KeyBanc Starts Kilroy Realty (KRC) at Hold; Healthy Balance Sheet; Ample Liquidity, but Above Average Leverage
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Price: $36.31 -1.86%
Rating Summary:
6 Buy, 13 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
6 Buy, 13 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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KeyBanc initiates coverage on Kilroy Realty (NYSE: KRC) with a Hold.
KeyBanc analyst says, "KRC has been a beneficiary of stabilizing fundamentals in Southern California and the lucky timing of recent acquisitions in San Francisco, which has exhibited some of the best demand among gateway office markets. The Company has been able to improve occupancy by 1,030 basis points from the trough; accordingly, cash SSNOI has been positive for five consecutive quarters. In addition, the delivery of fully leased redevelopment assets in 2H12 and a full year's benefit of the improved occupancy should support above average AFFO growth in 2012. Separately, the continued repositioning of the portfolio will help diversify the portfolio away from Southern California, which generates approximately 75% of NOI and remains softer relative to San Francisco - San Diego represents the largest exposure at 46% of NOI on a pro forma basis."
For an analyst ratings summary and ratings history on Kilroy Realty click here. For more ratings news on Kilroy Realty click here.
Shares of Kilroy Realty closed at $36.20 yesterday.
KeyBanc analyst says, "KRC has been a beneficiary of stabilizing fundamentals in Southern California and the lucky timing of recent acquisitions in San Francisco, which has exhibited some of the best demand among gateway office markets. The Company has been able to improve occupancy by 1,030 basis points from the trough; accordingly, cash SSNOI has been positive for five consecutive quarters. In addition, the delivery of fully leased redevelopment assets in 2H12 and a full year's benefit of the improved occupancy should support above average AFFO growth in 2012. Separately, the continued repositioning of the portfolio will help diversify the portfolio away from Southern California, which generates approximately 75% of NOI and remains softer relative to San Francisco - San Diego represents the largest exposure at 46% of NOI on a pro forma basis."
For an analyst ratings summary and ratings history on Kilroy Realty click here. For more ratings news on Kilroy Realty click here.
Shares of Kilroy Realty closed at $36.20 yesterday.
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