KITE REALTY GROUP TRUST KRG
Kite Realty Group Trust is a publicly held REIT that, through its majority-owned subsidiary, Kite Realty Group, L.P., owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development, and redevelopment of high-quality, open-air, grocery-anchored shopping centers and vibrant mixed-use assets that are primarily located in high-growth Sun Belt markets and select strategic gateway markets in the United States. Following our merger with Retail Properties of America, Inc. ("RPAI") in 2021, we became a top-five open-air shopping center REIT based upon market capitalization. We derive our revenue primarily from the collection of contractual rents and reimbursement payments from tenants under existing lease agreements at each of our properties. Therefore, our operating results depend materially on, among other things, the ability of our tenants to make required lease payments, the health and resilience of the U.S. retail sector, particularly in light of increased tariffs in 2025, interest rate volatility, job growth, the real estate market, and overall economic conditions.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $844.4M | $837.5M | $821.3M | $802.0M | $373.3M | $266.6M | $315.2M | $354.2M | $358.8M | $354.1M |
| SG&A | $55.5M | $52.6M | $56.1M | $54.9M | $34.0M | $30.8M | $28.2M | $21.3M | $21.7M | $20.6M |
| Total operating expenses | $701.2M | $729.6M | $693.4M | $737.4M | $426.1M | $236.4M | $282.4M | $336.6M | $294.1M | $288.7M |
| Operating income | — | $111.4M | $152.2M | $91.7M | -$21.5M | $35.0M | $71.8M | $21.0M | $79.9M | $69.7M |
| Interest expense | $132.6M | $125.7M | $105.3M | $104.3M | $60.4M | $50.4M | $59.3M | $66.8M | $65.7M | $65.6M |
| Pre-tax income | $299.1M | $4.2M | $48.0M | -$12.6M | -$80.5M | -$15.5M | -$252.0K | -$46.3M | $12.0M | $2.0M |
| Income tax | $467.0K | $139.0K | $533.0K | $43.0K | $310.0K | $696.0K | $282.0K | $227.0K | $100.0K | $814.0K |
| Net income | $298.7M | $4.1M | $47.5M | -$12.6M | -$80.8M | -$16.2M | -$534.0K | -$46.6M | $11.9M | $1.2M |
| EPS, basic | 1.37 | 0.02 | 0.22 | -0.06 | -0.73 | -0.19 | -0.01 | -0.56 | 0.14 | 0.01 |
| EPS, diluted | 1.37 | 0.02 | 0.22 | -0.06 | -0.73 | -0.19 | -0.01 | -0.56 | 0.14 | 0.01 |
| Shares, diluted (wtd. avg.) | $218.4M | $219.7M | $219.7M | $219.1M | $110.6M | $84.1M | $83.9M | $83.7M | $83.7M | $83.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $36.8M | $128.1M | $36.4M | $122.0M | $93.2M | $46.6M | $52.8M | $45.5M | $32.2M | $28.9M |
| Short-term investments | $0 | $350.0M | $0 | $0 | $125.0M | $0 | — | — | — | — |
| Other intangibles | $107.2M | $168.1M | $241.1M | $354.0M | $498.4M | $29.6M | $35.7M | $47.6M | $66.3M | $86.3M |
| Total assets | $6.66B | $7.09B | $6.94B | $7.34B | $7.64B | $2.61B | $2.65B | $3.17B | $3.51B | $3.66B |
| Long-term debt | $3.03B | $3.23B | $2.83B | $3.01B | $3.15B | $1.17B | $1.15B | $1.54B | $1.70B | $1.73B |
| Total liabilities | $3.47B | $3.68B | $3.30B | $3.52B | $3.66B | $1.33B | $1.31B | $1.71B | $1.87B | $1.92B |
| Retained earnings | -$1.56B | -$1.60B | -$1.37B | -$1.21B | -$962.9M | -$824.3M | -$770.0M | -$662.7M | -$509.8M | -$419.3M |
| Total equity | $3.07B | $3.31B | $3.57B | $3.77B | $3.92B | $1.23B | $1.29B | $1.41B | $1.57B | $1.64B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $429.7M | $419.0M | $394.6M | $379.3M | $100.4M | $95.5M | $138.0M | $154.4M | $154.6M | $155.4M |
| Depreciation and amortisation | $380.2M | $398.0M | $430.0M | $473.0M | $203.1M | $128.6M | $132.1M | $152.2M | $172.1M | $0 |
| Stock-based compensation | $10.8M | $10.7M | $10.1M | $10.3M | $6.7M | $6.0M | $5.4M | $4.9M | $6.0M | $5.2M |
| Capital expenditure | $152.0M | $140.5M | $144.7M | — | — | — | $53.3M | $59.3M | $72.4M | $94.6M |
| Investing cash flow | $613.5M | -$499.0M | -$81.7M | -$45.1M | -$91.0M | -$80.8M | $416.6M | $148.3M | -$2.0M | -$82.9M |
| Financing cash flow | -$698.4M | $172.1M | -$393.5M | -$312.5M | $44.5M | -$20.9M | -$547.2M | -$289.4M | -$149.3M | -$90.9M |
| Dividends paid | $236.5M | $221.8M | $210.5M | $179.6M | $57.8M | $38.1M | $133.3M | $106.3M | $101.1M | $94.7M |
| Buybacks | $1.3M | $907.0K | $767.0K | $1.5M | $15.0M | $1.3M | $533.0K | $350.0K | $835.0K | $1.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001286043-26-000009.
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