Kilroy Realty Corporation

Kilroy Realty Corporation

KRCยทNYSE

$35.27

+3.3%
Real EstateREIT - Office

Kilroy Realty Corporation (NYSE: KRC, the company, KRC) is a leading West Coast landlord and developer, with a major presence in San Diego, Greater Los Angeles, the San Francisco Bay Area, and the Pacific Northwest. The company has earned global recognition for sustainability, building operations, innovation and design. As pioneers and innovators in the creation of a more sustainable real estate industry, the company's approach to modern business environments helps drive creativity, productivity and employee retention for some of the world's leading technology, entertainment, life science and business services companies. KRC is a publicly traded real estate investment trust (REIT) and member of the S&P MidCap 400 Index with more than seven decades of experience developing, acquiring and managing office and mixed-use projects. As of September 30, 2020, KRC's stabilized portfolio totaled approximately 14.3 million square feet of primarily office and life science space that was 92.2% occupied and 95.5% leased. The company also had 808 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 85.0% and 37.5%, respectively. In addition, KRC had seven in-process development projects with an estimated total investment of $1.9 billion, totaling approximately 2.3 million square feet of office and life science space. The office and life science space was 90% leased.

At a Glance

Live Snapshot
Market Cap$4.10B
EPS2.3200
P/E Ratio16.11
Earnings Date07/27/2026
Kilroy Realty Corporation

Kilroy Realty Corporation Fair Value Envelope

KRC ยท NYSE

Our analysis suggests that KRC has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $35.27, this represents a potential HIDDEN relative to our calculated worth for Kilroy Realty Corporation.

Intrinsic Value
Current Price: $35.27

Owner Earnings Valuation Tool

Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation

Historical Financial Data

Base year metrics used for projections

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Projection Settings

Forecast period and terminal assumptions

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DCF Valuation Summary

Calculation flow from present value to intrinsic value per share

Present Value$372.7M
+ Cash & Equivalents$179.3M
Firm Value$552.0M
- Debt$4.8B
Equity Value-$4.3B
/ Shares Outstanding118,302,414B
DCF Value-$36
OVERVALUED BY 203%

Owner Earnings Projections

Operating Cash Flow - Maintenance CapEx = Owner Earnings

Metric
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Operating Cash Flow
$283.2M
$141.6M
$70.8M
$35.4M
$17.7M
$8.8M
$4.4M
$2.2M
$1.1M
$553.0K
Maintenance CapEx
-$68.8M
-$34.4M
-$17.2M
-$8.6M
-$4.3M
-$2.1M
-$1.1M
-$537.5K
-$268.7K
-$134.4K
Owner Earnings
$214.4M
$107.2M
$53.6M
$26.8M
$13.4M
$6.7M
$3.3M
$1.7M
$837.3K
$418.7K
Discount Factor
0.926
0.857
0.794
0.735
0.681
0.630
0.583
0.540
0.500
0.463
Present Value
$198.5M
$91.9M
$42.5M
$19.7M
$9.1M
$4.2M
$2.0M
$904.8K
$418.9K
$193.9K
Terminal Value represents 0.9% of Enterprise Value