The following is a summary of the Kilroy Realty Corporation (KRC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Kilroy Realty Corporation reported strong leasing volumes in Q1 2024 with the signing of approximately 400,000 square feet of leases.

• The Funds from Operations(FFO) for Q1 was $1.11, an increase from the previous quarter.

• First quarter cash Net Operating Income (NOI) decreased 7% on a same-store basis.

• The company finished Q1 with a Net Debt to EBITDA ratio in the mid 6x range.

• Kilroy Realty has raised its Same-property NOI growth and FFO guidance for 2024.

• The company managed to raise $400 million through 12-year unsecured bonds at a coupon of 6.25% in January.

• The company's balance sheet had over $2 billion in liquidity, comprising $950 million of cash and marketable securities and $1.1 billion from a line of credit.

Business Progress:

• Kilroy saw strong lease growth in the Southern California markets, across various industries including gaming, professional services, finance, and technology.

• New leases have been signed with an AI firm at West 8th Street, Seattle pointing to increasing demand in the San Francisco and Seattle markets.

• The company is strategically planning to benefit from the long-term trends of the Life Science Sector and is considering potential asset sales to raise capital.

• The company plans to continue its strategic capital allocation and investments, focused on owning high-quality properties and preserving its strong financial balance sheet.

• Additional disclosures around potential residential multi-family units have been made for some parcels in their development pipeline.

• The company expects the growth in AI to lead to increasing demand in their markets.

• Kilroy Realty has planned renovations and marketing initiatives for the LinkedIn campus on 599 Mathilda to make it more appealing to potential tenants.

More details: Kilroy Realty Corp IR

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