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Kilroy Realty (NYSE: KRC) announced a quarterly cash dividend of $0.54 per common share, translating to an annual rate of $2.16 per share. The dividend is payable on July 10, 2024, to shareholders of record on June 28, 2024.
Kilroy operates in major U.S. cities including San Diego, Los Angeles, San Francisco Bay Area, Seattle, and Austin, with a focus on sustainable real estate. As of March 31, 2024, Kilroy's portfolio included 17.0 million sq. ft. of office and life science space, 84.2% occupied and 85.7% leased, plus 1,000 residential units with 93.1% occupancy.
The company is recognized for its sustainability efforts, having achieved carbon-neutral operations since 2020 and earning several industry honors. Kilroy's redevelopment and development projects include $80 million in life science properties and a $1.0 billion mixed-use development.
Positive
Declared quarterly cash dividend of $0.54 per share, payable on July 10, 2024.
Annual dividend rate of $2.16 per share.
Portfolio includes 17.0 million sq. ft. of office and life science space.
High occupancy rates: 84.2% for office/life science spaces, 93.1% for residential units.
Recognized for sustainability: GRESB five-star rating, Dow Jones Sustainability World Index.
Achieved carbon-neutral operations since 2020.
Significant redevelopment and development projects: $80 million and $1.0 billion in investments.
Negative
Current occupancy rate of 84.2% indicates room for improvement.
High costs associated with development projects: $80 million and $1.0 billion.
LOS ANGELES--(BUSINESS WIRE)--
Kilroy Realty Corporation (NYSE: KRC, "Kilroy") announced today that its Board of Directors declared a regular quarterly cash dividend of $0.54 per common share payable on July 10, 2024 to stockholders of record on June 28, 2024. The dividend is equivalent to an annual rate of $2.16 per share.
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, Los Angeles, the San Francisco Bay Area, Seattle, and Austin. The Company has earned global recognition for sustainability, building operations, innovation, and design. As a pioneer and innovator 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 March 31, 2024, Kilroy’s stabilized portfolio totaled approximately 17.0 million square feet of primarily office and life science space that was 84.2% occupied and 85.7% leased. The Company also had approximately 1,000 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 93.1%. In addition, the Company had two in-process life science redevelopment projects totaling approximately 100,000 square feet with total estimated redevelopment costs of $80.0 million, and one approximately 875,000 square foot in-process development project with a total estimated investment of $1.0 billion.
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 Americas. Other honors have included the Nareit Leader in the Light Award, being listed on the Dow Jones Sustainability World Index, being named ENERGY STAR Partner of the Year, and receiving the ENERGY STAR highest honor of Sustained Excellence.
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.
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 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, including bankruptcy, lack of liquidity or lack of funding, and the impact labor disruptions or strikes, such as episodic strikes in the entertainment industry, may have on our tenants’ businesses; our ability to re-lease property at or above current market rates; reduced demand for office space, including as a result of remote working and flexible working arrangements that allow work from remote locations other than an employer's office premises; 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; changes in interest rates and 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; risks associated with climate change and our sustainability strategies, and our ability to achieve our sustainability goals; and our ability to maintain our status as a REIT. 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, 2023, 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.
Eliott Trencher
EVP, Chief Financial Officer
and Chief Investment Officer
(310) 481-8587
or
Bill Hutcheson
SVP, Investor Relations and Capital Markets
(415) 778-5678
Source: Kilroy Realty Corporation
FAQ
What is the dividend per share for Kilroy Realty (KRC)?
Kilroy Realty declared a quarterly cash dividend of $0.54 per common share.
When is the Kilroy Realty (KRC) dividend payable?
The dividend is payable on July 10, 2024.
What is the annual dividend rate for Kilroy Realty (KRC)?
The annual dividend rate is $2.16 per share.
What is the record date for Kilroy Realty (KRC) dividend?
The record date is June 28, 2024.
How much office and life science space does Kilroy Realty (KRC) manage?
Kilroy Realty manages approximately 17.0 million square feet of office and life science space.
What is Kilroy Realty's (KRC) occupancy rate for its office and life science portfolio?
The occupancy rate is 84.2%.
How many residential units does Kilroy Realty (KRC) have?
Kilroy Realty has approximately 1,000 residential units.
What is the occupancy rate for Kilroy Realty's (KRC) residential units?
The occupancy rate for residential units is 93.1%.
What are Kilroy Realty's (KRC) major redevelopment and development projects?
Kilroy Realty is working on $80 million in life science redevelopment and a $1.0 billion mixed-use development.
Is Kilroy Realty (KRC) recognized for sustainability?
Yes, Kilroy Realty has earned several sustainability honors including the GRESB five-star rating.
