Companies · KRC
Kilroy Realty
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Latest analysis
Updated Oct 23, 2026
KRC posts 815K SF quarter with 610bp SNO spread and $101M contracted ABR, signaling occupancy inflection ahead
Kilroy Realty executed its strongest leasing quarter in years — 815,000 square feet of new and renewal leases in Q3 2026, pushing year-to-date volume 44% above the first nine months of 2025 and expanding the signed-but-not-commenced pipeline to 1.4 million square feet carrying $101 million in contractually obligated ABR at $72 per square foot, 22% above the current portfolio average. The 610-basis-point spread between leased and billed occupancy, combined with $48 million in SNO ABR expected to commence by year-end 2027, provides the clearest forward earnings visibility KRC has disclosed in several years. The offsetting headwind is structural: DIRECTV's 484,000-square-foot El Segundo lease expires in Q4 2027, Flower Mart capitalization ceases in January 2027 adding $37 million in annualized expense, and three debt maturities totaling approximately $395 million at a 3.8% weighted average rate face likely refinancing at materially higher costs.
Tone: mixedRevenue
$1.1B
KRC 10-K · FY 2025
Employees
241
Revenue FY2024
$1.1B
Founded
1996
Profile
KRC 10-K Item 1 · Feb 11, 2026Kilroy Realty Corporation is a self-administered REIT that owns, develops, acquires, and manages premier office, life science, and mixed-use properties concentrated in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin. The company serves leading technology, media, life science, and business services tenants and is recognized for its sustainability leadership. Its stabilized portfolio comprised 121 office properties totaling approximately 16.3 million rentable square feet as of December 31, 2025.
Read filing description ↓ Collapse description ↑
Kilroy Realty Corporation is a self-administered real estate investment trust active in premier office, life science, and mixed-use property types in the United States. Our approach to modern business environments is designed to drive creativity and productivity for some of the world's leading technology, media, life science, and business services companies and we have been consistently recognized for our leadership in sustainability and building operations. We own, develop, acquire, and manage real estate assets, consisting primarily of premier office and life science properties in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin, which are markets we believe have strategic advantages and strong barriers to entry. We own our interests in all of our real estate assets through the Operating Partnership and conduct substantially all of our operations through the Operating Partnership, of which we owned an approximate 99.1% common general partnership interest as of December 31, 2025. Our stabilized portfolio of operating properties was comprised of 121 office, life science, and mixed-use properties encompassing an aggregate of approximately 16.3 million rentable square feet. Technology companies accounted for 51% of our office portfolio annualized base rental revenues as of December 31, 2025, spanning software, social media, hardware, cloud computing, internet media, and technology services. The company has been committed to carbon neutral operations since 2020 and has achieved the GRESB 5 Star designation for standing investments in 2025.
Primary products
- Office Properties
- Life Science Properties
- Mixed-Use Properties
- Residential Properties
Business segments
End markets
Geographies
Named customers
As of December 31, 2025, our 20 largest tenants in terms of annualized base rental revenues represented approximately 53.7% of our total annualized base rental revenues.
“We compete with other developers, owners, operators, and acquirers of office and life science properties, undeveloped land, and other commercial real estate, including mixed-use, and residential real estate, many of which own properties similar to ours in the same submarkets in which our properties are located.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues declined from $1,135.6 million in 2024 to $1,112.7 million in 2025, driven primarily by lower rental income.
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