J.P. Morgan Maintains Kilroy Realty Overweight Rating (KRC)

J.P. Morgan maintained its Kilroy Realty KRC Overweight rating in a research report published today. The company previously set Kilroy Realty's price target at $36. In the report, J.P. Morgan states, "KRC reported 4Q FFO/share a penny above our estimate and Bloomberg consensus. Occupancy improved more than expected from 3Q in both the office and industrial portfolios, although industrial rental rates were down dramatically. KRC closed on three previously announced office acquisitions in 4Q, as well as another office acquisition in 1Q'11, and sold three assets in the quarter. Although KRC will likely continue to face negative leasing spreads in coming quarters, the progress made on the leasing and deal front have been impressive to us. 2011 earnings guidance will be given on the call, and we are optimistic that 2011 is setting up well for the company. We believe that some of the occupancy pickup in 4Q didn't even have a significant impact in the quarter, which should boost run-rates into 2011." Shares of Kilroy Realty were trading at $38.18 at the time of posting, up 0.10% from Monday's market close.