What is Kilroy Realty Corp worth?
With the base-case assumptions below, a discounted cash flow model on Kilroy Realty Corp's reported free cash flow gives $68.88 per share. The share price was $34.23 on September 25, 2026, 50% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -0.5% | 10.0% | $43.23 | +26% |
| Base | 4.5% | 9.0% | $68.88 | +101% |
| Bull | 9.5% | 8.0% | $118.83 | +247% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $87.15 | $92.70 | $99.48 | $107.95 | $118.84 |
| 8.0% | $73.54 | $77.14 | $81.39 | $86.49 | $92.72 |
| 9.0% | $63.58 | $66.04 | $68.88 | $72.19 | $76.10 |
| 10.0% | $55.99 | $57.74 | $59.72 | $61.98 | $64.60 |
| 11.0% | $50.01 | $51.29 | $52.72 | $54.34 | $56.16 |
Where the presets come from
Base: years 1 to 5 grow at Kilroy Realty Corp's revenue growth rate over the last 5 fiscal years (4.4% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions