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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Kilroy Realty
Kilroy Realty (KRC) investor relations material
Kilroy Realty Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary23 Oct, 2026
Executive summary
Q3 leasing reached ~815,000 sq. ft., among the highest quarterly volumes since 2019; leased occupancy rose sequentially across all five regions, and signed-not-commenced leases totaled 1.4 million sq. ft. and $101 million ABR.
Q3 FFO was $0.88 per diluted share; FY2026 guidance midpoint increased $0.01 to $3.57, within a narrowed range of $3.55–$3.59.
Stabilized portfolio occupancy was 76.9% and leased occupancy 83.0%; excluding KOP 2, the figures were 80.7% and 84.8%.
Financial highlights
Q3 revenue was $271.6M versus $279.7M YoY; net income available to common stockholders was $15.5M, or $0.13 diluted EPS, versus $156.2M, or $1.31.
Q3 FFO was $104.6M, or $0.88 per diluted share, versus $130.6M, or $1.08; 9M FFO was $322.8M versus $388.8M.
Q3 portfolio NOI was $173.2M, down 8.3% YoY; same-property cash NOI was $170.6M, down 1.5%.
Lower settlement and restoration fees and real estate tax refunds versus the prior period reduced same-property cash NOI growth by 170 bps.
Outlook and guidance
FY2026 Nareit FFO guidance narrowed to $3.55–$3.59 per diluted share, midpoint $3.57, from $3.49–$3.63; Q4 midpoint implies $0.86 per share.
FY2026 assumptions include average occupancy of 77.00%–77.50%, or 80.75%–81.25% excluding KOP 2, and same-property cash NOI growth of 0.75%–1.00%.
Guidance reflects higher same-property and development NOI and lower net interest expense, offset by lower anticipated lease termination fees, higher G&A and lower non-cash adjustments.
SNO leases totaling $48M ABR are expected to commence from Q3-end through 2027: $14M in Q4 2026 and $34M during 2027.
Development spending is expected to be $25M–$75M during the remainder of 2026; 1900 Broadway is 58% pre-leased, with construction anticipated in 2027 and delivery in 2030.
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Latest events from Kilroy Realty
- Q4 Same Store NOI fell 10.6%; FY 2024 FFO guidance is $4.10–$4.25 per share.KRC
Q4 2023 - Robust leasing and capital strategy position the portfolio for durable growth and higher 2027 NOI.KRCBofA NY Global Real Estate Conference 2026
- Leasing momentum and asset sales offset lower earnings, supporting strong liquidity and guidance.KRCQ2 2026
- Record leasing, AI-driven demand, and strong ESG position support long-term growth.KRCInvestor presentation
- Leasing surged, but net loss and lower FFO marked the quarter; 2026 guidance was raised.KRCQ1 2026
- Annual meeting to vote on directors, incentive plan, compensation, and auditor ratification.KRCProxy filing
- Record leasing, asset sales, and $3.25–$3.45 FFO guidance highlight 2025–2026 outlook.KRCQ4 2025
- Q3 net income surged, leasing was strong, and FFO guidance was raised amid market headwinds.KRCQ3 2025
- Q2 FFO $1.10/share, occupancy 83.7%, FFO guidance raised, leasing led by tech and life science.KRCQ2 2024
Next Kilroy Realty earnings date
Q4 20269 Feb, 2027
Kilroy Realty
Next Kilroy Realty earnings date
Q4 20269 Feb, 2027
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Frequently asked questions
Offices, Life Science Properties, and More
Kilroy Realty Corporation is an American real estate investment trust (REIT) specializing in the acquisition, development, and management of commercial properties. With a focus on major metropolitan areas on the United States West Coast, the company owns and operates various office buildings and Kilroy Realty's portfolio primarily includes offices, life science properties, retail locations, and residential buildings. It is headquartered in Los Angeles, California, and its shares are listed on the NYSE.
John B. Kilroy
Kilroy Realty Corporation was established in 1947 by John B. Kilroy, Sr., initially as a property development and management firm. The company developed office buildings in and around Los Angeles and eventually expanded its operations to encompass cities all over the West Coast. Today, it owns and operates a variety of different properties spread out across Washington, California, and Texas.
The Properties
Kilroy Realty Corporation specializes in managing a diverse portfolio of high-quality properties, primarily focusing on office and life science spaces. However, the company also owns and operates several residential and retail properties. Their office properties are known for their modern design, state-of-the-art amenities, and strategic locations in major West Coast metropolitan areas such as Los Angeles, San Diego, and Seattle. , attracting tenants from the technology and creative sectors. The company has an emphasis on sustainability in its properties, and many of Kilroy Realty's properties are LEED-certified.
Kilroy is a REIT
As a Real Estate Investment Trust (REIT), Kilroy Realty Corporation operates under a specific business model that involves owning, and often operating, income-generating real estate. The REIT structure mandates that the company distributes at least 90% of its taxable income to shareholders in the form of dividends, offering investors a regular income stream. This structure also provides Kilroy Realty with certain tax advantages and is a structure employed by a large number of similar companies. Some examples of this are SL Green Realty, Boston Properties, Vornado Realty Trust, and many others.