Pulling SEC filings + quote and writing the call…

KILROY REALTY CORP
Next earnings Jul 13, 2026 · consensus $0.41 EPS, $271M rev
Last earnings +2.6% on 2026-04-27
Office REIT trading below book with ~5.9% yield, but -18.4% cash re-leasing spreads and 81.6% occupancy keep it from a buy.
Sources: SEC EDGAR (CIK 0001025996, latest 10-Q filed 2026-04-28) · EODHD · analysis by claude-code · as of 6/25/2026, 12:53:26 PM.
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Middling fundamentals offset by an attractive price (~120% below fair value) — worth a look on the value angle.
KRC screens as a deep-value, high-income REIT: at $36.92 the market cap is $4.38B against $5.42B of book equity (0.81x P/B), and FY2025 operating cash flow of $566M is a ~13% yield on the equity. Net income grew +29.9% to $303M and diluted EPS +31.1% to $2.32, while the dividend of $258M (≈$2.17/share, ~5.9% yield) is well covered once D&A of $349M is added back into an FFO frame. Balance sheet is investable: $4.6B total debt with 95.7% fixed-rate, a 100bp SOFR shock only adds ~$2M of interest expense, and the $1.1B revolver is undrawn. Note the headline P/E of 15.9 is the only valuation lens that works here — the SEC XBRL RevenueFromContractWithCustomer tag of $19.1M omits the bulk of rental income, so the printed P/S of 229x and 1,586% net margin are not meaningful.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $6.05M | $11.0M | $12.0M | $17.5M | $19.1M |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $659M | $259M | $238M | $233M | $303M |
| Diluted EPS | $5.36 | $1.97 | $1.80 | $1.77 | $2.32 |
| Net margin | 10898.3% | 2365.7% | 1992.9% | 1330.1% | 1586.2% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
New material agreement and debt obligation entered into; financing/credit facility update
Annual meeting vote results disclosed alongside board/officer change
Q1 2026 results filed; ongoing office leasing in soft West Coast markets
Q1 2026 earnings released; results furnished with investor materials
2026 proxy: board slate, exec comp and auditor up for shareholder vote
Executive officer or director transition announced
FY25: NI +30%, but stabilized office only 81.6% occupied and re-leasing spreads -18%
FY2025 earnings: revenue +8.9%, net income +29.9%, diluted EPS +31.1%
Officer/director change announced
1071 tracked peers · median
Disclosed under the STOCK Act
Self-reported periodic transaction reports (STOCK Act). Amounts are disclosed ranges; a trade may be a spouse's. Disclosures lag the trade by up to ~45 days. Source: House Clerk + Senate eFD.
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.
Last 90 days: 0 open-market buys · 2 sales
| 2026-06-24 | Paratte A. Robert See Remarks | Sell | 8.00K @ $37.34 | $299K |
| 2026-06-09 | Smart Justin William President | Sell | 10.8K @ $38.71 | $420K |
| 2026-05-19 | Hunt Jolie A. Director | Award | 4.34K | |
| 2026-05-19 | KIESKE DAVID ANDREW Director | Award | 4.34K | |
| 2026-05-19 | Ritter Louisa Director | Award | 4.34K | |
| 2026-05-19 | CARTER DARYL J Director | Award | 4.34K | |
| 2026-05-19 | BRENNAN EDWARD F Director | Award | 4.34K |