Shares of Kilroy Realty Corp. rose 15 percent on Tuesday, a day after the office real estate investment trust reported a better-than-expected third quarter despite the Southern California real estate downturn and ongoing turmoil in global credit markets.

The Los Angeles real estate investment trust reported after Monday’s market close that net income increased to $13.2 million (40 cents per share), compared with $9 million (28 cents) a year ago. Revenues from continuing operations rose 18 percent to $77.1 million.

Fund from operations were $34.51 million ($1), compared with $28.21 million (81 cents) per share in the corresponding quarter last year. Analysts surveyed by First Call/Thomson Financial had expected FFO, a key industry metric that mutes the impact depreciation, of 89 cents.

During the third quarter, the REIT added two properties, including a newly redeveloped 107,000 square-foot office building in El Segundo. The two properties, which are 100 percent leased, represent a total estimated new investment of approximately $66 million, the company said.

“KRC reported solid financial results for the third quarter, despite the uncertainty about the direction of the economy and the turmoil in global credit markets,” John B. Kilroy, Jr., the company’s president and chief executive officer, said in a statement.

Kilroy shares closed up $3.88 to $29.99 on the New York Stock Exchange.