Kilroy Realty Corp. Files Q2 2024 10-Q

TL;DR

KRC filed its Q2 10-Q. Check financials.

AI Summary

Kilroy Realty Corp. (KRC) filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational status. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This 10-Q filing provides investors with a detailed look at Kilroy Realty Corp.'s financial health and operational activities for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, Kilroy Realty Corp. is subject to market fluctuations, interest rate changes, and tenant-related risks.

Key Players & Entities

• KILROY REALTY CORP (company) — Filer
• Kilroy Realty, L.P. (company) — Filer
• 12200 W. OLYMPIC BLVD., SUITE 200 (address) — Business and Mail Address
• LOS ANGELES (location) — City
• CA (location) — State
• 90064 (postal_code) — ZIP Code
• 3104818400 (phone_number) — Business Phone
• 20240630 (date) — Reporting Period End Date
• 20240801 (date) — Filing Date

FAQ

Filing Documents

• krc-20240630.htm (10-Q) — 2040KB
• 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
• 0001025996-24-000207.txt ( ) — 8624KB
• krc-20240630.xsd (EX-101.SCH) — 65KB
• krc-20240630_cal.xml (EX-101.CAL) — 79KB
• krc-20240630_def.xml (EX-101.DEF) — 342KB
• krc-20240630_lab.xml (EX-101.LAB) — 678KB
• krc-20240630_pre.xml (EX-101.PRE) — 555KB
• krc-20240630_htm.xml (XML) — 946KB

– 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 June 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the Three and Six Months ended June 30, 2024 and 2023 2 Consolidated Statements of Equity for the Three and Six Months ended June 30, 2024 and 2023 3 Consolidated Statements of Cash Flows for the Six Months ended June 30, 2024 and 2023 5

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

Item 1. FINANCIAL STATEMENTS (UNAUDITED) OF KILROY REALTY, L.P. 6 Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 6 Consolidated Statements of Operations for the Three and Six Months ended June 30, 2024 and 2023 7 Consolidated Statements of Capital for the Three and Six Months ended June 30, 2024 and 2023 8 Consolidated Statements of Cash Flows for the Six Months ended June 30, 2024 and 2023 9 Notes to Unaudited Consolidated Financial Statements 10

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 26

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 56

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

Item 4. CONTROLS AND PROCEDURES (KILROY REALTY CORPORATION AND KILROY REALTY, L.P.) 56

– OTHER INFORMATION

PART II – OTHER INFORMATION

LEGAL PROCEEDINGS

Item 1. LEGAL PROCEEDINGS 57

RISK FACTORS

Item 1A. RISK FACTORS 57

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 57

DEFAULTS UPON SENIOR SECURITIES

Item 3. DEFAULTS UPON SENIOR SECURITIES 57

MINE SAFETY DISCLOSURES

Item 4. MINE SAFETY DISCLOSURES 57

OTHER INFORMATION

Item 5. OTHER INFORMATION 57

EXHIBITS

Item 6. EXHIBITS 58

– 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) June 30, 2024 December 31, 2023 ASSETS REAL ESTATE ASSETS: Land and improvements $ 1,743,170 $ 1,743,170 Buildings and improvements 8,501,976 8,463,674 Undeveloped land and construction in progress 2,207,180 2,034,804 Total real estate assets held for investment 12,452,326 12,241,648 Accumulated depreciation and amortization ( 2,671,141 ) ( 2,518,304 ) Total real estate assets held for investment, net 9,781,185 9,723,344 CASH AND CASH EQUIVALENTS 835,893 510,163 MARKETABLE SECURITIES (Notes 2 and 10) 32,648 284,670 CURRENT RECEIVABLES, NET 10,229 13,609 DEFERRED RENT RECEIVABLES, NET 458,177 460,979 DEFERRED LEASING COSTS AND ACQUISITION-RELATED INTANGIBLE ASSETS, NET 220,485 229,705 RIGHT OF USE GROUND LEASE ASSETS 129,760 125,506 PREPAID EXPENSES AND OTHER ASSETS, NET (Note 3) 75,379 53,069 TOTAL ASSETS $ 11,543,756 $ 11,401,045 LIABILITIES AND EQUITY LIABILITIES: Secured debt, net (Notes 4 and 10) $ 600,741 $ 603,225 Unsecured debt, net (Notes 4 and 10) 4,519,796 4,325,153 Accounts payable, accrued expenses, and other liabilities 361,759 371,179 Ground lease liabilities (Note 9) 128,787 124,353 Accrued dividends and distributions 65,118 64,440 Deferred revenue and acquisition-related intangible liabilities, net 160,284 173,638 Rents received in advance and tenant security deposits 73,013 79,364 Total liabilities 5,909,498 5,741,352 COMMITMENTS AND CONTINGENCIES (Note 9) EQUITY: Stockholders' Equity (Note 5): Common stock, $ .01 par value, 280,000,000 shares authorized, 117,385,231 and 117,239,558 shares issued and outstanding 1,174 1,173 Additional paid-in capital 5,216,699 5,205,839 Retained earnings 187,796 221,149 Total stockholders' equity 5,405,669 5,428,161 Noncontrolling Interests (Notes 1 and 6): Common units of the Operating Partner

: 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) June 30, 2024 December 31, 2023 ASSETS REAL ESTATE ASSETS: Land and improvements $ 1,743,170 $ 1,743,170 Buildings and improvements 8,501,976 8,463,674 Undeveloped land and construction in progress 2,207,180 2,034,804 Total real estate assets held for investment 12,452,326 12,241,648 Accumulated depreciation and amortization ( 2,671,141 ) ( 2,518,304 ) Total real estate assets held for investment, net 9,781,185 9,723,344 CASH AND CASH EQUIVALENTS 835,893 510,163 MARKETABLE SECURITIES (Notes 2 and 10) 32,648 284,670 CURRENT RECEIVABLES, NET 10,229 13,609 DEFERRED RENT RECEIVABLES, NET 458,177 460,979 DEFERRED LEASING COSTS AND ACQUISITION-RELATED INTANGIBLE ASSETS, NET 220,485 229,705 RIGHT OF USE GROUND LEASE ASSETS 129,760 125,506 PREPAID EXPENSES AND OTHER ASSETS, NET (Note 3) 75,379 53,069 TOTAL ASSETS $ 11,543,756 $ 11,401,045 LIABILITIES AND CAPITAL LIABILITIES: Secured debt, net (Notes 4 and 10) $ 600,741 $ 603,225 Unsecured debt, net (Notes 4 and 10) 4,519,796 4,325,153 Accounts payable, accrued expenses, and other liabilities 361,759 371,179 Ground lease liabilities (Note 9) 128,787 124,353 Accrued distributions 65,118 64,440 Deferred revenue and acquisition-related intangible liabilities, net 160,284 173,638 Rents received in advance and tenant security deposits 73,013 79,364 Total liabilities 5,909,498 5,741,352 COMMITMENTS AND CONTINGENCIES (Note 9) CAPITAL: Partner's Capital - Common units, 117,385,231 and 117,239,558 held by the general partner and 1,150,574 held by common limited partners issued and outstanding 5,458,654 5,481,436 Noncontrolling interests in consolidated property partnerships (Note 1) 175,604 178,257 Total capital 5,634,258 5,659,693 TOTAL LIABILITIES AND CAPITAL $ 11,543,756 $ 11,401,045 See accompanying notes to consolidated

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