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:
www.active-investors.com/registration-sg
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.
Active-Investors:
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: info@active-investors.com
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Active-Investors
