Kite Realty Group (KRG)
NYSE:KRG
Top Page
Kite Realty Group
(NYSE:KRG)
Select Model
Select Model
Rating:60Neutral
Price Target:
$26.00
▲(1.36% Upside)
Action:ReiteratedDate:03/21/26
The score is primarily supported by strong, consistent cash generation and an attractive dividend yield. It is held back by questions around the latest top-line decline and earnings quality, rising leverage/declining balance-sheet flexibility, and 2026 guidance that points to near-term earnings pressure despite solid leasing and pipeline momentum.
Positive Factors
Consistent cash generation
Kite’s multi-year, steady free cash flow and consistently positive operating cash flow underpin durable dividend coverage and capital deployment capacity. Reliable FCF near $250–$278M supports dividends, buybacks, and reinvestment even during cyclical retail weakness, enhancing long-term financial resilience.
Negative Factors
Rising leverage
Leverage trended meaningfully higher over recent years, reducing balance‑sheet flexibility and increasing interest sensitivity. Higher net leverage narrows the margin for error on retail cashflows and limits optionality for opportunistic acquisitions or heavy redevelopment without further de‑risking or equity issuance.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent cash generation
Kite’s multi-year, steady free cash flow and consistently positive operating cash flow underpin durable dividend coverage and capital deployment capacity. Reliable FCF near $250–$278M supports dividends, buybacks, and reinvestment even during cyclical retail weakness, enhancing long-term financial resilience.
Read all positive factors
Kite Realty Group (KRG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.25B
Dividend Yield4.55%
Average Volume (3M)1.60M
Price to Earnings (P/E)17.2
Beta (1Y)0.58
Revenue Growth3.67%
EPS GrowthN/A
CountryUS
Employees227
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.84
Shares Outstanding206,792,340
10 Day Avg. Volume1,419,593
30 Day Avg. Volume1,595,025
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 Cap1.67
Enterprise Value/Revenue10.34
Enterprise Value/Gross Profit19.41
Enterprise Value/Ebitda10.82
Forecast
1Y Price Target
$27.40Price Target Upside6.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)0.34
Revenue Forecast (FY)$812.79M
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 ...
How the Company Makes Money
KRG primarily makes money by leasing space in its properties and collecting rental income from tenants. Its core revenue stream is base rent paid under long-term commercial leases across its shopping centers and mixed-use assets. In addition to ba...
Kite Realty Group Key Performance Indicators (KPIs)
Kite Realty Group Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Neutral
Balanced/Neutral — The call highlighted strong operational execution (record leasing, improved embedded escalators, meaningful capital recycling, JV activity, and a healthy balance sheet) and modest organic growth (core FFO +3.5%, same-property NOI +2.9%). However, near-term earnings guidance shows a notable decline from 2025 to 2026 due to timing of transactions, normalization of noncash items, elevated bad-debt reserve and recurring/unpredictable items (combined headwinds), and a widened leased-to-occupied gap. The company’s strategic actions are accretive on an annualized basis and position the portfolio for longer-term growth, but near-term headwinds and timing noise offset many of the positive operational achievements.Positive Updates
Record Leasing Volume
Leased nearly 5,000,000 square feet in 2025 — the highest annual leasing volume in company history — driving improved lease structures, higher rent escalators and an increase in leased rate of 120 basis points sequentially.
Negative Updates
Near-Term FFO Guidance Decline
2026 guidance for both NAREIT and core FFO per share is $2.06–$2.12 (midpoint ~$2.09), materially below 2025 core FFO of $2.60 — reflecting timing, transaction activity, normalization of noncash items and recurring/unpredictable items.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Leasing Volume
Leased nearly 5,000,000 square feet in 2025 — the highest annual leasing volume in company history — driving improved lease structures, higher rent escalators and an increase in leased rate of 120 basis points sequentially.
Read all positive updates
Company Guidance
Kite guided 2026 NAREIT and core FFO per share of $2.06–$2.12 (same for both), with the midpoint based on 2.75% same‑property NOI growth, a 100‑basis‑point bad‑debt reserve, $121 million of interest expense (net of interest income), roughly $110 million of 1031 acquisitions in H1 offset by about $115 million of noncore asset sales later in the year, and a net‑debt/EBITDA of 4.9x (liquidity > $1.0 billion; long‑term target low‑to‑mid 5x). Management said interest expense provides roughly a $0.03 tailwind while recurring but unpredictable items are a ~$0.04 headwind and timing of dispositions/deployments is a ~$0.02 drag at the midpoint; they also noted the continued wind‑down of roughly $0.35 of merger‑related noncash items (hence core and NAREIT align). Operationally the signed‑not‑open pipeline rose $4.0 million sequentially to $37.0 million of NOI (leased/occupied gap 340 bps), with 61 new leases adding ~$14.0 million of NOI versus 61 openings removing ~$10.0 million (≈70% of SNO NOI expected online in 2026), and embedded rent bumps of ~180 bps (up ~25 bps vs. 2024) with a goal of 200 bps.Kite Realty Group Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
54
Neutral
Cash Flow
71
Positive
| 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
Positive
25.65
Price Trends
24.90
Positive
23.82
Positive
22.64
Positive
Market Momentum
0.13
Negative
64.66
Neutral
90.98
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 25.65 is above the 20-day moving average (MA) of 24.63, above the 50-day MA of 24.90, and above the 200-day MA of 22.64, indicating a bullish trend. The MACD of 0.13 indicates Negative momentum. The RSI at 64.66 is Neutral, neither overbought nor oversold. The STOCH value of 90.98 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.48B | 19.65 | 6.65% | 3.26% | 9.40% | 1433.20% | |
72 Outperform | $4.17B | 32.86 | 17.14% | 3.38% | 9.59% | 8.34% | |
71 Outperform | $5.30B | 23.40 | 4.86% | 3.52% | 10.58% | 37.97% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | $5.25B | 17.20 | 9.31% | 4.55% | 3.67% | ― | |
58 Neutral | $5.72B | -24.03 | -7.72% | 3.61% | 8.06% | 74.26% | |
43 Neutral | $1.62M | 0.62 | 20.26% | ― | -1.01% | 504.95% |
* Real Estate Sector Average
KRG
Kite Realty Group
25.65
5.95
30.21%
MAC
Macerich
21.46
7.74
56.45%
SKT
Tanger
36.66
5.76
18.66%
WHLR
Wheeler Real Estate Investment
0.78
-310.03
-99.75%
IVT
InvenTrust Properties
31.98
5.86
22.43%
PECO
Phillips Edison & Company
38.49
4.28
12.50%
Kite Realty Group Corporate Events
Business Operations and StrategyExecutive/Board Changes
Kite Realty Group Expands CFO Role and Leadership
Positive
Mar 20, 2026
On March 20, 2026, Kite Realty Group’s board expanded the role of longtime Chief Financial Officer Heath R. Fear, appointing him to additionally serve as President alongside his CFO responsibilities. Fear, who joined the company in 2018 and ...
Business Operations and StrategyExecutive/Board Changes
Kite Realty Group Strengthens Financial Leadership with New CAO
Positive
Mar 5, 2026
On March 1, 2026, Kite Realty Group Trust appointed Adam M. Jaworski as Senior Vice President, Chief Accounting Officer and principal accounting officer, effective April 6, 2026, bringing in a seasoned accounting and finance executive with experie...
Business Operations and StrategyFinancial Disclosures
Kite Realty Group Guides 2026 FFO Amid Steady Growth
Positive
Feb 17, 2026
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 ...
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.