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Sep 30, 2024
Kilroy Realty Q3 2024 Earnings Report
Kilroy Realty reported strong financial results, demonstrating solid leasing activity and strategic capital allocation.
Key Takeaways
Kilroy Realty Corporation reported a revenue increase of 2.2% to $289.9 million for Q3 2024 compared to Q3 2023. Net income available to common stockholders was $0.44 per diluted share. The stabilized portfolio was 84.3% occupied and 85.8% leased.
Revenues increased by 2.2% year-over-year.
Net income available to common stockholders was $0.44 per diluted share.
Funds from operations (FFO) increased by 4.5% year-over-year.
Stabilized portfolio was 84.3% occupied and 85.8% leased.
Kilroy Realty
Kilroy Realty
Kilroy Realty Revenue by Geographic Location
Forward Guidance
The Company is providing an updated Nareit-defined FFO per diluted share guidance for the full year 2024 of $4.38 to $4.44 per share, with a midpoint of $4.41 per share.
Positive Outlook
- Low End Net income available to common stockholders per share - diluted $1.61
- High End Net income available to common stockholders per share - diluted $1.66
- Low End Funds From Operations $526,650
- High End Funds From Operations $533,750
- High End Funds From Operations per common share/unit – diluted (3)$4.44
Challenges Ahead
- Change in same store cash NOI (2)(3)(1.5%) to (2.0%)
- General and administrative expenses$74 million to $76 million
- Total development spending (4)$250 million to $275 million
- Change in same store cash NOI (2)
- Total development spending (4)
Revenue & Expenses
Visualization of income flow from segment revenue to net income