KRG // Kite Realty Group Trust

DES <GO> NYSE CIK 0001286043 ↗

Financials • Real Estate Investment Trusts

$25.03 ▲ +0.74 (+3.05%)

MKT CAP: $5.01B • VOL: 2.49M

52W L $22 52W H $30

ALTMAN Z

1.09 RISK

PIOTROSKI

8 / 9

KRG // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 65/100 [C] (-1 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C

RQD CONFIDENCE

64 / 100 -1D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Fair / Balanced Risk-Reward

01 MASSIVE / SEC XBRL

Forensic Fundamentals

10 / 20

NEUTRAL

FCF +2.7% vs NI +200% • ROIC-WACC -3.1% • Z 1.09

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

16 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

Why did KRG's Whale & Options Flow & Insider Conviction sub-score just flash a warning? Enter your email to unlock the full 5-Pillar Rating Breakdown + get instant alerts whenever KRG is Upgraded or Downgraded.

SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON KRG)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 92/100 Z-SCORE: +3.23σ

KRG Accounting Gap: Net Income (+220%) Outpaced OCF (+2.5%) With +-3.4% Working-Capital Build

CASH CONVERSION GAP

+217.5% (NI vs OCF)

RECEIVABLES / WC BLOAT

-3.4% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Kite Realty Group Trust (KRG) exposes a +217.5% Cash Conversion Gap as YoY Net Income growth (+220.0%) diverged from Operating Cash Flow growth (+2.5%). Non-cash current assets and receivables expanded -3.4% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

KRG // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -4.17%📐 HORIZONTAL RANGE

2026-10-30O $24.99H $25.33L $24.66C $25.07VOL 2.66M

SUP: $22.43SMA50: $25.09SMA200: $26.10

KRG // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 43/100

BEAR 0

100 BULL

Kite Realty Group Trust (KRG) exhibits 41.0% gross margins and 6.4% return on invested capital within Financials (Real Estate Investment Trusts), balanced against a 16.2x enterprise multiple and 7.4% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 41.0% gross profitability converts into 43.2% operating margin and 6.4% ROIC, outpacing sector cost of capital.

ROIC: 6.4% // GM: 41.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +0.8% paired with 7.81% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +0.8% // FCF YLD: 7.81%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 1.09 and Piotroski F-Score of 8/9 indicate low near-term refinancing stress.

ALTMAN Z: 1.09 // F-SCORE: 8/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 16.8x trailing P/E (15.6x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 16.8x // EV/EBITDA: 16.2x

02. Options Skew & Event Volatility Risk

Options market prices a ±7.4% implied move with a 0.69 put/call ratio around $25.00 max pain.

IMPL MOVE: ±7.4% // P/C: 0.69

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Real Estate Investment Trusts require continuous execution to defend 35.4% net margins.

NET MARGIN: 35.4% // D/E: 0.47x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 15.6x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.16).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 16.8x

FORWARD P/E 15.6x

EV / EBITDA 16.2x

FCF YIELD 7.81%

GROSS MARGIN 41.0%

OPERATING MARGIN 43.2%

NET MARGIN 35.4%

ROIC % 6.4%

REV GROWTH YOY +0.8%

DILUTED EPS TTM $1.49

DEBT / EQUITY 0.47x

DIVIDEND YIELD 4.72%

RSI-14 MOMENTUM 56.1

5Y EQUITY BETA 1.16

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // KRGPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $22.90

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for KRG & activate live FRED threshold breach alerts.

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