Kilroy Realty Delivers Strong 4Q as West Coast Office Market Remains Robust
No-moat Kilroy Realty reported a decent fourth quarter that fit well within our expectations, and we will maintain our fair value estimate of $82 per share. Funds from operations grew 2.4% to $3.48 per diluted share in 2018. The fundamentals behind Kilroy’s West Coast office portfolio remain sound. Re-leasing spreads came in at 10.7%, somewhat lower than previous years, but we think this level is reasonable because this year’s base rent was substantially higher than previous years’ base rent. Lo...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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