Revenue and Financial Performance - Revenues grew 2.2% to $289.9 million for Q3 2024 compared to $283.6 million in Q3 2023[3] - Net income available to common stockholders was $0.44 per diluted share, slightly down from $0.45 in Q3 2023[3] - Funds from operations (FFO) increased 4.5% to $140.4 million, or $1.17 per diluted share, compared to $134.0 million, or $1.12 per diluted share, in Q3 2023[3] - Revenues for Q3 2024 increased to $289.938 million, up 3.3% from $280.731 million in Q2 2024[12] - Net Income Available to Common Stockholders rose to $52.378 million in Q3 2024, a 6.4% increase from $49.211 million in Q2 2024[12] - EBITDA, as adjusted, reached $185.960 million in Q3 2024, up 4.2% from $178.461 million in Q2 2024[12] - Funds From Operations (FFO) increased to $140.448 million in Q3 2024, a 5.9% rise from $132.587 million in Q2 2024[12] - Total revenues for Q3 2024 were $289.9 million, compared to $280.7 million in Q2 2024 and $283.6 million in Q3 2023[14] - Net income available to common stockholders for Q3 2024 was $52.4 million, compared to $49.2 million in Q2 2024 and $52.8 million in Q3 2023[14] - Funds From Operations (FFO) for Q3 2024 were $140.4 million, compared to $132.6 million in Q2 2024 and $134.0 million in Q3 2023[15] - FFO per common share/unit for Q3 2024 was $1.17 (basic) and $1.17 (diluted), compared to $1.10 (basic) and $1.10 (diluted) in Q2 2024[15] - Funds Available for Distribution (FAD) for Q3 2024 were $96.8 million, compared to $114.8 million in Q2 2024 and $118.7 million in Q3 2023[15] - Total operating revenues for Q3 2024 increased by 2.2% to $289.9 million compared to $283.6 million in Q3 2023[16] - Rental income for Q3 2024 grew by 1.1% to $234.1 million from $231.6 million in Q3 2023[16] - Tenant reimbursements for Q3 2024 rose by 5.6% to $51.8 million compared to $49.1 million in Q3 2023[16] - Other property income for Q3 2024 surged by 36.9% to $4.0 million from $2.9 million in Q3 2023[16] - Net Operating Income for Q3 2024 increased by 1.7% to $196.7 million compared to $193.4 million in Q3 2023[16] - Same Store operating revenues for Q3 2024 increased by 2.8% to $272.3 million from $264.8 million in Q3 2023[17] - Same Store Cash Net Operating Income for Q3 2024 grew by 2.7% to $183.6 million compared to $178.8 million in Q3 2023[17] - Net Income Available to Common Stockholders for Q3 2024 was $52.378 million, compared to $52.762 million in Q3 2023[64] - Net Operating Income for Q3 2024 was $196.691 million, slightly down from $193.396 million in Q3 2023[64] - Same Store Net Operating Income for Q3 2024 was $188.564 million, up from $172.344 million in Q3 2023[64] - EBITDA, as adjusted for Q3 2024 was $185.960 million, compared to $173.798 million in Q3 2023[66] - Company's share of EBITDA, as adjusted for Q3 2024 was $178.475 million, up from $165.408 million in Q3 2023[66] - Funds Available for Distribution (FAD) for Q3 2024 was $96.82 million, down from $118.70 million in Q3 2023[67] - Total Funds Available for Distribution for the nine months ended September 30, 2024, was $336.98 million, compared to $370.78 million for the same period in 2023[67] Occupancy and Leasing - Stabilized portfolio occupancy was 84.3% with a leased rate of 85.8% as of September 30, 2024[4] - Signed approximately 436,000 square feet of leases in Q3 2024, including 209,000 square feet of short-term leasing[4] - GAAP rents on signed leases increased 26.0% and cash rents increased 7.1% from prior levels, excluding short-term leasing[4] - Period End Occupancy Percentage improved to 84.3% in Q3 2024, up from 83.7% in Q2 2024[12] - Average occupancy for Q3 2024 was 84.6%, down from 86.1% in Q3 2023[18] - Same Store rental income for Q3 2024 increased by 0.7% to $224.5 million from $223.0 million in Q3 2023[18] - Same Store property expenses for Q3 2024 rose by 6.4% to $61.2 million compared to $57.5 million in Q3 2023[18] - Stabilized portfolio occupancy in Los Angeles increased to 76.7% as of 9/30/2024, up from 73.9% at 6/30/2024[19] - Hollywood / West Hollywood submarket achieved 85.8% occupancy, with a leased rate of 86.1% as of 9/30/2024[19] - El Segundo submarket occupancy improved to 81.8% as of 9/30/2024, up from 74.4% at 6/30/2024[19] - San Diego's stabilized portfolio occupancy reached 87.9% as of 9/30/2024, with Del Mar submarket at 96.4% occupancy[19] - San Francisco Bay Area stabilized portfolio occupancy stood at 91.1% as of 9/30/2024, with Silicon Valley and South San Francisco at 100% occupancy[19] - Seattle's stabilized portfolio occupancy was 80.4% as of 9/30/2024, with Bellevue submarket at 94.4% occupancy[19] - Austin CBD submarket occupancy increased to 74.2% as of 9/30/2024, up from 72.3% at 6/30/2024[19] - Total stabilized portfolio occupancy across all regions was 84.3% as of 9/30/2024, with a leased rate of 85.8%[19] - 1350 Ivar Avenue in Hollywood / West Hollywood maintained 100% occupancy as of 9/30/2024[20] - 2240 E. Imperial Highway in El Segundo maintained 100% occupancy as of 9/30/2024[20] - San Diego total occupancy rate at 9/30/2024 is 87.9%, with a leased rate of 90.5%[21] - San Francisco Bay Area total occupancy rate at 9/30/2024 is 91.1%, with a leased rate of 91.7%[22] - 12348 High Bluff Drive in San Diego has an occupancy rate of 51.5% at 9/30/2024[21] - 12707 High Bluff Drive in San Diego has an occupancy rate of 93.5% at 9/30/2024[21] - 3579 Valley Centre Drive in San Diego shows a decline in occupancy from 94.7% at 6/30/2024 to 87.0% at 9/30/2024[21] - 3721 Valley Centre Drive in San Diego has an occupancy rate of 78.9% at 9/30/2024, with a leased rate of 90.3%[21] - 2100 Kettner Boulevard in San Diego has a low occupancy rate of 22.6% at 9/30/2024[21] - 100 Hooper Street in San Francisco Bay Area has an occupancy rate of 95.5% at 9/30/2024[22] - 303 Second Street in San Francisco Bay Area has an occupancy rate of 73.5% at 9/30/2024[22] - 4200 Bohannon Drive in San Francisco Bay Area has an occupancy rate of 69.4% at 9/30/2024[22] - Total stabilized portfolio occupancy rate is 84.3% as of 9/30/2024, with a leased rate of 85.8%[23] - Seattle portfolio occupancy rate is 80.4%, with a leased rate of 81.6%[23] - Austin portfolio occupancy rate is 74.2%, with a leased rate of 80.7%[23] - Residential properties average occupancy rate is 92.0% as of 9/30/2024[24] - Total 2nd generation leasing for Q3 2024 includes 261,062 square feet with a weighted average lease term of 80 months[25] - Changes in GAAP rents for Q3 2024 are 48.3%, while changes in cash rents are 22.4%[25] - Retention Rates (Leases Executed) measure the percentage of space renewed by existing tenants at lease expiration or termination[60] Capital Expenditures and Investments - Acquired Junction at Del Mar, a 104,000 square foot office property in San Diego, for $35.0 million, which is 96% leased with a weighted average lease term of 4.7 years[4] - Total capital expenditures for 2nd generation improvements are $25.66 million for Q3 2024[27] - Major repositioning capital expenditures total $4.30 million for Q3 2024[28] - 1st generation capital expenditures for tenant improvements and leasing commissions are $1.43 million for Q3 2024[28] - Average capital expenditures to average NOI ratio is 11.7% for the trailing five quarters[27] - The company acquired two buildings in Del Mar during Q3 2024, totaling 103,731 rentable square feet for $35.0 million[35] - Consolidated property ventures with Norges Bank Real Estate Management in San Francisco total 1,265,115 rentable square feet, with 56% ownership[36] - Year-to-date net operating income for consolidated ventures is $64.416 million, with adjustments leading to a cash net operating income of $63.684 million[37] - In-process development projects total 100,000 rentable square feet with an estimated investment of $80 million, currently 0% leased[38] - Kilroy Oyster Point - Phase 2, under construction, will add 875,000 rentable square feet with a total estimated investment of $1.0 billion[39] - Future development pipeline includes projects totaling approximately 5,733,000 square feet and 1,750 residential units, with $1.356 billion in cash costs incurred as of 9/30/2024[40] - Recurring tenant improvements, leasing commissions, and capital expenditures totaled $25.66 million in Q3 2024, up from $20.52 million in Q3 2023[67] Debt and Financial Ratios - Total liquidity as of September 30, 2024, was approximately $1.7 billion, including $0.6 billion in cash and $1.1 billion available under the unsecured revolving credit facility[4] - Total debt as of September 30, 2024, is $5,036,923 thousand, representing 52.2% of total market capitalization[41] - Net debt to Company's share of EBITDA, as adjusted, is 6.4x as of September 30, 2024[43] - Total equity and noncontrolling interest in the operating partnership is $4,612,933 thousand, representing 47.8% of total market capitalization[41] - Weighted average stated rate for total debt is 4.13% as of September 30, 2024[41] - Net debt decreased to $4,411,528 thousand as of September 30, 2024, from $4,322,539 thousand as of June 30, 2024[43] - Total debt to total asset value covenant is 33%, well below the 60% limit as of September 30, 2024[44] - Fixed charge coverage ratio is 3.2x, exceeding the 1.5x covenant requirement as of September 30, 2024[44] - Unencumbered asset pool debt service coverage is 3.58x, surpassing the 1.75x covenant requirement as of September 30, 2024[44] - Interest coverage ratio is 5.1x, significantly above the 1.5x covenant requirement as of September 30, 2024[44] - Unencumbered asset pool value to unsecured debt is 282%, well above the 150% covenant requirement as of September 30, 2024[44] - Net Debt to Company's Share of EBITDA, as adjusted Ratio is a measure of borrowed capital used to increase real estate investment returns and assess debt repayment ability[51] Expenses and Costs - Property expenses for Q3 2024 were $63.6 million, compared to $59.3 million in Q2 2024 and $59.4 million in Q3 2023[14] - Depreciation and amortization for Q3 2024 were $91.9 million, compared to $87.2 million in Q2 2024 and $85.2 million in Q3 2023[14] - Interest expense for Q3 2024 was $36.4 million, compared to $36.8 million in Q2 2024 and $29.8 million in Q3 2023[14] - Recurring tenant improvements, leasing commissions, and capital expenditures for Q3 2024 were $25.7 million, compared to $22.1 million in Q2 2024 and $20.5 million in Q3 2023[15] - Interest expense for Q3 2024 was $36.408 million, compared to $29.837 million in Q3 2023[64] - Depreciation and amortization for Q3 2024 was $91.879 million, up from $85.224 million in Q3 2023[64] - General and administrative expenses for Q3 2024 were $18.066 million, down from $24.761 million in Q3 2023[64] - Depreciation of non-real estate furniture, fixtures, and equipment was $1.64 million in Q3 2024, slightly lower than $1.71 million in Q3 2023[67] Leasing and Tenant Metrics - Total expiring leases in 2024 account for 2.0% of total leased square feet, with an annualized base rent of $17,069 thousand, representing 2.1% of total ABR[29] - In 2025, expiring leases represent 5.4% of total leased square feet, with an annualized base rent of $33,134 thousand, accounting for 4.2% of total ABR[29] - For 2026, expiring leases make up 13.6% of total leased square feet, with an annualized base rent of $91,231 thousand, representing 11.4% of total ABR[29] - The San Francisco Bay Area has the highest expiring leases in 2026, with 945,807 square feet (6.8% of total leased square feet) and an annualized base rent of $49,543 thousand (6.2% of total ABR)[30] - In 2027, expiring leases account for 7.8% of total leased square feet, with an annualized base rent of $44,373 thousand, representing 5.6% of total ABR[29] - The San Francisco Bay Area leads in 2028 with 730,462 square feet (5.2% of total leased square feet) and an annualized base rent of $49,244 thousand (6.2% of total ABR)[30] - For 2029 and beyond, expiring leases represent 62.9% of total leased square feet, with an annualized base rent of $540,815 thousand, accounting for 67.7% of total ABR[29] - The San Francisco Bay Area dominates in 2029 and beyond, with 3,450,764 square feet (24.8% of total leased square feet) and an annualized base rent of $257,088 thousand (32.2% of total ABR)[30] - Los Angeles has significant expiring leases in 2029 and beyond, with 1,419,998 square feet (10.2% of total leased square feet) and an annualized base rent of $81,371 thousand (10.2% of total ABR)[30] - Seattle's expiring leases in 2029 and beyond total 1,697,982 square feet (12.2% of total leased square feet) with an annualized base rent of $78,027 thousand (9.8% of total ABR)[30] - Top 20 tenants contribute $428.742 million in annualized base rental revenue, representing 53.6% of total annualized base rental revenue and 42.5% of total rentable square feet[32] - The largest tenant, a global technology company, contributes $44.851 million annually, accounting for 5.6% of total annualized base rental revenue and 5.0% of total rentable square feet[32] - Technology sector tenants account for 54% of annualized base rent and 51% of rentable square feet, highlighting strong sector diversification[34] Portfolio and Asset Management - Total real

Kilroy Realty Corporation (KRC) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, KRC's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross." A golden cross is a technical chart pattern that can signify a potential bullish breakout. It's formed from a crossover involving a security's short-term moving average breaking above a longer-term moving average, with the most common moving aver ...

Ron and Patty Thomas/E+ via Getty Images Introduction Kilroy Realty (NYSE:KRC) is a U.S. REIT that owns 121 office properties over 17mn square feet of leasable space. Their properties are all located in major metropolitan areas on the West Coast, including San Diego, Los Angeles, the SF Bay Area, Seattle, and Austin. Currently, they boast an occupancy rate of 83.7% with 85.4% of their space being leased. KRCs stock is down ~10.5% YTD as of the time of me writing this article. Compared to both of its benchma ...

ISerg Looking past headlines is not an easy thing to do, as we often get bombarded with doom and gloom from mainstream media outlets. This includes the so-called retail apocalypse in the pre-2020 years, when some believed that online shopping on Amazon (AMZN) was going to make in-person shopping go the way of the dodo. That did not come true, as Class A mall owner Simon Property Group (SPG) and shopping center owner Kimco Realty (KIM) are now trading at or above where they were in pre-pandemic times. This b ...

Kilroy Realty Corporation (NYSE:KRC) Q2 2024 Earnings Call August 1, 2024 1:00 PM ET Company Participants Taylor Friend - Senior Vice President, Capital Markets and Treasurer Angela Aman - Chief Executive Officer Eliott Trencher - Executive Vice President, Chief Investment Officer and Chief Financial Officer Justin Smart - President Rob Paratte - Executive Vice President and Chief Leasing Officer Conference Call Participants Nick Yulico - Scotiabank Michael Griffin - Citigroup Camille Bonnel - Bank of Ameri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-12675 (Kilroy Realty Corporation) Commission File Number: 000-54005 (Kilroy Realty, L.P.) | --- | --- | --- | |------------------- ...

Kilroy Realty (KRC) came out with quarterly funds from operations (FFO) of $1.10 per share, beating the Zacks Consensus Estimate of $1.08 per share. This compares to FFO of $1.19 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 1.85%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.06 per share when it actually produced FFO of $1.11, delivering a surprise of 4.72%. Over the last four quart ...

| --- | --- | --- | --- | |-------|------------------|---------------------------------------|--------------| | | | | Exhibit 99.1 | | | | | | | | KilroyRealty | | | | | | Q2 2024 Supplemental Financial Report | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | KILROY | Q2 2024 Supplemental Financial Report KILROY REALTY CORPORATION REPORTS SECOND QUARTER FINANCIAL RESULTS --------------- LOS ANGELES, July 31, 2024 - Kilroy Realty Corporation (NYSE: KRC) today reported financial results for its se ...

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JHVEPhoto Kilroy Realty (NYSE:KRC) has dipped 18% year-to-date as market enthusiasm over a potentially dovish pathway for Fed rate cuts in 2024 has given way to angst from a return of higher for longer. There is a rising probability of zero rate cuts in 2024, an event that would see REIT continue to trade on historically low multiples. KRC generated fiscal 2024 first quarter funds from operations ("FFO") of $1.11 per share, beating consensus and up by 2 cents sequentially with guidance for FFO to come in be ...