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Kilroy Realty Reports Steady Q3 2024 Growth
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Kilroy Realty Reports Steady Q3 2024 Growth

Kilroy Realty ( (KRC) ) has realeased its Q3 earnings. Here is a breakdown of the information Kilroy Realty presented to its investors.

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Kilroy Realty Corporation, a prominent U.S. real estate investment trust, specializes in developing and managing office, life science, and mixed-use properties across several key markets, including San Diego, Los Angeles, San Francisco Bay Area, Seattle, and Austin.

In its third quarter earnings report for 2024, Kilroy Realty Corporation announced a revenue increase of 2.2% year-over-year, reaching $289.9 million. Despite a slight dip in net income per diluted share to $0.44, the company reported a notable rise in funds from operations per diluted share, which grew by 4.5% to $1.17.

The company’s financial performance was bolstered by significant leasing activity, with approximately 436,000 square feet of leases signed during the quarter, including 48,000 square feet of new leasing on previously vacant spaces. Additionally, Kilroy Realty completed the strategic acquisition of Junction at Del Mar, enhancing its presence in the San Diego market. The company also demonstrated strong liquidity, with approximately $1.7 billion available, including $0.6 billion in cash.

Kilroy Realty’s management expressed confidence in the ongoing market recovery, highlighting the successful capital allocation and leasing activities. The company remains focused on strengthening its portfolio and maintaining financial flexibility.

Looking ahead, Kilroy Realty Corporation maintains an optimistic outlook for 2024, updating its full-year guidance for funds from operations, reflecting positive expectations for rental rates and occupancy levels.

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