Kilroy Realty (KRC)
NYSE:KRC
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Earnings Data
Report Date
Aug 05, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.12Last Year’s EPS
0.57Same Quarter Last Year
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed materially improved leasing fundamentals—especially in San Francisco—with strong Q1 productivity, meaningful signed-but-not-commenced revenue, upgraded FFO guidance, successful capital recycling, and a pre-leased high‑quality development JV that together point to improving cash flow durability and growth. Offsetting items include lower reported occupancy (77.6%), negative aggregate leasing spreads driven by long‑vacant space, ongoing move-out activity concentrated in Q2, and uncertainty/timing risk surrounding the Flower Mart project. On balance, positive leasing momentum, guidance upgrades, and proactive capital allocation outweigh the near-term occupancy and project timing headwinds.Company Guidance
Strong Leasing Productivity
Total leasing productivity of ~568,000 square feet in Q1, more than double first quarter performance year-over-year, the strongest Q1 leasing since 2017.
Signed-but-Not-Commenced Bookings
Over 1.0 million square feet signed but not commenced representing nearly $78 million of contractually obligated annualized base rent, providing visible forward cash flow.
San Francisco Market Momentum
San Francisco leasing exceeded 3 million square feet in Q1 (more than 10% above pre‑pandemic quarterly averages), marking the third consecutive quarter of positive net absorption and significant expansion activity (e.g., Harvey AI expansion of 62k sq ft).
SoMa Execution — 201 Third
Occupancy at 201 Third improved from 26% at year-end 2024 to over 80% in the quarter; all five newly constructed spec suites leased by completion, demonstrating strong demand and speed-to-occupancy.
Crossing 900 Rent Upside
Completed a 27k sq ft direct lease at Crossing 900 that generated an increase in cash base rent of more than 40%, and Crossing 900 has remained 100% leased since delivery in 2015 with cash rent spreads up nearly 60% on recent releases.
Seattle and West 8th Leasing
West 8th saw an additional ~76k sq ft of new leases year-to-date (including General Motors 43k and SoFi 33k), with strong demand tied to recent repositioning and amenity upgrades.
Los Angeles Recovery & Productivity
Los Angeles trailing twelve-month leasing productivity up approximately 66%, driven by portfolio repositioning and improving market activity across select submarkets (Long Beach, Culver City, Beverly Hills).
KOP2 Life Sciences Performance
KOP2 continues to outperform South San Francisco life science market; executed a 38k sq ft lease with Olema Pharmaceuticals bringing the project to 49% leased; prior mid-5% yield expectations remain intact.
Capital Recycling & Balance Sheet Actions
Q1 dispositions of two office properties generated $146 million gross proceeds; year-to-date operating property dispositions ~ $350 million (exceeding original full-year goal); repurchased ~$73 million of stock at an average $30.80 per share; fully redeemed $50 million tranche of private placement notes due in July.
New Joint Venture — 1900 Broadway
Formed JV to develop 250k sq ft Class A office in Downtown Redwood City, ~60% pre-leased (20-year Cooley lease for 145k sq ft at record portfolio rates); total project cost $330–$350 million; Kilroy share ~97% at completion; expected stabilized yields in the low‑ to mid‑9% range.
Operating Performance & Guidance Upgrade
Q1 FFO of $0.91 per diluted share; cash same-property NOI increased 1.8% in Q1; company raised 2026 FFO guidance by $0.21 at the midpoint to a range of $3.49–$3.63 per share and increased expected cash same-property NOI growth to 25–125 basis points (midpoint +150 bps vs. prior).
Positive Leasing Spreads on Recently Vacant Space
Leasing on space vacant for less than 12 months produced positive GAAP spreads of 19.2% and positive cash spreads of 5.2%, indicating strong near-term mark-to-market performance.
Settlement Benefit to NOI
Received a $5.9 million settlement related to the 23andMe bankruptcy that contributes approximately 90 basis points to NOI growth for 2026 guidance.
KRC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
KRC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 27, 2026 | $32.72 | $34.12 | +4.28% |
Feb 09, 2026 | $33.88 | $32.61 | -3.73% |
Oct 27, 2025 | $39.89 | $40.59 | +1.74% |
Jul 28, 2025 | $34.95 | $36.59 | +4.67% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Kilroy Realty (KRC) report earnings?
Kilroy Realty (KRC) is schdueled to report earning on Aug 05, 2026, After Close (Confirmed).
What is Kilroy Realty (KRC) earnings time?
Kilroy Realty (KRC) earnings time is at Aug 05, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is KRC EPS forecast?
KRC EPS forecast for the fiscal quarter 2026 (Q2) is 0.12.