Kilroy Realty Q4 FFO Rises

(RTTNews) - Kilroy Realty Corp. (KRC) reported that its funds from operation for the fourth quarter of 2018 was $81.3 million or $0.78 per share, compared to $86.5 million, or $0.85 per share, in the year-earlier quarter.

FFO per share in the 2018 fourth quarter included a $0.12 per share charge from the early extinguishment of debt related to the redemption of notes, a $0.12 per share non-cash charge related to accrued potential future executive retirement benefits, and an $0.11 per share gain on the sale of land. In the prior year's fourth quarter, net income and FFO per share both included a $0.06 per share charge related to the early extinguishment of debt.

Net income available to common stockholders for the fourth quarter of 2018 was $160.2 million, or $1.58 per share, compared to $28.5 million, or $0.28 per share, in the fourth quarter of 2017.

Net income per share in the 2018 fourth quarter included a $0.13 per share charge from the early extinguishment of debt related to the redemption of the 6.625% unsecured senior notes, a $0.12 per share non-cash charge related to accrued potential future executive retirement benefits, a $0.12 per share gain on the sale of land, and a $1.41 per share gain on the sale of operating properties.

Revenues in the fourth quarter totaled $190.8 million, up from $177.6 million in the prior year's period.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.32 per share and revenues of $163.61 million. Analysts' estimates typically exclude special items.

The company provided an initial guidance range of FFO per share for its fiscal year 2019 of $3.58 to $3.78 per share, with a midpoint of $3.68 per share, reflecting management's views on current and future market conditions. Analysts expect annual earnings of $1.56 per share.