Kilroy Realty Corp (KRC) Q3 2023 Earnings: A Comprehensive Review
Kilroy Realty Corp (NYSE:KRC) reports a stabilized portfolio totaling approximately 16.3 million square feet with an occupancy rate of 86.2% and a leasing rate of 87.5%.
The company's residential units in the Los Angeles and San Diego regions report an average occupancy of 92.7%.
KRC provides an updated guidance range of Nareit-defined FFO per diluted share for its fiscal year 2023 of $4.55 to $4.60 per share.
The company's financial highlights reveal a gain on sale of a depreciable operating property for the three months ended September 30, 2022.
Released on October 25, 2023, Kilroy Realty Corp (NYSE:KRC)'s Q3 2023 earnings report provides a detailed overview of the company's financial performance, achievements, and challenges. The report offers valuable insights into the company's income statement, balance sheet, cash flow statement, and other key financial data.
Company Overview and Performance
Kilroy Realty Corp (NYSE:KRC) is a leading U.S. landlord and developer with operations in San Diego, Greater Los Angeles, the San Francisco Bay Area, Greater Seattle, and Austin, Texas. As of September 30, 2023, the company's stabilized portfolio totaled approximately 16.3 million square feet of primarily office and life science space. The portfolio was 86.2% occupied and 87.5% leased. Additionally, KRC has 1,001 residential units in the Los Angeles and San Diego regions, which had an average occupancy of 92.7% for the quarter ended September 30, 2023.
Financial Highlights
The company's financial highlights reveal a gain on sale of a depreciable operating property for the three months ended September 30, 2022. The report also provides a detailed overview of the company's consolidated balance sheets and consolidated statements of operations. The company's net income available to common stockholders includes a $17.3 million gain on the sale of a depreciable operating property for the three months ended September 30, 2022.
FFO Guidance and Outlook
KRC provides an updated guidance range of Nareit-defined FFO per diluted share for its fiscal year 2023 of $4.55 to $4.60 per share with a midpoint of $4.58 per share. The company's guidance estimates for the full year 2023 reflect management's views on current and future market conditions, including assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in the report.
Consolidated Balance Sheets and Statements of Operations
The report provides a comprehensive overview of the company's consolidated balance sheets and consolidated statements of operations. The balance sheets provide detailed information about the company's assets, liabilities, and stockholders' equity. The statements of operations provide information about the company's revenues, expenses, and net income.
Portfolio Data
The report provides detailed information about the company's portfolio data, including the same store analysis, stabilized portfolio occupancy overview by region, information on leases commenced and leases executed, stabilized portfolio capital expenditures, stabilized portfolio lease expirations, and top fifteen tenants.
Overall, the report provides a comprehensive overview of Kilroy Realty Corp (NYSE:KRC)'s financial performance, achievements, and challenges in Q3 2023. The detailed financial data and insightful commentaries provide valuable insights for investors and potential GuruFocus.com members.
Explore the complete 8-K earnings release (here) from Kilroy Realty Corp for further details.
This article first appeared on GuruFocus.
