Kilroy Realty
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 93.1% | whyDepressed by depreciation on buildings that are not losing value. |
| Operating cash flow | 45.5% | whyBefore capital spending. |
| Free cash flow | 65.8% | whyCounts property acquisitions as though they were maintenance. |
| Funds from operations | 48.9% | whyThe industry's basis — adds that depreciation back. |
Spread between highest and lowest: 47.6 percentage points. Same filings, different denominators.
Coverage rating 77 / 100 — Adequate. ? Peer standing 47/50Direction 10/30Stability 20/20
Funds from operations payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 48.9% |
| 2024-12-31 | 43.8% |
| 2023-12-31 | 43.3% |
| 2022-12-31 | 41.7% |
| 2020-12-31 | 48.5% |
| 2019-12-31 | 46.5% |
Coverage has deteriorated three years running, 41.7% to 48.9%. Still covered, but moving the wrong way.
93% of the 46 real estate here pay out more — comfortable for the sector.
The arithmetic
- GAAP earnings — dividends declared per share $2.16 ÷ diluted EPS $2.32
- Operating cash flow — dividends paid $258m ÷ operating cash flow $566m
- Free cash flow — dividends paid $258m ÷ (operating cash flow $566m − capex $175m)
- Funds from operations — dividends declared per share $2.16 ÷ derived FFO $4.42 per share
- FFO built NAREIT-style: net income, plus real-estate depreciation, less gains on sale, over weighted-average diluted shares
- This is an approximation. Every REIT defines its own adjusted variant in the filing text, so it will not match the earnings release exactly
Where the figures came from
- 10-K filed 2026-02-11 · accession 0001628280-26-007051
Every one is public at sec.gov and free to check. That is the point — you should not have to take our word for any of it.
Caveats on this company
- ebitda built from net income (no operating income reported)
- FFO derived (NAREIT approximation)
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell us — that is more useful to us than agreement.
What the funds from operations payout ratio measures, and where every company here sits on it.
Who else looks like this
Every figure above is computed from Kilroy Realty’s own filing, and every company here is measured the same way. Screen all of them on any of these twelve measures, or on the rules two investors published — free, and nothing you screen leaves your browser.