Kilroy Realty (KRC)
Market Price (11/9/2026): $35.82 | Market Cap: $4.2 BilSector: Real Estate | Industry: Office REITs
Kilroy Realty (KRC)
Market Price (11/9/2026): $35.82Market Cap: $4.2 BilSector: Real EstateIndustry: Office REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, Dividend Yield is 6.1% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 45% Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Sustainable & Green Buildings, and Smart Buildings & Proptech. | Weak multi-year price returns2Y Excs Rtn is -25%, 3Y Excs Rtn is -23% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 105% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 146x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.7%, Rev Chg QQuarterly Revenue Change % is -2.9% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.5% Key risksKRC key risks include [1] its heavy portfolio concentration in West Coast markets and among tech-sector tenants and [2] significant near-term debt maturities requiring refinancing at potentially higher rates. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, Dividend Yield is 6.1% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 45% |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Sustainable & Green Buildings, and Smart Buildings & Proptech. |
| Weak multi-year price returns2Y Excs Rtn is -25%, 3Y Excs Rtn is -23% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 105% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 146x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.7%, Rev Chg QQuarterly Revenue Change % is -2.9% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.5% |
| Key risksKRC key risks include [1] its heavy portfolio concentration in West Coast markets and among tech-sector tenants and [2] significant near-term debt maturities requiring refinancing at potentially higher rates. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 11/1/2026
Kilroy Realty (KRC) stock has lost about 5% since 7/31/2026 because of the following key factors:
1. Decline in Funds From Operations (FFO) and Net Income. Kilroy Realty reported a significant year-over-year decline in its Funds From Operations (FFO) for the third fiscal quarter of 2026 (ended September 30, 2026). FFO per diluted share decreased by 18.5% to $0.88 from $1.08 in Q3 2025. Additionally, net income available to common stockholders fell substantially to $15.5 million, or $0.13 per diluted share, in Q3 2026, compared to $156.2 million, or $1.31 per diluted share, in Q3 2025. This decrease was primarily due to higher property sale gains recorded in the prior year. The company also experienced a 1.5% year-over-year decline in same-property cash Net Operating Income (NOI) in Q3 2026.
2. Macroeconomic Headwinds from Rising Interest Rates. The broader real estate investment trust (REIT) sector, including Kilroy Realty, faced pressure from rising interest rates during the period. The U.S. Treasury 10-year yield reached its highest level since 2002 in early October 2026, leading to a general pullback in REIT valuations. Higher interest rates increase borrowing costs for companies like Kilroy Realty, which faces debt maturities of $146.5 million in the remainder of 2026 and $249.1 million in 2027. Refinancing these at current market rates is anticipated to increase interest expense. This environment also makes fixed-income investments more attractive, potentially diverting capital from REITs.
Show more
Kilroy Realty (KRC) stock has lost about 5% since 7/31/2026 because of the following key factors:
1. Decline in Funds From Operations (FFO) and Net Income. Kilroy Realty reported a significant year-over-year decline in its Funds From Operations (FFO) for the third fiscal quarter of 2026 (ended September 30, 2026). FFO per diluted share decreased by 18.5% to $0.88 from $1.08 in Q3 2025. Additionally, net income available to common stockholders fell substantially to $15.5 million, or $0.13 per diluted share, in Q3 2026, compared to $156.2 million, or $1.31 per diluted share, in Q3 2025. This decrease was primarily due to higher property sale gains recorded in the prior year. The company also experienced a 1.5% year-over-year decline in same-property cash Net Operating Income (NOI) in Q3 2026.
2. Macroeconomic Headwinds from Rising Interest Rates. The broader real estate investment trust (REIT) sector, including Kilroy Realty, faced pressure from rising interest rates during the period. The U.S. Treasury 10-year yield reached its highest level since 2002 in early October 2026, leading to a general pullback in REIT valuations. Higher interest rates increase borrowing costs for companies like Kilroy Realty, which faces debt maturities of $146.5 million in the remainder of 2026 and $249.1 million in 2027. Refinancing these at current market rates is anticipated to increase interest expense. This environment also makes fixed-income investments more attractive, potentially diverting capital from REITs.
Show more
Updated on 11/1/2026
Kilroy Realty (KRC) stock has lost about 5% since 7/31/2026 because of the following key factors:
1. Decline in Funds From Operations (FFO) and Net Income. Kilroy Realty reported a significant year-over-year decline in its Funds From Operations (FFO) for the third fiscal quarter of 2026 (ended September 30, 2026). FFO per diluted share decreased by 18.5% to $0.88 from $1.08 in Q3 2025. Additionally, net income available to common stockholders fell substantially to $15.5 million, or $0.13 per diluted share, in Q3 2026, compared to $156.2 million, or $1.31 per diluted share, in Q3 2025. This decrease was primarily due to higher property sale gains recorded in the prior year. The company also experienced a 1.5% year-over-year decline in same-property cash Net Operating Income (NOI) in Q3 2026.
2. Macroeconomic Headwinds from Rising Interest Rates. The broader real estate investment trust (REIT) sector, including Kilroy Realty, faced pressure from rising interest rates during the period. The U.S. Treasury 10-year yield reached its highest level since 2002 in early October 2026, leading to a general pullback in REIT valuations. Higher interest rates increase borrowing costs for companies like Kilroy Realty, which faces debt maturities of $146.5 million in the remainder of 2026 and $249.1 million in 2027. Refinancing these at current market rates is anticipated to increase interest expense. This environment also makes fixed-income investments more attractive, potentially diverting capital from REITs.
3. Cautious Analyst Sentiment and Price Target Reductions. During the specified period, several analysts adjusted their outlooks on Kilroy Realty, with some lowering price targets. For instance, Evercore ISI Group and Scotiabank both cut their price targets in September 2026. More recently, Wells Fargo & Company lowered its price target for Kilroy Realty from $38.00 to $36.00 on November 2, 2026, while maintaining an "equal weight" rating. These downward revisions contributed to a more cautious market sentiment around the stock.
4. Positive Leasing Momentum Outweighed by Financial Pressures. While Kilroy Realty's stock experienced a decline, the company reported strong operational performance in leasing. In fiscal Q3 2026, Kilroy signed approximately 815,000 square feet of leases, representing one of its highest quarterly leasing volumes since 2019. This activity led to sequential gains in leased occupancy across all five of its regions, with the stabilized portfolio reaching 83.0% leased (76.9% occupied) by September 30, 2026. The significant pipeline of signed but not yet commenced leases, representing $101 million in annualized base rent, provides future revenue visibility. However, these positive operational developments were seemingly overshadowed by the aforementioned financial and macroeconomic challenges impacting the stock price.
Show less
Kilroy Realty (KRC) stock has lost about 5% since 7/31/2026 because of the following key factors:
1. Decline in Funds From Operations (FFO) and Net Income. Kilroy Realty reported a significant year-over-year decline in its Funds From Operations (FFO) for the third fiscal quarter of 2026 (ended September 30, 2026). FFO per diluted share decreased by 18.5% to $0.88 from $1.08 in Q3 2025. Additionally, net income available to common stockholders fell substantially to $15.5 million, or $0.13 per diluted share, in Q3 2026, compared to $156.2 million, or $1.31 per diluted share, in Q3 2025. This decrease was primarily due to higher property sale gains recorded in the prior year. The company also experienced a 1.5% year-over-year decline in same-property cash Net Operating Income (NOI) in Q3 2026.
2. Macroeconomic Headwinds from Rising Interest Rates. The broader real estate investment trust (REIT) sector, including Kilroy Realty, faced pressure from rising interest rates during the period. The U.S. Treasury 10-year yield reached its highest level since 2002 in early October 2026, leading to a general pullback in REIT valuations. Higher interest rates increase borrowing costs for companies like Kilroy Realty, which faces debt maturities of $146.5 million in the remainder of 2026 and $249.1 million in 2027. Refinancing these at current market rates is anticipated to increase interest expense. This environment also makes fixed-income investments more attractive, potentially diverting capital from REITs.
3. Cautious Analyst Sentiment and Price Target Reductions. During the specified period, several analysts adjusted their outlooks on Kilroy Realty, with some lowering price targets. For instance, Evercore ISI Group and Scotiabank both cut their price targets in September 2026. More recently, Wells Fargo & Company lowered its price target for Kilroy Realty from $38.00 to $36.00 on November 2, 2026, while maintaining an "equal weight" rating. These downward revisions contributed to a more cautious market sentiment around the stock.
4. Positive Leasing Momentum Outweighed by Financial Pressures. While Kilroy Realty's stock experienced a decline, the company reported strong operational performance in leasing. In fiscal Q3 2026, Kilroy signed approximately 815,000 square feet of leases, representing one of its highest quarterly leasing volumes since 2019. This activity led to sequential gains in leased occupancy across all five of its regions, with the stabilized portfolio reaching 83.0% leased (76.9% occupied) by September 30, 2026. The significant pipeline of signed but not yet commenced leases, representing $101 million in annualized base rent, provides future revenue visibility. However, these positive operational developments were seemingly overshadowed by the aforementioned financial and macroeconomic challenges impacting the stock price.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -6.2% change in KRC stock from 7/31/2026 to 11/8/2026 was primarily driven by a -83.0% change in the company's Net Income Margin (%).| (LTM values as of) | 7312026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.20 | 35.82 | -6.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,094 | 1,086 | -0.7% |
| Net Income Margin (%) | 15.5% | 2.6% | -83.0% |
| P/E Multiple | 26.2 | 145.7 | 455.4% |
| Shares Outstanding (Mil) | 116 | 116 | 0.0% |
| Cumulative Contribution | -6.2% |
Market Drivers
7/31/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| KRC | -6.2% | |
| Market (SPY) | -1.6% | 35.9% |
| Sector (XLRE) | -2.4% | 70.2% |
Fundamental Drivers
The 11.0% change in KRC stock from 4/30/2026 to 11/8/2026 was primarily driven by a 736.3% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.27 | 35.82 | 11.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,112 | 1,086 | -2.3% |
| Net Income Margin (%) | 19.6% | 2.6% | -86.6% |
| P/E Multiple | 17.4 | 145.7 | 736.3% |
| Shares Outstanding (Mil) | 118 | 116 | 1.1% |
| Cumulative Contribution | 11.0% |
Market Drivers
4/30/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| KRC | 11.0% | |
| Market (SPY) | 2.6% | 29.6% |
| Sector (XLRE) | -0.0% | 59.6% |
Fundamental Drivers
The -9.6% change in KRC stock from 10/31/2025 to 11/8/2026 was primarily driven by a -90.8% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.64 | 35.82 | -9.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,127 | 1,086 | -3.6% |
| Net Income Margin (%) | 28.7% | 2.6% | -90.8% |
| P/E Multiple | 14.5 | 145.7 | 904.3% |
| Shares Outstanding (Mil) | 118 | 116 | 1.7% |
| Cumulative Contribution | -9.6% |
Market Drivers
10/31/2025 to 11/8/2026| Return | Correlation | |
|---|---|---|
| KRC | -9.6% | |
| Market (SPY) | 8.7% | 29.7% |
| Sector (XLRE) | 10.4% | 45.3% |
Fundamental Drivers
The 50.3% change in KRC stock from 10/31/2023 to 11/8/2026 was primarily driven by a 1035.6% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.83 | 35.82 | 50.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,145 | 1,086 | -5.1% |
| Net Income Margin (%) | 19.0% | 2.6% | -86.1% |
| P/E Multiple | 12.8 | 145.7 | 1035.6% |
| Shares Outstanding (Mil) | 117 | 116 | 0.8% |
| Cumulative Contribution | 50.3% |
Market Drivers
10/31/2023 to 11/8/2026| Return | Correlation | |
|---|---|---|
| KRC | 50.3% | |
| Market (SPY) | 81.9% | 45.5% |
| Sector (XLRE) | 46.1% | 61.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KRC Return | 19% | -39% | 10% | 8% | -2% | 1% | -15% |
| Peers Return | 21% | -41% | -3% | -6% | -31% | 1% | -55% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| KRC Win Rate | 58% | 42% | 50% | 42% | 50% | 45% | |
| Peers Win Rate | 52% | 32% | 45% | 43% | 40% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| KRC Max Drawdown | -13% | -50% | -38% | -24% | -29% | -30% | |
| Peers Max Drawdown | -14% | -50% | -46% | -30% | -39% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARE, BXP, HPP, DEI, DOC. See KRC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | KRC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.6% | -18.8% |
| % Gain to Breakeven | 18.5% | 23.1% |
| Time to Breakeven | 57 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -17.7% | -9.5% |
| % Gain to Breakeven | 21.5% | 10.5% |
| Time to Breakeven | 35 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.6% | -6.7% |
| % Gain to Breakeven | 50.6% | 7.1% |
| Time to Breakeven | 205 days | 31 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.5% | -19.2% |
| % Gain to Breakeven | 19.7% | 23.8% |
| Time to Breakeven | 43 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -34.6% | -12.2% |
| % Gain to Breakeven | 53.0% | 13.9% |
| Time to Breakeven | 167 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -22.7% | -6.8% |
| % Gain to Breakeven | 29.4% | 7.3% |
| Time to Breakeven | 47 days | 15 days |
In The Past
Kilroy Realty's stock fell -15.6% during the 2025 US Tariff Shock. Such a loss loss requires a 18.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | KRC | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.6% | -6.7% |
| % Gain to Breakeven | 50.6% | 7.1% |
| Time to Breakeven | 205 days | 31 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -34.6% | -12.2% |
| % Gain to Breakeven | 53.0% | 13.9% |
| Time to Breakeven | 167 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -22.7% | -6.8% |
| % Gain to Breakeven | 29.4% | 7.3% |
| Time to Breakeven | 47 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.9% | -17.9% |
| % Gain to Breakeven | 40.6% | 21.8% |
| Time to Breakeven | 113 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -24.2% | -15.4% |
| % Gain to Breakeven | 31.9% | 18.2% |
| Time to Breakeven | 174 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -70.5% | -53.4% |
| % Gain to Breakeven | 239.2% | 114.4% |
| Time to Breakeven | 1092 days | 1085 days |
In The Past
Kilroy Realty's stock fell -15.6% during the 2025 US Tariff Shock. Such a loss loss requires a 18.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Kilroy Realty (KRC)
Kilroy Realty Corporation (KRC) is a prominent West Coast real estate investment trust (REIT) specializing as a landlord and developer. The company develops, acquires, and manages a portfolio primarily composed of office and life science properties, with a significant presence in major markets such as San Diego, Greater Los Angeles, the San Francisco Bay Area, and the Pacific Northwest. KRC is globally recognized for its commitment to sustainability, innovative design, and superior building operations in creating modern business environments.
KRC's core business involves providing high-quality office and life science spaces tailored to meet the needs of leading technology, entertainment, life science, and business services companies. These environments are designed to enhance creativity, productivity, and employee retention for its corporate tenants. Additionally, the company owns and operates residential units in Hollywood and San Diego. KRC actively engages in new development, consistently expanding its portfolio with in-process projects focused on new office and life science facilities.
AI Analysis | Feedback
Here are 1-3 brief analogies for Kilroy Realty (KRC):
- Boston Properties for West Coast tech and life science offices.
- A more diversified Alexandria Real Estate Equities for West Coast tech and life science.
AI Analysis | Feedback
- Office Space Leasing: Providing premium office environments for rent to businesses across technology, entertainment, and business services sectors.
- Life Science Space Leasing: Offering specialized laboratory and office facilities for rent to life science companies.
- Residential Unit Leasing: Providing rental housing units in desirable urban locations.
- Real Estate Development: Developing new office, life science, and mixed-use properties to expand its portfolio.
AI Analysis | Feedback
Kilroy Realty (KRC) primarily serves other companies by providing office and life science space for lease.
The provided background information indicates that KRC's approach to modern business environments helps drive creativity, productivity, and employee retention for some of the world's leading:
- Technology companies
- Entertainment companies
- Life science companies
- Business services companies
Specific names of customer companies and their public symbols are not disclosed in the provided background information.
AI Analysis | Feedback
null
AI Analysis | Feedback
Angela M. Aman Chief Executive Officer
Angela M. Aman was appointed Chief Executive Officer and a member of the Board of Directors of Kilroy Realty in January 2024. Prior to joining Kilroy Realty, she served as President, Chief Financial Officer, and Treasurer at Brixmor Property Group from September 2023 to January 2024, and as Executive Vice President, Chief Financial Officer, and Treasurer from May 2016 until her promotion. Ms. Aman also held Chief Financial Officer roles at Starwood Retail Partners from 2015 to 2016 and Retail Properties of America, Inc. from 2011 to 2015. Earlier in her career, she held positions at RREEF and Deutsche Bank. She is also a member of the Board of Trustees of Equity Residential.
Jeffrey R. Kuehling Executive Vice President, Chief Financial Officer and Treasurer
Jeffrey R. Kuehling has served as Kilroy Realty's Executive Vice President, Chief Financial Officer, and Treasurer since December 2024, overseeing capital markets, financial planning and analysis, treasury, investor relations, and accounting functions. He previously served as Executive Vice President, Chief Financial Officer since August 2024. Before joining Kilroy Realty, Mr. Kuehling was Senior Vice President, Corporate Strategy at Brixmor Property Group starting in 2018. He also held the position of Director of Corporate Finance at RPT Realty and various finance roles at Retail Properties of America, Inc. Mr. Kuehling is a Certified Public Accountant and a Chartered Financial Analyst.
Justin W. Smart President
Justin W. Smart has served as the President of Kilroy Realty since March 2023. His tenure with the company also includes serving as President of Development and Construction Services since July 2022, Executive Vice President of Development and Construction Services from January 2013 to December 2021, and Senior Vice President of Development and Construction Services from August 2000 to December 2012.
A. Robert Paratte Executive Vice President, Chief Leasing Officer
A. Robert Paratte was appointed Executive Vice President, Chief Leasing Officer in December 2022, overseeing the company's leasing and business development activities across all regions. He previously served as Executive Vice President of Leasing and Business Development from January 2014 to November 2022. With over two decades in commercial real estate, Mr. Paratte has held leadership roles in leasing, property acquisitions, development, and property management. Prior to Kilroy Realty, he was a managing director for global leasing and business development at Tishman Speyer for seven years, and a partner at William Wilson and Associates.
AI Analysis | Feedback
Kilroy Realty (KRC) faces several key risks to its business operations and financial performance:
- Challenging West Coast Office Market and Declining Occupancy: The most significant risk stems from the ongoing pressures in the West Coast office market, driven by hybrid work models and tenant consolidation, particularly among tech firms. This environment has led to lower tenant retention levels, declining occupancy rates, and negative leasing spreads, where new leases are being signed at lower cash rates than prior levels. This directly impacts the company's rental income and net operating income (NOI). S&P Global Ratings revised Kilroy's outlook to negative in October 2025 due to these "pressured operating performance" and "weak leasing fundamentals".
- Interest Rate Sensitivity and Cost of Capital: As a real estate investment trust (REIT), KRC is highly susceptible to fluctuations in interest rates. A higher interest rate environment increases the cost of new development projects and refinancing existing debt, which can impact profitability and liquidity. While the company actively manages its debt maturities, elevated debt levels and the need for asset sales to manage its balance sheet highlight this financial risk.
- Concentration Risk: Kilroy Realty's business is heavily concentrated in the West Coast office and life science sectors, with a major presence in San Diego, Greater Los Angeles, the San Francisco Bay Area, and the Pacific Northwest. This geographic and sectoral concentration exposes the company to regional economic downturns, specific market challenges, and regulatory changes within these areas, as well as the performance of the technology, entertainment, life science, and business services companies that form a significant portion of its tenant base.
AI Analysis | Feedback
The widespread adoption of remote and hybrid work models by technology, entertainment, life science, and business services companies, which could significantly reduce demand for traditional office space.
AI Analysis | Feedback
Kilroy Realty (KRC) operates in the office, life science, and residential real estate markets on the West Coast of the United States. The estimated addressable market sizes for its main products and services in its key regions are as follows:
- Office Space:
- San Diego, U.S.: Approximately 104 million square feet of total leasable office space.
- San Francisco, U.S.: Approximately 87 million square feet of office space.
- Greater Los Angeles, U.S.: Null
- Pacific Northwest, U.S.: Null
- Life Science Space:
- San Diego, U.S.: 27.3 million square feet of life sciences lab/R&D space.
- Greater Los Angeles (including Orange County), U.S.: 12 million square feet of life science inventory.
- San Francisco Bay Area, U.S.: 51.3 million square feet of life sciences lab/R&D inventory.
- Pacific Northwest, U.S.: Null
- Residential Units (Multifamily):
- San Diego, U.S.: Approximately 285,714 multifamily units.
- Greater Los Angeles, U.S.: Null
- San Francisco Bay Area, U.S.: Approximately 526,785 multifamily units.
- Pacific Northwest, U.S.: Null
AI Analysis | Feedback
Kilroy Realty Corporation (KRC) is anticipated to drive future revenue growth over the next two to three years through several strategic initiatives and favorable market dynamics:
- Increased Occupancy and Strong Leasing Momentum: Kilroy Realty has demonstrated robust leasing activity, with the fourth quarter of 2025 marking its strongest quarterly performance in six years, and full-year 2025 achieving the highest annual leasing volume since 2019. The company is experiencing growing tenant demand for its high-quality office and life science projects across its submarkets, contributing to a forward leasing pipeline that has expanded by over 65% in the past year. This momentum, coupled with a sequential improvement in occupancy to 81.6% in Q4 2025 and embedded growth from leases signed but not yet commenced, suggests future revenue increases as these spaces become occupied.
- Contribution from Development and Redevelopment Projects, particularly in Life Sciences: Key development projects like Kilroy Oyster Point Phase 2 (KOP 2) are expected to be significant contributors to revenue growth. KOP 2, which is 44% leased and entered the stabilized portfolio in January 2026, will generate increasing revenue as more of its leased space becomes occupied. The company's strategic focus on developing modern, adaptable spaces for the burgeoning tech and life sciences industries, further bolstered by the acquisition of the Nautilus life science campus, positions it to capitalize on the surge in lab demand driven by advancements like AI.
- Strategic Focus on High-Quality Assets in Innovation-Driven West Coast Markets: Kilroy Realty's concentration on premier office and life science properties in innovation-driven West Coast markets (San Diego, Greater Los Angeles, San Francisco Bay Area, and the Pacific Northwest) provides a strong foundation for revenue growth. The "flight-to-quality" trend, where tenants seek out high-quality, well-amenitized spaces, favors KRC's portfolio. Moreover, improved new business formation in these markets and increasing leasing activity in areas like San Francisco's SOMA submarket (with tour activity up 170% year-over-year) indicate a recovering demand for their strategically positioned assets.
AI Analysis | Feedback
Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- Kilroy Realty Corporation announced a share repurchase program on March 1, 2024, authorizing the repurchase of up to $500 million worth of its shares.
- As of December 31, 2025, no shares had been repurchased under the $500 million program.
Share Issuance
- The number of shares outstanding for Kilroy Realty has remained relatively stable, with minor changes of less than 1% annually from 2021 to 2025, indicating no significant large-scale share issuances.
Inbound Investments
- Bamco Inc. NY acquired 68,969 shares of Kilroy Realty stock, valued at approximately $2.9 million, in the third quarter, establishing a 0.06% ownership stake in the company.
Outbound Investments
- Kilroy Realty acquired Nautilus, a life science campus in Torrey Pines, for $192 million, strengthening its presence in the San Diego market.
- The company acquired Junction at Del Mar for $35 million to enhance its presence in that submarket.
Capital Expenditures
- Development spending was primarily driven by the Kilroy Oyster Point Phase 2 (KOP 2) project during 2024, with expectations for spending to moderate in 2025.
- As of December 31, 2025, Kilroy had one development project in the tenant improvement phase, totaling approximately 872,000 square feet, with an estimated total investment of $1.2 billion.
- The company's strategy involves evaluating new redevelopment opportunities and executing on its future development pipeline, focusing on attractive economic returns in strategic locations.
Peer Outperformance in Office REITs
KRC has outperformed 56% of its 18 Office REITs peers over 5Y. Among the peers that beat it are HIW, SLG and VNO. Office REITs ranks 10th of 12 industries in Real Estate by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Office REITs constituents that KRC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
26%
of 19 industry peers · -12.2% return
3Y
53%
of 19 industry peers · 51.4% return
5Y
56%
of 18 industry peers · -33.1% return
Office REITs peers with revenue growth within 4pp of KRC's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| KRC | Kilroy Realty | -1.7% | 145.7x | -12.2% | 51.4% | -33.1% | — |
| HIW | Highwoods Properties | 0.6% | 18.5x | 15.5% | 119.2% | -4.0% | +29pp |
| SLG | SL Green Realty | 0.4% | -29.9x | 1.9% | 93.9% | -8.4% | +25pp |
| VNO | Vornado Realty Trust | 0.5% | 730.9x | -1.6% | 84.0% | -10.1% | +23pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Real Estate sector, ranked by 5Y. Office REITs is KRC's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 17.1% | 68.5% | 74.2% | WELL 226% · OHI 145% · CTRE 135% |
| Retail REITs | 23 | 15.7% | 42.6% | 33.4% | SKT 131% · SPG 78% · BRX 52% |
| Other Specialized REITs | 11 | -0.1% | 23.8% | 10.8% | IRM 173% · LAMR 66% · EPR 64% |
| Hotel & Resort REITs | 16 | 48.1% | 51.5% | 9.8% | HST 71% · RHP 69% · APLE 60% |
| Real Estate Development | 6 | -2.9% | 25.7% | 5.2% | JOE 44% |
| Industrial REITs | 11 | 12.7% | 35.3% | -0.7% | EGP 14% · STAG 6% · CUBE 5% |
| Single-Family Residential REITs | 4 | 1.2% | 5.9% | -17.2% | AMH -4% · ELS -14% · INVH -21% |
| Multi-Family Residential REITs | 12 | -1.7% | 21.1% | -26.4% | ESS -3% · VMRK -6% · UDR -19% |
| Diversified REITs | 12 | 2.3% | 17.0% | -28.8% | EPRT 17% · WPC 13% |
| Office REITs ← | 19 | 0.2% | 48.5% | -34.0% | CDP 44% · HIW -4% · CUZ -6% |
| Telecom Tower REITs | 3 | 4.0% | 8.9% | -36.9% | AMT -20% · CCI -37% · SBAC -41% |
| Real Estate Services | 28 | -20.0% | -9.3% | -37.1% | JLL 38% · CBRE 28% · COMP -18% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.05 |
| Mkt Cap | 6.0 |
| Rev LTM | 1,882 |
| Op Inc LTM | 329 |
| FCF LTM | 656 |
| FCF 3Y Avg | 647 |
| CFO LTM | 841 |
| CFO 3Y Avg | 855 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.3% |
| Rev Chg 3Y Avg | -0.3% |
| Rev Chg Q | 0.6% |
| QoQ Delta Rev Chg LTM | 0.2% |
| Op Inc Chg LTM | -1.4% |
| Op Inc Chg 3Y Avg | -4.3% |
| Op Mgn LTM | 17.8% |
| Op Mgn 3Y Avg | 19.6% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 39.6% |
| CFO/Rev 3Y Avg | 40.7% |
| FCF/Rev LTM | 26.7% |
| FCF/Rev 3Y Avg | 24.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 1,113 | 1,136 | 1,130 | ||
| Other property income | 11 | 6 | |||
| Rental income | 1,086 | 949 | |||
| Total | 1,113 | 1,136 | 1,130 | 1,097 | 955 |
| $ Mil | 2011 | 2010 | 2008 | 2007 | 1998 |
|---|---|---|---|---|---|
| Office Properties | 240 | 194 | 186 | 169 | 33 |
| Industrial Properties | 19 | 23 | 27 | 25 | 104 |
| Unallocated | -165 | -134 | |||
| Total | 94 | 82 | 213 | 194 | 137 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Single Segment | 303 | 233 | 238 |
| Total | 303 | 233 | 238 |
| $ Mil | 2012 | 2011 | 2010 | 2009 | 2007 |
|---|---|---|---|---|---|
| Office Properties | 4,315 | 3,249 | 2,611 | 166 | 1,864 |
| Unallocated | 301 | 41 | 46 | 41 | |
| Industrial Properties | 157 | 160 | 1,878 | 167 | |
| Total | 4,616 | 3,447 | 2,817 | 2,084 | 2,031 |
Price Behavior
Price Behavior
| Market Price | $35.82 | |
| Market Cap ($ Bil) | 4.2 | |
| First Trading Date | 01/30/1997 | |
| Distance from 52W High | -12.2% | |
| 50 Days | 200 Days | |
| DMA Price | $34.84 | $33.63 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 2.8% | 6.5% |
| 3M | 1YR | |
| Volatility | 28.4% | 29.6% |
| Downside Capture | 50.60 | 92.24 |
| Upside Capture | 53.35 | 70.56 |
| Correlation (S&P 500) | 35.5% | 30.6% |
KRC Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.29 | 0.32 | 0.47 | 0.46 | 0.58 | 0.99 |
| Up Beta | -3.43 | 0.05 | 0.32 | 0.35 | 0.31 | 0.87 |
| Down Beta | 1.08 | 0.59 | -0.16 | 0.02 | 0.31 | 0.96 |
| Up Capture | 1% | 32% | 49% | 68% | 58% | 111% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 14 | 23 | 32 | 64 | 121 | 382 |
| Down Capture | -126% | 23% | 90% | 59% | 92% | 104% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 8 | 19 | 30 | 59 | 126 | 362 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KRC | |
|---|---|---|---|---|
| KRC | -10.2% | 29.6% | -0.36 | - |
| Sector ETF (XLRE) | 10.4% | 14.6% | 0.44 | 45.3% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 30.1% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 8.0% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -16.1% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 50.3% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 22.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KRC | |
|---|---|---|---|---|
| KRC | -6.7% | 34.4% | -0.14 | - |
| Sector ETF (XLRE) | 1.6% | 19.2% | -0.02 | 64.5% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 49.9% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 9.8% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 10.8% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 69.3% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 22.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KRC | |
|---|---|---|---|---|
| KRC | -2.3% | 31.8% | -0.00 | - |
| Sector ETF (XLRE) | 7.3% | 20.4% | 0.31 | 70.6% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 56.4% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 5.4% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 19.5% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 74.9% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 15.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2026 | 3.6% | 1.3% | |
| 7/27/2026 | -1.9% | -1.0% | -5.6% |
| 4/27/2026 | 4.3% | 0.7% | 6.9% |
| 2/9/2026 | -3.7% | -7.9% | -17.5% |
| 10/27/2025 | 1.7% | 2.4% | 4.3% |
| 7/28/2025 | 4.7% | 2.5% | 10.7% |
| 5/5/2025 | -3.4% | 1.6% | 5.4% |
| 2/10/2025 | -2.6% | -5.6% | -10.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 11 | 11 |
| # Negative | 12 | 13 | 12 |
| Median Positive | 1.6% | 2.4% | 5.4% |
| Median Negative | -1.7% | -5.6% | -7.0% |
| Max Positive | 4.7% | 6.7% | 11.7% |
| Max Negative | -4.7% | -10.4% | -17.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2026 | 3.6% | 1.3% | |
| 7/27/2026 | -1.9% | -1.0% | -5.6% |
| 4/27/2026 | 4.3% | 0.7% | 6.9% |
| 2/9/2026 | -3.7% | -7.9% | -17.5% |
| 10/27/2025 | 1.7% | 2.4% | 4.3% |
| 7/28/2025 | 4.7% | 2.5% | 10.7% |
| 5/5/2025 | -3.4% | 1.6% | 5.4% |
| 2/10/2025 | -2.6% | -5.6% | -10.5% |
| 10/28/2024 | -0.8% | -5.6% | 1.9% |
| 7/31/2024 | -4.7% | -10.4% | -1.8% |
| 5/2/2024 | -1.0% | 0.5% | -1.9% |
| 2/5/2024 | -1.4% | 3.6% | 4.6% |
| 10/25/2023 | 1.6% | 3.9% | 10.1% |
| 7/31/2023 | -1.6% | 6.7% | 2.9% |
| 4/26/2023 | 0.7% | -5.8% | -9.2% |
| 2/1/2023 | 3.7% | -2.5% | -10.5% |
| 10/25/2022 | -0.5% | -0.9% | -4.4% |
| 7/28/2022 | 0.0% | -5.7% | -7.7% |
| 4/28/2022 | -4.4% | -8.1% | -15.4% |
| 2/1/2022 | 0.0% | -0.2% | 8.3% |
| 10/28/2021 | -0.9% | 0.5% | -4.3% |
| 7/28/2021 | 0.8% | -5.9% | -6.2% |
| 4/29/2021 | 0.3% | -2.0% | 2.8% |
| 2/2/2021 | 1.5% | 6.1% | 11.7% |
| SUMMARY STATS | |||
| # Positive | 12 | 11 | 11 |
| # Negative | 12 | 13 | 12 |
| Median Positive | 1.6% | 2.4% | 5.4% |
| Median Negative | -1.7% | -5.6% | -7.0% |
| Max Positive | 4.7% | 6.7% | 11.7% |
| Max Negative | -4.7% | -10.4% | -17.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/23/2026 | 10-Q |
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/23/2026 | 10-Q |
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/10/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/13/2020 | 10-K |
Recent Forward Guidance
Updated 10/23/2026Latest: Q3 2026 Earnings Reported 10/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Gross sales proceeds from land sale | Reported | 19.50 Mil | ||||||
| 2026 Nareit Funds From Operations per common share/unit - diluted | Reported | 3.55 | 3.57 | 3.59 | 0.3% | Raised | Guidance: 3.56 for 2026 | |
| 2026 Funds From Operations | Reported | 423.16 Mil | 425.54 Mil | 427.93 Mil | ||||
| 2026 Average full year occupancy | Reported | 0.77 | 0.77 | 0.78 | 0.0% | Affirmed | Guidance: 0.77 for 2026 | |
| 2026 Average full year occupancy excluding KOP 2 | Reported | 0.81 | 0.81 | 0.81 | ||||
| 2026 NOI from Development Properties | Reported | -21.00 Mil | ||||||
| 2026 Non-Cash GAAP NOI adjustments | Reported | 13.00 Mil | 13.50 Mil | 14.00 Mil | ||||
| 2026 GAAP lease termination fee income | Reported | 1.10 Mil | 1.30 Mil | 1.50 Mil | ||||
| 2026 General and administrative and Leasing costs | Reported | -90.50 Mil | -90.00 Mil | -89.50 Mil | ||||
| 2026 Total development spending | Reported | 150.00 Mil | 0.0% | Affirmed | Guidance: 150.00 Mil for 2026 | |||
| 2026 Operating property dispositions | Reported | 347.50 Mil | 423.75 Mil | 500.00 Mil | ||||
| 2026 Same Property Cash Net Operating Income (NOI) growth | Reported | 0.75% | 0.88% | 1.0% | 0.1% | Raised | Guidance: 0.75% for 2026 | |
| 2026 Interest income | Reported | 3.00 Mil | ||||||
| 2026 Gross interest expense | Reported | -208.50 Mil | -208.00 Mil | -207.50 Mil | ||||
| 2026 Capitalized interest | Reported | 49.00 Mil | 49.25 Mil | 49.50 Mil | ||||
| 2026 Net income available to common stockholders per share - diluted | Reported | 0.23 | 0.25 | 0.27 | ||||
| 2026 Net income available to common stockholders | Reported | 26.61 Mil | 28.99 Mil | 31.38 Mil | ||||
Prior: Q2 2026 Earnings Reported 7/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO per share | Reported | 3.49 | 3.56 | 3.63 | 0 | Affirmed | Guidance: 3.56 for 2026 | |
| 2026 Average full year occupancy | Reported | 0.77 | 0.77 | 0.78 | 0 | Affirmed | Guidance: 0.77 for 2026 | |
| 2026 Total development spending | Reported | 150.00 Mil | -14.3% | Lowered | Guidance: 175.00 Mil for 2026 | |||
| 2026 Same Property Cash Net Operating Income growth | Reported | 0.25% | 0.75% | 1.25% | 0 | Affirmed | Guidance: 0.75% for 2026 | |
Q1 2026 Earnings Reported 4/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO per share | Reported | 3.49 | 3.56 | 3.63 | 6.3% | Raised | Guidance: 3.35 for 2026 | |
| 2026 Average full year occupancy | Reported | 0.77 | 0.77 | 0.78 | ||||
| 2026 Total development spending | Reported | 150.00 Mil | 175.00 Mil | 200.00 Mil | ||||
| 2026 Same Property Cash Net Operating Income growth | Reported | 0.25% | 0.75% | 1.25% | 1.5% | Raised | Guidance: -0.75% for 2026 | |
Q4 2025 Earnings Reported 2/9/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Nareit Funds From Operations per common share/unit – diluted | Reported | 3.25 | 3.35 | 3.45 | -20.4% | Lower New | Guidance: 4.21 for 2025 | |
| 2026 Same Property Cash Net Operating Income growth | Reported | -1.5% | -0.75% | 0.0% | 0.2% | Higher New | Guidance: -1.0% for 2025 | |
| 2026 Net income available to common stockholders per share - diluted | Reported | 0.59 | 0.69 | 0.79 | -72.3% | Lower New | Guidance: 2.49 for 2025 | |
Insider Activity
Updated 10/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Paratte, A. Robert | See Remarks | Direct | Sell | 10282026 | 36.45 | 17,163 | 625,552 | 3,700,561 | Form |
| 2 | Hunt, Jolie A | Direct | Sell | 6302026 | 37.79 | 15,800 | 597,099 | 525,011 | Form | |
| 3 | Paratte, A. Robert | See Remarks | Direct | Sell | 6252026 | 37.34 | 8,000 | 298,737 | 4,402,126 | Form |
| 4 | Smart, Justin William | President | Direct | Sell | 6112026 | 38.71 | 10,848 | 419,904 | 20,123,212 | Form |
| 5 | Roth, Heidi Rena | See Remarks | Direct | Sell | 5082026 | 35.22 | 19,541 | 688,187 | 2,929,142 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Paratte, A. Robert | See Remarks | Direct | Sell | 10282026 | 36.45 | 17,163 | 625,552 | 3,700,561 | Form |
| 2 | Hunt, Jolie A | Direct | Sell | 6302026 | 37.79 | 15,800 | 597,099 | 525,011 | Form | |
| 3 | Paratte, A. Robert | See Remarks | Direct | Sell | 6252026 | 37.34 | 8,000 | 298,737 | 4,402,126 | Form |
| 4 | Smart, Justin William | President | Direct | Sell | 6112026 | 38.71 | 10,848 | 419,904 | 20,123,212 | Form |
| 5 | Roth, Heidi Rena | See Remarks | Direct | Sell | 5082026 | 35.22 | 19,541 | 688,187 | 2,929,142 | Form |
| 6 | Stadler, Lauren N | See Remarks | Direct | Sell | 5072026 | 34.65 | 3,000 | 103,935 | 535,490 | Form |
| 7 | Paratte, A. Robert | See Remarks | Direct | Sell | 5012026 | 33.11 | 10,000 | 331,130 | 4,168,477 | Form |
| 8 | Roth, Heidi Rena | See Remarks | Direct | Sell | 11042025 | 41.99 | 3,944 | 165,592 | 2,914,365 | Form |
Investor Activity (13F)
Updated Nov 9, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Rush Island Management, LP | $137.1 Mil | 9.2% | 22 | ADD +84.5% | 13F |
| Route One Investment Company, L.P. | $114.2 Mil | 5.0% | 18 | ADD +38.0% | 13F |
| Long Pond Capital, LP | $29.3 Mil | 3.0% | 32 | New | 13F |
| D1 Capital Partners L.P. | $318.1 Mil | 2.8% | 44 | ADD +8.4% | 13F |
| Philosophy Capital Management LLC | $21.2 Mil | 2.5% | 36 | TRIM -32.9% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Situational Awareness LP | $49.6 Mil | 1.3% | 24 | Exited | Dec 31, 2025 | 13F |
| Park West Asset Management LLC | $6.5 Mil | 0.6% | 47 | Exited | Dec 31, 2025 | 13F |
| Adelante Capital Management LLC | $5.1 Mil | 0.3% | 42 | Exited | Dec 31, 2025 | 13F |
| Philosophy Capital Management LLC | $21.2 Mil | 2.5% | 36 | TRIM -32.9% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| D1 Capital Partners L.P. | $318.1 Mil | 2.8% | 44 | ADD +8.4% | 13F |
| Rush Island Management, LP | $137.1 Mil | 9.2% | 22 | ADD +84.5% | 13F |
| Route One Investment Company, L.P. | $114.2 Mil | 5.0% | 18 | ADD +38.0% | 13F |
| Long Pond Capital, LP | $29.3 Mil | 3.0% | 32 | New | 13F |
| Philosophy Capital Management LLC | $21.2 Mil | 2.5% | 36 | TRIM -32.9% | 13F |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Office REITs Resources |
| Commercial Property Executive |
| BOMA International |
| Propmodo |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 11/8/2026