Kilroy Realty Corporation (NYSE:KRC) Q2 2022 Earnings Conference Call July 28, 2022 1:00 PM ET

Company Participants

Bill Hutcheson - SVP, IR & Capital Markets

John Kilroy - Chairman & CEO

Tyler Rose - President

Rob Paratte - EVP, Leasing & Business Development

Eliott Trencher - CIO & Interim CFO

Conference Call Participants

Nick Yulico - Scotiabank

John Kim - BMO Capital Markets

James Feldman - Bank of America

Brian Spahn - Evercore ISI

Michael Griffin - Citi

Blaine Heck - Wells Fargo

Vikram Malhotra - Mizuho

Operator

Good morning, ladies and gentlemen. Thank you for attending today's Q2 2022 Kilroy Realty Corporation Earnings Conference Call. My name is Tia and I will be your moderator for today's call. [Operator Instructions].

I will now pass the conference over to your host, Bill Hutcheson, Senior Vice President, Investor Relations and Capital Markets. You may proceed.

Bill Hutcheson

Thank you, Tia. Good morning, everyone and thanks for joining us. On the call with me today are John Kilroy, our Chairman and CEO; Tyler Rose, our President; Rob Paratte; our Executive Vice President of Leasing and Business Development; and Eliott Trencher, our CIO and Interim 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 eight 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 available on our website. John will start the call with second quarter highlights, and Eliott will discuss our financial results and provide you with updated 2022 earnings guidance. Then we'll be happy to take your questions.

John?

John Kilroy

Thanks, Bill. Hello, everybody and thank you for joining us today.

I want to begin with some big picture comments and then review highlights from this quarter. The economy during the second quarter continues to show fits and starts. Elevated risk exists given stubborn inflation levels, bearish equity markets and heightened geopolitical tension. On the other end, unemployment remains low, the dollar strengthened, commodity prices are starting to decline and public capital markets remain open and functional.

The economic signals are mixed, in some ways complicated. In periods of uncertainty such as this, we believe it is prudent to err on the side of caution. Despite the mixed macro trend, the technology and life science sectors continue to demonstrate encouraging signs. VC capital deployment remains robust. In the first half of 2022, $144 billion was invested, which roughly matches the full-year deployment levels for both of 2018 and 2019.