NYSE : KRC
Kilroy Realty Corporation — Financial statements
Real Estate · REIT - Office · United States
Last price 36.07 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.24B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 1.07B | 1.09B | 1.12B | 1.12B | 1.09B | 948.99M |
| Other Revenue | 18.45M | 19.08M | 17.51M | 11.96M | 10.97M | 6.05M |
| Total Revenue | 1.09B | 1.11B | 1.14B | 1.13B | 1.10B | 955.04M |
| Property Expenses | 386.69M | 373.69M | 372.87M | 351.07M | 321.06M | 269.58M |
| Selling, General & Administrative | 77.53M | 73.11M | 71.07M | 94.26M | 93.64M | 92.75M |
| Depreciation & Amortization | 373.69M | 354.85M | 356.18M | 355.28M | 357.61M | 310.04M |
| Total Operating Expenses | 837.91M | 801.65M | 800.13M | 800.61M | 772.31M | 672.37M |
| Operating Income | 248.31M | 311.01M | 335.50M | 329.08M | 324.68M | 282.67M |
| Interest Expense | -151.67M | -126.29M | -145.29M | -114.22M | -84.28M | -78.56M |
| Interest & Investment Income | 5.03M | 6.97M | 37.75M | 22.59M | 1.76M | 3.92M |
| Other Non-Operating Income | 268.00K | 168.00K | -992.00K | 830.00K | ||
| EBT Excluding Unusual Items | 101.93M | 191.86M | 226.97M | 238.29M | 242.16M | 208.03M |
| Gain (Loss) on Sale of Assets | 23.52M | 127.04M | 5.98M | 17.33M | 463.13M | |
| Asset Writedown | -78.04M | -16.26M | ||||
| Other Unusual Items | -12.25M | |||||
| Pretax Income | 47.42M | 302.64M | 232.95M | 238.29M | 259.49M | 658.91M |
| Earnings From Continuing Operations | 47.42M | 302.64M | 232.95M | 238.29M | 259.49M | 658.91M |
| Minority Interest in Earnings | -18.83M | -26.52M | -21.98M | -26.05M | -26.88M | -30.77M |
| Net Income | 28.59M | 276.12M | 210.97M | 212.24M | 232.62M | 628.14M |
| Preferred Dividends & Other Adjustments | 110.00K | 925.00K | 1.97M | 1.23M | 1.27M | 1.52M |
| Net Income to Common | 28.48M | 275.20M | 209.00M | 211.01M | 231.34M | 626.63M |
| Basic Shares Outstanding | 117.14M | 118.28M | 117.65M | 117.16M | 116.81M | 116.43M |
| Diluted Shares Outstanding | 117.95M | 118.83M | 118.16M | 117.51M | 117.22M | 116.95M |
| EPS (Basic) | 0.24 | 2.33 | 1.78 | 1.80 | 1.98 | 5.38 |
| EPS (Diluted) | 0.24 | 2.32 | 1.77 | 1.80 | 1.97 | 5.36 |
| Dividend Per Share | 2.16 | 2.16 | 2.16 | 2.16 | 2.12 | 2.04 |
| Operating Margin | 22.86% | 27.95% | 29.54% | 29.13% | 29.60% | 29.60% |
| Profit Margin | 2.62% | 24.73% | 18.40% | 18.68% | 21.09% | 65.61% |
| EBITDA | 587.73M | 631.12M | 654.03M | 645.94M | 640.75M | 553.33M |
| EBITDA Margin | 54.11% | 56.72% | 57.59% | 57.18% | 58.41% | 57.94% |
| D&A For Ebitda | 339.42M | 320.11M | 318.53M | 316.86M | 316.08M | 270.67M |
| EBIT | 248.31M | 311.01M | 335.50M | 329.08M | 324.68M | 282.67M |
| EBIT Margin | 22.86% | 27.95% | 29.54% | 29.13% | 29.60% | 29.60% |
| Funds From Operations (FFO) | 439.98M | 505.92M | 551.63M | 551.12M | 556.63M | 462.31M |
| FFO Per Share | 3.68 | 4.20 | 4.59 | 4.62 | 4.68 | 3.89 |
| Adjusted Funds From Operations (AFFO) | 505.92M | 551.63M | 454.99M | 556.63M | 462.31M | |
| AFFO Per Share | 4.20 | 4.59 | 3.82 | 4.68 | 3.89 | |
| FFO Payout Ratio | 58.15% | 50.97% | 46.46% | 46.35% | 44.47% | 51.34% |
| Revenue as Reported | 1.09B | 1.11B | 1.14B | 1.13B | 1.10B | 955.04M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 7.98B | 7.46B | 7.68B | 7.85B | 7.99B | 7.44B |
| Total Real Estate Assets | 9.60B | 9.85B | 9.99B | 9.89B | 9.68B | 9.46B |
| Cash & Equivalents | 94.30M | 179.32M | 165.69M | 510.16M | 347.38M | 414.08M |
| Accounts Receivable | 437.25M | 437.56M | 463.03M | 474.59M | 472.78M | 420.05M |
| Other Intangible Assets | 99.28M | 58.57M | 54.51M | 70.42M | 56.54M | |
| Restricted Cash | 250.00K | 13.01M | ||||
| Other Current Assets | 46.74M | 156.96M | 36.44M | 295.20M | 34.91M | 40.04M |
| Deferred Long-Term Charges | 290.36M | 188.10M | 180.06M | 175.19M | 180.42M | 177.92M |
| Other Long-Term Assets | 4.44M | 5.23M | 4.46M | 5.46M | 9.53M | 2.67M |
| Total Assets | 10.48B | 10.92B | 10.90B | 11.40B | 10.80B | 10.58B |
| Current Portion of Long-Term Debt | 146.47M | 601.32M | ||||
| Current Portion of Leases | 6.81M | |||||
| Long-Term Debt | 4.23B | 3.99B | 4.60B | 4.93B | 4.26B | 4.07B |
| Long-Term Leases | 126.98M | 120.82M | 128.42M | 124.35M | 124.99M | 125.55M |
| Accounts Payable | 309.29M | 288.96M | 285.01M | 294.58M | 311.86M | 316.06M |
| Accrued Expenses | 76.60M | 80.50M | 75.20M | |||
| Current Unearned Revenue | 12.93M | |||||
| Other Current Liabilities | 63.43M | 69.95M | 64.85M | 64.44M | 64.28M | 61.85M |
| Long-Term Unearned Revenue | 195.56M | 161.72M | 186.02M | 222.25M | 239.95M | 223.86M |
| Other Long-Term Liabilities | 26.68M | 27.42M | 30.76M | 37.44M | 22.25M | |
| Total Liabilities | 5.07B | 5.28B | 5.29B | 5.74B | 5.12B | 4.89B |
| Common Stock | 1.16M | 1.18M | 1.18M | 1.17M | 1.17M | 1.17M |
| Additional Paid-In Capital | 5.17B | 5.23B | 5.21B | 5.21B | 5.17B | 5.16B |
| Retained Earnings | 10.56M | 188.88M | 171.21M | 221.15M | 265.12M | 283.66M |
| Total Common Equity | 5.18B | 5.42B | 5.38B | 5.43B | 5.44B | 5.44B |
| Minority Interest | 220.72M | 216.94M | 226.82M | 231.53M | 237.91M | 249.81M |
| Shareholders' Equity | 5.40B | 5.64B | 5.61B | 5.66B | 5.67B | 5.69B |
| Total Liabilities & Equity | 10.48B | 10.92B | 10.90B | 11.40B | 10.80B | 10.58B |
| Total Debt | 4.50B | 4.72B | 4.73B | 5.05B | 4.39B | 4.19B |
| Net Cash (Debt) | -4.41B | -4.54B | -4.56B | -4.54B | -4.04B | -3.78B |
| Net Cash Per Share | -37.39 | -38.19 | -38.60 | -38.66 | -34.47 | -32.32 |
| Filing Date Shares Outstanding | 116.31M | 118.50M | 118.14M | 117.33M | 117.09M | 116.72M |
| Total Common Shares Outstanding | 116.31M | 118.37M | 118.05M | 117.24M | 116.88M | 116.46M |
| Book Value Per Share | 44.56 | 45.79 | 45.59 | 46.30 | 46.52 | 46.71 |
| Tangible Book Value | 5.18B | 5.32B | 5.32B | 5.37B | 5.37B | 5.38B |
| Tangible Book Value Per Share | 44.56 | 44.96 | 45.10 | 45.83 | 45.92 | 46.22 |
| Land | 1.73B | 1.64B | 1.75B | 1.74B | 1.74B | 1.73B |
| Buildings | 9.10B | 8.51B | 8.60B | 8.46B | 8.30B | 7.54B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 28.59M | 276.12M | 210.97M | 212.24M | 232.62M | 628.14M |
| Depreciation & Amortization | 340.56M | 321.21M | 319.59M | 317.88M | 316.85M | 271.91M |
| Other Amortization | 39.00M | 36.45M | 41.03M | 36.97M | 34.72M | 35.30M |
| Gain (Loss) on Sale of Assets | -23.52M | -127.04M | -5.98M | -17.33M | -463.13M | |
| Asset Writedown | 78.04M | 16.26M | ||||
| Stock-Based Compensation | 16.32M | 19.09M | 17.71M | 36.86M | 28.35M | 33.80M |
| Change in Other Net Operating Assets | 2.41M | -798.00K | -52.13M | -521.00K | 35.84M | 36.92M |
| Other Operating Activities | 11.39M | 23.50M | 7.54M | -12.40M | -38.67M | -27.98M |
| Operating Cash Flow | 494.13M | 566.31M | 541.15M | 602.59M | 592.24M | 516.40M |
| Acquisition of Real Estate Assets | -564.36M | -687.96M | -500.98M | -543.82M | -586.61M | -1.80B |
| Sale of Real Estate Assets | 385.83M | 447.94M | 33.42M | 1.05B | ||
| Net Sale / Acq. of Real Estate Assets | -178.54M | -240.03M | -500.98M | -543.82M | -553.19M | -748.88M |
| Investment in Marketable & Equity Securities | -1.63M | 256.58M | -256.58M | |||
| Other Investing Activities | 19.35M | 1.00M | ||||
| Investing Cash Flow | -180.17M | -240.03M | -225.04M | -800.40M | -553.19M | -747.88M |
| Short-Term Debt Issued | 65.00M | |||||
| Long-Term Debt Issued | 395.96M | 395.52M | 695.00M | 200.00M | 449.81M | |
| Total Debt Issued | 105.00M | 460.96M | 395.52M | 695.00M | 200.00M | 449.81M |
| Short-Term Debt Repaid | -65.00M | |||||
| Long-Term Debt Repaid | -406.25M | -729.72M | -26.36M | -5.55M | -317.45M | |
| Total Debt Repaid | -321.43M | -471.25M | -729.72M | -26.36M | -5.55M | -317.45M |
| Net Debt Issued (Repaid) | -216.43M | -10.28M | -334.20M | 668.64M | 194.44M | 132.36M |
| Issuance of Common Stock | 383.00K | |||||
| Repurchase of Common Stock | -79.77M | -6.55M | -27.64M | -11.60M | -22.93M | -21.89M |
| Common Dividends Paid | -255.86M | -257.86M | -256.31M | -255.43M | -247.56M | -237.35M |
| Total Dividends Paid | -255.86M | -257.86M | -256.31M | -255.43M | -247.56M | -237.35M |
| Other Financing Activities | -39.76M | -37.97M | -42.43M | -41.02M | -42.70M | -38.07M |
| Net Cash Flow | -277.87M | 13.63M | -344.47M | 162.78M | -79.70M | -396.05M |
| Levered Free Cash Flow | 457.51M | 419.13M | 681.79M | 242.88M | 499.09M | 467.83M |
| Unlevered Free Cash Flow | 544.98M | 493.29M | 765.70M | 309.07M | 548.11M | 514.10M |
| Cash Interest Paid | 141.82M | 115.91M | 126.67M | 105.77M | 79.63M | 77.03M |
| Change in Working Capital | 2.41M | -798.00K | -52.13M | -521.00K | 35.84M | 36.92M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.24B | 4.42B | 4.77B | 4.67B | 4.52B | 7.74B |
| Enterprise Value | 8.65B | 8.99B | 9.51B | 9.34B | 8.70B | 11.69B |
| Last Close Price | 36.07 | 35.56 | 36.29 | 33.66 | 30.58 | 50.33 |
| Price/FFO Ratio | 9.04 | 8.47 | 7.91 | 7.29 | 6.54 | 12.94 |
| Price/AFFO Ratio | 8.46 | 7.91 | 8.82 | 6.54 | 12.94 | |
| PE Ratio | 148.37 | 16.07 | 22.85 | 22.14 | 19.54 | 12.35 |
| PS Ratio | 3.90 | 3.97 | 4.21 | 4.13 | 4.12 | 8.10 |
| PB Ratio | 0.81 | 0.78 | 0.85 | 0.82 | 0.80 | 1.36 |
| P/OCF Ratio | 8.57 | 7.81 | 8.82 | 7.75 | 7.63 | 14.99 |
| EV/Sales Ratio | 7.96 | 8.08 | 8.37 | 8.27 | 7.93 | 12.24 |
| EV/EBITDA Ratio | 14.71 | 14.24 | 14.54 | 14.47 | 13.58 | 21.12 |
| EV/EBIT Ratio | 34.82 | 28.89 | 28.34 | 28.40 | 26.80 | 41.34 |
| Debt / Equity Ratio | 0.83 | 0.84 | 0.84 | 0.89 | 0.77 | 0.74 |
| Debt / EBITDA Ratio | 7.50 | 7.33 | 7.10 | 7.71 | 6.77 | 7.48 |
| Net Debt / Equity Ratio | 0.82 | 0.81 | 0.81 | 0.80 | 0.71 | 0.66 |
| Net Debt / EBITDA Ratio | 7.50 | 7.19 | 6.97 | 7.03 | 6.31 | 6.83 |
| Asset Turnover | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.09 |
| Quick Ratio | 1.02 | 0.63 | 1.80 | 2.26 | 1.80 | 1.84 |
| Current Ratio | 1.11 | 0.79 | 1.90 | 2.94 | 1.87 | 1.96 |
| Return on Equity (ROE) | 0.85% | 5.38% | 4.13% | 4.21% | 4.57% | 12.02% |
| Return on Assets (ROA) | 1.45% | 1.78% | 1.88% | 1.85% | 1.90% | 1.72% |
| Earnings Yield | 0.67% | 6.25% | 4.42% | 4.54% | 5.15% | 8.12% |
| Dividend Yield | 5.99% | 5.78% | 5.34% | 5.42% | 5.48% | 3.07% |
| Payout Ratio | 888.49% | 93.39% | 121.49% | 120.35% | 106.42% | 37.79% |
| Buyback Yield / Dilution | 0.66% | -0.57% | -0.55% | -0.24% | -0.23% | -2.84% |
| Total Shareholder Return | 6.65% | 5.21% | 4.79% | 5.18% | 5.25% | 0.23% |