Kilroy Realty Corporation reported its financial results for the first quarter of 2025, revealing a total revenue of $270.8 million, a decrease of 2.6% from $278.6 million in the same period last year. The decline was primarily driven by a drop in rental income, which fell to $266.2 million from $274.9 million. The company's net income available to common stockholders also decreased, totaling $39.0 million, or $0.33 per share, compared to $49.9 million, or $0.42 per share, in the prior year, marking a 21.9% decline.
In terms of operational metrics, Kilroy Realty's total expenses remained relatively stable, increasing slightly to $197.0 million from $196.9 million year-over-year. Notably, interest expense decreased significantly to $31.1 million from $38.9 million, reflecting a reduction in the average outstanding debt balance. The company’s cash and cash equivalents at the end of the quarter stood at $146.7 million, down from $165.7 million at the end of 2024, indicating a tightening liquidity position.
Kilroy Realty's strategic developments included ongoing investments in its development and redevelopment projects, with expenditures for development properties amounting to $55.3 million during the quarter. The company is currently advancing its Kilroy Oyster Point project in South San Francisco, which is expected to add approximately 875,000 square feet of office and life science space upon completion. The company also reported a stabilized portfolio of 123 properties, encompassing approximately 17.1 million rentable square feet, with an average occupancy rate of 95.2%.
Looking ahead, Kilroy Realty expressed cautious optimism regarding its future performance, emphasizing its commitment to maintaining a strong balance sheet and exploring opportunities for growth through strategic acquisitions and capital recycling initiatives. The company plans to continue evaluating its development pipeline, which includes eight future projects with an estimated cost of $1.5 billion, while also managing its debt obligations effectively. The outlook remains contingent on market conditions, tenant demand, and broader economic factors that could influence occupancy rates and rental income.
About KILROY REALTY CORP
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