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Consolidated Statements of Operations (KILROY REALTY, L.P.) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
REVENUES        
Revenue $ 186,562 $ 181,534 $ 556,456 $ 541,440
EXPENSES        
Real estate taxes 17,462 16,371 52,421 50,878
Provision for bad debts (Note 12) 1,338 1,036 6,714 2,743
Ground leases 1,579 1,562 4,726 4,751
General and administrative expenses 19,277 14,514 56,599 43,750
Depreciation and amortization 62,700 62,567 189,421 185,737
Total expenses 137,519 129,120 409,282 385,474
OTHER (EXPENSES) INCOME        
Interest income and other net investment gain/loss (Note 11) 342 1,526 1,147 3,629
Interest expense (Note 5) (11,075) (16,151) (37,285) (51,476)
Total other (expenses) income (10,733) (14,625) (36,138) (47,847)
INCOME FROM OPERATIONS BEFORE GAINS ON SALES OF REAL ESTATE 38,310 37,789 111,036 108,119
Net gain on sale of land 0 449 0 449
Gains on sales of depreciable operating properties 0 37,250 0 39,507
NET INCOME 38,310 75,488 111,036 148,075
Net income attributable to noncontrolling interests in consolidated property partnerships and subsidiaries (3,910) (4,378) (12,841) (11,992)
NET INCOME ATTRIBUTABLE TO KILROY REALTY CORPORATION (KILROY REALTY, L.P.) 34,400 71,110 98,195 136,083
Preferred distributions 0 (808) 0 (5,774)
Original issuance costs of redeemed preferred stock and preferred units 0 (3,744) 0 (7,589)
Total preferred distributions 0 (4,552) 0 (13,363)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS (UNITHOLDERS) $ 34,400 $ 66,558 $ 98,195 $ 122,720
Net income available to common unitholders per unit-basic (in dollars per unit) (Note 14) $ 0.34 $ 0.67 $ 0.97 $ 1.24
Net income available to common unitholders per unit-diluted (in dollars per unit) (Note 14) $ 0.33 $ 0.67 $ 0.97 $ 1.23
Weighted average common shares outstanding – basic (in units) (Note 14) 100,676,778 98,352,139 99,711,312 98,008,780
Weighted average common units outstanding - diluted (in units) (Note 14) 101,228,334 98,911,612 100,208,645 98,591,048
Rental [Member]        
REVENUES        
Revenue $ 162,288 $ 159,954 $ 489,674 $ 475,527
Tenant reimbursements [Member]        
REVENUES        
Revenue 21,754 19,665 60,471 58,228
Other property income [Member]        
REVENUES        
Revenue 2,520 1,915 6,311 7,685
Property [Member]        
EXPENSES        
Property expenses 35,163 33,070 99,401 97,615
Kilroy Realty L.P. [Member]        
REVENUES        
Revenue 186,562 181,534 556,456 541,440
EXPENSES        
Real estate taxes 17,462 16,371 52,421 50,878
Provision for bad debts (Note 12) 1,338 1,036 6,714 2,743
Ground leases 1,579 1,562 4,726 4,751
General and administrative expenses 19,277 14,514 56,599 43,750
Depreciation and amortization 62,700 62,567 189,421 185,737
Total expenses 137,519 129,120 409,282 385,474
OTHER (EXPENSES) INCOME        
Interest income and other net investment gain/loss (Note 11) 342 1,526 1,147 3,629
Interest expense (Note 5) (11,075) (16,151) (37,285) (51,476)
Total other (expenses) income (10,733) (14,625) (36,138) (47,847)
INCOME FROM OPERATIONS BEFORE GAINS ON SALES OF REAL ESTATE 38,310 37,789 111,036 108,119
Net gain on sale of land 0 449 0 449
Gains on sales of depreciable operating properties 0 37,250 0 39,507
NET INCOME 38,310 75,488 111,036 148,075
Net income attributable to noncontrolling interests in consolidated property partnerships and subsidiaries (3,317) (3,086) (11,135) (9,648)
NET INCOME ATTRIBUTABLE TO KILROY REALTY CORPORATION (KILROY REALTY, L.P.) 34,993 72,402 99,901 138,427
Preferred distributions 0 (808) 0 (5,774)
Original issuance costs of redeemed preferred stock and preferred units 0 (3,744) 0 (7,589)
Total preferred distributions 0 (4,552) 0 (13,363)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS (UNITHOLDERS) $ 34,993 $ 67,850 $ 99,901 $ 125,064
Net income available to common unitholders per unit-basic (in dollars per unit) (Note 14) $ 0.34 $ 0.67 $ 0.97 $ 1.23
Net income available to common unitholders per unit-diluted (in dollars per unit) (Note 14) $ 0.33 $ 0.67 $ 0.96 $ 1.23
Weighted average common shares outstanding – basic (in units) (Note 14) 102,721,806 100,429,332 101,773,540 100,160,595
Weighted average common units outstanding - diluted (in units) (Note 14) 103,273,362 100,988,805 102,270,873 100,742,863
Dividends declared per common unit (in dollars per unit) $ 0.455000 $ 0.425000 $ 1.335000 $ 1.225000
Kilroy Realty L.P. [Member] | Rental [Member]        
REVENUES        
Revenue $ 162,288 $ 159,954 $ 489,674 $ 475,527
Kilroy Realty L.P. [Member] | Tenant reimbursements [Member]        
REVENUES        
Revenue 21,754 19,665 60,471 58,228
Kilroy Realty L.P. [Member] | Other property income [Member]        
REVENUES        
Revenue 2,520 1,915 6,311 7,685
Kilroy Realty L.P. [Member] | Property [Member]        
EXPENSES        
Property expenses $ 35,163 $ 33,070 $ 99,401 $ 97,615