Intrinsic value of Kite Realty Group Trust - KRG

Previous Close

$20.71

  Intrinsic Value

$4.83

stock screener

  Rating & Target

str. sell

-77%

  Value-price divergence*

+25%

Previous close

$20.71

 
Intrinsic value

$4.83

 
Up/down potential

-77%

 
Rating

str. sell

 
Value-price divergence*

+25%

Our model is not good at valuating stocks of financial companies, such as KRG.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of KRG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.02
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  354
  374
  395
  417
  440
  464
  489
  516
  543
  572
  602
  634
  667
  701
  738
  776
  816
  858
  902
  948
  996
  1,046
  1,100
  1,155
  1,214
  1,275
  1,340
  1,407
  1,478
  1,553
  1,631
Variable operating expenses, $m
 
  297
  314
  331
  350
  369
  389
  409
  431
  454
  478
  503
  529
  557
  586
  616
  648
  681
  716
  752
  791
  831
  873
  917
  964
  1,012
  1,064
  1,117
  1,174
  1,233
  1,295
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  289
  297
  314
  331
  350
  369
  389
  409
  431
  454
  478
  503
  529
  557
  586
  616
  648
  681
  716
  752
  791
  831
  873
  917
  964
  1,012
  1,064
  1,117
  1,174
  1,233
  1,295
Operating income, $m
  65
  77
  81
  86
  91
  96
  101
  106
  112
  118
  124
  131
  137
  145
  152
  160
  168
  177
  186
  195
  205
  216
  227
  238
  250
  263
  276
  290
  304
  320
  336
EBITDA, $m
  244
  266
  281
  297
  314
  331
  349
  367
  387
  407
  429
  451
  475
  500
  525
  553
  581
  611
  642
  675
  709
  745
  783
  823
  864
  908
  954
  1,002
  1,053
  1,106
  1,161
Interest expense (income), $m
  67
  68
  72
  77
  82
  87
  92
  98
  104
  110
  116
  123
  130
  137
  145
  153
  162
  170
  180
  189
  200
  210
  222
  234
  246
  259
  273
  287
  302
  318
  334
Earnings before tax, $m
  4
  10
  9
  9
  9
  9
  9
  8
  8
  8
  8
  8
  7
  7
  7
  7
  7
  6
  6
  6
  5
  5
  5
  4
  4
  4
  3
  3
  3
  2
  2
Tax expense, $m
  1
  3
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  0
Net income, $m
  1
  7
  7
  7
  6
  6
  6
  6
  6
  6
  6
  6
  5
  5
  5
  5
  5
  5
  4
  4
  4
  4
  4
  3
  3
  3
  2
  2
  2
  2
  1

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  20
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,656
  3,858
  4,075
  4,302
  4,539
  4,786
  5,045
  5,316
  5,600
  5,897
  6,208
  6,533
  6,874
  7,232
  7,606
  7,999
  8,410
  8,841
  9,294
  9,768
  10,266
  10,788
  11,336
  11,910
  12,513
  13,146
  13,810
  14,506
  15,238
  16,005
  16,811
Adjusted assets (=assets-cash), $m
  3,636
  3,858
  4,075
  4,302
  4,539
  4,786
  5,045
  5,316
  5,600
  5,897
  6,208
  6,533
  6,874
  7,232
  7,606
  7,999
  8,410
  8,841
  9,294
  9,768
  10,266
  10,788
  11,336
  11,910
  12,513
  13,146
  13,810
  14,506
  15,238
  16,005
  16,811
Revenue / Adjusted assets
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
Average production assets, $m
  3,548
  3,750
  3,962
  4,182
  4,413
  4,653
  4,905
  5,169
  5,445
  5,733
  6,035
  6,352
  6,683
  7,031
  7,395
  7,776
  8,177
  8,596
  9,036
  9,497
  9,981
  10,488
  11,021
  11,580
  12,166
  12,781
  13,426
  14,104
  14,815
  15,561
  16,344
Working capital, $m
  0
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -91
Total debt, $m
  1,731
  1,852
  1,972
  2,098
  2,229
  2,366
  2,509
  2,659
  2,816
  2,980
  3,152
  3,332
  3,521
  3,718
  3,925
  4,142
  4,370
  4,608
  4,859
  5,121
  5,396
  5,685
  5,988
  6,305
  6,639
  6,989
  7,356
  7,741
  8,145
  8,570
  9,015
Total liabilities, $m
  2,013
  2,133
  2,253
  2,379
  2,510
  2,647
  2,790
  2,940
  3,097
  3,261
  3,433
  3,613
  3,802
  3,999
  4,206
  4,423
  4,651
  4,889
  5,140
  5,402
  5,677
  5,966
  6,269
  6,586
  6,920
  7,270
  7,637
  8,022
  8,426
  8,851
  9,296
Total equity, $m
  1,644
  1,724
  1,821
  1,923
  2,029
  2,139
  2,255
  2,376
  2,503
  2,636
  2,775
  2,920
  3,073
  3,233
  3,400
  3,575
  3,759
  3,952
  4,154
  4,366
  4,589
  4,822
  5,067
  5,324
  5,593
  5,876
  6,173
  6,484
  6,811
  7,154
  7,514
Total liabilities and equity, $m
  3,657
  3,857
  4,074
  4,302
  4,539
  4,786
  5,045
  5,316
  5,600
  5,897
  6,208
  6,533
  6,875
  7,232
  7,606
  7,998
  8,410
  8,841
  9,294
  9,768
  10,266
  10,788
  11,336
  11,910
  12,513
  13,146
  13,810
  14,506
  15,237
  16,005
  16,810
Debt-to-equity ratio
  1.053
  1.070
  1.080
  1.090
  1.100
  1.110
  1.110
  1.120
  1.120
  1.130
  1.140
  1.140
  1.150
  1.150
  1.150
  1.160
  1.160
  1.170
  1.170
  1.170
  1.180
  1.180
  1.180
  1.180
  1.190
  1.190
  1.190
  1.190
  1.200
  1.200
  1.200
Adjusted equity ratio
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  7
  7
  7
  6
  6
  6
  6
  6
  6
  6
  6
  5
  5
  5
  5
  5
  5
  4
  4
  4
  4
  4
  3
  3
  3
  2
  2
  2
  2
  1
Depreciation, amort., depletion, $m
  179
  189
  200
  211
  223
  235
  248
  261
  275
  290
  305
  321
  338
  355
  373
  393
  413
  434
  456
  480
  504
  530
  557
  585
  614
  645
  678
  712
  748
  786
  825
Funds from operations, $m
  139
  196
  207
  218
  229
  241
  254
  267
  281
  295
  311
  326
  343
  360
  379
  398
  418
  439
  461
  484
  508
  533
  560
  588
  617
  648
  681
  714
  750
  787
  827
Change in working capital, $m
  -16
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
Cash from operations, $m
  155
  198
  208
  219
  231
  243
  255
  269
  283
  297
  312
  328
  345
  362
  381
  400
  420
  441
  463
  486
  511
  536
  563
  591
  621
  652
  684
  718
  754
  792
  831
Maintenance CAPEX, $m
  0
  -179
  -189
  -200
  -211
  -223
  -235
  -248
  -261
  -275
  -290
  -305
  -321
  -338
  -355
  -373
  -393
  -413
  -434
  -456
  -480
  -504
  -530
  -557
  -585
  -614
  -645
  -678
  -712
  -748
  -786
New CAPEX, $m
  -94
  -202
  -211
  -221
  -230
  -241
  -252
  -264
  -276
  -289
  -302
  -317
  -332
  -347
  -364
  -382
  -400
  -419
  -440
  -461
  -484
  -508
  -532
  -559
  -586
  -615
  -645
  -677
  -711
  -746
  -783
Cash from investing activities, $m
  -83
  -381
  -400
  -421
  -441
  -464
  -487
  -512
  -537
  -564
  -592
  -622
  -653
  -685
  -719
  -755
  -793
  -832
  -874
  -917
  -964
  -1,012
  -1,062
  -1,116
  -1,171
  -1,229
  -1,290
  -1,355
  -1,423
  -1,494
  -1,569
Free cash flow, $m
  72
  -184
  -193
  -202
  -211
  -221
  -232
  -243
  -254
  -267
  -280
  -293
  -308
  -323
  -339
  -355
  -373
  -391
  -411
  -431
  -453
  -475
  -499
  -524
  -550
  -578
  -607
  -637
  -669
  -703
  -738
Issuance/(repayment) of debt, $m
  19
  121
  120
  125
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  207
  217
  228
  239
  250
  262
  275
  289
  303
  318
  333
  350
  367
  385
  404
  424
  445
Issuance/(repurchase) of shares, $m
  3
  93
  90
  95
  99
  104
  110
  115
  121
  127
  133
  140
  147
  154
  162
  171
  179
  188
  198
  208
  218
  230
  241
  254
  266
  280
  294
  309
  325
  341
  359
Cash from financing (excl. dividends), $m  
  9
  214
  210
  220
  230
  241
  253
  265
  278
  291
  305
  320
  336
  352
  369
  388
  407
  427
  448
  470
  493
  519
  544
  572
  599
  630
  661
  694
  729
  765
  804
Total cash flow (excl. dividends), $m
  81
  30
  18
  19
  20
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
Retained Cash Flow (-), $m
  82
  -100
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
  -152
  -160
  -167
  -175
  -184
  -193
  -202
  -212
  -222
  -233
  -245
  -257
  -269
  -283
  -297
  -311
  -327
  -343
  -360
Prev. year cash balance distribution, $m
 
  20
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -50
  -79
  -83
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -119
  -124
  -130
  -137
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -200
  -210
  -220
  -231
  -242
  -254
  -267
  -280
  -294
Discount rate, %
 
  8.90
  9.35
  9.81
  10.30
  10.82
  11.36
  11.93
  12.52
  13.15
  13.81
  14.50
  15.22
  15.98
  16.78
  17.62
  18.50
  19.43
  20.40
  21.42
  22.49
  23.61
  24.80
  26.03
  27.34
  28.70
  30.14
  31.65
  33.23
  34.89
  36.63
PV of cash for distribution, $m
 
  -46
  -66
  -62
  -58
  -54
  -50
  -45
  -40
  -36
  -31
  -27
  -23
  -19
  -16
  -13
  -10
  -8
  -6
  -4
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  94.9
  90.5
  86.3
  82.3
  78.6
  75.0
  71.6
  68.3
  65.3
  62.3
  59.5
  56.9
  54.3
  51.9
  49.6
  47.4
  45.2
  43.2
  41.3
  39.5
  37.7
  36.0
  34.4
  32.9
  31.4
  30.0
  28.7
  27.4
  26.2
  25.0

Kite Realty Group Trust is a real estate investment trust. The Company, through its subsidiary, Kite Realty Group, L.P., owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development and redevelopment of neighborhood and community shopping centers in selected markets in the United States. As of December 31, 2016, the Company owned interests in 108 operating retail properties totaling approximately 21.4 million square feet of gross leasable area (including approximately 6.3 million square feet of non-owned anchor space) located in 20 states. As of December 31, 2016, the Company had an interest in two development projects under construction. In addition to its development projects, as of December 31, 2016, the Company had nine redevelopment projects. As of December 31, 2016, the Company owned interests in one office operating property and an associated parking garage.

FINANCIAL RATIOS  of  Kite Realty Group Trust (KRG)

Valuation Ratios
P/E Ratio 1730.3
Price to Sales 4.9
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 28.4
Growth Rates
Sales Growth Rate 2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.1%
Cap. Spend. - 3 Yr. Gr. Rate -3.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 105.3%
Total Debt to Equity 105.3%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0.2%
Return On Equity 0.1%
Return On Equity - 3 Yr. Avg. 0.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 74.3%
Gross Margin - 3 Yr. Avg. 73.8%
EBITDA Margin 70.6%
EBITDA Margin - 3 Yr. Avg. 69.3%
Operating Margin 18.4%
Oper. Margin - 3 Yr. Avg. 16.9%
Pre-Tax Margin 1.1%
Pre-Tax Margin - 3 Yr. Avg. 1.7%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 25%
Eff/ Tax Rate - 3 Yr. Avg. 8.3%
Payout Ratio 9500%

KRG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KRG stock intrinsic value calculation we used $354 million for the last fiscal year's total revenue generated by Kite Realty Group Trust. The default revenue input number comes from 2016 income statement of Kite Realty Group Trust. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our KRG stock valuation model: a) initial revenue growth rate of 5.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.9%, whose default value for KRG is calculated based on our internal credit rating of Kite Realty Group Trust, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Kite Realty Group Trust.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of KRG stock the variable cost ratio is equal to 79.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for KRG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.9% for Kite Realty Group Trust.

Corporate tax rate of 27% is the nominal tax rate for Kite Realty Group Trust. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the KRG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for KRG are equal to 1002.3%.

Life of production assets of 19.8 years is the average useful life of capital assets used in Kite Realty Group Trust operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for KRG is equal to -5.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1644 million for Kite Realty Group Trust - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 85.169 million for Kite Realty Group Trust is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Kite Realty Group Trust at the current share price and the inputted number of shares is $1.8 billion.

RELATED COMPANIES Price Int.Val. Rating
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BLK BlackRock 428.72 1,173.08  str.buy
ROST Ross Stores 60.71 70.66  hold
DSW DSW Cl A 20.35 26.36  buy
KSS Kohl's 45.13 46.56  hold
WMT Wal-Mart Store 80.38 72.20  hold

COMPANY NEWS

▶ Kite Realty Group Trust Announces Quarterly Common Dividend   [Aug-11-17 04:20PM  GlobeNewswire]
▶ Kite Realty Group reports 2Q results   [01:19AM  Associated Press]
▶ Kite Realty Group Trust Announces Quarterly Common Dividend   [May-11-17 04:17PM  Business Wire]
▶ Kite Realty Group reports 1Q results   [Apr-26-17 06:08PM  Associated Press]
▶ Parkside finds replacement tenant for Field & Stream store in Cary   [Mar-31-17 03:15PM  at bizjournals.com]
▶ Parkside finds replacement tenant for Field & Stream store in Cary   [03:15PM  American City Business Journals]
▶ Kite Realty Group Trust Announces Quarterly Common Dividend   [Mar-07-17 04:17PM  Business Wire]
▶ Is Kite Realty Group Trust (KRG) A Good Stock To Buy?   [Dec-12-16 05:35PM  at Insider Monkey]
▶ 2 REITs To Avoid, 3 To Buy Now   [08:37AM  at Forbes]
▶ Kite Realty Group Trust Announces Quarterly Common Dividend   [Aug-11-16 04:20PM  Business Wire]
▶ Michael Glimcher out at WP Glimcher; company name change coming   [Jun-21-16 03:22PM  at bizjournals.com]
▶ Kite Realty Group Trust Announces Quarterly Common Dividend   [Jun-16-16 04:25PM  Business Wire]
▶ WP Glimcher responds to merger talks report   [Jun-14-16 06:20AM  at bizjournals.com]
▶ WP Glimcher responds to report saying it's in merger talks   [Jun-13-16 03:56PM  at bizjournals.com]
▶ Guitar Center signs deal to open third Triangle store   [Apr-11-16 11:55AM  at bizjournals.com]
Financial statements of KRG
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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