Citi Maintains Buy on Kite Realty Group

Citi is out with its report on Kite Realty Group KRG, maintaining Buy. In a note to clients, Citi writes, "Kite Realty Group is a small-cap shopping center REIT with growth driven by developments in above US average growth markets. Kite went public in August 2004. ~38% of Kite's existing rents come from Indiana, a lower growth market, but exposure should decrease as Kite continues to develop in Florida. Kite has a strong portfolio, with a 7 year average asset age and diverse tenant base, but core growth is below peers as the assets have limited leases rolling. We assign Kite a Buy/High Risk rating given attractive relative valuation." Citi maintains a $6 PT on KRG. Shares of KRG closed Wednesday at $4.81