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Jun 30, 2021
Kilroy Realty Q2 2021 Earnings Report
Kilroy Realty reported mixed results with strong occupancy and leasing activity offset by increased expenses and strategic acquisitions.
Key Takeaways
Kilroy Realty Corporation reported a net income available to common stockholders of $0.30 per share and FFO of $0.88 per share for Q2 2021. The company's stabilized portfolio was 91.8% occupied and 93.6% leased at quarter-end. KRC also completed several strategic transactions, including the acquisition of Indeed Tower in Austin, Texas, and commenced construction on Kilroy Oyster Point Phase 2 in South San Francisco.
Net income available to common stockholders per share of $0.30.
Stabilized portfolio was 91.8% occupied and 93.6% leased at quarter-end.
FFO per share of $0.88.
Revenues of $226.0 million.
Kilroy Realty
Kilroy Realty
Kilroy Realty Revenue by Geographic Location
Revenue by Geographic Location
Los Angeles Revenue
CapyFin.comSan Diego Revenue
CapyFin.comSan Francisco Bay Area Revenue
CapyFin.comSeattle Revenue
CapyFin.com Forward Guidance
The Company is providing a guidance range of NAREIT-defined FFO per diluted share for its fiscal year 2021 of $3.71 to $3.82 per share with a midpoint of $3.77 per share.
Positive Outlook
- Same Store Cash NOI growth of 2.0% to 2.5%
- Year-end occupancy of approximately 91.5%
- Total remaining development spending of approximately $200.0 million to $250.0 million
- Net income available to common stockholders per share - diluted $5.33
- Net income available to common stockholders $627,000
Challenges Ahead
- 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.
- These 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.
- Funds From Operations attributable to noncontrolling interests in consolidated property partnerships($35,000)
- Depreciation and amortization of real estate assets 278,000
Revenue & Expenses
Visualization of income flow from segment revenue to net income