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Kilroy Realty Corporation Reports Second Quarter Financial Results

Kilroy Realty Corporation (NYSE: KRC) today reported financial results for its second quarter ended June 30, 2013.

Second Quarter Highlights

  • Funds from operations (FFO) per share of $0.69
  • Net income available to common stockholders of $0.08 per share
  • Revenues from continuing operations of $124.5 million
  • Financial results include the receipt of a $0.07 per share cash payment related to a property damage settlement
  • Stabilized portfolio 90.7% occupied and 93.2% leased at June 30, 2013
  • Signed new or renewing leases on 578,000 square feet of space
  • Disposed of a non-strategic 90,156 square-foot Los Angeles office property for gross proceeds of $14.7 million

Results for the quarter and six months ended June 30, 2013

For its second quarter ended June 30, 2013, KRC reported FFO of $55.2 million, or $0.69 per share, compared to $39.5 million, or $0.55 per share, in the second quarter of 2012. Net income available to common stockholders was $6.6 million, or $0.08 per share, compared to a net loss available to common stockholders of $0.8 million, or $0.02 per share, in the second quarter of 2012. Results for the second quarter ended June 30, 2013 included the receipt of a $0.07 per share cash payment related to the property damage settlement noted above.

The company's revenues from continuing operations in the second quarter of 2013 totaled $124.5 million, up from $97.1 million in the second quarter of 2012.

For the first six months of 2013, KRC reported FFO of $104.2 million, or $1.30 per share, compared to $72.5 million, or $1.04 per share, in the first half of 2012. Net income available to common stockholders in the first half of 2013 was $5.7 million, or $0.06 per share, compared to $66.7 million, or $1.00 per share, in the first half of 2012. Results for the six months ended June 30, 2013 included the receipt of a $0.07 per share cash payment related to the property damage settlement and $0.01 per share of acquisition-related expenses. Results for the six months ended June 30, 2012 included the receipt of a $0.01 per share cash payment related to a property damage settlement, $0.05 per share of acquisition-related expenses and a non-cash charge of $0.07 per share related to the redemption of all of the company's Series E and Series F preferred stock. Net income for the three and six months period ended June 30, 2013 included an approximately $0.4 million net gain from a property disposition. Net income for the six months ended June 30, 2012 included approximately $72.8 million of net gains from property dispositions.

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