The Kite Realty Group (NYSE:KRG) is a fantastic real estate Investment trust (REIT) that has emerged even stronger after its transformative M&A transaction with Retail Properties of America in late 2021. Since then, KRG has unlocked synergies and increased its EBIT and FFO margins, making it a solid investment alternative in the sector today. Moreover, its grocery-focused real estate strategy and inflation-protected high ROIC on new leases make it a gem among REITs. My valuation model suggests that KRG is slightly undervalued, with a 5.6% upside potential from current levels.