At a glance
Kite Realty Group Trust is worth $4.81B, about 18 times its fiscal 2025 earnings. Revenue grew 0.8% to $844.4M in fiscal 2025, with 35.4% kept as profit; over 5 years it has grown 25.9% a year. It pays a 5.39% dividend yield, raised every year for at least 5 years, and returned $925.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +13.1% over the past year with dividends reinvested and +8.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 52.0% in the 2020 crash (S&P 500: 33.7%) and 26.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 2 months after the lows.
The business in plain English
Kite Realty Group Trust is a real estate investment trust (REIT), a company that owns rental property and must pay out most of its taxable income as dividends. It owns open-air shopping centers, many built around a grocery store, and mixed-use properties that blend shops with other uses. Most sit in fast-growing Sun Belt markets, with some in major gateway cities. Its 2021 merger with Retail Properties of America made it one of the five largest open-air shopping center REITs by market value.
Its income is mainly tenant rent, plus tenant reimbursements for property costs such as taxes and upkeep. As of December 31, 2025, it held interests in 167 operating retail and mixed-use properties covering about 26.9 million square feet, and its retail space was 95.1% leased. Revenue was $844.4 million in 2025.
The annual report gives no clean revenue split by segment or region. Instead, Kite tracks annualized base rent (ABR), the yearly contract rent from current leases. At that date, properties with a grocery component produced 79% of retail ABR, no single tenant topped 2.6%, and the 25 largest tenants made up 25.5%. In 2025 Kite also took a 52% stake in a joint venture, formed with a global investment firm, that paid $785.0 million for Legacy West, a Dallas-area mixed-use property.
Price history
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KRG +13.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $190.3M, down 7.2% from a year earlier, and net income was $-13.3M.
- For fiscal 2025, revenue was $844.4M (+0.8% year over year; +25.9% a year from FY2020 to FY2025) with a 35.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +25.9% good |
|---|---|
| Free cash flow margin | 32.9% good |
| Return on equity (FY2025) | 9.7% watch |
| Return on assets (FY2025) | 4.5% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $266.6M | $-16.2M | $57.2M |
| FY2021 | $373.3M | $-80.8M | $43.0M |
| FY2022 | $802.0M | $-12.6M | $220.7M |
| FY2023 | $821.3M | $47.5M | $250.0M |
| FY2024 | $837.5M | $4.1M | $278.6M |
| FY2025 | $844.4M | $298.7M | $277.7M |
Valuation snapshot
| Market value | $4.81B |
|---|---|
| P/E ratio | 17.7 |
| Dividend yield | 5.39% |
Rank among 1514 US companies
Market value at each year end
Kite Realty Group Trust’s market value went from $4.77B at the end of 2021 to $4.81B on Oct 28, 2026, up 1%; since the end of 2025 it is down 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.81B | -7.3% |
| 2025 | $5.19B | -6.4% |
| 2024 | $5.54B | +10.6% |
| 2023 | $5.02B | +8.7% |
| 2022 | $4.61B | -3.3% |
| 2021 | $4.77B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| KRG price data to Oct 28, 2026 | +6.8% | +13.1% | +12.2% | +8.5% | +5.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.8% |
| 2025 | -0.3% |
| 2024 | +15.5% |
| 2023 | +13.7% |
| 2022 | +0.8% |
| 2021 | +50.9% |
| 2020 | -20.1% |
| 2019 | +53.2% |
| 2018 | -22.4% |
| 2017 | -11.7% |
| 2016 | -5.5% |
| 2015 | -6.0% |
| 2014 | +16.4% |
| 2013 | +22.3% |
| 2012 | +30.0% |
| 2011 | -12.4% |
| 2010 | +40.4% |
| 2009 | -16.4% |
| 2008 | -61.1% |
| 2007 | -14.5% |
| 2006 | +26.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 85.4% over that stretch · deepest drop along the way 86.8%, back to its old high 210.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47.2% over that stretch · deepest drop along the way 52%, back to its old high 9.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.4% over that stretch · deepest drop along the way 26.1%, back to its old high 2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (19 read): 0 open-market purchases and 2 sales ($363K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 26, 2026 | Charles H Wurtzebach Director | sell | $201K |
| May 26, 2026 | Steven P Grimes Director | sell | $161K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.5% | Sep 30, 2026 |
| Cohen & Steers, Inc. | 12.35% | Nov 30, 2025 |
| COHEN & STEERS, INC. | 9.57% | Jun 30, 2025 |
| Vanguard Portfolio Management | 9.18% | Mar 31, 2026 |
| Vanguard Capital Management | 5.39% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 5.3% | Jun 30, 2025 |
| JPMORGAN CHASE & CO | 4.3% | Jan 31, 2025 |
ETFs with the most weight in KRG
| JPRE JPMorgan Realty Income ETF | 1.3% |
| PSR Invesco Active U.S. Real Estate Fund | 1.02% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.96% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.58% |
| BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 0.48% |
| FRI First Trust S&P REIT Index Fund | 0.42% |
| OMFS Invesco Russell 2000 Dynamic Multifactor ETF | 0.35% |
| JHSC John Hancock Multifactor Small Cap ETF | 0.34% |
What could go wrong
- Retail tenant bankruptcies and store closures. Most revenue is rent from retailers. If a tenant goes bankrupt or closes, Kite loses that rent, and some leases let neighboring tenants in the same center cut rent or leave.
- Tariffs and inflation could squeeze retailers. Kite's annual report warns that tariffs imposed in 2025 may raise prices on goods its tenants sell and curb shopper spending. Struggling tenants could resist rent increases, shrinking the gains Kite gets when leases renew.
- Sun Belt concentration and severe weather. Properties are concentrated in Sun Belt markets, so a regional slump or severe storm can hit several centers at once. Flooding from Tropical Storm Chantal pulled Eastgate Crossing, near Durham, out of the operating portfolio.
- Sharing control in joint ventures. Kite owns 52% of the venture that bought Legacy West, a Dallas-area mixed-use property, for $785.0 million. Partners can disagree on sales, spending or financing, and Kite cannot always decide alone.
- Heavy debt and refinancing costs. Kite had about $2.84 billion of debt as of June 30, 2026. Replacing maturing loans at higher interest rates, or a cut to its investment-grade credit ratings, would raise borrowing costs.
- The dividend is not guaranteed. The annual report warns cash may not cover distributions at expected levels. Kite could borrow to pay them or pay part in new shares rather than cash.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Other company announcement
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Kite Realty has raised its regular dividend five years in a row, from $0.5995 per share in 2020 to $1.245 in 2025, about 15.7% a year. The yield was 5.39% as of October 28, 2026. In 2025, dividends took 79.2% of net income and 85.2% of free cash flow, cash left after running and maintaining the properties. Dividends paid of $236.5 million were well below funds from operations (FFO) of $468.6 million; FFO is a standard REIT profit measure that adds back property depreciation. Kite also bought back 10.9 million shares for $247.7 million in 2025.
The stock has fallen hard in past downturns. In the 2008 financial crisis it dropped 86.8% and did not regain its 2007 peak until June 2026. It fell 52% in the 2020 COVID crash, recovering in about 10 months, and 26.1% in the 2022 bear market, recovering in about two months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Kite Realty make money?
Mostly by collecting rent. Kite Realty owns open-air shopping centers, many built around a grocery store, plus some mixed-use properties, and earns contractual rent and cost reimbursements from the stores that lease space. As of December 31, 2025, it held interests in 167 operating retail and mixed-use properties with about 26.9 million square feet, and its retail space was 95.1% leased. Properties with a grocery component produced 79% of its annualized base rent. Revenue was $844.4 million in 2025.
Does Kite Realty raise its dividend every year?
Kite Realty raised its regular dividend every year from 2021 through 2025, a streak of five increases. Dividends per share climbed from $0.5995 in 2020 to $1.245 in 2025, or about 15.7% a year. That record is fairly short. The company's annual report also warns that cash may not always cover distributions at expected levels, and that the company could borrow to pay them or pay part in shares instead of cash.
What is KRG's dividend yield?
Kite Realty's dividend yield was 5.39% as of October 28, 2026. The company declared $1.245 per share in dividends during 2025, and dividends paid took 85.2% of its free cash flow that year. Its annual report notes that REIT dividends generally do not qualify for tax rates as low as those on dividends from ordinary corporations. That difference matters less inside tax-deferred accounts such as IRAs.
How much debt does Kite Realty have?
Kite Realty had about $2.84 billion of total debt as of June 30, 2026, against $144.6 million of cash and investments. At the end of 2025 it had $410.6 million of debt due by December 31, 2026, a net debt to EBITDA ratio of 4.9 times, and $1.0 billion of unused room on its $1.1 billion credit line. Net debt to EBITDA compares debt, minus cash, with a year of operating earnings before interest, taxes, depreciation and amortization. It holds investment-grade ratings from three agencies.
How has KRG stock performed over the long term?
Kite Realty returned about 5.5% a year over the 10 years to October 28, 2026, 8.5% a year over five years, 12.2% a year over three years and 13.1% over one year. The ride has been bumpy. Its largest fall from a peak was 88.5%, and it took until June 2026 to regain its 2007 high. It slipped 0.25% in 2025 and dropped 15.5% in the three months to October 28, 2026.