Stock Monitor: Colony NorthStar Credit Real Estate Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 15, 2018 / If you want access to our free earnings report on Kilroy Realty Corp. (NYSE: KRC) ("KRC"), 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 first quarter fiscal 2018 operating and financial results on April 25, 2018. The real estate investment trust, based in Los Angeles, reported better than expected revenue and funds from operations (FFO) estimates. Additionally, the Company updated its FY18 guidance. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the first quarter ended March 31, 2018, KRC generated revenues of $182.8 million compared to $179.3 million in Q1 2017, topping analysts' estimates of $181.7 million. KRC's rental income was $162.9 million in Q1 2018 compared to $156.6 million in Q1 2017.
For Q1 2018, KRC reported a net income available to common stockholders of $36.2 million, or $0.36 per share, compared to $26.3 million, or $0.26 per share, in Q1 2017.
KRC's funds from operations (FFO) were $96.3 million, or $0.94 per share, in Q1 2018 compared to $81.9 million, or $0.81 per share, in Q1 2017; which included a $0.04 per share of non-cash charge related to the redemption of preferred stock. The Company's FFO numbers surpassed Wall Street's estimates of $0.90 per share.
Operating and Leasing Activities
At March 31, 2018, KRC's stabilized office portfolio totaled approximately 13.9 million square feet of space located in Los Angeles, Orange County, San Diego, the San Francisco Bay Area, and Greater Seattle. During Q1 2018, the Company signed new or renewing leases in the stabilized office portfolio totaling 301,000 square feet of space.
At the end of the reported quarter, KRC's stabilized office portfolio was 94.3% occupied and 96.7% leased, compared to occupancy of 94.1% at March 31, 2017, and 95.2% at December 31, 2017.
Real Estate Development Activities
At March 31, 2018, KRC had five projects under construction, including The Exchange on 16th and 100 Hooper in San Francisco; 333 Dexter in the South Lake Union submarket of Seattle; the first phases of One Paseo and Academy on Vine; and mixed-use projects located in the Del Mar submarket of San Diego and the Hollywood submarket of Los Angeles, respectively. These five projects total approximately 2.1 million square feet of office and production, distribution and repair (PDR) space; 237 residential units; and 120,000 square feet of retail space representing a total estimated investment of approximately $1.7 billion.
As of March 31, 2018, all 1.1 million square feet of office space at The Exchange on 16th and 100 Hooper were fully leased. In aggregate, the office space for these five projects was 53% leased at March 31, 2018.
In January 2018, KRC acquired three two-story lab buildings, located in South San Francisco, that were 78.5% occupied and had a total space of approximately 146,000 square feet, for $111.0 million.
KRC updated its guidance range of NAREIT-defined FFO per diluted share for the full year 2018 to $3.49 to $3.64, with a midpoint of $3.57. For FY18, the Company is estimating dispositions of $250.0 million to $750.0 million, with a midpoint of $500.0 million, same-store cash net operating income growth of 0% to 1%, and year-end occupancy of 94.0% to 95.0%.
Stock Performance Snapshot
May 14, 2018 - At Monday's closing bell, Kilroy Realty's stock marginally dropped 0.55%, ending the trading session at $74.17.
Volume traded for the day: 692.95 thousand shares, which was above the 3-month average volume of 529.65 thousand shares.
Stock performance in the last month – up 6.52%; previous three-month period – up 14.58%; and past twelve-month period – up 4.58%
After yesterday's close, Kilroy Realty's market cap was at $7.27 billion.
Price to Earnings (P/E) ratio was at 46.01.
The stock has a dividend yield of 2.29%.
The stock is part of the Financial sector, categorized under the REIT - Office industry.
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