Kite Realty Group Trust vs NNN Reit
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The short version
- NNN Reit is the larger business, with $926M of revenue in fiscal 2025 against $844M for Kite Realty Group Trust.
- NNN Reit grew revenue faster (6.6%, against 0.8%).
| Latest fiscal year | KRG · FY25 | NNN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.0B | $7.8B |
| Revenue | $844M | $926M |
| Free cash flow | $278M | — |
| Net income | $299M | $390M |
| Growth | ||
| Revenue growth | 0.8% | 6.6% |
| 5-year growth | 25.9% | 7.0% |
| Share count change | −0.6% | 2.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 63.6% |
| Net margin | 35.4% | 42.1% |
| FCF margin | 32.9% | — |
| Return on capital | 7.1% | — |
| Return on equity | 9.4% | 8.9% |
| Balance sheet | ||
| Net debt | $3.0B | — |
| Net debt / EBITDA | 3.7x | — |
| Dividends and buybacks | $238M | $443M |
| Valuation & quality | ||
| P/E | 15.3x | — |
| Piotroski F-score | — | — |
Revenue
FY16
KRG $354M
NNN $534M
FY17
KRG $359M
NNN $585M
FY18
KRG $354M
NNN $623M
FY19
KRG $315M
NNN $671M
FY20
KRG $267M
NNN $661M
FY21
KRG $373M
NNN $726M
FY22
KRG $802M
NNN $773M
FY23
KRG $821M
NNN $828M
FY24
KRG $838M
NNN $869M
FY25
KRG $844M
NNN $926M
KRG
NNN
Operating margin
FY16
KRG 19.7%
NNN 63.0%
FY17
KRG 22.3%
NNN 64.0%
FY18
KRG 5.9%
NNN 68.2%
FY19
KRG 22.8%
NNN 62.1%
FY20
KRG 13.1%
NNN 56.7%
FY21
KRG −5.8%
NNN 61.8%
FY22
KRG 11.4%
NNN 62.4%
FY23
KRG 18.5%
NNN 67.0%
FY24
KRG 13.3%
NNN 66.5%
FY25
KRG —
NNN 63.6%
KRG
NNN
Free cash flow
FY16
KRG $60.8M
NNN —
FY17
KRG $82.2M
NNN —
FY18
KRG $95.1M
NNN —
FY19
KRG $84.7M
NNN —
FY20
KRG $57.3M
NNN —
FY21
KRG $43.0M
NNN —
FY22
KRG $221M
NNN —
FY23
KRG $250M
NNN —
FY24
KRG $279M
NNN —
FY25
KRG $278M
NNN —
KRG
NNN
Return on capital
FY16
KRG 1.2%
NNN —
FY17
KRG 2.4%
NNN —
FY18
KRG 0.5%
NNN —
FY19
KRG 2.1%
NNN —
FY20
KRG 1.2%
NNN —
FY21
KRG −0.4%
NNN —
FY22
KRG 1.1%
NNN —
FY23
KRG 2.3%
NNN —
FY24
KRG 1.7%
NNN —
FY25
KRG 7.1%
NNN —
KRG
NNN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.