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Kilroy Realty Corporation Reports Fourth Quarter Financial Results

Stocks in this article: KRC

Kilroy Realty Corporation (NYSE: KRC) today reported financial results for its fourth quarter ended December 31, 2012, with net income available to common stockholders of $185.8 million, or $2.45 per share, compared to net income available to common stockholders of $39.9 million, or $0.68 per share, in the fourth quarter of 2011. Revenues from continuing operations in the fourth quarter totaled $111.1 million, up from $94.2 million in the prior year's fourth quarter. Funds from operations (FFO) for the period totaled $49.8 million, or $0.63 per share, compared to $40.5 million, or $0.66 per share, in the year-earlier period.

For its fiscal year ended December 31, 2012, KRC reported net income available to common stockholders of $249.8 million, or $3.56 per share, compared to $50.8 million, or $0.87 per share, in fiscal 2011. Revenues from continuing operations in 2012 totaled $404.9 million, up from $337.6 million in 2011. FFO for the year totaled $165.5 million, or $2.25 per share, compared to $136.2 million, or $2.29 per share, in 2011.

Results for the fourth quarter ended December 31, 2012 include $0.01 per share of acquisition-related expenses and a $0.01 per share cash payment related to a 2009 tenant default. Results for the fourth quarter ended December 31, 2011 include approximately $0.02 per share of acquisition-related expenses and a $0.06 per share cash payment related to the above mentioned 2009 tenant default. In addition, results for the year ended December 31, 2012 include a non-cash charge of approximately $0.10 per share related to the redemption of all of the Company's Series E and Series F preferred stock and the Operating Partnership's Series A preferred units. Additionally, 2012 fourth quarter and full year net income includes approximately $186.4 million and $259.2 million, respectively, of net gains from property dispositions. Net income for the fourth-quarter and year-ended 2011 includes approximately $39.0 million and $51.6 million, respectively, of net gains from property dispositions. All per share amounts in this report are presented on a diluted basis.

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