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.
Kilroy Realty Corporation Reports Third Quarter Financial Results
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