Exhibit 99.1
Exhibit 99.1
Investor/Analyst Presentation – Bellevue, Washington October 10, 2011
Disclaimer
Statements made in this presentation may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements relate to, without limitation, Kilroy Realty Corporation’s (the “Company”) and Kilroy Realty, L.P.’s (the “Operating Partnership”) future economic performance, plans and objectives for future operations, and projections of revenue and other selected financial information. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “could,” “should,” “expect,” “anticipate,” “outlook,” “estimate,” “projected,” “target,” “continue” “intend,” “believe,” “seek,” or “assume,” and variations of such words and similar expressions are intended to identify such forward looking statements. Forward-looking statements are not guarantees of future performance and are inherently subject to risks, uncertainties and assumptions, many of which are beyond the control of the Company and the Operating
Partnership. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we cannot assure you that such expectations will be achieved, and future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the risks detailed in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2010, as supplemented by the Company’s and the Operating Partnership’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. All Company and Operating Partnership financial data as of and for the period ending September 30, 2011 included in this presentation is based on preliminary results of operations, and the historical financial condition and results of operations as of and for the periods ended September 30, 2011, when reported, may differ. The Company and the Operating Partnership assume no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
This presentation includes information with respect to letters of intent (“LOIs”) that we have entered into with respect to space that we are proposing to lease to certain tenants. There can be no assurance if or when the leases contemplated by these LOIs will be entered into or, if entered into that the terms will not differ substantially from those described in this presentation. An LOI is not a definitive agreement and one or more of the leases contemplated by LOIs may not result in a signed lease. In addition, this presentation contains information regarding properties under contract. We cannot assure you that these transactions will close or, if they do, that the terms will not differ from those described in this presentation. Accordingly, you should not rely on the information in this presentation regarding LOIs and properties under contract as a prediction of future leasing or acquisition activity.
In this presentation, we rely on and refer to information and statistical data regarding the industry and the sectors in which we operate, including information relating to projected employment growth, occupancy rates, rent growth and leasing demand. This information and statistical data is based on information obtained from various third-party sources (including the Bureau of Labor Statistics, U.S. Census Bureau, The Center for Measuring University Performance and established, well-known real estate brokerage and advisory companies), and, in some cases, on our own internal estimates. We believe that these sources and estimates are reliable, but have not independently verified them and cannot guarantee their accuracy or completeness.
1
Program
I. Tyler Rose II. John Kilroy III. Eli Khouri IV. Mike Shields V. Tyler Rose VI. John Kilroy VII. Q&A VIII. Property Tour
Introduction
Company Overview
Acquisitions, Dispositions and Seattle Overview
Eastside Market and KRC Properties
Financial Update
Key Takeaways
Overlake Office Center, Redmond
Key Center, Bellevue
Plaza Yarrow Bay, Kirkland
2
John Kilroy
President
Chief Executive Officer
Company Overview
3
Making Progress on All Fronts
Strong leasing performance year-to-date
Four consecutive quarters of positive same-store NOI
Company now 93% occupied and 93% leased
More than 1.1 million square feet of in-place letters of intent as of September 30, 2011 Closed acquisition of 201 3rd Street in San Francisco in September
Acquired $516 million of properties year-to-date
Three pending acquisitions totaling $163 million
Closed $24 million of dispositions in San Diego
Additional dispositions totaling $175 million currently in the market Full availability of credit line
Continued focus on core portfolio growth
4
Premier West Coast Landlord
High quality, well-located assets
105 office properties with a total of 11.6 million square feet
40 industrial properties with a total of 3.6 million square feet
Gateway cities of Greater Seattle and San Francisco Bay Area markets
San Francisco Bay Area: 1.7 million sq. ft.
Greater Seattle: 0.9 million sq. ft.
Key coastal Southern California markets:
Los Angeles and Ventura Counties: 3.2 million square feet
San Diego County: 5.4 million square feet
Orange County: 4.0 million square feet
93% occupied
93% Leased
Note: Data based on preliminary results for the period ended September 30, 2011.
5
Recent Leasing Activity
5010 Wateridge Drive – San Diego, CA
Campus for TD Ameritrade, strong credit tenant with rating of Baa1/A-and market cap of more than $8 billion 111,000 square foot lease at 5010 Wateridge Drive
Incorporates the adjacent Sorrento Gateway Lot 7 land for additional site amenities and future expansion Seven and a half year lease with new rate 38% greater than prior lease rate
Renovating project with estimated occupancy of 3Q 2012 KRC incremental investment of approximately $16.5 million
6
Strong Leasing Performance
Executed 1.2 million square feet year-to-date
Executed approximately 530,000 square feet of leases since June 30, 2011
On target to execute more than six million square feet of leasing transactions during the past three years Increased occupancy percentage by 900 bps since year end 2009
Stabilized Portfolio Occupancy since 1999
10 Year Average: 94%
Projected Occupancy Increase: 900 bps (1)
97% 97% 96%
94%
90% 95% 95%
96%
94%
89%
83%
89%
93%
92%
100% 90% 80% 70% 60% 50%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 3Q’11 2011
Fcst
(1) Represents change in projected occupancy percentage from December 31, 2009 to December 31, 2011. Note: 3Q’11 occupancy data is based on preliminary results for the period ended September 30, 2011.
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Disciplined Approach to Acquisitions
Total Property Acquisitions: $2.3 billion
($ in millions)
$800 $700 $600 $500 $400 $300 $200 $100 $0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
YTD
$507
$254
$31
$8
$98
$31
$25
Bubble Years
$698
$679
Pending
$516
KRC has capitalized on acquisition opportunities with attractive economic returns
Average stabilized cap rate of 6.7% and IRR of 9.5% for 2010 and 2011 acquisitions
Prices well below replacement cost
8
KRC Acquisition Diversification
Acquisitions have expanded KRC’s platform into two gateway cities and broadened NOI by region Increased book value of real estate investments from approximately $2.7 billion as of December 31, 2009 to approximately $4.1 billion as of September 30, 2011 (1)
NOI by Region
Actual FY 2009
OC 12% SD 56% LA 32%
SEA 8%
SF 15%
OC 10%
SD 46% LA21%
The Bay Area and Seattle make up more than 23% of NOI on a pro forma basis
(1) Real estate investments defined as undepreciated gross book assets based on preliminary results for the period ended September 30, 2011. (2) Pro forma for 2011 closed and pending acquisitions and dispositions assuming a full year contribution based on results as of August 31, 2011.
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Capital Recycling Since IPO
($ in millions)
$325 $275 $225 $175 $125 $75 $25
-$25 -$75 -$125 -$175 -$225
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
YTD
Total Development Starts: Total Dispositions: Net Development Funding:
$1.3 billion $0.8 billion $0.5 billion
Development Starts Dispositions
$38 $131 $174 $202 $133 $62 $85 $23 $94 $297 $58 -$24 -$23 -$114 -$70 -$48 -$36 -$35 -$71 -$62 -$94 -$5 -$16
$175M Pending
Evaluating additional dispositions
Note: Does not include 2011 redevelopment projects.
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Development and Redevelopment Pipeline
Development Pipeline Location Est. RSF
Carlsbad Oaks Carlsbad 288,000
PCC Lot 8 Sorrento Mesa 170,000
Rancho Bernardo I-15 320,000-1M SF
One Paseo (1) Del Mar 500,000
Santa Fe II and III 56 Corridor 600,000
SG Lot 2 Sorrento Mesa 80,000
Orange County (Office/MOB) Orange County 100,000-500,000
Plaza Yarrow Bay Kirkland 74,000
TOTAL 2.1M-3.2M
Redevelopment Projects Location Est. RSF Status
2260 E. Imperial Highway El Segundo 300,000 100% LOI
3880 Kilroy Airport Way Long Beach 98,000 50% Leased
5010 Wateridge Drive Sorrento Mesa 111,000 100% Leased
TOTAL 509,000
(1) Estimated rentable square feet reflects existing office entitlements. The Company is currently pursuing mixed-use entitlements for this project which, if sucessfully obtained, would increase the estimated rentable square feet.
11
Market Conditions
San Diego
Orange County
Los Angeles/ Ventura
San Francisco
Greater Seattle
Seventh quarter of positive absorption with strength in Del Mar and Sorrento Mesa submarkets Limited availability of large blocks of space
Positive absorption in both office and industrial markets; KRC’s industrial properties now 100% leased
Pace of rental rate decline has slowed
Demand remains uneven, although recent signs of increased activity
Lack of inventory and high desirability of location should lead to rent growth over the medium-term
Very strong tenant demand in SOMA with rents up over 50% on a NNN basis over the past eighteen months; KRC properties fully leased ?Strengthening demand from tech and media tenants with initial signs of growth in the professional and business services sector
Seattle among national leaders in job growth and office space net absorption Positive net absorption for the fifth consecutive quarter; growth from large corporate users including Amazon, Microsoft and Costco
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Strong Technology Leasing Volumes
San Francisco Tech leasing
RSF in 000s
4,000 3,500 3,000 2,500 2000 1,500 1,000 500 0
2006 2007 2008 2009 2010 2011 YTD
368 985 1,100 229 1,170 3,778 2,734 1,044
Tech Leasing (RSF)
Current Tech Demand (RSF)
Seattle Tech Leasing
RSF in 000s
3,000 2,500 2000 1,500 1,000 500 0
2006 2007 2008 2009 2010 2011 YTD
535 359 2,333 1,644 2,118 2,707 1,388 1,319
Tech Leasing (RSF)
Current Tech Demand (RSF)
Source: The CAC Group, Jones Lang LaSalle and CBRE
13
Robust Demand in Knowledge Markets
San Francisco
More than 6.5 million square feet of current demand
Approximately 45% comes from technology, advertising and media tenants
More than 85 users
Dolby, Macy’s.com, Salesforce.com, Advent Software, LinkedIn, Yelp and others
Other 26% from professional services
Aon, Gensler, Fremont Group, Lewis Brisbois Law and others
Seattle
More than 4 million square feet of current demand
Approximately 50% comes from technology, advertising and media tenants
More than 25 users greater than 15,000 square feet
AMZN, HTC, Concur Technologies, Drugstore.com, Big Fish Games, Facebook, Classmates, Publicis and others
Other 20% from professional services
Carlyle Group, CH2M Hill, ER Solutions, New York Life and others
Source: The CAC Group, Jones Lang LaSalle and CBRE
14
2011 Outlook
Market volatility hasn’t impacted leasing traction
Anticipate continued KRC occupancy improvements
Executing capital recycling program Cautiously evaluating growth opportunities along the West Coast Bolstered management team Maintaining top credit profile
Flexibility/agility/discipline will be the key in uncertain times
15
Eli Khouri
Chief Investment Officer
Acquisitions, Dispositions and Seattle Overview
16
Current Acquisitions Environment
Core Real Estate
Pricing very strong
Gateway city CBD office
Long-term credit lease
Multifamily
High-quality industrial in top markets
Primary buyers are pension funds Mortgage debt abundant and cheap Returns historically low
Cap Rates Unlevered IRRs
4.50% - 5.50% 6.25% - 7.00%
Core pricing has risen strongly – early KRC deals well-timed
17
Current Acquisitions Environment
Value-add Real Estate
Pricing choppier – moderated by turmoil
High vacancy with lease-up
Rehab and timing risk
Primary buyers are value-add/opportunity funds Debt tougher – worse since summer turmoil Significant spread over core
Cap Rates Unlevered IRRs
N/A – Due to Vacancy 8.50% - 10.50%
“Imperfectly priced market” compared to core Still opportunity in value-add acquisitions
18
YTD 2011 Acquisitions Activity
YTD Closed Acquisitions Acquisitions: 6 Total RSF: 1.5M Total Deal Volume: $516M
$350 PSF: 20% to 25% replacement
6.7% stabilized cap rate
9.1% IRR
89% occupied
Embedded NOI growth
Increased development pipeline at zero land basis
Greater Seattle
Plaza at Yarrow Bay Kirkland
(Off-market)
Key Center
Bellevue
San Francisco Bay Area
250 Brannan 4040 Civic Center San Francisco San Rafael (Off-market)
201 Third Street San Francisco (Off-market)
San Diego
10770 Wateridge Circle San Diego
KRC deals better than market – strategic assets at good prices
19
Pending Acquisitions
Greater Seattle
San Francisco Bay Area
Los Angeles/Ventura
Orange County
San Diego
Pending Acquisitions Acquisitions: 3 Total SF Acquired: 574K SF Total Deal Volume: $163M
$283 PSF: 38% replacement
7.3% stabilized cap rate
10.5% IRR
87% occupied
Embedded NOI growth
Strong metrics – healthy NOI growth in core markets
20
Highlights of Recent Acquisitions
201 Third Street – San Francisco $103.3M ($330 PSF) – 311,545 SF
Ideal SOMA location
Adjacent to key transportation
BART, CalTrain, Muni
Abundant amenities Major reposition
Building has great bones
Capture demand from tech & media Poised for growth
Market NNN rents 60% above in-place 99% leased
Executed lease with Twitter post-close Off-market deal
Locked in purchase price February 2011
21
Highlights of Recent Acquisitions: Repositioning Plans
Before
After
Similar to 303 Second – great opportunity, major transformation
22
Highlights of Recent Acquisitions
Key Center – Bellevue $215M ($440 PSF) – 488,470K SF
Spectacular views – 22 stories 50 yard line location
Amenities
Transportation Premier multi-tenant property in Bellevue Poised for growth
Rental rate leader
Replacement NNN rents 75% above in-place
23
Case Study - Key Center Acquisition
Closing
Submarket
Price / RSF (1)
Price / Repl. Cost
In-Place Cap Rate
10 Yr IRR
KRC’s Key Center
June 2011 Bellevue $469 PSF 89%
5.1% at 88% occupancy 8.5%
Comparable Recent Transaction
September 2011 North Financial $533 PSF 102% 4.0% at 93% occupancy 6.5%
KRC remains disciplined in acquisition approach
(1) For comparison purposes, includes capitalized land value assumption for Key Center.
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Highlights of Recent Acquisitions
201 Third Street – San Francisco $103.3M ($330 PSF) – 312K SF
Ideal SOMA location
Adjacent to key transportation
BART, CalTrain, Muni
Abundant amenities
Major reposition
Building has great bones
Capture demand from tech & media
Poised for growth
Market NNN rents 60% above in-place
99% leased
Executed lease with Twitter post-close
Off-market deal
Locked in purchase price Feb. 2011
Key Center – Bellevue $215M ($440 PSF) – 488K SF
Spectacular views – 22 stories 50 yard line location
Amenities
Transportation
Premier multi-tenant property in Bellevue Poised for growth
Rental rate leader
Replacement NNN rents 75% above in-place
KRC executes well-timed deals – core and value-add
25
KRC Dispositions Strategy and Activity
Greater Seattle
San Francisco Bay Area
Los Angeles/Ventura
Orange County
San Diego
$175M of dispositions currently in negotiations
Closed $24M disposition in September
Los Angeles/Ventura Orange County
San Diego
KRC executing capital recycling program
Properties with limited upside
Very strong market demand
Low cap rate pricing
Focused on managing disposition proceeds
KRC will be aggressive but disciplined sellers
26
KRC Acquisitions Strategy and Activity
Focus on high-quality acquisitions in major West Coast markets
Core pricing aggressive in knowledge markets
Core plus & value-add offer more attractive opportunities
Key criteria
Value creation opportunity
Strong markets
Well located – proximity to transportation & amenities
Attractive fundamental characteristics
Discount to replacement cost
Attractive opportunities remain
KRC underwriting reflects moderated macro outlook
27
Why Seattle
Great Quality of Life Exceptional Workforce Critical Mass of Knowledge Companies
28
Educated Demographic – Seattle
Population 25 Years and Over with a Bachelor’s Degree or Higher
60% 50% 40% 30% 20% 10% 0%
Seattle San Francisco Washington D.C. Boston New York Chicago Los Angeles Dallas U.S.
Source: U.S. Census Bureau, 2005-2009 American Community Survey
Federal Research Funds Allocated to Public and Private Institutions
$MM
$700 $600 $500 $400 $300 $200 $100 $0
U. Washington U. Michigan Stanford UCLA MIT UCSD UCSF Harvard USC
Source: The Center for Measuring University Performance, 2007
Most educated workforce in U.S.
Highest research funding on the West Coast
29
Seattle Outpacing Nation in Employment Growth
Indexed Monthly Office Employment Growth Since 1995
160 150 140 130 120 110 100
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Seattle 48%
≈2x Outperformance
U.S. 24%
Seattle Office Employment
US Office Employment
Seattle is one of the leading West Coast knowledge markets
Source: BLS.gov
Note: Office employment is defined as jobs in the Information, Financial Activities, and Professional & Business Services industries.
30
Critical Mass of Knowledge Companies
Seattle CBD/ South Lake Union
Eastside
31
Seattle Ranks Among the Top Five Strongest Markets in Absorption
Top 20 Markets: Net Absorption at 2Q11 (SF)
Manhattan San Francisco Chicago Seattle Phoenix Orange County San Jose Houston Minn. St Paul Boston Tampa Salt Lake City San Diego Austin Cincinnati Inland Empire Denver Virginia North Pittsburg Dallas/F. Worth
0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000
4 of 5 of KRC’s markets are in the Top 20
Source: CBRE statistics based on 2Q11 results.
32
Seattle is Poised for Growth
Indexed Monthly Office Employment Growth
110
108 106 104
102 100
98
Seattle 8.40%
≈4x Outperformance
U.S. 1.97%
Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11
RSF in 000s
3,000 2,500 2,000 1,500 1,000 500 0
Tech Leasing (RSF)
Current Tech Demand (RSF)
535 359 2,333 1,644 2,116 2,707 1,388 1,319
2006 2007 2008 2009 2010 2011 YTD Top Chart : Source: BLS.gov; Office employment is defined as jobs in the Information, Financial Activities, and Professional & Business Services industries. Bottom Chart : The CAC Group, Jones Lang LaSalle and CBRE.
33
KRC Outlook for Region
Seattle poised for growth
Has outpaced the nation in job growth since 1995
Quality of life attracts premier office employers
KRC well positioned to create value over time
Quality, well-leased assets in strong locations
Built sharpshooter platform
Significant local experience in operations, acquisitions and development
Seattle platform bolsters KRC’s West Coast franchise
34
Mike Shields
Vice President, Pacific Northwest
Eastside Market and KRC Properties
35
Eastside Market
Half of the high tech jobs in Seattle are located in the Eastside Market Residence of choice for high-tech executives Skilled workforce with median household income 45% higher than the national average Bellevue named #1 place to “Live and Launch” by CNN Money.com Recent infrastructure investment and retail and residential development have turned the area into a 24/7 CBD
KRC Focused Submarkets
36
Bellevue - Corporate Tenants
300,000 RSF
380,000 RSF
160,000 RSF
60,000
115,000 RSF
580,000 RSF
130,000 RSF
160,000 RSF
385,000 RSF
400,000 RSF
50,000 RSF
740,000 RSF
43,000 RSF
37
Bellevue: Strong and Resilient Submarket
INVENTORY (SF)
8,000,000 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
RENTAL RATE (FSG)
$20.00 $25.00 $30.00 $35.00 $40.00 $45.00
22.5% VACANCY 9% VACANCY 13.3% VACANCY
VACANT SF OCCUPIED SF
DIRECT AVERAGE RATE
Source: Pacific Real Estate Partners, Inc.
38
Microsoft Spurs Innovation and Growth
Over 300 local tech companies have grown from Microsoft roots
Microsoft encompasses 14 million square feet of leased and owned space in the Seattle region
39
KRC Seattle Portfolio
40
Overlake Office Center - Redmond
3-story, Class A office, built in 1998 122,000 square feet 100% leased to Microsoft through 2014 Microsoft funded 60% of a $30 million freeway overpass to connect the Main campus and the West Campus (Overlake Office Center) KRC Business Plan:
Customer service to grow relationship
Microsoft Campus
Overlake Office Center
41
Plaza Yarrow Bay - Kirkland
Four building, 279,900 SF campus 90% occupied by technology, legal, financial services and marketing industries Future development potential of approximately 74,000 SF
One of top Eastside suburban office projects KRC Business Plan:
Lease vacant space and grow rents
Upgrade exterior environment
Tenant retention
Approximately 67 acres of waterfront land was donated to City
42
Key Center – Bellevue
22-story office tower;
Built in 2001
Best in class, premier Eastside office property; LEED Gold Certified Favorable long-term ground lease 88% occupied by financial institutions and technology firms KRC Business Plan:
Lease vacant space and grow rents
Tenant retention
Bravern retail center
Sound Transit Station
43
Tyler Rose
Chief Financial Officer
Financial Update
44
3Q 2011 Preliminary Results
2Q11 Conference Call Guidance
2011 FFO per share range of $2.22 to $2.29
Year-end occupancy of 92%
3Q 2011 preliminary results
3Q FFO per share of $0.56
2011 FFO per share in guidance range
Year-end occupancy forecast of 92%
45
Funding Update
$35 million of cash, $0 drawn on bank line at September 30 Projected uses of capital
$163 million – Pending acquisitions
$121 million – Pay off maturing mortgages
Projected sources of capital
$175 million – Pending dispositions
$83 million – Assumed debt for pending acquisitions
$19 million projected year-end bank line balance
Executing capital recycling plan to fund acquisitions with dispositions
Note: Analysis does not include any additional future acquisitions or dispositions.
46
John Kilroy
President
Chief Executive Officer
Key Takeaways
47
Track Record of Growing Franchise
1997 IPO 2000 2008 2010 YTD 2011
Greater Seattle
Los Angeles/Ventura Orange County
Greater Seattle
Los Angeles/Ventura Orange County San Diego
Los Angeles/Ventura Orange County San Diego
Greater Seattle San Francisco Bay Area
Los Angeles/Ventura Orange County San Diego
Greater Seattle San Francisco Bay Area
Los Angeles/Ventura Orange County San Diego
1997/1998: Acquired San Diego real estate company
> Built team and purchased additional assets
2010: Market dislocations created opportunity to grow
Replicating San Diego Model
IPO 1997: No San Diego presence
Became San Diego’s largest developer and leading landlord
2008: Exited Seattle at peak of market
2011: Expanded team, focusing on additional acquisitions and executing capital recycling plan
48
Key Recent Additions to the Team
Greater Seattle
San Francisco Bay Area
Los Angeles/Ventura
Orange County
San Diego
Mike Shields, Vice President-Northwest
Public: Spieker & EOP Private real estate: Trinity ??Seattle real estate focus
Mike Sanford, Vice President –Northern California
21 years of real estate experience Public: Spieker & EOP
Private real estate: Lowe California real estate focus
Eli Khouri,
Executive Vice President , CIO
29 years of real estate experience Public: Spieker & EOP
Private real estate: Broadreach Capital West Coast real estate focus
Added top-flight regional talent – local sharpshooter model
49
Conclusion
Built top tier West Coast franchise
Created significant value over last 18 months through successful acquisitions in key growth markets, including SOMA and Seattle
Unmatched leasing success
Platform in place for continued growth, subject to macro environment
Opportunity to continue to create additional value through leasing, acquisitions, development and dispositions
Experienced management team
Maintain strong balance sheet and healthy credit profile
KeyKey Center, Center, Bellevue Bellevue
Leading West Coast Office Landlord
50
Q&A
51