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Kilroy Realty Corp KRC

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Kilroy Realty Reports Solid Q4 Results to Position Itself Well for a Gradual Recovery in 2021

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

Kilroy Realty reported strong fourth-quarter results, which indicate that the firm can comfortably withstand the disruption caused by the ongoing coronavirus pandemic. The company reported fourth-quarter funds from operations, or FFO, of $0.95 per share, a somewhat modest decline as compared with $1.00 for the fourth quarter of 2019. Meanwhile, full-year 2020 FFO was $3.71 per share, down as compared with $3.91 during 2019. The quarterly and full-year decreases derive from reductions in rental revenue for the firm’s co-working, advertising, parking and residential businesses. Additionally, performance was hindered by slightly lower firmwide collections, which was partially offset by higher rents and new development. With a period of coronavirus related weakness already incorporated into our outlook for no-moat rated Kilroy Realty, we are maintaining our $65 per share fair value estimate.

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Company Profile

Business Description

Kilroy Realty is a premier owner and landlord of approximately 13 million square feet of office space across Los Angeles, Orange County, San Diego, the San Francisco Bay Area, and greater Seattle. The company operates as a real estate investment trust.

Contact
12200 West Olympic Boulevard, Suite 200
Los Angeles, CA, 90064
T +1 310 481-8400
Sector Real Estate
Industry REIT - Office
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 252