Kilroy Realty Corporation Reports Third Quarter Financial Results

Rhea-AI Summary

Kilroy Realty Corporation (NYSE: KRC) reported third-quarter 2021 financial results with a net income of $47.0 million or $0.40 per share, a slight decrease from $49.0 million or $0.42 per share in Q3 2020. Funds from operations (FFO) were $116.0 million or $0.98 per share. Revenues increased to $232.3 million. The company raised its quarterly cash dividend by 4% to $0.52 per share. The stabilized portfolio was 91.5% occupied and 93.9% leased. Notable activities included a $490 million acquisition of a fully leased office project and strong leasing activity in life sciences.

Positive

• Increase in quarterly cash dividend to $0.52 per share, a 4% rise.
• Completed acquisition of 2001 West 8th Avenue for $490 million, 100% leased.
• Stabilized portfolio occupancy at 91.5% with high lease renewal activity.

Negative

• Net income down to $47.0 million from $49.0 million YoY.
• FFO decreased to $116.0 million from $117.4 million YoY.

LOS ANGELES--(BUSINESS WIRE)-- Kilroy Realty Corporation (NYSE: KRC) today reported financial results for its third quarter ended September 30, 2021.

Third Quarter Highlights

Financial Results

• Net income available to common stockholders per share of $0.40
• Funds from operations available to common stockholders and unitholders (“FFO”) per share of $0.98
• Revenues of $232.3 million
• Increased the regular quarterly cash dividend to common stockholders by 4% to $0.52 per share; an annualized rate of $2.08 per share

Stabilized Portfolio

• Stabilized portfolio was 91.5% occupied and 93.9% leased at September 30, 2021
• Signed approximately 459,000 square feet of new and renewing leases
  • GAAP and cash rents increased approximately 24.4% and 8.3%, respectively, from prior levels
• In September, the Company received a $17.0 million cash lease termination payment from a tenant at 12400 High Bluff Drive in San Diego, CA, which is committed for redevelopment. Net of lease-related write-offs, $7.0 million will be recognized in GAAP revenues through 2024, of which $0.7 million was recognized in the third quarter. A new lease was executed with Tandem Diabetes, a life science tenant, to occupy the space
• Limited lease expiration exposure with an average of approximately 7.2% of total rentable square feet expiring per year through 2025

Acquisitions

• In September, completed the acquisition of 2001 West 8th Avenue, an approximately 539,000 square foot office project in the Denny Regrade submarket of Seattle for $490.0 million. The building is 100% leased; Amazon occupies approximately 70% of the project

Development

• In August, added One Paseo - Office Building 2, comprised of approximately 196,000 square feet at the company’s One Paseo mixed-use project in the Del Mar submarket of San Diego to the stabilized portfolio. The One Paseo office project is now 100% leased and 87% occupied
• In August, commenced construction on 9514 Towne Centre Drive, a 71,000 square foot office property located in the University Towne Center submarket of San Diego. The building is 100% leased
• In September, added the first of three life science buildings located at Kilroy Oyster Point - Phase 1 in South San Francisco to the stabilized portfolio. The approximately 235,000 square foot building is 100% leased to Cytokinetics and revenue recognition commenced on October 1, 2021
• In September, in connection with the execution of three new life science leases totaling 330,000 square feet, committed three buildings in San Diego to our redevelopment program: 12340 El Camino Real and 12400 High Bluff Drive in the Del Mar submarket and 4690 Executive Drive in the University Towne Center submarket, which will be converted in phases from office to life science use

Balance Sheet / Liquidity Highlights

• As of the date of this release, the company had approximately $1.5 billion of total liquidity comprised of approximately $390.0 million of cash and cash equivalents and full availability under the $1.1 billion unsecured revolving credit facility
• No significant debt maturities until December 2024

Recent Development

• In October, completed a public offering of $450.0 million of 12-year senior unsecured green bonds at 2.650% due November 2033
• In October, completed the early redemption of all $300.0 million of 3.800% unsecured senior notes due January 2023 for a price of approximately $313.4 million, including make whole redemption fees and other related costs

Results for the Quarter Ended September 30, 2021

For the third quarter ended September 30, 2021, the company reported net income available to common stockholders of $47.0 million, or $0.40 per share, compared to $49.0 million, or $0.42 per share, in the third quarter of 2020. FFO in the third quarter of 2021 was $116.0 million, or $0.98 per share, compared to $117.4 million, or $0.99 per share, in the third quarter of 2020. Prior period net income available to common stockholders and FFO per share included a reversal of revenue of $0.02 per share charge against rental income due to tenant creditworthiness considerations as a result of the COVID-19 pandemic.

All per share amounts in this report are presented on a diluted basis.

Net Income Available to Common Stockholders / FFO Guidance and Outlook

The company is providing an updated guidance range of NAREIT-defined FFO per diluted share for the full year 2021 of $3.74 to $3.80 per share, with a midpoint of $3.77 per share.

		Full Year 2021 Range
		Low End					High End
	Net income available to common stockholders per share - diluted	$	5.30				$	5.36
	Weighted average common shares outstanding - diluted (1)	117,650					117,650
	Net income available to common stockholders	$	624,000				$	631,000
	Adjustments:
	Net income attributable to noncontrolling common units of the Operating Partnership	6,200					6,400
	Net income attributable to noncontrolling interests in consolidated property partnerships	23,500					24,500
	Depreciation and amortization of real estate assets	285,000					285,000
	Gains on sales of depreciable real estate	(458,000		)			(458,000		)
	Funds From Operations attributable to noncontrolling interests in consolidated property partnerships	(36,000		)			(37,000		)
	Funds From Operations (2)	$	444,700				$	451,900
	Weighted average common shares/units outstanding – diluted (3)	118,850					118,850
	Funds From Operations per common share/unit – diluted (3)	$	3.74				$	3.80

Key 2021 assumptions:

• Guidance range includes approximately $13.4 million of costs related to the early redemption of the $300.0 million of $3.800% senior notes
• Same Store Cash NOI growth of 5.0% to 5.5% ⁽⁴⁾
• Year-end occupancy of approximately 91.5%
• Total remaining development spending of approximately $100 million to $150 million

________________________

(1)		Calculated based on estimated weighted average shares outstanding including non-participating share-based awards.
(2)		See management statement for Funds From Operations at end of release.
(3)		Calculated based on weighted average shares outstanding including participating and non-participating share-based awards, dilutive impact of stock options and contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding. Reported amounts are attributable to common stockholders and common unitholders.
(4)		See management statement for Same Store Cash Net Operating Income on page 36 of our Supplemental Financial Report furnished on Form 8-K with this press release.

The company’s guidance estimates for the full year 2021, 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. Although these guidance estimates reflect the impact on the company’s operating results of an assumed range of future disposition activity, these guidance estimates do not include any estimates of possible future gains or losses from possible future dispositions because the magnitude of gains or losses on sales of depreciable operating properties, if any, will depend on the sales price and depreciated cost basis of the disposed assets at the time of disposition, information that is not known at the time the company provides guidance, and the timing of any gain recognition will depend on the closing of the dispositions, information that is also not known at the time the company provides guidance and may occur after the relevant guidance period. We caution you not to place undue reliance on our assumed range of future disposition activity because any potential future disposition transactions will ultimately depend on the market conditions and other factors, including but not limited to the company’s capital needs, the particular assets being sold and the company’s ability to defer some or all of the taxable gain on the sales. These guidance estimates also do not include the impact on operating results from potential future acquisitions, possible capital markets activity, possible future impairment charges or any events outside of the company’s control. 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 third quarter results and the current business environment during the company’s October 28, 2021 earnings conference call. The call will begin at 10:00 a.m. Pacific Time and last approximately one hour. Those interested in listening via the Internet can access the conference call at https://services.choruscall.com/links/krc211028.html. It may be necessary to download audio software to hear the conference call. Those interested in listening via telephone can access the conference call at (866) 312-7299. International callers should dial (412) 317-1070. In order to bypass speaking to the operator on the day of the call, please pre-register anytime at https://dpregister.com/sreg/10148269/d9abb9d1ff. A replay of the conference call will be available via telephone on October 28, 2021 through November 4, 2021 by dialing (877) 344-7529 and entering passcode 10148269. International callers should dial (412) 317-0088 and enter the same passcode. The replay will also be available on our website at http://investors.kilroyrealty.com/shareholders/investor-events/default.aspx.

About Kilroy Realty Corporation

Kilroy Realty Corporation (NYSE: KRC, the “company”, “Kilroy”) is a leading U.S. landlord and developer, with operations in San Diego, Greater Los Angeles, the San Francisco Bay Area, the Pacific Northwest and Austin, Texas. The company has earned global recognition for sustainability, building operations, innovation and design. As pioneers and innovators in the creation of a more sustainable real estate industry, the company’s approach to modern business environments helps drive creativity and productivity for some of the world’s leading technology, entertainment, life science and business services companies.

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 September 30, 2021, Kilroy’s stabilized portfolio totaled approximately 15.2 million square feet of primarily office and life science space that was 91.5% occupied and 93.9% leased. The company also had more than 1,000 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 79.9%. In addition, the company had six in-process development projects with an estimated total investment of $2.6 billion, totaling approximately 3.0 million square feet of office and life science space. The office and life science space was 52% leased.

A Leader in Sustainability and Commitment to Corporate Social Responsibility

The company is listed on the Dow Jones Sustainability World Index and has been recognized by industry organizations around the world. The company’s stabilized portfolio was 78% LEED certified, 44% Fitwel certified, the highest of any non-government organization, and 72% of eligible properties were ENERGY STAR certified as of September 30, 2021.

The company has been recognized by GRESB, the Global Real Estate Sustainability Benchmark, as the listed sustainability leader in the Americas for eight of the last nine years. Other honors have included the National Association of Real Estate Investment Trust’s (NAREIT) Leader in the Light award for six consecutive years and ENERGY STAR Partner of the Year for eight years as well as ENERGY STAR’s highest honor of Sustained Excellence, for the past six years.

A big part of the company’s foundation is its commitment to enhancing employee growth, satisfaction and wellness while maintaining a diverse and thriving culture. For the second year in a row, the company has been named to Bloomberg’s Gender Equality Index—recognizing 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 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 California, Texas and Washington; risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or non-renewal of leases by tenants; any significant downturn in tenants’ businesses; our ability to re-lease property at or above current market rates; costs to comply with government regulations, including environmental remediation; the availability of cash for distribution and debt service and exposure to risk of default under debt obligations; increases in interest rates and our ability to manage interest rate exposure; the availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue development, redevelopment and acquisition opportunities and refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices or obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant competition, which may decrease the occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired, developed and redeveloped properties; the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts; delays or refusals in obtaining all necessary zoning, land use and other required entitlements, governmental permits and authorizations for our development and redevelopment properties; increases in anticipated capital expenditures, tenant improvement and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or enactment or implementations of, tax laws or other applicable laws, regulations or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers’ financial condition and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; our ability to maintain our status as a REIT; and uncertainties regarding the impact of the COVID-19 pandemic, and restrictions intended to prevent its spread, on our business and the economy generally. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2020 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the dates on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

KILROY REALTY CORPORATION SUMMARY OF QUARTERLY RESULTS (unaudited; in thousands, except per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2021				2020				2021				2020
Revenues	$	232,326			$	228,314			$	693,955			$	669,065
Net income available to common stockholders	$	47,028			$	49,028			$	580,498			$	108,463
Weighted average common shares outstanding – basic	116,457				115,226				116,418				112,406
Weighted average common shares outstanding – diluted	116,963				115,668				116,894				112,876
Net income available to common stockholders per share – basic	$	0.40			$	0.42			$	4.98			$	0.95
Net income available to common stockholders per share – diluted	$	0.40			$	0.42			$	4.96			$	0.95
Funds From Operations (1)(2)	$	115,998			$	117,391			$	336,837			$	320,653
Weighted average common shares/units outstanding – basic (3)	118,357				118,306				118,343				115,529
Weighted average common shares/units outstanding – diluted (4)	118,862				118,747				118,820				115,999
Funds From Operations per common share/unit – basic (2)	$	0.98			$	0.99			$	2.85			$	2.78
Funds From Operations per common share/unit – diluted (2)	$	0.98			$	0.99			$	2.83			$	2.76
Common shares outstanding at end of period									116,462				115,247
Common partnership units outstanding at end of period									1,151				1,932
Total common shares and units outstanding at end of period									117,613				117,179
									September 30, 2021				September 30, 2020
Stabilized office portfolio occupancy rates: (5)
Greater Los Angeles									86.4		%		90.8		%
San Diego County									91.8		%		86.7		%
San Francisco Bay Area									93.0		%		94.2		%
Greater Seattle									97.2		%		94.7		%
Weighted average total									91.5		%		92.2		%
Total square feet of stabilized office properties owned at end of period: (5)
Greater Los Angeles									4,436				4,031
San Diego County									2,619				2,147
San Francisco Bay Area									5,763				6,350
Greater Seattle									2,381				1,802
Total									15,199				14,330

________________________

(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.
(2)		Reported amounts are attributable to common stockholders, common unitholders and restricted stock unitholders.
(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.
(4)		Calculated based on weighted average shares outstanding including participating and non-participating share-based awards, dilutive impact of stock options and contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding.
(5)		Occupancy percentages and total square feet reported are based on the company’s stabilized office portfolio for the periods presented. Occupancy percentages and total square feet shown for September 30, 2020 include the office properties that were sold subsequent to September 30, 2020.

KILROY REALTY CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited; in thousands)
	September 30, 2021					December 31, 2020
ASSETS
REAL ESTATE ASSETS:
Land and improvements	$	1,702,423				$	1,628,848
Buildings and improvements	7,282,341					6,783,092
Undeveloped land and construction in progress	2,237,742					1,778,106
Total real estate assets held for investment	11,222,506					10,190,046
Accumulated depreciation and amortization	(1,962,730		)			(1,798,646		)
Total real estate assets held for investment, net	9,259,776					8,391,400
Cash and cash equivalents	348,417					731,991
Restricted cash	13,042					91,139
Marketable securities	27,285					27,481
Current receivables, net	11,646					12,007
Deferred rent receivables, net	394,297					386,658
Deferred leasing costs and acquisition-related intangible assets, net	229,334					210,949
Right of use ground lease assets	127,657					95,523
Prepaid expenses and other assets, net	60,063					53,560
TOTAL ASSETS	$	10,471,517				$	10,000,708
LIABILITIES AND EQUITY
LIABILITIES:
Secured debt, net	$	249,690				$	253,582
Unsecured debt, net	3,673,183					3,670,099
Accounts payable, accrued expenses and other liabilities	441,357					445,100
Ground lease liabilities	125,676					97,778
Accrued dividends and distributions	61,845					59,431
Deferred revenue and acquisition-related intangible liabilities, net	160,687					128,523
Rents received in advance and tenant security deposits	68,441					68,874
Total liabilities	4,780,879					4,723,387
EQUITY:
Stockholders’ Equity
Common stock	1,165					1,160
Additional paid-in capital	5,146,049					5,131,916
Retained earnings (distributions in excess of earnings)	297,250					(103,133		)
Total stockholders’ equity	5,444,464					5,029,943
Noncontrolling Interests
Common units of the Operating Partnership	53,788					49,875
Noncontrolling interests in consolidated property partnerships	192,386					197,503
Total noncontrolling interests	246,174					247,378
Total equity	5,690,638					5,277,321
TOTAL LIABILITIES AND EQUITY	$	10,471,517				$	10,000,708

KILROY REALTY CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited; in thousands, except per share data)
	Three Months Ended September 30,										Nine Months Ended September 30,
	2021					2020					2021					2020
REVENUES
Rental income	$	230,720				$	227,122				$	689,849				$	664,111
Other property income	1,606					1,192					4,106					4,954
Total revenues	232,326					228,314					693,955					669,065
EXPENSES
Property expenses	40,842					39,236					120,183					116,048
Real estate taxes	24,153					23,868					71,528					67,924
Ground leases	1,708					2,119					5,559					6,766
General and administrative expenses	22,990					18,572					69,482					76,179
Leasing costs	798					986					2,373					3,772
Depreciation and amortization	73,213					71,863					222,734					226,318
Total expenses	163,704					156,644					491,859					497,007
OTHER INCOME (EXPENSES)
Interest income and other net investment gain	976					1,869					3,686					1,579
Interest expense	(16,105		)			(19,468		)			(59,829		)			(49,796		)
Gain on sale of depreciable operating property	—					—					457,831					—
Total other (expenses) income	(15,129		)			(17,599		)			401,688					(48,217		)
NET INCOME	53,493					54,071					603,784					123,841
Net income attributable to noncontrolling common units of the Operating Partnership	(460		)			(785		)			(5,700		)			(1,857		)
Net income attributable to noncontrolling interests in consolidated property partnerships	(6,005		)			(4,258		)			(17,586		)			(13,521		)
Total income attributable to noncontrolling interests	(6,465		)			(5,043		)			(23,286		)			(15,378		)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	47,028				$	49,028				$	580,498				$	108,463
Weighted average common shares outstanding – basic	116,457					115,226					116,418					112,406
Weighted average common shares outstanding – diluted	116,963					115,668					116,894					112,876
Net income available to common stockholders per share – basic	$	0.40				$	0.42				$	4.98				$	0.95
Net income available to common stockholders per share – diluted	$	0.40				$	0.42				$	4.96				$	0.95

KILROY REALTY CORPORATION FUNDS FROM OPERATIONS (unaudited; in thousands, except per share data)
	Three Months Ended September 30,										Nine Months Ended September 30,
	2021					2020					2021					2020
Net income available to common stockholders	$	47,028				$	49,028				$	580,498				$	108,463
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership	460					785					5,700					1,857
Net income attributable to noncontrolling interests in consolidated property partnerships	6,005					4,258					17,586					13,521
Depreciation and amortization of real estate assets	71,703					70,422					218,171					218,841
Gain on sale of depreciable real estate	—					—					(457,831		)			—
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships	(9,198		)			(7,102		)			(27,287		)			(22,029		)
Funds From Operations(1)(2)(3)	$	115,998				$	117,391				$	336,837				$	320,653
Weighted average common shares/units outstanding – basic (4)	118,357					118,306					118,343					115,529
Weighted average common shares/units outstanding – diluted (5)	118,862					118,747					118,820					115,999
Funds From Operations per common share/unit – basic (2)	$	0.98				$	0.99				$	2.85				$	2.78
Funds From Operations per common share/unit – diluted (2)	$	0.98				$	0.99				$	2.83				$	2.76

________________________

(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 extraordinary items, as defined by GAAP, gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets) and after adjustment for unconsolidated partnerships and joint ventures. 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 and common unitholders.
(3)		FFO available to common stockholders and unitholders includes amortization of deferred revenue related to tenant-funded tenant improvements of $4.1 million and $4.4 million for the three months ended September 30, 2021 and 2020, respectively, and $13.0 million and $17.4 million for the nine months ended September 30, 2021 and 2020, respectively.
(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 stock options and 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/20211027006144/en/

Tyler H. Rose

President

(310) 481-8484

or

Michelle Ngo

Senior Vice President,

Chief Financial Officer and Treasurer

(310) 481-8581

Source: Kilroy Realty Corporation

FAQ

What were Kilroy Realty's Q3 2021 earnings results for KRC?

Kilroy Realty reported Q3 2021 net income of $47.0 million or $0.40 per share and FFO of $116.0 million or $0.98 per share.

How did Kilroy Realty's quarterly revenue perform?

The revenue for Q3 2021 was $232.3 million, reflecting strong business performance.

What is Kilroy Realty's dividend for Q3 2021?

The quarterly cash dividend was increased to $0.52 per share, an annualized rate of $2.08 per share.

What is the occupancy rate of Kilroy Realty's stabilized portfolio?

As of September 30, 2021, the stabilized portfolio was 91.5% occupied and 93.9% leased.

What acquisitions did Kilroy Realty complete recently?

In September 2021, Kilroy Realty completed the acquisition of a 539,000 square foot office project, fully leased with Amazon as the main tenant.