Kilroy Realty Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Kilroy Realty Corp. has submitted its Q1 2024 10-Q filing, detailing financial performance and operational status as of March 31, 2024.</b>

AI Summary

KILROY REALTY CORP (KRC) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Kilroy Realty Corp. filed its quarterly report (10-Q) on May 3, 2024. The filing covers the period ending March 31, 2024. The company's principal executive offices are located at 12200 W. Olympic Blvd., Suite 200, Los Angeles, CA 90064. Kilroy Realty, L.P. is also listed as a filer with the same address. The filing is made under the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking KILROY REALTY CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial and operational data for Kilroy Realty Corp., crucial for assessing the company's performance and outlook in the real estate sector. The detailed information within the report allows stakeholders to understand the company's financial health, including assets, liabilities, and equity, as of the end of the first quarter of 2024.

Risk Assessment

Risk Level: low — KILROY REALTY CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Kilroy Realty Corp.'s performance and strategic positioning for Q1 2024.

Key Numbers

• 2024-05-03 — Filing Date (Date the 10-Q was filed)
• 2024-03-31 — Period End Date (End date of the reporting period)
• 2024-01-01 — Period Start Date (Start date of the reporting period)
• 1934 Act — SEC Act (The act under which the filing is made)

Key Players & Entities

• KILROY REALTY CORP (company) — Filer name
• Kilroy Realty, L.P. (company) — Filer name
• 12200 W. OLYMPIC BLVD., SUITE 200 (location) — Business address
• LOS ANGELES (location) — City in business address
• CA (location) — State in business address
• 90064 (location) — ZIP code in business address
• 3104818400 (phone) — Business phone number
• 2024-03-31 (date) — Period of report

FAQ

Industry Context

Kilroy Realty Corp. operates as a real estate investment trust (REIT), focusing on acquiring, developing, and managing commercial properties, primarily in the Western United States.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, which governs the reporting requirements for publicly traded companies in the United States.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosures regarding debt, equity, and cash flow.
3. Examine management's discussion and analysis for insights into operational performance and future outlook.

Key Dates

• 2024-05-03: 10-Q Filing — Submission of the quarterly report for the period ending March 31, 2024.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 10-K annual report.

Filing Documents

• krc-20240331.htm (10-Q) — 1693KB
• exhibit101.htm (EX-10.1) — 1336KB
• exhibit102.htm (EX-10.2) — 73KB
• exhibit103.htm (EX-10.3) — 1092KB
• exhibit104.htm (EX-10.4) — 1071KB
• exhibit105.htm (EX-10.5) — 74KB
• exhibit311.htm (EX-31.1) — 10KB
• exhibit312.htm (EX-31.2) — 10KB
• exhibit313.htm (EX-31.3) — 10KB
• exhibit314.htm (EX-31.4) — 10KB
• exhibit321.htm (EX-32.1) — 5KB
• exhibit322.htm (EX-32.2) — 5KB
• exhibit323.htm (EX-32.3) — 6KB
• exhibit324.htm (EX-32.4) — 6KB
• 0001025996-24-000136.txt (&nbsp;) — 12102KB
• krc-20240331.xsd (EX-101.SCH) — 61KB
• krc-20240331_cal.xml (EX-101.CAL) — 80KB
• krc-20240331_def.xml (EX-101.DEF) — 339KB
• krc-20240331_lab.xml (EX-101.LAB) — 655KB
• krc-20240331_pre.xml (EX-101.PRE) — 545KB
• krc-20240331_htm.xml (XML) — 826KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED) OF KILROY REALTY CORPORATION

Item 1. FINANCIAL STATEMENTS (UNAUDITED) OF KILROY REALTY CORPORATION 1 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the Three Months ended March 31, 2024 and 2023 2 Consolidated Statements of Equity for the Three Months ended March 31, 2024 and 2023 3 Consolidated Statements of Cash Flows for the Three Months ended March 31, 2024 and 2023 4

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

Item 1. FINANCIAL STATEMENTS (UNAUDITED) OF KILROY REALTY, L.P. 5 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 5 Consolidated Statements of Operations for the Three Months ended March 31, 2024 and 2023 6 Consolidated Statements of Capital for the Three Months ended March 31, 2024 and 2023 7 Consolidated Statements of Cash Flows for the Three Months ended March 31, 2024 and 2023 8 Notes to Unaudited Consolidated Financial Statements 9

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 25

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 51

CONTROLS AND PROCEDURES (KILROY REALTY CORPORATION AND KILROY REALTY, L.P.)

Item 4. CONTROLS AND PROCEDURES (KILROY REALTY CORPORATION AND KILROY REALTY, L.P.) 51

– OTHER INFORMATION

PART II – OTHER INFORMATION

LEGAL PROCEEDINGS

Item 1. LEGAL PROCEEDINGS 52

RISK FACTORS

Item 1A. RISK FACTORS 52

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 52

DEFAULTS UPON SENIOR SECURITIES

Item 3. DEFAULTS UPON SENIOR SECURITIES 52

MINE SAFETY DISCLOSURES

Item 4. MINE SAFETY DISCLOSURES 52

OTHER INFORMATION

Item 5. OTHER INFORMATION 52

EXHIBITS

Item 6. EXHIBITS 53

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED) OF KILROY REALTY CORPORATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) OF KILROY REALTY CORPORATION KILROY REALTY CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited; in thousands, except share data) March 31, 2024 December 31, 2023 ASSETS REAL ESTATE ASSETS: Land and improvements $ 1,743,170 $ 1,743,170 Buildings and improvements 8,479,359 8,463,674 Undeveloped land and construction in progress 2,114,242 2,034,804 Total real estate assets held for investment 12,336,771 12,241,648 Accumulated depreciation and amortization ( 2,594,996 ) ( 2,518,304 ) Total real estate assets held for investment, net 9,741,775 9,723,344 CASH AND CASH EQUIVALENTS 855,007 510,163 MARKETABLE SECURITIES (Notes 2 and 10) 109,513 284,670 CURRENT RECEIVABLES, NET 13,291 13,609 DEFERRED RENT RECEIVABLES, NET 457,494 460,979 DEFERRED LEASING COSTS AND ACQUISITION-RELATED INTANGIBLE ASSETS, NET 226,506 229,705 RIGHT OF USE GROUND LEASE ASSETS 130,026 125,506 PREPAID EXPENSES AND OTHER ASSETS, NET (Note 3) 65,588 53,069 TOTAL ASSETS $ 11,599,200 $ 11,401,045 LIABILITIES AND EQUITY LIABILITIES: Secured debt, net (Notes 4 and 10) $ 601,990 $ 603,225 Unsecured debt, net (Notes 4 and 10) 4,518,297 4,325,153 Accounts payable, accrued expenses and other liabilities 401,892 371,179 Ground lease liabilities (Note 9) 128,966 124,353 Accrued dividends and distributions 65,111 64,440 Deferred revenue and acquisition-related intangible liabilities, net 166,436 173,638 Rents received in advance and tenant security deposits 73,777 79,364 Total liabilities 5,956,469 5,741,352 COMMITMENTS AND CONTINGENCIES (Note 9) EQUITY: Stockholders' Equity (Note 5): Common stock, $ .01 par value, 280,000,000 shares authorized, 117,366,405 and 117,239,558 shares issued and outstanding 1,174 1,173 Additional paid-in capital 5,208,753 5,205,839 Retained earnings 203,080 221,149 Total stockholders' equity 5,413,007 5,428,161 Noncontrolling Interests (Notes 1 and 6): Common units of the Operating Partnersh

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

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, 2024 December 31, 2023 ASSETS REAL ESTATE ASSETS: Land and improvements $ 1,743,170 $ 1,743,170 Buildings and improvements 8,479,359 8,463,674 Undeveloped land and construction in progress 2,114,242 2,034,804 Total real estate assets held for investment 12,336,771 12,241,648 Accumulated depreciation and amortization ( 2,594,996 ) ( 2,518,304 ) Total real estate assets held for investment, net 9,741,775 9,723,344 CASH AND CASH EQUIVALENTS 855,007 510,163 MARKETABLE SECURITIES (Notes 2 and 10) 109,513 284,670 CURRENT RECEIVABLES, NET 13,291 13,609 DEFERRED RENT RECEIVABLES, NET 457,494 460,979 DEFERRED LEASING COSTS AND ACQUISITION-RELATED INTANGIBLE ASSETS, NET 226,506 229,705 RIGHT OF USE GROUND LEASE ASSETS 130,026 125,506 PREPAID EXPENSES AND OTHER ASSETS, NET (Note 3) 65,588 53,069 TOTAL ASSETS $ 11,599,200 $ 11,401,045 LIABILITIES AND CAPITAL LIABILITIES: Secured debt, net (Notes 4 and 10) $ 601,990 $ 603,225 Unsecured debt, net (Notes 4 and 10) 4,518,297 4,325,153 Accounts payable, accrued expenses and other liabilities 401,892 371,179 Ground lease liabilities (Note 9) 128,966 124,353 Accrued distributions 65,111 64,440 Deferred revenue and acquisition-related intangible liabilities, net 166,436 173,638 Rents received in advance and tenant security deposits 73,777 79,364 Total liabilities 5,956,469 5,741,352 COMMITMENTS AND CONTINGENCIES (Note 9) CAPITAL: Partner's Capital - Common units, 117,366,405 and 117,239,558 held by the general partner and 1,150,574 held by common limited partners issued and outstanding 5,466,094 5,481,436 Noncontrolling interests in consolidated property partnerships (Note 1) 176,637 178,257 Total capital 5,642,731 5,659,693 TOTAL LIABILITIES AND CAPITAL $ 11,599,200 $ 11,401,045 See accompanying notes to consolidated fi

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