Kilroy Realty (KRC) Bank of America 2024 Global Real Estate Conference summary

Leadership and organizational changes

• CEO and CFO roles were split to better address increasing demands as transaction markets open up.

• New CFO Jeffrey Kuehling joined, bringing experience and working closely with all teams.

• Internal changes focused on resourcing, especially in leasing and marketing, to capture market share.

• Ongoing tweaks to the platform ensure alignment with market opportunities and challenges.

• Emphasis on a nimble culture that encourages identifying and fixing operational pain points.

Strategic priorities and portfolio management

• Initial focus was on understanding the portfolio and meeting regional teams in key markets.

• Added senior leasing resources and reestablished an internal leasing marketing department.

• Comprehensive review of the land and development pipeline to assess capital allocation.

• Plans to monetize parcels outside core competencies, holding through re-entitlement to maximize value.

• Ongoing evaluation of platform efficiency, with no fixed endpoint for improvements.

Market outlook and investment approach

• Quality is defined by multiple factors, including location, amenities, and adaptability to tenant needs.

• Growth expected in all five core markets, with particular focus on Austin.

• Acquisition opportunities are increasing, with a preference for assets where value can be added.

• Willing to consider other parts of the capital stack if there is a path to ownership.

• In Austin, development will proceed only with significant pre-leasing due to current supply levels.