Kilroy Realty (KRC) Completes 4.4M Common Stock Offering
Kilroy Realty Corporation KRC has made the announcement of completing the public offering of around 4.4 million of common shares. This is likely to add to the financial flexibility of the Los Angeles, CA-based real estate investment trust (“REIT”). The common shares include 577,500 shares sold to the underwriters and are priced at $72.75 per share.
Kilroy Realty is expected to generate net proceeds of around $308.8 million from the offering. The company plans to utilize the proceeds for various general corporate purposes. These include financing the earlier announced special cash dividend, funding the development projects, outstanding debt repayments and acquisition of land and properties.
Kilroy Realty owns, operates and develops commercial and industrial properties, primarily in California, Washington, and Arizona.
Shares of Kilroy Realty outperformed the Zacks categorized REIT and Equity Trust - Other industry, over the past one year. During the period, shares of the company grew 27.8%, whereas the industry gained 12.7%.
Kilroy Realty currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the real estate space include FelCor Lodging Trust Incorporated FCH, The GEO Group, Inc. GEO and Iron Mountain Incorporated IRM. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
FelCor Lodging Trust’s 2016 estimates remained unchanged at 89 cents per share, over the past 60 days.
The GEO Group’ 2016 estimates have moved up 1% to $2.94 per share, over the past 60 days.
Iron Mountain Incorporated’s 2016 estimates remained unchanged at $1.87 per share, over the 60 days.
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Iron Mountain Incorporated (IRM): Free Stock Analysis Report
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