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Kilroy Realty Corporation (KRC-2.30%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including a total revenue of $1,135,629,000 for 2024, with net income available to common stockholders reported at $210,969,000.
The company reported a decrease in net operating income to $771,522,000, down from $785,130,000 in the previous year, attributed to increased property expenses and a decrease in rental income.
Kilroy Realty Corporation's stabilized portfolio occupancy decreased to 82.8% as of December 31, 2024, compared to 85.0% at the end of 2023, with the San Francisco Bay Area experiencing the most significant decline.
The company completed the acquisition of one operating property for $35 million and continued its development projects, with one development project under construction and two redevelopment projects in the tenant improvement phase.
Kilroy Realty Corporation issued $400 million in unsecured senior notes due 2036 and amended its unsecured revolving credit facility to extend the maturity date to July 31, 2028.
The company maintained a total debt to total asset value ratio of 33%, with a fixed charge coverage ratio of 3.3x, indicating strong financial health.
Kilroy Realty Corporation's board declared a quarterly cash dividend of $0.54 per share, consistent with previous quarters, reflecting the company's commitment to returning value to its shareholders.
The filing also highlights the company's focus on sustainability, with ongoing efforts to reduce energy use and achieve carbon neutrality in its operations.
Kilroy Realty Corporation continues to evaluate strategic opportunities for property acquisitions and dispositions to enhance its portfolio and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kilroy Realty Corporation annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.