Kilroy Realty Corporation (NYSE: KRC) announced today
that the U.S. Environmental Protection Agency (EPA) has for the
sixth year in a row recognized KRC as an ENERGY STAR Partner of the
Year. In addition, the EPA has also recognized KRC for the fourth
time with its Sustained Excellence designation, which is the
Agency’s highest honor.
The EPA’s annual ENERGY STAR Awards honor organizations that
have made outstanding contributions to protecting the environment
through superior energy efficiency. Since 1992, ENERGY STAR and its
partners have saved American families and businesses more than $430
billion in energy costs and over 3.5 trillion kWh of electricity,
while achieving broad emission reductions.
The award winners are chosen from nearly 15,000 partners that
participate in the ENERGY STAR program, and the selection is
extremely competitive. Commercial landlords that win the
prestigious award have demonstrated an organization-wide commitment
to reducing energy costs for their tenants in partnership with
ENERGY STAR. Only organizations that have consistently earned
Partner of the Year for several years are eligible to earn
Sustained Excellence, and their annual achievements must continue
to surpass those in previous years.
“We are very proud that ENERGY STAR has recognized our
leadership in energy efficiency,” said John Osmond, Senior Vice
President, Asset Management. “Continuing to drive down energy
consumption in our portfolio requires close collaboration among
many internal teams, and we are proud to have a corporate culture
focused on finding energy savings year after year.”
KRC’s key 2018 accomplishments related to award-winning energy
management programs included:
- 50 properties (9.1 million square feet)
earned the ENERGY STAR Label in 2018, representing 77% of the KRC
eligible stabilized portfolio
- KRC recognized the work of its brokers
to execute green leases through an innovative social media
campaign
- KRC’s office portfolio experienced a
decrease in energy use of 2%, over 5,500 megawatt-hours, even
though occupancy increased over the same timeframe
- The annual CO2 reduction was equivalent
to taking 826 cars off the road for a year, providing a year of
electricity to 466 homes, planting 64,311 trees and letting them
grow for 10 years, and avoiding burning over 21.2 railcars’ worth
of coal. Since the 2010 launch of our energy efficiency programs,
KRC has cumulatively reduced its energy consumption by
approximately 40 million
megawatt-hours.(http://www.epa.gov/cleanenergy/energy-resources/calculator.html#results)
The award winners, including KRC, will be recognized at an
awards ceremony in Washington, D.C. on April 11th. The awards
ceremony is particularly notable for KRC because KRC’s Senior Vice
President, Sustainability, Sara Neff will be providing the keynote
speech. For a complete list of 2019 winners and more information
about ENERGY STAR’s awards program, visit
www.energystar.gov/awardwinners.
About ENERGY STAR. ENERGY STAR has 15,000 partners
working to protect the environment through greater energy
efficiency, including manufacturers, retailers, public schools,
hospitals, real estate companies, and home builders. Since 1992,
ENERGY STAR and its partners have saved American families and
businesses $430 billion on their energy bills and 3.5 trillion
kilowatt-hours of energy, while achieving broad emissions
reductions—including 2.8 billion metric tons of greenhouse gas
emissions.
ENERGY STAR® is the simple choice for energy efficiency. For 25
years, EPA’s ENERGY STAR program has been America’s resource for
saving energy and protecting the environment. Join the millions
already making a difference at energystar.gov.
About Kilroy Realty Corporation. Kilroy Realty
Corporation (KRC), a publicly traded real estate investment trust
and member of the S&P MidCap 400 Index, is one of the West
Coast’s premier landlords. The company has over 70 years of
experience developing, acquiring and managing office and mixed-use
real estate assets. 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, 2018, the company’s stabilized portfolio
totaled approximately 13.2 million square feet of office space
located in the coastal regions of Los Angeles, Orange County, San
Diego, the San Francisco Bay Area and Greater Seattle and 200
residential units located in the Hollywood submarket of Los
Angeles. The stabilized portfolio was 94.4% occupied and 96.6%
leased. In addition, KRC had three projects under construction
totaling approximately 1.3 million square feet of office space that
was 37% leased, 801 residential units and 96,000 square feet of
retail space that was 91% leased, as well as two projects in the
tenant improvement phase totaling approximately 1.2 million square
feet of office and PDR space. The office components of the two
projects are fully leased to Adobe and Dropbox.
The company’s commitment and leadership position in
sustainability has been recognized by various industry groups
across the world. In September 2018, the company was recognized by
GRESB both as North American leader across all asset classes and a
global leader among all publicly traded real estate companies.
Other sustainability accolades include NAREIT’s Leader in the Light
award for the past five years, the EPA’s highest honor of Sustained
Excellence and winner of ENERGY STAR Partner of the Year for the
past five years. The company is listed in the Dow Jones
Sustainability World Index. At the end of the fourth quarter, the
company’s stabilized portfolio was 63% LEED certified and 77% of
eligible properties were ENERGY STAR certified. 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 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; 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;
our ability to re-lease property at or above current market rates;
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; 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, 2018 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/20190409006033/en/
Sara NeffSenior Vice President,
Sustainability310-481-8449sneff@kilroyrealty.com
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