AFFO of $210.5M in 2026Q2 covered dividends 3.6 times, but the gap between FFO and AFFO averaged $50M per quarter, implying significant recurring capex for tenant improvements and leasing commissions.
Kite Realty Group Trust (KRG) cash flow statement — 23-year operating, investing & financing cash flows
| 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 | 399.31M | 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 % | -37.92% | 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 % | 49.33% | 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 | 337.31M | 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 | 386.9M | 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 | 13.77M | 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 | -333.13M | -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 | -14.16M | -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 | 542.74M | 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) | 256.13M | -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 | 553.32M | 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 | -808.47M | -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 | -30.32M | -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 | -30.32M | -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) | -2M | -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 | -198.41M | -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 | -696.14M | -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 | 133.57M | 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 | 223.15M | 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 | 321.41M | 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 | 260.31M | 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 % | -4.69% | -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 % | 32.16% | 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% |
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.
Key Metrics
Top Statement Risk
Sunbelt migration plateau risk
Metrics are mathematically derived from official filings.
AFFO Coverage Strengthens in Q2
In 2026Q2, AFFO of $210.5M covered dividends 3.6 times, a sharp improvement from 1.1 times in 2024Q2, as reported in the latest financial statements.
The dividend payout ratio based on AFFO dropped to 0.24 in 2026Q2 from 1.06 in 2024Q2, indicating a substantial buffer for distribution sustainability. However, the volatility in AFFO—ranging from $12.7M to $210.5M over the past two years—suggests that coverage can fluctuate significantly, and investors should monitor whether this quarter's strength is sustainable or a result of one-time gains.
Capex Volatility Masks Maintenance Needs
Capital expenditures swung from -$48.9M in 2025Q2 to $114.0M in 2025Q4, reflecting acquisition and disposition activity, but recurring maintenance capex appears modest, based on reported figures.
The negative capex in several quarters indicates net proceeds from property sales, while the large positive figure in 2025Q4 likely represents acquisition spending. This volatility obscures the true recurring capex required to maintain properties. The gap between FFO and AFFO—averaging around $50M per quarter—suggests that tenant improvements and leasing commissions are a significant recurring cash outflow, which is critical for sustaining occupancy and rental rates.
Working Capital Swings Signal Timing Effects
Operating cash flow exceeded net income by $115.4M in 2026Q2, but fell short by $69.4M in 2026Q1, indicating significant working capital timing effects, as per quarterly cash flow data.
The wide quarterly swings in the relationship between net income and operating cash flow—such as FFO/NI ratios ranging from -7.17 to 6.72—suggest that straight-line rent adjustments and tenant receivable collections are causing substantial noise. Investors should focus on annual trends rather than quarterly figures to assess the true cash conversion quality. The 2026Q2 OCF of $126.8M versus net income of $161.3M implies a non-cash gain, possibly from asset sales, which may not be recurring.
Dividend Self-Funded, No External Reliance
In 2026Q2, AFFO of $210.5M comfortably covered dividends of $58.9M, with no apparent need for external funding, as disclosed in the cash flow statement.
The dividend payout ratio based on AFFO was only 0.24 in 2026Q2, and even in weaker quarters like 2024Q2, the ratio was 1.06, indicating that dividends are generally covered by internally generated cash flow. The company's low debt/equity ratio of 1.06% suggests a conservative balance sheet, but the lack of significant external financing activity may also indicate limited growth investment, which could be a strategic choice or a reflection of a competitive acquisition market.
Depreciation and Gains Distort Net Income
Net income swung from -$48.6M in 2024Q2 to $161.3M in 2026Q2, while FFO remained positive, highlighting the impact of depreciation and one-time gains, as per SEC filings.
The FFO/NI ratio varied dramatically, from -7.17 in 2025Q3 to 6.72 in 2024Q3, indicating that net income is heavily influenced by non-cash depreciation and gains or losses on asset sales. For example, 2026Q2 net income of $161.3M far exceeded FFO of $242.9M, suggesting a large non-cash gain. Investors should rely on FFO and AFFO as more stable indicators of recurring cash flow, as GAAP net income is distorted by the real estate depreciation schedule.
Cash Flow Hides Maintenance Capex
The gap between FFO and AFFO averaged $50M per quarter, implying significant recurring capex for tenant improvements and leasing commissions, which is not visible in GAAP operating cash flow, based on reported data.
While operating cash flow appears strong, it does not deduct the capital expenditures necessary to maintain the portfolio's income-generating ability. The consistent difference between FFO and AFFO—for instance, $32.4M in 2026Q2—represents these recurring investments. If this maintenance capex is understated, AFFO may be overstated, and the true distributable cash flow could be lower than reported. Investors should scrutinize the breakdown of capex to ensure it adequately covers tenant improvements and leasing costs.