XML 60 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 44,002us-gaap_ProfitLoss $ 101,932us-gaap_ProfitLoss
Adjustments to reconcile net income to net cash provided by operating activities (including discontinued operations):    
Depreciation and amortization of building and improvements and leasing costs 50,843us-gaap_DepreciationDepletionAndAmortization 48,717us-gaap_DepreciationDepletionAndAmortization
Increase in provision for bad debts 242krc_ProvisionForDoubtfulAccountsIncludingDiscontinuedOperations 0krc_ProvisionForDoubtfulAccountsIncludingDiscontinuedOperations
Depreciation of furniture, fixtures and equipment 644us-gaap_DepreciationNonproduction 485us-gaap_DepreciationNonproduction
Noncash amortization of share-based compensation awards 3,571us-gaap_ShareBasedCompensation 2,502us-gaap_ShareBasedCompensation
Noncash amortization of deferred financing costs and debt discounts and premiums 454us-gaap_AmortizationOfFinancingCostsAndDiscounts 1,256us-gaap_AmortizationOfFinancingCostsAndDiscounts
Noncash amortization of net below market rents (Note 4) (1,928)us-gaap_AmortizationOfAboveAndBelowMarketLeases (1,734)us-gaap_AmortizationOfAboveAndBelowMarketLeases
Gains on dispositions of discontinued operations 0us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax (90,115)us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
Gain on sale of land (Note 3) (17,268)us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal 0us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
Noncash amortization of deferred revenue related to tenant-funded tenant improvements (3,013)krc_NoncashAmortizationOfDeferredRevenueRelatedToTenantFundedTenantImprovements (2,353)krc_NoncashAmortizationOfDeferredRevenueRelatedToTenantFundedTenantImprovements
Straight-line rents (19,692)us-gaap_StraightLineRent (3,959)us-gaap_StraightLineRent
Net change in other operating assets (8,421)us-gaap_IncreaseDecreaseInOperatingAssets (5,949)us-gaap_IncreaseDecreaseInOperatingAssets
Net change in other operating liabilities 5,545us-gaap_IncreaseDecreaseInOperatingLiabilities (5,701)us-gaap_IncreaseDecreaseInOperatingLiabilities
Net cash provided by operating activities 54,979us-gaap_NetCashProvidedByUsedInOperatingActivities 45,081us-gaap_NetCashProvidedByUsedInOperatingActivities
CASH FLOWS FROM INVESTING ACTIVITIES:    
Expenditures for acquisition of operating properties 0us-gaap_PaymentsToAcquireCommercialRealEstate (106,125)us-gaap_PaymentsToAcquireCommercialRealEstate
Expenditures for operating properties (24,345)us-gaap_PaymentsForCapitalImprovements (32,016)us-gaap_PaymentsForCapitalImprovements
Expenditures for development and redevelopment properties and undeveloped land (89,810)us-gaap_PaymentsToDevelopRealEstateAssets (73,626)us-gaap_PaymentsToDevelopRealEstateAssets
Expenditures for acquisition of development properties (Note 2) (50,435)us-gaap_PaymentsToAcquireOtherRealEstate 0us-gaap_PaymentsToAcquireOtherRealEstate
Net proceeds received from land and operating properties (Note 3) 25,563us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment 309,824us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment
Decrease (increase) in acquisition-related deposits 3,099us-gaap_PaymentsForProceedsFromDepositsOnRealEstateAcquisitions 0us-gaap_PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
Decrease (increase) in restricted cash (Note 1) 58,619us-gaap_IncreaseDecreaseInRestrictedCash (779)us-gaap_IncreaseDecreaseInRestrictedCash
Net cash (used in) provided by investing activities (77,309)us-gaap_NetCashProvidedByUsedInInvestingActivities 97,278us-gaap_NetCashProvidedByUsedInInvestingActivities
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from issuance of common stock (Note 8) 113,097us-gaap_ProceedsFromIssuanceOfCommonStock 0us-gaap_ProceedsFromIssuanceOfCommonStock
Borrowings on unsecured line of credit 150,000us-gaap_ProceedsFromLongTermLinesOfCredit 90,000us-gaap_ProceedsFromLongTermLinesOfCredit
Repayments on unsecured line of credit (160,000)us-gaap_RepaymentsOfLongTermLinesOfCredit (135,000)us-gaap_RepaymentsOfLongTermLinesOfCredit
Principal payments on secured debt (28,472)us-gaap_RepaymentsOfSecuredDebt (2,414)us-gaap_RepaymentsOfSecuredDebt
Financing costs (397)us-gaap_PaymentsOfFinancingCosts (418)us-gaap_PaymentsOfFinancingCosts
Repurchase of common stock and restricted stock units (1,821)us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation (1,517)us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation
Proceeds from exercise of stock options (Note 10) 10,482us-gaap_ProceedsFromStockOptionsExercised 21us-gaap_ProceedsFromStockOptionsExercised
Dividends and distributions paid to common stockholders and common unitholders (30,846)us-gaap_PaymentsOfDividendsCommonStock (29,561)us-gaap_PaymentsOfDividendsCommonStock
Dividends and distributions paid to preferred stockholders and preferred unitholders (3,313)krc_DividendsAndDistributionsPaidToPreferredStockholdersAndPreferredUnitholders (3,313)krc_DividendsAndDistributionsPaidToPreferredStockholdersAndPreferredUnitholders
Net cash provided by (used in) financing activities 48,730us-gaap_NetCashProvidedByUsedInFinancingActivities (82,202)us-gaap_NetCashProvidedByUsedInFinancingActivities
Net increase in cash and cash equivalents 26,400us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 60,157us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents, beginning of period 23,781us-gaap_CashAndCashEquivalentsAtCarryingValue 35,377us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents, end of period 50,181us-gaap_CashAndCashEquivalentsAtCarryingValue 95,534us-gaap_CashAndCashEquivalentsAtCarryingValue
SUPPLEMENTAL CASH FLOWS INFORMATION:    
Cash paid for interest, net of capitalized interest of $10,669 and $10,042 as of March 31, 2015 and 2014, respectively 19,814us-gaap_InterestPaidNet 14,106us-gaap_InterestPaidNet
NONCASH INVESTING TRANSACTIONS:    
Accrual for expenditures for operating properties and development and redevelopment properties 85,656us-gaap_CapitalExpendituresIncurredButNotYetPaid 64,709us-gaap_CapitalExpendituresIncurredButNotYetPaid
Tenant improvements funded directly by tenants 231krc_TenantImprovementsFundedDirectlyByTenantsToThirdParties 4,470krc_TenantImprovementsFundedDirectlyByTenantsToThirdParties
Assumption of other liabilities in connection with development acquisitions 1,478us-gaap_NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1 0us-gaap_NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
Release of holdback funds to third party 8,279krc_ReleaseofHoldbackFundstoThirdParty 0krc_ReleaseofHoldbackFundstoThirdParty
NONCASH FINANCING TRANSACTIONS:    
Accrual of dividends and distributions payable to common stockholders and common unitholders 31,892krc_CommonStockholdersAndUnitholdersDividendsAndDistributionsDeclaredButNotPaid 29,906krc_CommonStockholdersAndUnitholdersDividendsAndDistributionsDeclaredButNotPaid
Accrual of dividends and distributions payable to preferred stockholders and preferred unitholders 1,656krc_PreferredStockholdersAndUnitholdersDividendsAndDistributionsDeclaredButNotPaid 1,656krc_PreferredStockholdersAndUnitholdersDividendsAndDistributionsDeclaredButNotPaid
Fair value of share-based compensation awards at equity classification date (Note 10) 16,920krc_ValueofStockIssuedSharebasedCompensation 0krc_ValueofStockIssuedSharebasedCompensation
Exchange of common units of the Operating Partnership into shares of the Company’s common stock $ 316us-gaap_ConversionOfStockAmountConverted1 $ 28us-gaap_ConversionOfStockAmountConverted1