Overview

• U.S. shopping center REIT's Q1 net income fell yr/yr; Core FFO per share was $0.52

• Same Property NOI increased 3.6% yr/yr, reflecting higher rental income and occupancy

• Company repurchased 6 mln shares in Q1 and doubled buyback program to $600 mln

Outlook

• Company affirms 2026 NAREIT and Core FFO guidance of $2.06-$2.12 per diluted share

• Company expects 2026 net income of $0.33-$0.39 per diluted share

• Company raises 2026 same property NOI growth outlook to 2.50%-3.50% from 2.25%-3.25%

Result Drivers

• LEASING ACTIVITY - Co executed 151 new and renewal leases with strong blended cash leasing spreads, supporting rental growth

• OCCUPANCY GAINS - Portfolio leased percentage rose 90 basis points yr/yr to 94.7%, reflecting tenant demand

• HIGHER BASE RENT - Annualized base rent per square foot increased 6.5% yr/yr to $22.89

Company press release: ID:nGNX3XPfF4

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Rental Income		$198.04 mln
Q1 Net Income		$11.73 mln
Q1 Basic EPS		$0.06
Q1 Core FFO Per Share		$0.52
Q1 Fee Income		$1.30 mln
Q1 NAREIT FFO Per Share		$0.52

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy"

• Wall Street's median 12-month price target for Kite Realty Group Trust is $27.50, about 5.2% above its April 28 closing price of $26.15

• The stock recently traded at 36 times the next 12-month earnings vs. a P/E of 70 three months ago

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