At a glance
Kilroy Realty Corp is worth $4.13B, about 15 times its fiscal 2025 earnings. Revenue fell 2.0% to $1.11B in fiscal 2025, with 24.8% kept as profit; over 5 years it has grown 4.4% a year. It pays a 6.08% dividend yield, and returned $1.25B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −9.7% over the past year with dividends reinvested and −7.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 43.7% in the 2020 crash (S&P 500: 33.7%) and 48.0% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The business in plain English
Kilroy Realty is a real estate investment trust (REIT), a company that owns income-producing property and pays out most of its taxable income as dividends. It owns, develops and manages office, life science (laboratory) and mixed-use buildings in the San Francisco Bay Area, Los Angeles, Seattle, San Diego and Austin. Kilroy and its predecessors have developed property on the West Coast since 1947.
Kilroy makes money mainly by renting space to businesses. Fiscal 2025 revenue was $1.11 billion. As of December 31, 2025, its stabilized portfolio (completed properties, excluding projects under construction or held for sale) had 121 office and life science buildings with about 16.3 million rentable square feet, 438 tenants and 81.6% occupancy. Technology companies, including software and social media firms, paid 51% of office annualized base rent, the yearly contract rent from tenants in place. Other tenants include life science, healthcare and media companies.
Kilroy also owns three apartment properties with 1,001 units, which averaged 94.1% occupancy in 2025. At the end of 2025, triple net leases, where tenants pay their share of property taxes, operating and utility costs, made up 46% of annualized base rent. On the same date, Kilroy had one 871,738-square-foot development being fitted out for tenants and eight potential development sites.
Price history
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KRC -9.7% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $271.6M, down 2.9% from a year earlier, and net income was $15.5M (-90.1%).
- For fiscal 2025, revenue was $1.11B (-2.0% year over year; +4.4% a year from FY2020 to FY2025) with a 24.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.4% watch |
|---|---|
| Free cash flow margin | 40.5% good |
| Return on equity (FY2025) | 5.1% weak |
| Return on assets (FY2025) | 2.5% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $898.4M | $187.1M | $326.1M |
| FY2021 | $955.0M | $628.1M | $395.8M |
| FY2022 | $1.10B | $232.6M | $499.4M |
| FY2023 | $1.13B | $212.2M | $505.2M |
| FY2024 | $1.14B | $211.0M | $440.8M |
| FY2025 | $1.11B | $276.1M | $450.3M |
Valuation snapshot
| Market value | $4.13B |
|---|---|
| P/E ratio | 15.3 |
| Dividend yield | 6.08% |
Rank among 1514 US companies
Market value at each year end
Kilroy Realty’s market value went from $6.76B at the end of 2016 to $4.13B on Oct 28, 2026, down 39%; since the end of 2025 it is down 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.13B | -6.5% |
| 2025 | $4.42B | -7.4% |
| 2024 | $4.77B | +2.2% |
| 2023 | $4.67B | +3.3% |
| 2022 | $4.52B | -41.6% |
| 2021 | $7.74B | +17.0% |
| 2020 | $6.62B | -25.6% |
| 2019 | $8.89B | +40.4% |
| 2018 | $6.33B | -13.7% |
| 2017 | $7.34B | +8.7% |
| 2016 | $6.76B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| KRC price data to Oct 28, 2026 | -0.1% | -9.7% | +15.5% | -7.0% | -2.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.1% |
| 2025 | -2.0% |
| 2024 | +7.7% |
| 2023 | +9.9% |
| 2022 | -39.2% |
| 2021 | +19.3% |
| 2020 | -29.2% |
| 2019 | +36.8% |
| 2018 | -13.6% |
| 2017 | +4.3% |
| 2016 | +21.5% |
| 2015 | -6.5% |
| 2014 | +40.8% |
| 2013 | +8.9% |
| 2012 | +28.3% |
| 2011 | +8.5% |
| 2010 | +24.1% |
| 2009 | -1.3% |
| 2008 | -35.7% |
| 2007 | -27.0% |
| 2006 | +29.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 75.8% over that stretch · deepest drop along the way 75.9%, back to its old high 47.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.2% over that stretch · deepest drop along the way 43.7%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.1% over that stretch · deepest drop along the way 48%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($626K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 27, 2026 | A. Robert Paratte See Remarks | sell | $626K |
Who owns it
Large shareholders (13G filings)
| COHEN & STEERS, INC. | 14.29% | Jun 30, 2025 |
| BlackRock, Inc. | 11.6% | Mar 31, 2025 |
| D1 Capital Partners L.P. | 9.5% | Mar 31, 2026 |
| Vanguard Portfolio Management | 8.34% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.3% | Mar 31, 2026 |
| Vanguard Capital Management | 5.15% | Mar 31, 2026 |
| Cohen & Steers, Inc. | 4.96% | Jun 30, 2026 |
| FMR LLC | 4.2% | Dec 31, 2025 |
| Norges Bank | 2.0102% | Jun 30, 2026 |
ETFs with the most weight in KRC
| DESK VanEck Office and Commercial REIT ETF | 8.66% |
| ICAP Infrastructure Capital Equity Income ETF | 3.59% |
| PPTY US Diversified Real Estate ETF | 2% |
| BLDG Cambria Global Real Estate ETF | 1.13% |
| FNK First Trust Mid Cap Value AlphaDEX Fund | 0.59% |
| QDF FlexShares Quality Dividend Index Fund | 0.51% |
| QDEF FlexShares Quality Dividend Defensive Index Fund | 0.49% |
| AUSF Global X Adaptive U.S. Factor ETF | 0.42% |
What could go wrong
- Properties concentrated in California, Seattle and Austin. Every property is in California, the Seattle area or the Austin area. A regional downturn, tougher local rules or a natural disaster there could hurt rents and property values across much of the portfolio.
- Heavy reliance on technology tenants. Technology companies paid 51% of office annualized base rent as of December 31, 2025. Tech layoffs or a sector slump could cut demand for space and raise the risk of tenants defaulting on leases.
- Uncertain demand for office space. Kilroy's annual report cites continuing uncertainty in the office leasing market. Its stabilized office portfolio was 81.6% occupied as of December 31, 2025. Empty space brings in no rent but still costs money.
- Losing big tenants and re-leasing space. Kilroy depends on significant tenants. If a large one leaves, defaults or does not renew, the space may be hard to re-lease, and competing for tenants requires regular spending on renovations.
- Earthquake damage and rebuilding limits. Kilroy's California and Seattle buildings sit in earthquake zones. A major quake could damage properties and cut rental income. Kilroy may also be unable to rebuild some to their existing specifications.
- Debt and interest rate pressure. Total debt was about $4.38 billion as of September 30, 2026. Higher rates raise costs on variable-rate and new debt and can make refinancing harder. Loan covenants (lender rules) may also limit dividend payments.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
For income and retirement investors
Dividends per share rose from $1.97 in fiscal 2020 to $2.16 in 2023, then held at $2.16 through 2025, so there is no streak of annual increases. Growth averaged 1.9% a year. The yield was 6.08% as of October 28, 2026. In fiscal 2025, dividends took 93% of net income but about 57% of free cash flow. REIT profits are reduced by depreciation, a non-cash charge, so cash flow is the more useful check. Kilroy did not repurchase shares in FY2021–FY2025, and its share count barely moved.
The shares have fallen hard in downturns: about 76% from October 2007 to March 2009, with no return to the prior peak until March 2013, about four years after the low. They fell about 44% in the 2020 COVID crash and 48% in the 2022 bear market, and had regained neither earlier peak as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Kilroy Realty make money?
Kilroy Realty makes money mainly by renting office, life science and mixed-use space to businesses in the San Francisco Bay Area, Los Angeles, Seattle, San Diego and Austin. As of December 31, 2025, its stabilized (completed) portfolio had 121 buildings with about 16.3 million rentable square feet and 438 tenants. Technology companies paid 51% of yearly office base rent. Kilroy also owns three apartment properties and develops new buildings. Revenue was $1.11 billion in fiscal 2025.
Does Kilroy Realty raise its dividend every year?
No. Kilroy paid $2.16 per share in dividends in each of fiscal 2023, 2024 and 2025, up from $1.97 in fiscal 2020. Regular dividends grew an average of 1.9% a year from fiscal 2020 to 2025. The dividend yield (yearly dividends divided by the share price) was 6.08% as of October 28, 2026. Like most REIT dividends, Kilroy's payouts generally do not qualify for the reduced tax rates available on some other dividends.
How full are Kilroy Realty's office buildings?
About 82% occupied. Kilroy's stabilized office portfolio, meaning completed buildings including life science and retail space, was 81.6% occupied as of December 31, 2025, counting only space where lease revenue had started. That portfolio covered 121 buildings, about 16.3 million rentable square feet and 438 tenants. Kilroy's three apartment properties, with 1,001 units, averaged 94.1% occupancy in 2025. Its annual report lists continuing uncertainty in the office leasing market as a risk.
How much debt does Kilroy Realty have?
Kilroy had about $4.38 billion of total debt as of September 30, 2026, against $94.3 million of cash and $5.18 billion of equity. Total assets were $10.48 billion, of which $9.45 billion was real estate. The company says it aims to keep debt at conservative levels, finance mainly at fixed rates, spread out its debt maturities and keep an investment grade credit rating, which signals lower default risk. Higher interest rates would still raise costs on variable-rate and new debt.
How has KRC stock performed over the long term?
As of October 28, 2026, the share price had lost ground over five and ten years but gained over three. It was down about 31% over five years and 21% over ten years, up about 54% over three years, and down 9.7% over one year. These figures leave out dividends. The yield was 6.08% on that date. Over roughly 21 years of price history, the stock's worst peak-to-trough fall (from a high to the following low) was 81.2%.