The Kilroy Stars, a series of light sculptures, will collaboratively light up the sky and unite the cities of San Francisco, Seattle, San Diego, and Los Angeles. Illuminating the West Coast this holiday season throughout the months of December and January, four outdoor installations have been commissioned by North America's leader in sustainable real estate development, Kilroy Realty Corporation (KRC) - Get Report, not only as a gift of art to the regions, but also to express hope for the year ahead.
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The Exchange on Sixteenth (Mission Bay) (Photo: Business Wire)
"In fostering the sublime power of art within our communities, The Kilroy Stars' inaugural debut is a unique reflection of its place and time. Now more than ever, we need avenues that inspire, and in a post-pandemic world, the role of public art will be even more important," says John Kilroy, CEO of Kilroy Realty —who last week virtually unveiled a meaningful, five-story tall public art installation on Netflix's new campus in the heart of Hollywood. "On behalf of the entire Kilroy organization, our tenants, and all those communities in which we serve, we're thrilled to share The Kilroy Stars with you."
Giving public spectators on-going opportunities for meaningful encounters with art in the course of daily life, The Kilroy Stars will be temporarily located at four properties within Kilroy Realty's West Coast portfolio. The Exchange in San Francisco, 333 Dexter in Seattle, 2100 Kettner in San Diego, and Los Angeles' Columbia Square are benchmarks of sustainability and environmental stewardship, virtues that champion a sound future entering the New Year. The Stars will be installed in succession beginning in early December and all will remain lit through Sunday, January 31st. Looking ahead, Kilroy Realty aims to utilize the Stars annually to celebrate the unique communities in which they reside.
Kilroy Realty has partnered with a team of renowned artists and fabricators to bring the 3D sculptures to life. The ornate Stars are designed and built by Oakland-based Engineered Artworks, a working group of creatives widely recognized for their eccentric installations at Burning Man, in partnership with Zoetic Digital, digital art program creators based in San Francisco. The Kilroy Stars span 20 feet in diameter and each are outfitted with more than 30,000 individually programmable LED bulbs. The sparkling structures may be seen from miles away and will be configured to oscillate in various rhythms and patterns of dynamic light within a 24-hour cycle.
When & Where:
Tuesday, December 8, 2020 - Sunday, January 31, 2021 The Exchange on Sixteenth (Mission Bay) 1800 Owens St., San Francisco, CA 94158
T uesday, December 8, 2020 - Sunday, January 31, 2021 333 Dexter (South Lake Union) 333 Dexter Ave. N., Seattle, WA 98109
Week of December 13, 2020 - Sunday, January 31, 2021 2100 Kettner (Little Italy) 2100 Kettner Blvd., San Diego, CA 92101
Week of December 20, 2020 - Sunday, January 31, 2021 Columbia Square (Hollywood) 1525 N. Gower St., Los Angeles, CA 90028
About Kilroy Realty Corporation. Kilroy Realty Corporation (NYSE: KRC, the "company", "KRC") is a leading West Coast landlord and developer, with a major presence in San Diego, Greater Los Angeles, the San Francisco Bay Area, and the Pacific Northwest. The company has earned global recognition for sustainability, building operations, innovation and design. As pioneers and innovators in the creation of a more sustainable real estate industry, the company's approach to modern business environments helps drive creativity, productivity and employee retention for some of the world's leading technology, entertainment, life science and business services companies.
KRC is a publicly traded real estate investment trust ("REIT") and member of the S&P MidCap 400 Index with more than seven decades of experience developing, acquiring and managing office and mixed-use projects.
As of September 30, 2020, KRC's stabilized portfolio totaled approximately 14.3 million square feet of primarily office and life science space that was 92.2% occupied and 95.5% leased. The company also had 808 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 85.0% and 37.5%, respectively. In addition, KRC had seven in-process development projects with an estimated total investment of $1.9 billion, totaling approximately 2.3 million square feet of office and life science space. The office and life science space was 90% leased.
A Leader in Sustainability and Commitment to Corporate Social Responsibility
KRC is listed on the Dow Jones Sustainability World Index and has been recognized by industry organizations around the world. KRC's stabilized portfolio was 68% LEED-certified and 40% Fitwel-certified as of September 30, 2020.
The company has been recognized by GRESB, the Global Real Estate Sustainability Benchmark, as the sustainability leader in the Americas for seven consecutive years. Other honors have included the National Association of Real Estate Investment Trust's (NAREIT) Leader in the Light award for six consecutive years and ENERGY STAR Partner of the Year for seven years as well as ENERGY STAR's highest honor of Sustained Excellence, for the past five years.
A big part of the company's foundation is its commitment to enhancing employee growth, satisfaction and wellness while maintaining a diverse and thriving culture. The company was recently named to Bloomberg's 2020 Gender Equality Index—recognizing companies committed to supporting gender equality through policy development, representation, and transparency.
More information is available at http://www.kilroyrealty.com.
Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated or implied in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: global market and general economic conditions and their effect on our liquidity and financial conditions and those of our tenants; adverse economic or real estate conditions generally, and specifically, in the States of California and Washington; risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or non-renewal of leases by tenants; any significant downturn in tenants' businesses; our ability to re-lease property at or above current market rates; costs to comply with government regulations, including environmental remediation; the availability of cash for distribution and debt service and exposure to risk of default under debt obligations; increases in interest rates and our ability to manage interest rate exposure; the availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue development, redevelopment and acquisition opportunities and refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices or obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant competition, which may decrease the occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired, developed and redeveloped properties; the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts; delays or refusals in obtaining all necessary zoning, land use and other required entitlements, governmental permits and authorizations for our development and redevelopment properties; increases in anticipated capital expenditures, tenant improvement and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or enactment or implementations of, tax laws or other applicable laws, regulations or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers' financial condition and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; our ability to maintain our status as a REIT; and uncertainties regarding the impact of the COVID-19 pandemic, and restrictions intended to prevent its spread, on our business and the economy generally. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption "Risk Factors" in our quarterly report on Form 10-Q for the period ending September 30, 2020 and in our annual report on Form 10-K for the year ended December 31, 2019 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the dates on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.
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