Kilroy Realty Corporation Extends Southern California Footprint with Value-Add Acquisition in Hollywood
2012年8月1日 - 7:00AM
ビジネスワイヤ(英語)
Kilroy Realty Corporation (NYSE: KRC) today said it has
completed the acquisition of a 22-story, Class A office building in
the heart of Hollywood, the focus of substantial residential and
retail investment in recent years.
Located at 6255 Sunset Boulevard, one block from the famous
Sunset and Vine corner, Sunset Media Center sits in an ideal
location with great access to a majority of the entertainment
studios and users in the market. It boasts immediate adjacency to
the Metro Rail Red transit line and numerous amenities. The office
building is currently 87% leased, with in-place rents significantly
below current market levels. KRC said it paid approximately $79
million for the property, a significant discount to replacement
cost, and plans an extensive renovation of the lobby, common areas
and tenant spaces, which will include energy efficiency upgrades
throughout the building.
The acquisition follows KRC’s strategy for seeking out and
acquiring value-add properties that cater to the growing
technology, media and entertainment sectors. With limited inventory
and an older office stock, Hollywood continues to be an attractive
sub-market for value-add opportunities.
“Sunset Media Center is located in the heart of an increasingly
desirable ‘live, work, and play’ submarket,” said David Simon,
KRC’s executive vice president for the Los Angeles region. “We’ve
acquired an opportunity to create meaningful long-term value in
this property through well-targeted improvements to the building’s
aesthetics, amenities and energy efficiency.”
As part of the transaction, the company assumed a secured
mortgage loan of approximately $54 million that bears interest at a
rate of 5.23% and matures on January 1, 2016, and issued
approximately $5 million in common limited partnership units of
Kilroy Realty, L.P.
About Kilroy Realty Corporation. Kilroy Realty
Corporation, a member of the S&P Small Cap 600 Index, is a real
estate investment trust active in premier office and industrial
submarkets along the West Coast. For over 60 years, the company has
owned, developed, acquired and managed real estate assets,
consisting primarily of Class A real estate properties in the
coastal regions of Los Angeles, Orange County, San Diego, greater
Seattle and the San Francisco Bay Area. At March 31, 2012, the
company owned 11.8 million rentable square feet of commercial
office space and 3.4 million rentable square feet of industrial
space. More information is available at
http://www.kilroyrealty.com.
Forward Looking Statements. This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements are based on our current expectations, beliefs and
assumptions, and are not guarantees of future performance, results
or events. Forward-looking statements are inherently subject to
uncertainties, risks, changes in circumstances, trends and factors
that are difficult to predict, many of which are outside of our
control. Accordingly, actual performance, results and events may
vary materially from those indicated in forward-looking statements,
and you should not rely on forward-looking statements as
predictions of future performance, results or events. Numerous
factors could cause actual future performance, results and events
to differ materially from those indicated in forward-looking
statements, including, among others: risks associated with
investment in real estate assets, which are illiquid, and with
trends in the real estate industry; competitive market conditions;
the ability to complete potential acquisitions and dispositions on
announced terms; the ability to successfully operate acquired
properties; the availability of cash for debt service and exposure
of risk of default under debt obligations; government regulations
that may affect development, redevelopment and use of properties;
and the ability to successfully complete development and
redevelopment projects on schedule and within budgeted amounts.
These factors are not exhaustive. For a discussion of additional
risk factors that could adversely affect our business and financial
performance, see the factors included under the caption “Risk
Factors” in our annual report on Form 10-K for the year ended
December 31, 2011, quarterly report on Form 10-Q for the quarter
ended March 31, 2012, and our other filings with the Securities and
Exchange Commission. All forward-looking statements are based on
currently available information and speak only as of the date on
which they are made. We assumes no obligation to update any
forward-looking statement made in this press release that becomes
untrue because of subsequent events, new information or otherwise,
except to the extent it is required to do so in connection with
ongoing requirements under Federal securities laws.
Kilroy Realty (NYSE:KRC)
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