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Jun 30, 2023
Kilroy Realty Q2 2023 Earnings Report
Kilroy Realty's performance reflected revenue growth and strategic capital market activities.
Key Takeaways
Kilroy Realty Corporation reported a revenue increase of 4.8% year-over-year, reaching $284.3 million. The company's stabilized portfolio was 86.6% occupied and 88.6% leased at the end of the quarter. Net income available to common stockholders per diluted share was $0.47, and FFO per diluted share was $1.19.
Revenues increased by 4.8% to $284.3 million compared to the prior year.
The stabilized portfolio's occupancy was 86.6%, and it was 88.6% leased at quarter-end.
Net income available to common stockholders per diluted share was $0.47, a 17.5% increase compared to the prior year.
FFO per diluted share was $1.19, a 1.7% increase compared to the prior year.
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 an updated guidance range of Nareit-defined FFO per diluted share for its fiscal year 2023 of $4.43 to $4.53 per share with a midpoint of $4.48 per share.
Positive Outlook
- Same Store Cash NOI growth (2) 1.5% to 2.5%
- Average occupancy 86.75% to 87.75%
- Total development spending (4) $425 million to $475 million
- Remaining 2023 development spending is $250 million to $300 million.
- The Company’s guidance estimates for the full year 2023, and the reconciliation of net income available to common stockholders per share - diluted and FFO per share and unit - diluted included within this report, reflect management’s views on current and future market conditions, including assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this report.
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.
- 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.
- Although these guidance estimates reflect the impact on the Company’s operating results of an assumed range of future disposition activity, 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.
- Dispositions $0 to $200 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income