Kite Realty raises FY same-property NOI guidance midpoint by 50bps; credit upgraded to BBB/Baa2

KITE REALTY GROUP TRUST

Same-property NOI growth guidance raised to 2.0-3.0% (midpoint +50bps); bad debt assumption cut to 0.5-1.0% of revenues.
Signed-not-open pipeline of $35.3M; Q2 2024 signed 55 new leases representing $9.7M of NOI.
Credit rating upgrades: S&P to BBB, Moody’s to Baa2 in 2024; Fitch outlook positive.
Net debt to Adjusted EBITDA of 5.1x, among lowest in peer group; available liquidity ~$1.3B.
Portfolio 95%+ leased; ~70% of ABR from grocery-anchored assets; Sun Belt concentration.

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