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Jun 30, 2022
Kilroy Realty Q2 2022 Earnings Report
Kilroy Realty's financial performance increased, driven by revenue growth and strong leasing activity in the stabilized portfolio.
Key Takeaways
Kilroy Realty Corporation reported a strong Q2 2022, with revenues growing by approximately 20% year-over-year to $271.2 million. The stabilized portfolio was 91.4% occupied and 93.7% leased at quarter-end. Net income available to common stockholders per diluted share was $0.40, and FFO per diluted share was $1.17, representing increases of approximately 32% and 33% compared to the prior year, respectively.
Revenues grew approximately 20% to $271.2 million compared to the prior year.
The stabilized portfolio was 91.4% occupied and 93.7% leased at quarter-end.
Net income available to common stockholders per diluted share was $0.40, an increase of approximately 32% compared to the prior year.
FFO per diluted share was $1.17, an increase of approximately 33% 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 2022 of $4.53 to $4.63 per share with a midpoint of $4.58 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%
Challenges Ahead
- 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.
- These guidance estimates do not include any estimates of possible future gains or losses from possible future dispositions because the magnitude of gains or losses on sales of depreciable operating properties, if any, will depend on the sales price and depreciated cost basis of the disposed assets at the time of disposition, information that is not known at the time the Company provides guidance, and the timing of any gain recognition will depend on the closing of the dispositions, information that is also not known at the time the Company provides guidance and may occur after the relevant guidance period.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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