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Kilroy Realty updates FY'19 Nareit-defined FFO per share outlook with Q3 results

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Kilroy Realty updates FY'19 Nareit-defined FFO per share outlook with Q3 results

Kilroy Realty Corp. disclosed funds from operations for the third quarter of $109.2 million, or $1.01 per share, a rise of 12.2% on a per-share basis from $94.2 million, or 90 cents per share, in the 2018 third quarter.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the third quarter was 92 cents.

For the third quarter, revenues came in at $215.5 million, up 15.5% year over year from $186.6 million.

In August, the company closed on its purchase of a 2.3-acre land site in the East Village submarket of San Diego, fully entitled for the development of a mixed-use project, for a cash purchase price of $40.0 million. Kilroy said there are three existing buildings that are leased by the prior owner through the first half of 2021.

The company updated its Nareit-defined FFO per share outlook in the range of $3.82 to $3.88 for the full year, compared its earlier guidance in the range of $3.67 to $3.78.

Nareit is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies.

For the full year, the S&P Global Market Intelligence consensus FFO-per-share estimate is $3.76.