Kilroy Realty Corporation Reports First Quarter Financial Results
Kilroy Realty reported financial results for the first quarter of 2024. Highlights include revenues of $278.6 million, net income available per diluted share of $0.42, FFO of $133.7 million, and leasing activity. The company raised $400 million in senior notes, recast their credit facility, and established a stock offering program. The Board approved a $500 million share repurchase program. The company declared a quarterly dividend of $0.54 per share. The updated FFO guidance for 2024 is $4.15 to $4.30 per share.
Revenues of $278.6 million for the first quarter of 2024.
Net income available per diluted share of $0.42.
FFO of $133.7 million, or $1.11 per diluted share.
Signed approximately 400,000 square feet of leases in Q1 2024.
Raised $400 million in senior notes and recast credit facility.
Established a new stock offering program and a share repurchase program.
Declared a quarterly dividend of $0.54 per share.
Updated FFO guidance for 2024 is $4.15 to $4.30 per share.
- None.
Insights
The recent financial results from Kilroy Realty Corporation highlight a mixed performance in terms of revenue and profits. With reported revenues at
Notably, the occupancy rates in their stabilized portfolio are 84.2% occupied and 85.7% leased which are reasonable figures that suggest a stable tenant base. The leasing activity, involving approximately 400,000 square feet, indicates robust demand for Kilroy's properties, although the inclusion of short-term leases could introduce some volatility in future occupancy rates.
The company's balance sheet shows strong liquidity, with approximately
The guidance revision for FFO per diluted share to a midpoint of
Kilroy Realty Corporation operates in a competitive and dynamic market, focusing on office and life science spaces in key urban locations. The current real estate environment is particularly sensitive to changes in employment trends, especially in the technology and life sciences sectors, which are primary tenants of Kilroy's properties. With a solid leasing activity, the company demonstrates its assets' attractiveness, even as the market navigates through post-pandemic shifts in work culture.
Moreover, the company's strategic financial maneuvers, such as the recast of the unsecured revolving credit facility and the establishment of a new stock offering program, indicate proactive management in optimizing capital structure and preparing for potential market opportunities or headwinds. These actions are particularly pertinent given the uncertain economic outlook and can impact the company's financial flexibility and cost of capital.
The declaration of a regular quarterly cash dividend of
Kilroy Realty Corporation's emphasis on sustainability is a boon for socially responsible investors. The company's achievement of carbon neutral operations and the high levels of certifications like LEED and Fitwel not only underscore a commitment to environmental stewardship but also can lead to operational efficiencies and potential cost savings in the long run. These factors are becoming increasingly relevant as tenants and investors alike prioritize sustainability in their decision-making processes.
However, it is important to recognize that while a focus on sustainability may enhance the company's brand and tenant appeal, there are costs associated with maintaining such high standards. These investments need to be balanced against other capital requirements and the need to deliver returns to shareholders. Thus, the company's ability to manage these competing interests is important for maintaining its competitive edge in the sustainable real estate market.
First Quarter Highlights
Financial Results
-
Revenues of
$278.6 million -
Net income available to common stockholders of
$0.42 -
Funds from operations available to common stockholders and unitholders (“FFO”) of
$133.7 million $1.11
Leasing and Occupancy
-
Stabilized portfolio was
84.2% occupied and85.7% leased at March 31, 2024 -
Signed approximately 400,000 square feet of leases, inclusive of 116,000 square feet of short-term leases, comprised of 161,000 square feet of new leasing on previously vacant space, 79,000 square feet of new leasing on currently occupied space, and 160,000 square feet of renewal leasing
-
GAAP rents increased
8.6% and cash rents decreased2.9% from prior levels on stabilized leasing, excluding short-term leasing
-
GAAP rents increased
Balance Sheet / Liquidity
-
In January, completed a public offering of
$400.0 million 6.250% due January 2036 -
In March, closed on the recast of the Company’s
$1.1 billion -
In connection with the recast of the unsecured revolving credit facility, paid down the existing
$520.0 million $200.0 million $200.0 million $320.0 million -
As of March 31, 2024, the Company had approximately
$2.0 billion $0.9 billion $1.1 billion -
In March, established a new
$500.0 million -
In March, the Company’s Board of Directors (the “Board”) approved a
$500.0 million
Dividend
-
The Board declared and paid a regular quarterly cash dividend on its common stock of
$0.54 $2.16
Net Income Available to Common Stockholders / FFO Guidance and Outlook
The Company is providing an updated Nareit-defined FFO per diluted share guidance for the full year 2024 of
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Full Year 2024 Range as of February 2024 |
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Full Year 2024 Range as of May 2024 |
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Low End |
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High End |
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Low End |
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High End |
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$ and shares/units in thousands, except per share/unit amounts |
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Net income available to common stockholders per share - diluted |
$ |
1.45 |
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$ |
1.61 |
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$ |
1.46 |
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$ |
1.61 |
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Weighted average common shares outstanding - diluted (1) |
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118,000 |
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118,000 |
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118,000 |
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118,000 |
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Net income available to common stockholders |
$ |
171,000 |
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$ |
190,000 |
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$ |
172,500 |
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$ |
190,000 |
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Adjustments: |
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Net income attributable to noncontrolling common units of the Operating Partnership |
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1,900 |
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2,000 |
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1,900 |
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2,000 |
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Net income attributable to noncontrolling interests in consolidated property partnerships |
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20,500 |
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21,000 |
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20,500 |
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21,000 |
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Depreciation and amortization of real estate assets |
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330,000 |
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330,000 |
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335,000 |
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336,000 |
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Gains on sales of depreciable real estate |
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— |
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— |
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— |
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— |
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Funds From Operations attributable to noncontrolling interests in consolidated property partnerships |
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(30,000 |
) |
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(32,000 |
) |
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(31,000 |
) |
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(32,000 |
) |
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Funds From Operations (2) |
$ |
493,400 |
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$ |
511,000 |
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$ |
498,900 |
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$ |
517,000 |
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Weighted average common shares/units outstanding – diluted (3) |
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120,250 |
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120,250 |
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120,250 |
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120,250 |
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Funds From Operations per common share/unit – diluted (3) |
$ |
4.10 |
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$ |
4.25 |
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$ |
4.15 |
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$ |
4.30 |
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Key Assumptions |
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February 2024 Assumptions |
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May 2024 Assumptions |
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Change in same store cash NOI (4) |
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( |
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( |
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Average full year occupancy |
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General and administrative expenses |
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Total development spending (5) |
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Weighted average common shares/units outstanding – diluted (in thousands) (3) |
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120,250 |
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120,250 |
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________________________
(1) |
Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards. |
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(2) |
See management statement for Funds From Operations at end of release. |
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(3) |
Calculated based on weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding. Reported amounts are attributable to common stockholders, common unitholders and restricted stock unitholders. |
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(4) |
See management statement for Same Store Cash Net Operating Income on page 32 of our Supplemental Financial Report furnished on Form 8-K with this press release. |
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(5) |
Remaining 2024 development spending is |
The Company’s guidance estimates for the full year 2024, and the reconciliation of net income available to common stockholders per share - diluted and FFO per share and unit - diluted included within this press release, reflect management’s views on current and future market conditions, including assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press release. These guidance estimates do not include the impact on the Company’s operating results from potential future acquisitions, dispositions (including any associated gains or losses), capital markets activity, impairment charges, or any events outside of the Company’s control, as the timing and magnitude of any such events are not known at the time the Company provides guidance. There can be no assurance that the Company’s actual results will not differ materially from these estimates.
Conference Call and Audio Webcast
The Company’s management will discuss first quarter results and the current business environment during the Company’s May 3, 2024 earnings conference call. The call will begin at 9:00 a.m. Pacific Time and last approximately one hour. To participate and obtain conference call dial-in details, register by using the following link, https://www.netroadshow.com/events/login?show=7488a962&confId=58187. Those interested in listening via the Internet can access the conference call at https://events.q4inc.com/attendee/123531322. It may be necessary to download audio software to hear the conference call. A replay of the conference call will be available via telephone on May 3, 2024 through May 10, 2024 by dialing (866) 813-9403 and entering passcode 591632. International callers should dial (929) 458-6194 and enter the same passcode. The replay will also be available on our website at https://investors.kilroyrealty.com/shareholders/investor-events/default.aspx.
About Kilroy Realty Corporation
Kilroy Realty Corporation (NYSE: KRC, the “Company”, “Kilroy”) is a leading
The Company is a publicly traded real estate investment trust (“REIT”) and member of the S&P MidCap 400 Index with more than seven decades of experience developing, acquiring, and managing office, life science, and mixed-use projects.
As of March 31, 2024, Kilroy’s stabilized portfolio totaled approximately 17.0 million square feet of primarily office and life science space that was
A Leader in Sustainability and Commitment to Corporate Social Responsibility
Kilroy has a longstanding commitment to sustainability and continues to be a recognized leader in our sector. For over a decade, the Company and its sustainability initiatives have been recognized with numerous honors, including earning the GRESB five star rating and being named a sector and regional leader in the
Kilroy is proud to have achieved carbon neutral operations across our portfolio since 2020. The Company also has a longstanding commitment to maintain high levels of LEED, Fitwel, and ENERGY STAR certifications across the portfolio.
A significant part of the Company’s foundation is its commitment to enhancing employee growth, satisfaction, and wellness while maintaining a diverse and thriving culture. For four consecutive years, the Company has been named to Bloomberg’s Gender Equality Index, which recognizes companies committed to supporting gender equality through policy development, representation, and transparency.
More information is available at http://www.kilroyrealty.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs, and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends, and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results, and events may vary materially from those indicated or implied in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results, or events. Numerous factors could cause actual future performance, results, and events to differ materially from those indicated in the forward-looking statements, including, among others: global market and general economic conditions, including periods of heightened inflation, and their effect on our liquidity and financial conditions and those of our tenants; adverse economic or real estate conditions generally, and specifically, in the States of
KILROY REALTY CORPORATION SUMMARY OF QUARTERLY RESULTS (unaudited; in thousands, except per share data) |
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Three Months Ended March 31, |
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2024 |
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2023 |
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Revenues |
$ |
278,581 |
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$ |
292,802 |
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Net income available to common stockholders |
$ |
49,920 |
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$ |
56,608 |
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Weighted average common shares outstanding – basic |
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117,338 |
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117,059 |
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Weighted average common shares outstanding – diluted |
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117,961 |
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117,407 |
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Net income available to common stockholders per share – basic |
$ |
0.42 |
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$ |
0.48 |
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Net income available to common stockholders per share – diluted |
$ |
0.42 |
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$ |
0.48 |
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Funds From Operations (1)(2) |
$ |
133,723 |
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$ |
145,959 |
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Weighted average common shares/units outstanding – basic (3) |
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119,660 |
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118,818 |
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Weighted average common shares/units outstanding – diluted (4) |
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120,283 |
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119,165 |
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Funds From Operations per common share/unit – basic (2) |
$ |
1.12 |
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$ |
1.23 |
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Funds From Operations per common share/unit – diluted (2) |
$ |
1.11 |
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$ |
1.22 |
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Common shares outstanding at end of period |
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117,366 |
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117,121 |
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Common partnership units outstanding at end of period |
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1,151 |
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1,151 |
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Total common shares and units outstanding at end of period |
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118,517 |
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118,272 |
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March 31, 2024 |
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March 31, 2023 |
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Stabilized office portfolio occupancy rates: (5) |
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76.5 |
% |
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80.8 |
% |
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87.9 |
% |
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85.9 |
% |
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89.9 |
% |
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94.7 |
% |
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83.6 |
% |
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95.3 |
% |
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71.5 |
% |
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— |
% |
Weighted average total |
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84.2 |
% |
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89.6 |
% |
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Total square feet of stabilized office properties owned at end of period: (5) |
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4,338 |
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4,344 |
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2,776 |
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2,698 |
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6,170 |
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6,164 |
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3,000 |
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3,000 |
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759 |
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— |
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Total |
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17,043 |
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16,206 |
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________________________
(1) |
Reconciliation of Net income available to common stockholders to Funds From Operations available to common stockholders and unitholders and management statement on Funds From Operations are included after the Consolidated Statements of Operations. |
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(2) |
Reported amounts are attributable to common stockholders, common unitholders and restricted stock unitholders. |
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(3) |
Calculated based on weighted average shares outstanding, including participating share-based awards (i.e. nonvested stock and certain time-based restricted stock units) and assuming the exchange of all common limited partnership units outstanding. |
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(4) |
Calculated based on weighted average shares outstanding, including participating and non-participating share-based awards, dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding. |
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(5) |
Occupancy percentages and total square feet reported are based on the Company’s stabilized office portfolio for the periods presented. |
KILROY REALTY CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited; in thousands) |
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March 31, 2024 |
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December 31, 2023 |
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ASSETS |
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REAL ESTATE ASSETS: |
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Land and improvements |
$ |
1,743,170 |
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$ |
1,743,170 |
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Buildings and improvements |
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8,479,359 |
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8,463,674 |
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Undeveloped land and construction in progress |
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2,114,242 |
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2,034,804 |
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Total real estate assets held for investment |
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12,336,771 |
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12,241,648 |
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Accumulated depreciation and amortization |
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(2,594,996 |
) |
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(2,518,304 |
) |
Total real estate assets held for investment, net |
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9,741,775 |
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9,723,344 |
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Cash and cash equivalents |
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855,007 |
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510,163 |
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Marketable securities |
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109,513 |
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284,670 |
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Current receivables, net |
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13,291 |
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13,609 |
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Deferred rent receivables, net |
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457,494 |
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|
460,979 |
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Deferred leasing costs and acquisition-related intangible assets, net |
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226,506 |
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229,705 |
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Right of use ground lease assets |
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130,026 |
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125,506 |
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Prepaid expenses and other assets, net |
|
65,588 |
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|
53,069 |
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TOTAL ASSETS |
$ |
11,599,200 |
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$ |
11,401,045 |
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LIABILITIES AND EQUITY |
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LIABILITIES: |
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Secured debt, net |
$ |
601,990 |
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$ |
603,225 |
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Unsecured debt, net |
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4,518,297 |
|
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|
4,325,153 |
|
Accounts payable, accrued expenses and other liabilities |
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401,892 |
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371,179 |
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Ground lease liabilities |
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128,966 |
|
|
|
124,353 |
|
Accrued dividends and distributions |
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65,111 |
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|
64,440 |
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Deferred revenue and acquisition-related intangible liabilities, net |
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166,436 |
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173,638 |
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Rents received in advance and tenant security deposits |
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73,777 |
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79,364 |
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Total liabilities |
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5,956,469 |
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5,741,352 |
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EQUITY: |
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Stockholders’ Equity |
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Common stock |
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1,174 |
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1,173 |
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Additional paid-in capital |
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5,208,753 |
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5,205,839 |
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Retained earnings |
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203,080 |
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|
221,149 |
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Total stockholders’ equity |
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5,413,007 |
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|
5,428,161 |
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Noncontrolling Interests |
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Common units of the Operating Partnership |
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53,087 |
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53,275 |
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Noncontrolling interests in consolidated property partnerships |
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176,637 |
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178,257 |
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Total noncontrolling interests |
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229,724 |
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|
231,532 |
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Total equity |
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5,642,731 |
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|
|
5,659,693 |
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TOTAL LIABILITIES AND EQUITY |
$ |
11,599,200 |
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|
$ |
11,401,045 |
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KILROY REALTY CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited; in thousands, except per share data) |
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Three Months Ended March 31, |
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2024 |
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2023 |
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REVENUES |
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Rental income |
$ |
274,890 |
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$ |
290,104 |
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Other property income |
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3,691 |
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|
2,698 |
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Total revenues |
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278,581 |
|
|
|
292,802 |
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EXPENSES |
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Property expenses |
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57,320 |
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|
53,780 |
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Real estate taxes |
|
29,239 |
|
|
|
28,228 |
|
Ground leases |
|
2,752 |
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|
|
2,369 |
|
General and administrative expenses (1) |
|
17,579 |
|
|
|
23,936 |
|
Leasing costs |
|
2,279 |
|
|
|
1,372 |
|
Depreciation and amortization |
|
88,031 |
|
|
|
93,676 |
|
Total expenses |
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197,200 |
|
|
|
203,361 |
|
|
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OTHER INCOME (EXPENSES) |
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Interest income |
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13,190 |
|
|
|
1,460 |
|
Interest expense |
|
(38,871 |
) |
|
|
(25,671 |
) |
Total other expenses |
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(25,681 |
) |
|
|
(24,211 |
) |
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|
||||
NET INCOME |
|
55,700 |
|
|
|
65,230 |
|
|
|
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|
||||
Net income attributable to noncontrolling common units of the Operating Partnership |
|
(502 |
) |
|
|
(560 |
) |
Net income attributable to noncontrolling interests in consolidated property partnerships |
|
(5,278 |
) |
|
|
(8,062 |
) |
Total income attributable to noncontrolling interests |
|
(5,780 |
) |
|
|
(8,622 |
) |
|
|
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|
||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS |
$ |
49,920 |
|
|
$ |
56,608 |
|
|
|
|
|
||||
Weighted average shares of common stock outstanding – basic |
|
117,338 |
|
|
|
117,059 |
|
Weighted average shares of common stock outstanding – diluted |
|
117,961 |
|
|
|
117,407 |
|
|
|
|
|
||||
Net income available to common stockholders per share – basic |
$ |
0.42 |
|
|
$ |
0.48 |
|
Net income available to common stockholders per share – diluted |
$ |
0.42 |
|
|
$ |
0.48 |
|
________________________
(1) |
The three months ended March 31, 2023 includes |
KILROY REALTY CORPORATION FUNDS FROM OPERATIONS (unaudited; in thousands, except per share data) |
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|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Net income available to common stockholders |
$ |
49,920 |
|
|
$ |
56,608 |
|
Adjustments: |
|
|
|
||||
Net income attributable to noncontrolling common units of the Operating Partnership |
|
502 |
|
|
|
560 |
|
Net income attributable to noncontrolling interests in consolidated property partnerships |
|
5,278 |
|
|
|
8,062 |
|
Depreciation and amortization of real estate assets |
|
86,460 |
|
|
|
91,671 |
|
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships |
|
(8,437 |
) |
|
|
(10,942 |
) |
Funds From Operations(1)(2)(3) |
$ |
133,723 |
|
|
$ |
145,959 |
|
|
|
|
|
||||
Weighted average common shares/units outstanding – basic (4) |
|
119,660 |
|
|
|
118,818 |
|
Weighted average common shares/units outstanding – diluted (5) |
|
120,283 |
|
|
|
119,165 |
|
|
|
|
|
||||
Funds From Operations per common share/unit – basic (2) |
$ |
1.12 |
|
|
$ |
1.23 |
|
Funds From Operations per common share/unit – diluted (2) |
$ |
1.11 |
|
|
$ |
1.22 |
|
________________________
(1) |
We calculate Funds From Operations available to common stockholders and common unitholders (“FFO”) in accordance with the 2018 Restated White Paper on FFO approved by the Board of Governors of Nareit. The White Paper defines FFO as net income or loss (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO. Our calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. We also add back net income attributable to noncontrolling common units of the Operating Partnership because we report FFO attributable to common stockholders and common unitholders. |
|
|
|
|
|
We believe that FFO is a useful supplemental measure of our operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of our activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, our FFO may not be comparable to all other REITs. |
|
|
|
|
|
Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, we believe that FFO along with the required GAAP presentations provides a more complete measurement of our performance relative to our competitors and a more appropriate basis on which to make decisions involving operating, financing, and investing activities than the required GAAP presentations alone would provide. |
|
|
|
|
|
However, FFO should not be viewed as an alternative measure of our operating performance because it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which are significant economic costs and could materially impact our results from operations. |
|
|
|
|
(2) |
Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders. |
|
|
|
|
(3) |
FFO available to common stockholders and unitholders includes amortization of deferred revenue related to tenant-funded tenant improvements of |
|
|
|
|
(4) |
Calculated based on weighted average shares outstanding, including participating share-based awards (i.e. certain time-based restricted stock units) and assuming the exchange of all common limited partnership units outstanding. |
|
|
|
|
(5) |
Calculated based on weighted average shares outstanding, including participating and non-participating share-based awards, dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502920763/en/
Eliott Trencher
Executive Vice President,
Chief Financial Officer
and Chief Investment Officer
(310) 481-8587
or
Bill Hutcheson
Senior Vice President,
Investor Relations & Capital Markets
(415) 778-5678
Source: Kilroy Realty Corporation
FAQ
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