This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kilroy Realty Corporation Reports Third Quarter Financial Results

Also in the third quarter, as part of the company’s ongoing capital recycling program, KRC negotiated sales agreements for 14 non-strategic properties totaling 1.2 million square feet in three separate transactions. Thirteen of the 14 properties are located in submarkets of San Diego County and one property is located in Orange County. The transactions for the properties in San Diego are expected to close by year-end 2013, subject to customary closing conditions. The sale of the Orange County property closed in October 2013. All 14 assets have been reclassified as properties held for sale as of September 30, 2013 and their financial results are accounted for as discontinued operations for all periods presented.

Also during the quarter, KRC had five development projects under construction, four of which are 100% preleased. The five projects aggregate approximately 1.5 million square feet, and the company estimates its total investment in the five projects will be approximately $861.7 million. Scheduled completion dates range from the fourth quarter of 2013 to the first quarter of 2015. In October 2013, the company stabilized the 331 Fairchild development project in Mountain View, California.

Capital Financing Activity

During the third quarter, KRC completed an underwritten public offering of 6,175,000 shares of its common stock for net proceeds of approximately $296 million. The company also raised approximately $11 million of net proceeds from the sale of its common stock via its at-the-market stock offering program.

Management Comments

“Demand for contemporary, well-located and well-designed commercial real estate is growing in all of our West Coast markets,” said John Kilroy, Jr., the company’s president and chief executive officer. “Against this welcome backdrop, our organization continues to execute a disciplined strategy of portfolio transformation and long-term value creation.”

“Over the past three months, we increased our occupancy, remained on-time and on budget with our four fully preleased development projects, acquired a top quality Del Mar campus and negotiated the sale of 1.2 million square feet of non-strategic properties. KRC continues to deliver on all fronts.”

3 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.64 -0.64%
FB $118.05 0.20%
GOOG $705.04 0.51%
TSLA $209.92 -0.76%
YHOO $36.83 -0.30%


Chart of I:DJI
DOW 17,590.58 -70.13 -0.40%
S&P 500 2,042.16 -8.47 -0.41%
NASDAQ 4,689.8610 -27.2330 -0.58%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs