Company Quick10K Filing
Kilroy Realty
Price78.60 EPS3
Shares107 P/E28
MCap8,440 P/FCF28
Net Debt3,031 EBIT339
TEV11,471 TEV/EBIT34
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-04-29
10-K 2020-12-31 Filed 2021-02-12
10-Q 2020-09-30 Filed 2020-10-29
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-13
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-15
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-13
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-15
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-12
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-10
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-14
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-12
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-02
10-K 2011-12-31 Filed 2012-02-08
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-07-27
10-Q 2011-03-31 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-02-11
10-Q 2010-09-30 Filed 2010-10-26
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-02-11
8-K 2020-10-30
8-K 2020-10-28
8-K 2020-08-12
8-K 2020-08-03
8-K 2020-08-03
8-K 2020-07-29
8-K 2020-06-29
8-K 2020-05-19
8-K 2020-04-29
8-K 2020-04-28
8-K 2020-02-18
8-K 2020-02-03
8-K 2020-01-31
8-K 2019-10-23
8-K 2019-09-18
8-K 2019-09-17
8-K 2019-09-03
8-K 2019-08-26
8-K 2019-07-24
8-K 2019-05-16
8-K 2019-05-06
8-K 2019-03-05
8-K 2019-02-28
8-K 2019-02-26
8-K 2019-02-26
8-K 2019-02-04
8-K 2018-12-27
8-K 2018-11-29
8-K 2018-11-14
8-K 2018-10-24
8-K 2018-08-08
8-K 2018-07-25
8-K 2018-06-05
8-K 2018-05-23
8-K 2018-05-11
8-K 2018-04-25
8-K 2018-02-13
8-K 2018-01-31

KRC 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements (Unaudited) of Kilroy Realty Corporation
Item 1: Financial Statements (Unaudited) of Kilroy Realty, L.P.
Item 2. Management's Discussion and Analysis of Financial Condition and Results Of
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 exhibit101.htm
EX-10.2 exhibit102.htm
EX-10.3 exhibit103.htm
EX-31.1 exhibit311.htm
EX-31.2 exhibit312.htm
EX-31.3 exhibit313.htm
EX-31.4 exhibit314.htm
EX-32.1 exhibit321.htm
EX-32.2 exhibit322.htm
EX-32.3 exhibit323.htm
EX-32.4 exhibit324.htm

Kilroy Realty Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.30.20.20.10.10.02016201720182020
Rev, G Profit, Net Income
0.60.40.1-0.1-0.4-0.62012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Commission File Number: 1-12675 (Kilroy Realty Corporation)
Commission File Number: 000-54005 (Kilroy Realty, L.P.)
KILROY REALTY CORPORATION
KILROY REALTY, L.P.
(Exact name of registrant as specified in its charter)
Kilroy Realty CorporationMaryland95-4598246
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
Kilroy Realty, L.P.Delaware95-4612685
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

12200 W. Olympic Boulevard, Suite 200, Los Angeles, California, 90064
(Address of principal executive offices) (Zip Code)

(310) 481-8400
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
RegistrantTitle of each className of each exchange on which registeredTicker Symbol
Kilroy Realty CorporationCommon Stock, $.01 par valueNew York Stock ExchangeKRC
Securities registered pursuant to Section 12(g) of the Act:
RegistrantTitle of each class
Kilroy Realty, L.P.Common Units Representing Limited Partnership Interests
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    
Kilroy Realty Corporation    Yes      No  
Kilroy Realty, L.P.         Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Kilroy Realty Corporation     Yes      No  
Kilroy Realty, L.P.         Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Kilroy Realty Corporation
Large accelerated filer ☑    Accelerated filer 
Non-accelerated filer ☐    Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Kilroy Realty, L.P.
Large accelerated filer ☐    Accelerated filer 
Non-accelerated filer ☑    Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Kilroy Realty Corporation Yes       No  
Kilroy Realty, L.P. Yes       No  
As of April 23, 2021, 116,450,370 shares of Kilroy Realty Corporation common stock, par value $.01 per share, were outstanding.
 



EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2021 of Kilroy Realty Corporation and Kilroy Realty, L.P. Unless stated otherwise or the context otherwise requires, references to “Kilroy Realty Corporation” or the “Company,” “we,” “our,” and “us” mean Kilroy Realty Corporation, a Maryland corporation, and its controlled and consolidated subsidiaries, and references to “Kilroy Realty, L.P.” or the “Operating Partnership” mean Kilroy Realty, L.P., a Delaware limited partnership and its controlled and consolidated subsidiaries.
The Company is a real estate investment trust, or REIT, and the general partner of the Operating Partnership. As of March 31, 2021, the Company owned an approximate 99.0% common general partnership interest in the Operating Partnership. The remaining approximate 1.0% common limited partnership interests are owned by non-affiliated investors and certain directors and officers of the Company. As the sole general partner of the Operating Partnership, the Company exercises exclusive and complete discretion over the Operating Partnership’s day-to-day management and control and can cause it to enter into certain major transactions, including acquisitions, dispositions, and refinancings and cause changes in its line of business, capital structure and distribution policies.
There are a few differences between the Company and the Operating Partnership that are reflected in the disclosures in this Form 10-Q. We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how the Company and the Operating Partnership operate as an interrelated, consolidated company. The Company is a REIT, the only material asset of which is the partnership interests it holds in the Operating Partnership. As a result, the Company generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. The Company itself is not directly obligated under any indebtedness, but generally guarantees all of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Company, which the Company generally contributes to the Operating Partnership in exchange for units of partnership interest, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of units of partnership interest.
Noncontrolling interests, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The common limited partnership interests in the Operating Partnership are accounted for as partners’ capital in the Operating Partnership’s financial statements and, to the extent not held by the Company, as noncontrolling interests in the Company’s financial statements. The differences between stockholders’ equity, partners’ capital and noncontrolling interest result from the differences in the equity issued by the Company and the Operating Partnership.
We believe combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report results in the following benefits:
Combined reports better reflect how management and the analyst community view the business as a single operating unit;
Combined reports enhance investors’ understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management;
Combined reports are more efficient for the Company and the Operating Partnership and result in savings in time, effort and expense; and
Combined reports are more efficient for investors by reducing duplicative disclosure and providing a single document for their review.
To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:
consolidated financial statements;
the following notes to the consolidated financial statements:
Note 5, Stockholders’ Equity of the Company;
Note 7, Partners’ Capital of the Operating Partnership;
Note 12, Net Income Available to Common Stockholders Per Share of the Company;
Note 13, Net Income Available to Common Unitholders Per Unit of the Operating Partnership;
i


Note 14, Supplemental Cash Flow Information of the Company; and
Note 15, Supplemental Cash Flow Information of the Operating Partnership;
“Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
—Liquidity and Capital Resources of the Company;” and
—Liquidity and Capital Resources of the Operating Partnership.”
This report also includes separate sections under “Part I – Financial Information, Item 4. Controls and Procedures” and separate Exhibit 31 and Exhibit 32 certifications for the Company and the Operating Partnership to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that the Company and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.

ii


KILROY REALTY CORPORATION AND KILROY REALTY, L.P.
QUARTERLY REPORT FOR THE THREE MONTHS ENDED MARCH 31, 2021
TABLE OF CONTENTS
 
  Page
PART I – FINANCIAL INFORMATION
Item 1.
  
 
Item 1.
Item 2.  
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) OF KILROY REALTY CORPORATION

KILROY REALTY CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands, except share data)
 March 31, 2021December 31, 2020
ASSETS
REAL ESTATE ASSETS (Note 2):  
Land and improvements$1,539,542 $1,628,848 
Buildings and improvements6,480,857 6,783,092 
Undeveloped land and construction in progress1,771,762 1,778,106 
Total real estate assets held for investment9,792,161 10,190,046 
Accumulated depreciation and amortization(1,838,338)(1,798,646)
Total real estate assets held for investment, net7,953,823 8,391,400 
CASH AND CASH EQUIVALENTS657,819 731,991 
RESTRICTED CASH (Note 2)1,028,759 91,139 
MARKETABLE SECURITIES (Note 11)24,089 27,481 
CURRENT RECEIVABLES, NET12,855 12,007 
DEFERRED RENT RECEIVABLES, NET370,470 386,658 
DEFERRED LEASING COSTS AND ACQUISITION-RELATED INTANGIBLE ASSETS, NET190,721 210,949 
RIGHT OF USE GROUND LEASE ASSETS (Note 10)95,312 95,523 
PREPAID EXPENSES AND OTHER ASSETS, NET (Note 3)50,505 53,560 
TOTAL ASSETS$10,384,353 $10,000,708 
LIABILITIES AND EQUITY
LIABILITIES:
Secured debt, net (Notes 4 and 11)$252,298 $253,582 
Unsecured debt, net (Notes 4 and 11)3,671,094 3,670,099 
Accounts payable, accrued expenses and other liabilities408,552 445,100 
Ground lease liabilities (Note 10)97,617 97,778 
Accrued dividends and distributions (Note 16)59,472 59,431 
Deferred revenue and acquisition-related intangible liabilities, net 123,794 128,523 
Rents received in advance and tenant security deposits68,634 68,874 
Total liabilities4,681,461 4,723,387 
COMMITMENTS AND CONTINGENCIES (Note 10)
EQUITY:
Stockholders’ Equity (Note 5):
Common stock, $.01 par value, 280,000,000 shares authorized, 116,450,370 and 116,035,827 shares issued and outstanding, respectively
1,165 1,160 
Additional paid-in capital5,122,584 5,131,916 
Retained earnings (distributions in excess of earnings)334,496 (103,133)
Total stockholders’ equity5,458,245 5,029,943 
Noncontrolling Interests (Notes 1 and 6):
Common units of the Operating Partnership53,930 49,875 
Noncontrolling interests in consolidated property partnerships190,717 197,503 
Total noncontrolling interests244,647 247,378 
Total equity5,702,892 5,277,321 
TOTAL LIABILITIES AND EQUITY$10,384,353 $10,000,708 



See accompanying notes to consolidated financial statements.
1


KILROY REALTY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except share and per share data)
 
 Three Months Ended March 31,
 20212020
REVENUES  
Rental income (Note 9)$234,656 $218,633 
Other property income990 2,695 
Total revenues235,646 221,328 
EXPENSES  
Property expenses38,859 38,983 
Real estate taxes25,266 22,202 
Ground leases (Note 10)1,828 2,317 
General and administrative expenses (Note 8)21,985 19,010 
Leasing costs692 1,456 
Depreciation and amortization75,932 74,370 
Total expenses164,562 158,338 
OTHER INCOME (EXPENSES)   
Interest income and other net investment gain (loss) (Note 11)1,373 (3,128)
Interest expense (Note 4)(22,334)(14,444)
Gain on sale of depreciable operating property (Note 2)457,288  
      Total other income (expenses)436,327 (17,572)
NET INCOME507,411 45,418 
Net income attributable to noncontrolling common units of the Operating Partnership(4,886)(705)
Net income attributable to noncontrolling interests in consolidated property partnerships(4,894)(4,896)
Total income attributable to noncontrolling interests(9,780)(5,601)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$497,631 $39,817 
Net income available to common stockholders per share – basic (Note 12)$4.27 $0.37 
Net income available to common stockholders per share – diluted (Note 12)$4.26 $0.37 
Weighted average common shares outstanding – basic (Note 12)116,344,375 106,875,234 
Weighted average common shares outstanding – diluted (Note 12)116,801,384 107,389,575 
























See accompanying notes to consolidated financial statements.
2


KILROY REALTY CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited; in thousands, except share and per share/unit data)


Common StockTotal
Stock-
holders’
Equity
Noncontrolling InterestsTotal
Equity
Number of
Shares
Common
Stock
Additional
Paid-in
Capital
Retained Earnings (Distributions
in Excess of
Earnings)
BALANCE AS OF DECEMBER 31, 2020116,035,827 $1,160 $5,131,916 $(103,133)$5,029,943 $247,378 $5,277,321 
Net income497,631 497,631 9,780 507,411 
Issuance of share-based compensation awards1,950 1,950 1,950 
Non-cash amortization of share-based compensation (Note 8)9,604 9,604 9,604 
Settlement of restricted stock units for shares of common stock769,701 8 (8)—  
Repurchase of common stock, stock options and restricted stock units(355,158)(3)(21,134)(21,137)(21,137)
Distributions to noncontrolling interests in consolidated property partnerships— (11,680)(11,680)
Adjustment for noncontrolling interest256 256 (256) 
Dividends declared per common share and common unit ($0.500 per share/unit)
(60,002)(60,002)(575)(60,577)
BALANCE AS OF MARCH 31, 2021116,450,370 $1,165 $5,122,584 $334,496 $5,458,245 $244,647 $5,702,892 

Common StockTotal
Stock-
holders’
Equity
Noncontrolling InterestsTotal
Equity
Number of
Shares
Common
Stock
Additional
Paid-in
Capital
Distributions
in Excess of
Earnings
BALANCE AS OF DECEMBER 31, 2019106,016,287 $1,060 $4,350,917 $(58,467)$4,293,510 $277,348 $4,570,858 
Net income 39,817 39,817 5,601 45,418 
Issuance of common stock8,897,110 89 721,705 721,794 721,794 
Issuance of share-based compensation awards1,720 1,720 1,720 
Non-cash amortization of share-based compensation8,653 8,653 8,653 
Settlement of restricted stock units for shares of common stock 269,972 3 (3)—  
Repurchase of common stock, stock options and restricted stock units(117,445)(1)(9,798)(9,799)(9,799)
Exchange of common units of the Operating Partnership2,000  81 81 (81) 
Distributions to noncontrolling interests in consolidated property partnerships— (2,617)(2,617)
Adjustment for noncontrolling interest(6,094)(6,094)6,094  
Dividends declared per common share and common unit ($0.485 per share/unit)
(57,532)(57,532)(980)(58,512)
BALANCE AS OF MARCH 31, 2020115,067,924 $1,151 $5,067,181 $(76,182)$4,992,150 $285,365 $5,277,515 














See accompanying notes to consolidated financial statements.
3


KILROY REALTY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)
 
 Three Months Ended March 31,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$507,411 $45,418 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of real estate assets and leasing costs74,431 72,438 
Depreciation of non-real estate furniture, fixtures and equipment1,501 1,932 
Revenue reversals for doubtful accounts (Note 9)1,035 6,487 
Non-cash amortization of share-based compensation awards7,877 6,783 
Non-cash amortization of deferred financing costs and debt discounts and premiums794 505 
Non-cash amortization of net below market rents(1,181)(2,586)
Gain on sale of depreciable operating properties (Note 2)(457,288) 
Non-cash amortization of deferred revenue related to tenant-funded tenant improvements(4,204)(4,420)
Straight-line rents(17,292)(19,995)
Amortization of right of use ground lease assets211 203 
Net change in other operating assets1,710 7,966 
Net change in other operating liabilities29,147 8,209 
Net cash provided by operating activities144,152 122,940 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Expenditures for development properties and undeveloped land(172,325)(167,328)
Expenditures for operating properties and other capital assets(28,242)(44,084)
Net proceeds received from dispositions (Note 2)1,012,817  
Net cash provided by (used in) investing activities812,250 (211,412)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Principal payments and repayments of secured debt (1,316)(1,266)
Financing costs(235)(160)
Repurchase of common stock and restricted stock units(21,137)(9,799)
Distributions to noncontrolling interests in consolidated property partnerships(11,672)(2,608)
Dividends and distributions paid to common stockholders and common unitholders(58,594)(52,399)
Net proceeds from issuance of common stock  721,794 
Borrowings on unsecured revolving credit facility 190,000 
Repayments on unsecured revolving credit facility (55,000)
Net cash (used in) provided by financing activities(92,954)790,562 
Net increase in cash and cash equivalents and restricted cash863,448 702,090 
Cash and cash equivalents and restricted cash, beginning of period823,130 76,344 
Cash and cash equivalents and restricted cash, end of period$1,686,578 $778,434 

















See accompanying notes to consolidated financial statements.
4




ITEM 1: FINANCIAL STATEMENTS (UNAUDITED) OF KILROY REALTY, L.P.

KILROY REALTY, L.P.
CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands, except unit data)
 
 March 31, 2021December 31, 2020
ASSETS
REAL ESTATE ASSETS (Note 2):
Land and improvements$1,539,542 $1,628,848 
Buildings and improvements6,480,857 6,783,092 
Undeveloped land and construction in progress1,771,762 1,778,106 
Total real estate assets held for investment9,792,161 10,190,046 
Accumulated depreciation and amortization(1,838,338)(1,798,646)
Total real estate assets held for investment, net7,953,823 8,391,400 
CASH AND CASH EQUIVALENTS657,819 731,991 
RESTRICTED CASH (Note 2)1,028,759 91,139 
MARKETABLE SECURITIES (Note 11)24,089 27,481 
CURRENT RECEIVABLES, NET12,855 12,007 
DEFERRED RENT RECEIVABLES, NET370,470 386,658 
DEFERRED LEASING COSTS AND ACQUISITION-RELATED INTANGIBLE ASSETS, NET190,721 210,949 
RIGHT OF USE GROUND LEASE ASSETS (Note 10)95,312 95,523 
PREPAID EXPENSES AND OTHER ASSETS, NET (Note 3)50,505 53,560 
TOTAL ASSETS$10,384,353 $10,000,708 
LIABILITIES AND CAPITAL
LIABILITIES:
Secured debt, net (Notes 4 and 11)$252,298 $253,582 
Unsecured debt, net (Notes 4 and 11)3,671,094 3,670,099 
Accounts payable, accrued expenses and other liabilities408,552 445,100 
Ground lease liabilities (Note 10)97,617 97,778 
Accrued distributions (Note 16)59,472 59,431 
Deferred revenue and acquisition-related intangible liabilities, net123,794 128,523 
Rents received in advance and tenant security deposits68,634 68,874 
Total liabilities4,681,461 4,723,387 
COMMITMENTS AND CONTINGENCIES (Note 10)
CAPITAL:
Common units, 116,450,370 and 116,035,827 held by the general partner and 1,150,574 and 1,150,574
held by common limited partners issued and outstanding, respectively (Note 7)
5,512,175 5,079,818 
Noncontrolling interests in consolidated property partnerships (Note 1)190,717 197,503 
Total capital5,702,892 5,277,321 
TOTAL LIABILITIES AND CAPITAL$10,384,353 $10,000,708 













See accompanying notes to consolidated financial statements.
5


KILROY REALTY, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except unit and per unit data)

Three Months Ended March 31,
20212020
REVENUES
Rental income (Note 9)$234,656 $218,633 
Other property income990 2,695 
Total revenues235,646 221,328 
EXPENSES
Property expenses38,859 38,983 
Real estate taxes25,266 22,202 
Ground leases (Note 10)1,828 2,317 
General and administrative expenses (Note 8)21,985 19,010 
Leasing costs692 1,456 
Depreciation and amortization75,932 74,370 
Total expenses164,562 158,338 
OTHER INCOME (EXPENSES)
Interest income and other net investment gain (Note 11)1,373 (3,128)
Interest expense (Note 4)(22,334)(14,444)
Gain on sale of depreciable operating property (Note 2)457,288  
Total other income (expenses) 436,327 (17,572)
NET INCOME507,411 45,418 
Net income attributable to noncontrolling interests in consolidated property partnerships and subsidiaries(4,894)(5,029)
NET INCOME AVAILABLE TO COMMON UNITHOLDERS$502,517 $40,389 
Net income available to common unitholders per unit – basic (Note 13) $4.27 $0.37 
Net income available to common unitholders per unit – diluted (Note 13)$4.26 $0.36 
Weighted average common units outstanding – basic (Note 13)117,494,949 108,897,027 
Weighted average common units outstanding – diluted (Note 13)117,951,958 109,411,368 


























See accompanying notes to consolidated financial statements.
6


KILROY REALTY, L.P.
CONSOLIDATED STATEMENTS OF CAPITAL
(Unaudited; in thousands, except unit and per unit data)
 
Partners’ CapitalNoncontrolling Interests in Consolidated Property Partnerships
Number of
Common
Units
Common
Units
Total
Capital
BALANCE AS OF DECEMBER 31, 2020117,186,401 $5,079,818 $197,503 $5,277,321 
Net income502,517 4,894 507,411 
Issuance of share-based compensation awards1,950 1,950 
Non-cash amortization of share-based compensation (Note 8)9,604 9,604 
Settlement of restricted stock units769,701 —  
Repurchase of common units, stock options and restricted stock units(355,158)(21,137)(21,137)
Distributions to noncontrolling interests in consolidated property partnerships(11,680)(11,680)
Distributions declared per common unit ($0.500 per unit)
(60,577)(60,577)
BALANCE AS OF MARCH 31, 2021117,600,944 $5,512,175 $190,717 $5,702,892 



Partners’ CapitalNoncontrolling Interests in Consolidated Property Partnerships and Subsidiaries
Number of
Common
Units
Common
Units
Total
Capital
BALANCE AS OF DECEMBER 31, 2019108,039,574 $4,369,758 $201,100 $4,570,858 
Net income40,389 5,029 45,418 
Issuance of common units8,897,110 721,794 721,794 
Issuance of share-based compensation awards1,720 1,720 
Non-cash amortization of share-based compensation8,653 8,653 
Settlement of restricted stock units269,972 —  
Repurchase of common units, stock options and restricted stock units(117,445)(9,799)(9,799)
Distributions to noncontrolling interests in consolidated property partnerships(2,617)(2,617)
Distributions declared per common unit ($0.485 per unit)
(58,512)(58,512)
BALANCE AS OF MARCH 31, 2020117,089,211 $5,074,003 $203,512 $5,277,515 






















See accompanying notes to consolidated financial statements.
7


KILROY REALTY, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)

 Three Months Ended March 31,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$507,411 $45,418 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of real estate assets and leasing costs74,431 72,438 
Depreciation of non-real estate furniture, fixtures and equipment1,501 1,932 
Revenue reversals for doubtful accounts (Note 9)1,035 6,487 
Non-cash amortization of share-based compensation awards7,877 6,783 
Non-cash amortization of deferred financing costs and debt discounts and premiums794 505 
Non-cash amortization of net below market rents(1,181)(2,586)
Gain on sale of depreciable operating properties (Note 2)(457,288) 
Non-cash amortization of deferred revenue related to tenant-funded tenant improvements(4,204)(4,420)
Straight-line rents(17,292)(19,995)
Amortization of right of use ground lease assets211 203 
Net change in other operating assets1,710 7,966 
Net change in other operating liabilities29,147 8,209 
Net cash provided by operating activities144,152 122,940 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Expenditures for development properties and undeveloped land(172,325)(167,328)
Expenditures for operating properties and other capital assets(28,242)(44,084)
Net proceeds received from dispositions (Note 2)1,012,817  
Net cash provided by (used in) investing activities812,250 (211,412)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Principal payments and repayments of secured debt(1,316)(1,266)
Financing costs(235)(160)
Repurchase of common units and restricted stock units(21,137)(9,799)
Distributions to noncontrolling interests in consolidated property partnerships(11,672)(2,608)
Dividends and distributions paid to common stockholders and common unitholders(58,594)(52,399)
Net proceeds from issuance of common units 721,794 
Borrowings on unsecured revolving credit facility 190,000 
Repayments on unsecured revolving credit facility (55,000)
Net cash (used in) provided by financing activities(92,954)790,562 
Net increase in cash and cash equivalents and restricted cash863,448 702,090 
Cash and cash equivalents and restricted cash, beginning of period823,130 76,344 
Cash and cash equivalents and restricted cash, end of period$1,686,578 $778,434 
 
















See accompanying notes to consolidated financial statements.
8


KILROY REALTY CORPORATION AND KILROY REALTY, L.P.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS