LOS ANGELES--(BUSINESS WIRE)--
Kilroy Realty Corporation(NYSE: KRC) today announced that
it has agreed to issue and sell 3,773,766 shares of its common stock
directly to an institutional investor at a price of $66.18971 per share.
The offering is expected to close on July 1, 2015. The Company estimates
the offering will generate net proceeds of approximately $249.6 million.
The Company intends to use the net proceeds from the offering to repay
borrowings outstanding under its operating partnership’s revolving
credit facility and for other general corporate purposes, which may
include acquiring land and properties, funding development projects and
repaying other outstanding indebtedness.
The shares are being offered pursuant to an effective shelf registration
statement filed with the Securities and Exchange Commission ("SEC"). The
offering is being made only by means of the prospectus supplement and
accompanying prospectus related to the offering, which will be filed
with the SEC and may be obtained, when available, on the SEC's website
at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor will there be any
sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
About Kilroy Realty Corporation.Kilroy Realty
Corporation, a member of the S&P MidCap 400 Index, is a real estate
investment trust active in major West Coast markets. For over 65 years,
the Company has owned, developed, acquired and managed real estate
assets primarily in the coastal regions of Los Angeles, Orange County,
San Diego, the San Francisco Bay Area and greater Seattle. At March 31,
2015, the Company’s stabilized portfolio totaled approximately 13.0
million square feet of office properties.
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 in forward-looking
statements, and you should not rely on 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 forward-looking statements,
including, among others, risks associated with: 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 in California and Washington, including any recurrence
of California’s budget deficits; 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 our
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; 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 properties; the ability to successfully complete development
and redevelopment projects on schedule and within budgeted amounts;
defaults on leases for land on which some of our properties are located;
adverse changes to, or implementations of, applicable laws, regulations
or legislation; environmental uncertainties and risks related to natural
disasters; and our ability to maintain our status as a real estate
investment trust. These factors are not exhaustive. 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, 2014, the prospectus supplement and prospectus for this
offering and our other filings with the SEC. All forward-looking
statements are based on information that was available, and speak only
as of the date 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 required in connection with ongoing requirements
under U.S. securities laws.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150630005456/en/
Kilroy Realty Corporation
Tyler H. Rose, 310-481-8484
Executive
Vice President and Chief Financial Officer
or
Michelle Ngo,
310-481-8581
Senior Vice President and Treasurer
Source: Kilroy Realty Corporation