Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOS ANGELES-Kilroy Realty Corp. has received an $18.3 million payment from San Diego-based software developer Peregrine Systems Inc. as part of a previously announced settlement resulting from Peregrine’s 2002 bankruptcy filing, according to an announcement by Kilroy late Thursday.

The Los Angeles-based real estate investment trust says that, as part of the settlement, Kilroy will also receive approximately $750,000 to be paid annually in August over the next four years.

After Peregrine filed for Chapter 11 bankruptcy protection last year, the software developer rejected three of its leases with Kilroy under regulations that permit a bankrupt tenant to choose which leases it wants to continue and which it wants to reject. The $18.3 million payment was one of a series of actions approved by the federal bankruptcy court recently in connection with the Peregrine Chapter 11 filing, according to Kilroy’s recent earnings report for the second quarter. The REIT recorded net income of $13.4 million, or 49 cents per share, compared to $5 million, or 18 cents per share, in the second quarter of 2002. Funds from operations in the second quarter totaled $24.9 million, or 78 cents per share, compared to $23.4 million, or 73 cents per share, in the previous year’s second quarter.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.