KRG Kite Realty Group Trust

$KRG Q3 '26 same-property NOI +3.6% YoY, driven by rent bumps, leasing gains and lower bad debt. Retail leased rate hit 95.3% (+140 bps YoY), shops 92.7% (+90 bps). Blended cash rent spreads reached 14.6%; new leases 33.7%. FY26 core FFO guidance raised to $2.08–2.12/share and NOI growth to 3.4–3.9%. Catalysts in play - $38.8M signed-not-open NOI pipeline; ~$24M starts in 2027. - Project Elevate: $1.1B asset sales and 22M shares repurchased. - ~$230M excess proceeds for buybacks, debt or acquisitions. - Embedded rent growth approaching 200 bps. - Fitch upgrade to BBB+; 5.2x leverage, $1.1B liquidity. - Small-shop lease rate could rise toward 94%. Risks to watch - ~$14M interest income benefit in 2026 won't recur in 2027. - ~$0.03/share noncash drag expected into 2027. - $170M Project Elevate disposals still pending; timing matters. - Higher debt costs limit acquisition returns. - Land-sale gains are volatile and not guaranteed. - Interest rates could pressure REIT valuations and funding.

$KRG Q3 '26 Earnings Results & Recap • Reported GAAP EPS of -$0.07 • Reported revenue of $190.28M down -7.21% YoY • Kite Realty expects 2026 net income of $0.88 to $0.92 per diluted share and raised Core FFO and NAREIT FFO guidance to $2.08 to $2.12 per diluted share from $2.06 to $2.12.