Kilroy Realty Corporation Announces Commencement of Public Offering of Series G Cumulative Redeemable Preferred Stock
March 15 2012 - 9:39AM
Business Wire
Kilroy Realty Corporation (NYSE: KRC) today announced
that it has commenced a public offering of its Series G Cumulative
Redeemable Preferred Stock. In addition, the Company expects to
grant to the underwriters for the public offering a 30-day option
to purchase additional shares of Series G Cumulative Redeemable
Preferred Stock to cover overallotments, if any. The Company plans
to file an application to list the Series G Cumulative Redeemable
Preferred Stock on the New York Stock Exchange. If the application
is approved, trading of the Series G Cumulative Redeemable
Preferred Stock on the New York Stock Exchange is expected to begin
within 30 days after the initial issuance of the Series G
Cumulative Redeemable Preferred Stock. Wells Fargo Securities,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays
Capital, and J.P. Morgan will act as joint book-running
managers.
The Company intends to use the net proceeds from this offering
for the redemption of all outstanding shares of its 7.80% Series E
Cumulative Redeemable Preferred Stock and for other general
corporate purposes, which may include the potential redemption of a
portion of the outstanding shares of its 7.50% Series F Cumulative
Redeemable Preferred Stock, acquiring properties and repaying
outstanding indebtedness, including borrowings under our operating
partnership’s credit facility. The aggregate redemption price of
the Company’s 7.80% Series E Cumulative Redeemable Preferred Stock
is approximately $40.3 million, plus accrued dividends. Pending
application of the net proceeds for those purposes, the Company may
temporarily invest such net proceeds in marketable securities.
This offering is being made pursuant to an effective shelf
registration statement and prospectus and related preliminary
prospectus supplement filed by the Company with the Securities and
Exchange Commission. 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.
When available, copies of the preliminary prospectus supplement
and related prospectus for this offering may be obtained by
contacting Wells Fargo Securities, LLC, 1525 West W.T. Harris
Blvd., NC0675, Charlotte, NC 28262, Attention: Capital Markets
Client Support, telephone (800) 326-5897 or e-mail request to
cmclientsupport@wellsfargo.com; or Merrill Lynch, Pierce, Fenner
& Smith Incorporated, 4 World Financial Center, New York, NY
10080, Attention: Prospectus Department; telephone (800) 294-1322
or e-mail a request to dg.prospectus_requests@baml.com.
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 the Company’s
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 the Company’s control. Accordingly,
actual performance, results and events may vary materially from
those indicated in the forward-looking statements, and you should
not rely on the forward-looking statements as predictions of future
performance, results or outcomes. Numerous factors could cause
actual future events to differ materially from those indicated in
the forward-looking statements, including, among others: the
ability of the Company to successfully redeem shares of its
presently outstanding preferred stock, risks associated with the
Company’s investment in real estate assets, which are illiquid, and
with trends in the real estate industry; the availability of cash
for distribution and debt service and exposure of risk of default
under the Company’s debt obligations; significant competition,
which may decrease the occupancy and rental rates of properties;
the ability to successfully complete acquisitions and dispositions
on announced terms; the ability to successfully operate acquired
properties; and the ability to successfully complete development
and redevelopment properties on schedule and within budgeted
amounts. The factors included in this press release are not
exhaustive and additional factors could adversely affect the
Company’s business and financial performance. For a discussion of
additional risk factors, see the factors included under the caption
“Risk Factors” in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2011, and the Company’s 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. The Company assumes 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 it is required to do
so in connection with its ongoing requirements under Federal
securities laws.
Kilroy Realty Corporation, a member of the S&P Small Cap 600
Index, is a real estate investment trust active in the office and
industrial submarkets along the West Coast. For over 60 years, KRC
has owned, developed, acquired and managed real estate assets,
consisting primarily of Class A real estate properties in the
coastal regions of Los Angeles, Orange County, San Diego County,
the San Francisco Bay Area and greater Seattle. At December 31,
2011, KRC owned approximately 11.4 million rentable square feet of
commercial office space and 3.4 million rentable square feet of
industrial space.
Kilroy Realty (NYSE:KRC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Kilroy Realty (NYSE:KRC)
Historical Stock Chart
From Jul 2023 to Jul 2024