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Sep 30, 2021
Kilroy Realty Q3 2021 Earnings Report
Kilroy Realty's Q3 2021 performance reflected strong leasing activity and strategic capital allocation.
Key Takeaways
Kilroy Realty Corporation reported a net income available to common stockholders of $47.0 million, or $0.40 per share, and FFO per share of $0.98. The stabilized portfolio was 91.5% occupied and 93.9% leased at quarter-end. Same Store NOI increased 3.2% compared to the prior year.
Net income available to common stockholders per share was $0.40.
FFO per share reached $0.98.
Revenues totaled $232.3 million.
Stabilized portfolio achieved 91.5% occupancy and 93.9% leased at quarter-end.
Forward Guidance
The Company is providing an updated guidance range of NAREIT-defined FFO per diluted share for its fiscal year 2021 of $3.74 to $3.80 per share with a midpoint of $3.77 per share.
Positive Outlook
- Guidance range includes approximately $13.4 million of costs related to the early redemption of the $300.0 million of $3.800% senior notes
- Same Store Cash NOI growth of 5.0% to 5.5%
- Year-end occupancy of approximately 91.5%
- Total remaining development spending of approximately $100 million to $150 million
- Reflects 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
- 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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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