Kilroy Realty Corporation (NYSE: KRC, "Kilroy") recently
published its thirteenth annual Sustainability Report, building on
the company’s longstanding track record of sustainability
leadership. The 2023 Sustainability Report details continuous
progress and integration of environmental, social, and governance
(ESG) factors into our operations.
2023 was Kilroy’s fourth consecutive year of carbon neutral
operations. Across the entire Kilroy portfolio, the company
prioritizes energy efficiency in building operations, sources
renewable electricity from onsite and offsite sources as available,
and retires renewable energy credits and verified carbon offsets to
ensure that 100% of building energy use is carbon neutral.
Other recent achievements include:
- Received the ENERGY STAR Partner of the Year Award for the
tenth consecutive year and the ENERGY STAR Sustained Excellence
Award for the eighth consecutive year
- Earned the 2023 GRESB Regional Sector Leader position for
Diversified Development in the Americas
- Maintained a position on the U.S. EPA Green Power Partnership
National Top 100 List
- Included on the Bloomberg Gender-Equality Index in 2023 for the
fourth year in a row
“Sustainability and corporate responsibility are fundamental to
Kilroy's mission and operations and, as a platform, we are focused
on furthering our leadership in this space going forward,” said
Angela Aman, Chief Executive Officer of Kilroy, “Sustainability and
corporate responsibility continue to increase in importance to all
of our stakeholders, including our employees, tenants, communities,
and shareholders, and our focus on these important areas will help
drive long-term, sustainable growth while also delivering necessary
environmental progress and positive social impacts.”
The full report can be found on the Kilroy website at:
https://kilroyrealty.com/sustainability/.
About Kilroy Realty Corporation
Kilroy Realty Corporation (NYSE: KRC, the “Company”, “Kilroy”)
is a leading U.S. landlord and developer, with operations in San
Diego, Greater Los Angeles, the San Francisco Bay Area, Greater
Seattle and Austin. The Company has earned global recognition for
sustainability, building operations, innovation and design. As a
pioneer and innovator in the creation of 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 developing, acquiring and managing
office, life science and mixed-use projects.
As of December 31, 2023, Kilroy’s stabilized portfolio totaled
approximately 17.0 million square feet of primarily office and life
science space that was 85.0% occupied and 86.4% leased. The Company
also had approximately 1,000 residential units in Hollywood and San
Diego, which had a quarterly average occupancy of 92.5%. In
addition, the Company had two in-process life science redevelopment
projects totaling approximately 100,000 square feet with total
estimated redevelopment costs of $80.0 million and one
approximately 875,000 square foot in-process development project
with a total estimated investment of $1.0 billion.
A Leader in Sustainability and Commitment to Corporate Social
Responsibility
Kilroy has a longstanding commitment to sustainability and
continues to be a recognized leader in our sector. For over a
decade, the Company and its sustainability initiatives have been
recognized with numerous honors, including earning the GRESB five
star rating and being named a sector and regional leader in the
Americas. Other honors have included the Nareit Leader in the Light
Award, being listed on the Dow Jones Sustainability World Index,
being named ENERGY STAR Partner of the Year and receiving the
ENERGY STAR highest honor of Sustained Excellence.
Kilroy is proud to have achieved carbon neutral operations
across our portfolio since 2020. The Company also has a
longstanding commitment to maintain high levels of LEED, Fitwel and
ENERGY STAR certifications across the portfolio.
A significant part of the Company’s foundation is its commitment
to enhancing employee growth, satisfaction and wellness while
maintaining a diverse and thriving culture. For four consecutive
years, 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.
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 performance. Forward-looking statements are inherently
subject to uncertainties, risks, changes in circumstances, trends
and factors that are difficult to predict, many of which are
outside of our control. Accordingly, actual performance, results
and events may vary materially from those indicated or implied in
the forward-looking statements, and you should not rely on the
forward-looking statements as predictions of future performance,
results or events. Numerous factors could cause actual future
performance, results and events to differ materially from those
indicated in the forward-looking statements, including, among
others: global market and general economic conditions, including
periods of heightened inflation, and their effect on our liquidity
and financial conditions and those of our tenants; adverse economic
or real estate conditions generally, and specifically, in the
States of California, Texas and Washington; risks associated with
our investment in real estate assets, which are illiquid, and with
trends in the real estate industry; defaults on or non-renewal of
leases by tenants; any significant downturn in tenants’ businesses,
including bankruptcy, lack of liquidity or lack of funding and the
impact labor disruptions or strikes, such as episodic strikes in
the entertainment industry, may have on our tenants’ businesses;
our ability to re-lease property at or above current market rates;
reduced demand for office space, including as a result of remote
working and flexible working arrangements that allow work from
remote locations other than the employer's office premises; costs
to comply with government regulations, including environmental
remediation; the availability of cash for distribution and debt
service and exposure to risk of default under debt obligations;
increases in interest rates 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 impact
our future interest expense and our ability to pursue development,
redevelopment and acquisition opportunities and 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, and which may result in write-offs or
impairment charges; significant competition, which may decrease the
occupancy and rental rates of properties; potential losses that may
not be covered by insurance; the ability to successfully complete
acquisitions and dispositions on announced terms; the ability to
successfully operate acquired, developed and redeveloped
properties; the ability to successfully complete development and
redevelopment projects on schedule and within budgeted amounts;
delays or refusals in obtaining all necessary zoning, land use and
other required entitlements, governmental permits and
authorizations for our development and redevelopment properties;
increases in anticipated capital expenditures, tenant improvement
and/or leasing costs; defaults on leases for land on which some of
our properties are located; adverse changes to, or enactment or
implementations 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 sole decision-making authority, our reliance on
co-venturers’ financial condition and disputes between us and our
co-venturers; environmental uncertainties and risks related to
natural disasters; 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 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 caption “Risk Factors” in our annual report on
Form 10-K for the year ended December 31, 2023 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 assume no obligation to update any forward-looking statement
made in this press release that becomes untrue because of
subsequent events, new information or otherwise, except to the
extent we are required to do so in connection with our ongoing
requirements under federal securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240412971004/en/
Sarah King Senior Vice President, Sustainability (425) 990-7130
sking@kilroyrealty.com
Kilroy Realty (NYSE:KRC)
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