📈 Price History

Ratio Health

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— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Kilroy Realty Corporation is a leading U.S. landlord and developer, with operations in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used precise figures ($79M gross proceeds, 100k sq ft active negotiations, $4.05-$4.15 FFO guidance) and repeatedly cited progress on land monetization, KOP2 leasing, and constructive city conversations on Flower Mart.

Q3 2025

Confident Specific

Management used specific metrics like 550,000 sq ft of leasing, 60% retention, and a raised FFO guidance range of $4.18-$4.24 to demonstrate accelerating momentum, while openly addressing headwinds like the NeueHouse bankruptcy.

Q4 2025

Confident Specific

Management repeatedly used phrases like 'meaningful progress', 'significant increase', 'exceptional long-term growth' and provided concrete figures (e.g., 827k sq ft leasing in Q4, 2.1M for the year, pipeline up 65%). They gave explicit yield expectations (mid-5% at KOP2) and detailed capital recycling numbers ($755M sales). The tone was assured and data-rich.

Q1 2026 latest

Confident Specific

Management used precise metrics (568,000 sq ft leasing, $78M signed annualized rent, 25 bps occupancy guidance raise) and gave detailed market-by-market commentary, expressing conviction in AI-driven demand and execution.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis strengthens after this call. Management demonstrated exceptional leasing momentum with the best Q1 since 2017, driven by AI demand and return-to-office, particularly in San Francisco. Guidance was raised on the back of better core operations and a favorable settlement. Capital recycling has been effective, with nearly $1B in dispositions redeployed into higher-quality, pre-leased development and stock buybacks, improving cash flow durability. However, investors should watch the Q2 occupancy trough and leasing progress on remaining 2026 expirations (largely move-outs). The Flower Mart timeline and redesign outcome remain key overhangs, but management's disciplined capital allocation and strong market positioning suggest a positive trajectory.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Q1 leasing 568k sq ft, FFO $0.91, raises 2026 FFO guidance by $0.21

Revenue & Profitability

First quarter FFO was $0.91 per diluted share. Cash same property NOI increased 1.0%. The company raised 2026 FFO guidance to a range of $3.49-$3.63 per diluted share, an increase of $0.21 at the midpoint. During the quarter, KRC sold two San Diego office properties for aggregate gross proceeds of $146 million and repurchased $73 million of stock at an average price of $30.80 per share.

Outlook

Management sees meaningfully improved market fundamentals across West Coast markets, driven by return-to-office momentum and AI ecosystem growth. In San Francisco, first quarter leasing exceeded 3 million sq ft, more than 10% above pre-pandemic quarterly averages, with three consecutive quarters of positive net absorption. Los Angeles is improving gradually, while Bellevue remains tight and Seattle's Denny Regrade is seeing accelerated demand.

Growth Drivers

Key growth drivers include AI-driven demand in San Francisco (e.g., Harvey AI expanding 62k sq ft at 201 Third), life sciences at KOPT (reaching 49% leased after a 38k sq ft lease with Olema Pharmaceuticals), and repositioning in Seattle (leases with General Motors and SoFi at West Eighth). Los Angeles trailing 12-month productivity is up 66%. The 1900 Broadway project in Redwood City is 60% pre-leased with a 20-year lease at record rents.

Balance Sheet & CapEx

KRC formed a joint venture to develop 1900 Broadway, with total anticipated cost of $330-$350 million (KRC's share 97%) and stabilized yields in the low to mid 9% range. The Flower Mart project's expense capitalization is extended through late 2026, after which ~$8 million quarterly costs will hit earnings. Spec suite programs are active in San Francisco, Seattle, Austin, San Diego, and parts of Los Angeles.

Margins

Leasing spreads on space vacant less than 12 months were positive: GAAP +19.2% and cash +5.2%. Overall spreads were negative (-10.6% GAAP, -16.8% cash) due to two long-vacant spaces in San Francisco that generated attractive net effective rents. Cash same property NOI guidance was raised 150 bps at the midpoint to 25-125 bps, driven by a $5.9 million 23andMe settlement and improving net expenses and average occupancy.

Key Risks

Key risks include the Flower Mart project delay and the potential cessation of expense capitalization late in 2026, impacting earnings. The company expects an occupancy trough in Q2 2026 due to a concentrated lease expiration schedule (740k sq ft remaining in 2026, mostly move-outs). The DirecTV lease (50k sq ft in 2026, larger portion 2027) presents renewal uncertainty. Broader market volatility and sector headwinds are also noted.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-28

Leasing momentum accelerated with broad-based rent growth, especially in San Francisco, and a robust pipeline of signed but not commenced leases is set to drive future NOI. Financial flexibility improved through asset sales and expanded credit facilities, while guidance was affirmed amid a dynamic recovery.

Q1 2026 Q1 2026 2026-04-28

Leasing momentum surged across West Coast markets, with Q1 leasing more than doubling year-over-year and strong demand from AI, tech, and life sciences tenants. FFO guidance was raised, property dispositions exceeded targets, and capital was redeployed into share repurchases, debt repayment, and new development.

Q4 2025 Q4 2025 2026-02-10

Leasing momentum accelerated with 2.1 million sq ft leased in 2025 and a 65% larger pipeline year-over-year. Strategic capital recycling and targeted acquisitions in life science and high-growth submarkets position the portfolio for durable cash flow and growth.

Q3 2025 Q3 2025 2025-10-28

Leasing momentum accelerated across West Coast office and life science markets, with San Francisco and South San Francisco leading demand, especially from AI and biotech sectors. FFO guidance was raised, and capital recycling continued with major asset sales and acquisitions.

Q2 2025 Q2 2025 2025-07-29

FFO and guidance were raised on strong leasing and asset sales, with $480M in gross proceeds expected from four transactions. AI and life science demand is driving growth in core markets, while Flower Mart's future hinges on city negotiations and development flexibility.

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