Office real estate investment trust Kilroy Realty Corp. launched a public offering of 5.0 million shares in connection with forward sale agreements signed with affiliates of Barclays and Citigroup.
The forward purchasers, or their respective affiliates, will grant underwriters a 30-day option to purchase up to a further 750,000 shares of common stock under the offering.
Kilroy plans to use the net proceeds, if any, from the settlement of the agreements for general business purposes, which may include financing development projects, buying land and properties and repaying outstanding debt.
The operating partnership may temporarily invest the proceeds in marketable securities.
Barclays and Citigroup serve as joint book-running managers for the offering.