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Kilroy Realty Corp KRC Stock Quote

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Kilroy Reports Middling Q2 Results as Workers Remain Hesitant in Returning to Offices

Suryansh Sharma Equity Analyst

Analyst Note

| Suryansh Sharma |

No-moat-rated Kilroy reported middling results in the second quarter as workers remain reluctant in returning to offices. The physical attendance in restaurants, movies, and other entertainment-related events has reached prepandemic levels, but the recovery in physical office occupancy levels has remained tepid. We believe that employee behavior is primarily driven by preference and flexibility with regard to returning to the office. This is different from the early stages of the pandemic where the risk of getting COVID-19 was the main reason for lower office utilization. We would like to highlight that this dynamic does not bode well for the owners of office real estate as it points to a more permanent shift in worker and employer behavior. Remote work has now become a norm in corporate America, and we are also seeing increasing signs of employers accepting remote work and becoming comfortable with the new normal.

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Company Profile KRC

Business Description

Kilroy Realty is a premier owner and landlord of approximately 15 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.

12200 West Olympic Boulevard, Suite 200
Los Angeles, CA, 90064
T +1 310 481-8400
Industry REIT - Office
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 244