Kilroy Realty Corporation KRC

Real EstateResidential & Commercial REITsUnited States of America

Last close 36.07 USD on Nov 1, 2026, +1.4% year to date

Quant rating

Quant rating B Rank 69 of 175 in Real Estate

Growth B 45 of 175
Valuation C 106 of 175
Quality C 105 of 175
Revisions B 46 of 175
Momentum B 61 of 175

Wall Street consensus Hold (2.75)Average target 38.50 USD +6.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.2B
Enterprise value: 8.7B
52-week range: 27.37 – 43.56
3-year range: 27.37 – 44.44
Dividend yield: 5.99%
Beta (5 years): 1.21
Shares outstanding: 116M
Next earnings: Feb 8, 2027

About the company

Kilroy Realty Corporation is a self-administered real estate investment trust (REIT) active in office, life science and mixed-use property types in the United States. The Company owns, develops, acquires, and manages real estate assets, consisting primarily of premier properties in Los Angeles, San Diego, the San Francisco Bay Area, Seattle, and Austin. It owns its interests in all of its real estate assets through Kilroy Realty, L.P. (the Operating Partnership) and conducts substantially all of its operations through the Operating Partnership. Its properties include Kilroy Oyster Point, One Paseo, Stadium Tower, 2100 Kettner, Jardine, 100 First, 100 Hooper, 201 Third Street, Blackwelder, Carmel Valley Corporate Center, Crossing 900, Flower Mart, Fremont Lake Union Center, and Key Center. Its Columbia Square consists of historic and Class A workspaces, collaborative indoor/outdoor areas, dining options, and a 200-unit residential tower.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,113	1,136	1,130	1,097	955	–
Revenue growth	−2.0%	0.5%	3.0%	14.9%	6.3%	4.4%
EPS (basic, normalized)	2.46	1.77	1.80	1.97	5.48	–
EPS growth	39.0%	−1.7%	−8.6%	−64.1%	–	–
Gross margin	67.3%	67.9%	69.5%	71.2%	72.1%	69.6%
Net margin	24.7%	18.4%	18.7%	21.1%	65.6%	29.7%
ROE	5.1%	3.9%	3.9%	4.3%	12.0%	5.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	94.3
Current ratio	–
Long-term debt (mil)	4,377
Net debt (mil)	4,503
Total equity (mil)	5,183
Net debt / equity	0.87x
Net debt / EBITDA	6.93x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,113	−2.0%	7.8x	650	−6.0%	13.4x	2.46	+39.0%	14.7x
2026	1,004	−9.8%	8.7x	613	−5.7%	14.2x	0.27	−89.2%	136.1x
2027	1,096	+9.2%	7.9x	631	+2.9%	13.8x	1.90	+617.2%	19.0x
2028	1,140	+4.0%	7.6x	666	+5.7%	13.1x	0.46	−75.8%	78.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,004	−6.1%	−6.4%	−6.2%	0.27	0.0%	−46.6%	−36.5%
2027	1,096	−0.3%	−0.9%	+0.1%	1.90	0.0%	+32.2%	+342.0%
2028	1,140	+0.2%	−1.0%	−1.5%	0.46	0.0%	−48.3%	−44.6%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	279	281	286	286	271	290	280	272	270	272
Sales mean (mil)	275	277	276	280	275	271	272	271	267	269
Surprise	+1.3%	+1.2%	+3.8%	+2.4%	−1.4%	+7.1%	+2.8%	+0.3%	+1.1%	+1.4%
EPS reported	0.42	0.41	0.44	0.50	0.33	0.57	0.38	0.24	0.16	0.17
EPS mean	0.43	0.40	0.35	0.33	0.32	0.32	0.46	0.28	0.34	0.53
Surprise	−3.1%	+3.0%	+24.8%	+53.8%	+4.2%	+79.5%	−16.8%	−15.8%	−53.6%	−68.1%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
KRC Kilroy Realty Corporation	4.2B	6.93x	24.7%	0.81x	136.1x	19.0x	14.2x	13.8x
WELL Welltower Inc.	172.1B	3.89x	−4.7%	3.53x	80.9x	71.9x	35.1x	29.1x
PLD Prologis, Inc.	121.6B	5.26x	37.8%	2.18x	31.1x	34.3x	22.0x	19.8x
EQIX Equinix, Inc.	100.3B	4.73x	14.6%	6.90x	56.5x	52.0x	23.1x	20.4x
SPG Simon Property Group Inc	70.5B	6.33x	72.7%	15.89x	33.1x	30.8x	19.1x	18.2x
DLR Digital Realty Trust, Inc.	67.0B	6.45x	20.7%	2.41x	64.8x	65.6x	23.2x	20.3x
Mean		5.60x	27.6%	5.29x	67.1x	45.6x	22.8x	20.3x
Median		5.79x	22.7%	2.97x	60.7x	43.2x	22.5x	20.0x

Technical analysis

1M+8.1%
3M−5.2%
1Y−8.4%
3Y+56.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Kilroy Realty Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,113	1,136	1,130	1,097	955	898
Cost of revenue	363	364	345	316	266	256
Gross profit	749	772	785	781	689	642
Selling, general & administrative expenses	83.5	80.8	99.9	98.5	96.0	89.7
Research & development	–	–	–	–	–	–
Depreciation/amortization	311	315	308	295	310	299
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	16.3	–	0	0	12.2	14.1
Other operating expenses	43.8	41.6	47.6	62.7	0	0
Operating income	295	335	330	325	270	239
Net interest income (expense)	−119	−108	−91.6	−82.5	−74.6	−67.3
Gain (loss) on sale of assets	127	6.0	0	17.3	463	35.5
Other non-operating income (expense)	0.2	0	0	0	0	0
Net income before taxes	303	233	238	259	659	207
Provision for taxes	–	–	–	–	–	–
Minority interest	−26.5	−22.0	−26.0	−26.9	−30.8	−20.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	276	211	212	233	628	187
Extraordinary items	–	–	–	–	–	–
Net income	276	211	212	233	628	187
EBIT, normalized	311	335	330	325	283	253
EBITDA, normalized	666	691	685	682	593	553
Basic EPS, normalized	2.46	1.77	1.80	1.97	5.48	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Kilroy Realty Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	179	166	510	347	414	732
Receivables	438	463	475	473	420	399
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	9,849	9,990	9,886	9,682	9,459	8,530
Goodwill	–	–	–	–	–	–
Intangibles	99.3	58.6	54.5	70.4	–	–
Long-term investments	30.8	28.0	285	23.5	27.5	27.5
Note receivable	–	–	–	–	–	0
Other long-term assets	936	822	1,176	1,021	1,097	1,443
Total assets	10,915	10,898	11,401	10,797	10,583	10,001
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	289	285	371	392	391	445
Accrued expenses	128	128	124	125	126	97.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	4,589	4,598	4,928	4,263	4,069	3,924
Minority interest	217	227	232	238	250	247
Other liabilities	688	692	813	859	825	800
Total liabilities	5,494	5,516	5,973	5,360	5,143	4,971
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.2	1.2	1.2	1.2	1.2	1.2
Additional paid-in capital	5,231	5,210	5,206	5,171	5,155	5,132
Retained earnings (accumulated deficit)	189	171	221	265	284	−103
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	5,421	5,382	5,428	5,437	5,440	5,030
Total liabilities & shareholders' equity	10,915	10,898	11,401	10,797	10,583	10,001

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Kilroy Realty Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	303	233	238	259	659	207
Depreciation, depletion & amortization	355	356	355	358	310	299
Deferred taxes	–	–	–	–	–	–
Non-cash items	−90.4	4.1	9.5	−60.7	−489	−75.5
Changes in working capital	−0.8	−52.1	−0.5	35.8	36.9	24.5
Cash from operations	566	541	603	592	516	456
Investing activities
Capital expenditures	−688	−501	−544	−587	−1,798	−616
Other investing cash flows	448	276	−257	33.4	1,050	73.9
Cash from investing	−240	−225	−800	−553	−748	−542
Financing activities
Financing cash flow items	−38.0	−42.4	−41.0	−42.7	−38.1	−21.8
Cash dividends paid	−258	−256	−255	−248	−237	−225
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−16.8	−362	657	172	111	1,080
Cash from financing	−313	−661	361	−119	−165	833
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	13.6	−344	163	−79.7	−396	747
Free cash flow	−122	40.2	58.8	5.6	−1,281	−160

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.