Pro Forma Results of the Operating Partnership

3 Months Ended

Mar. 31, 2012

Business Acquisition, Equity Interests Issued or Issuable [Line Items]

Pro Forma Results of the Operating Partnership

Pro Forma Results of the Company

The following pro forma consolidated results of operations of the Company for the three months ended March 31, 2012 and 2011 assumes that the acquisition of 4100-4700 Bohannon Drive, Menlo Park, CA, was completed as of January 1, 2011. Pro forma data may not be indicative of the results that would have been reported had the acquisitions actually occurred as of January 1, 2011, nor does it intend to be a projection of future results.



	Three Months Ended March 31,
	2012		2011
	(in thousands except per share amounts)

Revenues	$	101,549	$	86,729
Net income available to common stockholders⁽¹⁾⁽²⁾	$	68,265	$	80
Net income available to common stockholders per share - basic⁽¹⁾⁽²⁾	$	1.07	$	0.00
Net income available to common stockholders per share - diluted⁽¹⁾⁽²⁾	$	1.07	$	0.00

________________________


(1)	The pro forma results for the three months ended March 31, 2012 were adjusted to exclude acquisition-related expenses of approximately $0.4 million incurred in 2012 for the acquisition of 4100-4700 Bohannon Drive, Menlo Park, CA. The pro forma results for the three months ended March 31, 2011 were adjusted to include these expenses.

(2)

The pro forma results for all periods presented includes incremental interest expense assuming the acquisitions were funded by pro forma borrowings under the Credit Facility. The pro forma interest expense estimate is calculated based on the actual interest rate in effect on the Credit Facility for each respective period. Actual funding of the acquisitions may be from different sources and the pro forma borrowings and related pro forma interest expense estimate assumed herein are not indicative of actual results.

The following table summarizes the results of operations for the property at 4100-4700 Bohannon Drive, Menlo Park, CA, from February 29, 2012, the date of acquisition, through March 31, 2012:



	(in thousands)
Revenues	$	1,179
Net income⁽¹⁾	213

________________________


(1)	Reflects the net operating income less depreciation for these properties and amortization of lease-related intangibles

Kilroy Realty, L.P. [Member]

Business Acquisition, Equity Interests Issued or Issuable [Line Items]

Pro Forma Results of the Operating Partnership

The following pro forma consolidated results of operations of the Operating Partnership for the three months ended March 31, 2012 and 2011 assumes that the acquisition of 4100-4700 Bohannon Drive, Menlo Park, CA, was completed as of January 1, 2011. Pro forma data may not be indicative of the results that would have been reported had the acquisitions actually occurred as of January 1, 2011, nor does it intend to be a projection of future results.



	Three Months Ended March 31,
	2012		2011
	(in thousands except per share amounts)

Revenues	$	101,549	$	86,729
Net income available to common unitholders⁽¹⁾⁽²⁾	$	70,026	$	49
Net income available to common unitholders per unit - basic⁽¹⁾⁽²⁾	$	1.07	$	0.00
Net income available to common unitholders per unit - diluted⁽¹⁾⁽²⁾	$	1.07	$	0.00

________________________


(1)	The pro forma results for the three months ended March 31, 2012 were adjusted to exclude acquisition-related expenses of approximately $0.4 million incurred in 2012 for the acquisition of 4100-4700 Bohannon Drive, Menlo Park, CA. The pro forma results for the three months ended March 31, 2011 were adjusted to include these expenses.

(2)

The following table summarizes the results of operations for the property at 4100-4700 Bohannon Drive, Menlo Park, CA, from February 29, 2012, the date of acquisition, through March 31, 2012:



	(in thousands)
Revenues	$	1,179
Net income⁽¹⁾	213

________________________


(1)	Reflects the net operating income less depreciation for these properties and amortization of lease-related intangibles.