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Kilroy Profits Drop by Two-Thirds

LOS ANGELES, CA-The West Los Angeles-based real estate investment trust blames the reduction in part on one-time charges for bad debt reserves related to tenant Peregrine Systems Inc.

By Bob Howard | Updated on July 25, 2002

LOS ANGELES, CA-Kilroy Realty Corp. reported net income of $5 million, or 18 cents per share, for the second quarter ended June 30, compared with net income of $15.1 million, or 55 cents per share, for the second quarter last year. In last year’s second quarter, a one-time lease termination fee boosted earnings by $5.4 million.

The company blamed the drop this year in part on a $5.3 million charge to depreciation for capitalized leasing costs and a $1.5 million charge to record development and bad debt reserves related to the financial condition of Peregrine Systems, Inc., an existing tenant.Revenue for this year’s second quarter was $51.3 million, compared with $58.2 million for the second quarter last year.

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