Kite Realty Group Trust (KRG) 8-K Kite Realty Group Trust Reports

QUARTERLY FINANCIAL SUPPLEMENT

SEPTEMBER 30, 2014

KITE REALTY GROUP TRUST

INVESTOR RELATIONS CONTACTS:

Dan Sink, Chief Financial Officer

Margaret Kofkoff, Senior Financial Analyst & Investor Relations

QUARTERLY FINANCIAL SUPPLEMENT – SEPTEMBER 30, 2014

 

PAGE NO.	TABLE OF CONTENTS
3	Corporate Profile
4	Contact Information
5	Important Notes
6	Corporate Structure Chart
7	Consolidated Balance Sheets
8	Consolidated Statements of Operations for the Three and Nine Months Ended September 30
9	Funds from Operations and Adjusted Funds from Operations for the Three and Nine Months Ended September 30
10	Other Financial Information
11	Market Capitalization
11	Ratio of Debt to Total Undepreciated Assets as of September 30
11	Ratio of Company Share of Net Debt to EBITDA as of September 30
12	Same Property Net Operating Income for the Three and Nine Months Ended September 30
13	Net Operating Income by Quarter
14	Consolidated Joint Venture Summary
15	Summary of Outstanding Debt as of September 30
16	Maturity Schedule of Outstanding Debt as of September 30
19	Top 10 Retail Tenants by Gross Leasable Area
20	Top 25 Tenants by Annualized Base Rent
21	Retail Leasing Summary
22	Lease Expirations – Operating Portfolio
23	Lease Expirations – Retail Anchor Tenants
24	Lease Expirations – Retail Shops
25	Lease Expirations – Office Tenants
26	Summary Retail Portfolio Statistics Including Joint Venture Properties
27	Summary Office Portfolio Statistics
28	Development Projects
29	Redevelopment Projects
30	2014 Property Dispositions
31	Geographic Diversification – Operating Portfolio
32	Operating Retail Portfolio Summary Report
37	Operating Office Properties
38	Earnings Guidance

CORPORATE PROFILE

General Description

Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) engaged primarily in the ownership and operation, acquisition, development and redevelopment of high-quality neighborhood and community shopping centers in select markets in the United States. As of September 30, 2014, we owned interests in 129 properties totaling approximately 26 million square feet and an additional 0.7 million square feet in three development projects currently under construction.

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 acquisitions and redevelopments. New investments are focused in the shopping center sector in markets where we currently operate and where we believe we can leverage our existing infrastructure and relationships to generate attractive risk-adjusted returns.

Company Highlights as of September 30, 2014

	# of Properties	Total GLA /NRA1	Owned  GLA /NRA1
Operating Retail Properties(2)	124	25,213,668	16,935,582
Operating Office Properties	2	386,852	386,852
Redevelopment Properties
- Under Construction	1	164,665	162,693
- Pending Construction	2	212,163	204,463
Subtotal Redevelopment Properties	3	376,828	367,156
Total Operating and Redevelopment Properties	129	25,977,348	17,689,590
Development Projects:
- Under Construction	3	723,976	502,553
Subtotal Development Properties	3	723,976	502,553
Total All Properties	132	26,701,324	18,192,143
	Retail	Office	Total1
Operating Properties –  Leased Percentage1	94.9%	95.2%	94.9%
States			26

Stock Listing:New York Stock Exchange symbol: KRG

____________________
1	Excludes square footage of structures located on land owned by the company and ground leased to tenants.
2	Includes 15 properties held for sale with owned square footage 1,545,675 and a leased percentage of 95.3%.

p. 3

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

CONTACT INFORMATION

Corporate Office

30 South Meridian Street, Suite 1100

Indianapolis, IN 46204

(888) 577-5600

(317) 577-5600

www.kiterealty.com

Investor Relations Contacts:	Analyst Coverage:	Analyst Coverage:
Dan Sink, Chief Financial Officer	Bank of America/Merrill Lynch	Janney Capital Market
Kite Realty Group Trust	Mr. Jeffrey Spector/Mr. Craig Schmidt	Mr. Michael Gorman
30 South Meridian Street, Suite 1100	(646) 855-1363/(646) 855-3640	(215) 665-6224
Indianapolis, IN 46204	jeff.spector@baml.com	mgorman@janney.com
(317) 577-5609	craig.schmidt@baml.com
dsink@kiterealty.com		KeyBanc Capital Markets
	BMO Capital Markets	Mr. Jordan Sadler/Mr. Todd Thomas
Margaret Kofkoff, CFA	Mr. Paul E. Adornato	(917) 368-2280/(917) 368-2286
Senior Financial Analyst &	(212) 885-4170	tthomas@keybanccm.com
Investor Relations	paul.adornato@bmo.com	jsadler@keybanccm.com
Kite Realty Group Trust
30 South Meridian Street, Suite 1100	Capital One Securities, Inc.	Raymond James
Indianapolis, IN 46204	Mr. Christopher Lucas/Mr. Vineet Khanna	Mr. Paul Puryear/Mr. R. J. Milligan
(317) 713-7644	(571) 633-8151/(571) 835-7013	(727) 567-2253/(727) 567-2660
mkofkoff@kiterealty.com	christopher.lucas@capitalone.com	paul.puryear@raymondjames.com
	vineet.khanna@capitalone.com	richard.milligan@raymondjames.com
Transfer Agent:
	Citigroup Global Markets	Stifel, Nicolaus & Company, Inc.
Broadridge Financial Solutions	Mr. Michael Bilerman/Ms. Christy McElroy	Mr. Nathan Isbee/Ms. Jennifer Hummert
Ms. Kristen Tartaglione	(212) 816-1383/(212) 816-6981	(443) 224-1346 /(443) 224-1288
2 Journal Square, 7th Floor	michael.bilerman@citigroup.com	nisbee@stifel.com
Jersey City, NJ  07306	christy.mcelroy@citigroup.com	hummertj@stifel.com
(201) 714-8094
	Hilliard Lyons	Wells Fargo Securities, LLC
Stock Specialist:	Ms. Carol L. Kemple	Mr. Jeffrey J. Donnelly, CFA /Ms. Tamara  Fique
	(502) 588-1839	(617) 603-4262/(443) 263-6568
Barclays Capital	ckemple@hilliard.com	jeff.donnelly@wellsfargo.com
45 Broadway		tamara.fique@wellsfargo.com
20th Floor
New York, NY 10006
(646) 333-7000

p. 4

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

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 September 30, 2014 to be filed on or about November 7, 2014, which should be read in conjunction with this supplement. 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, particularly in light of the recent slowing of growth in the U.S. economy;

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

·   the Company’s ability to refinance, or extend the maturity dates of, its indebtedness;

·   the level and volatility of interest rates;

·   the financial stability of tenants, including their ability to pay rent and the risk of tenant bankruptcies;

·   the competitive environment in which the Company operates;

·   acquisition, disposition, development and joint venture risks;

·   property ownership and management risks;

·   the Company’s ability to maintain its status as a real estate investment trust (“REIT”) for federal income tax purposes;

·   potential environmental and other liabilities;

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

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

·   other factors affecting the real estate industry generally; and

·   other risks identified in reports the Company files with the Securities and Exchange Commission (“the SEC”) or in other documents that it publicly disseminates, including, in particular, the section titled “Risk Factors” in our Annual Report on Form

10-K for the fiscal year ended December 31, 2013, and in our quarterly reports on Form 10-Q.

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

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 (determined in accordance with generally accepted accounting principles (GAAP)), excluding gains (or losses) from sales and impairments of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

Considering 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 depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. For informational purposes, we have also provided FFO adjusted for the write-off of deferred financing costs in the first quarter of 2013 and costs incurred in the first, second and third quarters of 2014 related to our merger with Inland Diversified Real Estate Trust .  We believe this supplemental information provides a meaningful measure of our operating performance.  We believe our presentation of adjusted FFO provides investors with another financial measure that may facilitate comparison of operating performance between periods and among our peer companies.  FFO should not be considered as an alternative to net income (determined in accordance with 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 satisfy 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, impairment, and other items. We believe this presentation of NOI is helpful to investors as a measure of our 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 the basis in our assets from our operating results. NOI should not, however, be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of our financial performance.

p. 5

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

CORPORATE STRUCTURE CHART – SEPTEMBER 30, 2014

p. 6

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	September 30, 2014			December 31, 2013
Assets:
Investment properties, at cost	$	3,673,832,165		$	1,877,058,271
Less: accumulated depreciation		(282,693,584	)		(232,580,267	)
		3,391,138,581			1,644,478,004
Cash and cash equivalents		31,213,429			18,134,320
Tenant receivables, including accrued straight-line rent of $17,304,875 and $14,490,070, respectively, net of allowance for uncollectible accounts		38,622,387			24,767,556
Other receivables		4,891,082			4,566,679
Restricted cash and escrow deposits		17,442,007			11,046,133
Deferred costs, net		168,237,357			56,387,586
Prepaid and other assets		12,072,887			4,546,752
Assets held for sale2		344,466,022			-
Total Assets	$	4,008,083,752		$	1,763,927,030
Liabilities and Shareholders’ Equity:
Mortgage and other indebtedness1	$	1,556,495,902		$	857,144,074
Accounts payable and accrued expenses		87,823,304			61,437,187
Deferred revenue and other liabilities		141,864,601			44,313,402
Liabilities held for sale2		176,635,843			-
Total Liabilities		1,962,819,650			962,894,663
Commitments and contingencies
Limited Partners’ interests in the Operating Partnership and other redeemable noncontrolling interests		109,553,889			43,927,540
Shareholders’ Equity:
Kite Realty Group Trust Shareholders’ Equity:
Preferred Shares, $.01 par value, 40,000,000 shares authorized, 4,100,000  and 4,100,000 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively		102,500,000			102,500,000
Common Shares, $.01 par value, 450,000,000 shares authorized, 83,459,618 shares and 32,706,554 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively		834,596			327,066
Additional paid in capital		2,059,063,388			822,507,368
Accumulated other comprehensive income		1,151,247			1,352,850
Accumulated deficit		(231,202,890	)		(173,130,113	)
Total Kite Realty Group Trust Shareholders’ Equity		1,932,346,341			753,557,171
Noncontrolling Interests		3,363,872			3,547,656
Total Equity		1,935,710,213			757,104,827
Total Liabilities and Equity	$	4,008,083,752		$	1,763,927,030

____________________
1	Includes debt premium of $27.5 million at September 30, 2014.
2	See Other Financial Information for details.

p. 7

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

CONSOLIDATED STATEMENTS OF OPERATIONS – THREE AND NINE MONTHS (UNAUDITED)1

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Revenue:
Minimum rent	$	69,033,444		$	23,726,468		$	131,515,166		$	66,858,966
Tenant reimbursements		17,605,172			6,257,937			35,083,261			17,350,746
Other property related revenue		1,938,247			2,568,468			5,481,402			9,300,135
Total revenue		88,576,863			32,552,873			172,079,829			93,509,847
Expenses:
Property operating		11,850,627			5,448,738			26,056,661			15,582,301
Real estate taxes		10,631,555			3,724,116			20,047,713			10,684,894
General, administrative and other		3,938,758			2,114,828			9,358,218			6,069,063
Merger and acquisition costs		19,088,590			153,314			26,849,077			566,826
Depreciation and amortization		44,382,793			15,373,538			81,559,506			40,565,934
Total expenses		89,892,323			26,814,534			163,871,175			73,469,018
Operating (loss) income		(1,315,460	)		5,738,339			8,208,654			20,040,829
Interest expense		(15,386,192	)		(7,541,534	)		(30,291,028	)		(20,812,460	)
Income tax expense of taxable REIT subsidiary		(14,144	)		(30,596	)		(36,612	)		(106,477	)
Other expense, net		(13,070	)		(47,013	)		(119,469	)		(39,151	)
Loss from continuing operations		(16,728,866	)		(1,880,804	)		(22,238,455	)		(917,259	)
Discontinued operations:
Operating income from discontinued operations		-			1,393,616			-			604,454
Impairment charge		-			-			-			(5,371,427	)
Non-cash gain on debt extinguishment		-			1,241,724			-			1,241,724
Gain on sale of operating property		-			486,540			3,198,772			486,540
Income (loss) from discontinued operations		-			3,121,880			3,198,772			(3,038,709	)
(Loss) income before gain on sale of operating properties		(16,728,866	)		1,241,076			(19,039,683	)		(3,955,968	)
Gain on sale of operating properties		2,749,403			-			6,335,518			-
Net (loss) income		(13,979,463	)		1,241,076			(12,704,165	)		(3,955,968	)
Less: Net (income) loss attributable to noncontrolling interest		(304,456	)		15,174			(223,865	)		651,327
Less: Dividends on preferred shares		(2,114,063	)		(2,114,063	)		(6,342,188	)		(6,342,188	)
Net loss attributable to Kite Realty Group Trust common shareholders	$	(16,397,982	)	$	(857,813	)	$	(19,270,218	)	$	(9,646,829	)
(Loss) income per common share– basic and diluted:
Continuing operations	$	(0.20	)	$	(0.16	)	$	(0.45	)	$	(0.31	)
Discontinued operations		-			0.12			0.06			(0.13	)
	$	(0.20	)	$	(0.04	)	$	(0.39	)	$	(0.44	)
Weighted average common shares outstanding – basic and diluted		83,455,900			23,450,974			49,884,469			21,906,686
Common dividends declared per common share	$	0.26		$	0.24		$	0.76		$	0.72
Amounts attributable to Kite Realty Group Trust common shareholders:
Loss from continuing operations	$	(16,397,982	)	$	(3,771,352	)	$	(22,366,523	)	$	(6,824,266	)
Income (loss) from discontinued operations		-			2,913,539			3,096,305			(2,822,563	)
Net loss	$	(16,397,982	)	$	(857,813	)	$	(19,270,218	)	$	(9,646,829	)

____________________
1	Share and per share information has been restated for the effects of the Company’s one-for-four reverse share split in August 2014.

p. 8

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS (‘AFFO”)2

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Funds From Operations
Consolidated net (loss) income	$	(13,979,463	)	$	1,241,076		$	(12,704,165	)	$	(3,955,968	)
Less: dividends on preferred shares		(2,114,063	)		(2,114,063	)		(6,342,188	)		(6,342,188	)
Less: net income attributable to noncontrolling interests in properties		(678,828	)		(27,978	)		(757,069	)		(89,750	)
Less: gain on sale of operating properties		(2,749,403	)		(486,540	)		(9,534,290	)		(486,540	)
Add: impairment charge		-			-			-			5,371,427
Add: depreciation and amortization of consolidated entities, net of noncontrolling interests		44,208,215			15,379,237			81,160,870			41,019,039
Funds From Operations of the Operating Partnership		24,686,458			13,991,732			51,823,158			35,516,020
Less Limited Partners' interests in Funds From Operations		(353,750	)		(942,811	)		(1,658,341	)		(2,526,288	)
Funds From Operations allocable to the Company1	$	24,332,708		$	13,048,921		$	50,164,817		$	32,989,732
Basic FFO per share of the Operating Partnership (NAREIT definition)	$	0.29		$	0.56		$	1.01		$	1.51
Diluted FFO per share of the Operating Partnership (NAREIT definition)	$	0.29		$	0.56		$	1.00		$	1.50
Funds From Operations of the Operating Partnership	$	24,686,458		$	13,991,732		$	51,823,158		$	35,516,020
Add write-off of loan fees on early repayment of debt		-			317,057			-			488,629
Add: Merger related costs		19,088,590			-			26,849,077			-
Less: Gain on debt extinguishment		-			(1,241,724	)		-			(1,241,724	)
Funds From Operations of the Kite Portfolio as adjusted	$	43,775,048		$	13,067,065		$	78,672,235		$	34,762,925
Basic FFO per share of the Operating Partnership, as adjusted	$	0.51		$	0.52		$	1.53		$	1.47
Diluted FFO per share of the Operating Partnership, as adjusted	$	0.51		$	0.52		$	1.52		$	1.47
Basic weighted average Common Shares outstanding		83,455,900			23,450,974			49,884,469			21,906,686
Diluted weighted average Common Shares outstanding		83,718,735			23,517,222			50,145,571			21,976,131
Basic weighted average Common Shares and Units outstanding		85,114,237			25,132,645			51,543,952			23,589,574
Diluted weighted average Common Shares and Units outstanding		85,377,073			25,198,894			51,805,054			23,659,019
Adjusted Funds from Operations (AFFO)
Total FFO of the Kite Portfolio, as adjusted	$	43,775,048		$	13,067,065		$	78,672,235		$	34,762,925
Add:
Depreciation of non-real estate assets		134,645			81,508			360,470			268,762
Amortization of deferred financing costs		852,696			499,179			1,912,090			1,434,099
Non-cash compensation expense		1,253,752			496,479			2,353,629			1,176,801
Less:
Straight-line rent and above/below market rent		3,217,632			1,521,136			6,932,017			4,474,029
Amortization of debt premium		1,659,340			2,021			1,663,382			125,010
Maintenance capital expenditures		941,486			289,684			1,677,201			725,582
Revenue enhancing T/I – retail3		1,161,824			1,045,135			2,530,949			4,136,459
External leasing commissions		255,268			279,655			754,979			792,493
Revenue enhancing T/I – office		-			-			525,091			319,551
Total AFFO available to shareholders4	$	38,780,591		$	11,006,600		$	69,214,805		$	27,069,463
Total AFFO per share4	$	0.45		$	0.44		$	1.34		$	1.14

____________________
1	“Funds From Operations of the Kite Portfolio measures 100% of the operating performance of the Operating Partnership’s real estate properties and construction and service subsidiaries in which the Company owns an interest. “Funds From Operations allocable to the Company” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.
2	Share and per share information has been restated for the effects of the Company’s one-for-four reverse share split in August 2014.
3	For the three months ended September 30, 2014, includes $0.5 million for anchor retenanting at Lithia Crossing.
4	Excludes merger and acquisition costs.

p. 9

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

OTHER FINANCIAL INFORMATION

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Other Financial Information:
Capital expenditures1
Tenant improvements – Retail	$	1,161,824	$	1,045,135	$	2,530,949	$	4,136,459
Tenant improvements – Office		—		—		525,091		319,551
Leasing commissions – Retail		255,268		279,655		725,541		792,493
Leasing commissions – Office		—		—		29,438		—
Capital improvements2		941,486		289,684		1,677,201		725,582
Scheduled debt principal payments		1,645,208		1,507,063		4,666,301		4,933,570
Straight line rent – total		1,597,477		875,740		3,350,403		2,557,882
Market rent amortization income from acquired leases		1,620,155		645,396		3,581,614		1,916,147
Amortization of debt premium		1,659,340		2,021		1,663,382		125,010
Amortization of deferred financing costs		852,696		499,179		1,912,090		1,434,099
Non-cash compensation expense		1,253,752		496,479		2,353,629		1,176,801
Capitalized interest		1,123,579		1,018,041		3,613,807		3,964,255
Mark to market lease amount in Deferred revenue and other liabilities on consolidated balance sheet – excluding    properties held for sale		113,173,015		10,959,527
Acreage of undeveloped, vacant land in the operating portfolio3		57.2		32.7

	September 30, 2014
Detail of assets and liabilities held for sale:
Assets:
Investment properties at cost:	$	323,570,482
Less:  accumulated depreciation		(3,049,926	)
		320,520,556
Accounts receivable, prepaids and other assets		1,989,132
Deferred costs, net		21,956,334
		344,466,022
Liabilities:
Mortgage and other indebtedness4		144,316,064
Deferred revenue and other liabilities		28,563,898
Accounts payable and accrued expenses		3,755,881
	$	176,635,843

	September 30, 2014		December 31, 2013
Investment properties, at cost:
Land3	$	763,563,123	$	333,458,070
Buildings and improvements		2,749,023,136		1,351,641,925
Furniture, equipment and other		6,314,796		4,970,310
Land held for development		54,778,349		56,078,488
Construction in progress		100,152,761		130,909,478
Total	$	3,673,832,165	$	1,877,058,271

____________________
1	Excludes landlord work, tenant improvements and leasing commissions relating to development and redevelopment projects and first-generation space.
2	A portion of these capital improvements are reimbursed by tenants and are revenue producing.
3	Includes undeveloped vacant land with a book value $15.5 million at September 30, 2014.
4	Includes unamortized debt premium of $4.2 million

p. 10

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

MARKET CAPITALIZATION AS OF SEPTEMBER 30, 2014

				Total			Percent of
	Percent of			Market			Total Market
	Total Equity			Capitalization			Capitalization
Equity Capitalization:
Total Common Shares Outstanding	98.1		%		83,459,618
Operating Partnership ("OP") Units Outstanding	1.9		%		1,656,946
Combined Common Shares and OP Units	100.0		%		85,116,564
Market Price of Common Shares				$	24.24
Series A Preferred Shares ($26.35/share)
					108,035,000
Total Equity Capitalization					2,171,260,511		57%
Debt Capitalization:
Company Consolidated Outstanding Debt					1,556,495,902
Plus: Indebtedness of assets held for sale					144,316,064
Less: Debt Premium					(27,460,433	)
Less: Debt Premium - assets held for sale					(4,238,950	)
Less: Partner Share of Consolidated Joint Venture Debt1					(24,122,478	)
Company Share of Outstanding Debt					1,644,990,105
Less: Cash and Cash Equivalents					(31,213,429	)
Total Net Debt Capitalization					1,613,776,676		43%
Total Enterprise Value				$	3,785,037,187		100%
RATIO OF DEBT TO TOTAL UNDEPRECIATED ASSETS AS OF SEPTEMBER 30, 2014
Consolidated Undepreciated Real Estate Assets				$	3,673,832,165
Real estate assets of assets held for sale					323,570,482
Company Share of Unconsolidated Real Estate Assets2					2,500,000
Escrow and Other Deposits including assets held for sale					17,651,877
					4,017,554,524
Total Consolidated Debt					1,700,811,966
Less: Debt premium including assets held for sale					(31,699,383	)
Less: Cash and cash equivalents					(31,213,429	)
				$	1,637,899,154
Ratio of Debt to Total Undepreciated Real Estate Assets					40.8	%
RATIO OF COMPANY SHARE OF NET DEBT TO EBITDA AS OF SEPTEMBER 30, 2014
Company share of consolidated debt				$	1,644,990,105
Less: Cash and Cash Equivalents					(31,213,429	)
					1,613,776,676
Q3 2014 EBITDA, annualized:
-  consolidated (excluding merger costs)	$	248,623,692
-  unconsolidated		131,250
-  minority interest EBITDA1		(2,715,310	)		246,039,632
					6.56x

____________________
1	See Joint Venture Summary  page for details.
2	Included in prepaid and other assets

p. 11

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

 

SAME PROPERTY NET OPERATING INCOME (NOI)

	Three Months Ended September 30,									Nine Months Ended September 30,
	2014			2013			% Change			2014			2013			% Change
Number of properties at period end1		50			50						50			50
Leased percentage at period end		96.4	%		96.1	%					96.4	%		96.1	%
Economic Occupancy percentage at period end 2		94.9	%		92.8	%					94.9	%		92.8	%
Minimum rent	$	19,845,719		$	19,087,381					$	56,988,100		$	54,604,856
Tenant recoveries		5,698,457			5,642,824						17,234,056			16,300,109
Other income		608,902			687,021						1,866,890			1,809,407
		26,153,078			25,417,226						76,089,046			72,714,372
Property operating expenses		5,161,636			5,218,913						15,975,587			15,127,255
Real estate taxes		3,430,190			3,419,428						10,324,768			9,986,567
		8,591,826			8,638,341						26,300,355			25,113,822
Net operating income – same properties (50 properties)3	$	17,561,252		$	16,778,885			4.7	%	$	49,788,691		$	47,600,550			4.6	%
Reconciliation to Most Directly Comparable GAAP Measure:
Net operating income - same properties	$	17,561,252		$	16,778,885					$	49,788,691		$	47,600,550
Net operating income - non-same activity		48,533,429			6,601,135						76,186,764			19,642,102
Other expense, net		(27,214	)		(77,609	)					(156,081	)		(145,628	)
General and administrative expenses		(3,938,758	)		(2,114,828	)					(9,358,218	)		(6,069,063	)
Merger and acquisition costs		(19,088,590	)		(153,314	)					(26,849,077	)		(566,826	)
Impairment charge		-			-						-			(5,371,427	)
Depreciation expense		(44,382,793	)		(15,373,538	)					(81,559,506	)		(40,565,934	)
Interest expense		(15,386,192	)		(7,541,534	)					(30,291,028	)		(20,812,460	)
Discontinued operations		-			3,121,880						-			2,332,718
Gain on sales of operating properties		2,749,403			-						9,534,290			-
Net (income) loss attributable to noncontrolling interests		(304,456	)		15,173						(223,865	)		651,327
Dividends on preferred shares		(2,114,063	)		(2,114,063	)					(6,342,188	)		(6,342,188	)
Net loss attributable to common shareholders	$	(16,397,982	)	$	(857,813	)				$	(19,270,218	)	$	(9,646,829	)

____________________
1	Same Property NOI analysis excludes operating properties in redevelopment.
2	Excludes leases that are signed but for which tenants have not commenced payment of cash rent.
3	Same Property net operating income excludes net gains from outlot sales, straight-line rent revenue, bad debt expense and related recoveries, lease termination fees, amortization of lease intangibles and significant prior year expense recoveries and adjustments, if any.

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, interest expense, and impairment, if any.  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 accordance with GAAP) as indicators of the Company's financial performance.

p. 12

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

NET OPERATING INCOME BY QUARTER

	Three Months Ended
	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30,  2013
Revenue:
Minimum rent	$	69,033,444		$	31,221,687		$	31,260,036		$	26,778,302		$	23,726,468
Tenant reimbursements		17,605,172			8,315,228			9,162,860			7,071,611			6,257,937
Other property related revenue1		1,296,138			833,009			1,305,164			1,380,844			1,910,420
Overage rent		124,988			70,790			458,038			184,824			119,975
Parking revenue, net2		126,642			219,936			26,130			121,028			86,676
		88,186,384			40,660,650			42,212,228			35,536,609			32,101,476
Expenses:
Property operating  – Recoverable3		9,888,434			5,536,914			6,399,906			4,831,008			4,506,739
Property operating – Non-Recoverable3		1,747,943			1,149,413			683,261			1,105,602			721,809
Real estate taxes		10,455,326			4,325,181			4,897,428			4,346,503			3,492,909
		22,091,703			11,011,508			11,980,595			10,283,113			8,721,457
Net Operating Income – Properties		66,094,681			29,649,142			30,231,633			25,253,496			23,380,019
Other Income (Expense):
General, administrative, and other		(3,938,758	)		(2,313,357	)		(3,106,102	)		(2,141,729			(2,114,828	)
Merger and acquisition costs		(19,088,590	)		(3,280,099	)		(4,480,389	)		(1,647,740	)		(153,314	)
		(23,027,348	)		(5,593,456	)		(7,586,491	)		(3,789,469	)		(2,268,142	)
Earnings Before Interest, Taxes, Depreciation and Amortization		43,067,333			24,055,686			22,645,142			21,464,027			21,111,877
Depreciation and amortization		(44,382,793	)		(19,737,108	)		(17,439,606	)		(13,913,089	)		(15,373,538	)
Interest expense		(15,386,192	)		(7,521,991	)		(7,382,845	)		(7,181,116	)		(7,541,534	)
Income tax (expense)/benefit of taxable REIT subsidiary		(14,144	)		(75,614	)		53,146			(155,927	)		(30,596	)
Other (expense) income, net		(13,070	)		83,323			(92,944	)		(23,231	)		(47,013	)
(Loss) Income From Continuing Operations		(16,728,866	)		(3,195,704	)		(2,217,107	)		190,664			(1,880,804	)
Discontinued operations:
Income from discontinued operations		—			—			—			230,048			1,393,616
Gain on debt extinguishment		—			—			—			—			1,241,724
Gain on sale of operating properties		—			—			3,198,772			—			486,540
Income from discontinued operations		—			—			3,198,772			230,048			3,121,880
(Loss) income before gain on sale of operating properties		(16,728,866	)		(3,195,704	)		981,665			420,712			1,241,076
Gain on sale of operating property		2,749,403			—			3,489,338			—			—
Net (loss) income		(13,979,463	)		(3,195,704	)		4,471,003			420,712			1,241,076
Less: Net income attributable to noncontrolling interest		(304,456	)		219,502			(138,912	)		34,193			15,173
Less: Dividends on preferred shares		(2,114,063	)		(2,114,063	)		(2,114,063	)		(2,114,063	)		(2,114,063	)
Net income (loss) attributable to Kite Realty Group Trust	$	(16,397,982	)	$	(5,090,265	)	$	2,218,028		$	(1,659,158	)	$	(857,813	)
NOI/Revenue		75.0%			72.9%			71.6%			71.1%			72.8%
Recovery Ratio4
– Retail Only		89.0%			89.5%			85.7%			85.9%			85.4%
– Consolidated		86.5%			84.3%			81.1%			77.1%			78.2%

____________________
1	Other property related revenue for the three months ended September 30, 2014 includes $1.1 million of lease termination income and a pre-tax gain of $0.2 million from the sale of residential units at Eddy Street Commons.
2	Parking revenue, net, represents the net operating results of the Eddy Street Parking Garage and the Union Station Parking Garage.
3	Recoverable expenses include total management fee expense (or G&A expense of $1.1 million) allocable to the property operations in the three months ended September 30, 2014, a portion of which is recoverable. Non-recoverable expenses primarily include bad debt, ground rent, and legal expenses.
4	“Recovery Ratio” is computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense.

p. 13

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

CONSOLIDATED JOINT VENTURE SUMMARY

As of September 30, 2014

Ownership
Joint Venture Entity	Location (MSA)		Owned GLA		KRG Ownership %		Current KRG Economic %1
Cornelius Gateway	Portland, OR		21,326		80%		80%
Beacon Hill	Crown Point, IN		57,191		50%		94%
Delray Marketplace	Delray, FL		260,255		50%		98%
Fishers Station2	Indianapolis, IN		71,943		25%		88%
Bayport Commons	Oldsmar, FL		97,193		60%		100%
Pan Am Plaza	Indianapolis, IN		-		85%		85%
City Center at White Plains	White Plains, NY		365,905		67%		89%
Crossing at Killingly Commons	Killington, CT		208,929		55%		90%
Territory Portfolio3	Las Vegas, NV		847,690		78%		94%
Balance Sheet			Current Partner Economic %
Joint Venture Entity	9/30/2014 Debt Balance				Partner Share of Debt		Redeemable Noncontrolling Interest
Cornelius Gateway	$	-	20%		$	-	$		-
Beacon Hill		6,752,550	6%			405,153			-
Delray Marketplace		59,138,103	2%			1,182,762			-
Fishers Station2		3,318,024	12%			398,163			-
Bayport Commons		12,592,154	0%			-			-
Pan Am Plaza		-	15%			-			-
City Center at White Plains		90,000,000	11%			9,900,000			27,842,198
Crossing at Killingly Commons		33,000,000	10%			3,300,000			10,070,146
Territory Portfolio3		148,940,000	6%			8,936,400			31,442,940
Total	$	353,740,831			$	24,122,478	$		69,355,284
Income Statement
Joint Venture Entity				EBITDA						Comments
					Total Quarterly Minority Interest		Annualized Minority Interest
Cornelius Gateway					$	573	$	2,292		−
Beacon Hill						-		-		KRG has a 10% cumulative preferred return
Delray Marketplace						-		-		KRG has a 8% cumulative preferred return
Fishers Station2						28,167		112,668		Partner receives a fixed annual payment
Bayport Commons						-		-		Cumulative preferred return
Pan Am Plaza						-		-		Project currently in Land Held For Development
City Center at White Plains						266,000		1,064,000		Partner receives a fixed annual preferred payment of 4% on $26.6 million
Crossing at Killingly Commons						84,088		336,350		Partner receives a fixed annual preferred payment of 3.5% on $9.6 million
Territory Portfolio3						300,000		1,200,000		Partner receives a fixed annual preferred payment of 4% on $30 million
Total					$	678,828	$	2,715,310

____________________
1	Economic % represents partner share of cash flow.
2	Joint Venture entity also owns a portion of Fishers Station shopping center.
3	Joint Venture includes the six operating properties in Las Vegas.

p. 14

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

SUMMARY OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2014

TOTAL OUTSTANDING DEBT
	Outstanding Amount			Ratio			Weighted Average Interest Rate1			Weighted Average Maturity (in years)
Fixed Rate Debt:
Consolidated	$	800,078,314			52	%		5.06	%		5.6
Variable Rate Debt (Hedged)		456,275,141			30	%		3.25	%		3.6
Total Fixed Rate Debt		1,256,353,455			82	%		4.40	%		4.9
Variable Rate Debt:
Construction Loans		147,041,291			10	%		2.15	%		1.0
Other Variable		238,915,864			16	%		2.42	%		4.8
Corporate Unsecured		343,000,000			22	%		1.52	%		5.1
Variable Rate Debt (Hedged)		(456,275,141	)		(30	% )		(1.94	% )		(3.6	)
Total Variable Rate Debt		272,682,014			18	%		1.94	%		5.2
Net Premiums on Acquired Debt		27,460,433			N/A			N/A			N/A
Total	$	1,556,495,902			100	%		3.96	%		4.9

SCHEDULE OF MATURITIES BY YEAR
	Mortgage Debt						Construction Loans		Total Consolidated Outstanding Debt
	Scheduled Principal Payments		Term Maturities		Corporate Debt2
2014	$	1,657,341	$	-	$	-	$	59,138,103	$	60,795,444
2015		6,484,740		112,347,048		-		34,044,690		152,876,478
2016		5,606,989		143,379,403		-		53,858,498		202,844,890
2017		4,502,488		65,106,246		-		-		69,608,734
2018		4,549,810		68,693,599		-		-		73,243,409
2019		4,373,874		-		113,000,000		-		117,373,874
2020		4,178,765		28,102,416		230,000,000		-		262,281,181
2021		2,949,764		182,202,854		-		-		185,152,618
2022		291,109		240,877,732		-		-		241,168,841
2023 and beyond		-		163,690,000		-		-		163,690,000
Net Premiums on Acquired Debt		27,460,433		-		-		-		27,460,433
Total	$	62,055,313	$	1,004,399,298	$	343,000,000	$	147,041,291	$	1,556,495,902

____________________
1	Calculations on Hedged Debt assume a weighted average spread over LIBOR on all variable rate debt, consistent with the hedges’ designation.
2	This presentation reflects the Company's exercise of its options to extend the maturity dates by one year to July 1, 2019 for the Company's unsecured credit facility and its option to extend the maturity date by six months to January 1, 2020 for the Company's unsecured term loan.

p. 15

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2014

Property	Lender(s)	Loan Type	Interest Rate1			Maturity Date	Total Commitment		Balance as of Sept. 30, 2014		% of  Total Outstanding			Monthly Debt Service as of Sept. 30, 2014
Delray Marketplace2,3	Bank of America/USBank	Construction Variable	LIBOR + 175			11/18/14		60,783,941	$	59,138,103				$	96,950
2014 Debt Maturities										59,138,103		3.9	%
Indian River Square	CMBS	Fixed Rate		5.42	%	6/11/15				12,288,208					74,850
Plaza Volente	CMBS	Fixed Rate		5.42	%	6/11/15				26,498,180					161,405
Holly Springs Towne Center-Phase I4	Bank of America	Construction Variable	LIBOR + 225			7/31/15		37,500,000		34,044,690					70,508
Landstown Commons	Bank of America, NA	Other Variable	LIBOR + 175			9/25/15				50,140,000					82,241
Draper Peaks A	Transamerica Financial Life	Fixed Rate		5.42	%	10/1/15				13,990,760					63,192
Draper Peaks B	Transamerica Financial Life	Fixed Rate		6.19	%	10/1/15				9,914,346					51,142
2015 Debt Maturities										146,876,184		9.6	%
Cool Creek Commons	CMBS	Fixed Rate		5.88	%	4/11/16				16,697,481					106,534
Sunland Towne Centre	CMBS	Fixed Rate		6.01	%	7/1/16				24,044,668					150,048
Mullins Crossing	CMBS	Fixed Rate		5.50	%	9/6/16				21,025,683					133,430
Pine Ridge Crossing	CMBS	Fixed Rate		6.34	%	10/11/16				16,928,218					108,823
Riverchase Plaza	CMBS	Fixed Rate		6.34	%	10/11/16				10,156,930					65,294
Traders Point	CMBS	Fixed Rate		5.86	%	10/11/16				43,763,358					283,478
Parkside Town Commons5	Huntington Bank (Admin Agent)	Construction Variable	LIBOR + 210			11/21/16		87,225,000		53,858,498					102,568
Eastgate Pavilion	Associated Bank	Other Variable	LIBOR + 225			12/31/16				15,925,500					59,547
2016 Debt Maturities										202,400,336		13.2	%
Geist Pavilion	CMBS	Fixed Rate		5.78	%	1/1/17				10,752,929					65,135
Pleasant Hill Commons	John Hancock Life Ins	Fixed Rate		6.00	%	6/1/17				6,800,000					34,000
Crossing at Killingly Commons2,6	Huntington Bank	Other Variable	LIBOR + 275			11/1/17				33,000,000					74,582
Wheatland Towne Crossing	Capital One	Other Variable	LIBOR + 235			12/20/17				15,080,000					32,542
2017 Debt Maturities										65,632,929		4.3	%
Colonial Square & Village Walk	CMBS	Fixed Rate		5.50	%	1/1/18				25,000,000					118,403
Beacon Hill7	Fifth Third Bank	Other Variable	LIBOR + 195			4/1/18				6,752,550					27,573
Whitehall Pike	CMBS	Fixed Rate		6.71	%	7/5/18				6,382,915					77,436
Perimeter Woods S.C.	Jackson National Life Insurance	Fixed Rate		6.02	%	9/1/18				33,330,000					167,206
2018 Debt Maturities										71,465,465		4.7	%
Unsecured Credit Facility8,9	KeyBank (Admin. Agent)	Corporate Unsecured	LIBOR + 140			7/1/19				113,000,000					N/A
2019 Debt Maturities										113,000,000		7.4	%
Unsecured Term Loan10	KeyBank (Admin. Agent)	Corporate Unsecured	LIBOR + 135			1/1/20				230,000,000					N/A
Fishers Station2	Old National Bank	Other Variable	LIBOR + 225			1/4/20				7,525,820					17,520
Bridgewater Marketplace	Old National Bank	Other Variable	LIBOR + 225			1/4/20				1,884,494					9,551
Lake City Commons /Whispering Ridge/University Town Center II	CMBS	Fixed Rate		5.70	%	9/1/20				20,700,000					101,603
Thirty South Meridian	Associated Bank	Other Variable	LIBOR + 205			12/31/20				18,607,500					67,973
2020 Debt Maturities										278,717,814		18.2	%
Waxahachie Crossing	CMBS	Fixed Rate		5.55	%	3/1/21				7,750,000					37,039
International Speedway Square	CMBS	Fixed Rate		5.77	%	4/1/21				20,081,988					122,817
Lima Marketplace	CMBS	Fixed Rate		5.80	%	4/1/21				8,383,000					41,868
Bell Oaks Centre	CMBS	Fixed Rate		5.59	%	4/1/21				6,547,500					31,489
Northcrest Shopping Center	CMBS	Fixed Rate		5.48	%	5/1/21				15,780,000					74,396
University Town Center	CMBS	Fixed Rate		5.48	%	6/1/21				18,690,000					88,116
Village at Bay Park	CMBS	Fixed Rate		5.58	%	6/1/21				9,183,298					44,126
Silver Springs Pointe	CMBS	Fixed Rate		5.03	%	7/1/21				8,800,000					38,131
Lake Mary Plaza	CMBS	Fixed Rate		5.10	%	7/1/21				5,080,000					22,310
Bayport Commons2	CMBS	Fixed Rate		5.44	%	9/1/21				12,592,154					74,045
Eddy Street Commons	CMBS	Fixed Rate		5.44	%	9/1/21				24,464,756					143,859
Four Property Pool Loan	CMBS	Fixed Rate		5.44	%	9/1/21				41,638,055					244,843
2021 Debt Maturities										178,990,751		11.7	%
Centre at Panola, Phase I	CMBS	Fixed Rate		6.78	%	1/1/22				2,608,887					36,583
Palm Coast Landing at Town Center	CMBS	Fixed Rate		5.00	%	3/1/22				22,550,000					93,958
Bayonne Crossing	CMBS	Fixed Rate		4.08	%	4/1/22				45,000,000					153,000
See footnotes on next page

p. 16

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

 

MATURITY SCHEDULE OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2014 (CONTINUED)

Property		Lender(s)	Loan Type	Interest Rate1	Maturity Date	Total Commitment	Balance as of Sept. 30, 2014	%  of  Total Outstanding	Monthly Debt Service as of Sept. 30, 2014
Saxon Crossing		CMBS	Fixed Rate	4.65%	7/1/22		$ 11,400,000		$ 45,648
Merrimack Village Center		CMBS	Fixed Rate	4.36%	7/6/22		5,445,000		20,443
Shops at Moore		CMBS	Fixed Rate	4.29%	9/1/22		21,300,000		78,658
Shops at Julington Creek		CMBS	Fixed Rate	4.60%	9/1/22		4,785,000		18,954
City Center2		Bank of America	Other Variable	LIBOR + 245	9/28/22		90,000,000		201,894
Centre Point Commons		CMBS	Fixed Rate	4.34%	10/1/22		14,410,000		53,835
Miramar Square		CMBS	Fixed Rate	4.16%	12/1/22		31,625,000		113,288
2022 Debt Maturities							249,123,887	16.3%
Centennial Gateway/Eastgate2		CMBS	Fixed Rate	3.81%	1/1/23		44,385,000		145,658
Centennial Center2		CMBS	Fixed Rate	3.83%	1/6/23		70,455,000		232,456
Eastern Beltway2		CMBS	Fixed Rate	3.83%	1/6/23		34,100,000		112,508
Corner, The		CMBS	Fixed Rate	4.10%	3/1/23		14,750,000		52,095
2023 Debt Maturities							163,690,000	10.7%
NET PREMIUMS ON ACQUIRED DEBT							27,460,433
TOTAL KRG DEBT (Consolidated and KRG Share of Unconsolidated)							$1,556,495,902
____________________
1	At September 30, 2014, one-month LIBOR interest rate was 0.15%.
2	Property is held in a joint venture.  The loan is guaranteed by Kite Realty Group, LP. See Joint Venture Summary page for additional detail.
3	Loan has two one year extension options.
4	Loan has a two year extension option.
5	Loan has a four year extension option.
6	Loan has a five year extension option.
7	Loan has a one year extension option.
8	Assumes Company exercises its option to extend the maturity date by one year.
9	The Company has 84 unencumbered properties of which 76 are wholly owned and are guarantors under the unsecured credit facility and unsecured term loan.
10	Assumes Company exercises its option to extend the maturity date by six months.

p. 17

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

SCHEDULE OF OUTSTANDING DEBT AS OF SEPTEMBER 30, 2014 (CONTINUED)

Floating Rate Debt Hedged1
Lender	Loan Type	LIBOR Hedge Rate			Maturity Date	Balance as of Sept. 30, 2014		Monthly Debt Service as of Sept. 30, 2014
US Bank	Variable Rate		0.26	%	11/18/2014	$	56,000,000	$	12,250
Associated Bank1	Variable Rate		1.35	%	12/31/2016		15,100,000		16,955
KeyBank	Variable Rate		3.31	%	1/3/2017		14,043,793		38,737
Huntington Bank	Variable Rate		0.98	%	10/1/2017		24,750,000		20,213
Capital One	Variable Rate		1.01	%	12/20/2017		9,900,000		8,333
Various Banks	Variable Rate		0.91	%	2/26/2018		50,000,000		37,750
JP Morgan	Variable Rate		1.49	%	8/21/2018		40,950,000		50,710
Capital One	Variable Rate		2.97	%	12/10/2018		49,331,348		121,890
Bank of America	Variable Rate		1.40	%	3/29/2019		45,000,000		52,313
Various Banks1	Variable Rate		1.52	%	4/30/2019		125,000,000		158,167
Old National	Variable Rate		1.33	%	1/4/2020		10,000,000		11,083
Associated Bank	Variable Rate		2.12	%	1/15/2020		16,200,000		28,620
Total						$	456,275,141

____________________
1	Calculations on Hedged Debt assume a weighted average spread over LIBOR on all variable rate debt, as the hedges are designated with various pieces of debt.

The following loans and hedges are associated with assets held for sale and are anticipated to be assumed or prepaid at closing.

Loans
Property	Lender	Loan Type	Interest Rate			Maturity Date	Balance as of Sept. 30, 2014		Monthly Debt Service as of Sept. 30, 2014
Regal Court	CMBS	Fixed Rate		5.30	%	6/1/15	$	23,900,000	$	109,077
TJ Maxx at Branson	CMBS	Fixed Rate		5.78	%	5/11/16		3,016,549		18,443
Shoppes at Prairie Ridge	PNC Bank	Other Variable	LIBOR + 250			6/22/16		15,591,446		33,409
Fox Point Plaza	PNC Bank, NA	Other Variable	LIBOR + 225			10/21/16		10,836,530		23,214
Branson Hills Shopping Center	PNC Bank, NA	Other Variable	LIBOR + 225			5/9/17		20,240,000		39,294
Kohl's at Branson	CMBS	Fixed Rate		5.95	%	11/11/17		6,554,189		39,955
Copps Grocery	Parkway Bank and Trust Company	Fixed Rate		3.95	%	9/26/18		8,375,400		28,488
Prattville Town Center	CMBS	Fixed Rate		5.48	%	5/1/21		15,930,000		75,103
Heritage Square	CMBS	Fixed Rate		5.10	%	7/1/21		4,460,000		19,587
Walgreens Plaza	CMBS	Fixed Rate		5.30	%	7/1/21		4,650,000		21,238
Fairgrounds Crossing	CMBS	Fixed Rate		5.21	%	10/6/21		13,453,000		60,326
Harvest Square	CMBS	Fixed Rate		4.65	%	1/1/22		6,800,000		27,228
Eastside Junction	CMBS	Fixed Rate		4.60	%	6/1/22		6,270,000		24,836
Net Premiums on Acquired Debt								4,238,950
Total				**			$	144,316,064
Hedges	Loan Type		LIBOR Hedge Rate			Maturity Date	Balance as of Sept. 30, 2014		Monthly Debt Service as of Sept. 30, 2014
Lender
PNC Bank	Variable Rate (Hedged)			1.97	%	6/22/2016	$	13,358,984	$	21,931
PNC Bank	Variable Rate (Hedged)			1.50	%	10/21/2016		10,836,530		13,546
PNC Bank	Variable Rate (Hedged)			1.13	%	5/9/2017		10,150,000		9,558
Total				**			$	34,345,514

____________________
**	Weighted average interest rate, including hedged portion, is 4.61%.

p. 18

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

TOP 10 RETAIL TENANTS BY GROSS LEASABLE AREA (GLA)

As of September 30, 2014

This table includes the following:

·   Operating retail properties;

·   Operating office properties; and

·   Development property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 2014.

Tenant	Number of Stores		Total GLA		Number of Leases		Company Owned GLA1		Number of Anchor Owned Locations		Anchor Owned GLA2
Target		19		2,716,833		0		0		19		2,716,833
Lowe’s Home Improvement		17		1,897,998		5		128,997		12		1,769,001
Wal-Mart		15		1,836,157		6		203,742		9		1,632,415
Publix		20		959,422		20		959,422		0		0
Kohl’s		12		703,369		7		253,241		5		450,128
TJX Companies4		21		642,557		21		642,557		0		0
Dick's Sporting Goods		10		490,622		10		490,622		0		0
Ross Dress for Less		16		460,580		16		460,580		0		0
PetSmart		22		453,063		22		453,063		0		0
Bed Bath & Beyond3		16		433,053		16		433,053		0		0
Total		168		10,593,654		123		4,025,277		45		6,568,377

____________________
1	Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants.
2	Includes the estimated size of the structures located on land owned by the Company and ground leased to tenants.
3	Includes Buy Buy Baby, Christmas Tree Shops and Cost Plus, which are owned by the same parent company.
4	Includes TJ Maxx, HomeGoods and Marshalls, which are owned by the same parent company.

p. 19

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

 

TOP 25 TENANTS BY ANNUALIZED BASE RENT

As of September 30, 2014

This table includes the following:

·   Operating retail properties;

·   Operating office properties; and

·   Development property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 2014.

Tenant	Number of Stores		Leased GLA/NRA2		% of Owned GLA/NRA of the Portfolio			Annualized Base Rent1		Annualized Base Rent per Sq. Ft.		% of Total Portfolio Annualized Base Rent
Publix		20		959,422		5.6	%	$	9,446,607	$	9.85		3.5	%
PetSmart		22		453,063		2.7	%		6,693,272		14.77		2.5	%
TJX Companies4		21		642,557		3.8	%		6,164,825		9.59		2.3	%
Office Depot/Office Max		20		412,204		2.4	%		5,454,512		13.23		2.0	%
Dick's Sporting Goods		10		490,622		2.9	%		5,375,691		10.96		2.0	%
Lowe’s Home Improvement5		5		128,997		0.8	%		5,039,000		6.51		1.9	%
Ross Dress for Less		16		460,580		2.7	%		4,917,367		10.68		1.8	%
Bed Bath & Beyond		16		433,053		2.5	%		4,504,730		10.40		1.7	%
Michaels		15		316,232		1.9	%		4,086,266		12.92		1.5	%
Kohl’s5		7		253,241		1.5	%		3,893,839		6.63		1.5	%
Best Buy		8		273,429		1.6	%		3,833,090		14.02		1.4	%
Wal-Mart5		6		203,742		1.2	%		3,655,238		3.60		1.4	%
Walgreens		7		107,331		0.6	%		3,632,601		33.84		1.4	%
LA Fitness		5		208,209		1.2	%		3,363,098		16.15		1.3	%
Sports Authority		5		211,739		1.2	%		2,944,606		13.91		1.1	%
Toys “R” Us/Babies “R” Us3		5		209,940		1.2	%		2,765,780		13.17		1.0	%
National Amusements		1		80,000		0.5	%		2,716,800		33.96		1.0	%
Petco		11		155,457		0.9	%		2,529,271		16.27		0.9	%
Nordstrom		3		103,904		0.6	%		2,043,876		19.67		0.8	%
Mattress Firm		18		72,991		0.4	%		1,843,697		25.26		0.7	%
Ulta Salon		9		96,649		0.6	%		1,826,229		18.90		0.7	%
New York Sports Club		2		86,717		0.5	%		1,815,540		20.94		0.7	%
Staples		6		116,362		0.7	%		1,747,821		15.02		0.7	%
Randalls Food & Drugs		2		133,990		0.8	%		1,732,196		12.93		0.6	%
Dollar Tree		15		153,776		0.9	%		1,718,823		11.18		0.6	%
TOTAL				6,764,207		39.6	%	$	93,744,775	$	10.96		35.1	%

____________________
1	Annualized base rent represents the monthly contractual rent for the month of September 2014 for each applicable tenant multiplied by 12. Annualized base rent does not include tenant reimbursements.
2	Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants.
3	Includes Buy Buy Baby, Christmas Tree Shops and Cost Plus, which are owned by the same parent company.
4	Includes TJ Maxx, Marshalls and HomeGoods
5	Annualized base rent and percent of total portfolio annualized base rent includes ground lease rent.

p. 20

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

 

RETAIL LEASING SUMMARY1 – THREE MONTHS ENDED SEPTEMBER 30, 2014

Category1	Total Leases		Total Sq. Ft.		Same Space Leases2		Same Space Sq. Ft.		Prior Rent PSF3		New Rent PSF4,5		Rent Spread			Same Space TI PSF
New Leases		28		172,799		15		68,834	$	13.91	$	20.03		43.9	%	$	11.97
Renewal and Options		36		251,717		36		251,717	$	13.92	$	14.80		6.3	%	$	0.41
Total New, Renewal, and Options		64		424,516		51		320,551	$	13.92	$	15.92		14.4	%	$	2.89

________________
1	Leases on this report represent retail properties only.  Office leases are shown as non-comparable and ground leases are excluded.
2	Comparable leases represent those leases signed for which there was a former tenant within the last 12 months.
3	Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.
4	All amounts reported at lease execution.
5	Contractual rent represents contractual minimum rent per square foot for the first twelve months of the lease

p. 21

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

 

LEASE EXPIRATIONS – OPERATING PORTFOLIO

As of September 30, 2014

This table includes the following:

·   Operating retail properties;

·   Operating office properties; and

·   Development property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 2014.

	Number of Expiring Leases1	Expiring GLA/NRA2	% of Total GLA/NRA Expiring	Expiring Annualized Base Rent3		% of Total Annualized Base Rent	Expiring Annualized Base Rent per Sq. Ft.		Expiring Ground Lease Revenue
2014	78	267,414	1.6%	$	4,299,663	1.7%	$	16.08	$	255,475
2015	242	1,270,581	7.7%		18,226,851	7.3%		14.35		143,650
2016	290	1,628,755	9.8%		21,707,166	8.7%		13.33		0
2017	299	1,800,467	10.8%		28,092,746	11.3%		15.60		512,556
2018	350	2,239,022	13.5%		35,978,036	14.4%		16.07		1,037,875
2019	268	1,727,344	10.4%		28,025,344	11.2%		16.22		643,470
2020	120	1,589,883	9.6%		18,795,103	7.5%		11.82		1,492,445
2021	93	862,398	5.2%		12,271,774	4.9%		14.23		580,525
2022	94	879,742	5.3%		14,406,067	5.8%		16.38		1,185,782
2023	117	1,013,533	6.1%		16,110,790	6.5%		15.90		359,523
Beyond	233	3,319,074	20.0%		51,732,552	20.7%		15.59		12,360,559
	2,184	16,598,213	100.0%	$	249,646,094	100.0%	$	15.04	$	18,571,860

____________________
1	Lease expiration table reflects rents in place as of September 30, 2014 and does not include option periods; 2014 expirations include 44 month-to-month tenants. This column also excludes ground leases.
2	Expiring GLA excludes estimated square footage attributable to non-owned structures on land owned by the Company and ground leased to tenants.
3	Annualized base rent represents the monthly contractual rent for the month of September 2014 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.

p. 22

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

LEASE EXPIRATIONS – RETAIL ANCHOR TENANTS1

As of September 30, 2014

This table includes the following:

·   Operating retail properties; and

·   Development property tenants open for business or ground lease tenants who commenced paying rent as of September 30, 2014.

	Number of Expiring Leases2	Expiring GLA/NRA3	% of Total GLA/NRA Expiring	Expiring Annualized Base Rent4		% of Total Annualized Base Rent	Expiring Annualized Base Rent per Sq. Ft.		Expiring Ground Lease Revenue
2014	4	105,033	0.6%	$	867,086	0.4%	$	8.26	$	0
2015	23	692,473	4.2%		6,432,402	2.6%		9.29		0
2016	32	983,677	5.9%		8,404,600	3.4%		8.54		0
2017	44	1,106,078	6.7%		12,920,310	5.1%		11.68		0
2018	55	1,452,200	8.8%		17,168,014	6.9%		11.82		644,149
2019	43	1,156,444	7.0%		14,604,497	5.9%		12.63		0
2020	40	1,353,513	8.2%		13,861,921	5.6%		10.24		1,110,883
2021	24	663,293	4.0%		7,270,534	2.9%		10.96		0
2022	27	616,349	3.7%		8,346,496	3.3%		13.54		744,622
2023	28	679,943	4.1%		8,271,605	3.3%		12.17		260,000
Beyond	83	2,827,618	17.0%		40,164,597	16.0%		14.20		8,248,014
	403	11,636,621	70.1%	$	138,312,062	55.4%	$	11.89	$	11,007,667

____________________
1	Retail anchor tenants are defined as tenants that occupy 10,000 square feet or more.
2	Lease expiration table reflects rents in place as of September 30, 2014 and does not include option periods; 2014 expirations include 3 month-to-month tenants. This column also excludes ground leases.
3	Expiring GLA excludes square footage for non-owned ground lease structures on land we own and ground leased to tenants.
4	Annualized base rent represents the monthly contractual rent for the month of September 2014 for each applicable property multiplied by 12. Excludes tenant reimbursements and ground lease revenue.

p. 23

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

LEASE EXPIRATIONS – RETAIL SHOPS

As of September 30, 2014

This table includes the following:

·   Operating retail properties; and

·   Development property tenants open for business as of September 30, 2014.

	Number of Expiring Leases1	Expiring GLA/NRA1,2	% of Total GLA/NRA Expiring	Expiring Annualized Base Rent3		% of Total Annualized Base Rent	Expiring Annualized Base Rent per Sq. Ft.			Expiring Ground Lease Revenue
2014	74	162,381	1.0%	$	3,432,576	1.5%	$	21.14	$	255,475
2015	217	539,524	3.3%		11,064,993	4.4%		20.51		143,650
2016	258	645,078	3.9%		13,302,566	5.3%		20.62		0
2017	253	611,279	3.7%		13,676,589	5.5%		22.37		512,556
2018	293	768,985	4.6%		18,426,450	7.4%		23.96		393,727
2019	224	565,647	3.4%		13,319,727	5.3%		23.55		643,470
2020	79	226,301	1.4%		4,749,414	1.9%		20.99		381,562
2021	68	192,943	1.2%		4,859,509	2.0%		25.19		580,525
2022	64	212,347	1.3%		5,185,953	2.1%		24.42		441,160
2023	87	300,602	1.8%		7,170,997	2.9%		23.86		99,522
Beyond	146	384,532	2.3%		10,151,532	4.2%		26.40		4,112,546
	1,763	4,609,619	27.8%	$	105,340,306	42.2%	$	22.85	$	7,564,193

____________________
1	Lease expiration table reflects rents in place as of September 30, 2014, and does not include option periods; 2014 expirations include 41 month-to-month tenants.  This column also excludes ground leases.
2	Expiring GLA excludes estimated square footage to non-owned structures on land we own and ground leased to tenants.
3	Annualized base rent represents the monthly contractual rent for the month of September 2014 for each applicable property multiplied by 12. Excludes tenant reimbursements and ground lease revenue.

p. 24

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

 

LEASE EXPIRATIONS – OFFICE TENANTS

As of September 30, 2014

	Number of Expiring Leases1	Expiring NLA1	% of Total NRA Expiring	Expiring Annualized Base Rent2		% of Total Annualized Base Rent	Expiring Annualized Base Rent per Sq. Ft.
2014	0	0	0.0%	$	0	0.0%	$	0.00
2015	2	38,584	0.2%		729,456	0.3%		18.91
2016	0	0	0.0%		0	0.0%		0.00
2017	2	83,110	0.5%		1,495,847	0.6%		18.00
2018	2	17,837	0.1%		383,572	0.2%		21.50
2019	1	5,253	0.0%		101,120	0.0%		19.25
2020	1	10,069	0.1%		183,768	0.1%		18.25
2021	1	6,162	0.0%		141,732	0.1%		23.00
2022	3	51,046	0.3%		873,619	0.4%		17.11
2023	2	32,988	0.2%		668,189	0.3%		20.26
Beyond	4	106,924	0.6%		1,416,423	0.6%		13.25
	18	351,973	2.1%	$	5,993,726	2.4%	$	17.03

____________________
1	Lease expiration table reflects rents in place as of September 30, 2014 and does not include option periods. This column also excludes ground leases.
2	Annualized base rent represents the monthly contractual rent for the month of September 2014 for each applicable property multiplied by 12. Excludes tenant reimbursements.

p. 25

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

 

SUMMARY RETAIL PORTFOLIO STATISTICS INCLUDING JOINT VENTURE PROPERTIES

	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
Company Owned GLA– Operating Retail1		16,935,582			8,489,877			8,483,449			8,358,846			6,065,122
Total GLA– Operating Retail1		25,213,668			11,296,321			11,295,013			11,463,830			8,483,361
Projected Owned GLA of Development and Redevelopment Projects Under Construction		665,246			831,698			914,636			879,754			1,199,235
Projected Total GLA of Development and Redevelopment Projects Under Construction2		888,641			1,055,093			1,138,031			1,073,890			1,570,540
Number of Operating Retail Properties		124			64			64			66			55
Number of Retail Development Properties Under Construction		3			3			2			2			3
Number of Retail Redevelopment Properties		3			4			4			4			5
Percentage Leased – Operating Retail4		94.9	%		95.2	%		95.3	%		95.3	%		95.9	%
Annualized Base Rent & Ground Lease Revenue – Operating Retail Properties3 (excludes redevelopment)	$	258,706,533		$	112,602,606		$	112,631,533		$	108,829,221		$	80,106,832

____________________
1	Company Owned GLA represents gross leasable area owned by the Company. Total GLA includes Company Owned GLA, plus square footage attributable to non-owned outlot structures on land owned by the Company and ground leased to tenants, and non-owned anchor space.
2	Projected Company Owned GLA Under Development or Redevelopment represents gross leasable area under development that is projected to be owned by the Company. Projected Total GLA Under Development or Redevelopment includes Projected Company Owned GLA, plus projected square footage attributable to non-owned outlot structures on land owned by the Company and ground leased to tenants, and non-owned anchor space that is existing or under construction.
3	Annualized Base Rent represents the monthly contractual rent in effect for each period shown, multiplied by 12. Excludes tenant reimbursements.
4	Excludes square footage of structure owned by tenants under ground leases with the Company.

p. 26

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

SUMMARY OFFICE PORTFOLIO STATISTICS

Retail Portfolio	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
Company Owned Net Rentable Area (NRA)1		386,852			386,852			386,852			386,852			379,974
Number of Operating Office Properties4		2			2			2			2			2
Percentage Leased – Operating Office Properties		95.2	%		95.2	%		95.2	%		95.2	%		94.2	%
Annualized Base Rent – Office Properties2,3	$	5,993,727		$	5,993,727		$	5,993,732		$	5,941,788		$	5,936,163

____________________
1	Company Owned NRA does not include square footage of Union Station Parking Garage, a detached parking garage supporting the Thirty South Meridian property that includes approximately 850 parking spaces. It is managed by a third party.
2	Annualized Base Rent does not include tenant reimbursements or income attributable to the Union Station Parking Garage.
3	Annualized Base Rent includes $723,216 from KRG and subsidiaries.
4	Includes the office space at Eddy Street Commons.

p. 27

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

DEVELOPMENT PROJECTS

Under Construction:
Project	Company Ownership %	MSA	Actual/ Projected  Opening Date1	Projected Owned GLA2	Projected Total GLA3	Percent of Owned GLA Occupied4	Percent of Owned GLA Pre-Leased/ Committed5	Total Estimated Project Cost7	Cost Incurred as of Sept. 30, 20146	Major Tenants and Non-owned Anchors
Holly Springs Towne Center, NC - Phase II	100%	Raleigh	Q3 2015	122,143	154,143	0.0%	77.6%	$47,500	$17,773	Target (non-owned), Carmike Cinemas,  Bed Bath & Beyond, DSW
Parkside Town Commons, NC – Phase I8	100%	Raleigh	Q2 2014	104,978	245,573	77.8%	90.2%	39,000	38,760	Target (non-owned), Harris Teeter (ground lease), Petco
Parkside Town Commons, NC – Phase II	100%	Raleigh	Q3 2014	275,432	324,260	30.9%	66.8%	70,000	54,265	Frank Theatres, Golf Galaxy, Field & Stream
Total				502,553	723,976	33.2%	74.3%	$156,500	$110,798
Cost incurred as of September 30, 2014 included in Construction In Progress on balance sheet									$59,889

____________________
1	Opening Date is defined as the first date a tenant is open for business or a ground lease payment is made. Stabilization (i.e., 85% occupied) typically occurs within six to twelve months after the opening date.
2	Projected Owned GLA represents gross leasable area we project we will own. It excludes square footage that we project will be attributable to non-owned outlot structures on land owned by us and expected to be ground leased 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 we own, and non-owned anchor space that currently exists or is under construction.
4	Includes tenants that have taken possession of their space or have begun paying rent.
5	Excludes outlot land parcels owned by the Company and ground leased to tenants. Includes leases under negotiation for approximately 15,113 square feet for which the Company has signed non-binding letters of intent.
6	Dollars in thousands. Reflects both the Company’s and partners’ share of costs.
7	Cost incurred is reclassified to fixed assets on the consolidated balance sheet on a pro-rata basis as portions of the asset are placed in service.
8	The owned GLA for Parkside Town Commons Phase I includes a 53,000 square foot ground lease with Harris Teeter Supermarket.

p. 28

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

REDEVELOPMENT PROJECTS

Under Construction:
Project	Company Ownership %	MSA	Actual/ Projected  Opening Date1	Projected Total GLA3	Projected Owned GLA2	Percent of Owned GLA Occupied4	Percent of Owned GLA Pre-Leased/ Committed5	Total Estimated Project Cost7	Cost Incurred as of Sept. 30, 20146	Major Tenants and Non-owned Anchors
Gainesville Plaza, FL	100%	Gainesville	Q2 2015	164,665	162,693	66.3%	81.6%	14,300	$6,023	Burlington Coat Factory, Ross Dress for Less
Total				164,665	162,693	66.3%	81.6%	$14,300	$6,023
Cost incurred as of September 30, 2014 included in Construction In Progress on balance sheet									$3,086

Pending Commencement of Construction:
Project	Company Ownership %	MSA	Actual/ Projected  Opening Date1	Projected Total GLA3	Projected Owned GLA2	Total Estimated Project Cost7	Cost Incurred as of Sept. 30, 20146	Major Tenants and Non-owned Anchors
Hamilton Crossing Centre, IN	100%	Indianapolis	TBD	77,296	69,596	TBD	$135	TBD
Courthouse Shadows, FL	100%	Naples	TBD	134,867	134,867	TBD	534	Grocer, Office Max
Total				212,163	204,463	TBD	$669
Cost incurred as of September 30, 2014 included in Construction In Progress on balance sheet							$669

Summary of Construction In Progress on Consolidated Balance Sheet ($ in thousands):
Cost incurred for development projects under construction	$	59,889
Cost incurred for redevelopment projects under construction		3,086
Cost incurred for redevelopment projects pending construction		669
Deerwood apartments		14,659
Holly Springs Towne Center – Phase III		4,367
Miscellaneous tenant improvements and small projects		17,483
Construction In Progress on Consolidated Balance Sheet	$	100,153

See prior page for footnotes.

p. 29

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

2014 PROPERTY DISPOSITIONS

Property Name	Property Type	MSA	Date Sold	Sales Price
50th & 12th	Single tenant (Walgreens)	Seattle, WA	1/7/14	$	8,640,000
Red Bank Commons	Unanchored strip center	Evansville, IN	3/7/14		5,300,000
Ridge Plaza	A & P Grocery-anchored center	Oak Ridge, NJ	3/31/14		21,250,000
Zionsville Walgreens	Single tenant (Walgreens)	Indianapolis, IN	9/23/14		7,348,000
Total				$	42,538,000

____________________
1	Company under definitive agreement to sell 15 operating properties.

p. 30

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

GEOGRAPHIC DIVERSIFICATION – OPERATING PORTFOLIO

As of September 30, 2014

	Number of Operating Properties1	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 Sq. Ft.
Alabama	5	831,781	4.8%	91	$	8,991,263	3.6%	$	11.33
Arizona	1	79,902	0.5%	10		2,241,241	0.9%		28.05
Arkansas	1	151,927	0.9%	14		1,926,306	0.8%		12.85
Connecticut	1	208,929	1.2%	24		3,241,084	1.3%		16.00
Florida	36	4,353,316	25.2%	614		59,671,453	24.2%		14.88
Georgia	5	789,645	4.6%	97		9,296,488	3.8%		12.09
Illinois	3	310,865	1.8%	23		4,095,850	1.7%		13.61
Indiana	21	2,302,439	13.3%	256		29,574,408	12.0%		13.32
Indiana – Office	2	369,556	2.1%	18		5,993,727	2.4%		17.03
Louisiana	1	151,719	0.9%	22		2,314,980	0.9%		19.58
Missouri	2	365,937	2.1%	36		4,493,188	1.8%		12.42
Nebraska	1	69,676	0.4%	2		992,226	0.4%		14.24
Nevada	6	847,690	4.9%	168		18,277,981	7.4%		23.37
New Hampshire	1	78,892	0.5%	14		963,807	0.4%		12.22
New Jersey	1	106,383	0.6%	26		2,870,700	1.2%		28.16
New York	1	365,905	2.1%	13		9,250,483	3.8%		25.85
North Carolina	8	780,227	4.5%	119		13,121,405	5.3%		17.74
Ohio	1	236,230	1.4%	7		2,062,668	0.8%		8.73
Oklahoma	4	657,146	3.8%	82		8,500,268	3.4%		13.48
Oregon	2	31,171	0.2%	13		553,894	0.2%		23.63
South Carolina	3	516,732	3.0%	42		5,494,462	2.2%		10.89
Tennessee	2	403,776	2.3%	34		5,461,354	2.2%		14.77
Texas	10	1,951,840	11.3%	201		25,950,265	10.5%		13.77
Utah	2	384,692	2.2%	75		6,262,204	2.5%		16.57
Virginia	1	399,047	2.3%	59		7,040,439	2.9%		18.69
Washington	1	107,998	0.6%	24		2,092,040	0.8%		21.36
Wisconsin	4	451,717	2.6%	53		5,910,115	2.4%		13.70
Total	126	17,305,138	100.0%	2,137	$	246,644,301	100.0%	$	15.02

____________________
1	This table includes operating retail properties, operating office properties, and ground lease tenants who commenced paying rent as of September 30, 2014 and excludes three  retail properties under redevelopment.
2	Owned GLA/NRA represents gross leasable area or net leasable area owned by the Company.  It also excludes the square footage of Union Station Parking Garage.
3	Annualized Base Rent excludes $18,055,959 in annualized ground lease revenue attributable to parcels and outlots owned by the Company and ground leased to tenants.

p. 31

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

 

OPERATING RETAIL PORTFOLIO SUMMARY REPORT

As of September 30, 2014

		Year	Owned GLA2			Leased
Property1	MSA	Built/ Renovated	Total	Anchors	Shops	Total	Anchors	Shops	ABR per Sqft	Major Owned Tenants	Major Non-owned Tenants
Alabama
Clay Marketplace	Birmingham	1966/2003	66,165	44,840	21,325	94.7%	100.0%	83.5%	12.60	Publix
Eastside Junction**	Athens	2008	79,700	45,600	34,100	88.6%	100.0%	73.3%	11.82	Publix
Harvest Square**	Harvest	2008	70,590	45,600	24,990	93.2%	100.0%	80.8%	14.97	Publix
Prattville Town Center**	Prattville	2007	168,842	112,042	56,800	98.9%	100.0%	96.8%	14.52	Books A Million, Office Depot, PetSmart, Ross Dress for Less, TJ Maxx	Target, Home Depot
Trussville Promenade	Birmingham	1999	446,484	354,010	92,474	95.7%	100.0%	79.4%	9.26	Wal-Mart, Regal Cinemas, Marshalls, Big Lots, PetSmart, Dollar Tree	Kohl's, Sam's Club
Arizona
The Corner	Tucson	2008	79,902	55,883	24,019	100.0%	100.0%	100.0%	28.05	Nordstrom Rack, Total Wine & More	Home Depot
Arkansas
Fairgrounds Crossing**	Hot Springs	2011	151,927	126,613	25,314	98.7%	100.0%	91.9%	12.85	Bed Bath & Beyond, Best Buy, Dick's Sporting Goods, Michaels, PetSmart	Sam’s Club
Connecticut
Crossing at Killingly Commons	Killington	2010	208,929	148,250	60,679	97.0%	100.0%	89.5%	16.00	Bed Bath & Beyond, Lowe's Home Improvement,  Michaels, Petco, Staples, Stop & Shop Supermarket, TJ Maxx	Lowe's Home Improvement, Target
Florida
12th Street Plaza	Vero Beach	1978/2003	138,268	121,376	16,892	99.0%	100.0%	91.7%	9.82	Publix, Stein Mart, Tuesday Morning, Sunshine Furniture, Planet Fitness
Bayport Commons	Oldsmar	2008	97,193	71,540	25,653	91.6%	100.0%	68.1%	16.08	Gander Mountain, PetSmart,  Michaels	Target
Bolton Plaza	Jacksonville	1986/2014	155,705	114,195	41,510	85.4%	100.0%	45.0%	8.78	LA Fitness, Academy Sports
Burnt Store Promenade	Punta Gorda	1989	94,223	42,112	52,111	74.9%	100.0%	54.6%	8.99	Publix	Home Depot
Centre Point Commons	Bradenton	2007	119,275	93,574	25,701	98.8%	100.0%	94.6%	17.07	Best Buy, Dick's Sporting Goods, Office Depot	Lowe’s Home Improvement
Cobblestone Plaza	Ft Lauderdale	2011	133,213	68,169	65,044	99.2%	100.0%	98.3%	25.74	Whole Foods, Party City, All Pets Emporium
Colonial Square	Fort Myers	2010	182,354	146,283	36,071	92.2%	100.0%	60.6%	15.06	Around the Clock Fitness, Dollar Tree, Hobby Lobby, PetSmart, Sports Authority	Kohl’s
Cove Center	Stuart	1984/2008	155,053	130,915	24,138	96.2%	100.0%	75.5%	9.10	Publix, Bealls, Ace Hardware
Delray Marketplace	Delray	2013	260,255	118,136	142,119	89.8%	100.0%	81.4%	24.01	Frank Theatres, Publix, Jos. A. Bank, Carl’s Patio, Chico’s, Charming Charlie, Ann Taylor
Estero Town Commons	Naples	2006	25,631	-	25,631	46.8%	0.0%	46.8%	18.67	Lowe's Home Improvement
Hunter's Creek Promenade	Orlando	1994	119,729	55,999	63,730	100.0%	100.0%	100.0%	13.00	Publix
Indian River Square	Vero Beach	1997/2004	142,706	109,000	33,706	95.9%	100.0%	82.8%	10.87	Bealls, Office Depot, Dollar Tree	Target
International Speedway Square	Daytona	1999/2013	233,495	203,457	30,038	99.5%	100.0%	96.0%	10.96	Bed Bath & Beyond, Stein Mart, Old Navy, Staples, Michaels, Dick’s Sporting Goods, Total Wine & More, Shoe Carnival
King's Lake Square	Naples	1986/2014	87,073	55,610	31,463	88.8%	100.0%	69.1%	17.27	Publix, Royal Fitness
Lake City Commons	Lake City	2008	66,510	45,600	20,910	88.9%	100.0%	64.6%	13.38	Publix
Lake City Commons - Phase II	Lake City	2011	16,291	12,131	4,160	100.0%	100.0%	100.0%	14.86	PetSmart
Lake Mary Plaza	Lake Mary	2009	21,370	14,880	6,490	91.4%	100.0%	71.6%	37.71	Walgreens
Lakewood Promenade	Jacksonville	1948/1998	196,820	77,840	118,980	84.1%	100.0%	73.7%	11.27	Stein Mart, Winn Dixie
Lithia Crossing	Tampa	2003/2013	90,499	53,547	36,952	89.9%	100.0%	75.3%	13.99	Stein Mart, The Fresh Market
Miramar Square	Miramar	2008	238,334	137,505	100,829	84.2%	85.5%	82.5%	18.06	Kohl's, Miami Children's Hospital, Dollar General
Northdale Promenade	Tampa	1985/2002	175,925	118,269	57,656	93.6%	100.0%	80.5%	11.39	TJ Maxx, Bealls, Crunch Fitness	Winn Dixie
Palm Coast Landing	Palm Coast	2010	168,297	106,292	62,005	94.3%	94.9%	93.5%	18.19	Michaels, PetSmart, Ross Dress for Less, TJ Maxx, Ulta Salon	Target
Pine Ridge Crossing	Naples	1993	105,867	66,351	39,516	98.0%	100.0%	94.5%	16.25	Publix, Party City	Bealls, Target

See notes on page 36

p. 32

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of September 30, 2014

		Year	Owned GLA2				Leased
Property1	MSA	Built/ Renovated	Total	Anchors	Shops	Total		Anchors	Shops	ABR per Sq. ft.	Major Owned Tenants	Major Non-owned Tenants
Pleasant Hill Commons	Kissimmee	2008	70,642	45,600	25,042	94.1%		100.0%	83.2%	14.17	Publix
Publix at St. Cloud	St. Cloud	2003	78,820	54,379	24,441	92.7%		100.0%	76.5%	12.36	Publix
Riverchase Plaza	Naples	1991/2001	78,291	48,890	29,401	98.5%		100.0%	95.9%	15.28	Publix
Saxon Crossing	Orange City	2009	119,894	95,304	24,590	100.0%		100.0%	100.0%	14.70	Hobby Lobby, LA Fitness	Lowe's Home Improvement
Shops at Eagle Creek	Naples	1983/2013	70,755	50,187	20,568	89.7%		100.0%	64.5%	14.80	Staples, The Fresh Market	Lowe's Home Improvement
Shops of Eastwood	Orlando	1997	69,037	51,512	17,525	98.1%		100.0%	92.6%	12.68	Publix
Shops at Julington Creek	Jacksonville	2011	40,207	21,038	19,169	96.4%		100.0%	92.5%	18.16	The Fresh Market
Tarpon Bay Plaza	Naples	2007	82,547	60,151	22,396	90.8%		100.0%	66.1%	21.59	World Market, Staples	Target
Temple Terrace	Temple Terrace	2012	90,377	58,798	31,579	100.0%		100.0%	100.0%	10.39	Sweetbay, United Parcel Service
The Landings at Tradition	Port St Lucie	2007	359,758	272,944	86,814	90.4%		100.0%	60.1%	15.18	Babies “R” Us, Bed Bath & Beyond, LA Fitness, Michaels, Office Max, Old Navy, PetSmart, Pier 1, Sports Authority, TJ Maxx, Ulta Salon	Target
Tradition Village Square	Port St Lucie	2006	112,421	45,600	66,821	78.2%		100.0%	63.4%	15.34	Publix
Village Walk	Fort Myers	2009	78,533	54,340	24,193	90.0%		100.0%	67.5%	15.87	Publix
Waterford Lakes Village	Orlando	1997	77,948	51,703	26,245	96.7%		100.0%	90.1%	12.36	Winn-Dixie
Georgia
Beechwood Promenade	Athens	1961/2009	342,217	247,011	95,206	95.4%		100.0%	83.6%	11.53	TJ Maxx, Georgia Theatre, CVS, BodyPlex, Stein Mart, Tuesday Morning, The Fresh Market, Jos A. Bank, Ann Taylor, Talbots, USPS, Buffalos
Heritage Square**	Conyers	2010	22,385	10,479	11,906	88.8%		100.0%	79.0%	34.18	Walgreens
Mullins Crossing	Evans	2005	282,336	236,340	45,996	100.0%		100.0%	100.0%	11.18	Babies “R” Us, Kohl’s, La-Z Boy, Marshalls, Office Max, Ross Dress for Less, Petco	Target
Publix at Acworth	Atlanta	1996	69,628	37,888	31,740	96.6%		100.0%	92.4%	11.94	Publix
The Centre at Panola	Atlanta	2001	73,079	51,674	21,405	100.0%		100.0%	100.0%	12.21	Publix
Illinois
Fox Lake Crossing	Chicago	2002	99,072	65,977	33,095	90.0%		100.0%	69.9%	13.48	Dominick's Finer Foods, Dollar Tree
Naperville Marketplace	Chicago	2008	83,793	61,683	22,110	100.0%		100.0%	100.0%	13.40	TJ Maxx, PetSmart	Caputo's
South Elgin Commons	South Elgin	2011	128,000	128,000	-	100.0%		100.0%	0.0%	13.84	LA Fitness, Ross Dress for Less, Toy “R” Us	Target
Indiana
54th & College	Indianapolis	2008	-	-	-	0.0%		0.0%	0.0%	-	The Fresh Market (ground lease)
Beacon Hill	Crown Point	2006	57,191	11,043	46,148	84.0%		100.0%	80.1%	14.97	Anytime Fitness	Strack & Van Til, Walgreens
Bell Oaks Center	Newburgh	2008	94,811	74,122	20,689	98.5%		100.0%	93.0%	11.59	Archie & Clyde's Restaurant, Schnuck Markets
Boulevard Crossing	Kokomo	2004	124,631	74,440	50,191	96.7%		100.0%	91.8%	14.23	Petco, TJ Maxx, Ulta Salon, Shoe Carnival	Kohl's
Bridgewater Marketplace	Indianapolis	2008	25,975	-	25,975	68.2%		0.0%	68.2%	17.68		Walgreens
Castleton Crossing	Indianapolis	1975/2012	277,812	247,710	30,102	100.0%		100.0%	100.0%	10.75	K&G Menswear, Value City, TJ Maxx/Home Goods, Shoe Carnival, Dollar Tree, Burlington Coat Factory
Cool Creek Commons	Indianapolis	2005/2012	124,646	62,600	62,046	92.7%		85.6%	99.8%	16.72	The Fresh Market, Stein Mart
Depauw University Bookstore and Café	Greencastle	2012	11,974	-	11,974	100.0%		0.0%	100.0%	8.36	Folletts, Starbucks
Eddy Street Commons	South Bend	2009	88,093	20,154	67,939	92.7%		100.0%	90.6%	22.50	Hammes Bookstore, Urban Outfitters
Fishers Station	Indianapolis	1989/2009	116,943	72,212	44,731	96.6%		100.0%	91.2%	11.73	Marsh Supermarkets, Goodwill, Dollar Tree
Geist Pavilion	Indianapolis	2006	64,102	29,700	34,402	95.9%		100.0%	92.3%	16.23	Goodwill, Ace Hardware
Glendale Town Center	Indianapolis	1958/2008	393,002	329,546	63,456	98.8%		100.0%	92.7%	6.95	Macy’s, Landmark Theaters, Staples, Indianapolis Library, Nexus Academy of Indianapolis	Lowe's Home Improvement, Target, Walgreens

See Notes on page 36

p. 33

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of September 30, 2014

		Year	Owned GLA2			��	Leased
Property1	MSA	Built/ Renovated	Total	Anchors	Shops	Total		Anchors	Shops	ABR per Sqft	Major Owned Tenants	Major Non-owned Tenants
Greyhound Commons	Indianapolis	2005	-	-	-	0.0%		0.0%	0.0%	-		Lowe's Home Improvement Center
Lima Marketplace	Fort Wayne	2008	93,135	71,521	21,614	98.5%		100.0%	93.5%	13.97	Aldi, Dollar Tree, Office Depot, PetSmart	Walmart
Rangeline Crossing	Indianapolis	1986/2013	99,311	47,962	51,349	91.8%		100.0%	84.1%	21.57	Earth Fare, Walgreens
Rivers Edge	Indianapolis	2011	149,209	117,890	31,319	100.0%		100.0%	100.0%	19.65	Buy Buy Baby, Nordstrom Rack, The Container Store, Arhaus Furniture, Bicycle Garage of Indy
Stoney Creek Commons	Indianapolis	2000/2013	84,330	84,330	-	100.0%		100.0%	0.0%	12.39	HH Gregg, Goodwill, LA Fitness	Lowe's Home Improvement
The Corner	Indianapolis	1984/2013	42,494	12,200	30,294	65.1%		0.0%	91.3%	18.67
Traders Point	Indianapolis	2005	279,684	238,721	40,963	99.2%		100.0%	94.3%	14.69	Dick's Sporting Goods, AMC Theatres, Marsh Supermarkets, Bed, Bath & Beyond, Michaels, Old Navy, PetSmart, Books-A-Million
Traders Point II	Indianapolis	2005	46,099	-	46,099	88.7%		0.0%	88.7%	25.32
Whitehall Pike	Bloomington	1999	128,997	128,997	-	100.0%		100.0%	0.0%	7.86	Lowe's Home Improvement Center
Louisiana
Regal Court**	Shreveport	2008	151,719	89,649	62,070	77.9%		77.7%	78.2%	19.58	Dick's Sporting Goods, DSW, Ulta Salon, JC Penney, Kohl’s
Missouri
Branson Hills Shopping Center** (Includes Branson Hills Plaza & Shoppes at Branson Hills)	Branson	2005	289,986	226,096	63,890	98.6%		100.0%	93.4%	12.49	TJ Maxx, Bed Bath & Beyond, Best Buy, Books-A-Million, Kohl’s, MC Sports, Michaels, Petco, Ulta Salon, Home Depot	Walmart, Target
Shops at Hawk Ridge**	Lake St Louis	2008	75,951	66,081	9,870	100.0%		100.0%	100.0%	12.15	Sports Authority, TJ Maxx	Lowe's Home Improvement, Wal-Mart
Nebraska
Whispering Ridge**	Omaha	2008	69,676	69,676	-	100.0%		100.0%	0.0%	14.24	PetSmart, Sports Authority
Nevada
Cannery Corner	Las Vegas	2008	30,745	-	30,745	77.9%		0.0%	77.9%	35.26
Centennial Center	Las Vegas	2002	334,705	158,335	176,370	93.3%		100.0%	87.2%	22.61	Big Lots, Famous Footwear, Michaels, Office Max, Party City, Petco, Rhapsodielle, Ross Dress for Less, Home Depot, Sam's Club, Wal-Mart
Centennial Gateway	Las Vegas	2005	192,999	139,861	53,138	97.9%		100.0%	92.3%	23.72	24 Hour Fitness, Fresh & Easy Neighborhood Market, Sportsman's Warehouse, Walgreens
Eastern Beltway Center	Las Vegas	1998/2006	162,444	83,982	78,462	97.4%		100.0%	94.6%	22.97	Home Consignment Center, Office Max, Petco, Ross Dress for Less, Sam's Club, Walmart	Home Depot
Eastgate	Las Vegas	2002	96,589	53,030	43,559	88.5%		100.0%	74.4%	21.67	99 Cent Only Store, Office Depot, Party City	Walmart
Lowe's Plaza	Las Vegas	2007	30,208	-	30,208	44.4%		0.0%	44.4%	30.48		Sam’s Club, Lowe’s Home Improvement
New Hampshire
Merrimack Village Center	Merrimack	2007	78,892	54,000	24,892	100.0%		100.0%	100.0%	12.22	Supervalu
New Jersey
Bayonne Crossing	Bayonne	2011	106,383	52,219	54,164	95.8%		100.0%	91.8%	28.16	Michaels, New York Sports Club, Lowe's Home Improvement, Walmart
New York
City Center at White Plains	White Plains	2004	365,905	329,360	36,545	97.8%		100.0%	78.1%	25.85	Barnes & Noble, National Amusement, New York Sports Club, Nordstrom Rack, Shop Rite, Toys “R” Us/Babies “R” Us		Target
North Carolina
Holly Springs Towne Center	Holly Springs	2013	207,631	109,233	98,398	90.8%		100.0%	80.6%	15.73	Dick's Sporting Goods, Marshalls, Petco, Ulta Salon	Target
The Landing at Ocean Isle Beach**	Ocean Isle Beach	2009	53,220	41,982	11,238	94.5%		100.0%	74.1%	17.17	Lowes Foods
Memorial Commons	Goldsboro	2008	111,271	73,876	37,395	91.0%		100.0%	73.1%	11.98	Harris Teeter, Office Depot

See Notes on page 36

p. 34

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of September 30, 2014

		Year	Owned GLA2				Leased
Property1	MSA	Built/ Renovated	Total	Anchors	Shops	Total		Anchors	Shops	ABR per Sqft	Major Owned Tenants	Major Non-owned Tenants
Northcrest Shopping Center	Charlotte	2008	133,674	76,053	57,621	95.7%		100.0%	89.9%	21.34	David's Bridal, Dollar Tree, Old Navy, REI, Shoe Carnival	Target
Oleander Place	Wilmington	2012	45,530	30,144	15,386	100.0%		100.0%	100.0%	16.06	Whole Foods
Perimeter Woods	Charlotte	2008	126,143	105,262	20,881	99.2%		100.0%	95.2%	20.60	Best Buy, Off Broadway Shoes, Office Max, PetSmart, Lowe's Home Improvement
Toringdon Market	Charlotte	2004	60,539	26,072	34,467	100.0%		100.0%	100.0%	19.51	Earth Fare
Walgreens Plaza**	Jacksonville	2010	42,219	27,779	14,440	95.6%		100.0%	87.0%	21.29	L-3 Communications, Walgreens
Ohio
Eastgate Pavilion	Cincinnati	1995	236,230	231,730	4,500	100.0%		100.0%	100.0%	8.73	Best Buy, Dick's Sporting Goods, Value City Furniture, PetSmart, DSW, Bed Bath & Beyond
Oklahoma
Shops at Moore	Moore	2010	259,692	187,916	71,776	99.5%		100.0%	98.3%	12.02	Bed Bath and Beyond, Best Buy, Dustee's Fashion Accessories, Hobby Lobby, Office Depot, PetSmart, Ross Dress for Less	JC Penney
Silver Springs Pointe	Oklahoma City	2001	48,444	20,515	27,929	79.8%		100.0%	65.0%	15.36	Kohl’s, Office Depot	Walmart,  Sam’s Club, Home Depot
University Town Center	Norman	2009	158,516	77,097	81,419	95.6%		100.0%	91.5%	17.43	Office Depot, Petco, TJ Maxx, Ulta Salon	Target
University Town Center Phase II	Norman	2012	190,494	133,546	56,948	95.4%		100.0%	84.5%	11.88	Academy Sports, DSW, Home Goods, Michaels, Kohl’s
Oregon
Cornelius Gateway	Portland	2006	21,326	-	21,326	70.8%		0.0%	70.8%	21.10	Fedex/Kinkos	Fred Meyer
Shops at Otty	Portland	2004	9,845	-	9,845	84.7%		0.0%	84.7%	28.19		Wal-Mart
South Carolina
Hitchcock Plaza	Aiken	2006	252,370	214,480	37,890	100.0%		100.0%	100.0%	9.27	Academy Sports, Achieve Fitness, Bed Bath and Beyond, Farmers Home Furniture, Old Navy, Ross Dress for Less, TJ Maxx
Shoppes at Plaza Green	Greenville	2000	196,307	172,136	24,171	94.8%		94.1%	100.0%	13.25	Bed Bath & Beyond, Christmas Tree Shops, Sears, Party City, Shoe Carnival, AC Moore, Old Navy
Publix at Woodruff	Greenville	1997	68,055	47,955	20,100	97.4%		100.0%	91.0%	10.40	Publix
Tennessee
Cool Springs Market	Nashville	1995	223,912	165,712	58,200	86.8%		87.9%	83.7%	14.91	Jo-Ann Fabric, Dicks Sporting Goods, Staples, Marshalls	Kroger
Hamilton Crossing – Phases II & III	Alcoa	2008	179,864	135,737	44,127	97.6%		100.0%	90.0%	14.60	Dicks Sporting Goods, Michaels, Old Navy, PetSmart, Ross Dress for Less
Texas
Burlington Coat Factory	San Antonio	1992/2000	107,400	107,400	-	100.0%		100.0%	0.0%	5.00	Burlington Coat Factory
Kingwood Commons	Houston	1999	164,366	74,836	89,530	98.1%		100.0%	96.4%	18.59	Randall's Food and Drug, Petco, Chico's, Talbots, Ann Taylor, Jos. A. Bank
Market Street Village	Hurst	1970/2011	156,625	136,746	19,879	100.0%		100.0%	100.0%	11.61	Jo-Ann Fabric, Ross Dress for Less, Office Depot, Buy Buy Baby
Plaza at Cedar Hill	Dallas	2000/2010	303,458	244,065	59,393	98.0%		100.0%	89.5%	12.28	Hobby Lobby, Office Max, Ross Dress for Less, Marshalls, Sprouts Farmers Market, Toys “R” Us/Babies “R” Us, DSW
Plaza Volente	Austin	2004	156,333	105,000	51,333	99.1%		100.0%	97.3%	16.87	H-E-B Grocery
Portofino Shopping Center	Houston	1999/2010	371,990	211,858	160,132	88.0%		89.4%	86.1%	17.31	DSW, Michaels, Sports Authority, Lifeway Christian Store, Stein Mart, PetSmart, Old Navy	Sam’s Club
Sunland Towne Centre	El Paso	1996/2014	306,437	265,037	41,400	98.9%		100.0%	91.7%	11.36	PetSmart, Ross Dress for Less, Kmart, Bed Bath & Beyond, Specs Fine Wines, Sprouts Farmers Market

See notes on page 36

p. 35

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

OPERATING RETAIL PORTFOLIO SUMMARY REPORT (CONTINUED)

As of September 30, 2014

		Year	Owned GLA2				Leased						Major
Property1	MSA	Built/ Renovated	Total	Anchors	Shops	Total		Anchors	Shops	ABR per Sqft	Major Owned Tenants		Non-owned Tenants
Waxahachie Crossing	Waxahachie	2010	97,127	72,191	24,936	98.8%		100.0%	95.2%	14.13	Best Buy, PetSmart, Ross Dress for Less	Home Depot, JC Penney
Westside Market	Frisco	2013	93,377	70,000	23,377	97.4%		100.0%	89.4%	15.83	Randall's Tom Thumb
Wheatland Town Crossing	Wheatland	2012	194,727	142,302	52,425	97.8%		100.0%	91.9%	12.77	Conn's, Dollar Tree, Office Depot, Party City, PetSmart, Ross Dress for Less, Shoe Carnival	Target, ,Aldi
Utah
Draper Crossing	Draper	2012	164,098	115,916	48,182	97.9%		100.0%	92.8%	14.51	Dollar Tree, Downeast Home, Smiths, TJ Maxx
Draper Peaks	Draper	2012	220,594	101,464	119,130	98.5%		100.0%	97.3%	18.09	Michaels, Office Depot, Petco, Quilted Bear, Ross Dress for Less	Kohl’s
Virginia
Landstown Commons	Virginia Beach	2007	399,047	217,466	181,581	94.4%		100.0%	87.7%	18.69	AC Moore, Bed Bath & Beyond, Best Buy, Books-A-Million, Office Max, PetSmart, Ross Dress for Less, Shoe Carnival, Walgreens	Kohl’s
Washington
Four Corner Square	Maple Valley	1985/2013	107,998	68,046	39,952	90.7%		100.0%	74.8%	21.36	Walgreens, Grocery Outlet, Johnsons Do-It Center
Wisconsin
Copps Grocery**	Stevens Point	2012	69,911	69,911	-	100.0%		100.0%	0.0%	15.50	Copps Grocery
Fox Point Plaza**	Neenah	2008	171,121	112,127	58,994	98.1%		100.0%	94.5%	9.99	Bethesda Lutheran Thrift Store, Pick N Save, Rent-A-Center, Adventures in Advertising
Shoppes at Prairie Ridge**	Pleasant Prairie	2009	128,431	78,843	49,588	94.4%		100.0%	85.5%	17.20	Dicks Sporting Goods, PetSmart, Ulta Salon, JC Penney	Target
Village at Bay Park	Green Bay	2005	82,254	23,878	58,376	88.1%		100.0%	83.2%	14.67	DSW, JC Penney
Total			16,935,582	11,684,865	5,250,717	94.9%		99.0%	85.8%	$14.98

____________________
1	All properties are wholly owned, except as indicated. Unless otherwise noted, each property is owned in fee simple by the Company.
2	Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of September 30, 2014, except for Greyhound Commons and 54th & College.
3	See Consolidated Joint Venture Summary.
**	These properties are under a definitive agreement to be sold.

p. 36

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

OPERATING OFFICE PROPERTIES

As of September 30, 2014

Property	MSA	Year Built/ Renovated	Acquired, Redeveloped or Developed	Owned NRA	Percentage Of Owned NRA Leased	Annualized Base Rent1		Percentage of Annualized Office Base Rent	Base Rent Per Leased Sq. Ft.		Major Tenants
Indiana
Thirty South Meridian2	Indianapolis	1905/2002	Redeveloped	305,224	93.9%	$	4,865,147	81.2%	$	18.00	Indiana Supreme Court, City Securities, Kite Realty Group, Lumina Foundation
Union Station Parking Garage3	Indianapolis	1986	Acquired	N/A	N/A		N/A	N/A		N/A	Denison Parking
Eddy Street Office (part of Eddy Street Commons) 4	South Bend	2009	Developed	81,628	100.0%		1,128,580	18.8%		13.83	University of Notre Dame Offices
Total				386,852	95.2%	$	5,993,727	100.0%	$	17.03

____________________
1	Annualized Base Rent represents the monthly contractual rent for September 2014 for each applicable property, multiplied by 12. Excludes tenant reimbursements.
2	Annualized Base Rent includes $723,216 from the Company and subsidiaries as of September 30, 2014.
3	The garage is managed by a third party.
4	The Company also owns Eddy Street Commons in South Bend, Indiana along with a parking garage that serves a hotel and the office and retail components of the property.

p. 37

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14

EARNINGS GUIDANCE

As of September 30, 2014

	Q2  2014 Revised Guidance	Q3  2014 Revised Guidance
FFO per diluted common share, as adjusted1,2	$1.96 –  $2.08	$2.00 –  $2.04
FFO per diluted common share (NAREIT definition) 2	N/A	$1.55 –  $1.59
Same Property NOI	3.5% – 4.0%	4.4% – 4.6%
Percent leased at year-end	95% – 96%	95% – 96%
Asset Dispositions3	$40 –  $50 million	$200 –  $210 million

____________________
1	Excludes costs related to the merger with Inland Diversified Real Estate Trust.
2	Restated for the effects of the Company’s 1 for 4 reverse share split
3	Includes $163 million of assets expected to be sold in December 2014, pursuant to an executed definitive agreement.

p. 38

Kite Realty Group Trust Supplemental Financial and Operating Statistics –9/30/14