Kilroy Realty Increases Common Dividend 7.1%
May 19 2016 - 4:32PM
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 July 13, 2016 to
stockholders of record on June 30, 2016. The dividend is equivalent
to an annual rate of $1.50 per share and is a 7.1% increase from
the previous annualized dividend level of $1.40 per share.
The board of directors also declared a dividend of $0.4296875
per share on the company’s 6.875% Series G Cumulative Redeemable
Preferred Stock for the period commencing on and including May 15,
2016 up to and including August 14, 2016. The dividend will be
payable on August 15, 2016 to Series G preferred stockholders of
record on July 31, 2016. As July 31, 2016 falls on a Sunday, the
effective record date for the dividend will be Friday, July 29,
2016.
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 May 15,
2016 up to and including August 14, 2016. The dividend will be
payable on August 15, 2016 to Series H preferred stockholders of
record on July 31, 2016. As July 31, 2016 falls on a Sunday, the
effective record date for the dividend will be Friday, July 29,
2016.
About Kilroy Realty Corporation. With almost 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 March 31, 2016, the company’s stabilized portfolio
totaled 13.7 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 GRESB as the North American leader in
sustainability, ranking first among 155 North American
participants across all asset types. At the end of the first
quarter, the company’s properties were 46% LEED certified and 66%
of eligible properties were ENERGY STAR certified. In addition, KRC
had approximately 905,000 square feet of office and residential
projects under construction with a total estimated investment of
approximately $645.0 million. 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, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160519006680/en/
Kilroy Realty CorporationTyler H. RoseExecutive Vice
Presidentand Chief Financial Officer(310) 481-8484orMichelle
NgoSenior Vice Presidentand Treasurer(310) 481-8581
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