Kite Realty Group Trust (KRG) 10-Q 5 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 03, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-32268
Entity Registrant Name	KITE REALTY GROUP TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	11-3715772
Entity Address, Address Line One	30 S. Meridian Street
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46204
City Area Code	317
Local Phone Number	577-5600
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	KRG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		219,113,951
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001286043
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Kite Realty Group, L.P.
Entity Information [Line Items]
Entity File Number	333-202666-01
Entity Registrant Name	KITE REALTY GROUP, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1453863
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001636315

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - KRG Trust - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Investment properties, at cost	$ 7,637,272	$ 7,592,348
Less: accumulated depreciation	(1,019,446)	(884,809)
Net investment properties	6,617,826	6,707,539
Cash and cash equivalents	90,791	93,241
Tenant and other receivables, including accrued straight-line rent of $36,403 and $28,071, respectively	76,866	68,444
Restricted cash and escrow deposits	8,361	7,122
Deferred costs, net	474,605	541,518
Short-term deposits	0	125,000
Prepaid and other assets	106,002	84,826
Investments in unconsolidated subsidiaries	10,436	11,885
Total assets	7,384,887	7,639,575
Liabilities:
Mortgage and other indebtedness, net	3,001,170	3,150,808
Accounts payable and accrued expenses	133,794	184,982
Deferred revenue and other liabilities	296,396	321,419
Total liabilities	3,431,360	3,657,209
Commitments and contingencies
Limited Partners’ interests in Operating Partnership and other	57,179	55,173
Equity:
Common shares, $0.01 par value, 490,000,000 shares authorized, 219,100,998 and 218,949,569 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	2,191	2,189
Additional paid-in capital	4,900,986	4,898,673
Accumulated other comprehensive income (loss)	39,957	(15,902)
Accumulated deficit	(1,051,994)	(962,913)
Total shareholders’ equity/Partners’ equity	3,891,140	3,922,047
Noncontrolling interests	5,208	5,146
Total equity	3,896,348	3,927,193
Total liabilities and equity	$ 7,384,887	$ 7,639,575

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parentheticals) - KRG Trust - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accrued straight-line rent	$ 36,403	$ 28,071
Common shares, par value (in USD per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	490,000,000	490,000,000
Common shares, shares issued (in shares)	219,100,998	218,949,569
Common shares, shares outstanding (in shares)	219,100,998	218,949,569

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - KRG Trust - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Rental income	$ 194,261	$ 67,990	$ 384,119	$ 135,880
Total revenue	202,605	69,532	396,996	138,906
Expenses:
Property operating	26,123	10,227	52,051	20,496
Real estate taxes	27,883	8,550	54,742	17,950
General, administrative and other	13,809	8,159	27,118	15,435
Merger and acquisition costs	(27)	760	898	760
Depreciation and amortization	119,761	29,798	241,265	60,431
Total expenses	187,549	57,494	376,074	115,072
Gain on sales of operating properties, net	23,958	50	27,126	26,258
Operating income	39,014	12,088	48,048	50,092
Interest expense	(25,709)	(12,266)	(51,223)	(24,508)
Income tax benefit of taxable REIT subsidiary	188	100	259	218
Equity in earnings (loss) of unconsolidated subsidiaries	114	(244)	(200)	(562)
Other (expense) income, net	(162)	227	(265)	19
Net income (loss)	13,445	(95)	(3,381)	25,259
Net income attributable to noncontrolling interests	(314)	(147)	(292)	(926)
Net income (loss) attributable to common shareholders/unitholders	$ 13,131	$ (242)	$ (3,673)	$ 24,333
Net income (loss) per common share – basic and diluted
Net income (loss) per common share - basic (in USD per share)	$ 0.06	$ 0	$ (0.02)	$ 0.29
Net income (loss) per common share - diluted (in USD per share)	$ 0.06	$ 0	$ (0.02)	$ 0.29
Weighted average common shares outstanding - basic (in shares)	219,073,778	84,509,871	219,027,729	84,423,703
Weighted average common shares outstanding - diluted (in shares)	219,744,300	84,509,871	219,027,729	85,280,156
Dividends per common share (in USD per share)	$ 0.20	$ 0.17	$ 0.39	$ 0.32
Net income (loss)	$ 13,445	$ (95)	$ (3,381)	$ 25,259
Change in fair value of derivatives	17,559	1	56,497	6,732
Total comprehensive income (loss)	31,004	(94)	53,116	31,991
Comprehensive income attributable to noncontrolling interests	(727)	(154)	(930)	(1,129)
Comprehensive income (loss) attributable to the Company/common unitholders	30,277	(248)	52,186	30,862
Other property-related revenue
Revenue:
Revenues	5,673	1,027	7,897	2,078
Fee income
Revenue:
Revenues	$ 2,671	$ 515	$ 4,980	$ 948

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - KRG Trust - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2020		84,187,999
Balance at beginning of period at Dec. 31, 2020	$ 1,230,654	$ 842	$ 2,085,003	$ (30,885)	$ (824,306)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation activity (in shares)		182,486
Stock compensation activity	1,466	$ 2	1,464
Other comprehensive income (loss)	6,537			6,537
Distributions declared to common shareholders	(12,992)				(12,992)
Net income (loss) attributable to common shareholders	24,577				24,577
Purchase of capped calls	(9,800)		(9,800)
Exchange of redeemable noncontrolling interests for common shares (in shares)		115,697
Exchange of redeemable noncontrolling interests for common shares	2,062	$ 1	2,061
Adjustment to redeemable noncontrolling interests	(10,633)		(10,633)
Balance at end of period (in shares) at Mar. 31, 2021		84,486,182
Balance at end of period at Mar. 31, 2021	1,231,871	$ 845	2,068,095	(24,348)	(812,721)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation activity (in shares)		35,467
Stock compensation activity	1,977		1,977
Other comprehensive income (loss)	(6)			(6)
Distributions declared to common shareholders	(14,363)				(14,363)
Net income (loss) attributable to common shareholders	(242)				(242)
Exchange of redeemable noncontrolling interests for common shares (in shares)		25,000
Exchange of redeemable noncontrolling interests for common shares	530		530
Adjustment to redeemable noncontrolling interests	(6,292)		(6,292)
Balance at end of period (in shares) at Jun. 30, 2021		84,546,649
Balance at end of period at Jun. 30, 2021	1,213,475	$ 845	2,064,310	(24,354)	(827,326)
Balance at beginning of period (in shares) at Dec. 31, 2021		218,949,569
Balance at beginning of period at Dec. 31, 2021	3,922,047	$ 2,189	4,898,673	(15,902)	(962,913)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation activity (in shares)		93,334
Stock compensation activity	1,822	$ 1	1,821
Other comprehensive income (loss)	38,713			38,713
Distributions declared to common shareholders	(41,600)				(41,600)
Net income (loss) attributable to common shareholders	(16,804)				(16,804)
Adjustment to redeemable noncontrolling interests	(5,597)		(5,597)
Balance at end of period (in shares) at Mar. 31, 2022		219,042,903
Balance at end of period at Mar. 31, 2022	3,898,581	$ 2,190	4,894,897	22,811	(1,021,317)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation activity (in shares)		58,095
Stock compensation activity	2,851	$ 1	2,850
Other comprehensive income (loss)	17,146			17,146
Distributions declared to common shareholders	(43,808)				(43,808)
Net income (loss) attributable to common shareholders	13,131				13,131
Adjustment to redeemable noncontrolling interests	3,239		3,239
Balance at end of period (in shares) at Jun. 30, 2022		219,100,998
Balance at end of period at Jun. 30, 2022	$ 3,891,140	$ 2,191	$ 4,900,986	$ 39,957	$ (1,051,994)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - KRG Trust - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net (loss) income	$ (3,381)	$ 25,259
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	242,634	61,751
Gain on sales of operating properties, net	(27,126)	(26,258)
Straight-line rent	(8,359)	(754)
Compensation expense for equity awards	5,603	3,587
Amortization of debt fair value adjustments	(6,835)	(222)
Amortization of in-place lease liabilities	(1,915)	(902)
Changes in assets and liabilities:
Tenant receivables	(1,447)	6,815
Deferred costs and other assets	(4,257)	(781)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(40,595)	(1,096)
Net cash provided by operating activities	154,322	67,399
Cash flows from investing activities:
Acquisitions of interests in properties	(65,765)	0
Capital expenditures	(58,731)	(21,194)
Net proceeds from sales of land	1,935	41,128
Net proceeds from sales of operating properties	65,408	2,484
Investment in short-term deposits	125,000	(125,000)
Small business loan repayments	372	371
Change in construction payables	(717)	2,745
Distribution from unconsolidated joint venture	1,144	0
Net cash provided by (used in) investing activities	68,646	(99,466)
Cash flows from financing activities:
Proceeds from issuance of common shares, net	20	31
Repurchases of common shares upon the vesting of restricted shares	(1,144)	(458)
Purchase of capped calls	0	(9,800)
Debt and equity issuance costs	(662)	(5,274)
Loan proceeds	120,000	175,000
Loan payments	(255,766)	(51,518)
Distributions paid – common shareholders	(85,408)	(27,355)
Distributions paid – redeemable noncontrolling interests	(1,219)	(1,065)
Net cash (used in) provided by financing activities	(224,179)	79,561
Net change in cash, cash equivalents and restricted cash	(1,211)	47,494
Cash, cash equivalents and restricted cash, beginning of period	100,363	46,586
Cash, cash equivalents and restricted cash, end of period	99,152	94,080
Non-cash investing and financing activities
Exchange of redeemable noncontrolling interests for common shares	$ 0	$ 2,592

Consolidated Balance Sheets (_3

Consolidated Balance Sheets (Unaudited) - KRG, LP - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Investment properties, at cost	$ 7,637,272	$ 7,592,348
Less: accumulated depreciation	(1,019,446)	(884,809)
Net investment properties	6,617,826	6,707,539
Cash and cash equivalents	90,791	93,241
Tenant and other receivables, including accrued straight-line rent of $36,403 and $28,071, respectively	76,866	68,444
Restricted cash and escrow deposits	8,361	7,122
Deferred costs, net	474,605	541,518
Short-term deposits	0	125,000
Prepaid and other assets	106,002	84,826
Investments in unconsolidated subsidiaries	10,436	11,885
Total assets	7,384,887	7,639,575
Liabilities:
Mortgage and other indebtedness, net	3,001,170	3,150,808
Accounts payable and accrued expenses	133,794	184,982
Deferred revenue and other liabilities	296,396	321,419
Total liabilities	3,431,360	3,657,209
Commitments and contingencies
Limited Partners’ interests in Operating Partnership and other	57,179	55,173
Partners’ Equity:
Common equity, 219,100,998 and 218,949,569 units issued and outstanding at June 30, 2022 and December 31, 2021, respectively	2,191	2,189
Accumulated other comprehensive income (loss)	39,957	(15,902)
Total shareholders’ equity/Partners’ equity	3,891,140	3,922,047
Noncontrolling interests	5,208	5,146
Total equity	3,896,348	3,927,193
Total liabilities and equity	7,384,887	7,639,575
Kite Realty Group, L.P.
Assets:
Investment properties, at cost	7,637,272	7,592,348
Less: accumulated depreciation	(1,019,446)	(884,809)
Net investment properties	6,617,826	6,707,539
Cash and cash equivalents	90,791	93,241
Tenant and other receivables, including accrued straight-line rent of $36,403 and $28,071, respectively	76,866	68,444
Restricted cash and escrow deposits	8,361	7,122
Deferred costs, net	474,605	541,518
Short-term deposits	0	125,000
Prepaid and other assets	106,002	84,826
Investments in unconsolidated subsidiaries	10,436	11,885
Total assets	7,384,887	7,639,575
Liabilities:
Mortgage and other indebtedness, net	3,001,170	3,150,808
Accounts payable and accrued expenses	133,794	184,982
Deferred revenue and other liabilities	296,396	321,419
Total liabilities	3,431,360	3,657,209
Commitments and contingencies
Limited Partners’ interests in Operating Partnership and other	57,179	55,173
Partners’ Equity:
Common equity, 219,100,998 and 218,949,569 units issued and outstanding at June 30, 2022 and December 31, 2021, respectively	3,851,183	3,937,949
Accumulated other comprehensive income (loss)	39,957	(15,902)
Total shareholders’ equity/Partners’ equity	3,891,140	3,922,047
Noncontrolling interests	5,208	5,146
Total equity	3,896,348	3,927,193
Total liabilities and equity	$ 7,384,887	$ 7,639,575

Consolidated Balance Sheets (_4

Consolidated Balance Sheets (Unaudited) (Parentheticals) - KRG, LP - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued straight-line rent	$ 36,403	$ 28,071
Common shares, shares issued (in shares)	219,100,998	218,949,569
Common shares outstanding (in shares)	219,100,998	218,949,569
Kite Realty Group, L.P.
Accrued straight-line rent	$ 36,403	$ 28,071
Common shares, shares issued (in shares)	219,100,998	218,949,569
Common shares outstanding (in shares)	219,100,998	218,949,569

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - KRG, LP - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Rental income	$ 194,261	$ 67,990	$ 384,119	$ 135,880
Total revenue	202,605	69,532	396,996	138,906
Expenses:
Property operating	26,123	10,227	52,051	20,496
Real estate taxes	27,883	8,550	54,742	17,950
General, administrative and other	13,809	8,159	27,118	15,435
Merger and acquisition costs	(27)	760	898	760
Depreciation and amortization	119,761	29,798	241,265	60,431
Total expenses	187,549	57,494	376,074	115,072
Gain on sales of operating properties, net	23,958	50	27,126	26,258
Operating income	39,014	12,088	48,048	50,092
Interest expense	(25,709)	(12,266)	(51,223)	(24,508)
Income tax benefit of taxable REIT subsidiary	188	100	259	218
Equity in earnings (loss) of unconsolidated subsidiaries	114	(244)	(200)	(562)
Other (expense) income, net	(162)	227	(265)	19
Net income (loss)	13,445	(95)	(3,381)	25,259
Net income attributable to noncontrolling interests	(314)	(147)	(292)	(926)
Net income (loss) attributable to common shareholders/unitholders	$ 13,131	$ (242)	$ (3,673)	$ 24,333
Net income (loss) per common share – basic and diluted
Net (loss) income per common unit - basic (in USD per share)	$ 0.06	$ 0	$ (0.02)	$ 0.29
Net (loss) income per common unit - diluted (in USD per share)	$ 0.06	$ 0	$ (0.02)	$ 0.29
Weighted average common units outstanding – basic (in shares)	219,073,778	84,509,871	219,027,729	84,423,703
Weighted average common units outstanding – diluted (in shares)	219,744,300	84,509,871	219,027,729	85,280,156
Distributions declared per common unit (in USD per share)	$ 0.20	$ 0.17	$ 0.39	$ 0.32
Net income (loss)	$ 13,445	$ (95)	$ (3,381)	$ 25,259
Change in fair value of derivatives	17,559	1	56,497	6,732
Total comprehensive income (loss)	31,004	(94)	53,116	31,991
Comprehensive income attributable to noncontrolling interests	(727)	(154)	(930)	(1,129)
Comprehensive income (loss) attributable to the Company/common unitholders	30,277	(248)	52,186	30,862
Other property-related revenue
Revenue:
Revenues	5,673	1,027	7,897	2,078
Fee income
Revenue:
Revenues	2,671	515	4,980	948
Kite Realty Group, L.P.
Revenue:
Rental income	194,261	67,990	384,119	135,880
Total revenue	202,605	69,532	396,996	138,906
Expenses:
Property operating	26,123	10,227	52,051	20,496
Real estate taxes	27,883	8,550	54,742	17,950
General, administrative and other	13,809	8,159	27,118	15,435
Merger and acquisition costs	(27)	760	898	760
Depreciation and amortization	119,761	29,798	241,265	60,431
Total expenses	187,549	57,494	376,074	115,072
Gain on sales of operating properties, net	23,958	50	27,126	26,258
Operating income	39,014	12,088	48,048	50,092
Interest expense	(25,709)	(12,266)	(51,223)	(24,508)
Income tax benefit of taxable REIT subsidiary	188	100	259	218
Equity in earnings (loss) of unconsolidated subsidiaries	114	(244)	(200)	(562)
Other (expense) income, net	(162)	227	(265)	19
Net income (loss)	13,445	(95)	(3,381)	25,259
Net income attributable to noncontrolling interests	(182)	(132)	(326)	(264)
Net income (loss) attributable to common shareholders/unitholders	13,263	(227)	(3,707)	24,995
Allocation of net income (loss):
Limited Partners	132	15	(34)	662
Parent Company	$ 13,131	$ (242)	$ (3,673)	$ 24,333
Net income (loss) per common share – basic and diluted
Net (loss) income per common unit - basic (in USD per share)	$ 0.06	$ 0	$ (0.02)	$ 0.29
Net (loss) income per common unit - diluted (in USD per share)	$ 0.06	$ 0	$ (0.02)	$ 0.29
Weighted average common units outstanding – basic (in shares)	221,879,784	86,986,054	221,655,238	86,924,446
Weighted average common units outstanding – diluted (in shares)	222,550,306	86,986,054	221,655,238	87,780,899
Distributions declared per common unit (in USD per share)	$ 0.20	$ 0.17	$ 0.39	$ 0.32
Net income (loss)	$ 13,445	$ (95)	$ (3,381)	$ 25,259
Change in fair value of derivatives	17,559	1	56,497	6,732
Total comprehensive income (loss)	31,004	(94)	53,116	31,991
Comprehensive income attributable to noncontrolling interests	(182)	(132)	(326)	(264)
Comprehensive income (loss) attributable to the Company/common unitholders	30,822	(226)	52,790	31,727
Kite Realty Group, L.P. | Other property-related revenue
Revenue:
Revenues	5,673	1,027	7,897	2,078
Kite Realty Group, L.P. | Fee income
Revenue:
Revenues	$ 2,671	$ 515	$ 4,980	$ 948

Consolidated Statements of Part

Consolidated Statements of Partners' Equity (Unaudited) - KRG, LP - USD ($) $ in Thousands	Total	Kite Realty Group, L.P.	Kite Realty Group, L.P. General Partner Common Equity	Kite Realty Group, L.P. General Partner Accumulated Other Comprehensive (Loss) Income
Partners' capital, balance at beginning of period at Dec. 31, 2020		$ 1,230,654	$ 1,261,539	$ (30,885)
Increase (Decrease) in Partners' Capital [Roll Forward]
Stock compensation activity		1,466	1,466
Other comprehensive income (loss), attributable to parent company	$ 6,537	6,537		6,537
Distributions declared to Parent Company		(12,992)	(12,992)
Net income (loss) attributable to Parent Company	24,577	24,577	24,577
Purchase of capped calls	(9,800)	(9,800)	(9,800)
Conversion of Limited Partner Units to shares of the Parent Company		2,062	2,062
Adjustment to redeemable noncontrolling interests		(10,633)	(10,633)
Partners' capital, balance at end of period at Mar. 31, 2021		1,231,871	1,256,219	(24,348)
Increase (Decrease) in Partners' Capital [Roll Forward]
Stock compensation activity		1,977	1,977
Other comprehensive income (loss), attributable to parent company	(6)	(6)		(6)
Distributions declared to Parent Company		(14,363)	(14,363)
Net income (loss) attributable to Parent Company	(242)	(242)	(242)
Conversion of Limited Partner Units to shares of the Parent Company		530	530
Adjustment to redeemable noncontrolling interests		(6,292)	(6,292)
Partners' capital, balance at end of period at Jun. 30, 2021		1,213,475	1,237,829	(24,354)
Partners' capital, balance at beginning of period at Dec. 31, 2021		3,922,047	3,937,949	(15,902)
Increase (Decrease) in Partners' Capital [Roll Forward]
Stock compensation activity		1,822	1,822
Other comprehensive income (loss), attributable to parent company	38,713	38,713		38,713
Distributions declared to Parent Company		(41,600)	(41,600)
Net income (loss) attributable to Parent Company	(16,804)	(16,804)	(16,804)
Adjustment to redeemable noncontrolling interests		(5,597)	(5,597)
Partners' capital, balance at end of period at Mar. 31, 2022		3,898,581	3,875,770	22,811
Increase (Decrease) in Partners' Capital [Roll Forward]
Stock compensation activity		2,851	2,851
Other comprehensive income (loss), attributable to parent company	17,146	17,146		17,146
Distributions declared to Parent Company		(43,808)	(43,808)
Net income (loss) attributable to Parent Company	$ 13,131	13,131	13,131
Adjustment to redeemable noncontrolling interests		3,239	3,239
Partners' capital, balance at end of period at Jun. 30, 2022		$ 3,891,140	$ 3,851,183	$ 39,957

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) - KRG, LP - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net (loss) income	$ (3,381)	$ 25,259
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	242,634	61,751
Gain on sales of operating properties, net	(27,126)	(26,258)
Straight-line rent	(8,359)	(754)
Compensation expense for equity awards	5,603	3,587
Amortization of debt fair value adjustments	(6,835)	(222)
Amortization of in-place lease liabilities	(1,915)	(902)
Changes in assets and liabilities:
Tenant receivables	(1,447)	6,815
Deferred costs and other assets	(4,257)	(781)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(40,595)	(1,096)
Net cash provided by operating activities	154,322	67,399
Cash flows from investing activities:
Acquisitions of interests in properties	(65,765)	0
Capital expenditures	(58,731)	(21,194)
Net proceeds from sales of land	1,935	41,128
Net proceeds from sales of operating properties	65,408	2,484
Investment in short-term deposits	125,000	(125,000)
Small business loan repayments	372	371
Change in construction payables	(717)	2,745
Distribution from unconsolidated joint venture	1,144	0
Net cash provided by (used in) investing activities	68,646	(99,466)
Cash flows from financing activities:
Contributions from the General Partner	20	31
Repurchases of common shares upon the vesting of restricted shares	(1,144)	(458)
Purchase of capped calls	0	(9,800)
Debt and equity issuance costs	(662)	(5,274)
Loan proceeds	120,000	175,000
Loan payments	(255,766)	(51,518)
Distributions paid – common shareholders	(85,408)	(27,355)
Distributions paid – redeemable noncontrolling interests	(1,219)	(1,065)
Net cash (used in) provided by financing activities	(224,179)	79,561
Net change in cash, cash equivalents and restricted cash	(1,211)	47,494
Cash, cash equivalents and restricted cash, beginning of period	100,363	46,586
Cash, cash equivalents and restricted cash, end of period	99,152	94,080
Non-cash investing and financing activities
Conversion of Limited Partner Units to shares of the Parent Company	0	2,592
Kite Realty Group, L.P.
Cash flows from operating activities:
Net (loss) income	(3,381)	25,259
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	242,634	61,751
Gain on sales of operating properties, net	(27,126)	(26,258)
Straight-line rent	(8,359)	(754)
Compensation expense for equity awards	5,603	3,587
Amortization of debt fair value adjustments	(6,835)	(222)
Amortization of in-place lease liabilities	(1,915)	(902)
Changes in assets and liabilities:
Tenant receivables	(1,447)	6,815
Deferred costs and other assets	(4,257)	(781)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(40,595)	(1,096)
Net cash provided by operating activities	154,322	67,399
Cash flows from investing activities:
Acquisitions of interests in properties	(65,765)	0
Capital expenditures	(58,731)	(21,194)
Net proceeds from sales of land	1,935	41,128
Net proceeds from sales of operating properties	65,408	2,484
Investment in short-term deposits	125,000	(125,000)
Small business loan repayments	372	371
Change in construction payables	(717)	2,745
Distribution from unconsolidated joint venture	1,144	0
Net cash provided by (used in) investing activities	68,646	(99,466)
Cash flows from financing activities:
Contributions from the General Partner	20	31
Repurchases of common shares upon the vesting of restricted shares	(1,144)	(458)
Purchase of capped calls	0	(9,800)
Debt and equity issuance costs	(662)	(5,274)
Loan proceeds	120,000	175,000
Loan payments	(255,766)	(51,518)
Distributions paid – common shareholders	(85,408)	(27,355)
Distributions paid – redeemable noncontrolling interests	(1,219)	(1,065)
Net cash (used in) provided by financing activities	(224,179)	79,561
Net change in cash, cash equivalents and restricted cash	(1,211)	47,494
Cash, cash equivalents and restricted cash, beginning of period	100,363	46,586
Cash, cash equivalents and restricted cash, end of period	99,152	94,080
Non-cash investing and financing activities
Conversion of Limited Partner Units to shares of the Parent Company	$ 0	$ 2,592

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Kite Realty Group Trust (the “Parent Company”), through its majority-owned subsidiary, Kite Realty Group, L.P. (the “Operating Partnership”), owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development and redevelopment of high-quality, open-air shopping centers and mixed-use assets in select markets in the United States. The terms “Company,” “we,” “us,” and “our” refer to the Parent Company and the Operating Partnership, collectively, and those entities owned or controlled by the Parent Company and/or the Operating Partnership. The Operating Partnership was formed on August 16, 2004, when the Parent Company contributed properties and the net proceeds from an initial public offering of shares of its common stock to the Operating Partnership. The Parent Company was organized in Maryland in 2004 to succeed in the development, acquisition, construction and real estate businesses of its predecessor. We believe the Company qualifies as a real estate investment trust (“REIT”) under provisions of the Internal Revenue Code of 1986, as amended. The Parent Company is the sole general partner of the Operating Partnership, and as of June 30, 2022 owned approximately 98.7% of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining 1.3% of the common partnership interests (“Limited Partner Units” and, together with the General Partner Units, the “Common Units”) were owned by the limited partners. As the sole general partner of the Operating Partnership, the Parent Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. The Parent Company and the Operating Partnership are operated as one enterprise. The management of the Parent Company consists of the same members as the management of the Operating Partnership. As the sole general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have any significant assets other than its investment in the Operating Partnership. The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the presentation not misleading. The unaudited financial statements as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 include all adjustments, consisting of normal recurring adjustments, necessary in the opinion of management to present fairly the financial information set forth therein. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the combined Annual Report on Form 10-K of the Parent Company and the Operating Partnership for the year ended December 31, 2021. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Actual results could differ from these estimates. The results of operations for the interim periods are not necessarily indicative of the results that may be expected on an annual basis. On October 22, 2021, we completed a merger with Retail Properties of America, Inc. (“RPAI”) in accordance with the Agreement and Plan of Merger dated July 18, 2021 (the “Merger Agreement”), by and among the Company, its wholly owned subsidiary, KRG Oak, LLC (“Merger Sub”), and RPAI, pursuant to which RPAI merged with and into Merger Sub (the “Merger”). Immediately following the closing of the Merger, Merger Sub merged with and into the Operating Partnership so that all of the assets and liabilities of the Company continue to be held at or below the Operating Partnership level. The transaction value was approximately $4.7 billion, including the assumption of approximately $1.8 billion of debt. We acquired 100 operating retail properties and five development projects through the Merger along with multiple parcels of entitled land for future value creation. Pursuant to the terms of the Merger Agreement, each outstanding share of RPAI common stock converted into the right to receive 0.623 common shares of the Company plus cash in lieu of fractional Company shares. The aggregate value of the Merger consideration paid or payable to former holders of RPAI common stock was approximately $2.8 billion, excluding the value of RPAI restricted stock units that vested at closing and certain restricted share awards assumed by the Company at closing. In connection with the Merger, the Operating Partnership issued an equivalent amount of General Partner Units to the Parent Company. As of June 30, 2022, we owned interests in 181 operating retail properties totaling approximately 28.8 million square feet and one office property with 0.3 million square feet. Of the 181 operating retail properties, 11 contain an office component. We also owned five development projects under construction as of this date. Of the 181 operating retail properties, 178 are consolidated in these financial statements and the remaining three are accounted for under the equity method.

CONSOLIDATION, INVESTMENTS IN J

CONSOLIDATION, INVESTMENTS IN JOINT VENTURES AND NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATION, INVESTMENTS IN JOINT VENTURES AND NONCONTROLLING INTERESTS	CONSOLIDATION, INVESTMENTS IN JOINT VENTURES AND NONCONTROLLING INTERESTS Components of Investment Properties The following table summarizes the composition of the Company’s investment properties as of June 30, 2022 and December 31, 2021: Balance as of ($ in thousands) June 30, 2022 December 31, 2021 Land, buildings and improvements $ 7,577,909 $ 7,543,376 Furniture, equipment and other 7,524 7,612 Construction in progress 51,839 41,360 Investment properties, at cost $ 7,637,272 $ 7,592,348 Components of Rental Income including Allowance for Uncollectible Accounts Rental income related to the Company’s operating leases is comprised of the following for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2022 2021 2022 2021 Fixed contractual lease payments – operating leases $ 150,708 $ 54,398 $ 299,498 $ 109,201 Variable lease payments – operating leases 39,064 12,148 76,089 26,078 Bad debt reserve (1,171) (61) (1,742) (1,370) Straight-line rent adjustments 4,530 426 8,623 524 Straight-line rent reserve for uncollectibility (202) 658 (264) 547 Amortization of in-place lease liabilities, net 1,332 421 1,915 900 Rental income $ 194,261 $ 67,990 $ 384,119 $ 135,880 The Company makes estimates as to the collectability of its accounts receivable. In making these estimates, the Company reviews a variety of qualitative and quantitative data and considers such facts as the credit quality of our customer, historical write-off experience and current economic trends, to make a subjective determination. An allowance for uncollectible accounts, including future credit losses of the accrued straight-line rent receivables, is maintained for estimated losses resulting from the inability of certain tenants to meet contractual obligations under their lease agreements. Short-Term Deposits During the three months ended June 30, 2022, the Company used the proceeds from a $125.0 million short-term deposit that matured on April 7, 2022 to repay borrowings on the Company’s revolving line of credit. The deposit balance was held in a custody account at Bank of New York Mellon and earned interest at a rate of the Federal Funds Rate plus 43 basis points. Interest income on the deposit is recorded within “Other expense, net” on the accompanying consolidated statements of operations and comprehensive income. Consolidation and Investments in Joint Ventures The accompanying financial statements are presented on a consolidated basis and include all accounts of the Parent Company, the Operating Partnership, the taxable REIT subsidiaries (“TRSs”) of the Operating Partnership, subsidiaries of the Operating Partnership that are controlled and any variable interest entities (“VIEs”) in which the Operating Partnership is the primary beneficiary. As of June 30, 2022, we owned investments in three consolidated joint ventures that were VIEs in which the partners did not have substantive participating rights and we were the primary beneficiary. As of June 30, 2022, these consolidated VIEs had mortgage debt of $28.7 million, which were secured by assets of the VIEs totaling $117.8 million. The Operating Partnership guarantees the mortgage debt of these VIEs. The Operating Partnership is considered a VIE as the limited partners do not hold kick-out rights or substantive participating rights. The Parent Company consolidates the Operating Partnership as it is the primary beneficiary. Income Taxes and REIT Compliance Parent Company The Parent Company, which is considered a corporation for U.S. federal income tax purposes, has been organized and operated, and intends to continue to operate, in a manner that will enable it to maintain its qualification as a REIT for U.S. federal income tax purposes. As a result, it generally will not be subject to U.S. federal income tax on the earnings that it distributes to the extent it distributes its “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders of the Parent Company and meets certain other requirements on a recurring basis. To the extent that it satisfies this distribution requirement, but distributes less than 100% of its taxable income, it will be subject to U.S. federal corporate income tax on its undistributed REIT taxable income. REITs are subject to a number of organizational and operational requirements. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate rates for a period of four years following the year in which qualification is lost. We may also be subject to certain U.S. federal, state and local taxes on our income and property and to U.S. federal income and excise taxes on our undistributed taxable income even if the Parent Company does qualify as a REIT. The Operating Partnership intends to continue to make distributions to the Parent Company in amounts sufficient to assist the Parent Company in adhering to REIT requirements and maintaining its REIT status. We have elected to treat Kite Realty Holdings, LLC as a TRS of the Operating Partnership. In addition, in connection with the Merger, we assumed RPAI’s existing TRS, IWR Protective Corporation, as a TRS of the Operating Partnership and we may elect to treat other subsidiaries as TRSs in the future. This election enables us to receive income and provide services that would otherwise be impermissible for a REIT. Deferred tax assets and liabilities are established for temporary differences between the financial reporting bases and the tax bases of assets and liabilities at the tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. Operating Partnership The allocated share of income and loss, other than the operations of our TRSs, is included in the income tax returns of the Operating Partnership’s partners. Accordingly, the only U.S. federal income taxes included in the accompanying consolidated financial statements are in connection with the TRSs. Noncontrolling Interests We report the non-redeemable noncontrolling interests in subsidiaries as equity, and the amount of consolidated net income attributable to these noncontrolling interests is set forth separately in the consolidated financial statements. The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the six months ended June 30, 2022 and 2021: Six Months Ended June 30, ($ in thousands) 2022 2021 Noncontrolling interests balance as of January 1, $ 5,146 $ 698 Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests 62 — Noncontrolling interests balance as of June 30, $ 5,208 $ 698 Noncontrolling Interests – Joint Venture Prior to the Merger with RPAI, RPAI entered into a joint venture related to the development, ownership and operation of the multifamily rental portion of the expansion project at One Loudoun Downtown – Pads G & H. The Company owns 90% of the joint venture. As of June 30, 2022, the Company has funded $0.9 million of the partner’s development costs related to One Loudoun Downtown – Pads G & H through a loan provided by the Company to the joint venture. The loan is secured by the joint venture project, is required to be repaid subsequent to the completion of construction and stabilization of the project and is eliminated upon consolidation. Under terms defined in the joint venture agreement, after construction completion and stabilization of the development project (as defined in the joint venture agreement), the Company has the ability to call, and the joint venture partner has the ability to put to the Company, subject to certain conditions, the joint venture partner’s interest in the joint venture at fair value. The joint venture is considered a VIE primarily because the Company’s joint venture partner does not have substantive kick-out rights or substantive participating rights. The Company is considered the primary beneficiary as it has a controlling financial interest in the joint venture. As such, the Company has consolidated this joint venture and presented the joint venture partners’ interests as noncontrolling interests. Redeemable Noncontrolling Interests – Limited Partners Limited Partner Units are redeemable noncontrolling interests in the Operating Partnership. We classify redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because we may be required to pay cash to holders of Limited Partner Units upon redemption of their interests in the Operating Partnership or deliver registered shares upon their conversion. The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid-in capital. As of June 30, 2022, the redemption value of the redeemable noncontrolling interests in the Operating Partnership did not exceed the historical book value, and the balances were accordingly adjusted to historical book value. As of December 31, 2021, the redemption value of the redeemable noncontrolling interests in the Operating Partnership exceeded the historical book value, and the balances were accordingly adjusted to redemption value. We allocate net operating results of the Operating Partnership after noncontrolling interests in the consolidated properties based on the partners’ respective weighted average ownership interest. We adjust the redeemable noncontrolling interests in the Operating Partnership at the end of each reporting period to reflect their interests in the Operating Partnership or redemption value. This adjustment is reflected in our shareholders’ and Parent Company’s equity. For the three and six months ended June 30, 2022 and 2021, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Parent Company’s weighted average interest in Operating Partnership 98.7 % 97.2 % 98.8 % 97.1 % Limited partners’ weighted average interests in Operating Partnership 1.3 % 2.8 % 1.2 % 2.9 % At June 30, 2022, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.7% and 1.3%. At December 31, 2021, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.9% and 1.1%. Concurrent with the Parent Company’s initial public offering and related formation transactions, certain individuals received Limited Partner Units of the Operating Partnership in exchange for their interests in certain properties. The limited partners have the right to redeem Limited Partner Units for cash or, at the Parent Company’s election, common shares of the Parent Company in an amount equal to the market value of an equivalent number of common shares of the Parent Company at the time of redemption. Such common shares must be registered, which is not fully in the Parent Company’s control. Therefore, the limited partners’ interest is not reflected in permanent equity. The Parent Company also has the right to redeem the Limited Partner Units directly from the limited partner in exchange for either cash in the amount specified above or a number of its common shares equal to the number of Limited Partner Units being redeemed. There were 2,955,697 and 2,377,777 Limited Partner Units outstanding as of June 30, 2022 and December 31, 2021, respectively. The increase in Limited Partner Units outstanding from December 31, 2021 is due to non-cash compensation awards made to our executive officers in the form of Limited Partner Units. Redeemable Noncontrolling Interests – Subsidiaries Prior to the merger with Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”) in 2014, Inland Diversified formed joint ventures with the previous owners of certain properties and issued Class B units in three joint ventures that indirectly own those properties. The Class B units related to one of these three joint ventures remain outstanding and are accounted for as noncontrolling interests in the remaining venture. The remaining Class B units will become redeemable at the respective partner’s election in October 2022 and the fulfillment of certain redemption criteria. Beginning in November 2022, the Class B units can be redeemed at the election of either our partner or us for cash or Limited Partner Units in the Operating Partnership. The Class B units do not have a maturity date, and none are mandatorily redeemable unless either party has elected for the units to be redeemed. We consolidate this joint venture because we control the decision-making and our joint venture partner has limited protective rights. We classify the redeemable noncontrolling interests related to the remaining Class B units in the accompanying consolidated balance sheets outside of permanent equity because, under certain circumstances, we may be required to pay cash to Class B unitholders in this subsidiary upon redemption of their interests. The carrying amount of these redeemable noncontrolling interests is required to be reflected at the greater of initial book value or redemption value with a corresponding adjustment to additional paid-in capital. As of June 30, 2022 and December 31, 2021, the redemption amounts of these interests did not exceed their fair value nor did they exceed the initial book value. The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the six months ended June 30, 2022 and 2021 were as follows: Six Months Ended June 30, ($ in thousands) 2022 2021 Redeemable noncontrolling interests balance as of January 1, $ 55,173 $ 43,275 Net income allocable to redeemable noncontrolling interests 230 926 Distributions declared to redeemable noncontrolling interests (1,219) (1,065) Other, net including adjustments to redemption value 2,995 14,231 Total limited partners’ interests in Operating Partnership and other redeemable noncontrolling interests balance as of June 30, $ 57,179 $ 57,367 Limited partners’ interests in Operating Partnership $ 47,109 $ 47,297 Other redeemable noncontrolling interests in certain subsidiaries 10,070 10,070 Total limited partners’ interests in Operating Partnership and other redeemable noncontrolling interests balance as of June 30, $ 57,179 $ 57,367 Fair Value Measurements We follow the framework established under Financial Accounting Standards Board (“FASB”) ASC 820, Fair Value Measurements and Disclosures , for measuring fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination or upon determination of an impairment. Assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access. • Level 2 fair value inputs are inputs other than quoted prices included in Level 1 that are observable for similar instruments, either directly or indirectly, and appropriately consider counterparty creditworthiness in the valuations. • Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an instrument at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Effects of Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) , which contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In March 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”)-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS RPAI Merger On October 22, 2021, we completed a Merger with RPAI pursuant to which RPAI merged with and into Merger Sub, with the Company continuing as the surviving public company. Immediately following the closing of the Merger, Merger Sub merged with and into the Operating Partnership so that all of the assets and liabilities of the Company continue to be held at or below the Operating Partnership level. The aggregate value of the Merger consideration paid or payable to former holders of RPAI common stock was approximately $2.8 billion, excluding the value of RPAI restricted stock units that vested at closing and certain restricted share awards assumed by the Company at closing. The total purchase price was calculated based on the closing price of the Company’s common stock on October 21, 2021, the last business day prior to the effective time of the Merger, which was $21.18 per share. At the effective time of the Merger, each share of RPAI common stock issued and outstanding immediately prior to the effective time was converted into the right to receive 0.623 newly issued Company common shares plus cash in lieu of fractional Company shares. In addition, holders of (i) options to purchase shares of RPAI common stock, (ii) certain awards of restricted shares of RPAI common stock (as agreed in accordance with the Merger Agreement), and (iii) restricted stock units representing the right to vest in and be issued shares of RPAI common stock became entitled to receive cash and/or Company common shares in accordance with the terms of the Merger Agreement. The Company assumed certain existing awards of restricted shares of RPAI common stock, each of which were converted into 0.623 awards of restricted Company common shares plus cash in lieu of fractional Company shares in accordance with the Merger Agreement. In connection with the Merger, the Operating Partnership issued an equivalent amount of General Partner Units to the Parent Company. The number of RPAI common stock outstanding as of October 21, 2021 converted to shares of the Company’s common stock was determined as follows: RPAI common stock outstanding as of October 21, 2021 214,797,869 Exchange ratio 0.623 Company common shares issued for outstanding RPAI common stock 133,814,066 Company common shares issued for RPAI restricted stock units 1,117,399 Total Company common shares issued 134,931,465 The following table presents the purchase price and total value of equity consideration paid by the Company at the close of the Merger: (in thousands, except share price) Price of Equity Total Value of Stock Consideration (1) As of October 21, 2021 $ 21.18 134,931 $ 2,847,369 (1) The total value of stock consideration is the total of the common shares issued multiplied by the closing price of the Company’s common stock on October 21, 2021 excluding the value of certain RPAI restricted stock that vested at the closing of the Merger and share awards assumed by the Company at the closing of the Merger. As a result of the Merger, the Company acquired 100 operating retail properties and five development projects under construction along with multiple parcels of entitled land for future value creation. During the six months ended June 30, 2022, the Company incurred $0.9 million of merger and acquisition costs consisting primarily of professional fees and technology costs, which are recorded within “Merger and acquisition costs” in the accompanying consolidated statements of operations and comprehensive income. In addition, the Company assumed approximately $1.8 billion of debt in connection with the Merger. “Rental income” and “Net income attributable to common shareholders” in the accompanying consolidated statements of operations and comprehensive income include revenues from the RPAI portfolio of $126.7 million and $250.3 million and net income (loss) of $10.7 million and $(10.2) million for the three months and six months ended June 30, 2022, respectively, which includes $88.3 million and $181.2 million of depreciation and amortization, respectively, as a result of the Merger. Purchase Price Allocation In accordance with ASC 805-10, Business Combinations , the Company accounted for the Merger as a business combination using the acquisition method of accounting. Based on the value of the common shares issued, the total fair value of the assets acquired and liabilities assumed in the Merger was $2.8 billion as of October 22, 2021, the date of the Merger. The Company used the following valuation methodologies, inputs and assumptions to estimate the fair value of the assets acquired and liabilities assumed: • Investment properties: The Company estimated the fair value of the buildings on an as-if-vacant basis using either a direct capitalization method or a discounted cash flow analysis. Comparable market data, real estate tax assessments and independent appraisals were used in estimating the fair value of the land acquired. These valuation methodologies are based on Level 2 and Level 3 inputs in the fair value hierarchy, such as estimates of future income growth, capitalization rates and cash flow projections at the respective properties. • Acquired lease intangible assets: The Company estimated the fair value of its above-market and below-market in-place leases based on the present value (using a discount rate that reflects the risk associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. • In-place lease liabilities: The Company estimated the fair value of its in-place leases using independent and internal sources, which are methods similar to those used by independent appraisers. Factors we consider in our analysis include an estimate of costs to execute similar leases including tenant improvements, leasing commissions and foregone costs and rent received during the estimated lease-up period as if the space was vacant. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. • Mortgage and other indebtedness: The Company estimated the fair value of the secured and unsecured debt assumed, including related derivative instruments, using third party and independent sources for our estimates. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining term of the loan using the interest method. This valuation methodology is based on Level 2 and Level 3 inputs in the fair value hierarchy. The range of the most significant Level 3 assumptions utilized in determining the value of the real estate and related assets acquired through the Merger with RPAI are as follows: Range of Assumptions Net rental rate per square foot – Anchors $4.00 to $45.00 Net rental rate per square foot – Small Shops $7.00 to $140.00 Capitalization rate 5.50% to 12.00% The following table summarizes the final purchase price allocation, including the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed: ($ in thousands) Purchase Price Investment properties $ 4,425,254 Acquired lease intangible assets 535,465 Cash, accounts receivable and other assets 84,632 Total assets acquired 5,045,351 Mortgage and other indebtedness, net (1,848,476) Accounts payable, other liabilities, tenant security deposits and prepaid rent (176,391) In-place lease liabilities (168,652) Noncontrolling interests (4,463) Total liabilities assumed (2,197,982) Total purchase price $ 2,847,369 The following table details the weighted average amortization periods, in years, of the purchase price allocated to real estate and related intangible assets and liabilities acquired arising from the Merger: Weighted Average Land 10.2 Building 18.8 Tenant improvements 6.7 In-place lease intangibles 5.5 Above-market leases 5.7 Below-market leases (including below-market option periods) 20.5 Fair market value of debt adjustments 6.8 Pro Forma Financial Information (unaudited) The pro forma financial information set forth below is based upon the Company’s historical consolidated statements of operations for the three and six months ended June 30, 2021, adjusted to give effect for the properties assumed through the Merger as if they were acquired as of January 1, 2021. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it purport to represent the results of income for future periods. ($ in thousands) Three Months Ended Six Months Ended Rental income $ 186,171 $ 369,515 Net loss $ (31,891) $ (48,765) Net loss attributable to common shareholders $ (31,535) $ (48,215) Net loss attributable to common shareholders per common share: Basic $ (0.14) $ (0.22) Diluted $ (0.14) $ (0.22) Asset Acquisitions The Company closed on the following asset acquisitions during the six months ended June 30, 2022: Date Property Name Metropolitan Property Type Square Acquisition February 16, 2022 Pebble Marketplace Las Vegas Multi-tenant retail 85,796 $ 44,100 April 13, 2022 MacArthur Crossing Dallas Two-tenant building 56,077 21,920 141,873 $ 66,020

DISPOSITIONS

DISPOSITIONS	6 Months Ended
	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS	DISPOSITIONSDuring the six months ended June 30, 2022, the Company sold Plaza Del Lago, a 100,016 square foot multi-tenant retail property located in the Chicago MSA, for a sales price of $58.7 million and a net gain of $24.0 million. Plaza Del Lago also contains 8,800 square feet of residential space comprised of 18 multifamily rental units. In addition, the Company sold a portion of Hamilton Crossing Centre, a redevelopment property located in the Indianapolis MSA, for a sales price of $6.9 million and a net gain of $3.2 million during the six months ended June 30, 2022.During the six months ended June 30, 2021, the Company sold 16 ground leases for gross proceeds of $40.0 million and a net gain of $26.2 million. A portion of the proceeds was used to pay down our unsecured revolving line of credit

DEFERRED COSTS AND INTANGIBLES,

DEFERRED COSTS AND INTANGIBLES, NET	6 Months Ended
	Jun. 30, 2022
Deferred Costs [Abstract]
DEFERRED COSTS AND INTANGIBLES, NET	DEFERRED COSTS AND INTANGIBLES, NET Deferred costs consist primarily of acquired lease intangible assets, broker fees and capitalized internal commissions incurred in connection with lease originations. Deferred leasing costs, lease intangibles and similar costs are amortized on a straight-line basis over the terms of the related leases. As of June 30, 2022 and December 31, 2021, deferred costs consisted of the following: ($ in thousands) June 30, 2022 December 31, 2021 Acquired lease intangible assets $ 553,929 $ 567,149 Deferred leasing costs and other 60,699 55,817 614,628 622,966 Less: accumulated amortization (140,023) (81,448) Total $ 474,605 $ 541,518 Amortization of deferred leasing costs, lease intangibles and other is included within “Depreciation and amortization” in the accompanying consolidated statements of operations and comprehensive income. The amortization of above-market lease intangibles is included as a reduction to “Rental income” in the accompanying consolidated statements of operations and comprehensive income. The amounts of such amortization included in the accompanying consolidated statements of operations are as follows: Six Months Ended June 30, ($ in thousands) 2022 2021 Amortization of deferred leasing costs, lease intangibles and other $ 81,821 $ 5,431 Amortization of above-market lease intangibles $ 6,630 $ 467

DEFERRED REVENUE, INTANGIBLES,

DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES	6 Months Ended
	Jun. 30, 2022
Other Liabilities Disclosure [Abstract]
DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES	DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES Deferred revenue and other liabilities consist of the unamortized fair value of below-market lease liabilities recorded in connection with purchase accounting, retainage payables for development and redevelopment projects, tenant rent payments received in advance of the month in which they are due, and lease liabilities recorded upon adoption of ASU 2016-02, Leases (Topic 842) . The amortization of below-market lease liabilities is recognized as revenue over the remaining life of the leases (including option periods for leases with below-market renewal options) through 2085. Tenant rent payments received in advance are recognized as revenue in the period to which they apply, which is typically the month following their receipt. As of June 30, 2022 and December 31, 2021, deferred revenue, intangibles, net and other liabilities consisted of the following: ($ in thousands) June 30, 2022 December 31, 2021 Unamortized in-place lease liabilities $ 196,343 $ 210,261 Retainages payable and other 8,031 10,796 Tenant rents received in advance 24,074 30,125 Lease liabilities 67,948 70,237 Total $ 296,396 $ 321,419

MORTGAGE AND OTHER INDEBTEDNESS

MORTGAGE AND OTHER INDEBTEDNESS	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
MORTGAGE AND OTHER INDEBTEDNESS	MORTGAGE AND OTHER INDEBTEDNESS The following table summarizes the Company’s indebtedness as of June 30, 2022 and December 31, 2021: ($ in thousands) June 30, 2022 December 31, 2021 Mortgages payable $ 311,818 $ 392,590 Senior unsecured notes 1,924,635 1,924,635 Unsecured term loans 720,000 720,000 Revolving line of credit — 55,000 2,956,453 3,092,225 Unamortized discounts and premiums, net 54,379 69,425 Unamortized debt issuance costs, net (9,662) (10,842) Total mortgage and other indebtedness, net $ 3,001,170 $ 3,150,808 Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of June 30, 2022, considering the impact of interest rate swaps, is summarized below: ($ in thousands) Amount Ratio Weighted Average Weighted Fixed rate debt (1) $ 2,772,800 94 % 3.99 % 4.2 Variable rate debt (2) 183,653 6 % 5.55 % 3.7 Debt discounts, premiums and issuance costs, net 44,717 N/A N/A N/A Total $ 3,001,170 100 % 4.09 % 4.2 (1) Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of June 30, 2022, $720.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 2.7 years. (2) Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of June 30, 2022, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 3.2 years. Mortgages Payable The following table summarizes the Company’s mortgages payable: June 30, 2022 December 31, 2021 ($ in thousands) Balance Weighted Average Weighted Average Years Balance Weighted Average Weighted Average Years Fixed rate mortgages payable (1) $ 283,165 4.04 % 1.5 $ 363,577 4.13 % 1.7 Variable rate mortgage payable (2) 28,653 3.21 % 1.1 29,013 1.70 % 0.1 Total mortgages payable $ 311,818 $ 392,590 (1) The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of June 30, 2022 and December 31, 2021. (2) On April 1, 2022, the interest rate on the variable rate mortgage switched to the Bloomberg Short Term Bank Yield Index (“BSBY”) plus 160 basis points from LIBOR plus 160 basis points. The one-month BSBY rate was 1.61% as of June 30, 2022. The one-month LIBOR rate was 0.10% as of December 31, 2021. Mortgages payable are secured by certain real estate and, in some cases, by guarantees from the Operating Partnership, are generally due in monthly installments of principal and interest and mature over various terms through 2032. During the six months ended June 30, 2022, we repaid mortgages payable totaling $78.7 million that had a weighted average fixed interest rate of 4.43% and made scheduled principal payments of $2.1 million related to amortizing loans. Unsecured Notes The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes: June 30, 2022 December 31, 2021 ($ in thousands) Maturity Date Balance Interest Rate Balance Interest Rate Senior notes – 4.23% due 2023 September 10, 2023 $ 95,000 4.23 % $ 95,000 4.23 % Senior notes – 4.58% due 2024 (1) June 30, 2024 149,635 4.58 % 149,635 4.58 % Senior notes – 4.00% due 2025 (2) March 15, 2025 350,000 4.00 % 350,000 4.00 % Senior notes – LIBOR + 3.65% due 2025 (3) September 10, 2025 80,000 5.94 % 80,000 3.86 % Senior notes – 4.08% due 2026 (1) September 30, 2026 100,000 4.08 % 100,000 4.08 % Senior notes – 4.00% due 2026 October 1, 2026 300,000 4.00 % 300,000 4.00 % Senior exchangeable notes – 0.75% due 2027 April 1, 2027 175,000 0.75 % 175,000 0.75 % Senior notes – LIBOR + 3.75% due 2027 (4) September 10, 2027 75,000 6.04 % 75,000 3.96 % Senior notes – 4.24% due 2028 (1) December 28, 2028 100,000 4.24 % 100,000 4.24 % Senior notes – 4.82% due 2029 (1) June 28, 2029 100,000 4.82 % 100,000 4.82 % Senior notes – 4.75% due 2030 (2) September 15, 2030 400,000 4.75 % 400,000 4.75 % Total senior unsecured notes $ 1,924,635 $ 1,924,635 (1) Private placement notes assumed in connection with the Merger. (2) Publicly placed notes assumed in connection with the Merger. (3) $80,000 of 4.47% senior unsecured notes has been swapped to a variable rate of three-month LIBOR plus 3.65% through September 10, 2025. (4) $75,000 of 4.57% senior unsecured notes has been swapped to a variable rate of three-month LIBOR plus 3.75% through September 10, 2025. Unsecured Term Loans and Revolving Line of Credit The following table summarizes the Company’s term loans and revolving line of credit: June 30, 2022 December 31, 2021 ($ in thousands) Maturity Date Balance Interest Rate Balance Interest Rate Unsecured term loan due 2023 – fixed rate (1)(2) November 22, 2023 $ 200,000 4.10 % $ 200,000 4.10 % Unsecured term loan due 2024 – fixed rate (1)(3) July 17, 2024 120,000 2.88 % 120,000 2.88 % Unsecured term loan due 2025 – fixed rate (4)(5) October 24, 2025 250,000 5.09 % 250,000 5.09 % Unsecured term loan due 2026 – fixed rate (1)(6) July 17, 2026 150,000 2.97 % 150,000 2.97 % Total unsecured term loans $ 720,000 $ 720,000 Unsecured credit facility revolving line of credit – variable rate (1)(7) January 8, 2026 $ — 2.89 % $ 55,000 1.20 % (1) Unsecured term loans and revolving line of credit assumed in connection with the Merger. (2) $200,000 of LIBOR-based variable rate debt has been swapped to a fixed rate 2.85% plus a credit spread based on a leverage grid ranging from 1.20% to 1.85% through November 22, 2023. The applicable credit spread was 1.25% as of June 30, 2022 and December 31, 2021. (3) $120,000 of LIBOR-based variable rate debt has been swapped to a fixed rate 1.68% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through July 17, 2024. The applicable credit spread was 1.20% as of June 30, 2022 and December 31, 2021. Subsequent to June 30, 2022, the Secured Overnight Financing Rate (“SOFR”) replaced LIBOR as the interest reference rate for this term loan. (4) $250,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 5.09% through October 24, 2025. (5) The maturity date of the term loan may be extended for up to three additional periods of one year at the Operating Partnership’s option, subject to certain conditions. (6) $150,000 of LIBOR-based variable rate debt has been swapped to a fixed rate 1.77% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through July 17, 2026. The applicable credit spread was 1.20% as of June 30, 2022 and December 31, 2021. Subsequent to June 30, 2022, SOFR replaced LIBOR as the interest reference rate for this term loan. (7) The revolving line of credit has two six-month extension options that the Company can exercise, at its election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity. Unsecured Revolving Credit Facility On October 22, 2021, in connection with the Merger, the Operating Partnership (as successor by merger to RPAI), as borrower, and the Company entered into the First Amendment (the “First Amendment”) to the Credit Agreement (as defined below) with KeyBank National Association (“KeyBank”), as administrative agent, and the lenders party thereto. The First Amendment amends the Sixth Amended and Restated Credit Agreement, dated as of July 8, 2021 (as amended, the “Credit Agreement”), among RPAI, as borrower, KeyBank, as administrative agent, and the lenders from time to time party thereto, which provides for an $850.0 million unsecured revolving credit facility (the “Revolving Facility”) with a scheduled maturity date of January 8, 2026 (which maturity date may be extended for up to two additional periods of six months at the Operating Partnership’s option, subject to certain conditions). Under the Credit Agreement, the Operating Partnership has the option to increase the Revolving Facility to an aggregate committed amount of $1.6 billion upon the Operating Partnership’s request, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the Credit Agreement, to provide such increased amounts. Borrowings under the Revolving Facility bear interest at a rate per annum equal to LIBOR or the alternate base rate plus a margin based on the Operating Partnership’s leverage ratio or credit rating, respectively, plus a facility fee based on the Operating Partnership’s leverage ratio or credit rating, respectively. The Revolving Facility is currently priced on the leverage-based pricing grid. In accordance with the Credit Agreement, the credit spread set forth in the leverage grid resets quarterly based on the Company’s leverage, as calculated at the previous quarter end. The Company may irrevocably elect to convert to the ratings-based pricing grid at any time. As of June 30, 2022, making such an election would have resulted in a lower interest rate; however, the Company had not made the election to convert to the ratings-based pricing grid. The Credit Agreement includes a sustainability metric based on targeted greenhouse gas emission reductions, which results in a reduction of the otherwise applicable interest rate margin by one basis point upon achievement of targets set forth therein. Subsequent to June 30, 2022, SOFR replaced LIBOR as the interest reference rate for the Revolving Facility. The following table summarizes the key terms of the Revolving Facility as of June 30, 2022: (in thousands) Leverage-Based Pricing Investment Grade Pricing Credit Agreement Maturity Date Extension Option Extension Fee Credit Spread Facility Fee Credit Spread Facility Fee $850,000 unsecured revolving line of credit 1/8/2026 2 six 0.075% 1.05%–1.50% 0.15%–0.30% 0.725%–1.40% 0.125%–0.30% The Operating Partnership’s ability to borrow under the Credit Agreement is subject to ongoing compliance by the Operating Partnership and its subsidiaries with various restrictive covenants, including with respect to liens, transactions with affiliates, dividends, mergers and asset sales. In addition, the Credit Agreement requires that the Operating Partnership satisfy certain financial covenants, including (i) a maximum leverage ratio; (ii) a minimum fixed charge coverage ratio; (iii) a maximum secured indebtedness ratio; (iv) a maximum unsecured leverage ratio; and (v) a minimum unencumbered interest coverage ratio. As of June 30, 2022, we were in compliance with all such covenants. As of June 30, 2022, we had letters of credit outstanding which totaled $1.5 million, against which no amounts were advanced as of June 30, 2022. Subsequent to June 30, 2022, the Operating Partnership entered into the Second Amendment (the “Second Amendment”) to the Credit Agreement with a syndicate of financial institutions to provide for (i) a $250.0 million increase to the Revolving Facility, resulting in a $1.1 billion unsecured revolving credit facility (the “2022 Revolving Facility”) and (ii) a seven-year $300.0 million unsecured term loan (the “$300M Term Loan”). Under the Second Amendment, the Operating Partnership has the option, subject to certain customary conditions, to increase the 2022 Revolving Facility and/or incur additional term loans in an aggregate amount for all such increases and additional loans of up to $600.0 million, for a total facility amount of up to $2.0 billion. Borrowings under the 2022 Revolving Facility will bear interest at a rate per annum equal to SOFR plus a margin based on the Operating Partnership’s leverage ratio or credit rating, respectively. There were no changes to the credit spreads in the Second Amendment; however, the SOFR rate will also be subject to an additional 0.10% spread adjustment as specified in the Second Amendment. The $300M Term Loan will be priced on a ratings-based pricing grid at a rate of SOFR plus a credit spread ranging from 1.15% to 2.20%. The SOFR rate will also be subject to an additional 0.10% spread adjustment as specified in the Second Amendment. Proceeds from the $300M Term Loan were used to repay the Operating Partnership’s existing $200.0 million unsecured term loan that was scheduled to mature on November 22, 2023 (the “$200M Term Loan”) and for general corporate purposes. In conjunction with these transactions, we (i) designated the interest rate swaps related to the $200M Term Loan to the $300M Term Loan and the interest reference rate will be replaced with term SOFR effective with the next reset date in August 2022 through November 22, 2023; (ii) entered into two forward-starting interest rate swap contracts with notional amounts totaling $200.0 million that swap a floating rate of term SOFR to a fixed rate of 2.37% plus a spread of 1.35% with an effective date of November 22, 2023 through August 1, 2025; and (iii) entered into two agreements to swap a total of $100.0 million of SOFR-based variable rate debt to a fixed rate of 2.66% plus a spread of 1.35% with an effective date of August 1, 2022 through August, 1, 2025. The Operating Partnership is permitted to prepay the $300M Term Loan in whole or in part, at any time, subject to a prepayment fee if prepaid on or before July 29, 2024. Unsecured Term Loans On October 22, 2021, in connection with the Merger, the Operating Partnership (as successor by merger to RPAI) assumed all of RPAI’s outstanding $470.0 million aggregate principal of unsecured term loans (“Unsecured Term Loans”). The Unsecured Term Loans are currently priced on a leverage-based pricing grid. In accordance with the respective term loan agreements, the credit spread set forth in the leverage grid resets quarterly based on the Company’s leverage, as calculated at the previous quarter end. The Company may irrevocably elect to convert to a ratings-based pricing grid at any time. As of June 30, 2022, the Company had not made the election to convert to a ratings-based pricing grid. Subsequent to June 30, 2022, the Company made the election to convert to the ratings-based pricing grid with respect to the $120.0 million and $150.0 million term loans. The following table summarizes the key terms of the Unsecured Term Loans assumed as of June 30, 2022: (in thousands) Unsecured Term Loans Assumed Maturity Date Leverage-Based Pricing Investment Grade Pricing $200,000 unsecured term loan due 2023 11/22/2023 1.20% – 1.85% 0.85% – 1.65% $120,000 unsecured term loan due 2024 7/17/2024 1.20% – 1.70% 0.80% – 1.65% $150,000 unsecured term loan due 2026 7/17/2026 1.20% – 1.70% 0.75% – 1.60% Under the agreement related to the $120.0 million and $150.0 million term loans, the Operating Partnership has the option to increase each of the term loans to $250.0 million upon the Operating Partnership’s request, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts. In addition, under the agreement related to the $200.0 million term loan, the Operating Partnership has the option to increase the term loan to $300.0 million upon the Operating Partnership’s request, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts. The agreements related to the Unsecured Term Loans assumed in the Merger contain representations, financial and other affirmative and negative covenants and events of default that are substantially similar to those contained in the Credit Agreement. The agreement related to the $150.0 million term loan includes a sustainability metric based on targeted greenhouse gas emission reductions, which results in a reduction of the otherwise applicable interest rate margin by one basis point upon achievement of targets set forth therein. On October 25, 2018, the Operating Partnership entered into a Term Loan Agreement (the “Agreement”) with KeyBank National Association, as Administrative Agent, and the other lenders party thereto, providing for an unsecured term loan facility of up to $250.0 million (the “$250M Term Loan”). The $250M Term Loan ranks pari passu with the Operating Partnership’s existing Revolving Facility and other unsecured indebtedness of the Operating Partnership. The $250M Term Loan has a scheduled maturity date of October 24, 2025, which maturity date may be extended for up to three additional periods of one year at the Operating Partnership’s option, subject to certain conditions. The Operating Partnership has the option to increase the $250M Term Loan to $300.0 million, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the Agreement, to provide such increased amounts. The Operating Partnership is permitted to prepay the $250M Term Loan in whole or in part, at any time, subject to a prepayment fee if prepaid on or before October 25, 2023. Debt Issuance Costs Debt issuance costs are amortized on a straight-line basis over the terms of the respective loan agreements. The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income: Six Months Ended June 30, ($ in thousands) 2022 2021 Amortization of debt issuance costs $ 1,370 $ 1,230 Fair Value of Fixed and Variable Rate Debt As of June 30, 2022, the estimated fair value of fixed rate debt was $2.1 billion compared to the book value of $2.2 billion. The fair value was estimated using Level 2 and 3 inputs with cash flows discounted at current borrowing rates for similar instruments, which ranged from 5.40% to 6.11%. As of June 30, 2022, the estimated fair value of variable rate debt was $749.8 million compared to the book value of $748.8 million. The fair value was estimated using Level 2 and 3 inputs with cash flows discounted at current borrowing rates for similar instruments, which ranged from 2.89% to 3.89%.

DERIVATIVE INSTRUMENTS, HEDGING

DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME	DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME In order to manage potential future variable interest rate risk, we enter into interest rate derivative agreements from time to time. We do not use interest rate derivative agreements for trading or speculative purposes. The agreements with each of our derivative counterparties provide that, in the event of default on any of our indebtedness, we could also be declared in default on our derivative obligations. As of June 30, 2022, we were party to 12 cash flow derivative agreements with notional amounts totaling $720.0 million, which includes $470.0 million of interest rate swaps assumed in connection with the Merger. These derivative agreements effectively fix the interest rate underlying certain variable rate debt instruments over expiration dates through 2026. Using a weighted average interest rate spread over LIBOR on all variable rate debt resulted in fixing the weighted average interest rate at 3.72%. As of June 30, 2022, we were also party to two fair value derivative agreements with notional amounts totaling $155.0 million that swap a blended fixed rate of 4.52% for a blended floating rate of LIBOR plus 3.70% with an expiration date of September 10, 2025. In December 2021, we entered into two forward-starting interest rate swap contracts with notional amounts totaling $150.0 million that swap a floating rate of compound SOFR for a fixed rate of 1.356% with an effective date of October 1, 2022 and an expiration date of June 1, 2032. As of June 30, 2022, the estimated fair value of the forward-starting swaps represented an asset of $18.6 million and is reflected within “Prepaid and other assets” in the accompanying consolidated balance sheets. As of June 30, 2022, the estimated fair value of our interest rate derivatives represented an asset of $10.3 million and a liability of $12.6 million, including accrued interest of $0.8 million. The derivative assets are reflected within “Prepaid and other assets” and the derivative liabilities are reflected within “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. As of December 31, 2021, the estimated fair value of our interest rate derivatives represented a liability of $35.7 million, including accrued interest of $1.0 million, which is reflected within “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to earnings over time as the hedged items are recognized in earnings. Approximately $3.3 million and $1.1 million was reclassified as a reduction to earnings during the three months ended June 30, 2022 and 2021, respectively. Approximately $7.4 million and $2.4 million was reclassified as a reduction to earnings during the six months ended June 30, 2022 and 2021, respectively. As interest payments on our derivatives are made over the next 12 months, we estimate the decrease to interest expense to be $10.9 million, assuming the current LIBOR and SOFR curves. Unrealized gains and losses on our interest rate derivative agreements are the only components of the change in accumulated other comprehensive loss.

SHAREHOLDERS_ EQUITY

SHAREHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY Distributions Our Board of Trustees declared a cash distribution of $0.21 per common share and Common Unit for the second quarter of 2022. This distribution was paid on July 15, 2022 to common shareholders and Common Unit holders of record as of July 8, 2022. At-The-Market Offering Program On February 23, 2021, the Company and the Operating Partnership entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with each of BofA Securities, Inc., Citigroup Global Markets Inc., KeyBanc Capital Markets Inc. and Raymond James & Associates, Inc., pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $150.0 million of its common shares of beneficial interest, $0.01 par value per share, under an at-the-market offering program (the “ATM Program”). On November 30, 2021, the Company and the Operating Partnership amended the Equity Distribution Agreement to reflect their filing of a shelf registration statement on November 16, 2021 with the SEC. As of June 30, 2022, the Company has not sold any common shares under the ATM Program. The Operating Partnership intends to use the net proceeds, if any, to repay borrowings under its Revolving Facility and other indebtedness and for working capital and other general corporate purposes. The Operating Partnership may also use the net proceeds for acquisitions of operating properties and the development or redevelopment of properties, although there are currently no understandings, commitments or agreements to do so. Share Repurchase Program In February 2021, the Company’s Board of Trustees approved a share repurchase program, authorizing share repurchases up to an aggregate of $150.0 million (the “Share Repurchase Program”). In February 2022, the Company extended its Share Repurchase Program for an additional year and it will now terminate on February 28, 2023, if not terminated or extended prior to that date. In April 2022, the Company’s Board of Trustees authorized a $150.0 million increase to the size of the Share Repurchase Program, authorizing share repurchases up to an aggregate of $300.0 million. As of June 30, 2022, the Company has not repurchased any shares under its Share Repurchase Program. The Company intends to fund any future repurchases under the Share Repurchase Program with cash on hand or availability under the Revolving Facility, subject to any applicable restrictions. The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will depend upon prevailing market conditions, regulatory requirements and other factors.

EARNINGS PER SHARE OR UNIT

EARNINGS PER SHARE OR UNIT	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE OR UNIT	EARNINGS PER SHARE OR UNIT Basic earnings per share or unit is calculated based on the weighted average number of common shares or units outstanding during the period. Diluted earnings per share or unit is determined based on the weighted average number of common shares or units outstanding during the period combined with the incremental average common shares or units that would have been outstanding assuming the conversion of all potentially dilutive common shares or units into common shares or units as of the earliest date possible. Potentially dilutive securities include (i) outstanding options to acquire common shares; (ii) Limited Partner Units, which may be exchanged for either cash or common shares, at the Parent Company’s option and under certain circumstances; (iii) appreciation-only Long-Term Incentive Plan (“AO LTIP”) units; and (iv) deferred common share units, which may be credited to the personal accounts of non-employee trustees in lieu of compensation paid in cash or the issuance of common shares to such trustees. Limited Partner Units have been omitted from the Parent Company’s denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the denominator would have no dilutive impact. Weighted average Limited Partner Units outstanding were 2.8 million and 2.6 million for the three and six months ended June 30, 2022, respectively, and 2.5 million for the three and six months ended June 30, 2021. Due to the net loss allocable to common shareholders and Common Unit holders for the three months ended June 30, 2021 and the six months ended June 30, 2022, no securities had a dilutive impact for those periods.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Other Commitments and Contingencies We are obligated under various completion guarantees with certain lenders and lease agreements with tenants to complete all or portions of a development project and tenant-specific space currently under construction. We believe we currently have sufficient financing in place to fund these projects and expect to do so primarily through borrowings on the Revolving Facility. In 2017, we provided a repayment guaranty on a $33.8 million construction loan associated with the development of the Embassy Suites at the University of Notre Dame, consistent with our 35% ownership interest. Our portion of the repayment guaranty is limited to $5.9 million and the guaranty’s term is through July 1, 2024, the maturity date of the construction loan. As of June 30, 2022, the outstanding loan balance is $33.6 million, of which our share is $11.8 million. The loan is secured by the hotel. As of June 30, 2022, we had outstanding letters of credit totaling $1.5 million with no amounts advanced against these instruments. Legal Proceedings We are not subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against us. We are parties to routine litigation, claims, and administrative proceedings arising in the ordinary course of business. Management believes that such matters will not have a material adverse impact on our consolidated financial condition, results of operations or cash flows taken as a whole.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Subsequent to June 30, 2022, we: • entered into the Second Amendment to the Credit Agreement with a syndicate of financial institutions to provide for a $250.0 million increase to the Revolving Facility, resulting in a $1.1 billion unsecured revolving credit facility. In addition, the Operating Partnership issued a seven-year $300M Term Loan and used the proceeds to repay the $200M Term Loan that was scheduled to mature in 2023 and for general corporate purposes. In conjunction with these transactions, we (i) designated the interest rate swaps related to the $200M Term Loan to the $300M Term Loan and the interest reference rate will be replaced with term SOFR effective with the next reset date in August 2022 through November 22, 2023; (ii) entered into two forward-starting interest rate swap contracts with notional amounts totaling $200.0 million that swap a floating rate of term SOFR to a fixed rate with an effective date of November 22, 2023 through August 1, 2025; and (iii) entered into two agreements to swap a total of $100.0 million of SOFR-based variable rate debt to a fixed rate with an effective date of August 1, 2022 through August 1, 2025. See Note 7 to the consolidated financial statements for further details; • closed on the acquisition of Palms Plaza, a 68,976 square foot multi-tenant retail property located in the Miami MSA, for a gross purchase price of $35.8 million; and • repaid two mortgages payable with principal balances totaling $44.9 million and a weighted average fixed interest rate of 4.20%.

CONSOLIDATION, INVESTMENTS IN_2

CONSOLIDATION, INVESTMENTS IN JOINT VENTURES AND NONCONTROLLING INTERESTS (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Short-Term Deposits	Short-Term Deposits During the three months ended June 30, 2022, the Company used the proceeds from a $125.0 million short-term deposit that matured on April 7, 2022 to repay borrowings on the Company’s revolving line of credit. The deposit balance was held in a custody account at Bank of New York Mellon and earned interest at a rate of the Federal Funds Rate plus 43 basis points. Interest income on the deposit is recorded within “Other expense, net” on the accompanying consolidated statements of operations and comprehensive income.
Consolidation and Investments in Joint Ventures	Consolidation and Investments in Joint Ventures The accompanying financial statements are presented on a consolidated basis and include all accounts of the Parent Company, the Operating Partnership, the taxable REIT subsidiaries (“TRSs”) of the Operating Partnership, subsidiaries of the Operating Partnership that are controlled and any variable interest entities (“VIEs”) in which the Operating Partnership is the primary beneficiary. As of June 30, 2022, we owned investments in three consolidated joint ventures that were VIEs in which the partners did not have substantive participating rights and we were the primary beneficiary. As of June 30, 2022, these consolidated VIEs had mortgage debt of $28.7 million, which were secured by assets of the VIEs totaling $117.8 million. The Operating Partnership guarantees the mortgage debt of these VIEs. The Operating Partnership is considered a VIE as the limited partners do not hold kick-out rights or substantive participating rights. The Parent Company consolidates the Operating Partnership as it is the primary beneficiary. Income Taxes and REIT Compliance Parent Company The Parent Company, which is considered a corporation for U.S. federal income tax purposes, has been organized and operated, and intends to continue to operate, in a manner that will enable it to maintain its qualification as a REIT for U.S. federal income tax purposes. As a result, it generally will not be subject to U.S. federal income tax on the earnings that it distributes to the extent it distributes its “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders of the Parent Company and meets certain other requirements on a recurring basis. To the extent that it satisfies this distribution requirement, but distributes less than 100% of its taxable income, it will be subject to U.S. federal corporate income tax on its undistributed REIT taxable income. REITs are subject to a number of organizational and operational requirements. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate rates for a period of four years following the year in which qualification is lost. We may also be subject to certain U.S. federal, state and local taxes on our income and property and to U.S. federal income and excise taxes on our undistributed taxable income even if the Parent Company does qualify as a REIT. The Operating Partnership intends to continue to make distributions to the Parent Company in amounts sufficient to assist the Parent Company in adhering to REIT requirements and maintaining its REIT status. We have elected to treat Kite Realty Holdings, LLC as a TRS of the Operating Partnership. In addition, in connection with the Merger, we assumed RPAI’s existing TRS, IWR Protective Corporation, as a TRS of the Operating Partnership and we may elect to treat other subsidiaries as TRSs in the future. This election enables us to receive income and provide services that would otherwise be impermissible for a REIT. Deferred tax assets and liabilities are established for temporary differences between the financial reporting bases and the tax bases of assets and liabilities at the tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. Operating Partnership The allocated share of income and loss, other than the operations of our TRSs, is included in the income tax returns of the Operating Partnership’s partners. Accordingly, the only U.S. federal income taxes included in the accompanying consolidated financial statements are in connection with the TRSs.
Noncontrolling Interests	Noncontrolling Interests We report the non-redeemable noncontrolling interests in subsidiaries as equity, and the amount of consolidated net income attributable to these noncontrolling interests is set forth separately in the consolidated financial statements. The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the six months ended June 30, 2022 and 2021: Six Months Ended June 30, ($ in thousands) 2022 2021 Noncontrolling interests balance as of January 1, $ 5,146 $ 698 Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests 62 — Noncontrolling interests balance as of June 30, $ 5,208 $ 698 Noncontrolling Interests – Joint Venture Prior to the Merger with RPAI, RPAI entered into a joint venture related to the development, ownership and operation of the multifamily rental portion of the expansion project at One Loudoun Downtown – Pads G & H. The Company owns 90% of the joint venture. As of June 30, 2022, the Company has funded $0.9 million of the partner’s development costs related to One Loudoun Downtown – Pads G & H through a loan provided by the Company to the joint venture. The loan is secured by the joint venture project, is required to be repaid subsequent to the completion of construction and stabilization of the project and is eliminated upon consolidation. Under terms defined in the joint venture agreement, after construction completion and stabilization of the development project (as defined in the joint venture agreement), the Company has the ability to call, and the joint venture partner has the ability to put to the Company, subject to certain conditions, the joint venture partner’s interest in the joint venture at fair value. The joint venture is considered a VIE primarily because the Company’s joint venture partner does not have substantive kick-out rights or substantive participating rights. The Company is considered the primary beneficiary as it has a controlling financial interest in the joint venture. As such, the Company has consolidated this joint venture and presented the joint venture partners’ interests as noncontrolling interests. Redeemable Noncontrolling Interests – Limited Partners Limited Partner Units are redeemable noncontrolling interests in the Operating Partnership. We classify redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because we may be required to pay cash to holders of Limited Partner Units upon redemption of their interests in the Operating Partnership or deliver registered shares upon their conversion. The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid-in capital. As of June 30, 2022, the redemption value of the redeemable noncontrolling interests in the Operating Partnership did not exceed the historical book value, and the balances were accordingly adjusted to historical book value. As of December 31, 2021, the redemption value of the redeemable noncontrolling interests in the Operating Partnership exceeded the historical book value, and the balances were accordingly adjusted to redemption value. We allocate net operating results of the Operating Partnership after noncontrolling interests in the consolidated properties based on the partners’ respective weighted average ownership interest. We adjust the redeemable noncontrolling interests in the Operating Partnership at the end of each reporting period to reflect their interests in the Operating Partnership or redemption value. This adjustment is reflected in our shareholders’ and Parent Company’s equity. For the three and six months ended June 30, 2022 and 2021, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Parent Company’s weighted average interest in Operating Partnership 98.7 % 97.2 % 98.8 % 97.1 % Limited partners’ weighted average interests in Operating Partnership 1.3 % 2.8 % 1.2 % 2.9 % At June 30, 2022, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.7% and 1.3%. At December 31, 2021, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.9% and 1.1%. Concurrent with the Parent Company’s initial public offering and related formation transactions, certain individuals received Limited Partner Units of the Operating Partnership in exchange for their interests in certain properties. The limited partners have the right to redeem Limited Partner Units for cash or, at the Parent Company’s election, common shares of the Parent Company in an amount equal to the market value of an equivalent number of common shares of the Parent Company at the time of redemption. Such common shares must be registered, which is not fully in the Parent Company’s control. Therefore, the limited partners’ interest is not reflected in permanent equity. The Parent Company also has the right to redeem the Limited Partner Units directly from the limited partner in exchange for either cash in the amount specified above or a number of its common shares equal to the number of Limited Partner Units being redeemed. There were 2,955,697 and 2,377,777 Limited Partner Units outstanding as of June 30, 2022 and December 31, 2021, respectively. The increase in Limited Partner Units outstanding from December 31, 2021 is due to non-cash compensation awards made to our executive officers in the form of Limited Partner Units. Redeemable Noncontrolling Interests – Subsidiaries Prior to the merger with Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”) in 2014, Inland Diversified formed joint ventures with the previous owners of certain properties and issued Class B units in three joint ventures that indirectly own those properties. The Class B units related to one of these three joint ventures remain outstanding and are accounted for as noncontrolling interests in the remaining venture. The remaining Class B units will become redeemable at the respective partner’s election in October 2022 and the fulfillment of certain redemption criteria. Beginning in November 2022, the Class B units can be redeemed at the election of either our partner or us for cash or Limited Partner Units in the Operating Partnership. The Class B units do not have a maturity date, and none are mandatorily redeemable unless either party has elected for the units to be redeemed. We consolidate this joint venture because we control the decision-making and our joint venture partner has limited protective rights.
Fair Value Measurements	Fair Value Measurements We follow the framework established under Financial Accounting Standards Board (“FASB”) ASC 820, Fair Value Measurements and Disclosures , for measuring fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination or upon determination of an impairment. Assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access. • Level 2 fair value inputs are inputs other than quoted prices included in Level 1 that are observable for similar instruments, either directly or indirectly, and appropriately consider counterparty creditworthiness in the valuations. • Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an instrument at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level
Effects of Accounting Pronouncements	Effects of Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) , which contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In March 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”)-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

CONSOLIDATION, INVESTMENTS IN_3

CONSOLIDATION, INVESTMENTS IN JOINT VENTURES AND NONCONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Investment Properties	The following table summarizes the composition of the Company’s investment properties as of June 30, 2022 and December 31, 2021: Balance as of ($ in thousands) June 30, 2022 December 31, 2021 Land, buildings and improvements $ 7,577,909 $ 7,543,376 Furniture, equipment and other 7,524 7,612 Construction in progress 51,839 41,360 Investment properties, at cost $ 7,637,272 $ 7,592,348
Schedule of Rental Income	Rental income related to the Company’s operating leases is comprised of the following for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2022 2021 2022 2021 Fixed contractual lease payments – operating leases $ 150,708 $ 54,398 $ 299,498 $ 109,201 Variable lease payments – operating leases 39,064 12,148 76,089 26,078 Bad debt reserve (1,171) (61) (1,742) (1,370) Straight-line rent adjustments 4,530 426 8,623 524 Straight-line rent reserve for uncollectibility (202) 658 (264) 547 Amortization of in-place lease liabilities, net 1,332 421 1,915 900 Rental income $ 194,261 $ 67,990 $ 384,119 $ 135,880
Schedule of Stockholders Equity	The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the six months ended June 30, 2022 and 2021: Six Months Ended June 30, ($ in thousands) 2022 2021 Noncontrolling interests balance as of January 1, $ 5,146 $ 698 Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests 62 — Noncontrolling interests balance as of June 30, $ 5,208 $ 698
Schedule of Weighted Average Interests of Parent and OP	For the three and six months ended June 30, 2022 and 2021, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Parent Company’s weighted average interest in Operating Partnership 98.7 % 97.2 % 98.8 % 97.1 % Limited partners’ weighted average interests in Operating Partnership 1.3 % 2.8 % 1.2 % 2.9 %
Schedule of Redeemable Noncontrolling Interests	The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the six months ended June 30, 2022 and 2021 were as follows: Six Months Ended June 30, ($ in thousands) 2022 2021 Redeemable noncontrolling interests balance as of January 1, $ 55,173 $ 43,275 Net income allocable to redeemable noncontrolling interests 230 926 Distributions declared to redeemable noncontrolling interests (1,219) (1,065) Other, net including adjustments to redemption value 2,995 14,231 Total limited partners’ interests in Operating Partnership and other redeemable noncontrolling interests balance as of June 30, $ 57,179 $ 57,367 Limited partners’ interests in Operating Partnership $ 47,109 $ 47,297 Other redeemable noncontrolling interests in certain subsidiaries 10,070 10,070 Total limited partners’ interests in Operating Partnership and other redeemable noncontrolling interests balance as of June 30, $ 57,179 $ 57,367

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Conversion of Acquired Shares	The number of RPAI common stock outstanding as of October 21, 2021 converted to shares of the Company’s common stock was determined as follows: RPAI common stock outstanding as of October 21, 2021 214,797,869 Exchange ratio 0.623 Company common shares issued for outstanding RPAI common stock 133,814,066 Company common shares issued for RPAI restricted stock units 1,117,399 Total Company common shares issued 134,931,465
Schedule of Purchase Price and Total Value of Equity Consideration Paid	The following table presents the purchase price and total value of equity consideration paid by the Company at the close of the Merger: (in thousands, except share price) Price of Equity Total Value of Stock Consideration (1) As of October 21, 2021 $ 21.18 134,931 $ 2,847,369 (1) The total value of stock consideration is the total of the common shares issued multiplied by the closing price of the Company’s common stock on October 21, 2021 excluding the value of certain RPAI restricted stock that vested at the closing of the Merger and share awards assumed by the Company at the closing of the Merger.
Level 3 Assumptions Utilized in Determining Value of Acquired Assets	The range of the most significant Level 3 assumptions utilized in determining the value of the real estate and related assets acquired through the Merger with RPAI are as follows: Range of Assumptions Net rental rate per square foot – Anchors $4.00 to $45.00 Net rental rate per square foot – Small Shops $7.00 to $140.00 Capitalization rate 5.50% to 12.00%
Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the final purchase price allocation, including the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed: ($ in thousands) Purchase Price Investment properties $ 4,425,254 Acquired lease intangible assets 535,465 Cash, accounts receivable and other assets 84,632 Total assets acquired 5,045,351 Mortgage and other indebtedness, net (1,848,476) Accounts payable, other liabilities, tenant security deposits and prepaid rent (176,391) In-place lease liabilities (168,652) Noncontrolling interests (4,463) Total liabilities assumed (2,197,982) Total purchase price $ 2,847,369 The following table details the weighted average amortization periods, in years, of the purchase price allocated to real estate and related intangible assets and liabilities acquired arising from the Merger: Weighted Average Land 10.2 Building 18.8 Tenant improvements 6.7 In-place lease intangibles 5.5 Above-market leases 5.7 Below-market leases (including below-market option periods) 20.5 Fair market value of debt adjustments 6.8
Business Acquisition, Pro Forma Information	The pro forma financial information set forth below is based upon the Company’s historical consolidated statements of operations for the three and six months ended June 30, 2021, adjusted to give effect for the properties assumed through the Merger as if they were acquired as of January 1, 2021. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it purport to represent the results of income for future periods. ($ in thousands) Three Months Ended Six Months Ended Rental income $ 186,171 $ 369,515 Net loss $ (31,891) $ (48,765) Net loss attributable to common shareholders $ (31,535) $ (48,215) Net loss attributable to common shareholders per common share: Basic $ (0.14) $ (0.22) Diluted $ (0.14) $ (0.22)
Schedule of Asset Acquisitions	The Company closed on the following asset acquisitions during the six months ended June 30, 2022: Date Property Name Metropolitan Property Type Square Acquisition February 16, 2022 Pebble Marketplace Las Vegas Multi-tenant retail 85,796 $ 44,100 April 13, 2022 MacArthur Crossing Dallas Two-tenant building 56,077 21,920 141,873 $ 66,020

DEFERRED COSTS AND INTANGIBLE_2

DEFERRED COSTS AND INTANGIBLES, NET (Tables)	6 Months Ended
	Jun. 30, 2022
Deferred Costs [Abstract]
Schedule of Deferred Costs	As of June 30, 2022 and December 31, 2021, deferred costs consisted of the following: ($ in thousands) June 30, 2022 December 31, 2021 Acquired lease intangible assets $ 553,929 $ 567,149 Deferred leasing costs and other 60,699 55,817 614,628 622,966 Less: accumulated amortization (140,023) (81,448) Total $ 474,605 $ 541,518
Schedule of Amortization of Deferred Costs	The amounts of such amortization included in the accompanying consolidated statements of operations are as follows: Six Months Ended June 30, ($ in thousands) 2022 2021 Amortization of deferred leasing costs, lease intangibles and other $ 81,821 $ 5,431 Amortization of above-market lease intangibles $ 6,630 $ 467 Six Months Ended June 30, ($ in thousands) 2022 2021 Amortization of debt issuance costs $ 1,370 $ 1,230

DEFERRED REVENUE, INTANGIBLES_2

DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2022
Other Liabilities Disclosure [Abstract]
Schedule of Deferred Revenue, Intangibles, Net and Other Liabilities	As of June 30, 2022 and December 31, 2021, deferred revenue, intangibles, net and other liabilities consisted of the following: ($ in thousands) June 30, 2022 December 31, 2021 Unamortized in-place lease liabilities $ 196,343 $ 210,261 Retainages payable and other 8,031 10,796 Tenant rents received in advance 24,074 30,125 Lease liabilities 67,948 70,237 Total $ 296,396 $ 321,419

MORTGAGE AND OTHER INDEBTEDNE_2

MORTGAGE AND OTHER INDEBTEDNESS (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedules of Indebtedness	The following table summarizes the Company’s indebtedness as of June 30, 2022 and December 31, 2021: ($ in thousands) June 30, 2022 December 31, 2021 Mortgages payable $ 311,818 $ 392,590 Senior unsecured notes 1,924,635 1,924,635 Unsecured term loans 720,000 720,000 Revolving line of credit — 55,000 2,956,453 3,092,225 Unamortized discounts and premiums, net 54,379 69,425 Unamortized debt issuance costs, net (9,662) (10,842) Total mortgage and other indebtedness, net $ 3,001,170 $ 3,150,808 The following table summarizes the Company’s mortgages payable: June 30, 2022 December 31, 2021 ($ in thousands) Balance Weighted Average Weighted Average Years Balance Weighted Average Weighted Average Years Fixed rate mortgages payable (1) $ 283,165 4.04 % 1.5 $ 363,577 4.13 % 1.7 Variable rate mortgage payable (2) 28,653 3.21 % 1.1 29,013 1.70 % 0.1 Total mortgages payable $ 311,818 $ 392,590 (1) The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of June 30, 2022 and December 31, 2021. (2) On April 1, 2022, the interest rate on the variable rate mortgage switched to the Bloomberg Short Term Bank Yield Index (“BSBY”) plus 160 basis points from LIBOR plus 160 basis points. The one-month BSBY rate was 1.61% as of June 30, 2022. The one-month LIBOR rate was 0.10% as of December 31, 2021. The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes: June 30, 2022 December 31, 2021 ($ in thousands) Maturity Date Balance Interest Rate Balance Interest Rate Senior notes – 4.23% due 2023 September 10, 2023 $ 95,000 4.23 % $ 95,000 4.23 % Senior notes – 4.58% due 2024 (1) June 30, 2024 149,635 4.58 % 149,635 4.58 % Senior notes – 4.00% due 2025 (2) March 15, 2025 350,000 4.00 % 350,000 4.00 % Senior notes – LIBOR + 3.65% due 2025 (3) September 10, 2025 80,000 5.94 % 80,000 3.86 % Senior notes – 4.08% due 2026 (1) September 30, 2026 100,000 4.08 % 100,000 4.08 % Senior notes – 4.00% due 2026 October 1, 2026 300,000 4.00 % 300,000 4.00 % Senior exchangeable notes – 0.75% due 2027 April 1, 2027 175,000 0.75 % 175,000 0.75 % Senior notes – LIBOR + 3.75% due 2027 (4) September 10, 2027 75,000 6.04 % 75,000 3.96 % Senior notes – 4.24% due 2028 (1) December 28, 2028 100,000 4.24 % 100,000 4.24 % Senior notes – 4.82% due 2029 (1) June 28, 2029 100,000 4.82 % 100,000 4.82 % Senior notes – 4.75% due 2030 (2) September 15, 2030 400,000 4.75 % 400,000 4.75 % Total senior unsecured notes $ 1,924,635 $ 1,924,635 (1) Private placement notes assumed in connection with the Merger. (2) Publicly placed notes assumed in connection with the Merger. (3) $80,000 of 4.47% senior unsecured notes has been swapped to a variable rate of three-month LIBOR plus 3.65% through September 10, 2025. (4) $75,000 of 4.57% senior unsecured notes has been swapped to a variable rate of three-month LIBOR plus 3.75% through September 10, 2025. The following table summarizes the Company’s term loans and revolving line of credit: June 30, 2022 December 31, 2021 ($ in thousands) Maturity Date Balance Interest Rate Balance Interest Rate Unsecured term loan due 2023 – fixed rate (1)(2) November 22, 2023 $ 200,000 4.10 % $ 200,000 4.10 % Unsecured term loan due 2024 – fixed rate (1)(3) July 17, 2024 120,000 2.88 % 120,000 2.88 % Unsecured term loan due 2025 – fixed rate (4)(5) October 24, 2025 250,000 5.09 % 250,000 5.09 % Unsecured term loan due 2026 – fixed rate (1)(6) July 17, 2026 150,000 2.97 % 150,000 2.97 % Total unsecured term loans $ 720,000 $ 720,000 Unsecured credit facility revolving line of credit – variable rate (1)(7) January 8, 2026 $ — 2.89 % $ 55,000 1.20 % (1) Unsecured term loans and revolving line of credit assumed in connection with the Merger. (2) $200,000 of LIBOR-based variable rate debt has been swapped to a fixed rate 2.85% plus a credit spread based on a leverage grid ranging from 1.20% to 1.85% through November 22, 2023. The applicable credit spread was 1.25% as of June 30, 2022 and December 31, 2021. (3) $120,000 of LIBOR-based variable rate debt has been swapped to a fixed rate 1.68% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through July 17, 2024. The applicable credit spread was 1.20% as of June 30, 2022 and December 31, 2021. Subsequent to June 30, 2022, the Secured Overnight Financing Rate (“SOFR”) replaced LIBOR as the interest reference rate for this term loan. (4) $250,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 5.09% through October 24, 2025. (5) The maturity date of the term loan may be extended for up to three additional periods of one year at the Operating Partnership’s option, subject to certain conditions. (6) $150,000 of LIBOR-based variable rate debt has been swapped to a fixed rate 1.77% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through July 17, 2026. The applicable credit spread was 1.20% as of June 30, 2022 and December 31, 2021. Subsequent to June 30, 2022, SOFR replaced LIBOR as the interest reference rate for this term loan. (7) The revolving line of credit has two six-month extension options that the Company can exercise, at its election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity. The following table summarizes the key terms of the Unsecured Term Loans assumed as of June 30, 2022: (in thousands) Unsecured Term Loans Assumed Maturity Date Leverage-Based Pricing Investment Grade Pricing $200,000 unsecured term loan due 2023 11/22/2023 1.20% – 1.85% 0.85% – 1.65% $120,000 unsecured term loan due 2024 7/17/2024 1.20% – 1.70% 0.80% – 1.65% $150,000 unsecured term loan due 2026 7/17/2026 1.20% – 1.70% 0.75% – 1.60%
Schedule of Weighted Average Maturities and Interest Rates	Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of June 30, 2022, considering the impact of interest rate swaps, is summarized below: ($ in thousands) Amount Ratio Weighted Average Weighted Fixed rate debt (1) $ 2,772,800 94 % 3.99 % 4.2 Variable rate debt (2) 183,653 6 % 5.55 % 3.7 Debt discounts, premiums and issuance costs, net 44,717 N/A N/A N/A Total $ 3,001,170 100 % 4.09 % 4.2 (1) Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of June 30, 2022, $720.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 2.7 years. (2) Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of June 30, 2022, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 3.2 years.
Summary of Revolving Facility	The following table summarizes the key terms of the Revolving Facility as of June 30, 2022: (in thousands) Leverage-Based Pricing Investment Grade Pricing Credit Agreement Maturity Date Extension Option Extension Fee Credit Spread Facility Fee Credit Spread Facility Fee $850,000 unsecured revolving line of credit 1/8/2026 2 six 0.075% 1.05%–1.50% 0.15%–0.30% 0.725%–1.40% 0.125%–0.30%
Schedule of Amortization of Debt Issuance Costs	The amounts of such amortization included in the accompanying consolidated statements of operations are as follows: Six Months Ended June 30, ($ in thousands) 2022 2021 Amortization of deferred leasing costs, lease intangibles and other $ 81,821 $ 5,431 Amortization of above-market lease intangibles $ 6,630 $ 467 Six Months Ended June 30, ($ in thousands) 2022 2021 Amortization of debt issuance costs $ 1,370 $ 1,230

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ in Thousands, ft² in Millions			6 Months Ended
	Oct. 22, 2021 USD ($) property	Oct. 21, 2021 USD ($)	Jun. 30, 2022 USD ($) ft² property
RPAI
Organization [Line Items]
Merger transaction value | $	$ 4,700,000
Assumption of debt | $	$ 1,800,000		$ 1,800,000
Conversion rate of acquiree common shares	0.623
Purchase price of shares issued in merger | $	$ 2,800,000	$ 2,847,369
Operating Retail Properties
Organization [Line Items]
Number of real estate properties			181
Area of real estate (in square feet) | ft²			28.8
Operating Retail Properties | Consolidated Entities
Organization [Line Items]
Number of real estate properties			178
Operating Retail Properties | Equity Method Investee
Organization [Line Items]
Number of real estate properties			3
Operating Retail Properties | RPAI
Organization [Line Items]
Number of real estate properties	100
Development Projects under Construction
Organization [Line Items]
Number of real estate properties			5
Development Projects under Construction | RPAI
Organization [Line Items]
Number of real estate properties	5
Office Properties
Organization [Line Items]
Number of real estate properties			1
Area of real estate (in square feet) | ft²			0.3
Operating Retail Properties with Office Components
Organization [Line Items]
Number of real estate properties			11
General Partner Units
Organization [Line Items]
General partner, ownership interest			98.70%
Kite Realty Group, L.P.
Organization [Line Items]
Limited partner, ownership interest			1.30%

CONSOLIDATION, INVESTMENTS IN_4

CONSOLIDATION, INVESTMENTS IN JOINT VENTURES AND NONCONTROLLING INTERESTS - Investment Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Land, buildings and improvements	$ 7,577,909	$ 7,543,376
Furniture, equipment and other	7,524	7,612
Construction in progress	51,839	41,360
Investment properties, at cost	$ 7,637,272	$ 7,592,348

CONSOLIDATION, INVESTMENTS IN_5

CONSOLIDATION, INVESTMENTS IN JOINT VENTURES AND NONCONTROLLING INTERESTS - Schedule of Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fixed contractual lease payments – operating leases	$ 150,708	$ 54,398	$ 299,498	$ 109,201
Variable lease payments – operating leases	39,064	12,148	76,089	26,078
Bad debt reserve	(1,171)	(61)	(1,742)	(1,370)
Straight-line rent adjustments	4,530	426	8,623	524
Straight-line rent reserve for uncollectibility	(202)	658	(264)	547
Amortization of in-place lease liabilities, net	1,332	421	1,915	900
Rental income	$ 194,261	$ 67,990	$ 384,119	$ 135,880

CONSOLIDATION, INVESTMENTS IN_6

CONSOLIDATION, INVESTMENTS IN JOINT VENTURES AND NONCONTROLLING INTERESTS - Additional Information (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($) joint_venture shares	Jun. 30, 2022 USD ($) joint_venture shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares
Noncontrolling Interest [Line Items]
Proceeds from short-term deposits	$ 125,000	$ 125,000	$ (125,000)
Variable interest entity, number of entities | joint_venture	3	3
VIEs, liabilities	$ 3,431,360	$ 3,431,360		$ 3,657,209
VIEs, assets	$ 7,384,887	$ 7,384,887		$ 7,639,575
Limited partners' capital account, units outstanding (in shares) | shares	2,955,697	2,955,697		2,377,777
Capital Unit, Class B
Noncontrolling Interest [Line Items]
Number of joint ventures in which units are issued | joint_venture		3
Number of joint ventures in which units are issued, noncontrolling interest | joint_venture		1
One Loudoun Downtown - Pads G & H Joint Venture
Noncontrolling Interest [Line Items]
Partner development costs	$ 900	$ 900
Noncontrolling interest, ownership percentage by parent	90%	90%
Operating Partnership
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent	98.70%	98.70%		98.90%
Noncontrolling interest, ownership percentage by noncontrolling owners	1.30%	1.30%		1.10%
Variable Interest Entity, Primary Beneficiary
Noncontrolling Interest [Line Items]
VIEs, liabilities	$ 28,700	$ 28,700
VIEs, assets	$ 117,800	$ 117,800
Federal Funds Rate
Noncontrolling Interest [Line Items]
Deposit balance, basis point spread on interest rate		0.43%

CONSOLIDATION, INVESTMENTS IN_7

CONSOLIDATION, INVESTMENTS IN JOINT VENTURES AND NONCONTROLLING INTERESTS - Noncontrolling Interests (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance at beginning of period	$ 5,146	$ 698
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests	62	0
Balance at end of period	$ 5,208	$ 698

CONSOLIDATION, INVESTMENTS IN_8

CONSOLIDATION, INVESTMENTS IN JOINT VENTURES AND NONCONTROLLING INTERESTS - Weighted Average Interests in Operating Partnership (Details) - Operating Partnership	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Parent Company’s weighted average interest in Operating Partnership	98.70%	97.20%	98.80%	97.10%
Limited partners’ weighted average interests in Operating Partnership	1.30%	2.80%	1.20%	2.90%

CONSOLIDATION, INVESTMENTS IN_9

CONSOLIDATION, INVESTMENTS IN JOINT VENTURES AND NONCONTROLLING INTERESTS - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward]
Net income allocable to redeemable noncontrolling interests	$ 314	$ 147	$ 292	$ 926
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward]
Balance at beginning of period			55,173	43,275
Net income allocable to redeemable noncontrolling interests			230	926
Distributions declared to redeemable noncontrolling interests			(1,219)	(1,065)
Other, net including adjustments to redemption value			2,995	14,231
Balance at end of period	57,179	57,367	57,179	57,367
Total limited partners’ interests in Operating Partnership and other redeemable noncontrolling interests	57,179	57,367	57,179	57,367
Redeemable Noncontrolling Interests | Partnership Interest
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward]
Balance at end of period	57,179	57,367	57,179	57,367
Limited partners’ interests in Operating Partnership	47,109	47,297	47,109	47,297
Other redeemable noncontrolling interests in certain subsidiaries	10,070	10,070	10,070	10,070
Total limited partners’ interests in Operating Partnership and other redeemable noncontrolling interests	$ 57,179	$ 57,367	$ 57,179	$ 57,367

ACQUISITIONS - Additional Infor

ACQUISITIONS - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Oct. 22, 2021 USD ($) property	Oct. 21, 2021 USD ($) $ / shares	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)
Business Acquisition [Line Items]
Merger and acquisition costs			$ (27)	$ 760	$ 898	$ 760
Depreciation and amortization			$ 119,761	$ 29,798	$ 241,265	$ 60,431
Development Projects under Construction
Business Acquisition [Line Items]
Number of real estate properties | property			5		5
RPAI
Business Acquisition [Line Items]
Purchase price of shares issued in merger	$ 2,800,000	$ 2,847,369
Share price (in USD per share) | $ / shares		$ 21.18
Conversion rate of acquiree common shares	0.623
Merger and acquisition costs					$ 900
Assumption of debt	$ 1,800,000				1,800,000
Pro forma revenue			$ 126,700		250,300
Pro forma net income (loss)			10,700		(10,200)
Depreciation and amortization			$ 88,300		$ 181,200
Fair value of assets acquired and liabilities assumed	$ 2,847,369
RPAI | Retail Operating Property
Business Acquisition [Line Items]
Number of real estate properties | property	100
RPAI | Development Projects under Construction
Business Acquisition [Line Items]
Number of real estate properties | property	5

ACQUISITIONS - Conversion of Sh

ACQUISITIONS - Conversion of Shares (Details)	Oct. 22, 2021 shares	Oct. 21, 2021 shares	Jun. 30, 2022 shares	Dec. 31, 2021 shares
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common shares outstanding (in shares)			219,100,998	218,949,569
RPAI
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Exchange ratio	0.623
Company common shares issued for outstanding RPAI common stock (in shares)	133,814,066
Company common shares issued for RPAI restricted stock units (in shares)	1,117,399
Total company common shares issued (in shares)	134,931,465	134,931,000
RPAI
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common shares outstanding (in shares)		214,797,869

ACQUISITIONS - Purchase Price a

ACQUISITIONS - Purchase Price and Value of Equity Consideration (Details) - RPAI - USD ($) $ / shares in Units, $ in Thousands	Oct. 22, 2021	Oct. 21, 2021
Business Acquisition [Line Items]
Price of Company common shares (in USD per share)		$ 21.18
Total company common shares issued (in shares)	134,931,465	134,931,000
Total value of stock consideration	$ 2,800,000	$ 2,847,369

ACQUISITIONS - Level 3 Assumpti

ACQUISITIONS - Level 3 Assumptions Utilized in Determining Value of Acquired Assets (Details) - Valuation, Income Approach - RPAI	Oct. 22, 2021
Net rental rate per square foot – Anchors | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	4
Net rental rate per square foot – Anchors | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	45
Net rental rate per square foot – Small Shops | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	7
Net rental rate per square foot – Small Shops | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	140
Capitalization rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.0550
Capitalization rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.1200

ACQUISITIONS - Fair Value of As

ACQUISITIONS - Fair Value of Assets Acquired and Liabilities Assumed (Details) - RPAI $ in Thousands	Oct. 22, 2021 USD ($)
Business Acquisition [Line Items]
Investment properties	$ 4,425,254
Acquired lease intangible assets	535,465
Cash, accounts receivable and other assets	84,632
Total assets acquired	5,045,351
Mortgage and other indebtedness, net	(1,848,476)
Accounts payable, other liabilities, tenant security deposits and prepaid rent	(176,391)
In-place lease liabilities	(168,652)
Noncontrolling interests	(4,463)
Total liabilities assumed	(2,197,982)
Total purchase price	$ 2,847,369

ACQUISITIONS - Schedule of Weig

ACQUISITIONS - Schedule of Weighted Average Amortization Periods of Assets and Liabilities Acquired (Details) - RPAI	Oct. 22, 2021
Land
Business Acquisition [Line Items]
Weighted average amortization period (in years)	10 years 2 months 12 days
Building
Business Acquisition [Line Items]
Weighted average amortization period (in years)	18 years 9 months 18 days
Tenant improvements
Business Acquisition [Line Items]
Weighted average amortization period (in years)	6 years 8 months 12 days
In-place lease intangibles
Business Acquisition [Line Items]
Weighted average amortization period (in years)	5 years 6 months
Above-market leases
Business Acquisition [Line Items]
Weighted average amortization period (in years)	5 years 8 months 12 days
Below-market leases (including below-market option periods)
Business Acquisition [Line Items]
Weighted average amortization period (in years)	20 years 6 months
Fair market value of debt adjustments
Business Acquisition [Line Items]
Weighted average amortization period (in years)	6 years 9 months 18 days

ACQUISITIONS - Schedule of Pro

ACQUISITIONS - Schedule of Pro Forma Information (Details) - RPAI - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Rental income	$ 186,171	$ 369,515
Net loss	(31,891)	(48,765)
Net loss attributable to common shareholders	$ (31,535)	$ (48,215)
Net loss attributable to common shareholders per common share, basic (in USD per share)	$ (0.14)	$ (0.22)
Net loss attributable to common shareholders per common share, diluted (in USD per share)	$ (0.14)	$ (0.22)

ACQUISITIONS - Schedule of Asse

ACQUISITIONS - Schedule of Asset Acquisitions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) ft²
Asset Acquisition [Line Items]
Square footage (in acres) | ft²	141,873
Acquisition price | $	$ 66,020
Pebble Marketplace
Asset Acquisition [Line Items]
Square footage (in acres) | ft²	85,796
Acquisition price | $	$ 44,100
MacArthur Crossing
Asset Acquisition [Line Items]
Square footage (in acres) | ft²	56,077
Acquisition price | $	$ 21,920

DISPOSITIONS (Details)

DISPOSITIONS (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) ft² rental	Jun. 30, 2021 USD ($) ground_lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square footage (in acres) | ft²	141,873
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on disposal		$ 26.2
Number of ground lease properties | ground_lease		16
Net proceeds from sales of operating properties		$ 40
Disposed of by Sale | Plaza Del Lago
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square footage (in acres) | ft²	100,016
Consideration received on disposal	$ 58.7
Net gain on disposal	$ 24
Disposed of by Sale | Plaza Del Lago | Residential
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square footage (in acres) | ft²	8,800
Disposed of by Sale | Plaza Del Lago | Multifamily
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of rental units | rental	18
Disposed of by Sale | Hamilton Crossing Centre
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received on disposal	$ 6.9
Net gain on disposal	$ 3.2

DEFERRED COSTS AND INTANGIBLE_3

DEFERRED COSTS AND INTANGIBLES, NET - Deferred Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Deferred Costs [Abstract]
Acquired lease intangible assets	$ 553,929	$ 567,149
Deferred leasing costs and other	60,699	55,817
Deferred costs and intangibles, gross	614,628	622,966
Less: accumulated amortization	(140,023)	(81,448)
Total	$ 474,605	$ 541,518

DEFERRED COSTS AND INTANGIBLE_4

DEFERRED COSTS AND INTANGIBLES, NET - Amortization Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Deferred Costs [Abstract]
Amortization of deferred leasing costs, lease intangibles and other	$ 81,821	$ 5,431
Amortization of above-market lease intangibles	$ 6,630	$ 467

DEFERRED REVENUE, INTANGIBLES_3

DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Unamortized in-place lease liabilities	$ 196,343		$ 210,261
Retainages payable and other	8,031		10,796
Tenant rents received in advance	24,074		30,125
Lease liabilities	$ 67,948		$ 70,237
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total		Total
Total	$ 296,396		$ 321,419
Amortization of below-market lease intangibles	$ 8,500	$ 1,400

MORTGAGE AND OTHER INDEBTEDNE_3

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Indebtedness (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Gross debt	$ 2,956,453	$ 3,092,225
Unamortized discounts and premiums, net	54,379	69,425
Unamortized debt issuance costs, net	(9,662)	(10,842)
Total mortgage and other indebtedness, net	3,001,170	3,150,808
Revolving Credit Facility
Debt Instrument [Line Items]
Gross debt	0	55,000
Mortgages payable
Debt Instrument [Line Items]
Gross debt	311,818	392,590
Senior unsecured notes
Debt Instrument [Line Items]
Gross debt	1,924,635	1,924,635
Unsecured term loans
Debt Instrument [Line Items]
Gross debt	$ 720,000	$ 720,000

MORTGAGE AND OTHER INDEBTEDNE_4

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Weighted Average Maturities and Interest Rates (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Gross debt	$ 2,956,453	$ 3,092,225
Debt discounts, premiums and issuance costs, net	44,717
Total mortgage and other indebtedness, net	$ 3,001,170	$ 3,150,808
Ratio	100%
Weighted average interest rate	4.09%
Weighted average years to maturity	4 years 2 months 12 days
Fixed rate debt considering hedges
Debt Instrument [Line Items]
Gross debt	$ 2,772,800
Ratio	94%
Weighted average interest rate	3.99%
Weighted average years to maturity	4 years 2 months 12 days
Fixed rate debt considering hedges | Variable Rate Debt
Debt Instrument [Line Items]
Total mortgage and other indebtedness, net	$ 720,000
Weighted average years to maturity	2 years 8 months 12 days
Variable rate debt considering hedges
Debt Instrument [Line Items]
Gross debt	$ 183,653
Ratio	6%
Weighted average interest rate	5.55%
Weighted average years to maturity	3 years 8 months 12 days
Variable rate debt considering hedges | Fixed Rate Debt
Debt Instrument [Line Items]
Total mortgage and other indebtedness, net	$ 155,000
Weighted average years to maturity	3 years 2 months 12 days

MORTGAGE AND OTHER INDEBTEDNE_5

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Mortgages Payable (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Apr. 01, 2022	Jun. 30, 2022	Dec. 31, 2021
Participating Mortgage Loans [Line Items]
Gross debt		$ 2,956,453	$ 3,092,225
Weighted average interest rate		4.09%
Weighted average years to maturity		4 years 2 months 12 days
Variable Rate Debt | Minimum
Participating Mortgage Loans [Line Items]
Variable interest rate		2.89%
Variable Rate Debt | Maximum
Participating Mortgage Loans [Line Items]
Variable interest rate		3.89%
Mortgages payable
Participating Mortgage Loans [Line Items]
Gross debt		$ 311,818	392,590
Interest rate		4.43%
Mortgages payable | Fixed Rate Debt
Participating Mortgage Loans [Line Items]
Gross debt		$ 283,165	$ 363,577
Weighted average interest rate		4.04%	4.13%
Weighted average years to maturity		1 year 6 months	1 year 8 months 12 days
Mortgages payable | Fixed Rate Debt | Minimum
Participating Mortgage Loans [Line Items]
Interest rate		3.75%	3.75%
Mortgages payable | Fixed Rate Debt | Maximum
Participating Mortgage Loans [Line Items]
Interest rate		5.73%	5.73%
Mortgages payable | Variable Rate Debt
Participating Mortgage Loans [Line Items]
Gross debt		$ 28,653	$ 29,013
Weighted average interest rate		3.21%	1.70%
Weighted average years to maturity		1 year 1 month 6 days	1 month 6 days
Mortgages payable | Variable Rate Debt | BSBY
Participating Mortgage Loans [Line Items]
Credit spread	1.60%
Variable interest rate		1.61%
Mortgages payable | Variable Rate Debt | LIBOR
Participating Mortgage Loans [Line Items]
Credit spread	1.60%
Variable interest rate			0.10%

MORTGAGE AND OTHER INDEBTEDNE_6

MORTGAGE AND OTHER INDEBTEDNESS - Additional Information (Details)				1 Months Ended	6 Months Ended
	Apr. 01, 2022	Oct. 22, 2021 USD ($) extension	Oct. 25, 2018 USD ($) extension	Aug. 05, 2022 USD ($) agreement derivative_contract	Jun. 30, 2022 USD ($) extension derivative_contract	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Letters of credit outstanding					$ 1,500,000
Letters of credit outstanding, amount advanced					0
Gross debt					2,956,453,000	$ 3,092,225,000
Percentage bearing fixed interest, amount					2,200,000,000
Percentage bearing variable interest, amount					$ 748,800,000
Cash Flow Hedging
Debt Instrument [Line Items]
Number of interest rate swap contracts | derivative_contract					12
Derivative, notional amount					$ 720,000,000
Mortgages payable
Debt Instrument [Line Items]
Repayments of debt					$ 78,700,000
Interest rate					4.43%
Scheduled principal payments					$ 2,100,000
Gross debt					311,818,000	392,590,000
Mortgages payable | Subsequent Event
Debt Instrument [Line Items]
Repayments of debt				$ 44,900,000
Interest rate				4.20%
Unsecured term loans
Debt Instrument [Line Items]
Gross debt					$ 720,000,000	$ 720,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate					2.89%	1.20%
Number of extension options | extension					2
Extension period					6 months
Gross debt					$ 0	$ 55,000,000
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Reduction of interest rate margin upon achievement of sustainability metric					0.0001
Kite Realty Group, L.P. | Interest Rate Swap, Floating Rate to Fixed Rate | Subsequent Event
Debt Instrument [Line Items]
Number of interest rate swap contracts | derivative_contract				2
Kite Realty Group, L.P. | Interest Rate Swap, Variable Rate to Fixed Rate | Subsequent Event
Debt Instrument [Line Items]
Number of interest rate swap contracts | agreement				2
Kite Realty Group, L.P. | Cash Flow Hedging | Interest Rate Swap, Floating Rate to Fixed Rate | Subsequent Event
Debt Instrument [Line Items]
Derivative, notional amount				$ 200,000,000
Kite Realty Group, L.P. | Cash Flow Hedging | Interest Rate Swap, Variable Rate to Fixed Rate | Subsequent Event
Debt Instrument [Line Items]
Derivative, notional amount				$ 100,000,000
Kite Realty Group, L.P. | SOFR | Interest Rate Swap, Floating Rate to Fixed Rate | Subsequent Event
Debt Instrument [Line Items]
Percentage bearing fixed interest				2.37%
Variable interest rate				1.35%
Kite Realty Group, L.P. | SOFR | Interest Rate Swap, Variable Rate to Fixed Rate | Subsequent Event
Debt Instrument [Line Items]
Percentage bearing fixed interest				2.66%
Variable interest rate				1.35%
Kite Realty Group, L.P. | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, aggregate borrowing capacity		$ 850,000,000			$ 850,000,000
Number of extension options | extension		2			2
Extension period		6 months			6 months
Line of credit, maximum borrowing capacity					$ 1,600,000,000
Kite Realty Group, L.P. | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				$ 1,100,000,000
Increase in capacity of revolving credit facility				250,000,000
Line of credit facility, accordion feature, increase limit				600,000,000
Line of credit facility, accordion feature, higher borrowing capacity option				$ 2,000,000,000
Kite Realty Group, L.P. | Revolving Credit Facility | SOFR | Subsequent Event
Debt Instrument [Line Items]
Credit spread, increase (decrease)				0.10%
RPAI
Debt Instrument [Line Items]
Debt assumed in merger		$ 1,848,476,000
RPAI | Kite Realty Group, L.P. | Unsecured term loans
Debt Instrument [Line Items]
Debt assumed in merger		$ 470,000,000
Unsecured term loan 200M | Unsecured term loans
Debt Instrument [Line Items]
Interest rate					4.10%	4.10%
Percentage bearing fixed interest					2.85%
Gross debt					$ 200,000,000	$ 200,000,000
Unsecured term loan 200M | LIBOR | Unsecured term loans
Debt Instrument [Line Items]
Variable interest rate					1.25%	1.25%
Unsecured term loan 200M | Minimum | LIBOR | Unsecured term loans
Debt Instrument [Line Items]
Credit spread					1.20%
Unsecured term loan 200M | Maximum | LIBOR | Unsecured term loans
Debt Instrument [Line Items]
Credit spread					1.85%
Unsecured term loan 200M | Kite Realty Group, L.P. | Subsequent Event
Debt Instrument [Line Items]
Repayments of unsecured debt				$ 200,000,000
Unsecured term loan 200M | Kite Realty Group, L.P. | Unsecured term loans
Debt Instrument [Line Items]
Gross debt					$ 200,000,000
Maximum borrowing capacity					$ 300,000,000
Unsecured term loan 200M | Kite Realty Group, L.P. | Unsecured term loans | Subsequent Event
Debt Instrument [Line Items]
Principal amount of debt issued				$ 200,000,000
Unsecured term loan 300M | Kite Realty Group, L.P. | Unsecured term loans | Subsequent Event
Debt Instrument [Line Items]
Debt instrument term				7 years
Principal amount of debt issued				$ 300,000,000
Unsecured term loan 300M | Kite Realty Group, L.P. | SOFR | Subsequent Event
Debt Instrument [Line Items]
Credit spread, increase (decrease)				0.10%
Unsecured term loan 300M | Kite Realty Group, L.P. | Minimum | SOFR | Unsecured term loans | Subsequent Event
Debt Instrument [Line Items]
Credit spread				1.15%
Unsecured term loan 300M | Kite Realty Group, L.P. | Maximum | SOFR | Unsecured term loans | Subsequent Event
Debt Instrument [Line Items]
Credit spread				2.20%
Unsecured term loan due 2024 | Unsecured term loans
Debt Instrument [Line Items]
Interest rate					2.88%	2.88%
Percentage bearing fixed interest					1.68%
Gross debt					$ 120,000,000	$ 120,000,000
Unsecured term loan due 2024 | LIBOR | Unsecured term loans
Debt Instrument [Line Items]
Variable interest rate					1.20%	1.20%
Unsecured term loan due 2024 | Minimum | LIBOR | Unsecured term loans
Debt Instrument [Line Items]
Credit spread					1.20%
Unsecured term loan due 2024 | Maximum | LIBOR | Unsecured term loans
Debt Instrument [Line Items]
Credit spread					1.70%
Unsecured term loan due 2024 | Kite Realty Group, L.P. | Unsecured term loans
Debt Instrument [Line Items]
Gross debt					$ 120,000,000
Maximum borrowing capacity					$ 250,000,000
Unsecured term loan due 2026 | Unsecured term loans
Debt Instrument [Line Items]
Interest rate					2.97%	2.97%
Percentage bearing fixed interest					1.77%
Gross debt					$ 150,000,000	$ 150,000,000
Unsecured term loan due 2026 | LIBOR | Unsecured term loans
Debt Instrument [Line Items]
Variable interest rate					1.20%	1.20%
Unsecured term loan due 2026 | Minimum | LIBOR | Unsecured term loans
Debt Instrument [Line Items]
Credit spread					1.20%
Unsecured term loan due 2026 | Maximum | LIBOR | Unsecured term loans
Debt Instrument [Line Items]
Credit spread					1.70%
Unsecured term loan due 2026 | Kite Realty Group, L.P. | Unsecured term loans
Debt Instrument [Line Items]
Gross debt					$ 150,000,000
Maximum borrowing capacity					$ 250,000,000
Unsecured term loan due 2026 | Kite Realty Group, L.P. | LIBOR | Unsecured term loans
Debt Instrument [Line Items]
Reduction of interest rate margin upon achievement of sustainability metric					0.0001
Unsecured term loan 250M | Unsecured term loans
Debt Instrument [Line Items]
Interest rate					5.09%	5.09%
Number of extension options | extension					3
Extension period					1 year
Percentage bearing fixed interest					5.09%
Gross debt					$ 250,000,000	$ 250,000,000
Unsecured term loan 250M | Kite Realty Group, L.P. | Unsecured term loans
Debt Instrument [Line Items]
Number of extension options | extension			3
Extension period			1 year
Gross debt			$ 250,000,000
Maximum borrowing capacity			$ 300,000,000
Fixed Rate Debt
Debt Instrument [Line Items]
Long-term debt, fair value					2,100,000,000
Fixed Rate Debt | Mortgages payable
Debt Instrument [Line Items]
Gross debt					$ 283,165,000	$ 363,577,000
Fixed Rate Debt | Minimum
Debt Instrument [Line Items]
Percentage bearing fixed interest					5.40%
Fixed Rate Debt | Minimum | Mortgages payable
Debt Instrument [Line Items]
Interest rate					3.75%	3.75%
Fixed Rate Debt | Maximum
Debt Instrument [Line Items]
Percentage bearing fixed interest					6.11%
Fixed Rate Debt | Maximum | Mortgages payable
Debt Instrument [Line Items]
Interest rate					5.73%	5.73%
Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, fair value					$ 749,800,000
Variable Rate Debt | Mortgages payable
Debt Instrument [Line Items]
Gross debt					$ 28,653,000	$ 29,013,000
Variable Rate Debt | LIBOR | Mortgages payable
Debt Instrument [Line Items]
Credit spread	1.60%
Variable interest rate						0.10%
Variable Rate Debt | Minimum
Debt Instrument [Line Items]
Variable interest rate					2.89%
Variable Rate Debt | Maximum
Debt Instrument [Line Items]
Variable interest rate					3.89%

MORTGAGE AND OTHER INDEBTEDNE_7

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Unsecured Notes (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Gross debt	$ 2,956,453	$ 3,092,225
Senior unsecured notes
Debt Instrument [Line Items]
Gross debt	1,924,635	1,924,635
Senior unsecured notes | Senior notes - 4.23% due 2023
Debt Instrument [Line Items]
Gross debt	$ 95,000	$ 95,000
Interest rate	4.23%	4.23%
Senior unsecured notes | Senior notes - 4.58% due 2024
Debt Instrument [Line Items]
Gross debt	$ 149,635	$ 149,635
Interest rate	4.58%	4.58%
Senior unsecured notes | Senior notes - 4.00% due 2025
Debt Instrument [Line Items]
Gross debt	$ 350,000	$ 350,000
Interest rate	4%	4%
Senior unsecured notes | Senior notes - LIBOR + 3.65% due 2025
Debt Instrument [Line Items]
Gross debt	$ 80,000	$ 80,000
Interest rate	4.47%
Effective interest rate	5.94%	3.86%
Senior unsecured notes | Senior notes - LIBOR + 3.65% due 2025 | LIBOR
Debt Instrument [Line Items]
Credit spread	3.65%
Senior unsecured notes | Senior notes - 4.08% due 2026
Debt Instrument [Line Items]
Gross debt	$ 100,000	$ 100,000
Interest rate	4.08%	4.08%
Senior unsecured notes | Senior notes - 4.00% due 2026
Debt Instrument [Line Items]
Gross debt	$ 300,000	$ 300,000
Interest rate	4%	4%
Senior unsecured notes | Senior notes - LIBOR + 3.75% due 2027
Debt Instrument [Line Items]
Gross debt	$ 75,000	$ 75,000
Interest rate	4.57%
Effective interest rate	6.04%	3.96%
Senior unsecured notes | Senior notes - LIBOR + 3.75% due 2027 | LIBOR
Debt Instrument [Line Items]
Credit spread	3.75%
Senior unsecured notes | Senior notes - 4.24% due 2028
Debt Instrument [Line Items]
Gross debt	$ 100,000	$ 100,000
Interest rate	4.24%	4.24%
Senior unsecured notes | Senior notes - 4.82% due 2029
Debt Instrument [Line Items]
Gross debt	$ 100,000	$ 100,000
Interest rate	4.82%	4.82%
Senior unsecured notes | Senior notes - 4.75% due 2030
Debt Instrument [Line Items]
Gross debt	$ 400,000	$ 400,000
Interest rate	4.75%	4.75%
Senior exchangeable notes | Senior exchangeable notes - 0.75% due 2027
Debt Instrument [Line Items]
Gross debt	$ 175,000	$ 175,000
Interest rate	0.75%	0.75%

MORTGAGE AND OTHER INDEBTEDNE_8

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Term Loans and Revolving Line of Credit (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) extension	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Gross debt	$ 2,956,453	$ 3,092,225
Unsecured credit facility revolving line of credit
Debt Instrument [Line Items]
Gross debt	$ 0	$ 55,000
Interest rate	2.89%	1.20%
Number of extension options | extension	2
Extension period	6 months
Extension fee percentage	0.00075
Unsecured term loans
Debt Instrument [Line Items]
Gross debt	$ 720,000	$ 720,000
Unsecured term loans | Unsecured term loan due 2023
Debt Instrument [Line Items]
Gross debt	$ 200,000	$ 200,000
Interest rate	4.10%	4.10%
Fixed interest rate	2.85%
Unsecured term loans | Unsecured term loan due 2023 | LIBOR
Debt Instrument [Line Items]
Variable interest rate	1.25%	1.25%
Unsecured term loans | Unsecured term loan due 2023 | LIBOR | Minimum
Debt Instrument [Line Items]
Credit spread	1.20%
Unsecured term loans | Unsecured term loan due 2023 | LIBOR | Maximum
Debt Instrument [Line Items]
Credit spread	1.85%
Unsecured term loans | Unsecured term loan due 2024
Debt Instrument [Line Items]
Gross debt	$ 120,000	$ 120,000
Interest rate	2.88%	2.88%
Fixed interest rate	1.68%
Unsecured term loans | Unsecured term loan due 2024 | LIBOR
Debt Instrument [Line Items]
Variable interest rate	1.20%	1.20%
Unsecured term loans | Unsecured term loan due 2024 | LIBOR | Minimum
Debt Instrument [Line Items]
Credit spread	1.20%
Unsecured term loans | Unsecured term loan due 2024 | LIBOR | Maximum
Debt Instrument [Line Items]
Credit spread	1.70%
Unsecured term loans | Unsecured term loan due 2025
Debt Instrument [Line Items]
Gross debt	$ 250,000	$ 250,000
Interest rate	5.09%	5.09%
Fixed interest rate	5.09%
Number of extension options | extension	3
Extension period	1 year
Unsecured term loans | Unsecured term loan due 2026
Debt Instrument [Line Items]
Gross debt	$ 150,000	$ 150,000
Interest rate	2.97%	2.97%
Fixed interest rate	1.77%
Unsecured term loans | Unsecured term loan due 2026 | LIBOR
Debt Instrument [Line Items]
Variable interest rate	1.20%	1.20%
Unsecured term loans | Unsecured term loan due 2026 | LIBOR | Minimum
Debt Instrument [Line Items]
Credit spread	1.20%
Unsecured term loans | Unsecured term loan due 2026 | LIBOR | Maximum
Debt Instrument [Line Items]
Credit spread	1.70%

MORTGAGE AND OTHER INDEBTEDNE_9

MORTGAGE AND OTHER INDEBTEDNESS - Summary of Revolving Facility Key Terms (Details) - Revolving Credit Facility		6 Months Ended
	Oct. 22, 2021 USD ($) extension	Jun. 30, 2022 USD ($) extension
Line of Credit Facility [Line Items]
Number of extension options		2
Extension period		6 months
Extension fee percentage		0.00075
Kite Realty Group, L.P.
Line of Credit Facility [Line Items]
Line of credit, aggregate borrowing capacity | $	$ 850,000,000	$ 850,000,000
Number of extension options	2	2
Extension period	6 months	6 months
Extension fee percentage		0.00075
Kite Realty Group, L.P. | Minimum | Leverage-based pricing
Line of Credit Facility [Line Items]
Facility fee		0.15%
Kite Realty Group, L.P. | Minimum | Investment grade pricing
Line of Credit Facility [Line Items]
Facility fee		0.125%
Kite Realty Group, L.P. | Minimum | LIBOR | Leverage-based pricing
Line of Credit Facility [Line Items]
Credit spread		1.05%
Kite Realty Group, L.P. | Minimum | LIBOR | Investment grade pricing
Line of Credit Facility [Line Items]
Credit spread		0.725%
Kite Realty Group, L.P. | Maximum | Leverage-based pricing
Line of Credit Facility [Line Items]
Facility fee		0.30%
Kite Realty Group, L.P. | Maximum | Investment grade pricing
Line of Credit Facility [Line Items]
Facility fee		0.30%
Kite Realty Group, L.P. | Maximum | LIBOR | Leverage-based pricing
Line of Credit Facility [Line Items]
Credit spread		1.50%
Kite Realty Group, L.P. | Maximum | LIBOR | Investment grade pricing
Line of Credit Facility [Line Items]
Credit spread		1.40%

MORTGAGE AND OTHER INDEBTEDN_10

MORTGAGE AND OTHER INDEBTEDNESS - Summary of Unsecured Term Loans Assumed (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Gross debt	$ 2,956,453	$ 3,092,225
Unsecured term loans
Debt Instrument [Line Items]
Gross debt	720,000	720,000
Unsecured term loans | $200,000 unsecured term loan due 2023
Debt Instrument [Line Items]
Gross debt	$ 200,000	200,000
Unsecured term loans | $200,000 unsecured term loan due 2023 | Minimum | LIBOR
Debt Instrument [Line Items]
Credit spread	1.20%
Unsecured term loans | $200,000 unsecured term loan due 2023 | Maximum | LIBOR
Debt Instrument [Line Items]
Credit spread	1.85%
Unsecured term loans | $200,000 unsecured term loan due 2023 | Kite Realty Group, L.P.
Debt Instrument [Line Items]
Gross debt	$ 200,000
Unsecured term loans | $200,000 unsecured term loan due 2023 | Kite Realty Group, L.P. | Minimum | LIBOR | Leverage-based pricing
Debt Instrument [Line Items]
Credit spread	1.20%
Unsecured term loans | $200,000 unsecured term loan due 2023 | Kite Realty Group, L.P. | Minimum | LIBOR | Investment grade pricing
Debt Instrument [Line Items]
Credit spread	0.85%
Unsecured term loans | $200,000 unsecured term loan due 2023 | Kite Realty Group, L.P. | Maximum | LIBOR | Leverage-based pricing
Debt Instrument [Line Items]
Credit spread	1.85%
Unsecured term loans | $200,000 unsecured term loan due 2023 | Kite Realty Group, L.P. | Maximum | LIBOR | Investment grade pricing
Debt Instrument [Line Items]
Credit spread	1.65%
Unsecured term loans | $120,000 unsecured term loan due 2024
Debt Instrument [Line Items]
Gross debt	$ 120,000	120,000
Unsecured term loans | $120,000 unsecured term loan due 2024 | Minimum | LIBOR
Debt Instrument [Line Items]
Credit spread	1.20%
Unsecured term loans | $120,000 unsecured term loan due 2024 | Maximum | LIBOR
Debt Instrument [Line Items]
Credit spread	1.70%
Unsecured term loans | $120,000 unsecured term loan due 2024 | Kite Realty Group, L.P.
Debt Instrument [Line Items]
Gross debt	$ 120,000
Unsecured term loans | $120,000 unsecured term loan due 2024 | Kite Realty Group, L.P. | Minimum | LIBOR | Leverage-based pricing
Debt Instrument [Line Items]
Credit spread	1.20%
Unsecured term loans | $120,000 unsecured term loan due 2024 | Kite Realty Group, L.P. | Minimum | LIBOR | Investment grade pricing
Debt Instrument [Line Items]
Credit spread	0.80%
Unsecured term loans | $120,000 unsecured term loan due 2024 | Kite Realty Group, L.P. | Maximum | LIBOR | Leverage-based pricing
Debt Instrument [Line Items]
Credit spread	1.70%
Unsecured term loans | $120,000 unsecured term loan due 2024 | Kite Realty Group, L.P. | Maximum | LIBOR | Investment grade pricing
Debt Instrument [Line Items]
Credit spread	1.65%
Unsecured term loans | $150,000 unsecured term loan due 2026
Debt Instrument [Line Items]
Gross debt	$ 150,000	$ 150,000
Unsecured term loans | $150,000 unsecured term loan due 2026 | Minimum | LIBOR
Debt Instrument [Line Items]
Credit spread	1.20%
Unsecured term loans | $150,000 unsecured term loan due 2026 | Maximum | LIBOR
Debt Instrument [Line Items]
Credit spread	1.70%
Unsecured term loans | $150,000 unsecured term loan due 2026 | Kite Realty Group, L.P.
Debt Instrument [Line Items]
Gross debt	$ 150,000
Unsecured term loans | $150,000 unsecured term loan due 2026 | Kite Realty Group, L.P. | Minimum | LIBOR | Leverage-based pricing
Debt Instrument [Line Items]
Credit spread	1.20%
Unsecured term loans | $150,000 unsecured term loan due 2026 | Kite Realty Group, L.P. | Minimum | LIBOR | Investment grade pricing
Debt Instrument [Line Items]
Credit spread	0.75%
Unsecured term loans | $150,000 unsecured term loan due 2026 | Kite Realty Group, L.P. | Maximum | LIBOR | Leverage-based pricing
Debt Instrument [Line Items]
Credit spread	1.70%
Unsecured term loans | $150,000 unsecured term loan due 2026 | Kite Realty Group, L.P. | Maximum | LIBOR | Investment grade pricing
Debt Instrument [Line Items]
Credit spread	1.60%

MORTGAGE AND OTHER INDEBTEDN_11

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Debt Amortization (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Debt Disclosure [Abstract]
Amortization of debt issuance costs	$ 1,370	$ 1,230

DERIVATIVE INSTRUMENTS, HEDGI_2

DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) derivative_contract	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) derivative_contract	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) derivative_contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instruments in hedges, assets, at fair value	$ 10.3		$ 10.3
Derivative instruments in hedges, liabilities, at fair value	12.6		12.6		$ 35.7
Loss reclassified to earnings	3.3	$ 1.1	7.4	$ 2.4
Cash flow hedge, decrease to interest expense based upon interest payments made over the next 12 months	10.9		10.9
Forward-starting Interest Rate Swap Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swap contracts | derivative_contract					2
Derivative, notional amount					$ 150
Fixed interest rate					1.356%
Cash flow hedge derivative instrument assets at fair value	18.6		18.6
Accrued Interest
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instruments in hedges, liabilities, at fair value	$ 0.8		$ 0.8		$ 1
Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swap contracts | derivative_contract	12		12
Derivative, notional amount	$ 720		$ 720
Average fixed interest rate	3.72%		3.72%
Cash Flow Hedging | Interest Rate Swap | RPAI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 470		$ 470
Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swap contracts | derivative_contract	2		2
Derivative, notional amount	$ 155		$ 155
Fixed interest rate	4.52%		4.52%
Fair Value Hedging | LIBOR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Blending floating interest rate of LIBOR	3.70%		3.70%

SHAREHOLDERS_ EQUITY (Details)

SHAREHOLDERS’ EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 15, 2022	Apr. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Feb. 28, 2021	Feb. 23, 2021
Class of Stock [Line Items]
Distributions declared per common share/unit (in USD per share)			$ 0.20	$ 0.17	$ 0.39	$ 0.32
Common shares, par value (in USD per share)			$ 0.01		$ 0.01		$ 0.01
Aggregate value of shares authorized to be repurchased		$ 300						$ 150
Increase to value of shares authorized to be repurchased		$ 150
Number of shares repurchased (in shares)					0
Subsequent Event
Class of Stock [Line Items]
Distributions declared per common share/unit (in USD per share)	$ 0.21
ATM Offering Program
Class of Stock [Line Items]
Aggregate sales price of shares authorized to be sold under ATM program									$ 150
Common shares, par value (in USD per share)									$ 0.01
Number of shares sold under ATM program (in shares)					0

EARNINGS PER SHARE OR UNIT (Det

EARNINGS PER SHARE OR UNIT (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Weighted average limited partner units outstanding, basic (in shares)	2,800,000	2,500,000	2,600,000	2,500,000
Dilutive impact (in shares)		0	0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2017
Guarantor Obligations [Line Items]
Letters of credit outstanding	$ 1,500,000
Letters of credit outstanding, amount advanced	0
Repayment Guarantee
Guarantor Obligations [Line Items]
Current value of obligation		$ 5,900,000
Repayment Guarantee | Construction Loan
Guarantor Obligations [Line Items]
Current value of obligation	11,800,000
Co-venturer
Guarantor Obligations [Line Items]
Construction loan payable	$ 33,600,000
Embassy Suites Joint Venture
Guarantor Obligations [Line Items]
Ownership percentage in equity method investment		35%
Embassy Suites Joint Venture | Construction Loans
Guarantor Obligations [Line Items]
Line of credit, maximum borrowing capacity		$ 33,800,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	1 Months Ended	6 Months Ended
	Aug. 05, 2022 USD ($) ft² agreement derivative_contract mortgage_payable	Jun. 30, 2022 USD ($) ft² derivative_contract	Dec. 31, 2021
Subsequent Event [Line Items]
Square footage (in acres) | ft²		141,873
Acquisition price		$ 66,020,000
Cash Flow Hedging
Subsequent Event [Line Items]
Number of interest rate swap contracts | derivative_contract		12
Derivative, notional amount		$ 720,000,000
Unsecured term loans | Unsecured term loan 200M
Subsequent Event [Line Items]
Interest rate		4.10%	4.10%
Mortgages payable
Subsequent Event [Line Items]
Repayments of debt		$ 78,700,000
Interest rate		4.43%
Revolving Credit Facility
Subsequent Event [Line Items]
Interest rate		2.89%	1.20%
Revolving Credit Facility | Kite Realty Group, L.P.
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity		$ 1,600,000,000
Subsequent Event | Palms Plaza
Subsequent Event [Line Items]
Square footage (in acres) | ft²	68,976
Acquisition price	$ 35,800,000
Subsequent Event | Interest Rate Swap, Floating Rate to Fixed Rate | Kite Realty Group, L.P.
Subsequent Event [Line Items]
Number of interest rate swap contracts | derivative_contract	2
Subsequent Event | Interest Rate Swap, Variable Rate to Fixed Rate | Kite Realty Group, L.P.
Subsequent Event [Line Items]
Number of interest rate swap contracts | agreement	2
Subsequent Event | Cash Flow Hedging | Interest Rate Swap, Floating Rate to Fixed Rate | Kite Realty Group, L.P.
Subsequent Event [Line Items]
Derivative, notional amount	$ 200,000,000
Subsequent Event | Cash Flow Hedging | Interest Rate Swap, Variable Rate to Fixed Rate | Kite Realty Group, L.P.
Subsequent Event [Line Items]
Derivative, notional amount	100,000,000
Subsequent Event | Unsecured term loan 200M | Kite Realty Group, L.P.
Subsequent Event [Line Items]
Repayments of unsecured debt	$ 200,000,000
Subsequent Event | Unsecured term loans | Unsecured term loan 300M | Kite Realty Group, L.P.
Subsequent Event [Line Items]
Debt instrument term	7 years
Principal amount of debt issued	$ 300,000,000
Subsequent Event | Unsecured term loans | Unsecured term loan 200M | Kite Realty Group, L.P.
Subsequent Event [Line Items]
Principal amount of debt issued	$ 200,000,000
Subsequent Event | Mortgages payable
Subsequent Event [Line Items]
Number of mortgages payable repaid | mortgage_payable	2
Repayments of debt	$ 44,900,000
Interest rate	4.20%
Subsequent Event | Revolving Credit Facility | Kite Realty Group, L.P.
Subsequent Event [Line Items]
Increase in capacity of revolving credit facility	$ 250,000,000
Line of credit, maximum borrowing capacity	$ 1,100,000,000