Kilroy Realty Corporation (NYSE: KRC) today reported
financial results for its third quarter ended September 30,
2021.
Third Quarter Highlights
Financial Results
- Net income available to common stockholders per share of
$0.40
- Funds from operations available to common stockholders and
unitholders (“FFO”) per share of $0.98
- Revenues of $232.3 million
- Increased the regular quarterly cash dividend to common
stockholders by 4% to $0.52 per share; an annualized rate of $2.08
per share
Stabilized Portfolio
- Stabilized portfolio was 91.5% occupied and 93.9% leased at
September 30, 2021
- Signed approximately 459,000 square feet of new and renewing
leases
- GAAP and cash rents increased approximately 24.4% and 8.3%,
respectively, from prior levels
- In September, the Company received a $17.0 million cash lease
termination payment from a tenant at 12400 High Bluff Drive in San
Diego, CA, which is committed for redevelopment. Net of
lease-related write-offs, $7.0 million will be recognized in GAAP
revenues through 2024, of which $0.7 million was recognized in the
third quarter. A new lease was executed with Tandem Diabetes, a
life science tenant, to occupy the space
- Limited lease expiration exposure with an average of
approximately 7.2% of total rentable square feet expiring per year
through 2025
Acquisitions
- In September, completed the acquisition of 2001 West 8th
Avenue, an approximately 539,000 square foot office project in the
Denny Regrade submarket of Seattle for $490.0 million. The building
is 100% leased; Amazon occupies approximately 70% of the
project
Development
- In August, added One Paseo - Office Building 2, comprised of
approximately 196,000 square feet at the company’s One Paseo
mixed-use project in the Del Mar submarket of San Diego to the
stabilized portfolio. The One Paseo office project is now 100%
leased and 87% occupied
- In August, commenced construction on 9514 Towne Centre Drive, a
71,000 square foot office property located in the University Towne
Center submarket of San Diego. The building is 100% leased
- In September, added the first of three life science buildings
located at Kilroy Oyster Point - Phase 1 in South San Francisco to
the stabilized portfolio. The approximately 235,000 square foot
building is 100% leased to Cytokinetics and revenue recognition
commenced on October 1, 2021
- In September, in connection with the execution of three new
life science leases totaling 330,000 square feet, committed three
buildings in San Diego to our redevelopment program: 12340 El
Camino Real and 12400 High Bluff Drive in the Del Mar submarket and
4690 Executive Drive in the University Towne Center submarket,
which will be converted in phases from office to life science
use
Balance Sheet / Liquidity Highlights
- As of the date of this release, the company had approximately
$1.5 billion of total liquidity comprised of approximately $390.0
million of cash and cash equivalents and full availability under
the $1.1 billion unsecured revolving credit facility
- No significant debt maturities until December 2024
Recent Development
- In October, completed a public offering of $450.0 million of
12-year senior unsecured green bonds at 2.650% due November
2033
- In October, completed the early redemption of all $300.0
million of 3.800% unsecured senior notes due January 2023 for a
price of approximately $313.4 million, including make whole
redemption fees and other related costs
Results for the Quarter Ended September 30, 2021
For the third quarter ended September 30, 2021, the company
reported net income available to common stockholders of $47.0
million, or $0.40 per share, compared to $49.0 million, or $0.42
per share, in the third quarter of 2020. FFO in the third quarter
of 2021 was $116.0 million, or $0.98 per share, compared to $117.4
million, or $0.99 per share, in the third quarter of 2020. Prior
period net income available to common stockholders and FFO per
share included a reversal of revenue of $0.02 per share charge
against rental income due to tenant creditworthiness considerations
as a result of the COVID-19 pandemic.
All per share amounts in this report are presented on a diluted
basis.
Net Income Available to Common Stockholders / FFO Guidance
and Outlook
The company is providing an updated guidance range of
NAREIT-defined FFO per diluted share for the full year 2021 of
$3.74 to $3.80 per share, with a midpoint of $3.77 per share.
Full Year 2021 Range
Low End
High End
Net income available to common
stockholders per share - diluted
$
5.30
$
5.36
Weighted average common shares outstanding
- diluted (1)
117,650
117,650
Net income available to common
stockholders
$
624,000
$
631,000
Adjustments:
Net income attributable to noncontrolling
common units of the Operating Partnership
6,200
6,400
Net income attributable to noncontrolling
interests in consolidated property partnerships
23,500
24,500
Depreciation and amortization of real
estate assets
285,000
285,000
Gains on sales of depreciable real
estate
(458,000
)
(458,000
)
Funds From Operations attributable to
noncontrolling interests in consolidated property partnerships
(36,000
)
(37,000
)
Funds From Operations (2)
$
444,700
$
451,900
Weighted average common shares/units
outstanding – diluted (3)
118,850
118,850
Funds From Operations per common
share/unit – diluted (3)
$
3.74
$
3.80
Key 2021 assumptions:
- Guidance range includes approximately $13.4 million of costs
related to the early redemption of the $300.0 million of $3.800%
senior notes
- Same Store Cash NOI growth of 5.0% to 5.5% (4)
- Year-end occupancy of approximately 91.5%
- Total remaining development spending of approximately $100
million to $150 million
________________________
(1)
Calculated based on estimated weighted
average shares outstanding including non-participating share-based
awards.
(2)
See management statement for Funds From
Operations at end of release.
(3)
Calculated based on weighted average
shares outstanding including participating and non-participating
share-based awards, dilutive impact of stock options and
contingently issuable shares, and assuming the exchange of all
common limited partnership units outstanding. Reported amounts are
attributable to common stockholders and common unitholders.
(4)
See management statement for Same Store
Cash Net Operating Income on page 36 of our Supplemental Financial
Report furnished on Form 8-K with this press release.
The company’s guidance estimates for the full year 2021, and the
reconciliation of net income available to common stockholders per
share - diluted and FFO per share and unit - diluted included
within this press release, reflect management’s views on current
and future market conditions, including assumptions with respect to
rental rates, occupancy levels, and the earnings impact of the
events referenced in this press release. Although these guidance
estimates reflect the impact on the company’s operating results of
an assumed range of future disposition activity, these guidance
estimates do not include any estimates of possible future gains or
losses from possible future dispositions because the magnitude of
gains or losses on sales of depreciable operating properties, if
any, will depend on the sales price and depreciated cost basis of
the disposed assets at the time of disposition, information that is
not known at the time the company provides guidance, and the timing
of any gain recognition will depend on the closing of the
dispositions, information that is also not known at the time the
company provides guidance and may occur after the relevant guidance
period. We caution you not to place undue reliance on our assumed
range of future disposition activity because any potential future
disposition transactions will ultimately depend on the market
conditions and other factors, including but not limited to the
company’s capital needs, the particular assets being sold and the
company’s ability to defer some or all of the taxable gain on the
sales. These guidance estimates also do not include the impact on
operating results from potential future acquisitions, possible
capital markets activity, possible future impairment charges or any
events outside of the company’s control. There can be no assurance
that the company’s actual results will not differ materially from
these estimates.
Conference Call and Audio Webcast
The company’s management will discuss third quarter results and
the current business environment during the company’s October 28,
2021 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
https://services.choruscall.com/links/krc211028.html. 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 (866) 312-7299. International callers should
dial (412) 317-1070. In order to bypass speaking to the operator on
the day of the call, please pre-register anytime at
https://dpregister.com/sreg/10148269/d9abb9d1ff. A replay of the
conference call will be available via telephone on October 28, 2021
through November 4, 2021 by dialing (877) 344-7529 and entering
passcode 10148269. International callers should dial (412) 317-0088
and enter the same passcode. The replay will also be available on
our website at
http://investors.kilroyrealty.com/shareholders/investor-events/default.aspx.
About Kilroy Realty Corporation
Kilroy Realty Corporation (NYSE: KRC, the “company”, “Kilroy”)
is a leading U.S. landlord and developer, with operations in San
Diego, Greater Los Angeles, the San Francisco Bay Area, the Pacific
Northwest and Austin, Texas. The company has earned global
recognition for sustainability, building operations, innovation and
design. As pioneers and innovators in the creation of a more
sustainable real estate industry, the company’s approach to modern
business environments helps drive creativity and productivity for
some of the world’s leading technology, entertainment, life science
and business services companies.
The company is a publicly traded real estate investment trust
(“REIT”) and member of the S&P MidCap 400 Index with more than
seven decades of experience developing, acquiring and managing
office, life science and mixed-use projects.
As of September 30, 2021, Kilroy’s stabilized portfolio totaled
approximately 15.2 million square feet of primarily office and life
science space that was 91.5% occupied and 93.9% leased. The company
also had more than 1,000 residential units in Hollywood and San
Diego, which had a quarterly average occupancy of 79.9%. In
addition, the company had six in-process development projects with
an estimated total investment of $2.6 billion, totaling
approximately 3.0 million square feet of office and life science
space. The office and life science space was 52% leased.
A Leader in Sustainability and Commitment to Corporate Social
Responsibility
The company is listed on the Dow Jones Sustainability World
Index and has been recognized by industry organizations around the
world. The company’s stabilized portfolio was 78% LEED certified,
44% Fitwel certified, the highest of any non-government
organization, and 72% of eligible properties were ENERGY STAR
certified as of September 30, 2021.
The company has been recognized by GRESB, the Global Real Estate
Sustainability Benchmark, as the listed sustainability leader in
the Americas for eight of the last nine years. Other honors have
included the National Association of Real Estate Investment Trust’s
(NAREIT) Leader in the Light award for six consecutive years and
ENERGY STAR Partner of the Year for eight years as well as ENERGY
STAR’s highest honor of Sustained Excellence, for the past six
years.
A big part of the company’s foundation is its commitment to
enhancing employee growth, satisfaction and wellness while
maintaining a diverse and thriving culture. For the second year in
a row, the company has been named to Bloomberg’s Gender Equality
Index—recognizing companies committed to supporting gender equality
through policy development, representation, and transparency.
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, Texas 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; our ability to maintain our status as a REIT;
and uncertainties regarding the impact of the COVID-19 pandemic,
and restrictions intended to prevent its spread, on our business
and the economy generally. 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, 2020 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.
KILROY
REALTY CORPORATION
SUMMARY OF
QUARTERLY RESULTS
(unaudited; in thousands, except
per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
Revenues
$
232,326
$
228,314
$
693,955
$
669,065
Net income available to common
stockholders
$
47,028
$
49,028
$
580,498
$
108,463
Weighted average common shares outstanding
– basic
116,457
115,226
116,418
112,406
Weighted average common shares outstanding
– diluted
116,963
115,668
116,894
112,876
Net income available to common
stockholders per share – basic
$
0.40
$
0.42
$
4.98
$
0.95
Net income available to common
stockholders per share – diluted
$
0.40
$
0.42
$
4.96
$
0.95
Funds From Operations (1)(2)
$
115,998
$
117,391
$
336,837
$
320,653
Weighted average common shares/units
outstanding – basic (3)
118,357
118,306
118,343
115,529
Weighted average common shares/units
outstanding – diluted (4)
118,862
118,747
118,820
115,999
Funds From Operations per common
share/unit – basic (2)
$
0.98
$
0.99
$
2.85
$
2.78
Funds From Operations per common
share/unit – diluted (2)
$
0.98
$
0.99
$
2.83
$
2.76
Common shares outstanding at end of
period
116,462
115,247
Common partnership units outstanding at
end of period
1,151
1,932
Total common shares and units outstanding
at end of period
117,613
117,179
September 30, 2021
September 30, 2020
Stabilized office portfolio occupancy
rates: (5)
Greater Los Angeles
86.4
%
90.8
%
San Diego County
91.8
%
86.7
%
San Francisco Bay Area
93.0
%
94.2
%
Greater Seattle
97.2
%
94.7
%
Weighted average total
91.5
%
92.2
%
Total square feet of stabilized office
properties owned at end of period: (5)
Greater Los Angeles
4,436
4,031
San Diego County
2,619
2,147
San Francisco Bay Area
5,763
6,350
Greater Seattle
2,381
1,802
Total
15,199
14,330
________________________
(1)
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.
(2)
Reported amounts are attributable to
common stockholders, common unitholders and restricted stock
unitholders.
(3)
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.
(4)
Calculated based on weighted average
shares outstanding including participating and non-participating
share-based awards, dilutive impact of stock options and
contingently issuable shares, and assuming the exchange of all
common limited partnership units outstanding.
(5)
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 September 30, 2020 include the office
properties that were sold subsequent to September 30, 2020.
KILROY
REALTY CORPORATION
CONSOLIDATED BALANCE SHEETS
(unaudited; in thousands)
September 30, 2021
December 31, 2020
ASSETS
REAL ESTATE ASSETS:
Land and improvements
$
1,702,423
$
1,628,848
Buildings and improvements
7,282,341
6,783,092
Undeveloped land and construction in
progress
2,237,742
1,778,106
Total real estate assets held for
investment
11,222,506
10,190,046
Accumulated depreciation and
amortization
(1,962,730
)
(1,798,646
)
Total real estate assets held for
investment, net
9,259,776
8,391,400
Cash and cash equivalents
348,417
731,991
Restricted cash
13,042
91,139
Marketable securities
27,285
27,481
Current receivables, net
11,646
12,007
Deferred rent receivables, net
394,297
386,658
Deferred leasing costs and
acquisition-related intangible assets, net
229,334
210,949
Right of use ground lease assets
127,657
95,523
Prepaid expenses and other assets, net
60,063
53,560
TOTAL ASSETS
$
10,471,517
$
10,000,708
LIABILITIES AND
EQUITY
LIABILITIES:
Secured debt, net
$
249,690
$
253,582
Unsecured debt, net
3,673,183
3,670,099
Accounts payable, accrued expenses and
other liabilities
441,357
445,100
Ground lease liabilities
125,676
97,778
Accrued dividends and distributions
61,845
59,431
Deferred revenue and acquisition-related
intangible liabilities, net
160,687
128,523
Rents received in advance and tenant
security deposits
68,441
68,874
Total liabilities
4,780,879
4,723,387
EQUITY:
Stockholders’ Equity
Common stock
1,165
1,160
Additional paid-in capital
5,146,049
5,131,916
Retained earnings (distributions in excess
of earnings)
297,250
(103,133
)
Total stockholders’ equity
5,444,464
5,029,943
Noncontrolling Interests
Common units of the Operating
Partnership
53,788
49,875
Noncontrolling interests in consolidated
property partnerships
192,386
197,503
Total noncontrolling interests
246,174
247,378
Total equity
5,690,638
5,277,321
TOTAL LIABILITIES AND EQUITY
$
10,471,517
$
10,000,708
KILROY
REALTY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in thousands, except
per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
REVENUES
Rental income
$
230,720
$
227,122
$
689,849
$
664,111
Other property income
1,606
1,192
4,106
4,954
Total revenues
232,326
228,314
693,955
669,065
EXPENSES
Property expenses
40,842
39,236
120,183
116,048
Real estate taxes
24,153
23,868
71,528
67,924
Ground leases
1,708
2,119
5,559
6,766
General and administrative expenses
22,990
18,572
69,482
76,179
Leasing costs
798
986
2,373
3,772
Depreciation and amortization
73,213
71,863
222,734
226,318
Total expenses
163,704
156,644
491,859
497,007
OTHER INCOME (EXPENSES)
Interest income and other net investment
gain
976
1,869
3,686
1,579
Interest expense
(16,105
)
(19,468
)
(59,829
)
(49,796
)
Gain on sale of depreciable operating
property
—
—
457,831
—
Total other (expenses) income
(15,129
)
(17,599
)
401,688
(48,217
)
NET INCOME
53,493
54,071
603,784
123,841
Net income attributable to noncontrolling
common units of the Operating Partnership
(460
)
(785
)
(5,700
)
(1,857
)
Net income attributable to noncontrolling
interests in consolidated property partnerships
(6,005
)
(4,258
)
(17,586
)
(13,521
)
Total income attributable to
noncontrolling interests
(6,465
)
(5,043
)
(23,286
)
(15,378
)
NET INCOME AVAILABLE TO COMMON
STOCKHOLDERS
$
47,028
$
49,028
$
580,498
$
108,463
Weighted average common shares outstanding
– basic
116,457
115,226
116,418
112,406
Weighted average common shares outstanding
– diluted
116,963
115,668
116,894
112,876
Net income available to common
stockholders per share – basic
$
0.40
$
0.42
$
4.98
$
0.95
Net income available to common
stockholders per share – diluted
$
0.40
$
0.42
$
4.96
$
0.95
KILROY
REALTY CORPORATION
FUNDS FROM
OPERATIONS
(unaudited; in thousands, except
per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
Net income available to common
stockholders
$
47,028
$
49,028
$
580,498
$
108,463
Adjustments:
Net income attributable to noncontrolling
common units of the Operating Partnership
460
785
5,700
1,857
Net income attributable to noncontrolling
interests in consolidated property partnerships
6,005
4,258
17,586
13,521
Depreciation and amortization of real
estate assets
71,703
70,422
218,171
218,841
Gain on sale of depreciable real
estate
—
—
(457,831
)
—
Funds From Operations attributable to
noncontrolling interests in consolidated property partnerships
(9,198
)
(7,102
)
(27,287
)
(22,029
)
Funds From Operations(1)(2)(3)
$
115,998
$
117,391
$
336,837
$
320,653
Weighted average common shares/units
outstanding – basic (4)
118,357
118,306
118,343
115,529
Weighted average common shares/units
outstanding – diluted (5)
118,862
118,747
118,820
115,999
Funds From Operations per common
share/unit – basic (2)
$
0.98
$
0.99
$
2.85
$
2.78
Funds From Operations per common
share/unit – diluted (2)
$
0.98
$
0.99
$
2.83
$
2.76
________________________
(1)
We calculate Funds From Operations
available to common stockholders and common unitholders (“FFO”) in
accordance with the 2018 Restated 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 and common unitholders.
(3)
FFO available to common stockholders and
unitholders includes amortization of deferred revenue related to
tenant-funded tenant improvements of $4.1 million and $4.4 million
for the three months ended September 30, 2021 and 2020,
respectively, and $13.0 million and $17.4 million for the nine
months ended September 30, 2021 and 2020, respectively.
(4)
Calculated based on weighted average
shares outstanding including participating share-based awards (i.e.
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, dilutive impact of stock options and
contingently issuable shares, and assuming the exchange of all
common limited partnership units outstanding.
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Tyler H. Rose President (310) 481-8484 or Michelle Ngo Senior
Vice President, Chief Financial Officer and Treasurer (310)
481-8581
Kilroy Realty (NYSE:KRC)
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