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INDIANAPOLIS–(BUSINESS WIRE)–Kite Realty Group Assurance (NYSE:KRG) (the “Company”) appear today its operating after-effects for the third division concluded September 30, 2014. All allotment and per allotment amounts in this absolution and in the exhibits accept been restated for the furnishings of the Company’s one-for-four about-face allotment breach in August 2014.

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Third Division Highlights

“The closing of the third division marks a covering time for the Company and we are admiring to address our able performance,” said John A. Kite, Chairman and CEO. “We delivered on our declared objectives and ahead appear banking targets, while absolute focused on our amount cardinal goals. This quarter, with the alliance and abounding affiliation action abaft us, we were able to bear aberrant operating results.”

“We now accept the arch antithesis area in our history. We accept bargain our net debt to EBITDA to about 6.5x, and by active on our antithesis area strategy, we were able to accomplish advance brand acclaim ratings. We abide to enhance our portfolio, accent by our afresh appear 15-asset disposition, which capitalizes on the accepted transaction environment. This quarter’s after-effects accentuate the cogent accomplish the Company has taken, and we abide acutely optimistic about the approaching for the new Kite.”

Third Division Banking After-effects

For the three months concluded September 30, 2014, FFO was $24.7 million, or $0.29 per adulterated accepted share, for absolute acreage backdrop in which subsidiaries of the Company’s operating affiliation owns an absorption (the “Kite Portfolio”), compared to $14.0 million, or $0.56 per adulterated accepted share, for the aforementioned aeon in the above-mentioned year. As adapted for costs associated with our completed alliance with Inland Diversified Absolute Acreage Assurance (“Inland Diversified”), FFO for the three months concluded September 30, 2014, was $43.8 actor or $0.51 per adulterated accepted allotment for the Kite Portfolio, compared to $13.1 million, or $0.52 per adulterated accepted share, for the aforementioned aeon in the above-mentioned year. The abridgement in FFO was primarily apprenticed by assertive ancient items.

For the nine months concluded September 30, 2014, FFO was $51.8 actor or $1.00 per adulterated accepted allotment for the Kite Portfolio, compared to $35.5 million, or $1.50 per adulterated accepted allotment for the aforementioned aeon of the above-mentioned year. As adapted for alliance and accretion costs of $26.8 million, FFO for the nine months concluded September 30, 2014 was $78.7 million, or $1.52 per adulterated accepted allotment for the Kite Portfolio, compared to $34.8 million, or $1.47 per adulterated accepted share, in the aforementioned aeon of the above-mentioned year, which is adapted for assertive ancient items.

Net accident attributable to accepted shareholders for the three months concluded September 30, 2014, was $16.4 actor compared to a net accident of $0.9 actor for the aforementioned aeon in 2013. Net losses attributable to accepted shareholders during the three months concluded September 30, 2014, and September 30, 2013 includes alliance and accretion costs of $19.1 actor and $0.2 million, respectively.

Net accident attributable to accepted shareholders was $19.3 actor for the aboriginal nine months of 2014, compared to a $9.6 actor net accident in the aforementioned aeon of the above-mentioned year. Net accident in the accepted year includes alliance and accretion costs of $26.8 million, account by assets on sales of operating backdrop accretion $9.5 million. The above-mentioned year’s net accident included a $5.4 actor crime charge.

Portfolio Operations

As of September 30, 2014, the Company endemic interests in 126 operating backdrop accretion about 25.6 actor aboveboard feet. The endemic GLA, excluding arena leases and non-owned anchors, in the Company’s retail operating portfolio was 94.9% busy as of September 30, 2014, compared to 95.2% as of June 30, 2014 and 95.9% busy as of September 30, 2013.

Aforementioned acreage net operating income, which includes 50 operating properties, added 4.7% in the third division of 2014 compared to the aforementioned aeon in the above-mentioned year. The busy allotment of these backdrop added to 96.4% at September 30, 2014, from 96.1% at September 30, 2013.

The Company accomplished 64 leases accretion 424,516 aboveboard anxiety during the third division of 2014. There were 51 commensurable new and face-lifting leases accomplished during the division for 320,551 endemic aboveboard feet. Banknote spreads on new leases accomplished in the division were up 43.9%, while banknote spreads on renewals were up 6.3% for a attenuated advance of 14.4%.

Absolute Acreage Action

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Development

As of September 30, 2014, the Company endemic interests in three development projects beneath construction, estimated to absolute over 720,000 aboveboard feet, including Phase II of Holly Springs Towne Centermost and Phases I and II of Parkside Town Commons, all a Raleigh, North Carolina. Phase II of Holly Springs Towne Centermost is anchored by Carmike Cinemas, Bed Bath & Beyond and DSW. Parkside Town Commons Phases I and II are anchored by Target, Frank Theatres, Harris Teeter, PETCO, Golf Galaxy and Field & Stream. Notable addressee openings in the division included Dress Barn at Holly Springs Towne Centermost and PETCO, Golf Galaxy and Field & Stream at Parkside Town Commons.

These projects were in the accumulated 74.3% pre-leased or committed as of September 30, 2014, with a absolute estimated amount of about $156.5 million, of which about $111 actor had been incurred as of September 30, 2014.

Redevelopment

The Company essentially completed Bolton Plaza in Jacksonville, Florida, a 155,000 aboveboard bottom arcade center. This redevelopment included a repositioning of absolute amplitude and was transitioned to the operating portfolio during the quarter. Academy Sports and LA Fitness absorb the above Wal-Mart architecture and Panera Bread is additionally a addressee at the center.

In addition, Gainesville Plaza in Gainesville, Florida consists of 165,000 aboveboard feet, of which 81.6% is pre-leased or committed as of September 30, 2014. The acreage is anchored by Burlington Coat Factory, which opened during the quarter, and Ross Dress for Less.

Dispositions

On September 16, 2014, the Company appear it had entered into a absolute acceding to advertise 15 operating properties. The auction is accepted to aing in two tranches on or afore December 15, 2014, and March 16, 2015, respectively, accountable to the achievement of accepted closing conditions. The disposition includes backdrop either amid in non-core markets or accounted non-core by the Company from a qualitative perspective. The accretion will initially be acclimated to retire debt and will accommodate basal to afterwards be deployed into accretion opportunities in markets which can access calibration and asset quality, constant with the Company’s operating strategy.

Additionally in the third quarter, the Company awash Zionsville Walgreens for $7.35 million. This auction continues to abate the Company’s acknowledgment to distinct addressee assets.

Distributions and Shareholders’ Equity

On September 19, 2014, the Board of Trustees declared a annual banknote allotment of $0.26 per accepted share, which was paid on October 13, 2014 to shareholders of almanac on October 6, 2014.

On August 7, 2014, the Board of Trustees declared a annual banknote allotment of $0.515625 per adopted share, which was paid on September 1, 2014 to shareholders of almanac on August 22, 2014.

On August 11, 2014, afterwards bazaar close, the Company completed a one-for-four about-face allotment breach of its accepted shares. As a aftereffect of the about-face allotment split, the cardinal of outstanding accepted shares of the Company was bargain from about 332.7 actor to about 83.2 million.

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2014 Earnings Advice

The Company is afterlight its FFO advice as adapted for the year catastrophe December 31, 2014, to be aural a ambit of $2.00-2.04 per adulterated accepted share, excluding alliance and accretion costs. The Company’s circumscribed net accident advice for the year is accepted to be aural the ambit of $(0.20) to $(0.16) per adulterated accepted share. This advice is restated to reflect the Company’s one-for-four about-face allotment breach of its accepted shares in August 2014. Utilizing the NAREIT whitepaper analogue of FFO, the Company’s advice ambit would be $1.55 to $1.59 per adulterated accepted allotment and reflects a abridgement of $0.45 for costs associated with its alliance with Inland Diversified. The Company additionally is accretion its 2014 advice for aforementioned acreage net operating assets to 4.4% – 4.6% advance over the above-mentioned year, up from 3.5% – 4.0%.

Low

High

Non-GAAP Banking Measures

Given the attributes of the Company’s business as a absolute acreage buyer and operator, the Company believes that FFO and FFO, as adjusted, are accessible to investors back barometer operating achievement because they exclude assorted items included in net assets or accident that do not chronicle to or are not apocalyptic of operating performance, such as assets or losses from sales and impairments of operating properties, and abrasion and amortization, which can accomplish alternate and associate analyses of operating achievement added difficult. For advisory purposes, we accept additionally provided FFO, as adapted for 2014 costs associated with our alliance with Inland Diversified and 2013 write-off of deferred accommodation costs and non-cash accretion on debt extinguishment. We accept this added advice provides a added allusive admeasurement of our operating performance. The Company believes presenting FFO and adapted FFO in this address allows investors and added absorbed parties to anatomy a added allusive appraisal of the Company’s operating results. Reconciliations of net assets to FFO and adapted FFO are included in the absorbed table.

Earnings Appointment Alarm

The Company will conduct a appointment alarm to altercate its banking after-effects on Monday, November 3rd at 11:00 a.m. Eastern time. A alive webcast of the appointment alarm will be accessible online on the Company’s accumulated website at www.kiterealty.com. The dial-in numbers are (877) 703-6104 for calm callers and (857) 244-7303 for all-embracing callers (passcode 17742563). In addition, a webcast epitomize of the alarm will be accessible until December 31, 2014.

About Kite Realty Group Assurance

Kite Realty Group Assurance is a full-service, angular chip absolute acreage advance assurance affianced in the ownership, operation, management, leasing, acquisition, construction, redevelopment and development of adjacency and association arcade centers in called markets in the United States. As of September 30, 2014, the Company endemic interests in a portfolio of 132 operating, development and redevelopment backdrop accretion about 26.7 actor absolute aboveboard anxiety beyond 26 states. For added information, amuse appointment the Company’s website at www.kiterealty.com.

Safe Harbor

This columnist absolution contains assertive advanced statements aural the acceptation of Area 27A of the Balance Act of 1933 and Area 21E of the Balance Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be accomplished and are inherently accountable to risks, uncertainties and added factors, abounding of which cannot be predicted with accurateness and some of which adeptness not alike be anticipated. Approaching contest and absolute results, performance, affairs or achievements, banking or otherwise, may alter materially from the results, performance, affairs or achievements, banking or otherwise, bidding or adumbrated by the advanced statements. Risks, uncertainties and added factors that adeptness account such differences, some of which could be material, include, but are not bound to: civic and bounded economic, business, absolute acreage and added bazaar conditions, decidedly in ablaze of low advance in the U.S. economy, costs risks, including the availability of and costs associated with sources of liquidity, the Company’s adeptness to refinance, or extend the adeptness dates of, its indebtedness, the akin and animation of absorption rates, the banking adherence of tenants, including their adeptness to pay hire and the accident of addressee bankruptcies, the aggressive ambiance in which the Company operates, acquisition, disposition, development and collective venture, acreage buying and administration risks, the Company’s adeptness to advance its cachet as a absolute acreage advance assurance for federal assets tax purposes, abeyant ecology and added liabilities, crime in the amount of absolute acreage acreage the Company owns, risks accompanying to the bounded absorption of our backdrop in Indiana, Florida and Texas, the dilutive furnishings of approaching offerings of arising added securities, and added factors affecting the absolute acreage industry generally. The Company refers you to the abstracts filed by the Company from time to time with the Balance and Exchange Commission, accurately the area blue-blooded “Risk Factors” in the Company’s Annual Address on Anatomy 10-K for the year concluded December 31, 2013, which altercate these and added factors that could abnormally affect the Company’s results. The Company undertakes no obligation to about amend or alter these advanced statements, whether as a aftereffect of new information, approaching contest or otherwise.

 

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Kite Realty Group Assurance

Circumscribed Antithesis Sheets

(Unaudited)

 

September 30,2014

Addressee receivables, including accrued straight-line hire of $17,304,875 and $14,490,070,respectively, net of allowance for uncollectible accounts

Bound Partners’ interests in the Operating Affiliation and added redeemablenoncontrolling interests

Adopted Shares, $.01 par value, 40,000,000 shares authorized, 4,100,000 and4,100,000 shares issued and outstanding at September 30, 2014 andDecember 31, 2013, appropriately

Accepted Shares, $.01 par value, 450,000,000 shares authorized, 83,459,618 shares and32,706,554 shares issued and outstanding at September 30, 2014 andDecember 31, 2013, appropriately

Kite Realty Group Assurance

Circumscribed Statements of Operations

For the Three and Nine Months Concluded September 30, 2014 and 2013

(Unaudited)

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Three Months Concluded September 30,

Nine Months EndedSeptember 30,

131,515,166

172,079,829

163,871,175

Less: Net (income) accident attributable to noncontrolling absorption

Net accident attributable to Kite Realty Group Assurance accepted shareholders

Abounding boilerplate accepted shares outstanding – basal anddiluted

Amounts attributable to Kite Realty Group Assurance accepted shareholders:

Allotment and per allotment advice has been restated for the furnishings of the Company’s one-for-four about-face allotment breach in August 2014.

 

Kite Realty Group Assurance

Funds From Operations

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For the Three and Nine Months Concluded September 30, 2014 and 2013

(Unaudited)

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Add: abrasion and acquittal of circumscribed entities, net ofnoncontrolling interests

1.00

1.50

Kite Realty Group Assurance

Aforementioned Acreage Net Operating Assets

For the Three and Nine Months Concluded September 30, 2014 and 2013

(Unaudited)

%Change

2014

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2013

%Change

The Company believes that Net Operating Assets is accessible to investors as a admeasurement of its operating achievement because it excludes assorted items included in net assets that do not chronicle to or are not apocalyptic of its operating performance, such as abrasion and amortization, absorption expense, and impairment, if any. The Company believes that Aforementioned Acreage NOI is accessible to investors as a admeasurement of its operating achievement because it includes alone the NOI of backdrop that accept been endemic for the abounding aeon presented, which eliminates disparities in net assets due to the redevelopment, accretion or disposition of backdrop during the accurate aeon presented, and appropriately provides a added constant metric for the allegory of the Company’s properties. NOI and Aforementioned Acreage NOI should not, however, be advised as alternatives to net assets (calculated in accordance with GAAP) as indicators of the Company’s banking performance.

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