Kilroy Realty: 1Q Earnings Snapshot
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LOS ANGELES (AP) _ Kilroy Realty Corp. (KRC) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Los Angeles, said it had funds from operations of $96.3 million, or 94 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 90 cents per share.
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Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $36.2 million, or 36 cents per share.
The real estate investment trust posted revenue of $182.8 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $181.7 million.
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Kilroy Realty expects full-year funds from operations to be $3.49 to $3.64 per share.
The company's shares have decreased 6 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $70.06, a drop of nearly 5 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on KRC at https://www.zacks.com/ap/KRC