Kite Realty raises 2022 same-property NOI growth guidance to 4.0%-5.0%; leasing activity strong

KITE REALTY GROUP TRUST

Raised 2022 same-property NOI growth guidance to 4.00%-5.00%, a 50 bps increase at midpoint.
Leased-to-occupied spread represents $38M of NOI; ~37% of that expected to come online in 2022.
Signed 61 new tenants ($10M NOI) and 60 commenced rent ($13M annualized NOI) in Q3.
Available liquidity ~$1.2B; net debt to EBITDA 5.4x; $285M of 2023 debt matures at ~4.1% rate.
67% of ABR in Sun Belt markets; 59% from community/neighborhood centers.

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