Kilroy Realty Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Full Year 2018
January 31, 2018 at 05:32 pm EST
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Kilroy Realty Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, total revenues were $177,561,000 against $168,645,000 a year ago. Net income was $32,540,000 against $35,418,000 a year ago. Net income attributable to the company was $28,529,000 against $32,738,000 a year ago. Net income available to common stockholders was $28,529,000 against $29,426,000 a year ago. Net income available to common stockholders per basic and diluted share was $0.28 against $0.29 a year ago. Funds from operations were $86,539,000 against $84,292,000 a year ago. Funds from operations per basic and diluted common share were $0.85 against $0.87 a year ago. Income from operations before gains on sales of real estate was $32,540,000 against $35,418,000 a year ago.
For the year, total revenues were $719,001,000 against $642,572,000 a year ago. Net income was $180,615,000 against $303,798,000 a year ago. Net income attributable to the company was $164,612,000 against $293,788,000 a year ago. Net income available to common stockholders was $151,249,000 against $280,538,000 a year ago. Net income available to common stockholders per diluted share was $1.51 against $2.97 a year ago. Funds from operations were $346,787,000 against $333,742,000 a year ago. Funds from operations per diluted common share were $3.40 against $3.46 a year ago. Income from operations before gains on sales of real estate was $140,659,000 against $139,791,000 a year ago.
The company is providing an initial guidance range of NAREIT-defined FFO per diluted share for its fiscal year 2018 of $3.45 to $3.65 per share, with a midpoint of $3.55 per share. The company expects net income available to common stockholders per share diluted of $1.37 to $1.57; net income available to common stockholders of $136,000,000 to $156,000,000; depreciation and amortization of real estate assets of $224,000,000; and funds from operations of $354,200,000 to $374,400,000. The company expects same store cash net operating income growth of 0 to 1%; Year-end occupancy of 94.0% to 95.0%; net operating income margin of approximately 70.5%; and total development spending of approximately $500.0 million. Funds from operations per common share are expected to be in the range of $3.45 to $3.65.
Kilroy Realty Corporation is a self-administered real estate investment trust active in office, life science and mixed-use property types in the United States. The Company owns, develops, acquires and manages real estate assets, consisting primarily of Class A properties in Los Angeles, San Diego, the San Francisco Bay Area, Seattle and Austin. Its stabilized portfolio includes all of its properties with the exception of development properties committed for construction, under construction, or in the tenant improvement phase, redevelopment properties under construction, undeveloped land and real estate assets held for sale. It added two development projects to its stabilized portfolio consisting of two buildings totaling 829,591 square feet of office space in San Diego, California and Austin, Texas. Its stabilized portfolio of operating properties comprises 121 stabilized office properties. It owns its interests in all of its real estate assets through Kilroy Realty, L.P.
Kilroy Realty Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Full Year 2018