$KRC

Some other things I've done this Quarter (part 1)
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In no particular order: * Significantly reduced exposure to Kilroy Realty (KRC) which I've written about repeatedly [https://www.privateeyecapital.com/tag/krc/]. The company continues to successfully execute life sciences development and is building NAV per share. I continue to think this is the best of the office REIT bunch
Columbia Property Trust (CXP) go-private deal suggests significant upside for Kilroy
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To follow me on Twitter (more timely updates), click here [https://twitter.com/PrivateEyeCap]. By my calculations, CXP is getting done at about a 6.3% cap rate. Some of the headline #s I saw don't appear to have ascribed value to the company's development portfolio. Here are the #s

Lots to like in Kilroy's 2Q conf call
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While Kilroy shares have languished over the past few months, the business continues to make steady progress: * As previously mentioned, during 2Q, development activity commenced for Kilroy Oyster Point Phase 2 (KOP2). Life sciences vacancy in South San Francisco is very low at sub 2% and rents continue to hit

The market fears office but I love Kilroy
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Kilroy Realty (KRC- find previous writeups here [https://www.privateeyecapital.com/tag/krc/]) - Kilroy completed the sale of a large San Francisco office property for $1.1 billion and reported an ‘as expected’ set of 1Q results (office leases are long term so there aren’t huge Q to

Kilroy Realty (KRC): Sale of the Exchange Confirms Massive Undervaluation
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On 3/8 Kilroy Realty announced [https://www.businesswire.com/news/home/20210308005258/en/Kilroy-Realty-to-Sell-The-Exchange-on-16th-for-1.08-Billion] it has agree to sell The Exchange, a downtown San Francisco office building for $1.1 billion (significant at 10% of KRC's enterprise value), a record setting $1,440 per foot. I estimate deal

More office results/Musings on Office/ Margin of safety
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I have been thinking about office real estate and office REITs more over the past couple of weeks. As noted in my piece [https://www.privateeyecapital.com/index-weightings-and-other-factors-explain-why-many-bargains-abound-in-reit-land/] highlighting the severe underweighting of apartment REITs in real estate indices/ETFs, office REITs are also significantly underweight (versus real commercial property

Kilroy Realty: $200+ million in NOI for FREE or... How bad is SF really?
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Note: this article was sent out to subscribers in advance of web publication. Wanna hear it first? Sign up [https://privateeyecapital.us17.list-manage.com/subscribe/post?u=9817d763c853faa67051e844f&id=42a78a95e4] to receive Private Eye Capital's FREE Actionable Investment Idea Newsletter. It's FREE! Headlines like this: San Francisco Office Vacancy Rate

KRC results: Outlook Better than expected & Private Market Comps
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More evidence that Kilroy Realty (KRC - here [https://www.privateeyecapital.com/kilroy-realty-the-price-is-wrong/] is my initial piece) is significantly undervalued came with 4Q results. While 4Q leasing activity remained subdued (just 61k sq feet signed in 4Q with 14% POSITIVE cash rent spread; signed another 75k sq feet in January