Kilroy Realty Corporation (NYSE:KRC) Q1 2023 Earnings Conference Call April 27, 2023 1:00 PM ET
Company Participants
Bill Hutcheson - SVP, IR and Capital Markets
John Kilroy - Chairman and CEO
Justin Smart - President
Rob Paratte - EVP, Leasing and Business Development
Eliott Trencher - CIO and CFO
Conference Call Participants
Nick Yulico - Scotiabank
Georgi Dinkov - Mizuho
John Kim - BMO
Caitlin Burrows - Goldman Sachs
Michael Griffin - Citi
Blaine Heck - Wells Fargo
Camille Bonnel - Bank of America
Tayo Okusanya - Credit Suisse
Dylan Burzinski - Green Street
Operator
Good afternoon, and thank you for attending today's Kilroy Realty Corporation First Quarter 2023 Earnings Conference Call. My name is Danielle, and I will be the moderator for today's call. [Operator Instructions]
It is now my pleasure to hand the conference over to our host, Bill Hutcheson, Senior Vice President of Investor Relations and Capital Markets. Bill, you may now proceed.
Bill Hutcheson
Thank you. Good morning, everyone. Thank you for joining us. On the call with me today are John Kilroy, our Chairman and CEO; Justin Smart, our President; Rob Paratte, our Chief Leasing Officer and Senior Adviser to the Chairman and Eliott Trencher, our CIO and CFO.
At the outset, I need to say that some of the information we will be discussing during this call is forward-looking in nature. Please refer to our supplemental package for a statement regarding the forward-looking information on this call and in the supplemental. This call is being telecast live on our website and will be available for replay for the next 8 days, both by phone and over the Internet. Our earnings release and supplemental package have been filed on a Form 8-K with the SEC, and both are also available on our website.
John will start the call with our first quarter highlights. And then Elliott will discuss our financial results and provide you with our updated guidance. Then we'll be happy to take your questions. John?
John Kilroy
Thank you, Bill. Hello, everyone, and thanks for joining us. First and foremost, while we're seeing strong signs in the economy and remain optimistic, we would like to acknowledge that we are still facing cyclical and secular headwinds. The macro environment today, I think I defined as -- it just lacks certainty.
Sentiment is challenged in financial stocks, such as Silicon Valley Bank and the crisis was created related there to continue to dominate headlines in many areas. From a real estate perspective, we have seen the implications of the current economic backdrop translate into near-term obstacles. There has been a reduction of liquidity in the investment sales market, downward pressure on leasing fundamentals as tenants delay space requirement decisions and a pullback in financing and investment activity within the banking and venture capital community.