Kilroy Realty Q1 FFO $1.02/sh, net income $0.33/sh; reaffirms FY 2025 FFO outlook $3.85-$4.05

KILROY REALTY CORP

2025-Q1 EPS reported $0.33 revenue$270,844,000

Revenue $270.8M (down 2.8% YoY from $278.6M); net income $39.0M ($0.33 diluted) vs $49.9M ($0.42) YoY.
FFO $122.3M ($1.02/share) vs $133.7M ($1.11) YoY; stabilized portfolio 81.4% occupied, 83.9% leased.
Signed 248k sq ft of leases in Q1; GAAP rents down 15.8%, cash rents down 23.0% on second generation leasing.
Affirms FY 2025 FFO guidance $3.85-$4.05 per diluted share; net income guidance raised to $128M-$153M from $120M-$145M.
Post-quarter entered agreement to sell portion of Santa Fe Summit for $38M gross proceeds; expected close in 2026.

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