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Kilroy Realty

NYSE:KRC
Snowflake Description

Established dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KRC
NYSE
$8B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Kilroy Realty Corporation (KRC), a publicly traded real estate investment trust and member of the S&P MidCap 400 Index, is one of the West Coast’s premier landlords. The last earnings update was 43 days ago. More info.


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KRC Share Price and Events
7 Day Returns
2.7%
NYSE:KRC
1.6%
US REITs
1.2%
US Market
1 Year Returns
2.8%
NYSE:KRC
13.7%
US REITs
2.3%
US Market
KRC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Kilroy Realty (KRC) 2.7% 2.8% 2.5% 2.8% 22.4% 25.9%
US REITs 1.6% 3.1% 5.1% 13.7% 11.2% 27.9%
US Market 1.2% 2% 2% 2.3% 37.9% 39.8%
1 Year Return vs Industry and Market
  • KRC underperformed the REITs industry which returned 13.7% over the past year.
Price Volatility
KRC
Industry
5yr Volatility vs Market

KRC Value

 Is Kilroy Realty undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Kilroy Realty to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Kilroy Realty.

NYSE:KRC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:KRC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.494 (1 + (1- 21%) (38.5%))
0.762
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:KRC using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Kilroy Realty is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Kilroy Realty is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:KRC DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 265.44 Analyst x3 246.92
2020 314.11 Analyst x4 271.82
2021 326.57 Est @ 3.97% 262.89
2022 338.31 Est @ 3.6% 253.34
2023 349.60 Est @ 3.34% 243.54
2024 360.62 Est @ 3.15% 233.70
2025 371.54 Est @ 3.03% 223.98
2026 382.45 Est @ 2.94% 214.47
2027 393.45 Est @ 2.88% 205.25
2028 404.59 Est @ 2.83% 196.34
Present value of next 10 years cash flows $2,352.25
NYSE:KRC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $404.59 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$8,717.24
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $8,717.24 ÷ (1 + 7.5%)10
$4,230.34
NYSE:KRC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,352.25 + $4,230.34
$6,582.59
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $6,582.59 / 103.00
$63.91
NYSE:KRC Discount to Share Price
Calculation Result
Value per share (USD) From above. $63.91
Current discount Discount to share price of $78.32
= -1 x ($78.32 - $63.91) / $63.91
-22.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Kilroy Realty is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Kilroy Realty's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Kilroy Realty's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:KRC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.56
NYSE:KRC Share Price ** NYSE (2019-06-19) in USD $78.32
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 33.3x
United States of America Market PE Ratio Median Figure of 3,092 Publicly-Listed Companies 17.87x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Kilroy Realty.

NYSE:KRC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:KRC Share Price ÷ EPS (both in USD)

= 78.32 ÷ 2.56

30.63x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kilroy Realty is good value based on earnings compared to the US REITs industry average.
  • Kilroy Realty is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Kilroy Realty's expected growth come at a high price?
Raw Data
NYSE:KRC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 30.63x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-6.2%per year
United States of America REITs Industry PEG Ratio Median Figure of 142 Publicly-Listed REITs Companies 2.46x
United States of America Market PEG Ratio Median Figure of 2,128 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

NYSE:KRC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 30.63x ÷ -6.2%

-4.96x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kilroy Realty earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Kilroy Realty's assets?
Raw Data
NYSE:KRC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $38.77
NYSE:KRC Share Price * NYSE (2019-06-19) in USD $78.32
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,246 Publicly-Listed Companies 1.8x
NYSE:KRC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:KRC Share Price ÷ Book Value per Share (both in USD)

= 78.32 ÷ 38.77

2.02x

* Primary Listing of Kilroy Realty.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kilroy Realty is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Kilroy Realty's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Kilroy Realty has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

KRC Future Performance

 How is Kilroy Realty expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-6.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Kilroy Realty expected to grow at an attractive rate?
  • Kilroy Realty's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Kilroy Realty's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Kilroy Realty's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:KRC Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:KRC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -6.2%
NYSE:KRC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 10.2%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 6.3%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:KRC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:KRC Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,033 1
2020-12-31 888 518 189 5
2019-12-31 814 372 162 3
NYSE:KRC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 766 416 257
2018-12-31 747 410 256
2018-09-30 734 388 125
2018-06-30 729 357 157
2018-03-31 723 345 159
2017-12-31 719 347 149
2017-09-30 705 369 148
2017-06-30 692 386 132
2017-03-31 671 363 132
2016-12-31 638 345 277
2016-09-30 621 322 275
2016-06-30 595 293 326

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Kilroy Realty's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Kilroy Realty's revenue is expected to grow by 10.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:KRC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Kilroy Realty Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:KRC Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 1.70 1.80 1.60 2.00
2019-12-31 1.52 1.52 1.52 1.00
NYSE:KRC Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.56
2018-12-31 2.56
2018-09-30 1.25
2018-06-30 1.59
2018-03-31 1.62
2017-12-31 1.52
2017-09-30 1.53
2017-06-30 1.39
2017-03-31 1.41
2016-12-31 3.00
2016-09-30 2.98
2016-06-30 3.53

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Kilroy Realty is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Kilroy Realty's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Kilroy Realty has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

KRC Past Performance

  How has Kilroy Realty performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Kilroy Realty's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Kilroy Realty's year on year earnings growth rate has been positive over the past 5 years.
  • Kilroy Realty's 1-year earnings growth exceeds its 5-year average (61.5% vs 18.7%)
  • Kilroy Realty's earnings growth has exceeded the US REITs industry average in the past year (61.5% vs 16%).
Earnings and Revenue History
Kilroy Realty's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Kilroy Realty Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:KRC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 765.68 257.03 104.20
2018-12-31 747.30 256.41 96.16
2018-09-30 734.02 124.72 80.67
2018-06-30 728.99 156.88 75.61
2018-03-31 722.52 159.17 62.91
2017-12-31 719.00 149.27 63.85
2017-09-30 705.09 148.09 62.57
2017-06-30 691.90 132.19 60.56
2017-03-31 671.43 131.98 59.82
2016-12-31 637.57 276.70 57.03
2016-09-30 621.34 274.76 53.27
2016-06-30 594.55 325.68 50.54
2016-03-31 580.64 350.34 49.24
2015-12-31 581.28 219.20 48.81
2015-09-30 575.13 209.42 48.84
2015-06-30 560.50 117.44 49.23
2015-03-31 539.05 75.19 48.41
2014-12-31 514.93 40.78 46.21
2014-09-30 492.26 26.57 43.97
2014-06-30 478.59 16.76 43.11
2014-03-31 462.91 7.88 41.10
2013-12-31 451.91 -0.69 40.06
2013-09-30 436.98 -8.33 39.54
2013-06-30 422.72 -15.47 37.94
2013-03-31 398.67 -26.56 37.34
2012-12-31 372.42 -34.35 36.34
2012-09-30 366.39 -31.14 35.06
2012-06-30 353.80 -30.88 32.83

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Kilroy Realty has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Kilroy Realty used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Kilroy Realty's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Kilroy Realty's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Kilroy Realty has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

KRC Health

 How is Kilroy Realty's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Kilroy Realty's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Kilroy Realty's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Kilroy Realty's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Kilroy Realty's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Kilroy Realty Company Filings, last reported 2 months ago.

NYSE:KRC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 4,183.18 3,085.01 49.69
2018-12-31 4,201.26 2,932.60 51.60
2018-09-30 4,074.92 2,873.92 86.52
2018-06-30 4,063.87 2,789.71 50.82
2018-03-31 3,947.47 2,545.30 53.07
2017-12-31 3,960.32 2,347.06 57.65
2017-09-30 3,895.88 2,435.21 64.95
2017-06-30 3,962.47 2,564.84 387.62
2017-03-31 3,966.14 2,566.03 478.39
2016-12-31 3,760.97 2,320.12 193.42
2016-09-30 3,641.90 2,217.34 250.52
2016-06-30 3,426.63 2,439.49 26.33
2016-03-31 3,424.70 2,298.39 38.65
2015-12-31 3,236.24 2,225.47 56.51
2015-09-30 3,237.06 2,657.31 567.94
2015-06-30 2,913.11 2,362.81 28.14
2015-03-31 2,859.21 2,430.01 50.18
2014-12-31 2,725.59 2,469.41 23.78
2014-09-30 2,620.37 2,428.91 200.43
2014-06-30 2,623.34 2,245.43 24.57
2014-03-31 2,585.61 2,157.69 95.53
2013-12-31 2,517.86 2,204.94 35.38
2013-09-30 2,524.09 2,162.18 197.15
2013-06-30 2,238.38 2,166.13 107.82
2013-03-31 2,232.54 2,166.58 135.68
2012-12-31 2,237.63 2,040.94 16.70
2012-09-30 2,061.37 1,841.57 16.11
2012-06-30 1,806.70 1,775.67 18.11
  • Kilroy Realty's level of debt (71.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (83.5% vs 71.7% today).
  • Debt is not well covered by operating cash flow (13.9%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4x coverage).
X
Financial health checks
We assess Kilroy Realty's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Kilroy Realty has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

KRC Dividends

 What is Kilroy Realty's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.48%
Current annual income from Kilroy Realty dividends. Estimated to be 2.46% next year.
If you bought $2,000 of Kilroy Realty shares you are expected to receive $50 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Kilroy Realty's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Kilroy Realty's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Upcoming dividend payment

Purchase Kilroy Realty before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:KRC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 185 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:KRC Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.97 2.00
2020-12-31 1.97 12.00
2019-12-31 1.88 13.00
NYSE:KRC Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-16 1.940 2.562
2019-05-07 1.820 2.371
2018-12-12 1.820 2.548
2018-09-06 1.820 2.597
2018-05-23 1.820 2.449
2018-02-14 1.700 2.415
2017-12-12 1.700 2.387
2017-09-13 1.700 2.343
2017-05-23 1.700 2.362
2017-02-28 1.500 2.064
2016-12-13 1.500 2.018
2016-09-15 1.500 2.125
2016-05-19 1.500 2.216
2016-02-23 1.400 2.312
2015-12-15 1.400 2.464
2015-09-16 1.400 2.122
2015-05-21 1.400 2.030
2015-02-24 1.400 1.903
2014-12-09 1.400 1.925
2014-09-15 1.400 2.179
2014-05-23 1.400 2.251
2014-02-13 1.400 2.384
2013-12-16 1.400 2.702
2013-09-17 1.400 2.733
2013-05-23 1.400 2.692
2013-02-28 1.400 2.563
2013-01-18 1.400 2.752
2012-09-14 1.400 3.031
2012-05-17 1.400 2.963
2012-02-23 1.400 3.036
2011-12-08 1.400 3.522
2011-09-16 1.400 4.092
2011-05-24 1.400 3.751
2011-02-17 1.400 3.576
2010-12-09 1.400 3.784
2010-09-15 1.400 4.138
2010-05-20 1.400 4.438
2010-02-18 1.400 4.366
2009-12-16 1.400 4.678
2009-09-15 1.400 4.876

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Kilroy Realty's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (232.6x coverage).
X
Income/ dividend checks
We assess Kilroy Realty's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Kilroy Realty afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Kilroy Realty has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

KRC Management

 What is the CEO of Kilroy Realty's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
John Kilroy
COMPENSATION $43,624,774
AGE 69
TENURE AS CEO 22.8 years
CEO Bio

Mr. John B. Kilroy Jr. serves as the Chief Executive Officer, President and Director of Kilroy Realty Corporation since September 1996 and has been its Chairman of the Board since February 28, 2013. Mr. Kilroy has been involved in all aspects of commercial and industrial real estate development, construction, acquisition, sales, leasing, financing and entitlement at Kilroy since 1967. Prior to this, he served as the President at Kilroy Industries (“KI“), the predecessor to Kilroy Realty Corp., since 1981, its Chief Executive Officer since 1991 and also served as its Executive Vice President and Vice President of Leasing & Marketing. Mr. Kilroy was responsible for the overall management of all facets of KI and its various affiliates since 1981. He worked for KI for over 30 years. Mr. Kilroy serves as the Chairman of The New Majority Los Angeles chapter. He serves on the Board of Governors of the National Association of Real Estate Investment Trusts, the Policy Advisory Board for the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley. He has been a Director of MGM Resorts International since January 11, 2017. Mr. Kilroy served on the boards of the New Majority California Chapter. He was a Trustee of the El Segundo Employers Association, Viewpoint School, Jefferson Center for Character Education and the National Fitness Foundation. Mr. Kilroy was also a member of the San Francisco America’s Cup Organizing Committee. He has won various industry awards including 2016 E&Y Greater LA Entrepreneur of the Year Award. He attended the University of Southern California.

CEO Compensation
  • John's compensation has been consistent with company performance over the past year, both up more than 20%.
  • John's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Kilroy Realty management team in years:

5.4
Average Tenure
54
Average Age
  • The average tenure for the Kilroy Realty management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

John Kilroy

TITLE
Chairman
COMPENSATION
$44M
AGE
69
TENURE
22.8 yrs

Tyler Rose

TITLE
COMPENSATION
$5M
AGE
57
TENURE
9.5 yrs

Jeffrey Hawken

TITLE
Executive VP & COO
COMPENSATION
$6M
AGE
59
TENURE
22.4 yrs

Steve Rosetta

TITLE
Chief Investment Officer & Executive VP
COMPENSATION
$5M
AGE
45
TENURE
2 yrs

Justin Smart

TITLE
Executive Vice President of Development & Construction Services
COMPENSATION
$4M
AGE
58
TENURE
18.8 yrs

Merryl Werber

TITLE
Senior VP
AGE
48
TENURE
0.3 yrs

Heidi Roth

TITLE
Executive VP
AGE
46
TENURE
0.3 yrs

Michelle Ngo

TITLE
Senior VP & Treasurer

Rob Paratte

TITLE
Executive Vice President of Leasing and Business Development
AGE
51
TENURE
5.4 yrs

Mike Grisso

TITLE
Senior Vice President of Development & Land Planning
TENURE
4.9 yrs
Board of Directors Tenure

Average tenure and age of the Kilroy Realty board of directors in years:

5.2
Average Tenure
63.5
Average Age
  • The tenure for the Kilroy Realty board of directors is about average.
Board of Directors

John Kilroy

TITLE
Chairman
COMPENSATION
$44M
AGE
69
TENURE
6.3 yrs

Ed Brennan

TITLE
Lead Independent Director
COMPENSATION
$254K
AGE
66
TENURE
5.3 yrs

Scott Ingraham

TITLE
Director
COMPENSATION
$190K
AGE
64
TENURE
12 yrs

Peter Stoneberg

TITLE
Director
COMPENSATION
$184K
AGE
63
TENURE
5.1 yrs

Jolie Hunt

TITLE
Director
COMPENSATION
$181K
AGE
39
TENURE
4.1 yrs

Gary Stevenson

TITLE
Director
COMPENSATION
$184K
AGE
61
TENURE
5.1 yrs
Who owns this company?
Recent Insider Trading
  • Kilroy Realty insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
05. Jun 19 Sell Jolie Hunt Individual 05. Jun 19 05. Jun 19 -4,434 $75.02 $-332,626
25. Mar 19 Sell Justin Smart Individual 22. Mar 19 22. Mar 19 -5,000 $76.71 $-383,550
18. Mar 19 Sell Edward Brennan Individual 18. Mar 19 18. Mar 19 -3,843 $74.73 $-287,205
12. Mar 19 Sell Heidi Roth Individual 11. Mar 19 11. Mar 19 -5,440 $74.95 $-407,723
15. Feb 19 Sell Jeffrey Hawken Individual 14. Feb 19 14. Feb 19 -30,516 $73.28 $-2,236,142
11. Feb 19 Sell Tyler Rose Individual 11. Feb 19 11. Feb 19 -20,000 $72.57 $-1,451,400
X
Management checks
We assess Kilroy Realty's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Kilroy Realty has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

KRC News

Simply Wall St News

These 4 Measures Indicate That Kilroy Realty (NYSE:KRC) Is Using Debt Extensively

NYSE:KRC Historical Debt, June 13th 2019 A Look At Kilroy Realty's Liabilities Zooming in on the latest balance sheet data, we can see that Kilroy Realty had liabilities of US$421.4m due within 12 months and liabilities of US$3.28b due beyond that. … Happily for any shareholders, Kilroy Realty actually produced more free cash flow than EBIT over the last three years. … We think that Kilroy Realty's debt does make it a bit risky, after considering the aforementioned data points together.

Simply Wall St -

Why Kilroy Realty Corporation (NYSE:KRC) Could Be Worth Watching

Kilroy Realty Corporation (NYSE:KRC), which is in the reits business, and is based in United States, had a relatively subdued couple of weeks in terms of changes in share price, which continued to float around the range of $73.43 to $77.9. … Let’s take a look at Kilroy Realty’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … According to my valuation model, Kilroy Realty seems to be fairly priced at around 15.5% above my intrinsic value, which means if you buy Kilroy Realty today, you’d be paying a relatively fair price for it.

Simply Wall St -

Should You Worry About Kilroy Realty Corporation's (NYSE:KRC) CEO Pay?

At the time of writing our data says that Kilroy Realty Corporation has a market cap of US$8.0b, and is paying total annual CEO compensation of US$44m. … With a total shareholder return of 32% over three years, Kilroy Realty Corporation shareholders would, in general, be reasonably content. … We compared total CEO remuneration at Kilroy Realty Corporation with the amount paid at companies with a similar market capitalization.

Simply Wall St -

Have Insiders Been Selling Kilroy Realty Corporation (NYSE:KRC) Shares This Year?

So before you buy or sell Kilroy Realty Corporation (NYSE:KRC), you may well want to know whether insiders have been buying or selling. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … In the last twelve months, the biggest single sale by an insider was when the Chairman, John Kilroy, sold US$3.0m worth of shares at a price of US$72.22 per share.

Simply Wall St -

Is Kilroy Realty Corporation (NYSE:KRC) A Healthy REIT?

real estate investment trust (REIT) based in Los Angeles, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

The Kilroy Realty Share Price Is Up 38% And Shareholders Are Holding On

That's what has happened with the Kilroy Realty Corporation (NYSE:KRC) share price. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During three years of share price growth, Kilroy Realty achieved compound earnings per share growth of 1.7% per year.

Simply Wall St -

Is Kilroy Realty Corporation's (NYSE:KRC) CEO Paid At A Competitive Rate?

John Kilroy has been the CEO of Kilroy Realty Corporation (NYSE:KRC) since 1996. … This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does John Kilroy's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Did Kilroy Realty Corporation (NYSE:KRC) Insiders Sell Shares?

So before you buy or sell Kilroy Realty Corporation (NYSE:KRC), you may well want to know whether insiders have been buying or selling. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … The Last 12 Months Of Insider Transactions At Kilroy Realty.

Simply Wall St -

You May Have Been Looking At Kilroy Realty Corporation (NYSE:KRC) All Wrong

real estate investment trust (REIT) based in Los Angeles, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way.

Simply Wall St -

Kilroy Realty Corporation (NYSE:KRC) Delivered A Weaker ROE Than Its Industry

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Our data shows Kilroy Realty has a return on equity of 3.5% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

KRC Company Info

Description

Kilroy Realty Corporation (KRC), a publicly traded real estate investment trust and member of the S&P MidCap 400 Index, is one of the West Coast’s premier landlords. The company has over 70 years of experience developing, acquiring and managing office and mixed-use real estate assets. The company provides physical work environments that foster creativity and productivity and serves a broad roster of dynamic, innovation-driven tenants, including technology, entertainment, digital media and health care companies. At March 31, 2019, the company’s stabilized portfolio totaled approximately 13.2 million square feet of office space located in the coastal regions of Los Angeles, Orange County, San Diego, the San Francisco Bay Area and Greater Seattle and 200 residential units located in the Hollywood submarket of Los Angeles. The stabilized portfolio was 92.5% occupied and 96.2% leased. In addition, KRC had under construction five projects totaling approximately 2.1 million square feet of office space that was 26% leased and 801 residential units. KRC also had three projects in the tenant improvement phase totaling approximately 1.2 million square feet of office, PDR and retail space of which the office components of the projects are fully leased to Adobe and Dropbox. The company’s commitment and leadership position in sustainability has been recognized by various industry groups across the world. In September 2018, the company was recognized by GRESB both as North American leader across all asset classes and a global leader among all publicly traded real estate companies. Other sustainability accolades include NAREIT’s Leader in the Light award for the past five years, the EPA’s highest honor of Sustained Excellence and winner of Energy Star Partner of the Year for the past six years. The company is listed in the Dow Jones Sustainability World Index. At the end of the first quarter, the company’s stabilized portfolio was 63% LEED certified and 76% of eligible properties were ENERGY STAR certified.

Details
Name: Kilroy Realty Corporation
KRC
Exchange: NYSE
Founded: 1947
$8,012,122,705
$7,908,247,182
102,996,821
Website: http://www.kilroyrealty.com
Address: Kilroy Realty Corporation
12200 West Olympic Boulevard,
Suite 200,
Los Angeles,
California, 90064,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE KRC Common Stock New York Stock Exchange US USD 29. Jan 1997
DB KRC Common Stock Deutsche Boerse AG DE EUR 29. Jan 1997
Number of employees
Current staff
Staff numbers
276
Kilroy Realty employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 23:44
End of day share price update: 2019/06/19 00:00
Last estimates confirmation: 2019/06/07
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.