KITE REALTY GROUP TRUST

Previous wording

•economic, business, banking, real estate and other market conditions, particularly in connection with low or negative growth in the U.S. economy as well as economic uncertainty (including from an economic slowdown or recession, disruptions related to tariffs and other trade or sanction issues, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending);

Current wording

•economic, business, banking, real estate and other market conditions, particularly in connection with low or negative growth in the U.S. economy as well as economic uncertainty (including from an economic slowdown or recession, federal government shutdown, disruptions related to tariffs and other trade or sanction issues, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending);

Previous wording

•acquisition, disposition, development and joint venture risks;

Current wording

•acquisition, disposition, development and joint venture risks, including the ability to complete acquisitions and dispositions on the terms and timing anticipated;

Previous wording

Kite Realty Group Trust is a publicly held REIT that, through its majority-owned subsidiary, Kite Realty Group, L.P., owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development, and redevelopment of high-quality, open-air, grocery-anchored shopping centers and vibrant mixed-use assets that are primarily located in high-growth Sun Belt markets and select strategic gateway markets in the United States. We derive our revenue primarily from the collection of contractual rents and reimbursement payments from tenants under existing lease agreements at each of our properties. Therefore, our operating results depend materially on, among other things, the ability of our tenants to make required lease payments, the health and resilience of the U.S. retail sector, interest rate volatility, stability in the banking sector, job growth, the real estate market, and overall economic conditions.

Current wording

Kite Realty Group Trust is a publicly held REIT that, through its majority-owned subsidiary, Kite Realty Group, L.P., owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development, and redevelopment of high-quality, open-air, grocery-anchored shopping centers and vibrant mixed-use assets that are primarily located in high-growth Sun Belt markets and select strategic gateway markets in the United States. We derive our revenue primarily from the collection of contractual rents and reimbursement payments from tenants under existing lease agreements at each of our properties. Therefore, our operating results depend materially on, among other things, the ability of our tenants to make required lease payments, the health and resilience of the U.S. retail sector, particularly in light of increased tariffs in 2025, interest rate volatility, job growth, the real estate market, and overall economic conditions.

Previous wording

As of June 30, 2025, we own interests in 179 operating retail/mixed-used properties, including 171 wholly owned shopping centers and eight shopping centers owned through four unconsolidated joint ventures, totaling approximately 29.4 million square feet, excluding two operating retail properties classified as held for sale as of June 30, 2025, and two standalone office properties with 0.4 million square feet. Of the 179 operating retail/mixed-use properties, 11 contain an office component. We also own interests in one development project under construction as of June 30, 2025 and an additional two properties with future redevelopment opportunities.

Current wording

As of September 30, 2025, we own interests in 178 operating retail/mixed-used properties, including 170 wholly owned shopping centers and eight shopping centers owned through four unconsolidated joint ventures, totaling approximately 29.3 million square feet, excluding (i) one operating retail property classified as held for sale as of September 30, 2025, (ii) Eastgate Crossing, a 152,682 square foot multi-tenant retail property in the Durham-Chapel Hill MSA that was reclassified from our operating portfolio in September 2025 due to significant disruption caused by severe flooding as a result of Tropical Storm Chantal, and (iii) two standalone office properties with 0.4 million square feet. Of the 178 operating retail/mixed-use properties, 11 contain an office component. We also own interests in one development project under construction as of September 30, 2025 and an additional two properties with future redevelopment opportunities.

Previous wording

We continue to monitor the impact of inflation and tariffs on our operating and financial performance. Although inflation has moderated significantly from peak levels experienced during 2022, inflation may increase in the near future given the enactment of tariffs on all imported goods and targeting specific countries by the U.S. government in 2025. These tariffs may lead to higher prices for many of the products that our tenants sell, potentially reducing consumer demand and spending and impacting our tenants’ sales volume. This, in turn, could put downward pricing pressure on rents that we are able to charge to new or renewing tenants, such that rent spreads and, in some cases, our percentage rents could be impacted. Additionally, uncertainty regarding the scope and duration of the current and potential tariffs can lead to significant business uncertainty, affecting our tenants’ strategic planning and store expansion plans. Many of our leases contain provisions designed to mitigate the adverse impact of inflation, including stated rent increases and requirements for tenants to pay a share of operating expenses, including common area maintenance, real estate taxes, insurance, or other operating expenses related to the maintenance of our properties, with escalation clauses in most leases. Over the past two years, we have made significant progress in executing leases that include higher fixed-rent increases while also including consumer price index-based, anti-gouging protection for tenants. However, the stated rent increases or limits on such tenant’s obligation to pay its share of operating expenses could be lower than the increase in inflation at any given time. Inflation may also increase labor or other general and administrative expenses, which cannot be easily reduced.

Current wording

We continue to monitor the impact of inflation and tariffs on our operating and financial performance. Although inflation has moderated significantly from peak levels experienced during 2022, inflation may increase in the near future given the enactment of tariffs on all imported goods and targeting specific countries by the U.S. government in 2025. These tariffs may lead to higher prices for many of the products that our tenants sell, potentially reducing consumer demand and spending and impacting our tenants’ sales volume. This, in turn, could put downward pricing pressure on rents that we are able to charge to new or renewing tenants, such that rent spreads and, in some cases, our percentage rents could be impacted. Additionally, uncertainty regarding the scope and duration of the current and potential tariffs can lead to significant business uncertainty, affecting our tenants’ strategic planning and store expansion plans. Many of our leases contain provisions designed to mitigate the adverse impact of inflation, including stated rent increases and requirements for tenants to pay a share of operating expenses, including common area maintenance, real estate taxes, insurance, or other operating expenses related to the maintenance of our properties, with escalation clauses in most leases. Over the past few years, we have made significant progress in executing leases that include higher fixed-rent increases while also including consumer price index-based, anti-gouging protection for tenants. However, the stated rent increases or limits on such tenant’s obligation to pay its share of operating expenses could be lower than the increase in inflation at any given time. Inflation may also increase labor or other general and administrative expenses, which cannot be easily reduced.

Previous wording

During the second quarter of 2025, we executed new and renewal leases on 170 individual spaces totaling 1,214,631 square feet (17.0% cash leasing spread on 133 comparable leases). New leases were signed on 64 individual spaces for 342,658 square feet of gross leasable area (“GLA”) (31.3% cash leasing spread on 38 comparable leases), while non-option renewal leases were signed on 63 individual spaces for 223,294 square feet of GLA (19.7% cash leasing spread on 52 comparable leases) and option renewals were signed on 43 individual spaces for 648,679 square feet of GLA (8.2% cash leasing spread). The blended cash spread for comparable new and non-option renewal leases was 25.5%. Comparable new and renewal leases are defined as those for which the space was occupied by a tenant within the last 12 months.

Current wording

During the third quarter of 2025, we executed new and renewal leases on 167 individual spaces totaling 1,229,944 square feet (12.2% cash leasing spread on 129 comparable leases). New leases were signed on 43 individual spaces for 275,001 square feet of gross leasable area (“GLA”) (26.1% cash leasing spread on 24 comparable leases), while non-option renewal leases were signed on 70 individual spaces for 306,526 square feet of GLA (12.9% cash leasing spread on 51 comparable leases) and option renewals were signed on 54 individual spaces for 648,417 square feet of GLA (7.8% cash leasing spread). The blended cash spread for comparable new and non-option renewal leases was 18.9%. Comparable new and renewal leases are defined as those for which the space was occupied by a tenant within the last 12 months.

Previous wording

The comparability of results of operations for the three and six months ended June 30, 2025 and 2024 is affected by our development, redevelopment, and operating property acquisition and disposition activities during these periods. Therefore, we believe it is most useful to review the comparisons of our results of operations for these periods in conjunction with the discussion of our transaction activities during those periods, which is set forth below.

Current wording

The comparability of results of operations for the three and nine months ended September 30, 2025 and 2024 is affected by our development, redevelopment, and operating property acquisition and disposition activities during these periods. Therefore, we believe it is most useful to review the comparisons of our results of operations for these periods in conjunction with the discussion of our transaction activities during those periods, which is set forth below.

Previous wording

In January 2024, the joint venture that owned Glendale Center Apartments, of which we have an 11.5% ownership interest, sold the 267-unit property to a third party. Glendale Center Apartments is adjacent to our Glendale Town Center operating retail property in the Indianapolis MSA.

Current wording

In addition, in January 2024, the joint venture that owned Glendale Center Apartments, of which we have an 11.5% ownership interest, sold the 267-unit property to a third party. Glendale Center Apartments is adjacent to our Glendale Town Center operating retail property in the Indianapolis MSA.

Previous wording

(4)Approximately half of the Hamilton Crossing site was sold in January 2022 to Republic Airways Inc. In addition to the sale, the Company entered into a development and construction management agreement for the development of a corporate campus for Republic Airways. Phase I of the corporate campus was completed in 2023.

Current wording

(4)In January 2022, we sold approximately half of the Hamilton Crossing site to Republic Airways Inc. and in August 2025, we sold an additional 36,895 square feet to Republic Airways. In addition to the sale, the Company entered into a development and construction management agreement for the development of a corporate campus for Republic Airways. Phase I of the corporate campus was completed in 2023.

Previous wording

Rental income (including tenant reimbursements) increased $18.7 million, or 4.5%, due to the following(in thousands):

Current wording

Rental income (including tenant reimbursements) decreased $2.7 million, or 1.3%, due to the following(in thousands):

Previous wording

The net increase of $4.6 million in rental income for properties that were fully operational during 2024 and 2025 is primarily due to increases in the following: (i) base minimum rent of $2.4 million due to contractual rent changes, (ii) lease termination income of $1.9 million, (iii) tenant reimbursements of $0.4 million due to higher recoverable common area maintenance expenses, and (iv) overage rent of $0.3 million. These variances were partially offset by a decrease in ancillary income of $0.3 million. The occupancy of the fully operational properties decreased from 91.3% for the three months ended June 30, 2024 to 90.4% for the three months ended June 30, 2025.

Current wording

The net increase of $3.3 million in rental income for properties that were fully operational during 2024 and 2025 is primarily due to increases in base minimum rent of $3.1 million due to contractual rent changes and tenant reimbursements of $1.4 million due to higher recoverable common area maintenance expenses. These variances were partially offset by a decrease in lease termination income of $0.8 million and an increase in bad debt expense of $0.4 million. The occupancy of the fully operational properties decreased from 91.7% for the three months ended September 30, 2024 to 90.5% for the three months ended September 30, 2025.

Previous wording

Other property-related revenue primarily consists of parking revenues, gains on the sale of land, and other miscellaneous activity. This revenue decreased by $0.9 million primarily as a result of no land sales being completed during the six months ended June 30, 2025 compared to $1.9 million of gains on the sale of land realized during the six months ended June 30, 2024, partially offset by the receipt of $0.7 million of insurance proceeds during the six months ended June 30, 2025 related to a hail storm at one of our properties.

Current wording

Other property-related revenue primarily consists of parking revenues and other miscellaneous activity. This revenue decreased by $0.3 million primarily as a result of the receipt of $0.3 million of insurance proceeds during the three months ended September 30, 2024 related to a hail storm at one of our properties in the Waco, TX MSA.

Previous wording

We recorded fee income of $0.9 million and $3.5 million during the three months ended June 30, 2025 and 2024, respectively, from property management and development services provided to third parties and unconsolidated joint ventures.

Current wording

We recorded fee income of $1.3 million and $0.5 million during the three months ended September 30, 2025 and 2024, respectively, from property management and development services provided to third parties and unconsolidated joint ventures. The increase in fee income is primarily due to property management fees earned during the three months ended September 30, 2025 from properties in our unconsolidated joint ventures.

Previous wording

The net increase of $0.1 million in property operating expenses for properties that were fully operational during 2024 and 2025 is primarily due to increases in the following: (i) $0.2 million in insurance expenses, (ii) $0.2 million in landscaping and repairs and maintenance expenses, and (iii) $0.2 million in administrative expenses, offset by a $0.6 million decrease in non-recoverable operating expenses. As a percentage of revenue, property operating expenses increased from 13.4% to 13.5% due to an increase in revenue in 2025.

Current wording

The net increase of $1.6 million in property operating expenses for properties that were fully operational during 2024 and 2025 is primarily due to increases in the following: (i) landscaping and repairs and maintenance expenses of $1.3 million, (ii) non-recoverable operating expenses of $1.0 million, and (iii) security expenses of $0.1 million, partially offset by a $1.0 million decrease in insurance expenses. As a percentage of revenue, property operating expenses increased from 13.4% to 13.9% due to a decrease in revenue in 2025.

Previous wording

There was no net change in real estate taxes for properties that were fully operational during 2024 and 2025 primarily due to higher real estate tax assessments and lower capitalized real estate taxes at certain properties in the portfolio in 2025 that were offset by an increase in real estate tax refunds received during the three months ended June 30, 2025. The majority of real estate tax expense is recoverable from tenants and such recovery is reflected within “Rental income” in the accompanying consolidated statements of operations and comprehensive income (loss).

Current wording

The net increase of $0.8 million in real estate taxes for properties that were fully operational during 2024 and 2025 is primarily due to higher real estate tax assessments at certain properties in the portfolio in 2025 and higher real estate tax professional fees. The majority of real estate tax expense is recoverable from tenants, and such recovery is reflected within “Rental income” in the accompanying consolidated statements of operations and comprehensive income (loss).

Previous wording

General, administrative and other expenses increased $0.4 million, or 3.3%, primarily due to higher costs incurred related to travel and an increase in bank fees in 2025.

Current wording

General, administrative and other expenses increased $0.9 million, or 7.0%, primarily due to higher costs incurred related to travel and an increase in payroll-related benefits in 2025.

Previous wording

Depreciation and amortization expense decreased $1.4 million, or 1.4%, due to the following(in thousands):

Current wording

Depreciation and amortization expense decreased $7.3 million, or 7.5%, due to the following(in thousands):

Previous wording

The net increase of $1.0 million in depreciation and amortization at properties that were fully operational during 2024 and 2025 is primarily due to the timing of placing assets in service and writing-off tenant-related assets as a result of tenant move-outs.

Current wording

The net decrease of $3.5 million in depreciation and amortization at properties that were fully operational during 2024 and 2025 is primarily due to the timing of placing assets in service and writing off tenant-related assets as a result of tenant move-outs.

Previous wording

Based on a reduction in the expected future hold period (see Note 4 to the accompanying consolidated financial statements), we recognized a $66.2 million impairment charge during the three months ended June 30, 2024 related to City Center, a retail operating property in the New York MSA. No impairment charges were recorded during the three months ended June 30, 2025.

Current wording

Based on the results of our evaluations for impairment during the three months ended September 30, 2025 (see Note 4 to the accompanying consolidated financial statements), we recorded $39.3 million of impairment charges, of which $17.0 million related to City Center, a retail operating property in the New York MSA, and $22.3 million related to the Carillon medical office building and retail portion of the property located in the Washington, D.C. MSA. No impairment charges were recorded during the three months ended September 30, 2024.

Previous wording

Interest expense increased $3.1 million, or 9.9%, primarily due to an increase in interest incurred on the Company’s unsecured revolving line of credit due to increased borrowings along with less favorable interest rate swaps in 2025 compared to the prior year, partially offset by a decrease in interest incurred on the unsecured term loans.

Current wording

Interest expense increased $1.5 million, or 4.8%, primarily due to interest incurred on the $300.0 million in aggregate principal amount of 5.20% senior unsecured notes due 2032 (the “Notes Due 2032”) issued in June 2025, along with less favorable interest rate swaps in 2025 compared to the prior year, partially offset by a decrease in interest incurred on the unsecured term loans.

Previous wording

Other income, net decreased $3.8 million primarily due to a decrease in interest income earned during the three months ended June 30, 2025 compared to the prior year.

Current wording

Other income, net decreased $2.7 million, or 62.1%, primarily due to a decrease in interest income earned during the three months ended September 30, 2025 compared to the prior year.

Previous wording

Comparison of Operating Results for the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024

Current wording

Comparison of Operating Results for the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024

Previous wording

The following table reflects changes in the components of our consolidated statements of operations for the six months ended June 30, 2025 and 2024(in thousands):

Current wording

The following table reflects changes in the components of our consolidated statements of operations for the nine months ended September 30, 2025 and 2024(in thousands):

Previous wording

Rental income (including tenant reimbursements) increased $5.3 million, or 2.6%, due to the following(in thousands):

Current wording

Rental income (including tenant reimbursements) increased $16.0 million, or 2.6%, due to the following(in thousands):

Previous wording

The net increase of $15.4 million in rental income for properties that were fully operational during 2024 and 2025 is primarily due to increases in the following: (i) base minimum rent of $8.7 million due to contractual rent changes, (ii) lease termination income of $6.7 million, and (iii) tenant reimbursements of $2.4 million due to higher recoverable common area maintenance expenses. These variances were partially offset by an increase in bad debt expense of $1.5 million and decreases in ancillary income of $0.6 million and overage rent of $0.3 million.

Current wording

The net increase of $18.7 million in rental income for properties that were fully operational during 2024 and 2025 is primarily due to increases in the following: (i) base minimum rent of $11.8 million due to contractual rent changes, (ii) lease termination income of $5.9 million, and (iii) tenant reimbursements of $3.9 million due to higher recoverable common area maintenance expenses. These variances were partially offset by an increase in bad debt expense of $2.0 million and decreases in ancillary income of $0.6 million and overage rent of $0.3 million.

Previous wording

Other property-related revenue primarily consists of parking revenues, gains on the sale of land, and other miscellaneous activity. This revenue decreased by $1.8 million primarily as a result of no land sales being completed during the three months ended June 30, 2025 compared to $1.9 million of gains on the sale of land realized during the three months ended June 30, 2024.

Current wording

Other property-related revenue primarily consists of parking revenues and other miscellaneous activity. This revenue increased by $0.6 million primarily as a result of the receipt of $0.7 million of insurance proceeds during the nine months ended September 30, 2025 related to a hail storm at one of our properties in the Dallas/Ft. Worth MSA.

Previous wording

We recorded fee income of $1.3 million and $3.8 million during the six months ended June 30, 2025 and 2024, respectively, from property management and development services provided to third parties and unconsolidated joint ventures. The decrease in fee income is primarily due to development fees earned during the six months ended June 30, 2024 related to the development of a hotel on the Pam Am Plaza site that did not reoccur in 2025.

Current wording

We recorded fee income of $2.6 million and $4.2 million during the nine months ended September 30, 2025 and 2024, respectively, from property management and development services provided to third parties and unconsolidated joint ventures. The decrease in fee income is primarily due to development fees earned during the nine months ended September 30, 2024 related to the development of a hotel on the Pam Am Plaza site that did not reoccur in 2025.

Previous wording

The net increase of $1.4 million in property operating expenses for properties that were fully operational during 2024 and 2025 is primarily due to increases in the following: (i) snow removal expenses of $0.8 million, (ii) insurance expenses of $0.7 million, and (iii) utilities of $0.3 million, partially offset by a $0.7 million decrease in non-recoverable expenses. As a percentage of revenue, property operating expenses were flat at 13.5%.

Current wording

The net increase of $3.0 million in property operating expenses for properties that were fully operational during 2024 and 2025 is primarily due to increases in the following: (i) snow removal expenses of $0.8 million, (ii) landscaping and parking lot expenses of $0.8 million, (iii) repairs and maintenance expenses of $0.3 million, (iv) administrative expenses of $0.3 million, and (v) utilities of $0.2 million, partially offset by a $0.3 million decrease in insurance expense. As a percentage of revenue, property operating expenses increased from 13.5% to 13.6% due to an increase in expenses in 2025.

Previous wording

The net increase of $1.1 million in real estate taxes for properties that were fully operational during 2024 and 2025 is primarily due to higher real estate tax assessments and lower capitalized real estate taxes at certain properties in the portfolio in 2025, partially offset by an increase in real estate tax refunds received during the six months ended June 30, 2025. The majority of real estate tax expense is recoverable from tenants and such recovery is reflected within “Rental income” in the accompanying consolidated statements of operations and comprehensive income (loss).

Current wording

The net increase of $1.9 million in real estate taxes for properties that were fully operational during 2024 and 2025 is primarily due to higher real estate tax assessments and lower capitalized real estate taxes at certain properties in the portfolio in 2025, partially offset by an increase in real estate tax refunds received during the nine months ended September 30, 2025. The majority of real estate tax expense is recoverable from tenants, and such recovery is reflected within “Rental income” in the accompanying consolidated statements of operations and comprehensive income (loss).

Previous wording

General, administrative and other expenses decreased $0.1 million, or 0.4%, primarily due to a decrease in corporate communication expenses and franchise taxes in 2025.

Current wording

General, administrative and other expenses increased $0.8 million, or 2.1%, primarily due to an increase in payroll expenses, partially offset by lower corporate communication expenses and franchise taxes in 2025.

Previous wording

Depreciation and amortization expense decreased $3.6 million, or 1.8%, due to the following(in thousands):

Current wording

Depreciation and amortization expense decreased $10.8 million, or 3.7%, due to the following(in thousands):

Previous wording

The net increase of $0.8 million in depreciation and amortization at properties that were fully operational during 2024 and 2025 is primarily due to the timing of placing assets in service and writing-off tenant-related assets as a result of tenant move-outs.

Current wording

The net decrease of $2.6 million in depreciation and amortization at properties that were fully operational during 2024 and 2025 is primarily due to the timing of placing assets in service and writing-off tenant-related assets as a result of tenant move-outs.

Previous wording

Based on a reduction in the expected future hold period (see Note 4 to the accompanying consolidated financial statements), we recorded a $66.2 million impairment charge during the six months ended June 30, 2024 related to City Center, a retail operating property in the New York MSA. No impairment charges were recorded during the six months ended June 30, 2025.

Current wording

Based on the results of our evaluations for impairment (see Note 4 to the accompanying consolidated financial statements), we recorded $39.3 million of impairment charges during the nine months ended September 30, 2025, of which $17.0 million related to City Center, a retail operating property in the New York MSA, and $22.3 million related to the Carillon medical office building and retail portion of the property located in the Washington, D.C. MSA. Based on a reduction in the expected future hold period, we recorded a $66.2 million impairment charge during the nine months ended September 30, 2024 related to City Center.

Previous wording

Interest expense increased $5.7 million, or 9.2%, primarily due to interest incurred on the $350.0 million in aggregate principal amount of 4.95% senior unsecured notes due 2031 (the “Notes Due 2031”) issued in August 2024, an increase in interest incurred on the Company’s unsecured revolving line of credit due to increased borrowings, and less favorable interest rate swaps in 2025 compared to the prior year, partially offset by a decrease in interest incurred on the unsecured term loans and private placement notes.

Current wording

Interest expense increased $7.2 million, or 7.7%, primarily due to interest incurred on the $350.0 million in aggregate principal amount of 4.95% senior unsecured notes due 2031 (the “Notes Due 2031”) issued in August 2024 and the Notes Due 2032, an increase in interest incurred on the Company’s unsecured revolving line of credit due to increased borrowings, and less favorable interest rate swaps in 2025 compared to the prior year, partially offset by a decrease in interest incurred on the unsecured term loans and private placement notes.

Previous wording

We recorded a net gain on sales of operating properties of $103.1 million for the six months ended June 30, 2025 on the sales of Stoney Creek Commons and Fullerton Metrocenter and the contribution of three previously wholly owned properties to the GIC Portfolio Joint Venture compared to a net loss on sales of operating properties of $1.5 million primarily on the sale of Ashland & Roosevelt for the six months ended June 30, 2024.

Current wording

We recorded a net gain on sales of operating properties of $108.9 million for the nine months ended September 30, 2025 on the sales of Stoney Creek Commons, Fullerton Metrocenter, and Humblewood Shopping Center and the contribution of three previously wholly owned properties to the GIC Portfolio Joint Venture compared to a net loss on sales of operating properties of $0.9 million for the nine months ended September 30, 2024 primarily on the sale of Ashland & Roosevelt, which loss was offset by the receipt of a $0.6 million escrow related to the sale of Reisterstown Road Plaza that previously closed on September 11, 2023.

Previous wording

During the six months ended June 30, 2024, we recognized a $2.3 million gain on sale of unconsolidated property related to our share of the gain on the sale of Glendale Center Apartments. No such gain was recorded during the six months ended June 30, 2025.

Current wording

During the nine months ended September 30, 2024, we recognized a $2.3 million gain on sale of unconsolidated property related to our share of the gain on the sale of Glendale Center Apartments. No such gain was recorded during the nine months ended September 30, 2025.

Previous wording

Other income, net decreased $3.4 million primarily due to a decrease in interest income earned during the six months ended June 30, 2025 compared to the prior year.

Current wording

Other income, net decreased $6.1 million, or 49.6%, primarily due to a decrease in interest income earned during the nine months ended September 30, 2025 compared to the prior year.

Previous wording

We use property net operating income (“NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. We define NOI as income from our real estate, including lease termination fees received from tenants, less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions and certain corporate-level expenses, including merger and acquisition costs. We believe that NOI is helpful to investors as a measure of our operating performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as depreciation and amortization, interest expense, and impairment, if any.

Current wording

We use net operating income (“NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. We also use total property NOI, which is defined as NOI plus net gains from outlot sales. We define NOI as income from our real estate, including lease termination fees received from tenants, less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions and certain corporate-level expenses, including merger and acquisition costs. We believe that NOI is helpful to investors as a measure of our operating performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as depreciation and amortization, interest expense, and impairment, if any.

Previous wording

For the three and six months ended June 30, 2025, the Same Property Pool excludes the following:

Current wording

For the three and nine months ended September 30, 2025, the Same Property Pool excludes the following:

Previous wording

The following table presents Same Property NOI and a reconciliation to net income (loss) attributable to common shareholders for the three and six months ended June 30, 2025 and 2024(dollars in thousands):

Current wording

The following table presents Same Property NOI and a reconciliation to net (loss) income attributable to common shareholders for the three and nine months ended September 30, 2025 and 2024(dollars in thousands):