Q2 2024 Kilroy Realty Corp Earnings Call Transcript
Key Points
- Strong quarterly results reflecting the recovery across Kilroy Realty Corp (KRC)'s portfolio.
- Encouraging signs of market strength in San Diego and Bellevue, Washington.
- Increased tenant demand and leasing volumes, particularly from new-to-market tenants.
- Successful leasing activity with approximately 235,000 square feet of leases signed in Q2 and an additional 184,000 square feet in July.
- Positive outlook for Kilroy Oyster Point with active tenant discussions and interest from both life science and traditional office tenants.
- Occupancy rate decreased to 83.7%, with significant move-outs in Miami and Los Angeles.
- Leasing spreads were negative, with a cash leasing spread of approximately -4.5%.
- Challenges in the South Lake Union submarket in Seattle and submarkets in Los Angeles, which have been slower to recover.
- Anticipated large move-outs totaling 350,000 square feet in the second half of the year, including Salesforce, Capital One, and Microsoft.
- Higher G&A expenses due to the timing of spend, impacting financial results.
Please stand by for streaming text.
Good FRC. My name is Sam, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers. At the end, if you'd like to ask a question, you may do so by pressing star one on your telephone keypad.
I'll now turn you over to Taylor friend, Senior Vice President, Capital Markets and Treasurer. Tailor the floor is yours. Good morning, everyone. Thank you for joining us. On the call with me today are Angela Ammann, CLO and Eliott Trencher, EDPCIO. and CFO. In addition, just in smart President, and Rob Bharat, EVP, Chief leasing officer, will be available for Q&A. At the outset, I need to say that some of the information will be discussing during this call is forward-looking in nature. Please refer to our supplemental package for a statement regarding forward looking information on this call and in the
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