Kilroy Realty Corporation, a self-administered real estate investment trust (REIT) focused on premier office, life science, and mixed-use properties, reported its financial results for the third quarter and the nine months ended September 30, 2024. The company operates primarily in key markets including Los Angeles, San Diego, San Francisco Bay Area, Seattle, and Austin.
As of September 30, 2024, Kilroy's total real estate assets held for investment increased to $12,578.8 million from $12,241.6 million at the end of 2023. Total assets slightly decreased to $11,380.6 million from $11,401.0 million, while total liabilities rose marginally to $5,772.1 million from $5,741.4 million. The company’s cash and cash equivalents saw a significant increase, reaching $625.4 million compared to $510.2 million at the end of 2023.
For the three months ended September 30, 2024, Kilroy reported total revenues of $289.9 million, a slight increase from $283.6 million in the same period of 2023. However, net income for the quarter decreased to $57.7 million from $58.7 million year-over-year. Net income available to common stockholders also fell to $52.4 million from $52.8 million, resulting in basic and diluted earnings per share of $0.44, down from $0.45 in the prior year.
For the nine months ended September 30, 2024, total revenues decreased to $849.3 million from $860.7 million in 2023. Net income for this period was $167.9 million, down from $185.2 million, with net income available to common stockholders decreasing to $151.5 million from $165.0 million. The company’s Funds From Operations (FFO) for the nine months was $406.8 million, compared to $421.9 million in the previous year.
Kilroy Realty made strategic moves during the reporting period, including the acquisition of an operating property valued at $35.3 million. The company also issued $400 million in unsecured senior notes in January 2024 and amended its unsecured revolving credit facility to maintain a $1.1 billion borrowing capacity, maturing in July 2028.
The company’s general and administrative expenses decreased significantly by 27% to $18.1 million, primarily due to reduced share-based compensation costs. However, gross interest expenses increased by 14.7% due to a higher average outstanding debt balance and interest rates.
As of September 30, 2024, Kilroy Realty had approximately $625.4 million in cash and cash equivalents, with a total debt of $5,036.9 million, representing 52.2% of its total market capitalization of $9,649.9 million. The company declared a quarterly cash dividend of $0.54 per share, payable to stockholders of record on September 30, 2024.
About KILROY REALTY CORP
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