| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 4.72 | 2.6% |
| Total Income | 4.72 | 2.6% |
| Expenditure | 23.99 | 169.7% |
| PBT | — | |
| Net Profit | -19.27 | 149.4% |
| OPM | — | |
| NPM | — | |
| EPS | -0.16 | 148.5% |
Kilroy Realty Reports Q1 FY26 Net Loss of $(19.3) Million, FFO of $0.91 per Share
28 Apr 2026 · 28 Apr, 2:19 am
Summary
Kilroy Realty Corporation reported mixed financial results for the first quarter ended March 31, 2026, with revenues at $270.1 million, a slight decline from the prior year. The company experienced a net loss of $(19.3) million, or $(0.16) per diluted share, a notable decrease from net income in Q1 2025, and Funds from Operations (FFO) also decreased to $108.8 million, or $0.91 per diluted share. Despite these financial shifts, CEO Angela Aman highlighted a remarkably strong quarter of execution, particularly in leasing activity which totaled 568,000 square feet, representing the strongest first-quarter performance since 2017. The company also actively managed its portfolio through approximately $350 million in property sales and updated its full-year 2026 FFO per share guidance upwards to $3.49 to $3.63, reflecting a positive outlook.
Key Highlights
- 1
Kilroy Realty Corporation reported revenues of $270.1 million for the first quarter ended March 31, 2026, a slight decrease from $270.8 million in the prior year's quarter.
- 2
The company recorded a net loss available to common stockholders of $(19.3) million, or $(0.16) per diluted share, for Q1 2026, a significant shift from net income of $39.0 million, or $0.33 per diluted share, in Q1 2025.
- 3
Funds from operations (FFO) for the quarter decreased to $108.8 million, or $0.91 per diluted share, compared to $122.3 million, or $1.02 per diluted share, in the same period last year.
- 4
First-quarter leasing activity was robust, totaling 568,000 square feet, marking the company's strongest first-quarter performance since 2017.
- 5
The Stabilized Portfolio was 77.6% occupied and 82.3% leased as of March 31, 2026, with 470 basis points of leases signed but not yet commenced.
- 6
Kilroy remained active in capital recycling, selling approximately $350 million of non-core and non-strategic properties year-to-date.
- 7
The company updated its full-year 2026 FFO per share guidance to a range of $3.49 to $3.63, an increase from the previous range of $3.25 to $3.45.
Management Comments
Angela Aman
I am pleased to report on a remarkably strong quarter of execution across all facets of our business. First-quarter leasing activity, which totaled 568,000 square feet, represented the Company’s strongest first-quarter performance since 2017, as we continued to capitalize on accelerating momentum across the West Coast. In addition, we remained active on the capital allocation front, selling approximately $350 million of non-core and non-strategic properties year-to-date, while prudently allocating capital to debt repayments, opportunistic share repurchases, and a substantially pre-leased development project in one of the Company’s best-performing submarkets.
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