Kilroy Realty Q4 2024 Earnings Report

Key Takeaways

Kilroy Realty Corporation reported strong financial performance in Q4 2024, with revenues of $286.4 million, net income of $59.5 million, and FFO of $144.9 million. Leasing activity accelerated significantly, reaching 708,000 square feet, the highest quarterly volume since 2019. The company also repaid $403.7 million in senior unsecured notes and sold its corporate aircraft for $19.8 million.

Total Revenue

$286M

Previous year: $269M

+6.5%

EPS

$1.2

Previous year: $1.08

+11.1%

Avg. Occupancy Res. Properties

92.2%

Previous year: 92.8%

-0.6%

Leased Stabilized Office Properties

84.9%

Previous year: 86.4%

-1.7%

Occupied Stabilized Office Properties

82.8%

Previous year: 85%

-2.6%

Cash and Equivalents

$166M

Previous year: $795M

-79.2%

Total Assets

$10.9B

Previous year: $11.4B

-4.4%

Kilroy Realty Revenue

Kilroy Realty EPS

Kilroy Realty Revenue by Geographic Location

Forward Guidance

For 2025, Kilroy Realty expects FFO per share of $3.85 to $4.05, with average occupancy projected between 80% and 82%. The company anticipates continued leasing momentum but expects same-store NOI growth to decline slightly.

Positive Outlook

Strong leasing activity supports future revenue growth
Successful debt repayment enhances financial flexibility
Investments in PropTech to improve operational efficiency
Sustainability leadership with carbon-neutral operations
High tenant demand in core West Coast markets

Challenges Ahead

Same-store NOI expected to decline by 1.5% to 3.0%
Occupancy levels remain below historical highs
Potential interest rate volatility affecting financing costs
Market uncertainty in the commercial real estate sector
Competition for high-quality tenants remains strong