A snapshot of Kite Realty Group Trust
Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust (REIT) headquartered in Indianapolis, IN that is one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use assets.
The Company's primarily grocery-anchored portfolio is located in high-growth Sun Belt and select strategic gateway markets. The combination of necessity-based grocery-anchored neighborhood and community centers, along with vibrant mixed-use assets makes the KRG portfolio an ideal mix for both retailers and consumers. Publicly listed since 2004, KRG has nearly 60 years of experience in developing, constructing and operating real estate. Using operational, investment, development, and redevelopment expertise, KRG continuously optimizes its portfolio to maximize value and return to shareholders.
As of September 30, 2023, the Company owned interests in 180 U.S. open-air shopping centers and mixed-use assets, comprising approximately 28.3 million square feet of gross leasable space.
Sector: Real Estate
Industry: REIT - Retail
Full Time Employees: 236
📌 History
The 13th of August 2004, the stock has started trading at $51.40, it has hit a high of $82.08 in May of 2007, currently the price displays a -57.51% decrease from its IPO price.
📌 Some basic statistics!
Market cap: $4.87B
Enterprise value: $7.75B
Profit Margin: 4.64%
Operating Margin: 16.06%
ROA: 1.04%
ROE: 1.02%
Total cash per share: $0.41
Book value per share: $16.57
Total shares outstanding: 222.42M
Shares held by insiders: 0.83%
Shares held by institutions: 99.80%
📌 Is there value here?
Market range 52 weeks: $21-$30
Analyst targets: $25.50
Fair value: $24.17 (Finbox)
TipRanks forecast: $24.75 (+13.32%, median target, 4 analysts)
📌 Pros and Cons
Pros
- Has raised its dividend for 3 consecutive years
- Net income is expected to grow this year
- Trading at a low p/e ratio relative to near-term earnings growth
- Profitable over the last 12 months
Cons
- Not listed
*Listed through analytic tool, Finbox
📌 Closing
The historical data about the stock is worrying at the least, this paired with the ROA and ROE makes me believe management is less than effective with their deployment of funds and ability to make adequate returns, given their market position and ability to capitalize on it.
The company pays a fairly high dividend, which isn’t uncommon for the sector due to regulations having to do with keeping REIT status, which in my eyes means we have to get good faith in the business before anything else, I am not confident that this business, as it sits, is not a right fit for our portfolio.
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Disclaimer: I currently don't directly own shares in this business, it can be part of a ETF however, this does NOT impact my view and approach to the asset at hand!
Sources used: Finbox, Yahoo Finance, Macrotrends, Money.cnn
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