LOS ANGELES--(BUSINESS WIRE)--
Kilroy Realty Corporation(NYSE: KRC)announced that on
December 11, 2018, its board of directors declared a regular quarterly
cash dividend of $0.455 per common share payable on January 15, 2019 to
stockholders of record on December 31, 2018. The dividend is equivalent
to an annual rate of $1.82 per share.
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, 2018, the company’s stabilized portfolio totaled
approximately 13.9 million square feet of office space located in the
coastal regions of Los Angeles, Orange County, San Diego, the San
Francisco Bay Area and Greater Seattle and 200 residential units located
in the Hollywood submarket of Los Angeles. In addition, KRC had three
projects under construction totaling approximately 1.0 million square
feet of office space, 608 residential units and 120,000 square feet of
retail space as well as two projects in the tenant improvement phase
totaling approximately 1.2 million square feet of office and PDR space.
The office components of the two projects are fully leased to Adobe and
Dropbox.
The company’s commitment and leadership position in sustainability has
been recognized by various industry groups across the world. In
September 2018, the company was recognized by GRESB as North American
leader across all asset classes and global world leader among all
publicly traded real estate companies. Other sustainability accolades
include NAREIT’s Leader in the Light award for the past five years, the
EPA’s highest honor of Sustained Excellence and winner of Energy Star
Partner of the Year for the past five 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 59% LEED certified and
77% 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, 2017 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 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 we are required to do so in connection with our
ongoing requirements under federal securities laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181212005850/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
Source: Kilroy Realty Corporation