Hot Real Estate Stock to watch: Kilroy Realty Corp (NYSE: KRC)

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Kilroy Realty Corp (NYSE: KRC) stock rose over 1.5% on Feb 4th, 2020 (as of 10:44 am GMT-5 ; Source: Google finance)  after the company posted better than earnings estimate for the fourth quarter of FY 19. Net income available to common stockholders fell to $72.5 million from last year’s $160.2 million. During the fourth quarter, the company had executed 12-month forward equity sale agreements under the ATM program for 1,945,906 shares at a weighted average sales price of $82.64.

KRC in the fourth quarter of FY 19 has reported the adjusted funds from operations per share of $1, beating the analysts’ estimates for the adjusted funds from operations per share of 95 cents, according to Zacks Investment Research. The company had reported the adjusted revenue of $220.24 million in the fourth quarter of FY 19 compared to last year’s $190.84 million.

For fiscal 2020, the company expects FFO to be in the range of $445.30 million to $467.70 million or $4.01 to $4.21 per share, with a midpoint of $4.11 per share. Net income available to common stockholders is projected to be in the range of $219 million to $241 million or $2.01 to $2.21 per share.

In addition, for fiscal 2020, dispositions is expected to be in the range of approximately $150.0 million to $300.0 million. Same store cash net operating income growth is expected to be in the range of 6.5% to 7.5% . Year-end occupancy is expected to be in the range of 93.0% to 94.0%. Total development spending is expected to be in the range of approximately $500 million to $600 million

Meanwhile, the company In October, had acquired an office campus totaling approximately 152,000 square feet that is 100% leased to creative tenants and is located at 3103-3243 La Cienega Blvd. in the Culver City submarket of Los Angeles for $186.0 million. The company intends to significantly increase the square footage of the campus through redevelopment over time.

In December, the company had completed the acquisition of a 1.4-acre land site, located at 500 and 600 Olive Way, 601 Stewart Street, 1825 7th Avenue and 1818 16th Avenue, in the central business district of Seattle for a cash purchase price of $133.0 million. The company intends to seek entitlements to develop a mixed-use project over time.

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