Kilroy Realty Corporation
- Open
- 37.47
- Day high
- 38.94
- Day low
- 37.36
- Prev close
- 37.47
- Volume
- 508K
- Mkt cap
- $4.6B
- P/E (TTM)
- 21.0
- EPS (TTM)
- $1.85
- P/B
- 0.9
- P/S
- 4.2
- Yield
- 5.56%
- Per share
- $2.16
- ▼Insiders net selling -$1.8M over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions mixed (13F)
Kilroy Realty Corporation (KRC) is a Real Estate company listed on NYSE. The stock is up 8% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4).
Kilroy Realty Corporation (KRC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KRC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $0.14 | $0.91 | +543.6% | $270M | +2.7% |
| Jul 31, 2024 | $1.08 | $1.10 | +1.9% | $281M | +1.2% |
| May 2, 2024 | $1.06 | $1.11 | +4.7% | $279M | +1.2% |
| Oct 25, 2023 | $1.07 | $1.12 | +4.7% | $284M | +1.9% |
| Feb 1, 2023 | $1.15 | $1.17 | +1.7% | $284M | +2.2% |
| Oct 25, 2022 | $1.14 | $1.17 | +2.6% | $276M | +3.5% |
| Jul 27, 2022 | $1.12 | $1.17 | +4.5% | $271M | +4.4% |
| Apr 27, 2022 | $1.09 | $1.16 | +6.4% | $266M | +3.3% |
| Jan 31, 2022 | $0.95 | $1.05 | +10.5% | $261M | +5.6% |
| Oct 27, 2021 | $0.94 | $0.98 | +4.3% | $232M | +2.7% |
| Jul 28, 2021 | $0.84 | $0.88 | +4.8% | $226M | +1.1% |
| Feb 1, 2021 | $0.97 | $0.95 | -2.1% | $229M | +12.9% |
KRC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 25, 2026 | Paratte A. Robertofficer: See Remarks | Sell | 8,000 | $37.34 |
| Jun 25, 2026 | Aman Angela Mdirector, officer: Chief Executive Officer | Grant | 808 | — |
| Jun 11, 2026 | Smart Justin Williamofficer: President | Sell | 10,848 | $38.71 |
| May 20, 2026 | KIESKE DAVID ANDREWdirector | Grant | 4,339 | — |
| May 20, 2026 | Ritter Louisadirector | Grant | 4,339 | — |
| May 20, 2026 | Stevenson Gary R.director | Grant | 4,339 | — |
| May 20, 2026 | CARTER DARYL Jdirector | Grant | 4,339 | — |
| May 20, 2026 | BRENNAN EDWARD Fdirector | Grant | 4,339 | — |
| May 20, 2026 | Hunt Jolie A.director | Grant | 4,339 | — |
| May 20, 2026 | Marakovits Cia Buckleydirector | Grant | 4,339 | — |
| May 8, 2026 | Roth Heidi Renaofficer: See Remarks | Sell | 19,541 | $35.22 |
| May 7, 2026 | Stadler Lauren Nofficer: See Remarks | Sell | 3,000 | $34.65 |
| May 1, 2026 | Paratte A. Robertofficer: See Remarks | Sell | 10,000 | $33.11 |
| Apr 22, 2026 | KIESKE DAVID ANDREWdirector | Grant | 61 | — |
| Apr 22, 2026 | Marakovits Cia Buckleydirector | Grant | 61 | — |
Source: KRC SEC Form 4 filings, latest Jun 25, 2026. For informational purposes only — not investment advice.
See the full KRC insider & 13F page →Kilroy Realty Corporation company profile
Overview
Kilroy Realty Corporation (NYSE:KRC) is a publicly traded real estate investment trust (REIT) founded in 1947 and publicly listed since 1997. The company is a leading West Coast commercial real estate landlord and developer with a concentrated presence in high-growth markets including San Diego, Greater Los Angeles, the San Francisco Bay Area, and the Pacific Northwest. KRC has built a reputation as a pioneer in sustainable real estate development and operates a portfolio of primarily office and life science properties totaling approximately 14.3 million square feet. The company is a member of the S&P MidCap 400 Index and has over seven decades of experience in developing, acquiring, and managing commercial real estate assets.
Business
Kilroy Realty Corporation operates as a Real Estate Investment Trust (REIT) specializing in commercial office and life science properties along the West Coast. A REIT is a company that owns, operates, or finances income-generating real estate and is required to distribute at least 90% of its taxable income to shareholders as dividends. The company's core business segments include: 1. **Office Properties (Primary Revenue Driver)**: KRC owns and operates premium office buildings that house technology, entertainment, and business services companies. These properties feature modern amenities, sustainable design, and flexible floor plates that attract high-quality tenants seeking collaborative work environments. Office properties constitute the majority of the company's revenue base. 2. **Life Science Properties (Growing Segment)**: The company has strategically expanded into life science real estate, which includes specialized laboratory and research facilities. Life science properties now comprise over 15% of net operating income (NOI) and are expected to grow to over 20% upon completion of development projects. These properties require specialized infrastructure including advanced HVAC systems, higher power loads, and flexible lab configurations. 3. **Residential Properties (Minor Segment)**: KRC owns approximately 808 residential units in Hollywood and San Diego, representing a small portion of overall operations with varying occupancy rates. 4. **Development and Land Holdings**: The company maintains an active development pipeline and land bank for future projects, with recent focus on mixed-use developments and exploring alternative uses including residential conversion of some parcels. The company's portfolio is geographically concentrated in high-barrier-to-entry West Coast markets known for their innovation economies, particularly serving technology, entertainment, and life science sectors.
Revenue model
Kilroy Realty generates revenue primarily through rental income from long-term commercial leases with corporate tenants. The company's business model centers on three key revenue streams: **Primary Revenue Model - Rental Income**: KRC collects monthly base rent from tenants under multi-year lease agreements, typically ranging from 5-10 years. The company targets high-credit tenants in stable industries, with significant exposure to technology companies, life science firms, and professional services. Rental rates are often structured with annual escalations of 2-4% to provide inflation protection. **Secondary Revenue - Tenant Reimbursements**: The company recovers operating expenses, property taxes, insurance, and common area maintenance costs from tenants through additional charges beyond base rent, providing a margin on property operations. **Development and Asset Management**: KRC develops new properties and repositions existing assets to capture higher rents and improve occupancy, creating value through the development process and long-term asset appreciation. **Factors Affecting Profitability**: Positive margin drivers include strong job growth in target markets (particularly technology and life science sectors), limited new supply due to high construction costs and regulatory barriers, flight-to-quality trends favoring premium properties, and return-to-office mandates increasing space demand. The company benefits from high barriers to entry in West Coast markets and tenant preferences for sustainable, amenity-rich properties. Negative margin pressures include economic downturns reducing tenant demand, work-from-home trends decreasing space requirements, rising interest rates increasing financing costs, construction cost inflation impacting development returns, and regulatory changes affecting entitlements. Competition from newer properties and potential tenant downsizing during economic uncertainty also pressure rental rates and occupancy levels. The company's concentrated West Coast exposure creates both opportunity and risk, as these markets tend to experience more volatile economic cycles but also command premium rents during growth periods.
Competitive moat
Kilroy Realty's competitive moat is moderate but geographically concentrated, derived primarily from its strategic positioning in high-barrier-to-entry West Coast markets and quality asset base. **Strengths of the Moat**: The company benefits from significant regulatory and cost barriers to new construction in its core markets, particularly San Francisco, Los Angeles, and San Diego, where zoning restrictions, environmental regulations, and high construction costs limit new supply. KRC's portfolio of modern, sustainable properties with premium amenities creates tenant stickiness, as relocating large corporate operations is costly and disruptive. The company's deep local market knowledge and established relationships with brokers, contractors, and municipal authorities provide competitive advantages in both leasing and development activities. **Moat Limitations**: The commercial real estate industry is inherently cyclical and capital-intensive, with limited pricing power during economic downturns. KRC faces competition from other institutional real estate owners, private equity firms, and newer entrants offering flexible workspace solutions. The rise of hybrid work models poses a structural challenge to traditional office demand, potentially reducing the long-term value of office-focused portfolios. **Competitive Threats**: Primary disruption risks include continued adoption of remote work reducing overall office demand, co-working and flexible office providers offering alternatives to traditional leases, and potential economic downturns disproportionately affecting high-cost West Coast markets. Technology companies, which represent a significant portion of KRC's tenant base, are particularly sensitive to economic cycles and may downsize or relocate during challenging periods. The company's moat is best characterized as a collection of local competitive advantages rather than a broad, sustainable competitive moat, making execution and market timing critical to long-term success.
Risks & safety
**Overall Assessment**: Moderate margin of safety with adequate liquidity but elevated leverage and cyclical risks. **Liquidity and Solvency**: - Strong cash position of $147 million as of Q1 2025 - Total liquidity of approximately $1.7 billion including credit facilities - Debt-to-equity ratio of 0.88, indicating moderate leverage for a REIT - Current ratio of 1.18, slightly above 1.0 but tight working capital position - Positive free cash flow generation of $60 million in Q1 2025 **Valuation Metrics**: - EV/EBITDA of 13.0x, reasonable for quality REIT but not deeply discounted - Price-to-book ratio of 0.72, trading below book value indicating potential value - Price-to-earnings ratio of 24.8x, elevated but typical for REITs due to depreciation - Funds From Operations (FFO) yield of approximately 13% based on recent guidance **Other Considerations**: - Occupancy rate of 81.4% below historical norms, indicating operational challenges - Negative re-leasing spreads of -15.8% (GAAP) suggesting rental rate pressure - Concentrated exposure to cyclical West Coast office markets increases volatility risk - Development pipeline provides future growth but requires continued capital investment
Recent development
Over the past few years, Kilroy Realty has undergone significant strategic evolution in response to changing commercial real estate dynamics. The company has **pivoted toward life science properties** as a key growth driver, with life science assets now representing over 15% of net operating income and expected to reach over 20% upon completion of development projects like Kilroy Oyster Point Phase 2. **Organizational restructuring** has been a major theme, including leadership changes such as splitting the CIO and CFO roles, hiring Jeffrey Kuehling as CFO, and promoting Lauren Stadler to EVP General Counsel. The company has also enhanced its leasing capabilities by hiring specialized professionals for key markets like Northern California. **Portfolio optimization** strategies include exploring alternative uses for land parcels, particularly potential residential development opportunities, and strategic land sales exceeding $150 million to optimize capital allocation. The company has been **proactively addressing lease expirations**, particularly focusing on 2026 maturities, and has successfully renewed or replaced over 70% of its largest upcoming expiration. **Market positioning** efforts include expanding the spec suites program to capture demand from smaller tenants, investing in sustainability initiatives with new 2030 environmental goals, and focusing on "flight to quality" trends by emphasizing premium, amenity-rich properties. The company has also been **geographically selective**, potentially reducing Bay Area exposure while exploring growth in markets like Austin and maintaining strength in San Diego and Bellevue. Recent **development completions** include Kilroy Oyster Point Phase 2, which received occupancy certification in early 2025, and strategic acquisitions like the Junction at Del Mar property for $35 million, demonstrating continued selective investment in high-quality assets.
KRC company profile · for informational purposes only — not investment advice.
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