16	$	11.69
Shops at Eagle Creek	$	397,814	$	381,883	$	0	$	779,697	$	7.69	$	21.10	$	11.17
Eagle Creek Lowe’s	$	0	$	0	$	800,000	$	800,000
Circuit City Plaza	$	594,252	$	287,025	$	0	$	881,277	$	18.00	$	24.88	$	19.78
Indian River Square	$	942,078	$	477,187	$	0	$	1,419,265	$	8.10	$	17.10	$	9.84
Bolton Plaza	$	621,444	$	462,372	$	0	$	1,083,816	$	4.73	$	14.16	$	6.60
Centre at Panola	$	413,388	$	417,836	$	0	$	831,224	$	8.00	$	19.52	$	11.37
Publix at Acworth	$	337,203	$	439,891	$	0	$	777,094	$	8.90	$	14.40	$	11.36
Silver Glen Crossing	$	812,916	$	1,014,135	$	85,000	$	1,912,051	$	10.33	$	20.83	$	14.34
Fox Lake Crossing	$	742,241	$	544,580	$	0	$	1,286,821	$	11.25	$	20.54	$	13.91
Glendale Mall	$	1,295,905	$	1,082,902	$	140,000	$	2,518,807	$	3.42	$	14.53	$	5.25
Cool Creek Commons	$	439,200	$	1,266,204	$	155,500	$	1,860,904	$	8.19	$	21.70	$	15.24
Boulevard Crossing	$	827,460	$	541,445	$	0	$	1,368,905	$	11.12	$	16.06	$	12.66
Traders Point	$	2,645,267	$	664,904	$	635,000	$	3,945,171	$	12.50	$	24.03	$	13.83
Hamilton Crossing	$	345,623	$	1,051,150	$	71,500	$	1,468,273	$	11.25	$	20.33	$	16.95
Fishers Station	$	575,000	$	601,363	$	0	$	1,176,363	$	10.09	$	15.20	$	12.18
Whitehall Pike	$	1,014,000	$	0	$	0	$	1,014,000	$	7.86			$	7.86
The Centre	$	170,352	$	738,311	$	0	$	908,663	$	9.10	$	14.02	$	12.73
The Corner Shops	$	73,200	$	449,736	$	0	$	522,936	$	6.00	$	14.82	$	12.29
Stoney Creek Commons I	$	0	$	0	$	75,000	$	75,000
Greyhound Commons	$	0	$	0	$	202,500	$	202,500
Weston Park Phase I	$	0	$	0	$	190,000	$	190,000
Red Bank Commons	$	0	$	379,784	$	0	$	379,784			$	14.19	$	14.19
Martinsville Shops	$	0	$	147,620	$	0	$	147,620			$	13.44	$	13.44
50 South Morton	$	0	$	132,000	$	0	$	132,000			$	66.00	$	66.00
Ridge Plaza	$	986,556	$	797,968	$	0	$	1,784,524	$	14.17	$	19.02	$	15.99
Eastgate Pavilion	$	2,221,017	$	0	$	0	$	2,221,017	$	9.58			$	9.58
Shops at Otty	$	0	$	268,603	$	122,500	$	391,103			$	27.28	$	27.28
Plaza at Cedar Hill	$	2,172,680	$	1,408,164	$	0	$	3,580,844	$	9.57	$	19.38	$	11.94
Sunland Towne Centre	$	2,527,022	$	471,700	$	95,280	$	3,094,002	$	9.12	$	16.35	$	9.80
Galleria Plaza	$	722,108	$	359,609	$	0	$	1,081,717			$	27.86	$	24.41
Cedar Hill Village	$	483,465	$	189,620	$	0	$	673,085			$	20.00	$	16.14
Preston Commons	$	0	$	583,352	$	0	$	583,352			$	23.52	$	23.52
Burlington Coat Factory	$	510,150	$	0	$	0	$	510,150	$	4.75			$	4.75
Plaza Volente	$	1,155,000	$	1,294,104	$	100,000	$	2,549,104	$	11.00	$	25.22	$	15.67
Market Street Village	$	1,570,081	$	341,277	$	115,700	$	2,027,058	$	11.48	$	27.85	$	12.83
50th & 12th	$	475,000	$	0	$	0	$	475,000	$	32.76			$	32.76
176th & Meridian	$	433,000	$	0	$	0	$	433,000	$	29.74			$	29.74
Four Corner Square	$	126,672	$	713,197	$	0	$	839,869	$	6.18	$	13.83	$	11.65
		29,057,204	$	19,402,690	$	3,020,880	$	51,480,774	$	8.97	$	18.35	$	11.27

¹ This table does not include annualized base rent from development property tenants open for business as of March 31, 2006.

p. 32 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06

SAME PROPERTY NET OPERATING INCOME

	Three Months Ended March 31,
	2006			2005			% Change
Number of Properties (1)(2)		31			31
Occupancy		97.8	%		97.1	%
Property revenues	$	12,995,550		$	12,365,663
Property operating expenses		3,731,410			3,135,438
Net operating income - same properties (31 properties)		9,264,139			9,230,224			0.4	%
Net operating income - Galleria Plaza and Cedar Hill Village (2)		234,257			451,545
Net operating income - including Galleria Plaza and Cedar Hill Village		9,498,396			9,681,769			-1.9	%
Reconciliation to Most Directly Comparable GAAP Measure:
Net operating income - including Galleria Plaza and Cedar Hill Village		9,498,396			9,681,769
Net operating income - non-same properties		5,661,199			2,475,360
Less pro rata share of same property joint venture NOI		(333,762	)		(291,836	)
Net operating income - construction, service, general and administrative and other		(462,765	)		(1,028,562	)
Total Company  Net Operating Income		14,363,069			10,836,732
Total other income		50,449			34,776
Total other expenses		(12,105,514	)		(8,577,767	)
Operating income from discontinued operations		—			306,009
Limited Partners’ interests in Operating Partnership		(535,457	)		(785,090	)
Net income	$	1,772,547		$	1,814,660

(1)	Same property analysis excludes Glendale Mall as the Company pursues several strategic alternatives with respect to this property, including continuing to lease space its current configuration and the possibility of redeveloping or selling the property.
(2)	Late in the first quarter of 2006, Shoe Pavilion and 24 Hour Fitness replaced Ultimate Electronics at Galleria Plaza and Cedar Hill Village, respectively.  These properties have been excluded from the same property analysis to provide for a more meaningful comparison of Same Property  results.

The Company believes that Net Operating Income is helpful to investors as a measure of its operating performance because it excludes various items included in net income that do not relate to or are not indicative of its operating performance, such as depreciation and amortization and interest expense.  The Company believes that Same Property NOI is helpful to investors as a measure of its operating performance because it includes only the NOI of properties that have been owned for the full period presented, which eliminates disparities in net income due to the redevelopment, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent metric for the comparison of the Company’s properties.  NOI and Same Property NOI should not, however, be considered as alternatives to net income (calculated in accordnace with GAAP) as an indicator of the Company’s financial performance.

p. 33 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/06