Kilroy Realty Corporation (NYSE: KRC) today announced
that its operating partnership, Kilroy Realty, L.P. (“KRLP” or
“Borrower”), amended and restated its unsecured revolving credit
facility (the “Credit Facility”). The amendment and restatement
increased the size of the revolver from $750 million to $1.1
billion, reduced the borrowing costs and extended the maturity date
to July 31, 2025 with two six-month extension options. The revolver
now bears interest at LIBOR plus 0.900% and includes a 20 basis
point facility fee. The interest rate and facility fee vary
depending upon the Borrower’s credit ratings. The Credit Facility
also features a sustainability-linked pricing component whereby the
pricing can improve by 0.01% if the Borrower meets certain
sustainability performance targets as determined by an independent
third-party evaluation. Additionally, KRLP may elect to borrow,
subject to additional lender commitments and the satisfaction of
certain conditions, up to an additional $500 million under an
accordion feature. The Borrower expects to use the Credit Facility
for general corporate purposes, including funding acquisition,
development and redevelopment projects, and repaying debt. The
Credit Facility was syndicated to a group of 15 U.S. and
international banks led by JPMorgan Chase Bank, N.A., BofA
Securities, Inc. and Wells Fargo Securities, LLC which acted as
joint lead arrangers and joint bookrunners. J.P. Morgan Securities
LLC and BofA Securities, Inc. acted as sustainability structuring
agents.
JPMorgan Chase Bank, N.A. is the administrative agent for the
Facility and Bank of America, N.A. is the syndication agent. PNC
Capital Markets LLC and U.S. Bank National Association acted as
joint lead arrangers. Wells Fargo Bank, N.A., PNC Bank, National
Association, U.S. Bank National Association, Bank of the West,
Barclays Bank PLC, MUFG Union Bank, N.A., Sumitomo Mitsui Banking
Corporation, and The Bank of Nova Scotia acted as co-documentation
agents. Other participants in the Facility include Citigroup Global
Markets Inc., Comerica Bank, KeyBank National Association, The Bank
of New York Mellon and Associated Bank, National Association.
About Kilroy Realty Corporation. Kilroy Realty
Corporation (NYSE: KRC, the “company”, “KRC”) is a leading West
Coast landlord and developer, with a major presence in San Diego,
Greater Los Angeles, the San Francisco Bay Area, and the Pacific
Northwest. The company has earned global recognition for
sustainability, building operations, innovation and design. As
pioneers and innovators in the creation of a more sustainable real
estate industry, the company’s approach to modern business
environments helps drive creativity, productivity and employee
retention for some of the world’s leading technology,
entertainment, life science and business services companies.
KRC is a publicly traded real estate investment trust (“REIT”)
and member of the S&P MidCap 400 Index with more than seven
decades of experience developing, acquiring and managing office and
mixed-use projects.
As of December 31, 2020, KRC’s stabilized portfolio totaled
approximately 14.6 million square feet of primarily office and life
science space that was 91.2% occupied and 94.3% leased. The company
also had 808 residential units in Hollywood and San Diego, which
had a quarterly average occupancy of 89.5% and 50.4%, respectively.
In addition, KRC had six in-process development projects with an
estimated total investment of $1.6 billion, totaling approximately
1.9 million square feet of office and life science space. The
office and life science space was 89% leased.
A Leader in Sustainability and Commitment to Corporate Social
Responsibility
KRC is listed on the Dow Jones Sustainability World Index and
has been recognized by industry organizations around the world.
KRC’s stabilized portfolio was 68% LEED certified and 39% Fitwel
certified, the highest of any non-government organization, as of
December 31, 2020.
The company has been recognized by GRESB, the Global Real Estate
Sustainability Benchmark, as the listed sustainability leader in
the Americas for six of the last seven years. Other honors have
included the National Association of Real Estate Investment Trust’s
(NAREIT) Leader in the Light award for six consecutive years and
ENERGY STAR Partner of the Year for eight years as well as ENERGY
STAR’s highest honor of Sustained Excellence, for the past six
years.
A big part of the company’s foundation is its commitment to
enhancing employee growth, satisfaction and wellness while
maintaining a diverse and thriving culture. For the second year in
a row, the company has been named to Bloomberg’s Gender Equality
Index—recognizing companies committed to supporting gender equality
through policy development, representation, and transparency.
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.
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 or implied in the forward-looking
statements, and you should not rely on the 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 the
forward-looking statements, including, among others: global market
and general economic conditions and their effect on our liquidity
and financial conditions and those of our tenants; adverse economic
or real estate conditions generally, and specifically, in the
States of California and Washington; risks associated with our
investment in real estate assets, which are illiquid, and with
trends in the real estate industry; defaults on or non-renewal of
leases by tenants; any significant downturn in tenants’ businesses;
our ability to re-lease property at or above current market rates;
costs to comply with government regulations, including
environmental remediation; the availability of cash for
distribution and debt service and exposure to risk of default under
debt obligations; increases in interest rates and our ability to
manage interest rate exposure; the availability of financing on
attractive terms or at all, which may adversely impact our future
interest expense and our ability to pursue development,
redevelopment and acquisition opportunities and refinance existing
debt; a decline in real estate asset valuations, which may limit
our ability to dispose of assets at attractive prices or obtain or
maintain debt financing, and which may result in write-offs or
impairment charges; significant competition, which may decrease the
occupancy and rental rates of properties; potential losses that may
not be covered by insurance; the ability to successfully complete
acquisitions and dispositions on announced terms; the ability to
successfully operate acquired, developed and redeveloped
properties; the ability to successfully complete development and
redevelopment projects on schedule and within budgeted amounts;
delays or refusals in obtaining all necessary zoning, land use and
other required entitlements, governmental permits and
authorizations for our development and redevelopment properties;
increases in anticipated capital expenditures, tenant improvement
and/or leasing costs; defaults on leases for land on which some of
our properties are located; adverse changes to, or enactment or
implementations of, tax laws or other applicable laws, regulations
or legislation, as well as business and consumer reactions to such
changes; risks associated with joint venture investments, including
our lack of sole decision-making authority, our reliance on
co-venturers’ financial condition and disputes between us and our
co-venturers; environmental uncertainties and risks related to
natural disasters; our ability to maintain our status as a REIT;
and uncertainties regarding the impact of the COVID-19 pandemic,
and restrictions intended to prevent its spread, on our business
and the economy generally. These factors are not exhaustive and
additional factors could adversely affect our business and
financial performance. For a discussion of additional factors that
could materially 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, 2020 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 dates on
which they are made. We assume 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 we are required to do so in connection with
our ongoing requirements under federal securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20210420006144/en/
Tyler H. Rose President (310) 481-8484 or Michelle Ngo Senior
Vice President, Chief Financial Officer and Treasurer (310)
481-8581
Kilroy Realty (NYSE:KRC)
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