F

Kite Realty Group Trust — Earnings Quality Grade F

KRG · Real Estate

Major red flags

Revenue
$844M
2025
Net Income
$299M
2025
Gross Margin
73.9%
Free Cash Flow
$278M
01

Screening Summary

13
Passed
2
Watch
1
Failed
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 25 days, change -1 days YoY

A2AR vs Revenue Growth

AR growth -2.5% vs revenue growth 0.8%

A3Revenue vs CFFO

Revenue 0.8%, CFFO 2.5%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth 8.2% vs revenue 0.8%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 8.9%, excellent (<30%)

B4Gross Margin

Gross margin 73.9%, change -0.2pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.44. Profits backed by cash

C2Free Cash Flow

FCF $0.3B, FCF/NI = 0.93

C3Accruals Ratio

Accruals ratio = -2.0%. Low accruals

C4Cash vs Debt

Cash $0.0B covers only 1% of debt $3.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.3B = 11% of equity. Manageable

!
D2Leverage

Interest coverage = 1.5x (<2x). Financial stress

D3Soft Asset Growth

Other assets -10.2% vs revenue 0.8%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

!
E2Goodwill Surge

Goodwill+Intangibles surged 46% YoY

06

Manipulation Score

F1Beneish M-Score

Insufficient data

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Altman Z-Score — Not Applicable

Kite Realty Group Trust is a financial company. Z-Score is designed for non-financial companies.

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25