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Mar 31, 2022
Kilroy Realty Q1 2022 Earnings Report
Kilroy Realty's performance reflected a solid first quarter with increased revenue and FFO per share.
Key Takeaways
Kilroy Realty Corporation reported a net income available to common stockholders of $53.128 million, or $0.45 per diluted share. FFO per share was $1.16, and revenues reached $265.5 million. The stabilized portfolio was 91.3% occupied and 93.1% leased at quarter-end. Same Store NOI increased 9.1% and Same Store Cash NOI increased 12.8% compared to the prior year. The company completed the acquisition of a 2.9-acre land site in Austin and commenced construction on life science redevelopments in San Diego.
Net income available to common stockholders per share was $0.45, including a net $0.02 per share of non-recurring income.
FFO per share was $1.16, including the net $0.02 per share noted above.
Revenues reached $265.5 million with GAAP rents increasing approximately 32.9% and cash rents increasing approximately 6.7% from prior levels.
Same Store NOI increased 9.1% and Same Store Cash NOI increased 12.8% compared to the prior year.
Forward Guidance
The Company is providing an updated guidance range of NAREIT-defined FFO per diluted share for its fiscal year 2022 of $4.44 to $4.58 per share with a midpoint of $4.51 per share.
Positive Outlook
- Dispositions of $200.0 million to $500.0 million
- Same Store Cash NOI growth of 5.0% to 6.0%
- Year-end occupancy of approximately 91.0% to 92.0%
- Total remaining development spending of approximately $500.0 million to $575.0 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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