Kilroy Realty: 4Q Earnings Snapshot
LOS ANGELES (AP) _ Kilroy Realty Corp. (KRC) on Monday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Los Angeles, said it had funds from operations of $109.5 million, or $1 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 95 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $72.5 million, or 67 cents per share.
The real estate investment trust posted revenue of $220.2 million in the period.
For the year, the company reported funds from operations of $418.5 million, or $3.91 per share. Revenue was reported as $837.5 million.
Kilroy Realty expects full-year funds from operations to be $4.01 to $4.21 per share.
The company’s shares have declined slightly since the beginning of the year. In the final minutes of trading on Monday, shares hit $83.85, a climb of 20% in the last 12 months.