Intrinsic value of Kilroy Realty - KRC

Previous Close

$71.69

  Intrinsic Value

$1.84

stock screener

  Rating & Target

str. sell

-97%

Previous close

$71.69

 
Intrinsic value

$1.84

 
Up/down potential

-97%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as KRC.

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 2017), $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 7.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.90
  11.21
  10.59
  10.03
  9.53
  9.07
  8.67
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.32
Revenue, $m
  805
  895
  989
  1,089
  1,192
  1,301
  1,413
  1,531
  1,653
  1,780
  1,911
  2,048
  2,191
  2,339
  2,492
  2,652
  2,819
  2,992
  3,173
  3,361
  3,557
  3,762
  3,976
  4,199
  4,432
  4,676
  4,930
  5,196
  5,475
  5,767
Variable operating expenses, $m
  559
  618
  681
  747
  816
  888
  962
  1,040
  1,121
  1,205
  1,268
  1,358
  1,453
  1,551
  1,653
  1,759
  1,870
  1,985
  2,104
  2,229
  2,359
  2,495
  2,637
  2,785
  2,939
  3,101
  3,270
  3,446
  3,631
  3,825
Fixed operating expenses, $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
Total operating expenses, $m
  559
  618
  681
  747
  816
  888
  962
  1,040
  1,121
  1,205
  1,268
  1,358
  1,453
  1,551
  1,653
  1,759
  1,870
  1,985
  2,104
  2,229
  2,359
  2,495
  2,637
  2,785
  2,939
  3,101
  3,270
  3,446
  3,631
  3,825
Operating income, $m
  246
  276
  308
  342
  377
  413
  451
  491
  532
  574
  644
  690
  738
  788
  839
  893
  949
  1,008
  1,069
  1,132
  1,198
  1,267
  1,339
  1,414
  1,493
  1,575
  1,660
  1,750
  1,844
  1,942
EBITDA, $m
  1,052
  1,170
  1,294
  1,424
  1,559
  1,701
  1,848
  2,002
  2,161
  2,327
  2,499
  2,678
  2,865
  3,058
  3,259
  3,469
  3,686
  3,913
  4,149
  4,395
  4,652
  4,920
  5,199
  5,491
  5,796
  6,114
  6,447
  6,795
  7,160
  7,541
Interest expense (income), $m
  54
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
  77
Earnings before tax, $m
  169
  199
  231
  265
  300
  336
  374
  413
  455
  497
  567
  613
  661
  711
  762
  816
  872
  931
  992
  1,055
  1,121
  1,190
  1,262
  1,337
  1,416
  1,498
  1,583
  1,673
  1,767
  1,865
Tax expense, $m
  46
  54
  62
  71
  81
  91
  101
  112
  123
  134
  153
  165
  178
  192
  206
  220
  236
  251
  268
  285
  303
  321
  341
  361
  382
  404
  427
  452
  477
  504
Net income, $m
  123
  145
  169
  193
  219
  245
  273
  302
  332
  363
  414
  447
  482
  519
  557
  596
  637
  679
  724
  770
  818
  869
  921
  976
  1,033
  1,093
  1,156
  1,221
  1,290
  1,361

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  -137
  -153
  -169
  -186
  -203
  -222
  -241
  -261
  -282
  -304
  -326
  -349
  -374
  -399
  -425
  -453
  -481
  -511
  -541
  -573
  -607
  -642
  -678
  -716
  -756
  -798
  -841
  -887
  -934
  -984
Adjusted assets (=assets-cash), $m
  -137
  -153
  -169
  -186
  -203
  -222
  -241
  -261
  -282
  -304
  -326
  -349
  -374
  -399
  -425
  -453
  -481
  -511
  -541
  -573
  -607
  -642
  -678
  -716
  -756
  -798
  -841
  -887
  -934
  -984
Revenue / Adjusted assets
  -5.876
  -5.850
  -5.852
  -5.855
  -5.872
  -5.860
  -5.863
  -5.866
  -5.862
  -5.855
  -5.862
  -5.868
  -5.858
  -5.862
  -5.864
  -5.854
  -5.861
  -5.855
  -5.865
  -5.866
  -5.860
  -5.860
  -5.864
  -5.865
  -5.862
  -5.860
  -5.862
  -5.858
  -5.862
  -5.861
Average production assets, $m
  7,811
  8,687
  9,607
  10,571
  11,578
  12,628
  13,723
  14,862
  16,046
  17,278
  18,557
  19,887
  21,269
  22,705
  24,199
  25,753
  27,369
  29,053
  30,806
  32,634
  34,539
  36,527
  38,602
  40,768
  43,031
  45,395
  47,867
  50,453
  53,158
  55,988
Working capital, $m
  -3,180
  -3,537
  -3,911
  -4,304
  -4,714
  -5,142
  -5,587
  -6,051
  -6,533
  -7,035
  -7,556
  -8,097
  -8,660
  -9,244
  -9,853
  -10,485
  -11,143
  -11,829
  -12,543
  -13,287
  -14,063
  -14,872
  -15,717
  -16,599
  -17,520
  -18,483
  -19,489
  -20,542
  -21,643
  -22,796
Total debt, $m
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
Total liabilities, $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
Total equity, $m
  -137
  -153
  -169
  -186
  -203
  -222
  -241
  -261
  -282
  -304
  -326
  -349
  -374
  -399
  -425
  -453
  -481
  -511
  -541
  -573
  -607
  -642
  -678
  -716
  -756
  -798
  -841
  -887
  -934
  -984
Total liabilities and equity, $m
  -137
  -153
  -169
  -186
  -203
  -222
  -241
  -261
  -282
  -304
  -326
  -349
  -374
  -399
  -425
  -453
  -481
  -511
  -541
  -573
  -607
  -642
  -678
  -716
  -756
  -798
  -841
  -887
  -934
  -984
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  123
  145
  169
  193
  219
  245
  273
  302
  332
  363
  414
  447
  482
  519
  557
  596
  637
  679
  724
  770
  818
  869
  921
  976
  1,033
  1,093
  1,156
  1,221
  1,290
  1,361
Depreciation, amort., depletion, $m
  806
  894
  986
  1,082
  1,183
  1,288
  1,397
  1,511
  1,630
  1,753
  1,856
  1,989
  2,127
  2,271
  2,420
  2,575
  2,737
  2,905
  3,081
  3,263
  3,454
  3,653
  3,860
  4,077
  4,303
  4,540
  4,787
  5,045
  5,316
  5,599
Funds from operations, $m
  929
  1,039
  1,154
  1,275
  1,401
  1,533
  1,670
  1,813
  1,961
  2,116
  2,269
  2,436
  2,609
  2,789
  2,976
  3,171
  3,374
  3,585
  3,804
  4,033
  4,272
  4,521
  4,781
  5,053
  5,336
  5,633
  5,943
  6,267
  6,606
  6,960
Change in working capital, $m
  -338
  -357
  -375
  -392
  -410
  -428
  -446
  -464
  -482
  -501
  -521
  -541
  -563
  -585
  -608
  -633
  -658
  -685
  -714
  -744
  -776
  -809
  -845
  -882
  -921
  -963
  -1,007
  -1,053
  -1,101
  -1,152
Cash from operations, $m
  1,268
  1,396
  1,529
  1,668
  1,811
  1,961
  2,116
  2,277
  2,444
  2,617
  2,790
  2,977
  3,172
  3,374
  3,585
  3,804
  4,032
  4,270
  4,518
  4,778
  5,048
  5,331
  5,626
  5,935
  6,258
  6,596
  6,949
  7,319
  7,707
  8,113
Maintenance CAPEX, $m
  -698
  -781
  -869
  -961
  -1,057
  -1,158
  -1,263
  -1,372
  -1,486
  -1,605
  -1,728
  -1,856
  -1,989
  -2,127
  -2,271
  -2,420
  -2,575
  -2,737
  -2,905
  -3,081
  -3,263
  -3,454
  -3,653
  -3,860
  -4,077
  -4,303
  -4,540
  -4,787
  -5,045
  -5,316
New CAPEX, $m
  -831
  -876
  -920
  -964
  -1,007
  -1,051
  -1,094
  -1,139
  -1,185
  -1,231
  -1,280
  -1,330
  -1,382
  -1,436
  -1,494
  -1,554
  -1,617
  -1,683
  -1,754
  -1,827
  -1,905
  -1,988
  -2,075
  -2,166
  -2,263
  -2,365
  -2,472
  -2,585
  -2,705
  -2,831
Cash from investing activities, $m
  -1,529
  -1,657
  -1,789
  -1,925
  -2,064
  -2,209
  -2,357
  -2,511
  -2,671
  -2,836
  -3,008
  -3,186
  -3,371
  -3,563
  -3,765
  -3,974
  -4,192
  -4,420
  -4,659
  -4,908
  -5,168
  -5,442
  -5,728
  -6,026
  -6,340
  -6,668
  -7,012
  -7,372
  -7,750
  -8,147
Free cash flow, $m
  -261
  -261
  -260
  -257
  -253
  -248
  -241
  -235
  -227
  -219
  -217
  -208
  -199
  -189
  -180
  -170
  -160
  -150
  -140
  -131
  -121
  -111
  -101
  -92
  -82
  -72
  -63
  -53
  -43
  -34
Issuance/(repayment) of debt, $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
Issuance/(repurchase) of shares, $m
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -43
  -45
  -48
  -50
Cash from financing (excl. dividends), $m  
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -43
  -45
  -48
  -50
Total cash flow (excl. dividends), $m
  -276
  -276
  -276
  -274
  -270
  -266
  -261
  -255
  -248
  -240
  -239
  -231
  -223
  -215
  -206
  -197
  -189
  -180
  -171
  -163
  -154
  -146
  -138
  -130
  -122
  -114
  -106
  -98
  -91
  -83
Retained Cash Flow (-), $m
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  40
  42
  43
  45
  48
  50
Prev. year cash balance distribution, $m
  123
  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
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  40
  42
  43
  45
  48
  50
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  14
  14
  14
  13
  13
  12
  12
  11
  10
  9
  9
  8
  7
  6
  5
  5
  4
  3
  3
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Kilroy Realty Corporation is a real estate investment trust (REIT). The Company operates through the office properties segment. It operates in office and mixed-use submarkets along the West Coast. It owns, develops, acquires and manages 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. It owns its interests in all of its real estate assets through Kilroy Realty, L.P. (Operating Partnership) and the Kilroy Realty Finance Partnership, L.P. (Finance Partnership). Its stabilized portfolio includes all of its properties with the exception of development and redevelopment properties under construction or committed for construction, lease-up properties, real estate assets held for sale and undeveloped land. As of December 31, 2016, its stabilized portfolio of operating properties included 108 stabilized office properties and a stabilized residential property.

FINANCIAL RATIOS  of  Kilroy Realty (KRC)

Valuation Ratios
P/E Ratio 22.7
Price to Sales 10.4
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 19.4
Price to Free Cash Flow -12.3
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 $719 million for the last fiscal year's total revenue generated by Kilroy Realty. The default revenue input number comes from 2017 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 11.9% 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 5.6%, 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 69.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 372.6% 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 2.6%.

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 970.9%.

Life of production assets of 10 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 -395.3%. 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 - $0 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 98 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 $7.0 billion.

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COMPANY NEWS

▶ Kilroy Realty: 2Q Earnings Snapshot   [Jul-25-18 06:47PM  Associated Press]
▶ Elon Musk, Kilroy Realty, WeWork, other teams chase $200 million Presidio project   [Jul-03-18 01:42PM  American City Business Journals]
▶ Kilroy Realty Receives Green Lease Leaders Gold Recognition   [Jun-26-18 04:31PM  Business Wire]
▶ [$$] Chinese State-Owned Developer Pulls Out of San Francisco Project   [Jun-04-18 06:11PM  The Wall Street Journal]
▶ Kilroy Realty Increases Common Dividend 7.1%   [May-23-18 04:31PM  Business Wire]
▶ Kilroy nears deal for Chinese developer's huge South S.F. biotech project   [May-18-18 05:41PM  American City Business Journals]
▶ Kilroy Realty Announces Regional Leadership Change   [May-07-18 07:50PM  Business Wire]
▶ Kilroy Realty: 1Q Earnings Snapshot   [Apr-25-18 06:48PM  Associated Press]
▶ Huge investors chase San Francisco's $300 million Ferry Building   [Apr-16-18 05:27PM  American City Business Journals]
▶ South San Francisco developer 'suspends' plans for 1,200 homes at Oyster Point   [Mar-28-18 01:38PM  American City Business Journals]
▶ Wit and wisdom from our Real Estate Dealmaker of the Year John Kilroy (Video)   [Mar-23-18 10:15AM  American City Business Journals]
▶ Kilroy Realty Declares Quarterly Dividend   [Feb-14-18 04:09PM  Business Wire]
▶ 5 Bearish Bets: These Stocks Look Good Short   [Feb-11-18 10:00AM  TheStreet.com]
▶ Kilroy snags South S.F. biotech project, home to 23andMe labs   [Feb-05-18 05:17PM  American City Business Journals]
▶ Kilroy Realty Corporation to Host Earnings Call   [Feb-01-18 10:00AM  ACCESSWIRE]
▶ Kilroy Realty reports 4Q results   [Jan-31-18 05:57PM  Associated Press]
▶ Kilroy Realty Declares Quarterly Dividend   [Dec-12-17 04:11PM  Business Wire]
▶ 3 REITs To Get Bullish On In 2018   [Nov-09-17 02:44PM  Benzinga]
▶ Kilroy Realty Corporation to Host Earnings Call   [Oct-26-17 08:50AM  ACCESSWIRE]
▶ Kilroy Realty reports 3Q results   [Oct-25-17 06:31PM  Associated Press]
▶ Kilroy Realty Declares Quarterly Dividend   [Sep-13-17 04:14PM  Business Wire]
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