# Kite Realty Group Trust (KRG)

> Source: Nexqual · https://nexqual.com/KRG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Kite Realty Group Trust (KRG), nexqual.com/KRG" · informational, not investment advice.

**Price:** USD 24.77 (+2.44% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 24.18 · day 24.29–24.87 · 52w 21.64–29.92 · market cap $5.08B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $806M, net income $335M (41.5% margin) (SEC filings).
- Valuation: P/E 15.2x (avg 495.2x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $161K; 1 not under a Rule 10b5-1 plan ($161K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +13.7% vs S&P 500 +14.9%; 5Y +48.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-30, EPS estimate USD 0.08, revenue estimate $196M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $373M | $802M | $821M | $837M | $844M | $806M |
| Operating income | -$21.5M | $91.7M | $152M | $111M | — | — |
| Net income | -$80.8M | -$12.6M | $47.5M | $4.1M | $299M | $335M |
| EPS (diluted) | -$0.73 | -$0.06 | $0.22 | $0.02 | $1.37 | — |
| Free cash flow | — | — | $250M | $279M | $278M | — |
| Operating margin | -5.8% | 11.4% | 18.5% | 13.3% | — | — |
| Net margin | -21.6% | -1.6% | 5.8% | 0.5% | 35.4% | 41.5% |
| Revenue growth | +40.0% | +114.8% | +2.4% | +2.0% | +0.8% | — |
| Cash + short-term investments | $218M | $116M | $36.4M | $478M | $36.8M | — |
| Total debt | $3.15B | $3.01B | $2.83B | $3.23B | $3.03B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 15.2x · P/S 6.3x · P/B 1.8x · Earnings yield 6.59% · Buyback yield (TTM) 0.03%
P/E at fiscal year-ends: Dec 2025 17.5x, Dec 2024 1362.3x, Dec 2023 105.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-26 | Grimes Steven P | Director | 5,922 | $161K | 0.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Piper Sandler | Target lowered | Neutral | $33 → $27 |
| 2026-10-09 | UBS | Target lowered | Neutral | $30 → $26 |
| 2026-10-02 | Truist Securities | Initiated | Hold | $27 |
| 2026-09-24 | JP Morgan | Downgrade | Neutral → Underweight | $27 |
| 2026-09-01 | Wells Fargo | Target lowered | Overweight | $32 → $31 |
| 2026-08-18 | Keybanc | Downgrade | Overweight → Sector Weight |  |
| 2026-08-03 | Citigroup | Target raised | Neutral | $27 → $31 |
| 2026-07-31 | Ladenburg Thalmann | Target raised | Buy | $33 → $34 |
| 2026-07-23 | Wells Fargo | Target raised | Overweight | $29 → $32 |
| 2026-07-21 | Piper Sandler | Target raised | Neutral | $27 → $33 |
| 2026-07-09 | UBS | Target raised | Neutral | $28 → $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +13.7% | +48.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +13.8% | +8.1% |
| Volatility (annualized) | 17.4% | 24.5% |
| Max drawdown | -20.4% (Jul 2026→Oct 2026) | -23.8% (Mar 2022→Jun 2022) |

## Peers (REIT - Retail)
PECO (Phillips Edison & Company, Inc.) USD 38.29 +2.74% · EPRT (Essential Properties Realty Tru) USD 26.26 +5.50% · SKT (Tanger Inc.) USD 36.11 +2.29% · MAC (Macerich Company (The)) USD 23.95 +3.10% · CURB (Curbline Properties Corp.) USD 28.86 +7.25% · NNN (NNN REIT, Inc.) USD 42.13 +3.46%

## More
Full page: https://nexqual.com/KRG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Minimum Rent | $152.0M | 77.4% | -8.4% |
| Tenant Reimbursements | $41.8M | 21.3% | -7.4% |
| Real Estate Other | $1.6M | 0.8% | +15.6% |
| Overage Rent | $1.4M | 0.7% | -20.3% |
| Management Service | $1.4M | 0.7% | +61.5% |
| Total revenue | $196.3M | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "The Company expects to generate net income of $1.02 to $1.08 per diluted share in 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.08 | $0.12 | -33.3% | $195.6M | 2 |
| Next quarter (ends 2026-12-31) | $0.07 | $0.13 | -44.0% | $196.7M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.99 | $0.35 | +184.3% | $787.4M | 5 |
| Next fiscal year (ends 2027-12-31) | $0.34 | $0.53 | -35.8% | $804.7M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-30): ±5.2%; last 8 reports averaged ±1.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 25.8% | ±5.2% |