Cash flow generation remains inconsistent, highlighted by a $32.4 million capital expenditure outflow in 2026Q1 that complicates dividend coverage predictability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Cash from Operations | 405.37M | 429.66M | 419.03M | 394.65M | 379.28M | 100.35M | 95.52M | 137.96M | 154.38M | 153.66M | 154.93M | 169.34M | 42.18M | 52.1M | 23.27M | 32.23M | 30.27M | 20.99M | 40.57M | 37.65M | 30.41M | 23.52M | 12.54M | 4.45M |
| Operating CF Growth % | -39.89% | 2.54% | 6.18% | 4.05% | 277.96% | 5.06% | -30.77% | -10.64% | 0.47% | -0.82% | -8.51% | 301.47% | -19.04% | 123.86% | -27.79% | 6.48% | 44.18% | -48.26% | 7.75% | 23.81% | 29.28% | 87.53% | 181.89% | - |
| Operating CF / Revenue % | 49.04% | 50.69% | 49.78% | 47.95% | 47.29% | 26.88% | 35.82% | 43.77% | 43.59% | 42.82% | 43.75% | 48.8% | 16.25% | 40.23% | 23.03% | 31.62% | 29.84% | 18.21% | 28.43% | 27.14% | 23.05% | 23.67% | 25.55% | 16.03% |
| Net Income | 286.33M | 305.53M | 4.42M | 47.5M | -12.15M | -81.72M | -16.12M | -2K | -46.45M | 13.89M | 3.12M | 29.32M | -4.68M | -3.54M | -3.7M | 4.98M | -9.19M | -1.18M | 6.09M | 13.52M | 10.18M | 13.44M | -524.7K | 1.74M |
| Depreciation & Amortization | 395.48M | 380.15M | 397.99M | 426.36M | 472.97M | 203.14M | 130.78M | 134.86M | 156.11M | 174.63M | 179.08M | 170.52M | 123.86M | 57.76M | 43.77M | 38.66M | 42.56M | 34M | 37.26M | 32.89M | 31.54M | 23.65M | 12.33M | 3.02M |
| Stock-Based Compensation | 12.97M | 10.8M | 10.74M | 10.12M | 10.28M | 6.7M | 6M | 5.38M | 4.87M | 5.99M | 5.21M | 4.58M | 2.54M | 1.67M | 602.38K | 519.93K | 488.56K | 526.79M | 803.69M | 569.02M | 549.84M | 281.78M | 0 | 0 |
| Other Non-Cash Items | -339.78M | -259.49M | 30.71M | -54.83M | -62.04M | -10.99M | -1.14M | -7.4M | -12.05M | -11.29M | -18.01M | -17.4M | -12.73M | -6.3M | -4.47M | -2.69M | -547.06K | 469.96K | 975.84K | -4.22M | -2.04M | -6.79M | -2.26M | -642.44K |
| Working Capital Changes | 43.69M | -7.34M | -24.83M | -34.49M | -29.77M | 14.44M | -19.27M | -5.19M | -17.98M | -24.59M | -14.42M | -9.06M | -56.77M | -2.06M | -14.67M | -7.89M | -1.3M | -12.99M | -2.84M | -4.54M | -9.27M | -6.77M | 2.99M | 329.86K |
| Cash from Investing | 361.17M | 613.53M | -498.99M | -81.73M | -45.15M | -91.03M | -80.84M | 416.59M | 148.33M | -126K | -82.66M | -84.4M | 186.93M | -514.9M | -71.62M | -86.54M | -36.4M | -54.85M | -95.69M | -96.69M | -220.06M | -205.97M | -227.3M | -92.5M |
| Acquisitions (Net) | 1.95M | -255.49M | -13.19M | 0 | -125K | -134K | -541K | -798K | -9.97M | -1.4M | 0 | -34M | 108.67M | 0 | -150K | -8.52M | -445.3K | 0 | 0 | 0 | 0 | -178.49M | 0 | -45.62M |
| Purchase of Investments | 0 | 0 | -615M | 0 | -100.27M | -125M | -4.67M | -59M | -9.97M | -1.4M | 0 | -161.85M | 0 | 0 | 0 | 0 | 0 | -13.42M | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | -350M | 350M | 0 | 0 | 125M | 57.31M | 4.67M | 529.42M | 218.39M | 76.08M | 14.69M | 170.02M | 127.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 674.86M | 671.03M | 270.14M | 60.85M | 88.78M | 34.1M | -42.03M | 256K | 217.61M | 71.8M | 11.66M | 8.17M | 154.21M | -402.32M | 42.68M | 1.91M | 3.08M | -4.62M | 22.16M | 111.54M | 226.89M | 151.01M | -72.24M | 1.67M |
| Cash from Financing | -598.52M | -698.35M | 172.09M | -393.46M | -312.53M | 44.46M | -20.9M | -547.25M | -289.39M | -149.32M | -86.28M | -94.89M | -203.79M | 468.45M | 50.79M | 48.96M | 1.57M | 43.9M | 46.04M | 54.09M | 198.4M | 187.56M | 222.67M | 86.75M |
| Dividends Paid | 59.31M | -236.48M | -221.79M | -210.55M | -179.62M | -57.8M | -38.13M | -133.26M | -106.32M | -101.13M | -94.67M | -97.96M | -55.11M | -29.05M | -23.14M | -20.94M | -15.55M | -23.72M | 0 | -29.46M | -28.19M | -23.35M | -13.48M | -9.91M |
| Common Dividends | 59.31M | -236.48M | -221.79M | -210.55M | -179.62M | -57.8M | -38.13M | -133.26M | -106.32M | -101.13M | -94.67M | -89.38M | -46.66M | -20.59M | -15.44M | -15.25M | -15.55M | -19.75M | -24.86M | -29.46M | -28.19M | -22.31M | -2.57M | -9.91M |
| Debt Issuance (Net) | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | 1.15M | -249.3M | -907K | -767K | -1.53M | -15.03M | -1.34M | -533K | -350K | -808K | -1.13M | -1M | -378K | -261K | 0 | -252.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -976.26M | -10.94M | -23.53M | -6.92M | -17.43M | -20.15M | -4.03M | -3.84M | -30.92M | -15.93M | -7.68M | -42.71M | -9.55M | -3.56M | -4.5M | -8.47M | -2.48M | -3.98M | -7.31M | -7.95M | -1.72M | -407.98K | -16.36M | 13.87M |
| Net Change in Cash | 168.01M | 344.84M | 92.12M | -80.54M | 21.61M | 53.78M | -6.23M | 7.31M | 13.33M | 4.21M | -14.01M | -9.95M | 25.69M | 5.65M | 2.44M | -5.35M | -4.56M | 10.04M | -9.08M | -4.95M | 8.74M | 5.11M | 7.91M | -1.3M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 478.39M | 133.55M | 41.43M | 121.97M | 100.36M | 46.59M | 52.81M | 45.51M | 32.18M | 19.87M | 33.88M | 43.83M | 18.13M | 12.48M | 10.04M | 15.39M | 19.96M | 9.92M | 19M | 23.95M | 15.21M | 10.1M | 5.82M | 3.49M |
| Cash at End | 223.15M | 478.39M | 133.55M | 41.43M | 121.97M | 100.36M | 46.59M | 52.81M | 45.51M | 24.08M | 19.87M | 33.88M | 43.83M | 18.13M | 12.48M | 10.04M | 15.39M | 19.96M | 9.92M | 19M | 23.95M | 15.21M | 13.73M | 2.19M |
| Free Cash Flow | 255.29M | 277.65M | 278.08M | 252.07M | 220.74M | 43.04M | 57.25M | 84.68M | 95.08M | 83.13M | 60.61M | 76.77M | -52.37M | -60.48M | -90.88M | -47.7M | -8.77M | -15.82M | -77.28M | -170.57M | -416.54M | -154.97M | -142.51M | -44.1M |
| FCF Growth % | -12.69% | -0.15% | 10.32% | 14.19% | 412.9% | -24.82% | -32.4% | -10.93% | 14.37% | 37.15% | -21.05% | 246.59% | 13.41% | 33.45% | -90.52% | -444.13% | 44.57% | 79.54% | 54.69% | 59.05% | -168.79% | -8.74% | -223.15% | - |
| FCF / Revenue % | 30.89% | 32.76% | 33.03% | 30.63% | 27.52% | 11.53% | 21.47% | 26.87% | 26.84% | 23.17% | 17.12% | 22.12% | -20.18% | -46.71% | -89.93% | -46.81% | -8.64% | -13.72% | -54.16% | -122.93% | -315.73% | -155.96% | -290.26% | -158.88% |
Sunbelt migration plateau risk
According to the provided quarterly data, KRG's dividend payout ratio relative to AFFO has fluctuated significantly, reaching a peak of 1.06 in 2024Q2 before stabilizing near 0.66 in 2025Q4, suggesting that the company's ability to cover distributions remains sensitive to periodic volatility in recurring cash flows.
The wide variance in the payout ratio indicates that investors should monitor the sustainability of the dividend during periods of lower leasing activity or increased maintenance requirements. While the 2025Q4 coverage ratio appears comfortable, the historical tendency for the ratio to approach or exceed 1.0 suggests that the dividend is not immune to operational headwinds.
As reported in financial statements, the persistent gap between GAAP net income and FFO, exemplified by the 2026Q1 net income of $11.4M versus $95.6M in FFO, confirms that non-cash depreciation charges continue to mask the true economic profitability of the company's retail real estate portfolio.
This structural disconnect highlights why GAAP metrics are insufficient for evaluating KRG's performance, as the heavy depreciation of long-lived assets artificially depresses net income. Analysts should focus on FFO and AFFO to gauge the actual cash-generating capacity of the shopping centers, as these metrics better reflect the underlying business performance.
Based on the reported figures, KRG's recurring capital expenditures, including tenant improvements and leasing commissions, have shown significant quarterly variability, with a notable $32.4M outflow in 2026Q1, indicating that the company's cash flow is heavily influenced by the timing of lease renewals and property upgrades.
The high level of capital intensity required to maintain occupancy in competitive Sunbelt markets suggests that a portion of the company's cash flow is effectively committed to sustaining the existing portfolio. Investors should monitor whether these expenditures are successfully driving higher rental rates or if they are merely defensive costs required to prevent tenant churn.
Data from recent filings indicates that the conversion of GAAP operating cash flow into FFO is highly inconsistent, with FFO/NI ratios ranging from -7.17 to 12.97, suggesting that working capital adjustments and non-recurring items frequently distort the relationship between accounting earnings and actual cash generation.
This volatility implies that the company's cash flow profile is subject to significant noise, making it difficult to rely on short-term trends for forecasting. The lack of a stable conversion ratio warrants further investigation into the specific timing of rent collections and the impact of one-time items on the reported cash flow statement.
Quick answers to the most common questions about buying KRG stock.
Kite Realty Group Trust (KRG) generated $429.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kite Realty Group Trust (KRG) generated $277.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Kite Realty Group Trust (KRG) spent $152.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Kite Realty Group Trust (KRG) returned $236.5M to shareholders via cash dividends and spent $249.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.