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Kilroy Realty Corp KRC

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Stock XNYS Rating as of
$32.14 +1.69 (5.55%)
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Company Report

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Kilroy Earnings: Share Price Correction Creates Attractive Opportunity for Patient Investors

Suryansh Sharma

No-moat-rated Kilroy Realty's third-quarter results were largely in line with our expectations as the firm reported funds from operations, or FFO, of $1.12 per share in the third quarter, which was around 4.3% lower than the $1.17 per share FFO reported in the third quarter of the previous year. The demand for West Coast office real estate remains muted because of macroeconomic factors and a slower recovery in physical office utilization rates, but shares are compellingly cheap from a long-term perspective.

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Price vs Fair Value

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KRC is trading at a 49% discount.
Price
$32.14
Fair Value
$16.00
Uncertainty
High
1-Star Price
$17.86
5-Star Price
$39.50
Economic Moat
Vwf
Capital Allocation
Cdwlbqvyvf

Bulls Say, Bears Say

Bulls

Kilroy’s focus on technology and life science market clusters should benefit the firm in the long run as we expect buoyant growth in these areas. In addition to this, the company’s high-quality office buildings with good amenities should benefit from the flight to quality trend.

Bears

Employees are still hesitant in returning to the office as physical building occupancy rates remain at approximately 45% of the pre-pandemic level.

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Trading Information

Previous Close Price
$30.45
Day Range
$29.88–32.16
52-Week Range
$25.99–44.27
Bid/Ask
$31.05 / $33.76
Market Cap
$3.77 Bil
Volume/Avg
1.6 Mil / 1.0 Mil

Key Statistics

Price/Earnings (Normalized)
17.37
Price/Sales
3.30
Dividend Yield
6.72%
Dividend Yield (Forward)
6.72%
Total Yield
7.03%

Company Profile

Kilroy Realty is a premier owner and landlord of approximately 16 million square feet of office space across Los Angeles, San Diego, the San Francisco Bay Area, and greater Seattle. The company operates as a real estate investment trust.
Sector
Real Estate
Industry
REIT - Office
Stock Style Box
Small Value
Total Number of Employees
259
Website
https://www.kilroyrealty.com

Competitors

Valuation

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Metric
KRC
BXP
VNO
Price/Earnings (Normalized)
 17.3721.3071.23
Price/Book Value
 0.691.500.96
Price/Sales
 3.302.692.47
Price/Cash Flow
 6.315.896.48
Price/Earnings
KRC
BXP
VNO

Financial Strength

Metric
KRC
BXP
VNO
Quick Ratio
 1.853.201.68
Current Ratio
 1.873.261.97
Interest Coverage
 3.201.44−0.26
Quick Ratio
KRC
BXP
VNO

Profitability

Metric
KRC
BXP
VNO
Return on Assets (Normalized)
 2.49%1.34%−2.66%
Return on Equity (Normalized)
 5.01%5.43%−9.33%
Return on Invested Capital (Normalized)
 3.38%3.05%−1.40%
Return on Assets
KRC
BXP
VNO

REIT - Office Industry Comparables

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SLG
SL Green Realty CorpFhbk$2.3 Bil