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Pro Forma Results of the Operating Partnership (Tables)
9 Months Ended
Sep. 30, 2011
Pro forma results of the operating partnership
The following pro forma consolidated results of operations of the Company for the three and nine months ended September 30, 2011 and 2010 assumes that the acquisitions of 601 108th Avenue N.E., Bellevue, WA, and 201 Third Street, San Francisco, CA, were completed as of January 1, 2010. Pro forma data may not be indicative of the results that would have been reported had the acquisitions actually occurred as of January 1, 2010, nor does it intend to be a projection of future results.
 
Three Months Ended September 30, (1)
 
Nine Months Ended September 30, (1)
 
2011
 
2010
 
2011
 
2010
 
(in thousands except per share amounts)
 
 
 
 
 
 
 
 
Revenues
$
99,938

 
$
86,490

 
$
291,600

 
$
239,270

Net income (loss) available to common stockholders(2)(3)
$
11,692

 
$
(1,284
)
 
$
9,896

 
$
2,692

Net income (loss) available to common stockholders per share - basic(2)(3)
$
0.19

 
$
(0.03
)
 
$
0.16

 
$
0.04

Net income (loss) available to common stockholders per share - diluted(2)(3)
$
0.19

 
$
(0.03
)
 
$
0.16

 
$
0.04

________________________

(1)
The purchase of 601 108th Avenue N.E., Bellevue, WA, and 201 Third Street, San Francisco, CA, represent the largest acquisitions and 61.7% of the total aggregate purchase price of the properties acquired during the nine months ended September 30, 2011.
(2)
The pro forma results for the three and nine months ended September 30, 2011 were adjusted to exclude acquisition-related expenses of approximately $0.4 million and $0.6 million, respectively, incurred in 2011 for the acquisition of 601 108th Avenue N.E., Bellevue, WA, and 201 Third Street, San Francisco, CA. The pro forma results for the three and nine months ended September 30, 2010 were adjusted to include these expenses.
(3)
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.

Actual results for certain operating data for the property
The following table summarizes the results of operations for the properties at 601 108th Avenue N.E., Bellevue, WA, and 201 Third Street, San Francisco, CA, from June 3, 2011 and September 15, 2011, the dates of acquisition, respectively, through September 30, 2011:
 
(in thousands)
Revenues
$
6,481

Net loss(1)
(31
)
________________________
(1)
Reflects the net operating income less depreciation for these properties and amortization of acquisition-related intangibles.

Kilroy Realty, L.P. [Member]
 
Pro forma results of the operating partnership
The following pro forma consolidated results of operations of the Operating Partnership for the three and nine months ended September 30, 2011 and 2010 assumes that the acquisitions of 601 108th Avenue N.E., Bellevue, WA, and 201 Third Street, San Francisco, CA, were completed as of January 1, 2010. Pro forma data may not be indicative of the results that would have been reported had the acquisitions actually occurred as of January 1, 2010, nor does it intend to be a projection of future results.
 
Three Months Ended September 30, (1)
 
Nine Months Ended September 30, (1)
 
2011
 
2010
 
2011
 
2010
 
(in thousands except per share amounts)
 
 
 
 
 
 
 
 
Revenues
$
99,938

 
$
86,490

 
$
291,600

 
$
239,270

Net income (loss) available to common unitholders(2)(3)
$
12,001

 
$
(1,367
)
 
$
10,090

 
$
2,672

Net income (loss) available to common unitholders per unit - basic(2)(3)
$
0.19

 
$
(0.03
)
 
$
0.16

 
$
0.04

Net income (loss) available to common unitholders per unit - diluted(2)(3)
$
0.19

 
$
(0.03
)
 
$
0.16

 
$
0.04

________________________

(1)
The purchase of 601 108th Avenue N.E., Bellevue, WA, and 201 Third Street, San Francisco, CA, represent the largest acquisitions and 61.7% of the total aggregate purchase price of the properties acquired during the nine months ended September 30, 2011.
(2)
The pro forma results for the three and nine months ended September 30, 2011 were adjusted to exclude acquisition-related expenses of approximately $0.4 million and $0.6 million, respectively, incurred in 2011 for the acquisition of 601 108th Avenue N.E., Bellevue, WA, and 201 Third Street, San Francisco, CA. The pro forma results for the three and nine months ended September 30, 2010 were adjusted to include these expenses.
(3)
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 borrowing and related pro forma interest expense estimate assumed herein are not indicative of actual results.
Actual results for certain operating data for the property
The following table summarizes the results of operations for the properties at 601 108th Avenue N.E., Bellevue, WA, and 201 Third Street, San Francisco, CA, from June 3, 2011 and September 15, 2011, the dates of acquisition, respectively, through September 30, 2011:
 
(in thousands)
Revenues
$
6,481

Net loss(1)
(31
)
________________________
(1)
Reflects the net operating income less depreciation for these properties and amortization of acquisition-related intangibles.