A Business at a Glance
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KILROY REALTY CORP
KRC
$4.7B
Mkt Cap
$39.42
+2.79%
KILROY REALTY CORP (KRC) has a current P/E ratio of 17.0, compared to its historical median P/E of 18.9. The stock is currently considered Fair based on its historical valuation range.
KILROY REALTY CORP (KRC) has a 5-year average return on invested capital (ROIC) of 5.3%. This is below average and may indicate limited pricing power.
KILROY REALTY CORP (KRC) has a market capitalization of $4.6B. It is classified as a mid-cap stock.
Yes, KILROY REALTY CORP (KRC) pays a dividend with a trailing twelve-month yield of 5.63%.
Based on historical P/E analysis, KILROY REALTY CORP (KRC) appears fair. The current P/E of 17.0 is 10% below its historical median of 18.9. The estimated fair value CAGR (P/E method) is -2.0%.
KILROY REALTY CORP (KRC) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
KILROY REALTY CORP (KRC) reported annual revenue of $1.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Kilroy Realty Corporation is a self-administered REIT that owns, develops, acquires, and manages premier office, life science, and mixed-use properties across the United States, with a stabilized portfolio of 121 office buildings comprising 16.3 million rentable square feet and 3 residential properties with 1,001 units as of December 31, 2025. The company operates primarily in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin—markets selected for strategic advantages and high barriers to entry—and generates revenue through rental income and property-related fees from leading technology, media, life science, and business services tenants. Kilroy's business model emphasizes long-term sustainable growth in net operating income and funds from operations through operating strategies focused on maximizing cash flows via new and renewal leasing, managing portfolio credit risk, maintaining tenant relationships, and investing in capital improvements and technology integration to enhance competitive positioning. The company pursues capital recycling by strategically acquiring and disposing of properties based on submarket dynamics, competitive supply, and forward-looking cash flow expectations, while also developing and redeveloping properties to create value; it owns approximately 99.1% of its Operating Partnership through which substantially all operations are conducted. Kilroy's competitive moat derives from its portfolio of high-quality, purpose-built properties in premier West Coast markets with diverse tenant bases, its internal expertise in property management, leasing, and development, and its track record of disciplined capital allocation and sustainability leadership.
【Leasing momentum and capital recycling】 Management is capitalizing on a recovering leasing environment with the strongest first quarter leasing results since 2017 and a forward leasing pipeline that has grown more than 65% over the past year, positioning the company to increase full-year average occupancy guidance by 25 basis points at the midpoint. The company is executing a disciplined capital recycling strategy, having exceeded its original full-year operating property disposition goal with approximately $350 million in year-to-date sales and continuing to evaluate additional opportunities to sell or repurpose non-strategic assets while reinvesting proceeds into compelling opportunities and debt repayment. Management expects to complete approximately $325 million of additional operating dispositions in 2026 and anticipates that the Flower Mart project will cease expense capitalization in late fourth quarter 2026, providing significant flexibility and improving near-term earnings. Across markets, the company is experiencing healthy office demand driven by technology, financial services, media and entertainment, and life sciences sectors, with particular strength in San Francisco where the FIRE category and venture capital leasing remain active, and management remains focused on balancing opportunistic capital deployment with maintaining balance sheet strength and financial flexibility.
| Metric | Target | Period |
|---|---|---|
| FFO per diluted share | $3.49–$3.63 | FY2026 |
| Average occupancy | increase of 25 basis points at the midpoint | FY2026 |
| Cash same property NOI growth | 25 to 125 basis points | FY2026 |
| Operating property dispositions | approximately $325 million | FY2026 |
| 1,900 Broadway stabilized yield | low to mid 9% range | upon stabilization |
| Cooley project total anticipated cost | $330 million to $350 million | upon completion |
FFO per diluted share (FY2026): “we increased our 2026 FFO guidance by $0.21 at the midpoint with a new FFO range of $3.49-$3.63 per diluted share”
Average occupancy (FY2026): “positioning us to increase our full year average occupancy guidance by 25 basis points at the midpoint”
Cash same property NOI growth (FY2026): “Cash same property NOI growth is now expected to range from 25 to 125 basis points, representing a 150 basis point increase at the midpoint from our prior range”
Operating property dispositions (FY2026): “we expect to complete approximately $325 million of operating dispositions in 2026”
1,900 Broadway stabilized yield (upon stabilization): “Stabilized yields are expected to be in the low to mid 9% range”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B | 955M |
| Net Income | 218M | 276M | 211M | 212M | 233M | 628M |
| EPS | $1.84 | $2.32 | $1.77 | $1.80 | $1.97 | $5.36 |
| Free Cash Flow | 521M | 504M | 487M | 507M | 495M | 397M |
| ROIC | 0.0% | 4.8% | 5.0% | 4.7% | 3.5% | 8.4% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.76 | 0.44 | 0.74 | 0.06 | 0.74 | 0.70 |
| Dividends/Share | $2.22 | $2.16 | $2.16 | $2.16 | $2.12 | $2.04 |
| Operating Income | 0 | 402M | 356M | 326M | 317M | 707M |
| Operating Margin | 0.0% | 36.2% | 31.4% | 28.9% | 28.9% | 74.0% |
| ROE | 4.1% | 5.1% | 3.9% | 3.9% | 4.3% | 12.0% |
| Shares Outstanding | 116M | 119M | 119M | 118M | 118M | 117M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 522M | 581M | 643M | 719M | 747M | 837M | 898M | 955M | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B |
| Gross Margin | 42.0% | 47.2% | 49.1% | 48.3% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 46M | 48M | 57M | 61M | 90M | 88M | 99M | 93M | 94M | 94M | 71M | 73M | 77M |
| EBIT | 235M | 279M | 336M | 217M | 308M | 244M | 258M | 707M | 317M | 326M | 356M | 402M | 0 |
| Op. Margin | 45.0% | 47.9% | 52.3% | 30.2% | 41.2% | 29.1% | 28.7% | 74.0% | 28.9% | 28.9% | 31.4% | 36.2% | 0.0% |
| Net Income | 167M | 221M | 281M | 151M | 258M | 195M | 187M | 628M | 233M | 212M | 211M | 276M | 218M |
| Net Margin | 32.0% | 38.0% | 43.7% | 21.0% | 34.6% | 23.3% | 20.8% | 65.8% | 21.2% | 18.8% | 18.6% | 24.8% | 19.6% |
| Non-Recurring | 0 | 110M | 164M | 40M | 143M | 37M | 36M | 463M | 17M | 0 | 0 | 143M | 143M |
| Returns on Capital | |||||||||||||
| ROIC | 6.6% | 5.7% | 6.4% | 4.0% | 5.1% | 4.5% | 4.1% | 8.4% | 3.5% | 4.7% | 5.0% | 4.8% | 0.0% |
| ROE | 6.5% | 7.6% | 8.4% | 4.2% | 6.8% | 4.8% | 4.0% | 12.0% | 4.3% | 3.9% | 3.9% | 5.1% | 4.1% |
| ROA | 3.1% | 3.8% | 4.4% | 2.2% | 3.5% | 2.3% | 2.0% | 6.1% | 2.2% | 1.9% | 1.9% | 2.5% | 2.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 245M | 272M | 345M | 347M | 410M | 387M | 456M | 516M | 592M | 603M | 541M | 566M | 580M |
| Free Cash Flow | 168M | 162M | 282M | 231M | 251M | 224M | 266M | 397M | 495M | 507M | 487M | 504M | 521M |
| Owner Earnings | 31M | 55M | 111M | 86M | 132M | 91M | 135M | 179M | 213M | 218M | 174M | 198M | 204M |
| CapEx | 77M | 110M | 63M | 116M | 159M | 163M | 189M | 120M | 98M | 96M | 54M | 63M | 59M |
| Maint. CapEx | 202M | 201M | 213M | 242M | 250M | 268M | 290M | 304M | 351M | 348M | 350M | 349M | 356M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 202M | 201M | 213M | 242M | 250M | 268M | 290M | 304M | 351M | 348M | 350M | 349M | 356M |
| CapEx/OCF | 31.4% | 36.6% | 32.4% | 25.5% | 40.6% | 38.2% | 28.4% | 23.4% | 15.7% | 16.2% | 18.5% | 20.5% | 10.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 118M | 127M | 137M | 341M | 179M | 196M | 225M | 237M | 248M | 255M | 256M | 258M | 258M |
| Dividend Yield | 3.6% | 3.0% | 3.3% | 6.7% | 3.5% | 3.3% | 4.1% | 3.9% | 4.6% | 7.6% | 6.5% | 6.0% | 5.6% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 12M | 16M | 21M | 19M | 28M | 27M | 30M | 34M | 28M | 37M | 18M | 19M | 20M |
| Debt Repayment | 173M | 0 | 48M | 270M | 690M | 910M | 435M | 0 | 0 | 0 | 0 | 65M | 65M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.8B | 2.2B | 1.7B | 1.9B | 2.5B | 181M | 2.9B | 3.4B | 3.6B | -475M | 3.8B | 2.2B | 3.8B |
| Cash & Equiv. | 24M | 57M | 193M | 58M | 52M | 60M | 732M | 414M | 347M | 510M | 166M | 179M | 193M |
| Long-Term Debt | 0 | 2.2B | 0 | 0 | 120M | 0 | 0 | 0 | 200M | 320M | 0 | 2.4B | 2.4B |
| Debt/Equity | 0.67 | 0.71 | 0.52 | 0.54 | 0.65 | 0.06 | 0.73 | 0.70 | 0.74 | 0.06 | 0.74 | 0.44 | 0.76 |
| Interest Coverage | 3.5 | 4.8 | 6.0 | 3.3 | 6.2 | 5.0 | 3.6 | 9.0 | 3.8 | 2.9 | 2.5 | 3.2 | 3.2 |
| Equity | 2.7B | 3.2B | 3.5B | 3.7B | 3.9B | 4.3B | 5.0B | 5.4B | 5.4B | 5.4B | 5.4B | 5.4B | 5.3B |
| Total Assets | 5.6B | 5.9B | 6.7B | 6.8B | 7.8B | 8.9B | 10.0B | 10.6B | 10.8B | 11.4B | 10.9B | 10.9B | 10.8B |
| Total Liabilities | 2.9B | 2.7B | 2.9B | 2.8B | 3.6B | 4.3B | 4.7B | 4.9B | 5.1B | 5.7B | 5.3B | 5.3B | 5.3B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | -70M | -108M | -123M | -48M | -58M | -103M | 284M | 265M | 221M | 171M | 189M | 103M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 226M | 246M | 202M | 250M | 374M | 419M | 445M | 391M | 392M | 371M | 285M | 289M | 304M |
| Per Share Data | |||||||||||||
| EPS | 1.95 | 2.42 | 2.97 | 1.51 | 2.55 | 1.86 | 1.63 | 5.36 | 1.97 | 1.80 | 1.77 | 2.32 | 1.84 |
| Owner EPS | 0.36 | 0.60 | 1.17 | 0.86 | 1.30 | 0.87 | 1.18 | 1.53 | 1.81 | 1.85 | 1.46 | 1.66 | 1.75 |
| Book Value | 31.14 | 34.75 | 37.51 | 36.95 | 38.78 | 40.86 | 43.82 | 46.42 | 46.05 | 46.04 | 45.15 | 45.55 | 45.28 |
| Cash Flow/Share | 2.86 | 2.98 | 3.65 | 3.46 | 4.05 | 3.68 | 3.97 | 4.41 | 5.02 | 5.11 | 4.54 | 4.76 | 4.94 |
| Dividends/Share | 1.40 | 1.40 | 1.46 | 3.40 | 1.79 | 1.91 | 1.97 | 2.04 | 2.12 | 2.16 | 2.16 | 2.16 | 2.22 |
| Shares Out. | 85.6M | 91.3M | 94.5M | 100.2M | 101.3M | 105.1M | 114.8M | 117.2M | 118.1M | 117.9M | 119.2M | 119.0M | 116.3M |
| Valuation | |||||||||||||
| P/E Ratio | 23.5 | 17.3 | 16.4 | 34.9 | 17.7 | 33.3 | 26.8 | 9.8 | 15.8 | 20.2 | 21.6 | 16.2 | 21.4 |
| P/FCF | 23.3 | 23.6 | 16.3 | 22.9 | 18.2 | 29.1 | 18.8 | 15.6 | 7.5 | 8.5 | 9.4 | 8.9 | 8.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | 76.9 | 39.7 | N/A | 24.4 | N/A | N/A | 23.1 | 20.1 | N/A |
| Price/Book | 1.5 | 1.2 | 1.3 | 1.4 | 1.2 | 1.5 | 1.0 | 1.1 | 0.7 | 0.8 | 0.8 | 0.8 | 0.9 |
| Price/Sales | 6.4 | 7.2 | 6.4 | 7.1 | 6.9 | 7.1 | 6.0 | 6.4 | 4.9 | 3.0 | 3.5 | 3.9 | 4.1 |
| FCF Yield | 4.3% | 4.2% | 6.1% | 4.4% | 5.5% | 3.4% | 5.3% | 6.4% | 13.4% | 11.8% | 10.7% | 11.3% | 11.4% |
| Market Cap | 3.9B | 3.8B | 4.6B | 5.3B | 4.6B | 6.5B | 5.0B | 6.2B | 3.7B | 4.3B | 4.6B | 4.5B | 4.6B |
| Avg. Price | 38.89 | 45.58 | 43.56 | 50.93 | 50.94 | 56.30 | 47.29 | 52.00 | 45.47 | 28.46 | 33.17 | 36.00 | 39.42 |
| Year-End Price | 45.76 | 41.89 | 48.83 | 52.73 | 45.10 | 62.00 | 43.63 | 52.77 | 31.22 | 36.34 | 38.21 | 37.53 | 39.42 |
KILROY REALTY CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
KILROY REALTY CORP trades at 17.0x trailing earnings, compared to its 15-year median P/E of 18.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 10.4x vs a median of 16.0x. The company's 5-year average ROIC is 5.3%. Total shareholder yield (dividends) is 5.6%. At current prices, the estimated annualized return to fair value is +9.3%.
KILROY REALTY CORP (KRC) has a net profit margin of 24.8%. This is a strong margin indicating high profitability.
KILROY REALTY CORP (KRC) generated $504 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
KILROY REALTY CORP (KRC) has a debt-to-equity ratio of 0.44. This indicates a conservatively financed balance sheet.
KILROY REALTY CORP (KRC) reported earnings per share (EPS) of $2.32 in its most recent fiscal year.
KILROY REALTY CORP (KRC) has a return on equity (ROE) of 5.1%. This indicates moderate shareholder returns.
The Ledger Terminal provides 16 years of financial data for KILROY REALTY CORP (KRC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
KILROY REALTY CORP (KRC) has a book value per share of $45.55, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is capitalizing on a recovering leasing environment with the strongest first quarter leasing results since 2017 and a forward leasing pipeline that has grown more than 65% over the past year, positioning the company to increase full-year average occupancy guidance by 25 basis points at the midpoint. The company is executing a disciplined capital recycling strategy, having exceeded its original full-year operating property disposition goal with approximately $350 million in year-to-date sales and continuing to evaluate additional opportunities to sell or repurpose non-strategic assets while reinvesting proceeds into compelling opportunities and debt repayment. Management expects to complete approximately $325 million of additional operating dispositions in 2026 and anticipates that the Flower Mart project will cease expense capitalization in late fourth quarter 2026, providing significant flexibility and improving near-term earnings. Across markets, the company is experiencing healthy office demand driven by technology, financial services, media and entertainment, and life sciences sectors, with particular strength in San Francisco where the FIRE category and venture capital leasing remain active, and management remains focused on balancing opportunistic capital deployment with maintaining balance sheet strength and financial flexibility.
Based on recent SEC filings and earnings calls, KILROY REALTY CORP (KRC) has provided the following forward guidance: FFO per diluted share: $3.49–$3.63 (FY2026); Average occupancy: increase of 25 basis points at the midpoint (FY2026); Cash same property NOI growth: 25 to 125 basis points (FY2026); Operating property dispositions: approximately $325 million (FY2026); 1,900 Broadway stabilized yield: low to mid 9% range (upon stabilization), plus 1 additional metric.
Cooley project total anticipated cost (upon completion): “The total anticipated cost for the project is between $330 million and $350 million, of which our share will be 97% upon completion”
No recent press releases.