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Sep 30, 2022
Kilroy Realty Q3 2022 Earnings Report
Kilroy Realty's performance was marked by revenue growth, strategic leasing, and capital market activities.
Key Takeaways
Kilroy Realty Corporation reported a strong Q3 2022, with revenues up 19% year-over-year to $276.0 million. The company completed the sale of 3130 Wilshire and signed significant new and renewing leases. FFO per diluted share increased by approximately 20% compared to the prior year.
Revenues increased by approximately 19% to $276.0 million compared to the prior year.
The stabilized portfolio was 90.8% occupied and 92.6% leased at quarter-end.
FFO per diluted share was $1.17, showing an increase of approximately 20% compared to the prior year.
Completed the sale of 3130 Wilshire and signed new and renewing leases in the development and stabilized portfolios.
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 $4.62 to $4.68 per share with a midpoint of $4.65 per share.
Positive Outlook
- Same Store Cash NOI growth of 6.0% to 6.5%
- Total remaining development spending of approximately $100.0 million to $150.0 million
- Net income available to common stockholders per share - diluted $1.89
- Weighted average common shares outstanding - diluted 117,200
- Funds From Operations $550,150
Challenges Ahead
- Possible future acquisitions
- Possible capital markets activity
- Possible future impairment charges
- Any events outside of the Company’s control
- Rental rates, occupancy levels, and the earnings impact of the events
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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