Kilroy Realty Q1 revenue flat, slightly beats estimates

Kilroy Realty

27/04/2026 21:20

Overview

U.S. office landlord's Q1 revenue was flat yr/yr, slightly beating analyst expectations

Company reported a net loss for Q1, reversing a profit from the prior year

Company repurchased $72.7 mln in common stock

Outlook

Kilroy raises 2026 Nareit FFO per share guidance to $3.49-$3.63 from $3.25-$3.45

Company now expects 2026 average occupancy of 76.5%-78.0%, up from 76.0%-78.0%

Kilroy sees 2026 same property cash NOI growth of 0.25%-1.25%, up from (1.5)% to 0%

Result Drivers

LEASING MOMENTUM - Q1 leasing activity totaled 568,000 sq ft, the strongest first-quarter performance since 2017, per CEO Angela Aman

RENTAL RATE CHANGES - GAAP and cash rents on leases signed during the quarter decreased 10.6% and 16.8%, respectively, from prior levels on second-generation leasing, excluding short-term leasing

CAPITAL RECYCLING - Co sold $350 mln in non-core and non-strategic properties

Company press release: ID:nBw6sX4cDa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$270.10 mln
$266.99 mln (8 Analysts)
Q1 EPS
-$0.16
Q1 Net Income
-$19.30 mln
Q1 FFO
$108.85 mln
Q1 Dividend
$0.54
Q1 FFO Per Share
$0.91


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 11 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "buy."

Wall Street's median 12-month price target for Kilroy Realty Corp is $33.50, about 5.1% above its April 24 closing price of $31.88

The stock recently traded at 76 times the next 12-month earnings vs. a P/E of 84 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)