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Dec 31, 2024
Kilroy Realty Q4 2024 Earnings Report
Key Takeaways
Kilroy Realty Corporation reported strong financial performance in Q4 2024, with revenues of $286.4 million, net income of $59.5 million, and FFO of $144.9 million. Leasing activity accelerated significantly, reaching 708,000 square feet, the highest quarterly volume since 2019. The company also repaid $403.7 million in senior unsecured notes and sold its corporate aircraft for $19.8 million.
Revenue by Geographic Location
Forward Guidance
For 2025, Kilroy Realty expects FFO per share of $3.85 to $4.05, with average occupancy projected between 80% and 82%. The company anticipates continued leasing momentum but expects same-store NOI growth to decline slightly.
Positive Outlook
- Strong leasing activity supports future revenue growth
- Successful debt repayment enhances financial flexibility
- Investments in PropTech to improve operational efficiency
- Sustainability leadership with carbon-neutral operations
- High tenant demand in core West Coast markets
Challenges Ahead
- Same-store NOI expected to decline by 1.5% to 3.0%
- Occupancy levels remain below historical highs
- Potential interest rate volatility affecting financing costs
- Market uncertainty in the commercial real estate sector
Historical Earnings Impact
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Avg. Return Before/After Earnings
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