Business Description

Kilroy Realty Corporation is a publicly traded real estate investment trust (REIT) headquartered in Los Angeles, California. The company focuses on the development, acquisition, and management of premier office, life science, and mixed-use properties primarily located in major West Coast innovation hubs, including Los Angeles, San Diego, the San Francisco Bay Area, Greater Seattle, and Austin, Texas. Kilroy Realty is distinctive for its strong commitment to sustainability, frequently earning industry accolades for its green building certifications and energy-efficient operations.

Financial Statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Property Revenue1,112,6671,135,6291,129,6941,096,987
Total Revenues1,112,6671,135,6291,129,6941,096,987
Property Expenses255,774255,156238,696210,309
Total Property Expenses255,774255,156238,696210,309
Property Taxes107,564108,951105,868105,869
Gross Profit749,329771,522785,130780,809
Selling, General & Administrative Expenses83,46079,838100,77098,521
Depreciation & Amortization Expenses354,854356,182355,278357,611
Operating Profit311,015335,502329,082324,677
Net Gains on Disposal of Properties127,0385,979—17,329
Interest and Investment Income6,97037,75222,592—
Interest Expense(126,292)(145,287)(114,216)(84,278)
Non-Operating Income(16,091)(992)8301,765
Total Non-Operating Income(8,375)(102,548)(90,794)(65,184)
Income Before Provision for Income Taxes302,640232,954238,288259,493
Consolidated Net Income302,640232,954238,288259,493
Net Income Attributable to Minority Interests and Other26,51921,98526,04726,878
Net Income Attributable to Common Shareholders276,121210,969212,241232,615
Basic EPS2.331.781.801.98
Diluted EPS2.321.771.801.97
Basic Weighted Average Shares Outstanding118,279117,649117,160116,807
Diluted Weighted Average Shares Outstanding118,832118,157117,506117,220
Shares Outstanding118,372118,047117,240116,878
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents179,316165,690510,163347,379
Short-Term Investments30,80727,965284,67023,547
Total Cash and Cash Equivalents210,123193,655794,833370,926
Accounts Receivable437,559463,029474,588472,783
Total Trade Receivables437,559463,029474,588472,783
Inventories115,155———
Other Current Assets54,56151,93553,06962,429
Total Current Assets817,398708,6191,322,490906,138
Net Property, Plant & Equipment9,819,4469,963,8019,848,8509,640,003
Net Intangible Assets278,232225,937229,705250,846
Total Assets10,915,07610,898,35711,401,04510,796,987
Accounts Payable288,963285,011371,179392,360
Unearned Revenue201,329213,440253,002277,391
Other Current Liabilities69,95464,85064,44064,285
Total Current Liabilities560,246563,301688,621734,036
Long-Term Debt4,589,4594,597,7654,928,3784,262,996
Leases127,628128,422124,353124,994
Total Long-Term Liabilities4,717,0874,726,1875,052,7314,387,990
Total Liabilities5,277,3335,289,4885,741,3525,122,026
Common Stock1,1841,1811,1731,169
Additional Paid-in Capital5,230,7475,209,6535,205,8395,170,760
Retained Earnings188,876171,212221,149265,118
Total Common Shareholders' Equity5,420,8075,382,0465,428,1615,437,047
Minority Interests and Other216,936226,823231,532237,914
Total Shareholders' Equity5,637,7435,608,8695,659,6935,674,961
Total Liabilities and Shareholders' Equity10,915,07610,898,35711,401,04510,796,987
FY 2025FY 2024FY 2023FY 2022
Net Income302,640232,954238,288259,493
Depreciation & Amortization355,960357,248356,302358,383
Share-Based Compensation Expense19,09017,71436,85828,347
Other Adjustments(110,579)(14,636)(28,338)(89,051)
Changes in Other Operating Activities(798)(52,131)(521)35,835
Cash from Operating Activities566,313541,149602,589592,235
Capital Expenditure(687,963)(500,979)(543,819)(586,609)
Proceeds from Sale of Property, Plant & Equipment447,93819,354—33,416
Other Investing Activities—256,581(256,581)—
Cash from Investing Activities(240,025)(225,044)(800,400)(553,193)
Issuance of Short-Term Debt65,000———
Repayments of Short-Term Debt(65,000)———
Net Issuance / (Repayments) of Short-Term Debt0———
Issuance of Long-Term Debt395,964395,516695,000200,000
Repayments of Long-Term Debt(406,246)(729,718)(26,359)(5,555)
Net Issuance / (Repayments) of Long-Term Debt(10,282)(334,202)668,641194,445
Repurchases of Common Shares(6,551)(27,636)(11,595)(22,934)
Net Issuance / (Repurchases) of Common Shares(6,551)(27,636)(11,595)(22,934)
Common Share Dividends Paid(257,861)(256,306)(255,430)(247,556)
Other Financing Activities(37,968)(42,434)(41,021)(42,701)
Cash from Financing Activities(312,662)(660,578)360,595(118,746)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash13,626(344,473)162,784(79,704)

Key Metrics & Ratios

MetricValue
Market Cap$4.42B
P/E16.11x
P/S3.98x
EV/EBITDA13.71x
Return on Equity5.4%
Return on Invested Capital3.1%
Current Ratio1.46x
Dividend Yield5.8%
Free Cash Flow Margin-10.9%

Margins

Gross margin
67.3%
Operating margin
28.0%
Net margin
24.8%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating income
Q2 2026 $272M -6.0% 24.0% $65M
Q1 2026 $270M -0.3% 22.5% $61M
Q4 2025 $272M -5.0% 23.2% $63M
Q3 2025 $280M -3.5% 28.9% $81M
Q2 2025 $290M — 32.1% $93M
Q1 2025 $271M — 27.3% $74M
Q4 2024 $286M — 30.7% $88M
Q3 2024 $290M — 29.1% $84M

More on Kilroy Realty Corporation

Company

Kilroy Realty Corporation overview
Figures compiled from public company filings.

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