Kilroy Realty Corp. Files Q3 2024 10-Q Report

TL;DR

KRC Q3 24 10-Q filed. Financials look steady.

AI Summary

Kilroy Realty Corp. (KRC) filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operational status. Specific financial figures and operational highlights for the third quarter of 2024 are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial data for Kilroy Realty Corp., crucial for understanding the company's current health and future prospects in the real estate market.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Numbers

• Q3 2024 — Reporting Period (The third quarter of the fiscal year 2024.)
• 12/31 — Fiscal Year End (The company's fiscal year ends on December 31st.)

Key Players & Entities

• Kilroy Realty Corp. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 12200 W. Olympic Blvd., Suite 200, Los Angeles, CA 90064 (address) — Company's business and mailing address
• 3104818400 (phone_number) — Company's business phone number

FAQ

Filing Documents

• krc-20240930.htm (10-Q) — 2197KB
• 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
• 0001025996-24-000267.txt ( ) — 9179KB
• krc-20240930.xsd (EX-101.SCH) — 73KB
• krc-20240930_cal.xml (EX-101.CAL) — 88KB
• krc-20240930_def.xml (EX-101.DEF) — 356KB
• krc-20240930_lab.xml (EX-101.LAB) — 733KB
• krc-20240930_pre.xml (EX-101.PRE) — 583KB
• krc-20240930_htm.xml (XML) — 1028KB

– 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 September 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2024 and 2023 2 Consolidated Statements of Equity for the Three and Nine Months ended September 30, 2024 and 2023 3 Consolidated Statements of Cash Flows for the Nine Months ended September 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 September 30, 2024 and December 31, 2023 6 Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2024 and 2023 7 Consolidated Statements of Capital for the Three and Nine Months ended September 30, 2024 and 2023 8 Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2024 and 2023 10 Notes to Unaudited Consolidated Financial Statements 11

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 28

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 58

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

Item 4. CONTROLS AND PROCEDURES (KILROY REALTY CORPORATION AND KILROY REALTY, L.P.) 58

– OTHER INFORMATION

PART II – OTHER INFORMATION

LEGAL PROCEEDINGS

Item 1. LEGAL PROCEEDINGS 59

RISK FACTORS

Item 1A. RISK FACTORS 59

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 59

DEFAULTS UPON SENIOR SECURITIES

Item 3. DEFAULTS UPON SENIOR SECURITIES 59

MINE SAFETY DISCLOSURES

Item 4. MINE SAFETY DISCLOSURES 59

OTHER INFORMATION

Item 5. OTHER INFORMATION 59

EXHIBITS

Item 6. EXHIBITS 60

– 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) September 30, 2024 December 31, 2023 ASSETS REAL ESTATE ASSETS (Note 2): Land and improvements $ 1,750,820 $ 1,743,170 Buildings and improvements 8,573,332 8,463,674 Undeveloped land and construction in progress 2,254,628 2,034,804 Total real estate assets held for investment 12,578,780 12,241,648 Accumulated depreciation and amortization ( 2,747,494 ) ( 2,518,304 ) Total real estate assets held for investment, net 9,831,286 9,723,344 CASH AND CASH EQUIVALENTS 625,395 510,163 MARKETABLE SECURITIES (Notes 3 and 11) 27,144 284,670 CURRENT RECEIVABLES, NET 11,218 13,609 DEFERRED RENT RECEIVABLES, NET 455,613 460,979 DEFERRED LEASING COSTS AND ACQUISITION-RELATED INTANGIBLE ASSETS, NET (Note 2) 226,991 229,705 RIGHT OF USE GROUND LEASE ASSETS 129,492 125,506 PREPAID EXPENSES AND OTHER ASSETS, NET (Note 4) 73,495 53,069 TOTAL ASSETS $ 11,380,634 $ 11,401,045 LIABILITIES AND EQUITY LIABILITIES: Secured debt, net (Notes 5 and 11) $ 599,478 $ 603,225 Unsecured debt, net (Notes 5 and 11) 4,401,678 4,325,153 Accounts payable, accrued expenses, and other liabilities 354,785 371,179 Ground lease liabilities (Note 10) 128,606 124,353 Accrued dividends and distributions 64,844 64,440 Deferred revenue and acquisition-related intangible liabilities, net (Note 2) 151,670 173,638 Rents received in advance and tenant security deposits 71,033 79,364 Total liabilities 5,772,094 5,741,352 COMMITMENTS AND CONTINGENCIES (Note 10) EQUITY: Stockholders' Equity (Note 6): Common stock, $ .01 par value, 280,000,000 shares authorized, 118,046,674 and 117,239,558 shares issued and outstanding 1,181 1,173 Additional paid-in capital 5,203,195 5,205,839 Retained earnings 175,962 221,149 Total stockholders' equity 5,380,338 5,428,161 Noncontrolling Interests (Notes 1 and 7): Com

: 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) September 30, 2024 December 31, 2023 ASSETS REAL ESTATE ASSETS (Note 2): Land and improvements $ 1,750,820 $ 1,743,170 Buildings and improvements 8,573,332 8,463,674 Undeveloped land and construction in progress 2,254,628 2,034,804 Total real estate assets held for investment 12,578,780 12,241,648 Accumulated depreciation and amortization ( 2,747,494 ) ( 2,518,304 ) Total real estate assets held for investment, net 9,831,286 9,723,344 CASH AND CASH EQUIVALENTS 625,395 510,163 MARKETABLE SECURITIES (Notes 3 and 11) 27,144 284,670 CURRENT RECEIVABLES, NET 11,218 13,609 DEFERRED RENT RECEIVABLES, NET 455,613 460,979 DEFERRED LEASING COSTS AND ACQUISITION-RELATED INTANGIBLE ASSETS, NET (Note 2) 226,991 229,705 RIGHT OF USE GROUND LEASE ASSETS 129,492 125,506 PREPAID EXPENSES AND OTHER ASSETS, NET (Note 4) 73,495 53,069 TOTAL ASSETS $ 11,380,634 $ 11,401,045 LIABILITIES AND CAPITAL LIABILITIES: Secured debt, net (Notes 5 and 11) $ 599,478 $ 603,225 Unsecured debt, net (Notes 5 and 11) 4,401,678 4,325,153 Accounts payable, accrued expenses, and other liabilities 354,785 371,179 Ground lease liabilities (Note 10) 128,606 124,353 Accrued distributions 64,844 64,440 Deferred revenue and acquisition-related intangible liabilities, net (Note 2) 151,670 173,638 Rents received in advance and tenant security deposits 71,033 79,364 Total liabilities 5,772,094 5,741,352 COMMITMENTS AND CONTINGENCIES (Note 10) CAPITAL: Partner's Capital - Common units, 118,046,674 and 117,239,558 held by the general partner and 1,150,574 held by common limited partners issued and outstanding 5,432,779 5,481,436 Noncontrolling interests in consolidated property partnerships (Note 1) 175,761 178,257 Total capital 5,608,540 5,659,693 TOTAL LIABILITIES AND CAPITAL $ 11,380,634 $ 11,401,045 See a

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