Kilroy Realty Corp. (KRC) reported a net loss available to common stockholders for the third quarter of $2.8 million or $0.04 per share, compared to net income available to common stockholders of $10.2 million or $0.17 per share for the year-ago quarter.
Funds from operations for the third quarter was $43.1 million or $0.57 per share, compared to $33.9 million or $0.56 per share in the prior year quarter.
Net loss available to common stockholders and FFO for the latest quarter include a one-time, non-cash charge of about $2.1 million, or $0.03 per share, in conjunction with the redemption of all of the company's Series A Cumulative Redeemable Preferred Units.
Revenues from continuing operations in the third quarter totaled $104.3 million, up from $86.4 million in the prior year's third quarter. Revenues including discontinued operations rose to $111.4 million from $97.8 million a year ago.
Analysts polled by Thomson Reuters expected the company to report FFO of $0.57 per share on revenue of $101.45 million for the third quarter. Analysts' estimates typically exclude special items.
Kilroy Realty also said that it has entered into agreements to sell its entire Orange County industrial portfolio and five additional Southern California office buildings. The deals are expected to close by year-end 2012.
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