LOS ANGELES--(BUSINESS WIRE)--
Kilroy Realty Corporation(NYSE: KRC)announced today that
its board of directors declared a special cash dividend of $1.90 per
common share and a regular quarterly cash dividend of $0.375 per common
share. The purpose of the special cash dividend is to distribute taxable
income to common stockholders primarily related to gains from the sale
of real property in 2016. The payment of the regular quarterly dividend
of $0.375 per share and the special dividend of $1.90 per share will
result in a total payment of $2.275 per common share payable on January
13, 2017 to stockholders of record on December 30, 2016.
The board of directors also declared a dividend of $0.4296875 per share
on the company’s 6.875% Series G Cumulative Redeemable Preferred Stock
for the period commencing on and including November 15, 2016 up to and
including February 14, 2017. The dividend will be payable on February
15, 2017 to Series G preferred stockholders of record on January 31,
2017.
The board of directors also declared a dividend of $0.3984375 per share
on the company’s 6.375% Series H Cumulative Redeemable Preferred Stock
for the period commencing on and including November 15, 2016 up to and
including February 14, 2017. The dividend will be payable on February
15, 2017 to Series H preferred stockholders of record on January 31,
2017.
About Kilroy Realty Corporation. With nearly 70 years’
experience owning, developing, acquiring and managing real estate assets
in West Coast real estate markets, Kilroy Realty Corporation (KRC), a
publicly traded real estate investment trust and member of the S&P
MidCap 400 Index, is one of the region’s premier landlords. 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, 2016, the company’s stabilized portfolio totaled
13.6 million square feet of office properties, all located in the
coastal regions of greater Seattle, the San Francisco Bay Area, Los
Angeles, Orange County and San Diego. The company is recognized by GRESB
as the North American leader in sustainability and was ranked first
among 178 North American participants across all asset types. At the end
of the third quarter, the company’s properties were 51% LEED certified
and 72% of eligible properties were ENERGY STAR certified. In addition,
KRC had one office project totaling approximately 700,000 square feet
under construction and two office projects in lease-up totaling
approximately 450,000 square feet. 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 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 generally, and specifically, in the States of
California and Washington; investment in our real estate assets, which
are illiquid; trends in the real estate industry; defaults on or
non-renewal of leases by tenants; any significant downturn in tenants’
businesses; our ability to release property at or above current market
rates; costs to comply with government regulations, including
environmental remediations; 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; failure of interest rate hedging contracts to perform as
expected and the effectiveness of such arrangements; 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; 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
implementations of, applicable laws, regulations or legislation; 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. 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, 2015 and our other filings with the Securities
and Exchange Commission. 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/20161213006342/en/
Kilroy Realty Corporation
Tyler H. Rose
Executive Vice
President
and Chief Financial Officer
310-481-8484
or
Michelle
Ngo
Senior Vice President
and Treasurer
310-481-8581
Source: Kilroy Realty Corporation