Kilroy Realty Corporation (NYSE: KRC) today reported
financial results for its third quarter ended September 30,
2019.
Third Quarter Highlights
Financial Results
- Net income available to common stockholders per share of
$0.41
- Funds from operations available to common stockholders and
unitholders (“FFO”) per share of $1.01
- Revenues of $215.5 million
Stabilized Portfolio
- Stabilized portfolio was 92.1% occupied and 97.3% leased at
September 30, 2019
- Signed approximately 484,000 square feet of new or renewing
leases, increasing the year to date total to 1.6 million square
feet
Finance
- In September, completed a public offering of $500.0 million of
10-year senior unsecured notes at 3.050% due February 2030
Development
- In August, completed the acquisition of a 2.3-acre land site in
the East Village submarket of San Diego for a cash purchase price
of $40.0 million. The site is fully entitled for the development of
a mixed-use project. Currently, there are three existing buildings
that are leased by the prior owner through the first half of
2021
- In September, completed construction on 237 residential units,
the first of three phases of the residential development at the
company’s One Paseo mixed-use project in the Del Mar submarket of
San Diego. Phase I is currently 33% leased
- In September, commenced construction on 2100 Kettner, a 200,000
square foot office project in the Little Italy submarket of
downtown San Diego. The project has a total estimated investment of
$140.0 million
Results for the Quarter Ended September 30, 2019
For the third quarter ended September 30, 2019, KRC reported net
income available to common stockholders of $43.8 million, or $0.41
per share, compared to $34.4 million, or $0.33 per share, in the
third quarter of 2018. FFO in the third quarter of 2019 was $109.2
million, or $1.01 per share, compared to $94.2 million, or $0.90
per share in the third quarter of 2018.
All per share amounts in this report are presented on a diluted
basis.
Net Income Available to Common Stockholders / FFO Guidance
and Outlook
The company has updated its guidance range of NAREIT-defined FFO
per diluted share for its fiscal year 2019 to $3.82 to $3.88 per
share with a midpoint of $3.85 per share, reflecting management’s
views on current and future market conditions, including
assumptions with respect to rental rates, occupancy levels, and the
earnings impact of events referenced in this press release.
Full Year 2019 Range
Low End
High End
Net income available to common
stockholders per share - diluted
$
1.59
$
1.65
Weighted average common shares outstanding
- diluted (1)
105,500
105,500
Net income available to common
stockholders
$
168,000
$
174,000
Adjustments:
Net income attributable to noncontrolling
common units of the Operating Partnership
3,300
3,500
Net income attributable to noncontrolling
interests in consolidated property partnerships
16,500
19,500
Depreciation and amortization of real
estate assets
256,000
256,000
Gains on sales of depreciable real
estate
(7,169
)
(7,169
)
Funds From Operations attributable to
noncontrolling interests in consolidated property partnerships
(26,000
)
(29,000
)
Funds From Operations (2)
$
410,631
$
416,831
Weighted average common shares/units
outstanding – diluted (3)
107,500
107,500
Funds From Operations per common
share/unit – diluted (2)(3)
$
3.82
$
3.88
Key 2019 assumptions include:
- Flat same store cash net operating income
- Year-end occupancy of 94.0% to 95.0%
- Total remaining development spending of approximately $125.0
million to $150.0 million
________________________
(1)
Calculated based on estimated weighted
average shares outstanding including non-participating share-based
awards.
(2)
See management statement for FFO at end of
release.
(3)
Calculated based on weighted average
shares outstanding including participating and non-participating
share-based awards, dilutive impact of stock options, contingently
issuable shares, and shares issuable under forward equity sale
agreements and assuming the exchange of all common limited
partnership units outstanding. Reported amounts are attributable to
common stockholders, common unitholders and restricted stock
unitholders.
The company’s guidance estimates for the full year 2019, and the
reconciliation of net income available to common stockholders per
share - diluted and FFO per share and unit - diluted included
within this press release, 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 this press release. Although these guidance
estimates reflect the impact on the company’s operating results of
an assumed range of future disposition activity, these guidance
estimates do not include any estimates of possible future gains or
losses from possible future dispositions because the magnitude of
gains or losses on sales of depreciable operating properties, if
any, will depend on the sales price and depreciated cost basis of
the disposed assets at the time of disposition, information that is
not known at the time the company provides guidance, and the timing
of any gain recognition will depend on the closing of the
dispositions, information that is also not known at the time the
company provides guidance and may occur after the relevant guidance
period. We caution you not to place undue reliance on our assumed
range of future disposition activity because any potential future
disposition transactions will ultimately depend on the market
conditions and other factors, including but not limited to the
company’s capital needs, the particular assets being sold and the
company’s ability to defer some or all of the taxable gain on the
sales. These guidance estimates also do not include the impact on
operating results from potential future acquisitions, possible
capital markets activity, possible future impairment charges or any
events outside of the company’s control. There can be no assurance
that the company’s actual results will not differ materially from
these estimates.
Conference Call and Audio Webcast
KRC management will discuss updated earnings guidance for fiscal
year 2019 during the company’s October 24, 2019 earnings conference
call. The call will begin at 10:00 a.m. Pacific Time and last
approximately one hour. Those interested in listening via the
Internet can access the conference call at https://services.choruscall.com/links/krc191024.html.
It may be necessary to download audio software to hear the
conference call. Those interested in listening via telephone can
access the conference call at (866) 312-7299. International callers
should dial (412) 317-1070. In order to bypass speaking to the
operator on the day of the call, please pre-register anytime at
http://dpregister.com/10126360. A
replay of the conference call will be available via telephone on
October 24, 2019 through October 31, 2019 by dialing (877) 344-7529
and entering passcode 10126360. International callers should dial
(412) 317-0088 and enter the same passcode. The replay will also be
available on our website at http://investors.kilroyrealty.com/CustomPage/Index?KeyGenPage=1073743647.
About Kilroy Realty Corporation
Kilroy Realty Corporation (KRC), a publicly traded real estate
investment trust and member of the S&P MidCap 400 Index, is one
of the West Coast’s premier landlords. The company has over 70
years of experience developing, acquiring and managing office and
mixed-use real estate assets. The company provides physical work
environments that foster creativity and productivity and serves a
broad roster of dynamic, innovation-driven tenants, including
technology, entertainment, digital media and health care
companies.
At September 30, 2019, the company’s stabilized portfolio
totaled approximately 13.3 million square feet of office space
located in the coastal regions of Los Angeles, San Diego, the San
Francisco Bay Area and Greater Seattle and 200 residential units
located in the Hollywood submarket of Los Angeles. The stabilized
portfolio was 92.1% occupied and 97.3% leased. In addition, KRC had
six projects totaling approximately 2.3 million square feet of
office and life science space that were 63% leased and 564
residential units under construction. KRC also completed 237
residential units, with a third of the units leased, and had two
projects in the tenant improvement phase, The Exchange on 16th,
totaling approximately 750,000 square feet, with the office space
fully leased to Dropbox, and 96,000 square feet of retail at One
Paseo, which was 100% leased.
The company’s commitment and leadership position in
sustainability has been recognized by various industry groups
across the world. In September 2019, the company was recognized by
GRESB as the sustainability leader in the Americas across all asset
classes for the fifth time. Other sustainability accolades include
NAREIT’s Leader in the Light award for the past five years and the
EPA’s highest honor of ENERGY STAR Partner of the Year Sustained
Excellence award for the past four years. The company is listed in
the Dow Jones Sustainability World Index. At the end of the third
quarter, the company’s stabilized portfolio was 61% LEED certified
and 72% of eligible properties were ENERGY STAR certified. More
information is available at http://www.kilroyrealty.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements are based on our current
expectations, beliefs and assumptions, and are not guarantees of
future performance. Forward-looking statements are inherently
subject to uncertainties, risks, changes in circumstances, trends
and factors that are difficult to predict, many of which are
outside of our control. Accordingly, actual performance, results
and events may vary materially from those indicated or implied in
the forward-looking statements, and you should not rely on the
forward-looking statements as predictions of future performance,
results or events. Numerous factors could cause actual future
performance, results and events to differ materially from those
indicated in the forward-looking statements, including, among
others: global market and general economic conditions and their
effect on our liquidity and financial conditions and those of our
tenants; adverse economic or real estate conditions generally, and
specifically, in the States of California and Washington; risks
associated with our investment in real estate assets, which are
illiquid, and with trends in the real estate industry; defaults on
or non-renewal of leases by tenants; any significant downturn in
tenants’ businesses; our ability to re-lease property at or above
current market rates; costs to comply with government regulations,
including environmental remediation; the availability of cash for
distribution and debt service and exposure to risk of default under
debt obligations; increases in interest rates and our ability to
manage interest rate exposure; the availability of financing on
attractive terms or at all, which may adversely impact our future
interest expense and our ability to pursue development,
redevelopment and acquisition opportunities and refinance existing
debt; a decline in real estate asset valuations, which may limit
our ability to dispose of assets at attractive prices or obtain or
maintain debt financing, and which may result in write-offs or
impairment charges; significant competition, which may decrease the
occupancy and rental rates of properties; potential losses that may
not be covered by insurance; the ability to successfully complete
acquisitions and dispositions on announced terms; the ability to
successfully operate acquired, developed and redeveloped
properties; the ability to successfully complete development and
redevelopment projects on schedule and within budgeted amounts;
delays or refusals in obtaining all necessary zoning, land use and
other required entitlements, governmental permits and
authorizations for our development and redevelopment properties;
increases in anticipated capital expenditures, tenant improvement
and/or leasing costs; defaults on leases for land on which some of
our properties are located; adverse changes to, or enactment or
implementations of, tax laws or other applicable laws, regulations
or legislation, as well as business and consumer reactions to such
changes; risks associated with joint venture investments, including
our lack of sole decision-making authority, our reliance on
co-venturers’ financial condition and disputes between us and our
co-venturers; environmental uncertainties and risks related to
natural disasters; and our ability to maintain our status as a
REIT. These factors are not exhaustive and additional factors could
adversely affect our business and financial performance. For a
discussion of additional factors that could materially adversely
affect our business and financial performance, see the factors
included under the caption “Risk Factors” in our annual report on
Form 10-K for the year ended December 31, 2018 and our other
filings with the Securities and Exchange Commission. All
forward-looking statements are based on currently available
information and speak only as of the dates on which they are made.
We assume no obligation to update any forward-looking statement
made in this press release that becomes untrue because of
subsequent events, new information or otherwise, except to the
extent we are required to do so in connection with our ongoing
requirements under federal securities laws.
KILROY REALTY CORPORATION
SUMMARY OF QUARTERLY RESULTS
(unaudited; in thousands, except per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2018
2019
2018
Revenues (1)
$
215,525
$
186,562
$
617,219
$
556,456
Net income available to common
stockholders (1)
$
43,846
$
34,400
$
122,943
$
98,195
Weighted average common shares outstanding
– basic
104,841
100,677
102,253
99,711
Weighted average common shares outstanding
– diluted
105,360
101,228
102,872
100,209
Net income available to common
stockholders per share – basic (1)
$
0.41
$
0.34
$
1.19
$
0.97
Net income available to common
stockholders per share – diluted (1)
$
0.41
$
0.33
$
1.18
$
0.97
Funds From Operations (1)(2)(3)
$
109,243
$
94,247
$
308,960
$
279,161
Weighted average common shares/units
outstanding – basic (4)
107,981
103,841
105,400
102,923
Weighted average common shares/units
outstanding – diluted (5)
108,500
104,393
106,020
103,421
Funds From Operations per common
share/unit – basic (1)(3)
$
1.01
$
0.91
$
2.93
$
2.71
Funds From Operations per common
share/unit – diluted (1)(3)
$
1.01
$
0.90
$
2.91
$
2.70
Common shares outstanding at end of
period
106,012
100,747
Common partnership units outstanding at
end of period
2,023
2,025
Total common shares and units outstanding
at end of period
108,035
102,772
September 30, 2019
September 30, 2018
Stabilized office portfolio occupancy
rates: (6)
Greater Los Angeles
95.1
%
94.7
%
Orange County
N/A
89.6
%
San Diego County
90.4
%
92.6
%
San Francisco Bay Area
89.1
%
93.8
%
Greater Seattle
97.2
%
91.5
%
Weighted average total
92.1
%
93.5
%
Total square feet of stabilized office
properties owned at end of period: (6)
Greater Los Angeles
3,872
4,182
Orange County
N/A
272
San Diego County
2,048
2,054
San Francisco Bay Area
5,600
5,317
Greater Seattle
1,802
2,066
Total
13,322
13,891
________________________
(1)
Effective January 1, 2019, the company
adopted ASC 842 “Leases.” Please refer to our consolidated
statements of operations for a description of the changes made to
our consolidated financial statements. In accordance with the
adoption of the new standard, previously reported periods are not
restated for the impact of the standard.
(2)
Reconciliation of Net income available to
common stockholders to Funds From Operations available to common
stockholders and unitholders and management statement on Funds From
Operations are included after the Consolidated Statements of
Operations.
(3)
Reported amounts are attributable to
common stockholders, common unitholders, and restricted stock
unitholders.
(4)
Calculated based on weighted average
shares outstanding including participating share-based awards (i.e.
nonvested stock and certain time based restricted stock units) and
assuming the exchange of all common limited partnership units
outstanding.
(5)
Calculated based on weighted average
shares outstanding including participating and non-participating
share-based awards, dilutive impact of stock options, contingently
issuable shares, and shares issuable under forward equity sale
agreements and assuming the exchange of all common limited
partnership units outstanding.
(6)
Occupancy percentages and total square
feet reported are based on the company’s stabilized office
portfolio for the periods presented. Occupancy percentages and
total square feet shown for September 30, 2018 include the office
properties that were sold subsequent to September 30, 2018.
KILROY
REALTY CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited;
in thousands)
September 30, 2019
December 31, 2018
ASSETS
REAL ESTATE ASSETS:
Land and improvements
$
1,315,448
$
1,160,138
Buildings and improvements
5,770,226
5,207,984
Undeveloped land and construction in
progress
1,892,169
2,058,510
Total real estate assets held for
investment
8,977,843
8,426,632
Accumulated depreciation and
amortization
(1,505,785
)
(1,391,368
)
Total real estate assets held for
investment, net
7,472,058
7,035,264
Real estate assets and other assets held
for sale, net
77,751
—
Cash and cash equivalents
297,620
51,604
Restricted cash
6,300
119,430
Marketable securities
26,188
21,779
Current receivables, net
34,116
20,176
Deferred rent receivables, net
314,812
267,007
Deferred leasing costs and
acquisition-related intangible assets, net
202,063
197,574
Right of use ground lease assets (1)
83,200
—
Prepaid expenses and other assets, net
109,707
52,873
TOTAL ASSETS
$
8,623,815
$
7,765,707
LIABILITIES AND
EQUITY
LIABILITIES:
Secured debt, net
$
259,027
$
335,531
Unsecured debt, net
3,048,209
2,552,070
Unsecured line of credit
—
45,000
Accounts payable, accrued expenses and
other liabilities
439,081
374,415
Ground lease liabilities (1)
87,617
—
Accrued dividends and distributions
53,205
47,559
Deferred revenue and acquisition-related
intangible liabilities, net
134,828
149,646
Rents received in advance and tenant
security deposits
57,428
60,225
Liabilities and deferred revenue of real
estate assets held for sale
4,911
—
Total liabilities
4,084,306
3,564,446
EQUITY:
Stockholders’ Equity
Common stock
1,060
1,007
Additional paid-in capital
4,342,296
3,976,953
Distributions in excess of earnings
(78,707
)
(48,053
)
Total stockholders’ equity
4,264,649
3,929,907
Noncontrolling Interests
Common units of the Operating
Partnership
81,393
78,991
Noncontrolling interests in consolidated
property partnerships
193,467
192,363
Total noncontrolling interests
274,860
271,354
Total equity
4,539,509
4,201,261
TOTAL LIABILITIES AND EQUITY
$
8,623,815
$
7,765,707
________________________
(1)
Effective January 1, 2019, the company
adopted ASC 842 “Leases,” which requires right of use assets and
liabilities for leases in which the company is the lessee to be
presented on the company’s consolidated balance sheets.
KILROY
REALTY CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in thousands, except per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2018
2019
2018
REVENUES (1)
Rental income
$
212,321
$
162,288
$
609,332
$
489,674
Tenant reimbursements
—
21,754
—
60,471
Other property income
3,204
2,520
7,887
6,311
Total revenues
215,525
186,562
617,219
556,456
EXPENSES
Property expenses (1)
41,308
35,163
117,993
99,401
Real estate taxes (1)
19,998
17,462
56,563
52,421
Provision for bad debts (1)
—
1,338
—
6,714
Ground leases (1)
2,049
1,579
6,135
4,726
General and administrative expenses
22,576
19,277
65,774
56,599
Leasing costs (1)
1,192
—
5,599
—
Depreciation and amortization
69,230
62,700
203,617
189,421
Total expenses
156,353
137,519
455,681
409,282
OTHER (EXPENSES) INCOME
Interest income and other net investment
gain
761
342
3,205
1,147
Interest expense
(11,635
)
(11,075
)
(34,605
)
(37,285
)
Gains on sales of depreciable operating
properties
—
—
7,169
—
Total other (expenses) income
(10,874
)
(10,733
)
(24,231
)
(36,138
)
NET INCOME
48,298
38,310
137,307
111,036
Net income attributable to noncontrolling
common units of the Operating Partnership
(852
)
(691
)
(2,423
)
(2,008
)
Net income attributable to noncontrolling
interests in consolidated property partnerships
(3,600
)
(3,219
)
(11,941
)
(10,833
)
Total income attributable to
noncontrolling interests
(4,452
)
(3,910
)
(14,364
)
(12,841
)
NET INCOME AVAILABLE TO COMMON
STOCKHOLDERS
$
43,846
$
34,400
$
122,943
$
98,195
Weighted average common shares outstanding
– basic
104,841
100,677
102,253
99,711
Weighted average common shares outstanding
– diluted
105,360
101,228
102,872
100,209
Net income available to common
stockholders per share – basic
$
0.41
$
0.34
$
1.19
$
0.97
Net income available to common
stockholders per share – diluted
$
0.41
$
0.33
$
1.18
$
0.97
________________________
(1)
Effective January 1, 2019, the company
adopted ASC 842 “Leases,” which required the following changes for
all periods beginning and subsequent to January 1, 2019. In
accordance with the adoption of the new standard under the modified
retrospective method, previously reported periods are not restated
for the impact of the standard.
- All lease related revenue required to be
reported as a single component within rental income. For the three
months ended September 30, 2019, rental income includes $30.4
million of tenant reimbursements and $3.6 million of gross lease
termination fees. For the nine months ended September 30, 2019,
rental income includes $82.4 million of tenant reimbursements and
$10.5 million of gross lease termination fees.
- Rental income to be presented net of
provision for bad debts. For the three and nine months ended
September 30, 2019, rental income includes a provision for bad
debts of $0.1 million and a recovery of provision for bad debts of
$3.2 million, respectively.
- All property expenses paid directly by
the company and reimbursed by the tenant to be presented on a gross
basis. For the three and nine months ended September 30, 2019,
rental income and property expenses both include $4.1 million and
$10.1 million, respectively, of additional tenant reimbursements
and the related property expenses, which were previously shown net
in property expenses in prior periods. This change has no impact to
net income, Net Operating Income or Funds From Operations.
- Non-tenant parking income to be
presented in other property income instead of rental income since
recognized under ASC 606 “Revenue from Contracts with Customers”
and outside the scope of ASC 842 “Leases.”
- Real estate taxes for properties where
the company is a lessee under ground leases to be presented in
ground leases instead of real estate taxes. For the three and nine
months ended September 30, 2019, ground leases includes $0.5
million and $1.4 million, respectively, of property taxes for
properties where the Company is a lessee.
- Indirect leasing costs to be expensed as
incurred and reported in leasing costs.
KILROY
REALTY CORPORATION FUNDS FROM OPERATIONS (unaudited; in
thousands, except per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2018
2019
2018
Net income available to common
stockholders
$
43,846
$
34,400
$
122,943
$
98,195
Adjustments:
Net income attributable to noncontrolling
common units of the Operating Partnership
852
691
2,423
2,008
Net income attributable to noncontrolling
interests in consolidated property partnerships
3,600
3,219
11,941
10,833
Depreciation and amortization of real
estate assets
67,985
61,609
199,967
186,242
Gains on sales of depreciable real
estate
—
—
(7,169
)
—
Funds From Operations attributable to
noncontrolling interests in consolidated property partnerships
(7,040
)
(5,672
)
(21,145
)
(18,117
)
Funds From Operations(1)(2)(3)
$
109,243
$
94,247
$
308,960
$
279,161
Weighted average common shares/units
outstanding – basic (4)
107,981
103,841
105,400
102,923
Weighted average common shares/units
outstanding – diluted (5)
108,500
104,393
106,020
103,421
Funds From Operations per common
share/unit – basic (2)
$
1.01
$
0.91
$
2.93
$
2.71
Funds From Operations per common
share/unit – diluted (2)
$
1.01
$
0.90
$
2.91
$
2.70
________________________
(1)
We calculate Funds From Operations
available to common stockholders and common unitholders (“FFO”) in
accordance with the 2018 Restated White Paper on FFO approved by
the Board of Governors of NAREIT. The White Paper defines FFO as
net income or loss calculated in accordance with GAAP, excluding
extraordinary items, as defined by GAAP, gains and losses from
sales of depreciable real estate and impairment write-downs
associated with depreciable real estate, plus real estate-related
depreciation and amortization (excluding amortization of deferred
financing costs and depreciation of non-real estate assets) and
after adjustment for unconsolidated partnerships and joint
ventures. Our calculation of FFO includes the amortization of
deferred revenue related to tenant-funded tenant improvements and
excludes the depreciation of the related tenant improvement assets.
We also add back net income attributable to noncontrolling common
units of the Operating Partnership because we report FFO
attributable to common stockholders and common unitholders.
We believe that FFO is a useful
supplemental measure of our operating performance. The exclusion
from FFO of gains and losses from the sale of operating real estate
assets allows investors and analysts to readily identify the
operating results of the assets that form the core of our activity
and assists in comparing those operating results between periods.
Also, because FFO is generally recognized as the industry standard
for reporting the operations of REITs, it facilitates comparisons
of operating performance to other REITs. However, other REITs may
use different methodologies to calculate FFO, and accordingly, our
FFO may not be comparable to all other REITs.
Implicit in historical cost accounting for
real estate assets in accordance with GAAP is the assumption that
the value of real estate assets diminishes predictably over time.
Since real estate values have historically risen or fallen with
market conditions, many industry investors and analysts have
considered presentations of operating results for real estate
companies using historical cost accounting alone to be
insufficient. Because FFO excludes depreciation and amortization of
real estate assets, we believe that FFO along with the required
GAAP presentations provides a more complete measurement of our
performance relative to our competitors and a more appropriate
basis on which to make decisions involving operating, financing and
investing activities than the required GAAP presentations alone
would provide.
However, FFO should not be viewed as an
alternative measure of our operating performance because it does
not reflect either depreciation and amortization costs or the level
of capital expenditures and leasing costs necessary to maintain the
operating performance of our properties, which are significant
economic costs and could materially impact our results from
operations.
(2)
Reported amounts are attributable to
common stockholders, common unitholders, and restricted stock
unitholders.
(3)
FFO available to common stockholders and
unitholders includes amortization of deferred revenue related to
tenant-funded tenant improvements of $6.8 million and $4.8 million
for the three months ended September 30, 2019 and 2018,
respectively, and $14.9 million and $13.7 million for the nine
months ended September 30, 2019 and 2018, respectively.
(4)
Calculated based on weighted average
shares outstanding including participating share-based awards (i.e.
nonvested stock and certain time based restricted stock units) and
assuming the exchange of all common limited partnership units
outstanding.
(5)
Calculated based on weighted average
shares outstanding including participating and non-participating
share-based awards, dilutive impact of stock options, contingently
issuable shares, and shares issuable under forward equity sale
agreements and assuming the exchange of all common limited
partnership units outstanding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191023005904/en/
Tyler H. Rose Executive Vice President and Chief Financial
Officer (310) 481-8484 or Michelle Ngo Senior Vice President and
Treasurer (310) 481-8581
Kilroy Realty (NYSE:KRC)
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