A Business at a Glance
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KITE REALTY GROUP TRUST
KRG
$6.4B
Mkt Cap
$29.31
+1.42%
KITE REALTY GROUP TRUST (KRG) has a current P/E ratio of 21.4, compared to its historical median P/E of 88.9. The stock is currently considered Cheap based on its historical valuation range.
KITE REALTY GROUP TRUST (KRG) has a 5-year average return on invested capital (ROIC) of 2.4%. This is below average and may indicate limited pricing power.
KITE REALTY GROUP TRUST (KRG) has a market capitalization of $6.0B. It is classified as a mid-cap stock.
Yes, KITE REALTY GROUP TRUST (KRG) pays a dividend with a trailing twelve-month yield of 4.25%. The company also returns capital through share buybacks, with a buyback yield of 0.03%.
Based on historical P/E analysis, KITE REALTY GROUP TRUST (KRG) appears cheap. The current P/E of 21.4 is 76% below its historical median of 88.9. The estimated fair value CAGR (P/E method) is 17.4%.
KITE REALTY GROUP TRUST (KRG) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
KITE REALTY GROUP TRUST (KRG) reported annual revenue of $844 million in its most recent fiscal year, based on SEC EDGAR filings.
Kite Realty Group Trust is a publicly held REIT that owns interests in a portfolio of 167 operating retail and mixed-use properties totaling approximately 26.9 million square feet, primarily located in high-growth Sun Belt markets and select strategic gateway markets in the United States. The company derives revenue primarily from contractual rents and tenant reimbursement payments under existing lease agreements, with its operating retail portfolio 95.1% leased to a diversified tenant base where no single retail tenant accounts for more than 2.6% of total annualized base rent. As of December 31, 2025, 79% of the operating retail portfolio's annualized base rent derived from properties with a grocery component, reflecting the company's focus on grocery-anchored shopping centers and vibrant mixed-use assets. The company's business model is capital-intensive, involving ownership, operation, acquisition, development, and redevelopment of high-quality open-air properties, with operating results materially dependent on tenant lease payment ability, U.S. retail sector health, interest rate volatility, job growth, and overall economic conditions. Following its 2021 merger with Retail Properties of America, Inc., the company became a top-five open-air shopping center REIT by market capitalization, with a diversified tenant base where the largest 25 tenants account for 25.5% of total annualized base rent.
【Signed-not-open pipeline acceleration】 Management expects same-property NOI growth to be lower in the first half of 2026 and accelerate in the second half as approximately 70% of the signed-not-open pipeline is expected to commence during the year. The company is pursuing strategic capital recycling through approximately $110 million of 1031 acquisitions in the first half of 2026 and approximately $150 million of non-core asset sales later in the year, with proceeds deployed to minimize earnings dilution and maintain leverage within the long-term target range. Management remains focused on driving the small shop lease rate to new heights, building on the 92.3% small shop leased percentage achieved at year-end 2025, with the company positioned to reach historical high-water marks and potentially exceed peer benchmarks. The company maintains a relentless focus on higher long-term organic growth through strong lease structures, disciplined merchandising, and deliberate portfolio reshaping, with net debt to EBITDA expected to remain below the long-term target range of 5.0 to 5.5 times.
| Metric | Target | Period |
|---|---|---|
| NAREIT FFO per share | $2.06–$2.12 | FY2026 |
| Core FFO per share | $2.06–$2.12 | FY2026 |
| Same Property NOI growth | 2.75% | FY2026 (midpoint) |
| Same Property NOI growth range | 2.5%–3.5% | FY2026 |
| Bad debt reserve | 100 basis points of total revenues | FY2026 |
| Interest expense net of interest income | $121 million | FY2026 (midpoint) |
| 1031 acquisitions | approximately $110 million | FY2026 (first half) |
| Non-core asset sales | approximately $150 million | FY2026 (later in year) |
NAREIT FFO per share (FY2026): “For 2026, we are establishing our NAREIT and core FFO per share guidance ranges between $2.06 and $2.12.”
Core FFO per share (FY2026): “For 2026, we are establishing our NAREIT and core FFO per share guidance ranges between $2.06 and $2.12.”
Same Property NOI growth (FY2026 (midpoint)): “Included at the midpoint of our guidance are the following assumptions: same property NOI growth of 2.75%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 823M | 844M | 837M | 821M | 802M | 373M |
| Net Income | 286M | 299M | 4.1M | 47M | -13M | -81M |
| EPS | $1.35 | $1.37 | $0.02 | $0.22 | $-0.06 | $-0.73 |
| Free Cash Flow | 475M | 278M | 279M | 250M | 221M | 43M |
| ROIC | 0.0% | 7.1% | 1.7% | 2.3% | 1.4% | -0.5% |
| Gross Margin | - | 39.2% | 34.2% | 35.2% | 27.9% | 11.2% |
| Debt/Equity | 1.05 | 0.98 | 0.97 | 0.79 | 0.80 | 0.80 |
| Dividends/Share | $0.00 | $1.25 | $1.03 | $0.97 | $0.87 | $0.72 |
| Operating Income | 0 | 432M | 111M | 152M | 92M | -22M |
| Operating Margin | 0.0% | 51.1% | 13.3% | 18.5% | 11.4% | -5.8% |
| ROE | 10.0% | 9.4% | 0.1% | 1.3% | -0.3% | -3.1% |
| Shares Outstanding | 203M | 218M | 204M | 216M | 211M | 111M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 260M | 347M | 354M | 359M | 354M | 315M | 267M | 373M | 802M | 821M | 837M | 844M | 823M |
| Gross Margin | 38.5% | 37.4% | 86.5% | 38.2% | 29.8% | 38.2% | 41.8% | 11.2% | 27.9% | 35.2% | 34.2% | 39.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 13M | 19M | 21M | 22M | 21M | 28M | 31M | 34M | 55M | 56M | 53M | 55M | 57M |
| EBIT | 29M | 72M | 70M | 80M | 21M | 72M | 35M | -22M | 92M | 152M | 111M | 432M | 0 |
| Op. Margin | 11.3% | 20.7% | 19.7% | 22.3% | 5.9% | 22.8% | 13.1% | -5.8% | 11.4% | 18.5% | 13.3% | 51.1% | 0.0% |
| Net Income | -14M | 15M | 1.2M | 12M | -47M | -534K | -16M | -81M | -13M | 47M | 4.1M | 299M | 286M |
| Net Margin | -5.5% | 4.5% | 0.3% | 3.3% | -13.1% | -0.2% | -6.1% | -21.6% | -1.6% | 5.8% | 0.5% | 35.4% | 34.8% |
| Non-Recurring | 12M | 5.7M | 179M | 23M | 74M | 77M | 4.7M | 31M | 27M | 477K | 66M | 52M | 52M |
| Returns on Capital | |||||||||||||
| ROIC | 1.1% | 2.1% | 1.2% | 2.4% | 0.7% | 2.7% | 1.5% | -0.5% | 1.4% | 2.3% | 1.7% | 7.1% | 0.0% |
| ROE | -1.1% | 0.9% | 0.1% | 0.7% | -3.1% | -0.0% | -1.3% | -3.1% | -0.3% | 1.3% | 0.1% | 9.4% | 10.0% |
| ROA | -0.5% | 0.4% | 0.0% | 0.3% | -1.4% | -0.0% | -0.6% | -1.6% | -0.2% | 0.7% | 0.1% | 4.3% | 4.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 43M | 169M | 155M | 155M | 154M | 138M | 96M | 100M | 379M | 395M | 419M | 430M | 405M |
| Free Cash Flow | -52M | 77M | 61M | 82M | 95M | 85M | 57M | 43M | 221M | 250M | 279M | 278M | 475M |
| Owner Earnings | -81M | -2.6M | 150M | -23M | -2.6M | 489K | -39M | -109M | -104M | -45M | 10M | 39M | 30M |
| CapEx | 95M | 93M | 95M | 72M | 59M | 53M | 38M | 57M | 159M | 145M | 140M | 152M | 69M |
| Maint. CapEx | 121M | 167M | 0 | 172M | 152M | 132M | 129M | 203M | 473M | 430M | 398M | 380M | 365M |
| Growth CapEx | 0 | 0 | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 121M | 167M | 0 | 172M | 152M | 132M | 129M | 203M | 473M | 430M | 398M | 380M | 365M |
| CapEx/OCF | 222.2% | 54.7% | 60.9% | 46.8% | 38.4% | 38.6% | 40.1% | 57.1% | 26.4% | 19.8% | 2.4% | 1.7% | 17.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 47M | 89M | 95M | 101M | 106M | 133M | 38M | 58M | 180M | 211M | 222M | 236M | 0 |
| Dividend Yield | 1.9% | 2.3% | 1.7% | 3.1% | 4.0% | 7.1% | 1.5% | 3.2% | 5.0% | 5.2% | 5.0% | 5.0% | N/A |
| Share Buybacks | 378K | 1.0M | 1.1M | 835K | 350K | 533K | 1.3M | 15M | 1.5M | 767K | 907K | 1.3M | 1.6M |
| Buyback Yield | 0.0% | 0.1% | 0.1% | 0.1% | 0.0% | 0.1% | 0.1% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Stock-Based Comp | 2.9M | 4.6M | 5.2M | 6.0M | 4.9M | 5.4M | 6.0M | 6.7M | 10M | 10M | 11M | 11M | 11M |
| Debt Repayment | 285M | 835M | 594M | 129M | 551M | 471M | 302M | 78M | 569M | 544M | 315M | 1.0B | 1.0B |
| Balance Sheet | |||||||||||||
| Net Debt | 1.5B | 1.7B | 1.7B | 1.7B | 1.5B | 1.1B | 1.1B | 2.9B | 2.9B | 2.8B | 2.7B | 3.0B | 3.0B |
| Cash & Equiv. | 44M | 34M | 20M | 24M | 35M | 31M | 44M | 93M | 116M | 36M | 128M | 37M | 33M |
| Long-Term Debt | 1.6B | 1.7B | 1.7B | 1.7B | 1.5B | 1.1B | 1.2B | 3.2B | 3.0B | 2.8B | 3.2B | 3.0B | 3.0B |
| Debt/Equity | 0.82 | 1.00 | 1.05 | 1.09 | 1.09 | 0.89 | 0.95 | 0.80 | 0.80 | 0.79 | 0.97 | 0.98 | 1.05 |
| Interest Coverage | 0.6 | 1.3 | 1.1 | 1.2 | 0.3 | 1.2 | 0.7 | -0.4 | 0.9 | 1.4 | 0.9 | 3.3 | 3.3 |
| Equity | 1.9B | 1.7B | 1.6B | 1.6B | 1.4B | 1.3B | 1.2B | 3.9B | 3.8B | 3.6B | 3.3B | 3.1B | 2.9B |
| Total Assets | 3.9B | 3.8B | 3.7B | 3.5B | 3.2B | 2.6B | 2.6B | 7.6B | 7.3B | 6.9B | 7.1B | 6.7B | 6.4B |
| Total Liabilities | 1.8B | 1.9B | 1.9B | 1.9B | 1.7B | 1.3B | 1.3B | 3.7B | 3.5B | 3.3B | 3.7B | 3.5B | 3.4B |
| Intangibles | 120M | 110M | 86M | 66M | 48M | 36M | 30M | 498M | 354M | 241M | 168M | 107M | 107M |
| Retained Earnings | -248M | -323M | -419M | -510M | -663M | -770M | -824M | -963M | -1.2B | -1.4B | -1.6B | -1.6B | -1.6B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | 86M | 70M | 77M | 185M | 208M | 198M | 203M | 221M | 157M |
| Per Share Data | |||||||||||||
| EPS | -0.08 | 0.06 | 0.00 | 0.05 | -0.19 | -0.00 | -0.06 | -0.73 | -0.06 | 0.22 | 0.02 | 1.37 | 1.35 |
| Owner EPS | -0.46 | -0.01 | 0.42 | -0.09 | -0.01 | 0.00 | -0.15 | -0.99 | -0.49 | -0.21 | 0.05 | 0.18 | 0.15 |
| Book Value | 10.73 | 6.71 | 4.63 | 6.15 | 5.66 | 8.05 | 4.80 | 35.43 | 17.88 | 16.53 | 16.27 | 14.10 | 14.07 |
| Cash Flow/Share | 0.24 | 0.66 | 0.44 | 0.61 | 0.62 | 0.86 | 0.37 | 0.91 | 1.80 | 1.83 | 2.06 | 1.97 | 3.21 |
| Dividends/Share | 0.34 | 0.36 | 0.39 | 0.41 | 0.42 | 0.83 | 0.20 | 0.72 | 0.87 | 0.97 | 1.03 | 1.25 | 0.00 |
| Shares Out. | 177.0M | 257.4M | 354.9M | 254.4M | 249.5M | 160.2M | 256.2M | 110.7M | 210.6M | 215.9M | 203.6M | 218.0M | 203.1M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 82.6 | N/A | 88.9 | N/A | N/A | N/A | N/A | N/A | 94.4 | N/A | 17.3 | 21.7 |
| P/FCF | N/A | 49.8 | 79.4 | 38.5 | 25.6 | 27.6 | 53.2 | 45.4 | 16.9 | 17.9 | 17.1 | 18.6 | 12.5 |
| EV/EBIT | 82.1 | 40.8 | 50.4 | 33.9 | 108.5 | 26.0 | 106.5 | N/A | 70.9 | 47.8 | 420.5 | 18.9 | N/A |
| Price/Book | 0.5 | 0.7 | 1.0 | 0.7 | 0.6 | 0.6 | 2.1 | 0.5 | 1.0 | 1.3 | 1.4 | 1.7 | 2.1 |
| Price/Sales | 3.1 | 3.7 | 5.3 | 3.0 | 2.5 | 2.0 | 8.0 | 4.8 | 4.5 | 4.9 | 5.3 | 5.6 | 7.2 |
| FCF Yield | -5.5% | 6.0% | 3.8% | 7.8% | 11.7% | 10.9% | 2.2% | 2.2% | 5.9% | 5.6% | 5.8% | 5.4% | 8.0% |
| Market Cap | 941M | 1.3B | 1.6B | 1.1B | 810M | 779M | 2.6B | 2.0B | 3.7B | 4.5B | 4.8B | 5.2B | 6.0B |
| Avg. Price | 13.54 | 15.10 | 15.85 | 12.71 | 10.72 | 11.76 | 9.79 | 16.27 | 17.19 | 18.80 | 21.62 | 21.64 | 29.31 |
| Year-End Price | 15.95 | 14.86 | 13.59 | 12.44 | 9.74 | 14.58 | 11.88 | 17.65 | 17.68 | 20.77 | 23.41 | 23.67 | 29.31 |
KITE REALTY GROUP TRUST passes 3 of 9 quality checks, indicating weak fundamentals.
KITE REALTY GROUP TRUST trades at 21.4x trailing earnings, compared to its 15-year median P/E of 88.9x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 14.3x vs a median of 26.6x. The company's 5-year average ROIC is 2.4% with a gross margin of 29.5%. Total shareholder yield (dividends) is 4.3%. At current prices, the estimated annualized return to fair value is +15.8%.
KITE REALTY GROUP TRUST (KRG) has a net profit margin of 35.4%. This is a strong margin indicating high profitability.
KITE REALTY GROUP TRUST (KRG) generated $278 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
KITE REALTY GROUP TRUST (KRG) has a debt-to-equity ratio of 0.98. This indicates moderate leverage.
KITE REALTY GROUP TRUST (KRG) reported earnings per share (EPS) of $1.37 in its most recent fiscal year.
KITE REALTY GROUP TRUST (KRG) has a return on equity (ROE) of 9.4%. This indicates moderate shareholder returns.
KITE REALTY GROUP TRUST (KRG) has a 5-year average gross margin of 29.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for KITE REALTY GROUP TRUST (KRG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
KITE REALTY GROUP TRUST (KRG) has a book value per share of $14.10, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects same-property NOI growth to be lower in the first half of 2026 and accelerate in the second half as approximately 70% of the signed-not-open pipeline is expected to commence during the year. The company is pursuing strategic capital recycling through approximately $110 million of 1031 acquisitions in the first half of 2026 and approximately $150 million of non-core asset sales later in the year, with proceeds deployed to minimize earnings dilution and maintain leverage within the long-term target range. Management remains focused on driving the small shop lease rate to new heights, building on the 92.3% small shop leased percentage achieved at year-end 2025, with the company positioned to reach historical high-water marks and potentially exceed peer benchmarks. The company maintains a relentless focus on higher long-term organic growth through strong lease structures, disciplined merchandising, and deliberate portfolio reshaping, with net debt to EBITDA expected to remain below the long-term target range of 5.0 to 5.5 times.
Based on recent SEC filings and earnings calls, KITE REALTY GROUP TRUST (KRG) has provided the following forward guidance: NAREIT FFO per share: $2.06–$2.12 (FY2026); Core FFO per share: $2.06–$2.12 (FY2026); Same Property NOI growth: 2.75% (FY2026 (midpoint)); Same Property NOI growth range: 2.5%–3.5% (FY2026); Bad debt reserve: 100 basis points of total revenues (FY2026), plus 3 additional metrics.
Same Property NOI growth range (FY2026): “we are affirming our NAREIT FFO and Core FFO guidance of $2.06-$2.12 per share based on a same property NOI growth range of 2.5%-3.5%.”
Bad debt reserve (FY2026): “a bad debt reserve of 100 basis points of total revenues”
Interest expense net of interest income (FY2026 (midpoint)): “and interest expense net of interest income of $121 million.”
1031 acquisitions (FY2026 (first half)): “The midpoint of our guidance also assumes approximately $110 million of 1031 acquisitions in the first half of the year”
Non-core asset sales (FY2026 (later in year)): “offset by approximately $150 million of non-core asset sales later in 2026.”