Kilroy Realty Corporation (NYSE: KRC, "Kilroy") recently
published its twelfth annual Sustainability Report, building on the
company’s longstanding track record of sustainability leadership.
The 2022 Sustainability Report details continuous progress and
integration of environmental, social, and governance (ESG) factors
into our operations.
2022 was Kilroy’s third consecutive year of carbon neutral
operations. Across the entire Kilroy portfolio, the company
prioritizes energy efficiency in building operations, sources
renewable electricity from onsite and offsite sources as available,
and retires renewable energy credits and verified carbon offsets to
ensure that 100% of building energy use is carbon neutral.
Other recent achievements include:
- Member of the Dow Jones Sustainability
Index for the sixth consecutive year - Received the ENERGY STAR
Partner of the Year Sustained Excellence Award for the eighth
consecutive year - Earned the 2022 GRESB Regional Sector Leader
position for Diversified Development in the Americas - Included on
the Bloomberg Gender-Equality Index for the fourth year in a
row
“The sustainability & wellness features that Kilroy
incorporates into building design and operations are increasingly
important to tenants, and a meaningful differentiator for Kilroy,”
said Sarah King, Senior Vice President, Sustainability. “We
continue to advance progress toward our ambitious sustainability
goals, generating cost savings, positive community impact, and
value to our shareholders.”
The full report can be found on the Kilroy website at:
https://kilroyrealty.com/sustainability/
About Kilroy Realty Corporation
Kilroy Realty Corporation (NYSE: KRC, the “company”, “Kilroy”)
is a leading U.S. landlord and developer, with operations in San
Diego, Greater Los Angeles, the San Francisco Bay Area, the Pacific
Northwest and Austin, Texas. The company has earned global
recognition for sustainability, building operations, innovation and
design. As pioneers and innovators in the creation of a more
sustainable real estate industry, the company’s approach to modern
business environments helps drive creativity and productivity for
some of the world’s leading technology, entertainment, life science
and business services companies.
The company is a publicly traded real estate investment trust
(“REIT”) and member of the S&P MidCap 400 Index with more than
seven decades of experience developing, acquiring and managing
office, life science and mixed-use projects.
As of March 31, 2023, Kilroy’s stabilized portfolio totaled
approximately 16.2 million square feet of primarily office and life
science space that was 89.6% occupied and 91.6% leased. The company
also had more than 1,000 residential units in Hollywood and San
Diego, which had a quarterly average occupancy of 93.4%. In
addition, the company had two in-process life science redevelopment
projects with total estimated redevelopment costs of $80.0 million,
totaling approximately 100,000 square feet, and three in-process
development projects with an estimated total investment of $1.7
billion, totaling approximately 1.7 million square feet of office
and life science space. The in-process development and
redevelopment office and life science space is 34% leased.
A Leader in Sustainability and Commitment to Corporate Social
Responsibility
Kilroy has a longstanding commitment to sustainability and
continues to be a recognized leader in our sector. For over a
decade, the company and its sustainability initiatives have been
recognized with numerous honors, including being listed on the Dow
Jones Sustainability World Index, earning the GRESB five star
rating and being named a sector and regional leader in the
Americas. Other honors have included the Nareit Leader in the Light
Award, being named ENERGY STAR Partner of the Year and receiving
the ENERGY STAR highest honor of Sustained Excellence.
Kilroy is proud to have achieved carbon neutral operations
across our portfolio since 2020. The company’s portfolio was 69%
LEED certified and 43% Fitwel certified, and 67% of eligible
properties were ENERGY STAR certified as of March 31, 2023.
A significant part of the company’s foundation is its commitment
to enhancing employee growth, satisfaction and wellness while
maintaining a diverse and thriving culture. For the fourth year in
a row, the company has been named to Bloomberg’s Gender Equality
Index, which recognizes companies committed to supporting gender
equality through policy development, representation, and
transparency.
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, including
periods of heightened inflation, 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, Texas 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,
including bankruptcy, lack of liquidity or lack of funding; our
ability to re-lease property at or above current market rates;
reduced demand for office space, including as a result of remote
work and flexible working arrangements that allow work from remote
locations other than the employer's office premises; 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; changes in interest rates and 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, 2022 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 dates 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230427005716/en/
Sarah King Senior Vice President, Sustainability (425) 990-7130
sking@kilroyrealty.com
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