KITE REALTY GROUP TRUST
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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FY2025 · Filed Feb 17, 2026
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Item 2. Properties
As of December 31, 2025, we own interests in a portfolio of 167 operating retail/mixed-use properties, including 159 wholly owned properties and eight properties owned through four unconsolidated joint ventures, totaling approximately 26.9 million square feet in 24 states, excluding (i) two operating retail properties classified as held for sale as of December 31, 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 167 operating retail/mixed-use properties, 10 contain an office component. We also own interests in one development project that is under construction as of December 31, 2025 and an additional two properties with future redevelopment opportunities. See “Schedule III – Consolidated Real Estate and Accumulated Depreciation” for a list of encumbrances on our properties.
Operating Properties
The following table summarizes the geographic diversity of the Company’s retail/mixed-use operating properties and standalone office properties by region and state, ranked by ABR, as of December 31, 2025(GLA and ABR in thousands):
| Region/State | Number of Properties(1) | Owned GLA(2) | TotalWeighted ABR(3) | % ofWeighted ABR(3) |
|---|---|---|---|---|
| South | ||||
| Texas | 40 | 7,503 | $170,956 | 28.1% |
| Florida | 30 | 3,476 | 69,565 | 11.4% |
| Virginia | 7 | 1,307 | 39,553 | 6.5% |
| Maryland | 9 | 1,541 | 34,528 | 5.7% |
| Georgia | 11 | 1,849 | 31,428 | 5.2% |
| North Carolina | 6 | 1,076 | 25,421 | 4.2% |
| Tennessee | 3 | 580 | 9,459 | 1.6% |
| Oklahoma | 2 | 309 | 4,850 | 0.8% |
| South Carolina | 2 | 262 | 3,827 | 0.6% |
| Total South | 110 | 17,903 | 389,587 | 64.1% |
| West | ||||
| Washington | 10 | 1,627 | 32,416 | 5.3% |
| Nevada | 5 | 846 | 30,131 | 5.0% |
| Arizona | 3 | 395 | 10,209 | 1.7% |
| Utah | 2 | 388 | 8,776 | 1.4% |
| California | 1 | 292 | 5,402 | 0.9% |
| Total West | 21 | 3,548 | 86,934 | 14.3% |
| Midwest | ||||
| Indiana | 15 | 1,928 | 39,804 | 6.5% |
| Illinois | 7 | 1,222 | 27,422 | 4.5% |
| Michigan | 1 | 308 | 7,106 | 1.2% |
| Missouri | 1 | 453 | 4,258 | 0.7% |
| Ohio | 1 | 236 | 2,189 | 0.4% |
| Total Midwest | 25 | 4,147 | 80,779 | 13.3% |
| Northeast | ||||
| New York | 6 | 748 | 27,157 | 4.5% |
| New Jersey | 4 | 342 | 12,153 | 2.0% |
| Massachusetts | 1 | 264 | 4,816 | 0.8% |
| Connecticut | 1 | 206 | 4,084 | 0.7% |
| Pennsylvania | 1 | 136 | 1,982 | 0.3% |
| Total Northeast | 13 | 1,696 | 50,192 | 8.3% |
| Total(4) | 169 | 27,294 | $607,492 | 100.0% |
(1)Number of properties represents consolidated and unconsolidated retail/mixed-use properties and standalone office properties.
(2)Owned GLA represents gross leasable area owned by the Company and excludes the square footage of development and redevelopment projects.
(3)Total weighted ABR and percent of weighted ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties.
(4)Excludes two operating retail properties classified as held for sale as of December 31, 2025 and Eastgate Crossing.
Development and Redevelopment Projects
In addition to our operating properties, as of December 31, 2025, we own an interest in one development project that is currently under construction. The following table sets forth information with respect to the Company’s active development project as of December 31, 2025:
| Project | MSA | KRGOwnership % | ProjectedCompletion Date(1) | TotalOwned GLA | TotalMultifamily Units | Total Project Costs – at KRG's Share | KRG EquityRequirement | KRGRemaining Spend | EstimatedStabilized NOIto KRG | Estimated RemainingNOI to Come Online(2) |
|---|---|---|---|---|---|---|---|---|---|---|
| Active Projects | ||||||||||
| One Loudoun Expansion(3) | Washington, D.C./Baltimore | 100% | Q4 2026–Q2 2027 | 119,000 | — | $81.0M–$91.0M | $65.0M–$75.0M | $50.0M–$60.0M | $4.7M–$6.2M | $2.0M–$3.5M |
(1)Projected completion date represents the earlier of one year after completion of project construction or substantial occupancy of the property. The range for the One Loudoun Expansion represents a staggered stabilization schedule for the various buildings.
(2)Estimated remaining NOI to come online excludes in-place NOI and NOI related to tenants that have signed leases but have not yet commenced paying rent.
(3)The One Loudoun Expansion project is expected to consist of retail, office, multifamily, and a hotel. The Company’s equity requirement is shown net of land sale net proceeds of $15.9 million.
Tenant Diversification
No individual retail tenant accounted for more than 2.6% of the portfolio’s ABR for the year ended December 31, 2025. The following table summarizes the top 25 tenants at the Company’s operating retail/mixed-use properties and standalone office properties based on minimum rents in place as of December 31, 2025(GLA and dollars in thousands):
| Tenant | Primary DBA/Number of Stores | Number of Stores(1) | Total Leased GLA(2) | ABR(3) | % of Weighted ABR(4) |
|---|---|---|---|---|---|
| The TJX Companies, Inc. | T.J. Maxx (16), Marshalls (12), HomeGoods (10), Homesense (5), Sierra (4), T.J. Maxx & HomeGoods combined (2) | 49 | 1,398 | $15,647 | 2.6% |
| Ross Stores, Inc. | Ross Dress for Less (28), dd’s DISCOUNTS (1) | 29 | 824 | 11,468 | 1.9% |
| PetSmart, Inc. | 29 | 593 | 9,861 | 1.6% | |
| Best Buy Co., Inc. | Best Buy (14), Pacific Sales (1) | 15 | 593 | 9,002 | 1.5% |
| Dick’s Sporting Goods, Inc. | Dick’s Sporting Goods (10), Foot Locker (3), Golf Galaxy (2) | 15 | 613 | 8,646 | 1.4% |
| Publix Super Markets, Inc. | 15 | 720 | 7,725 | 1.3% | |
| Gap Inc. | Old Navy (22), Athleta (3),The Gap (3), Banana Republic (2) | 30 | 399 | 7,137 | 1.2% |
| Michaels Stores, Inc. | Michaels | 22 | 483 | 6,096 | 1.0% |
| The Kroger Co. | Kroger (6), Harris Teeter (2),QFC (1), Smith’s (1) | 10 | 356 | 5,962 | 1.0% |
| Lowe’s Companies, Inc. | 6 | — | 5,958 | 1.0% | |
| BJ’s Wholesale Club, Inc. | 3 | 115 | 5,892 | 1.0% | |
| Ulta Beauty, Inc. | 24 | 246 | 5,134 | 0.8% | |
| Fitness International, LLC | LA Fitness (4), XSport Fitness (1) | 5 | 206 | 5,098 | 0.8% |
| Burlington Stores, Inc. | 12 | 456 | 5,030 | 0.8% | |
| Total Wine & More | 12 | 287 | 4,992 | 0.8% | |
| Whole Foods Market, Inc. | 7 | 238 | 4,917 | 0.8% | |
| The Container Store Group, Inc. | 7 | 151 | 4,650 | 0.8% | |
| Five Below, Inc. | 26 | 237 | 4,429 | 0.7% | |
| Trader Joe’s | 10 | 137 | 4,216 | 0.7% | |
| Albertsons Companies, Inc. | Safeway (3), Tom Thumb (2), Jewel-Osco (1) | 6 | 281 | 4,198 | 0.7% |
| Petco Health and WellnessCompany, Inc. | 15 | 218 | 3,986 | 0.7% | |
| Dollar Tree, Inc. | 24 | 281 | 3,940 | 0.6% | |
| KnitWell Group | Chico’s (6), Talbots (6), AnnTaylor (4), White House BlackMarket (4), LOFT (3), Soma (3) | 26 | 111 | 3,897 | 0.6% |
| Sprouts Farmers Market, Inc. | 7 | 194 | 3,854 | 0.6% | |
| NYC Department of Education | 1 | 76 | 3,826 | 0.6% | |
| Total Top Tenants | 405 | 9,213 | $155,561 | 25.5% |
(1)Number of stores represents stores at consolidated and unconsolidated properties.
(2)Total leased GLA excludes the square footage of structures located on land owned by the Company and ground-leased to tenants.
(3)ABR represents the monthly contractual rent for December 31, 2025, for each applicable tenant multiplied by 12 and does not include tenant reimbursements. ABR represents 100% of the ABR at consolidated properties and the Company’s share of the ABR at unconsolidated properties, including ground lease rent.
(4)Percent of weighted ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties.
Lease Expirations
In 2026, leases representing 7.0% of total ABR are scheduled to expire. The following table summarizes the scheduled lease expirations for tenants at the Company’s operating retail/mixed-use properties and standalone office properties as of December 31, 2025, assuming none of the tenants exercise renewal options(dollars in thousands, except per square foot data):
| Expiring GLA(2) · Expiring Retail ABR per Sq. Ft.(3) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Number ofExpiring Leases(1) · Shop Tenants · Anchor Tenants · Office Tenants · Expiring ABR(Pro rata) · Expiring Ground Lease ABR(Pro rata) · % ofTotal ABR(Pro rata) · Shop Tenants · Anchor Tenants · Total | ||||||||||
| 2026 | 380 | 852,116 | 720,775 | 118,995 | $40,930 | $1,493 | 7.0% | $32.52 | $15.24 | $24.60 |
| 2027 | 542 | 1,168,106 | 2,045,496 | 157,140 | 72,096 | 5,354 | 12.7% | 35.02 | 15.16 | 22.38 |
| 2028 | 579 | 1,223,758 | 2,369,763 | 323,920 | 84,978 | 6,228 | 15.0% | 37.18 | 14.56 | 22.26 |
| 2029 | 557 | 1,167,579 | 2,595,330 | 185,070 | 85,449 | 3,581 | 14.7% | 36.99 | 15.45 | 22.13 |
| 2030 | 438 | 1,054,896 | 1,629,174 | 121,401 | 59,462 | 5,696 | 10.7% | 33.87 | 13.26 | 21.36 |
| 2031 | 322 | 739,740 | 1,572,658 | 245,981 | 54,087 | 3,977 | 9.6% | 36.08 | 14.54 | 21.43 |
| 2032 | 219 | 532,388 | 1,232,573 | 179,104 | 39,079 | 536 | 6.5% | 34.39 | 14.11 | 20.23 |
| 2033 | 202 | 519,194 | 699,678 | 30,589 | 30,851 | 4,156 | 5.8% | 38.67 | 15.59 | 25.42 |
| 2034 | 178 | 357,536 | 673,807 | 79,914 | 28,016 | 2,230 | 5.0% | 43.06 | 17.22 | 26.18 |
| 2035 | 165 | 381,653 | 770,845 | 49,784 | 27,030 | 899 | 4.6% | 36.63 | 16.40 | 23.10 |
| Beyond | 210 | 395,915 | 1,379,446 | 191,147 | 46,443 | 4,920 | 8.4% | 44.51 | 19.04 | 24.72 |
| 3,792 | 8,392,881 | 15,689,545 | 1,683,045 | $568,421 | $39,070 | 100.0% | $36.35 | $15.29 | $22.63 | |
(1)Lease expirations table reflects rents in place as of December 31, 2025 and does not include option periods; 2026 expirations include 27 month-to-month tenants. This column also excludes ground leases.
(2)Expiring GLA excludes the square footage of structures located on land owned by the Company and ground-leased to tenants.
(3)ABR represents the monthly contractual rent as of December 31, 2025 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.
Lease Activity – New and Renewal
During 2025, the Company executed new and renewal leases on 683 individual spaces totaling 4.6 million square feet (13.8% cash leasing spread on 501 comparable leases). New leases were signed on 226 individual spaces for 1.2 million square feet of GLA (24.3% cash leasing spread on 123 comparable leases), while non-option renewal leases were signed on 289 individual spaces for 1.2 million square feet of GLA (16.9% cash leasing spread on 210 comparable leases) and option renewals were signed on 168 individual spaces for 2.2 million square feet of GLA (7.4% cash leasing spread). The blended cash spread for comparable new and non-option renewal leases was 20.3%. Comparable new and renewal leases are defined as those for which the space was occupied by a tenant within the last 12 months.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.