FBR Capital Reiterates an 'Outperform' on Kilroy Realty (KRC); Heavy Acquisitions and Improving Fundamentals

FBR Capital reiterates an 'Outperform' on Kilroy Realty (NYSE: KRC), PT $43.

FBR analyst says, "We reiterate our rating and price target on shares of KRC
following the release of 1Q11 results, an update to FY2011 guidance, and a
subsequent update of our earnings and valuation model. We remain encouraged by the continued yet slow improvement of fundamentals within Kilroy's portfolio. Additionally, the external growth pipeline continues to grow, as the company currently has a substantial $330 million of pending acquisitions. We remain confident that Kilroy will continue to exhibit strong leasing efforts going forward, and also anticipate that external growth will have a substantial impact to earnings, given the current size of the acquisition pipeline and the potential for a return to development in the next several quarters."

"We are revising our 2011, 2012, and 2013 FFO per share estimates to $2.30, $2.50, and $2.62 from $2.36, $2.49, and $2.56 respectively. We are also introducing our 2014 FFO per share estimate of $2.80."

For more ratings news on Kilroy Realty click here and for the rating history of Kilroy Realty click here.

Shares of Kilroy Realty closed at $39.95 yesterday.

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