Latest news with #KRC
Business Insider
19-05-2025
- Business
- Business Insider
Barclays Sticks to Their Buy Rating for Kilroy Realty (KRC)
Barclays analyst Brendan Lynch maintained a Buy rating on Kilroy Realty (KRC – Research Report) on May 16 and set a price target of $43.00. The company's shares closed last Friday at $32.85. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter According to TipRanks, Lynch is an analyst with an average return of -2.6% and a 46.15% success rate. Lynch covers the Real Estate sector, focusing on stocks such as Crown Castle, Prologis, and SBA Communications. The word on The Street in general, suggests a Hold analyst consensus rating for Kilroy Realty with a $37.67 average price target. KRC market cap is currently $7.77B and has a P/E ratio of 19.57. Based on the recent corporate insider activity of 103 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of KRC in relation to earlier this year. Most recently, in March 2025, John Osmond, the EVP, Head of Asset Management of KRC sold 4,000.00 shares for a total of $140,640.00.
The Star
14-05-2025
- Business
- The Star
Kenya's SGR train cargo haulage up 40 pct in Q1
NAIROBI, May 14 (Xinhua) -- The Standard Gauge Railway (SGR) in Kenya recorded a 40 percent rise in cargo hauled in the first quarter of 2025 as demand for the service grew, the Kenya Railways Corporation (KRC) said in a report released on Wednesday. The SGR transported 1.82 million tonnes of cargo during the three-month period, up from 1.3 million tonnes in the same period in 2024, the KRC said in the report released in Nairobi, Kenya's capital. Most of the cargo was ferried in March, with the train hauling 636,724 tonnes, followed by 634,034 tonnes in January and 549,818 tonnes in February, according to the KRC. Revenue from the passenger service rose to 3.82 billion Kenyan shillings (about 29.5 million U.S. dollars) during the quarter, up from 25 million dollars in the same period in 2024. However, the number of passengers slightly declined, with the train ferrying 529,591 people during the quarter, down from 531,673 in the corresponding period in 2024. Revenue from the passenger service increased to 7.24 million dollars, up from 4.39 million dollars in the same quarter of 2024.
Indian Express
12-05-2025
- Politics
- Indian Express
Express View on India-Pakistan ceasefire: Message delivered. Now consolidate deterrence
When the cessation of firing was announced by both India and Pakistan Saturday evening, there couldn't have been a more ringing endorsement of Delhi's message on terror coming from across the border: India will hit terrorists and terror infrastructure wherever they are; Pakistan's alibis, indefensible all, have run out. The 'new normal' of deterrence — which began with the surgical strikes after the Uri attack and was shored up with the Balakot strike after Pulwama 2019 — has now been re-etched clearly and firmly. Through Operation Sindoor, India has responded to, and countered, every act of escalation by Pakistan. The destruction of Pakistan's major military assets, including debilitating strikes at over a dozen military bases, from Lahore to Sargodha, Chakwal to Jacobabad, has demonstrated India's ability to strike with precision, and deep. The larger message is that Rawalpindi's strategy of hiding behind proxies that perpetrate terrorism on Indian soil will no longer work. India has broadened the tools at its disposal by holding the Indus Waters Treaty in abeyance, while laying down that every act of terrorism will now be considered 'an act of war' and receive a proportionate response by the military. Going ahead, there will be challenges. To begin with, the political leadership must lose no time in communicating how and why the needle has moved towards raising the costs for Pakistan's policy of supporting terror and securing the nation. The gains must also be protected from, among others, arm-chair warriors on both sides of the political-ideological spectrum in the country, who loudly complain about a ceasefire that is 'premature', or one that is seen to be brokered externally. The government cannot afford to be derailed by the apocalypse-chasers or naysayers from addressing the important tasks that still lie ahead. It is important to begin a review of India's broader defence capabilities. In the aftermath of the Kargil conflict, the Kargil Review Committee (KRC) was formed, and its recommendations — including bolstering intelligence gathering and shoring up inter-services coordination — took the conversation on military reform forward. That was nearly 26 years ago. Since 2014, India has seen at least five military crises — with Pakistan in 2016, 2019 and now, and on the border with China in 2017 and 2020. It is time for another stock-taking exercise. Sound intelligence is the first defence against terror, and the gaps must be filled. Pakistan has a line to China's modern arsenal, and India must invest more, to maintain and increase its advantage. Ever since the events of April 22, the unity across classes, communities and political parties in India has been hearteningly on show. The adversary tried to deepen faultlines — and failed spectacularly. The political Opposition stood behind the government, and was seen to do so too. This unity is India's strength, and it must be maintained by the political class and society. India's priorities are to grow its economy, increase Make In India and take its rightful place at the global high table. In days and months to come, Delhi must find new ways of engaging with its neighbour to prevent it from derailing this journey. Armed conflict between India and Pakistan can give an illusion of equivalence and provide space for third parties to step in. At the same time, there is no need to be thin-skinned on social media posts by US President Donald Trump on the road ahead. Delhi's friends, be they in Washington DC or Moscow, Berlin or Riyadh, surely know that India has a stated position on the conditions for engagement with Pakistan. And that these have been indelibly refreshed and redefined — post the harrowing national tragedy in Pahalgam and after Operation Sindoor.
Daily Express
12-05-2025
- Sport
- Daily Express
Kristjan and Hasnita emerge the champs
Published on: Monday, May 12, 2025 Published on: Mon, May 12, 2025 By: GL Oh Text Size: The top three men full marathon winners on the podium with Kelle (left) and KRC president cum race director Datuk Dr Heng Aik Cheng (right). Kota Kinabalu: Icelander Kristjan Chapman and Tawau based Hasnita Asis captured the 42km open titles at this year's Alliance Bank Borneo International Marathon held here on Sunday. Kristjan took the men's crown with his time of two hours, 56 minutes and 25 seconds ahead of Mohd Ikmal Sahdan (2:57:24) and Muhd Amirul Oswald Maikol (3:00:39). Hasnita, who managed fourth place last year and only targeted a sub-four hours time before the start, was the first to cross the line in the women's category in three hours, 49 minutes and 10 seconds with second and third place going to Ririko Nishiki (3:56:53) and Wenjing Li (4:05:17), respectively. In the veteran category, Yoshiyuki Ono successfully defended his men's title with a fast time of two hours, 52 minutes and 44 seconds followed by Milton Amat (2:56:35) and Tivel Peter (3:00:40) while Jimmy Chai Ping Guan (3:01:31) took the men's super veteran title with Mohd Rashid Rahim (3:16:58) and Kuang Ek Kho (3:19:38) in second and third place, respectively. The women's veteran title was won by Siok Chin Lee (3:18:38) followed by Li Min Hon (3:35:29) and Duo Qun Xiang (3:52:50), while the senior veteran title went to Bee Hong Ewe (3:32:46) and in second place was Jessy Fung (3:40:11) and Mimi Yong (3:56:41) in third. The other top three winners were Ruzaini Mahadi, Najib Mooiz, Romieo Mieo (21km men open); Yusop Tungkob, Satoshi Koshida, Duanis Indam (21km men senior open); Sefli Ahar, Mohd Sukri Alek Jefferi, Manan Abdullah (21km men veteran); Shing Ling Goh, Shu Ting Lee, Siat Nyuk Bong (21km women open); Wong Lee Ping, Gaik Bee Chuah, Kim Lian Lee (21km women senior veteran); Selfiah Swunto, Hsin Yi Wu, Michelle Idrawatty (21km women veteran); Azlan Kuste, Chang Hng Wu, Wen Qiang Koh (10km men open); Simon Gelasius Judjil, Muhd Asdi Weding Asdi Weding, Azizan Ayub (10km men veteran); Benoit Alvine, Irfan Affandi, Henky Helerrio Gamba (10km men junior); Siti Nur Amirah A Zaini, Sonia Koh, Salviana Julian Alfeus Yahsu (10km women open); Boon Cheng Yeap, En Chyi Fong, Cheong Yee San (10km women veteran); Shannon Liaw, Cassey Rynn Rompog, Mischa Meng Yan Chan (10km women junior). More than 8,000 runners took part in this year's race organised by Kinabalu Running Club (KRC) with Alliance Bank Berhad as the main partner and the main prizes were presented by Alliance Bank group CEO Kellee Kam Chee Khiong. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Business Wire
05-05-2025
- Business
- Business Wire
Kilroy Realty Corporation Reports First Quarter Financial Results
LOS ANGELES--(BUSINESS WIRE)--Kilroy Realty Corporation (NYSE: KRC) ('Kilroy' or the 'Company') today reported financial results for its first quarter ended March 31, 2025. 'Despite market volatility over the last several months, we reported a strong start to 2025, with solid leasing activity during the quarter and growing momentum in our forward pipeline. Our high quality portfolio remains uniquely positioned to capitalize on the West Coast office recovery that is well underway,' commented Angela Aman, CEO. 'In addition, subsequent to quarter end, we made important progress on the monetization of our future land bank, entering into an agreement to sell a portion of our Santa Fe Summit site in San Diego.' Financial Results Revenues of $270.8 million for the quarter ended March 31, 2025, as compared to $278.6 million for the quarter ended March 31, 2024 Net income available to common stockholders of $39.0 million, or $0.33 per diluted share, for the quarter ended March 31, 2025, as compared to $49.9 million, or $0.42 per diluted share, for the quarter ended March 31, 2024 Funds from operations ('FFO') of $122.3 million, or $1.02 per diluted share, for the quarter ended March 31, 2025, as compared to $133.7 million, or $1.11 per diluted share, for the quarter ended March 31, 2024 Leasing and Occupancy Stabilized portfolio was 81.4% occupied and 83.9% leased at March 31, 2025 During the quarter, signed approximately 248,000 square feet of leases Leasing activity was comprised of 98,000 square feet of new leasing on previously vacant space, 59,000 square feet of new leasing on currently occupied space, and 91,000 square feet of renewal leasing Includes 4,000 square feet of short-term leasing GAAP and cash rents on leases signed during the quarter decreased 15.8% and 23.0%, respectively, from prior levels on second generation leasing, excluding short-term leasing Development As previously disclosed, in January, received a temporary certificate of occupancy and progressed Kilroy Oyster Point Phase 2 from the under construction phase to the tenant improvement phase Dividend The Board declared and paid a regular quarterly cash dividend on its common stock of $0.54 per share, equivalent to an annual rate of $2.16 per share. The dividend was paid on April 9, 2025 to stockholders of record on March 31, 2025 (the ex-dividend date) Recent Developments Subsequent to quarter end, entered into an agreement to sell a portion of the land at Santa Fe Summit for $38.0 million in gross proceeds. This transaction represents approximately five acres of the 22-acre site and is anticipated to close upon the receipt of entitlements, which is expected to occur in 2026 Net Income Available to Common Stockholders / FFO Guidance and Outlook The Company is affirming Nareit-defined FFO per share guidance for the full year 2025 of $3.85 to $4.05 per diluted share. In addition to the assumptions detailed below, 2025 guidance continues to assume a range of outcomes related to the capitalization of interest expense and other carry costs on certain future development projects and assumes no impact from 2025 capital recycling activities. ________________________ (1) Commencing January 1, 2025, the Company began excluding lease termination fees from NOI and Cash NOI. Same Property Cash NOI growth guidance for 2025 excludes the impact of lease termination fees. (2) For additional information, please refer to Management Statements on Non-GAAP Supplemental Measures on pages 35-37 of our Supplemental Financial Report furnished on Form 8-K. (3) Non-Cash GAAP NOI adjustments include the following items: Amortization of deferred revenue related to tenant-funded tenant improvements, Straight-line rents, net, Amortization of net below market rents, and Lease related adjustments and other. (4) Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently issuable shares. (5) Calculated based on the weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding. Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders. Expand The Company's guidance estimates for the full year 2025, and the reconciliation of net income available to common stockholders per share - diluted and FFO per share and unit - diluted included within this press release, reflect management's views on current and future market conditions, including assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press release. These guidance estimates do not include the impact on the Company's operating results from potential future acquisitions, dispositions (including any associated gains or losses), capital markets activity, impairment charges, or any events outside of the Company's control, as the timing and magnitude of any such events are not known at the time the Company provides guidance. There can be no assurance that the Company's actual results will not differ materially from these estimates. Conference Call and Audio Webcast The Company's management will discuss first quarter results and the current business environment during the Company's May 6, 2025 earnings conference call. The call will begin at 10:00 a.m. Pacific Time and last approximately one hour. To participate and obtain conference call dial-in details, register by using the following link, Those interested in listening via the Internet can access the conference call at It may be necessary to download audio software to hear the conference call. About Kilroy Realty Corporation Kilroy is a leading U.S. landlord and developer, with operations in San Diego, Los Angeles, the San Francisco Bay Area, 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 March 31, 2025, Kilroy's stabilized portfolio totaled approximately 17.1 million square feet of primarily office and life science space that was 81.4% occupied and 83.9% leased. The Company also had approximately 1,000 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 95.2%. In addition, the Company had one development project in the tenant improvement phase totaling approximately 875,000 square feet with a total estimated investment of $1.0 billion and two life science redevelopment projects in the tenant improvement phase totaling approximately 100,000 square feet with total estimated redevelopment costs of $80.0 million. 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. Kilroy is committed to cultivating a company culture that makes a positive difference in our employees' lives by focusing on development, celebrating our unique backgrounds, promoting employee health and wellness, and dedicating ourselves to being a responsible corporate citizen through our community service and philanthropic efforts. More information is available at 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 actual and potential tariffs and 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 an 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, 2024, 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. ________________________ (1) Reconciliation of Net income available to common stockholders to Funds From Operations available to common stockholders and unitholders and management statement on Funds From Operations are included after the Consolidated Statements of Operations. (2) Reported amounts are attributable to common stockholders, common unitholders and restricted stock unitholders. (3) Calculated based on weighted average shares outstanding, including participating share-based awards (i.e. nonvested stock and certain time-based restricted stock units) and assuming the exchange of all common limited partnership units outstanding. (4) Calculated based on weighted average shares outstanding, including participating and non-participating share-based awards, dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding. (5) Occupancy percentages and total square feet reported are based on the Company's stabilized office portfolio for the periods presented. Expand KILROY REALTY CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited; in thousands) December 31, 2024 ASSETS REAL ESTATE ASSETS: Land and improvements $ 1,750,820 $ 1,750,820 Buildings and improvements 8,617,728 8,598,751 Undeveloped land and construction in progress 2,356,330 2,309,624 Total real estate assets held for investment 12,724,878 12,659,195 Accumulated depreciation and amortization (2,900,113 ) (2,824,616 ) Total real estate assets held for investment, net 9,824,765 9,834,579 Cash and cash equivalents 146,711 165,690 Marketable securities 29,187 27,965 Current receivables, net 11,680 11,033 Deferred rent receivables, net 447,433 451,996 Deferred leasing costs and acquisition-related intangible assets, net 220,051 225,937 Right of use ground lease assets 128,949 129,222 Prepaid expenses and other assets, net 69,909 51,935 TOTAL ASSETS $ 10,878,685 $ 10,898,357 LIABILITIES AND EQUITY LIABILITIES: Secured debt, net $ 596,806 $ 598,199 Unsecured debt, net 4,001,036 3,999,566 Accounts payable, accrued expenses and other liabilities 292,354 285,011 Ground lease liabilities 128,227 128,422 Accrued dividends and distributions 64,990 64,850 Deferred revenue and acquisition-related intangible liabilities, net 137,538 142,437 Rents received in advance and tenant security deposits 77,749 71,003 Total liabilities 5,298,700 5,289,488 EQUITY: Stockholders' Equity Common stock 1,183 1,181 Additional paid-in capital 5,210,415 5,209,653 Retained earnings 144,867 171,212 Total stockholders' equity 5,356,465 5,382,046 Noncontrolling Interests Common units of the Operating Partnership 52,105 52,472 Noncontrolling interests in consolidated property partnerships 171,415 174,351 Total noncontrolling interests 223,520 226,823 Total equity 5,579,985 5,608,869 TOTAL LIABILITIES AND EQUITY $ 10,878,685 $ 10,898,357 Expand KILROY REALTY CORPORATION (unaudited; in thousands, except per share data) Three Months Ended March 31, 2025 2024 REVENUES Rental income $ 266,244 $ 274,890 Other property income 4,600 3,691 Total revenues 270,844 278,581 EXPENSES Property expenses 58,714 57,320 Real estate taxes 28,365 29,239 Ground leases 3,020 2,752 General and administrative expenses 16,901 17,292 Leasing costs 2,873 2,279 Depreciation and amortization 87,119 88,031 Total expenses 196,992 196,913 OTHER INCOME (EXPENSES) Interest income 1,134 13,190 Interest expense (31,148 ) (38,871 ) Other income (expense) (1) (157 ) (287 ) Total other expenses (30,171 ) (25,968 ) NET INCOME 43,681 55,700 Net income attributable to noncontrolling common units of the Operating Partnership (375 ) (502 ) Net income attributable to noncontrolling interests in consolidated property partnerships (4,298 ) (5,278 ) Total income attributable to noncontrolling interests (4,673 ) (5,780 ) NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 39,008 $ 49,920 Weighted average shares of common stock outstanding – basic 118,195 117,338 Weighted average shares of common stock outstanding – diluted 118,664 117,961 Net income available to common stockholders per share – basic $ 0.33 $ 0.42 Net income available to common stockholders per share – diluted $ 0.33 $ 0.42 Expand ________________________ (1) Commencing January 1, 2025, the Company began presenting a new line item,'Other income (expense)', which includes tax expenses, acquisition and disposition expenses, and income or expenses related to environmental and sustainability initiatives, all of which were previously included in general and administrative expenses. Historical amounts for general and administrative expenses and other income (expense) have been revised to conform with the current period presentation. Expand ________________________ (1) The Company calculates Funds From Operations available to common stockholders and common unitholders ('FFO') in accordance with the 2018 Restated White Paper on FFO approved by the Board of Governors of Nareit. The White Paper defines FFO as net income or loss (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO. Our calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. We also add back net income attributable to noncontrolling common units of the Operating Partnership because we report FFO attributable to common stockholders and common unitholders. Management believes that FFO is a useful supplemental measure of the Company's operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of the Company's activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, the Company's FFO may not be comparable to all other REITs. Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, management believes that FFO along with the required GAAP presentations provides a more complete measurement of the Company's performance relative to its competitors and a more appropriate basis on which to make decisions involving operating, financing, and investing activities than the required GAAP presentations alone would provide. FFO should not be viewed as an alternative measure of the Company's operating performance since it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company's properties, which are significant economic costs and could materially impact the Company's results from operations. (2) (3) FFO available to common stockholders and unitholders includes amortization of deferred revenue related to tenant-funded tenant improvements of $3.7 million and $6.5 million for the three months ended March 31, 2025 and 2024, respectively. (4) Calculated based on weighted average shares outstanding, including participating share-based awards (i.e. certain time-based restricted stock units) and assuming the exchange of all common limited partnership units outstanding. (5) Calculated based on weighted average shares outstanding, including participating and non-participating share-based awards, dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding. Expand
