KITE REALTY GROUP TRUST

For the period ended Dec 31, 2024. Filed Feb 12, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 12, 2025

KRG$25.88+1.0%Stored close · as of Nov 10, 2026

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Contents

“Schedule III – Consolidated Real Estate and Accumulated Depreciation”

Initial Cost · Cost CapitalizedSubsequent to Acquisition/Development · Gross Carrying AmountClose of Period
Name	Encumbrances	Land	Building &Improvements	Land	Building &Improvements	Land	Building &Improvements	Total	AccumulatedDepreciation	Year Built /Renovated	YearAcquired
Operating Properties
12th Street Plaza	$—	$2,624	$10,615	$—	$1,898	$2,624	$12,513	$15,137	$4,064	1978/2003	2012
54th & College	—	2,672	—	—	—	2,672	—	2,672	—	2008	NA
Arcadia Village	—	8,487	11,696	—	537	8,487	12,233	20,720	2,665	1957	2021
Avondale Plaza	—	6,723	10,066	—	74	6,723	10,140	16,863	1,863	2005	2021
Bayonne Crossing	—	47,809	38,362	—	2,980	47,809	41,342	89,151	13,274	2011	2014
Bayport Commons	—	7,005	20,402	—	4,820	7,005	25,222	32,227	11,479	2008	NA
Belle Isle Station	—	9,130	40,682	—	8,039	9,130	48,721	57,851	22,670	2000	2015
Bridgewater Marketplace	—	3,407	8,411	—	1,737	3,407	10,148	13,555	5,138	2008	NA
Burlington*	—	—	2,773	—	29	—	2,802	2,802	2,802	1992/2000	2000
Castleton Crossing	—	9,761	24,281	—	1,050	9,761	25,331	35,092	8,450	1975	2013
Cedar Park Town Center	—	9,032	25,678	—	336	9,032	26,014	35,046	3,433	2013	2021
Centennial Center	—	58,960	71,794	—	9,645	58,960	81,439	140,399	43,506	2002	2014
Centennial Gateway	—	5,305	48,413	—	1,352	5,305	49,765	55,070	20,401	2005	2014
Central Texas Marketplace	—	15,711	29,588	—	3,693	15,711	33,281	48,992	7,019	2004	2021
Centre at Laurel	—	6,122	34,643	—	1,079	6,122	35,722	41,844	6,613	2005	2021
Centre Point Commons*	—	2,918	22,272	—	916	2,918	23,188	26,106	9,438	2007	2014
Chantilly Crossing	—	12,309	17,458	—	1,252	12,309	18,710	31,019	3,433	2004	2021
Chapel Hill Shopping Center*	—	—	34,653	—	3,147	—	37,800	37,800	16,631	2001	2015
Circle East	—	1,188	27,010	—	2,103	1,188	29,113	30,301	3,201	1998/2022	2021
Clearlake Shores Shopping Center	—	3,845	6,512	—	912	3,845	7,424	11,269	1,399	2003	2021
Coal Creek Marketplace	—	9,397	11,645	—	310	9,397	11,955	21,352	2,682	1991	2021
Cobblestone Plaza	—	10,374	43,978	—	3,960	10,374	47,938	58,312	19,296	2011	NA
Colleyville Downs	—	5,446	38,134	—	4,211	5,446	42,345	47,791	22,156	2014	2015
Colonial Square	—	7,521	18,499	—	3,524	7,521	22,023	29,544	8,258	2010	2014
Colony Square	—	20,300	18,310	—	813	20,300	19,123	39,423	5,029	1997	2021
Commons at Temecula	—	18,966	44,183	—	545	18,966	44,728	63,694	10,474	1999	2021
Cool Creek Commons	—	6,062	12,302	—	7,990	6,062	20,292	26,354	9,543	2005	NA
Cool Springs Market	—	12,444	22,383	40	11,606	12,484	33,989	46,473	16,537	1995	2013
Coppell Town Center	—	5,052	11,240	—	806	5,052	12,046	17,098	2,655	1999	2021
Coram Plaza	—	6,992	22,995	—	552	6,992	23,547	30,539	4,533	2004	2021
Cypress Mill Plaza	—	6,320	10,056	—	497	6,320	10,553	16,873	2,150	2004	2021
Davis Towne Crossing	—	995	8,939	—	149	995	9,088	10,083	1,751	2003	2021

Initial Cost · Cost CapitalizedSubsequent to Acquisition/Development · Gross Carrying AmountClose of Period
Name	Encumbrances	Land	Building &Improvements	Land	Building &Improvements	Land	Building &Improvements	Total	AccumulatedDepreciation	Year Built /Renovated	YearAcquired
Operating Properties (continued)
Delray Marketplace	$14,600	$18,750	$84,751	$1,284	$11,093	$20,034	$95,844	$115,878	$35,830	2013	NA
Denton Crossing	—	8,257	38,695	—	4,962	8,257	43,657	51,914	8,638	2003	2021
DePauw University Bookstore & Café*	—	64	663	—	45	64	708	772	606	2012	NA
Downtown Crown	—	25,759	76,631	—	7,197	25,759	83,828	109,587	10,444	2014	2021
Draper Crossing	—	9,054	27,063	—	2,541	9,054	29,604	38,658	13,390	2012	2014
Draper Peaks	—	11,498	46,748	522	6,611	12,020	53,359	65,379	19,370	2012	2014
East Stone Commons*	—	3,766	21,311	—	151	3,766	21,462	25,228	4,058	2005	2021
Eastern Beltway	—	23,221	45,548	—	8,961	23,221	54,509	77,730	20,227	1998/2006	2014
Eastgate Crossing	—	4,244	58,197	—	6,019	4,244	64,216	68,460	8,979	1958/2007	2020
Eastgate Pavilion	—	8,026	18,262	—	3,294	8,026	21,556	29,582	10,816	1995	2004
Eastwood Towne Center	—	3,242	55,765	—	6,694	3,242	62,459	65,701	12,736	2002	2021
Eddy Street Commons*	—	1,900	48,164	—	6,950	1,900	55,114	57,014	19,316	2009/2022	NA
Edwards Multiplex	—	22,583	28,710	—	204	22,583	28,914	51,497	7,366	1997	2021
Estero Town Commons	—	7,453	9,902	—	1,442	7,453	11,344	18,797	5,490	2006	NA
Fairgrounds Plaza	—	12,690	15,249	—	94	12,690	15,343	28,033	3,025	2002	2021
Fishers Station	—	4,966	13,028	—	386	4,966	13,414	18,380	5,424	2018	NA
Fordham Place	—	41,993	101,490	—	804	41,993	102,294	144,287	15,235	1920/2009	2021
Fort Evans Plaza II	—	14,110	38,711	—	5,506	14,110	44,217	58,327	6,656	2008	2021
Fullerton Metrocenter	—	55,794	42,757	—	4,503	55,794	47,260	103,054	10,602	1988	2021
Galvez Shopping Center	—	494	4,951	—	250	494	5,201	5,695	1,001	2004	2021
Gardiner Manor Mall	—	29,521	19,861	—	7,510	29,521	27,371	56,892	5,299	2000	2021
Gateway Pavilions	—	44,167	9,022	—	2,030	44,167	11,052	55,219	3,060	2003	2021
Gateway Plaza	—	15,608	21,613	—	2,463	15,608	24,076	39,684	6,018	2000	2021
Gateway Station	—	10,679	10,527	—	611	10,679	11,138	21,817	2,188	2003	2021
Gateway Village	—	32,045	33,359	—	782	32,045	34,141	66,186	7,894	1996	2021
Geist Pavilion	—	1,368	7,161	—	2,830	1,368	9,991	11,359	5,383	2006	NA
Gerry Centennial Plaza	—	3,448	9,605	—	317	3,448	9,922	13,370	1,891	2006	2021
Glendale Town Center	—	1,442	41,558	(187)	25,608	1,255	67,166	68,421	37,452	1958/2021	1999
Grapevine Crossing	—	7,021	11,900	—	1,117	7,021	13,017	20,038	2,873	2001	2021
Green's Corner	—	4,716	13,702	—	150	4,716	13,852	18,568	3,097	1997	2021
Greyhound Commons	—	2,629	6	—	2,813	2,629	2,819	5,448	874	2005	NA
Gurnee Town Center	—	7,348	20,512	—	1,054	7,348	21,566	28,914	4,715	2000	2021

Initial Cost · Cost CapitalizedSubsequent to Acquisition/Development · Gross Carrying AmountClose of Period
Name	Encumbrances	Land	Building &Improvements	Land	Building &Improvements	Land	Building &Improvements	Total	AccumulatedDepreciation	Year Built /Renovated	YearAcquired
Operating Properties (continued)
Henry Town Center	$—	$9,353	$49,262	$—	$2,920	$9,353	$52,182	$61,535	$11,213	2002	2021
Heritage Square	—	11,373	16,159	—	609	11,373	16,768	28,141	3,786	1985	2021
Heritage Towne Crossing	—	5,720	14,738	—	424	5,720	15,162	20,882	3,175	2002	2021
Holly Springs Towne Center	—	22,324	93,199	—	8,513	22,324	101,712	124,036	33,498	2013	NA
Home Depot Center*	—	—	20,122	—	462	—	20,584	20,584	4,420	1996	2021
Huebner Oaks	—	19,423	35,529	—	1,151	19,423	36,680	56,103	6,818	1996	2021
Humblewood Shopping Center	—	3,921	10,826	—	519	3,921	11,345	15,266	2,262	1979/2005	2021
Hunter's Creek Promenade	—	8,017	12,289	179	2,015	8,196	14,304	22,500	5,726	1994	2013
Indian River Square	—	4,000	5,775	1,100	6,105	5,100	11,880	16,980	4,593	1997/2004	2005
International Speedway Square	—	7,157	10,757	—	9,588	7,157	20,345	27,502	13,447	1999	NA
Jefferson Commons	—	23,356	19,657	—	2,804	23,356	22,461	45,817	5,081	2005	2021
John's Creek Village	—	7,668	39,579	—	1,287	7,668	40,866	48,534	8,044	2004	2021
Killingly Commons	—	21,999	29,649	—	2,169	21,999	31,818	53,817	10,519	2010	2014
King's Lake Square	—	4,519	12,201	—	1,952	4,519	14,153	18,672	7,870	1986/2014	2003
La Plaza Del Norte	—	18,113	32,669	—	691	18,113	33,360	51,473	7,656	1996	2021
Lake City Commons	—	4,693	11,348	—	692	4,693	12,040	16,733	4,287	2008	2014
Lake Mary Plaza	—	1,413	8,537	—	291	1,413	8,828	10,241	3,106	2009	2014
Lake Worth Towne Crossing	—	6,228	28,699	—	552	6,228	29,251	35,479	5,563	2005	2021
Lakewood Towne Center	—	32,864	30,794	—	3,012	32,864	33,806	66,670	7,518	2002	2021
Lincoln Park	—	14,757	39,830	—	1,266	14,757	41,096	55,853	8,902	1997	2021
Lincoln Plaza	—	6,239	38,269	—	5,760	6,239	44,029	50,268	9,786	2001	2021
Lithia Crossing	—	3,065	6,844	—	4,375	3,065	11,219	14,284	4,112	1994/2003	2011
Lowe's Center	—	19,894	—	—	70	19,894	70	19,964	2	2005	2021
MacArthur Crossing	—	11,190	31,192	—	1,942	11,190	33,134	44,324	5,436	1995	2021
Main Street Promenade	—	2,630	60,115	—	1,608	2,630	61,723	64,353	7,591	2003	2021
Manchester Meadows	—	10,788	30,107	—	254	10,788	30,361	41,149	8,295	1994	2021
Mansfield Towne Crossing	—	2,966	14,229	—	716	2,966	14,945	17,911	2,993	2003	2021
Market Street Village	—	9,764	16,360	—	5,609	9,764	21,969	31,733	11,632	1970/2004	2005
Merrifield Town Center	—	5,186	41,073	—	1,723	5,186	42,796	47,982	6,566	2008	2021
Merrifield Town Center II	—	19,614	23,042	—	159	19,614	23,201	42,815	3,725	1972/2007	2021
Miramar Square	—	26,492	30,696	387	10,264	26,879	40,960	67,839	14,099	2008	2014
Mullins Crossing*	—	10,582	38,703	—	7,221	10,582	45,924	56,506	18,352	2005	2014

Initial Cost · Cost CapitalizedSubsequent to Acquisition/Development · Gross Carrying AmountClose of Period
Name	Encumbrances	Land	Building &Improvements	Land	Building &Improvements	Land	Building &Improvements	Total	AccumulatedDepreciation	Year Built /Renovated	YearAcquired
Operating Properties (continued)
Naperville Marketplace	$—	$5,364	$11,377	$—	$281	$5,364	$11,658	$17,022	$5,623	2008	NA
New Forest Crossing	—	7,175	11,976	—	317	7,175	12,293	19,468	2,667	2003	2021
New Hyde Park Shopping Center	—	10,792	9,548	—	607	10,792	10,155	20,947	1,458	1964/2011	2021
Newnan Crossing	—	6,616	40,854	—	1,342	6,616	42,196	48,812	10,140	1999	2021
Newton Crossroads	—	1,004	10,755	—	243	1,004	10,998	12,002	2,429	1997	2021
Nora Plaza	3,203	3,790	19,508	5,002	32,366	8,792	51,874	60,666	7,536	2004	2019
North Benson Center	—	16,632	9,736	—	1,160	16,632	10,896	27,528	2,448	1988	2021
Northcrest Shopping Center	—	4,044	33,835	—	2,182	4,044	36,017	40,061	13,537	2008	2014
Northdale Promenade	—	1,718	27,242	—	(38)	1,718	27,204	28,922	19,003	2017	NA
Northgate North	21,681	20,063	48,663	—	2,926	20,063	51,589	71,652	11,813	1999	2021
Northpointe Plaza	—	15,964	35,248	—	1,252	15,964	36,500	52,464	7,721	1991	2021
Oak Brook Promenade	—	6,753	48,592	—	4,593	6,753	53,185	59,938	9,589	2006	2021
Oleander Place*	—	847	5,226	—	239	847	5,465	6,312	3,066	2012	2011
One Loudoun Downtown	95,095	74,400	234,310	—	10,449	74,400	244,759	319,159	32,579	2013/2022	2021
Oswego Commons	—	5,746	8,135	—	7,267	5,746	15,402	21,148	2,545	2002	2021
Palms Plaza	—	12,049	24,324	—	972	12,049	25,296	37,345	4,388	1988/2004	2022
Paradise Valley Marketplace	—	6,889	35,761	—	233	6,889	35,994	42,883	7,400	2002	2021
Parkside Town Commons	—	21,806	107,057	(60)	12,137	21,746	119,194	140,940	44,126	2015	N/A
Parkside West Cobb	—	6,750	31,351	—	331	6,750	31,682	38,432	552	2016	2024
Parkway Towne Crossing	—	15,099	28,265	—	1,439	15,099	29,704	44,803	4,653	2010	2021
Pavilion at King's Grant	—	5,086	39,723	—	2,169	5,086	41,892	46,978	9,740	2002	2021
Pebble Marketplace	—	7,504	34,329	—	931	7,504	35,260	42,764	3,536	1997	2022
Pelham Manor Shopping Plaza*	—	—	42,224	—	512	—	42,736	42,736	6,893	2008	2021
Peoria Crossing	—	18,879	15,782	—	1,336	18,879	17,118	35,997	3,914	2002	2021
Perimeter Woods	—	6,893	27,245	—	5,569	6,893	32,814	39,707	11,453	2008	2014
Pine Ridge Crossing	—	5,640	16,291	—	6,444	5,640	22,735	28,375	11,175	1994	2006
Plaza at Cedar Hill	—	5,782	31,636	—	17,693	5,782	49,329	55,111	25,247	2000	2004
Plaza at Marysville	—	6,710	18,399	—	328	6,710	18,727	25,437	4,280	1995	2021
Pleasant Hill Commons	—	3,350	10,064	—	(183)	3,350	9,881	13,231	3,632	2008	2014
Pleasant Run Towne Crossing	—	4,465	24,738	—	1,836	4,465	26,574	31,039	5,486	2004	2021
Portofino Shopping Center	—	4,721	75,005	—	20,700	4,721	95,705	100,426	45,462	1999	2013
Prestonwood Place	—	14,282	61,304	—	403	14,282	61,707	75,989	3,546	1979/2020	2023

Initial Cost · Cost CapitalizedSubsequent to Acquisition/Development · Gross Carrying AmountClose of Period
Name	Encumbrances	Land	Building &Improvements	Land	Building &Improvements	Land	Building &Improvements	Total	AccumulatedDepreciation	Year Built /Renovated	YearAcquired
Operating Properties (continued)
Publix at Woodruff	$—	$1,783	$6,285	$—	$1,009	$1,783	$7,294	$9,077	$5,483	1997	2012
Rampart Commons	5,676	1,136	41,981	—	1,462	1,136	43,443	44,579	19,948	2018	2014
Rangeline Crossing	—	1,981	17,459	—	4,213	1,981	21,672	23,653	8,780	1986/2013	NA
Riverchase Plaza	—	3,889	10,875	—	1,343	3,889	12,218	16,107	6,418	1991/2001	2006
Rivers Edge	—	5,647	28,778	—	3,245	5,647	32,023	37,670	12,395	2011	2008
Rivery Towne Crossing	—	5,230	2,207	—	1,075	5,230	3,282	8,512	788	2005	2021
Royal Oaks Village II	—	3,462	9,092	—	867	3,462	9,959	13,421	2,090	2004	2021
Sawyer Heights Village	—	18,720	19,403	—	558	18,720	19,961	38,681	3,313	2007	2021
Saxon Crossing	—	3,764	15,133	—	926	3,764	16,059	19,823	5,899	2009	2014
Shoppes at Hagerstown	—	6,796	15,872	—	749	6,796	16,621	23,417	2,726	2008	2021
Shoppes at Plaza Green	—	3,749	20,762	—	6,829	3,749	27,591	31,340	10,846	2000	2012
Shoppes at Quarterfield	—	4,105	8,706	—	645	4,105	9,351	13,456	1,122	1999/2022	2021
Shoppes of Eastwood	—	1,688	8,911	—	1,146	1,688	10,057	11,745	5,705	1997	2013
Shoppes of New Hope	—	2,107	10,580	—	154	2,107	10,734	12,841	1,950	2004	2021
Shoppes of Prominence Point	—	2,945	11,078	—	556	2,945	11,634	14,579	2,183	2004	2021
Shops at Eagle Creek	—	2,121	7,966	—	4,759	2,121	12,725	14,846	6,754	1998	2003
Shops at Forest Commons	—	1,616	9,320	—	617	1,616	9,937	11,553	2,056	2002	2021
Shops at Julington Creek	—	2,372	7,286	—	381	2,372	7,667	10,039	2,547	2011	2014
Shops at Moore	—	6,284	23,561	—	3,205	6,284	26,766	33,050	9,302	2010	2014
Shops at Park Place	—	8,042	18,358	—	272	8,042	18,630	26,672	4,192	2001	2021
Silver Springs Pointe	—	7,580	4,947	—	562	7,580	5,509	13,089	2,628	2001	2014
Southlake Corners	—	7,998	16,556	—	370	7,998	16,926	24,924	4,057	2004	2021
Southlake Town Square	—	19,534	321,502	—	21,640	19,534	343,142	362,676	74,304	1998	2021
Stilesboro Oaks	—	3,712	11,270	—	126	3,712	11,396	15,108	2,530	1997	2021
Stonebridge Plaza	—	1,923	7,917	—	197	1,923	8,114	10,037	1,758	1997	2021
Stoney Creek Commons	—	628	3,657	—	6,162	628	9,819	10,447	6,039	2000	NA
Sunland Towne Centre	—	14,774	22,233	—	6,087	14,774	28,320	43,094	14,781	1996	2004
Tacoma South	—	30,058	3,308	—	1,247	30,058	4,555	34,613	862	1984	2021
Target South Center	—	2,581	9,553	—	136	2,581	9,689	12,270	2,143	1999	2021
Tarpon Bay Plaza	—	3,855	23,796	—	3,161	3,855	26,957	30,812	11,910	2007	NA
The Brickyard	—	29,389	19,182	—	5,418	29,389	24,600	53,989	5,067	1977/2004	2021
The Corner	—	3,772	23,437	—	280	3,772	23,717	27,489	7,477	2008	2014

Initial Cost · Cost CapitalizedSubsequent to Acquisition/Development · Gross Carrying AmountClose of Period
Name	Encumbrances	Land	Building &Improvements	Land	Building &Improvements	Land	Building &Improvements	Total	AccumulatedDepreciation	Year Built / Renovated	YearAcquired
Operating Properties (continued)
The Landing at Tradition	$—	$17,605	$45,907	$—	$24,621	$17,605	$70,528	$88,133	$20,208	2007	2014
The Shoppes at Union Hill	7,930	9,876	46,234	—	1,633	9,876	47,867	57,743	9,260	2003	2021
The Shops at Legacy	—	14,864	118,670	—	13,913	14,864	132,583	147,447	26,045	2002	2021
Tollgate Marketplace	—	11,963	65,350	—	14,268	11,963	79,618	91,581	15,921	1979/1994	2021
Toringdon Market	—	5,448	9,325	—	1,026	5,448	10,351	15,799	4,368	2004	2013
Towson Square	—	1,412	27,108	—	41	1,412	27,149	28,561	4,213	2014	2021
Traders Point	—	11,135	42,152	—	3,216	11,135	45,368	56,503	27,761	2005	NA
Tradition Village Center	—	3,140	14,607	—	1,472	3,140	16,079	19,219	6,508	2006	2014
Tysons Corner	—	13,334	10,407	—	140	13,334	10,547	23,881	1,502	1980/2013	2021
Village Shoppes at Simonton	—	1,627	11,638	—	128	1,627	11,766	13,393	2,207	2004	2021
Walter's Crossing	—	13,056	20,656	—	4,251	13,056	24,907	37,963	4,359	2005	2021
Watauga Pavilion	—	5,511	23,936	—	247	5,511	24,183	29,694	4,736	2003	2021
Waterford Lakes Village	—	2,317	1,873	—	11,464	2,317	13,337	15,654	2,034	1997	2004
Waxahachie Crossing	—	1,411	15,698	—	(257)	1,411	15,441	16,852	5,211	2010	2014
Westbury Center	—	4,540	12,866	—	142	4,540	13,008	17,548	2,702	2000	2021
Winchester Commons	—	2,119	9,325	—	35	2,119	9,360	11,479	2,094	1999	2021
Woodinville Plaza	—	24,722	30,014	—	1,286	24,722	31,300	56,022	7,078	1981	2021
Total Operating Properties	148,185	1,800,175	5,020,884	8,267	587,336	1,808,442	5,608,220	7,416,662	1,564,466

Initial Cost · Cost CapitalizedSubsequent to Acquisition/Development · Gross Carrying AmountClose of Period
Name	Encumbrances	Land	Building &Improvements	Land	Building &Improvements	Land	Building &Improvements	Total	AccumulatedDepreciation	Year Built / Renovated	YearAcquired
Office and Other Properties
Carillon MOB	$—	$881	$34,684	$—	$—	$881	$34,684	$35,565	$348	2024	2021
Thirty South Meridian	—	1,643	7,841	—	30,692	1,643	38,533	40,176	19,504	1905/2002	2001
Union Station Parking Garage	—	904	2,310	—	2,281	904	4,591	5,495	2,402	1986	2001
Total Office Properties	—	3,428	44,835	—	32,973	3,428	77,808	81,236	22,254
Development and Redevelopment Projects
Carillon	—	27,358	5,052	—	4,329	27,358	9,381	36,739	941	2004	2021
Hamilton Crossing Centre	—	3,514	2,017	(19)	858	3,495	2,875	6,370	—	N/A	N/A
One Loudoun – Uptown	—	88,514	—	(88)	2,706	88,426	2,706	91,132	—	N/A	2021
The Corner – IN	—	—	—	—	—	—	—	—	—	N/A	N/A
Total Development and Redevelopment Projects	—	119,386	7,069	(107)	7,893	119,279	14,962	134,241	941
Other **
Bridgewater Marketplace	—	855	—	—	—	855	—	855	—	N/A	N/A
KRG Development	—	—	—	—	—	—	—	—	—	N/A	N/A
KRG New Hill	—	1,092	—	105	—	1,197	—	1,197	—	N/A	N/A
KRG Peakway	—	—	—	—	—	—	—	—	—	N/A	N/A
Total Other	—	1,947	—	105	—	2,052	—	2,052	—
Line of credit/Term loans/Unsecured notes	3,080,000	—	—	—	—	—	—	—	—	N/A	N/A
Grand Total	$3,228,185	$1,924,936	$5,072,788	$8,265	$628,202	$1,933,201	$5,700,990	$7,634,191	$1,587,661

This property or a portion of the property is subject to a ground lease for the land.

** This category generally includes land held for development. We also have certain additional land parcels at our development and operating properties, which amounts are included elsewhere in this table.

Notes to Schedule III

(dollars in thousands)

NOTE 1. RECONCILIATION OF INVESTMENT PROPERTIES

The changes in investment properties for the years ended December 31, 2024, 2023 and 2022 are as follows:

	Year Ended December 31,
	2024	2023	2022
Balance as of January 1,	$7,740,061	$7,732,573	$7,584,735
Acquisitions related to the RPAI merger	—	—	(16,672)
Acquisitions	38,101	75,587	99,064
Property held for sale	(105,828)	—	—
Improvements	139,895	140,654	152,165
Impairment of property	(101,678)	—	—
Disposals	(76,360)	(208,753)	(86,719)
Balance as of December 31,	$7,634,191	$7,740,061	$7,732,573

The unaudited aggregate cost of investment properties for U.S. federal income tax purposes as of December 31, 2024 was approximately $8.2 billion.

NOTE 2. RECONCILIATION OF ACCUMULATED DEPRECIATION

The changes in accumulated depreciation for the years ended December 31, 2024, 2023 and 2022 are as follows:

	Year Ended December 31,
	2024	2023	2022
Balance as of January 1,	$1,381,770	$1,161,148	$879,306
Depreciation expense	314,632	317,593	318,809
Property held for sale	(1,360)	—	—
Impairment of property	(35,477)	—	—
Disposals	(71,904)	(96,971)	(36,967)
Balance as of December 31,	$1,587,661	$1,381,770	$1,161,148

Depreciation of investment properties reflected in the accompanying consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as follows:

Buildings	20 – 35 years
Building improvements	10 – 35 years
Tenant improvements	Term of related lease
Furniture and fixtures	5 – 10 years

All other schedules have been omitted because they are inapplicable, not required or the information is included elsewhere in the accompanying consolidated financial statements or notes thereto.

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