Changing Office Dynamics on West Coast Support High Uncertainty For Kilroy Realty Corp
Kilroy Realty’s third-quarter results were slightly better than our expectations, but we do not see any reason to materially change our $82 fair value estimate and our no-moat rating for the firm. Kilroy’s comparably large West Coast exposure continues to show favorable market dynamics, which led the company to beat our funds from operations expectations by two cents. The driving force behind the earnings beat is higher than expected revenues following strong growth in cash rents on leases execu...Kilroy Realty is a self-administered real estate investment trust engaged in premier office and mixed-use submarkets along the West Coast. The company owns, develops, acquires and manages real estate assets, consisting primarily of class A properties in the coastal regions of Greater Los Angeles, San Diego County, the San Francisco Bay Area and Greater Seattle. The company owns its interests in all of its real estate assets through Kilroy Realty, L.P. (Operating Partnership) and Kilroy Realty Finance Partnership, L.P. and conducts substantially all of its operations through the Operating Partnership. The company's stabilized portfolio of operating properties include stabilized office and residential properties.
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