KRC · Kilroy Realty Corp
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Metrics snapshot
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AI Brief
Q2 FY26 earnings call · Jul 28, 2026TL;DR. Kilroy Realty reported a strong Q2 2026 with positive leasing momentum, including 27.3% GAAP and 15.6% cash re-leasing spreads on space vacant ≤12 months and year-to-date leasing volume up over 40% vs. first-half 2025, while affirming full-year 2026 FFO guidance of $3.49–$3.63 per diluted share and expanding/enhancing its unsecured credit facilities. Stabilized portfolio occupancy of 77.0% was modestly down sequentially due to large move-outs, and a $61.8M impairment on residential assets was recognized in Q1.
- + Q2 re-leasing spreads on comparable space vacant ≤12 months were 27.3% GAAP / 15.6% cash, the first quarter both GAAP and cash spreads were positive in nearly two years
- + Q2 leasing volume of ~376,000 sq ft brought YTD leasing to ~944,000 sq ft, an increase of more than 40% versus the first six months of 2025
- + Forward leasing pipeline at quarter-end was 34% higher than at end of Q1, with LOI/late-stage pipeline up ~77%, indicating broad-based demand expansion
- + Amended/extended unsecured credit facilities: revolver upsized to $1.25B (to July 2030) and term loan to $250M (to July 2031), with pricing improved by 20 bps
- − Stabilized portfolio occupancy fell 60 bps sequentially to 77.0% despite two previously communicated large move-outs that negatively impacted occupancy by ~140 bps
- − Affirmed 2026 FFO guidance range of $3.49–$3.63 per diluted share (no raise); CFO flagged a difficult Q3 2026 same-property NOI comparison due to $4M / 230 bps of restoration fees and tax refund benefits in Q3 2025
- − Q1 2026 results included a $61.8M impairment of real estate assets on the Columbia Square Living and Jardine residential towers prior to their April 2026 sale
- − Flower Mart development economics remain unsupported; company expects to stop expense capitalization at year-end 2026 consistent with prior expectations, signaling ongoing carrying-cost risk and limited near-term visibility on a path forward
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
REIT - Office — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
KRC
this stock
Kilroy Realty Corp
|
$4.06B | -6.6% | -2.0% | 19.1 | 8.2% |
|
BXP
BXP, Inc.
|
$10.29B | -4.4% | +2.2% | 34.7 | 7.0% |
|
ARE
Alexandria Real Estate Equities, Inc.
|
$9.02B | +6.2% | -2.9% | — | 4.2% |
|
VNO
Vornado Realty Trust
|
$6.49B | +5.2% | +1.3% | 1159.0 | 6.0% |
|
CUZ
Cousins Properties Inc
|
$4.58B | +8.4% | +16.0% | 695.9 | 7.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| KRC | -6.0% | -3.9% | +21.6% | -3.8% | -6.6% |
| SPY | -1.2% | -2.0% | +16.1% | -0.8% | +11.6% |
| vs SPY | -4.8% | -1.9% | +5.5% | -3.0% | -18.2% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.