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Jun 30, 2025
Kilroy Realty Q2 2025 Earnings Report
Kilroy Realty reported a solid Q2 2025 with improved net income, increased leasing activity, and strong progress on asset sales.
Key Takeaways
Kilroy Realty posted $289.9 million in revenue for Q2 2025 and reported net income of $68.4 million. Occupancy and leasing improved across the stabilized portfolio, and the company advanced its capital recycling strategy with multiple sales and dispositions.
Revenue for Q2 2025 reached $289.9 million, up from $280.7 million a year ago.
Net income was $68.4 million, or $0.57 per diluted share.
Stabilized office portfolio was 80.8% occupied and 83.5% leased at quarter-end.
Quarterly average occupancy for residential properties was 93.8%.
Forward Guidance
Kilroy updated its full-year 2025 FFO guidance to $4.05–$4.15 per share, with leasing and asset sales progressing, and average occupancy forecasted at 80.5–81.5%.
Positive Outlook
- FFO per share guidance increased to $4.05–$4.15.
- Signed 423,000 square feet of leases during the quarter.
- Improved institutional demand for West Coast office assets.
- Continued development at Flower Mart and life science projects.
- Land monetization and asset dispositions on track.
Challenges Ahead
- GAAP and cash rents on new leases declined 11.2% and 15.2%, respectively.
- San Francisco and Seattle markets show weaker occupancy rates.
- Exposure to short-term leasing remains elevated.
- Leasing costs and capitalized interest remain high.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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