Kilroy Realty Corporation (NYSE: KRC) (the “Company”) today
announced that its operating partnership, Kilroy Realty, L.P., has
priced an underwritten public offering of $450.0 million aggregate
principal amount of 2.650% senior notes due 2033 (the “Notes”). The
Notes will pay interest semi-annually at a rate of 2.650% per annum
on May 15th and November 15th of each year, commencing May 15,
2022, and mature on November 15, 2033 and are guaranteed by the
Company. The Notes are being offered at a price equal to 99.957% of
the principal amount, plus accrued interest, if any, with a yield
to maturity of 2.654%. The offering is expected to close on October
7, 2021, subject to the satisfaction of customary closing
conditions.
Wells Fargo Securities, J.P. Morgan, Barclays, BNP PARIBAS and
US Bancorp acted as joint book-running managers; Citigroup, KeyBanc
Capital Markets, MUFG, Scotiabank and SMBC Nikko acted as senior
co-managers; and BofA Securities, BNY Mellon Capital Markets, LLC,
Comerica Securities, PNC Capital Markets LLC and Ramirez and Co.,
Inc. acted as co-managers of the offering.
Net proceeds from the offering are expected to be approximately
$445.8 million, after deducting the underwriting discount and the
Company’s estimated expenses. The Company intends to allocate an
amount equal to the net proceeds from the offering to Kilroy Oyster
Point (Phase 1), an approximately 656,000 square foot office and
life science development project located in South San Francisco,
which the Company expects to receive LEED Gold certification and to
qualify as an Eligible Green Project (as defined). However, the
Company may choose to allocate or re-allocate net proceeds from the
offering, in whole or in part, to one or more other Eligible Green
Projects.
Pending the allocation of an amount equal to the net proceeds
from the offering to Eligible Green Projects, the Company intends
to use net proceeds to redeem or repay indebtedness and, to the
extent not used for such purpose, for other general corporate
purposes that may include funding development projects and
acquiring land and properties. Pending the allocation of an amount
equal to the net proceeds from this offering to Eligible Green
Projects, the Company may also hold net proceeds in cash, cash
equivalents and/or marketable securities. Such indebtedness to be
redeemed or repaid may include all $300.0 million aggregate
principal amount (plus the make-whole redemption premium and
accrued and unpaid interest) of the operating partnership’s
outstanding 3.800% senior notes due 2023 and may also include
borrowings, if any, under the operating partnership’s revolving
credit facility.
The Notes are being offered pursuant to an effective shelf
registration statement filed by Kilroy Realty Corporation and
Kilroy Realty, L.P. with the Securities and Exchange Commission
(“SEC”). The offering will be made only by means of the prospectus
supplement and accompanying prospectus. The preliminary prospectus
supplement and accompanying prospectus related to the offering have
been filed with the SEC and are available on the SEC’s website at
http://www.sec.gov. A copy of the final prospectus supplement and
accompanying prospectus related to the offering may be obtained,
when available, by contacting Wells Fargo Securities, LLC, 608 2nd
Avenue South, Suite 1000, Minneapolis, Minnesota 55402, Attn: WFS
Customer Service, by telephone at (800) 645-3751, or by email at
wfscustomerservice@wellsfargo.com or J.P. Morgan Securities LLC,
383 Madison Avenue, New York, New York 10179, Attn: Investment
Grade Syndicate Desk – 3rd floor, by telephone collect at (212)
834-4533.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor will there be
any offer or sale of these securities in any jurisdiction in which,
or to any person to whom, such offer, solicitation or sale would be
unlawful.
About Kilroy Realty Corporation
Kilroy Realty Corporation (KRC), a publicly traded real estate
investment trust and member of the S&P MidCap 400 Index, 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 more than seven
decades of experience developing, acquiring and managing office,
life science and mixed-use real estate assets. The Company provides
physical work environments designed to foster creativity and
productivity and serves a broad roster of dynamic,
innovation-driven tenants, including technology, entertainment,
digital media and health care companies.
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, as well as the other risks described in the
preliminary and final prospectus supplements and the accompanying
prospectus for the offering 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/20210923005942/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)
過去 株価チャート
から 6 2024 まで 7 2024
Kilroy Realty (NYSE:KRC)
過去 株価チャート
から 7 2023 まで 7 2024