Detailed financial statements for Kite Realty Group Trust (KRG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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 retailers across prime markets through our extensive collection of neighborhood, community, and lifestyle shopping centers.
Analysis Summary
Kite Realty Group Trust reported revenue of $847.6M in the most recent fiscal year, growing at a 5-year CAGR of 26.0%.
Trailing-twelve-month margins: gross margin 51.6%, operating margin 23.6%, net margin 41.7%. Free cash flow grew at 37.1% CAGR over 5 years.
At $25.07 (closing price, October 30, 2026), KRG trades at a P/E of 15.48 and an ROE of 11.27%. Market capitalisation stands at $5.0B.
Balance sheet quality for KRG: current ratio of 1.4, net debt of $3.33B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $277.7M represents 93% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $354.1M | $358.8M | $354.2M | $315.2M | $266.6M | $373.3M | $802.0M | $823.0M | $841.8M | $847.6M |
| Cost of Revenue | $90.8M | $92.8M | $92.7M | $84.4M | $76.9M | $105.1M | $211.8M | $210.4M | $217.5M | $396.2M |
| Gross Profit | $263.4M | $266.0M | $261.4M | $230.8M | $189.8M | $268.2M | $590.2M | $612.6M | $624.3M | $451.4M |
| Research & Development | 0 | -$0 | -$0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $23.4M | $21.7M | $21.3M | $28.2M | $30.8M | $34.0M | $54.9M | $56.1M | $52.6M | $55.5M |
| Operating Expenses | $197.9M | $193.8M | $173.5M | $159.1M | $154.8M | $289.8M | $498.5M | $460.4M | $513.0M | $255.5M |
| Operating Income | $65.4M | $64.7M | $21.0M | $71.8M | $35.0M | -$21.5M | $91.7M | $152.2M | $111.4M | $195.8M |
| EBITDA | $248.6M | $254.1M | $176.2M | $193.8M | $164.4M | $181.6M | $565.1M | $560.1M | $528.2M | $813.3M |
| Interest Expense | $65.6M | $65.7M | $66.8M | $59.3M | $50.4M | $60.4M | $104.3M | $105.3M | $125.7M | $123.5M |
| Pre-tax Income | -$323,000 | -$1.4M | -$46.7M | -$284,000 | -$16.8M | -$82.0M | -$12.1M | $48.9M | $4.6M | $306.0M |
| Income Tax | $814,000 | -$100,000 | -$227,000 | -$282,000 | -$696,000 | -$310,000 | $43,000 | $533,000 | $139,000 | $467,000 |
| Net Income | $1.2M | $11.9M | -$46.6M | -$534,000 | -$16.2M | -$80.8M | -$12.6M | $47.5M | $4.1M | $298.7M |
| EPS | $0.01 | $0.14 | $-0.56 | $-0.01 | $-0.19 | $-0.73 | $-0.06 | $0.22 | $0.02 | $1.38 |
| EPS (Diluted) | $0.01 | $0.14 | $-0.56 | $-0.01 | $-0.19 | $-0.73 | $-0.06 | $0.22 | $0.02 | $1.38 |
| Shares Outstanding (Diluted) | 83.5 M | 83.7 M | 83.7 M | 83.9 M | 84.1 M | 110.6 M | 219.1 M | 219.7 M | 219.7 M | 214.5 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $207.4M | $200.7M | $196.3M | $190.3M |
| Gross Profit | -$21.5M | $144.8M | $143.3M | $139.0M |
| Operating Income | $48.2M | $48.3M | $47.1M | $13.6M |
| EBITDA | $305.3M | $128.1M | $281.1M | $97.9M |
| Net Income | $180.8M | $11.4M | $161.3M | -$13.3M |
| EPS | $0.84 | $0.06 | $0.79 | $-0.07 |
| EPS (Diluted) | $0.84 | $0.06 | $0.79 | $-0.07 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.9M | $24.1M | $35.4M | $31.3M | $43.6M | $93.2M | $122.0M | $36.4M | $128.1M | $36.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $125.0M | 0 | 0 | $350.0M | 0 |
| Receivables | $53.1M | $58.3M | $58.1M | $55.3M | $57.2M | $68.4M | $101.3M | $113.3M | $125.8M | $127.9M |
| Inventory | -$900,000 | -$3.1M | -$3.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $91.7M | $106.9M | $122.1M | $142.6M | $143.7M | $293.8M | $223.3M | $154.7M | $682.9M | $606.2M |
| Property, Plant & Equipment | $3.40B | $3.29B | $2.94B | 0 | 0 | 0 | $6.57B | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $65.5M | $44.0M | $25.5M | $11.0M | $5.7M | $485.7M | $343.0M | $304.2M | $238.2M | $181.6M |
| Total Assets | $3.66B | $3.51B | $3.17B | $2.65B | $2.61B | $7.64B | $7.34B | $6.94B | $7.09B | $6.66B |
| Accounts Payable | $80.7M | $78.5M | $85.9M | $72.1M | $79.4M | $195.8M | $219.9M | $198.1M | $202.7M | 0 |
| Short-term Debt | 0 | $43.2M | $5.0M | -$2.6M | $25.0M | $55.0M | 0 | 0 | 0 | $420.4M |
| Total Current Liabilities | $177.1M | $175.0M | $169.6M | $80.3M | $116.1M | $280.9M | $207.8M | $198.1M | $206.7M | $420.4M |
| Long-term Debt | $1.65B | $1.64B | $1.54B | $1.15B | $1.15B | $3.10B | $3.01B | $2.83B | $3.23B | $2.78B |
| Total Liabilities | $1.92B | $1.87B | $1.71B | $1.31B | $1.33B | $3.66B | $3.52B | $3.30B | $3.68B | $3.47B |
| Retained Earnings | -$419.3M | -$509.8M | -$662.7M | -$770.0M | -$824.3M | -$962.9M | -$1.21B | -$1.37B | -$1.60B | -$1.56B |
| Total Equity | $1.64B | $1.57B | $1.41B | $1.29B | $1.23B | $3.92B | $3.77B | $3.57B | $3.31B | $3.07B |
| Total Debt | $1.73B | $1.70B | $1.54B | $1.22B | $1.24B | $3.43B | $3.27B | $3.06B | $3.23B | $3.37B |
| Net Debt | $1.71B | $1.68B | $1.51B | $1.19B | $1.20B | $3.21B | $3.14B | $3.02B | $2.75B | $3.33B |
| Working Capital | -$85.4M | -$68.2M | -$47.5M | $62.4M | $27.6M | $12.9M | $15.5M | -$43.4M | $476.2M | $185.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $68.7M | $36.8M | $32.5M | $144.6M |
| Total Assets | $6.65B | $6.66B | $6.35B | $6.27B |
| Total Liabilities | $3.37B | $3.47B | $3.36B | $3.25B |
| Total Equity | $3.17B | $3.07B | $2.86B | $2.87B |
| Total Debt | $3.13B | $3.37B | $2.99B | $3.42B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $3.1M | $13.9M | -$46.5M | -$2,000 | -$16.1M | -$81.7M | -$12.2M | $47.5M | $4.4M | $305.5M |
| Depreciation & Amortization | $179.1M | $174.6M | $156.1M | $134.9M | $130.8M | $203.1M | $473.0M | $430.0M | $398.0M | $380.2M |
| Stock-based Compensation | $5.2M | $6.0M | $4.9M | $5.4M | $6.0M | $6.7M | $10.3M | $10.1M | $10.7M | $10.8M |
| Change in Working Capital | -$14.4M | -$24.6M | -$18.0M | -$5.2M | -$19.3M | $14.4M | -$29.8M | -$34.5M | -$24.8M | -$7.3M |
| Operating Cash Flow | $154.9M | $153.7M | $154.4M | $138.0M | $95.5M | $100.4M | $379.3M | $394.6M | $419.0M | $429.7M |
| Capital Expenditure | -$94.3M | -$70.5M | -$59.3M | -$53.3M | -$38.3M | -$57.3M | -$158.5M | -$142.6M | -$140.9M | -$152.0M |
| Acquisitions | 0 | -$1.4M | -$10.0M | -$798,000 | -$541,000 | -$134,000 | -$125,000 | 0 | -$13.2M | -$255.5M |
| Stock Repurchased | -$1.1M | -$808,000 | -$350,000 | -$533,000 | -$1.3M | -$15.0M | -$1.5M | -$767,000 | -$907,000 | -$249.3M |
| Dividends Paid | -$94.7M | -$101.1M | -$106.3M | -$133.3M | -$38.1M | -$57.8M | -$179.6M | -$210.5M | -$221.8M | -$236.5M |
| Free Cash Flow | $60.6M | $83.1M | $95.1M | $84.7M | $57.2M | $43.0M | $220.7M | $252.1M | $278.1M | $277.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $116.2M | $106.6M | $49.8M | $126.8M |
| Capital Expenditure | -$30.8M | -$38.0M | -$32.4M | -$37.8M |
| Free Cash Flow | $85.4M | $68.6M | $17.3M | $88.9M |
| Dividends Paid | -$59.4M | $178.0M | -$90.1M | -$58.9M |
| Stock-based Compensation | $2.8M | $4.1M | $3.2M | $3.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1.3% | -1.3% | -11.0% | -15.4% | +40.0% | +114.8% | +2.6% | +2.3% | +0.7% | |
| Net Income Growth (YoY) | +903.7% | -492.2% | +98.9% | -2,938.0% | -398.1% | +84.4% | +475.9% | -91.4% | +7,236.4% | |
| EPS Growth (YoY) | +1,300.0% | -500.0% | +98.9% | -2,868.8% | -284.2% | +92.1% | +481.3% | -91.6% | +7,359.5% | |
| Shares Change (YoY) | +0.3% | +0.0% | +0.3% | +0.3% | +31.5% | +98.0% | +0.3% | -0.0% | -2.4% | |
| FCF Growth (YoY) | +37.1% | +14.4% | -10.9% | -32.4% | -24.8% | +412.9% | +14.2% | +10.3% | -0.2% | |
| Gross Margin | 74.4% | 74.1% | 73.8% | 73.2% | 71.2% | 71.8% | 73.6% | 74.4% | 74.2% | 53.3% |
| Operating Margin | 18.5% | 18.0% | 5.9% | 22.8% | 13.1% | -5.8% | 11.4% | 18.5% | 13.2% | 23.1% |
| EBITDA Margin | 70.2% | 70.8% | 49.8% | 61.5% | 61.6% | 48.6% | 70.5% | 68.1% | 62.7% | 95.9% |
| Net Margin | 0.3% | 3.3% | -13.1% | -0.2% | -6.1% | -21.6% | -1.6% | 5.8% | 0.5% | 35.2% |
| FCF Margin | 17.1% | 23.2% | 26.8% | 26.9% | 21.5% | 11.5% | 27.5% | 30.6% | 33.0% | 32.8% |
| Effective Tax Rate | -252.0% | 7.3% | 0.5% | 99.3% | 4.1% | 0.4% | -0.4% | 1.1% | 3.1% | 0.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.73 | $0.99 | $1.14 | $1.01 | $0.68 | $0.39 | $1.01 | $1.15 | $1.27 | $1.29 |
| Dividends Per Share | $1.13 | $1.21 | $1.27 | $1.59 | $0.45 | $0.52 | $0.82 | $0.96 | $1.01 | $1.10 |
| Shares Outstanding (Basic) | 83.4 M | 83.6 M | 83.2 M | 83.9 M | 84.1 M | 110.6 M | 219.1 M | 219.3 M | 219.6 M | 214.3 M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (<=15x (<=20x borderline)) — REIT P/E equivalent. As with the P/E, the lower, the cheaper.
Profitability
| Return on Equity | 11.27% |
| Return on Invested Capital | 3.04% |
| Return on Assets | 5.38% |
| Gross Margin | 51.57% |
| Operating Margin | 23.59% |
| Net Margin | 41.67% |
Financial Health
| Debt / Equity | 1.19 |
| Current Ratio | 1.09 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 0.82 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 2,348.00 | 140.00 | -25.16 | -3,051.56 | -78.74 | -29.84 | -364.82 | 103.91 | 1,364.32 | 17.37 |
| P/B | 1.19 | 1.05 | 0.83 | 1.27 | 1.02 | 0.61 | 1.22 | 1.41 | 1.67 | 1.67 |
| P/S | 5.53 | 4.57 | 3.31 | 5.20 | 4.72 | 6.45 | 5.75 | 6.09 | 6.58 | 6.06 |
| Gross Margin | 74.4% | 74.1% | 73.8% | 73.2% | 71.2% | 71.8% | 73.6% | 74.4% | 74.2% | 53.3% |
| Operating Margin | 18.5% | 18.0% | 5.9% | 22.8% | 13.1% | -5.8% | 11.4% | 18.5% | 13.2% | 23.1% |
| Net Margin | 0.3% | 3.3% | -13.1% | -0.2% | -6.1% | -21.6% | -1.6% | 5.8% | 0.5% | 35.2% |
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Explore sector: Real Estate · REIT - Retail
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