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Kilroy Realty, L.P. earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 23, 2026
Q3 2026 Revenue down 3% year over year to $272M · 6¢ of every $1 of revenue kept as net profit · operating margin 7.5%
Kilroy Realty, L.P. made $272M in Q3 2026 (-3% Y/Y). Operating margin 7.5%, net earnings $15.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 23, 2026.
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What changed this quarter
Revenue was $271.6M in Q3 2026, down 3% year over year and roughly flat from the previous quarter.
Operating profit was $20.3M, a 7.5% margin (down 50.5 points year over year). Total costs grew 114% against a revenue fall of 3%. The fastest-growing cost line was Other operating costs (+135%). Net earnings were $15.5M, down 90% year over year. The effective tax rate was 0.0%.
Operating cash flow was $156.1M (down 12% year over year), 770% of net income including minority interests. Non-cash charges added back $91.7M of depreciation and amortization and $3.2M of share-based compensation. Working capital and other items added $40.9M. Capital expenditures of $46.6M left free cash flow of $109.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 23, 2026 | $272M | -3% | 7.5% | $15.5M | $156M |
| Q2 2026 | 10-Q | Jul 28, 2026 | $272M | -6% | 9.1% | $19.9M | — |
| Q4 2025 | 10-K | Feb 11, 2026 | $272M | -5% | 6.3% | $12.4M | $109M |
| Q3 2025 | 10-Q | Oct 28, 2025 | $280M | — | 58.0% | $156M | $177M |
| Q2 2025 | 10-Q | Jul 29, 2025 | $290M | — | 27.4% | $68.4M | — |
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About Kilroy Realty, L.P.
Kilroy Realty Corporation (the “Company”) is a self-administered real estate investment trust (“REIT”) active in premier office, life science, and mixed-use property types in the United States. Our approach to modern business environments is designed to drive creativity and productivity for some of the world’s leading technology, media, life science, and business services companies and we have been consistently recognized for our leadership in sustainability and building operations. We own, develop, acquire, and manage real estate assets, consisting primarily of premier office and life science properties in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin, which are markets we believe have strategic advantages and strong barriers to entry. The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”).
In its own words, from its 10-K, filed Feb 11, 2026.
Kilroy Realty, L.P. against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -3% against the peers' median +11%. Operating margin: 7.5% against the peers' median 15.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Kilroy Realty, L.P. | Q3 2026 | $272M | -3% | 7.5% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
Source: Kilroy Realty, L.P. 10-Q on SEC EDGAR · CIK 1493976 · Real Estate Investment Trusts