Intrinsic value of Kilroy Realty - KRC

Previous Close

$72.83

  Intrinsic Value

$9.02

stock screener

  Rating & Target

str. sell

-88%

  Value-price divergence*

+15%

Previous close

$72.83

 
Intrinsic value

$9.02

 
Up/down potential

-88%

 
Rating

str. sell

 
Value-price divergence*

+15%

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

*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 7.2

 

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
  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
  5.42
  5.38
Revenue, $m
  643
  727
  817
  911
  1,010
  1,115
  1,224
  1,337
  1,456
  1,580
  1,708
  1,842
  1,981
  2,125
  2,275
  2,431
  2,593
  2,762
  2,937
  3,120
  3,310
  3,508
  3,715
  3,930
  4,155
  4,389
  4,634
  4,890
  5,158
  5,437
  5,730
Variable operating expenses, $m
 
  434
  488
  544
  603
  665
  730
  798
  869
  943
  1,020
  1,100
  1,183
  1,269
  1,358
  1,451
  1,548
  1,649
  1,754
  1,863
  1,976
  2,094
  2,218
  2,346
  2,480
  2,620
  2,767
  2,919
  3,079
  3,246
  3,421
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
  503
  558
  616
  677
  741
  808
  878
  951
  1,027
  1,106
  1,188
  1,273
  1,361
  1,453
  1,548
  1,647
  1,751
  1,858
  1,970
  2,086
  2,207
  2,333
  2,464
  2,601
  2,744
  2,894
  3,050
  3,213
  3,383
  3,562
Operating income, $m
  194
  224
  259
  295
  333
  373
  415
  459
  505
  553
  603
  654
  708
  764
  822
  883
  946
  1,011
  1,079
  1,150
  1,224
  1,301
  1,382
  1,466
  1,553
  1,645
  1,740
  1,840
  1,945
  2,054
  2,169
EBITDA, $m
  411
  470
  535
  603
  675
  750
  829
  911
  997
  1,087
  1,180
  1,277
  1,378
  1,482
  1,591
  1,704
  1,822
  1,944
  2,072
  2,204
  2,343
  2,487
  2,637
  2,794
  2,957
  3,128
  3,306
  3,493
  3,688
  3,892
  4,105
Interest expense (income), $m
  54
  81
  95
  111
  127
  144
  162
  181
  200
  221
  242
  264
  287
  311
  336
  361
  388
  416
  445
  475
  507
  539
  573
  609
  646
  684
  725
  767
  811
  857
  905
Earnings before tax, $m
  304
  143
  163
  184
  206
  229
  253
  279
  305
  332
  361
  390
  421
  453
  487
  521
  557
  595
  634
  675
  718
  762
  808
  857
  907
  960
  1,016
  1,074
  1,134
  1,198
  1,264
Tax expense, $m
  0
  39
  44
  50
  56
  62
  68
  75
  82
  90
  97
  105
  114
  122
  131
  141
  151
  161
  171
  182
  194
  206
  218
  231
  245
  259
  274
  290
  306
  323
  341
Net income, $m
  294
  105
  119
  134
  151
  167
  185
  203
  223
  243
  263
  285
  308
  331
  355
  381
  407
  434
  463
  493
  524
  556
  590
  625
  662
  701
  741
  784
  828
  874
  923

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
  7,346
  8,249
  9,202
  10,206
  11,258
  12,360
  13,510
  14,709
  15,957
  17,256
  18,606
  20,009
  21,467
  22,982
  24,557
  26,195
  27,898
  29,670
  31,514
  33,434
  35,435
  37,521
  39,696
  41,966
  44,336
  46,810
  49,396
  52,098
  54,924
  57,880
Adjusted assets (=assets-cash), $m
  6,514
  7,346
  8,249
  9,202
  10,206
  11,258
  12,360
  13,510
  14,709
  15,957
  17,256
  18,606
  20,009
  21,467
  22,982
  24,557
  26,195
  27,898
  29,670
  31,514
  33,434
  35,435
  37,521
  39,696
  41,966
  44,336
  46,810
  49,396
  52,098
  54,924
  57,880
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
  6,365
  7,147
  7,973
  8,843
  9,755
  10,709
  11,706
  12,744
  13,826
  14,951
  16,121
  17,337
  18,600
  19,913
  21,278
  22,696
  24,172
  25,707
  27,305
  28,969
  30,703
  32,510
  34,395
  36,361
  38,414
  40,559
  42,799
  45,140
  47,589
  50,150
Working capital, $m
  0
  -218
  -245
  -273
  -303
  -334
  -367
  -401
  -437
  -474
  -512
  -553
  -594
  -638
  -683
  -729
  -778
  -829
  -881
  -936
  -993
  -1,052
  -1,114
  -1,179
  -1,246
  -1,317
  -1,390
  -1,467
  -1,547
  -1,631
  -1,719
Total debt, $m
  2,320
  2,726
  3,165
  3,628
  4,116
  4,628
  5,163
  5,722
  6,304
  6,911
  7,542
  8,198
  8,880
  9,589
  10,325
  11,091
  11,887
  12,714
  13,575
  14,472
  15,405
  16,377
  17,391
  18,448
  19,552
  20,703
  21,906
  23,162
  24,476
  25,849
  27,285
Total liabilities, $m
  3,164
  3,570
  4,009
  4,472
  4,960
  5,472
  6,007
  6,566
  7,148
  7,755
  8,386
  9,042
  9,724
  10,433
  11,169
  11,935
  12,731
  13,558
  14,419
  15,316
  16,249
  17,221
  18,235
  19,292
  20,396
  21,547
  22,750
  24,006
  25,320
  26,693
  28,129
Total equity, $m
  3,543
  3,776
  4,240
  4,730
  5,246
  5,787
  6,353
  6,944
  7,560
  8,202
  8,869
  9,563
  10,285
  11,034
  11,813
  12,623
  13,464
  14,339
  15,250
  16,198
  17,185
  18,214
  19,286
  20,404
  21,571
  22,788
  24,060
  25,389
  26,778
  28,231
  29,750
Total liabilities and equity, $m
  6,707
  7,346
  8,249
  9,202
  10,206
  11,259
  12,360
  13,510
  14,708
  15,957
  17,255
  18,605
  20,009
  21,467
  22,982
  24,558
  26,195
  27,897
  29,669
  31,514
  33,434
  35,435
  37,521
  39,696
  41,967
  44,335
  46,810
  49,395
  52,098
  54,924
  57,879
Debt-to-equity ratio
  0.655
  0.720
  0.750
  0.770
  0.780
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.860
  0.870
  0.870
  0.880
  0.880
  0.890
  0.890
  0.890
  0.900
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.910
  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
  105
  119
  134
  151
  167
  185
  203
  223
  243
  263
  285
  308
  331
  355
  381
  407
  434
  463
  493
  524
  556
  590
  625
  662
  701
  741
  784
  828
  874
  923
Depreciation, amort., depletion, $m
  217
  246
  276
  308
  341
  377
  413
  452
  492
  534
  577
  622
  669
  718
  769
  822
  876
  933
  993
  1,054
  1,118
  1,185
  1,255
  1,328
  1,404
  1,483
  1,566
  1,652
  1,743
  1,837
  1,936
Funds from operations, $m
  330
  350
  395
  442
  492
  544
  598
  655
  715
  776
  841
  907
  977
  1,049
  1,124
  1,202
  1,283
  1,368
  1,456
  1,547
  1,642
  1,742
  1,845
  1,953
  2,066
  2,184
  2,307
  2,436
  2,571
  2,712
  2,859
Change in working capital, $m
  -15
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -65
  -67
  -70
  -73
  -77
  -80
  -84
  -88
Cash from operations, $m
  345
  376
  422
  471
  522
  575
  631
  690
  750
  813
  879
  948
  1,019
  1,092
  1,169
  1,249
  1,332
  1,418
  1,508
  1,602
  1,699
  1,801
  1,907
  2,018
  2,134
  2,255
  2,381
  2,513
  2,651
  2,796
  2,947
Maintenance CAPEX, $m
  0
  -217
  -246
  -276
  -308
  -341
  -377
  -413
  -452
  -492
  -534
  -577
  -622
  -669
  -718
  -769
  -822
  -876
  -933
  -993
  -1,054
  -1,118
  -1,185
  -1,255
  -1,328
  -1,404
  -1,483
  -1,566
  -1,652
  -1,743
  -1,837
New CAPEX, $m
  -890
  -737
  -782
  -826
  -869
  -912
  -954
  -996
  -1,039
  -1,082
  -1,125
  -1,170
  -1,216
  -1,263
  -1,313
  -1,365
  -1,419
  -1,475
  -1,535
  -1,598
  -1,664
  -1,734
  -1,807
  -1,885
  -1,967
  -2,053
  -2,144
  -2,240
  -2,342
  -2,448
  -2,561
Cash from investing activities, $m
  -635
  -954
  -1,028
  -1,102
  -1,177
  -1,253
  -1,331
  -1,409
  -1,491
  -1,574
  -1,659
  -1,747
  -1,838
  -1,932
  -2,031
  -2,134
  -2,241
  -2,351
  -2,468
  -2,591
  -2,718
  -2,852
  -2,992
  -3,140
  -3,295
  -3,457
  -3,627
  -3,806
  -3,994
  -4,191
  -4,398
Free cash flow, $m
  -290
  -579
  -606
  -632
  -656
  -678
  -700
  -720
  -740
  -760
  -780
  -800
  -820
  -840
  -862
  -885
  -908
  -934
  -960
  -989
  -1,019
  -1,051
  -1,085
  -1,122
  -1,161
  -1,202
  -1,246
  -1,293
  -1,343
  -1,396
  -1,452
Issuance/(repayment) of debt, $m
  96
  406
  439
  463
  488
  512
  535
  559
  583
  607
  631
  656
  682
  709
  736
  765
  796
  828
  861
  896
  933
  972
  1,014
  1,057
  1,103
  1,152
  1,203
  1,257
  1,313
  1,373
  1,436
Issuance/(repurchase) of shares, $m
  34
  321
  345
  356
  365
  374
  381
  388
  394
  399
  404
  409
  414
  419
  424
  429
  435
  441
  448
  455
  463
  472
  482
  493
  504
  517
  531
  545
  561
  578
  597
Cash from financing (excl. dividends), $m  
  578
  727
  784
  819
  853
  886
  916
  947
  977
  1,006
  1,035
  1,065
  1,096
  1,128
  1,160
  1,194
  1,231
  1,269
  1,309
  1,351
  1,396
  1,444
  1,496
  1,550
  1,607
  1,669
  1,734
  1,802
  1,874
  1,951
  2,033
Total cash flow (excl. dividends), $m
  288
  148
  178
  188
  197
  207
  217
  226
  236
  246
  255
  266
  276
  287
  298
  310
  322
  335
  349
  363
  378
  394
  410
  428
  446
  466
  487
  509
  532
  556
  581
Retained Cash Flow (-), $m
  -372
  -426
  -464
  -490
  -516
  -541
  -566
  -591
  -616
  -642
  -667
  -694
  -721
  -750
  -779
  -810
  -842
  -875
  -911
  -948
  -987
  -1,028
  -1,072
  -1,118
  -1,167
  -1,218
  -1,272
  -1,329
  -1,389
  -1,452
  -1,519
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
 
  -84
  -286
  -303
  -318
  -334
  -349
  -365
  -380
  -396
  -412
  -428
  -445
  -463
  -481
  -500
  -520
  -540
  -562
  -585
  -609
  -635
  -662
  -690
  -720
  -752
  -785
  -820
  -857
  -897
  -938
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
 
  -79
  -248
  -241
  -231
  -220
  -206
  -191
  -176
  -159
  -143
  -126
  -110
  -95
  -81
  -68
  -56
  -45
  -36
  -28
  -22
  -16
  -12
  -9
  -6
  -4
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  95.5
  91.3
  87.7
  84.5
  81.6
  79.0
  76.7
  74.6
  72.7
  71.0
  69.4
  67.9
  66.6
  65.3
  64.2
  63.1
  62.1
  61.1
  60.3
  59.4
  58.6
  57.9
  57.1
  56.4
  55.8
  55.1
  54.5
  53.9
  53.4
  52.8

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 23.1
Price to Sales 10.6
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 19.7
Price to Free Cash Flow -12.5
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 13.1% 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 98.184 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 $7.2 billion.

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COMPANY NEWS

▶ Kilroy Realty Declares Quarterly Dividend   [Sep-13-17 04:14PM  Business Wire]
▶ [$$] Retail REITs Undervalued but Lack Stability   [Aug-22-17 02:10PM  Barrons.com]
▶ Kilroy Realty reports 2Q results   [Jul-26-17 11:28PM  Associated Press]
▶ 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]
Financial statements 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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