LOS ANGELES, February 18, 2022–(BUSINESS WIRE)–Kilroy Realty Corporation (NYSE: KRC, “Kilroy”) today announced that Michelle Ngo, Senior Vice President, Chief Financial Officer and Treasurer, has resigned from Kilroy effective February 25, 2022 to pursue another opportunity in as financial director for a private real estate development company. Eliott Trencher, the company’s chief investment officer, will serve as interim chief financial officer and treasurer while the company begins a process to identify a permanent chief financial officer.
“We would like to thank Michelle for her more than 15 years of service to the company,” said John Kilroy, company president and CEO. “We wish him the best in his new role.”
“I am truly grateful for the experience I gained at Kilroy, the friends I made and the family I am honored to have been a part of,” Michelle Ngo said. “The company is extremely well positioned with a deep bench and I am confident that it will continue to maintain its position as an innovator and leader in the REIT world.”
About Kilroy Realty Corporation
Kilroy Realty Corporation (NYSE: KRC, the “Company”, “Kilroy”) is a major United States landlord and developer, with operations in San Diego, Greater Los Angeles, San Francisco Bay Area, Pacific Northwest and Austin, Texas. The company has gained global recognition for sustainability, building operations, innovation and design. As pioneers and innovators in creating a more sustainable real estate industry, the company’s approach to modern business environments helps fuel the creativity and productivity of some of the world’s leading technology, entertainment, life sciences and business services.
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 developing, acquiring and managing office, science and of life and mixed use.
As of December 31, 2021, Kilroy’s stabilized portfolio totaled approximately 15.5 million square feet of office and life sciences space, 91.9% occupied and 93.9% leased. The company also owned more than 1,000 residential units in Hollywood and San Diego, which had an average quarterly occupancy rate of 88.9%. In addition, the company had an ongoing 96,000 square foot life science redevelopment project with total estimated redevelopment costs of $40.0 million and five ongoing development projects with a total investment estimated at $2.2 billion, totaling approximately 2.6 million square feet of office and life science space. The ongoing development and redevelopment office and life sciences space were 46% leased.
A leader in sustainability and commitment to corporate social responsibility
The company is listed on the Dow Jones Sustainability World Index and has been recognized by industry organizations around the world. The company’s stabilized portfolio was 73% LEED certified, 37% Fitwel certified, 76% of eligible office buildings were ENERGY STAR certified, and 80% of our stabilized eligible residential properties were ENERGY STAR certified as of December 31, 2021.
The company has been recognized by GRESB as the listed sustainability leader in the Americas for eight of the past nine years. Other honors include the Leader in the Light award from the National Association of Real Estate Investment Trust (NAREIT) for eight consecutive years and ENERGY STAR Partner of the Year for eight years, as well as the highest ENERGY STAR honor for enduring excellence over the past six years. .
A big part of the company’s foundation is its commitment to improving employee growth, satisfaction and well-being while maintaining a diverse and thriving culture. For the third consecutive year, the company has been named to Bloomberg’s 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.
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 performance. Forward-looking statements are inherently subject to uncertainties, risks, changing circumstances, trends and factors that are difficult to predict, many of which are beyond our control. Accordingly, actual performance, results and events may vary materially from those indicated or implied by the forward-looking statements, and you should not rely on any forward-looking statements as predictions of future performance, results or events. Many factors could cause actual performance, results and future events to differ materially from those set forth in the forward-looking statements, including, but not limited to: global market and general economic conditions and their effect on our liquidity and our financial conditions and those of our tenants; adverse economic or real estate conditions generally, and more specifically, in the States of California, Texas and Washington; risks associated with our investments in real estate assets, which are illiquid, and trends in the real estate industry; default or non-renewal of leases by tenants; any material slowdown in tenants’ business; our ability to re-let properties at or above current market rates; costs to comply with government regulations, including environmental remediation; the availability of cash for debt distribution and service and exposure to the risk of default in respect of debt securities; increases in interest rates and our ability to manage interest rate exposure; the availability of financing on attractive terms or not at all, which could adversely impact our future interest expense and our ability to pursue development, redevelopment and acquisition opportunities and refinance existing debt; a decline in valuations of real estate assets, which may limit our ability to dispose of assets at attractive prices or obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant competition, which may drive down occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and divestitures on announced terms; the ability to successfully operate acquired, developed and redeveloped properties; ability to complete development and redevelopment projects on time and within budgeted amounts; delays or denials in obtaining all zoning, land use and other required rights, permits and government approvals necessary for our development and redevelopment properties; anticipated increases in capital expenditures, leasehold improvements and/or rental costs; failure to pay leases for land on which some of our properties are located; adverse changes, enactment or implementation of tax laws or other applicable laws, regulations or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of exclusive decision-making authority, our reliance on the financial condition of joint venturers, and disputes between us and our joint venturers; environmental uncertainties and risks related to natural disasters; our ability to retain our status as a REIT; and uncertainties regarding the impact of the COVID-19 pandemic, and the restrictions intended to prevent its spread, on our business and the economy generally. These factors are not exhaustive and other factors could adversely affect our business and financial performance. 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. 2021 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the dates 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 we are required to do so under our ongoing requirements under federal securities laws.
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Tyler H. Rose