LOS ANGELES: Kilroy Realty Corp. (KRC) has reported a key measure of profitability in its fourth quarter. The results met Wall Street expectations.
The real estate investment trust, based in Los Angeles, said it had funds from operations of $86.5 million, or 85 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 85 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $28.5 million, or 28 cents per share.
The real estate investment trust posted revenue of $177.6 million in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $180.1 million.
For the year, the company reported funds from operations of $346.8 million, or $3.40 per share. Revenue was reported as $719 million.
Kilroy Realty expects full-year funds from operations to be $3.45 to $3.65 per share.-AP
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