Investing.com Kilroy Realty Announces Tax Treatment of Its 2024 Dividend Distribution

LOS ANGELES–( BUSINESS WIRE )–Kilroy Realty Corporation (NYSE: KRC, “Kilroy”) today announced the tax treatment of its 2024 dividend distribution. The Company’s total dividend distribution per share of common stock (CUSIP #49427F108) should be classified for income tax purposes as follows:

Dividend distributions made to holders of record as of December 31, 2024 and paid on January 8, 2025 are treated as 2025 dividend distributions for federal income tax purposes.

Shareholders are encouraged to consult their own tax advisors regarding their specific tax treatment Kilroy Real Estate (NYSE:) Joint Distribution Corporation.

About Kilroy Realty Corporation

Kilroy Realty Corporation (NYSE: KRC, Company, Kilroy) is a leading U.S. landlord and developer, with operations in San Diego, Los Angeles, the San Francisco Bay Area, Seattle and Austin. The company has gained global recognition for sustainability, construction operations, innovation and design. As a pioneer and innovator in creating a more sustainable real estate industry, the company’s approach to modern business environments helps drive creativity and productivity for some of the world’s leading technology, entertainment, life science and business services companies.

The company is a publicly traded real estate investment trust (REIT) and member of the S&P MidCap 400 Index with more than seven decades of experience in the development, acquisition and management of office, life science and mixed-use projects.

As of September 30, 2024, Kilroy’s stabilized portfolio was approximately 17.1 million square feet of primarily office and life science space that was 84.3% occupied and 85.8% leased. The company also had approximately 1,000 residential units in Hollywood and San Diego, which had a three-month average occupancy of 92.0%. In addition, the Company had two life sciences renovation projects in the tenant improvement phase totaling approximately 100,000 square feet with total estimated renovation costs of $80.0 million, and one development project of approximately 875,000 square feet underway with a total with an estimated investment of USD 1.0 billion.

A leader in sustainability and commitment to socially responsible business

Kilroy has a longstanding commitment to sustainability and continues to be a recognized leader in our sector. For more than a decade, the company and its sustainability initiatives have received numerous honors, including receiving a five-star GRESB rating and being named a sector and regional leader in the Americas. Other honors include the Nareit Leader in the Light Award, inclusion in the Dow Jones Sustainability World Index, being named ENERGY STAR Partner of the Year, and receiving ENERGY STAR’s top award for sustainable excellence.

Kilroy is proud to have achieved carbon neutral operations across its portfolio as of 2020. The company also has a long-standing commitment to maintaining high levels of LEED, Fitwel and ENERGY STAR certification across its portfolio.

A significant part of the company’s foundation is its commitment to improving employee growth, satisfaction and well-being while maintaining a diverse and successful culture. For four consecutive years, the company has been named to the Bloomberg Gender Equality Index, which recognizes companies committed to supporting gender equality through policy development, representation and transparency.

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 results. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are beyond our control. Accordingly, actual performance, results and events may differ materially from those indicated or implied by forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. A number of factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, but not limited to: global market and general economic conditions, including periods of increased inflation, and their effect on our liquidity and financial terms and conditions of our tenants; poor economic or real estate conditions generally and particularly in the states of California, Texas and Washington; risks associated with our real estate investments, which are illiquid, and with trends in the real estate industry; non-payment or non-renewal of the lease agreement by the tenant; any significant decline in the tenant’s business, including bankruptcy, lack of liquidity or funding, and the impact of work stoppages or strikes, such as episodic strikes in the entertainment industry, that may have on our tenant’s business; our ability to re-rent properties at or above current market rates; reduced demand for office space, including as a result of telecommuting and flexible work arrangements that allow work from remote locations other than the employer’s office premises; costs of compliance with government regulations, including environmental remediation; availability of cash for distribution and debt servicing and exposure to the risk of non-payment of debt obligations; interest rate increases and our ability to manage interest rate exposure; changes in interest rates and the availability of financing on attractive terms or at all, which may adversely affect our future interest expense and our ability to pursue development, redevelopment and acquisition opportunities and to refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices or obtain or maintain debt financing, which may result in write-downs or impairment charges; significant competition, which may reduce occupancy and property rental rates; possible losses that may not be covered by insurance; the ability to successfully carry out acquisitions and disposals according to the announced conditions; the ability to successfully manage acquired, developed and renovated properties; ability to successfully complete development and renovation projects according to plan and within budget; delays or refusals in obtaining all necessary zoning, land use and other necessary rights, governmental permits and authorizations for our properties for development and redevelopment; increases in anticipated capital expenditures, tenant improvements and/or lease costs; non-payment of rent for the land on which one of our properties is located; adverse changes or the enactment or enforcement of tax laws or other applicable laws, regulations or legislation, as well as business and consumer reactions to such changes; risks associated with investments in joint ventures, including our lack of sole decision-making authority, our reliance on the financial condition of joint venturers and disputes between us and our joint venturers; environmental uncertainties and risks associated with natural disasters; the risks associated with climate change and our sustainability strategies and our ability to achieve our sustainability goals; and our ability to maintain our status as a REIT. These factors are not exhaustive and additional factors may adversely affect our operating and financial results. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the heading Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023 and our other filings with the Commission for securities. All forward-looking statements are based on information currently available and speak only as of the date on which they are made. We undertake no obligation to update any forward-looking statement made in this press release that becomes untrue as a result of subsequent events, new information or otherwise, except to the extent required by us in connection with our ongoing requirements under federal securities laws.

See the original version on businesswire.com: https://www.businesswire.com/news/home/20250122551203/en/

Jeffrey Kuehling
Executive Vice President,
Chief Financial Officer and Treasurer
(310) 481-8440

Source: Kilroy Realty Corporation