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KRC

Kilroy Realty Corporation

KRC

Kilroy Realty Corporation • NYSE
$42.89 ▼ -0.49% (-0.21)
Market Cap $5.07 B
52w High $45.03
52w Low $27.07
Dividend Yield 2.16%
P/E 15.83
Volume 395.90K
Outstanding Shares 118.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $279.744M ▼ $105.734M ▼ $156.22M ▲ 55.844% ▲ $1.32 ▲ $282.199M ▲
Q2-2025 $289.892M ▲ $106.1M ▲ $68.449M ▲ 23.612% ▲ $0.58 ▲ $180.781M ▲
Q1-2025 $270.844M ▼ $104.02M ▼ $39.008M ▼ 14.402% ▼ $0.33 ▼ $162.221M ▼
Q4-2024 $286.379M ▼ $106.591M ▼ $59.285M ▲ 20.702% ▲ $0.5 ▲ $187.67M ▲
Q3-2024 $289.938M $109.945M $52.378M 18.065% $0.44 $186.228M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $405.985M ▲ $10.992B ▲ $5.306B ▲ $5.465B ▲
Q2-2025 $224.758M ▲ $10.868B ▼ $5.274B ▼ $5.366B ▲
Q1-2025 $175.898M ▼ $10.879B ▼ $5.299B ▲ $5.356B ▼
Q4-2024 $193.655M ▼ $10.898B ▼ $5.289B ▼ $5.382B ▲
Q3-2024 $652.539M $11.381B $5.772B $5.38B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $162.282M ▲ $176.568M ▲ $89.424M ▲ $-86.705M ▼ $179.287M ▲ $-98.44M ▼
Q2-2025 $-43.681M ▼ $143.746M ▲ $-23.683M ▲ $-73.645M ▲ $46.418M ▲ $220.406M ▲
Q1-2025 $43.681M ▼ $136.921M ▲ $-76.66M ▲ $-79.24M ▲ $-18.979M ▲ $60.261M ▲
Q4-2024 $65.034M ▲ $108.237M ▼ $-91.496M ▲ $-476.446M ▼ $-459.705M ▼ $-2.613M ▼
Q3-2024 $57.673M $176.35M $-174.363M $-212.485M $-210.498M $1.987M

Revenue by Products

Product Q1-2019Q2-2019Q3-2019Q4-2019
Real Estate Other
Real Estate Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Rental
Rental
 $200.00M ▲$200.00M ▲$210.00M ▲$220.00M ▲
Tenant Reimbursements
Tenant Reimbursements
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, even through a tough office market, which suggests the portfolio remains broadly attractive to tenants. Profitability at the property level looks solid and fairly consistent, showing that day‑to‑day operations are well managed. Net income, however, has been choppy, with one unusually strong year that likely reflects one‑time gains or accounting items rather than a new, higher earnings base. More recently, earnings per share have eased a bit, indicating that while the business is still profitable, it is not in a strong growth phase and is operating in a more pressured environment for office landlords.

Balance Sheet

Balance Sheet The balance sheet shows a large, relatively stable asset base and a meaningful equity cushion built up over time. Debt has crept higher but not explosively so, which points to a reasonable, though far from risk‑free, leverage profile for a real estate owner. Cash on hand has moved down from earlier peaks, leaving less immediate liquidity than a few years ago, so refinancing conditions and access to capital markets matter. Overall, Kilroy still looks like it has a solid capital foundation, but with limited room for aggressive missteps in a higher‑rate, weaker‑office world.

Cash Flow

Cash Flow Cash generated from the properties themselves has gradually improved, which is a healthy sign that the core portfolio is doing its job. The pressure point is heavy investment spending on development and improvements, which at times has far exceeded the cash coming in and led to very weak or even negative free cash flow. In the most recent years, free cash flow has turned positive again but remains thin after capital spending, showing that the company is past the worst of its investment surge but still runs a tight cash margin. This means future funding for big new projects will likely need careful pacing and external capital support.

Competitive Edge

Competitive Edge Kilroy is positioned as a higher‑end West Coast office and life science landlord, with properties in tech‑ and innovation‑heavy markets like the Bay Area, Los Angeles, San Diego, and Seattle, and an emerging presence in Austin. Its focus on modern, amenity‑rich, and sustainable buildings has historically supported strong tenant demand and high occupancy, especially from technology, media, and life science customers. This gives it a competitive edge versus more generic office portfolios. At the same time, the company is exposed to the structural challenges in the office sector—remote work, space downsizing, and tenant caution—so its advantage rests on being one of the “better” products in a tough category rather than operating in an easy market.

Innovation and R&D

Innovation and R&D Innovation for Kilroy centers on how it designs, operates, and markets buildings rather than on traditional laboratory R&D. The company leans heavily into smart‑building technology, using connected devices, data analytics, and centralized controls to make properties more efficient, secure, and comfortable. It has been an early and vocal leader in green buildings, health‑focused design, and carbon‑reduction commitments, which helps attract tenants that care about sustainability and employee well‑being. The internal Innovation Lab gives it a structured way to test and roll out new technologies around energy, water, health, and operations. The key question is execution: scaling these innovations across the portfolio in a cost‑effective way and ensuring they translate into better occupancy, rents, and tenant stickiness.

Summary

Kilroy combines a stable, cash‑generating office and life science portfolio with a clear strategic bet on high‑quality, sustainable, tech‑enabled buildings in innovation hubs. Its income statement shows steady revenue and solid property‑level profitability, but earnings growth is modest and somewhat volatile. The balance sheet still looks sound, though leverage and lower cash levels mean the company is more sensitive to interest rates and capital market conditions than in the past. Cash flow from operations is healthy, yet heavy investment needs have left only a thin free‑cash cushion, highlighting the importance of disciplined development pacing. Competitively, Kilroy stands out within the office REIT space, but it still faces the broader structural headwinds affecting offices. Its strong emphasis on sustainability, smart buildings, and an active innovation program could help it capture the healthier segments of demand, provided it continues to manage risk and capital carefully in a challenging sector.

NEWS

November 18, 2025 · 4:05 PM UTC

Kilroy Realty Declares Quarterly Dividend

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October 27, 2025 · 4:05 PM UTC

Kilroy Realty Corporation Reports Third Quarter Financial Results

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October 1, 2025 · 4:10 PM UTC

Kilroy Realty Corporation Announces Dates for Third Quarter 2025 Earnings Release and Conference Call

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September 18, 2025 · 9:20 AM UTC

Kilroy Realty Corporation Announces Acquisition of Maple Plaza in Beverly Hills

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September 17, 2025 · 9:20 AM UTC

Kilroy Realty Corporation Signs Inaugural Lease at Kilroy Oyster Point Phase 2

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