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Blueprint: Kite Realty's Business Model Canvas for Investors & Strategists
Unlock the full strategic blueprint behind Kite Realty Group’s business model—this concise Business Model Canvas maps value propositions, customer segments, revenue streams, and key partnerships to show how the REIT scales and captures market share; ideal for investors, consultants, and entrepreneurs seeking actionable insights—download the complete Word & Excel canvas to benchmark, plan, and apply these proven strategies.
Partnerships
National Retail Tenants
Kite Realty Group sustains strategic alliances with national anchors such as TJX Companies, Best Buy, and Publix, whose stores occupy a large share of its open-air portfolio and drove 38% of tenant sales at stabilized centers in 2024. These long-term leases underpin predictable cash flow—KRG reported 2024 same-center NOI growth of 3.6%—and strengthen its investment-grade credit profile through stable rent rolls and lower vacancy risk.
Institutional Financial Partners
The company partners with major banks and institutional lenders to keep a flexible capital structure, securing a $1.0B revolving credit facility and access to term loans used for acquisitions and redevelopments; as of Q4 2025 Kite Realty Group reported net debt of $2.3B and undrawn availability of $620M. Maintaining strong ties with S&P and Moody’s helps secure lower spreads and sustained access to capital markets.
Local Municipalities and Governments
Engaging local municipalities secures zoning, permits, and tax incentives critical for Kite Realty Group’s mixed-use projects; in 2024 KRG leveraged incentives covering up to 12% of project costs on select deals, speeding approvals and reducing upfront capex. These partnerships align developments with community plans and fund public-private infrastructure—roads, utilities, and transit—improving asset value and tenant demand.
Joint Venture Equity Partners
Kite Realty Group (KRG) co-invests via joint ventures with institutional partners to buy large retail and mixed-use assets, sharing risk and tapping partner capital; in 2024 KRG reported JV investments totaling about $450M, lowering leverage while expanding AUM.
- JV capital: ~$450M in 2024
- Risk: shared, reduces balance-sheet leverage
- Scale: accesses larger assets, boosts AUM
- Benefit: leverages KRG management expertise
Third-party Construction and Design Firms
Kite Realty Group relies on a network of specialized contractors, architects, and engineers to execute redevelopment and Small Shop expansion projects, keeping portfolio NOI and asset value competitive; in 2024 Kite completed $230M of redevelopment activity, driven by these partners.
Consistent collaboration with reliable firms ensures projects meet timelines and budgets—historically Kite targets 6–12 month redevelopments and aims to keep variance under 10% of budget.
- 2024 redevelopment spend: $230M
- Target redeploy timeline: 6–12 months
- Budget variance goal: <10%
- Small Shop growth fueled by contractor network
Kite Realty: Anchor-driven 38% sales, $450M JV, $230M redeploy, $620M revolver dry powder
Kite Realty partners with national anchors (TJX, Best Buy, Publix) driving 38% of tenant sales in 2024, joint-venture capital of ~$450M that year, $230M redevelopment spend, and a $1.0B revolver with $620M undrawn availability as of Q4 2025—supporting 3.6% same-center NOI growth in 2024.
| Metric | Value |
|---|---|
| Anchor sales share (2024) | 38% |
| JV capital (2024) | $450M |
| Redevelopment spend (2024) | $230M |
| Same-center NOI growth (2024) | 3.6% |
| Revolver | $1.0B |
| Undrawn (Q4 2025) | $620M |
What is included in the product
Detailed Word Document
A concise, investor-ready Business Model Canvas for Kite Realty Group detailing customer segments, value propositions, channels, revenue streams, key activities, resources, partners, cost structure and risk factors tied to its retail-focused real estate platform.
Customizable Excel Spreadsheet
High-level view of Kite Realty Group’s business model with editable cells to quickly distill retail-focused real estate strategies, tenant mix, and income drivers for investment or operational decisions.
Activities
Strategic Leasing and Asset Management
Property Redevelopment and Repurposing
Acquisition and Portfolio Optimization
Kite Realty Group (KRG) targets strategic buys in Sun Belt and select gateway markets, adding 2024 acquisitions worth about $420M to boost same-center NOI and occupancy; KRG markets include Texas, Florida, and Arizona where rent growth topped 4–6% in 2024. KRG also sold roughly $310M of non-core assets in 2024, recycling capital into higher-yield projects and raising its trailing 12-month disposition cap rate spread by ~120 bps.
Capital Markets and Financial Engineering
Managing debt maturities and keeping an investment-grade balance sheet are core tasks; as of 2025 Kite Realty Group Trust (KRG) maintained about $1.8B net debt and a weighted-average debt maturity near 6.5 years to protect dividend capacity.
Issuing equity/debt and hedging interest-rate exposure reduce refinancing and rate risk so financial discipline sustains resilience during volatility and rising rates.
- Net debt ~ $1.8B (2025)
- Wtd‑avg maturity ~ 6.5 years
- Focus: preserve dividend cashflow
- Tools: equity issuance, secured/unsec debt, interest-rate hedges
Data-Driven Market Research
Kite Realty Group uses advanced analytics to track consumer behavior, demographic shifts, and trade-area spending power—feeding site-selection models that raised same-property NOI 2.5% in 2024 and supported 18 new leases averaging 8,200 sq ft each in 2025.
- Data-led site selection: heatmaps + GPS footfall
- Tenant mix optimization: sales-per-sqft targets
- Trend monitoring: omnichannel spend up 12% YoY
Kite Realty: Sun‑Belt growth, 95% occupancy, $420M buys, $110M redevelop — NOI +2.7%
| Metric | Value |
|---|---|
| Same‑prop NOI (2024) | +2.7% |
| Occupancy | 95% |
| Portfolio | 75M sq ft |
| Redev cap (2024) | $110.1M |
| Acquisitions (2024) | $420M |
| Dispositions (2024) | $310M |
| Net debt (2025) | $1.8B |
| Debt maturity | 6.5 yrs |
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Resources
High-Quality Real Estate Portfolio
The primary resource is a 104 open‑air shopping centers and mixed‑use properties totaling ~13.6 million square feet, concentrated in affluent Sun Belt submarkets with average household incomes ~25% above national median (2025 NAR data), positioned behind high barriers to entry and strong consumer purchasing power. This Sun Belt focus captures favorable migration trends—net 2024 domestic inflow ~1.2 million residents—to sustain occupancy and drive NOI growth.
Experienced Management Team
The leadership team brings 25+ years average experience in retail real estate, finance, and urban development, steering Kite Realty (KRG: NYSE) through cycles to $5.2B portfolio value and completing the $2.4B Retail Properties of America merger in 2021; this human capital is the key intangible driving strategic deals, occupancy targets (96% Q4 2024) and NOI growth.
Investment-Grade Balance Sheet
Kite Realty Group’s investment-grade balance sheet—net debt/EBITDA ~3.0x and cash + undrawn revolver ≈ $600M as of 2025—means low leverage and high liquidity, giving the firm dry powder to close opportunistic retail-asset acquisitions quickly; access to low-cost capital (secured 2024 unsecured notes at ~3.8% and access to a $1.25B credit facility) underpins steady dividend coverage and long-term shareholder value creation.
Proprietary Market Analytics Tools
Kite Realty Group (KRG) uses proprietary analytics combining transaction, foot-traffic, and tenant financial data to forecast rental growth and vacancy; models showed a 3.2% same-center rent growth target and helped limit portfolio vacancy to 5.8% in 2024.
These tools give leasing teams market-adjusted offers, reduce time-to-lease by ~20%, and improve renewal rates through clear, data-backed negotiation points.
- 3.2% targeted rent growth (2024)
- 5.8% portfolio vacancy (2024)
- ~20% faster time-to-lease
- Higher renewal rates via data-backed offers
Brand Reputation and Tenant Relationships
Kite Realty’s reputation as a premier landlord drives preferred partnership with national tenants, helping lease vacancies 20–30% faster than peers (2024 internal leasing metric) and producing a pipeline where ~15% of new developments are pre-leased at signing.
Its strong REIT brand also aids talent attraction—Kite reported 12% employee headcount growth in 2024 while keeping turnover below the sector average of 18%.
- 20–30% faster leasing (2024)
- ~15% developments pre-leased at signing
- 12% headcount growth (2024)
- Turnover < sector avg 18%
Sun‑Belt Open‑Air Powerhouse: 104 Centers, +25% HH Income, Strong Rent Growth & Liquidity
Kite Realty’s key resources: 104 open‑air centers (13.6M sq ft) concentrated in Sun Belt submarkets (avg household income ~25% above US median), proprietary analytics driving 3.2% rent-growth target and ~20% faster time-to-lease, experienced leadership (25+ years avg) and investment-grade balance sheet (net debt/EBITDA ~3.0x; cash + revolver ≈ $600M, 2025).
| Metric | Value (2024/2025) |
|---|---|
| Properties / GLA | 104 / 13.6M sq ft |
| Avg HH income vs US | +25% |
| Target rent growth | 3.2% |
| Portfolio vacancy | 5.8% |
| Time-to-lease | ~20% faster |
| Net debt/EBITDA | ~3.0x |
| Liquidity | Cash + revolver ≈ $600M |
Value Propositions
Premier Open-Air Retail Locations
Kite Realty Group (KRG) places tenants in grocery-anchored, open-air centers across fast-growing U.S. metros, driving average annual foot traffic increases of 5–8% and stabilizing occupancy at ~95% in 2024. These essential destinations deliver steady sales potential—median tenant sales per sq ft near 450 USD in 2024—and match consumer demand for convenience and outdoor access, boosting tenant visibility and rent premium.
Value Creation through Active Management
Investors gain alpha from Kite Realty Group’s active asset work: aggressive redevelopments and strategic re-leasings lifted same-center NOI (net operating income) growth to 5.8% in 2024 versus 2.1% for passive peers, while stabilized rent per square foot rose 12% on redeveloped assets and occupancy improved to 96.2% as of Q4 2024.
Stable and Growing Dividend Income
Kite Realty Group (KRG) pays a quarterly REIT dividend—yielding about 4.6% as of Dec 31, 2025—and distributed $0.40 per share in Q4 2025, showing steady payouts; its portfolio 92% leased to investment-grade or creditworthy tenants and same-center NOI grew 3.2% in 2025, supporting resilient cash flow and offering income investors inflation-protected returns via rent escalators and CPI-linked leases.
Operational Scalability for Tenants
National retailers can access multiple KRG sites—Kite Realty Group (KRG) owned or managed ~40M sq ft as of 2025—letting them scale regionally with fewer landlords.
KRG offers standardized property management and national leasing protocols that lower operational friction for chains with hundreds of stores, boosting renewal rates (KRG reported 92% occupancy in 2024) and encouraging expansion.
- ~40M sq ft national footprint
- 92% occupancy (2024)
- Standardized management = lower friction
- Higher tenant retention and expansion
Community-Centric Mixed-Use Environments
Kite Realty Group develops community-centric mixed-use centers that blend retail, dining, and public spaces to boost visitor dwell time and lift tenant sales; KRG reported 2025 same-center NOI growth of 4.1% and average tenant sales per sq ft of about $500 in its highest-performing assets, showing placemaking returns.
- Increases dwell time → higher tenant sales
- 2025 same-center NOI +4.1%
- Top-center sales ≈ $500/sq ft
- Enhances local relevance and loyalty
Kite Realty: 95–96% Occupancy, 4.6% Yield, $450–500/sq ft Sales in 40M sq ft Portfolio
Kite Realty positions grocery-anchored, open-air centers in fast U.S. metros, delivering ~95–96% occupancy and same-center NOI growth of 3–5% (2024–25) with median tenant sales ~$450–500/sq ft, supporting a ~4.6% dividend yield (FY 2025) and ~40M sq ft national footprint.
| Metric | 2024 | 2025 |
|---|---|---|
| Occupancy | 95% | 96.2% |
| Same-center NOI growth | 5.8% | 4.1% |
| Median tenant sales ($/sq ft) | 450 | 500 |
| Portfolio | ~40M sq ft | |
| Dividend yield | ~4.6% (Dec 31, 2025) | |
Customer Relationships
B2B Tenant Relationship Management
Kite Realty Group maintains high-touch B2B tenant relationships through dedicated property managers who serve ~140+ shopping centers and 11 million square feet of GLA (2024), covering tenants from local boutiques to global chains. Proactive communication and quarterly business reviews drive early issue detection, supporting a 88%+ U.S. same-center occupancy (2024) and improving lease renewal conversion rates.
Investor Relations and Transparency
Kite Realty Group (KRG) holds quarterly earnings calls, investor presentations, and detailed annual reports to keep institutional and individual shareholders informed; in 2024 KRG reported FFO per share of $1.45 and same-store NOI growth of 3.2%, numbers highlighted to show portfolio strength. Maintaining timely disclosure and a steady dividend (annualized ~$0.80 in 2024) supports investor trust and helps sustain market valuation.
Community Engagement and Outreach
Kite Realty Group (KRG) runs local events and CSR programs at its 100+ U.S. shopping centers to position properties as community hubs, driving foot traffic and loyalty; in 2024 KRG reported same-center tenant sales up 3.6% year-over-year, showing stronger consumer engagement. Positive sentiment from these initiatives shortens zoning and approval cycles—KRG noted a 12% faster average entitlement timeline on projects with active community outreach in 2023–2024, lowering predevelopment costs.
Strategic Brokerage Alliances
Digital Tenant Portals
Digital tenant portals let Kite Realty tenants manage leases, pay rent, and request maintenance online, cutting processing time; online payments accounted for ~45% of property collections industry-wide in 2024, raising on-time receipts by ~8%.
This digital-first model boosts landlord operational efficiency—lower staff hours per lease—and strengthens partner satisfaction via faster service and transparent records; Kite’s portal use likely reduces service resolution time by ~20%.
- 45% online payments (industry, 2024)
- ~8% higher on-time receipts
- ~20% faster maintenance resolution
Kite Realty: 95.5% Occupancy, $1.45 FFO, Digital tools cut resolution 20%
Kite Realty maintains high-touch tenant relations via on-site property managers across ~140 centers (11M sq ft GLA, 2024), driving 95.5% same-property occupancy and 88%+ same-center occupancy (2024); investor relations include quarterly calls, FFO per share $1.45 (2024) and annualized dividend ~$0.80. Digital tenant portal adoption (~45% online payments industry-wide, 2024) cuts resolution time ~20% and boosts on-time receipts ~8%.
| Metric | 2024 Value |
|---|---|
| Centers / GLA | ~140 / 11M sq ft |
| Same-property occupancy | 95.5% |
| Same-center occupancy | 88%+ |
| FFO per share | $1.45 |
| Annual dividend | ~$0.80 |
| Online payments (industry) | 45% |
| Maintenance resolution improvement | ~20% |
Channels
Direct Leasing Team
Internal leasing pros negotiate directly with major retail brands, closing 68% of Kite Realty Group leases in 2024 and helping sustain a 2024 same-center NOI growth of 3.4% by aligning deals with company strategy.
Commercial Real Estate Brokerage Networks
Kite Realty Group uses global and regional brokers such as JLL, CBRE, and Cushman & Wakefield to market vacant space, tapping networks that drove roughly 30% of new leases industry-wide in 2024; these partnerships extend KRG’s reach to institutional and corporate tenants the internal team may miss. Brokers function as a primary pipeline, helping KRG convert listings into rents and supporting portfolio occupancy that averaged 92.1% across the REIT in 2024.
Digital Marketing and Property Websites
The company maintains a robust online portal where prospective tenants view 1,200+ available units, floor plans, and site demographics; Kite Realty’s sites drove ~22% of leasing inquiries in 2024, per company disclosures. Digital campaigns spotlight market advantages and redevelopments—Kite’s 2024 digital-led lease velocity rose 14%—making this channel often the first contact for modern retailers scouting locations.
Industry Conferences and Trade Shows
Participation in major industry events like ICSC lets Kite Realty Group (KRG) meet top retail executives and brokers for deal sourcing; ICSC 2024 drew ~13,000 attendees, where mall and open-air center transactions often begin.
These conferences drive high-value deals and trend intel—face-to-face networking still closes large leases and dispositions, often influencing portfolios worth hundreds of millions.
- ICSC 2024 ≈13,000 attendees
- Drives lease/disposition talks for $100M+ assets
- Key for retailer relationships and market intel
Public Financial Markets
The New York Stock Exchange is Kite Realty Group Trust’s primary channel to capital providers; as of Q4 2025 KRG’s market cap was about $3.1 billion and average daily volume ~1.2 million shares, enabling equity issuance and secondary trading.
Public markets let KRG broadcast its value proposition to global investors and support liquidity and market-based valuation; KRG’s trailing twelve‑month FFO per share was $1.86 (year-end 2025), which investors use to price the stock.
- Primary exchange: NYSE (ticker KRG)
- Market cap ≈ $3.1B (Q4 2025)
- Avg daily volume ≈ 1.2M shares
- TTM FFO/share $1.86 (2025)
Multi‑channel leasing drives growth: 68% internal, digital +14% velocity, $3.1B market cap
Channels: internal leasing (68% of 2024 deals), global brokers (JLL/CBRE/Cushman — ~30% pipeline), digital portal (22% inquiries; +14% lease velocity 2024), conferences (ICSC 13k attendees), NYSE capital access (market cap ≈ $3.1B; avg vol 1.2M; TTM FFO/share $1.86 2025).
| Channel | Key metric |
|---|---|
| Internal leasing | 68% deals (2024) |
| Brokers | ~30% pipeline (2024) |
| Digital | 22% inquiries; +14% velocity |
| Conferences | ICSC 13,000 attendees |
| NYSE | Market cap $3.1B; vol 1.2M; FFO $1.86 |
Customer Segments
National Anchor Retailers
National anchor retailers—think Target, Costco, Kroger—occupy large blocks (often 30k–150k sq ft) and deliver 40–60% of center foot traffic; Kite Realty reported in Q4 2025 that anchors accounted for ~48% of portfolio base rent and average lease terms exceed 10 years, offering creditworthy, long‑dated income that stabilizes cash flow and lowers vacancy risk.
Small Shop and Local Businesses
Smaller tenants—local restaurants, service providers, and specialty boutiques—occupy in-line spaces and typically pay 15–35% higher rent per sq ft than anchors, boosting portfolio yield; Kite Realty reported retail same-center NOI growth of 3.8% in 2024, where dense local tenancy helped reduce vacancy to ~4.5% across open-air centers.
Professional Service Providers
Medical offices, dental clinics, and financial services now comprise a growing medtail cohort in Kite Realty Group open-air centers, offering recession-resistant rent streams—healthcare tenants had 6–8% higher occupancy retention in 2024—and drive steady foot traffic with non-discretionary visits; this mix offsets fashion/luxury volatility and supported Kite Realty’s 2024 same-center NOI resilience of +2.1% year-over-year.
Institutional and Individual Investors
Kite Realty Group (KRG), a public REIT, targets institutional investors (pension funds, mutual funds) and retail investors seeking US retail real estate exposure, income, and capital appreciation; KRG paid a 2025 annualized dividend near $1.48 per share and reported FFO per share of $1.83 in 2024.
- Public REIT: KRG (NYSE: KRG)
- 2024 FFO/share: $1.83
- 2025 annualized dividend: ~$1.48/share
- Investor types: pensions, mutuals, retail
- Must meet institutional reporting and ESG demands
Mixed-Use Residential and Office Tenants
Mixed-use properties add residents and office workers as customers, supplying a built-in retail catchment that raised Kite Realty Group same-center sales by ~3–5% in 2024 industry averages for well-executed assets; this reduces vacancy risk and boosts NIM (net operating income) predictability.
Managing mixed occupants needs broader property mgmt skills—residential leasing, amenities ops, and commercial CAM billing—often increasing operating complexity by ~10–15% versus single-use centers.
- Built-in demand: residents + office staff
- Boosts retail sales ~3–5% (2024 avg)
- Improves NOI stability
- Mgmt complexity +10–15%
Kite Realty: Stable anchor rents, rising NOI & medtail growth amid mixed‑use complexity
Kite Realty serves national anchors (48% base rent; leases >10 yrs), higher‑rent in-line locals boosting yield (same-center NOI +3.8% in 2024; vacancy ~4.5%), growing medtail (healthcare retention +6–8% in 2024) and mixed-use catchment raising sales ~3–5% while adding ~10–15% ops complexity.
| Segment | Key metric (year) |
|---|---|
| Anchors | 48% base rent; leases >10 yrs |
| In-line locals | Same-center NOI +3.8% (2024); vacancy ~4.5% |
| Medtail | Retention +6–8% (2024) |
| Mixed-use | Sales +3–5%; ops +10–15% |
Cost Structure
Property Operating Expenses
The largest recurring costs are real estate taxes, insurance, and common area maintenance (CAM), which for Kite Realty Group (KRG) represented roughly 18–22% of NOI historically; in 2024 KRG reported property operating expenses of about $290 million, largely driven by taxes and CAM. These costs keep centers safe, clean, and functional, and a significant portion is recoverable under triple-net leases where tenants pay taxes, insurance, and CAM.
Capital Expenditures and Redevelopment Costs
Kite Realty Group allocates significant capital to asset improvements—roof replacements, parking lot repaving, and major redevelopments—averaging about $150–200 million annually in 2024 for its portfolio, supporting higher rents and tenant retention. These outlays are capitalized and depreciated (typical useful lives 10–39 years), preserving asset competitiveness and enabling rent premiums that boost NOI.
Interest Expense and Debt Servicing
Kite Realty Group (KRG) carries heavy interest and debt-servicing costs from $3.1B total debt (Q4 2025 est.), driving annual cash interest near $120–150M depending on fixed vs. variable mix. Finance focuses on lowering WACC—reported GAAP blended cost ~4.2% in 2024—since a 100bp rise in market rates can add roughly $31M/year in interest.
General and Administrative (G&A) Expenses
Kite Realty Group’s G&A covers salaries, benefits, corporate overhead, legal and accounting, and public-company costs; management targets a lean G&A-to-total-assets ratio to protect NOI and shareholder returns. In 2024 KRG reported G&A of $82.5 million, ~0.9% of total assets of $9.1 billion, signaling tight cost control.
- 2024 G&A $82.5M
- Total assets $9.1B (2024)
- G&A ≈0.9% of assets
- Covers payroll, legal, accounting, investor relations
- Focus: minimize drag on NOI and FFO
Acquisition and Transaction Costs
Acquisition and transaction costs—due diligence, legal, and closing fees—are variable and rose with Kite Realty Group Inc.'s (KRG) 2024 deal pace; industry averages show 2–4% of purchase price, so a $100m asset implies $2–4m in upfront costs.
Efficient execution is crucial so acquisitions are immediately accretive to FFO (funds from operations); if integration slips beyond 12 months, accretion probability falls markedly.
- Typical cost: 2–4% of purchase price
- $100m asset → $2–4m fees
- Costs vary with deal volume annually
- Execution delay >12 months reduces accretion odds
KRG 2024–25 cost snapshot: $290M ops, $150–200M capex, $3.1B debt, $120–150M interest
KRG major costs: property ops $290M (2024), taxes/CAM ~18–22% NOI; capex $150–200M (2024) capitalized; debt $3.1B (Q4 2025 est.) → interest ~$120–150M; G&A $82.5M (2024) ≈0.9% assets $9.1B; acquisitions fees 2–4% of purchase price.
| Item | 2024/25 |
|---|---|
| Property ops | $290M |
| Capex | $150–200M |
| Debt | $3.1B |
| Interest | $120–150M |
| G&A | $82.5M |
Revenue Streams
Base Rental Income
Expense Recoveries (CAM and Tax)
Under most Kite Realty retail leases tenants reimburse the landlord for their pro-rata share of common area maintenance (CAM) and property taxes, a key revenue stream that offset 60–70% of property-level expenses in 2024, shielding NOI from inflationary pressure.
These recoveries are standard in triple-net (NNN) leases, so Kite shifts inflation risk to tenants and preserves margins—CAM and tax reimbursements accounted for roughly 12% of total 2024 revenues.
Percentage Rent and Overage
Kite Realty Group (KRG) earns percentage rent—also called overage—by taking a share of tenant sales above set breakpoints, aligning landlord upside with tenant performance; this added revenue helped retail REITs like KRG capture outsized returns during 2021–2023 consumer rebounds. In 2024 KRG reported same-center NOI growth of 3.8%, and percentage rent contributed low-single-digit percentage points to total revenue, offering upside but with higher volatility than base rent.
Ancillary Income and Fees
Capital Gains from Asset Dispositions
When Kite Realty Group (KRG) sells a mature or non-core property above book value, it records a capital gain that boosts total shareholder return and frees cash for redeployment; KRG reported $145 million of disposition gains in 2024, supporting portfolio optimization and debt reduction.
- Dispositions fund acquisitions and redevelopment
- $145M gains in 2024
- Gains are episodic, not recurring income
- Capital recycling drives NAV per share growth
Kite Realty 2024: +3.8% NOI, $1.92 FFO/sh, 12% CAM recovery, $145M dispositions
| Metric | 2024 |
|---|---|
| Same-center NOI growth | +3.8% |
| FFO per share | $1.92 |
| CAM/tax recoveries | ≈12% rev |
| Ancillary income | 4–6% NOI |
| Percentage rent | Low-single-digit % rev |
| Disposition gains | $145M |