Kilroy Realty Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, total revenues were $177,561,000 against $168,645,000 a year ago. Net income was $32,540,000 against $35,418,000 a year ago. Net income attributable to the company was $28,529,000 against $32,738,000 a year ago. Net income available to common stockholders was $28,529,000 against $29,426,000 a year ago. Net income available to common stockholders per basic and diluted share was $0.28 against $0.29 a year ago. Funds from operations were $86,539,000 against $84,292,000 a year ago. Funds from operations per basic and diluted common share were $0.85 against $0.87 a year ago. Income from operations before gains on sales of real estate was $32,540,000 against $35,418,000 a year ago.

For the year, total revenues were $719,001,000 against $642,572,000 a year ago. Net income was $180,615,000 against $303,798,000 a year ago. Net income attributable to the company was $164,612,000 against $293,788,000 a year ago. Net income available to common stockholders was $151,249,000 against $280,538,000 a year ago. Net income available to common stockholders per diluted share was $1.51 against $2.97 a year ago. Funds from operations were $346,787,000 against $333,742,000 a year ago. Funds from operations per diluted common share were $3.40 against $3.46 a year ago. Income from operations before gains on sales of real estate was $140,659,000 against $139,791,000 a year ago.

The company is providing an initial guidance range of NAREIT-defined FFO per diluted share for its fiscal year 2018 of $3.45 to $3.65 per share, with a midpoint of $3.55 per share. The company expects net income available to common stockholders per share – diluted of $1.37 to $1.57; net income available to common stockholders of $136,000,000 to $156,000,000; depreciation and amortization of real estate assets of $224,000,000; and funds from operations of $354,200,000 to $374,400,000. The company expects same store cash net operating income growth of 0 to 1%; Year-end occupancy of 94.0% to 95.0%; net operating income margin of approximately 70.5%; and total development spending of approximately $500.0 million. Funds from operations per common share are expected to be in the range of $3.45 to $3.65.