Wolfe Research downgraded Kilroy Realty to Peer Perform from Outperform without a price target. The analyst says many net lease real estate investment trusts have similar dividend yields but higher headline earnings growth. The firm says Kilroy’s key medium term earnings risk is in development. $1.02B of under construction development is to deliver through Q3 of 2025 with no pre-leasing, and the company has faced a series of challenges from oversupply in life science to bankruptcies to subleases from anchor tenants, the analyst tells investors in a research note.
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