What changed in KITE REALTY GROUP TRUST's 10-K — 2024 vs 2025
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Paragraph-level year-over-year comparison of KITE REALTY GROUP TRUST's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.
+384 added−556 removedSource: 10-K (2026-02-17) vs 10-K (2025-02-12)
Top changes in KITE REALTY GROUP TRUST's 2025 10-K
384 paragraphs added · 556 removed · 98 edited across 6 sections
- Item 1A. Risk Factors+272 / −185 · 6 edited
- Item 1. Business+55 / −316 · 47 edited
- Item 2. Properties+23 / −24 · 17 edited
- Item 5. Market for Registrant's Common Equity+15 / −12 · 10 edited
- Item 1C. Cybersecurity+12 / −12 · 11 edited
Item 1. Business
Business — how the company describes what it does
47 edited+8 added−269 removed35 unchanged
Item 1. Business
Business — how the company describes what it does
47 edited+8 added−269 removed35 unchanged
2024 filing
2025 filing
Biggest changeThe blended cash leasing spread for comparable new and non-option renewal leases was 19.9%; • Our operating retail portfolio was 95.0% leased as of December 31, 2024, with our anchor leased percentage at 97.1% and our small shop leased percentage at 91.2%; • Our operating retail portfolio ABR per square foot was $21.15 as of December 31, 2024, an increase of $0.45, or 2.2%, from the prior year; and • As of December 31, 2024, we derived 80% of our operating retail portfolio ABR from properties with a grocery component, which includes shopping centers with a big box wine and spirits store.
Biggest changeThe blended cash leasing spread for comparable new and non-option renewal leases was 20.3%; • Our operating retail portfolio was 95.1% leased as of December 31, 2025, with our anchor leased percentage at 96.7% and our small shop leased percentage at 92.3%; • Our operating retail portfolio ABR per square foot was $22.63 as of December 31, 2025, an increase of $1.48, or 7.0%, from the prior year; and • As of December 31, 2025, we derived 79% of our operating retail portfolio ABR from properties with a grocery component, which includes shopping centers with a big box wine and spirits store. 4 Table of Contents Financing and Capital Activities • We ended the year with $1.0 billion of borrowing capacity on our $1.1 billion unsecured revolving credit facility (the “Revolving Facility”); • In June 2025, we completed a public offering of $300.0 million in aggregate principal amount of 5.20% senior unsecured notes due 2032 (the “Notes Due 2032”), the proceeds of which were used to repay the $150.0 million unsecured term loan that was scheduled to mature on July 17, 2026, borrowings on the Revolving Facility, and the $80.0 million principal balance of the 4.47% senior unsecured notes that matured on September 10, 2025; • In July 2025, we amended the credit agreement related to the Revolving Facility and $300.0 million unsecured term loan that matures in July 2029 (the “$300M Term Loan”) to eliminate an additional 0.10% Secured Overnight Financing Rate (“SOFR”) spread adjustment applicable to both instruments.
Insurance We have a wholly owned captive insurance company, Birch Property and Casualty, LLC (“Birch”), which insures the first layer of general liability insurance for our properties subject to certain limitations. Birch was formed as part of our overall risk management program and to stabilize insurance costs, manage exposure, and recoup expenses through the function of the captive program.
Insurance We have a wholly owned captive insurance company, Birch Property and Casualty, LLC (“Birch”), which insures the first layer of general liability insurance for our properties subject to certain limitations. Birch was formed as part of our overall risk management program to stabilize insurance costs, manage exposure, and recoup expenses through the function of the captive program.
In general, these tenants have covenanted in their lease agreements with us to use these substances, if any, in compliance with all environmental laws and agreed to indemnify us for any damages we may suffer as a result of their use of such substances and any contamination they cause.
In general, these tenants have covenanted in their lease agreements with us to use these substances, if any, in compliance with all environmental laws and have agreed to indemnify us for any damages we may suffer as a result of their use and any contamination they cause.
We seek to implement our operating strategy by, among other things: • increasing rental rates upon the renewal of expiring leases or re-leasing space to new tenants while minimizing vacancy to the extent possible; • maximizing the occupancy of our operating portfolio; • minimizing tenant turnover; • maintaining leasing and property management strategies that maximize rent growth and cost recovery; • maintaining a diverse tenant mix that limits our exposure to the financial condition of any one tenant or category of retail tenants; • maintaining and improving the physical appearance, condition, layout, and design of our properties and other improvements located on our properties to enhance our ability to attract customers; • implementing offensive and defensive strategies against e-commerce competition; • actively managing properties to minimize overhead and operating costs; • maintaining strong tenant and retailer relationships to avoid rent interruptions and reduce marketing, leasing, and tenant improvement costs that result from re-leasing space to new tenants; and • taking advantage of underutilized land or existing square footage, reconfiguring properties for more profitable use, and adding ancillary income sources to existing properties.
We seek to implement our operating strategy by, among other things: • increasing rental rates upon the renewal of expiring leases or re-leasing space to new tenants while minimizing vacancy to the extent possible; • maximizing the occupancy of our operating portfolio; • minimizing tenant turnover; • maintaining leasing and property management strategies that maximize rent growth and cost recovery; • maintaining a diverse tenant mix that limits our exposure to the financial condition of any one tenant or category of retail tenants; • maintaining and improving the physical appearance, condition, layout, and design of our properties, as well as other improvements on these properties, to enhance our ability to attract customers; • implementing offensive and defensive strategies against e-commerce competition; • actively managing our properties to minimize overhead and operating costs; • maintaining strong tenant and retailer relationships to avoid rent interruptions and reduce marketing, leasing, and tenant improvement costs that result from re-leasing space to new tenants; and • taking advantage of underutilized land or existing square footage, reconfiguring properties for more profitable use, and adding ancillary income sources to existing properties.
We seek to implement our business objectives through the following strategies, each of which is further described in the sections that follow: • Operating Strategy : Maximize the internal growth in revenue from our operating properties by leasing and re-leasing to a strong and diverse group of retail and mixed-use tenants at increasing rental rates, when possible , through embedded contractual rent escalations and redeveloping or renovating certain properties to make them more attractive to existing and prospective tenants and customers; • Financing and Capital Preservation Strategy : Maintain a strong balance sheet with the flexibility to fund our operating and investment activities.
We seek to implement our business objectives through the following strategies, each of which is further described in the sections that follow: • Operating Strategy : Maximize the internal growth in revenue from our operating properties by leasing and re-leasing to a strong and diverse group of retail and mixed-use tenants at increasing rental rates, when possible , through 5 Table of Contents embedded contractual rent escalations and redeveloping or renovating certain properties to make them more attractive to existing and prospective tenants and customers; • Financing and Capital Preservation Strategy : Maintain a strong balance sheet with the flexibility to fund our operating and investment activities.
In addition, our employees have donated and coordinated substantial fundraising and have spent many hours volunteering to support a variety of charities with which we partner. The Company supports these efforts with dedicated paid volunteer time off given annually to all employees and a 100% match of employee donations, subject to certain limits, to charitable causes.
In addition, our employees have donated and coordinated substantial fundraising and have spent many hours volunteering to support various charities with which we partner. The Company supports these efforts with dedicated paid volunteer time off given annually to all employees and a 100% match of employee donations, subject to certain limits, to charitable causes.
Our properties must comply with Title III of the Americans with Disabilities Act (the “ADA”) to the extent that such properties are public accommodations as defined by the ADA. The ADA may require removal of structural barriers to allow access by persons with disabilities in certain public areas of our properties where such removal is readily achievable.
Our properties must comply with Title III of the Americans with Disabilities Act (the “ADA”) to the extent that such properties are public accommodations as defined by the ADA. The ADA may require removal of structural barriers to allow access by individuals with disabilities in certain public areas of our properties where such removal is readily achievable.
Neither existing environmental, health, safety, and similar laws nor the costs of our compliance with these laws have had a material adverse effect on our financial condition or results of operations, and management does not believe that they will in the future.
Neither current environmental, health, safety, and similar laws nor the costs of our compliance with these laws have had a material adverse effect on our financial condition or results of operations, and management does not believe that they will in the future.
However, these lease provisions may not fully protect us if a tenant responsible for environmental noncompliance or contamination becomes insolvent. Also, certain of our properties have confirmed asbestos-containing building materials (“ACBM”), and other properties may contain such materials.
However, these lease provisions may not fully protect us if a tenant responsible for environmental noncompliance or contamination becomes insolvent. Furthermore, certain of our properties have confirmed asbestos-containing building materials (“ACBM”), and other properties may contain such materials.
These sources may include (i) the reinvestment of cash flows generated by operations, (ii) the reinvestment of net proceeds from the disposition of assets, (iii) the incurrence of additional indebtedness through secured or unsecured borrowings, (iv) entering into real estate joint ventures, and (v) the sale of common or preferred shares through public offerings or private placements.
These sources may include (i) cash flows generated by operations, (ii) net proceeds from the disposition of assets, (iii) the incurrence of additional indebtedness through secured or unsecured borrowings, (iv) real estate joint ventures, and (v) the sale of common or preferred shares through public offerings or private placements.
In addition, we have not incurred, and do not expect to incur, any material costs or liabilities due to environmental contamination at properties we currently own or operate or have owned or operated in the past.
In addition, we have not incurred, and do not expect to incur, any material costs or liabilities from environmental contamination at properties we currently own or operate or have owned or operated in the past.
Among these factors are (i) the construction costs or purchase price of properties to be developed or acquired, (ii) the estimated market value of our properties and the Company as a whole upon consummation of the financing, and (iii) the ability to generate durable cash flows to cover expected debt service.
Among these factors are (i) the construction costs or 6 Table of Contents purchase price of properties to be developed or acquired, (ii) the estimated market value of our properties and the Company as a whole upon consummation of the financing, and (iii) the ability to generate durable cash flows to cover expected debt service.
We finance our acquisition, development, redevelopment, leasing, and re-leasing activities using the most advantageous sources of capital available to us at the time.
We finance our acquisition, development, redevelopment, share repurchases, leasing, and re-leasing activities using the most advantageous sources of capital available to us at the time.
The excise tax is based on the number of full-time employees. We do not anticipate being subject to a penalty under the ACA; however, even in the event that we are, any such penalty would be less than $1.0 million, as we had 227 full-time employees as of December 31, 2024. Environmental Regulations.
The excise tax is based on the number of full-time employees. We do not anticipate being subject to a penalty under the ACA; however, even in the event that we are, any such penalty would be less than $1.0 million, as we had 228 full-time employees as of December 31, 2025. Environmental Regulations.
There can be no assurance that in the future we will be able to compete successfully with our competitors in our development, acquisition, and leasing activities. Government Regulation We are subject to a variety of federal, state, and local environmental, health, safety, and similar laws, including: Americans with Disabilities Act and Other Regulations.
There can be no assurance that in the future we will be able to compete successfully with our competitors in our development, acquisition, and leasing activities. Government Regulation We are subject to various federal, state, and local environmental, health, safety, and similar laws, including: The Americans with Disabilities Act and Other Regulations.
We use the following tools to recognize our employees, advance our talent pool, and create a sustainable and long-term enterprise: (i) performance plans, (ii) Level Up award that recognizes employees who have made an extraordinary effort to help the Company achieve success, (iii) FOCUSED award that acknowledges employees who have embodied our FOCUSED values (forward-thinking, optimistic, collaborative, urgent, sound, empowered, and dedicated) throughout the year, and (iv) individual development planning, along with reward packages.
We use the following tools to recognize our employees, advance our talent pool, and create a sustainable and long-term enterprise: (i) performance plans, (ii) talent recognition via our digital employee-to-employee Recognition Wall, (iii) the Level Up award that recognizes employees who have made an extraordinary effort to help the Company achieve success, (iv) the FOCUSED award that acknowledges employees who have embodied our FOCUSED values (forward-thinking, optimistic, collaborative, urgent, sound, empowered, and dedicated) throughout the year, and (v) individual development planning, along with reward packages.
Some of these competitors may have greater capital resources than we do, although we do not believe that any single competitor or group of competitors is dominant in any of the markets in which we own properties. We face significant competition in our efforts to lease available space to prospective tenants at our properties.
Some of these competitors may have greater capital resources than we do, although we do not believe that any one competitor or group of competitors is dominant in any of the markets where we own properties. We face significant competition in our efforts to lease available space to prospective tenants at our properties.
We have continued to demonstrate our strong commitment to being a responsible corporate citizen through resource reduction and employee training that has resulted in reductions of energy consumption and waste and improved maintenance cycles.
We have continued to demonstrate our strong commitment to being a responsible corporate citizen through resource reduction and employee training, which has resulted in reductions in energy consumption and waste and improved maintenance cycles.
Funding sources include the public equity and debt markets, our Revolving Facility with $1.1 billion of borrowing capacity as of December 31, 2024, secured debt, internally generated funds, proceeds from selling land and properties that no longer fit our strategy, and potential strategic joint ventures; and 5 Table of Contents • Growth Strategy : Prudently use available cash flow, targeted asset recycling, equity and debt capital to selectively acquire additional retail properties and redevelop or renovate existing properties where we believe investment returns would meet or exceed internal benchmarks.
Funding sources include the public equity and debt markets, our Revolving Facility with $1.0 billion of borrowing capacity as of December 31, 2025, secured debt, internally generated funds, proceeds from selling land and properties that no longer fit our strategy, and strategic joint ventures; and • Growth Strategy : Prudently use available cash flow, targeted asset recycling, equity and debt capital to selectively acquire additional retail properties and redevelop or renovate existing properties where we believe investment returns would meet or exceed internal benchmarks.
Human Capital As of December 31, 2024, we had 227 full-time employees. The majority of these employees were based at our Indianapolis, Indiana headquarters, though we also maintain regional offices across the United States. We believe our employees are the most important part of our business.
Human Capital As of December 31, 2025, we had 228 full-time employees. The majority of these employees were based at our Indianapolis, Indiana, headquarters, though we also maintain regional offices across the United States. We believe our employees are the most important part of our business.
The Company has continued its partnership with One Tree Planted, a non-profit organization committed to reforestation and has planted over 47,000 new trees through its Project Green reforestation effort. We continue to evaluate potential actions that might reduce our carbon footprint or otherwise mitigate our environmental impact.
The Company has continued its partnership with One Tree Planted, a nonprofit organization committed to reforestation, and has planted over 59,000 new trees through its Project Green reforestation effort. We continue to evaluate potential actions that might reduce our carbon footprint or otherwise mitigate our environmental impact.
We have placed significant emphasis on maintaining a strong and diverse tenant mix, which has resulted in no tenant accounting for more than 2.8% of our ABR. See Item 2. “Properties” for a list of our top tenants by gross leasable area (“GLA”) and ABR. Financing and Capital Strategy.
We have placed significant emphasis on maintaining a strong and diverse tenant mix, which has resulted in no tenant accounting for more than 2.6% of our ABR. See Item 2, “Properties,” for a list of our top tenants by gross leasable area (“GLA”) and ABR. Financing and Capital Strategy.
Certain risks, such as loss from riots, war, or acts of God, and, in some cases, flooding, are not insurable, or the cost to insure against these events is cost prohibitive; therefore, we do not carry insurance for these losses.
Certain risks, such as loss from riots, war, acts of God, and, in some cases, flooding, are either uninsurable or the cost to insure against these events is too cost prohibitive; therefore, we do not carry insurance for these types of losses.
We focus on professional development at every level of the organization. We align employees’ goals with our overall strategic direction to create a clear link between individual efforts and the long-term success of the Company and provide effective feedback on employees’ performance towards goals to ensure their growth and development.
We align employees’ goals with our overall strategic direction to create a clear link between individual efforts and the long-term success of the Company and provide effective feedback on employees’ performance towards goals to ensure their growth and development.
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.
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, particularly in light of increased tariffs in 2025, interest rate volatility, job growth, the real estate market, and overall economic conditions.
All of our employees must adhere to a Code of Business Conduct and Ethics that sets standards for appropriate behavior, and all employees must also complete required internal training on respect in the workplace and diversity to further enhance our cultural behaviors.
All employees must follow a Code of Business Conduct and Ethics that sets standards for appropriate behavior and complete mandatory training on respect in the workplace and diversity to further enhance our cultural behaviors.
Additionally, our leasing platform continues to perform at a high level, as evidenced by the execution of 720 new and renewal leases representing approximately 5.0 million square feet during the year ended December 31, 2024. Our leased-to-occupied spread represents approximately $27.3 million of net operating income (“NOI”), the majority of which is expected to commence in 2025.
Additionally, our leasing platform continues to perform at a high level, as evidenced by the execution of 683 new and renewal leases representing approximately 4.6 million square feet during the year ended December 31, 2025. Our leased-to-occupied spread represents approximately $37.0 million of net operating income (“NOI”), the majority of which is expected to commence in 2026.
We are committed to providing a work environment that attracts, develops, and retains high-performing individuals and treats employees with dignity and respect. Diversity, Equity and Inclusion Our policies are designed to promote fairness, equal opportunities, and diversity within the Company.
We are committed to providing a work environment that attracts, develops, and retains high-performing individuals and treats employees with dignity and respect. 9 Table of Contents Promote Fairness, Equal Opportunities, and Diversity of Experience Our policies are designed to promote fairness, equal opportunities, and diversity of experience within the Company.
Under various laws, ordinances, and regulations, as an owner or operator of real property, we may be or may become liable for the costs of investigation, removal, or remediation of releases of certain hazardous or toxic substances (including petroleum products) at or from our currently or formerly owned or operated properties, or for property damage or bodily injury (including third-party claims), fines, liens, or natural resource damages arising from the presence of such hazardous or toxic substances.
Under various laws, ordinances, and regulations, as an owner or operator of real property, we may be or may become liable for the costs of investigation, removal, or remediation of certain hazardous or toxic substances (including petroleum products) released on, from or in our properties (potentially including former properties), or for property damage or bodily injury (including third-party claims), fines, liens, or natural resource damages arising from the presence of such hazardous or toxic substances.
In evaluating opportunities for potential acquisition, development, redevelopment, and disposition, we consider a number of factors, including: • the expected returns and related risks associated with the investments relative to our weighted cost of capital to make such investments; • the current and projected cash flows and market value of the property and the potential to increase cash flows and market value if the property were to be successfully re-leased or redeveloped; • the price being offered for the property, the current and projected operating performance of the property, the tax consequences of the transaction, and other related factors; • opportunities for strengthening the tenant mix at our properties through the placement of anchor tenants such as grocers, value retailers, hardware stores, or sporting goods retailers, as well as further enhancing a diverse tenant mix that includes restaurants, specialty shops, and other essential retailers that provide staple goods to the community and offer a high level of convenience; • the geographic location and configuration of the property, including ease of access, availability of parking, visibility, and the demographics of the surrounding area; and • the level of success of existing properties in the same or nearby markets. 7 Table of Contents During 2024, we acquired one operating retail property for a gross purchase price of $40.1 million and generated gross proceeds of $30.6 million from one property disposition and net proceeds of $13.2 million from the sale of land parcels.
In evaluating opportunities for potential acquisition, development, redevelopment, and disposition, we consider a number of factors, including: • the expected returns and related risks associated with the investments relative to our weighted cost of capital to make such investments; • the current and projected cash flows, the market value of the property, and the potential for increasing both cash flows and market value if the property is successfully re-leased or redeveloped; • the price being offered for the property, the current and projected operating performance of the property, the tax consequences of the transaction, and other related factors; 7 Table of Contents • opportunities for strengthening the tenant mix at our properties through the placement of anchor tenants such as grocers, value retailers, hardware stores, or sporting goods retailers, as well as further enhancing a diverse tenant mix that includes restaurants, specialty shops, and other essential retailers that provide staple goods to the community and offer a high level of convenience; • the geographic location and configuration of the property, including ease of access, availability of parking, visibility, and the demographics of the surrounding area; and • the level of success of existing properties in the same or nearby markets.
We implement our growth strategy in a number of ways, including: • continually evaluating our operating properties for redevelopment and renovation opportunities that we believe will make them more attractive for leasing to new tenants, rightsizing of anchor spaces while increasing rental rates, and re-leasing spaces to existing tenants at increased rental rates; • completing our two active development and redevelopment projects at The Corner – IN and One Loudoun Expansion; • evaluating the entitled land holdings to determine the optimal real estate use and capital allocation decisions; • disposing of select assets that no longer meet our long-term investment criteria and recycling the net proceeds into properties that provide attractive returns and rent growth potential in targeted markets or using the proceeds to repay debt, thereby reducing our leverage; and • selectively pursuing the acquisition of retail operating properties, portfolios, and companies in markets with strong demographics.
We implement our growth strategy in a number of ways, including: • continually evaluating our operating properties for redevelopment and renovation opportunities that we believe will make them more attractive for leasing to new tenants, optimizing anchor spaces while raising rental rates, and re-leasing spaces to existing tenants at higher rental rates; • completing our active development project at One Loudoun Expansion; • evaluating our entitled land holdings to determine the optimal real estate use and capital allocation decisions; • disposing of select non-core, large-format assets that no longer meet our long-term investment criteria, reducing our exposure to at-risk tenants and elevating the overall quality of our portfolio; • recycling the net proceeds from dispositions into properties that provide attractive returns and rent growth potential in targeted markets or using the proceeds to repay debt, thereby reducing our leverage, or repurchasing our common shares; and • selectively pursuing the acquisition of retail operating properties, portfolios, and companies in markets with strong demographics.
We maintain an investment-grade credit rating that we expect will continue to enable us to opportunistically access the public unsecured bond market and allow us to lower our cost of capital and provide greater flexibility in managing the acquisition and disposition of assets in our operating portfolio. 6 Table of Contents We intend to continue implementing our financing and capital strategies in a number of ways, which may include one or more of the following actions: • prudently managing our balance sheet, including maintaining sufficient availability under our Revolving Facility so that we have additional capacity to fund our development and redevelopment projects and pay down maturing debt if refinancing that debt is not desired or practical; • extending the scheduled maturity dates of and/or refinancing our near-term mortgage, construction, and other indebtedness; • expanding our unencumbered asset pool; • raising additional capital through the issuance of common shares, preferred shares, or other securities; • managing our exposure to interest rate increases on our variable-rate debt through the selective use of fixed-rate hedging transactions; • issuing unsecured bonds in the public markets and securing property-specific long-term, non-recourse financing; and • entering into joint venture arrangements in order to access less expensive capital and mitigate risk.
We intend to continue implementing our financing and capital strategies in a number of ways, which may include one or more of the following actions: • prudently managing our balance sheet, including maintaining sufficient availability under our Revolving Facility to ensure we have additional capacity to fund our development and redevelopment projects and pay down maturing debt if refinancing that debt is not desired or practical; • extending the scheduled maturity dates of and/or refinancing our near-term mortgage, construction, and other indebtedness; • expanding our unencumbered asset pool; • raising additional capital through the issuance of common shares, preferred shares, or other securities; • managing our exposure to interest rate increases on our variable-rate debt through the selective use of fixed-rate hedging transactions; • issuing unsecured bonds in the public markets and securing property-specific long-term, non-recourse financing; and • entering into joint venture arrangements to access less expensive capital and mitigate risk.
The SEC maintains a website ( http://www.sec.gov ) that contains reports, proxy statements, information statements, and other information regarding issuers that file electronically with the SEC. ITEM 1A.
The SEC maintains a website ( http://www.sec.gov ) that contains reports, proxy statements, information statements, and other information regarding issuers that file electronically with the SEC. 11 Table of Contents
These current projects include: • installing LED lighting in parking lots (78% of our properties have installed such LED lighting as of December 31, 2024, with a goal of 80% of the portfolio by the end of 2026); • implementing smart meters and other initiatives aimed at water conservation, recycling, and waste diversion (22% of our properties have implemented smart irrigation controls as of December 31, 2024, with a goal of 25% of the portfolio by the end of 2026); • installing electric vehicle (“EV”) charging stations (332 charging stations have been installed across 27 properties for a total of 15% of the portfolio as of December 31, 2024, with a goal of 20% of the portfolio by the end of 2026); and • receiving IREM certifications (100 properties or 56% of the portfolio have received such certifications as of December 31, 2024, with a goal of 75% of the portfolio by the end of 2026).
These current projects include: • installing LED lighting in parking lots (82% of our properties have installed such LED lighting as of December 31, 2025, which has surpassed our goal of 80% of the portfolio by the end of 2026); • implementing smart meters and other initiatives aimed at water conservation, recycling, and waste diversion (24% of our properties have implemented smart irrigation controls as of December 31, 2025, with a goal of 25% of the portfolio by the end of 2026); • installing electric vehicle (“EV”) charging stations (388 charging stations have been installed across 30 properties for a total of 18% of the portfolio as of December 31, 2025, with a goal of 20% of the portfolio by the end of 2026); and • receiving IREM certifications (135 properties, or 80% of the portfolio, have received such certifications as of December 31, 2025, which has surpassed our goal of 75% of the portfolio by the end of 2026).
We successfully executed our operating strategy in 2024 in a number of ways, as best evidenced by our strong growth in Same Property NOI of 3.0%.
We successfully executed our operating strategy in 2025 in a number of ways, as best evidenced by our strong growth in Same Property NOI of 2.9%.
Recent business initiatives encourage tenants to adopt green leases, also referred to as “high-performance” or “energy-aligned” leases, to equitably align the costs and benefits of energy and water efficiency investments for building owners and tenants based on principles and best practices from the Green Lease Leaders Reference Guide by the Institute for Market Transformation and the U.S. Department of Energy.
Recent business efforts encourage tenants to adopt green leases, which are also called “high-performance” or “energy-aligned” leases, to equitably share the costs and benefits of energy and water-saving improvements between building owners and tenants based on principles and best practices from the Green Lease Leaders Reference Guide by the Institute for Market Transformation and the U.S. Department of Energy.
Significant 2024 Activities Operating Activities • The Company realized net income attributable to common shareholders of $4.1 million for the year ended December 31, 2024; • The Company generated Funds From Operations (“FFO”), as defined by NAREIT, of $463.7 million; • Same Property Net Operating Income (“Same Property NOI”) grew by 3.0% in 2024 compared to 2023 primarily due to contractual rent growth, higher base rent driven by positive new and renewal leasing spreads, and higher specialty leasing income, partially offset by higher bad debt expense; • In 2024, we executed new and renewal leases on 720 individual spaces representing approximately 5.0 million square feet of retail space, achieving a blended cash leasing spread of 12.8% on 542 comparable leases.
Significant 2025 Activities Operating Activities • The Company realized net income attributable to common shareholders of $298.7 million for the year ended December 31, 2025; • The Company generated NAREIT Funds From Operations (“FFO”) of $468.6 million and Core Funds From Operations (“Core FFO”) of $460.4 million; • Same Property Net Operating Income (“Same Property NOI”) grew by 2.9% in 2025 compared to 2024 primarily due to contractual rent growth and higher base rent driven by positive new and renewal leasing spreads, partially offset by higher bad debt expense; • In 2025, we executed new and renewal leases on 683 individual spaces representing approximately 4.6 million square feet of retail space, achieving a blended cash leasing spread of 13.8% on 501 comparable leases.
In 2020, we established a cross-functional task force (the “ESG Task Force”) that is comprised of senior leadership and members from a variety of functional areas and is led by our Chief Executive Officer.
We maintain a cross-functional task force (the “Corporate Responsibility Task Force”) that is comprised of senior leadership and members from various functional areas and is led by our Chief Executive Officer.
We believe that the principal competitive factors in attracting tenants in our market areas are location, demographics, rental rates, the presence of anchor tenants, competitor shopping centers in the same geographic area, and the maintenance, appearance, access, and traffic patterns of our properties.
The nature of the competition for tenants varies based on the characteristics of each local market in which we own properties. We believe that the main competitive factors in attracting tenants in our markets are location, demographics, rental rates, anchor tenants, competitor shopping centers in the same geographic area, and the maintenance, appearance, access, and traffic patterns of our properties.
In addition, to enhance the well-being of our employees, we provide them with access to health and wellness programs that support physical, mental, and financial health, such as Lunch & Learns and Wellness Wednesdays.
In addition, to enhance the well-being of our employees, we provide them with access to health and wellness programs that support physical, mental, and financial health, such as Lunch & Learns and Wellness Wednesdays. 10 Table of Contents Corporate Responsibility The Company strives to be a responsible corporate citizen, and we recognize the importance that corporate responsibility initiatives play in our ability to generate long-term, sustainable returns.
In addition, we could be liable for the costs of investigating or remediating contamination at off-site waste disposal facilities to which we have arranged for the disposal or treatment of hazardous or toxic substances.
In addition, we could be liable for the costs of investigating or remediating contamination at off-site waste disposal facilities to which we have arranged for the disposal or treatment of hazardous or toxic substances. 8 Table of Contents Under certain laws, such liability may be imposed regardless of our knowledge whether we released the hazardous or toxic substances, or compliance with environmental laws; and the liability may be joint and several.
The ESG Task Force meets quarterly and focuses on setting, implementing, monitoring, and communicating to our investors and other stakeholders our ESG strategy and related initiatives and regularly reports to the Board of Trustees. 10 Table of Contents In June 2024, the ESG Task Force issued the Company’s annual Corporate Responsibility Report, which is published on our website and provides a comprehensive overview of our ESG strategies and initiatives.
In June 2025, the Corporate Responsibility Task Force issued the Company’s annual Corporate Responsibility Report, which is published on our website and provides a comprehensive overview of our corporate responsibility strategies and initiatives.
As of 9 Table of Contents December 31, 2024, approximately 51% of our workforce was female, and minorities represented approximately 23% of our team. Professional Development and Training We believe a commitment to our employees’ learning and development through training, educational opportunities, and mentorship is critical to our ability to continue to innovate.
Professional Development and Training We believe a commitment to our employees’ learning and development through training, educational opportunities, and mentorship is critical to our ability to continue to innovate. We focus on professional development at every level of the organization.
We have $430.0 million of debt principal scheduled to mature through December 31, 2025, the majority of which will be satisfied with proceeds from the Notes Due 2031, a net debt to EBITDA ratio of 4.7x, and approximately $128.1 million in cash on hand as of December 31, 2024.
We have $410.6 million of debt principal scheduled to mature through December 31, 2026, a net debt to EBITDA ratio of 4.9x, approximately $36.8 million in cash on hand, and approximately $441.6 million in restricted cash and escrow deposits as of December 31, 2025.
We also owned two development projects under construction as of this date and an additional two properties with future redevelopment opportunities. Our operating retail portfolio was 95.0% leased to a diversified retail tenant base, with no single retail tenant accounting for more than 2.8% of our total annualized base rent (“ABR”).
Our operating retail portfolio was 95.1% leased to a diversified retail tenant base, with no single retail tenant accounting for more than 2.6% of our total annualized base rent (“ABR”). In the aggregate, our largest 25 tenants accounted for 25.5% of our ABR. See Item 2, “Properties,” for a list of our top 25 tenants by ABR.
We have investment-grade corporate credit ratings from three nationally recognized credit rating agencies. During 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.
We have investment-grade corporate credit ratings from three nationally recognized credit rating agencies; these ratings did not change in 2025.
As of December 31, 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 December 31, 2024, and two office properties with 0.4 million square feet. Of the 179 operating retail properties, 10 contain an office component.
Of the 167 operating retail/mixed-use properties, 10 contain an office component. We also own interests in one development project that is under construction as of December 31, 2025 and an additional two properties with future redevelopment opportunities.
Removed
In the aggregate, our largest 25 tenants accounted for 28.7% of our ABR. See Item 2. “Properties” for a list of our top 25 tenants by ABR.
Added
As of December 31, 2025, we owned interests in a portfolio of 167 operating retail/mixed-use properties, including 159 wholly owned properties and eight properties owned through four unconsolidated joint ventures, totaling approximately 26.9 million square feet, excluding (i) two operating retail properties classified as held for sale as of December 31, 2025, (ii) Eastgate Crossing, a 152,682 square foot multi-tenant retail property in the Durham-Chapel Hill MSA that was reclassified from our operating portfolio in September 2025 due to significant disruption caused by severe flooding as a result of Tropical Storm Chantal, and (iii) two standalone office properties with 0.4 million square feet.
Removed
Financing and Capital Activities • We ended the year with full borrowing capacity on our $1.1 billion unsecured revolving credit facility (the “Revolving Facility”); 4 Table of Contents • In January 2024, we completed a public offering of $350.0 million aggregate principal amount of 5.50% senior unsecured notes due 2034 (the “Notes Due 2034”), the proceeds of which 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; • In August 2024, we completed a public offering of $350.0 million aggregate principal amount of 4.95% senior unsecured notes due 2031 (the “Notes Due 2031”); • In October 2024, we extended the maturity date of the Revolving Facility to October 3, 2028, and we have the ability to obtain more favorable pricing in certain circumstances related to our total leverage ratio; • In October 2024, we extended the maturity date of our $250.0 million unsecured term loan (the “$250M Term Loan”) to October 24, 2027 and amended the terms to be priced on a ratings-based pricing grid; • We acquired Parkside West Cobb, a grocery-anchored, multi-tenant retail property in the Atlanta MSA, for a gross purchase price of $40.1 million in August 2024; • We 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.
Added
In addition, the amendment reduced the ratings-based pricing credit spread on the $300M Term Loan.
Removed
MSA during the three months ended September 30, 2024; • We completed the major redevelopment construction activities at Carillon medical office building (“Carillon MOB”) in 2023 and reclassified the property from active redevelopment into our office portfolio in December 2024; • We received gross proceeds of $30.6 million from the sale of Ashland & Roosevelt in the Chicago MSA in May 2024; • We received gross proceeds of $7.6 million in connection with the sale of the first phase of a land parcel and the rights to develop 24 residential units at One Loudoun Expansion in the Washington, D.C.
Added
We also amended the term loan agreement related to the $250.0 million unsecured term loan that matures in October 2027 (the “$250M Term Loan”) to eliminate an additional 0.10% SOFR spread adjustment; • We acquired Village Commons, a grocery-anchored, multi-tenant retail property in the Miami MSA, for a gross purchase price of $68.4 million in January 2025; • We entered into a joint venture with a leading global investment firm, and in April 2025, the joint venture acquired Legacy West, a mixed-use asset in the Dallas/Ft.
Removed
MSA in December 2024; and • We declared cash dividends totaling $1.03 per share during 2024.
Added
Worth MSA, for a gross purchase price of $785.0 million, including the assumption of $304.0 million of debt with an interest rate of 3.80%.
Removed
Maintaining a strong balance sheet continues to be one of our top priorities.
Added
The Company owns 52% of the equity in the joint venture; • In June 2025, we entered into a second joint venture with the global investment firm, contributing three previously wholly owned properties valued at $233.0 million in the aggregate and receiving $112.1 million in gross proceeds for the 48% interest in the joint venture acquired by the joint venture partner; • We completed the major development construction activities at The Corner – IN and reclassified the property from active development into our operating portfolio in March 2025; • We received gross proceeds of $621.7 million from the sale of 13 properties, a portion of Hamilton Crossing Centre (Indianapolis MSA), and a parcel and the related building at Northpointe Plaza (Spokane MSA) in 2025; • We repurchased 10.9 million common shares at an average price per share of $22.82 for a total of $247.7 million; and • We declared cash dividends totaling $1.245 per share during 2025.
Removed
The nature of the competition for tenants varies based on the characteristics of each local market in which we own properties.
Added
Maintaining a strong balance sheet continues to be one of our top priorities. We maintain an investment-grade credit rating, which enables us to opportunistically access the public unsecured bond market, lower our cost of capital, and enhance our flexibility in managing asset acquisitions and dispositions in our operating portfolio.
Removed
Under certain laws, such liability may be imposed without regard to whether or not we knew of, or caused, the presence of these hazardous or toxic substances, or whether we complied with environmental laws, and the liability may be joint and several.
Added
During 2025, we acquired one operating retail property for a gross purchase price of $68.4 million, invested $253.9 million, net of mortgage debt assumed, in the acquisition of 52% of Legacy West through an unconsolidated joint venture, generated gross proceeds of $721.8 million from the disposition of 13 operating retail properties and the contribution of three previously wholly owned properties into an unconsolidated joint venture, and received net proceeds of $12.9 million from outlot sales.
Removed
Environmental 8 Table of Contents laws require that ACBM be properly managed and maintained, and fines and penalties may be imposed on building owners or operators for failure to comply with these requirements. In addition, third parties may be allowed to seek recovery from owners or operators for personal injury associated with exposure to asbestos fibers.
Added
The Corporate Responsibility Task Force meets quarterly to set, implement, monitor, and communicate our corporate responsibility strategy and related initiatives to our investors and other stakeholders, and it regularly reports to the Board of Trustees.
Removed
In 2023, we achieved our targets of at least 30% diverse representation on our Board of Trustees and at least one female-chaired committee with the chairing of our Corporate Governance and Nominating Committee by a female trustee.
Removed
Environmental, Social and Governance Matters The Company strives to be a responsible corporate citizen, and we recognize the importance that environmental, social, and governance (“ESG”) initiatives play in our ability to generate long-term, sustainable returns.
Removed
RISK FACTORS The following factors, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this Annual Report on Form 10-K and presented elsewhere by management from time to time.
Removed
These factors, among others, may have a material adverse effect on our business, financial condition, operating results and cash flows, including our ability to make distributions to our shareholders. It is not possible to predict or identify all such factors, and this list should not be considered a complete statement of all potential risks or uncertainties.
Removed
We have separated the risks into three categories: (i) risks related to our operations; (ii) risks related to our organization and structure; and (iii) risks related to tax matters. 11 Table of Contents RISKS RELATED TO OUR OPERATIONS Our business, financial condition, performance, and value are subject to risks and conditions associated with real estate assets and the real estate industry.
Removed
Our primary business is the ownership, operation, acquisition, and re/development of high-quality, open-air, grocery-anchored shopping centers and vibrant mixed-use and lifestyle assets in the United States.
Removed
Our business, financial condition, results of operations, cash flows, per share trading price of our common shares, and ability to satisfy our debt service obligations and make distributions to our shareholders are subject to, and could be materially and adversely affected by, risks associated with acquiring, owning and operating these types of real estate assets.
Removed
These risks include events and conditions that are beyond our control, such as periods of economic slowdown or recession, declines in the financial condition of our tenants, rising interest rates, difficulty in leasing vacant space and/or renewing existing tenants, a decline in the value of our assets, or the public perception that any of these events may occur.
Removed
Additionally, certain costs of our business, such as insurance, real estate taxes, utilities, and corporate expenses, are relatively inflexible and generally do not decrease if a property is not fully occupied, rental rates decline, a tenant fails to pay rent, or other circumstances cause our revenues to decrease.
Removed
If we are unable to lower our operating costs when revenues decline and/or fully recover cost increases from our tenants, our financial condition, operating results and cash flows could be materially and adversely impacted.
Removed
Also, complying with the REIT requirements may cause us to forgo and/or liquidate otherwise attractive investments, which could have the effect of reducing our income and the amount available for distribution to our shareholders.
Removed
Thus, compliance with the REIT requirements may hinder our ability to make or, in certain cases, maintain ownership of certain attractive investments, which could impact our financial condition, operating results and cash flows. Ongoing challenges facing our retail tenants, including bankruptcies, financial instability and consolidations, could have a material adverse effect on our business.
Removed
We derive the majority of our revenue from retail tenants who lease space from us at our properties; therefore, our ability to generate cash from operations is dependent upon the ability of our tenants to pay the base rent, expense recoveries and other charges due under their leases on a timely basis.
Removed
The success of our tenants in operating their businesses continues to be impacted by many current economic challenges, including, but not limited to, their ability to rely on external sources to grow and operate their business, inflation, labor shortages, domestic tariff policies, supply chain constraints, retail theft, violent crime, decreased consumer confidence and discretionary spending, and increased energy prices and interest rates.
Removed
Sustained weakness in certain sectors of the U.S. economy could result in the bankruptcy or weakened financial condition of a number of retailers, including some of our tenants, and an increase in store closures. Tenants may also choose to consolidate, downsize or relocate their operations for various reasons, including mergers or other restructurings.
Removed
These events, or other similar events, and economic conditions are beyond our control and could affect the overall economy as well as specific properties in our portfolio and our overall cash flow and results of operations, including the following, any of which could have a material adverse effect on our business: • Collections.
Removed
Tenants may have difficulty paying their rent and other charges due under their lease agreements on a timely basis or request rent deferrals, reductions or abatements. • Leasing.
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Item 1A. Risk Factors
Risk Factors — what could go wrong, per management
6 edited+266 added−179 removed0 unchanged
Item 1A. Risk Factors
Risk Factors — what could go wrong, per management
6 edited+266 added−179 removed0 unchanged
2024 filing
2025 filing
Biggest changeFuture 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.
Biggest changeDistributions, if any, are made at the discretion of our Board of Trustees and depend upon our earnings, financial condition, maintenance of our REIT qualification, and other factors that our Board of Trustees may deem relevant from time to time. We may be unable to make distributions in the future at current levels or at all.
Inflation Many of our leases contain provisions designed to mitigate the adverse impact of inflation, including stated 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 certain leases.
Many of our leases contain provisions designed to mitigate the adverse impact of inflation, including stated 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.
Assuming we exercise all available options to extend the terms of our ground leases, our ground leases will expire between 2045 and 2115.
As a result, we would be unable to derive income from such property, which could materially and adversely affect us. Assuming we exercise all available options to extend the terms, our ground leases will expire between 2045 and 2115.
Over the past two years, 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.
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 limit our ability to recover all of our operating expenses.
During the year ended December 31, 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.
Developments and redevelopments have inherent risks that could adversely impact us. As of December 31, 2025, we had a development project under construction at One Loudoun Downtown in the Washington, D.C. MSA consisting of the retail and office portions of the expansion project (the “One Loudoun Expansion”).
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.
Natural disasters, severe weather conditions, climate change, and terrorism or other acts of crime or violence could have an adverse impact on our financial condition and results of operations.
Removed
Item 1A. “Risk Factors” appearing elsewhere in this Annual Report on Form 10-K. 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.
Added
ITEM 1A. RISK FACTORS The following factors, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this Annual Report on Form 10-K and presented elsewhere by management from time to time.
Removed
Overview In the following overview, we discuss, among other things, the status of our business and properties, the effect that current U.S. economic conditions are having on our retail tenants and us, and the current state of the financial markets and how it impacts our financing strategy.
Added
These factors, among others, may have a material adverse effect on our business, financial condition, operating results and cash flows, including our ability to make distributions to our shareholders. It is not possible to predict or identify all such factors, and this list should not be considered a complete statement of all potential risks or uncertainties.
Removed
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, grocery-anchored shopping centers and vibrant mixed-use assets that are primarily located in high-growth Sun Belt markets and select strategic gateway markets in the United States.
Added
RISKS RELATED TO OUR OPERATIONS Our business, financial condition, performance, and value are subject to risks and conditions associated with real estate assets and the real estate industry. Our primary business is the ownership, operation, acquisition, development, and redevelopment of high-quality, open-air, grocery-anchored shopping centers and vibrant mixed-use and lifestyle assets in the United States.
Removed
Following our merger with RPAI in 2021, we became a top-five open-air shopping center REIT based upon market capitalization. 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.
Added
Our business, financial condition, results of operations, cash flows, per share trading price of our common shares, and ability to satisfy our debt service obligations and make distributions to our shareholders are subject to, and could be materially and adversely affected by, risks associated with acquiring, owning, and operating these types of real estate assets.
Removed
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.
Added
These risks include events and conditions that are beyond our control, such as periods of economic slowdown or recession, federal government shutdowns, disruptions related to tariffs and other trade or sanction issues, declines in the financial condition of our tenants, natural disasters such as fires, earthquakes, or floods, rising interest rates, difficulty in leasing vacant space or renewing existing tenants, a decline in the value of our assets, or the public perception that any of these events may occur.
Removed
As of December 31, 2024, we own 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 December 31, 2024, and two office properties with 0.4 million square feet. Of the 179 operating retail properties, 10 contain an office component.
Added
Additionally, certain costs of our business, such as insurance, real estate taxes, utilities, and corporate expenses, are relatively inflexible and generally do not decrease if a property is not fully occupied, rental rates decline, a tenant fails to pay rent, or other circumstances cause our revenues to decrease.
Removed
We also own interests in two development projects under construction as of December 31, 2024 and an additional two properties with future redevelopment opportunities.
Added
If we are unable to lower our operating costs when revenues decline and/or fully recover cost increases from our tenants, our financial condition, operating results, and cash flows could be materially and adversely impacted. Ongoing challenges facing our retail tenants, including bankruptcies, financial instability, and consolidations, could have a material adverse effect on our business.
Removed
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.
Added
We derive the majority of our revenue from retail tenants who lease space from us at our properties; therefore, our ability to generate cash from operations is dependent upon the ability of our tenants to pay the base rent, expense recoveries, and other charges due under their leases on a timely basis.
Removed
If an economic recession returns, it could, among other impacts, increase the number of our tenants that are unable to meet their lease obligations to us and limit the demand from new tenants for space in our properties.
Added
The success of our tenants in operating their businesses continues to be impacted by many current economic challenges, which impact their cost of doing business, including, but not limited to, inflation, labor shortages, tariff policies, supply chain constraints, retail theft, violent crime, decreasing consumer confidence and discretionary spending, increasing energy prices, and volatile interest rates.
Removed
Portfolio Update Over the past two years, demand for open-air retail real estate has been strong due to the limited availability of desirable retail space and limited new construction over the previous 15 years. As a result, in 2024 we experienced our highest annual leasing activity in the Company’s history with approximately 5.0 million square feet of leasing volume.
Added
Sustained weakness in certain sectors of the U.S. economy could result in the bankruptcy or weakened financial condition of a number of retailers, including some of our tenants, and an increase in store closures. Tenants may also choose to consolidate, downsize, or relocate their operations for various reasons, including mergers or other restructurings.
Removed
Open-air centers are thriving for a variety of reasons, including their ability to function as last-mile fulfillment centers and their convenient and affordable nature for retailers and consumers. This includes conveniently located and easily accessible parking fields, lower operating costs as compared to other retail formats, and essential anchors that drive daily trips.
Added
These events, or other similar events, and economic conditions are beyond our control and could affect the overall economy as well as specific properties in our portfolio and our overall cash flow and results of operations, including the following, any of which could have a material adverse effect on our business: • Collections.
Removed
In addition, the Company’s property types are particularly suited for retailers’ current and evolving needs, including curbside pick-up and buying online and picking up in store (“BOPIS”), which we believe will benefit from tenant demand for additional space.
Added
Tenants may have difficulty paying their rent and other charges due under their lease agreements on a timely basis or request rent deferrals, reductions, or abatements as a result of operating challenges. • Leasing.
Removed
The strength of the Company’s real estate is further evidenced by our continued strong cash leasing spreads and ABR for the retail portfolio of $21.15 per square foot as of December 31, 2024. 35 Table of Contents In evaluating potential acquisition, development, and redevelopment opportunities, we look for strong sub-markets where average household income, educational attainment, population density, traffic counts, and daytime workforce populations are above the broader market average.
Added
Tenants may delay or cancel lease commencements, decline to extend or renew leases upon expiration, reduce the size of their leased space, close certain locations, or declare bankruptcy, which could result in the termination of the tenant’s lease and the related loss of rental income.
Removed
We also focus on locations that are benefiting from current population migratory patterns, namely major cities in business-friendly states with no or relatively low income taxes and mild or temperate climates. In our largest sub-markets, household incomes are significantly higher, and state income taxes are relatively lower than the medians for the broader markets.
Added
Such terminations or cancellations could result in lease terminations or reductions in rent by certain other tenants in the same shopping center due to contractual co-tenancy termination or rent reduction rights contained in some leases. • Re-leasing. We may be unable to re-lease vacated space at attractive rents or at all.
Removed
In addition to targeting sub-markets with strong consumer demographics, we focus on having the most desirable tenant mix at each shopping center.
Added
In some cases, it may take an extended period of time or increased costs for renovations or concessions to re-lease a space, particularly if it involves a significant tenant or a non-owned anchor tenant in multiple locations. Elevated levels of inflation may adversely affect our financial condition and results of operations.
Removed
We have aggressively targeted and executed leases with prominent grocers, including Lidl, Aldi, Whole Foods, Trader Joe’s, Sprouts Farmers Market, and BJ’s Wholesale Club, expanding retailers such as Nordstrom Rack, Homesense, Ross Dress for Less, Burlington, Sierra, J.Crew Factory, and pOpshelf, service and restaurant retailers, and other retailers such as Ulta Beauty, REI, Five Below, L.L.Bean, and Total Wine & More.
Added
Although inflation has moderated significantly from peak levels experienced during 2022, it may increase in the future as a result of multiple factors, including the tariffs implemented by the U.S. government in 2025 on imported goods from specific countries.
Removed
Additionally, we have identified cost-efficient ways to relocate, re-tenant, and renegotiate leases at several of our properties, which allows us to attract more suitable tenants. Capital and Financing Activities In 2024, we maintained a conservative balance sheet and ample liquidity to fund future growth.
Added
These tariffs may lead to higher prices for many of the products that our tenants sell, potentially reducing consumer demand and spending and negatively impacting our tenants’ sales volume and overall health.
Removed
We ended 2024 with approximately $1.6 billion of combined cash and borrowing capacity on the Revolving Facility.
Added
This, in turn, has and could in the 12 Table of Contents future put downward pricing pressure on rents that we are able to charge to new or renewing tenants, such that rent spreads and, in some cases, our percentage rents could be adversely impacted.
Removed
In addition, as of December 31, 2024, we had $430.0 million of debt principal scheduled to mature through December 31, 2025, which we expect will be satisfied through a combination of proceeds from the Notes Due 2031 that were issued in August 2024, cash flows generated from operations, capital markets transactions, and borrowings on the Revolving Facility.
Added
In addition, a portion of our leases are based on a fixed amount or fixed percentage that is not subject to adjustment for inflation. Increased inflation could have a more pronounced negative impact on our interest and general and administrative expenses, as these costs could increase at a higher rate than the rent we charge to tenants.
Removed
The three investment-grade credit ratings we maintain provide us with access to the unsecured public bond market, which we may continue to use in the future to finance acquisitions, repay maturing debt, and fix interest rates.
Added
If we are unable to lower our operating costs when revenues decline or fully recover cost increases from our tenants, our financial performance could be materially and adversely affected. We may be unable to collect rent or make claims against a tenant in bankruptcy.
Removed
Results of Operations As of December 31, 2024, we own interests in 179 operating retail properties, excluding one operating retail property classified as held for sale as of December 31, 2024, two office properties, two development projects that are currently under construction, and two additional properties with future redevelopment opportunities.
Added
Our business and financial condition depend on the financial stability of our tenants and our ability to lease space to them on economically favorable terms. From time to time, certain of our tenants have declared bankruptcy and other tenants may declare bankruptcy in the future.
Removed
The following table sets forth the total operating properties and development projects we own as of December 31, 2024, 2023 and 2022: Number of Properties 2024 2023 2022 Operating retail properties (1) 179 180 183 Office properties 2 1 1 Active development and redevelopment projects 2 2 3 Future development and redevelopment opportunities 2 2 1 (1) Included within operating retail properties are 10, 10, and 11 properties that contain an office component as of December 31, 2024, 2023 and 2022, respectively.
Added
A bankruptcy filing by one of our tenants would legally prohibit us from collecting any unpaid rent from that tenant unless we receive an order from the bankruptcy court permitting us to do so.
Removed
The comparability of results of operations for the year ended December 31, 2024 is affected by our development, redevelopment, and operating property acquisition and disposition activities between 2022 through 2024.
Added
Such bankruptcies have in the past and could in the future delay, reduce, or ultimately preclude the collection of amounts owed to us, including both past and future rent. A tenant in bankruptcy may attempt to renegotiate their lease or request significant rent concessions.
Removed
Therefore, we believe it is most useful to review the comparisons of our results of operations for these years (as set forth below under “Comparison of Operating Results for the Years Ended December 31, 2024 and 2023”) in conjunction with the discussion of our activities during those periods, which is set forth below. 36 Table of Contents Acquisitions The following operating properties were acquired during the years ended December 31, 2024, 2023 and 2022: Property Name MSA Acquisition Date GLA Pebble Marketplace Las Vegas February 16, 2022 85,796 MacArthur Crossing two-tenant building Dallas/Ft.
Added
If a lease is assumed by a tenant in bankruptcy, all pre-bankruptcy amounts owed under the lease must be paid in full to us.
Removed
Worth April 13, 2022 56,077 Palms Plaza Miami July 15, 2022 68,976 Prestonwood Place Dallas/Ft.
Added
However, if a lease is rejected by a tenant in bankruptcy, we would have only a general unsecured claim for damages that would be paid only to the extent that funds are available and in the same percentage as is paid to all other holders of unsecured claims.
Removed
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 years ended December 31, 2024, 2023 and 2022: Property Name MSA Disposition Date GLA Plaza Del Lago (1) Chicago June 16, 2022 100,016 Lincoln Plaza – Lowe’s (2) Worcester, MA October 27, 2022 — 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.
Added
As a result, it is likely that we would recover substantially less than the full amount of any unsecured claim we hold from a tenant in bankruptcy, if at all, which would reduce our cash flows and could have a material adverse effect on us. E-commerce and other changes in consumer buying practices may impact our tenants and our business.
Removed
Worth October 24, 2023 43,640 Ashland & Roosevelt Chicago May 31, 2024 104,176 (1) Plaza Del Lago also contains 8,800 square feet of residential space composed of 18 multifamily rental units. (2) We sold the ground lease interest in one tenant at an existing multi-tenant operating retail property.
Added
Many retailers have made e-commerce a vital piece of their business.
Removed
The total number of properties in our portfolio was not affected by this transaction. In addition, during the year ended December 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.
Added
Any consumer shifts towards online shopping may cause declines in brick-and-mortar sales generated by certain of our tenants, which could affect decisions made by current and prospective tenants regarding leasing space and how they compete and innovate in a rapidly changing retail environment, including potentially reducing the size or number of their retail locations in the future.
Removed
Glendale Center Apartments is adjacent to our Glendale Town Center operating retail property in the Indianapolis MSA. 37 Table of Contents Development and Redevelopment Projects The following properties were under active development or redevelopment at various times during the years ended December 31, 2024, 2023 and 2022 and removed from our operating portfolio: Project Name MSA Transition to Development or Redevelopment (1) Transition to Operating Portfolio GLA Active Projects The Corner – IN (2) Indianapolis December 2015 Pending 24,000 One Loudoun Expansion (3) Washington, D.C.
Added
We cannot predict with certainty how changes in e-commerce will impact the demand for space or the revenue generated at our properties in the future.
Removed
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 Eddy Street Commons – Phase III South Bend, IN September 2020 March 2022 18,600 Shoppes at Quarterfield Baltimore October 2021 June 2022 58,000 One Loudoun Downtown – Pads G&H Residential Washington, D.C.
Added
We continue to respond to these trends and are heavily focused on anchoring and diversifying our properties with tenants whose businesses are either more resistant to or synergistic with e-commerce, as well as adapting our properties to allow our tenants to serve as last-mile fulfillment centers.
Removed
October 2021 June 2022 — Circle East Baltimore October 2021 September 2022 82,000 One Loudoun Downtown – Pads G&H Commercial Washington, D.C. October 2021 December 2022 67,000 The Landing at Tradition – Phase II Port St. Lucie, FL September 2021 June 2023 39,900 Carillon MOB (5) Washington, D.C.
Added
In addition, changes in consumer buying practices and shopping trends may also impact the financial condition of retailers that do not adapt to changes in market conditions, which may impact their ability to pay rent.
Removed
October 2021 December 2024 126,000 (1) Transition date represents the date the property was transferred from our operating portfolio into redevelopment status. For legacy 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.
Added
The risks associated with e-commerce could have a material adverse effect on the business outlook and financial results of our current and future tenants, which, in turn, could have a material adverse effect on us. We face significant competition in leasing space at our properties, which may impact our rental rates, leasing terms, and expenditures for capital improvements.
Removed
(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-use development.
Added
We compete for tenants with many public and private real estate companies, including developers, owners and operators of retail shopping centers and regional and outlet malls, many of whom own properties similar to, and in the same sub-markets as, our properties.
Removed
(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 December 31, 2024).
Added
As of December 31, 2025, leases representing approximately 7.0% of our total retail ABR were scheduled to expire in 2026.
Removed
(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.
Added
Some of our competitors may have greater capital resources than we do or may be willing to offer lower rental rates or more favorable terms to tenants, such as substantial rent reductions or abatements, tenant allowances or other improvements, or early termination rights.
Removed
(5) This property is included in the office portfolio and is not included in the operating portfolio or the same property pool. In addition, during the year ended December 31, 2024, the Company disposed of the first phase of a land parcel and the rights to develop 24 residential units at One Loudoun Expansion in the Washington, D. C. MSA.
Added
These accommodations may pressure us to reduce our rental rates, undertake unexpected capital improvements, or offer other terms less favorable to us, which could adversely affect our financial condition.
Removed
The Company is under contract to sell the remaining land and the rights to develop an additional 54 residential units, which are expected to close in phases through 2026. 38 Table of Contents Comparison of Operating Results for the Years Ended December 31, 2024 and 2023 The following table reflects changes in the components of our consolidated statements of operations for the years ended December 31, 2024 and 2023 (in thousands) : Year Ended December 31, 2024 2023 Change Revenue: Rental income $ 826,548 $ 810,146 $ 16,402 Other property-related revenue 10,631 8,492 2,139 Fee income 4,663 4,366 297 Total revenue 841,842 823,004 18,838 Expenses: Property operating 113,601 107,958 5,643 Real estate taxes 103,893 102,426 1,467 General, administrative and other 52,558 56,142 (3,584) Depreciation and amortization 393,335 426,361 (33,026) Impairment charges 66,201 477 65,724 Total expenses 729,588 693,364 36,224 (Loss) gain on sales of operating properties, net (864) 22,601 (23,465) Operating income 111,390 152,241 (40,851) Other (expense) income: Interest expense (125,691) (105,349) (20,342) Income tax expense of taxable REIT subsidiary (139) (533) 394 Loss on extinguishment of debt (180) — (180) Equity in (loss) earnings of unconsolidated subsidiaries (1,158) 33 (1,191) Gain on sale of unconsolidated property, net 2,325 — 2,325 Other income, net 17,869 1,991 15,878 Net income 4,416 48,383 (43,967) Net income attributable to noncontrolling interests (345) (885) 540 Net income attributable to common shareholders $ 4,071 $ 47,498 $ (43,427) Property operating expense to total revenue ratio 13.5 % 13.1 % Rental income (including tenant reimbursements) increased $16.4 million, or 2.0%, due to the following (in thousands) : Net Change Year Ended December 31, 2023 to 2024 Properties or components of properties sold or held for sale during 2023 and/or 2024 $ (14,039) Properties under redevelopment or acquired during 2023 and/or 2024 7,677 Properties fully operational during 2023 and 2024 and other 22,764 Total $ 16,402 The net increase of $22.8 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 $13.5 million due to changes via contractual rate increases and leasing spreads, (ii) tenant reimbursements of $11.1 million due to higher recoverable common area maintenance expenses, and (iii) ancillary income of $0.5 million.
Added
Additionally, if retailers or consumers perceive that shopping at other locations owned by our competitors is more convenient, cost-effective, or otherwise more attractive, our revenues and results of operations may also suffer. Changing economic and retail market conditions in geographic areas where our properties are concentrated could materially and adversely affect our financial condition and results of operations.
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Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
11 edited+1 added−1 removed7 unchanged
Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
11 edited+1 added−1 removed7 unchanged
2024 filing
2025 filing
Biggest changeRisks And Impact From Cybersecurity Threats As of December 31, 2024, we are not aware of any risks from cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations or financial condition.
Biggest changeRisks And Impact From Cybersecurity Threats We have identified cyber attacks and other cybersecurity incidents on our IT systems and those of third parties, including through e-mail phishing attempts and scams, but none of the risks from cybersecurity threats or incidents identified as of December 31, 2025, including third-party incidents, during any of the prior three fiscal years, has materially affected or is reasonably likely to materially affect the Company, including our business strategy, results of operations, or financial condition.
These efforts may include reviewing security documentation or protocols of key vendors, service providers, and external users of our systems. The Company has developed cybersecurity incident response plans to contain, investigate, respond to, and recover from cybersecurity incidents that may jeopardize the confidentiality, integrity, or availability of our IT systems.
These efforts may include reviewing security documentation or protocols for key vendors, service providers, and external users of our systems. The Company has developed cybersecurity incident response plans to contain, investigate, respond to, and recover from cybersecurity incidents that may jeopardize the confidentiality, integrity, or availability of our IT systems.
Key members of management, including the Company’s Chief Financial Officer, Chief Operating Officer, and Chief Legal Officer, as well as employees from IT, internal audit, marketing and communications, and human resources, serve on the Company’s security incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified.
Key members of management, including the Company’s Chief Financial Officer, Chief Operating Officer, Chief Administrative and Transformation Officer, and Chief Legal Officer, as well as employees from IT, internal audit, human resources, and marketing and communications, serve on the Company’s security incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified.
In addition, when appropriate, cybersecurity risks and incidents will be reported to the Board of Trustees by the Company’s Chief Financial Officer. Management’s Role The Company’s management team is responsible for implementing and managing the Company’s cybersecurity risk management program. The management team regularly reviews the Company’s cybersecurity risks and adjusts the program as 27 Table of Contents needed.
In addition, when appropriate, the Company’s Chief Financial Officer will report cybersecurity risks and incidents to the Board of Trustees. 27 Table of Contents Management’s Role The Company’s management team is responsible for implementing and managing the Company’s cybersecurity risk management program. The management team regularly reviews the Company’s cybersecurity risks and adjusts the program as needed.
The Company regularly performs internal and external penetration testing and vulnerability scanning with the support of well-established third-party providers. Identified deficiencies or vulnerabilities are reviewed by the IT staff and management, and remediation steps are taken based on the criticality of the results.
The Company regularly performs internal and external penetration testing and vulnerability scanning with the support of well-established third-party providers. The IT staff and management review any identified deficiencies or vulnerabilities, and remediation steps are taken based on the criticality of the results.
Via multiple monitoring solutions, potential cyber threats are automatically logged and proactively addressed. Our monitoring tools use well-established vulnerability scoring to aid in the overall risk assessment. The scoring ranks by potential severity and likelihood and includes a review of mitigating factors. The Company prioritizes its cybersecurity investments based on the likelihood and impact of potential threats.
Multiple monitoring solutions automatically log potential cyber threats and proactively address them. Our monitoring tools use well-established scoring mechanisms to aid in the overall risk assessment. The scoring ranks potential threats by potential severity and likelihood and includes a review of mitigating factors. The Company prioritizes its cybersecurity investments based on the likelihood and impact of potential threats.
While the full Board of Trustees has primary responsibility for risk oversight, it has delegated to the Audit Committee the responsibility for overseeing the Company’s enterprise risk management and risk mitigation policies and programs, including matters related to privacy and cybersecurity.
Board of Trustees Oversight Our Board of Trustees oversees various risks the Company may face from time to time. While the full Board of Trustees has primary responsibility for risk oversight, it has delegated to the Audit Committee the responsibility for overseeing the Company’s enterprise risk management and risk mitigation policies and programs, including matters related to privacy and cybersecurity.
However, evolving cybersecurity threats make it increasingly challenging to anticipate, detect, and defend against cybersecurity threats and incidents. For more information regarding our cybersecurity risks, see “We and our tenants face risks related to cyber attacks that could cause loss of confidential information and other business disruptions” in Item 1A.
However, evolving cybersecurity threats make it increasingly challenging to anticipate, detect, and defend against them and any incidents. For more information regarding our cybersecurity risks, see “We and our tenants face risks related to cyber attacks that could cause loss of confidential information and other business disruptions” in Item 1A, “Risk Factors,” within this Annual Report on Form 10-K.
Key members of the IT team responsible for information security include several individuals with over 20 years of experience within various industries, including real estate, global retail, fintech, and insurance, along with experience working for several top IT service and solutions providers.
Key members of the IT team responsible for information security include individuals with over 20 years of experience in industries such as real estate, global retail, fintech, and insurance, as well as backgrounds with top IT service and solutions providers.
The Audit Committee reviews the Company’s cybersecurity risks and the effectiveness of its cybersecurity program every quarter, including current threat levels and ongoing program enhancements. Reports on these topics are provided to the Audit Committee by the Vice President, Chief Information Security Officer (“CISO”) and the Vice President, Internal Audit and Enterprise Risk Management on a quarterly basis.
The Audit Committee reviews the Company’s cybersecurity risks and the effectiveness of its cybersecurity program every quarter, including current threat levels and ongoing program enhancements. The Audit Committee receives quarterly reports on these topics from the Senior Vice President — Chief Administrative and Transformation Officer and the Vice President — Internal Audit and Enterprise Risk Management.
ITEM 1C. CYBERSECURITY Cybersecurity Risk Management Process The Company relies extensively on IT systems to operate and manage its business and process transactions. As a result, our business is at risk from, and may be impacted by, cybersecurity incidents.
ITEM 1C. CYBERSECURITY Cybersecurity Risk Management Process The Company relies extensively on IT systems to operate and manage its business and process transactions. Therefore, cybersecurity incidents pose a risk to our business and have the potential to impact it.
Removed
“ Risk Factors ” within this Annual Report on Form 10-K. Board of Trustees Oversight Our Board of Trustees oversees various risks that the Company may face from time to time.
Added
Our team is supported by a third-party company that we have retained to act as our chief information officer based on the third-party company’s extensive experience in the industry and knowledge regarding appropriate cybersecurity processes and procedures, and its ability to assess the integrity of those processes and procedures.
Item 2. Properties
Properties — owned and leased real estate
17 edited+6 added−7 removed0 unchanged
Item 2. Properties
Properties — owned and leased real estate
17 edited+6 added−7 removed0 unchanged
2024 filing
2025 filing
Biggest changeOperating Properties The following table summarizes the geographic diversity of the Company’s retail operating properties by region and state, ranked by ABR, as of December 31, 2024 (GLA and ABR in thousands) : Region/State Number of Properties (1) Owned GLA (2) Total Weighted Retail ABR (3) % of Weighted Retail ABR (3) South Texas 44 7,493 $ 157,891 26.7 % Florida 30 3,505 69,218 11.7 % Maryland 8 1,410 35,017 5.9 % North Carolina 8 1,535 33,700 5.7 % Virginia 7 1,107 31,857 5.4 % Georgia 11 1,849 30,581 5.2 % Tennessee 3 580 8,877 1.5 % Oklahoma 3 506 8,148 1.4 % South Carolina 2 262 3,663 0.6 % Total South 116 18,247 378,952 64.1 % West Washington 10 1,633 31,098 5.3 % Nevada 5 841 28,526 4.8 % Arizona 5 714 16,088 2.7 % California 2 531 12,712 2.2 % Utah 2 388 8,215 1.4 % Total West 24 4,107 96,639 16.4 % Midwest Indiana 15 1,600 31,558 5.3 % Illinois 7 1,059 22,779 3.9 % Michigan 1 308 6,729 1.1 % Missouri 1 453 4,402 0.7 % Ohio 1 236 2,152 0.4 % Total Midwest 25 3,656 67,620 11.4 % Northeast New York 7 713 25,563 4.3 % New Jersey 4 339 11,296 1.9 % Massachusetts 1 264 4,761 0.8 % Connecticut 1 206 4,008 0.7 % Pennsylvania 1 136 1,982 0.4 % Total Northeast 14 1,658 47,610 8.1 % Total (4) 179 27,668 $ 590,821 100.0 % (1) Number of properties represents consolidated and unconsolidated retail properties.
Biggest changeOperating Properties The following table summarizes the geographic diversity of the Company’s retail/mixed-use operating properties and standalone office properties by region and state, ranked by ABR, as of December 31, 2025 (GLA and ABR in thousands) : Region/State Number of Properties (1) Owned GLA (2) Total Weighted ABR (3) % of Weighted ABR (3) South Texas 40 7,503 $ 170,956 28.1 % Florida 30 3,476 69,565 11.4 % Virginia 7 1,307 39,553 6.5 % Maryland 9 1,541 34,528 5.7 % Georgia 11 1,849 31,428 5.2 % North Carolina 6 1,076 25,421 4.2 % Tennessee 3 580 9,459 1.6 % Oklahoma 2 309 4,850 0.8 % South Carolina 2 262 3,827 0.6 % Total South 110 17,903 389,587 64.1 % West Washington 10 1,627 32,416 5.3 % Nevada 5 846 30,131 5.0 % Arizona 3 395 10,209 1.7 % Utah 2 388 8,776 1.4 % California 1 292 5,402 0.9 % Total West 21 3,548 86,934 14.3 % Midwest Indiana 15 1,928 39,804 6.5 % Illinois 7 1,222 27,422 4.5 % Michigan 1 308 7,106 1.2 % Missouri 1 453 4,258 0.7 % Ohio 1 236 2,189 0.4 % Total Midwest 25 4,147 80,779 13.3 % Northeast New York 6 748 27,157 4.5 % New Jersey 4 342 12,153 2.0 % Massachusetts 1 264 4,816 0.8 % Connecticut 1 206 4,084 0.7 % Pennsylvania 1 136 1,982 0.3 % Total Northeast 13 1,696 50,192 8.3 % Total (4) 169 27,294 $ 607,492 100.0 % (1) Number of properties represents consolidated and unconsolidated retail/mixed-use properties and standalone office properties.
(2) Owned GLA represents gross leasable area owned by the Company and excludes the square footage of development and redevelopment projects. (3) Total weighted retail ABR and percent of weighted retail ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties.
(2) Owned GLA represents gross leasable area owned by the Company and excludes the square footage of development and redevelopment projects. (3) Total weighted ABR and percent of weighted ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties.
This column also excludes ground leases. (2) Expiring GLA excludes the square footage of structures located on land owned by the Company and ground-leased to tenants. (3) ABR represents the monthly contractual rent as of December 31, 2024 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.
This column also excludes ground leases. (2) Expiring GLA excludes the square footage of structures located on land owned by the Company and ground-leased to tenants. (3) ABR represents the monthly contractual rent as of December 31, 2025 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.
The blended cash spread for comparable new and non-option renewal leases was 19.9%. Comparable new and renewal leases are defined as those for which the space was occupied by a tenant within the last 12 months.
The blended cash spread for comparable new and non-option renewal leases was 20.3%. Comparable new and renewal leases are defined as those for which the space was occupied by a tenant within the last 12 months.
(4) The Company’s equity requirement is shown net of land sale net proceeds of $15.9 million. 30 Table of Contents Tenant Diversification No individual retail tenant accounted for more than 2.8% of the portfolio’s ABR for the year ended December 31, 2024.
The Company’s equity requirement is shown net of land sale net proceeds of $15.9 million. 30 Table of Contents Tenant Diversification No individual retail tenant accounted for more than 2.6% of the portfolio’s ABR for the year ended December 31, 2025.
The following table summarizes the top 25 tenants at the Company’s retail properties based on minimum rents in place as of December 31, 2024 (GLA and dollars in thousands) : Tenant Primary DBA/ Number of Stores Number of Stores (1) Total Leased GLA (2) ABR (3) % of Weighted ABR (4) The TJX Companies, Inc. T.J.
The following table summarizes the top 25 tenants at the Company’s operating retail/mixed-use properties and standalone office properties based on minimum rents in place as of December 31, 2025 (GLA and dollars in thousands) : Tenant Primary DBA/ Number of Stores Number of Stores (1) Total Leased GLA (2) ABR (3) % of Weighted ABR (4) The TJX Companies, Inc.
(4) Percent of weighted ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties. 31 Table of Contents Lease Expirations In 2025, leases representing 8.1% of total retail ABR are scheduled to expire.
(4) Percent of weighted ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties. 31 Table of Contents Lease Expirations In 2026, leases representing 7.0% of total ABR are scheduled to expire.
Of the 179 operating retail properties, 10 contain an office component. We also own interests in two development projects that are under construction as of December 31, 2024 and an additional two properties with future redevelopment opportunities. See “Schedule III – Consolidated Real Estate and Accumulated Depreciation” for a list of encumbrances on our properties.
Of the 167 operating retail/mixed-use properties, 10 contain an office component. We also own interests in one development project that is under construction as of December 31, 2025 and an additional two properties with future redevelopment opportunities. See “Schedule III – Consolidated Real Estate and Accumulated Depreciation” for a list of encumbrances on our properties.
The following table sets forth information with respect to the Company’s active development projects as of December 31, 2024: Project MSA KRG Ownership % Projected Completion Date (1) Total Commercial GLA Total Multifamily Units Total Project Costs – at KRG's Share KRG Equity Requirement KRG Remaining Spend Estimated Stabilized NOI to KRG Estimated Remaining NOI to Come Online (2) Active Projects The Corner – IN (3) Indianapolis, IN 50% Q1 2025 24,000 285 $31.9M $ — $ — $1.7M–$1.9M $1.7M–$1.9M One Loudoun Expansion (4) Washington, D.C./Baltimore 100% Q4 2026 119,000 — $81.0M–$91.0M $65.0M–$75.0M $65.0M–$75.0M $4.7M–$6.2M $3.2M–$4.7M Total 143,000 285 $112.9M–$122.9M $65.0M–$75.0M $65.0M–$75.0M $6.4M–$8.1M $4.9M–$6.6M (1) Projected completion date represents the earlier of one year after completion of project construction or substantial occupancy of the property.
The following table sets forth information with respect to the Company’s active development project as of December 31, 2025: Project MSA KRG Ownership % Projected Completion Date (1) Total Owned GLA Total Multifamily Units Total Project Costs – at KRG's Share KRG Equity Requirement KRG Remaining Spend Estimated Stabilized NOI to KRG Estimated Remaining NOI to Come Online (2) Active Projects One Loudoun Expansion (3) Washington, D.C./Baltimore 100% Q4 2026– Q2 2027 119,000 — $81.0M–$91.0M $65.0M–$75.0M $50.0M–$60.0M $4.7M–$6.2M $2.0M–$3.5M (1) Projected completion date represents the earlier of one year after completion of project construction or substantial occupancy of the property.
The following table summarizes the scheduled lease expirations for retail tenants as of December 31, 2024, assuming none of the tenants exercise renewal options (dollars in thousands, except per square foot data) : Expiring Retail GLA (2) Expiring ABR per Sq. Ft.
The following table summarizes the scheduled lease expirations for tenants at the Company’s operating retail/mixed-use properties and standalone office properties as of December 31, 2025, assuming none of the tenants exercise renewal options (dollars in thousands, except per square foot data) : Expiring GLA (2) Expiring Retail ABR per Sq. Ft.
(4) Excludes one operating retail property classified as held for sale as of December 31, 2024. 29 Table of Contents Development and Redevelopment Projects In addition to our operating properties, as of December 31, 2024, we own interests in two development projects that are currently under construction.
(4) Excludes two operating retail properties classified as held for sale as of December 31, 2025 and Eastgate Crossing. 29 Table of Contents Development and Redevelopment Projects In addition to our operating properties, as of December 31, 2025, we own an interest in one development project that is currently under construction.
New leases were signed on 204 individual spaces for 1.1 million square feet of GLA (31.9% cash leasing spread on 117 comparable leases), while non-option renewal leases were signed on 336 individual spaces for 1.6 million square feet of GLA (13.3% cash leasing spread on 245 comparable leases) and option renewals were signed on 180 individual spaces for 2.4 million square feet of GLA (6.7% cash leasing spread).
New leases were signed on 226 individual spaces for 1.2 million square feet of GLA (24.3% cash leasing spread on 123 comparable leases), while non-option renewal leases were signed on 289 individual spaces for 1.2 million square feet of GLA (16.9% cash leasing spread on 210 comparable leases) and option renewals were signed on 168 individual spaces for 2.2 million square feet of GLA (7.4% cash leasing spread).
Lease Activity – New and Renewal During 2024, the Company executed new and renewal leases on 720 individual spaces totaling 5.0 million square feet (12.8% cash leasing spread on 542 comparable leases).
Lease Activity – New and Renewal During 2025, the Company executed new and renewal leases on 683 individual spaces totaling 4.6 million square feet (13.8% cash leasing spread on 501 comparable leases).
(3) ABR represents the monthly contractual rent for December 31, 2024, for each applicable tenant multiplied by 12 and does not include tenant reimbursements. ABR represents 100% of the ABR at consolidated properties and the Company’s share of the ABR at unconsolidated properties, including ground lease rent.
ABR represents 100% of the ABR at consolidated properties and the Company’s share of the ABR at unconsolidated properties, including ground lease rent.
(2) Estimated remaining NOI to come online excludes in-place NOI and NOI related to tenants that have signed leases but have not yet commenced paying rent. (3) The Company does not have any equity requirements related to this development. Total project costs are at the Company’s share and are net of the Company’s share of a $13.5 million TIF.
The range for the One Loudoun Expansion represents a staggered stabilization schedule for the various buildings. (2) Estimated remaining NOI to come online excludes in-place NOI and NOI related to tenants that have signed leases but have not yet commenced paying rent. (3) The One Loudoun Expansion project is expected to consist of retail, office, multifamily, and a hotel.
Maxx (18), Marshalls (13), HomeGoods (11), Homesense (4), T.J. Maxx & HomeGoods combined (2), Sierra (2) 50 1,450 $ 16,615 2.8 % Best Buy Co., Inc. Best Buy (15), Pacific Sales (1) 16 633 11,447 1.9 % Ross Stores, Inc.
T.J. Maxx (16), Marshalls (12), HomeGoods (10), Homesense (5), Sierra (4), T.J. Maxx & HomeGoods combined (2) 49 1,398 $ 15,647 2.6 % Ross Stores, Inc. Ross Dress for Less (28), dd’s DISCOUNTS (1) 29 824 11,468 1.9 % PetSmart, Inc. 29 593 9,861 1.6 % Best Buy Co., Inc.
ITEM 2. PROPERTIES As of December 31, 2024, we own interests in a portfolio of 179 operating retail properties totaling approximately 27.7 million square feet, excluding one operating retail property classified as held for sale as of December 31, 2024, and two office properties with 0.4 million square feet in 24 states.
PROPERTIES As of December 31, 2025, we own interests in a portfolio of 167 operating retail/mixed-use properties, including 159 wholly owned properties and eight properties owned through four unconsolidated joint ventures, totaling approximately 26.9 million square feet in 24 states, excluding (i) two operating retail properties classified as held for sale as of December 31, 2025, (ii) Eastgate Crossing, a 152,682 square foot multi-tenant retail property in the Durham-Chapel Hill MSA that was reclassified from our operating portfolio in September 2025 due to significant disruption caused by severe flooding as a result of Tropical Storm Chantal, and (iii) two standalone office properties with 0.4 million square feet.
Removed
Ross Dress for Less (32), dd’s DISCOUNTS (1) 33 937 11,333 1.9 % PetSmart, Inc. 32 657 10,991 1.9 % Michaels Stores, Inc. Michaels 28 631 8,346 1.4 % Gap Inc. Old Navy (25), The Gap (3), Athleta (3), Banana Republic (2) 33 448 8,137 1.4 % Dick’s Sporting Goods, Inc.
Added
Best Buy (14), Pacific Sales (1) 15 593 9,002 1.5 % Dick’s Sporting Goods, Inc. Dick’s Sporting Goods (10), Foot Locker (3), Golf Galaxy (2) 15 613 8,646 1.4 % Publix Super Markets, Inc. 15 720 7,725 1.3 % Gap Inc. Old Navy (22), Athleta (3), The Gap (3), Banana Republic (2) 30 399 7,137 1.2 % Michaels Stores, Inc.
Removed
Dick’s Sporting Goods (12), Golf Galaxy (1) 13 625 7,956 1.3 % Publix Super Markets, Inc. 14 672 6,935 1.2 % Ulta Beauty, Inc. 28 286 6,303 1.1 % Total Wine & More 15 355 6,152 1.0 % The Kroger Co.
Added
Michaels 22 483 6,096 1.0 % The Kroger Co.
Removed
Kroger (6), Harris Teeter (2), QFC (1), Smith’s (1) 10 356 6,041 1.0 % Lowe’s Companies, Inc. 6 — 5,838 1.0 % Fitness International, LLC LA Fitness (5), XSport Fitness (1) 6 241 5,696 1.0 % Five Below, Inc. 32 291 5,684 1.0 % BJ’s Wholesale Club, Inc. 3 115 5,515 0.9 % Petco Health and Wellness Company, Inc. 19 273 5,135 0.9 % Nordstrom, Inc.
Added
Kroger (6), Harris Teeter (2), QFC (1), Smith’s (1) 10 356 5,962 1.0 % Lowe’s Companies, Inc. 6 — 5,958 1.0 % BJ’s Wholesale Club, Inc. 3 115 5,892 1.0 % Ulta Beauty, Inc. 24 246 5,134 0.8 % Fitness International, LLC LA Fitness (4), XSport Fitness (1) 5 206 5,098 0.8 % Burlington Stores, Inc. 12 456 5,030 0.8 % Total Wine & More 12 287 4,992 0.8 % Whole Foods Market, Inc. 7 238 4,917 0.8 % The Container Store Group, Inc. 7 151 4,650 0.8 % Five Below, Inc. 26 237 4,429 0.7 % Trader Joe’s 10 137 4,216 0.7 % Albertsons Companies, Inc.
Removed
Nordstrom Rack 9 272 5,015 0.8 % Kohl’s Corporation 7 265 4,980 0.8 % The Container Store Group, Inc. 7 151 4,707 0.8 % Designer Brands Inc.
Added
Safeway (3), Tom Thumb (2), Jewel-Osco (1) 6 281 4,198 0.7 % Petco Health and Wellness Company, Inc. 15 218 3,986 0.7 % Dollar Tree, Inc. 24 281 3,940 0.6 % KnitWell Group Chico’s (6), Talbots (6), Ann Taylor (4), White House Black Market (4), LOFT (3), Soma (3) 26 111 3,897 0.6 % Sprouts Farmers Market, Inc. 7 194 3,854 0.6 % NYC Department of Education 1 76 3,826 0.6 % Total Top Tenants 405 9,213 $ 155,561 25.5 % (1) Number of stores represents stores at consolidated and unconsolidated properties.
Removed
DSW Designer Shoe Warehouse 16 313 4,630 0.8 % KnitWell Group Chico’s (7), Talbots (7), LOFT (5), Soma (4), Ann Taylor (4), White House Black Market (4) 31 134 4,571 0.8 % Trader Joe's 11 135 4,521 0.8 % Burlington Stores, Inc. 10 459 4,412 0.8 % Sprouts Farmers Market, Inc. 8 222 4,384 0.7 % Office Depot, Inc.
Added
(2) Total leased GLA excludes the square footage of structures located on land owned by the Company and ground-leased to tenants. (3) ABR represents the monthly contractual rent for December 31, 2025, for each applicable tenant multiplied by 12 and does not include tenant reimbursements.
Removed
Office Depot (11), OfficeMax (3) 14 308 4,369 0.7 % Total Top Tenants 451 10,229 $ 169,713 28.7 % (1) Number of stores represents stores at consolidated and unconsolidated properties. (2) Total leased GLA excludes the square footage of structures located on land owned by the Company and ground-leased to tenants.
Added
(3) Number of Expiring Leases (1) Shop Tenants Anchor Tenants Office Tenants Expiring ABR (Pro rata) Expiring Ground Lease ABR (Pro rata) % of Total ABR (Pro rata) Shop Tenants Anchor Tenants Total 2026 380 852,116 720,775 118,995 $ 40,930 $ 1,493 7.0 % $ 32.52 $ 15.24 $ 24.60 2027 542 1,168,106 2,045,496 157,140 72,096 5,354 12.7 % 35.02 15.16 22.38 2028 579 1,223,758 2,369,763 323,920 84,978 6,228 15.0 % 37.18 14.56 22.26 2029 557 1,167,579 2,595,330 185,070 85,449 3,581 14.7 % 36.99 15.45 22.13 2030 438 1,054,896 1,629,174 121,401 59,462 5,696 10.7 % 33.87 13.26 21.36 2031 322 739,740 1,572,658 245,981 54,087 3,977 9.6 % 36.08 14.54 21.43 2032 219 532,388 1,232,573 179,104 39,079 536 6.5 % 34.39 14.11 20.23 2033 202 519,194 699,678 30,589 30,851 4,156 5.8 % 38.67 15.59 25.42 2034 178 357,536 673,807 79,914 28,016 2,230 5.0 % 43.06 17.22 26.18 2035 165 381,653 770,845 49,784 27,030 899 4.6 % 36.63 16.40 23.10 Beyond 210 395,915 1,379,446 191,147 46,443 4,920 8.4 % 44.51 19.04 24.72 3,792 8,392,881 15,689,545 1,683,045 $ 568,421 $ 39,070 100.0 % $ 36.35 $ 15.29 $ 22.63 (1) Lease expirations table reflects rents in place as of December 31, 2025 and does not include option periods; 2026 expirations include 27 month-to-month tenants.
Removed
(3) Number of Expiring Leases (1) Shop Tenants Anchor Tenants Expiring ABR (Pro rata) Expiring Ground Lease ABR (Pro rata) % of Total ABR (Pro rata) Shop Tenants Anchor Tenants Total 2025 423 1,001,732 975,209 $ 45,580 $ 2,433 8.1 % $ 32.54 $ 13.84 $ 23.31 2026 494 1,108,332 2,190,581 64,100 4,785 11.7 % 31.09 13.90 19.68 2027 538 1,205,945 2,255,715 70,633 5,587 12.9 % 32.66 14.02 20.52 2028 562 1,236,450 2,747,997 85,450 6,678 15.6 % 35.67 15.06 21.46 2029 562 1,236,206 3,040,465 88,120 3,572 15.5 % 35.55 15.40 21.23 2030 323 818,426 1,977,607 50,600 3,942 9.2 % 31.12 12.97 18.29 2031 174 469,946 675,597 26,056 2,111 4.8 % 33.68 15.29 22.84 2032 180 440,150 1,131,795 30,506 466 5.2 % 32.36 14.76 19.69 2033 196 503,675 721,638 29,065 3,778 5.6 % 35.44 15.60 23.76 2034 174 375,948 645,475 25,913 2,053 4.7 % 38.47 17.81 25.41 Beyond 176 374,406 1,162,612 34,328 5,065 6.7 % 37.56 17.54 22.41 3,802 8,771,216 17,524,691 $ 550,351 $ 40,470 100.0 % $ 33.79 $ 14.82 $ 21.15 (1) Lease expirations table reflects rents in place as of December 31, 2024 and does not include option periods; 2025 expirations include 34 month-to-month retail tenants.
Item 5. Market for Registrant's Common Equity
Market for Common Equity — stock, dividends, buybacks
10 edited+5 added−2 removed7 unchanged
Item 5. Market for Registrant's Common Equity
Market for Common Equity — stock, dividends, buybacks
10 edited+5 added−2 removed7 unchanged
2024 filing
2025 filing
Biggest changeThe actual returns shown on the graph above are as follows: 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 Kite Realty Group Trust $ 100.00 $ 60.91 $ 79.85 $ 119.67 $ 120.51 $ 97.39 $ 121.47 $ 131.93 $ 138.06 $ 138.35 $ 159.42 S&P 500 $ 100.00 $ 96.92 $ 118.40 $ 136.46 $ 152.39 $ 121.97 $ 124.79 $ 145.87 $ 157.59 $ 181.69 $ 197.02 FTSE NAREIT Equity REITs $ 100.00 $ 81.29 $ 92.00 $ 112.20 $ 131.78 $ 105.16 $ 99.67 $ 105.02 $ 113.35 $ 113.20 $ 123.25 ITEM 6. [RESERVED] 34 Table of Contents ITEM 7.
Biggest changeThe actual returns shown on the graph above are as follows: 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 6/25 12/25 Kite Realty Group Trust $ 100.00 $ 149.87 $ 150.92 $ 121.96 $ 152.12 $ 165.22 $ 172.90 $ 173.26 $ 199.65 $ 183.67 $ 199.15 S&P 500 $ 100.00 $ 115.25 $ 128.71 $ 103.02 $ 105.40 $ 123.20 $ 133.10 $ 153.46 $ 166.40 $ 176.73 $ 196.16 FTSE NAREIT Equity REITs $ 100.00 $ 121.96 $ 143.24 $ 114.30 $ 108.34 $ 114.15 $ 123.21 $ 123.05 $ 133.97 $ 133.63 $ 137.83 ITEM 6. [RESERVED] 34 Table of Contents
To the extent that distributions are both in excess of taxable earnings and profits and the shareholder’s adjusted tax basis in its common shares, the distribution will be treated as gain from the sale of common shares.
To the extent that distributions are both in excess of taxable earnings and profits and the shareholder’s adjusted tax basis in its common shares, the distribution will be treated as a gain from the sale of common shares.
The graph assumes that the value of the investment in our common shares and each index was $100 at December 31, 2019 and that all cash distributions were reinvested. The shareholder return shown on the graph below is not indicative of future performance.
The graph assumes that the value of the investment in our common shares and each index was $100 at December 31, 2020 and that all cash distributions were reinvested. The shareholder return shown on the graph below is not indicative of future performance.
The following graph compares the cumulative total shareholder return of our common shares for the period from December 31, 2019 to December 31, 2024, to the S&P 500 Index and the published NAREIT All Equity REIT Index over the same period.
The following graph compares the cumulative total shareholder return of our common shares for the period from December 31, 2020 to December 31, 2025, to the S&P 500 Index and the published NAREIT All Equity REIT Index over the same period.
This figure does not represent the actual number of beneficial owners of our common shares because our common shares are frequently held in “street name” by securities dealers and others for the benefit of beneficial owners who may vote the shares.
This figure does not represent the actual number of beneficial owners since our common shares are often held in “street name” by securities dealers and others for the benefit of beneficial owners who may vote the shares.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information Our common shares trade on the New York Stock Exchange (the “NYSE”) under the symbol “KRG.” On February 7, 2025, the closing price of our common shares on the NYSE was $23.54.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information Our common shares trade on the New York Stock Exchange (the “NYSE”) under the symbol “KRG.” On February 13, 2026, the closing price of our common shares on the NYSE was $25.03.
Holders On February 7, 2025, there were 8,932 registered holders of record of our common shares, which does not include beneficial or non-registered holders that hold their shares through various brokerage firms.
Holders On February 13, 2026, there were 8,417 registered holders of record of our common shares, which does not include beneficial or non-registered holders that hold their shares through various brokerage firms.
Under certain circumstances, we could be required to make distributions in excess of cash available for distributions in order to meet such requirements. For the taxable year ended December 31, 2024, approximately 96.4% of our distributions to shareholders constituted taxable ordinary income dividends and approximately 3.6% constituted taxable capital gains dividends.
Under certain circumstances, we could be required to make distributions in excess of cash available for distributions to meet such requirements. For the taxable year ended December 31, 2025, approximately 83.2% of our distributions to shareholders constituted taxable ordinary income dividends, and approximately 16.8% constituted taxable capital gains dividends.
Issuances Under Equity Compensation Plans For information regarding the securities authorized for issuance under our equity compensation plans, see Item 12 of this Annual Report on Form 10-K. 33 Table of Contents Performance Graph Notwithstanding anything to the contrary set forth in any of our filings under the Securities Act or the Exchange Act that might incorporate SEC filings, in whole or in part, the following performance graph will not be incorporated by reference into any such filings.
Performance Graph Notwithstanding anything to the contrary set forth in any of our filings under the Securities Act or the Exchange Act that might incorporate SEC filings, in whole or in part, the following performance graph will not be incorporated by reference into any such filings.
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 January 2025, 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, 2026, if not terminated or extended prior to that date.
The program may be suspended or terminated at any time by the Company and will terminate on February 28, 2027, if not terminated or extended prior to that date.
Removed
These shares are repurchased by the Company. There were no shares of common stock surrendered or repurchased during the three months ended December 31, 2024. As of December 31, 2024, $300.0 million remains available for repurchases under the Company’s authorized Share Repurchase Program, which was announced in February 2021.
Added
The following table summarizes the common share repurchases made during the three months ended December 31, 2025 and amounts outstanding under our Share Repurchase Program: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value that May Yet Be Purchased Under the Plans or Programs (1) October 1, 2025 to October 31, 2025 321,862 $ 22.25 321,862 $ 222,901,000 November 1, 2025 to November 30, 2025 2,593,394 (2) $ 22.39 2,586,992 $ 164,990,000 December 1, 2025 to December 31, 2025 4,818,652 $ 23.39 4,818,652 $ 52,301,000 Total 7,733,908 $ 23.00 7,727,506 (1) Represents amounts outstanding under the Company’s authorized Share Repurchase Program, which was announced in February 2021.
Removed
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the accompanying audited consolidated financial statements and related notes thereto and
Added
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 33 Table of Contents November 2025, extended the program for an additional year.
Added
In February 2026, our Board of Trustees authorized a $300.0 million increase to the size of the Share Repurchase Program, authorizing share repurchases up to a maximum of $600.0 million of our common shares.
Added
(2) Includes 6,402 common shares owned by employees that were surrendered 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.
Added
Issuances Under Equity Compensation Plans For information regarding the securities authorized for issuance under our equity compensation plans, see Item 12 of this Annual Report on Form 10-K.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Market Risk — interest-rate, FX, commodity exposure
7 edited+0 added−0 removed1 unchanged
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Market Risk — interest-rate, FX, commodity exposure
7 edited+0 added−0 removed1 unchanged
2024 filing
2025 filing
Biggest changeAs of December 31, 2024, we had $3.2 billion of outstanding consolidated indebtedness (inclusive of net unamortized debt discounts, premiums and issuance costs of $1.3 million). In addition, we were party to various consolidated interest rate hedge agreements totaling $855.0 million with maturities over various terms through 2026.
Biggest changeAs of December 31, 2025, we had $3.0 billion of outstanding consolidated indebtedness (inclusive of net unamortized debt discounts, premiums and issuance costs of $2.5 million). In addition, we were party to three consolidated interest rate hedge agreements totaling $150.0 million maturing in July 2026.
Based upon the terms of our variable rate debt, we are most vulnerable to a change in short-term SOFR interest rates. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The consolidated financial statements of the Company included in this Report are listed in Part IV, Item 15(a) of this report. ITEM 9.
Based upon the terms of our variable rate debt, we are most vulnerable to a change in short-term SOFR interest rates. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The consolidated financial statements of the Company included in this Report are listed in Part IV, Item 15 of this report. ITEM 9.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Our future income, cash flows and fair values relevant to financial instruments depend upon prevailing interest rates. We are exposed to interest rate changes primarily through our Revolving Facility, unsecured term loans, and other property-specific variable-rate mortgages.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Our future earnings, cash flows, and fair values relevant to financial instruments depend upon prevailing interest rates. We are exposed to interest rate changes primarily through our Revolving Facility, unsecured term loans, and other property-specific variable-rate mortgages.
Our objectives with respect to interest rate risk are to balance the potential impact of interest rate changes on operations and cash flows against our desire to lower our overall borrowing costs.
Our objectives with respect to interest rate risk are to balance the potential impact of interest rate changes on our operations and cash flows against our goal of lowering our overall borrowing costs.
To achieve these objectives, we may borrow at fixed or variable rates and enter into derivative financial instruments such as interest rate swaps, hedges, etc., in order to mitigate the interest rate risk. As a matter of policy, we do not use financial instruments for trading or speculative transactions.
To achieve these objectives, we may borrow at fixed or variable rates and enter into derivative financial instruments such as interest rate swaps, hedges, or treasury locks to mitigate our interest rate risk. As a matter of policy, we do not use financial instruments for trading or speculative transactions.
A 100-basis point change in interest rates on this debt as of December 31, 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 December 31, 2024 would change our annual cash flow by $1.7 million.
A 100-basis-point change in interest rates on this debt as of December 31, 2025 would change our annual cash flow by $4.0 million. A 100-basis-point change in interest rates on our unhedged variable rate debt as of December 31, 2025 would change our annual cash flow by $5.0 million.
Reflecting the effects of these hedge agreements, our fixed and variable rate debt would have been $3.1 billion (95%) and $169.6 million (5%), respectively, of our total consolidated indebtedness as of December 31, 2024. As of December 31, 2024, we had $350.0 million of fixed rate debt scheduled to mature in 2025.
Reflecting the effects of these hedge agreements, our fixed and variable rate debt would have been $2.5 billion (84%) and $497.2 million (16%), respectively, of our total consolidated indebtedness as of December 31, 2025. As of December 31, 2025, we had $400.0 million of fixed-rate debt scheduled to mature in 2026.