homesmillbrae.com » 5 Million http://homesmillbrae.com Thu, 20 Oct 2022 03:48:43 +0000 en hourly 1 http://wordpress.org/?v=3.1 Three most expensive homes on the San Francisco MLS http://homesmillbrae.com/2319/three-most-expensive-homes-on-the-san-francisco-mls/ http://homesmillbrae.com/2319/three-most-expensive-homes-on-the-san-francisco-mls/#comments Tue, 16 Jul 2013 21:18:43 +0000 http://homesmillbrae.com/2319/three-most-expensive-homes-on-the-san-francisco-mls/ Continue reading →]]> 50259 socialBarCommentsIcon Three most expensive homes on the San Francisco MLS

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Winning the award for 3rd most pricey home on the San Francisco MLS is the Jackson Street abode you see above, nearly 9,000 square feet with 6 beds and 6.5 baths. Readers should note the home’s listing price, $17.5 million, breaks down to asking $1,984 per square foot. Not that this would scare luxury buyers in San Francisco; the home itself went pending just six days after it listed, according to Redfin property records. We don’t know yet what it will actually sell for, but we doubt it’s much less than what the sellers ask given the alacrity of the transaction.

Coming in 2nd is this palatial affair hulking over Washington St.

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This property is so big, it has two MLS listing pages, one for the main house and one for the guest house.  Neoclassical outside and over-the-top on the inside, the home offers almost 18,000 square feet, 8 beds, 7 baths, and the aforementioned guest house at an additional 2,600 square feet.  All this, plus a corner lot Presidio Heights location, set this home at an astonishing $21 million. Not so astonishing anymore, maybe, not after Yammer founder David Sacks paid $20 million for the not even finished 2845 Broadway. However, no one has rushed to snap up this one, hot luxury market or not. The home listed for $25M in May of 2012 and was reduced in March to $21M.

Coming in 1st is this home, lined up with traditional billionaire mansions on Broadway, but looking quite different from its peers.

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We can only thus far see plans for the interior and multiple floors, but the exterior rendering is remarkable, as is the view, and the price. Asking $28,950M, 2712 Broadway is officially the most expensive home listed on the SF public MLS. It offers 6 beds, 6 baths in 11,607 square feet, which calculates to $2,494 per square foot. Too pricey even for that stretch of street? Time will tell.

Buyers want, and can afford, high-end

Meanwhile, luxury properties enjoy a continued popularity in 2013. Paragon Real Estate Group shows this in a recent 2nd quarter report:

ca788 LuxHome Unit Sales by Qtr 600x451 Three most expensive homes on the San Francisco MLS

Going up! Demand for pricey homes going up, and prices with it. Courtesy Paragon Real Estate Group

 

How high is too high?

When, and at what price, will buyers balk? Or is the appetite for luxury in San Francisco insatiable?

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert

Article source: http://blog.sfgate.com/ontheblock/2013/07/16/three-most-expensive-homes-on-the-san-francisco-mls/

]]> http://homesmillbrae.com/2319/three-most-expensive-homes-on-the-san-francisco-mls/feed/ 0 Foreclosure-Related Homes Still Driving Sales http://homesmillbrae.com/2049/foreclosure-related-homes-still-driving-sales/ http://homesmillbrae.com/2049/foreclosure-related-homes-still-driving-sales/#comments Fri, 01 Mar 2013 13:22:22 +0000 http://homesmillbrae.com/2049/foreclosure-related-homes-still-driving-sales/ Continue reading →]]> Foreclosure-related sales made up 21 percent of all U.S. sales in 2012 and short sales, when the home is sold for less than the value of the mortgage, made up 22 percent, according to a new report from RealtyTrac. Add it up and 43 percent of all 2012 sales were of distressed properties.

(Read More: Pending Home Sales Soar Despite Rough Winter)

Banks are making more of an effort to do short sales instead of taking a home to foreclosure, and new federal guidelines are streamlining the process. That led to a 15 percent drop in sales of bank-owned homes and a 6 percent increase in short sales. This has helped home prices because short sales on average sell for a higher price than do bank-owned homes, because they are usually neither abandoned nor vandalized.

“Although foreclosure-related sales represent a shrinking share of total sales, primarily because of fewer bank-owned purchases, distressed sales are still a disproportionately high portion of the overall housing market,” said Daren Blomquist, vice president of RealtyTrac. “And while distressed properties — whether bank-owned, pre-foreclosure or short sales not in foreclosure — are still selling at a significant discount compared to non-distressed properties, average distressed property prices are increasing in many markets thanks to strong demand and limited inventory.”

(Read More: Housing May Not Be as Healthy as It Looks: NAHB Pro)

Limited inventory continues to be the key in today’s housing market, driving prices higher than most analysts expected. This is surprising, as distress in the market has not simply vanished. There are currently 1.7 homes in the foreclosure process and 1.5 million more seriously delinquent loans (90 days without a payment), according to a new report from Lender Processing Services. Banks are being more aggressive with loan modifications and principal forgiveness, but many of these homes will inevitably end up going back to the banks.

“Inventories continue to be low because non-distressed sellers are largely absent from the market, apparently waiting for prices to increase even more before they decide to sell,” noted Blomquist. “I think we are seeing signs of the shadow [foreclosure] supply hitting, but more on a market-by-market basis and often in the form of short sales as opposed to REO [bank-owned] sales — although REO sales are starting to show signs of life in judicial foreclosure markets with bigger backlogs.”

(Read More: Homeowners Rise Above Water on Mortgages)

Strong investor demand for these properties is pushing prices higher, even creating bubbles in some of the formerly hardest hit markets, like Phoenix and Las Vegas. If prices get too high, however, and investors can’t reap the returns they need, then supplies could grow. So far that has not happened, but home prices are rising far faster than anyone predicted.

(Read More: Taking The Real Estate Recovery Local)

Article source: http://www.cnbc.com/id/100503223

]]> http://homesmillbrae.com/2049/foreclosure-related-homes-still-driving-sales/feed/ 0 Foreclosure-Related Homes Still Driving Home Sales http://homesmillbrae.com/2047/foreclosure-related-homes-still-driving-home-sales/ http://homesmillbrae.com/2047/foreclosure-related-homes-still-driving-home-sales/#comments Thu, 28 Feb 2013 19:19:35 +0000 http://homesmillbrae.com/2047/foreclosure-related-homes-still-driving-home-sales/ Continue reading →]]> Foreclosure-related sales made up 21 percent of all U.S. sales in 2012 and short sales, when the home is sold for less than the value of the mortgage, made up 22 percent, according to a new report from RealtyTrac. Add it up and 43 percent of all 2012 sales were of distressed properties.

(Read More: Pending Home Sales Soar Despite Rough Winter)

Banks are making more of an effort to do short sales instead of taking a home to foreclosure, and new federal guidelines are streamlining the process. That led to a 15 percent drop in sales of bank-owned homes and a 6 percent increase in short sales. This has helped home prices because short sales on average sell for a higher price than do bank-owned homes, because they are usually neither abandoned nor vandalized.

“Although foreclosure-related sales represent a shrinking share of total sales, primarily because of fewer bank-owned purchases, distressed sales are still a disproportionately high portion of the overall housing market,” said Daren Blomquist, vice president of RealtyTrac. “And while distressed properties — whether bank-owned, pre-foreclosure or short sales not in foreclosure — are still selling at a significant discount compared to non-distressed properties, average distressed property prices are increasing in many markets thanks to strong demand and limited inventory.”

(Read More: Housing May Not Be as Healthy as It Looks: NAHB Pro)

Limited inventory continues to be the key in today’s housing market, driving prices higher than most analysts expected. This is surprising, as distress in the market has not simply vanished. There are currently 1.7 homes in the foreclosure process and 1.5 million more seriously delinquent loans (90 days without a payment), according to a new report from Lender Processing Services. Banks are being more aggressive with loan modifications and principal forgiveness, but many of these homes will inevitably end up going back to the banks.

“Inventories continue to be low because non-distressed sellers are largely absent from the market, apparently waiting for prices to increase even more before they decide to sell,” noted Blomquist. “I think we are seeing signs of the shadow [foreclosure] supply hitting, but more on a market-by-market basis and often in the form of short sales as opposed to REO [bank-owned] sales — although REO sales are starting to show signs of life in judicial foreclosure markets with bigger backlogs.”

(Read More: Homeowners Rise Above Water on Mortgages)

Strong investor demand for these properties is pushing prices higher, even creating bubbles in some of the formerly hardest hit markets, like Phoenix and Las Vegas. If prices get too high, however, and investors can’t reap the returns they need, then supplies could grow. So far that has not happened, but home prices are rising far faster than anyone predicted.

(Read More: Taking The Real Estate Recovery Local)

Article source: http://www.cnbc.com/id/100503223

]]> http://homesmillbrae.com/2047/foreclosure-related-homes-still-driving-home-sales/feed/ 0 REMI’s Luxury Market of the Week is San Francisco Bay Area http://homesmillbrae.com/1999/remis-luxury-market-of-the-week-is-san-francisco-bay-area/ http://homesmillbrae.com/1999/remis-luxury-market-of-the-week-is-san-francisco-bay-area/#comments Sun, 10 Feb 2013 16:48:02 +0000 http://homesmillbrae.com/1999/remis-luxury-market-of-the-week-is-san-francisco-bay-area/ Continue reading →]]>
  • REMIs Luxury Market of the Week is San Francisco Bay Area

    • La Jolla, CA (PRWEB) February 10, 2013

    The Real Estate Marketing Insider named the winner of this week’s Luxury Market of the Week award following a news release in the SFGate. The award for the domestic market with the most potential for realtors went this week to San Francisco and its Bay Area.

    Realtors and real estate leads experts report that the Bay Area saw a surge in sales of luxury properties in 2012. In addition to anecdotal reports from realtors that focus on luxury properties, SFGate reported on some inspiring numbers from the Bay Area’s luxury market. In 2012, 162 properties sold in the Bay Area for over $5 million. In the 9 counties of the Bay Area, over 11,000 $1 million-plus properties were sold. Among the reasons being cited for the boom are the recent successes of the tech industry in the area, as well as increased attention from foreign buyers.

    California has always been a prime starting point for luxury property. All along its lengthy coastline, the Golden State offers pristine views, great tourism opportunities, and major urban areas within reach. Thanks to the tech industry and the Asian population in San Francisco, luxury buyers are starting to concentrate in the San Francisco area. Everything from beach front vacation rentals to Humboldt-area beach properties has attracted big money. Any realtor who lists a few luxury properties around the Bay Area should see them sell quickly, easily, and for a hefty price. Realtors looking to expand their luxury portfolios should take a closer look at REMI’s Luxury Market of the Week, before available listings in the area decrease.

    The Real Estate Marketing Insider named the San Francisco Bay Area its Luxury Market of the Week. San Francisco enjoyed a huge push in the luxury market in 2012, with several $5 million-plus sales and over 11,000 million-dollar sales.

    About the Real Estate Marketing Insider:

    The Real Estate Marketing Insider is a valuable resource for realtors, home buyers and investors. REMI provides up-to-the-minute news, market analysis, and trend watches.

    REMIs Luxury Market of the Week is San Francisco Bay Area


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    Article source: http://www.prweb.com/releases/luxury-housing-markets/02/prweb10407152.htm

    ]]>     http://homesmillbrae.com/1999/remis-luxury-market-of-the-week-is-san-francisco-bay-area/feed/ 0     Kilroy Realty Corporation Reports Second Quarter Financial Results http://homesmillbrae.com/1632/kilroy-realty-corporation-reports-second-quarter-financial-results/ http://homesmillbrae.com/1632/kilroy-realty-corporation-reports-second-quarter-financial-results/#comments Wed, 01 Aug 2012 23:40:16 +0000 http://homesmillbrae.com/1632/kilroy-realty-corporation-reports-second-quarter-financial-results/ Continue reading →]]>

    LOS ANGELES, Aug 01, 2012 (BUSINESS WIRE) –
    Kilroy Realty Corporation


    /quotes/zigman/171049/quotes/nls/krc KRC
    -0.27%



    today reported
    financial results for its second quarter ended June 30, 2012, with a net
    loss available to common stockholders of $800,000, or $0.02 per share,
    compared to a net loss available to common stockholders of $317,000, or
    $0.01 per share, in the second quarter of 2011. Revenues from continuing
    operations in the second quarter totaled $103.9 million, up from $88.4
    million in the prior year’s second quarter. Funds from operations
    (FFO) for the period totaled $39.5 million, or $0.55 per share, compared
    to $31.6 million, or $0.52 per share, in the year-earlier period.

    Results for the second quarter of 2012 include $0.03 per share of
    acquisition-related expenses, and the issuance of 575,689 common shares
    under the company’s at-the-market stock offering program at a weighted
    average price of $46.05, net of selling commissions.

    For the first six months of 2012, KRC reported net income available to
    common stockholders of $66.7 million, or $1.00 per share, compared to
    $717,000, or less than $0.01 per share, in the first half of 2011.
    Revenues from continuing operations in the six-month period totaled
    $203.3 million, up from $172.2 million in the same period of 2011. FFO
    for the first half of 2012 totaled $72.5 million, or $1.04 per share,
    compared to $61.8 million, or $1.06 per share, in the first half of
    2011. Net income for first half of 2012 included approximately $72.8
    million of net gains from property dispositions. All per share amounts
    in this report are presented on a diluted basis.

    At June 30, 2012, the company’s stabilized portfolio totaled
    approximately 15.6 million square feet and was 90.0% occupied. Occupancy
    declined from 91.6% in the prior quarter primarily due to the lease
    expirations of two tenants in San Diego as well as an industrial tenant
    move-out in Orange County.

    Since the end of the first quarter, KRC has completed the purchase of
    five office buildings in four transactions aggregating approximately 1.2
    million square feet of space for an aggregate purchase price of
    approximately $410 million. The company also expanded its development
    platform into Northern California with the purchase of 690 E.
    Middlefield Road in Mountain View, California and 329 Brannan Street in
    the SOMA submarket of San Francisco that upon completion are estimated
    to have a total investment of approximately $285 million. A summary of
    these transactions is as follows:

    –
    In May, the company purchased 690 E. Middlefield Road in Mountain
    View, California for a purchase price of $74.5 million, where it will
    develop, own and manage a 341,000 square-foot office campus under a
    15-year lease for Synopsys, Inc.


    /quotes/zigman/78740/quotes/nls/snps SNPS
    -0.63%



    , the global leader in
    electronic design automation. The Synopsys office campus represents
    KRC’s first ground-up development project in the greater San Francisco
    Bay Area and will have a projected total investment of approximately
    $200 million. The fully entitled office project will include two
    five-story Class A office buildings with state-of-the-art
    infrastructure and amenities, designed and pre-registered to meet LEED
    Gold certification requirements.

    –
    In June, the company acquired, in two separate transactions, a
    three-building office campus located on the waterfront in the Lake
    Union submarket of Seattle, Washington. The 420,000 square foot office
    project was purchased for approximately $144.6 million and is
    currently 99% leased. As part of the acquisition, the Company assumed
    a mortgage loan of approximately $34.0 million that bears interest at
    a rate of 5.09% and matures in August 2015.

    –
    In July, the company acquired Skyline Tower, a 417,000 square-foot,
    24-story, Class A office building in Bellevue, Washington for
    approximately $186 million. The LEED Silver certified property is
    located two blocks from the company’s Key Center office building and
    one block north of the Bellevue Transit Center. Skyline Tower is
    currently 92% leased. As part of the acquisition, the company assumed
    a mortgage loan of approximately $84 million that bears interest at a
    rate of 6.37% and matures in April 2013.

    –
    In July, the company acquired 329 Brannan Street, an office
    development opportunity in the heart of San Francisco’s SOMA district
    for approximately $18.5 million. The site is zoned for approximately
    5.0 FAR coverage and the company intends to build a six-level office
    building designed to appeal to the area’s growing community of
    technology and media companies.

    –
    In July, the company acquired Sunset Media Center, a 322,000 square
    foot, 22-story, Class A office building located in the Hollywood
    submarket of Los Angeles, California for a purchase price of
    approximately $79 million. The building is currently 87% leased. As
    part of the acquisition, the company issued approximately $5 million
    in common limited partnership units of Kilroy Realty, L.P. and assumed
    a mortgage loan of approximately $54 million that bears interest at a
    rate of 5.23% and matures in January 2016.

    In late June, KRC obtained a $97.0 million non-recourse mortgage secured
    by two office projects. The mortgage has a term of 15 years, maturing on
    July 1, 2027, and bears interest at a rate of 4.48%. The company used
    the loan proceeds to pay down a portion of the outstanding balance on
    its credit facility.

    “KRC’s expanding operational footprint and management expertise in top
    quality real estate markets up and down the West Coast continue to
    generate significant opportunities for profitable growth and long-term
    value creation,” said John Kilroy, Jr., the company’s president and
    chief executive officer. “With the talent and market knowledge now
    represented on our team, we’re well-positioned to compete for and
    execute attractive acquisition and development projects from Seattle to
    San Diego. Equally important, we will continue to pursue these
    opportunities with financial discipline, recognizing that a strong
    balance sheet is essential in what remains an uncertain economic
    environment.”

    KRC management will discuss updated earnings guidance for fiscal 2012
    during the company’s August 2, 2012 earnings conference call. The call
    will begin at 10:00 a.m. Pacific Time and last approximately one hour.
    Those interested in listening via the Internet can access the conference
    call at
    http://www.kilroyrealty.com .
    Please go to the website 15 minutes before the call and register. It may
    be necessary to download audio software to hear the conference call.
    Those interested in listening via telephone can access the conference
    call at (888) 679-8035 reservation #77332020. A replay of the conference
    call will be available via phone through August 9, 2012 at (888)
    286-8010, reservation #61086733, or via the Internet at the company’s
    website.

    About Kilroy Realty Corporation. Kilroy Realty Corporation, a
    member of the SP Small Cap 600 Index, is a real estate investment trust
    active in the office and industrial property sectors. For over 60 years,
    the company has owned, developed, acquired and managed real estate
    assets primarily in the coastal regions of Los Angeles, Orange County,
    San Diego, greater Seattle and the San Francisco Bay Area. At June 30,
    2012, the company owned 12.2 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 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, 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 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 required in connection
    with ongoing requirements under Federal securities laws.

    
                                                                      KILROY REALTY CORPORATION
                                                                      SUMMARY QUARTERLY RESULTS
                                                          (unaudited, in thousands, except per share data)
        -----------------------------------------------------------------------------------------------------------------------------------
                                                                                      Three Months      Three Months        Six Months         Six Months
                                                                                          Ended             Ended              Ended              Ended
                                                                                      June 30, 2012     June 30, 2011      June 30, 2012      June 30, 2011
                                                                                   ---------------    --------------    ---------------    ---------------
        Revenues from continuing operations                                           $ 103,922          $ 88,390          $ 203,332          $ 172,163
        Revenues including discontinued operations                                    $ 103,922          $ 92,064          $ 204,335          $ 180,189
        Net (loss) income available to common stockholders(1)                         $    (800)        $   (317)        $  66,740          $     717
        Weighted average common shares outstanding - basic                               68,345            57,686             65,997             55,009
        Weighted average common shares outstanding - diluted                             68,345            57,686             65,997             55,009
        Net (loss) income available to common stockholders per share - basic (1)      $   (0.02)        $  (0.01)        $    1.00          $    0.00
        Net (loss) income available to common stockholders per share -                $   (0.02)        $  (0.01)        $    1.00          $    0.00
        diluted (1)
        Funds From Operations (1), (2), (3)                                           $  39,508          $ 31,643          $  72,498          $  61,770
        Weighted average common shares/units outstanding - basic (4)                     71,226            60,337             68,799             57,634
        Weighted average common shares/units outstanding - diluted (4)                   72,473            60,817             69,815             58,010
        Funds From Operations per common share/unit - basic (1), (4)                  $    0.55          $   0.52          $    1.05          $    1.07
        Funds From Operations per common share/unit - diluted (1), (4)                $    0.55          $   0.52          $    1.04          $    1.06
        Common shares outstanding at end of period:                                                                           68,928             58,464
        Common partnership units outstanding at end of period                                                                  1,718              1,718
                                                                                                                        -------------      -------------
               Total common shares and units outstanding at end of period                                                     70,646             60,182
                                                                                                                           June 30, 2012      June 30, 2011
                                                                                                                        ------------------ ------------------
        Stabilized portfolio occupancy rates:
               Office                                                                                                           89.3 %             87.9 %
               Industrial                                                                                                       92.5 %             97.6 %
                                                                                                                        -----------------  -----------------
                   Weighted average total                                                                                       90.0 %             90.2 %
               Los Angeles and Ventura Counties                                                                                 88.0 %             84.0 %
               San Diego County                                                                                                 87.5 %             88.4 %
               Orange County                                                                                                    92.7 %             96.7 %
               San Francisco Bay Area                                                                                           91.4 %             93.1 %
               Greater Seattle                                                                                                  93.8 %             90.4 %
                                                                                                                        -----------------  -----------------
                    Weighted average total                                                                                      90.0 %             90.2 %
        Total square feet of stabilized properties owned at end of period:
               Office                                                                                                         12,227             11,466
               Industrial                                                                                                      3,413              3,605
                                                                                                                        -------------      -------------
                      Total                                                                                                   15,640             15,071

    
        (1)   Net (Loss) Income Available to Common Stockholders includes a net
              gain on dispositions of discontinued operations of $72.8 million for
              the six months ended June 30, 2012. In addition, Net (Loss) Income
              Available to Common Stockholders and Funds from Operations for the
              six months ended June 30, 2012 include a non-cash charge of $4.9
              million related to the original issuance cost of the Series E and F
              Preferred Stock that were redeemed on April 16, 2012.
        (2)   Reconciliation of Net (Loss) Income Available to Common Stockholders
              to Funds From Operations and management statement on Funds From
              Operations are included after the Consolidated Statements of
              Operations.
        (3)   Reported amounts are attributable to common stockholders and common
              unitholders.
        (4)   Calculated based on weighted average shares outstanding including
              participating share-based awards and assuming the exchange of all
              common limited partnership units outstanding.

    
                                                  KILROY REALTY CORPORATION CONSOLIDATED
                                                              BALANCE SHEETS
                                                         (unaudited, in thousands)
        ----------------------------------------------------------------------------------------------------------------
                                                                                           June 30, 2012         December 31, 2011
                                                                                      -----------------------  --------------------
        ASSETS
        ---------------------------------------------------------------------------
        REAL ESTATE ASSETS:
               Land and improvements                                                        $   576,433              $   537,574
               Buildings and improvements                                                     3,137,665                2,830,310
               Undeveloped land and construction in progress                                    557,657                  430,806
                                                                                      ------------------       ------------------
                                                                                              4,271,755                3,798,690
                      Total real estate held for investment
               Accumulated depreciation and amortization                                       (801,083)               (742,503)
                                                                                      ----------------------   -------------------
                      Total real estate held for investment, net                              3,470,672                3,056,187
        Real estate assets and other assets held for sale, net                           --                   84,156
        Cash and cash equivalents                                                                18,111                    4,777
        Restricted cash                                                                              97                      358
        Marketable securities                                                                     6,546                    5,691
        Current receivables, net                                                                  7,643                    8,395
        Deferred rent receivables, net                                                          110,689                  101,142
        Deferred leasing costs and acquisition-related intangible assets, net                   168,488                  155,522
        Deferred financing costs, net                                                            18,919                   18,368
        Prepaid expenses and other assets, net                                                   46,357                   12,199
                                                                                      ------------------       ------------------
                      TOTAL ASSETS                                                          $ 3,847,522              $ 3,446,795
                                                                                      ======= =========        ======= =========
        LIABILITIES, NONCONTROLLING INTEREST AND
        EQUITY
        ---------------------------------------------------------------------------
        LIABILITIES:
               Secured debt                                                                 $   381,097              $   351,825
               Exchangeable senior notes, net                                                   161,844                  306,892
               Unsecured debt, net                                                            1,130,732                  980,569
               Unsecured line of credit                                                         102,000                  182,000
               Accounts payable, accrued expenses and other liabilities                          98,940                   81,713
               Accrued distributions                                                             25,975                   22,692
               Deferred revenue and acquisition-related intangible liabilities, net             108,462                   79,781
               Rents received in advance and tenant security deposits                            31,768                   26,917
               Liabilities and deferred revenue of real estate assets held for sale      --                   13,286
                                                                                      ------------------       ------------------
                      Total liabilities                                                       2,040,818                2,045,675
                                                                                      ------------------       ------------------
        NONCONTROLLING INTEREST:
               7.45% Series A Cumulative Redeemable Preferred units of the                       73,638                   73,638
               Operating Partnership
        EQUITY:
               Stockholders' Equity
                    7.80% Series E Cumulative Redeemable Preferred stock                 --                   38,425
                    7.50% Series F Cumulative Redeemable Preferred stock                 --                   83,157
                    6.875% Series G Cumulative Redeemable Preferred stock                        96,155           --
                    Common stock                                                                    689                      588
                    Additional paid-in capital                                                1,856,431                1,448,997
                    Distributions in excess of earnings                                        (259,495)               (277,450)
                                                                                      ----------------------   -------------------
                          Total stockholders' equity                                          1,693,780                1,293,717
                                                                                      ------------------       ------------------
               Noncontrolling Interest
                    Common units of the Operating Partnership                                    39,286                   33,765
                                                                                      ------------------       ------------------
                          Total equity                                                        1,733,066                1,327,482
                                                                                      ------------------       ------------------
                    TOTAL LIABILITIES, NONCONTROLLING INTEREST AND EQUITY                   $ 3,847,522              $ 3,446,795
                                                                                      ======= =========        ======= =========

    
                                                                     KILROY REALTY CORPORATION CONSOLIDATED
                                                                            STATEMENTS OF OPERATIONS
                                                                (unaudited, in thousands, except per share data)
        -----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                         Three Months          Three Months          Six Months          Six Months
                                                                                             Ended                 Ended                Ended               Ended
                                                                                         June 30, 2012         June 30, 2011        June 30, 2012       June 30, 2011
                                                                                     ------------------    ------------------    ---------------    ------------------
        REVENUES:
              Rental income                                                                $  94,265             $  80,158          $ 184,484             $ 157,155
              Tenant reimbursements                                                            9,065                 7,130             17,369                13,152
              Other property income                                                              592                 1,102              1,479                 1,856
                                                                                     ----------------      ----------------      -------------      ----------------
                      Total revenues                                                         103,922                88,390            203,332               172,163
                                                                                     ----------------      ----------------      -------------      ----------------
        EXPENSES:
              Property expenses                                                               21,196                17,356             38,731                34,865
              Real estate taxes                                                                8,881                 8,127             17,270                16,017
              Provision for bad debts                                                 --                   120                  2                   146
              Ground leases                                                                      615                   424              1,417                   763
              General and administrative expenses                                              9,251                 7,440             18,018                14,000
              Acquisition-related expenses                                                     1,813                 1,194              3,341                 1,666
              Depreciation and amortization                                                   40,624                31,378             77,370                59,819
                                                                                     ----------------      ----------------      -------------      ----------------
                      Total expenses                                                          82,380                66,039            156,149               127,276
                                                                                     ----------------      ----------------      -------------      ----------------
        OTHER (EXPENSES) INCOME:
              Interest income and other net investment (losses) gains                           (110)                  58                374                   242
              Interest expense                                                               (19,155)             (21,228)          (40,318)             (42,104)
                                                                                     --------------------  --------------------  -----------------  --------------------
                      Total other (expenses) income                                          (19,265)             (21,170)          (39,944)             (41,862)
        INCOME FROM CONTINUING OPERATIONS                                                      2,277                 1,181              7,239                 3,025
        DISCONTINUED OPERATIONS:
              Income from discontinued operations                                     --                 2,291                900                 5,314
              Net gain on dispositions of discontinued operations                     --        --             72,809        --
                                                                                     ----------------      ----------------      -------------      ----------------
                      Total income from discontinued operations                       --                 2,291             73,709                 5,314
                                                                                     ----------------      ----------------      -------------      ----------------
        NET INCOME                                                                             2,277                 3,472             80,948                 8,339
              Net loss (income) attributable to noncontrolling common units of the                20                    10             (1,775)                 (24)
              Operating Partnership
                                                                                     --------------        --------------        -----------  ----  --------------  ----
        NET INCOME ATTRIBUTABLE TO KILROY REALTY CORPORATION                                   2,297                 3,482             79,173                 8,315
        PREFERRED DISTRIBUTIONS AND DIVIDENDS:
              Distributions on noncontrolling cumulative redeemable preferred                 (1,397)              (1,397)           (2,794)              (2,794)
              units of the Operating Partnership
              Preferred dividends                                                             (1,700)              (2,402)           (4,721)              (4,804)
              Original issuance costs of preferred stock called for redemption        --        --             (4,918)      --
                                                                                     ----------------      ----------------      -----------------  ----------------
                      Total preferred distributions and dividends                             (3,097)              (3,799)          (12,433)              (7,598)
        NET (LOSS) INCOME AVAILABLE TO COMMON STOCKHOLDERS                                 $    (800)           $    (317)        $  66,740             $     717
                                                                                     ======= ======= ====  ======= ======= ====  ==== =======       ======= =======
        Weighted average common shares outstanding - basic                                    68,345                57,686             65,997                55,009
        Weighted average common shares outstanding - diluted                                  68,345                57,686             65,997                55,009
        Net (loss) income available to common stockholders per share - basic               $   (0.02)           $   (0.01)        $    1.00             $    0.00
                                                                                     ======= ======= ====  ======= ======= ====  ==== =======       ======= =======
        Net (loss) income available to common stockholders per share -                     $   (0.02)           $   (0.01)        $    1.00             $    0.00
        diluted
                                                                                     ======= ======= ====  ======= ======= ====  ==== ======= ====  ======= ======= ====

    
                                                                        KILROY REALTY CORPORATION FUNDS FROM
                                                                                     OPERATIONS
                                                                  (unaudited, in thousands, except per share data)
        ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Three Months          Three Months         Six Months        Six Months
                                                                                                       Ended                 Ended               Ended             Ended
                                                                                                   June 30, 2012         June 30, 2011       June 30, 2012     June 30, 2011
                                                                                               ------------------    ------------------    --------------    --------------
        Net (loss) income available to common stockholders                                           $    (800)           $    (317)        $ 66,740             $     717
                 Adjustments:
                        Net (loss) income attributable to noncontrolling common units of the               (20)                 (10)           1,775                    24
                        Operating Partnership
                        Depreciation and amortization of real estate assets                             40,328                31,970            76,792                61,029
                        Net gain on dispositions of discontinued operations                     --        --           (72,809)      --
                                                                                               ----------------      ----------------      ----------------  ----------------
        Funds From Operations (1)                                                                    $  39,508             $  31,643          $ 72,498             $  61,770
                                                                                               ======= =======       ======= =======       ==== ======       ======= =======
        Weighted average common shares/units outstanding - basic                                        71,226                60,337            68,799                57,634
        Weighted average common shares/units outstanding - diluted                                      72,473                60,817            69,815                58,010
        Funds From Operations per common share/unit - basic (2)                                      $    0.55             $    0.52          $   1.05             $    1.07
                                                                                               ======= =======       ======= =======       ==== ======       ======= =======
        Funds From Operations per common share/unit - diluted (2)                                    $    0.55             $    0.52          $   1.04             $    1.06
                                                                                               ======= =======       ======= =======       ==== ======       ======= =======

    
        (1)   The company calculates FFO in accordance with the White Paper on FFO
              approved by the Board of Governors of NAREIT. The White Paper
              defines FFO as net income or loss calculated in accordance with
              GAAP, excluding extraordinary items, as defined by GAAP, gains and
              losses from sales of depreciable real estate and impairment
              write-downs associated with depreciable real estate, plus real
              estate-related depreciation and amortization (excluding amortization
              of deferred financing costs and depreciation of non-real estate
              assets), and after adjustment for unconsolidated partnerships and
              joint ventures.
              Management believes that FFO is a useful supplemental measure of the
              company's operating performance. The exclusion from FFO of gains and
              losses from the sale of operating real estate assets allows
              investors and analysts to readily identify the operating results of
              the assets that form the core of the company's activity and assists
              in comparing those operating results between periods. Also, because
              FFO is generally recognized as the industry standard for reporting
              the operations of REITs, it facilitates comparisons of the company's
              operating performance to other REITs. However, other REITs may use
              different methodologies to calculate FFO, and accordingly, the
              company's FFO may not be comparable to all other REITs.
              Implicit in historical cost accounting for real estate assets in
              accordance with GAAP is the assumption that the value of real estate
              assets diminishes predictably over time. Since real estate values
              have historically risen or fallen with market conditions, many
              industry investors and analysts have considered presentations of
              operating results for real estate companies using historical cost
              accounting alone to be insufficient. Because FFO excludes
              depreciation and amortization of real estate assets, management
              believes that FFO along with the required GAAP presentations
              provides a more complete measurement of the company's performance
              relative to its competitors and a more appropriate basis on which to
              make decisions involving operating, financing and investing
              activities than the required GAAP presentations alone would provide.
              However, FFO should not be viewed as an alternative measure of the
              company's operating performance since it does not reflect either
              depreciation and amortization costs or the level of capital
              expenditures and leasing costs necessary to maintain the operating
              performance of the company's properties, which are significant
              economic costs and could materially impact the company's results
              from operations.
        (2)   Reported amounts are attributable to common stockholders and common
              unitholders.

    SOURCE: Kilroy Realty Corporation

    
        Kilroy Realty Corporation
        Tyler H. Rose
        Executive Vice President
        and Chief Financial Officer
        (310) 481-8484
        or
        Michelle Ngo
        Vice President
        and Treasurer
        (310) 481-8581

    Copyright Business Wire 2012

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    ]]>     http://homesmillbrae.com/1632/kilroy-realty-corporation-reports-second-quarter-financial-results/feed/ 0     Kilroy Realty Corporation Acquires Value-Add Opportunities in Two West Coast … http://homesmillbrae.com/1622/kilroy-realty-corporation-acquires-value-add-opportunities-in-two-west-coast/ http://homesmillbrae.com/1622/kilroy-realty-corporation-acquires-value-add-opportunities-in-two-west-coast/#comments Fri, 27 Jul 2012 17:15:29 +0000 http://homesmillbrae.com/1622/kilroy-realty-corporation-acquires-value-add-opportunities-in-two-west-coast/ Continue reading →]]>

    LOS ANGELES, Jul 26, 2012 (BUSINESS WIRE) –
    Kilroy Realty Corporation


    /quotes/zigman/171049/quotes/nls/krc KRC
    +1.05%



    continued its successful pursuit
    of value-add office building opportunities in strongly growing West
    Coast commercial centers, acquiring a rare development site on Brannan
    Street in San Francisco’s SOMA district and a Class A office tower in
    greater Seattle’s prestigious Bellevue community.

    KRC said the development site transaction, which closed last week,
    represents a unique opportunity to build a state-of the-art office
    property amid one of downtown San Francisco’s most popular technology
    and media corridors at a total investment cost notably below recent
    prices paid by other purchasers for similar assets.

    In the Seattle transaction, which closed this week, the company said it
    has purchased a premium quality, multi-tenant office tower, located in a
    popular high-density submarket that is now experiencing strong demand
    growth, at a price comfortably below replacement cost. KRC said it plans
    to significantly enhance the property with a capital improvement and
    modernization program that will support both property specific and
    market-based rental rate growth.

    Brannan Street Development Site Details. KRC paid
    approximately $18.5 million for the 0.82-acre development site, located
    at 329 Brannan Street in San Francisco’s SOMA district. The site is
    zoned for approximately 5.0 FAR coverage and the company intends to
    build a six-level office building designed to appeal to the area’s
    growing community of technology and media companies. It is KRC’s second
    ground-up development project in Northern California.

    The new building will be LEED Gold certified. Its design will reflect
    the dominant brick and timber character of the neighborhood, similar to
    properties at 301 and 250 Brannan Street, which KRC also owns and which
    are both 100% leased. The new building’s design will incorporate open
    floor plates, concrete floors, large windows to capture natural light,
    and multiple common areas–all features popular with the area’s creative
    workforce.

    KRC expects to complete entitlements for the development site by
    year-end 2013 and complete the building in 2015. The company estimates
    the total cost of the project, including land, will be approximately $80
    million.

    Seattle High-Rise Acquisition Details. KRC paid
    approximately $186 million for the 417,000 square-foot, 24-story, Class
    A office tower known as Skyline Tower located in Bellevue, Washington.
    The purchase price includes the assumption of an in-place mortgage of
    approximately $84 million. The loan bears interest at a rate of 6.37%
    and matures on April 1, 2013.

    Skyline Tower is a LEED Silver certified property featuring spectacular
    views of the Cascade and Olympic Mountains and Mount Rainier, and sits
    in close proximity to Bellevue’s affluent residential and retail
    neighborhoods. The property, which is two blocks from KRC’s Key Center
    office tower, is currently 92% leased to a diverse tenant base that
    includes technology companies Expedia and Valve Corporation.

    About Kilroy Realty Corporation. Kilroy Realty
    Corporation, a member of the SP 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.

    SOURCE: Kilroy Realty Corporation

    
        Kilroy Realty Corporation
        Tyler H. Rose
        Executive Vice President
        and Chief Financial Officer
        310-481-8484
        or
        Michelle Ngo
        Vice President
        and Treasurer
        310-481-8581

    Copyright Business Wire 2012

    /quotes/zigman/171049/quotes/nls/krc

    413c2 arrow symbol popup Kilroy Realty Corporation Acquires Value Add Opportunities in Two West Coast ...


    413c2 icons add Kilroy Realty Corporation Acquires Value Add Opportunities in Two West Coast ... Add to portfolio

    KRC

    413c2 ajax loader Kilroy Realty Corporation Acquires Value Add Opportunities in Two West Coast ...

    413c2 arrow symbol popup bottom Kilroy Realty Corporation Acquires Value Add Opportunities in Two West Coast ...

    Article source: http://www.marketwatch.com/story/kilroy-realty-corporation-acquires-value-add-opportunities-in-two-west-coast-tech-and-media-centers-2012-07-26

    ]]>     http://homesmillbrae.com/1622/kilroy-realty-corporation-acquires-value-add-opportunities-in-two-west-coast/feed/ 0     Owner drops price for San Francisco Bay island http://homesmillbrae.com/1596/owner-drops-price-for-san-francisco-bay-island/ http://homesmillbrae.com/1596/owner-drops-price-for-san-francisco-bay-island/#comments Sat, 14 Jul 2012 21:34:32 +0000 http://homesmillbrae.com/1596/owner-drops-price-for-san-francisco-bay-island/ Continue reading →]]> Big price reduction

    for island in the Bay

    An island offering a secluded beach, promises of great fishing and stunning views of the San Francisco skyline is up for sale — and at a discounted price.

    Red Rock Island, a 6-acre mass of rock tucked away in a northern part of San Francisco Bay, is now being offered for just under $5 million, Realtor Steven Higbee said. The property earlier this year was listed for $22 million.

    The undeveloped island has been on and off the market for years. Higbee said he advised the owner that the best way to move it was by “whittling away at the price.”

    Accessible only by boat or helicopter, and with no crowds of tourists swarming about like the better-known Alcatraz Island, the island offers a very secluded getaway. “You could go out there and have wild parties or retreat away from the wild parties,” Higbee said.

    Article source: http://seattletimes.nwsource.com/html/realestate/2018675180_realbrownbox15.html

    ]]>     http://homesmillbrae.com/1596/owner-drops-price-for-san-francisco-bay-island/feed/ 0     Kilroy Realty Corporation Reports Fourth Quarter Financial Results http://homesmillbrae.com/1275/kilroy-realty-corporation-reports-fourth-quarter-financial-results/ http://homesmillbrae.com/1275/kilroy-realty-corporation-reports-fourth-quarter-financial-results/#comments Tue, 31 Jan 2012 06:33:49 +0000 http://homesmillbrae.com/1275/kilroy-realty-corporation-reports-fourth-quarter-financial-results/ Continue reading →]]> LOS ANGELES–(EON: Enhanced Online News)–Kilroy Realty Corporation (NYSE: KRC) today reported
    financial results for its fourth quarter ended December 31, 2011, with
    net income available to common stockholders of $39.9 million, or $0.68
    per share, compared to $1.5 million, or $0.02 per share, in the fourth
    quarter of 2010. Revenues from continuing operations in the fourth
    quarter totaled $101.5 million, up from $79.3 million in the prior
    year’s fourth quarter. Funds from operations (FFO) for the period
    totaled $40.5 million, or $0.66 per share, compared to $29.5 million, or
    $0.54 per share, in the year-earlier period.

    “Our ongoing focus on leasing, portfolio enhancement and financial
    strength really paid off in 2011”

    For its fiscal year ended December 31, 2011, KRC reported net income
    available to common stockholders of $50.8 million, or $0.87 per share,
    compared to $4.5 million, or $0.07 per share, in fiscal year 2010.
    Revenues from continuing operations in 2011 totaled $367.1 million, up
    from $287.4 million in 2010. FFO for the year totaled $136.2 million, or
    $2.29 per share, compared to $106.6 million, or $2.05 per share, in 2010.

    Results for the fourth quarter and fiscal year ended December 31, 2011
    include the receipt of a $3.7 million, or $0.06 per share, cash payment
    under a bankruptcy claim related to a 2009 tenant default. Net income
    for the fourth quarter and fiscal year ended December 31, 2011 includes
    approximately $39.0 million and $51.6 million, respectively, of net
    gains from property dispositions. In addition, results for the fiscal
    year ended December 31, 2010 include a $4.6 million, or $0.09 per share,
    charge for the early extinguishment of debt. All per share amounts in
    this report are presented on a diluted basis.

    During the fourth quarter of 2011, the company sold a 192,000
    square-foot industrial building located in the El Segundo submarket of
    Los Angeles for a sales price of approximately $42.2 million bringing
    total 2011 disposition proceeds to $66.1 million. In addition, on
    January 30, 2012, the company closed on the disposition of two office
    properties in San Diego at a sales price of approximately $146.1 million
    or $576 per square foot.

    Also during the fourth quarter, the company completed the acquisition of
    two office properties totaling just over 484,000 square feet, for an
    aggregate purchase price of approximately $121.5 million. Both
    properties are located in the South of Market (SOMA) district of San
    Francisco, one of the top performing real estate markets in the country.
    301 Brannan Street is 66.1% occupied and 100% leased. 370 Third Street
    is 8.9% occupied and 36.8% leased, and is currently undergoing
    redevelopment.

    For 2011, KRC completed the acquisition of eight office projects
    encompassing 11 buildings and approximately two million square feet for
    an aggregate investment of $637.8 million. These properties are located
    in the high-growth, gateway markets of San Francisco, San Diego, and
    greater Seattle.

    KRC reported its strongest annual leasing performance in the company’s
    history as a publicly traded company during 2011. For the year, KRC
    signed new and renewing leases on 2.6 million square feet of office and
    industrial space. At December 31, 2011, the company’s stabilized
    portfolio totaled approximately 14.8 million square feet and was 92.4%
    occupied.

    “Our ongoing focus on leasing, portfolio enhancement and financial
    strength really paid off in 2011,” said John Kilroy, Jr., KRC’s
    president and chief executive officer. “We successfully extended the KRC
    franchise into the high potential, high value West Coast markets of San
    Francisco and Seattle. We implemented an effective capital recycling
    program to finance a portion of our acquisitions. We achieved the
    strongest annual leasing performance in our history as a public company.
    And the impact is apparent in our 2011 financial results, with
    year-over-year increases in both FFO and same-store net operating
    income, and a strong total return to shareholders.”

    KRC management will discuss updated earnings guidance for fiscal 2012
    during the company’s January 31, 2012 earnings conference call. The call
    will begin at 10:00 a.m. Pacific time and last approximately one hour.
    Those interested in listening via the Internet can access the conference
    call at http://www.kilroyrealty.com.
    Please go to the website 15 minutes before the call and register. It may
    be necessary to download audio software to hear the conference call.
    Those interested in listening via telephone can access the conference
    call at 888-679-8034, reservation #51740166. A replay of the conference
    call will be available via phone through February 7, 2012 at
    888-286-8010, reservation #17959731, or via the Internet at the
    company’s website.

    Kilroy Realty Corporation, a member of the SP Small Cap 600 Index, is a
    Southern California-based real estate investment trust active in the
    office and industrial property sectors. For over 60 years, the company
    has owned, developed, acquired and managed real estate assets primarily
    in the coastal regions of Los Angeles, Orange County, San Diego, greater
    Seattle and the San Francisco Bay Area. At December 31, 2011, the
    company owned 11.4 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.

     

    KILROY REALTY CORPORATION

    SUMMARY QUARTERLY RESULTS

    (unaudited, in thousands, except per share data)

     

     

    Three Months

     

    Three Months

     

     

    Ended

    Ended

    Year Ended

    Year Ended

    December 31,

    December 31,

    December 31,

    December 31,

    2011

    2010

    2011

    2010

    Revenues from continuing operations (1)

    $

    101,458

    $

    79,309

    $

    367,131

    $

    287,396

     

    Revenues including discontinued operations(1)

    $

    105,138

    $

    82,941

    $

    383,131

    $

    301,980

     

    Net income available to common stockholders(1)

    $

    39,910

    $

    1,535

    $

    50,819

    $

    4,512

     

    Weighted average common shares outstanding – basic

    58,440

    52,274

    56,717

    49,497

    Weighted average common shares outstanding – diluted

    58,440

    52,274

    56,717

    49,497

     

    Net income available to common stockholders per share – basic(1)

    $

    0.68

    $

    0.02

    $

    0.87

    $

    0.07

    Net income available to common stockholders per share – diluted (1)

    $

    0.68

    $

    0.02

    $

    0.87

    $

    0.07

     

    Funds From Operations (1), (2), (3)

    $

    40,528

    $

    29,485

    $

    136,173

    $

    106,639

     

    Weighted average common shares/units outstanding – basic (4)

    61,108

    54,786

    59,362

    52,033

    Weighted average common shares/units outstanding – diluted (4)

    61,110

    54,802

    59,549

    52,049

     

    Funds From Operations per common share/unit – basic (1), (4)

    $

    0.66

    $

    0.54

    $

    2.29

    $

    2.05

    Funds From Operations per common share/unit – diluted (1), (4)

    $

    0.66

    $

    0.54

    $

    2.29

    $

    2.05

     

    Common shares outstanding at end of period

    58,820

    52,350

    Common partnership units outstanding at end of period

    1,718

     

    1,723

     

    Total common shares and units outstanding at end of period

    60,538

    54,073

     

    December 31,

    December 31,

    2011

    2010

    Stabilized portfolio occupancy rates: (5)

    Office

    90.1

    %

    87.5

    %

    Industrial

    100.0

    %

    93.9

    %

    Weighted average total

    92.4

    %

    89.1

    %

     

    Los Angeles and Ventura Counties

    83.5

    %

    89.9

    %

    San Diego County

    92.5

    %

    86.4

    %

    Orange County

    99.1

    %

    93.5

    %

    San Francisco Bay Area

    93.3

    %

    84.3

    %

    Greater Seattle

    89.9

    %

    100.0

    %

    Weighted average total

    92.4

    %

    89.1

    %

     

    Total square feet of stabilized properties owned at end of period: (5)

    Office

    11,421

    10,395

    Industrial

    3,413

     

    3,603

     

    Total

    14,834

    13,998

     

    (1) Results for the three months and year ended December 31, 2011
    include the receipt of a $3.7 million cash payment under a bankruptcy
    claim related to a 2009 tenant default.

    (2) Reconciliation of Net Income Available to Common Stockholders to
    Funds From Operations and management statement on Funds From Operations
    are included after the Consolidated Statements of Operations.

    (3) Reported amounts are attributable to common stockholders and common
    unitholders.

    (4) Calculated based on weighted average shares outstanding including
    participating share-based awards and assuming the exchange of all common
    limited partnership units outstanding.

    (5) The Company’s stabilized portfolio excludes two office buildings
    classified as held for sale as of December 31, 2011.

     

    KILROY REALTY CORPORATION CONSOLIDATED
    BALANCE SHEET    S

    (unaudited, in thousands)

     

     

    December 31,

     

    December 31,

    2011

    2010

    ASSETS

    REAL ESTATE ASSETS:

    Land and improvements

    $

    537,574

    $

    491,333

    Buildings and improvements

    2,830,310

    2,435,173

    Undeveloped land and construction in progress

    430,806

     

    290,365

     

    Total real estate held for investment

    3,798,690

    3,216,871

    Accumulated depreciation and amortization

    (742,503

    )

    (672,429

    )

    Total real estate held for investment, net

    3,056,187

    2,544,442

     

    Real estate assets and other assets held for sale, net

    84,156

    —

    Cash and cash equivalents

    4,777

    14,840

    Restricted cash

    358

    1,461

    Marketable securities

    5,691

    4,902

    Current receivables, net

    8,395

    6,258

    Deferred rent receivables, net

    101,142

    89,052

    Deferred leasing costs and acquisition-related intangible assets, net

    155,522

    131,066

    Deferred financing costs, net

    18,368

    16,447

    Prepaid expenses and other assets, net

    12,199

     

    8,097

     

    TOTAL ASSETS

    $

    3,446,795

     

    $

    2,816,565

     

     

    LIABILITIES, NONCONTROLLING INTEREST AND
    EQUITY

    LIABILITIES:

    Secured debt, net

    $

    351,825

    $

    313,009

    Exchangeable senior notes, net

    306,892

    299,964

    Unsecured senior notes, net

    980,569

    655,803

    Unsecured line of credit

    182,000

    159,000

    Accounts payable, accrued expenses and other liabilities

    81,713

    68,525

    Accrued distributions

    22,692

    20,385

    Deferred revenue and acquisition-related intangible liabilities, net

    79,781

    79,322

    Rents received in advance and tenant security deposits

    26,917

    29,189

    Liabilities and deferred revenue of real estate assets held for sale

    13,286

     

    —

     

    Total liabilities

    2,045,675

     

    1,625,197

     

     

    NONCONTROLLING INTEREST:

    7.45% Series A cumulative redeemable preferred units of the
    Operating Partnership

    73,638

    73,638

     

    EQUITY:

    Stockholders’ Equity

    7.80% Series E Cumulative Redeemable Preferred stock

    38,425

    38,425

    7.50% Series F Cumulative Redeemable Preferred stock

    83,157

    83,157

    Common stock

    588

    523

    Additional paid-in capital

    1,448,997

    1,211,498

    Distributions in excess of earnings

    (277,450

    )

    (247,252

    )

    Total stockholders’ equity

    1,293,717

     

    1,086,351

     

    Noncontrolling Interest

    Common units of the Operating Partnership

    33,765

     

    31,379

     

    Total equity

    1,327,482

     

    1,117,730

     

    TOTAL LIABILITIES, NONCONTROLLING INTEREST AND EQUITY

    $

    3,446,795

     

    $

    2,816,565

     

     

     

    KILROY REALTY CORPORATION CONSOLIDATED
    STATEMENTS OF OPERATIONS

    (unaudited, in thousands, except per share data)

     

     

    Three Months

     

    Three Months

     

     

    Ended

    Ended

    Year Ended

    Year Ended

    December 31,

    December 31,

    December 31,

    December 31,

    2011

    2010

    2011

    2010

    REVENUES:

    Rental income

    $

    89,504

    $

    73,112

    $

    332,489

    $

    261,534

    Tenant reimbursements

    7,492

    5,576

    27,976

    22,918

    Other property income

    4,462

     

    621

     

    6,666

     

    2,944

     

    Total revenues

    101,458

     

    79,309

     

    367,131

     

    287,396

     

     

    EXPENSES:

    Property expenses

    18,761

    15,358

    72,869

    56,389

    Real estate taxes

    8,422

    7,102

    32,521

    26,342

    Provision for bad debts

    503

    129

    644

    16

    Ground leases

    513

    336

    1,779

    984

    General and administrative expenses

    7,793

    6,867

    28,148

    27,963

    Acquisition-related expenses

    1,224

    624

    4,053

    2,248

    Depreciation and amortization

    38,022

     

    28,225

     

    133,220

     

    99,611

     

    Total expenses

    75,238

     

    58,641

     

    273,234

     

    213,553

     

     

    OTHER (EXPENSES) INCOME:

    Interest income and other net investment gains

    299

    261

    571

    964

    Interest expense

    (23,254

    )

    (19,044

    )

    (89,409

    )

    (59,941

    )

    Loss on early extinguishment of debt

    —

     

    —

     

    —

     

    (4,564

    )

    Total other (expenses) income

    (22,955

    )

    (18,783

    )

    (88,838

    )

    (63,541

    )

     

    INCOME FROM CONTINUING OPERATIONS

    3,265

    1,885

    5,059

    10,302

     

    DISCONTINUED OPERATIONS:

    Income from discontinued operations

    2,566

    2,550

    10,843

    8,635

    Net gain on dispositions of discontinued operations

    39,032

     

    949

     

    51,587

     

    949

     

    Total income from discontinued operations

    41,598

     

    3,499

     

    62,430

     

    9,584

     

     

    NET INCOME

    44,863

    5,384

    67,489

    19,886

     

    Net income attributable to noncontrolling common units of the
    Operating Partnership

    (1,154

    )

    (50

    )

    (1,474

    )

    (178

    )

     

    NET INCOME ATTRIBUTABLE TO KILROY REALTY CORPORATION

    43,709

    5,334

    66,015

    19,708

     

    PREFERRED DISTRIBUTIONS AND DIVIDENDS:

    Distributions on noncontrolling cumulative redeemable preferred
    units of the Operating Partnership

    (1,397

    )

    (1,397

    )

    (5,588

    )

    (5,588

    )

    Preferred dividends

    (2,402

    )

    (2,402

    )

    (9,608

    )

    (9,608

    )

    Total preferred distributions and dividends

    (3,799

    )

    (3,799

    )

    (15,196

    )

    (15,196

    )

     

    NET INCOME AVAILABLE TO COMMON STOCKHOLDERS

    $

    39,910

     

    $

    1,535

     

    $

    50,819

     

    $

    4,512

     

     

    Weighted average common shares outstanding – basic

    58,440

    52,274

    56,717

    49,497

    Weighted average common shares outstanding – diluted

    58,440

    52,274

    56,717

    49,497

     

    Net income available to common stockholders per share – basic

    $

    0.68

     

    $

    0.02

     

    $

    0.87

     

    $

    0.07

     

    Net income available to common stockholders per share – diluted

    $

    0.68

     

    $

    0.02

     

    $

    0.87

     

    $

    0.07

     

     

     

    KILROY REALTY CORPORATION FUNDS FROM
    OPERATIONS

    (unaudited, in thousands, except per share data)

     

     

    Three Months

     

    Three Months

     

     

    Ended

    Ended

    Year Ended

    Year Ended

    December 31,

    December 31,

    December 31,

    December 31,

    2011

    2010

    2011

    2010

     

    Net income available to common stockholders

    $

    39,910

    $

    1,535

    $

    50,819

    $

    4,512

    Adjustments:

    Net income attributable to noncontrolling common units of the
    Operating Partnership

    1,154

    50

    1,474

    178

    Depreciation and amortization of real estate assets

    38,496

    28,849

    135,467

    102,898

    Net gain on dispositions of discontinued operations

     

    (39,032

    )

     

    (949

    )

     

    (51,587

    )

     

    (949

    )

    Funds From Operations (1)

    $

    40,528

     

    $

    29,485

     

    $

    136,173

     

    $

    106,639

     

     

    Weighted average common shares/units outstanding – basic

    61,108

    54,786

    59,362

    52,033

    Weighted average common shares/units outstanding – diluted

    61,110

    54,802

    59,549

    52,049

     

    Funds From Operations per common share/unit – basic (2)

    $

    0.66

     

    $

    0.54

     

    $

    2.29

     

    $

    2.05

     

    Funds From Operations per common share/unit – diluted (2)

    $

    0.66

     

    $

    0.54

     

    $

    2.29

     

    $

    2.05

     

     

    (1) The company calculates FFO in accordance with the White Paper on FFO
    approved by the Board of Governors of NAREIT. The White Paper defines
    FFO as net income or loss calculated in accordance with GAAP, excluding
    extraordinary items, as defined by GAAP, gains and losses from sales of
    depreciable real estate and impairment write-downs associated with
    depreciable real estate, plus real estate-related depreciation and
    amortization (excluding amortization of deferred financing costs and
    depreciation of non-real estate assets), and after adjustment for
    unconsolidated partnerships and joint ventures.

    Management believes that FFO is a useful supplemental measure of the
    company’s operating performance. The exclusion from FFO of gains and
    losses from the sale of operating real estate assets allows investors
    and analysts to readily identify the operating results of the assets
    that form the core of the company’s activity and assists in comparing
    those operating results between periods. Also, because FFO is generally
    recognized as the industry standard for reporting the operations of
    REITs, it facilitates comparisons of the company’s operating performance
    to other REITs. However, other REITs may use different methodologies to
    calculate FFO, and accordingly, the company’s FFO may not be comparable
    to all other REITs.

    Implicit in historical cost accounting for real estate assets in
    accordance with GAAP is the assumption that the value of real estate
    assets diminishes predictably over time. Since real estate values have
    historically risen or fallen with market conditions, many industry
    investors and analysts have considered presentations of operating
    results for real estate companies using historical cost accounting alone
    to be insufficient. Because FFO excludes depreciation and amortization
    of real estate assets, management believes that FFO along with the
    required GAAP presentations provides a more complete measurement of the
    company’s performance relative to its competitors and a more appropriate
    basis on which to make decisions involving operating, financing and
    investing activities than the required GAAP presentations alone would
    provide.

    However, FFO should not be viewed as an alternative measure of the
    company’s operating performance since it does not reflect either
    depreciation and amortization costs or the level of capital expenditures
    and leasing costs necessary to maintain the operating performance of the
    company’s properties, which are significant economic costs and could
    materially impact the company’s results from operations.

    (2) Reported amounts are attributable to common stockholders and common
    unitholders.

    Article source: http://eon.businesswire.com/news/eon/20120130006587/en

    ]]>     http://homesmillbrae.com/1275/kilroy-realty-corporation-reports-fourth-quarter-financial-results/feed/ 0     US Household Shifts Could Impact Housing Recovery http://homesmillbrae.com/748/us-household-shifts-could-impact-housing-recovery/ http://homesmillbrae.com/748/us-household-shifts-could-impact-housing-recovery/#comments Sat, 09 Jul 2011 04:52:46 +0000 http://homesmillbrae.com/748/us-household-shifts-could-impact-housing-recovery/ Continue reading →]]> Page 1 of 3 | Next Page
    Show Entire Article

    Every now and then you need to take a step back and put the housing market into perspective, take a break from all the monthly motions and commotions, stress and distress.

    Today I read a report that did just that. It takes a big-picture snapshot of how housing has fundamentally changed over the past several decades, which could have a big impact on its future as the industry rebuilds itself, literally and economically.

    The report, from John Burns Real Estate Consulting’s Chris Porter, is titled simply, “Tremendous Demographic Shift.” And the numbers are pretty tremendous.

    “The number of non-family households—people living alone or households that do not have any members related to the householder—has increased nearly five times in the last 50 years, from 7.9 million to 39.2 million. At the same time, the number of family households has increased by just 1.7 times, from 45.1 million to 77.5 million,” according to Porter.

    In addition, married couples have dropped to less than half of all US households from 75 percent in 1960.

    So let’s think about the current housing stock, much of which is more than 50 years old. We’ve recently seen a downsizing trend for several reasons, namely the weak economy and builders constructing cheaper homes to meet the demand but also the environmental movement and the high cost of energy.

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    ]]>     http://homesmillbrae.com/748/us-household-shifts-could-impact-housing-recovery/feed/ 0     Existing Home Sales Fall Less Than Expected http://homesmillbrae.com/698/existing-home-sales-fall-less-than-expected/ http://homesmillbrae.com/698/existing-home-sales-fall-less-than-expected/#comments Wed, 22 Jun 2011 12:33:45 +0000 http://homesmillbrae.com/698/existing-home-sales-fall-less-than-expected/ Continue reading →]]> Page 1 of 3 | Next Page
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    Sales of existing homes fell 3.8 percent in May, not as deep a drop as some had forecast, to a seasonally adjusted annual rate of 4.81 million units.

    April’s figure was revised down to 5 million.

    Potential homebuyers continue to be held back by tough credit standards and poor confidence. Sales activity was 15.3 percent below the pace set in May of 2010, when buyers were rushing to take advantage of the home buyer tax credit.

    “Spiking gasoline prices along with widespread severe weather hurt house shopping in April, leading to soft figures for actual closings in May,” said Lawrence Yun, chief economist for the National Association of Realtors.

    The national median existing-home price for all housing types was $166,500 in May, down 4.6 percent from May 2010. Home prices continue to be pressured by the large supply of distressed properties, which typically sold at a discount of about 20 percent in May. Foreclosures and short sales, where the home is sold for less than the value of the mortgage, accounted for 31 percent of sales in May, down from 37 percent in April.

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