Thread by @PrivateEyeCap

$KRC CEO John Kilroy says he believes the stock is trading at a 1/3 discount to NAV on $C Citi Property CEO conference. Kilroy Oyster Point Ph 2 (Life sciences $ARE) to start this summer. Will also start development of new life sciences project in San Diego. KRC has plenty of $

for development. May also repurchase shares/pay special dividend. #reits #dividends #dividendstocks Great track record of value creation via development - should trade at a premium to NAV. I think this is worth $100-120 per share.

I estimate today's $1.1 bn sale of The Exchange was done at a ~4% cap rate. Tenant is $DBX who has leased space until 2023 but is looking to sublease.

Outlook for leasing has improved in SF Bay Area. Consistent with mgmt commentary on 4Q conf call. Tech tenants in B&C buildings are looking to upgrade into Cl A properties (vast majority of KRC is Cl A).

Plenty of Demand for Kilroy Oyster Point Phase 2. Sounds like a good chunk of this will be pre-leased before they break ground later this year. To be delivered 33 months from now.

Love the way these guys dynamically allocate capital - develop at yields in excess of 7% in great locations with marquee clients. After completing value add->as we saw today sell to lowest cost of capital (4%). $KRC is not just a cheap collection of assets. It is a #compounder

Leasing tour activity 'off the charts...More activity in Feb/March than all of March-Dec 2020.'

Here is my work on $KRC privateeyecapital.com/tag/krc/
I am LONG. THIS IS NOT INVESTMENT ADVICE. Do your own work.

Typo DBX lease is through 2033 so 12 more years