KITE REALTY GROUP TRUST
KRGdata completeness 100%17 fiscal years on fileKITE REALTY GROUP TRUST earns about 2% on equity, below its ~9% cost of capital, but has diluted owners by 97% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $0.19 and $10.79 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $373.3M1 | $802M2 | $821.3M3 | $837.5M3 | $844.4M3 |
| Net income | −$80.8M4 | −$12.6M5 | $47.5M6 | $4.07M6 | $298.7M6 |
| Operating cash flow | $100.4M7 | $379.3M8 | $394.6M9 | $419M9 | $429.7M9 |
| Capital expenditure | — | — | $144.7M10 | $140.5M10 | $152M10 |
| Free cash flow (derived) | — | — | $250M9 | $278.6M9 | $277.7M9 |
| Total debt | $3.15B11 | $3.01B12 | $2.83B13 | $3.23B14 | $3.03B14 |
| Cash & equivalents | $93.2M15 | $115.8M16 | $36.4M17 | $128.1M17 | $36.8M17 |
| Diluted shares | 110.6M | 219.1M | 219.7M | 219.7M | 218.4M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $140.71 of net worth that earned you $13.67 and generated $12.71 of cash last year, against $138.51 of debt.
It earned about 2% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 97% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $0.19 and $10.79 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$277.7M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$277.7M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$4.07M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $4.48 |
| Base | 5.0% | $8.87 |
| Bull | 10.0% | $14.14 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001286043-24-000018 (Revenues)
- 10-K · period ending 2022-12-31 · accession 0001286043-25-000014 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0001286043-26-000009 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0001286043-24-000018 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001286043-25-000014 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001286043-26-000009 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001286043-24-000018 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001286043-25-000014 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001286043-26-000009 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001286043-26-000009 (PaymentsForCapitalImprovements)
- 10-K · period ending 2021-12-31 · accession 0001286043-23-000023 (LongTermDebt)
- 10-K · period ending 2022-12-31 · accession 0001286043-24-000018 (LongTermDebt)
- 10-K · period ending 2023-12-31 · accession 0001286043-25-000014 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0001286043-26-000009 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0001286043-24-000018 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001286043-25-000014 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001286043-26-000009 (CashAndCashEquivalentsAtCarryingValue)