Kite Realty Group (KRG) AI Stock Analysis

• Market Cap: $5.38B
• Dividend Yield: 4.55%
• Average Volume (3M): 1.76M
• Price to Earnings (P/E): 19.0
• Beta (1Y): 0.57
• Revenue Growth: 3.67%
• EPS Growth: N/A
• Country: US
• Employees: 227
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): 0.84
• Shares Outstanding: 206,792,340
• 10 Day Avg. Volume: 2,100,844
• 30 Day Avg. Volume: 1,758,060
• PEG Ratio: <0.01
• Price to Book (P/B): 1.67
• Price to Sales (P/S): 6.06
• P/FCF Ratio: 18.50
• Enterprise Value/Market Cap: 1.67
• Enterprise Value/Revenue: 10.59
• Enterprise Value/Gross Profit: 19.88
• Enterprise Value/Ebitda: 11.08
• 1Y Price Target: $25.43
• Price Target Upside: -2.45% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 8
• EPS Forecast (FY): 0.32
• Revenue Forecast (FY): $814.50M

• Rating: 65 Neutral
• Price Target: $27.00 ▲(3.57% Upside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is driven primarily by strong and consistent cash flow generation, tempered by income-statement concerns (sharp revenue decline and potentially non-recurring profitability) and rising leverage. Technicals are supportive with a clear uptrend, and valuation is helped by the ~4.87% dividend yield. The latest earnings call adds caution due to the guided 2026 FFO step-down and credit/timing headwinds despite strong leasing and pipeline momentum.

Positive Factors

Consistent cash generation

Consistent FCF (~$250–$278M) and positive operating cash flow provide durable internal funding for dividends, capex, buybacks and debt reduction. Reliable cash conversion supports capital recycling and resilience through cycles, reducing reliance on volatile capital markets.

Record leasing and strong anchors

Historic leasing volume and high‑quality anchor signings materially improve embedded rent growth, occupancy and tenant mix durability. Grocery-anchored and premium tenants drive stable foot traffic and lower default risk, supporting sustained NOI growth and predictable rent escalations.

Healthy liquidity position

Having >$1.0B liquidity and net-debt/EBITDA ~4.9x gives flexibility to fund acquisitions, complete dispositions, and execute buybacks without immediate refinancing. This liquidity cushion lowers short-term refinancing risk and supports multi-year portfolio repositioning plans.

Negative Factors

Rising leverage

Material leverage creep reduces balance-sheet flexibility and heightens sensitivity to interest-cost shocks. With equity and assets drifting lower, higher debt levels constrain the company’s capacity to opportunistically invest or absorb tenant stress without additional capital or curtailed distributions.

Sharp revenue decline

A pronounced top-line drop, paired with unusually elevated margins flagged as possibly non‑recurring, undermines earnings quality. Persistent revenue weakness or accounting-driven profit spikes make FFO and dividend trends less predictable until sustainable leasing cashflows normalize.

Timing drag and guidance step-down

Guidance step-down reflects disposition/deployment timing, merger item wind-down, higher bad-debt reserves and a widening leased-to-occupied gap. These timing effects can suppress cash generation and payout capacity through 2026, delaying the benefits of leasing and capital recycling.

Kite Realty Group Business Overview & Revenue Model

Company Description

Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to retailers in desirable markets through our portfolio of neighborhood, community, and lifestyle centers. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders.

How the Company Makes Money

Kite Realty Group generates revenue primarily through rental income from its portfolio of retail and mixed-use properties. The company leases space to a diverse array of tenants, including national and regional retailers, which provides a stable and recurring income stream. Additionally, KRG may earn revenue through property management services and development activities. The company’s revenue model is bolstered by long-term lease agreements that often include rent escalations, ensuring a steady increase in income over time. Partnerships with retail tenants, local communities, and various stakeholders also contribute to its earnings, as the company focuses on enhancing tenant relationships and community engagement to drive foot traffic and sales at its properties.

Kite Realty Group Financial Statement Overview

Summary

Cash flow is the clear strength with consistently positive operating cash flow and solid, fairly steady free cash flow (~$250–$278M in 2023–2025). Offsetting this, the latest annual period shows a sharp revenue decline and unusually high profitability metrics that may be influenced by non-recurring/accounting effects, while leverage has been rising (debt-to-equity up to ~1.10).

Income Statement

Revenue was stable from 2022–2024, but the latest annual period shows a sharp revenue decline (RevenueGrowthRate: -0.853), which is a clear top-line red flag. Profitability improved meaningfully versus prior years, with net margin rebounding strongly after weak/negative results in 2020–2022 and near-breakeven in 2024. That said, margins (especially EBITDA) look unusually high for a retail REIT, suggesting earnings may be influenced by non-recurring items or accounting effects—so the quality/consistency of reported profitability is a key watch item.

Balance Sheet

Leverage is meaningful and has trended higher recently, with debt-to-equity rising from ~0.86 (2023) to ~0.97 (2024) and ~1.10 (2025). Equity and total assets have drifted down over the last few years, which reduces balance-sheet flexibility. Return on equity improved sharply in the latest annual period after being minimal/negative in prior years, but given the volatility in net income, that improvement may not yet be durable.

Cash Flow

Cash generation is the strongest part of the statements: operating cash flow has been consistently positive and has scaled up substantially versus 2020–2021. Free cash flow is solid and fairly steady around ~$250–$278M from 2023–2025, supporting dividends/deleveraging capacity. The main concern is that free cash flow growth turned negative in the latest annual period (FreeCashFlowGrowth: -1.181), even though operating cash flow remained healthy—pointing to higher capex/working-capital needs or less favorable cash timing.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	847.63M	841.84M	823.00M	802.00M	373.32M
Gross Profit	451.39M	624.35M	612.62M	590.19M	268.23M
EBITDA	809.90M	528.23M	436.91M	565.13M	181.56M
Net Income	298.66M	4.07M	47.50M	-12.64M	-80.81M
Balance Sheet
Total Assets	6.66B	7.09B	6.94B	7.34B	7.64B
Cash, Cash Equivalents and Short-Term Investments	36.76M	478.06M	36.41M	121.97M	218.24M
Total Debt	3.37B	3.23B	3.06B	3.27B	3.43B
Total Liabilities	3.47B	3.68B	3.30B	3.52B	3.66B
Stockholders Equity	3.07B	3.31B	3.57B	3.77B	3.92B
Cash Flow
Free Cash Flow	277.65M	278.08M	252.07M	220.74M	43.04M
Operating Cash Flow	429.66M	419.03M	394.65M	379.28M	100.35M
Investing Cash Flow	613.53M	-498.99M	-81.73M	-45.15M	-91.03M
Financing Cash Flow	-698.35M	172.09M	-393.46M	-312.53M	44.46M

Kite Realty Group Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 26.07
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KRG, the sentiment is Positive. The current price of 26.07 is above the 20-day moving average (MA) of 24.94, above the 50-day MA of 24.01, and above the 200-day MA of 22.30, indicating a bullish trend. The MACD of 0.68 indicates Negative momentum. The RSI at 68.62 is Neutral, neither overbought nor oversold. The STOCH value of 83.91 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KRG.

Kite Realty Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IVT	76 Outperform	$2.39B	21.64	6.65%	3.26%	9.40%	1433.20%
SKT	72 Outperform	$4.09B	35.92	16.81%	3.38%	9.59%	8.34%
PECO	71 Outperform	$5.39B	43.97	4.83%	3.52%	10.58%	37.97%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
KRG	65 Neutral	$5.38B	19.02	9.35%	4.55%	3.67%	―
MAC	58 Neutral	$5.39B	―	-18.89%	3.61%	8.06%	74.26%
WHLR	45 Neutral	$1.33M	―	116.25%	―	-1.01%	504.95%

Kite Realty Group Corporate Events

Kite Realty Group Guides 2026 FFO Amid Steady Growth

Kite Realty Group reported that its fourth-quarter and full-year 2025 results showed modest year-over-year gains, with NAREIT FFO rising to $0.52 for Q4 and $2.10 for 2025, supported by same-property NOI growth, strong leasing spreads, and higher anchor and small-shop occupancy. The company highlighted a growing signed-not-open pipeline of $37 million in NOI, robust demand from grocery tenants that has increased the share of ABR from grocery-related centers to 79%, and continued improvement in embedded rent growth, while issuing 2026 FFO guidance of $2.06 to $2.12 per share based on expected same-property NOI growth of 2.25% to 3.25% and disciplined capital and leasing strategies.

Kite also underscored its competitive positioning within the open-air retail REIT peer group, citing retail NOI margins, recovery ratios, and blended cash leasing spreads that exceed peers, as well as low leverage and over $1 billion of available liquidity. Management indicated that the company’s Sun Belt–weighted, grocery-anchored portfolio, elevated leasing activity, and the scheduled commencement of signed leases through 2027 are expected to provide durable cash flow growth and support long-term value for investors, even as it navigates macroeconomic and sector-specific risks such as interest rates, tenant health, and geographic concentration.

The most recent analyst rating on (KRG) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on Kite Realty Group stock, see the KRG Stock Forecast page.

Kite Realty Group Appoints Interim Chief Accounting Officer

On September 29, 2025, Kite Realty Group Trust announced that Dave Buell would resign from his position as Senior Vice President and Chief Accounting Officer, effective November 21, 2025. Following his departure, Joseph Schmid, who joined the company in October 2025 and previously worked as an Audit & Assurance Senior Manager at Deloitte, assumed the role of interim principal accounting officer and interim Chief Accounting Officer.

The most recent analyst rating on (KRG) stock is a Hold with a $23.50 price target. To see the full list of analyst forecasts on Kite Realty Group stock, see the KRG Stock Forecast page.