Kilroy Realty ( (KRC) ) has released its Q4 earnings. Here is a breakdown of the information Kilroy Realty presented to its investors.
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Kilroy Realty Corporation, a prominent real estate investment trust (REIT), specializes in developing, acquiring, and managing office, life science, and mixed-use real estate properties across key U.S. regions, including San Diego, Los Angeles, the San Francisco Bay Area, Seattle, and Austin. Known for its extensive experience and sustainability initiatives, Kilroy’s portfolio includes a significant amount of ENERGY STAR certified space and carbon neutral operations.
Kilroy Realty’s recent earnings report highlights a strong leasing performance in the fourth quarter of 2024, achieving the highest quarterly and annual leasing volumes since 2019. The company signed over 700,000 square feet of leases in Q4 and completed significant transactions, including selling its corporate aircraft and advancing the development of Kilroy Oyster Point Phase 2.
Financially, Kilroy reported revenues of $286.4 million for Q4 2024, up from $269.0 million in the same quarter of 2023. Net income available to common stockholders increased to $59.5 million, or $0.50 per diluted share, from $47.3 million, or $0.40 per diluted share, year-over-year. The company also maintained a healthy occupancy rate across its portfolio, with significant gains in lease renewals and new lease signings.
Kilroy demonstrated a strategic focus on technology and sustainability, as evidenced by its investment in a PropTech venture capital fund and continued achievements in carbon neutrality and energy efficiency. The sale of the corporate aircraft for $19.8 million and the repayment of $403.7 million in senior unsecured notes further strengthened its balance sheet.
Looking ahead, Kilroy Realty remains optimistic about the leasing and transaction environment. The company projects Nareit Funds From Operations (FFO) for 2025 to range between $3.85 to $4.05 per diluted share, reflecting confidence in its strategic initiatives and market positioning.
