Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to


Commission File Number:	001-32268	Kite Realty Group Trust
Commission File Number:	333-202666-01	Kite Realty Group, L.P.

KITE REALTY GROUP TRUST
KITE REALTY GROUP, L.P.
(Exact name of registrant as specified in its charter)

Maryland

Kite Realty Group Trust

11-3715772

Delaware

Kite Realty Group, L.P.

20-1453863

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

30 S. Meridian Street, Suite 1100, Indianapolis, Indiana 46204

(Address of principal executive offices) (Zip Code)

(317) 577-5600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, $0.01 par value per share

KRG

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Kite Realty Group Trust

Yes

☒

Kite Realty Group, L.P.

Yes

☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Kite Realty Group Trust

Yes

☒

Kite Realty Group, L.P.

Yes

☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Kite Realty Group Trust:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

Kite Realty Group, L.P.:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Kite Realty Group Trust

Kite Realty Group, L.P.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Kite Realty Group Trust

Yes

☐

Kite Realty Group, L.P.

Yes

☐

The number of Common Shares outstanding as of October 25, 2024 was 219,666,129 ($0.01 par value).

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2024 of Kite Realty Group Trust, Kite Realty Group, L.P. and its subsidiaries. Unless stated otherwise or the context otherwise requires, references to “Kite Realty Group Trust” or the “Parent Company” mean Kite Realty Group Trust, and references to the “Operating Partnership” mean Kite Realty Group, L.P. and its consolidated subsidiaries. The terms “Company,” “we,” “us,” and “our” refer to the Parent Company and the Operating Partnership, collectively, and those entities owned or controlled by the Parent Company and/or the Operating Partnership.

The Operating Partnership is engaged in the ownership, operation, acquisition, development and redevelopment of high-quality, open-air shopping centers and mixed-use assets that are primarily grocery-anchored and located in high-growth Sun Belt markets and select strategic gateway markets in the United States, and the Parent Company conducts substantially all of its activities through the Operating Partnership and its wholly owned subsidiaries. The Parent Company is the sole general partner of the Operating Partnership and, as of September 30, 2024, owned approximately 98.2% of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining 1.8% of the common partnership interests (“Limited Partner Units” and, together with the General Partner Units, the “Common Units”) are owned by the limited partners.

We believe combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report benefits investors by:

•enhancing investors’ understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•eliminating duplicative disclosure and providing a more streamlined and readable presentation of information as a substantial portion of the Company’s disclosure applies to both the Parent Company and the Operating Partnership; and

•creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.

We believe it is important to understand the few differences between the Parent Company and the Operating Partnership in the context of how we operate as an interrelated consolidated company. The Parent Company has no material assets or liabilities other than its investment in the Operating Partnership. The Parent Company issues public equity from time to time but does not have any indebtedness as all debt is incurred by the Operating Partnership. In addition, the Parent Company currently does not nor does it intend to guarantee any debt of the Operating Partnership. The Operating Partnership has numerous wholly owned subsidiaries, and it also owns interests in certain joint ventures. These subsidiaries and joint ventures own and operate retail shopping centers and other real estate assets. The Operating Partnership is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for General Partner Units, the Operating Partnership generates the capital required by the business through its operations, its incurrence of indebtedness, and the issuance of Limited Partner Units to third parties.

Shareholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Parent Company and those of the Operating Partnership. In order to highlight this and other differences between the Parent Company and the Operating Partnership, there are separate sections in this report, as applicable, that separately discuss the Parent Company and the Operating Partnership, including separate financial statements and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure of the Parent Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the collective Company.

KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P. AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2024

TABLE OF CONTENTS


PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Kite Realty Group Trust
	Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023	4

	Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023	5

	Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 30, 2024 and 2023	6

	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023	7

	Kite Realty Group, L.P. and subsidiaries
	Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023	8

	Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023	9

	Consolidated Statements of Partners’ Equity for the Three and Nine Months Ended September 30, 2024 and 2023	10

	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023	11

	Kite Realty Group Trust and Kite Realty Group, L.P. and subsidiaries
	Notes to Consolidated Financial Statements	12

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29

Item 3.	Quantitative and Qualitative Disclosure about Market Risk	46

Item 4.	Controls and Procedures	46

PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	48

Item 1A.	Risk Factors	48

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48

Item 3.	Defaults Upon Senior Securities	48

Item 4.	Mine Safety Disclosures	48

Item 5.	Other Information	48

Item 6.	Exhibits	49

SIGNATURES		51

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

KITE REALTY GROUP TRUST

Consolidated Balance Sheets

(Unaudited)

($ in thousands, except share and per share data)


	September 30, 2024		December 31, 2023
Assets:
Investment properties, at cost	$	7,607,849	$	7,740,061
Less: accumulated depreciation	(1,516,840)		(1,381,770)
Net investment properties	6,091,009		6,358,291

Cash and cash equivalents	117,530		36,413
Tenant and other receivables, including accrued straight-line rent of $65,334 and $55,482, respectively	113,811		113,290
Restricted cash and escrow deposits	5,503		5,017
Deferred costs, net	252,163		304,171
Short-term deposits	350,000		—
Prepaid and other assets	106,258		117,834
Investments in unconsolidated subsidiaries	18,803		9,062
Assets associated with investment property held for sale	74,657		—
Total assets	$	7,129,734	$	6,944,078

Liabilities and Equity:
Liabilities:
Mortgage and other indebtedness, net	$	3,239,928	$	2,829,202
Accounts payable and accrued expenses	188,928		198,079
Deferred revenue and other liabilities	248,852		272,942
Liabilities associated with investment property held for sale	3,757		—
Total liabilities	3,681,465		3,300,223

Commitments and contingencies
Limited Partners’ interests in the Operating Partnership	97,026		73,287

Equity:
Common shares, $0.01 par value, 490,000,000 shares authorized, 219,666,129 and 219,448,429 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	2,197		2,194
Additional paid-in capital	4,867,235		4,886,592
Accumulated other comprehensive income	37,704		52,435
Accumulated deficit	(1,557,767)		(1,373,083)
Total shareholders’ equity	3,349,369		3,568,138
Noncontrolling interests	1,874		2,430
Total equity	3,351,243		3,570,568
Total liabilities and equity	$	7,129,734	$	6,944,078

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP TRUST

Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

($ in thousands, except share and per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue:
Rental income	$	204,934	$	203,990	$	616,583	$	612,889
Other property-related revenue	1,864		2,172		6,321		5,971
Fee income	455		1,057		4,222		3,868
Total revenue	207,253		207,219		627,126		622,728

Expenses:
Property operating	27,756		27,644		84,401		82,190
Real estate taxes	25,220		26,453		78,247		80,333
General, administrative and other	13,259		13,917		39,009		41,800

Depreciation and amortization	96,656		105,930		296,326		323,463
Impairment charges	—		477		66,201		477
Total expenses	162,891		174,421		564,184		528,263

Gain (loss) on sales of operating properties, net	602		(5,972)		(864)		22,468

Operating income	44,964		26,826		62,078		116,933
Other (expense) income:
Interest expense	(31,640)		(25,484)		(92,985)		(78,114)
Income tax expense of taxable REIT subsidiaries	(35)		(68)		(325)		(84)

Equity in loss of unconsolidated subsidiaries	(607)		(47)		(1,201)		(173)
Gain on sale of unconsolidated property, net	—		—		2,325		—
Other income, net	4,371		950		12,294		1,657
Net income (loss)	17,053		2,177		(17,814)		40,219
Net (income) loss attributable to noncontrolling interests	(324)		(107)		61		(700)
Net income (loss) attributable to common shareholders	$	16,729	$	2,070	$	(17,753)	$	39,519

Net income (loss) per common share – basic and diluted	$	0.08	$	0.01	$	(0.08)	$	0.18


Weighted average common shares outstanding – basic	219,665,836		219,381,248		219,596,590		219,323,570
Weighted average common shares outstanding – diluted	220,096,693		219,976,080		219,596,590		219,809,543



Net income (loss)	$	17,053	$	2,177	$	(17,814)	$	40,219
Change in fair value of derivatives	(12,700)		(3,040)		(14,867)		(6,043)
Total comprehensive income (loss)	4,353		(863)		(32,681)		34,176
Comprehensive (income) loss attributable to noncontrolling interests	(175)		(195)		197		(806)
Comprehensive income (loss) attributable to the Company	$	4,178	$	(1,058)	$	(32,484)	$	33,370

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP TRUST

Consolidated Statements of Shareholders’ Equity

(Unaudited)

(in thousands, except share data)


	Common Shares			Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total
	Shares	Amount
Balance at December 31, 2023	219,448,429	$	2,194	$	4,886,592	$	52,435	$	(1,373,083)	$	3,568,138
Stock compensation activity	155,433	2		1,991		—		—		1,993
Other comprehensive income	—	—		—		2,456		—		2,456
Distributions to common shareholders	—	—		—		—		(54,901)		(54,901)
Net income attributable to common shareholders	—	—		—		—		14,156		14,156

Adjustment to redeemable noncontrolling interests	—	—		(1,010)		—		—		(1,010)
Balance at March 31, 2024	219,603,862	$	2,196	$	4,887,573	$	54,891	$	(1,413,828)	$	3,530,832
Stock compensation activity	51,091	1		3,077		—		—		3,078
Other comprehensive loss	—	—		—		(4,636)		—		(4,636)
Distributions to common shareholders	—	—		—		—		(54,917)		(54,917)
Net loss attributable to common shareholders	—	—		—		—		(48,638)		(48,638)

Adjustment to redeemable noncontrolling interests	—	—		(4,118)		—		—		(4,118)
Balance at June 30, 2024	219,654,953	$	2,197	$	4,886,532	$	50,255	$	(1,517,383)	$	3,421,601
Stock compensation activity	11,176	—		2,553		—		—		2,553
Other comprehensive loss	—	—		—		(12,551)		—		(12,551)
Distributions to common shareholders	—	—		—		—		(57,113)		(57,113)
Net income attributable to common shareholders	—	—		—		—		16,729		16,729

Adjustment to redeemable noncontrolling interests	—	—		(21,850)		—		—		(21,850)
Balance at September 30, 2024	219,666,129	$	2,197	$	4,867,235	$	37,704	$	(1,557,767)	$	3,349,369


Balance at December 31, 2022	219,185,658	$	2,192	$	4,897,736	$	74,344	$	(1,207,757)	$	3,766,515
Stock compensation activity	140,240	1		2,134		—		—		2,135
Other comprehensive loss	—	—		—		(11,557)		—		(11,557)
Distributions to common shareholders	—	—		—		—		(52,659)		(52,659)
Net income attributable to common shareholders	—	—		—		—		5,391		5,391

Adjustment to redeemable noncontrolling interests	—	—		(3,821)		—		—		(3,821)
Balance at March 31, 2023	219,325,898	$	2,193	$	4,896,049	$	62,787	$	(1,255,025)	$	3,706,004
Stock compensation activity	48,377	1		2,959		—		—		2,960
Other comprehensive income	—	—		—		8,536		—		8,536
Distributions to common shareholders	—	—		—		—		(52,650)		(52,650)
Net income attributable to common shareholders	—	—		—		—		32,058		32,058

Adjustment to redeemable noncontrolling interests	—	—		(4,101)		—		—		(4,101)
Balance at June 30, 2023	219,374,275	$	2,194	$	4,894,907	$	71,323	$	(1,275,617)	$	3,692,807
Stock compensation activity	(91)	—		2,968		—		—		2,968
Other comprehensive loss	—	—		—		(3,128)		—		(3,128)
Distributions to common shareholders	—	—		—		—		(52,653)		(52,653)
Net income attributable to common shareholders	—	—		—		—		2,070		2,070
Exchange of redeemable noncontrolling interests for common shares	13,161	—		301		—		—		301
Adjustment to redeemable noncontrolling interests	—	—		(7,071)		—		—		(7,071)
Balance at September 30, 2023	219,387,345	$	2,194	$	4,891,105	$	68,195	$	(1,326,200)	$	3,635,294

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP TRUST

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities:
Net (loss) income	$	(17,814)	$	40,219
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	299,304		326,148
Loss (gain) on sales of operating properties, net	864		(22,468)
Gain on sale of unconsolidated property, net	(2,325)		—
Impairment charges	66,201		477

Straight-line rent	(10,066)		(9,723)
Compensation expense for equity awards	8,051		7,763
Amortization of debt fair value adjustments	(9,264)		(10,027)
Amortization of in-place lease liabilities	(6,920)		(9,228)
Changes in assets and liabilities:
Tenant receivables	6,639		(2,104)
Deferred costs and other assets	(18,158)		(26,727)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(8,463)		(3,153)
Net cash provided by operating activities	308,049		291,177

Cash flows from investing activities:
Acquisitions of interests in properties	(39,561)		(78,273)
Capital expenditures	(101,915)		(98,694)
Net proceeds from sales of land	6,756		917
Net proceeds from sales of operating properties	30,409		123,944
Investment in short-term deposits	(615,000)		—
Proceeds from short-term deposits	265,000		—
Small business loan repayments	—		341
Change in construction payables	(4,941)		(3,718)
Distribution from unconsolidated joint venture	1,618		—
Capital contributions to unconsolidated joint ventures	(11,825)		—
Net cash used in investing activities	(469,459)		(55,483)

Cash flows from financing activities:
Proceeds from issuance of common shares, net	49		64
Repurchases of common shares upon the vesting of restricted shares	(907)		(767)
Debt and equity issuance costs	(7,306)		(377)
Loan proceeds	732,993		332,095
Loan payments	(313,464)		(467,149)

Distributions paid – common shareholders	(164,680)		(157,893)
Distributions paid – redeemable noncontrolling interests	(2,687)		(2,127)
Distributions to noncontrolling interests	(760)		(3,196)
Net cash provided by (used in) financing activities	243,238		(299,350)

Net change in cash, cash equivalents and restricted cash	81,828		(63,656)
Cash, cash equivalents and restricted cash, beginning of period	41,430		121,970
Cash, cash equivalents and restricted cash, end of period	$	123,258	$	58,314

Non-cash investing and financing activities
Exchange of redeemable noncontrolling interests for common shares	$	—	$	301

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

(in thousands, except unit data)


	September 30, 2024		December 31, 2023
Assets:
Investment properties, at cost	$	7,607,849	$	7,740,061
Less: accumulated depreciation	(1,516,840)		(1,381,770)
Net investment properties	6,091,009		6,358,291

Cash and cash equivalents	117,530		36,413
Tenant and other receivables, including accrued straight-line rent of $65,334 and $55,482, respectively	113,811		113,290
Restricted cash and escrow deposits	5,503		5,017
Deferred costs, net	252,163		304,171
Short-term deposits	350,000		—
Prepaid and other assets	106,258		117,834
Investments in unconsolidated subsidiaries	18,803		9,062
Assets associated with investment property held for sale	74,657		—
Total assets	$	7,129,734	$	6,944,078

Liabilities and Equity:
Liabilities:
Mortgage and other indebtedness, net	$	3,239,928	$	2,829,202
Accounts payable and accrued expenses	188,928		198,079
Deferred revenue and other liabilities	248,852		272,942
Liabilities associated with investment property held for sale	3,757		—
Total liabilities	3,681,465		3,300,223

Commitments and contingencies
Limited Partners’ interests in the Operating Partnership	97,026		73,287

Partners’ Equity:
Common equity, 219,666,129 and 219,448,429 units issued and outstanding at September 30, 2024 and December 31, 2023, respectively	3,311,665		3,515,703
Accumulated other comprehensive income	37,704		52,435
Total Partners’ equity	3,349,369		3,568,138
Noncontrolling interests	1,874		2,430
Total equity	3,351,243		3,570,568
Total liabilities and equity	$	7,129,734	$	6,944,078

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

(in thousands, except unit and per unit data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue:
Rental income	$	204,934	$	203,990	$	616,583	$	612,889
Other property-related revenue	1,864		2,172		6,321		5,971
Fee income	455		1,057		4,222		3,868
Total revenue	207,253		207,219		627,126		622,728

Expenses:
Property operating	27,756		27,644		84,401		82,190
Real estate taxes	25,220		26,453		78,247		80,333
General, administrative and other	13,259		13,917		39,009		41,800

Depreciation and amortization	96,656		105,930		296,326		323,463
Impairment charges	—		477		66,201		477
Total expenses	162,891		174,421		564,184		528,263

Gain (loss) on sales of operating properties, net	602		(5,972)		(864)		22,468

Operating income	44,964		26,826		62,078		116,933
Other (expense) income:
Interest expense	(31,640)		(25,484)		(92,985)		(78,114)
Income tax expense of taxable REIT subsidiaries	(35)		(68)		(325)		(84)

Equity in loss of unconsolidated subsidiaries	(607)		(47)		(1,201)		(173)
Gain on sale of unconsolidated property, net	—		—		2,325		—
Other income, net	4,371		950		12,294		1,657
Net income (loss)	17,053		2,177		(17,814)		40,219
Net income attributable to noncontrolling interests	(63)		(67)		(204)		(201)
Net income (loss) attributable to common unitholders	$	16,990	$	2,110	$	(18,018)	$	40,018

Allocation of net income (loss):
Limited Partners	$	261	$	40	$	(265)	$	499
Parent Company	16,729		2,070		(17,753)		39,519
	$	16,990	$	2,110	$	(18,018)	$	40,018

Net income (loss) per common unit – basic and diluted	$	0.08	$	0.01	$	(0.08)	$	0.18


Weighted average common units outstanding – basic	223,529,610		222,649,706		223,323,641		222,409,769
Weighted average common units outstanding – diluted	223,960,467		223,244,538		223,323,641		222,895,742



Net income (loss)	$	17,053	$	2,177	$	(17,814)	$	40,219
Change in fair value of derivatives	(12,700)		(3,040)		(14,867)		(6,043)
Total comprehensive income (loss)	4,353		(863)		(32,681)		34,176
Comprehensive income attributable to noncontrolling interests	(63)		(67)		(204)		(201)
Comprehensive income (loss) attributable to common unitholders	$	4,290	$	(930)	$	(32,885)	$	33,975

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Consolidated Statements of Partners’ Equity

(Unaudited)

(in thousands)


	General Partner				Total
	Common Equity		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2023	$	3,515,703	$	52,435	$	3,568,138
Stock compensation activity	1,993		—		1,993
Other comprehensive income attributable to Parent Company	—		2,456		2,456
Distributions to Parent Company	(54,901)		—		(54,901)
Net income attributable to Parent Company	14,156		—		14,156

Adjustment to redeemable noncontrolling interests	(1,010)		—		(1,010)
Balance at March 31, 2024	$	3,475,941	$	54,891	$	3,530,832
Stock compensation activity	3,078		—		3,078
Other comprehensive loss attributable to Parent Company	—		(4,636)		(4,636)
Distributions to Parent Company	(54,917)		—		(54,917)
Net loss attributable to Parent Company	(48,638)		—		(48,638)

Adjustment to redeemable noncontrolling interests	(4,118)		—		(4,118)
Balance at June 30, 2024	$	3,371,346	$	50,255	$	3,421,601
Stock compensation activity	2,553		—		2,553
Other comprehensive loss attributable to Parent Company	—		(12,551)		(12,551)
Distributions to Parent Company	(57,113)		—		(57,113)
Net income attributable to Parent Company	16,729		—		16,729

Adjustment to redeemable noncontrolling interests	(21,850)		—		(21,850)
Balance at September 30, 2024	$	3,311,665	$	37,704	$	3,349,369


Balance at December 31, 2022	$	3,692,171	$	74,344	$	3,766,515
Stock compensation activity	2,135		—		2,135
Other comprehensive loss attributable to Parent Company	—		(11,557)		(11,557)
Distributions to Parent Company	(52,659)		—		(52,659)
Net income attributable to Parent Company	5,391		—		5,391

Adjustment to redeemable noncontrolling interests	(3,821)		—		(3,821)
Balance at March 31, 2023	$	3,643,217	$	62,787	$	3,706,004
Stock compensation activity	2,960		—		2,960
Other comprehensive income attributable to Parent Company	—		8,536		8,536
Distributions to Parent Company	(52,650)		—		(52,650)
Net income attributable to Parent Company	32,058		—		32,058

Adjustment to redeemable noncontrolling interests	(4,101)		—		(4,101)
Balance at June 30, 2023	$	3,621,484	$	71,323	$	3,692,807
Stock compensation activity	2,968		—		2,968
Other comprehensive loss attributable to Parent Company	—		(3,128)		(3,128)
Distributions to Parent Company	(52,653)		—		(52,653)
Net income attributable to Parent Company	2,070		—		2,070
Conversion of Limited Partner Units to shares of the Parent Company	301		—		301
Adjustment to redeemable noncontrolling interests	(7,071)		—		(7,071)
Balance at September 30, 2023	$	3,567,099	$	68,195	$	3,635,294

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities:
Net (loss) income	$	(17,814)	$	40,219
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	299,304		326,148
Loss (gain) on sales of operating properties, net	864		(22,468)
Gain on sale of unconsolidated property, net	(2,325)		—
Impairment charges	66,201		477

Straight-line rent	(10,066)		(9,723)
Compensation expense for equity awards	8,051		7,763
Amortization of debt fair value adjustments	(9,264)		(10,027)
Amortization of in-place lease liabilities	(6,920)		(9,228)
Changes in assets and liabilities:
Tenant receivables	6,639		(2,104)
Deferred costs and other assets	(18,158)		(26,727)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(8,463)		(3,153)
Net cash provided by operating activities	308,049		291,177

Cash flows from investing activities:
Acquisition of interests in properties	(39,561)		(78,273)
Capital expenditures	(101,915)		(98,694)
Net proceeds from sales of land	6,756		917
Net proceeds from sales of operating properties	30,409		123,944
Investment in short-term deposits	(615,000)		—
Proceeds from short-term deposits	265,000		—
Small business loan repayments	—		341
Change in construction payables	(4,941)		(3,718)
Distribution from unconsolidated joint venture	1,618		—
Capital contributions to unconsolidated joint ventures	(11,825)		—
Net cash used in investing activities	(469,459)		(55,483)

Cash flows from financing activities:
Contributions from the General Partner	49		64
Repurchases of common shares upon the vesting of restricted shares	(907)		(767)
Debt and equity issuance costs	(7,306)		(377)
Loan proceeds	732,993		332,095
Loan payments	(313,464)		(467,149)

Distributions paid – common unitholders	(164,680)		(157,893)
Distributions paid – redeemable noncontrolling interests	(2,687)		(2,127)
Distributions to noncontrolling interests	(760)		(3,196)
Net cash provided by (used in) financing activities	243,238		(299,350)

Net change in cash, cash equivalents and restricted cash	81,828		(63,656)
Cash, cash equivalents and restricted cash, beginning of period	41,430		121,970
Cash, cash equivalents and restricted cash, end of period	$	123,258	$	58,314

Non-cash investing and financing activities
Conversion of Limited Partner Units to shares of the Parent Company	$	—	$	301

The accompanying notes are an integral part of these consolidated financial statements.

KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

September 30, 2024

(Unaudited)

($ in thousands, except share, per share, unit and per unit amounts and where indicated in millions or billions)

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

Kite Realty Group Trust (the “Parent Company”), through its majority-owned subsidiary, Kite Realty Group, L.P. (the “Operating Partnership”), owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development and redevelopment of high-quality, open-air shopping centers and mixed-use assets that are primarily grocery-anchored and located in high-growth Sun Belt markets and select strategic gateway markets in the United States. The terms “Company,” “we,” “us,” and “our” refer to the Parent Company and the Operating Partnership, collectively, and those entities owned or controlled by the Parent Company and/or the Operating Partnership.

The Operating Partnership was formed on August 16, 2004, when the Parent Company contributed properties and the net proceeds from an initial public offering (“IPO”) of shares of its common stock to the Operating Partnership. The Parent Company was organized in Maryland in 2004 to succeed in the development, acquisition, construction and real estate businesses of its predecessor. We believe the Company qualifies as a real estate investment trust (“REIT”) under sections 856-860 of the Internal Revenue Code of 1986, as amended.

The Parent Company is the sole general partner of the Operating Partnership and, as of September 30, 2024, owned approximately 98.2% of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining 1.8% of the common partnership interests (“Limited Partner Units” and, together with the General Partner Units, the “Common Units”) were owned by the limited partners. As the sole general partner of the Operating Partnership, the Parent Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. The Parent Company and the Operating Partnership are operated as one enterprise. The management of the Parent Company consists of the same members as the management of the Operating Partnership. As the sole general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have any significant assets other than its investment in the Operating Partnership.

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the presentation not misleading. The unaudited consolidated financial statements as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 include all adjustments, consisting of normal recurring adjustments, necessary in the opinion of management to present fairly the financial information set forth therein. The unaudited consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the combined Annual Report on Form 10-K of the Parent Company and the Operating Partnership for the year ended December 31, 2023.

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Actual results could differ from these estimates. The results of operations for the interim periods are not necessarily indicative of the results that may be expected on an annual basis.

As of September 30, 2024, the Company’s portfolio consisted of the following:


	Properties	Square Footage
Operating retail properties(1)	179	27,720,361
Office properties	1	287,291
Development and redevelopment projects:
Carillon medical office building	1	126,000
The Corner – IN(2)	1	24,000
One Loudoun Expansion(3)	—	119,000
Hamilton Crossing Centre	1	92,283
Edwards Multiplex – Ontario	1	124,614

(1)Included within operating retail properties are 10 properties that contain an office component. Excludes one operating retail property classified as held for sale as of September 30, 2024. Of the 179 operating retail properties, 176 are consolidated within these financial statements and the remaining three are accounted for under the equity method.

(2)This property is held in an unconsolidated joint venture in which the Company has a 50% ownership interest.

(3)During the three months ended September 30, 2024, the Company began development activities on the retail and office portions of the expansion project at One Loudoun Downtown (the “One Loudoun Expansion”) in the Washington, D.C. metropolitan statistical area (“MSA”). The Company estimates that it will incur net project costs of approximately $65.0 million to $75.0 million related to the One Loudoun Expansion.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Components of Investment Properties

The following table summarizes the composition of the Company’s investment properties as of September 30, 2024 and December 31, 2023 (in thousands):


	Balance as of
	September 30, 2024		December 31, 2023
Land, buildings and improvements	$	7,543,145	$	7,684,066
Construction in progress	64,704		55,995
Investment properties, at cost	$	7,607,849	$	7,740,061

Components of Rental Income including Allowance for Uncollectible Accounts

Rental income related to the Company’s operating leases is comprised of the following for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Fixed contractual lease payments – operating leases	$	163,913	$	159,491	$	486,126	$	478,215
Variable lease payments – operating leases	36,939		38,100		117,072		117,730
Bad debt reserve	(1,468)		(219)		(3,601)		(2,007)
Straight-line rent adjustments	3,595		3,132		9,787		9,900
Straight-line rent reserve for uncollectibility	(309)		(367)		279		(177)
Amortization of in-place lease liabilities, net	2,264		3,853		6,920		9,228
Rental income	$	204,934	$	203,990	$	616,583	$	612,889

The Company makes estimates as to the collectability of its accounts receivable. In making these estimates, the Company reviews a variety of qualitative and quantitative data and considers such factors as the credit quality of our customer, historical write-off experience and current economic trends, to make a subjective determination. An allowance for uncollectible accounts, including future credit losses of the accrued straight-line rent receivables, is maintained for estimated losses resulting from the inability of certain tenants to meet contractual obligations under their lease agreements.

Short-Term Deposits

In January 2024, the Company invested $265.0 million in short-term deposits at Goldman Sachs Bank USA (“Goldman Sachs”) and KeyBank National Association (“KeyBank”). These short-term deposits earned interest at a weighted average interest rate of 5.34% with a final maturity date of July 22, 2024. During the nine months ended September 30, 2024, the Company earned $6.3 million of interest income on the January 2024 deposits, which is recorded within “Other income, net” in the accompanying consolidated statements of operations and comprehensive income.

In August 2024, the Company invested $350.0 million in short-term deposits at Goldman Sachs and KeyBank. The deposit balance approximates fair value and earns interest at a weighted average interest rate of 5.05% with a final maturity date in February 2025. During the three months ended September 30, 2024, the Company earned $2.2 million of interest income on the August 2024 deposits, which is recorded within “Other income, net” in the accompanying consolidated statements of operations and comprehensive income.

Consolidation and Investments in Joint Ventures

The accompanying financial statements are presented on a consolidated basis and include all accounts of the Parent Company, the Operating Partnership, the taxable REIT subsidiaries (“TRSs”) of the Operating Partnership, subsidiaries of the Operating Partnership that are controlled, and any variable interest entities (“VIEs”) in which the Operating Partnership is the primary beneficiary. As of September 30, 2024, we owned investments in two consolidated joint ventures that were VIEs in which the partners did not have substantive participating rights and we were the primary beneficiary. As of September 30, 2024, these consolidated VIEs had mortgage debt totaling $110.3 million, which was secured by assets of the VIEs totaling $218.1 million. The Operating Partnership guarantees the mortgage debt of these VIEs.

The Operating Partnership is considered a VIE as the limited partners do not hold kick-out rights or substantive participating rights. The Parent Company consolidates the Operating Partnership as it is the primary beneficiary.

As of September 30, 2024, the Company also owned investments in four unconsolidated joint ventures accounted for under the equity method, which are not considered VIEs. On January 31, 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, resulting in a gain on sale of $20.2 million. The Company recognized its share of the gain on sale of unconsolidated property of $2.3 million during the nine months ended September 30, 2024. In addition, the Company received a $1.6 million distribution upon the disposition of the property. The Company maintains an investment in the joint venture, which is in the process of winding up its activities and distributing remaining net assets. Glendale Center Apartments is adjacent to our Glendale Town Center operating retail property in the Indianapolis MSA.

Income Taxes and REIT Compliance

Parent Company

The Parent Company has been organized and operated, and intends to continue to operate, in a manner that will enable it to maintain its qualification as a REIT for U.S. federal income tax purposes. As a result, it generally will not be subject to U.S. federal income tax on the earnings that it distributes to the extent it distributes its “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders of the Parent Company and meets certain other requirements on a recurring basis. To the extent that it satisfies this distribution requirement but distributes less than 100% of its taxable income, it will be subject to U.S. federal income tax on its undistributed REIT taxable income at regular corporate income tax rates. REITs are subject to a number of organizational and operational requirements. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates for a period of four years following the year in which qualification is lost. Additionally, we may also be subject to certain taxes enacted by the Inflation Reduction Act of 2022 that are applicable to non-REIT corporations, including the nondeductible 1% excise tax on certain stock repurchases. We may also be subject to certain U.S. federal, state and local taxes on our income and property and to U.S. federal income and excise taxes on our undistributed taxable income even if the Parent Company does qualify as a REIT. The Operating Partnership intends to continue to make distributions to the Parent Company in amounts sufficient to assist the Parent Company in adhering to REIT requirements and maintaining its REIT status.

We have elected to treat Kite Realty Holdings, LLC and IWR Protective Corporation as TRSs with respect to the REIT, and we may elect to treat other subsidiaries as TRSs in the future. This election enables us to receive income and provide services that would otherwise be impermissible for a REIT. Deferred tax assets and liabilities are established for temporary

differences between the financial reporting bases and the tax bases of assets and liabilities at the tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized.

Operating Partnership

The allocated share of income and loss, other than the operations of our TRSs, is included in the income tax returns of the Operating Partnership’s partners. Accordingly, the only U.S. federal income taxes included in the accompanying consolidated financial statements are in connection with the TRSs.

Noncontrolling Interests

We report the non-redeemable noncontrolling interests in subsidiaries as equity, and the amount of consolidated net income attributable to these noncontrolling interests is set forth separately in the accompanying consolidated financial statements. The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the nine months ended September 30, 2024 and 2023 (in thousands):


	Nine Months Ended September 30,
	2024		2023
Noncontrolling interests balance as of January 1,	$	2,430	$	5,370
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests	204		201
Distributions to noncontrolling interests(1)	(760)		(3,196)
Noncontrolling interests balance as of September 30,	$	1,874	$	2,375

(1)During the nine months ended September 30, 2023, we received a $3.2 million distribution from excess proceeds related to a third-party financing.

Noncontrolling Interests – Joint Venture

Prior to the October 2021 merger with Retail Properties of America, Inc. (“RPAI”), RPAI entered into a joint venture related to the development, ownership and operation of the multifamily rental portion of the expansion project at One Loudoun Downtown – Pads G & H. The Company owns 90% of the joint venture.

Under terms defined in the joint venture agreement, after construction completion and stabilization of the development project (as defined in the joint venture agreement), the Company has the ability to call, and the joint venture partner has the ability to put to the Company, subject to certain conditions, the joint venture partner’s interest in the joint venture at fair value. As of September 30, 2024, the conditions for exercising the put and call options have been met but neither the Company nor the joint venture partner has exercised their respective options.

The joint venture is considered a VIE primarily because the Company’s joint venture partner does not have substantive kick-out rights or substantive participating rights. The Company is considered the primary beneficiary as it has a controlling financial interest in the joint venture. As such, the Company has consolidated this joint venture and presented the joint venture partner’s interests as noncontrolling interests.

Redeemable Noncontrolling Interests – Limited Partners

Limited Partner Units are redeemable noncontrolling interests in the Operating Partnership. We classify redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because we may be required to pay cash to holders of Limited Partner Units upon redemption of their interests in the Operating Partnership or deliver registered shares upon their conversion. The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid-in capital. As of September 30, 2024 and December 31, 2023, the redemption value of the redeemable noncontrolling interests in the Operating Partnership exceeded the historical book value, and the balances were accordingly adjusted to redemption value.

We allocate net operating results of the Operating Partnership after noncontrolling interests in the consolidated properties based on the partners’ respective weighted average ownership interest. We adjust the redeemable noncontrolling interests in the Operating Partnership at the end of each reporting period to reflect their interests in the Operating Partnership or redemption value. This adjustment is reflected in our shareholders’ and Parent Company’s equity. For the three and nine months ended September 30, 2024 and 2023, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Parent Company’s weighted average interest in the Operating Partnership	98.3	%	98.5	%	98.3	%	98.6	%
Limited partners’ weighted average interests in the Operating Partnership	1.7	%	1.5	%	1.7	%	1.4	%

As of September 30, 2024, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.2% and 1.8%. As of December 31, 2023, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.4% and 1.6%.

Concurrent with the Parent Company’s IPO and related formation transactions, certain individuals received Limited Partner Units of the Operating Partnership in exchange for their interests in certain properties. The limited partners have the right to redeem Limited Partner Units for cash or, at the Parent Company’s election, common shares of the Parent Company in an amount equal to the market value of an equivalent number of common shares of the Parent Company at the time of redemption. Such common shares must be registered, which is not fully in the Parent Company’s control. Therefore, the limited partners’ interest is not reflected within permanent equity. The Parent Company also has the right to redeem the Limited Partner Units directly from the limited partner in exchange for either cash in the amount specified above or a number of its common shares equal to the number of Limited Partner Units being redeemed.

There were 3,960,037 and 3,512,868 Limited Partner Units outstanding as of September 30, 2024 and December 31, 2023, respectively. The increase in Limited Partner Units outstanding from December 31, 2023 is due to non-cash compensation awards granted to our executive officers in the form of Limited Partner Units and the exercise of previously granted Appreciation Only Long-Term Incentive Plan (“AO LTIP”) Units in exchange for Limited Partner Units.

The redeemable noncontrolling interests in the Operating Partnership for the nine months ended September 30, 2024 and 2023 were as follows (in thousands):


	Nine Months Ended September 30,
	2024		2023
Redeemable noncontrolling interests balance as of January 1,	$	73,287	$	53,967
Net (loss) income allocable to redeemable noncontrolling interests	(265)		499
Distributions declared to redeemable noncontrolling interests	(2,838)		(2,281)
Other, net including adjustments to redemption value	26,842		14,815
Total limited partners’ interests in the Operating Partnership balance as of September 30,	$	97,026	$	67,000

Fair Value Measurements

We follow the framework established under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, for measuring fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination or upon determination of an impairment.

Assets and liabilities recorded at fair value in the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

•Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access.

•Level 2 fair value inputs are inputs other than quoted prices included in Level 1 that are observable for similar instruments, either directly or indirectly, and appropriately consider counterparty creditworthiness in the valuation.

•Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an instrument at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate.

In instances where the determination of the fair value measurement is based upon inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Effects of Accounting Pronouncements

In March 2024, the SEC issued a final rule, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This final rule is effective for the Company for the fiscal year beginning in 2025 and requires companies to annually disclose climate-related information in registration statements and annual reports, including material climate-related risks and impacts on the Company, information about board oversight, risk management activities, and any material climate-related targets or goals. In addition, the final rule requires disclosure of material Scope 1 and/or Scope 2 greenhouse gas emissions, which will be subject to independent third-party assurance, and the financial statement effects of severe weather events and other natural conditions. In April 2024, the SEC announced a stay of these climate disclosure rules pending judicial review. The Company is continuing to evaluate the impact of this final rule until it becomes effective.

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures. This new guidance became effective for the Company on January 1, 2024 and provides new disclosure requirements on significant segment expenses that will begin with the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024. Public entities with a single reportable segment such as the Company must apply all of the new disclosure requirements as well as all existing segment disclosure and reconciliation requirements in Topic 280 on an annual and interim basis. The adoption of this pronouncement on January 1, 2024 did not have any effect on the Company’s consolidated financial statements. The amended disclosure guidance will be applied prospectively.

NOTE 3. ACQUISITIONS

The Company closed on the following asset acquisition during the nine months ended September 30, 2024 (dollars in thousands):

Date

Property Name

MSA

Property Type

Square
Footage

Acquisition
Price

August 30, 2024

Parkside West Cobb

Atlanta

Multi-tenant retail

141,627

40,125

The Company closed on the following asset acquisition during the nine months ended September 30, 2023 (dollars in thousands):

Date

Property Name

MSA

Property Type

Square
Footage

Acquisition
Price

September 22, 2023

Prestonwood Place

Dallas/Ft. Worth

Multi-tenant retail

155,975

81,000

The above acquisitions were funded using a combination of available cash on hand, proceeds from dispositions and proceeds from the Company’s unsecured revolving line of credit. Substantially all of the purchase price was allocated to investment properties.

NOTE 4. DISPOSITIONS AND IMPAIRMENT CHARGES

The Company closed on the following disposition during the nine months ended September 30, 2024 (dollars in thousands):

Date

Property Name

MSA

Property Type

Square
Footage

Sales Price

Gain (Loss)

May 31, 2024

Ashland & Roosevelt

Chicago

Multi-tenant retail

104,176

30,600

(1,234)

In addition, during the three months ended September 30, 2024, the Company received proceeds of $0.6 million and recognized a gain of $0.6 million as a result of the receipt of an escrow related to the disposition of Reisterstown Road Plaza that previously closed on September 11, 2023.

The Company closed on the following dispositions during the nine months ended September 30, 2023 (dollars in thousands):


Date	Property Name	MSA	Property Type	Square Footage	Sales Price		Gain (Loss)
May 8, 2023	Kingwood Commons	Houston	Multi-tenant retail	158,172	$	27,350	$	4,736
June 8, 2023	Pan Am Plaza & Garage	Indianapolis	Land & garage	—	52,025		23,635
September 11, 2023	Reisterstown Road Plaza	Baltimore	Multi-tenant retail	376,683	48,250		(5,903)
				534,855	$	127,625	$	22,468

Since June 30, 2024, we have classified City Center, a 362,278 square foot multi-tenant retail property in the New York MSA, as held for sale as the Company has committed to a plan to sell this asset and expects that the sale will be completed within one year. This property qualified for held-for-sale accounting treatment upon meeting all applicable GAAP criteria as of June 30, 2024, at which time depreciation and amortization were ceased. In addition, the assets and liabilities associated with this property remain separately classified as held for sale in the accompanying consolidated balance sheet as of September 30, 2024. No properties qualified for held-for-sale accounting treatment as of December 31, 2023.

As of June 30, 2024, in connection with the preparation and review of the second quarter 2024 financial statements and in conjunction with classifying City Center as held for sale, we evaluated City Center for impairment and recorded a $66.2 million impairment charge due to changes in the facts and circumstances underlying the Company’s expected future hold period of the property. A shortening of the expected future hold period is considered an impairment indicator; therefore, we assessed the recoverability of City Center by comparing the carrying value of long-lived assets of $135.1 million as of June 30, 2024 to its estimated fair value of $69.6 million, which was determined using the income approach, less estimated selling costs of $0.7 million. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated hold period to a present value at a risk-adjusted rate. We used capitalization rates as a significant assumption in the valuation model, which are considered to be Level 3 inputs within the fair value hierarchy. We applied capitalization rates ranging from 6.0% to 15.0% to property income streams based upon the risk profile of the respective tenants and market rent of the leasable space. Based on this analysis, we recorded a $66.2 million non-cash impairment charge on City Center during the three months ended June 30, 2024.

The following table presents the assets and liabilities associated with City Center, the investment property that remains classified as held for sale as of September 30, 2024 (in thousands):


	September 30, 2024
Assets


Net investment properties	$	68,567

Tenant and other receivables	2,358
Restricted cash and escrow deposits	225
Deferred costs, net	2,638
Prepaid and other assets	869
Assets associated with investment property held for sale	$	74,657

Liabilities

Accounts payable and accrued expenses	$	461
Deferred revenue and other liabilities	3,296
Liabilities associated with investment property held for sale	$	3,757

During the three months ended September 30, 2023, in connection with the preparation and review of the third quarter 2023 financial statements, the Company recorded a $0.5 million impairment charge in connection with the sale of Eastside, a 43,640 square foot multi-tenant retail property in the Dallas/Ft. Worth MSA, as a result of a change in the expected hold period. The Company recorded the asset at the lower of cost or fair value less estimated costs to sell, which was approximately $14.1 million. The estimated fair value of Eastside was based upon the expected sales price from an executed sales contract and

determined to be a Level 3 input within the fair value hierarchy. Eastside was sold on October 24, 2023 for a gross sales price of $14.4 million.

There were no discontinued operations for the nine months ended September 30, 2024 and 2023 as none of the dispositions or planned dispositions represented a strategic shift that has had, or will have, a material effect on our operations or financial results.

NOTE 5. DEFERRED COSTS AND INTANGIBLES, NET

Deferred costs consist primarily of acquired lease intangible assets, broker fees and capitalized internal commissions incurred in connection with lease originations. Deferred leasing costs, lease intangibles and similar costs are amortized on a straight-line basis over the terms of the related leases. As of September 30, 2024 and December 31, 2023, deferred costs consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Acquired lease intangible assets	$	375,055	$	433,771
Deferred leasing costs and other	85,713		74,662
	460,768		508,433
Less: accumulated amortization	(205,967)		(204,262)
	$	254,801	$	304,171
Less: deferred costs associated with investment property held for sale	(2,638)		—
Deferred costs, net	$	252,163	$	304,171

The amortization of deferred leasing costs, lease intangibles and other is included within “Depreciation and amortization” in the accompanying consolidated statements of operations and comprehensive income. The amortization of above-market lease intangibles is included as a reduction to “Rental income” in the accompanying consolidated statements of operations and comprehensive income. The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands):


	Nine Months Ended September 30,
	2024		2023
Amortization of deferred leasing costs, lease intangibles and other	$	59,549	$	83,768
Amortization of above-market lease intangibles	$	7,309	$	9,305

NOTE 6. DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES

Deferred revenue and other liabilities consist of (i) the unamortized fair value of below-market lease liabilities recorded in connection with purchase accounting, (ii) retainage payables for development and redevelopment projects, (iii) tenant rent payments received in advance of the month in which they are due, and (iv) lease liabilities recorded upon adoption of ASU 2016-02, Leases (Topic 842). The amortization of below-market lease liabilities is recognized as revenue over the remaining life of the leases (including option periods for leases with below-market renewal options) through 2085. Tenant rent payments received in advance are recognized as revenue in the period to which they apply, which is typically the month following their receipt.

As of September 30, 2024 and December 31, 2023, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Unamortized in-place lease liabilities	$	147,363	$	159,449
Retainages payable and other	7,873		9,229
Tenant rents received in advance	29,349		35,339
Lease liabilities	67,563		68,925
	$	252,148	$	272,942
Less: deferred revenue associated with investment property held for sale	(3,296)		—
Deferred revenue and other liabilities	$	248,852	$	272,942

The amortization of below-market lease intangibles is included as a component of “Rental income” in the accompanying consolidated statements of operations and comprehensive income and totaled $14.2 million and $18.5 million for the nine months ended September 30, 2024 and 2023, respectively.

NOTE 7. MORTGAGE AND OTHER INDEBTEDNESS

The following table summarizes the Company’s indebtedness as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Mortgages payable	$	149,477	$	153,306
Senior unsecured notes	2,380,000		1,829,635
Unsecured term loans	700,000		820,000
Unsecured revolving line of credit	—		—
	3,229,477		2,802,941
Unamortized discounts and premiums, net	24,013		35,765
Unamortized debt issuance costs, net	(13,562)		(9,504)
Total mortgage and other indebtedness, net	$	3,239,928	$	2,829,202

Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of September 30, 2024, considering the impact of interest rate swaps, is summarized below (dollars in thousands):


	Amount Outstanding		Ratio		Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate debt(1)	$	3,059,277	95	%	4.18	%	4.4
Variable rate debt(2)	170,200		5	%	7.94	%	1.9
Debt discounts, premiums and issuance costs, net	10,451		N/A		N/A		N/A
Mortgage and other indebtedness, net	$	3,239,928	100	%	4.38	%	4.3

(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of September 30, 2024, $700.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 1.1 years.

(2)Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of September 30, 2024, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 0.9 years.

Mortgages Payable

The following table summarizes the Company’s mortgages payable (dollars in thousands):


	September 30, 2024					December 31, 2023
	Balance		Weighted Average Interest Rate		Weighted Average Years to Maturity	Balance		Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate mortgages payable(1)	$	134,277	5.10	%	7.4	$	136,306	5.09	%	8.1
Variable rate mortgage payable(2)	15,200		7.02	%	1.8	17,000		7.59	%	2.6
Total mortgages payable	$	149,477				$	153,306

(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of September 30, 2024 and December 31, 2023.

(2)The interest rate on the variable rate mortgage is based on Bloomberg Short Term Bank Yield Index (“BSBY”) plus 215 basis points. The one-month BSBY rate was 4.87% and 5.44% as of September 30, 2024 and December 31, 2023, respectively. Subsequent to September 30, 2024, the Secured Overnight Financing Rate (“SOFR”) replaced BSBY as the index for the variable rate mortgage.

Mortgages payable, which are secured by certain real estate and, in some cases, by guarantees from the Operating Partnership, are generally due in monthly installments of principal and interest and mature over various terms through 2033. During the nine months ended September 30, 2024, we made scheduled principal payments of $3.8 million related to amortizing loans.

Unsecured Notes

The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):


		September 30, 2024				December 31, 2023
	Maturity Date	Balance		Interest Rate		Balance		Interest Rate
Senior notes – 4.58% due 2024	June 30, 2024	$	—	—	%	$	149,635	4.58	%
Senior notes – 4.00% due 2025	March 15, 2025	350,000		4.00	%	350,000		4.00	%
Senior notes – SOFR + 3.65% due 2025(1)	September 10, 2025	80,000		7.98	%	80,000		9.27	%
Senior notes – 4.08% due 2026	September 30, 2026	100,000		4.08	%	100,000		4.08	%
Senior notes – 4.00% due 2026	October 1, 2026	300,000		4.00	%	300,000		4.00	%
Senior exchangeable notes – 0.75% due 2027	April 1, 2027	175,000		0.75	%	175,000		0.75	%
Senior notes – SOFR + 3.75% due 2027(2)	September 10, 2027	75,000		8.08	%	75,000		9.37	%
Senior notes – 4.24% due 2028	December 28, 2028	100,000		4.24	%	100,000		4.24	%
Senior notes – 4.82% due 2029	June 28, 2029	100,000		4.82	%	100,000		4.82	%
Senior notes – 4.75% due 2030	September 15, 2030	400,000		4.75	%	400,000		4.75	%
Senior notes – 4.95% due 2031	December 15, 2031	350,000		4.95	%	—		—	%
Senior notes – 5.50% due 2034(3)	March 1, 2034	350,000		4.60	%	—		—	%
Total senior unsecured notes		$	2,380,000			$	1,829,635

(1)$80,000 of 4.47% senior unsecured notes due 2025 has been swapped to a variable rate of three-month SOFR plus 3.65% through September 10, 2025.

(2)$75,000 of 4.57% senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025.

(3)The coupon rate of the Notes Due 2034 (defined below) is 5.50%; however, as a result of hedging activities, the Company’s interest rate is 4.60%.

In January 2024, the Company completed a public offering of $350.0 million in aggregate principal amount of 5.50% senior unsecured notes due 2034 (the “Notes Due 2034”). The Notes Due 2034 were priced at 98.670% of the principal amount to yield 5.673% to maturity and will mature on March 1, 2034, unless earlier redeemed. The proceeds were used to repay the $149.6 million principal balance of the 4.58% senior unsecured notes that matured on June 30, 2024 and the $120.0 million unsecured term loan that matured on July 17, 2024 (the “$120M Term Loan”) and for general corporate purposes.

In August 2024, the Company completed a public offering of $350.0 million in aggregate principal amount of 4.95% senior unsecured notes due 2031 (the “Notes Due 2031”). The Notes Due 2031 were priced at 99.328% of the principal amount to yield 5.062% to maturity and will mature on December 15, 2031, unless earlier redeemed. The Company expects the proceeds will be used to repay the $350.0 million principal balance of the 4.00% senior unsecured notes due 2025 (the “Notes Due 2025”) and for general corporate purposes.

Exchangeable Senior Notes

In March 2021, the Operating Partnership issued $175.0 million aggregate principal amount of 0.75% exchangeable senior notes maturing in April 2027 (the “Exchangeable Notes”). The Exchangeable Notes are governed by an indenture between the Operating Partnership, the Company and U.S. Bank National Association, as trustee. The net proceeds from the offering of the Exchangeable Notes were approximately $169.7 million after deducting the underwriting fees and other expenses paid by the Company. The Exchangeable Notes bear interest at a rate of 0.75% per annum, payable semi-annually in arrears, and will mature on April 1, 2027. During the nine months ended September 30, 2024 and 2023, we recognized approximately $1.0 million of interest expense related to the Exchangeable Notes.

Prior to January 1, 2027, the Exchangeable Notes will be exchangeable into cash up to the principal amount of the Exchangeable Notes exchanged and, if applicable, cash or common shares or a combination thereof only upon certain circumstances and during certain periods. On or after January 1, 2027, the Exchangeable Notes will be exchangeable into cash up to the principal amount of the Exchangeable Notes exchanged and, if applicable, cash or common shares or a combination thereof at the option of the holders at any time prior to the close of business on the second scheduled trading day preceding the maturity date. The initial exchange rate is 39.6628 common shares per $1,000 principal amount of Exchangeable Notes, which is equivalent to an initial exchange price of approximately $25.21 per common share and an exchange premium of

approximately 25% based upon the closing price of $20.17 per common share on March 17, 2021. The exchange rate is subject to adjustment upon the occurrence of certain events but will not be adjusted for any accrued and unpaid interest. As of September 30, 2024, the exchange rate of the Exchangeable Notes is 40.6713 common shares per $1,000 principal amount of Exchangeable Notes due to adjustments related to dividends paid.

The Operating Partnership may redeem the Exchangeable Notes at its option, in whole or in part, on any business day on or after April 5, 2025, if the last reported sale price of the common shares has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Operating Partnership provides notice of redemption at a redemption price equal to 100% of the principal amount of the Exchangeable Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

In connection with the Exchangeable Notes, the Operating Partnership entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the initial purchasers of the Exchangeable Notes or their respective affiliates. The Capped Call Transactions initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes, the number of common shares underlying the Exchangeable Notes. The Capped Call Transactions are generally expected to reduce the potential dilution to holders of common shares upon exchange of the Exchangeable Notes. The cap price of the Capped Call Transactions was initially approximately $30.26, which represented a premium of approximately 50% over the last reported sale price of our common shares on March 17, 2021 and is subject to anti-dilution adjustments under the terms of the Capped Call Transactions. We incurred $9.8 million of costs related to the Capped Call Transactions, which are included within “Additional paid-in capital” in the accompanying consolidated balance sheets.

Unsecured Term Loans and Revolving Line of Credit

The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands):


		September 30, 2024				December 31, 2023
	Maturity Date	Balance		Interest Rate		Balance		Interest Rate
Unsecured term loan due 2024 – fixed rate(1)	July 17, 2024	$	—	—	%	$	120,000	2.68	%
Unsecured term loan due 2025 – fixed rate(2)	October 24, 2025	250,000		5.09	%	250,000		5.09	%
Unsecured term loan due 2026 – fixed rate(3)	July 17, 2026	150,000		2.73	%	150,000		2.73	%
Unsecured term loan due 2029 – fixed rate(4)	July 29, 2029	300,000		3.82	%	300,000		3.82	%
Total unsecured term loans		$	700,000			$	820,000

Unsecured credit facility revolving line of credit – variable rate(5)	January 8, 2026	$	—	6.11	%	$	—	6.58	%

(1)As of December 31, 2023, $120,000 of SOFR-based variable rate debt had been swapped to a fixed rate of 1.58% plus a credit spread based on a ratings grid ranging from 0.80% to 1.65% through July 17, 2024. The applicable credit spread was 1.10% as of December 31, 2023.

(2)$250,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 5.09% through October 24, 2025. The maturity date of the term loan may be extended for up to three additional periods of one year each at the Operating Partnership’s option, subject to certain conditions.

(3)$150,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a ratings grid ranging from 0.75% to 1.60% through July 17, 2026. The applicable credit spread was 1.05% as of September 30, 2024 and December 31, 2023.

(4)$300,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 2.47% plus a credit spread based on a ratings grid ranging from 1.15% to 2.20% through August 1, 2025. The applicable credit spread was 1.35% as of September 30, 2024 and December 31, 2023.

(5)The revolving line of credit has two six-month extension options that the Company can exercise, at its election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity.

Unsecured Revolving Credit Facility

In July 2022, the Operating Partnership, as borrower, and the Company entered into the Second Amendment (the “Second Amendment”) to the Sixth Amended and Restated Credit Agreement, dated as of July 8, 2021 (as amended, the “Credit Agreement”) with a syndicate of financial institutions to provide for an unsecured revolving credit facility aggregating $1.1 billion (the “Revolving Facility”) and a seven-year $300.0 million unsecured term loan (the “$300M Term Loan”). Under the Second Amendment, the Operating Partnership has the option, subject to certain customary conditions, to increase the Revolving Facility and/or incur additional term loans in an aggregate amount for all such increases and additional loans of up to $600.0 million, for a total facility amount of up to $2.0 billion. The Revolving Facility has a scheduled maturity date of January 8, 2026, which maturity date may be extended for up to two additional periods of six months at the Operating Partnership’s option, subject to certain conditions.

Borrowings under the Revolving Facility bear interest at a rate per annum equal to SOFR plus a margin based on the Operating Partnership’s leverage ratio or credit rating, respectively, plus a facility fee based on the Operating Partnership’s leverage ratio or credit rating, respectively. The SOFR rate is also subject to an additional 0.10% spread adjustment as specified in the Second Amendment. The Revolving Facility is currently priced on the leverage-based pricing grid. In accordance with the Credit Agreement, the credit spread set forth in the leverage grid resets quarterly based on the Company’s leverage, as calculated at the previous quarter end. The Company may irrevocably elect to convert to the ratings-based pricing grid at any time. As of September 30, 2024, making such an election would have resulted in a lower interest rate; however, the Company had not made the election to convert to the ratings-based pricing grid. The Credit Agreement includes a sustainability metric based on targeted greenhouse gas emission reductions, which results in a reduction of the otherwise applicable interest rate margin by one basis point upon achievement of targets set forth therein. The greenhouse gas emission reduction targets have not been achieved as of September 30, 2024.

The following table summarizes the key terms of the Revolving Facility as of September 30, 2024 (dollars in thousands):

Leverage-Based Pricing

Investment Grade Pricing

Credit Agreement

Maturity Date

Extension Option

Extension Fee

Credit Spread

Facility Fee

Credit Spread

Facility Fee

SOFR Adjustment

$1,100,000 unsecured revolving line of credit

1/8/2026

2 six-month

0.075%

1.05%–1.50%

0.15%–0.30%

0.725%–1.40%

0.125%–0.30%

0.10%

The Operating Partnership’s ability to borrow under the Credit Agreement is subject to ongoing compliance by the Operating Partnership and its subsidiaries with various restrictive covenants, including with respect to liens, transactions with affiliates, dividends, mergers and asset sales. In addition, the Credit Agreement requires that the Operating Partnership satisfy certain financial covenants, including (i) a maximum leverage ratio; (ii) a minimum fixed charge coverage ratio; (iii) a maximum secured indebtedness ratio; (iv) a maximum unsecured leverage ratio; and (v) a minimum unencumbered interest coverage ratio. As of September 30, 2024, we were in compliance with all such covenants.

Subsequent to September 30, 2024, the Operating Partnership and the Company entered into the Third Amendment (the “Third Amendment”) to the Sixth Amended and Restated Credit Agreement, dated as of July 8, 2021 (as amended, the “Amended Credit Agreement”) that extended the maturity date of the Revolving Facility to October 3, 2028 with the option to extend such maturity date for either one one-year period or up to two six-month periods at the Company’s election, subject to the payment of an extension fee and certain other customary conditions. The credit spreads and facility fees for both the leverage-based and investment grade pricing grids remain the same; however, the Company has the ability to obtain more favorable pricing in certain circumstances when its total leverage ratio is (x) less than or equal to 35.0% or (y) greater than 35.0% but less than or equal to 37.5% with respect to not more than one fiscal quarter following a period in which the condition described in clause (x) was satisfied (the “Leverage Toggle”). In addition, the Third Amendment includes an adjustment to the sustainability-linked pricing provisions that allows the otherwise applicable interest rate margin to be reduced by up to two basis points if certain greenhouse gas emission reduction targets are achieved.

Unsecured Term Loans

As of September 30, 2024, the Operating Partnership has the following unsecured term loans: (i) a $250.0 million unsecured term loan due October 2025 (the “$250M Term Loan”), (ii) a $150.0 million unsecured term loan due July 2026 (the “$150M Term Loan”), and (iii) the $300M Term Loan that matures in July 2029, each of which bears interest at a rate of SOFR plus a credit spread. The $150M Term Loan and the $300M Term Loan are each priced on a ratings-based pricing grid while the $250M Term Loan is priced on a leverage-based pricing grid. The agreements related to the $150M Term Loan and $300M Term Loan include a sustainability metric based on targeted greenhouse gas emission reductions, which

results in a reduction of the otherwise applicable interest rate margin by one basis point upon achievement of targets set forth in each agreement. The greenhouse gas emission reduction targets have not been achieved as of September 30, 2024.

The following table summarizes the key terms of the unsecured term loans as of September 30, 2024 (dollars in thousands):

Unsecured Term Loans

Maturity Date

Leverage-Based Pricing
Credit Spread

Investment Grade Pricing
Credit Spread

SOFR Adjustment

$250,000 unsecured term loan due 2025

10/24/2025(1)

2.00% – 2.55%

2.00% – 2.50%

0.10%

$150,000 unsecured term loan due 2026

7/17/2026

1.20% – 1.70%

0.75% – 1.60%

0.10%

$300,000 unsecured term loan due 2029

7/29/2029

N/A

1.15% – 2.20%

0.10%

(1)The maturity date may be extended for up to three additional periods of one year each at the Operating Partnership’s option, subject to certain conditions.

The Operating Partnership has the option to increase the $150M Term Loan to $250.0 million upon the Operating Partnership’s request, subject to certain conditions including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts. The Operating Partnership is permitted to prepay the $150M Term Loan in whole or in part, at any time, without being subject to a prepayment fee.

The Operating Partnership has the option to increase the $250M Term Loan to $300.0 million, subject to certain conditions including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts. The Operating Partnership is permitted to prepay the $250M Term Loan in whole or in part, without premium or penalty.

The Operating Partnership is permitted to prepay the $300M Term Loan in whole or in part, at any time, without premium or penalty.

The unsecured term loan agreements contain representations, financial and other affirmative and negative covenants and events of default that are substantially similar to those contained in the Credit Agreement. The unsecured term loan agreements all rank pari passu with the Operating Partnership’s Revolving Facility and other unsecured indebtedness of the Operating Partnership.

The Third Amendment also applied the Leverage Toggle and adjustment to the sustainability-linked pricing provisions to the $300M Term Loan.

In addition, subsequent to September 30, 2024, the Operating Partnership entered into the Second Amendment (the “Second Amendment”) to the term loan agreement related to the $250M Term Loan that extended the maturity date of the $250M Term Loan to October 24, 2027 with the option to extend such maturity date by one one-year period at the Company’s election, subject to the payment of an extension fee and certain other customary conditions. In conjunction with the Second Amendment, the $250M Term Loan will be priced on a ratings-based pricing grid with the interest rate equal to (x) a margin ranging from 0.75% to 1.60% or (y) a base rate plus a margin ranging from 0.00% to 0.60% and includes the same Leverage Toggle for determining pricing and sustainability-linked pricing provisions as described above for the Third Amendment to the Amended Credit Agreement.

Debt Issuance Costs

Debt issuance costs are amortized over the terms of the respective loan agreements. The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands):


	Nine Months Ended September 30,
	2024		2023
Amortization of debt issuance costs	$	2,978	$	2,685

Debt Discounts and Premiums

Debt discounts and premiums, including the related value of interest rate swaps that were assumed in the October 2021 merger with RPAI, are amortized over the terms of the respective loan agreements. The following amounts of amortization are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands):


	Nine Months Ended September 30,
	2024		2023
Amortization of debt discounts, premiums and hedge instruments	$	10,581	$	14,992

In addition, the estimated amounts of the reduction to interest expense as of September 30, 2024 for each of the next five years and thereafter related to the amortization of debt discounts, premiums and assumed hedge instruments, assuming these instruments are held to maturity, are as follows (in thousands):


October 2024 through December 2024	$	3,011
2025	7,486
2026	5,832
2027	4,914
2028	4,904
Thereafter	4,462
Total unamortized debt discounts, premiums and hedge instruments	$	30,609

The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of September 30, 2024 to the balance of unamortized discounts and premiums, net (in thousands):


Unamortized discounts and premiums on mortgages payable, senior unsecured notes and unsecured term loans	$	28,902
Unamortized hedge instruments	1,707
Total unamortized debt discounts, premiums and hedge instruments	30,609
Unamortized hedge instruments (included in accumulated other comprehensive income)	(1,707)
Fair value of variable interest rate swaps	(4,889)
Unamortized discounts and premiums, net	$	24,013

Fair Value of Fixed and Variable Rate Debt

As of September 30, 2024, the estimated fair value of fixed rate debt was $2.5 billion compared to the book value of $2.5 billion. The fair value was estimated using Level 2 and 3 inputs with cash flows discounted at current borrowing rates for similar instruments, which ranged from 5.18% to 6.26%. As of September 30, 2024, the estimated fair value of variable rate debt was $717.0 million compared to the book value of $715.2 million. The fair value was estimated using Level 2 and 3 inputs with cash flows discounted at current borrowing rates for similar instruments, which ranged from 6.00% to 6.05%.

NOTE 8. DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME

In order to manage potential future variable interest rate risk, we enter into interest rate derivative agreements from time to time. We do not use interest rate derivative agreements for trading or speculative purposes. The agreements with each of our derivative counterparties provide that in the event of default on any of our indebtedness, we could also be declared in default on our derivative obligations.

The following table summarizes the terms and fair values of the Company’s derivative financial instruments that were designated and qualified as part of a hedging relationship as of September 30, 2024 and December 31, 2023 (dollars in thousands):


									Fair Value Assets (Liabilities)(1)
Type of Hedge	Number of Instruments	Aggregate Notional		Reference Rate	Interest Rate		Effective Date	Maturity Date	September 30, 2024		December 31, 2023
Cash Flow	Four	$	250,000	SOFR	2.99	%	12/1/2022	10/24/2025	$	2,038	$	4,952
Cash Flow	Two	100,000		SOFR	2.66	%	8/1/2022	8/1/2025	1,026		2,415
Cash Flow	Two	200,000		SOFR	2.37	%	11/22/2023	8/1/2025	2,528		5,716
Cash Flow	Three	—		SOFR	1.58	%	8/15/2022	7/17/2024	—		2,236
Cash Flow	Three	150,000		SOFR	1.68	%	8/15/2022	7/17/2026	4,621		7,744
		$	700,000						$	10,213	$	23,063

Fair Value(2)	Two	$	155,000	SOFR	SOFR + 3.70%		4/23/2021	9/10/2025	$	(4,889)	$	(9,408)

Forward-Starting Cash Flow(3)	Three	$	150,000	SOFR	3.44	%	6/28/2024	6/28/2034	$	—	$	(700)

(1)Derivatives in an asset position are included within “Prepaid and other assets” and derivatives in a liability position are included within “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets.

(2)The derivative agreements swap a blended fixed rate of 4.52% for a blended floating rate of three-month SOFR plus 3.70%.

(3)The forward-starting interest rate swaps were terminated in conjunction with the issuance of the Notes Due 2034.

In August 2024, we entered into two intraday interest rate lock agreements with notional amounts totaling $350.0 million that fixed the interest rate on a portion of the Notes Due 2031, which were issued in August 2024, at 3.75%. We paid $0.1 million upon termination, which is included as a component of “Accumulated other comprehensive income” in the accompanying consolidated balance sheets and is being reclassified as an increase to interest expense over the term of the debt.

In December 2023, we entered into three forward-starting interest rate swap agreements with notional amounts totaling $150.0 million that swap a floating rate of compound SOFR for a fixed rate of 3.44% with an effective date of June 28, 2024 and a maturity date of June 28, 2034. These interest rate swaps fixed the interest rate on a portion of the Notes Due 2034, which were issued in January 2024, and were subsequently terminated upon issuance of the Notes Due 2034. We received $0.7 million upon termination, which is included as a component of “Accumulated other comprehensive income” in the accompanying consolidated balance sheets and is being reclassified as a reduction to interest expense over the term of the debt.

In October 2022, we terminated two forward-starting interest rate swaps with notional amounts totaling $150.0 million and a maturity date of June 1, 2032 and received $30.9 million upon termination. This settlement is included as a component of “Accumulated other comprehensive income” in the accompanying consolidated balance sheets and is being reclassified to earnings over time as the hedged items are recognized in earnings. During the year ended December 31, 2023, we accelerated the reclassification of $3.1 million in accumulated other comprehensive income as a reduction to interest expense as a result of a portion of the hedged forecasted transaction becoming probable not to occur. In January 2024, we completed a public offering of the Notes Due 2034. The remaining balance in accumulated other comprehensive income is being reclassified as a reduction to interest expense over the term of the debt.

These interest rate derivative agreements are the only assets or liabilities that we record at fair value on a recurring basis. The valuation of these assets and liabilities is determined using widely accepted techniques including discounted cash flow analysis. These techniques consider the contractual terms of the derivatives (including the period to maturity) and use observable market-based inputs such as interest rate curves and implied volatilities. We also incorporate credit valuation adjustments into the fair value measurements to reflect nonperformance risk on both our part and that of the respective counterparties.

We have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, although the credit valuation adjustments associated with our derivatives use Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. As of September 30, 2024 and December 31, 2023, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our

derivatives. As a result, we have determined that our derivative valuations were classified within Level 2 of the fair value hierarchy.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to earnings over time as the hedged items are recognized in earnings. Approximately $4.1 million and $13.9 million was reclassified as a reduction to interest expense during the three and nine months ended September 30, 2024, respectively. Approximately $5.5 million and $13.2 million was reclassified as a reduction to interest expense during the three and nine months ended September 30, 2023, respectively. As interest payments on our derivatives are made over the next 12 months, we estimate the decrease to interest expense to be approximately $12.8 million, assuming the current SOFR curve.

Unrealized gains and losses on our interest rate derivative agreements are the only components of the change in accumulated other comprehensive income.

NOTE 9. SHAREHOLDERS’ EQUITY

Distributions

Our Board of Trustees declared a cash distribution of $0.26 per common share and Common Unit for the third quarter of 2024. This distribution was paid on October 16, 2024 to common shareholders and common unitholders of record as of October 9, 2024. For the nine months ended September 30, 2024, we declared cash distributions totaling $0.76 per common share and Common Unit.

For the three and nine months ended September 30, 2023, we declared cash distributions of $0.24 and $0.72 per common share and Common Unit, respectively.

Share Repurchase Program

The Company has an existing share repurchase program under which it may repurchase, from time to time, up to a maximum of $300.0 million of its common shares (the “Share Repurchase Program”). The Company intends to fund any future repurchases under the Share Repurchase Program with cash on hand or availability under the Revolving Facility, subject to any applicable restrictions. The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will depend upon prevailing market conditions, regulatory requirements and other factors. In February 2024, the Company extended the Share Repurchase Program for an additional year to February 28, 2025, if not terminated or extended prior to that date. As of September 30, 2024, the Company has not repurchased any shares under the Share Repurchase Program.

NOTE 10. EARNINGS PER SHARE OR UNIT

Basic earnings per share or unit is calculated based on the weighted average number of common shares or units outstanding during the period. Diluted earnings per share or unit is calculated based on the weighted average number of common shares or units outstanding during the period combined with the incremental average common shares or units that would have been outstanding assuming the conversion of all potentially dilutive common shares or units into common shares or units as of the earliest date possible.

Potentially dilutive securities include (i) outstanding options to acquire common shares; (ii) Limited Partner Units, which may be exchanged for either cash or common shares at the Parent Company’s option and under certain circumstances; (iii) AO LTIP Units; (iv) deferred common share units, which may be credited to the personal accounts of non-employee trustees in lieu of compensation paid in cash or the issuance of common shares to such trustees, and (v) common shares issuable upon the exchange of the Company’s Exchangeable Notes. The Company calculates the potential dilutive effect of the Exchangeable Notes under the if-converted method, which considers only the amounts settled in excess of the principal in diluted earnings per share as the principal must be paid in cash. Limited Partner Units have been omitted from the Parent Company’s denominator for the purpose of computing diluted earnings per share since the effect of including those amounts in the denominator would have no dilutive impact. Weighted average Limited Partner Units outstanding were 3.9 million and 3.7 million for the three and nine months ended September 30, 2024, and 3.3 million and 3.1 million for the three and nine months ended September 30, 2023, respectively.

The following summarizes the calculation of basic and diluted earnings per share for the Parent Company. We have omitted the calculation of basic and diluted earnings per unit since the dilutive securities for the Operating Partnership are the same as those for the Parent Company (dollars in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income (loss) attributable to common shareholders – basic and diluted	$	16,729	$	2,070	$	(17,753)	$	39,519

Denominator:
Weighted average common shares outstanding – basic	219,665,836		219,381,248		219,596,590		219,323,570
Effect of dilutive securities:
AO LTIP Units	244,447		529,790		—		430,999
Deferred common share units	68,956		65,042		—		54,974
Exchangeable Notes	117,454		—		—		—
Weighted average common shares outstanding – diluted	220,096,693		219,976,080		219,596,590		219,809,543

Net income (loss) per common share – basic	$	0.08	$	0.01	$	(0.08)	$	0.18
Net income (loss) per common share – diluted	$	0.08	$	0.01	$	(0.08)	$	0.18

Due to the net loss allocable to common shareholders and common unitholders for the nine months ended September 30, 2024, no securities had a dilutive impact for that period.

NOTE 11. COMMITMENTS AND CONTINGENCIES

Other Commitments and Contingencies

We are obligated under various completion guarantees with certain lenders and lease agreements with tenants to complete all or portions of a development project and tenant-specific space currently under construction. We believe we currently have sufficient financing in place to fund these projects and expect to do so primarily through free cash flow or borrowings on the Revolving Facility.

In 2017, we provided a repayment guaranty on a $33.8 million construction loan associated with the development of the Embassy Suites at the University of Notre Dame, consistent with our 35% ownership interest. Our portion of the repayment guaranty was limited to $5.9 million, and the guaranty’s term was through July 1, 2024, the maturity date of the construction loan. In July 2024, the joint venture repaid the construction loan and we contributed $10.2 million representing our 35% share of the debt repaid.

In 2021, we provided repayment and completion guaranties on loans totaling $66.2 million associated with the development of The Corner mixed-use project in the Indianapolis MSA. As of September 30, 2024, the outstanding balance of the loans was $69.9 million, of which our share was $35.0 million.

Legal Proceedings

We are not subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against us. We are parties to routine litigation, claims, and administrative proceedings arising in the ordinary course of business. Management believes that such matters will not have a material adverse impact on our consolidated financial condition, results of operations or cash flows taken as a whole.

NOTE 12. SUBSEQUENT EVENTS

Subsequent to September 30, 2024, we entered into the third amendment to the sixth amended and restated unsecured credit agreement and amended the terms of the $250M Term Loan. See Note 7 to the consolidated financial statements for further details.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the accompanying historical financial statements and related notes thereto. In this discussion, unless the context suggests otherwise, references to “our Company,” “we,” “us,” and “our” mean Kite Realty Group Trust and its direct and indirect subsidiaries, including Kite Realty Group, L.P.

CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements.

Risks, uncertainties and other factors that might cause such differences, some of which could be material, include but are not limited to:

•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 a potential economic slowdown or recession, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending);

•financing risks, including the availability of, and costs associated with, sources of liquidity;

•our ability to refinance, or extend the maturity dates of, our indebtedness;

•the level and volatility of interest rates;

•the financial stability of our tenants;

•the competitive environment in which we operate, including potential oversupplies of, or a reduction in demand for, rental space;

•acquisition, disposition, development and joint venture risks;

•property ownership and management risks, including the relative illiquidity of real estate investments, and expenses, vacancies or the inability to rent space on favorable terms or at all;

•our ability to maintain our status as a real estate investment trust (“REIT”) for U.S. federal income tax purposes;

•potential environmental and other liabilities;

•impairment in the value of real estate property we own;

•the attractiveness of our properties to tenants, the actual and perceived impact of e-commerce on the value of shopping center assets, and changing demographics and customer traffic patterns;

•business continuity disruptions and a deterioration in our tenants’ ability to operate in affected areas or delays in the supply of products or services to us or our tenants from vendors that are needed to operate efficiently, causing costs to rise sharply and inventory to fall;

•risks related to our current geographical concentration of properties in the states of Texas, Florida, and North Carolina and the metropolitan statistical areas (“MSAs”) of New York, Atlanta, Seattle, Chicago, and Washington, D.C.;

•civil unrest, acts of violence, terrorism or war, acts of God, climate change, epidemics, pandemics, natural disasters and severe weather conditions, including such events that may result in underinsured or uninsured losses or other increased costs and expenses;

•changes in laws and government regulations including governmental orders affecting the use of our properties or the ability of our tenants to operate, and the costs of complying with such changed laws and government regulations;

•possible short-term or long-term changes in consumer behavior due to COVID-19 and the fear of future pandemics;

•our ability to satisfy environmental, social or governance standards set by various constituencies;

•insurance costs and coverage, especially in Florida and Texas coastal areas;

•risks associated with cybersecurity attacks and the loss of confidential information and other business disruptions;

•other factors affecting the real estate industry generally; and

•other risks identified in this Quarterly Report on Form 10-Q and, from time to time, in other reports we file with the Securities and Exchange Commission (the “SEC”) or in other documents that we publicly disseminate, including, in particular, the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

We undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Overview

Our Business and Properties

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 shopping centers and mixed-use assets that are primarily grocery-anchored and located in high-growth Sun Belt 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.

As of September 30, 2024, we owned interests in 179 operating retail properties totaling approximately 27.7 million square feet, excluding one operating retail property classified as held for sale as of September 30, 2024, and one office property with 0.3 million square feet. Of the 179 operating retail properties, 10 contain an office component. We also owned three development projects under construction as of this date and an additional two properties with future redevelopment opportunities.

Inflation

Many of our leases contain provisions designed to mitigate the adverse impact of inflation, including annual 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 last year, we have made significant progress in executing leases that include higher fixed-rent bumps while also including CPI-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.

Historically, economic indicators such as GDP growth, consumer confidence and employment have been correlated with demand for certain of our tenants’ products and services. If an economic recession returns, it could, among other impacts, (i) increase the number of our tenants that are unable to meet their lease obligations to us and (ii) limit the demand for space in our properties from new tenants.

Operating Activity

During the third quarter of 2024, we executed new and renewal leases on 205 individual spaces totaling 1,651,986 square feet (11.1% cash leasing spread on 155 comparable leases). New leases were signed on 63 individual spaces for 284,580 square feet of gross leasable area (“GLA”) (24.9% cash leasing spread on 35 comparable leases), while non-option renewal leases were

signed on 81 individual spaces for 477,515 square feet of GLA (11.9% cash leasing spread on 59 comparable leases) and option renewals were signed on 61 individual spaces for 889,891 square feet of GLA (7.7% cash leasing spread). The blended cash spread for comparable new and non-option renewal leases was 16.7%. Comparable new and renewal leases are defined as those for which the space was occupied by a tenant within the last 12 months.

Results of Operations

The comparability of results of operations for the three and nine months ended September 30, 2024 and 2023 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 activities during those periods, which is set forth below.

Acquisitions

The following operating properties were acquired during the period from January 1, 2023 through September 30, 2024:

Property Name

MSA

Acquisition Date

GLA

Prestonwood Place

Dallas/Ft. Worth

September 22, 2023

155,975

Parkside West Cobb

Atlanta

August 30, 2024

141,627

Dispositions

The following operating and other properties were sold during the period from January 1, 2023 through September 30, 2024:

Property Name

MSA

Disposition Date

GLA

Kingwood Commons

Houston

May 8, 2023

158,172

Pan Am Plaza & Garage

Indianapolis

June 8, 2023

—

Reisterstown Road Plaza

Baltimore

September 11, 2023

376,683

Eastside

Dallas/Ft. Worth

October 24, 2023

43,640

Ashland & Roosevelt

Chicago

May 31, 2024

104,176

In addition, during the nine months ended September 30, 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.

Development and Redevelopment Projects

The following properties were under active development or redevelopment at various times during the period from January 1, 2023 through September 30, 2024 and removed from our operating portfolio:

Project Name

MSA

Transition to

Development or Redevelopment(1)

Transition to
Operating Portfolio

GLA

Active Projects

Carillon MOB(2)

Washington, D.C.

October 2021

Pending

126,000

The Corner – IN(2)

Indianapolis

December 2015

Pending

24,000

One Loudoun Expansion(3)

Washington, D.C.

September 2024

Pending

119,000

Future Opportunities

Hamilton Crossing Centre(2)(4)

Indianapolis

June 2014

Pending

92,283

Edwards Multiplex – Ontario(2)

Los Angeles

March 2023

Pending

124,614

Completed Projects

The Landing at Tradition – Phase II

Port St. Lucie, FL

September 2021

June 2023

39,900

(1)Transition date represents the date the property was transferred from our operating portfolio into redevelopment status. For legacy Retail Properties of America, Inc. (“RPAI”) projects, the transition date represents the later of the date of the closing of the merger (October 2021) and the date the project was transferred into redevelopment status.

(2)This property has been identified as a redevelopment property and is not included in the operating portfolio or the same property pool. The redevelopment projects at Hamilton Crossing Centre and The Corner – IN will include the creation of a mixed-used development.

(3)The property is comprised of the development project (which has been excluded from the Company’s same property pool due to the ongoing development) and the remaining retail operating portion of the property (which is included in the Company’s same property pool as of September 30, 2024).

(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.

Comparison of Operating Results for the Three Months Ended September 30, 2024 to the Three Months Ended September 30, 2023

The following table reflects changes in the components of our consolidated statements of operations for the three months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,
	2024		2023		Change
Revenue:
Rental income	$	204,934	$	203,990	$	944
Other property-related revenue	1,864		2,172		(308)
Fee income	455		1,057		(602)
Total revenue	207,253		207,219		34

Expenses:
Property operating	27,756		27,644		112
Real estate taxes	25,220		26,453		(1,233)
General, administrative and other	13,259		13,917		(658)

Depreciation and amortization	96,656		105,930		(9,274)
Impairment charges	—		477		(477)
Total expenses	162,891		174,421		(11,530)

Gain (loss) on sales of operating properties, net	602		(5,972)		6,574

Operating income	44,964		26,826		18,138
Other (expense) income:
Interest expense	(31,640)		(25,484)		(6,156)
Income tax expense of taxable REIT subsidiaries	(35)		(68)		33

Equity in loss of unconsolidated subsidiaries	(607)		(47)		(560)

Other income, net	4,371		950		3,421
Net income	17,053		2,177		14,876
Net income attributable to noncontrolling interests	(324)		(107)		(217)
Net income attributable to common shareholders	$	16,729	$	2,070	$	14,659


Property operating expense to total revenue ratio			13.4		%				13.3		%

Rental income (including tenant reimbursements) increased $0.9 million, or 0.5%, due to the following (in thousands):


	Net Change Three Months Ended September 30, 2023 to 2024
Properties or components of properties sold or held for sale during 2023 and/or 2024	$	(4,153)
Properties under redevelopment or acquired during 2023 and/or 2024	2,397
Properties fully operational during 2023 and 2024 and other	2,700
Total	$	944

The net increase of $2.7 million in rental income for properties that were fully operational during 2023 and 2024 is primarily due to increases in the following: (i) base minimum rent of $2.8 million due to contractual rent changes, (ii) tenant reimbursements of $1.0 million due to higher recoverable common area maintenance expenses, and (iii) lease termination income of $0.6 million. These variances were partially offset by an increase in bad debt expense of $1.2 million and a decrease in overage rent of $0.5 million. The occupancy of the fully operational properties increased from 91.5% for the three months ended September 30, 2023 to 91.7% for the three months ended September 30, 2024.

Other property-related revenue primarily consists of parking revenues, gains on the sale of land and other miscellaneous activity. This revenue decreased by $0.3 million primarily as a result of lower gains on sales of land recognized during the three months ended September 30, 2024, partially offset by an increase in miscellaneous income of $0.3 million.

We recorded fee income of $0.5 million and $1.1 million during the three months ended September 30, 2024 and 2023, respectively, from property management and development services provided to third parties and unconsolidated joint ventures. The decrease in fee income is primarily related to a decrease in development fees earned related to the development of a corporate campus for Republic Airways at Hamilton Crossing Centre.

Property operating expenses increased $0.1 million, or 0.4%, due to the following (in thousands):


	Net Change Three Months Ended September 30, 2023 to 2024
Properties or components of properties sold or held for sale during 2023 and/or 2024	$	(471)
Properties under redevelopment or acquired during 2023 and/or 2024	241
Properties fully operational during 2023 and 2024 and other	342
Total	$	112

The net increase of $0.3 million in property operating expenses for properties that were fully operational during 2023 and 2024 is primarily due to increases in insurance expenses of $1.0 million and landscaping and repairs and maintenance expenses of $0.6 million, partially offset by decreases in non-recoverable expenses of $0.8 million and utilities of $0.4 million. As a percentage of revenue, property operating expenses increased from 13.3% to 13.4% due to an increase in expenses in 2024.

Real estate taxes decreased $1.2 million, or 4.7%, due to the following (in thousands):


	Net Change Three Months Ended September 30, 2023 to 2024
Properties or components of properties sold or held for sale during 2023 and/or 2024	$	(514)
Properties under redevelopment or acquired during 2023 and/or 2024	192
Properties fully operational during 2023 and 2024 and other	(911)
Total	$	(1,233)

The net decrease of $0.9 million in real estate taxes for properties that were fully operational during 2023 and 2024 is primarily due to (i) lower expected real estate tax assessments at certain properties in the portfolio in 2024, (ii) an increase in real estate tax refunds received during the three months ended September 30, 2024, and (iii) higher capitalized real estate tax expenses related to signed anchor leases at certain properties in the portfolio in 2024. 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.

General, administrative and other expenses decreased $0.7 million, or 4.7%, primarily due to lower compensation expense and a decrease in consulting fees in 2024.

Depreciation and amortization expense decreased $9.3 million, or 8.8%, due to the following (in thousands):


	Net Change Three Months Ended September 30, 2023 to 2024
Properties or components of properties sold or held for sale during 2023 and/or 2024	$	(3,404)
Properties under redevelopment or acquired during 2023 and/or 2024	1,341
Properties fully operational during 2023 and 2024 and other	(7,211)
Total	$	(9,274)

The net decrease of $7.2 million in depreciation and amortization at properties that were fully operational during 2023 and 2024 is primarily due to the timing of placing assets in service and writing-off tenant-related assets as a result of tenant move-outs along with certain assets acquired in the October 2021 merger with RPAI that became fully depreciated during the three months ended September 30, 2024.

Based on the results of our evaluations for impairment during the three months ended September 30, 2023 (see Note 4 to the accompanying consolidated financial statements), we recognized a $0.5 million impairment charge on Eastside, a retail operating property in the Dallas/Ft. Worth MSA that was sold on October 24, 2023. No impairment charges were recorded during the three months ended September 30, 2024.

We recorded a net gain on sales of operating properties of $0.6 million for the three months ended September 30, 2024 as a result of the receipt of an escrow related to the disposition of Reisterstown Road Plaza that previously closed on September 11, 2023. We recorded a net loss on sales of operating properties of $6.0 million for the three months ended September 30, 2023 on the sale of Reisterstown Road Plaza.

Interest expense increased $6.2 million, or 24.2%, primarily due to interest on the January 2024 public offering of $350.0 million in aggregate principal amount of 5.50% senior unsecured notes due 2034 (the “Notes Due 2034”) and the August 2024 public offering of $350.0 million in aggregate principal amount of 4.95% senior unsecured notes due 2031 (the “Notes Due 2031”).

Other income, net increased $3.4 million primarily due to interest income earned on the proceeds from the Notes Due 2031, which were invested in short-term deposits during the three months ended September 30, 2024.

Comparison of Operating Results for the Nine Months Ended September 30, 2024 to the Nine Months Ended September 30, 2023

The following table reflects changes in the components of our consolidated statements of operations for the nine months ended September 30, 2024 and 2023 (in thousands):


	Nine Months Ended September 30,
	2024		2023		Change
Revenue:
Rental income	$	616,583	$	612,889	$	3,694
Other property-related revenue	6,321		5,971		350
Fee income	4,222		3,868		354
Total revenue	627,126		622,728		4,398

Expenses:
Property operating	84,401		82,190		2,211
Real estate taxes	78,247		80,333		(2,086)
General, administrative and other	39,009		41,800		(2,791)

Depreciation and amortization	296,326		323,463		(27,137)
Impairment charges	66,201		477		65,724
Total expenses	564,184		528,263		35,921

(Loss) gain on sales of operating properties, net	(864)		22,468		(23,332)

Operating income	62,078		116,933		(54,855)
Other (expense) income:
Interest expense	(92,985)		(78,114)		(14,871)
Income tax expense of taxable REIT subsidiaries	(325)		(84)		(241)

Equity in loss of unconsolidated subsidiaries	(1,201)		(173)		(1,028)
Gain on sale of unconsolidated property, net	2,325		—		2,325
Other income, net	12,294		1,657		10,637
Net (loss) income	(17,814)		40,219		(58,033)
Net loss (income) attributable to noncontrolling interests	61		(700)		761
Net (loss) income attributable to common shareholders	$	(17,753)	$	39,519	$	(57,272)


Property operating expense to total revenue ratio			13.5		%				13.2		%

Rental income (including tenant reimbursements) increased $3.7 million, or 0.6%, due to the following (in thousands):


	Net Change Nine Months Ended September 30, 2023 to 2024
Properties or components of properties sold or held for sale during 2023 and/or 2024	$	(12,735)
Properties under redevelopment or acquired during 2023 and/or 2024	7,414
Properties fully operational during 2023 and 2024 and other	9,015
Total	$	3,694

The net increase of $9.0 million in rental income for properties that were fully operational during 2023 and 2024 is primarily due to increases in the following: (i) base minimum rent of $5.1 million due to contractual rent changes, (ii) tenant reimbursements of $5.1 million due to higher recoverable common area maintenance expenses, and (iii) ancillary income of $1.0 million. These variances were partially offset by an increase in bad debt expense of $1.2 million and decreases in lease termination income of $0.7 million and overage rent of $0.3 million.

Other property-related revenue primarily consists of parking revenues, gains on the sale of land and other miscellaneous activity. This revenue increased by $0.4 million primarily as a result of higher gains on sales of land recognized during the nine

months ended September 30, 2024, partially offset by decreases in miscellaneous income of $0.4 million and parking revenue of $0.4 million.

We recorded fee income of $4.2 million and $3.9 million during the nine months ended September 30, 2024 and 2023, respectively, from property management and development services provided to third parties and unconsolidated joint ventures. The increase in fee income is primarily related to development fees earned related to the development of a hotel on the Pan Am Plaza site during 2024, partially offset by a decrease in development fees earned related to the development of a corporate campus for Republic Airways at Hamilton Crossing Centre in 2024 due to the completion of Phase I of the corporate campus in 2023.

Property operating expenses increased $2.2 million, or 2.7%, due to the following (in thousands):


	Net Change Nine Months Ended September 30, 2023 to 2024
Properties or components of properties sold or held for sale during 2023 and/or 2024	$	(2,656)
Properties under redevelopment or acquired during 2023 and/or 2024	834
Properties fully operational during 2023 and 2024 and other	4,033
Total	$	2,211

The net increase of $4.0 million in property operating expenses for properties that were fully operational during 2023 and 2024 is primarily due to increases in the following: (i) $2.0 million in insurance expenses, (ii) $1.9 million in landscaping and repairs and maintenance expenses, (iii) $0.4 million in non-recoverable operating expenses, and (iv) $0.3 million in security expenses. These variances were partially offset by a decrease in utilities of $0.6 million. As a percentage of revenue, property operating expenses increased from 13.2% to 13.5% due to an increase in expenses in 2024.

Real estate taxes decreased $2.1 million, or 2.6%, due to the following (in thousands):


	Net Change Nine Months Ended September 30, 2023 to 2024
Properties or components of properties sold or held for sale during 2023 and/or 2024	$	(1,659)
Properties under redevelopment or acquired during 2023 and/or 2024	588
Properties fully operational during 2023 and 2024 and other	(1,015)
Total	$	(2,086)

The net decrease of $1.0 million in real estate taxes for properties that were fully operational during 2023 and 2024 is primarily due to lower expected real estate tax assessments at certain properties in the portfolio in 2024 and higher capitalized real estate tax expenses related to signed anchor leases at certain properties in the portfolio in 2024. 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.

General, administrative and other expenses decreased $2.8 million, or 6.7%, primarily due to lower compensation expense and a decrease in consulting fees in 2024.

Depreciation and amortization expense decreased $27.1 million, or 8.4%, due to the following (in thousands):


	Net Change Nine Months Ended September 30, 2023 to 2024
Properties or components of properties sold or held for sale during 2023 and/or 2024	$	(8,585)
Properties under redevelopment or acquired during 2023 and/or 2024	4,118
Properties fully operational during 2023 and 2024 and other	(22,670)
Total	$	(27,137)

The net decrease of $22.7 million in depreciation and amortization at properties that were fully operational during 2023 and 2024 is primarily due to the timing of placing assets in service and writing-off tenant-related assets as a result of tenant move-outs along with certain assets acquired in the October 2021 merger with RPAI that became fully depreciated during the nine months ended September 30, 2024.

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 nine months ended September 30, 2024 related to City Center, a retail operating property in the New York MSA. During the nine months ended September 30, 2023, we recorded a $0.5 million impairment charge on Eastside, a retail operating property in the Dallas/Ft. Worth MSA that was sold on October 24, 2023.

We recorded 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. During the nine months ended September 30, 2023, we recorded a net gain on sales of operating properties of $22.5 million on the sale of Kingwood Commons, the undeveloped land and related parking garage at Pan Am Plaza, and Reisterstown Road Plaza.

Interest expense increased $14.9 million, or 19.0%, primarily due to interest on the Notes Due 2034 and the Notes Due 2031, partially offset by favorable interest rate swaps.

The $2.3 million gain on sale of unconsolidated property represents our share of the gain on the sale of Glendale Center Apartments recognized during the nine months ended September 30, 2024. No such gain was recorded during the nine months ended September 30, 2023.

Other income, net increased $10.6 million primarily due to interest income earned on the proceeds from the Notes Due 2034 and the Notes Due 2031, which were invested in short-term deposits at various points during the nine months ended September 30, 2024.

Net Operating Income and Same Property Net Operating Income

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.

We also use same property NOI (“Same Property NOI”), a non-GAAP financial measure, to evaluate the performance of our properties. Same Property NOI is net income excluding properties that have not been owned for the full periods presented. Same Property NOI also excludes (i) net gains from outlot sales, (ii) straight-line rent revenue, (iii) lease termination income in excess of lost rent, (iv) amortization of lease intangibles, and (v) significant prior period expense recoveries and adjustments, if any. When we receive payments in excess of any accounts receivable for terminating a lease, Same Property NOI will include such excess payments as monthly rent until the earlier of the expiration of 12 months or the start date of a replacement tenant. We believe that Same Property NOI is helpful to investors as a measure of our operating performance because it includes only the NOI of properties that have been owned for the full periods presented. We believe such presentation eliminates disparities in net income due to the acquisition or disposition of properties during the particular periods presented, and thus provides a more consistent metric for the comparison of our properties. Same Property NOI includes the results of properties that have been owned for the entire current and prior year reporting periods.

NOI and Same Property NOI should not, however, be considered as alternatives to net income (calculated in accordance with GAAP) as indicators of our financial performance. Our computation of NOI and Same Property NOI may differ from the methodology used by other REITs and, therefore, may not be comparable to such other REITs.

When evaluating the properties that are included in the same property pool, we have established specific criteria for determining the inclusion of properties acquired or those recently under development. An acquired property is included in the same property pool when there is a full quarter of operations in both years subsequent to the acquisition date. Development and redevelopment properties are included in the same property pool four full quarters after the properties have been transferred to the operating portfolio. A redevelopment property is first excluded from the same property pool when the execution of a

redevelopment plan is likely, and we (a) begin recapturing space from tenants or (b) the contemplated plan significantly impacts the operations of the property.

For the three and nine months ended September 30, 2024, the same property pool excludes the following:

•properties acquired or placed in service during 2023 and 2024;

•The Landing at Tradition – Phase II, which was reclassified from active redevelopment into our operating portfolio in June 2023;

•our active development and redevelopment projects at Carillon medical office building, The Corner – IN, and One Loudoun Expansion;

•Hamilton Crossing Centre and Edwards Multiplex – Ontario, which were reclassified from our operating portfolio into redevelopment in June 2014 and March 2023, respectively;

•properties sold or classified as held for sale during 2023 and 2024; and

•office properties.

The following table presents Same Property NOI and a reconciliation to net income (loss) attributable to common shareholders for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands):


	Three Months Ended September 30,			Nine Months Ended September 30,
	2024	2023	Change	2024	2023	Change
Number of properties in same property pool for the period(1)	177	177		177	177


Leased percentage at period end	95.0	%	93.4	%	95.0	%	93.4	%
Economic occupancy percentage at period end	92.3	%	91.2	%	92.3	%	91.2	%
Economic occupancy percentage(2)	91.7	%	91.5	%	91.4	%	92.2	%


Same Property NOI	$	145,281	$	141,117	3.0	%	$	429,745	$	419,674	2.4	%

Reconciliation of Same Property NOI to most directly comparable GAAP measure:
Net operating income – same properties	$	145,281	$	141,117			$	429,745	$	419,674

Net operating income – non-same activity(3)	8,541		10,948				30,511		36,663
Total property NOI	153,822		152,065		1.2	%	460,256		456,337		0.9	%
Other income, net	4,184		1,892				14,990		5,268
General, administrative and other	(13,259)		(13,917)				(39,009)		(41,800)


Impairment charges	—		(477)				(66,201)		(477)
Depreciation and amortization	(96,656)		(105,930)				(296,326)		(323,463)
Interest expense	(31,640)		(25,484)				(92,985)		(78,114)
Gain (loss) on sales of operating properties, net	602		(5,972)				(864)		22,468
Gain on sale of unconsolidated property, net	—		—				2,325		—
Net (income) loss attributable to noncontrolling interests	(324)		(107)				61		(700)
Net income (loss) attributable to common shareholders	$	16,729	$	2,070			$	(17,753)	$	39,519

(1)Same Property NOI excludes the following: (i) properties acquired or placed in service during 2023 and 2024; (ii) The Landing at Tradition – Phase II, which was reclassified from active redevelopment into our operating portfolio in June 2023; (iii) our active development and redevelopment projects at Carillon medical office building, The Corner – IN, and One Loudoun Expansion; (iv) Hamilton Crossing Centre and Edwards Multiplex – Ontario, which were reclassified from our operating portfolio into redevelopment in June 2014 and March 2023, respectively; (v) properties sold or classified as held for sale during 2023 and 2024; and (vi) office properties.

(2)Excludes leases that are signed but for which tenants have not yet commenced the payment of cash rent; calculated as a weighted average based on the timing of cash rent commencement and expiration during the period.

(3)Includes non-cash activity across the portfolio as well as NOI from properties not included in the same property pool, including properties sold during both periods.

Our Same Property NOI increased 3.0% for the three months ended September 30, 2024 compared to the same period of the prior year primarily due to contractual rent growth, partially offset by higher bad debt expense.

Funds From Operations

Funds From Operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of our operating performance. We calculate FFO, a non-GAAP financial measure, in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (“NAREIT”), as restated in 2018. The NAREIT white paper defines FFO as net income (calculated in accordance with GAAP), excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, and (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.

Considering the nature of our business as a real estate owner and operator, the Company believes that FFO is helpful to investors in measuring our operational 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 gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. FFO (a) should not be considered as an alternative to net income (calculated in accordance with GAAP) for the purpose of measuring our financial performance, (b) is not an alternative to cash flows from operating activities (calculated in accordance with GAAP) as a measure of our liquidity, and (c) is not indicative of funds available to satisfy our cash needs, including our ability to make distributions. Our computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.

From time to time, the Company may report or provide guidance with respect to “FFO, as adjusted,” which removes the impact of certain non-recurring and non-operating transactions or other items the Company does not consider to be representative of its core operating results including, without limitation, (i) gains or losses associated with the early extinguishment of debt, (ii) gains or losses associated with litigation involving the Company that is not in the normal course of business, (iii) merger and acquisition costs, (iv) the impact on earnings from employee severance, (v) the excess of redemption value over carrying value of preferred stock redemption, and (vi) the impact of prior period bad debt or the collection of accounts receivable previously written off (“prior period collection impact”) due to the recovery from the COVID-19 pandemic, which are not otherwise adjusted in the Company’s calculation of FFO.

In the FFO per share metrics, the Company excludes the dilutive effect of shares issuable upon the conversion of the Company’s 0.75% exchangeable senior notes maturing in April 2027 (the “Exchangeable Notes”) from the diluted weighted average number of common shares and units outstanding as a result of the Company’s capped call that was entered into concurrently with the issuance of the Exchangeable Notes. The potential dilutive effect of the Exchangeable Notes under the if-converted method is an increase to the diluted weighted average number of common shares and units of 117,454 common shares for the three months ended September 30, 2024. The capped call purchased by the Company offsets this dilution up to a capped price that is currently more than the Company’s share price. Both items have been excluded to reflect that there is no economic dilution to shareholders and unitholders based upon the Company’s current share price.

For purposes of the net income per share metrics, the conversion feature of the Exchangeable Notes and the capped call are required to be considered independently. Therefore, the capped call has been excluded from the calculation of net income per share as it is anti-dilutive.

Our calculations of FFO and reconciliation to net income for the three and nine months ended September 30, 2024 and 2023 (unaudited) are as follows (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income (loss)	$	17,053	$	2,177	$	(17,814)	$	40,219
Less: net income attributable to noncontrolling interests in properties	(63)		(67)		(204)		(201)
Less/add: (gain) loss on sales of operating properties, net	(602)		5,972		864		(22,468)
Less: gain on sale of unconsolidated property, net	—		—		(2,325)		—
Add: impairment charges	—		477		66,201		477
Add: depreciation and amortization of consolidated and unconsolidated entities, net of noncontrolling interests	97,538		106,171		297,531		324,216
FFO of the Operating Partnership(1)	113,926		114,730		344,253		342,243
Less: Limited Partners’ interests in FFO	(1,971)		(1,685)		(5,739)		(4,739)
FFO attributable to common shareholders(1)	$	111,955	$	113,045	$	338,514	$	337,504
FFO per share of the Operating Partnership – diluted	$	0.51	$	0.51	$	1.54	$	1.54

(1)“FFO of the Operating Partnership” measures 100% of the operating performance of the Operating Partnership’s real estate properties. “FFO attributable to common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.

Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

We define EBITDA, a non-GAAP financial measure, as net income before interest expense, income tax expense of the taxable REIT subsidiaries, and depreciation and amortization. For informational purposes, we also provide Adjusted EBITDA, which we define as EBITDA less (i) EBITDA from unconsolidated entities, as adjusted, (ii) gains on sales of operating properties or impairment charges, (iii) merger and acquisition costs, (iv) other income and expense, (v) noncontrolling interest Adjusted EBITDA, and (vi) other non-recurring activity or items impacting comparability from period to period. Annualized Adjusted EBITDA is Adjusted EBITDA for the most recent quarter multiplied by four. Net Debt to Adjusted EBITDA is our share of net debt divided by Annualized Adjusted EBITDA. EBITDA, Adjusted EBITDA, Annualized Adjusted EBITDA and Net Debt to Adjusted EBITDA, as calculated by us, are not comparable to EBITDA and EBITDA-related measures reported by other REITs that do not define EBITDA and EBITDA-related measures exactly as we do. EBITDA, Adjusted EBITDA and Annualized Adjusted EBITDA do not represent cash generated from operating activities in accordance with GAAP and should not be considered alternatives to net income as an indicator of performance or as alternatives to cash flows from operating activities as an indicator of liquidity.

Considering the nature of our business as a real estate owner and operator, we believe that EBITDA, Adjusted EBITDA and the ratio of Net Debt to Adjusted EBITDA are helpful to investors in measuring our operational performance because they exclude various items included in net income that do not relate to or are not indicative of our operating performance, such as gains or losses from sales of depreciated property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. For informational purposes, we also provide Annualized Adjusted EBITDA, adjusted as described above. We believe this supplemental information provides a meaningful measure of our operating performance. We believe presenting EBITDA and the related measures in this manner allows investors and other interested parties to form a more meaningful assessment of our operating results.

The following table presents a reconciliation of our EBITDA, Adjusted EBITDA and Annualized Adjusted EBITDA to net income (the most directly comparable GAAP measure) and a calculation of Net Debt to Adjusted EBITDA (in thousands):


	Three Months Ended September 30, 2024
Net income	$	17,053
Depreciation and amortization	96,656
Interest expense	31,640
Income tax expense of taxable REIT subsidiaries	35
EBITDA	145,384
Unconsolidated Adjusted EBITDA	597



Gain on sales of operating properties, net	(602)
Other income and expense, net	(3,764)
Noncontrolling interests	(193)
Adjusted EBITDA	$	141,422

Annualized Adjusted EBITDA(1)	$	565,688

Company share of Net Debt:
Mortgage and other indebtedness, net	$	3,239,928
Plus: Company share of unconsolidated joint venture debt	45,353
Less: Partner share of consolidated joint venture debt(2)	(9,813)
Less: debt discounts, premiums and issuance costs, net	(10,451)
Company’s consolidated debt and share of unconsolidated debt	3,265,017
Less: cash, cash equivalents, restricted cash and short-term deposits	(475,194)
Company share of Net Debt	$	2,789,823
Net Debt to Adjusted EBITDA	4.9x

(1)Represents Adjusted EBITDA for the three months ended September 30, 2024 (as shown in the table above) multiplied by four.

(2)Partner share of consolidated joint venture debt is calculated based upon the partner’s pro rata ownership of the joint venture, multiplied by the related secured debt balance.

Liquidity and Capital Resources

Overview

Our primary finance and capital strategy is to maintain a strong balance sheet with sufficient flexibility to fund our operating and investment activities in a cost-effective manner. We consider a number of factors when evaluating our level of indebtedness and making decisions regarding additional borrowings or equity offerings, including the interest or dividend rate, the maturity date and the Company’s debt maturity ladder, the impact of financial metrics such as overall Company leverage levels and coverage ratios, and the Company’s ability to generate cash flow to cover debt service. We continuously monitor the capital markets and may consider raising additional capital through the issuance of our common or preferred shares, unsecured debt securities, or other securities.

As of September 30, 2024, we had approximately $117.5 million in cash and cash equivalents on hand, $5.5 million in restricted cash and escrow deposits, $350.0 million of short-term deposits, and $1.1 billion of remaining availability under the Revolving Facility compared to $430.0 million of debt maturities due in 2025. During the nine months ended September 30, 2024, we completed (i) a public offering of the Notes Due 2034, the proceeds of which were used to satisfy all 2024 debt maturities and for general corporate purposes, and (ii) a public offering of the Notes Due 2031, the proceeds of which are currently invested in short-term deposits that will be used to repay the $350.0 million principal balance of the 4.00% senior unsecured notes due March 2025. We believe we will have adequate liquidity over the next 12 months and beyond to operate our business and meet our cash requirements.

We derive the majority of our revenue from tenants who lease space from us under existing lease agreements at each of our properties. Therefore, our ability to generate cash from operations is dependent upon the rents that we are able to charge and collect from our tenants. While we believe that the nature of the properties in which we typically invest—primarily neighborhood and community shopping centers—provides a relatively stable revenue flow, an economic downturn, instability

in the banking sector, tenant bankruptcies, inflation, labor shortages, supply chain constraints, severe weather events, and/or increasing energy prices and interest rates, among other events, could adversely affect the ability of some of our tenants to meet their lease obligations.

Our Principal Capital Resources

For a discussion of cash generated from operations, see “Cash Flows” beginning on page 45. In addition to cash generated from operations, our other principal capital resources are discussed below.

Over the last several years, we have made substantial progress in enhancing our liquidity position and reducing our leverage and borrowing costs. We continue to focus on a balanced approach to growth and staggering debt maturities in order to retain our financial flexibility.

As of September 30, 2024, we had approximately $1.1 billion available under the Revolving Facility for future borrowings. We also had $467.5 million in cash, cash equivalents and short-term deposits as of September 30, 2024.

We were in compliance with all applicable financial covenants under the Revolving Facility, unsecured term loans and senior unsecured notes as of September 30, 2024.

On June 7, 2024, the Company filed with the SEC a new shelf registration statement on Form S-3, which is effective for a term of three years, relating to the offer and sale, from time to time, of an indeterminate amount of equity and debt securities. Equity securities may be offered and sold by the Parent Company, and the net proceeds of any such offerings would be contributed to the Operating Partnership in exchange for additional General Partner Units. Debt securities may be offered and sold by the Operating Partnership with the Operating Partnership receiving the proceeds. From time to time, we may issue securities under this shelf registration statement for general corporate purposes, which may include acquisitions of additional properties, repayment of outstanding indebtedness, capital expenditures, the expansion, redevelopment, and/or improvement of properties in our portfolio, working capital and other general purposes.

In the future, we will continue to monitor the capital markets and may consider raising additional capital through the issuance of our common shares, preferred shares or other securities. We may also raise capital by disposing of properties, land parcels or other assets that are no longer core components of our growth strategy. The sale price may differ from our carrying value at the time of sale.

Our Principal Liquidity Needs

Short-Term Liquidity Needs

Near-Term Debt Maturities. As of September 30, 2024, over the next 12 months we have no secured debt, excluding scheduled monthly principal payments, and $430.0 million of unsecured debt scheduled to mature. We believe we have sufficient liquidity to repay this obligation through a combination of proceeds from the Notes Due 2031, cash flows generated from operations, capital markets transactions, and borrowings on the Revolving Facility.

Other Short-Term Liquidity Needs. The requirements for qualifying as a REIT and for a tax deduction for some or all of the dividends paid to shareholders necessitate that we distribute at least 90% of our taxable income on an annual basis. Such requirements cause us to have substantial liquidity needs over both the short and long term. Our short-term liquidity needs consist primarily of funds necessary to pay operating expenses associated with our operating properties, scheduled interest and principal payments on our debt of approximately $30.0 million and $1.3 million, respectively, for the remainder of 2024, expected dividend payments to our common shareholders and common unitholders, and recurring capital expenditures.

In July 2024, our Board of Trustees declared a cash distribution of $0.26 per common share and Common Unit for the third quarter of 2024. This distribution was paid on October 16, 2024 to common shareholders and common unitholders of record as of October 9, 2024. Future distributions, if any, are at the discretion of the Board of Trustees, who will continue to evaluate our sources and uses of capital, liquidity position, operating fundamentals, maintenance of our REIT qualification and other factors they may deem relevant. We believe we have sufficient liquidity to pay any dividend from available cash on hand and borrowings on the Revolving Facility.

Other short-term liquidity needs include expenditures for tenant improvements, external leasing commissions and recurring capital expenditures. During the nine months ended September 30, 2024, we incurred $18.8 million for recurring capital expenditures on operating properties and $73.7 million for tenant improvements and external leasing commissions, which includes costs to re-lease anchor space at our operating properties related to tenants open and operating as of September 30,

2024 (excluding development and redevelopment properties). We currently anticipate incurring approximately $100 million of additional major tenant improvement costs related to executed leases for tenants not yet open at a number of our operating properties over the next 12 to 24 months. We believe we have the ability to fund these costs through cash flows from operations or borrowings on the Revolving Facility.

During the three months ended September 30, 2024, we began development activities on the retail and office portions of the expansion project at One Loudoun Downtown (the “One Loudoun Expansion”), our mixed-use lifestyle center in the Washington, D.C. MSA. In addition to the One Loudoun Expansion, as of September 30, 2024, we had development projects under construction at Carillon medical office building and The Corner – IN. Our share of the total estimated costs for these three projects is approximately $172.6 million to $182.6 million, of which our share of the expected funding requirement is approximately $124.7 million to $134.7 million. As of September 30, 2024, we have incurred $35.2 million of these costs. We anticipate incurring the majority of the remaining costs for these projects over the next 12 to 24 months and believe we have the ability to fund these projects through cash flows from operations or borrowings on the Revolving Facility.

Share Repurchase Program

The Company has an existing share repurchase program under which it may repurchase, from time to time, up to a maximum of $300.0 million of its common shares (the “Share Repurchase Program”). The Company intends to fund any future repurchases under the Share Repurchase Program with cash on hand or availability under the Revolving Facility, subject to any applicable restrictions. The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will depend upon prevailing market conditions, regulatory requirements, and other factors. In February 2024, the Company extended the Share Repurchase Program for an additional year to February 28, 2025, if not terminated or extended prior to that date. As of September 30, 2024, the Company has not repurchased any shares under the Share Repurchase Program.

Long-Term Liquidity Needs

Our long-term liquidity needs consist primarily of funds necessary to pay for any new development projects, redevelopment of existing properties, non-recurring capital expenditures, acquisitions of properties, payment of indebtedness at maturity and obligations under ground leases.

Selective Acquisitions, Developments and Joint Ventures. We may selectively pursue the acquisition, development and redevelopment of other properties, which would require additional capital. It is unlikely that we would have sufficient funds on hand to meet these long-term capital requirements; therefore, we would have to satisfy these needs through additional borrowings, sales of common or preferred shares, issuance of Operating Partnership units, cash generated through property dispositions and/or participation in joint venture arrangements. We cannot be certain that we would have access to these sources of capital on satisfactory terms, if at all, to fund our long-term liquidity requirements. We evaluate all future opportunities against pre-established criteria including, but not limited to, location, demographics, expected return, tenant credit quality, tenant relationships, and the amount of existing retail space. Our ability to access the capital markets will depend on a number of factors, including general capital market conditions.

Potential Debt Repurchases. We may from time to time, depending on market conditions and prices, contractual restrictions, our financial liquidity and other factors, seek to repurchase our senior unsecured notes maturing at various dates through March 2034 in open-market transactions, by tender offer or otherwise, as market conditions warrant.

Commitments under Ground Leases. We are obligated under 12 ground leases for approximately 98 acres of land as of September 30, 2024. Most of these ground leases require fixed annual rent payments and the expiration dates of the remaining initial terms of these ground leases range from 2025 to 2092. Assuming we exercise all available options to extend the terms of our ground leases, our ground leases will expire between 2045 and 2115.

Capital Expenditures on Consolidated Properties

The following table summarizes cash capital expenditures for our development and redevelopment projects and other capital expenditures for the nine months ended September 30, 2024 (in thousands):


	Nine Months Ended September 30, 2024
Active development and redevelopment projects	$	9,405



Recurring operating capital expenditures (primarily tenant improvements) and other	92,510
Total	$	101,915

We capitalize certain indirect costs such as interest, payroll, and other general and administrative costs related to these development activities. If we had experienced a 10% reduction in development and redevelopment activities without a corresponding decrease in indirect project costs, we would have recorded additional expense of $0.3 million for the nine months ended September 30, 2024.

Debt Maturities

The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of September 30, 2024, presented on a calendar year basis (in thousands):


	Secured Debt
	Scheduled Principal Payments		Term Maturities		Unsecured Debt		Total
2024	$	1,292	$	—	$	—	$	1,292
2025	5,248		—		680,000		685,248
2026	4,581		10,600		550,000		565,181
2027	3,120		—		250,000		253,120
2028	3,757		—		100,000		103,757
Thereafter	28,091		92,788		1,500,000		1,620,879
	$	46,089	$	103,388	$	3,080,000	$	3,229,477
Debt discounts, premiums and issuance costs, net							10,451
Total							$	3,239,928

Failure to comply with the obligations under our debt agreements, including payment obligations, could cause an event of default under such debt, which, among other things, could result in the loss of title to the assets securing the debt, acceleration of the payment of all principal and interest and/or termination of the agreements, or exposure to the risk of foreclosure. In addition, certain of our variable rate loans contain cross-default provisions whereby a violation by the Company of any financial covenant set forth in the Revolving Facility will constitute an “Event of Default” under the loans, which could allow the lenders to accelerate the amounts due under our debt agreements if we fail to satisfy these financial covenants. See Item 1A. “Risk Factors – Risks Related to Our Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 for more information related to the risks associated with our indebtedness.

Impact of Changes in Credit Ratings on Our Liquidity

We have received investment grade corporate credit ratings from three nationally recognized credit rating agencies. During the nine months ended September 30, 2024, we received a credit rating upgrade with a stable outlook from two of the rating agencies and a positive credit rating outlook from the third rating agency.

In the future, these ratings could change based upon, among other things, the impact that prevailing economic conditions may have on our results of operations and financial condition. Credit rating reductions by one or more rating agencies could also adversely affect our access to funding sources, the cost and other terms of obtaining funding, as well as our overall financial condition, operating results and cash flow.

Cash Flows

As of September 30, 2024, we had cash, cash equivalents and restricted cash of $123.0 million. We may be subject to concentrations of credit risk with regard to our cash and cash equivalents. We place our cash and short-term investments with highly rated financial institutions. While we attempt to limit our exposure at any point in time, occasionally such cash and investments may temporarily exceed the Federal Deposit Insurance Corporation (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”) insurance limits. We also maintain certain compensating balances in several financial institutions in support of borrowings from those institutions. Such compensating balances were not material to the accompanying consolidated balance sheets.

Comparison of the Nine Months Ended September 30, 2024 to the Nine Months Ended September 30, 2023

Our cash flow activities are summarized as follows (in thousands):


	Nine Months Ended September 30,
	2024		2023		Change
Net cash provided by operating activities	$	308,049	$	291,177	$	16,872
Net cash used in investing activities	(469,459)		(55,483)		(413,976)
Net cash provided by (used in) financing activities	243,238		(299,350)		542,588
Increase (decrease) in cash, cash equivalents and restricted cash	81,828		(63,656)		145,484
Cash, cash equivalents and restricted cash, at beginning of period	41,430		121,970
Cash, cash equivalents and restricted cash, at end of period	$	123,258	$	58,314

Cash provided by operating activities was $308.0 million for the nine months ended September 30, 2024 and $291.2 million for the same period of 2023. The cash flows were positively impacted by an increase in net operating income and interest income received from the short-term certificates of deposit.

Cash used in investing activities was $469.5 million for the nine months ended September 30, 2024 and $55.5 million for the same period of 2023. Highlights of significant cash sources and uses in investing activities are as follows:

•We invested $615.0 million of proceeds from the Notes Due 2034 and the Notes Due 2031 in short-term certificates of deposit during the nine months ended September 30, 2024 and received $265.0 million in principal upon maturity of the certificates of deposit that matured in June and July 2024;

•We acquired Parkside West Cobb for $39.6 million during the nine months ended September 30, 2024 compared to the acquisition of Prestonwood Place for $78.3 million during the nine months ended September 30, 2023;

•We received net proceeds of $37.2 million from the sale of Ashland & Roosevelt, five parcels of land, and the receipt of an escrow related to the disposition of Reisterstown Road Plaza during the nine months ended September 30, 2024 compared to net proceeds of $124.9 million from the sale of Kingwood Commons, the undeveloped land and related parking garage at Pan Am Plaza, Reisterstown Road Plaza and two parcels of land during the nine months ended September 30, 2023;

•Capital expenditures increased by $3.2 million primarily related to the timing of capital projects along with a change in construction payables of $4.9 million for the nine months ended September 30, 2024;

•We contributed a total of $11.8 million to unconsolidated joint ventures during the nine months ended September 30, 2024 primarily related to our share of the repayment of the construction loan associated with the development of the Embassy Suites at the University of Notre Dame; and

•We received a $1.6 million distribution upon the joint venture’s disposition of Glendale Center Apartments, of which we own an 11.5% interest, to a third party during the nine months ended September 30, 2024.

Cash provided by financing activities was $243.2 million for the nine months ended September 30, 2024 compared to cash used in financing activities of $299.4 million for the same period of 2023. Highlights of significant cash sources and uses in financing activities are as follows:

•We received total proceeds of $693.0 million from the Notes Due 2034 and the Notes Due 2031 and borrowed $40.0 million on the Revolving Facility during the nine months ended September 30, 2024 compared to borrowings

of $237.0 million on the Revolving Facility and proceeds of $95.1 million from the origination of a mortgage payable during the nine months ended September 30, 2023;

•We repaid the following during the nine months ended September 30, 2024: (i) $149.6 million principal balance of the 4.58% senior unsecured notes that matured on June 30, 2024, (ii) $120.0 million unsecured term loan that matured on July 17, 2024, (iii) $40.0 million of borrowings on the Revolving Facility, and (iv) $3.9 million of mortgages payable compared to repayments of (i) $198.0 million of borrowings on the Revolving Facility, (ii) $174.1 million of mortgages payable, and (iii) $95.0 million principal balance of the 4.23% senior unsecured notes due 2023 during the nine months ended September 30, 2023; and

•We made distributions to common shareholders and holders of common partnership interests in the Operating Partnership of $167.4 million during the nine months ended September 30, 2024 compared to distributions of $160.0 million during the nine months ended September 30, 2023.

Critical Accounting Estimates

We based the discussion and analysis of our financial condition and results of operations upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. There were no changes made by management to the critical accounting policies in the three months ended September 30, 2024. We discuss the most critical estimates in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk Related to Fixed and Variable Rate Debt

As of September 30, 2024, we had $3.2 billion of outstanding consolidated indebtedness (inclusive of net unamortized debt discounts, premiums and issuance costs of $10.5 million). In addition, we were party to various consolidated interest rate hedge agreements totaling $855.0 million with maturities over various terms through 2026. Reflecting the effects of these hedge agreements, our fixed and variable rate debt would have been $3.1 billion (95%) and $170.2 million (5%), respectively, of our total consolidated indebtedness as of September 30, 2024.

As of September 30, 2024, we had $350.0 million of fixed rate debt scheduled to mature within the next 12 months. A 100-basis point change in interest rates on this debt as of September 30, 2024 would change our annual cash flow by $3.5 million. A 100-basis point change in interest rates on our unhedged variable rate debt as of September 30, 2024 would change our annual cash flow by $1.7 million. Based upon the terms of our variable rate debt, we are most vulnerable to a change in short-term Secured Overnight Financing Rate (“SOFR”) interest rates.

ITEM 4. CONTROLS AND PROCEDURES

Kite Realty Group Trust

Evaluation of Disclosure Controls and Procedures

An evaluation was performed under the supervision and with the participation of the Parent Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on that evaluation, the Parent Company’s Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

There has been no change in the Parent Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) identified in connection with the evaluation required by Rule 13a-15(b) under the Securities Exchange Act of 1934 of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Kite Realty Group, L.P.

Evaluation of Disclosure Controls and Procedures

An evaluation was performed under the supervision and with the participation of the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of Kite Realty Group Trust (the sole general partner of Kite Realty Group, L.P.), of the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on that evaluation, the Operating Partnership’s Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

There has been no change in the Operating Partnership’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) identified in connection with the evaluation required by Rule 13a-15(b) under the Securities Exchange Act of 1934 of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

ITEM 1A. RISK FACTORS

There have been no material changes from the risk factors previously disclosed in response to Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 20, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

During the three months ended September 30, 2024, certain of our employees surrendered Common Shares owned by them to satisfy their statutory minimum U.S. federal and state tax obligations associated with the vesting of restricted common shares of beneficial interest issued under the Company’s 2013 Equity Incentive Plan, as amended and restated as of May 11, 2022. These shares were repurchased by the Company.

The following table summarizes all of these repurchases during the three months ended September 30, 2024:


Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs	Maximum number of shares that may yet be purchased under the plans or programs(1)
July 1, 2024 to July 31, 2024	3,054	$	22.29	N/A	$	300,000,000
August 1, 2024 to August 31, 2024	—	$	—	N/A	$	300,000,000
September 1, 2024 to September 30, 2024	—	$	—	N/A	$	300,000,000
Total	3,054	$	22.29

(1)Represents amounts outstanding under the Company’s authorized Share Repurchase Program, which was announced in February 2021. In April 2022, the Company’s Board of Trustees increased the size of the program from $150.0 million to $300.0 million and in February 2024, extended the program for an additional year. The program may be suspended or terminated at any time by the Company and will terminate on February 28, 2025, if not terminated or extended prior to that date.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Trading Arrangements

During the three months ended September 30, 2024, none of our officers or trustees adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

ITEM 6. EXHIBITS

Exhibit No.

Description

Location

3.1

Articles of Amendment and Restatement of Declaration of Trust of the Kite Realty Group Trust, as supplemented and amended

Incorporated by reference to Exhibit 3.1 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 28, 2022

3.2

Third Amended and Restated Bylaws of Kite Realty Group Trust, effective November 8, 2023

Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on November 9, 2023

4.1

Third Supplemental Indenture, dated August 15, 2024, among Kite Realty Group, L.P., as issuer, Kite Realty Group Trust, as possible future guarantor, and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee

Incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 15, 2024

4.2

Form of Global Note representing the 4.950% Senior Notes due 2031 (included in Exhibit 4.1)

Incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on August 15, 2024

10.1*

Third Amendment to Sixth Amended and Restated Credit Agreement, dated as of October 3, 2024, by and among Kite Realty Group, L.P., Kite Realty Group Trust, KeyBank National Association, as Administrative Agent, and the other lenders party thereto

Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 8, 2024

10.2*

Second Amendment to Term Loan Agreement, dated as of October 3, 2024, by and among Kite Realty Group, L.P., Kite Realty Group Trust, KeyBank National Association, as Administrative Agent, and the other lenders party thereto

Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 8, 2024

10.3

Amended and Restated Springing Guaranty, dated as of October 3, 2024, by Kite Realty Group Trust in favor of KeyBank National Association, as Agent

Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on October 8, 2024

31.1

Certification of principal executive officer of the Parent Company required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

31.2

Certification of principal financial officer of the Parent Company required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

31.3

Certification of principal executive officer of the Operating Partnership required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

31.4

Certification of principal financial officer of the Operating Partnership required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

32.1

Certification of Chief Executive Officer and Chief Financial Officer of the Parent Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Filed herewith

32.2

Certification of Chief Executive Officer and Chief Financial Officer of the Operating Partnership pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Filed herewith

101.INS

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

Filed herewith

101.SCH

Inline XBRL Taxonomy Extension Schema Document

Filed herewith

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

Filed herewith

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

Filed herewith

Exhibit No.

Description

Location

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

Filed herewith

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

Filed herewith

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Filed herewith

*Pursuant to Item 601(a)(5) of Regulation S-K, certain schedules and exhibits have been omitted. The registrants hereby agree to furnish a copy of any omitted schedule or exhibit to the SEC upon request by the SEC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

KITE REALTY GROUP TRUST

Date:

October 31, 2024

By:

/s/ JOHN A. KITE

John A. Kite

Chairman and Chief Executive Officer

(Principal Executive Officer)

Date:

October 31, 2024

By:

/s/ HEATH R. FEAR

Heath R. Fear

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

KITE REALTY GROUP, L.P.

By: Kite Realty Group Trust, its sole general partner

Date:

October 31, 2024

By:

/s/ JOHN A. KITE

John A. Kite

Chairman and Chief Executive Officer

(Principal Executive Officer)

Date:

October 31, 2024

By:

/s/ HEATH R. FEAR

Heath R. Fear

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

EXHIBIT 31.1

KITE REALTY GROUP TRUST

CERTIFICATION

I, John A. Kite, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Kite Realty Group Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: October 31, 2024	By:	/s/ JOHN A. KITE

		John A. Kite
		Chairman and Chief Executive Officer

EXHIBIT 31.2

KITE REALTY GROUP TRUST

CERTIFICATION

I, Heath R. Fear, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Kite Realty Group Trust;

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: October 31, 2024	By:	/s/ HEATH R. FEAR

		Heath R. Fear
		Executive Vice President and Chief Financial Officer

EXHIBIT 31.3

KITE REALTY GROUP, L.P.

CERTIFICATION

I, John A. Kite, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Kite Realty Group, L.P.;

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: October 31, 2024	By:	/s/ JOHN A. KITE

		John A. Kite
		Chief Executive Officer
		Kite Realty Group Trust, sole general partner of
		Kite Realty Group, L.P.

EXHIBIT 31.4

KITE REALTY GROUP, L.P.

CERTIFICATION

I, Heath R. Fear, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Kite Realty Group, L.P.;

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: October 31, 2024	By:	/s/ HEATH R. FEAR

		Heath R. Fear
		Chief Financial Officer
		Kite Realty Group Trust, sole general partner of
		Kite Realty Group, L.P.

EXHIBIT 32.1

Certification of Chief Executive Officer and Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350, As Adopted

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The undersigned, John A. Kite, Chairman and Chief Executive Officer of Kite Realty Group Trust (the “Parent Company”), and Heath R. Fear, Chief Financial Officer of the Parent Company, each hereby certifies based on his knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(1)The Quarterly Report on Form 10-Q of the Parent Company for the quarter ended September 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

(2)The information in the Report fairly presents, in all material respects, the financial condition and results of operations of the Parent Company.



Date: October 31, 2024	By:	/s/ JOHN A. KITE

		John A. Kite
		Chairman and Chief Executive Officer


Date: October 31, 2024	By:	/s/ HEATH R. FEAR

		Heath R. Fear
		Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Parent Company and will be retained by the Parent Company and furnished to the Securities and Exchange Commission or its staff upon request.

EXHIBIT 32.2

Certification of Chief Executive Officer and Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350, As Adopted

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The undersigned, John A. Kite, Chief Executive Officer of Kite Realty Group Trust in its capacity as the sole general partner of Kite Realty Group, L.P. (the “Operating Partnership”), and Heath R. Fear, Chief Financial Officer of Kite Realty Group Trust in its capacity as the sole general partner of the Operating Partnership, each hereby certifies based on his knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(1)The Quarterly Report on Form 10-Q of the Operating Partnership for the quarter ended September 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

(2)The information in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.



Date: October 31, 2024	By:	/s/ JOHN A. KITE

		John A. Kite
		Chief Executive Officer
		Kite Realty Group Trust, sole general partner of
		Kite Realty Group, L.P.


Date: October 31, 2024	By:	/s/ HEATH R. FEAR

		Heath R. Fear
		Chief Financial Officer
		Kite Realty Group Trust, sole general partner of
		Kite Realty Group, L.P.

A signed original of this written statement required by Section 906 has been provided to the Operating Partnership and will be retained by the Operating Partnership and furnished to the Securities and Exchange Commission or its staff upon request.

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 25, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-32268
Entity Registrant Name	KITE REALTY GROUP TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	11-3715772
Entity Address, Address Line One	30 S. Meridian Street
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46204
City Area Code	317
Local Phone Number	577-5600
Title of 12(b) Security	Common Shares, $0.01 par value per share
Trading Symbol	KRG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		219,666,129
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001286043
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Kite Realty Group, L.P.
Entity Information [Line Items]
Entity File Number	333-202666-01
Entity Registrant Name	KITE REALTY GROUP, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1453863
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001636315

Consolidated Balance Sheets (Unaudited) - KRG Trust - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Investment properties, at cost	$ 7,607,849	$ 7,740,061
Less: accumulated depreciation	(1,516,840)	(1,381,770)
Net investment properties	6,091,009	6,358,291
Cash and cash equivalents	117,530	36,413
Tenant and other receivables, including accrued straight-line rent of $65,334 and $55,482, respectively	113,811	113,290
Restricted cash and escrow deposits	5,503	5,017
Deferred costs, net	252,163	304,171
Short-term deposits	350,000	0
Prepaid and other assets	106,258	117,834
Investments in unconsolidated subsidiaries	18,803	9,062
Assets associated with investment property held for sale	74,657	0
Total assets	7,129,734	6,944,078
Liabilities:
Mortgage and other indebtedness, net	3,239,928	2,829,202
Accounts payable and accrued expenses	188,928	198,079
Deferred revenue and other liabilities	248,852	272,942
Liabilities associated with investment property held for sale	3,757	0
Total liabilities	3,681,465	3,300,223
Commitments and contingencies
Limited Partners’ interests in the Operating Partnership	97,026	73,287
Equity:
Common shares, $0.01 par value, 490,000,000 shares authorized, 219,666,129 and 219,448,429 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	2,197	2,194
Additional paid-in capital	4,867,235	4,886,592
Accumulated other comprehensive income	37,704	52,435
Accumulated deficit	(1,557,767)	(1,373,083)
Total shareholders’ equity/Partners’ equity	3,349,369	3,568,138
Noncontrolling interests	1,874	2,430
Total equity	3,351,243	3,570,568
Total liabilities and equity	$ 7,129,734	$ 6,944,078

Consolidated Balance Sheets (Unaudited) (Parenthetical) - KRG Trust - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accrued straight-line rent	$ 65,334	$ 55,482
Common shares, par value (in USD per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	490,000,000	490,000,000
Common shares, shares issued (in shares)	219,666,129	219,448,429
Common shares, shares outstanding (in shares)	219,666,129	219,448,429

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - KRG Trust - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Rental income	$ 204,934	$ 203,990	$ 616,583	$ 612,889
Total revenue	207,253	207,219	627,126	622,728
Expenses:
Property operating	27,756	27,644	84,401	82,190
Real estate taxes	25,220	26,453	78,247	80,333
General, administrative and other	13,259	13,917	39,009	41,800
Depreciation and amortization	96,656	105,930	296,326	323,463
Impairment charges	0	477	66,201	477
Total expenses	162,891	174,421	564,184	528,263
Gain (loss) on sales of operating properties, net	602	(5,972)	(864)	22,468
Operating income	44,964	26,826	62,078	116,933
Interest expense	(31,640)	(25,484)	(92,985)	(78,114)
Income tax expense of taxable REIT subsidiaries	(35)	(68)	(325)	(84)
Equity in loss of unconsolidated subsidiaries	(607)	(47)	(1,201)	(173)
Gain on sale of unconsolidated property, net	0	0	2,325	0
Other income, net	4,371	950	12,294	1,657
Net income (loss)	17,053	2,177	(17,814)	40,219
Net (income) loss attributable to noncontrolling interests	(324)	(107)	61	(700)
Net income (loss) attributable to common shareholders	$ 16,729	$ 2,070	$ (17,753)	$ 39,519
Net income (loss) per common share
Net income (loss) per common share – basic (in USD per share)	$ 0.08	$ 0.01	$ (0.08)	$ 0.18
Net income (loss) per common share– diluted (in USD per share)	$ 0.08	$ 0.01	$ (0.08)	$ 0.18
Weighted average common shares outstanding – basic (in shares)	219,665,836	219,381,248	219,596,590	219,323,570
Weighted average common shares outstanding – diluted (in shares)	220,096,693	219,976,080	219,596,590	219,809,543
Net income (loss)	$ 17,053	$ 2,177	$ (17,814)	$ 40,219
Change in fair value of derivatives	(12,700)	(3,040)	(14,867)	(6,043)
Total comprehensive income (loss)	4,353	(863)	(32,681)	34,176
Comprehensive (income) loss attributable to noncontrolling interests	(175)	(195)	197	(806)
Comprehensive income (loss) attributable to the Company	4,178	(1,058)	(32,484)	33,370
Other property-related revenue
Revenue:
Other revenue	1,864	2,172	6,321	5,971
Fee income
Revenue:
Other revenue	$ 455	$ 1,057	$ 4,222	$ 3,868

Consolidated Statements of Shareholders' Equity (Unaudited) - KRG Trust - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2022		219,185,658
Balance at beginning of period at Dec. 31, 2022	$ 3,766,515	$ 2,192	$ 4,897,736	$ 74,344	$ (1,207,757)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation activity (in shares)		140,240
Stock compensation activity	2,135	$ 1	2,134
Other comprehensive income (loss)	(11,557)			(11,557)
Distributions to common shareholders	(52,659)				(52,659)
Net income (loss) attributable to common shareholders	5,391				5,391
Adjustment to redeemable noncontrolling interests	(3,821)		(3,821)
Balance at end of period (in shares) at Mar. 31, 2023		219,325,898
Balance at end of period at Mar. 31, 2023	3,706,004	$ 2,193	4,896,049	62,787	(1,255,025)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation activity (in shares)		48,377
Stock compensation activity	2,960	$ 1	2,959
Other comprehensive income (loss)	8,536			8,536
Distributions to common shareholders	(52,650)				(52,650)
Net income (loss) attributable to common shareholders	32,058				32,058
Adjustment to redeemable noncontrolling interests	(4,101)		(4,101)
Balance at end of period (in shares) at Jun. 30, 2023		219,374,275
Balance at end of period at Jun. 30, 2023	3,692,807	$ 2,194	4,894,907	71,323	(1,275,617)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation activity (in shares)		(91)
Stock compensation activity	2,968		2,968
Other comprehensive income (loss)	(3,128)			(3,128)
Distributions to common shareholders	(52,653)				(52,653)
Net income (loss) attributable to common shareholders	2,070				2,070
Exchange of redeemable noncontrolling interests for common shares (in shares)		13,161
Exchange of redeemable noncontrolling interests for common shares	301		301
Adjustment to redeemable noncontrolling interests	(7,071)		(7,071)
Balance at end of period (in shares) at Sep. 30, 2023		219,387,345
Balance at end of period at Sep. 30, 2023	$ 3,635,294	$ 2,194	4,891,105	68,195	(1,326,200)
Balance at beginning of period (in shares) at Dec. 31, 2023	219,448,429	219,448,429
Balance at beginning of period at Dec. 31, 2023	$ 3,568,138	$ 2,194	4,886,592	52,435	(1,373,083)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation activity (in shares)		155,433
Stock compensation activity	1,993	$ 2	1,991
Other comprehensive income (loss)	2,456			2,456
Distributions to common shareholders	(54,901)				(54,901)
Net income (loss) attributable to common shareholders	14,156				14,156
Adjustment to redeemable noncontrolling interests	(1,010)		(1,010)
Balance at end of period (in shares) at Mar. 31, 2024		219,603,862
Balance at end of period at Mar. 31, 2024	3,530,832	$ 2,196	4,887,573	54,891	(1,413,828)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation activity (in shares)		51,091
Stock compensation activity	3,078	$ 1	3,077
Other comprehensive income (loss)	(4,636)			(4,636)
Distributions to common shareholders	(54,917)				(54,917)
Net income (loss) attributable to common shareholders	(48,638)				(48,638)
Adjustment to redeemable noncontrolling interests	(4,118)		(4,118)
Balance at end of period (in shares) at Jun. 30, 2024		219,654,953
Balance at end of period at Jun. 30, 2024	3,421,601	$ 2,197	4,886,532	50,255	(1,517,383)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation activity (in shares)		11,176
Stock compensation activity	2,553		2,553
Other comprehensive income (loss)	(12,551)			(12,551)
Distributions to common shareholders	(57,113)				(57,113)
Net income (loss) attributable to common shareholders	16,729				16,729
Adjustment to redeemable noncontrolling interests	$ (21,850)		(21,850)
Balance at end of period (in shares) at Sep. 30, 2024	219,666,129	219,666,129
Balance at end of period at Sep. 30, 2024	$ 3,349,369	$ 2,197	$ 4,867,235	$ 37,704	$ (1,557,767)

Consolidated Statements of Cash Flows (Unaudited) - KRG Trust - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ (17,814)	$ 40,219
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	299,304	326,148
Loss (gain) on sales of operating properties, net	864	(22,468)
Gain on sale of unconsolidated property, net	(2,325)	0
Impairment charges	66,201	477
Straight-line rent	(10,066)	(9,723)
Compensation expense for equity awards	8,051	7,763
Amortization of debt fair value adjustments	(9,264)	(10,027)
Amortization of in-place lease liabilities	(6,920)	(9,228)
Changes in assets and liabilities:
Tenant receivables	6,639	(2,104)
Deferred costs and other assets	(18,158)	(26,727)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(8,463)	(3,153)
Net cash provided by operating activities	308,049	291,177
Cash flows from investing activities:
Acquisitions of interests in properties	(39,561)	(78,273)
Capital expenditures	(101,915)	(98,694)
Net proceeds from sales of land	6,756	917
Net proceeds from sales of operating properties	30,409	123,944
Investment in short-term deposits	(615,000)	0
Proceeds from short-term deposits	265,000	0
Small business loan repayments	0	341
Change in construction payables	(4,941)	(3,718)
Distribution from unconsolidated joint venture	1,618	0
Capital contributions to unconsolidated joint ventures	(11,825)	0
Net cash used in investing activities	(469,459)	(55,483)
Cash flows from financing activities:
Proceeds from issuance of common shares, net	49	64
Repurchases of common shares upon the vesting of restricted shares	(907)	(767)
Debt and equity issuance costs	(7,306)	(377)
Loan proceeds	732,993	332,095
Loan payments	(313,464)	(467,149)
Distributions paid – common shareholders	(164,680)	(157,893)
Distributions paid – redeemable noncontrolling interests	(2,687)	(2,127)
Distributions to noncontrolling interests	(760)	(3,196)
Net cash provided by (used in) financing activities	243,238	(299,350)
Net change in cash, cash equivalents and restricted cash	81,828	(63,656)
Cash, cash equivalents and restricted cash, beginning of period	41,430	121,970
Cash, cash equivalents and restricted cash, end of period	123,258	58,314
Non-cash investing and financing activities
Exchange of redeemable noncontrolling interests for common shares	$ 0	$ 301

Consolidated Balance Sheets (Unaudited) - KRG, LP - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Investment properties, at cost	$ 7,607,849	$ 7,740,061
Less: accumulated depreciation	(1,516,840)	(1,381,770)
Net investment properties	6,091,009	6,358,291
Cash and cash equivalents	117,530	36,413
Tenant and other receivables, including accrued straight-line rent of $65,334 and $55,482, respectively	113,811	113,290
Restricted cash and escrow deposits	5,503	5,017
Deferred costs, net	252,163	304,171
Short-term deposits	350,000	0
Prepaid and other assets	106,258	117,834
Investments in unconsolidated subsidiaries	18,803	9,062
Assets associated with investment property held for sale	74,657	0
Total assets	7,129,734	6,944,078
Liabilities:
Mortgage and other indebtedness, net	3,239,928	2,829,202
Accounts payable and accrued expenses	188,928	198,079
Deferred revenue and other liabilities	248,852	272,942
Liabilities associated with investment property held for sale	3,757	0
Total liabilities	3,681,465	3,300,223
Commitments and contingencies
Limited Partners’ interests in the Operating Partnership	97,026	73,287
Partners’ Equity:
Common equity, 219,666,129 and 219,448,429 units issued and outstanding at September 30, 2024 and December 31, 2023, respectively	2,197	2,194
Accumulated other comprehensive income	37,704	52,435
Total shareholders’ equity/Partners’ equity	3,349,369	3,568,138
Noncontrolling interests	1,874	2,430
Total equity	3,351,243	3,570,568
Total liabilities and equity	7,129,734	6,944,078
Kite Realty Group, L.P.
Assets:
Investment properties, at cost	7,607,849	7,740,061
Less: accumulated depreciation	(1,516,840)	(1,381,770)
Net investment properties	6,091,009	6,358,291
Cash and cash equivalents	117,530	36,413
Tenant and other receivables, including accrued straight-line rent of $65,334 and $55,482, respectively	113,811	113,290
Restricted cash and escrow deposits	5,503	5,017
Deferred costs, net	252,163	304,171
Short-term deposits	350,000	0
Prepaid and other assets	106,258	117,834
Investments in unconsolidated subsidiaries	18,803	9,062
Assets associated with investment property held for sale	74,657	0
Total assets	7,129,734	6,944,078
Liabilities:
Mortgage and other indebtedness, net	3,239,928	2,829,202
Accounts payable and accrued expenses	188,928	198,079
Deferred revenue and other liabilities	248,852	272,942
Liabilities associated with investment property held for sale	3,757	0
Total liabilities	3,681,465	3,300,223
Commitments and contingencies
Limited Partners’ interests in the Operating Partnership	97,026	73,287
Partners’ Equity:
Common equity, 219,666,129 and 219,448,429 units issued and outstanding at September 30, 2024 and December 31, 2023, respectively	3,311,665	3,515,703
Accumulated other comprehensive income	37,704	52,435
Total shareholders’ equity/Partners’ equity	3,349,369	3,568,138
Noncontrolling interests	1,874	2,430
Total equity	3,351,243	3,570,568
Total liabilities and equity	$ 7,129,734	$ 6,944,078

Consolidated Balance Sheets (Unaudited) (Parenthetical) - KRG, LP - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued straight-line rent	$ 65,334	$ 55,482
Common shares, shares issued (in shares)	219,666,129	219,448,429
Common shares, shares outstanding (in shares)	219,666,129	219,448,429
Kite Realty Group, L.P.
Accrued straight-line rent	$ 65,334	$ 55,482
Common shares, shares issued (in shares)	219,666,129	219,448,429
Common shares, shares outstanding (in shares)	219,666,129	219,448,429

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - KRG, LP - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Rental income	$ 204,934	$ 203,990	$ 616,583	$ 612,889
Total revenue	207,253	207,219	627,126	622,728
Expenses:
Property operating	27,756	27,644	84,401	82,190
Real estate taxes	25,220	26,453	78,247	80,333
General, administrative and other	13,259	13,917	39,009	41,800
Depreciation and amortization	96,656	105,930	296,326	323,463
Impairment charges	0	477	66,201	477
Total expenses	162,891	174,421	564,184	528,263
Gain (loss) on sales of operating properties, net	602	(5,972)	(864)	22,468
Operating income	44,964	26,826	62,078	116,933
Interest expense	(31,640)	(25,484)	(92,985)	(78,114)
Income tax expense of taxable REIT subsidiaries	(35)	(68)	(325)	(84)
Equity in loss of unconsolidated subsidiaries	(607)	(47)	(1,201)	(173)
Gain on sale of unconsolidated property, net	0	0	2,325	0
Other income, net	4,371	950	12,294	1,657
Net income (loss)	17,053	2,177	(17,814)	40,219
Net income attributable to noncontrolling interests	(324)	(107)	61	(700)
Net income (loss) attributable to common shareholders	$ 16,729	$ 2,070	$ (17,753)	$ 39,519
Net income (loss) per common share
Net income (loss) per common share – basic (in USD per share)	$ 0.08	$ 0.01	$ (0.08)	$ 0.18
Net income (loss) per common share– diluted (in USD per share)	$ 0.08	$ 0.01	$ (0.08)	$ 0.18
Weighted average common units outstanding – basic (in shares)	219,665,836	219,381,248	219,596,590	219,323,570
Weighted average common units outstanding – diluted (in shares)	220,096,693	219,976,080	219,596,590	219,809,543
Net income (loss)	$ 17,053	$ 2,177	$ (17,814)	$ 40,219
Change in fair value of derivatives	(12,700)	(3,040)	(14,867)	(6,043)
Total comprehensive income (loss)	4,353	(863)	(32,681)	34,176
Comprehensive income attributable to noncontrolling interests	(175)	(195)	197	(806)
Comprehensive income (loss) attributable to the Company	4,178	(1,058)	(32,484)	33,370
Other property-related revenue
Revenue:
Other revenue	1,864	2,172	6,321	5,971
Fee income
Revenue:
Other revenue	455	1,057	4,222	3,868
Kite Realty Group, L.P.
Revenue:
Rental income	204,934	203,990	616,583	612,889
Total revenue	207,253	207,219	627,126	622,728
Expenses:
Property operating	27,756	27,644	84,401	82,190
Real estate taxes	25,220	26,453	78,247	80,333
General, administrative and other	13,259	13,917	39,009	41,800
Depreciation and amortization	96,656	105,930	296,326	323,463
Impairment charges	0	477	66,201	477
Total expenses	162,891	174,421	564,184	528,263
Gain (loss) on sales of operating properties, net	602	(5,972)	(864)	22,468
Operating income	44,964	26,826	62,078	116,933
Interest expense	(31,640)	(25,484)	(92,985)	(78,114)
Income tax expense of taxable REIT subsidiaries	(35)	(68)	(325)	(84)
Equity in loss of unconsolidated subsidiaries	(607)	(47)	(1,201)	(173)
Gain on sale of unconsolidated property, net	0	0	2,325	0
Other income, net	4,371	950	12,294	1,657
Net income (loss)	17,053	2,177	(17,814)	40,219
Net income attributable to noncontrolling interests	(63)	(67)	(204)	(201)
Net income (loss) attributable to common shareholders	16,990	2,110	(18,018)	40,018
Allocation of net income (loss):
Limited Partners	261	40	(265)	499
Parent Company	$ 16,729	$ 2,070	$ (17,753)	$ 39,519
Net income (loss) per common share
Net income (loss) per common share – basic (in USD per share)	$ 0.08	$ 0.01	$ (0.08)	$ 0.18
Net income (loss) per common share– diluted (in USD per share)	$ 0.08	$ 0.01	$ (0.08)	$ 0.18
Weighted average common units outstanding – basic (in shares)	223,529,610	222,649,706	223,323,641	222,409,769
Weighted average common units outstanding – diluted (in shares)	223,960,467	223,244,538	223,323,641	222,895,742
Net income (loss)	$ 17,053	$ 2,177	$ (17,814)	$ 40,219
Change in fair value of derivatives	(12,700)	(3,040)	(14,867)	(6,043)
Total comprehensive income (loss)	4,353	(863)	(32,681)	34,176
Comprehensive income attributable to noncontrolling interests	(63)	(67)	(204)	(201)
Comprehensive income (loss) attributable to the Company	4,290	(930)	(32,885)	33,975
Kite Realty Group, L.P. \| Other property-related revenue
Revenue:
Other revenue	1,864	2,172	6,321	5,971
Kite Realty Group, L.P. \| Fee income
Revenue:
Other revenue	$ 455	$ 1,057	$ 4,222	$ 3,868

Consolidated Statements of Partners' Equity (Unaudited) - KRG, LP - USD ($) $ in Thousands	Total	Kite Realty Group, L.P.	Kite Realty Group, L.P. General Partner Common Equity	Kite Realty Group, L.P. General Partner Accumulated Other Comprehensive Income (Loss)
Partners' capital, balance at beginning of period at Dec. 31, 2022		$ 3,766,515	$ 3,692,171	$ 74,344
Increase (Decrease) in Partners' Capital [Roll Forward]
Stock compensation activity		2,135	2,135
Other comprehensive income (loss) attributable to Parent Company	$ (11,557)	(11,557)		(11,557)
Distributions to Parent Company		(52,659)	(52,659)
Net income (loss) attributable to Parent Company	5,391	5,391	5,391
Adjustment to redeemable noncontrolling interests		(3,821)	(3,821)
Partners' capital, balance at end of period at Mar. 31, 2023		3,706,004	3,643,217	62,787
Increase (Decrease) in Partners' Capital [Roll Forward]
Stock compensation activity		2,960	2,960
Other comprehensive income (loss) attributable to Parent Company	8,536	8,536		8,536
Distributions to Parent Company		(52,650)	(52,650)
Net income (loss) attributable to Parent Company	32,058	32,058	32,058
Adjustment to redeemable noncontrolling interests		(4,101)	(4,101)
Partners' capital, balance at end of period at Jun. 30, 2023		3,692,807	3,621,484	71,323
Increase (Decrease) in Partners' Capital [Roll Forward]
Stock compensation activity		2,968	2,968
Other comprehensive income (loss) attributable to Parent Company	(3,128)	(3,128)		(3,128)
Distributions to Parent Company		(52,653)	(52,653)
Net income (loss) attributable to Parent Company	2,070	2,070	2,070
Conversion of Limited Partner Units to shares of the Parent Company		301	301
Adjustment to redeemable noncontrolling interests		(7,071)	(7,071)
Partners' capital, balance at end of period at Sep. 30, 2023		3,635,294	3,567,099	68,195
Partners' capital, balance at beginning of period at Dec. 31, 2023		3,568,138	3,515,703	52,435
Increase (Decrease) in Partners' Capital [Roll Forward]
Stock compensation activity		1,993	1,993
Other comprehensive income (loss) attributable to Parent Company	2,456	2,456		2,456
Distributions to Parent Company		(54,901)	(54,901)
Net income (loss) attributable to Parent Company	14,156	14,156	14,156
Adjustment to redeemable noncontrolling interests		(1,010)	(1,010)
Partners' capital, balance at end of period at Mar. 31, 2024		3,530,832	3,475,941	54,891
Increase (Decrease) in Partners' Capital [Roll Forward]
Stock compensation activity		3,078	3,078
Other comprehensive income (loss) attributable to Parent Company	(4,636)	(4,636)		(4,636)
Distributions to Parent Company		(54,917)	(54,917)
Net income (loss) attributable to Parent Company	(48,638)	(48,638)	(48,638)
Adjustment to redeemable noncontrolling interests		(4,118)	(4,118)
Partners' capital, balance at end of period at Jun. 30, 2024		3,421,601	3,371,346	50,255
Increase (Decrease) in Partners' Capital [Roll Forward]
Stock compensation activity		2,553	2,553
Other comprehensive income (loss) attributable to Parent Company	(12,551)	(12,551)		(12,551)
Distributions to Parent Company		(57,113)	(57,113)
Net income (loss) attributable to Parent Company	$ 16,729	16,729	16,729
Adjustment to redeemable noncontrolling interests		(21,850)	(21,850)
Partners' capital, balance at end of period at Sep. 30, 2024		$ 3,349,369	$ 3,311,665	$ 37,704

Consolidated Statements of Cash Flows (Unaudited) - KRG, LP - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ (17,814)	$ 40,219
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	299,304	326,148
Loss (gain) on sales of operating properties, net	864	(22,468)
Gain on sale of unconsolidated property, net	(2,325)	0
Impairment charges	66,201	477
Straight-line rent	(10,066)	(9,723)
Compensation expense for equity awards	8,051	7,763
Amortization of debt fair value adjustments	(9,264)	(10,027)
Amortization of in-place lease liabilities	(6,920)	(9,228)
Changes in assets and liabilities:
Tenant receivables	6,639	(2,104)
Deferred costs and other assets	(18,158)	(26,727)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(8,463)	(3,153)
Net cash provided by operating activities	308,049	291,177
Cash flows from investing activities:
Acquisitions of interests in properties	(39,561)	(78,273)
Capital expenditures	(101,915)	(98,694)
Net proceeds from sales of land	6,756	917
Net proceeds from sales of operating properties	30,409	123,944
Investment in short-term deposits	(615,000)	0
Proceeds from short-term deposits	265,000	0
Small business loan repayments	0	341
Change in construction payables	(4,941)	(3,718)
Distribution from unconsolidated joint venture	1,618	0
Capital contributions to unconsolidated joint ventures	(11,825)	0
Net cash used in investing activities	(469,459)	(55,483)
Cash flows from financing activities:
Contributions from the General Partner	49	64
Repurchases of common shares upon the vesting of restricted shares	(907)	(767)
Debt and equity issuance costs	(7,306)	(377)
Loan proceeds	732,993	332,095
Loan payments	(313,464)	(467,149)
Distributions paid – common unitholders	(164,680)	(157,893)
Distributions paid – redeemable noncontrolling interests	(2,687)	(2,127)
Distributions to noncontrolling interests	(760)	(3,196)
Net cash provided by (used in) financing activities	243,238	(299,350)
Net change in cash, cash equivalents and restricted cash	81,828	(63,656)
Cash, cash equivalents and restricted cash, beginning of period	41,430	121,970
Cash, cash equivalents and restricted cash, end of period	123,258	58,314
Non-cash investing and financing activities
Conversion of Limited Partner Units to shares of the Parent Company	0	301
Kite Realty Group, L.P.
Cash flows from operating activities:
Net (loss) income	(17,814)	40,219
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	299,304	326,148
Loss (gain) on sales of operating properties, net	864	(22,468)
Gain on sale of unconsolidated property, net	(2,325)	0
Impairment charges	66,201	477
Straight-line rent	(10,066)	(9,723)
Compensation expense for equity awards	8,051	7,763
Amortization of debt fair value adjustments	(9,264)	(10,027)
Amortization of in-place lease liabilities	(6,920)	(9,228)
Changes in assets and liabilities:
Tenant receivables	6,639	(2,104)
Deferred costs and other assets	(18,158)	(26,727)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(8,463)	(3,153)
Net cash provided by operating activities	308,049	291,177
Cash flows from investing activities:
Acquisitions of interests in properties	(39,561)	(78,273)
Capital expenditures	(101,915)	(98,694)
Net proceeds from sales of land	6,756	917
Net proceeds from sales of operating properties	30,409	123,944
Investment in short-term deposits	(615,000)	0
Proceeds from short-term deposits	265,000	0
Small business loan repayments	0	341
Change in construction payables	(4,941)	(3,718)
Distribution from unconsolidated joint venture	1,618	0
Capital contributions to unconsolidated joint ventures	(11,825)	0
Net cash used in investing activities	(469,459)	(55,483)
Cash flows from financing activities:
Contributions from the General Partner	49	64
Repurchases of common shares upon the vesting of restricted shares	(907)	(767)
Debt and equity issuance costs	(7,306)	(377)
Loan proceeds	732,993	332,095
Loan payments	(313,464)	(467,149)
Distributions paid – common unitholders	(164,680)	(157,893)
Distributions paid – redeemable noncontrolling interests	(2,687)	(2,127)
Distributions to noncontrolling interests	(760)	(3,196)
Net cash provided by (used in) financing activities	243,238	(299,350)
Net change in cash, cash equivalents and restricted cash	81,828	(63,656)
Cash, cash equivalents and restricted cash, beginning of period	41,430	121,970
Cash, cash equivalents and restricted cash, end of period	123,258	58,314
Non-cash investing and financing activities
Conversion of Limited Partner Units to shares of the Parent Company	$ 0	$ 301

ORGANIZATION AND BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND BASIS OF PRESENTATION

As of September 30, 2024, the Company’s portfolio consisted of the following:


	Properties	Square Footage
Operating retail properties(1)	179	27,720,361
Office properties	1	287,291
Development and redevelopment projects:
Carillon medical office building	1	126,000
The Corner – IN(2)	1	24,000
One Loudoun Expansion(3)	—	119,000
Hamilton Crossing Centre	1	92,283
Edwards Multiplex – Ontario	1	124,614

(2)This property is held in an unconsolidated joint venture in which the Company has a 50% ownership interest.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Components of Investment Properties

The following table summarizes the composition of the Company’s investment properties as of September 30, 2024 and December 31, 2023 (in thousands):


	Balance as of
	September 30, 2024		December 31, 2023
Land, buildings and improvements	$	7,543,145	$	7,684,066
Construction in progress	64,704		55,995
Investment properties, at cost	$	7,607,849	$	7,740,061

Components of Rental Income including Allowance for Uncollectible Accounts

Rental income related to the Company’s operating leases is comprised of the following for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Fixed contractual lease payments – operating leases	$	163,913	$	159,491	$	486,126	$	478,215
Variable lease payments – operating leases	36,939		38,100		117,072		117,730
Bad debt reserve	(1,468)		(219)		(3,601)		(2,007)
Straight-line rent adjustments	3,595		3,132		9,787		9,900
Straight-line rent reserve for uncollectibility	(309)		(367)		279		(177)
Amortization of in-place lease liabilities, net	2,264		3,853		6,920		9,228
Rental income	$	204,934	$	203,990	$	616,583	$	612,889

Short-Term Deposits

Consolidation and Investments in Joint Ventures

Income Taxes and REIT Compliance

Parent Company

Operating Partnership

Noncontrolling Interests


	Nine Months Ended September 30,
	2024		2023
Noncontrolling interests balance as of January 1,	$	2,430	$	5,370
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests	204		201
Distributions to noncontrolling interests(1)	(760)		(3,196)
Noncontrolling interests balance as of September 30,	$	1,874	$	2,375

(1)During the nine months ended September 30, 2023, we received a $3.2 million distribution from excess proceeds related to a third-party financing.

Noncontrolling Interests – Joint Venture

Redeemable Noncontrolling Interests – Limited Partners


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Parent Company’s weighted average interest in the Operating Partnership	98.3	%	98.5	%	98.3	%	98.6	%
Limited partners’ weighted average interests in the Operating Partnership	1.7	%	1.5	%	1.7	%	1.4	%

The redeemable noncontrolling interests in the Operating Partnership for the nine months ended September 30, 2024 and 2023 were as follows (in thousands):


	Nine Months Ended September 30,
	2024		2023
Redeemable noncontrolling interests balance as of January 1,	$	73,287	$	53,967
Net (loss) income allocable to redeemable noncontrolling interests	(265)		499
Distributions declared to redeemable noncontrolling interests	(2,838)		(2,281)
Other, net including adjustments to redemption value	26,842		14,815
Total limited partners’ interests in the Operating Partnership balance as of September 30,	$	97,026	$	67,000

Fair Value Measurements

Assets and liabilities recorded at fair value in the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

•Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access.

Effects of Accounting Pronouncements

ACQUISITIONS

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISITIONS

The Company closed on the following asset acquisition during the nine months ended September 30, 2024 (dollars in thousands):

Date

Property Name

MSA

Property Type

Square
Footage

Acquisition
Price

August 30, 2024

Parkside West Cobb

Atlanta

Multi-tenant retail

141,627

40,125

The Company closed on the following asset acquisition during the nine months ended September 30, 2023 (dollars in thousands):

Date

Property Name

MSA

Property Type

Square
Footage

Acquisition
Price

September 22, 2023

Prestonwood Place

Dallas/Ft. Worth

Multi-tenant retail

155,975

81,000

DISPOSITIONS AND IMPAIRMENT CHARGES

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

DISPOSITIONS AND IMPAIRMENT CHARGES

The Company closed on the following disposition during the nine months ended September 30, 2024 (dollars in thousands):

Date

Property Name

MSA

Property Type

Square
Footage

Sales Price

Gain (Loss)

May 31, 2024

Ashland & Roosevelt

Chicago

Multi-tenant retail

104,176

30,600

(1,234)

The Company closed on the following dispositions during the nine months ended September 30, 2023 (dollars in thousands):


Date	Property Name	MSA	Property Type	Square Footage	Sales Price		Gain (Loss)
May 8, 2023	Kingwood Commons	Houston	Multi-tenant retail	158,172	$	27,350	$	4,736
June 8, 2023	Pan Am Plaza & Garage	Indianapolis	Land & garage	—	52,025		23,635
September 11, 2023	Reisterstown Road Plaza	Baltimore	Multi-tenant retail	376,683	48,250		(5,903)
				534,855	$	127,625	$	22,468

The following table presents the assets and liabilities associated with City Center, the investment property that remains classified as held for sale as of September 30, 2024 (in thousands):


	September 30, 2024
Assets


Net investment properties	$	68,567

Tenant and other receivables	2,358
Restricted cash and escrow deposits	225
Deferred costs, net	2,638
Prepaid and other assets	869
Assets associated with investment property held for sale	$	74,657

Liabilities

Accounts payable and accrued expenses	$	461
Deferred revenue and other liabilities	3,296
Liabilities associated with investment property held for sale	$	3,757

determined to be a Level 3 input within the fair value hierarchy. Eastside was sold on October 24, 2023 for a gross sales price of $14.4 million.

DEFERRED COSTS AND INTANGIBLES, NET

9 Months Ended

Sep. 30, 2024

Deferred Costs [Abstract]

DEFERRED COSTS AND INTANGIBLES, NET


	September 30, 2024		December 31, 2023
Acquired lease intangible assets	$	375,055	$	433,771
Deferred leasing costs and other	85,713		74,662
	460,768		508,433
Less: accumulated amortization	(205,967)		(204,262)
	$	254,801	$	304,171
Less: deferred costs associated with investment property held for sale	(2,638)		—
Deferred costs, net	$	252,163	$	304,171


	Nine Months Ended September 30,
	2024		2023
Amortization of deferred leasing costs, lease intangibles and other	$	59,549	$	83,768
Amortization of above-market lease intangibles	$	7,309	$	9,305

DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES

As of September 30, 2024 and December 31, 2023, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Unamortized in-place lease liabilities	$	147,363	$	159,449
Retainages payable and other	7,873		9,229
Tenant rents received in advance	29,349		35,339
Lease liabilities	67,563		68,925
	$	252,148	$	272,942
Less: deferred revenue associated with investment property held for sale	(3,296)		—
Deferred revenue and other liabilities	$	248,852	$	272,942

MORTGAGE AND OTHER INDEBTEDNESS

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

MORTGAGE AND OTHER INDEBTEDNESS

The following table summarizes the Company’s indebtedness as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Mortgages payable	$	149,477	$	153,306
Senior unsecured notes	2,380,000		1,829,635
Unsecured term loans	700,000		820,000
Unsecured revolving line of credit	—		—
	3,229,477		2,802,941
Unamortized discounts and premiums, net	24,013		35,765
Unamortized debt issuance costs, net	(13,562)		(9,504)
Total mortgage and other indebtedness, net	$	3,239,928	$	2,829,202


	Amount Outstanding		Ratio		Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate debt(1)	$	3,059,277	95	%	4.18	%	4.4
Variable rate debt(2)	170,200		5	%	7.94	%	1.9
Debt discounts, premiums and issuance costs, net	10,451		N/A		N/A		N/A
Mortgage and other indebtedness, net	$	3,239,928	100	%	4.38	%	4.3

Mortgages Payable

The following table summarizes the Company’s mortgages payable (dollars in thousands):


	September 30, 2024					December 31, 2023
	Balance		Weighted Average Interest Rate		Weighted Average Years to Maturity	Balance		Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate mortgages payable(1)	$	134,277	5.10	%	7.4	$	136,306	5.09	%	8.1
Variable rate mortgage payable(2)	15,200		7.02	%	1.8	17,000		7.59	%	2.6
Total mortgages payable	$	149,477				$	153,306

(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of September 30, 2024 and December 31, 2023.

Unsecured Notes

The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):


		September 30, 2024				December 31, 2023
	Maturity Date	Balance		Interest Rate		Balance		Interest Rate
Senior notes – 4.58% due 2024	June 30, 2024	$	—	—	%	$	149,635	4.58	%
Senior notes – 4.00% due 2025	March 15, 2025	350,000		4.00	%	350,000		4.00	%
Senior notes – SOFR + 3.65% due 2025(1)	September 10, 2025	80,000		7.98	%	80,000		9.27	%
Senior notes – 4.08% due 2026	September 30, 2026	100,000		4.08	%	100,000		4.08	%
Senior notes – 4.00% due 2026	October 1, 2026	300,000		4.00	%	300,000		4.00	%
Senior exchangeable notes – 0.75% due 2027	April 1, 2027	175,000		0.75	%	175,000		0.75	%
Senior notes – SOFR + 3.75% due 2027(2)	September 10, 2027	75,000		8.08	%	75,000		9.37	%
Senior notes – 4.24% due 2028	December 28, 2028	100,000		4.24	%	100,000		4.24	%
Senior notes – 4.82% due 2029	June 28, 2029	100,000		4.82	%	100,000		4.82	%
Senior notes – 4.75% due 2030	September 15, 2030	400,000		4.75	%	400,000		4.75	%
Senior notes – 4.95% due 2031	December 15, 2031	350,000		4.95	%	—		—	%
Senior notes – 5.50% due 2034(3)	March 1, 2034	350,000		4.60	%	—		—	%
Total senior unsecured notes		$	2,380,000			$	1,829,635

(1)$80,000 of 4.47% senior unsecured notes due 2025 has been swapped to a variable rate of three-month SOFR plus 3.65% through September 10, 2025.

(2)$75,000 of 4.57% senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025.

(3)The coupon rate of the Notes Due 2034 (defined below) is 5.50%; however, as a result of hedging activities, the Company’s interest rate is 4.60%.

Exchangeable Senior Notes

Unsecured Term Loans and Revolving Line of Credit

The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands):


		September 30, 2024				December 31, 2023
	Maturity Date	Balance		Interest Rate		Balance		Interest Rate
Unsecured term loan due 2024 – fixed rate(1)	July 17, 2024	$	—	—	%	$	120,000	2.68	%
Unsecured term loan due 2025 – fixed rate(2)	October 24, 2025	250,000		5.09	%	250,000		5.09	%
Unsecured term loan due 2026 – fixed rate(3)	July 17, 2026	150,000		2.73	%	150,000		2.73	%
Unsecured term loan due 2029 – fixed rate(4)	July 29, 2029	300,000		3.82	%	300,000		3.82	%
Total unsecured term loans		$	700,000			$	820,000

Unsecured credit facility revolving line of credit – variable rate(5)	January 8, 2026	$	—	6.11	%	$	—	6.58	%

Unsecured Revolving Credit Facility

The following table summarizes the key terms of the Revolving Facility as of September 30, 2024 (dollars in thousands):

Leverage-Based Pricing

Investment Grade Pricing

Credit Agreement

Maturity Date

Extension Option

Extension Fee

Credit Spread

Facility Fee

Credit Spread

Facility Fee

SOFR Adjustment

$1,100,000 unsecured revolving line of credit

1/8/2026

2 six-month

0.075%

1.05%–1.50%

0.15%–0.30%

0.725%–1.40%

0.125%–0.30%

0.10%

Unsecured Term Loans

The following table summarizes the key terms of the unsecured term loans as of September 30, 2024 (dollars in thousands):

Unsecured Term Loans

Maturity Date

Leverage-Based Pricing
Credit Spread

Investment Grade Pricing
Credit Spread

SOFR Adjustment

$250,000 unsecured term loan due 2025

10/24/2025(1)

2.00% – 2.55%

2.00% – 2.50%

0.10%

$150,000 unsecured term loan due 2026

7/17/2026

1.20% – 1.70%

0.75% – 1.60%

0.10%

$300,000 unsecured term loan due 2029

7/29/2029

N/A

1.15% – 2.20%

0.10%

(1)The maturity date may be extended for up to three additional periods of one year each at the Operating Partnership’s option, subject to certain conditions.

The Operating Partnership is permitted to prepay the $300M Term Loan in whole or in part, at any time, without premium or penalty.

The Third Amendment also applied the Leverage Toggle and adjustment to the sustainability-linked pricing provisions to the $300M Term Loan.

Debt Issuance Costs


	Nine Months Ended September 30,
	2024		2023
Amortization of debt issuance costs	$	2,978	$	2,685

Debt Discounts and Premiums


	Nine Months Ended September 30,
	2024		2023
Amortization of debt discounts, premiums and hedge instruments	$	10,581	$	14,992


October 2024 through December 2024	$	3,011
2025	7,486
2026	5,832
2027	4,914
2028	4,904
Thereafter	4,462
Total unamortized debt discounts, premiums and hedge instruments	$	30,609

The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of September 30, 2024 to the balance of unamortized discounts and premiums, net (in thousands):


Unamortized discounts and premiums on mortgages payable, senior unsecured notes and unsecured term loans	$	28,902
Unamortized hedge instruments	1,707
Total unamortized debt discounts, premiums and hedge instruments	30,609
Unamortized hedge instruments (included in accumulated other comprehensive income)	(1,707)
Fair value of variable interest rate swaps	(4,889)
Unamortized discounts and premiums, net	$	24,013

Fair Value of Fixed and Variable Rate Debt

DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME


									Fair Value Assets (Liabilities)(1)
Type of Hedge	Number of Instruments	Aggregate Notional		Reference Rate	Interest Rate		Effective Date	Maturity Date	September 30, 2024		December 31, 2023
Cash Flow	Four	$	250,000	SOFR	2.99	%	12/1/2022	10/24/2025	$	2,038	$	4,952
Cash Flow	Two	100,000		SOFR	2.66	%	8/1/2022	8/1/2025	1,026		2,415
Cash Flow	Two	200,000		SOFR	2.37	%	11/22/2023	8/1/2025	2,528		5,716
Cash Flow	Three	—		SOFR	1.58	%	8/15/2022	7/17/2024	—		2,236
Cash Flow	Three	150,000		SOFR	1.68	%	8/15/2022	7/17/2026	4,621		7,744
		$	700,000						$	10,213	$	23,063

Fair Value(2)	Two	$	155,000	SOFR	SOFR + 3.70%		4/23/2021	9/10/2025	$	(4,889)	$	(9,408)

Forward-Starting Cash Flow(3)	Three	$	150,000	SOFR	3.44	%	6/28/2024	6/28/2034	$	—	$	(700)

(2)The derivative agreements swap a blended fixed rate of 4.52% for a blended floating rate of three-month SOFR plus 3.70%.

(3)The forward-starting interest rate swaps were terminated in conjunction with the issuance of the Notes Due 2034.

derivatives. As a result, we have determined that our derivative valuations were classified within Level 2 of the fair value hierarchy.

Unrealized gains and losses on our interest rate derivative agreements are the only components of the change in accumulated other comprehensive income.

SHAREHOLDERS’ EQUITY	9 Months Ended
SHAREHOLDERS’ EQUITY	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY Distributions Our Board of Trustees declared a cash distribution of $0.26 per common share and Common Unit for the third quarter of 2024. This distribution was paid on October 16, 2024 to common shareholders and common unitholders of record as of October 9, 2024. For the nine months ended September 30, 2024, we declared cash distributions totaling $0.76 per common share and Common Unit. For the three and nine months ended September 30, 2023, we declared cash distributions of $0.24 and $0.72 per common share and Common Unit, respectively. Share Repurchase Program The Company has an existing share repurchase program under which it may repurchase, from time to time, up to a maximum of $300.0 million of its common shares (the “Share Repurchase Program”). The Company intends to fund any future repurchases under the Share Repurchase Program with cash on hand or availability under the Revolving Facility, subject to any applicable restrictions. The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will depend upon prevailing market conditions, regulatory requirements and other factors. In February 2024, the Company extended the Share Repurchase Program for an additional year to February 28, 2025, if not terminated or extended prior to that date. As of September 30, 2024, the Company has not repurchased any shares under the Share Repurchase Program.

EARNINGS PER SHARE OR UNIT

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE OR UNIT


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income (loss) attributable to common shareholders – basic and diluted	$	16,729	$	2,070	$	(17,753)	$	39,519

Denominator:
Weighted average common shares outstanding – basic	219,665,836		219,381,248		219,596,590		219,323,570
Effect of dilutive securities:
AO LTIP Units	244,447		529,790		—		430,999
Deferred common share units	68,956		65,042		—		54,974
Exchangeable Notes	117,454		—		—		—
Weighted average common shares outstanding – diluted	220,096,693		219,976,080		219,596,590		219,809,543

Net income (loss) per common share – basic	$	0.08	$	0.01	$	(0.08)	$	0.18
Net income (loss) per common share – diluted	$	0.08	$	0.01	$	(0.08)	$	0.18

Due to the net loss allocable to common shareholders and common unitholders for the nine months ended September 30, 2024, no securities had a dilutive impact for that period.

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Other Commitments and Contingencies We are obligated under various completion guarantees with certain lenders and lease agreements with tenants to complete all or portions of a development project and tenant-specific space currently under construction. We believe we currently have sufficient financing in place to fund these projects and expect to do so primarily through free cash flow or borrowings on the Revolving Facility. In 2017, we provided a repayment guaranty on a $33.8 million construction loan associated with the development of the Embassy Suites at the University of Notre Dame, consistent with our 35% ownership interest. Our portion of the repayment guaranty was limited to $5.9 million, and the guaranty’s term was through July 1, 2024, the maturity date of the construction loan. In July 2024, the joint venture repaid the construction loan and we contributed $10.2 million representing our 35% share of the debt repaid. In 2021, we provided repayment and completion guaranties on loans totaling $66.2 million associated with the development of The Corner mixed-use project in the Indianapolis MSA. As of September 30, 2024, the outstanding balance of the loans was $69.9 million, of which our share was $35.0 million. Legal Proceedings We are not subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against us. We are parties to routine litigation, claims, and administrative proceedings arising in the ordinary course of business. Management believes that such matters will not have a material adverse impact on our consolidated financial condition, results of operations or cash flows taken as a whole.

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Subsequent to September 30, 2024, we entered into the third amendment to the sixth amended and restated unsecured credit agreement and amended the terms of the $250M Term Loan. See Note 7 to the consolidated financial statements for further details.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to common shareholders	$ 16,729	$ (48,638)	$ 14,156	$ 2,070	$ 32,058	$ 5,391

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Consolidation and Investments in Joint Ventures	Consolidation and Investments in Joint Ventures The accompanying financial statements are presented on a consolidated basis and include all accounts of the Parent Company, the Operating Partnership, the taxable REIT subsidiaries (“TRSs”) of the Operating Partnership, subsidiaries of the Operating Partnership that are controlled, and any variable interest entities (“VIEs”) in which the Operating Partnership is the primary beneficiary. As of September 30, 2024, we owned investments in two consolidated joint ventures that were VIEs in which the partners did not have substantive participating rights and we were the primary beneficiary. As of September 30, 2024, these consolidated VIEs had mortgage debt totaling $110.3 million, which was secured by assets of the VIEs totaling $218.1 million. The Operating Partnership guarantees the mortgage debt of these VIEs. The Operating Partnership is considered a VIE as the limited partners do not hold kick-out rights or substantive participating rights. The Parent Company consolidates the Operating Partnership as it is the primary beneficiary. As of September 30, 2024, the Company also owned investments in four unconsolidated joint ventures accounted for under the equity method, which are not considered VIEs. On January 31, 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, resulting in a gain on sale of $20.2 million. The Company recognized its share of the gain on sale of unconsolidated property of $2.3 million during the nine months ended September 30, 2024. In addition, the Company received a $1.6 million distribution upon the disposition of the property. The Company maintains an investment in the joint venture, which is in the process of winding up its activities and distributing remaining net assets. Glendale Center Apartments is adjacent to our Glendale Town Center operating retail property in the Indianapolis MSA.
Income Taxes and REIT Compliance	Income Taxes and REIT Compliance Parent Company The Parent Company has been organized and operated, and intends to continue to operate, in a manner that will enable it to maintain its qualification as a REIT for U.S. federal income tax purposes. As a result, it generally will not be subject to U.S. federal income tax on the earnings that it distributes to the extent it distributes its “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders of the Parent Company and meets certain other requirements on a recurring basis. To the extent that it satisfies this distribution requirement but distributes less than 100% of its taxable income, it will be subject to U.S. federal income tax on its undistributed REIT taxable income at regular corporate income tax rates. REITs are subject to a number of organizational and operational requirements. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates for a period of four years following the year in which qualification is lost. Additionally, we may also be subject to certain taxes enacted by the Inflation Reduction Act of 2022 that are applicable to non-REIT corporations, including the nondeductible 1% excise tax on certain stock repurchases. We may also be subject to certain U.S. federal, state and local taxes on our income and property and to U.S. federal income and excise taxes on our undistributed taxable income even if the Parent Company does qualify as a REIT. The Operating Partnership intends to continue to make distributions to the Parent Company in amounts sufficient to assist the Parent Company in adhering to REIT requirements and maintaining its REIT status. We have elected to treat Kite Realty Holdings, LLC and IWR Protective Corporation as TRSs with respect to the REIT, and we may elect to treat other subsidiaries as TRSs in the future. This election enables us to receive income and provide services that would otherwise be impermissible for a REIT. Deferred tax assets and liabilities are established for temporary differences between the financial reporting bases and the tax bases of assets and liabilities at the tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. Operating Partnership The allocated share of income and loss, other than the operations of our TRSs, is included in the income tax returns of the Operating Partnership’s partners. Accordingly, the only U.S. federal income taxes included in the accompanying consolidated financial statements are in connection with the TRSs.
Noncontrolling Interests	Noncontrolling Interests We report the non-redeemable noncontrolling interests in subsidiaries as equity, and the amount of consolidated net income attributable to these noncontrolling interests is set forth separately in the accompanying consolidated financial statements. Noncontrolling Interests – Joint Venture Prior to the October 2021 merger with Retail Properties of America, Inc. (“RPAI”), RPAI entered into a joint venture related to the development, ownership and operation of the multifamily rental portion of the expansion project at One Loudoun Downtown – Pads G & H. The Company owns 90% of the joint venture. Under terms defined in the joint venture agreement, after construction completion and stabilization of the development project (as defined in the joint venture agreement), the Company has the ability to call, and the joint venture partner has the ability to put to the Company, subject to certain conditions, the joint venture partner’s interest in the joint venture at fair value. As of September 30, 2024, the conditions for exercising the put and call options have been met but neither the Company nor the joint venture partner has exercised their respective options. The joint venture is considered a VIE primarily because the Company’s joint venture partner does not have substantive kick-out rights or substantive participating rights. The Company is considered the primary beneficiary as it has a controlling financial interest in the joint venture. As such, the Company has consolidated this joint venture and presented the joint venture partner’s interests as noncontrolling interests. Redeemable Noncontrolling Interests – Limited Partners Limited Partner Units are redeemable noncontrolling interests in the Operating Partnership. We classify redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because we may be required to pay cash to holders of Limited Partner Units upon redemption of their interests in the Operating Partnership or deliver registered shares upon their conversion. The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid-in capital. As of September 30, 2024 and December 31, 2023, the redemption value of the redeemable noncontrolling interests in the Operating Partnership exceeded the historical book value, and the balances were accordingly adjusted to redemption value. We allocate net operating results of the Operating Partnership after noncontrolling interests in the consolidated properties based on the partners’ respective weighted average ownership interest. We adjust the redeemable noncontrolling interests in the Operating Partnership at the end of each reporting period to reflect their interests in the Operating Partnership or redemption value. This adjustment is reflected in our shareholders’ and Parent Company’s equity. As of September 30, 2024, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.2% and 1.8%. As of December 31, 2023, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.4% and 1.6%. Concurrent with the Parent Company’s IPO and related formation transactions, certain individuals received Limited Partner Units of the Operating Partnership in exchange for their interests in certain properties. The limited partners have the right to redeem Limited Partner Units for cash or, at the Parent Company’s election, common shares of the Parent Company in an amount equal to the market value of an equivalent number of common shares of the Parent Company at the time of redemption. Such common shares must be registered, which is not fully in the Parent Company’s control. Therefore, the limited partners’ interest is not reflected within permanent equity. The Parent Company also has the right to redeem the Limited Partner Units directly from the limited partner in exchange for either cash in the amount specified above or a number of its common shares equal to the number of Limited Partner Units being redeemed. There were 3,960,037 and 3,512,868 Limited Partner Units outstanding as of September 30, 2024 and December 31, 2023, respectively. The increase in Limited Partner Units outstanding from December 31, 2023 is due to non-cash compensation awards granted to our executive officers in the form of Limited Partner Units and the exercise of previously granted Appreciation Only Long-Term Incentive Plan (“AO LTIP”) Units in exchange for Limited Partner Units.
Fair Value Measurements	Fair Value Measurements We follow the framework established under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, for measuring fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination or upon determination of an impairment. Assets and liabilities recorded at fair value in the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: •Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access. •Level 2 fair value inputs are inputs other than quoted prices included in Level 1 that are observable for similar instruments, either directly or indirectly, and appropriately consider counterparty creditworthiness in the valuation. •Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an instrument at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. In instances where the determination of the fair value measurement is based upon inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
Effects of Accounting Pronouncements	Effects of Accounting Pronouncements In March 2024, the SEC issued a final rule, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This final rule is effective for the Company for the fiscal year beginning in 2025 and requires companies to annually disclose climate-related information in registration statements and annual reports, including material climate-related risks and impacts on the Company, information about board oversight, risk management activities, and any material climate-related targets or goals. In addition, the final rule requires disclosure of material Scope 1 and/or Scope 2 greenhouse gas emissions, which will be subject to independent third-party assurance, and the financial statement effects of severe weather events and other natural conditions. In April 2024, the SEC announced a stay of these climate disclosure rules pending judicial review. The Company is continuing to evaluate the impact of this final rule until it becomes effective. In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures. This new guidance became effective for the Company on January 1, 2024 and provides new disclosure requirements on significant segment expenses that will begin with the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024. Public entities with a single reportable segment such as the Company must apply all of the new disclosure requirements as well as all existing segment disclosure and reconciliation requirements in Topic 280 on an annual and interim basis. The adoption of this pronouncement on January 1, 2024 did not have any effect on the Company’s consolidated financial statements. The amended disclosure guidance will be applied prospectively.

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Real Estate Properties

As of September 30, 2024, the Company’s portfolio consisted of the following:


	Properties	Square Footage
Operating retail properties(1)	179	27,720,361
Office properties	1	287,291
Development and redevelopment projects:
Carillon medical office building	1	126,000
The Corner – IN(2)	1	24,000
One Loudoun Expansion(3)	—	119,000
Hamilton Crossing Centre	1	92,283
Edwards Multiplex – Ontario	1	124,614

(2)This property is held in an unconsolidated joint venture in which the Company has a 50% ownership interest.

The following table summarizes the composition of the Company’s investment properties as of September 30, 2024 and December 31, 2023 (in thousands):


	Balance as of
	September 30, 2024		December 31, 2023
Land, buildings and improvements	$	7,543,145	$	7,684,066
Construction in progress	64,704		55,995
Investment properties, at cost	$	7,607,849	$	7,740,061

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Investment Properties

As of September 30, 2024, the Company’s portfolio consisted of the following:


	Properties	Square Footage
Operating retail properties(1)	179	27,720,361
Office properties	1	287,291
Development and redevelopment projects:
Carillon medical office building	1	126,000
The Corner – IN(2)	1	24,000
One Loudoun Expansion(3)	—	119,000
Hamilton Crossing Centre	1	92,283
Edwards Multiplex – Ontario	1	124,614

(2)This property is held in an unconsolidated joint venture in which the Company has a 50% ownership interest.

The following table summarizes the composition of the Company’s investment properties as of September 30, 2024 and December 31, 2023 (in thousands):


	Balance as of
	September 30, 2024		December 31, 2023
Land, buildings and improvements	$	7,543,145	$	7,684,066
Construction in progress	64,704		55,995
Investment properties, at cost	$	7,607,849	$	7,740,061

Schedule of Rental Income

Rental income related to the Company’s operating leases is comprised of the following for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Fixed contractual lease payments – operating leases	$	163,913	$	159,491	$	486,126	$	478,215
Variable lease payments – operating leases	36,939		38,100		117,072		117,730
Bad debt reserve	(1,468)		(219)		(3,601)		(2,007)
Straight-line rent adjustments	3,595		3,132		9,787		9,900
Straight-line rent reserve for uncollectibility	(309)		(367)		279		(177)
Amortization of in-place lease liabilities, net	2,264		3,853		6,920		9,228
Rental income	$	204,934	$	203,990	$	616,583	$	612,889

Schedule of Noncontrolling Interests

The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the nine months ended September 30, 2024 and 2023 (in thousands):


	Nine Months Ended September 30,
	2024		2023
Noncontrolling interests balance as of January 1,	$	2,430	$	5,370
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests	204		201
Distributions to noncontrolling interests(1)	(760)		(3,196)
Noncontrolling interests balance as of September 30,	$	1,874	$	2,375

(1)During the nine months ended September 30, 2023, we received a $3.2 million distribution from excess proceeds related to a third-party financing.

Schedule of Weighted Average Interests of Parent and Limited Partners

For the three and nine months ended September 30, 2024 and 2023, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Parent Company’s weighted average interest in the Operating Partnership	98.3	%	98.5	%	98.3	%	98.6	%
Limited partners’ weighted average interests in the Operating Partnership	1.7	%	1.5	%	1.7	%	1.4	%

Schedule of Redeemable Noncontrolling Interests

The redeemable noncontrolling interests in the Operating Partnership for the nine months ended September 30, 2024 and 2023 were as follows (in thousands):


	Nine Months Ended September 30,
	2024		2023
Redeemable noncontrolling interests balance as of January 1,	$	73,287	$	53,967
Net (loss) income allocable to redeemable noncontrolling interests	(265)		499
Distributions declared to redeemable noncontrolling interests	(2,838)		(2,281)
Other, net including adjustments to redemption value	26,842		14,815
Total limited partners’ interests in the Operating Partnership balance as of September 30,	$	97,026	$	67,000

ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Asset Acquisitions

The Company closed on the following asset acquisition during the nine months ended September 30, 2024 (dollars in thousands):

Date

Property Name

MSA

Property Type

Square
Footage

Acquisition
Price

August 30, 2024

Parkside West Cobb

Atlanta

Multi-tenant retail

141,627

40,125

The Company closed on the following asset acquisition during the nine months ended September 30, 2023 (dollars in thousands):

Date

Property Name

MSA

Property Type

Square
Footage

Acquisition
Price

September 22, 2023

Prestonwood Place

Dallas/Ft. Worth

Multi-tenant retail

155,975

81,000

DISPOSITIONS AND IMPAIRMENT CHARGES (Tables)

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Property Dispositions

The Company closed on the following disposition during the nine months ended September 30, 2024 (dollars in thousands):

Date

Property Name

MSA

Property Type

Square
Footage

Sales Price

Gain (Loss)

May 31, 2024

Ashland & Roosevelt

Chicago

Multi-tenant retail

104,176

30,600

(1,234)

The Company closed on the following dispositions during the nine months ended September 30, 2023 (dollars in thousands):


Date	Property Name	MSA	Property Type	Square Footage	Sales Price		Gain (Loss)
May 8, 2023	Kingwood Commons	Houston	Multi-tenant retail	158,172	$	27,350	$	4,736
June 8, 2023	Pan Am Plaza & Garage	Indianapolis	Land & garage	—	52,025		23,635
September 11, 2023	Reisterstown Road Plaza	Baltimore	Multi-tenant retail	376,683	48,250		(5,903)
				534,855	$	127,625	$	22,468

The following table presents the assets and liabilities associated with City Center, the investment property that remains classified as held for sale as of September 30, 2024 (in thousands):


	September 30, 2024
Assets


Net investment properties	$	68,567

Tenant and other receivables	2,358
Restricted cash and escrow deposits	225
Deferred costs, net	2,638
Prepaid and other assets	869
Assets associated with investment property held for sale	$	74,657

Liabilities

Accounts payable and accrued expenses	$	461
Deferred revenue and other liabilities	3,296
Liabilities associated with investment property held for sale	$	3,757

DEFERRED COSTS AND INTANGIBLES, NET (Tables)

9 Months Ended

Sep. 30, 2024

Deferred Costs [Abstract]

Schedule of Deferred Costs

As of September 30, 2024 and December 31, 2023, deferred costs consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Acquired lease intangible assets	$	375,055	$	433,771
Deferred leasing costs and other	85,713		74,662
	460,768		508,433
Less: accumulated amortization	(205,967)		(204,262)
	$	254,801	$	304,171
Less: deferred costs associated with investment property held for sale	(2,638)		—
Deferred costs, net	$	252,163	$	304,171

Schedule of Amortization of Deferred Costs

The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands):


	Nine Months Ended September 30,
	2024		2023
Amortization of deferred leasing costs, lease intangibles and other	$	59,549	$	83,768
Amortization of above-market lease intangibles	$	7,309	$	9,305

The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands):


	Nine Months Ended September 30,
	2024		2023
Amortization of debt issuance costs	$	2,978	$	2,685

DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Deferred Revenue, Intangibles and Other Liabilities

As of September 30, 2024 and December 31, 2023, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Unamortized in-place lease liabilities	$	147,363	$	159,449
Retainages payable and other	7,873		9,229
Tenant rents received in advance	29,349		35,339
Lease liabilities	67,563		68,925
	$	252,148	$	272,942
Less: deferred revenue associated with investment property held for sale	(3,296)		—
Deferred revenue and other liabilities	$	248,852	$	272,942

MORTGAGE AND OTHER INDEBTEDNESS (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedules of Indebtedness

The following table summarizes the Company’s indebtedness as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Mortgages payable	$	149,477	$	153,306
Senior unsecured notes	2,380,000		1,829,635
Unsecured term loans	700,000		820,000
Unsecured revolving line of credit	—		—
	3,229,477		2,802,941
Unamortized discounts and premiums, net	24,013		35,765
Unamortized debt issuance costs, net	(13,562)		(9,504)
Total mortgage and other indebtedness, net	$	3,239,928	$	2,829,202

The following table summarizes the Company’s mortgages payable (dollars in thousands):


	September 30, 2024					December 31, 2023
	Balance		Weighted Average Interest Rate		Weighted Average Years to Maturity	Balance		Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate mortgages payable(1)	$	134,277	5.10	%	7.4	$	136,306	5.09	%	8.1
Variable rate mortgage payable(2)	15,200		7.02	%	1.8	17,000		7.59	%	2.6
Total mortgages payable	$	149,477				$	153,306

(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of September 30, 2024 and December 31, 2023.

The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):


		September 30, 2024				December 31, 2023
	Maturity Date	Balance		Interest Rate		Balance		Interest Rate
Senior notes – 4.58% due 2024	June 30, 2024	$	—	—	%	$	149,635	4.58	%
Senior notes – 4.00% due 2025	March 15, 2025	350,000		4.00	%	350,000		4.00	%
Senior notes – SOFR + 3.65% due 2025(1)	September 10, 2025	80,000		7.98	%	80,000		9.27	%
Senior notes – 4.08% due 2026	September 30, 2026	100,000		4.08	%	100,000		4.08	%
Senior notes – 4.00% due 2026	October 1, 2026	300,000		4.00	%	300,000		4.00	%
Senior exchangeable notes – 0.75% due 2027	April 1, 2027	175,000		0.75	%	175,000		0.75	%
Senior notes – SOFR + 3.75% due 2027(2)	September 10, 2027	75,000		8.08	%	75,000		9.37	%
Senior notes – 4.24% due 2028	December 28, 2028	100,000		4.24	%	100,000		4.24	%
Senior notes – 4.82% due 2029	June 28, 2029	100,000		4.82	%	100,000		4.82	%
Senior notes – 4.75% due 2030	September 15, 2030	400,000		4.75	%	400,000		4.75	%
Senior notes – 4.95% due 2031	December 15, 2031	350,000		4.95	%	—		—	%
Senior notes – 5.50% due 2034(3)	March 1, 2034	350,000		4.60	%	—		—	%
Total senior unsecured notes		$	2,380,000			$	1,829,635

(1)$80,000 of 4.47% senior unsecured notes due 2025 has been swapped to a variable rate of three-month SOFR plus 3.65% through September 10, 2025.

(2)$75,000 of 4.57% senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025.

(3)The coupon rate of the Notes Due 2034 (defined below) is 5.50%; however, as a result of hedging activities, the Company’s interest rate is 4.60%.

The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands):


		September 30, 2024				December 31, 2023
	Maturity Date	Balance		Interest Rate		Balance		Interest Rate
Unsecured term loan due 2024 – fixed rate(1)	July 17, 2024	$	—	—	%	$	120,000	2.68	%
Unsecured term loan due 2025 – fixed rate(2)	October 24, 2025	250,000		5.09	%	250,000		5.09	%
Unsecured term loan due 2026 – fixed rate(3)	July 17, 2026	150,000		2.73	%	150,000		2.73	%
Unsecured term loan due 2029 – fixed rate(4)	July 29, 2029	300,000		3.82	%	300,000		3.82	%
Total unsecured term loans		$	700,000			$	820,000

Unsecured credit facility revolving line of credit – variable rate(5)	January 8, 2026	$	—	6.11	%	$	—	6.58	%

Schedule of Weighted Average Interest Rates and Maturities


	Amount Outstanding		Ratio		Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate debt(1)	$	3,059,277	95	%	4.18	%	4.4
Variable rate debt(2)	170,200		5	%	7.94	%	1.9
Debt discounts, premiums and issuance costs, net	10,451		N/A		N/A		N/A
Mortgage and other indebtedness, net	$	3,239,928	100	%	4.38	%	4.3

Schedule of Key Terms of Revolving Facility and Term Loans

The following table summarizes the key terms of the Revolving Facility as of September 30, 2024 (dollars in thousands):

Leverage-Based Pricing

Investment Grade Pricing

Credit Agreement

Maturity Date

Extension Option

Extension Fee

Credit Spread

Facility Fee

Credit Spread

Facility Fee

SOFR Adjustment

$1,100,000 unsecured revolving line of credit

1/8/2026

2 six-month

0.075%

1.05%–1.50%

0.15%–0.30%

0.725%–1.40%

0.125%–0.30%

0.10%

The following table summarizes the key terms of the unsecured term loans as of September 30, 2024 (dollars in thousands):

Unsecured Term Loans

Maturity Date

Leverage-Based Pricing
Credit Spread

Investment Grade Pricing
Credit Spread

SOFR Adjustment

$250,000 unsecured term loan due 2025

10/24/2025(1)

2.00% – 2.55%

2.00% – 2.50%

0.10%

$150,000 unsecured term loan due 2026

7/17/2026

1.20% – 1.70%

0.75% – 1.60%

0.10%

$300,000 unsecured term loan due 2029

7/29/2029

N/A

1.15% – 2.20%

0.10%

(1)The maturity date may be extended for up to three additional periods of one year each at the Operating Partnership’s option, subject to certain conditions.

Schedule of Amortization of Debt Issuance Costs

The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands):


	Nine Months Ended September 30,
	2024		2023
Amortization of deferred leasing costs, lease intangibles and other	$	59,549	$	83,768
Amortization of above-market lease intangibles	$	7,309	$	9,305


	Nine Months Ended September 30,
	2024		2023
Amortization of debt issuance costs	$	2,978	$	2,685

Schedule of Debt Discounts, Premiums and Hedge Instruments Amortization

The following amounts of amortization are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands):


	Nine Months Ended September 30,
	2024		2023
Amortization of debt discounts, premiums and hedge instruments	$	10,581	$	14,992

Schedule of Debt Discounts, Premiums and Hedge Instruments Amortization Maturity


October 2024 through December 2024	$	3,011
2025	7,486
2026	5,832
2027	4,914
2028	4,904
Thereafter	4,462
Total unamortized debt discounts, premiums and hedge instruments	$	30,609

Schedule of Reconciliation of Unamortized Debt Discounts, Premiums and Hedge Instruments

The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of September 30, 2024 to the balance of unamortized discounts and premiums, net (in thousands):


Unamortized discounts and premiums on mortgages payable, senior unsecured notes and unsecured term loans	$	28,902
Unamortized hedge instruments	1,707
Total unamortized debt discounts, premiums and hedge instruments	30,609
Unamortized hedge instruments (included in accumulated other comprehensive income)	(1,707)
Fair value of variable interest rate swaps	(4,889)
Unamortized discounts and premiums, net	$	24,013

DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Terms and Fair Values of Derivative Financial Instruments


									Fair Value Assets (Liabilities)(1)
Type of Hedge	Number of Instruments	Aggregate Notional		Reference Rate	Interest Rate		Effective Date	Maturity Date	September 30, 2024		December 31, 2023
Cash Flow	Four	$	250,000	SOFR	2.99	%	12/1/2022	10/24/2025	$	2,038	$	4,952
Cash Flow	Two	100,000		SOFR	2.66	%	8/1/2022	8/1/2025	1,026		2,415
Cash Flow	Two	200,000		SOFR	2.37	%	11/22/2023	8/1/2025	2,528		5,716
Cash Flow	Three	—		SOFR	1.58	%	8/15/2022	7/17/2024	—		2,236
Cash Flow	Three	150,000		SOFR	1.68	%	8/15/2022	7/17/2026	4,621		7,744
		$	700,000						$	10,213	$	23,063

Fair Value(2)	Two	$	155,000	SOFR	SOFR + 3.70%		4/23/2021	9/10/2025	$	(4,889)	$	(9,408)

Forward-Starting Cash Flow(3)	Three	$	150,000	SOFR	3.44	%	6/28/2024	6/28/2034	$	—	$	(700)

(2)The derivative agreements swap a blended fixed rate of 4.52% for a blended floating rate of three-month SOFR plus 3.70%.

(3)The forward-starting interest rate swaps were terminated in conjunction with the issuance of the Notes Due 2034.

EARNINGS PER SHARE OR UNIT (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings per Share, Basic and Diluted


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income (loss) attributable to common shareholders – basic and diluted	$	16,729	$	2,070	$	(17,753)	$	39,519

Denominator:
Weighted average common shares outstanding – basic	219,665,836		219,381,248		219,596,590		219,323,570
Effect of dilutive securities:
AO LTIP Units	244,447		529,790		—		430,999
Deferred common share units	68,956		65,042		—		54,974
Exchangeable Notes	117,454		—		—		—
Weighted average common shares outstanding – diluted	220,096,693		219,976,080		219,596,590		219,809,543

Net income (loss) per common share – basic	$	0.08	$	0.01	$	(0.08)	$	0.18
Net income (loss) per common share – diluted	$	0.08	$	0.01	$	(0.08)	$	0.18

ORGANIZATION AND BASIS OF PRESENTATION - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024
General Partner Units
Organization [Line Items]
General partner, ownership interest (as a percent)	98.20%
Kite Realty Group, L.P.
Organization [Line Items]
Limited partners, ownership interest (as a percent)	1.80%

ORGANIZATION AND BASIS OF PRESENTATION - Schedule of Real Estate Properties (Details) $ in Millions	Sep. 30, 2024 USD ($) ft² property
Operating Retail Properties
Real Estate Properties [Line Items]
Number of real estate properties	179
Square footage \| ft²	27,720,361
Operating Retail Properties \| Consolidated Entities
Real Estate Properties [Line Items]
Number of real estate properties	176
Operating Retail Properties \| Equity Method Investee
Real Estate Properties [Line Items]
Number of real estate properties	3
Operating Retail Properties \| Held-for-Sale
Real Estate Properties [Line Items]
Number of real estate properties	1
Office Properties
Real Estate Properties [Line Items]
Number of real estate properties	1
Square footage \| ft²	287,291
Development and Redevelopment Projects \| The Corner – IN
Real Estate Properties [Line Items]
Ownership percentage in equity method investment (as a percent)	50.00%
Development and Redevelopment Projects \| Carillon medical office building
Real Estate Properties [Line Items]
Number of real estate properties	1
Square footage \| ft²	126,000
Development and Redevelopment Projects \| The Corner – IN
Real Estate Properties [Line Items]
Number of real estate properties	1
Square footage \| ft²	24,000
Development and Redevelopment Projects \| One Loudoun Expansion
Real Estate Properties [Line Items]
Number of real estate properties	0
Square footage \| ft²	119,000
Development and Redevelopment Projects \| One Loudoun Expansion \| Minimum
Real Estate Properties [Line Items]
Project costs, expected \| $	$ 65.0
Development and Redevelopment Projects \| One Loudoun Expansion \| Maximum
Real Estate Properties [Line Items]
Project costs, expected \| $	$ 75.0
Development and Redevelopment Projects \| Hamilton Crossing Centre
Real Estate Properties [Line Items]
Number of real estate properties	1
Square footage \| ft²	92,283
Development and Redevelopment Projects \| Edwards Multiplex – Ontario
Real Estate Properties [Line Items]
Number of real estate properties	1
Square footage \| ft²	124,614
Operating Retail Properties with Office Components
Real Estate Properties [Line Items]
Number of real estate properties	10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Investment Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Land, buildings and improvements	$ 7,543,145	$ 7,684,066
Construction in progress	64,704	55,995
Investment properties, at cost	$ 7,607,849	$ 7,740,061

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Fixed contractual lease payments – operating leases	$ 163,913	$ 159,491	$ 486,126	$ 478,215
Variable lease payments – operating leases	36,939	38,100	117,072	117,730
Bad debt reserve	(1,468)	(219)	(3,601)	(2,007)
Straight-line rent adjustments	3,595	3,132	9,787	9,900
Straight-line rent reserve for uncollectibility	(309)	(367)	279	(177)
Amortization of in-place lease liabilities, net	2,264	3,853	6,920	9,228
Rental income	$ 204,934	$ 203,990	$ 616,583	$ 612,889

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended
	Jan. 31, 2024 USD ($) unit	Aug. 31, 2024 USD ($)	Jan. 31, 2024 USD ($) unit	Sep. 30, 2024 USD ($) jointVenture shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) jointVenture shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) shares
Noncontrolling Interest [Line Items]
Investment in short-term deposits		$ 350,000	$ 265,000			$ 615,000	$ 0
Short-term deposits, interest rate (as a percent)	5.34%	5.05%	5.34%
Interest income				$ 2,200		$ 6,300
Variable interest entity, number of entities \| jointVenture				2		2
Assets of VIEs				$ 7,129,734		$ 7,129,734		$ 6,944,078
Number of investments in unconsolidated joint ventures \| jointVenture				4		4
Gain on sale						$ (864)	22,468
Gain on sale of unconsolidated property				$ 0	$ 0	2,325	0
Distribution from unconsolidated joint venture						$ 1,618	$ 0
Limited partners' capital account, units outstanding (in shares) \| shares				3,960,037		3,960,037		3,512,868
Glendale Center Apartments
Noncontrolling Interest [Line Items]
Ownership percentage in equity method investment (as a percent)	11.50%		11.50%
Gain on sale	$ 20,200
Gain on sale of unconsolidated property						$ 2,300
Distribution from unconsolidated joint venture						$ 1,600
Glendale Center Apartments \| Multifamily
Noncontrolling Interest [Line Items]
Number of multifamily rental units \| unit	267		267
One Loudoun Downtown - Pads G & H
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent (as a percent)				90.00%		90.00%
Operating Partnership
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent (as a percent)				98.20%		98.20%		98.40%
Noncontrolling interest, ownership percentage by limited partners (as a percent)				1.80%		1.80%		1.60%
Variable Interest Entities
Noncontrolling Interest [Line Items]
Mortgage debt of VIEs				$ 110,300		$ 110,300
Assets of VIEs				$ 218,100		$ 218,100

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interests balance as of January 1,	$ 2,430	$ 5,370
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests	204	201
Distributions to noncontrolling interests	(760)	(3,196)
Noncontrolling interests balance as of September 30,	$ 1,874	$ 2,375

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Weighted Average Interests of Parent and Limited Partners (Details) - Operating Partnership	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Parent Company’s weighted average interest in the Operating Partnership	98.30%	98.50%	98.30%	98.60%
Limited partners’ weighted average interests in the Operating Partnership	1.70%	1.50%	1.70%	1.40%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward]
Net (loss) income allocable to redeemable noncontrolling interests	$ 324	$ 107	$ (61)	$ 700
Distributions declared to redeemable noncontrolling interests			(760)	(3,196)
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward]
Redeemable noncontrolling interests balance as of January 1,			73,287	53,967
Net (loss) income allocable to redeemable noncontrolling interests			(265)	499
Distributions declared to redeemable noncontrolling interests			(2,838)	(2,281)
Other, net including adjustments to redemption value			26,842	14,815
Total limited partners’ interests in the Operating Partnership balance as of September 30,	$ 97,026	$ 67,000	$ 97,026	$ 67,000

ACQUISITIONS (Details) $ in Thousands	Aug. 30, 2024 USD ($) ft²	Sep. 22, 2023 USD ($) ft²
Parkside West Cobb
Asset Acquisition [Line Items]
Square footage \| ft²	141,627
Acquisition price \| $	$ 40,125
Prestonwood Place
Asset Acquisition [Line Items]
Square footage \| ft²		155,975
Acquisition price \| $		$ 81,000

DISPOSITIONS AND IMPAIRMENT CHARGES - Schedule of Property Dispositions (Details) - Disposed of by Sale $ in Thousands					3 Months Ended	9 Months Ended
	May 31, 2024 USD ($) ft²	Sep. 11, 2023 USD ($) ft²	Jun. 08, 2023 USD ($) ft²	May 08, 2023 USD ($) ft²	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square footage \| ft²						534,855
Sales price						$ 127,625
Gain (loss)						$ 22,468
Ashland & Roosevelt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square footage \| ft²	104,176
Sales price	$ 30,600
Gain (loss)	$ (1,234)
Kingwood Commons
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square footage \| ft²				158,172
Sales price				$ 27,350
Gain (loss)				$ 4,736
Pan Am Plaza & Garage
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square footage \| ft²			0
Sales price			$ 52,025
Gain (loss)			$ 23,635
Reisterstown Road Plaza
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square footage \| ft²		376,683
Sales price		$ 48,250
Gain (loss)		$ (5,903)			$ 600

DISPOSITIONS AND IMPAIRMENT CHARGES - Additional Information (Details) $ in Thousands		3 Months Ended			9 Months Ended
	Sep. 11, 2023 USD ($) ft²	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) ft²	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) ft²	Oct. 24, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges		$ 0		$ 477	$ 66,201	$ 477
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposition						$ 22,468
Square footage \| ft²				534,855		534,855
Sales price				$ 127,625		$ 127,625
Disposed of by Sale \| Reisterstown Road Plaza
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from escrow deposit disbursements related to property sales		600
Gain on disposition	$ (5,903)	$ 600
Square footage \| ft²	376,683
Sales price	$ 48,250
Held-for-sale \| City Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square footage \| ft²			362,278
Impairment charges			$ 66,200
Long-lived assets, carrying value			135,100
Long-lived assets, fair value			69,600
Selling costs			$ 700
Held-for-sale \| City Center \| Measurement Input, Capitalization Rate \| Valuation, Income Approach \| Fair Value, Inputs, Level 3 \| Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Measurement input			0.060
Held-for-sale \| City Center \| Measurement Input, Capitalization Rate \| Valuation, Income Approach \| Fair Value, Inputs, Level 3 \| Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Measurement input			0.150
Held-for-sale \| Eastside
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square footage \| ft²				43,640		43,640
Impairment charges				$ 500
Real estate investment, fair value				$ 14,100		$ 14,100
Sales price							$ 14,400

DISPOSITIONS AND IMPAIRMENT CHARGES - Schedule of Assets and Liabilities Associated with Investment Property Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Assets associated with investment property held for sale	$ 74,657	$ 0
Liabilities
Liabilities associated with investment property held for sale	3,757	$ 0
Held-for-sale \| City Center
Assets
Net investment properties	68,567
Tenant and other receivables	2,358
Restricted cash and escrow deposits	225
Deferred costs, net	2,638
Prepaid and other assets	869
Assets associated with investment property held for sale	74,657
Liabilities
Accounts payable and accrued expenses	461
Deferred revenue and other liabilities	3,296
Liabilities associated with investment property held for sale	$ 3,757

DEFERRED COSTS AND INTANGIBLES, NET - Schedule of Deferred Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs [Abstract]
Acquired lease intangible assets	$ 375,055	$ 433,771
Deferred leasing costs and other	85,713	74,662
Deferred costs and intangibles, gross	460,768	508,433
Less: accumulated amortization	(205,967)	(204,262)
Total deferred costs and intangibles	254,801	304,171
Less: deferred costs associated with investment property held for sale	(2,638)	0
Deferred costs, net	$ 252,163	$ 304,171

DEFERRED COSTS AND INTANGIBLES, NET - Schedule of Amortization of Deferred Costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Deferred Costs [Abstract]
Amortization of deferred leasing costs, lease intangibles and other	$ 59,549	$ 83,768
Amortization of above-market lease intangibles	$ 7,309	$ 9,305

DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Unamortized in-place lease liabilities	$ 147,363		$ 159,449
Retainages payable and other	7,873		9,229
Tenant rents received in advance	29,349		35,339
Lease liabilities	$ 67,563		$ 68,925
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Deferred revenue and other liabilities		Deferred revenue and other liabilities
Total deferred revenue and other liabilities, gross	$ 252,148		$ 272,942
Less: deferred revenue associated with investment property held for sale	(3,296)		0
Deferred revenue and other liabilities	248,852		$ 272,942
Amortization of below-market lease intangibles	$ 14,200	$ 18,500

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Indebtedness (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Gross debt	$ 3,229,477	$ 2,802,941
Unamortized discounts and premiums, net	24,013	35,765
Unamortized debt issuance costs, net	(13,562)	(9,504)
Total mortgage and other indebtedness, net	3,239,928	2,829,202
Unsecured Revolving Line of Credit
Debt Instrument [Line Items]
Gross debt	0	0
Mortgages Payable
Debt Instrument [Line Items]
Gross debt	149,477	153,306
Senior Unsecured Notes
Debt Instrument [Line Items]
Gross debt	2,380,000	1,829,635
Unsecured Term Loans
Debt Instrument [Line Items]
Gross debt	$ 700,000	$ 820,000

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Weighted Average Interest Rates and Maturities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Gross debt	$ 3,229,477	$ 2,802,941
Debt discounts, premiums and issuance costs, net	10,451
Total mortgage and other indebtedness, net	$ 3,239,928	$ 2,829,202
Ratio (as a percent)	100.00%
Weighted average interest rate (as a percent)	4.38%
Weighted average years to maturity (in years)	4 years 3 months 18 days
Fixed Rate Debt Considering Hedges
Debt Instrument [Line Items]
Gross debt	$ 3,059,277
Ratio (as a percent)	95.00%
Weighted average interest rate (as a percent)	4.18%
Weighted average years to maturity (in years)	4 years 4 months 24 days
Fixed Rate Debt Considering Hedges \| Variable Rate Debt
Debt Instrument [Line Items]
Total mortgage and other indebtedness, net	$ 700,000
Weighted average years to maturity (in years)	1 year 1 month 6 days
Variable Rate Debt Considering Hedges
Debt Instrument [Line Items]
Gross debt	$ 170,200
Ratio (as a percent)	5.00%
Weighted average interest rate (as a percent)	7.94%
Weighted average years to maturity (in years)	1 year 10 months 24 days
Variable Rate Debt Considering Hedges \| Fixed Rate Debt
Debt Instrument [Line Items]
Total mortgage and other indebtedness, net	$ 155,000
Weighted average years to maturity (in years)	10 months 24 days

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Mortgages Payable (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Gross debt		$ 3,229,477	$ 2,802,941
Weighted average interest rate (as a percent)		4.38%
Weighted average years to maturity (in years)		4 years 3 months 18 days
Variable Rate Debt \| Minimum
Debt Instrument [Line Items]
Variable interest rate (as a percent)		6.00%
Variable Rate Debt \| Maximum
Debt Instrument [Line Items]
Variable interest rate (as a percent)		6.05%
Mortgages Payable
Debt Instrument [Line Items]
Gross debt		$ 149,477	153,306
Mortgages Payable \| Fixed Rate Debt
Debt Instrument [Line Items]
Gross debt		$ 134,277	$ 136,306
Weighted average interest rate (as a percent)		5.10%	5.09%
Weighted average years to maturity (in years)		7 years 4 months 24 days	8 years 1 month 6 days
Mortgages Payable \| Fixed Rate Debt \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)		3.75%	3.75%
Mortgages Payable \| Fixed Rate Debt \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)		5.73%	5.73%
Mortgages Payable \| Variable Rate Debt
Debt Instrument [Line Items]
Gross debt		$ 15,200	$ 17,000
Weighted average interest rate (as a percent)		7.02%	7.59%
Weighted average years to maturity (in years)		1 year 9 months 18 days	2 years 7 months 6 days
Variable interest rate, type [Extensible enumeration]		Bloomberg Short Term Bank Yield Index [Member]	Bloomberg Short Term Bank Yield Index [Member]
Credit spread (as a percent)		2.15%
Variable interest rate (as a percent)		4.87%	5.44%
Mortgages Payable \| Variable Rate Debt \| Subsequent Event
Debt Instrument [Line Items]
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]

MORTGAGE AND OTHER INDEBTEDNESS - Additional Information (Details)		1 Months Ended					9 Months Ended		12 Months Ended
	Mar. 17, 2021 $ / shares	Oct. 31, 2024 extension	Jul. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jul. 31, 2022 USD ($) extension	Mar. 31, 2021 USD ($) day $ / shares	Sep. 30, 2024 USD ($) extension	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Aug. 31, 2024 USD ($)	Jan. 31, 2024 USD ($)
Debt Instrument [Line Items]
Repayment of long-term debt							$ 313,464,000	$ 467,149,000
Gross debt							3,229,477,000		$ 2,802,941,000
Net proceeds from offering							732,993,000	332,095,000
Percentage bearing fixed interest, amount							2,500,000,000
Percentage bearing variable interest, amount							$ 715,200,000
Unsecured Revolving Line of Credit
Debt Instrument [Line Items]
Interest rate (as a percent)							6.11%		6.58%
Gross debt							$ 0		$ 0
Number of extension options \| extension							2
Extension period							6 months
Kite Realty Group, L.P.
Debt Instrument [Line Items]
Repayment of long-term debt							$ 313,464,000	467,149,000
Net proceeds from offering							732,993,000	332,095,000
Kite Realty Group, L.P. \| Unsecured Revolving Line of Credit
Debt Instrument [Line Items]
Line of credit, aggregate borrowing capacity					$ 1,100,000,000		$ 1,100,000,000
Line of credit, accordion feature, increase limit					600,000,000
Line of credit, accordion feature, maximum borrowing capacity					$ 2,000,000,000
Number of extension options \| extension					2		2
Extension period					6 months		6 months
Variable interest rate, type [Extensible enumeration]					Secured Overnight Financing Rate (SOFR) [Member]		Secured Overnight Financing Rate (SOFR) [Member]
Credit spread, increase (as a percent)					0.10%		0.10%
Reduction of interest rate margin upon achievement of sustainability metric							0.0001
Kite Realty Group, L.P. \| Unsecured Revolving Line of Credit \| Subsequent Event
Debt Instrument [Line Items]
Reduction of interest rate margin upon achievement of sustainability metric		0.0002
Covenant, total leverage ratio, minimum		0.350
Covenant, total leverage ratio, maximum		0.375
Kite Realty Group, L.P. \| Unsecured Revolving Line of Credit \| Debt Instrument, Maturity Option, One \| Subsequent Event
Debt Instrument [Line Items]
Number of extension options \| extension		1
Extension period		1 year
Kite Realty Group, L.P. \| Unsecured Revolving Line of Credit \| Debt Instrument, Maturity Option, Two \| Subsequent Event
Debt Instrument [Line Items]
Number of extension options \| extension		2
Extension period		6 months
$250M Unsecured Term Loan \| Kite Realty Group, L.P. \| Subsequent Event \| Minimum \| Variable Rate Component One
Debt Instrument [Line Items]
Credit spread (as a percent)		0.75%
$250M Unsecured Term Loan \| Kite Realty Group, L.P. \| Subsequent Event \| Minimum \| Variable Rate Component Two
Debt Instrument [Line Items]
Credit spread (as a percent)		0.00%
$250M Unsecured Term Loan \| Kite Realty Group, L.P. \| Subsequent Event \| Maximum \| Variable Rate Component One
Debt Instrument [Line Items]
Credit spread (as a percent)		1.60%
$250M Unsecured Term Loan \| Kite Realty Group, L.P. \| Subsequent Event \| Maximum \| Variable Rate Component Two
Debt Instrument [Line Items]
Credit spread (as a percent)		0.60%
Fixed Rate Debt
Debt Instrument [Line Items]
Long-term debt, fair value							$ 2,500,000,000
Fixed Rate Debt \| Minimum
Debt Instrument [Line Items]
Fixed interest rate (as a percent)							5.18%
Fixed Rate Debt \| Maximum
Debt Instrument [Line Items]
Fixed interest rate (as a percent)							6.26%
Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, fair value							$ 717,000,000.0
Variable Rate Debt \| Minimum
Debt Instrument [Line Items]
Variable interest rate (as a percent)							6.00%
Variable Rate Debt \| Maximum
Debt Instrument [Line Items]
Variable interest rate (as a percent)							6.05%
Mortgages Payable
Debt Instrument [Line Items]
Scheduled principal payments							$ 3,800,000
Gross debt							149,477,000		153,306,000
Mortgages Payable \| Fixed Rate Debt
Debt Instrument [Line Items]
Gross debt							$ 134,277,000		$ 136,306,000
Mortgages Payable \| Fixed Rate Debt \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)							3.75%		3.75%
Mortgages Payable \| Fixed Rate Debt \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)							5.73%		5.73%
Mortgages Payable \| Variable Rate Debt
Debt Instrument [Line Items]
Gross debt							$ 15,200,000		$ 17,000,000
Variable interest rate, type [Extensible enumeration]							Bloomberg Short Term Bank Yield Index [Member]		Bloomberg Short Term Bank Yield Index [Member]
Credit spread (as a percent)							2.15%
Variable interest rate (as a percent)							4.87%		5.44%
Mortgages Payable \| Variable Rate Debt \| Subsequent Event
Debt Instrument [Line Items]
Variable interest rate, type [Extensible enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
Senior Unsecured Notes
Debt Instrument [Line Items]
Gross debt							$ 2,380,000,000		$ 1,829,635,000
Senior Unsecured Notes \| Senior Notes - 5.50% Due 2034
Debt Instrument [Line Items]
Principal amount of debt issued											$ 350,000,000
Interest rate (as a percent)							5.50%				5.50%
Interest rate, percentage of principal amount (as a percent)											0.98670
Effective interest rate (as a percent)											5.673%
Gross debt							$ 350,000,000		$ 0
Senior Unsecured Notes \| Senior Notes - 4.58% Due 2024
Debt Instrument [Line Items]
Interest rate (as a percent)				4.58%					4.58%
Repayment of long-term debt				$ 149,600,000
Gross debt									$ 149,635,000
Senior Unsecured Notes \| Senior Notes - 4.95% Due 2031
Debt Instrument [Line Items]
Principal amount of debt issued										$ 350,000,000
Interest rate (as a percent)							4.95%		0.00%	4.95%
Interest rate, percentage of principal amount (as a percent)										0.99328
Effective interest rate (as a percent)										5.062%
Gross debt							$ 350,000,000		$ 0
Senior Unsecured Notes \| Senior Notes - 4.00% Due 2025
Debt Instrument [Line Items]
Interest rate (as a percent)							4.00%		4.00%
Gross debt							$ 350,000,000		$ 350,000,000
Senior Exchangeable Notes \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Principal amount of debt issued						$ 175,000,000
Interest rate (as a percent)						0.75%
Net proceeds from offering						$ 169,700,000
Interest expense							$ 1,000,000	$ 1,000,000
Exchangeable conversion ratio						0.0396628	0.0406713
Conversion price (in USD per share) \| $ / shares						$ 25.21
Exchange premium, percent of closing price (as a percent)						25.00%
Percentage of exchange price (as a percent)						130.00%
Trading days \| day						20
Consecutive trading days \| day						30
Redemption price, percentage (as a percent)						100.00%
Senior Exchangeable Notes \| Kite Realty Group, L.P. \| Common Shares
Debt Instrument [Line Items]
Common stock closing price (in USD per share) \| $ / shares	$ 20.17
Senior Exchangeable Notes \| Capped Call \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Exchange premium, percent of closing price (as a percent)						50.00%
Exchange price (in USD per share) \| $ / shares						$ 30.26
Purchase of capped calls							$ 9,800,000
Unsecured Term Loans
Debt Instrument [Line Items]
Gross debt							$ 700,000,000		$ 820,000,000
Unsecured Term Loans \| $120M Unsecured Term Loan
Debt Instrument [Line Items]
Interest rate (as a percent)							0.00%		2.68%
Repayment of long-term debt			$ 120,000,000
Gross debt			$ 120,000,000				$ 0		$ 120,000,000
Variable interest rate, type [Extensible enumeration]									Secured Overnight Financing Rate (SOFR) [Member]
Fixed interest rate (as a percent)									1.58%
Variable interest rate (as a percent)									1.10%
Unsecured Term Loans \| $120M Unsecured Term Loan \| Minimum
Debt Instrument [Line Items]
Credit spread (as a percent)									0.80%
Unsecured Term Loans \| $120M Unsecured Term Loan \| Maximum
Debt Instrument [Line Items]
Credit spread (as a percent)									1.65%
Unsecured Term Loans \| $300M Unsecured Term Loan
Debt Instrument [Line Items]
Interest rate (as a percent)							3.82%		3.82%
Gross debt							$ 300,000,000		$ 300,000,000
Variable interest rate, type [Extensible enumeration]							Secured Overnight Financing Rate (SOFR) [Member]		Secured Overnight Financing Rate (SOFR) [Member]
Fixed interest rate (as a percent)							2.47%
Variable interest rate (as a percent)							1.35%		1.35%
Unsecured Term Loans \| $300M Unsecured Term Loan \| Minimum
Debt Instrument [Line Items]
Credit spread (as a percent)							1.15%
Unsecured Term Loans \| $300M Unsecured Term Loan \| Maximum
Debt Instrument [Line Items]
Credit spread (as a percent)							2.20%
Unsecured Term Loans \| $300M Unsecured Term Loan \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Principal amount of debt issued					$ 300,000,000
Gross debt							$ 300,000,000
Debt instrument term (in years)					7 years
Variable interest rate, type [Extensible enumeration]							Secured Overnight Financing Rate (SOFR) [Member]
Credit spread, increase (as a percent)							0.10%
Reduction of interest rate margin upon achievement of sustainability metric							0.0001
Unsecured Term Loans \| $250M Unsecured Term Loan
Debt Instrument [Line Items]
Interest rate (as a percent)							5.09%		5.09%
Gross debt							$ 250,000,000		$ 250,000,000
Number of extension options \| extension							3
Extension period							1 year
Variable interest rate, type [Extensible enumeration]							Secured Overnight Financing Rate (SOFR) [Member]
Fixed interest rate (as a percent)							5.09%
Unsecured Term Loans \| $250M Unsecured Term Loan \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Gross debt							$ 250,000,000
Number of extension options \| extension							3
Extension period							1 year
Variable interest rate, type [Extensible enumeration]							Secured Overnight Financing Rate (SOFR) [Member]
Credit spread, increase (as a percent)							0.10%
Maximum borrowing capacity							$ 300,000,000.0
Unsecured Term Loans \| $250M Unsecured Term Loan \| Kite Realty Group, L.P. \| Subsequent Event
Debt Instrument [Line Items]
Number of extension options \| extension		1
Extension period		1 year
Unsecured Term Loans \| $150M Unsecured Term Loan
Debt Instrument [Line Items]
Interest rate (as a percent)							2.73%		2.73%
Gross debt							$ 150,000,000		$ 150,000,000
Variable interest rate, type [Extensible enumeration]							Secured Overnight Financing Rate (SOFR) [Member]		Secured Overnight Financing Rate (SOFR) [Member]
Fixed interest rate (as a percent)							1.68%
Variable interest rate (as a percent)							1.05%		1.05%
Unsecured Term Loans \| $150M Unsecured Term Loan \| Minimum
Debt Instrument [Line Items]
Credit spread (as a percent)							0.75%
Unsecured Term Loans \| $150M Unsecured Term Loan \| Maximum
Debt Instrument [Line Items]
Credit spread (as a percent)							1.60%
Unsecured Term Loans \| $150M Unsecured Term Loan \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Gross debt							$ 150,000,000
Variable interest rate, type [Extensible enumeration]							Secured Overnight Financing Rate (SOFR) [Member]
Credit spread, increase (as a percent)							0.10%
Reduction of interest rate margin upon achievement of sustainability metric							0.0001
Maximum borrowing capacity							$ 250,000,000

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Unsecured Notes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Aug. 31, 2024	Jun. 30, 2024	Jan. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Gross debt	$ 3,229,477				$ 2,802,941
Senior Unsecured Notes
Debt Instrument [Line Items]
Gross debt	2,380,000				1,829,635
Senior Unsecured Notes \| Senior Notes - 4.58% Due 2024
Debt Instrument [Line Items]
Gross debt					$ 149,635
Interest rate (as a percent)			4.58%		4.58%
Senior Unsecured Notes \| Senior Notes - 4.00% Due 2025
Debt Instrument [Line Items]
Gross debt	$ 350,000				$ 350,000
Interest rate (as a percent)	4.00%				4.00%
Senior Unsecured Notes \| Senior Notes - SOFR + 3.65% Due 2025
Debt Instrument [Line Items]
Gross debt	$ 80,000				$ 80,000
Interest rate (as a percent)	7.98%				9.27%
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Credit spread (as a percent)	3.65%
Senior Unsecured Notes \| Senior Notes - 4.47% Due 2025
Debt Instrument [Line Items]
Gross debt	$ 80,000
Interest rate (as a percent)	4.47%
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Credit spread (as a percent)	3.65%
Senior Unsecured Notes \| Senior Notes - 4.08% Due 2026
Debt Instrument [Line Items]
Gross debt	$ 100,000				$ 100,000
Interest rate (as a percent)	4.08%				4.08%
Senior Unsecured Notes \| Senior Notes - 4.00% Due 2026
Debt Instrument [Line Items]
Gross debt	$ 300,000				$ 300,000
Interest rate (as a percent)	4.00%				4.00%
Senior Unsecured Notes \| Senior Notes - SOFR + 3.75% Due 2027
Debt Instrument [Line Items]
Gross debt	$ 75,000				$ 75,000
Interest rate (as a percent)	8.08%				9.37%
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Credit spread (as a percent)	3.75%
Senior Unsecured Notes \| Senior Notes - 4.57% Due 2027
Debt Instrument [Line Items]
Gross debt	$ 75,000
Interest rate (as a percent)	4.57%
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Credit spread (as a percent)	3.75%
Senior Unsecured Notes \| Senior Notes - 4.24% Due 2028
Debt Instrument [Line Items]
Gross debt	$ 100,000				$ 100,000
Interest rate (as a percent)	4.24%				4.24%
Senior Unsecured Notes \| Senior Notes - 4.82% Due 2029
Debt Instrument [Line Items]
Gross debt	$ 100,000				$ 100,000
Interest rate (as a percent)	4.82%				4.82%
Senior Unsecured Notes \| Senior Notes - 4.75% Due 2030
Debt Instrument [Line Items]
Gross debt	$ 400,000				$ 400,000
Interest rate (as a percent)	4.75%				4.75%
Senior Unsecured Notes \| Senior Notes - 4.95% Due 2031
Debt Instrument [Line Items]
Gross debt	$ 350,000				$ 0
Interest rate (as a percent)	4.95%	4.95%			0.00%
Senior Unsecured Notes \| Senior Notes - 5.50% Due 2034
Debt Instrument [Line Items]
Gross debt	$ 350,000				$ 0
Interest rate (as a percent)	5.50%			5.50%
Senior Unsecured Notes \| Senior Notes - 5.50% Due 2034 \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Interest rate (as a percent)	4.60%				0.00%
Senior Exchangeable Notes \| Senior Exchangeable Notes - 0.75% Due 2027
Debt Instrument [Line Items]
Gross debt	$ 175,000				$ 175,000
Interest rate (as a percent)	0.75%				0.75%

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Term Loans and Revolving Line of Credit (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) extension	Dec. 31, 2023 USD ($)	Jul. 31, 2024 USD ($)
Debt Instrument [Line Items]
Gross debt	$ 3,229,477,000	$ 2,802,941,000
Unsecured Credit Facility Revolving Line of Credit
Debt Instrument [Line Items]
Gross debt	$ 0	$ 0
Interest rate (as a percent)	6.11%	6.58%
Number of extension options \| extension	2
Extension period	6 months
Extension fee percentage (as a percent)	0.00075
Unsecured Term Loans
Debt Instrument [Line Items]
Gross debt	$ 700,000,000	$ 820,000,000
Unsecured Term Loan Due 2024 \| Unsecured Term Loans
Debt Instrument [Line Items]
Gross debt	$ 0	$ 120,000,000	$ 120,000,000
Interest rate (as a percent)	0.00%	2.68%
Variable interest rate, type [Extensible enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
Fixed interest rate (as a percent)		1.58%
Variable interest rate (as a percent)		1.10%
Unsecured Term Loan Due 2024 \| Unsecured Term Loans \| Minimum
Debt Instrument [Line Items]
Credit spread (as a percent)		0.80%
Unsecured Term Loan Due 2024 \| Unsecured Term Loans \| Maximum
Debt Instrument [Line Items]
Credit spread (as a percent)		1.65%
Unsecured Term Loan Due 2025 \| Unsecured Term Loans
Debt Instrument [Line Items]
Gross debt	$ 250,000,000	$ 250,000,000
Interest rate (as a percent)	5.09%	5.09%
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Fixed interest rate (as a percent)	5.09%
Number of extension options \| extension	3
Extension period	1 year
Unsecured Term Loan Due 2026 \| Unsecured Term Loans
Debt Instrument [Line Items]
Gross debt	$ 150,000,000	$ 150,000,000
Interest rate (as a percent)	2.73%	2.73%
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]	Secured Overnight Financing Rate (SOFR) [Member]
Fixed interest rate (as a percent)	1.68%
Variable interest rate (as a percent)	1.05%	1.05%
Unsecured Term Loan Due 2026 \| Unsecured Term Loans \| Minimum
Debt Instrument [Line Items]
Credit spread (as a percent)	0.75%
Unsecured Term Loan Due 2026 \| Unsecured Term Loans \| Maximum
Debt Instrument [Line Items]
Credit spread (as a percent)	1.60%
Unsecured Term Loan Due 2029 \| Unsecured Term Loans
Debt Instrument [Line Items]
Gross debt	$ 300,000,000	$ 300,000,000
Interest rate (as a percent)	3.82%	3.82%
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]	Secured Overnight Financing Rate (SOFR) [Member]
Fixed interest rate (as a percent)	2.47%
Variable interest rate (as a percent)	1.35%	1.35%
Unsecured Term Loan Due 2029 \| Unsecured Term Loans \| Minimum
Debt Instrument [Line Items]
Credit spread (as a percent)	1.15%
Unsecured Term Loan Due 2029 \| Unsecured Term Loans \| Maximum
Debt Instrument [Line Items]
Credit spread (as a percent)	2.20%

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Revolving Facility (Details) - Unsecured Revolving Line of Credit	1 Months Ended	9 Months Ended
	Jul. 31, 2022 USD ($) extension	Sep. 30, 2024 USD ($) extension
Line of Credit Facility [Line Items]
Number of extension options		2
Extension period		6 months
Extension fee percentage (as a percent)		0.00075
Kite Realty Group, L.P.
Line of Credit Facility [Line Items]
Line of credit, aggregate borrowing capacity \| $	$ 1,100,000,000	$ 1,100,000,000
Number of extension options	2	2
Extension period	6 months	6 months
Extension fee percentage (as a percent)		0.00075
Basis spread on variable rate (as a percent)	0.10%	0.10%
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]	Secured Overnight Financing Rate (SOFR) [Member]
Kite Realty Group, L.P. \| Minimum \| Leverage-Based Pricing
Line of Credit Facility [Line Items]
Credit spread (as a percent)		1.05%
Facility fee (as a percent)		0.15%
Kite Realty Group, L.P. \| Minimum \| Investment Grade Pricing
Line of Credit Facility [Line Items]
Credit spread (as a percent)		0.725%
Facility fee (as a percent)		0.125%
Kite Realty Group, L.P. \| Maximum \| Leverage-Based Pricing
Line of Credit Facility [Line Items]
Credit spread (as a percent)		1.50%
Facility fee (as a percent)		0.30%
Kite Realty Group, L.P. \| Maximum \| Investment Grade Pricing
Line of Credit Facility [Line Items]
Credit spread (as a percent)		1.40%
Facility fee (as a percent)		0.30%

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Unsecured Term Loans (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) extension	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Gross debt	$ 3,229,477,000	$ 2,802,941,000
Unsecured Term Loans
Debt Instrument [Line Items]
Gross debt	700,000,000	820,000,000
Unsecured Term Loans \| $250M Unsecured Term Loan
Debt Instrument [Line Items]
Gross debt	$ 250,000,000	250,000,000
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Number of extension options \| extension	3
Extension period	1 year
Unsecured Term Loans \| $250M Unsecured Term Loan \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Gross debt	$ 250,000,000
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Credit spread, increase (as a percent)	0.10%
Number of extension options \| extension	3
Extension period	1 year
Unsecured Term Loans \| $250M Unsecured Term Loan \| Kite Realty Group, L.P. \| Minimum \| Leverage-Based Pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	2.00%
Unsecured Term Loans \| $250M Unsecured Term Loan \| Kite Realty Group, L.P. \| Minimum \| Investment Grade Pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	2.00%
Unsecured Term Loans \| $250M Unsecured Term Loan \| Kite Realty Group, L.P. \| Maximum \| Leverage-Based Pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	2.55%
Unsecured Term Loans \| $250M Unsecured Term Loan \| Kite Realty Group, L.P. \| Maximum \| Investment Grade Pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	2.50%
Unsecured Term Loans \| $150M Unsecured Term Loan
Debt Instrument [Line Items]
Gross debt	$ 150,000,000	$ 150,000,000
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]	Secured Overnight Financing Rate (SOFR) [Member]
Unsecured Term Loans \| $150M Unsecured Term Loan \| Minimum
Debt Instrument [Line Items]
Credit spread (as a percent)	0.75%
Unsecured Term Loans \| $150M Unsecured Term Loan \| Maximum
Debt Instrument [Line Items]
Credit spread (as a percent)	1.60%
Unsecured Term Loans \| $150M Unsecured Term Loan \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Gross debt	$ 150,000,000
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Credit spread, increase (as a percent)	0.10%
Unsecured Term Loans \| $150M Unsecured Term Loan \| Kite Realty Group, L.P. \| Minimum \| Leverage-Based Pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	1.20%
Unsecured Term Loans \| $150M Unsecured Term Loan \| Kite Realty Group, L.P. \| Minimum \| Investment Grade Pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	0.75%
Unsecured Term Loans \| $150M Unsecured Term Loan \| Kite Realty Group, L.P. \| Maximum \| Leverage-Based Pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	1.70%
Unsecured Term Loans \| $150M Unsecured Term Loan \| Kite Realty Group, L.P. \| Maximum \| Investment Grade Pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	1.60%
Unsecured Term Loans \| $300M Unsecured Term Loan
Debt Instrument [Line Items]
Gross debt	$ 300,000,000	$ 300,000,000
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]	Secured Overnight Financing Rate (SOFR) [Member]
Unsecured Term Loans \| $300M Unsecured Term Loan \| Minimum
Debt Instrument [Line Items]
Credit spread (as a percent)	1.15%
Unsecured Term Loans \| $300M Unsecured Term Loan \| Maximum
Debt Instrument [Line Items]
Credit spread (as a percent)	2.20%
Unsecured Term Loans \| $300M Unsecured Term Loan \| Kite Realty Group, L.P.
Debt Instrument [Line Items]
Gross debt	$ 300,000,000
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Credit spread, increase (as a percent)	0.10%
Unsecured Term Loans \| $300M Unsecured Term Loan \| Kite Realty Group, L.P. \| Minimum \| Investment Grade Pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	1.15%
Unsecured Term Loans \| $300M Unsecured Term Loan \| Kite Realty Group, L.P. \| Maximum \| Investment Grade Pricing
Debt Instrument [Line Items]
Credit spread (as a percent)	2.20%

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Amortization of Debt Issuance Costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Amortization of debt issuance costs	$ 2,978	$ 2,685

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Amortization of Debt Discounts and Premiums (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Amortization of debt discounts, premiums and hedge instruments	$ 10,581	$ 14,992

MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Maturities for Debt Discounts, Premiums and Hedge Instruments Amortization (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
October 2024 through December 2024	$ 3,011
2025	7,486
2026	5,832
2027	4,914
2028	4,904
Thereafter	4,462
Total unamortized debt discounts, premiums and hedge instruments	$ 30,609

MORTGAGE AND OTHER INDEBTEDNESS - Reconciliation of Debt Discounts, Premiums and Hedge Instruments Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Unamortized discounts and premiums on mortgages payable, senior unsecured notes and unsecured term loans	$ 28,902
Unamortized hedge instruments	1,707
Total unamortized debt discounts, premiums and hedge instruments	30,609
Unamortized hedge instruments (included in accumulated other comprehensive income)	(1,707)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unamortized discounts and premiums, net	24,013	$ 35,765
$155M Interest Rate Swap Maturing in 2025 \| Fair Value
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of variable interest rate swaps	$ (4,889)	$ (9,408)

DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME - Schedule of Terms and Fair Value of Derivative Financial Instruments (Details) $ in Thousands	Sep. 30, 2024 USD ($) instrument	Dec. 31, 2023 USD ($)
Interest Rate Swap \| Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional	$ 700,000
Fair value assets (liabilities)	$ 10,213	$ 23,063
$250M Interest Rate Swap Maturing in 2025 \| Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	4
Aggregate notional	$ 250,000
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Interest rate (as a percent)	2.99%
Fair value assets (liabilities)	$ 2,038	4,952
$100M Interest Rate Swap Maturing in 2025 \| Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	2
Aggregate notional	$ 100,000
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Interest rate (as a percent)	2.66%
Fair value assets (liabilities)	$ 1,026	2,415
$200M Interest Rate Swap Maturing in 2025 \| Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	2
Aggregate notional	$ 200,000
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Interest rate (as a percent)	2.37%
Fair value assets (liabilities)	$ 2,528	5,716
Interest Rate Swap Maturing in 2024 \| Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	3
Aggregate notional	$ 0
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Interest rate (as a percent)	1.58%
Fair value assets (liabilities)	$ 0	2,236
$150M Interest Rate Swap Maturing in 2026 \| Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	3
Aggregate notional	$ 150,000
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Interest rate (as a percent)	1.68%
Fair value assets (liabilities)	$ 4,621	7,744
$155M Interest Rate Swap Maturing in 2025 \| Fair Value
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	2
Aggregate notional	$ 155,000
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Blending floating interest rate (as a percent)	3.70%
Fair value assets (liabilities)	$ (4,889)	(9,408)
Fixed interest rate (as a percent)	4.52%
$150M Forward-Starting Interest Rate Swap Maturing in 2034 \| Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	3
Aggregate notional	$ 150,000
Variable interest rate, type [Extensible enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Interest rate (as a percent)	3.44%
Fair value assets (liabilities)	$ 0	$ (700)

DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME - Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2022 USD ($) derivativeContract	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) instrument	Aug. 31, 2024 USD ($) instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain reclassified from AOCI into income, effective portion, net		$ 4.1	$ 5.5	$ 13.9	$ 13.2
$350M Intraday Interest Rate Lock Agreements Maturing in 2031 \| Kite Realty Group, L.P.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument							2
Aggregate notional							$ 350.0
Fixed interest rate (as a percent)							3.75%
Payments for terminated interest rate lock agreements				0.1
$150M Forward-Starting Interest Rate Swap Maturing in 2034 \| Kite Realty Group, L.P.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument						3
Aggregate notional						$ 150.0
Fixed interest rate (as a percent)						3.44%
Proceeds from terminated interest rate swap contracts				0.7
$150M Forward-Starting Interest Rate Swap Maturing in 2032 \| Kite Realty Group, L.P.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional	$ 150.0
Proceeds from terminated interest rate swap contracts	$ 30.9
Number of instruments terminated \| derivativeContract	2
Amount reclassified from terminated interest rate swap contracts						$ 3.1
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount expected to be reclassified to interest expense over the next 12 months				$ 12.8

SHAREHOLDERS’ EQUITY (Details) - USD ($)	3 Months Ended		9 Months Ended
SHAREHOLDERS’ EQUITY (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Dividends declared per common share (in USD per share)	$ 0.26	$ 0.24	$ 0.76	$ 0.72
Aggregate value of shares authorized to be repurchased	$ 300,000,000		$ 300,000,000
Number of shares repurchased (in shares)			0

EARNINGS PER SHARE OR UNIT - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted average limited partner units outstanding, basic (in shares)	3,900,000	3,300,000	3,700,000	3,100,000
Dilutive impact of securities (in shares)			0
Exchangeable notes (in shares)	117,454	0	0	0

EARNINGS PER SHARE OR UNIT - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income (loss) attributable to common shareholders – basic	$ 16,729	$ 2,070	$ (17,753)	$ 39,519
Net income (loss) attributable to common shareholders – diluted	$ 16,729	$ 2,070	$ (17,753)	$ 39,519
Denominator:
Weighted average common shares outstanding – basic (in shares)	219,665,836	219,381,248	219,596,590	219,323,570
Effect of dilutive securities:
Effect of dilutive securities (in shares)			0
Exchangeable notes (in shares)	117,454	0	0	0
Weighted average common shares outstanding – diluted (in shares)	220,096,693	219,976,080	219,596,590	219,809,543
Net income (loss) per common share – basic (in USD per share)	$ 0.08	$ 0.01	$ (0.08)	$ 0.18
Net income (loss) per common share– diluted (in USD per share)	$ 0.08	$ 0.01	$ (0.08)	$ 0.18
AO LTIP Units
Effect of dilutive securities:
Effect of dilutive securities (in shares)	244,447	529,790	0	430,999
Deferred common share units
Effect of dilutive securities:
Effect of dilutive securities (in shares)	68,956	65,042	0	54,974

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	1 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Jul. 31, 2024	Sep. 30, 2024	Dec. 31, 2021	Dec. 31, 2017
Embassy Suites at Eddy St. Commons Joint Venture
Guarantor Obligations [Line Items]
Ownership percentage in equity method investment (as a percent)	35.00%			35.00%
Embassy Suites at Eddy St. Commons Joint Venture \| Payment Guarantee
Guarantor Obligations [Line Items]
Current amount of obligation				$ 5,900,000
Embassy Suites at Eddy St. Commons Joint Venture \| Construction Loans
Guarantor Obligations [Line Items]
Repayment guaranties				$ 33,800,000
Repayment of construction loan	$ 10,200,000
Buckingham Joint Venture at The Corner
Guarantor Obligations [Line Items]
Construction loan payable		$ 69,900,000
Buckingham Joint Venture at The Corner \| Payment Guarantee \| Construction Contracts
Guarantor Obligations [Line Items]
Current amount of obligation		$ 35,000,000.0
Buckingham Joint Venture at The Corner \| Construction Loans
Guarantor Obligations [Line Items]
Repayment guaranties			$ 66,200,000

SUBSEQUENT EVENTS (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Gross debt	$ 3,229,477,000	$ 2,802,941,000
Unsecured Term Loans
Subsequent Event [Line Items]
Gross debt	700,000,000	820,000,000
Unsecured term loan due 2025 \| Unsecured Term Loans
Subsequent Event [Line Items]
Gross debt	250,000,000	$ 250,000,000
Unsecured term loan due 2025 \| Unsecured Term Loans \| Kite Realty Group, L.P.
Subsequent Event [Line Items]
Gross debt	$ 250,000,000

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