Kilroy Realty Leases to Qualcomm - Analyst Blog


Kilroy Realty Corporation ( KRC ) recently announced that it has leased the 48,709 square foot 10445 Pacific Center Court building in Sorrento Mesa, San Diego to Qualcomm. Inc ( QCOM ). The time period for the lease is five years and five months and is expected to start from the third quarter of 2012.

With this lease, Kilroy Realty currently leases over 116,000 square feet of space to Qualcomm in Sorrento Mesa. This lease also expands Kilroy Realty's relationship with Qualcomm in San Diego's largest technology submarket.

Kilroy Realty reported fourth quarter 2011 FFO (funds from operations) of $40.5 million or 66 cents per share compared with $29.5 million or 54 cents per share in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.

Kilroy Realty is a real estate investment trust engaged in premier office and industrial submarkets along the West Coast. The company has owned, developed, acquired and managed real estate assets, consisting primarily of Class A real estate properties in the coastal regions of Los Angeles, Orange County, San Diego, greater Seattle and the San Francisco Bay Area.

Kilroy Realty currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, MPG Office Trust, Inc. ( MPG ), currently retains a Zacks #5 Rank, which translates into a short-term Strong Sell rating.

KILROY REALTY ( KRC ): Free Stock Analysis Report
MPG OFFICE TRST ( MPG ): Free Stock Analysis Report

QUALCOMM INC ( QCOM ): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ, Inc.

This article appears in: Investing , Business , Stocks

Referenced Stocks: KRC , MPG , QCOM

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