Kilroy Realty Announces Ratings Upgrade from Standard and Poor’s
May 18 2015 - 6:06PM
Business Wire
Kilroy Realty Corporation (NYSE: KRC) announced today
that Standard and Poor’s Ratings Services (“S&P”) has upgraded
the company’s senior unsecured debt rating from BBB- to BBB with a
stable outlook. S&P noted KRC’s upgrade reflects the company's
execution of its development strategy and expansion into San
Francisco and Seattle driving stronger operating performance and
better credit metrics. The upgrade further reflects expectations
that credit metrics will continue to improve with the development
deliveries in 2014 as well as later this year.
“We are pleased that S&P has recognized our commitment to
maintaining a strong credit profile while successfully executing
our growth initiatives,” said Tyler H. Rose, executive vice
president and chief financial officer. “Our focus on top quality,
contemporary office space located in highly sought after urban
locales has strengthened the KRC franchise and enhanced the
long-term value of our portfolio.”
About Kilroy Realty Corporation. With more than 65 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 March 31, 2015, the company’s stabilized portfolio
totaled 13.0 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 the Global Real Estate Sustainability
Benchmark (GRESB) as the North American leader in sustainability
and was ranked first among 151 North American participants
across all asset types. At the end of the first quarter, the
company’s properties were 42% LEED certified and 60% of eligible
properties were ENERGY STAR certified. In addition, KRC had
approximately 1.7 million square feet of new office and
mixed-use development under construction with a total estimated
investment of approximately $1.1 billion. 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: investment in real estate
assets, which are illiquid; trends in the real estate industry;
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; the availability of cash
for distribution and debt service and exposure of risk of default
under debt obligations; adverse changes to, or implementations of,
applicable laws, regulations or legislation; and the ability to
successfully complete development and redevelopment projects on
schedule and within budgeted amounts. 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, 2014 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/20150518006787/en/
Kilroy Realty CorporationTyler H. RoseExecutive Vice
Presidentand Chief Financial Officer310-481-8484orMichelle
NgoSenior Vice President and Treasurer310-481-8581
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