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Kite Realty Group
(NYSE:KRG)
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Rating:68Neutral
Price Target:
$32.00
▲(9.18% Upside)
Action:Downgraded
Date:07/31/26
Overall score reflects improving fundamentals and a constructive outlook from the latest earnings call (raised same-property NOI midpoint, strong leasing metrics, and a meaningful signed-not-open pipeline). This is balanced by financial constraints and variability (leverage, TTM revenue softness, and sharply lower TTM free cash flow), while technicals show a mild uptrend and valuation is supported by a ~4.44% dividend yield but moderated by a ~21.86 P/E.
Positive Factors
Same-property NOI and leasing momentum
Sustained same-property NOI growth and strong leasing spreads indicate durable rental cash-flow expansion from executed leases and renewals. The sizable leasing activity and rising ABR create recurring income tailwinds and provide a multi-quarter runway as signed-not-open rents phase into occupied NOI.
Negative Factors
Meaningful leverage
A materially levered capital structure and mid‑5x net debt/EBITDA target reduce financial optionality and increase sensitivity to interest costs and refinancing timing. The noted TTM data inconsistency in debt reporting raises caution about assessing near-term covenant and liquidity headroom accurately.
Read all positive and negative factors
Positive Factors
Negative Factors
Same-property NOI and leasing momentum
Sustained same-property NOI growth and strong leasing spreads indicate durable rental cash-flow expansion from executed leases and renewals. The sizable leasing activity and rising ABR create recurring income tailwinds and provide a multi-quarter runway as signed-not-open rents phase into occupied NOI.
Read all positive factors
Kite Realty Group Key Performance Indicators (KPIs)
Any
Number of Properties
Counts the total retail and mixed-use properties Kite Realty owns or operates, showing the company’s scale and geographic footprint. Growth signals expanding rental income potential, while declines or concentration in certain markets highlight disposition activity or location-specific risk.
Counts the total retail and mixed-use properties Kite Realty owns or operates, showing the company’s scale and geographic footprint. Growth signals expanding rental income potential, while declines or concentration in certain markets highlight disposition activity or location-specific risk.
Data provided by:
The Fly
The FlyKite Realty Group (KRG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.73B
Dividend Yield4.49%
Average Volume (3M)2.51M
Price to Earnings (P/E)17.7
Beta (1Y)0.60
Revenue Growth-5.84%
EPS Growth395.39%
CountryUS
Employees228
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)1.62
Shares Outstanding200,346,940
10 Day Avg. Volume2,643,727
30 Day Avg. Volume2,506,440
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.67
Price to Sales (P/S)6.06
P/FCF Ratio18.50
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$30.88Price Target Upside5.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.65
Revenue Forecast (FY)$794.70M
Kite Realty Group Business Overview & Revenue Model
Company Description
Kite Realty Group Trust (KRG) operates as a comprehensive, vertically integrated real estate investment trust (REIT) focused on creating accessible and valuable retail destinations for communities. We strategically link consumers with a variety of...
How the Company Makes Money
KRG primarily makes money by generating recurring rental income from leasing space in its retail and mixed-use properties. Its core revenue streams typically include (1) base rent paid by tenants under lease agreements, (2) tenant reimbursements a...
Kite Realty Group Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call emphasized strong operating fundamentals: better-than-expected Q1 same-property NOI growth (3.6%), robust leasing activity and spreads, growing ABR (+6.5% YoY), an elevated SNO pipeline, improving embedded rent escalators, meaningful share repurchases and active capital recycling with a strong liquidity position. Management acknowledged timing-related items (recurring but unpredictable items shifted into 2027), transaction execution risk for planned 1031 acquisitions and dispositions, and occupancy that remains below historical peaks but with clear path to improvement. On balance, the company presented multiple concrete operational and financial positives while flagging execution/timing risks tied to transactions and seasonal occupancy dynamics.Positive Updates
Same-Property NOI Growth
Same-property NOI increased 3.6% in Q1 (year-over-year), outperforming expectations and prompting a 25 basis point increase to the 2026 same-property NOI midpoint guidance.
Negative Updates
Guidance Timing and FFO Flow-Through
Incremental same-property NOI upside in Q1 did not fully flow through to full-year FFO because recurring but unpredictable items were timing-shifted into 2027, leaving 2026 NAREIT/core FFO guidance unchanged.
Read all updates
Q1-2026 Updates
Positive
Negative
Same-Property NOI Growth
Same-property NOI increased 3.6% in Q1 (year-over-year), outperforming expectations and prompting a 25 basis point increase to the 2026 same-property NOI midpoint guidance.
Read all positive updates
Company Guidance
Kite raised the midpoint of its 2026 same-property NOI outlook by 25 basis points after Q1 same-property NOI came in at +3.6% (exceeding expectations) and affirmed NAREIT FFO and core FFO guidance of $2.06–$2.12 per share based on a same-store NOI growth range of 2.5%–3.5%; management expects a moderation in Q2 followed by reacceleration in the back half as the ~ $36M signed-not-open pipeline (avg ABR $28/sq ft) begins to commence. Q1 operating and portfolio metrics supporting guidance included 151 new/renewal leases (>700k SF), blended cash leasing spreads of 13.5% (new leases 31.3%), non-option renewal spreads 12.3%, lease rate 94.7% (+90 bps YoY), ABR $22.89 (+6.5% YoY), and embedded rent escalators at 182 bps (target 200 bps). Financial assumptions in guidance: bad-debt reserve midpoint 95 bps of revenue (100 bps assumed for the balance), interest expense (net of income, ex‑JVs) ~$121.2M, net debt/EBITDA 5.2x, >$1B liquidity, plus recent activity factored in (Q1 repurchases of 6M shares for ~$152M and total repurchases of 16.9M shares for $400M at $23.67 avg; $100M incremental buybacks since last call), anticipated $170M of 1031 acquisitions (Q2) and $145M of dispositions ( $12.5M closed, balance in back half), with the possibility of a special dividend.Kite Realty Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 809.43M | 847.63M | 841.84M | 823.00M | 802.00M | 373.32M |
| Gross Profit | 417.40M | 451.39M | 624.35M | 612.62M | 590.19M | 268.23M |
| EBITDA | 818.93M | 809.90M | 528.23M | 436.91M | 565.13M | 181.56M |
| Net Income | 337.31M | 298.66M | 4.07M | 47.50M | -12.64M | -80.81M |
Balance Sheet | ||||||
| Total Assets | 6.27B | 6.66B | 7.09B | 6.94B | 7.34B | 7.64B |
| Cash, Cash Equivalents and Short-Term Investments | 144.58M | 36.76M | 478.06M | 36.41M | 121.97M | 218.24M |
| Total Debt | 3.42B | 3.37B | 3.23B | 3.06B | 3.27B | 3.43B |
| Total Liabilities | 3.25B | 3.47B | 3.68B | 3.30B | 3.52B | 3.66B |
| Stockholders Equity | 2.87B | 3.07B | 3.31B | 3.57B | 3.77B | 3.92B |
Cash Flow | ||||||
| Free Cash Flow | 260.31M | 277.65M | 278.08M | 252.07M | 220.74M | 43.04M |
| Operating Cash Flow | 399.31M | 429.66M | 419.03M | 394.65M | 379.28M | 100.35M |
| Investing Cash Flow | 542.74M | 613.53M | -498.99M | -81.73M | -45.15M | -91.03M |
| Financing Cash Flow | -808.47M | -698.35M | 172.09M | -393.46M | -312.53M | 44.46M |
Kite Realty Group Technical Analysis
Neutral
29.31
Price Trends
28.28
Negative
26.78
Positive
24.85
Positive
Market Momentum
0.02
Positive
36.62
Neutral
7.77
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KRG, the sentiment is Neutral. The current price of 29.31 is above the 20-day moving average (MA) of 28.86, above the 50-day MA of 28.28, and above the 200-day MA of 24.85, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 36.62 is Neutral, neither overbought nor oversold. The STOCH value of 7.77 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for KRG.
Kite Realty Group Risk Analysis
Kite Realty Group disclosed 42 risk factors in its most recent earnings report. Kite Realty Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Kite Realty Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $6.00B | 36.95 | 6.24% | 2.99% | 8.07% | 106.29% | |
68 Neutral | $5.73B | 17.67 | 11.27% | 4.38% | -5.84% | 395.39% | |
68 Neutral | $4.67B | 36.96 | 18.26% | 2.84% | 10.88% | 26.12% | |
68 Neutral | $2.76B | 24.90 | 6.10% | 2.68% | 9.91% | 518.94% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
58 Neutral | $7.62B | -36.39 | -7.35% | 2.63% | -2.56% | 60.74% | |
42 Neutral | $549.17K | ― | 9.74% | ― | -4.01% | 99.98% |
* Real Estate Sector Average
KRG
Kite Realty Group
27.36
6.63
31.96%
MAC
Macerich
25.39
8.95
54.46%
SKT
Tanger
40.55
9.12
29.03%
WHLR
Wheeler Real Estate Investment
0.52
-5,183.49
-99.99%
IVT
InvenTrust Properties
33.49
6.88
25.85%
PECO
Phillips Edison & Company
41.58
9.01
27.66%
Kite Realty Group Corporate Events
Business Operations and StrategyFinancial Disclosures
Kite Realty Group Reaffirms 2026 Guidance Amid Solid Q2
Positive
Jul 30, 2026
In its Q2 2026 investor update, Kite Realty Group reported solid operating performance, with NAREIT FFO of $0.53 per share and core FFO of $0.52, driven by 3.7% same-property NOI growth and robust leasing activity of roughly 1 million square feet ...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
Kite Realty Issues Exchangeable Notes and Capped Call Deal
Positive
Jul 2, 2026
On July 2, 2026, Kite Realty Group, L.P., the operating partnership of Kite Realty Group Trust, issued $345 million of 3.25% exchangeable senior notes due 2032 in a Rule 144A private placement, including full exercise of a $45 million option, gene...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
Kite Realty Launches Exchangeable Senior Notes Offering
Positive
Jun 29, 2026
On June 29, 2026, Kite Realty Group’s operating partnership launched a private offering of $300 million in exchangeable senior notes due 2032 to qualified institutional buyers, with an option for purchasers to buy an additional $45 million. ...
Executive/Board ChangesShareholder Meetings
Kite Realty Shareholders Back Board, Pay and Auditor
Positive
May 15, 2026
On May 14, 2026, Kite Realty Group Trust held its 2026 annual meeting of shareholders, where investors elected 10 trustees to one-year terms expiring at the 2027 annual meeting, with all nominees receiving sufficient support despite varying levels...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.