Revenue growth has turned negative, declining 9.5% year-over-year in 2026Q1, though the company maintains operational efficiency with a 72.1% NOI margin.
| 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 |
|---|
| Revenue | 826.57M | 847.63M | 841.84M | 823M | 802M | 373.32M | 266.64M | 315.17M | 354.18M | 358.82M | 354.12M | 347M | 259.53M | 129.49M | 101.05M | 101.91M | 101.42M | 115.29M | 142.7M | 138.75M | 131.93M | 99.36M | 49.1M | 27.76M |
| Revenue Growth % | -3.46% | 0.69% | 2.29% | 2.62% | 114.83% | 40.01% | -15.4% | -11.01% | -1.29% | 1.33% | 2.05% | 33.71% | 100.43% | 28.14% | -0.84% | 0.49% | -12.04% | -19.21% | 2.84% | 5.17% | 32.77% | 102.38% | 76.88% | - |
| Property Operating Expenses | 394.6M | 396.24M | 217.49M | 210.38M | 211.81M | 105.09M | 76.88M | 84.35M | 92.73M | 92.82M | 90.76M | 90.88M | 68.65M | 36.99M | 31.02M | 32.75M | 35.88M | 35.38M | 33.79M | 32.08M | 35.9M | 21.82M | 13.19M | 11.54M |
| Net Operating Income (NOI) | 431.97M | 451.39M | 624.35M | 612.62M | 590.19M | 268.23M | 189.77M | 230.82M | 261.45M | 266M | 263.36M | 256.13M | 190.88M | 92.5M | 70.04M | 69.16M | 65.54M | 79.91M | 108.91M | 106.68M | 96.03M | 77.54M | 35.91M | 16.22M |
| NOI Margin % | 52.26% | 53.25% | 74.16% | 74.44% | 73.59% | 71.85% | 71.17% | 73.24% | 73.82% | 74.13% | 74.37% | 73.81% | 73.55% | 71.43% | 69.31% | 67.87% | 64.62% | 69.31% | 76.32% | 76.88% | 72.79% | 78.04% | 73.13% | 58.44% |
| Operating Expenses | 241.59M | 255.54M | 512.96M | 460.38M | 498.52M | 289.76M | 154.75M | 159.06M | 173.48M | 193.84M | 197.94M | 181.19M | 134.04M | 62.69M | 47.5M | 43.35M | 46.1M | 49.93M | 70.42M | 65.19M | 59.83M | 46.92M | 26M | 10.62M |
| G&A Expenses | 57.15M | 55.46M | 52.56M | 56.14M | 54.86M | 33.98M | 30.84M | 28.21M | 21.32M | 21.75M | 23.37M | 18.71M | 13.04M | 8.21M | 7.12M | 6.28M | 5.37M | 5.71M | 5.88M | 6.3M | 5.32M | 5.33M | 3.26M | 3.02M |
| EBITDA | 553.17M | 572.62M | 509.38M | 459.04M | 564.64M | 181.62M | 165.79M | 206.62M | 287.25M | 351.41M | 354.12M | 239.11M | 150.33M | 82.07M | 61.54M | 62.88M | 60.17M | 62.13M | 73.94M | 74.38M | 67.74M | 54.27M | 22.24M | 8.62M |
| EBITDA Margin % | 66.92% | 67.55% | 60.51% | 55.78% | 70.4% | 48.65% | 62.18% | 65.56% | 81.1% | 97.93% | 100% | 68.91% | 57.92% | 63.38% | 60.9% | 61.7% | 59.33% | 53.89% | 51.82% | 53.6% | 51.35% | 54.62% | 45.29% | 31.06% |
| Depreciation & Amortization | 362.79M | 376.77M | 397.99M | 306.79M | 472.97M | 203.14M | 130.78M | 134.86M | 266.22M | 286.66M | 288.7M | 167.31M | 121M | 54.48M | 40.37M | 37.07M | 40.73M | 32.15M | 35.45M | 32.89M | 31.54M | 23.65M | 12.33M | 3.02M |
| D&A / Revenue % | 43.89% | 44.45% | 47.28% | 37.28% | 58.97% | 54.41% | 49.05% | 42.79% | 75.16% | 79.89% | 81.53% | 48.22% | 46.62% | 42.07% | 39.95% | 36.37% | 40.16% | 27.88% | 24.84% | 23.7% | 23.91% | 23.8% | 25.12% | 10.87% |
| Operating Income | 190.39M | 195.85M | 111.39M | 152.24M | 91.67M | -21.52M | 35.01M | 71.76M | 21.03M | 64.75M | 65.42M | 71.8M | 29.33M | 27.59M | 21.17M | 25.81M | 19.43M | 29.98M | 38.5M | 41.49M | 36.2M | 30.62M | 9.9M | 5.6M |
| Operating Margin % | 23.03% | 23.11% | 13.23% | 18.5% | 11.43% | -5.77% | 13.13% | 22.77% | 5.94% | 18.04% | 18.47% | 20.69% | 11.3% | 21.31% | 20.95% | 25.33% | 19.16% | 26.01% | 26.98% | 29.9% | 27.44% | 30.82% | 20.17% | 20.19% |
| Interest Expense | 2M | 123.48M | 125.69M | 105.35M | 104.28M | 60.45M | 50.4M | 59.27M | 66.78M | 65.7M | 65.58M | 56.43M | 45.51M | 27.99M | 25.66M | 25.29M | 28.53M | 27.15M | 29.37M | 25.97M | 0 | 18.09M | 4.21B | 0 |
| Interest Coverage | - | 3.51x | 1.04x | 1.24x | 0.88x | -0.36x | 0.67x | 1.00x | 0.30x | 1.21x | 1.06x | 1.14x | 0.64x | 0.98x | 0.46x | 1.00x | 0.62x | 1.18x | 1.41x | 1.49x | - | 1.66x | 0.00x | - |
| Non-Operating Income | -232.88M | -237.28M | -18.86M | 22.12M | -496K | 61K | 1.43M | 12.77M | 924K | -14.74M | -4.08M | 7.29M | 244K | 2.28M | 9.14M | -4.93M | -178.26K | -2.09M | -2.23M | 2.92M | 0 | 544K | 1.04M | 0 |
| Pretax Income | 293.85M | 306M | 4.55M | 48.92M | -12.11M | -82.03M | -16.82M | -284K | -46.68M | -1.37M | -323K | 25.43M | -16.43M | -464.19K | -12.23M | 5.38M | -8.92M | -1.76B | 9.28M | 12.61M | 11.15M | 11.52M | 1.44B | 0 |
| Pretax Margin % | 35.55% | 36.1% | 0.54% | 5.94% | -1.51% | -21.97% | -6.31% | -0.09% | -13.18% | -0.38% | -0.09% | 7.33% | -6.33% | -0.36% | -12.1% | 5.28% | -8.8% | -1526.1% | 6.5% | 9.09% | 8.45% | 11.59% | 2926.71% | 0% |
| Income Tax | 852K | 467K | 139K | 533K | 43K | -310K | -696K | -282K | -227K | -100K | 814K | 186K | 24.05K | 262.4K | -105.98K | -1.29K | 265.99K | 22.29M | 1.93M | 761.63K | 965.53K | 1.04M | -4.16B | 3.86M |
| Effective Tax Rate % | 0.29% | 0.15% | 3.05% | 1.09% | -0.36% | 0.38% | 4.14% | 99.3% | 0.49% | 7.29% | -252.01% | 0.73% | -0.15% | -56.53% | 0.87% | -0.02% | -2.98% | -1.27% | 20.77% | 6.04% | 8.66% | 9.04% | -289.25% | - |
| Net Income | 286.33M | 298.66M | 4.07M | 47.5M | -12.64M | -80.81M | -16.22M | -534K | -46.57M | 11.87M | 1.18M | 27.12M | -5.7M | -2.85M | -4.33M | 4.98M | -8.27M | -1.78M | 6.09M | 13.52M | 10.18M | 13.44M | -524.7K | 1.74M |
| Net Margin % | 34.64% | 35.23% | 0.48% | 5.77% | -1.58% | -21.65% | -6.08% | -0.17% | -13.15% | 3.31% | 0.33% | 7.81% | -2.2% | -2.2% | -4.29% | 4.89% | -8.16% | -1.55% | 4.27% | 9.75% | 7.72% | 13.52% | -1.07% | 6.29% |
| Net Income Growth % | 1998.4% | 7236.35% | -91.43% | 475.89% | 84.36% | -398.1% | -2938.01% | 98.85% | -492.18% | 903.72% | -95.64% | 575.67% | -100.05% | 34.24% | -187% | 160.23% | -364.19% | -129.24% | -54.94% | 32.84% | -24.24% | 2660.66% | -130.07% | - |
| Funds From Operations (FFO) | 649.11M | 675.43M | 402.06M | 354.29M | 460.33M | 122.34M | 114.56M | 134.33M | 219.65M | 298.54M | 289.88M | 194.43M | 115.3M | 51.63M | 36.04M | 42.05M | 32.46M | 30.37M | 41.54M | 46.41M | 41.72M | 37.08M | 11.81M | 4.76M |
| FFO Margin % | 78.53% | 79.68% | 47.76% | 43.05% | 57.4% | 32.77% | 42.96% | 42.62% | 62.02% | 83.2% | 81.86% | 56.03% | 44.43% | 39.87% | 35.66% | 41.26% | 32.01% | 26.34% | 29.11% | 33.45% | 31.62% | 37.32% | 24.05% | 17.16% |
| FFO Growth % | 373.29% | 67.99% | 13.48% | -23.04% | 276.29% | 6.79% | -14.71% | -38.85% | -26.42% | 2.99% | 49.09% | 68.63% | 123.32% | 43.26% | -14.3% | 29.54% | 6.9% | -26.9% | -10.49% | 11.24% | 12.5% | 214.04% | 147.97% | - |
| FFO per Share | 3.15 | 3.15 | 1.83 | 1.61 | 2.10 | 1.11 | 1.36 | 1.60 | 2.62 | 3.57 | 3.47 | 2.33 | 1.98 | 2.19 | 2.16 | 2.65 | 2.05 | 2.33 | 5.48 | 6.36 | 5.77 | 6.89 | 2.75 | 1.11 |
| FFO Payout Ratio % | 9.14% | 35.01% | 55.16% | 59.43% | 39.02% | 47.25% | 33.28% | 99.2% | 48.4% | 33.87% | 32.66% | 45.97% | 40.47% | 39.89% | 42.84% | 36.26% | 47.89% | 65.03% | 59.84% | 63.48% | 67.56% | 60.16% | 21.78% | 208.07% |
| EPS (Diluted) | 1.39 | 1.38 | 0.02 | 0.22 | -0.06 | -0.73 | -0.19 | -0.01 | -0.56 | 0.14 | 0.01 | 0.18 | -0.10 | -0.12 | -0.26 | -0.04 | -0.52 | -0.14 | 0.80 | 1.84 | 1.40 | 2.48 | -0.12 | 0.41 |
| EPS Growth % | 1937.02% | 7359.46% | -91.59% | 481.28% | 92.1% | -284.21% | - | 98.86% | -500% | 1300% | -94.44% | 284.24% | 18.58% | 53.85% | -550% | 92.31% | -271.43% | -117.5% | -56.52% | 31.43% | -43.55% | 2166.67% | -129.27% | - |
| EPS (Basic) | - | 1.38 | 0.02 | 0.22 | -0.06 | -0.73 | -0.19 | -0.01 | -0.56 | 0.14 | 0.01 | 0.19 | -0.10 | -0.12 | -0.26 | -0.04 | -0.52 | -0.14 | 0.80 | 1.88 | 1.40 | 2.52 | -0.12 | 0.41 |
| Diluted Shares Outstanding | 206.06M | 214.46M | 219.73M | 219.73M | 219.07M | 110.64M | 84.14M | 83.93M | 83.69M | 83.69M | 83.47M | 83.53M | 58.35M | 23.54M | 16.72M | 15.89M | 15.81M | 13.04M | 7.59M | 7.3M | 7.23M | 5.38M | 4.29M | 4.29M |
Sunbelt migration plateau risk
As reported in recent financial filings, KRG experienced a 9.5% year-over-year revenue decline in 2026Q1, suggesting that the portfolio's organic growth drivers are currently struggling to offset the impact of asset dispositions or broader retail sector cooling within its core Sunbelt and suburban markets.
The contraction in top-line performance warrants caution, as it deviates from the modest growth observed in previous quarters. Investors should monitor whether this trend reflects a structural slowdown in tenant demand or merely the timing of property-level capital recycling initiatives.
According to quarterly income statements, KRG maintained an NOI margin of 72.1% in 2026Q1, which, while slightly lower than the 74% range seen throughout 2024, indicates that property-level operating expenses are being managed with relative efficiency despite inflationary pressures on insurance and maintenance costs.
The ability to sustain margins above 70% suggests that the company's lease structures are effectively passing through common area maintenance and tax expenses to tenants. However, any further compression in this metric could signal an inability to fully offset rising operating costs in key Florida and Texas markets.
Based on the provided data, FFO per share experienced significant volatility, dropping to $0.46 in 2026Q1 from a peak of $1.25 in 2025Q4, which suggests that non-recurring items or accounting adjustments are heavily influencing the headline earnings figures reported by the company in recent periods.
The wide variance in FFO suggests that analysts should prioritize AFFO as a more reliable indicator of recurring cash flow available for dividends. The sharp decline in FFO growth warrants further investigation into whether this represents a fundamental shift in earnings power or temporary noise from capital allocation activities.
Financial statements reveal a consistent disconnect between GAAP net income and FFO, with 2026Q1 net income of $11.4M significantly trailing the $95.6M in FFO, confirming that heavy non-cash depreciation charges continue to obscure the true economic profitability of the company's retail real estate portfolio.
This discrepancy highlights why GAAP earnings are an insufficient metric for evaluating KRG's performance. The substantial gap between these figures underscores the necessity of focusing on cash-based metrics to assess the company's ability to cover its dividend and fund ongoing property redevelopments.
Quick answers to the most common questions about buying KRG stock.
For fiscal year 2025, Kite Realty Group Trust (KRG) reported total revenue of $847.6M. This represents a 2953.7% increase compared to $27.8M in 2003.
Kite Realty Group Trust (KRG) is profitable, generating $298.7M in net income for the fiscal year ending 2025 with a net profit margin of 35.2%.
Kite Realty Group Trust (KRG) reported an operating income of $195.8M, resulting in an operating profit margin of 23.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Kite Realty Group Trust (KRG) generated $451.4M in gross profit for the year, representing a gross profit margin of 53.3%. This demonstrates the company's core pricing power and production efficiency.