Stock Monitor: Liberty Property Trust Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 16, 2018 / Active-Investors.com has just released a free earnings report on Kilroy Realty Corp. (NYSE: KRC). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=KRC. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on January 31, 2018. The real estate investment trust, based in Los Angeles, reported earnings in-line with market estimates and initiated guidance for FY18. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Liberty Property Trust (NYSE: LPT), which also belongs to the Financial sector as the Company Kilroy Realty. Do not miss out and become a member today for free to access this upcoming report at:
www.active-investors.com/registration-sg/?symbol=LPT
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Kilroy Realty most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=KRC
Earnings Highlights and Summary
For the fourth quarter ended December 31, 2017, Kilroy Realty reported revenues of $177.56 million, up 5% compared to $168.65 million in Q4 2016. The Company's revenue numbers fell short of analysts' estimates of $180.1 million.
For the full year FY17, Kilroy Realty generated revenues of $719.00 million versus $642.57 million in FY16.
During Q4 2017, Kilroy Realty reported a net income available to common stockholders of $28.53 million, or $0.28 per share, compared to $29.43 million, or $0.29 per share, in Q4 2016. The Company's funds from operations (FFO) were $86.5 million, or $0.85 per share, for the reported quarter compared to $84.3 million, or $0.87 per share, in the prior year's same quarter. Kilroy Realty's FFO numbers met Wall Street's estimates of $0.85 per share.
For Q4 2017, Kilroy Realty's net income and FFO included a $0.05 charge from the early extinguishment of debt and $0.01 of additional interest expense, both related to the redemption of the Company's 4.800% unsecured senior notes due July 2018.
For FY17, Kilroy Realty posted a net income of $151.25 million, or $1.51 per share, compared to $280.54 million, or $2.97 per share, in FY16. The Company posted FFO of $346.79 million, or $3.40 per share, versus $333.74 million, or $3.46 per share, in FY16.
Operating and Leasing Activities
At December 31, 2017, Kilroy Realty's stabilized portfolio totaled approximately 13.7 million square feet of office space located in Los Angeles, Orange County, San Diego, the San Francisco Bay Area, and Greater Seattle; and 200 residential units located in the Hollywood submarket of Los Angeles.
During Q4 2017, Kilroy Realty signed new or renewing leases in the stabilized office portfolio, totaling 678,000 square feet of space. At the end of the reported quarter, the Company's stabilized office portfolio was 95.2% occupied and 96.9% leased, compared to occupancy of 94.0% at September 30, 2017, and 96.0% at December 31, 2016. The average occupancy of Kilroy Realty's 200-unit residential tower was 76.4% in Q4 2017.
Real Estate Development Activities
At December 31, 2017, Kilroy Realty had four projects currently under construction, including The Exchange on 16th and 100 Hooper in San Francisco, 333 Dexter in the South Lake Union submarket of Seattle, and Phase one of One Paseo, the Company's mixed-use project located in the Del Mar submarket of San Diego. These four projects total approximately 1.8 million square feet of office and PDR space, 237 residential units and 96,000 square feet of retail space, and represent a total estimated investment of approximately $1.5 billion.
Finance
In November 2017, Kilroy Realty repaid a $123.5 million, 4.270% mortgage note due February 2018 at par. The mortgage encumbered a property owned as part of a venture in which the Company owns a 56% interest. In December 2017, the Company issued $425.0 million of seven-year senior unsecured notes at 3.450% due December 2024, through a public offering.
In December 2017, Kilroy Realty completed the early redemption of all $325.0 million of the Company's 4.800% unsecured senior notes due July 2018 for a cash price of approximately $330.0 million. In December 2017, the Company raised net proceeds of $17.5 million through the issuance of common stock under the Company's at-the-market offering program.
Outlook
For the fiscal year 2018, Kilroy Realty is initiating FFO per share forecasts in the range of $3.45 to $3.65. The Company is expecting net income available to common stakeholders to be in the band of $1.37 to $1.57 per diluted share.
Stock Performance Snapshot
February 15, 2018 - At Thursday's closing bell, Kilroy Realty's stock advanced 1.87%, ending the trading session at $67.70.
Volume traded for the day: 602.10 thousand shares, which was above the 3-month average volume of 527.59 thousand shares.
After yesterday's close, Kilroy Realty's market cap was at $6.48 billion.
Price to Earnings (P/E) ratio was at 48.81.
The stock has a dividend yield of 2.51%.
The stock is part of the Financial sector, categorized under the REIT - Office industry. This sector was up 0.8% at the end of the session.
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