Kilroy Realty Corp Stock Research

Market Summary

USD31.69-0.17

Delayedas of 31 Mar 2023, 12:16 pm

-0.53%

KRC Stock Price

KRC RSI Chart

KRC Valuation

Market Cap

3.7B

Price/Earnings (Trailing)

14.35

Price/Sales (Trailing)

3.39

Price/Free Cashflow

6.29

KRC Price/Sales (Trailing)

KRC Profitability

Return on Equity

4.77%

Return on Assets

2.4%

Free Cashflow Yield

15.9%

KRC Fundamentals

KRC Revenue

Revenue (TTM)

1.1B

Revenue Y/Y

8.91%

Revenue Q/Q

3.04%

KRC Earnings

Earnings (TTM)

259.5M

Earnings Y/Y

7.89%

Earnings Q/Q

-31.37%

Price Action

52 Week Range

27.0377.40

(Low)(High)

Last 7 days

10.4%

Last 30 days

-11.5%

Last 90 days

-17.6%

Trailing 12 Months

-58.7%

KRC Financial Health

KRC Investor Care

Dividend Yield

6.65%

Dividend/Share (TTM)

2.12

Shares Dilution (1Y)

0.36%

Diluted EPS (TTM)

1.97

Peers (Alternatives to Kilroy Realty)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	51.6B	4.2B	-1.44%	-22.08%	11.87	12.35	22.43%	122.66%
DLR	27.2B	4.7B	-9.28%	-32.35%	72.05	5.8	5.96%	-77.90%
EQR	22.1B	2.7B	-6.38%	-34.89%	28.51	8.16	11.91%	-41.71%
ARE	21.2B	2.6B	-17.23%	-37.62%	40.58	8.18	22.46%	-8.68%
KIM	13.2B	1.7B	-4.07%	-25.83%	104.43	7.61	26.61%	-85.07%
MID-CAP
FRT	7.8B	1.1B	-10.62%	-21.33%	20.14	7.23	12.95%	47.42%
KRG	4.4B	802.0M	-7.55%	-9.74%	-348.31	5.49	114.83%	84.36%
VNO	2.9B	1.8B	-24.12%	-65.61%	-8.31	1.6	13.26%	-296.88%
MAC	2.2B	859.2M	-14.73%	-33.89%	-33.2	2.55	1.38%	-563.21%
SMALL-CAP
SKT	2.0B	421.4M	-0.74%	11.36%	23.04	4.64	3.35%	1705.32%
SLG	1.5B	826.7M	-33.86%	-70.35%	-18.88	1.78	-2.04%	-117.36%
AIV	1.1B	190.3M	-2.00%	-1.08%	11.69	5.66	12.08%	1950.56%
PGRE	961.5M	740.4M	-15.75%	-58.73%	-26.41	1.3	1.87%	-78.85%

Financials for Kilroy Realty

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	2.2%	1,097	1,074	1,030	985	955
Operating Expenses	2.9%	772	750	727	693	672
S&GA Expenses	2.1%	94.00	92.00	91.00	94.00	93.00
Interest Expenses	6.1%	84.00	79.00	76.00	77.00	79.00
Net Income	1.7%	259	255	222	211	659
Net Income Margin	-0.5%	0.24*	0.24*	0.22*	0.21*	-
Free Cahsflow	-0.1%	592	593	579	551	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	1.7%	10,797	10,620	10,515	10,565	10,583
Cash Equivalents	39.0%	347	250	210	332	414
Liabilities	3.7%	5,122	4,940	4,863	4,899	4,894
Shareholder's Equity	0.0%	5,437	5,439	5,653	5,666	5,440
Retained Earnings	-4.0%	265	276	260	274	284
Additional Paid-In Capital	0.2%	5,171	5,162	5,152	5,150	5,155
Shares Outstanding	0.0%	117	117	117	117	116
Minority Interest	-1.0%	238	240	240	240	250

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-0.1%	592	593	579	551	516
Share Based Compensation	-2.1%	28.00	29.00	30.00	31.00	34.00
Cashflow From Investing	-6.9%	-553	-517	-1,155	-1,729	-747
Cashflow From Financing	31.7%	-118	-173	-169	-163	-164
Dividend Payments	1.1%	248	245	242	240	237
Buy Backs	-25.0%	23.00	31.00	31.00	29.00	22.00

Risks for KRC

What is the probability of a big loss on KRC?

47.3%

Probability that Kilroy Realty stock will be more than 20% underwater in next one year

36.1%

Probability that Kilroy Realty stock will be more than 30% underwater in next one year.

29.2%

Probability that Kilroy Realty stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does KRC drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Kilroy Realty was unfortunately bought at previous high price.

Drawdowns

Returns for KRC

Cumulative Returns on KRC

-2.3%

10-Year Cumulative Returns

-6.4%

7-Year Cumulative Returns

-12.6%

5-Year Cumulative Returns

-18.6%

3-Year Cumulative Returns

What are the long-term rolling returns for KRC?

FIve years rolling returns for Kilroy Realty.

Annualized Returns

Which funds bought or sold KRC recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-27	Neo Ivy Capital Management	added	4,357	1,180,000	1,210,000	0.82%
2023-03-23	MetLife Investment Management, LLC	reduced	-1.95	-284,235	2,569,850	0.02%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-	-2,128,180	23,917,800	0.03%
2023-03-06	Rockefeller Capital Management L.P.	sold off	-100	-6,000	-	-%
2023-02-28	Voya Investment Management LLC	added	66.88	5,157,290	14,843,300	0.02%
2023-02-24	NATIXIS	new	-	2,126,850	2,126,850	0.01%
2023-02-22	CVA Family Office, LLC	new	-	2,127	2,127	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	-55,000	623,000	0.01%
2023-02-21	CENTERSQUARE INVESTMENT MANAGEMENT LLC	reduced	-6.88	-22,143,300	130,669,000	1.52%
2023-02-21	MACQUARIE GROUP LTD	reduced	-16.53	-1,219,640	3,560,360	-%

Latest Funds Activity

Are funds buying KRC calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own KRC

No. of Funds

Kilroy Realty News

Schedule 13G FIlings of Kilroy Realty

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 15, 2023	principal real estate investors llc	5.03%	5,873,462	SC 13G/A
Feb 10, 2023	blackrock inc.	11.7%	13,635,654	SC 13G/A
Feb 09, 2023	vanguard group inc	14.05%	16,424,492	SC 13G/A
Jan 31, 2023	state street corp	5.33%	6,233,608	SC 13G
Jan 26, 2023	blackrock inc.	11.7%	13,635,654	SC 13G/A
Jan 20, 2023	blackrock inc.	11.7%	13,635,654	SC 13G/A
Feb 15, 2022	principal real estate investors llc	5.19%	6,043,779	SC 13G
Jan 27, 2022	blackrock inc.	11.3%	13,200,352	SC 13G/A
Jan 26, 2022	blackrock inc.	11.3%	13,200,352	SC 13G/A
Feb 16, 2021	cohen & steers, inc.	3.98%	4,592,289	SC 13G/A

KRC Fair Value

Recent SEC filings of Kilroy Realty

View All Filings

Date Filed	Form Type	Document
Mar 30, 2023	8-K	Current Report
Mar 09, 2023	8-K	Current Report
Feb 22, 2023	4	Insider Trading
Feb 15, 2023	SC 13G/A	Major Ownership Report
Feb 10, 2023	10-K	Annual Report
Feb 10, 2023	SC 13G/A	Major Ownership Report
Feb 09, 2023	SC 13G/A	Major Ownership Report
Feb 08, 2023	4	Insider Trading
Feb 08, 2023	4	Insider Trading
Feb 08, 2023	4	Insider Trading

About Kilroy Realty

John B. Kilroy

www.kilroyrealty.com

240

Kilroy Realty Corporation (NYSE: KRC, the Ã‚â€œcompanyÃ‚â€, Ã‚â€œKRCÃ‚â€) 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 (Ã‚â€œREITÃ‚â€) 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.

KRC Income Statement

2022-09-30

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue, Product and Service [Extensible List]	Service [Member]	Service [Member]
REVENUES
Rental income (Note 9)	$ 272,546	$ 230,720	$ 804,330	$ 689,849
Other property income	3,412	1,606	8,313	4,106
Total revenues	275,958	232,326	812,643	693,955
EXPENSES
Property expenses	52,075	40,842	147,421	120,183
Real estate taxes	27,415	24,153	78,718	71,528
Ground leases	1,771	1,708	5,473	5,559
General and administrative expenses (Note 8)	23,524	22,990	68,425	69,482
Leasing costs	1,015	798	3,475	2,373
Depreciation and amortization	81,140	73,213	266,215	222,734
Total expenses	186,940	163,704	569,727	491,859
OTHER INCOME (EXPENSES)
Interest and other income, net	295	976	501	3,686
Interest expense (Note 4)	(19,982)	(16,105)	(60,728)	(59,829)
Gain on sale of depreciable operating property (Note 3)	17,329	0	17,329	457,831
Total other (expenses) income	(2,358)	(15,129)	(42,898)	401,688
NET INCOME	86,660	53,493	200,018	603,784
Net income attributable to noncontrolling common units of the Operating Partnership	(664)	(460)	(1,695)	(5,700)
Net income attributable to noncontrolling interests in consolidated property partnerships	(6,239)	(6,005)	(18,333)	(17,586)
Total income attributable to noncontrolling interests	(6,903)	(6,465)	(20,028)	(23,286)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS (UNITHOLDERS)	$ 79,757	$ 47,028	$ 179,990	$ 580,498
Net income available to common stockholders per share – basic (in dollars per share)	$ 0.68	$ 0.40	$ 1.53	$ 4.98
Net income available to common stockholders per share – diluted (in dollars per share)	$ 0.68	$ 0.40	$ 1.53	$ 4.96
Weighted average common shares outstanding – basic (in shares)	116,872,953	116,456,796	116,782,621	116,418,113
Weighted average common shares outstanding – diluted (in shares)	117,242,411	116,962,680	117,163,149	116,894,434

KRC Balance Sheet

2022-09-30

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
REAL ESTATE ASSETS (Notes 2 and 3):
Land and improvements	$ 1,743,194	$ 1,731,982
Buildings and improvements	7,693,247	7,543,585
Undeveloped land and construction in progress	2,183,071	2,017,126
Total real estate assets held for investment	11,619,512	11,292,693
Accumulated depreciation and amortization	(2,150,060)	(2,003,656)
Total real estate assets held for investment, net	9,469,452	9,289,037
CASH AND CASH EQUIVALENTS	249,981	414,077
RESTRICTED CASH	13,009	13,006
MARKETABLE SECURITIES (Note 11)	22,390	27,475
CURRENT RECEIVABLES, NET	15,885	14,386
DEFERRED RENT RECEIVABLES, NET	442,987	405,665
DEFERRED LEASING COSTS AND ACQUISITION-RELATED INTANGIBLE ASSETS, NET	214,484	234,458
RIGHT OF USE GROUND LEASE ASSETS	126,708	127,302
PREPAID EXPENSES AND OTHER ASSETS, NET	65,096	57,991
TOTAL ASSETS	10,619,992	10,583,397
LIABILITIES:
Secured debt, net (Notes 4 and 11)	244,316	248,367
Unsecured debt, net (Notes 4 and 11)	3,823,532	3,820,383
Accounts payable, accrued expenses and other liabilities	424,087	391,264
Ground lease liabilities	125,065	125,550
Accrued dividends and distributions (Note 16)	64,271	61,850
Deferred revenue and acquisition-related intangible liabilities, net	176,105	171,151
Rents received in advance and tenant security deposits	82,839	74,962
Total liabilities	4,940,215	4,893,527
COMMITMENTS AND CONTINGENCIES (Note 10)
Stockholders’ Equity
Common stock, $.01 par value, 280,000,000 shares authorized, 116,877,453 and 116,464,169 shares issued and outstanding, respectively	1,169	1,165
Additional paid-in capital	5,162,088	5,155,232
Retained earnings	276,138	283,663
Total stockholders’ equity	5,439,395	5,440,060
Noncontrolling Interests
Common units of the Operating Partnership	53,475	53,746
Noncontrolling interests in consolidated property partnerships	186,907	196,064
Total noncontrolling interests	240,382	249,810
Total equity	5,679,777	5,689,870
TOTAL LIABILITIES AND EQUITY (CAPITAL)	$ 10,619,992	$ 10,583,397