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Mar 31, 2025
Kilroy Realty Q1 2025 Earnings Report
Reported financial results for the first quarter ended March 31, 2025
Key Takeaways
Kilroy Realty reported a strong start to 2025 with solid leasing activity and growing momentum, despite market volatility. The company's high-quality portfolio is well-positioned for the West Coast office recovery. Subsequent to the quarter end, the company made progress on monetizing its future land bank by entering into an agreement to sell a portion of its Santa Fe Summit site in San Diego.
Reported total revenues of $270.8 million for the first quarter of 2025.
Net income available to common stockholders was $39.0 million, or $0.33 per diluted share.
Funds From Operations (FFO) was $122.3 million, or $1.02 per diluted share/unit.
Stabilized office portfolio was 81.4% occupied and 83.9% leased as of March 31, 2025.
Forward Guidance
The company is affirming its Nareit-defined FFO per share guidance for the full year 2025 of $3.85 to $4.05 per diluted share, based on current market conditions and assumptions including rental rates and occupancy levels. This guidance excludes the impact of potential future acquisitions, dispositions, capital markets activity, impairment charges, or events outside of the company's control.
Positive Outlook
- Affirming full-year 2025 FFO per diluted share guidance of $3.85 to $4.05.
- Assumes average full year occupancy between 80% and 82%.
- Assumes GAAP lease termination fee income of approximately $3 million.
- Assumes Non-Cash GAAP NOI adjustments between $2 million and $5 million.
- Assumes interest income of approximately $6 million.
Challenges Ahead
- Same Property Cash Net Operating Income growth guidance is between (1.5%) and (3.0%).
- Assumes general and administrative and leasing costs between $83 million and $85 million.
- Total development spending is projected between $100 million and $200 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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