Kilroy Realty Corporation (KRC) 10-Year Financial Performance & Capital Metrics

KRC • • REIT / Real Estate

Real EstateOffice REITsLife Science & Technology Office REITsLife Science Campus Developers

AboutKilroy Realty Corporation (NYSE: KRC, the company, KRC) is a leading West Coast landlord and developer, with a major presence in San Diego, Greater Los Angeles, the San Francisco Bay Area, and the Pacific Northwest. The company has earned global recognition for sustainability, building operations, innovation and design. As pioneers and innovators in the creation of a more sustainable real estate industry, the company's approach to modern business environments helps drive creativity, productivity and employee retention for some of the world's leading technology, entertainment, life science and business services companies. KRC is a publicly traded real estate investment trust (REIT) and member of the S&P MidCap 400 Index with more than seven decades of experience developing, acquiring and managing office and mixed-use projects. As of September 30, 2020, KRC's stabilized portfolio totaled approximately 14.3 million square feet of primarily office and life science space that was 92.2% occupied and 95.5% leased. The company also had 808 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 85.0% and 37.5%, respectively. In addition, KRC had seven in-process development projects with an estimated total investment of $1.9 billion, totaling approximately 2.3 million square feet of office and life science space. The office and life science space was 90% leased.Show more

Revenue $1.14B +0.5%
FFO $568M
FFO/Share 4.81 -0.6%
FFO Payout 45.11% +0.4%
FFO per Share 4.81 -0.6%
NOI Margin 67.17% -2.5%
FFO Margin 50.04% -0.6%
ROE 3.74%
ROA 1.89% -1.1%
Debt/Assets 43.37% -2.1%
Net Debt/EBITDA 6.59 -0.4%
Book Value/Share 47.47 -1.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 22.1% TTM
✓Sustainable FFO payout ratio of 45.1%
✓High NOI margin of 67.2%
✓Healthy dividend yield of 5.7%
✓Trading at only 0.8x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.9%
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.09%

5Y6.28%

3Y5.94%

TTM0.77%

Profit (Net Income) CAGR

10Y1.59%

5Y1.54%

3Y-30.49%

TTM62.46%

EPS CAGR

10Y-0.96%

5Y4.65%

3Y-30.88%

TTM62.28%

ROCE

10Y Avg3.08%

5Y Avg3.06%

3Y Avg3.2%

Latest3.18%

Peer Comparison

Life Science Campus Developers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AREAlexandria Real Estate Equities, Inc.	9.77B	57.26	31.81	7.29%	-13.79%	-1.96%	15.4%	0.57
KRCKilroy Realty Corporation	4.52B	38.22	21.59	0.53%	28.66%	5.68%	0.89%	0.84

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	581.27M	642.57M	719M	747.3M	837.45M	898.4M	955.04M	1.1B	1.13B	1.14B
Revenue Growth %	0.11%	0.11%	0.12%	0.04%	0.12%	0.07%	0.06%	0.15%	0.03%	0.01%
Property Operating Expenses	158.7M	172.58M	202.76M	210.78M	253.86M	260.72M	269.58M	321.06M	351.07M	372.87M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	253.1M	274.26M	309.74M	350.44M	361.27M	398.57M	402.79M	451.25M	448.71M	428.25M
G&A Expenses	48.27M	57.03M	60.58M	90.47M	88.14M	99.26M	92.75M	93.64M	93.43M	72.07M
EBITDA+	373.77M	644.57M	719.09M	747.39M	496.14M	539.24M	593.95M	640.75M	686.21M	691.76M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	204.29M	448.83M	512.59M	561.31M	273.81M	300.13M	311.28M	316.08M	356.3M	357.25M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	169.47M	195.73M	206.51M	186.08M	222.32M	239.1M	282.67M	324.68M	329.91M	334.51M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	57.68M	55.8M	66.04M	50.28M	48.54M	70.77M	78.56M	84.28M	114.22M	145.29M
Interest Coverage	2.94x	3.51x	3.13x	3.70x	4.58x	3.38x	3.60x	3.85x	2.89x	2.30x
Non-Operating Income	-126.81M	46.46M	-40.15M	0	-41.44M	-38.96M	-454.8M	-19.09M	-22.59M	-43.73M
Pretax Income+	238.6M	303.8M	180.62M	277.93M	215.23M	207.29M	658.91M	259.49M	238.29M	232.95M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	10.01M	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	234.08M	293.79M	164.61M	258.42M	195.44M	187.1M	628.14M	232.62M	212.24M	210.97M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.3%	0.26%	-0.44%	0.57%	-0.24%	-0.04%	2.36%	-0.63%	-0.09%	-0.01%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.15%	0.69%	-0.09%	0.21%	-0.43%	0.04%	0.93%	-0.42%	0.04%	-0%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	2.42	2.97	1.51	2.57	1.41	1.63	5.36	1.97	1.80	1.77
EPS Growth %	0.24%	0.23%	-0.49%	0.7%	-0.45%	0.16%	2.29%	-0.63%	-0.09%	-0.02%
EPS (Basic)	2.44	3.00	1.52	2.58	1.42	1.63	5.38	1.98	1.80	1.78
Diluted Shares Outstanding	90.4M	93.02M	98.73M	100.48M	103.85M	113.72M	116.95M	117.22M	117.51M	118.16M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	5.94B	6.71B	6.8B	7.77B	8.9B	10B	10.58B	10.8B	11.4B	10.9B
Asset Growth %	0.05%	0.13%	0.01%	0.14%	0.15%	0.12%	0.06%	0.02%	0.06%	-0.04%
Real Estate & Other Assets+	5.49B	70.61M	114.71M	52.87M	8.23B	8.59B	9.47B	9.7B	9.9B	10.01B
PP&E (Net)	11.32M	40.4M	39.69M	36.83M	131.63M	138.89M	170.06M	168.07M	162.58M	155.54M
Investment Securities	1000K	1000K	1000K	1000K	1000K	0	0	0	0	0
Total Current Assets+	388.61M	506.76M	350.79M	480M	488.24M	1.26B	887.17M	855.07M	1.28B	677.85M
Cash & Equivalents	56.51M	193.42M	57.65M	51.6M	60.04M	731.99M	414.08M	347.38M	510.16M	165.69M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	696K	56.71M	9.15M	119.43M	16.3M	91.14M	13.01M	0	0	0
Intangible Assets	43.54M	58.04M	37.05M	31.47M	26.92M	14.67M	56.54M	70.42M	54.51M	58.57M
Total Liabilities	2.7B	2.95B	2.84B	3.56B	4.33B	4.72B	4.89B	5.12B	5.74B	5.29B
Total Debt+	2.24B	2.32B	2.35B	2.93B	3.65B	4.02B	4.19B	4.39B	5.05B	4.73B
Net Debt	2.18B	2.13B	2.29B	2.88B	3.59B	3.29B	3.78B	4.04B	4.54B	4.56B
Long-Term Debt	2.23B	2.32B	2.35B	2.93B	3.55B	3.92B	4.07B	4.26B	4.93B	4.6B
Short-Term Borrowings	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	192.41M	0	0	98.4M	97.78M	125.55M	124.99M	124.35M	128.42M
Total Current Liabilities+	458.83M	627.14M	495.46M	631.85M	678.06M	701.93M	699.23M	734.04M	688.62M	563.3M
Accounts Payable	246.32M	177.29M	221.34M	374.42M	418.85M	445.1M	391.26M	392.36M	371.18M	285.01M
Deferred Revenue	177.52M	202.44M	202.37M	209.87M	205.99M	197.4M	246.11M	277.39M	253M	213.44M
Other Liabilities	13.04M	0	349.57M	482.2M	-205.99M	-197.4M	0	0	0	0
Total Equity+	3.23B	3.76B	3.96B	4.2B	4.57B	5.28B	5.69B	5.67B	5.66B	5.61B
Equity Growth %	0.19%	0.16%	0.05%	0.06%	0.09%	0.15%	0.08%	-0%	-0%	-0.01%
Shareholders Equity	3.17B	3.54B	3.7B	3.93B	4.29B	5.03B	5.44B	5.44B	5.43B	5.38B
Minority Interest	63.62M	216.32M	259.52M	271.35M	277.35M	247.38M	249.81M	237.91M	231.53M	226.82M
Common Stock	923K	932K	986K	1.01M	1.06M	1.16M	1.17M	1.17M	1.17M	1.18M
Additional Paid-in Capital	3.05B	3.46B	3.82B	3.98B	4.35B	5.13B	5.16B	5.17B	5.21B	5.21B
Retained Earnings	-70.26M	-108M	-122.69M	-48.05M	-58.47M	-103.13M	283.66M	265.12M	221.15M	171.21M
Preferred Stock	192.41M	192.41M	122.69M	48.05M	0	0	0	0	0	0
Return on Assets (ROA)	0.04%	0.05%	0.02%	0.04%	0.02%	0.02%	0.06%	0.02%	0.02%	0.02%
Return on Equity (ROE)	0.08%	0.08%	0.04%	0.06%	0.04%	0.04%	0.11%	0.04%	0.04%	0.04%
Debt / Assets	0.38%	0.35%	0.35%	0.38%	0.41%	0.4%	0.4%	0.41%	0.44%	0.43%
Debt / Equity	0.69x	0.62x	0.59x	0.70x	0.80x	0.76x	0.74x	0.77x	0.89x	0.84x
Net Debt / EBITDA	5.84x	3.30x	3.18x	3.85x	7.24x	6.10x	6.36x	6.31x	6.62x	6.59x
Book Value per Share	35.78	40.41	40.11	41.81	44.01	46.41	48.65	48.41	48.17	47.47

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	272.01M	345.05M	347.01M	410.04M	386.52M	455.59M	516.4M	592.24M	602.59M	541.15M
Operating CF Growth %	0.11%	0.27%	0.01%	0.18%	-0.06%	0.18%	0.13%	0.15%	0.02%	-0.1%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	238.6M	303.8M	180.62M	277.93M	215.23M	207.29M	658.91M	259.49M	238.29M	232.95M
Depreciation & Amortization	204.29M	217.23M	245.89M	254.28M	273.81M	300.13M	311.28M	358.38M	356.3M	357.25M
Stock-Based Compensation	-8.45M	-7.17M	-8.53M	-9.75M	27.01M	30.25M	33.8M	28.35M	36.86M	17.71M
Other Non-Cash Items	-55.87M	-40.15M	-46.8M	-44.32M	-139.23M	-106.56M	-524.51M	-89.82M	-28.34M	-14.64M
Working Capital Changes	4.41M	14.28M	-11.84M	40.41M	9.7M	24.48M	36.92M	35.84M	-521K	-52.13M
Cash from Investing+	-262.75M	-635.43M	-359.1M	-808.91M	-1.23B	-542.13M	-747.88M	-553.19M	-800.4M	-225.04M
Acquisitions (Net)	319.64M	325.03M	182.49M	364.3M	124.42M	73.94M	1.05B	33.42M	0	0
Purchase of Investments	-581.39M	-962.37M	-505.69M	-1.22B	0	0	0	0	-256.58M	-500.98M
Sale of Investments	1000K	1000K	1000K	1000K	0	0	0	0	0	1000K
Other Investing	64.21M	-70.21M	-35.9M	51.1M	0	0	0	0	0	500.98M
Cash from Financing+	23.47M	427.29M	-171.24M	503.11M	747.07M	833.32M	-164.57M	-118.75M	360.6M	-660.58M
Dividends Paid	-140.09M	-150.69M	-348.11M	-179.41M	-196.25M	-224.58M	-237.35M	-247.56M	-255.43M	-256.31M
Common Dividends	-126.84M	-137.44M	-340.7M	-179.41M	-196.25M	-224.58M	-237.35M	-247.56M	-255.43M	-256.31M
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K
Share Repurchases	-7.08M	-8.88M	-212.99M	-16.55M	-14.56M	-14.08M	-21.89M	-22.93M	-11.6M	-27.64M
Other Financing	10.23M	459.88M	38.74M	-9.75M	-18.93M	-21.84M	-37.69M	-42.7M	-41.02M	-42.43M
Net Change in Cash+	32.73M	136.91M	-183.33M	104.24M	-94.69M	746.79M	-396.05M	-79.7M	162.78M	-344.47M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	23.78M	56.51M	250.13M	66.8M	171.03M	76.34M	823.13M	427.08M	347.38M	510.16M
Cash at End	56.51M	193.42M	66.8M	171.03M	76.34M	823.13M	427.08M	347.38M	510.16M	165.69M
Free Cash Flow+	-374.59M	-545.2M	-158.68M	-814.27M	-966.18M	-160.47M	-1.28B	5.63M	58.77M	40.17M
FCF Growth %	0.43%	-0.46%	0.71%	-4.13%	-0.19%	0.83%	-6.99%	1%	9.45%	-0.32%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	4.85	7.98	6.86	8.16	4.52	4.28	8.03	4.68	4.84	4.81
FFO Payout Ratio	28.93%	18.51%	50.31%	21.89%	41.82%	46.09%	25.27%	45.12%	44.93%	45.11%
NOI Margin	72.7%	73.14%	71.8%	71.79%	69.69%	70.98%	71.77%	70.73%	68.92%	67.17%
Net Debt / EBITDA	5.84x	3.30x	3.18x	3.85x	7.24x	6.10x	6.36x	6.31x	6.62x	6.59x
Debt / Assets	37.69%	34.59%	34.5%	37.76%	41.02%	40.21%	39.63%	40.64%	44.32%	43.37%
Interest Coverage	2.94x	3.51x	3.13x	3.70x	4.58x	3.38x	3.60x	3.85x	2.89x	2.30x
Book Value / Share	35.78	40.41	40.11	41.81	44.01	46.41	48.65	48.41	48.17	47.47
Revenue Growth	11.41%	10.55%	11.89%	3.94%	12.06%	7.28%	6.3%	14.86%	2.98%	0.53%

Revenue by Segment

	2011	2018	2019
Rental	-	656.63M	826.47M
Rental Growth	-	-	25.87%
Real Estate, Other	-	9.69M	10.98M
Real Estate, Other Growth	-	-	13.39%
Tenant Reimbursements	-	80.98M	-
Tenant Reimbursements Growth	-	-	-
Reportable	340.23M	-	-
Reportable Growth	-	-	-
All Others	26.9M	-	-
All Others Growth	-	-	-

Frequently Asked Questions

Valuation & Price

Kilroy Realty Corporation (KRC) has a price-to-earnings (P/E) ratio of 21.6x. This is roughly in line with market averages.

Growth & Financials

Kilroy Realty Corporation (KRC) reported $1.13B in revenue for fiscal year 2024. This represents a 207% increase from $367.1M in 2011.

Kilroy Realty Corporation (KRC) grew revenue by 0.5% over the past year. Growth has been modest.

Yes, Kilroy Realty Corporation (KRC) is profitable, generating $323.0M in net income for fiscal year 2024 (18.6% net margin).

Dividend & Returns

Yes, Kilroy Realty Corporation (KRC) pays a dividend with a yield of 5.68%. This makes it attractive for income-focused investors.

Kilroy Realty Corporation (KRC) has a return on equity (ROE) of 3.7%. This is below average, suggesting room for improvement.

Industry Metrics

Kilroy Realty Corporation (KRC) generated Funds From Operations (FFO) of $674.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Kilroy Realty Corporation (KRC) offers a 5.68% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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