REITResearch

Kilroy Realty Corporation KRC

Listed / Traded Office NYSE Mgmt:

Kilroy Realty Corporation (NYSE: KRC) is a distinguished real estate investment trust (REIT) and a leading developer on the West Coast of the United States. Its operations span key markets including San Diego, Greater Los Angeles, the San Francisco Bay Area, and the Pacific Northwest. Globally celebrated for its commitment to sustainability, excellence in building operations, and groundbreaking innovation and design, KRC stands out. The company, a pioneer in fostering eco-friendly real estate, crafts modern work environments specifically designed to boost creativity, enhance productivity, and improve employee retention for prominent clients in technology, entertainment, life sciences, and business services sectors. As a publicly traded entity and an S&P MidCap 400 Index member, KRC brings over seven decades of expertise to the development, acquisition, and management of office and mixed-use properties. As of September 30, 2020, Kilroy Realty's stabilized portfolio encompassed approximately 14.3 million square feet, primarily comprising office and life science facilities, with an occupancy rate of 92.2% and a leased rate of 95.5%. Additionally, the company managed 808 residential units located in Hollywood and San Diego, which recorded average quarterly occupancy rates of 85.0% and 37.5%, respectively. Furthermore, KRC had seven development projects underway, representing an estimated total investment of $1.9 billion. These projects account for roughly 2.3 million square feet of new office and life science space, 90% of which was already leased.

Snapshot

Price
$36.15
Market cap
$4.20B
Enterprise value
$8.73B
Dividend yieldi
5.98%
Annual dividendi
$2.16
Frequency
Quarterly
FFO / sharei
Not reported (common for mortgage REITs)
AFFO / sharei
Not reported in latest 8-K
Net debt / EBITDAi
5.79x · GAAP est.
Op. cash flow / sharei
$4.76
Price / OCFi
7.60
Payout (% of OCF)i
45.39%
Debt / book capitali
47.25%
Premium / disc. to NAVi
No free consensus-NAV source
Credit ratingi
No free ratings feed

Reported FFO / AFFO / leverage are from the None earnings release (filed 2026-05-19) — 8-K, EX-99.1.

Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.

Balance sheet (latest FY: 2025)

Total debt
$4.84B
Cash
$179.32M
Net debt / EBITDAi
5.79x
Debt / book capitali
47.25%
Total assets
$10.92B
Total equity
$5.42B
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Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.

Financial history

FYRevenueNet incomeD&A EBITDAOp. cash flow
2025 $1.11B $276.10M $345.00M $808.51M $566.31M
2024 $1.14B $210.97M $357.25M $735.49M $541.15M
2023 $1.13B $212.24M $356.30M $708.81M $602.59M
2022 $1.10B $232.62M $316.08M $659.85M $592.24M
2021 $955.04M $628.14M $311.28M $1.05B $516.40M
2020 $898.40M $187.10M $300.13M $578.20M $455.59M

Dividends

Ex-dateRecordPaymentDeclaredAmountFreq.
2026-06-302026-06-302026-07-08 2026-05-19$0.54Quarterly
2026-03-312026-03-312026-04-08 2026-02-24$0.54Quarterly
2025-12-312025-12-312026-01-07 2025-11-18$0.54Quarterly
2025-09-302025-09-302025-10-08 2025-09-16$0.54Quarterly
2025-06-302025-06-302025-07-09 2025-05-20$0.54Quarterly
2025-03-312025-03-312025-04-09 2025-02-25$0.54Quarterly
2024-12-312024-12-312025-01-08 2024-12-05$0.54Quarterly
2024-09-302024-09-302024-10-09 2024-09-16$0.54Quarterly
2024-06-282024-06-282024-07-10 2024-05-22$0.54Quarterly
2024-03-272024-03-292024-04-10 2024-02-27$0.54Quarterly
2023-12-282023-12-292024-01-10 2023-12-06$0.54Quarterly
2023-09-282023-09-292023-10-11 2023-09-12$0.54Quarterly
2023-06-292023-06-302023-07-12 2023-05-24$0.54Quarterly
2023-03-302023-03-312023-04-12 2023-02-16$0.54Quarterly
2022-12-292022-12-302023-01-11 2022-12-07$0.54Quarterly
2022-09-292022-09-302022-10-12 2022-09-08$0.54Quarterly
2022-06-292022-06-302022-07-13 2022-05-19$0.52Quarterly
2022-03-302022-03-312022-04-13 2022-02-08$0.52Quarterly
2021-12-302021-12-312022-01-12 2021-12-16$0.52Quarterly
2021-09-292021-09-302021-10-13 2021-09-13$0.52Quarterly
2021-06-292021-06-302021-07-14 2021-05-20$0.50Quarterly
2021-03-302021-03-312021-04-14 2021-02-08$0.50Quarterly
2020-12-302020-12-312021-01-15 2020-12-10$0.50Quarterly
2020-09-292020-09-302020-10-14 2020-08-26$0.50Quarterly

Coverage (payout of operating cash flow): 45.39%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).

Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.