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Kilroy Realty Corporation Reports Third Quarter Financial Results

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

Third Quarter Highlights
  • Funds from operations (FFO) per share of $0.69
  • Net income available to common stockholders of $0.07 per share
  • Revenues from continuing operations of $115.7 million
  • Financial results include the receipt of a net $0.05 per share cash payment related to the default of a prior tenant
  • Stabilized portfolio 92.2% occupied and 93.7% leased at September 30, 2013
  • Signed new or renewing leases on 510,000 square feet of space
  • Acquired for approximately $126 million a 13.8 acre office campus in the Del Mar submarket of San Diego that includes two 100% leased buildings totaling approximately 219,000 square feet and an entitled development site
  • Entered into agreements to sell 13 properties in San Diego and one property in Orange County totaling in aggregate approximately 1.2 million square feet
  • Completed a public offering of 6,175,000 shares of common stock for net proceeds of approximately $296 million

Results for the quarter and nine months ended September 30, 2013

For its third quarter ended September 30, 2013, KRC reported FFO of $55.9 million, or $0.69 per share, compared to $43.1 million, or $0.57 per share, in the third quarter of 2012. Net income available to common stockholders was $5.6 million, or $0.07 per share, compared to a net loss available to common stockholders of $2.8 million, or $0.04 per share, in the third quarter of 2012. Results for the third quarter ended September 30, 2013 included the receipt of a net $0.05 per share cash payment related to the default of a prior tenant as well as $0.01 per share of acquisition-related expenses. Results for the third quarter ended September 30, 2012 included a one-time, non-cash charge of $0.03 per share related to the redemption of all of the company’s Series A preferred units and $0.01 per share of acquisition-related expenses. The company’s revenues, including discontinued operations, in the third quarter of 2013 totaled $127.8 million, up from $111.4 million in the third quarter of 2012.

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