2021-03-08 13:21:41 KRC Kilroy Realty
03/08/21 03/0813:21 03/08/2113:21 | Kilroy Realty price target raised to $75 from $69 at BMO CapitalBMO Capital analyst Frank Lee raised the firm's price target on Kilroy Realty to $75 from $69 and keeps an Outperform rating on the shares. The analyst notes Kilroy announced the sale of The Exchange on 16th for $1.08B, which he estimates at a 4.3% stabilized cap rate and 103% cash gain on invested capital - a significant post-COVID data point for high-quality office values. While the price didn't surprise Lee, the timing, combined with the asset's current utilization did. Office REITs tend not to get credit for significant asset sale gains, but this sale reinforces its NAV, he adds. | |
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