Kite Realty Q2 2025 update: 17% cash leasing spreads, $31.6M NOI spread, 80 bps shop lease improvement

KITE REALTY GROUP TRUST

Comparable blended cash leasing spreads of 17.0% for Q2 2025; shop leased percentage up 80 bps YoY.
Same property NOI growth driven by base rent and embedded rent bumps; lower-than-expected bad debt.
Net debt to Adjusted EBITDA remains low at investment-grade levels; available liquidity ~$1.3B.
Anchor leased percentage declined 260 bps due to recent bankruptcies; spread of $31.6M NOI, ~51% expected in 2025.
Portfolio 93.7% leased (retail); weighted ABR from grocery-anchored assets at 75% and Sun Belt at 82%.

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