Kilroy Realty Corporation reports news on a REIT platform that owns, develops and operates primarily office and life science real estate in the San Francisco Bay Area, Los Angeles, Seattle, San Diego and Austin. Company updates commonly cover leasing activity, occupancy trends, same-property performance, development and redevelopment projects, acquisitions, dispositions, debt repayment, share repurchases and capital allocation across its portfolio.
Kilroy also issues recurring announcements on quarterly financial results, earnings calls, cash dividends and the tax treatment of distributions. Other company developments include board and committee changes, investor conference participation, sustainability practices and operating updates for its residential assets in Hollywood and San Diego.
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Kilroy Realty Corporation (NYSE: KRC) announced the tax treatment of its 2021 dividend distributions. The distributions, classified for income tax purposes, include a total distribution of $0.50 per share for four payment dates. Notably, $0.3318686 per share is categorized as a 2021 taxable ordinary dividend. Shareholders are urged to consult their tax advisors regarding the treatment of these distributions, which are regarded as 2022 dividends for tax purposes. The record date for the final distribution was December 31, 2021, paid on January 12, 2022.
Kilroy Realty Corporation (NYSE: KRC) will release its fourth quarter 2021 financial results on January 31, 2022, after market close. A conference call to discuss these results is scheduled for February 1, 2022, at 10:00 a.m. PT. To participate by phone, dial (844) 200-6205 and enter access code 734934. The company is recognized for its sustainability efforts and operates in major U.S. markets with a stabilized portfolio of 15.2 million square feet, 91.5% occupancy, and 93.9% leased as of September 30, 2021. More details can be found on their investor relations website.
Kilroy Realty Corporation (NYSE: KRC) has declared a quarterly cash dividend of $0.52 per common share, payable on January 12, 2022, to stockholders of record on December 31, 2021. This dividend reflects an annual rate of $2.08 per share. As of September 30, 2021, Kilroy's portfolio included approximately 15.2 million square feet of office and life science space, boasting a 91.5% occupancy rate and 93.9% leased. The company continues to lead in sustainability, holding numerous certifications, including 78% LEED certification.
Kilroy Realty Corporation (NYSE: KRC) has made significant strides in leasing and development, securing an 80,000 square-foot lease with a major media company in Los Angeles. Year-to-date leasing totals over 1.1 million square feet, with new tenants accounting for 70%. The successful completion of its Kilroy Oyster Point Phase 1, a $570 million project, adds 421,000 square feet fully leased to fintech giant Stripe. Additionally, the company sold an office property in San Diego for $37 million, contributing to over $2 billion in transactions in 2021.
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Kilroy Realty Corporation (NYSE: KRC) reported third-quarter 2021 financial results with a net income of $47.0 million or $0.40 per share, a slight decrease from $49.0 million or $0.42 per share in Q3 2020. Funds from operations (FFO) were $116.0 million or $0.98 per share. Revenues increased to $232.3 million. The company raised its quarterly cash dividend by 4% to $0.52 per share. The stabilized portfolio was 91.5% occupied and 93.9% leased. Notable activities included a $490 million acquisition of a fully leased office project and strong leasing activity in life sciences.
Kilroy Realty Corporation (NYSE: KRC) will release its third quarter 2021 financial results on October 27, 2021, after market close. The results will be discussed in a conference call on October 28, 2021, at 10:00 a.m. PT. Participation can be done via phone or through their Investor Relations website. As of June 30, 2021, Kilroy's portfolio consisted of approximately 14.2 million square feet of office and life science space, with a 91.8% occupancy rate. The company is recognized for its sustainability efforts, with a significant portion of its portfolio LEED certified.
Kilroy Realty Corporation (KRC) announced the redemption of $300 million in 3.800% Senior Notes due January 15, 2023. The redemption price will be 100% of the principal, plus accrued interest, with a redemption date set for October 25, 2021. This action will result in an estimated $13.7 million loss from early extinguishment of debt in Q4 2021, which was not accounted for in prior financial guidance. U.S. Bank National Association will manage the redemption process.
Kilroy Realty Corporation (NYSE: KRC) announced the pricing of $450 million senior notes due 2033 at 2.650%. The notes, offered at 99.957% of principal, will yield 2.654% and mature on November 15, 2033. The offering's net proceeds, expected to be approximately $445.8 million, will fund the Kilroy Oyster Point office project in South San Francisco, among other uses. The closing is anticipated on October 7, 2021. Major banks, including Wells Fargo and J.P. Morgan, acted as underwriters.