Kilroy Realty Corporation (NYSE: KRC) today reported
financial results for its fourth quarter and full year ended
December 31, 2016.
Fourth Quarter
Highlights
Financial Results
- Net income available to common
stockholders of $0.29 per share
- Funds from operations available to
common stockholders and unitholders (“FFO”) of $0.87 per share,
including approximately $0.01 per share of acquisition-related
expenses
- Revenues of $168.6 million
Stabilized Portfolio
- Stabilized portfolio was 96.0% occupied
and 97.0% leased at December 31, 2016
- Signed approximately 456,000 square
feet of new or renewing leases including a 12-year lease with
Amazon.com at the company’s Westlake Terry office campus in the
South Lake Union submarket of Seattle
Development
- Commenced construction of a 400,000
square-foot office and production, distribution and repair (“PDR”)
project at 100 Hooper in the SOMA district of San Francisco, with
66% of the office portion pre-leased to Adobe
- Commenced construction on the first
phase of the company’s 1.1 million square-foot mixed-use One Paseo
project in the Del Mar submarket of San Diego. Phase I will include
the project’s overall infrastructure and site work, 237 residential
units and approximately 96,000 square feet of retail space
Strategic Venture
- Closed the second of two strategic
ventures with Norges Bank Real Estate Management (“NBREM”), in
which NBREM contributed $261.5 million for a 44% common equity
interest in 303 Second Street in San Francisco, an amount net of
NBREM’s proportionate share of existing mortgage debt secured by
the property
Acquisitions
- Acquired a 179,000 square-foot
mixed-use project in West Hollywood, encompassing a 10-story office
tower, three retail buildings, a four-level subterranean parking
structure and three billboards, for $209.2 million. The project was
87% occupied at December, 31, 2016
- Acquired a 129,000 square-foot office,
research and wet lab facility and a 37,000 square-foot office
building located in Stanford University’s Stanford Research Park,
both subject to a 51-year ground lease, for $130.0 million. The
project was 100% occupied at December 31, 2016
Finance
- Obtained a 10-year, 3.57% fixed-rate
mortgage for $170.0 million secured by the company’s Westside Media
Center properties in Los Angeles, and used a portion of the
proceeds to pay off a $64.4 million mortgage, at par
- Raised net proceeds of $31.9 million
through the issuance of common stock under the company’s
at-the-market (“ATM”) offering program
- In December, declared a special cash
dividend of $1.90 per common share in addition to the company’s
regular quarterly cash dividend of $0.375 per common share which
were paid in January 2017
Full Year 2016
Highlights
- Increased net income available to
common stockholders to $280.5 million, FFO per share to $3.46 and
revenues to $642.6 million
- Signed approximately 1.3 million square
feet of new or renewing leases in the stabilized portfolio and
approximately 99,000 square feet of leases in the lease-up
portfolio
- Stabilized approximately 714,000 square
feet of office space that is 96% committed to preeminent technology
tenants, including Salesforce and Dropbox
- Completed construction on the company’s
200-unit residential tower at Columbia Square in Hollywood; the
project was approximately 57% leased at year-end
- Signed a long-term lease for 66% of the
office space at 100 Hooper in San Francisco
- Secured entitlements for approximately
1.8 million square feet of potential new development, including the
One Paseo project in Del Mar and 333 Dexter in South Lake
Union
- Acquired approximately $476.0 million
of operating properties and land
- Generated approximately $783.6 million
in cash from our capital recycling program including non-strategic
property and land dispositions and two ventures with NBREM
- Raised $451.9 million of new debt and
common equity under the ATM program. Private placement notes of
$250.0 million, completed in September, were not drawn or
outstanding as of December 31, 2016
Recent Developments
- In January, completed a public offering
of 4,427,500 shares of common stock for net proceeds of
approximately $308.8 million
- In January, completed the sale of a
68,000 square-foot office building in San Diego’s Sorrento Mesa
submarket for gross proceeds of $12.1 million
Results for the Quarter Ended December 31, 2016
For the fourth quarter ended December 31, 2016, KRC
reported net income available to common stockholders of
$29.4 million, or $0.29 per share, compared to
$25.3 million, or $0.27 per share, in the fourth quarter of
2015. FFO in the fourth quarter of 2016 was $84.3 million, or
$0.87 per share, including $0.01 of acquisition-related
expenses, compared to $76.7 million, or $0.80 per share,
in the year-earlier quarter. Revenues totaled $168.6 million
in the fourth quarter of 2016, compared to $147.4 million in the
prior year period.
All per share amounts in this report are presented on a diluted
basis.
Operating and Leasing Activity
At December 31, 2016, KRC’s stabilized portfolio totaled
approximately 14.0 million square feet of office space and 200
residential units located in Los Angeles, Orange County,
San Diego, the San Francisco Bay Area and greater
Seattle. During the fourth quarter, the company signed new or
renewing leases in the office portfolio totaling 456,000 square
feet of space. At quarter-end, the office portfolio was 96.0%
occupied, compared to 96.6% at September 30, 2016 and
94.8% at December 31, 2015, and was 97.0% leased.
Real Estate Development Activity
At December 31, 2016, 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. These
projects represent a total estimated investment of approximately
$980.0 million. The company also had one office project in lease-up
encompassing approximately 377,000 square feet and representing a
total estimated investment of approximately $230.0 million. The
office project was 86% committed at the end of the fourth quarter.
In addition, KRC’s 200-unit residential tower was 57% leased at
December 31, 2016.
Management Comments
“2016 was another exceptional year for KRC, with strong results
across all areas of our business,” said John Kilroy, the company’s
chairman, president and chief executive officer. “Our stabilized
portfolio operated at record occupancy, produced record same-store
net operating income and generated solid growth in rental rates. In
our development program, we delivered approximately $814.0 million
of office and residential projects with the office portion 93%
committed and secured approvals for approximately 1.8 million
square feet in new entitlements, ensuring a shovel-ready set of
projects for 2017. Selective participation in the acquisitions
market brought us several outstanding properties with unique
opportunities for value enhancement. And finally, we demonstrated
our commitment to financial discipline and broad access to capital
through diverse fund raising that totaled almost $1.6 billion.”
FFO per Share Guidance
The company has provided an initial guidance range of
NAREIT-defined FFO per share (diluted) for its fiscal year 2017 of
$3.40 - $3.60 per share with a midpoint of $3.50 per share. This
compares to FFO of $3.41 per share in 2016 after adjusting for a
$0.05 per share gain from a property damage settlement.
These estimates reflect management’s view of current and future
market conditions, including assumptions with respect to rental
rates, occupancy levels and the earnings impact of the events
referenced in this release and otherwise referenced during the
conference call referred to below. These estimates do not include
possible future gains or losses or the impact on operating results
from other possible future property acquisitions or dispositions,
other possible capital markets activity or possible future
impairment charges. There can be no assurance that the company’s
actual results will not differ materially from these estimates.
Conference Call and Audio Webcast
KRC management will discuss earnings guidance for fiscal year
2017 during the company’s February 7, 2017 earnings conference
call. The call will begin at 10:00 a.m. Pacific Time and last
approximately one hour. Those interested in listening via the
Internet can access the conference call at http://www.kilroyrealty.com. Please go to the
website 15 minutes before the call and register. It may be
necessary to download audio software to hear the conference call.
Those interested in listening via telephone can access the
conference call at (888) 713-4214 reservation #67784615. A replay
of the conference call will be available via phone through February
14, 2017 at (888) 286-8010, reservation #18441253, or via the
Internet at the company’s website.
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.
Non-GAAP Financial Information
The company does not provide a reconciliation for its guidance
range of FFO per common share/unit - diluted to net income
available to common stockholders per common share - diluted, the
most directly comparable forward-looking GAAP financial measure,
because it is unable to provide a meaningful or accurate estimation
of reconciling items and the information is not available without
unreasonable effort. This is due to the inherent difficulty of
forecasting the timing and/or amount of various items that would
impact net income available to common stockholders per share -
diluted, including, for example, gains on sales of depreciable real
estate and other items that have not yet occurred and are out of
the company’s control. For the same reasons, the company is unable
to address the probable significance of the unavailable information
and believes that providing a reconciliation for its guidance range
of FFO per common share/unit - diluted would imply a degree of
precision as to its forward-looking net income available to common
stockholders per common share - diluted that would be confusing or
misleading to investors.
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, 2015 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.
KILROY REALTY CORPORATION
SUMMARY OF QUARTERLY
RESULTS
(unaudited, in thousands, except per share data)
Three
Months EndedDecember 31, Year EndedDecember
31, 2016 2015 2016
2015 Revenues $ 168,645 $ 147,413 $ 642,572 $ 581,275
Net income available to common stockholders (1) $ 29,426 $ 25,323 $
280,538 $ 220,831 Weighted average common shares outstanding
– basic 92,706 92,160 92,342 89,854 Weighted average common shares
outstanding – diluted 93,590 92,791 93,023 90,396 Net income
available to common stockholders per share – basic (1) $ 0.29 $
0.27 $ 3.00 $ 2.44 Net income available to common stockholders per
share – diluted (1) $ 0.29 $ 0.27 $ 2.97 $ 2.42 Funds From
Operations (1)(2)(3) $ 84,292 $ 76,673 $ 333,742 $ 316,612
Weighted average common shares/units outstanding – basic (4) 96,363
95,095 95,911 92,816 Weighted average common shares/units
outstanding – diluted (5) 97,247 95,726 96,592 93,358 Funds
From Operations per common share/unit – basic (3) $ 0.87 $ 0.81 $
3.48 $ 3.41 Funds From Operations per common share/unit – diluted
(3) $ 0.87 $ 0.80 $ 3.46 $ 3.39 Common shares outstanding at
end of period 93,219 92,259 Common partnership units outstanding at
end of period 2,382 1,765 Total common shares and
units outstanding at end of period 95,601 94,024
December 31, 2016
December 31, 2015
Stabilized office portfolio occupancy rates: (6) Los Angeles and
Ventura Counties 95.0 % 95.1 % Orange County 97.8 % 94.0 % San
Diego County 93.2 % 89.6 % San Francisco Bay Area 97.6 % 98.1 %
Greater Seattle 97.2 % 95.1 %
Weighted average total
96.0 % 94.8 % Total square feet of stabilized office
properties owned at end of period: (6) Los Angeles and Ventura
Counties 3,812 3,614 Orange County 272 272 San Diego County 2,719
2,851 San Francisco Bay Area 5,157 4,229 Greater Seattle 2,066
2,066 Total 14,026 13,032
________________________
(1) Net income available to common stockholders for the year
ended December 31, 2016 and December 31, 2015 includes gains on
sales of depreciable operating properties of $164.3 million and
$110.0 million, respectively. Net income available to common
stockholders and Funds From Operations for the year ended December
31, 2016 and December 31, 2015 includes a loss on sale of land of
$0.3 million and gains on sale of land of $17.1 million,
respectively. (2) Reconciliation of Net income available to
common stockholders to Funds From Operations available to common
stockholders and unitholders and management statement on Funds From
Operations are included after the Consolidated Statements of
Operations. (3) Reported amounts are attributable to common
stockholders, common unitholders, and restricted stock unitholders.
(4) Calculated based on weighted average shares outstanding
including participating share-based awards (i.e. nonvested stock
and certain time based restricted stock units) and assuming the
exchange of all common limited partnership units outstanding.
(5) Calculated based on weighted average shares outstanding
including participating and non-participating share-based awards
(i.e. nonvested stock and time based restricted stock units),
dilutive impact of stock options and contingently issuable shares
and assuming the exchange of all common limited partnership units
outstanding. (6) Occupancy percentages and total square feet
reported are based on the company’s stabilized office portfolio for
the periods presented. Occupancy percentages and total square feet
shown for December 31, 2015 include the office properties that were
sold subsequent to December 31, 2015 and held for sale at December
31, 2016.
KILROY REALTY
CORPORATION
CONSOLIDATED BALANCE
SHEETS
(in thousands)
December 31, 2016 December 31,
2015 (unaudited)
ASSETS
REAL ESTATE ASSETS: Land and improvements $ 1,108,971 $ 875,794
Buildings and improvements 4,938,250 4,091,012 Undeveloped land and
construction in progress 1,013,533 1,361,340 Total
real estate assets held for investment 7,060,754 6,328,146
Accumulated depreciation and amortization (1,139,853 ) (994,241 )
Total real estate assets held for investment, net 5,920,901
5,333,905 Real estate assets and other assets held for sale,
net 9,417 117,666 Cash and cash equivalents 193,418 56,508
Restricted cash 56,711 696 Marketable securities 14,773 12,882
Current receivables, net 13,460 11,153 Deferred rent receivables,
net 218,977 189,704 Deferred leasing costs and acquisition-related
intangible assets, net 208,368 176,683 Prepaid expenses and other
assets, net (1) 70,608 27,233 TOTAL ASSETS $
6,706,633 $ 5,926,430
LIABILITIES AND
EQUITY
LIABILITIES: Secured debt, net (1) $ 472,772 $ 380,835 Unsecured
debt, net (1) 1,847,351 1,844,634 Unsecured line of credit — —
Accounts payable, accrued expenses and other liabilities 202,391
246,323 Accrued dividends and distributions 222,306 34,992 Deferred
revenue and acquisition-related intangible liabilities, net 150,360
128,156 Rents received in advance and tenant security deposits
52,080 49,361 Liabilities and deferred revenue of real estate
assets held for sale 56 7,543
Total liabilities
2,947,316 2,691,844 EQUITY: Stockholders’
Equity 6.875% Series G Cumulative Redeemable Preferred stock 96,155
96,155 6.375% Series H Cumulative Redeemable Preferred stock 96,256
96,256 Common stock 932 923 Additional paid-in capital 3,457,649
3,047,894 Distributions in excess of earnings (107,997 ) (70,262 )
Total stockholders’ equity 3,542,995 3,170,966 Noncontrolling
Interests Common units of the Operating Partnership 85,590 57,100
Noncontrolling interests in consolidated property partnerships
130,732 6,520 Total noncontrolling interests 216,322
63,620 Total equity 3,759,317 3,234,586
TOTAL LIABILITIES AND EQUITY $ 6,706,633 $ 5,926,430
________________________
(1) Effective January 1, 2016, the company adopted Financial
Accounting Standards Board Accounting Standards Update No. 2015-03
and 2015-15, which changed the presentation of deferred financing
costs on the balance sheet. As a result, for all periods presented,
deferred financing costs, with the exception of deferred financing
costs related to the unsecured line of credit, have been
reclassified as a reduction to the related secured debt, net and
unsecured debt, net line items. Deferred financing costs related to
the unsecured line of credit are included in prepaid expenses and
other assets, net.
KILROY REALTY
CORPORATION
CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
Three Months EndedDecember 31, Year
EndedDecember 31, 2016 2015
2016 2015 REVENUES Rental income $ 150,466 $
133,463 $ 574,413 $ 525,355 Tenant reimbursements 17,131 13,494
61,079 53,774 Other property income 1,048 456 7,080
2,146
Total revenues
168,645 147,413 642,572 581,275
EXPENSES Property expenses 28,696 27,114 113,932 105,378 Real
estate taxes 15,828 12,991 55,206 50,223 Provision for bad debts —
256 — 545 Ground leases 933 645 3,439 3,096 General and
administrative expenses 16,080 12,065 57,029 48,265
Acquisition-related expenses 938 100 1,902 497 Depreciation and
amortization 56,782 51,727 217,234 204,294
Total expenses 119,257 104,898 448,742
412,298 OTHER (EXPENSES) INCOME Interest income and
other net investment gains 644 66 1,764 243 Interest expense
(14,614 ) (13,121 ) (55,803 ) (57,682 ) Total other (expenses)
income (13,970 ) (13,055 ) (54,039 ) (57,439 ) INCOME FROM
OPERATIONS BEFORE GAINS (LOSSES) ON SALES OF REAL ESTATE 35,418
29,460 139,791 111,538 Net (loss) gain on sales of land — (152 )
(295 ) 17,116 Gains on sale of depreciable operating properties —
— 164,302 109,950 NET INCOME 35,418
29,308 303,798 238,604 Net
income attributable to noncontrolling common units of the Operating
Partnership (743 ) (489 ) (6,635 ) (4,339 ) Net income attributable
to noncontrolling interests in consolidated property partnerships
(1,937 ) (184 ) (3,375 ) (184 ) Total income attributable to
noncontrolling interests (2,680 ) (673 ) (10,010 ) (4,523 )
NET INCOME ATTRIBUTABLE TO KILROY REALTY CORPORATION 32,738 28,635
293,788 234,081 PREFERRED DIVIDENDS (3,312 ) (3,312 )
(13,250 ) (13,250 ) NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $
29,426 $ 25,323 $ 280,538 $ 220,831
Weighted average common shares outstanding – basic 92,706
92,160 92,342 89,854 Weighted average common shares outstanding –
diluted 93,590 92,791 93,023 90,396 Net income available to
common stockholders per share – basic $ 0.29 $ 0.27 $
3.00 $ 2.44 Net income available to common
stockholders per share – diluted $ 0.29 $ 0.27 $ 2.97
$ 2.42
KILROY REALTY
CORPORATION
FUNDS FROM
OPERATIONS
(unaudited, in thousands, except per share data)
Three Months Ended December 31, Year Ended December
31, 2016 2015 2016
2015 Net income available to common stockholders $ 29,426 $
25,323 $ 280,538 $ 220,831 Adjustments: Net income attributable to
noncontrolling common units of the Operating Partnership 743 489
6,635 4,339 Net income attributable to noncontrolling interests in
consolidated property partnerships 1,937 184 3,375 184 Depreciation
and amortization of real estate assets 55,569 50,949 213,156
201,480 Gains on sales of depreciable real estate — — (164,302 )
(109,950 ) Funds From Operations attributable to noncontrolling
interests in consolidated property partnerships (3,383 ) (272 )
(5,660 ) (272 ) Funds From Operations(1)(2)(3) $ 84,292 $
76,673 $ 333,742 $ 316,612 Weighted
average common shares/units outstanding – basic (4) 96,363 95,095
95,911 92,816 Weighted average common shares/units outstanding –
diluted (5) 97,247 95,726 96,592 93,358 Funds From
Operations per common share/unit – basic (2) $ 0.87 $ 0.81
$ 3.48 $ 3.41 Funds From Operations per common
share/unit – diluted (2) $ 0.87 $ 0.80 $ 3.46
$ 3.39
________________________
(1) We calculate Funds From Operations available to common
stockholders and common unitholders (“FFO”) in accordance with the
White Paper on FFO approved by the Board of Governors of NAREIT.
The White Paper defines FFO as net income or loss calculated in
accordance with GAAP, excluding extraordinary items, as defined by
GAAP, gains and losses from sales of depreciable real estate and
impairment write-downs associated with depreciable real estate,
plus real estate-related depreciation and amortization (excluding
amortization of deferred financing costs and depreciation of
non-real estate assets) and after adjustment for unconsolidated
partnerships and joint ventures. Our calculation of FFO includes
the amortization of deferred revenue related to tenant-funded
tenant improvements and excludes the depreciation of the related
tenant improvement assets. We also add back net income attributable
to noncontrolling common units of the Operating Partnership because
we report FFO attributable to common stockholders and common
unitholders. We believe that FFO is a useful supplemental
measure of our operating performance. The exclusion from FFO of
gains and losses from the sale of operating real estate assets
allows investors and analysts to readily identify the operating
results of the assets that form the core of our activity and
assists in comparing those operating results between periods. Also,
because FFO is generally recognized as the industry standard for
reporting the operations of REITs, it facilitates comparisons of
operating performance to other REITs. However, other REITs may use
different methodologies to calculate FFO, and accordingly, our FFO
may not be comparable to all other REITs. Implicit in
historical cost accounting for real estate assets in accordance
with GAAP is the assumption that the value of real estate assets
diminishes predictably over time. Since real estate values have
historically risen or fallen with market conditions, many industry
investors and analysts have considered presentations of operating
results for real estate companies using historical cost accounting
alone to be insufficient. Because FFO excludes depreciation and
amortization of real estate assets, we believe that FFO along with
the required GAAP presentations provides a more complete
measurement of our performance relative to our competitors and a
more appropriate basis on which to make decisions involving
operating, financing and investing activities than the required
GAAP presentations alone would provide. However, FFO should
not be viewed as an alternative measure of our operating
performance because it does not reflect either depreciation and
amortization costs or the level of capital expenditures and leasing
costs necessary to maintain the operating performance of our
properties, which are significant economic costs and could
materially impact our results from operations. (2) Reported
amounts are attributable to common stockholders, common
unitholders, and restricted stock unitholders. (3) FFO
available to common stockholders and unitholders includes
amortization of deferred revenue related to tenant-funded tenant
improvements of $3.5 million and $3.4 million for the three months
ended December 31, 2016 and 2015, respectively, and $13.2 million
and $13.3 million for the twelve months ended December 31, 2016 and
2015, respectively. (4) Calculated based on weighted average
shares outstanding including participating share-based awards (i.e.
nonvested stock and certain time based restricted stock units) and
assuming the exchange of all common limited partnership units
outstanding. (5) Calculated based on weighted average shares
outstanding including participating and non-participating
share-based awards (i.e. nonvested stock and time based restricted
stock units), dilutive impact of stock options and contingently
issuable shares and assuming the exchange of all common limited
partnership units outstanding.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170206006244/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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