Kilroy Realty Corp. (KRC): 2026 Update: Positive West-Coast commentary contrasts with a lower KRC leasing quarter

研报英文原文证据摘录

Kilroy Realty Corp. (KRC): 2026 Update: Positive West-Coast commentary contrasts with a lower KRC leasing quarter

Equity Research

29 July 2026 | 4:46PM EDT

Kilroy Realty Corp. (KRC): 2Q26 Update: Positive West-Coast

commentary contrasts with a lower KRC leasing quarter

Following 2Q26 earnings, we update our KRC model and price target, and highlight Caitlin Burrows

+1(212)902-4736 |

key takeaways from the earnings call. caitlin.burrows@gs.com

Goldman Sachs & Co. LLC

KRC traded down 1.9% vs the RMZ flat on 7/28/26 after reporting 2Q26 FFOPS of Jeremy Kuhl

+1(212)357-1704 | jeremy.kuhl@gs.com

$0.92 that beat the GS estimate by 2.7% (roughly in line with consensus of $0.90) Goldman Sachs & Co. LLC

and reaffirmed FY26 Nareit FFOPS guidance of $3.49-$3.63, where the midpoint Harrison Slater, CFA

implies a 15.3% y/y decrease. We note that the 2Q result (and guidance) includes +1(212)902-7428harrison.slater@gs.com|

$0.05 of one-time settlement income related to a tenant bankruptcy, received in Goldman Sachs & Co. LLC

Shailee LnuApril, while the only change to guidance was editing total development spending to +1(332)245-7913 |

+/- $150mn from a prior range of $150-$200mn. shailee.x.lnu@gs.comGoldman Sachs India SPL

Earnings call takeaways

See our KRC 2Q26 First Take for details on the quarter. Here we highlight key

takeaways from the July 28 earnings call:

n Guidance: management affirmed the prior FFO/share range of $3.49–$3.63 and

SS NOI growth of 25–125bps, where reaching the high end of guidance largely

hinges on accelerating rent commencements (primarily a non-cash GAAP effect)

and 2H26 capital recycling assumptions. Management flagged a difficult 3Q y/y

comparison due to $4mn (~230bps) of restoration fees and net real estate tax

refund benefits recognized in 3Q25.