UBS Reiterates a 'Buy' on Kilroy Realty (KRC); Still Positive on West Coast Gateway Play

UBS reiterates a 'Buy' on Kilroy Realty (NYSE: KRC) price target raised from $44 to $47.

UBS analyst said, "We continue to see value in KRC and reiterate our rating with the shares trading at a 6.5% implied cap rate and 12% discount to our forward NAV. KRC’s portfolio continues to benefit from the West Coast gateway exposure as demand from technology and media based tenants has proven resilient. We also view the growing exposure to San Francisco and Seattle (pro forma 18% and 8% of NOI) as a positive, as the portfolio continues to evolve into high quality core submarkets."

"We are adjusting our 2012/2013 FFO estimates from $2.50/2.70 to $2.50/2.78 to account for the Q4 result as well as expected continued improvement in leasing fundamentals."

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 $41.64 yesterday.

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