ISI Group Maintains Real Estate Research at Buy and Raises PT to $55 on Flourishing Pre-Leased Development

ISI Group analyst George Auerbach published a report on Real Estate Research

that maintained its Buy rating and raised its price target from $53 to $55. ISI Group reported that, “Over the past two years KRC has significantly ramped up its development pipeline, which now has a total estimated build cost of $1.4bn and delivers between 2013 and 2016. Of the total cost, $836mn relates to four build to suit projects which are 100% preleased. We estimate the year one cash yield on these projects is 7.3%.” Shares of Real Estate Research closed at $53.60 on Monday.