NYSE$KRC
Kilroy Realty Corp · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Kilroy Realty's financial performance improved in Q1 2023, marked by revenue growth and strategic leasing activities.
Kilroy Realty Corporation reported a revenue increase of 10.3% year-over-year to $292.8 million. The stabilized portfolio was 89.6% occupied and 91.6% leased. Net income available to common stockholders per diluted share increased by 6.7% to $0.48, and FFO per diluted share increased by 5.2% to $1.22.
- Revenues grew by approximately 10.3% to $292.8 million compared to the prior year.
- The stabilized portfolio was 89.6% occupied and 91.6% leased at quarter-end.
- Net income available to common stockholders per diluted share was $0.48, an increase of approximately 6.7% compared to the prior year.
- FFO per diluted share was $1.22, an increase of approximately 5.2% compared to the prior year.
Headline financials
Revenue & EPS history
Kilroy Realty · Revenue · Quarterly
$293M
Forward guidance
The Company is providing an updated guidance range of Nareit-defined FFO per diluted share for its fiscal year 2023 of $4.30 to $4.50 per share with a midpoint of $4.40 per share. Excluding the non-recurring executive retirement costs referenced below, FFO guidance is unchanged.
Tailwinds
- Same Store Cash NOI growth (2) 0.0% to 2.0%
- Average occupancy 86.5% to 88.0%
- Dispositions $0 to $200 million
- Weighted average common shares outstanding - diluted (1) 117,500
- Total development spending (5) $400 million to $500 million
Headwinds
- The Company’s guidance estimates also do not include the impact on operating results from potential future acquisitions, possible capital markets activity, possible future impairment charges or any events outside of the Company’s control.
- There can be no assurance that the Company’s actual results will not differ materially from these estimates.
- We caution you not to place undue reliance on our assumed range of future disposition activity because any potential future disposition transactions will ultimately depend on the market conditions and other factors, including but not limited to the Company’s capital needs, the particular assets being sold and the Company’s ability to defer some or all of the taxable gain on the sales.
- Although these guidance estimates reflect the impact on the Company’s operating results of an assumed range of future disposition activity, these guidance estimates do not include any estimates of possible future gains or losses from possible future dispositions because the magnitude of gains or losses on sales of depreciable operating properties, if any, will depend on the sales price and depreciated cost basis of the disposed assets at the time of disposition, information that is not known at the time the Company provides guidance, and the timing of any gain recognition will depend on the closing of the dispositions, information that is also not known at the time the Company provides guidance and may occur after the relevant guidance period.
- Remaining 2023 development spending is $325 million to $425 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+0.1%
Avg return
Earnings day
-0.7%
Avg return
5 days after
+0.4%
Avg return
30 days after
48%
33 / 69 earnings
Positive
+5.7%
Q4 2021
Best reaction
-4.6%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.9% | +2.8% | +5.0% | |
| Q4 2025 | -3.7% | -8.1% | -15.1% | |
| Q3 2025 | +1.7% | +2.4% | +4.5% | |
| Q2 2025 | +1.0% | +1.6% | +12.6% | |
| Q1 2025 | +0.0% | -4.0% | -0.5% | |
| Q4 2024 | -2.6% | -5.1% | -13.0% | |
| Q3 2024 | -0.3% | -6.1% | +1.5% | |
| Q2 2024 | -4.6% | -10.7% | -1.8% | |
| Q1 2024 | +2.1% | +2.2% | +0.9% | |
| Q4 2023 | -2.7% | -0.5% | +3.3% | |
| Q3 2023 | -2.7% | -0.5% | +5.5% | |
| Q2 2023 | -1.2% | +3.1% | +3.7% | |
| Q1 2023 | +1.0% | -1.6% | -7.1% | |
| Q4 2022 | +3.6% | -3.4% | -10.6% | |
| Q3 2022 | +4.9% | +4.9% | +0.9% | |
| Q2 2022 | -0.7% | -4.3% | -8.3% | |
| Q1 2022 | -2.3% | -7.6% | -17.3% | |
| Q4 2021 | +5.7% | +5.5% | +13.8% | |
| Q3 2021 | -2.2% | -1.3% | -4.7% | |
| Q2 2021 | +0.7% | -2.5% | -5.0% | |
| Q1 2021 | +0.5% | -0.1% | +3.3% | |
| Q4 2020 | +1.6% | +4.3% | +15.9% | |
| Q3 2020 | -1.4% | +2.6% | +32.3% | |
| Q2 2020 | -0.8% | -1.6% | +2.0% | |
| Q1 2020 | -0.5% | -6.5% | -8.7% | |
| Q4 2019 | +1.9% | +3.2% | -4.7% | |
| Q3 2019 | +4.0% | +4.1% | +3.0% | |
| Q2 2019 | +0.9% | +1.9% | -0.7% | |
| Q1 2019 | -2.1% | -0.5% | -3.5% | |
| Q4 2018 | +2.6% | +3.5% | +5.8% | |
| Q3 2018 | +2.9% | -2.4% | -3.9% | |
| Q2 2018 | -1.2% | -3.1% | -1.4% | |
| Q1 2018 | +2.9% | +3.2% | +7.6% | |
| Q4 2017 | -0.1% | -4.7% | -3.2% | |
| Q3 2017 | -1.9% | -1.7% | +4.4% | |
| Q2 2017 | -2.8% | -4.6% | -5.4% | |
| Q1 2017 | -3.8% | -2.8% | -0.8% | |
| Q4 2016 | -1.5% | +1.3% | -0.4% | |
| Q3 2016 | +1.3% | +3.3% | +5.0% | |
| Q2 2016 | +2.0% | +4.4% | -0.5% | |
| Q1 2016 | +0.6% | — | — | |
| Q4 2015 | -2.1% | — | — | |
| Q3 2015 | +1.1% | — | — | |
| Q2 2015 | +0.0% | — | — | |
| Q1 2015 | -3.3% | — | — | |
| Q4 2014 | -1.1% | — | — | |
| Q3 2014 | +0.5% | — | — | |
| Q2 2014 | -0.4% | — | — | |
| Q1 2014 | +1.4% | — | — | |
| Q4 2013 | +0.8% | — | — | |
| Q3 2013 | -0.2% | — | — | |
| Q2 2013 | -2.2% | — | — | |
| Q1 2013 | +1.3% | — | — | |
| Q4 2012 | -0.8% | — | — | |
| Q3 2012 | -0.5% | — | — | |
| Q2 2012 | +1.9% | — | — | |
| Q1 2012 | +1.3% | — | — | |
| Q4 2011 | +1.6% | — | — | |
| Q3 2011 | +5.1% | — | — | |
| Q2 2011 | -3.7% | — | — | |
| Q1 2010 | -0.6% | — | — | |
| Q1 2011 | +2.0% | — | — | |
| Q4 2008 | +0.7% | — | — | |
| Q4 2010 | +0.7% | — | — | |
| Q3 2010 | -0.9% | — | — | |
| Q2 2009 | -0.9% | — | — | |
| Q3 2009 | -0.9% | — | — | |
| Q4 2009 | -0.9% | — | — | |
| Q2 2010 | -0.9% | — | — |
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