Intrinsic value of Kilroy Realty - KRC

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$76.87

  Intrinsic Value

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  Value-price divergence*

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of KRC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.67
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
Revenue, $m
  643
  739
  843
  953
  1,071
  1,194
  1,325
  1,461
  1,604
  1,753
  1,909
  2,071
  2,240
  2,415
  2,597
  2,786
  2,983
  3,187
  3,400
  3,621
  3,851
  4,090
  4,339
  4,599
  4,870
  5,152
  5,447
  5,754
  6,075
  6,411
  6,762
Variable operating expenses, $m
 
  441
  503
  569
  639
  713
  791
  872
  958
  1,047
  1,140
  1,236
  1,337
  1,442
  1,550
  1,663
  1,781
  1,903
  2,030
  2,162
  2,299
  2,442
  2,591
  2,746
  2,907
  3,076
  3,252
  3,435
  3,627
  3,827
  4,037
Fixed operating expenses, $m
 
  69
  70
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  99
  102
  104
  107
  110
  113
  115
  118
  121
  124
  127
  131
  134
  137
  141
Total operating expenses, $m
  449
  510
  573
  641
  713
  789
  869
  952
  1,040
  1,131
  1,226
  1,324
  1,427
  1,534
  1,645
  1,760
  1,880
  2,005
  2,134
  2,269
  2,409
  2,555
  2,706
  2,864
  3,028
  3,200
  3,379
  3,566
  3,761
  3,964
  4,178
Operating income, $m
  194
  229
  269
  312
  357
  406
  456
  509
  565
  623
  684
  747
  812
  881
  952
  1,026
  1,103
  1,183
  1,266
  1,352
  1,442
  1,536
  1,633
  1,735
  1,841
  1,952
  2,068
  2,188
  2,315
  2,447
  2,584
EBITDA, $m
  411
  479
  554
  634
  719
  809
  904
  1,003
  1,107
  1,215
  1,329
  1,447
  1,569
  1,697
  1,829
  1,967
  2,111
  2,260
  2,414
  2,576
  2,743
  2,918
  3,100
  3,289
  3,487
  3,693
  3,908
  4,133
  4,368
  4,613
  4,869
Interest expense (income), $m
  54
  81
  98
  115
  134
  154
  176
  198
  222
  246
  272
  298
  326
  355
  385
  417
  449
  483
  518
  555
  593
  632
  673
  716
  761
  807
  856
  906
  959
  1,014
  1,072
Earnings before tax, $m
  304
  148
  172
  197
  223
  251
  280
  311
  343
  377
  412
  448
  486
  526
  567
  609
  653
  700
  748
  797
  849
  904
  960
  1,019
  1,081
  1,145
  1,212
  1,282
  1,355
  1,432
  1,512
Tax expense, $m
  0
  40
  46
  53
  60
  68
  76
  84
  93
  102
  111
  121
  131
  142
  153
  164
  176
  189
  202
  215
  229
  244
  259
  275
  292
  309
  327
  346
  366
  387
  408
Net income, $m
  294
  108
  125
  144
  163
  183
  205
  227
  251
  275
  301
  327
  355
  384
  414
  445
  477
  511
  546
  582
  620
  660
  701
  744
  789
  836
  885
  936
  990
  1,046
  1,104

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  193
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,707
  7,469
  8,515
  9,630
  10,814
  12,064
  13,380
  14,760
  16,204
  17,711
  19,283
  20,920
  22,622
  24,392
  26,232
  28,143
  30,130
  32,195
  34,341
  36,574
  38,897
  41,314
  43,832
  46,455
  49,190
  52,042
  55,018
  58,124
  61,368
  64,758
  68,301
Adjusted assets (=assets-cash), $m
  6,514
  7,469
  8,515
  9,630
  10,814
  12,064
  13,380
  14,760
  16,204
  17,711
  19,283
  20,920
  22,622
  24,392
  26,232
  28,143
  30,130
  32,195
  34,341
  36,574
  38,897
  41,314
  43,832
  46,455
  49,190
  52,042
  55,018
  58,124
  61,368
  64,758
  68,301
Revenue / Adjusted assets
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
Average production assets, $m
  5,628
  6,472
  7,378
  8,344
  9,370
  10,453
  11,593
  12,789
  14,040
  15,346
  16,708
  18,126
  19,601
  21,134
  22,728
  24,385
  26,106
  27,895
  29,755
  31,689
  33,702
  35,797
  37,978
  40,251
  42,621
  45,092
  47,670
  50,361
  53,172
  56,109
  59,179
Working capital, $m
  0
  -222
  -253
  -286
  -321
  -358
  -397
  -438
  -481
  -526
  -573
  -621
  -672
  -724
  -779
  -836
  -895
  -956
  -1,020
  -1,086
  -1,155
  -1,227
  -1,302
  -1,380
  -1,461
  -1,546
  -1,634
  -1,726
  -1,823
  -1,923
  -2,029
Total debt, $m
  2,320
  2,786
  3,294
  3,836
  4,412
  5,019
  5,659
  6,329
  7,031
  7,764
  8,528
  9,323
  10,150
  11,011
  11,905
  12,834
  13,799
  14,803
  15,846
  16,931
  18,060
  19,235
  20,458
  21,733
  23,062
  24,448
  25,895
  27,404
  28,981
  30,628
  32,350
Total liabilities, $m
  3,164
  3,630
  4,138
  4,680
  5,256
  5,863
  6,503
  7,173
  7,875
  8,608
  9,372
  10,167
  10,994
  11,855
  12,749
  13,678
  14,643
  15,647
  16,690
  17,775
  18,904
  20,079
  21,302
  22,577
  23,906
  25,292
  26,739
  28,248
  29,825
  31,472
  33,194
Total equity, $m
  3,543
  3,839
  4,377
  4,950
  5,558
  6,201
  6,877
  7,586
  8,329
  9,104
  9,911
  10,753
  11,628
  12,538
  13,483
  14,466
  15,487
  16,548
  17,652
  18,799
  19,993
  21,236
  22,530
  23,878
  25,284
  26,750
  28,279
  29,876
  31,543
  33,285
  35,106
Total liabilities and equity, $m
  6,707
  7,469
  8,515
  9,630
  10,814
  12,064
  13,380
  14,759
  16,204
  17,712
  19,283
  20,920
  22,622
  24,393
  26,232
  28,144
  30,130
  32,195
  34,342
  36,574
  38,897
  41,315
  43,832
  46,455
  49,190
  52,042
  55,018
  58,124
  61,368
  64,757
  68,300
Debt-to-equity ratio
  0.655
  0.730
  0.750
  0.780
  0.790
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.870
  0.880
  0.880
  0.890
  0.890
  0.890
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
  0.920
Adjusted equity ratio
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  294
  108
  125
  144
  163
  183
  205
  227
  251
  275
  301
  327
  355
  384
  414
  445
  477
  511
  546
  582
  620
  660
  701
  744
  789
  836
  885
  936
  990
  1,046
  1,104
Depreciation, amort., depletion, $m
  217
  250
  285
  322
  362
  404
  448
  494
  542
  593
  645
  700
  757
  816
  878
  941
  1,008
  1,077
  1,149
  1,224
  1,301
  1,382
  1,466
  1,554
  1,646
  1,741
  1,841
  1,944
  2,053
  2,166
  2,285
Funds from operations, $m
  330
  358
  410
  466
  525
  587
  652
  721
  793
  868
  946
  1,027
  1,112
  1,200
  1,291
  1,386
  1,485
  1,588
  1,695
  1,806
  1,921
  2,042
  2,167
  2,298
  2,434
  2,577
  2,725
  2,880
  3,042
  3,212
  3,389
Change in working capital, $m
  -15
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -101
  -105
Cash from operations, $m
  345
  680
  441
  499
  560
  624
  691
  762
  836
  912
  992
  1,076
  1,162
  1,252
  1,346
  1,443
  1,544
  1,649
  1,758
  1,872
  1,990
  2,114
  2,242
  2,376
  2,516
  2,661
  2,814
  2,973
  3,139
  3,313
  3,494
Maintenance CAPEX, $m
  0
  -217
  -250
  -285
  -322
  -362
  -404
  -448
  -494
  -542
  -593
  -645
  -700
  -757
  -816
  -878
  -941
  -1,008
  -1,077
  -1,149
  -1,224
  -1,301
  -1,382
  -1,466
  -1,554
  -1,646
  -1,741
  -1,841
  -1,944
  -2,053
  -2,166
New CAPEX, $m
  -890
  -844
  -906
  -966
  -1,025
  -1,083
  -1,140
  -1,196
  -1,251
  -1,306
  -1,362
  -1,418
  -1,475
  -1,534
  -1,594
  -1,656
  -1,721
  -1,789
  -1,860
  -1,934
  -2,013
  -2,095
  -2,182
  -2,273
  -2,369
  -2,471
  -2,578
  -2,691
  -2,811
  -2,937
  -3,070
Cash from investing activities, $m
  -635
  -1,061
  -1,156
  -1,251
  -1,347
  -1,445
  -1,544
  -1,644
  -1,745
  -1,848
  -1,955
  -2,063
  -2,175
  -2,291
  -2,410
  -2,534
  -2,662
  -2,797
  -2,937
  -3,083
  -3,237
  -3,396
  -3,564
  -3,739
  -3,923
  -4,117
  -4,319
  -4,532
  -4,755
  -4,990
  -5,236
Free cash flow, $m
  -290
  -381
  -715
  -752
  -788
  -821
  -852
  -881
  -909
  -936
  -962
  -987
  -1,013
  -1,038
  -1,064
  -1,091
  -1,119
  -1,148
  -1,179
  -1,211
  -1,246
  -1,282
  -1,322
  -1,363
  -1,408
  -1,455
  -1,506
  -1,559
  -1,617
  -1,677
  -1,742
Issuance/(repayment) of debt, $m
  96
  466
  508
  542
  575
  608
  639
  671
  702
  733
  764
  795
  827
  860
  894
  929
  965
  1,003
  1,043
  1,085
  1,129
  1,175
  1,224
  1,275
  1,329
  1,386
  1,446
  1,510
  1,577
  1,647
  1,722
Issuance/(repurchase) of shares, $m
  34
  211
  744
  784
  821
  856
  889
  920
  950
  978
  1,006
  1,033
  1,060
  1,088
  1,116
  1,144
  1,174
  1,206
  1,239
  1,274
  1,311
  1,350
  1,392
  1,437
  1,484
  1,535
  1,589
  1,646
  1,707
  1,772
  1,841
Cash from financing (excl. dividends), $m  
  578
  677
  1,252
  1,326
  1,396
  1,464
  1,528
  1,591
  1,652
  1,711
  1,770
  1,828
  1,887
  1,948
  2,010
  2,073
  2,139
  2,209
  2,282
  2,359
  2,440
  2,525
  2,616
  2,712
  2,813
  2,921
  3,035
  3,156
  3,284
  3,419
  3,563
Total cash flow (excl. dividends), $m
  288
  85
  -206
  -210
  -213
  -213
  -213
  -211
  -208
  -203
  -198
  -192
  -185
  -178
  -170
  -162
  -153
  -144
  -135
  -126
  -117
  -107
  -98
  -88
  -79
  -69
  -59
  -50
  -40
  -30
  -20
Retained Cash Flow (-), $m
  -372
  -489
  -537
  -573
  -608
  -643
  -676
  -709
  -742
  -775
  -808
  -841
  -875
  -910
  -946
  -983
  -1,021
  -1,061
  -1,103
  -1,148
  -1,194
  -1,243
  -1,294
  -1,348
  -1,406
  -1,466
  -1,530
  -1,597
  -1,668
  -1,742
  -1,821
Prev. year cash balance distribution, $m
 
  193
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.1
  88.9
  82.0
  76.0
  70.8
  66.3
  62.4
  58.9
  55.8
  53.0
  50.5
  48.3
  46.2
  44.3
  42.6
  41.1
  39.6
  38.2
  37.0
  35.8
  34.7
  33.6
  32.6
  31.7
  30.8
  30.0
  29.2
  28.4
  27.7
  27.0

Kilroy Realty Corporation. is a real estate investment trust. The firm invests in real estate markets of the United States. It own, develop, acquire and manage real estate assets, consisting primarily of Class A properties in the coastal regions of Los Angeles, Orange County, San Diego County, the San Francisco Bay Area and greater Seattle. Kilroy Realty Corporation. was founded in 1947 and is based in Los Angeles, California.

FINANCIAL RATIOS  of  Kilroy Realty (KRC)

Valuation Ratios
P/E Ratio 24.4
Price to Sales 11.1
Price to Book 2
Price to Tangible Book
Price to Cash Flow 20.8
Price to Free Cash Flow -13.1
Growth Rates
Sales Growth Rate 10.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 37.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 65.5%
Total Debt to Equity 65.5%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 8.8%
Return On Equity - 3 Yr. Avg. 7.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 73.1%
Gross Margin - 3 Yr. Avg. 72.5%
EBITDA Margin 89.4%
EBITDA Margin - 3 Yr. Avg. 78.9%
Operating Margin 30.2%
Oper. Margin - 3 Yr. Avg. 27.6%
Pre-Tax Margin 47.3%
Pre-Tax Margin - 3 Yr. Avg. 33.2%
Net Profit Margin 45.7%
Net Profit Margin - 3 Yr. Avg. 40.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 51.4%

KRC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KRC stock intrinsic value calculation we used $643 million for the last fiscal year's total revenue generated by Kilroy Realty. The default revenue input number comes from 2016 income statement of Kilroy Realty. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our KRC stock valuation model: a) initial revenue growth rate of 15% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.2%, whose default value for KRC is calculated based on our internal credit rating of Kilroy Realty, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Kilroy Realty.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of KRC stock the variable cost ratio is equal to 59.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $67 million in the base year in the intrinsic value calculation for KRC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Kilroy Realty.

Corporate tax rate of 27% is the nominal tax rate for Kilroy Realty. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the KRC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for KRC are equal to 875.2%.

Life of production assets of 25.9 years is the average useful life of capital assets used in Kilroy Realty operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for KRC is equal to -30%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3543 million for Kilroy Realty - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 97.292 million for Kilroy Realty is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Kilroy Realty at the current share price and the inputted number of shares is $7.5 billion.


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COMPANY NEWS

▶ Prologis on the Street: How Analysts See PLD Stock   [Jun-22-17 09:06AM  Market Realist]
▶ How Prologis Has Managed to Remain Afloat amid Online Hype   [Jun-19-17 03:34PM  Market Realist]
▶ Kilroy Realty Increases Common Dividend 13.3%   [May-23-17 04:25PM  Business Wire]
▶ Kilroy Realty reports 1Q results   [Apr-26-17 07:08PM  Associated Press]
▶ Kilroy Realty Declares Quarterly Dividends   [04:26PM  Business Wire]
▶ Kilroy Realty reports 4Q results   [05:02AM  Associated Press]
▶ Kilroy Realtys Fourth Quarter 2016 Earnings Conference Call   [Jan-06-17 03:00PM  GlobeNewswire]
▶ Theranos headquarters is sold   [Jan-05-17 10:05AM  at bizjournals.com]
▶ Kilroy Realty Corporation Prices Offering of Common Stock   [Jan-04-17 08:20PM  Business Wire]
▶ Kilroy Realty Announces Long-Term Seattle Lease   [Dec-12-16 04:37PM  Business Wire]
▶ Should You Follow Hedge Funds Back Into Kilroy Realty Corp (KRC)?   [Dec-06-16 04:39PM  at Insider Monkey]
▶ New wave of tech leases boosts S.F. office market   [Dec-01-16 05:31PM  at bizjournals.com]
▶ [$$] John B. Kilroy Rose From Poverty to Build Property Empire and Race Yachts   [Oct-08-16 02:12AM  at The Wall Street Journal]
▶ [$$] John B. Kilroy Rose From Poverty to Build Property Empire   [Oct-07-16 01:00PM  at The Wall Street Journal]
▶ Kilroy Realtys Third Quarter 2016 Earnings Conference Call   [Oct-03-16 02:30PM  GlobeNewswire]
▶ Kilroy Realty Declares Quarterly Dividends   [Sep-15-16 05:06PM  Business Wire]
▶ [$$] Finance Watch   [Aug-31-16 07:42PM  at The Wall Street Journal]
Stock chart of KRC Financial statements of KRC Annual reports of KRC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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