Kilroy Realty Obtains Term Loan - Analyst Blog
2012年7月2日 - 11:00PM
Zacks
Kilroy Realty
Corp. (KRC), a real estate investment trust (REIT), has
recently announced that one of its operating subsidiaries, Kilroy
Realty, L.P, has secured a non-recourse mortgage loan worth $97
million. The 15-year loan bears an interest rate of 4.48% and is
scheduled to mature on July 1, 2027.
The loan is secured by office
properties located at 2211 Michelson Drive in Irvine, California
and 2100 and 2110 Colorado Avenue in Santa Monica, California. The
net proceeds from the loan will be used to repay down debt
under its credit facility.
Kilroy Realty remains focused on
maintaining a strong balance sheet and healthy liquidity. During
the first quarter of 2012, Kilroy Realty completed a public
offering of 9.5 million shares at $42.00 each, generating net
proceeds of approximately $382.1 million. The company used the net
proceeds to pay down debt under its revolving credit facility and
fund acquisitions
Moreover, Kilroy Realty closed a
$150 million unsecured term loan facility in the first quarter of
2012 that bears an interest at LIBOR plus 1.75% and matures on
March 29, 2016. The proceeds from the loan were utilized to pay off
the company's 3.25% exchangeable senior notes due April 15,
2012.
Kilroy Realty invests, develops,
and manages real estate properties across the U.S. The
company focuses on maintaining a conservative balance sheet, and
funds acquisitions and development activities through available
cash, debt or equity offering.
Kilroy Realty currently retains a
Zacks #3 Rank, which translates into a short-term Hold rating. We
have a long-term Neutral recommendation on the stock.One of its
competitors, MPG Office Trust, Inc (MPG) holds a
Zacks #1 Rank which translates into a short term Strong Buy
rating
KILROY REALTY (KRC): Free Stock Analysis Report
MPG OFFICE TRST (MPG): Free Stock Analysis Report
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Kilroy Realty (NYSE:KRC)
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