Kilroy Realty Declares Quarterly Dividends
February 28 2017 - 4:26PM
Business Wire
Kilroy Realty Corporation (NYSE: KRC) announced today
that its board of directors declared a regular quarterly cash
dividend of $0.375 per common share payable on April 12, 2017 to
stockholders of record on March 31, 2017. The dividend is
equivalent to an annual rate of $1.50 per share.
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 February
15, 2017 up to and including May 14, 2017. The dividend will be
payable on May 15, 2017 to Series H preferred stockholders of
record on April 30, 2017.
About Kilroy Realty Corporation. With approximately 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 December 31, 2016, the company’s stabilized portfolio
totaled approximately 14.0 million square feet of office space
and 200 residential units located in the coastal regions of Los
Angeles, Orange County, San Diego, the San Francisco Bay Area and
greater Seattle. 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 fourth quarter, the company’s properties were 51% LEED
certified and 69% of eligible properties were ENERGY STAR
certified. In addition, KRC had two office projects totaling
approximately 1.1 million square feet, 237 residential units
and 96,000 square feet of retail space under construction. The
company also had one office project in lease-up encompassing
approximately 377,000 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, 2016 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170228006831/en/
Kilroy Realty CorporationTyler H. RoseExecutive Vice President
and Chief Financial Officer(310) 481-8484orMichelle NgoSenior Vice
President and Treasurer(310) 481-8581
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