Kilroy Realty Corporation (KRC) Earnings
Kilroy Realty Corporation is expected to report next earnings on July 27, 2026 (in NaN days), with a consensus EPS estimate of $0.16. KRC has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +138.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $0.14 | $0.91 | +543.6% | $270M | +2.7% |
| Jul 31, 2024 | $1.08 | $1.10 | +1.9% | $281M | +1.2% |
| May 2, 2024 | $1.06 | $1.11 | +4.7% | $279M | +1.2% |
| Oct 25, 2023 | $1.07 | $1.12 | +4.7% | $284M | +1.9% |
| Feb 1, 2023 | $1.15 | $1.17 | +1.7% | $284M | +2.2% |
| Oct 25, 2022 | $1.14 | $1.17 | +2.6% | $276M | +3.5% |
| Jul 27, 2022 | $1.12 | $1.17 | +4.5% | $271M | +4.4% |
| Apr 27, 2022 | $1.09 | $1.16 | +6.4% | $266M | +3.3% |
| Jan 31, 2022 | $0.95 | $1.05 | +10.5% | $261M | +5.6% |
| Oct 27, 2021 | $0.94 | $0.98 | +4.3% | $232M | +2.7% |
| Jul 28, 2021 | $0.84 | $0.88 | +4.8% | $226M | +1.1% |
| Feb 1, 2021 | $0.97 | $0.95 | -2.1% | $229M | +12.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Ladies and gentlemen, fundamentals across West Coast markets improved. Return to office momentum, space rationalizations abated, and AI ecosystem created new business. Strongest first quarter leasing since 2017, total productivity ~568,000 sq ft, double last year. Leases signed but not commenced ~$78M annualized base rent. San Francisco market tightens, 201 3rd lease rate improved. Redwood City's Crossing 900 had 27,000 sq ft direct lease with 40%+ cash rent increase. Seattle's West 8th had new leases. Los Angeles leasing activity improved. Capital allocation: sold non-core assets, repurchased stock, formed joint venture for Redwood City project. Flower Mart project process ongoing.
Guidance
Increased 2026 SFO guidance by 21 cents at midpoint to 349 - 363 per diluted share. Adjusted FlowerMart expense capitalization assumption, increasing guidance by ~$15 - $16M. Cash, same property NOI growth expected 25 - 125 basis points, midpoint up 150 basis points. Raised top end of operating asset dispositions guidance.
Segment performance
In San Francisco, first quarter leasing exceeded 3 million square feet, more than 10% above pre-pandemic quarterly averages. In Los Angeles, trailing 12-month leasing productivity was up approximately 66%. In life sciences, KOP2 continued to outperform the broader South San Francisco market. Leasing in Seattle's Bellevue and Denny Regrade sub-markets showed strength, with West 8th having new lease executions. Capital allocation involved dispositions of non-core assets and stock repurchases.
Risks & headwinds
Flower Mart project approval process may take additional time, potentially affecting expense capitalization.
Analyst Q&A
Q: About LA and San Diego leasing demand recovery.
A: Rob Peratt said LA has increased activity, 24 deals in Q1, pipeline growing, benefiting from high-quality assets.
Q: On 1900 Broadway yield.
A: Elliot said stabilized yields expected low to mid 9%.
Q: On signed leases not commenced.
A: John Kim asked about net leases, response was mixed, stabilized yield on 1900 Broadway still mid 9% range.
Q: On Flower Mart development.
A: Angela said monitoring San Francisco market, maintaining flexibility.
Q: On revised disposition guidance.
A: Seth Berge asked, response was opportunistic approach, no specific market exit.
Q: On leasing pipeline.
A: Andrew Berger asked, response was pipeline growing, 3 consecutive quarters of positive absorption in SF.
Q: On speed to occupancy.
A: Rob said related to AI tenants and others, spec suites in SF, Seattle, etc.
Q: On West 8th and Bellevue.
A: Rob said West 8th benefited from renovation, Bellevue and Seattle demand different.
Q: On KOP2 forward leasing pipeline.
A: Rob said life science focused, tenant sizes 10k - 50k sq ft, yield still mid 5% range.
Q: On share purchases.
A: Jeffrey said balanced approach, prioritizing balance sheet.
Q: On lease retention rate.
A: Brendan Lynch asked, response was bulk of 2026 expirations likely move-outs.
Q: On dispositions continuation.
A: Upal Rana asked, response was opportunistic execution.
Q: On Maple Plaza demand.
A: Angela and Rob said broad-based demand from media, financial services, etc.
Q: On Flower Mart capitalization.
A: Jeffrey said hard stop likely but watching market.
Q: On leasing pace sustainability.
A: Caitlin Burrows asked, response was demand real, teams busy.
Q: On SF vs other markets.
A: Angela said Bellevue tight, Seattle Denny Regrade gaining, LA gradual.
Q: On 2027 lease expirations.
A: Angela said 2027 expirations smaller, granular.
Q: On leasing pipeline growth.
A: Michael Carroll asked, response was pipeline growing, larger tenants.
Q: On software tenants.
A: Peter Abramovitz asked, response was no material change in conversations