Long-Term Leases Represent Demand for
State-of-the-Art Facilities in Burgeoning Submarkets
Kilroy Realty Corporation (NYSE: KRC, "Kilroy") today
announced three new leases totaling 330,000 square feet with
publicly traded life science and biotech companies in San Diego.
Tandem Diabetes Care (~182,000 square feet), DermTech (~96,000
square feet), and Sorrento Therapeutics (~52,000 square feet) lease
transactions involve the redevelopment of commercial office space
into three state-of-the-art life science/lab facilities and support
Kilroy's significant investment in broadening its life science
portfolio.
Kilroy also plans for a ~600,000 square foot project (Santa Fe
Summit) with tech office/life science flexibility on the 56
Corridor to meet the growing demand for space among life science
companies in San Diego.
"We are thrilled to welcome these high-caliber companies to our
portfolio," said Nelson Ackerly, senior vice president of Kilroy.
"Our new partnerships are a testament to the quality and
flexibility of our properties in the context of their life after
initial tenancy. We invest in assets within desirable locations
that can support a variety of uses."
Strength of the Life Science Market in San Diego
As a top-three life science market in the United States, the
race among biotech and life science firms to secure quality real
estate in San Diego is booming from traditionally concentrated
clusters into other well-established, highly sought-after
areas.
"Vacancy rates in Torrey Pines and University Town Center (UTC)
are less than 2% and 0.5% respectively, and rents are at all-time
highs, up over 20% year-over-year," said Nelson Ackerly. "With this
record demand for state-of-the-art research and development space,
life science companies have firmly set their sights on Del Mar
Heights and the 56-Corridor."
ABOUT KILROY
Kilroy Realty Corporation (NYSE: KRC, the “company”, “Kilroy”)
is a leading U.S. landlord and developer, with operations in San
Diego, Greater Los Angeles, the San Francisco Bay Area, the Pacific
Northwest and Austin, Texas. 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 and productivity for
some of the world’s leading technology, entertainment, life science
and business services companies.
Kilroy 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, life science and mixed-use projects.
As of June 30, 2021, Kilroy’s stabilized portfolio totaled
approximately 14.2 million square feet of primarily office and life
science space that was 91.8% occupied and 93.6% leased. The company
also had more than 1,000 residential units in Hollywood and San
Diego, which had a quarterly average occupancy of 71.9%. In
addition, Kilroy had seven in-process development projects with an
estimated total investment of $2.9 billion, totaling approximately
3.4 million square feet of office and life science space. The
office and life science space was 57% leased, which included the
June commencement of the KOP 2 project.
A Leader in Sustainability and Commitment to Corporate Social
Responsibility
Kilroy is listed on the Dow Jones Sustainability World Index and
has been recognized by industry organizations around the world.
Kilroy’s stabilized portfolio was 74% LEED certified, 42% Fitwel
certified, the highest of any non-government organization, and 72%
of eligible properties were ENERGY STAR certified as of June 30,
2021.
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, Texas 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/20210920005900/en/
Tyler H. Rose President (310) 481-8484 or Michelle Ngo Senior
Vice President, Chief Financial Officer and Treasurer (310)
481-8581
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