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Mar 31, 2023
Kilroy Realty Q1 2023 Earnings Report
Kilroy Realty's financial performance improved in Q1 2023, marked by revenue growth and strategic leasing activities.
Key Takeaways
Kilroy Realty Corporation reported a revenue increase of 10.3% year-over-year to $292.8 million. The stabilized portfolio was 89.6% occupied and 91.6% leased. Net income available to common stockholders per diluted share increased by 6.7% to $0.48, and FFO per diluted share increased by 5.2% to $1.22.
Revenues grew by approximately 10.3% to $292.8 million compared to the prior year.
The stabilized portfolio was 89.6% occupied and 91.6% leased at quarter-end.
Net income available to common stockholders per diluted share was $0.48, an increase of approximately 6.7% compared to the prior year.
FFO per diluted share was $1.22, an increase of approximately 5.2% compared to the prior year.
Revenue by Geographic Location
Forward Guidance
The Company is providing an updated guidance range of Nareit-defined FFO per diluted share for its fiscal year 2023 of $4.30 to $4.50 per share with a midpoint of $4.40 per share. Excluding the non-recurring executive retirement costs referenced below, FFO guidance is unchanged.
Positive Outlook
- Same Store Cash NOI growth (2) 0.0% to 2.0%
- Average occupancy 86.5% to 88.0%
- Dispositions $0 to $200 million
- Weighted average common shares outstanding - diluted (1) 117,500
- Total development spending (5) $400 million to $500 million
Challenges Ahead
- The Company’s guidance estimates also do not include the impact on operating results from potential future acquisitions, possible capital markets activity, possible future impairment charges or any events outside of the Company’s control.
- There can be no assurance that the Company’s actual results will not differ materially from these estimates.
- We caution you not to place undue reliance on our assumed range of future disposition activity because any potential future disposition transactions will ultimately depend on the market conditions and other factors, including but not limited to the Company’s capital needs, the particular assets being sold and the Company’s ability to defer some or all of the taxable gain on the sales.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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