$KRG

KITE REALTY GROUP TRUST

CIK:0001286043|SEC Filings

Consolidated Statements of Operations and Comprehensive Income - KRG Trust - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Rental income	$ 193,314	$ 211,182	$ 391,356	$ 430,354
Total revenue	196,258	213,390	396,955	434,467
Expenses:
Property operating	28,495	28,881	59,611	58,707
Real estate taxes	24,478	26,651	49,302	54,412
General, administrative and other	14,543	13,390	28,493	25,648
Depreciation and amortization	81,604	97,887	164,095	196,118
Impairment charges	980	0	6,868	0
Total expenses	150,100	166,809	308,369	334,885
Other (expense) income:
Interest expense	(31,743)	(34,052)	(63,439)	(67,006)
Income tax expense of taxable REIT subsidiaries	(426)	(199)	(821)	(209)
Gain on sales of operating properties, net	87,727	103,022	87,727	103,113
Net gains from outlot sales	1,364	0	2,403	0
Gain on deconsolidation of joint venture	60,625	0	60,625	0
Equity in loss of unconsolidated joint ventures	(1,344)	(3,238)	(3,560)	(3,845)
Other income, net	3,169	485	5,741	5,228
Net income	165,530	112,599	177,262	136,863
Net income attributable to noncontrolling interests	(4,226)	(2,281)	(4,564)	(2,815)
Net income attributable to common shareholders	$ 161,304	$ 110,318	$ 172,698	$ 134,048
Net income per common share – basic (in USD per share)	$ 0.80	$ 0.50	$ 0.85	$ 0.61
Net income per common share – diluted (in USD per share)	$ 0.79	$ 0.50	$ 0.84	$ 0.61
Weighted average common shares outstanding – basic (in shares)	202,231,374	219,835,322	203,949,318	219,775,829
Weighted average common shares outstanding – diluted (in shares)	203,198,303	219,949,868	204,651,324	219,888,939
Net income	$ 165,530	$ 112,599	$ 177,262	$ 136,863
Change in fair value of derivatives	(1,823)	(3,991)	(3,523)	(8,271)
Total comprehensive income	163,707	108,608	173,739	128,592
Comprehensive income attributable to noncontrolling interests	(4,187)	(2,200)	(4,552)	(2,759)
Comprehensive income attributable to the Company	159,520	106,408	169,187	125,833
Other property-related revenue
Revenue:
Other revenue	1,566	1,355	2,925	2,835
Fee income
Revenue:
Other revenue	$ 1,378	$ 853	$ 2,674	$ 1,278

Consolidated Statements of Cash Flows - KRG Trust - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 177,262	$ 136,863
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	167,656	199,451
Gain on sales of operating properties, net	(87,727)	(103,113)
Net gains from outlot sales	(2,403)	0
Gain on deconsolidation of joint venture	(60,625)	0
Impairment charges	6,868	0
Straight-line rent	(4,384)	(5,074)
Compensation expense for equity awards	5,911	5,220
Amortization of debt fair value adjustments	(2,722)	(3,551)
Amortization of in-place lease liabilities	(3,181)	(5,107)
Equity in loss of unconsolidated joint ventures	3,560	3,845
Distributions from unconsolidated joint ventures	12,124	630
Changes in assets and liabilities:
Tenant receivables	1,988	1,712
Deferred costs and other assets	(7,496)	(10,540)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(30,288)	(13,442)
Net cash provided by operating activities	176,543	206,894
Cash flows from investing activities:
Acquisition of real estate	(143,222)	(67,854)
Capital expenditures	(70,279)	(83,290)
Net proceeds from outlot sales	6,703	0
Net proceeds from sales of operating properties	315,987	232,523
Investments in unconsolidated joint ventures	0	(253,924)
Proceeds from short-term deposits	0	350,000
Change in cash from deconsolidation of joint venture	(2,029)	0
Distributions from unconsolidated joint ventures	386	2,780
Capital contributions to unconsolidated joint ventures	(310)	(2,205)
Net cash provided by investing activities	107,236	178,030
Cash flows from financing activities:
Proceeds from issuance of common shares, net	41	36
Repurchases of common shares upon the vesting of restricted shares	(1,450)	(1,171)
Shares repurchased through Share Repurchase Program	(198,135)	0
Debt and equity issuance costs	(177)	(2,893)
Loan proceeds	319,000	696,539
Loan payments	(406,673)	(900,608)
Distributions paid – common shareholders	(148,974)	(118,659)
Distributions paid – redeemable noncontrolling interests	(4,238)	(3,758)
Distributions to noncontrolling interests	(155)	(127)
Net cash used in financing activities	(440,761)	(330,641)
Net change in cash, cash equivalents and restricted cash	(156,982)	54,283
Cash, cash equivalents and restricted cash, beginning of period	478,391	133,552
Cash, cash equivalents and restricted cash, end of period	321,409	187,835
Non-cash investing and financing activities:
Accrued capital expenditures and tenant improvements	42	2,697
Accrued share repurchase through Share Repurchase Program	30,000	0
Reduction in consolidated indebtedness from deconsolidation of joint venture	95,095	0
Contribution of land to unconsolidated joint venture	6,939	0
Contribution of real estate and working capital in exchange for equity investment in unconsolidated joint venture	$ 0	$ 122,622

Consolidated Balance Sheets - KRG Trust - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Investment properties, at cost	$ 6,849,310	$ 7,003,479
Less: accumulated depreciation	(1,713,358)	(1,656,191)
Net investment properties	5,135,952	5,347,288
Cash and cash equivalents	144,578	36,761
Tenant and other receivables, including accrued straight-line rent of $72,489 and $70,940, respectively	129,860	127,865
Restricted cash and escrow deposits	176,831	441,605
Deferred costs, net	178,173	181,553
Prepaid and other assets	90,127	93,913
Investments in unconsolidated joint ventures	410,691	364,407
Assets associated with investment properties held for sale	0	71,105
Total assets	6,266,212	6,664,497
Liabilities:
Mortgage and other indebtedness, net	2,842,758	3,025,478
Accounts payable and accrued expenses	170,304	221,118
Deferred revenue and other liabilities	232,622	221,813
Liabilities associated with investment properties held for sale	0	4,314
Total liabilities	3,245,684	3,472,723
Commitments and contingencies
Limited Partners’ interests in the Operating Partnership	150,634	116,245
Equity:
Common shares, $0.01 par value, 490,000,000 shares authorized, 200,346,933 and 208,979,900 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	2,003	2,090
Additional paid-in capital	4,355,759	4,612,280
Accumulated other comprehensive income	19,568	23,079
Accumulated deficit	(1,508,134)	(1,563,840)
Total shareholders’ equity	2,869,196	3,073,609
Noncontrolling interests	698	1,920
Total equity	2,869,894	3,075,529
Total liabilities and equity	$ 6,266,212	$ 6,664,497