KILROY REALTY CORP

KRC 10-K · FY 2025

KRC FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Operating Lease Lease Income 1,093,587 1,118,115 -2.2%
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Office and Life Science Properties Segment 1,093,587 1,118,115 -2.2%
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Kilroy Realty L.P. 1,093,587 1,118,115 -2.2%
Revenue 19,080 17,514 +8.9%
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Office and Life Science Properties Segment 19,080 17,514 +8.9%
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Kilroy Realty L.P. 19,080 17,514 +8.9%
Revenue 1,112,667 1,135,629 -2.0%
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Office and Life Science Properties Segment 1,112,667 1,135,629 -2.0%
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Kilroy Realty L.P. 1,112,667 1,135,629 -2.0%
Other Cost And Expense Operating 243,726 243,441 +0.1%
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Office and Life Science Properties Segment 243,726 243,441 +0.1%
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Kilroy Realty L.P. 243,726 243,441 +0.1%
Real Estate Tax Expense 107,564 108,951 -1.3%
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Office and Life Science Properties Segment 107,564 108,951 -1.3%
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Kilroy Realty L.P. 107,564 108,951 -1.3%
Operating Lease Expense 12,048 11,715 +2.8%
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Office and Life Science Properties Segment 12,048 11,715 +2.8%
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Kilroy Realty L.P. 12,048 11,715 +2.8%
General & Administrative 73,108 71,074 +2.9%
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Office and Life Science Properties Segment 73,108 71,074 +2.9%
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Kilroy Realty L.P. 73,108 71,074 +2.9%
Operating Lease Cost 10,352 8,764 +18.1%
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Office and Life Science Properties Segment 10,352 8,764 +18.1%
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Kilroy Realty L.P. 10,352 8,764 +18.1%
Depreciation And Amortization 354,854 356,182 -0.4%
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Office and Life Science Properties Segment 354,854 356,182 -0.4%
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Kilroy Realty L.P. 354,854 356,182 -0.4%
Operating Expenses 801,652 800,127 +0.2%
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Office and Life Science Properties Segment 801,652 800,127 +0.2%
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Kilroy Realty L.P. 801,652 800,127 +0.2%
Interest Income And Other Net Investment Gain Loss 6,970 37,752 -81.5%
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Office and Life Science Properties Segment 6,970 37,752 -81.5%
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Kilroy Realty L.P. 6,970 37,752 -81.5%
Interest Expense -126,292 -145,287 +13.1%
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Office and Life Science Properties Segment -126,292 -145,287 +13.1%
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Kilroy Realty L.P. -126,292 -145,287 +13.1%
Other Non-Operating Income (Expense) 168 -992 +116.9%
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Office and Life Science Properties Segment 168 -992 +116.9%
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Kilroy Realty L.P. 168 -992 +116.9%
Gain Loss On Sale Of Property Plant Equipment 127,038
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Office and Life Science Properties Segment 127,038
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Kilroy Realty L.P. 127,038
Impairment Of Real Estate From Continuing Operations -16,259
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Kilroy Realty L.P. -16,259
Non-Operating Income (Expense) -8,375 -102,548 +91.8%
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Office and Life Science Properties Segment -8,375 -102,548 +91.8%
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Kilroy Realty L.P. -8,375 -102,548 +91.8%
Net Income 302,640 232,954 +29.9%
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Office and Life Science Properties Segment 302,640 232,954 +29.9%
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Accumulated Distributions In Excess Of Net Income 276,121 210,969 +30.9%
Noncontrolling Interest 26,519 21,985 +20.6%
Noncontrolling Interest · Kilroy Realty L.P. 23,837 19,923 +19.6%
Parent 276,121 210,969 +30.9%
Partners’ Capital · Kilroy Realty L.P. 278,803 213,031 +30.9%
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Kilroy Realty L.P. 302,640 232,954 +29.9%
Net Income Loss Attributable To Noncontrolling Interest -26,519 -21,985 -20.6%
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Kilroy Realty L.P. -23,837 -19,923 -19.6%
Net Income Loss Available To Common Stockholders Basic 276,121 210,969 +30.9%
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Kilroy Realty L.P. 278,803 213,031 +30.9%
EPS (Basic) 2.33 1.78 +30.9%
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Kilroy Realty L.P. 2.33 1.78 +30.9%
EPS (Diluted) 2.32 1.77 +31.1%
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Kilroy Realty L.P. 2.32 1.77 +31.1%
Wtd Avg Shares (Basic) 118,278,990 117,649,111 +0.5%
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Kilroy Realty L.P. 119,428,865 118,799,685 +0.5%
Wtd Avg Shares (Diluted) 118,832,035 118,156,987 +0.6%
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Kilroy Realty L.P. 119,981,910 119,307,561 +0.6%
Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable -2,682 -2,062 -30.1%
Net Income Loss Attributableto Noncontrolling Interestin Consolidated Subsidiary -23,837 -19,923 -19.6%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 179,316 165,690 +8.2%
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Kilroy Realty L.P. 179,316 165,690 +8.2%
Accounts Receivable 12,765 11,033 +15.7%
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Kilroy Realty L.P. 12,765 11,033 +15.7%
Non-Current Assets
Operating Lease Right-of-Use Assets 128,116 129,222 -0.9%
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Kilroy Realty L.P. 128,116 129,222 -0.9%
Total Assets 10,915,076 10,898,357 +0.2%
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Kilroy Realty L.P. 10,915,076 10,898,357 +0.2%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 380,940 435,478 -12.5%
Variable Interest Entity Primary Beneficiary · Real Estate Investment 319.4 357.3 -10.6%
Intangible Assets (Q)
Show Finite-Lived Intangible Assets and Liabilities by Major Class [Axis] breakouts
Above Market Leases 7,460 1,113 +570.3%
Deferred Leasing Costs [Member] 178,951 167,370 +6.9%
Leases Acquired In Place 91,821 57,454 +59.8%
Other Assets
Investment Building And Building Improvements 8,505,486 8,598,751 -1.1%
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Kilroy Realty L.P. 8,505,486 8,598,751 -1.1%
Real Estate Investment Property At Cost 12,535,141 12,659,195 -1.0%
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Kilroy Realty L.P. 12,535,141 12,659,195 -1.0%
Real Estate Investment Property Accumulated Depreciation -2,843,811 -2,824,616 -0.7%
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Kilroy Realty L.P. -2,843,811 -2,824,616 -0.7%
Real Estate Investment Property Net 9,691,330 9,834,579 -1.5%
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Kilroy Realty L.P. 9,691,330 9,834,579 -1.5%
Real Estate Assets And Other Assets Held For Sale Net 115,155
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Kilroy Realty L.P. 115,155
Trading Securities 30,807 27,965 +10.2%
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Kilroy Realty L.P. 30,807 27,965 +10.2%
Deferred Rent Receivables Net 424,794 451,996 -6.0%
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Kilroy Realty L.P. 424,794 451,996 -6.0%
Disposal Group Including Discontinued Operation Deferred Leasing Costs And Acquisition Related Intangible Assets Net 278,232 225,937 +23.1%
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Kilroy Realty L.P. 278,232 225,937 +23.1%
Show Disposal Group Classification breakouts
Disposal Group Heldforsale Not Discontinued Operations · San Diego 3,939
Prepaid Expense And Other Assets 54,561 51,935 +5.1%
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Kilroy Realty L.P. 54,561 51,935 +5.1%
Non-Current Liabilities
Accounts Payable And Accrued Liabilities Current And Noncurrent 288,963 285,011 +1.4%
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Kilroy Realty L.P. 288,963 285,011 +1.4%
Dividends Payable Current And Noncurrent 65,009 64,850 +0.2%
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Kilroy Realty L.P. 65,009 64,850 +0.2%
Kilroy Realty L.P. · Partners capital general partner 63,921 63,745 +0.3%
Kilroy Realty L.P. · Partners capital limited partner 612 621 -1.4%
Kilroy Realty L.P. · Partners’ Capital 65,009 64,850 +0.2%
Kilroy Realty L.P. · Restricted Stock Units RSU 476 484 -1.7%
Show Statement Class Of Stock breakouts
Capital Units 612 621 -1.4%
Common Stock 63,921 63,745 +0.3%
Common stockholders and noncontrolling unitholders 65,009 64,850 +0.2%
Total Liabilities 5,277,333 5,289,488 -0.2%
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Kilroy Realty L.P. 5,277,333 5,289,488 -0.2%
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Variable Interest Entity Primary Beneficiary 18,304 18,047 +1.4%
Long-Term Debt (Q)
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Kilroy Realty L.P. 4,589,459
Kilroy Realty L.P. · Secured Debt 592,685 598,199 -0.9%
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Unsecured Debt 4 4 0.0%
Other Liabilities
Secured Debt 592,685 598,199 -0.9%
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Kilroy Realty L.P. 592,685 598,199 -0.9%
Kilroy Realty L.P. · Secured Debt 600,442 606,688 -1.0%
Unsecured Debt 3,996,774 3,999,566 -0.1%
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Kilroy Realty L.P. 3,996,774 3,999,566 -0.1%
Kilroy Realty L.P. · Unsecured Debt 3,797,051 3,800,795 -0.1%
Ground Lease Liability 127,628 128,422 -0.6%
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Kilroy Realty L.P. 127,628 128,422 -0.6%
Disposal Group Including Discontinued Operation Deferred Revenue And Acquisition Related Intangible Liabilities 125,628 142,437 -11.8%
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Kilroy Realty L.P. 125,628 142,437 -11.8%
Show Disposal Group Classification breakouts
Disposal Group Heldforsale Not Discontinued Operations · San Diego 1,882
Disposal Group Including Discontinued Operation Advance Rent Including Tenant Security Deposits 75,701 71,003 +6.6%
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Kilroy Realty L.P. 75,701 71,003 +6.6%
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Disposal Group Heldforsale Not Discontinued Operations · San Diego 2,400
Liabilities Related To Real Estate Assets Held For Sale 4,945
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Kilroy Realty L.P. 4,945
Stockholders' Equity
Total Liabilities & Equity 10,915,076 10,898,357 +0.2%
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Kilroy Realty L.P. 10,915,076 10,898,357 +0.2%
Common Stock 1,184 1,181 +0.3%
Additional Paid-In Capital 5,230,747 5,209,653 +0.4%
Retained Earnings 188,876 171,212 +10.3%
Total Stockholders' Equity 5,420,807 5,382,046 +0.7%
Minority Interest In Operating Partnerships 51,911 52,472 -1.1%
Partners Capital Attributable To Noncontrolling Interest 165,025 174,351 -5.3%
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Kilroy Realty L.P. 165,025 174,351 -5.3%
Minority Interest 216,936 226,823 -4.4%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 5,637,743 5,608,869 +0.5%
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Accumulated Distributions In Excess Of Net Income 188,876 171,212 +10.3%
Additional Paid In Capital 5,230,747 5,209,653 +0.4%
Common Stock 1,184 1,181 +0.3%
Noncontrolling Interest 216,936 226,823 -4.4%
Parent 5,420,807 5,382,046 +0.7%
Land And Land Improvements 1,641,913 1,750,820 -6.2%
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Kilroy Realty L.P. 1,641,913 1,750,820 -6.2%
Undeveloped Land And Construction In Progress 2,387,742 2,309,624 +3.4%
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Kilroy Realty L.P. 2,387,742 2,309,624 +3.4%
General Partners Capital Account (Q)
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Kilroy Realty L.P. 5,472,718 5,434,518 +0.7%
Partners Capital Including Portion Attributable To Noncontrolling Interest (Q)
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Noncontrolling Interest · Kilroy Realty L.P. 165,025 174,351 -5.3%
Partners’ Capital · Kilroy Realty L.P. 5,472,718 5,434,518 +0.7%
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Kilroy Realty L.P. 5,637,743 5,608,869 +0.5%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 349,271 349,828 -0.2%
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Kilroy Realty L.P. 349,271 349,828 -0.2%
Depreciation Non Real Estate Assets 5,583 6,354 -12.1%
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Kilroy Realty L.P. 5,583 6,354 -12.1%
Revenues Deemed Uncollectible 1,518 2,416 -37.2%
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Kilroy Realty L.P. 1,518 2,416 -37.2%
Noncash Amortization Of Deferred Revenue Related To Tenant Funded Tenant Improvements -14,644 -17,605 +16.8%
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Kilroy Realty L.P. -14,644 -17,605 +16.8%
Straight Line Rent 11,628 3,160 +268.0%
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Kilroy Realty L.P. 11,628 3,160 +268.0%
Amortization Of Above And Below Market Leases -3,079 -3,521 +12.6%
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Kilroy Realty L.P. -3,079 -3,521 +12.6%
Amortization Of Financing Costs And Discounts 4,777 6,893 -30.7%
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Kilroy Realty L.P. 4,777 6,893 -30.7%
Stock-Based Compensation 19,090 17,714 +7.8%
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Kilroy Realty L.P. 19,090 17,714 +7.8%
Operating Lease Right Of Use Asset Amortization Expense 1,106 1,066 +3.8%
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Kilroy Realty L.P. 1,106 1,066 +3.8%
Impairment Of Real Estate 16,259
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Office and Life Science Properties Segment -16,259
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Kilroy Realty L.P. 16,259
Increase Decrease In Operating Assets -11,326 1,894 -698.0%
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Kilroy Realty L.P. -11,326 1,894 -698.0%
Increase Decrease In Operating Liabilities 10,528 -54,025 +119.5%
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Kilroy Realty L.P. 10,528 -54,025 +119.5%
Net Cash from Operations 566,313 541,149 +4.7%
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Kilroy Realty L.P. 566,313 541,149 +4.7%
Investing Activities
Payments To Develop Real Estate Assets -174,687 -365,521 +52.2%
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Kilroy Realty L.P. -174,687 -365,521 +52.2%
Payments For Capital Improvements -116,025 -100,303 -15.7%
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Kilroy Realty L.P. -116,025 -100,303 -15.7%
Payments To Acquire Commercial Real Estate -397,251 -35,155 -1030.0%
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Kilroy Realty L.P. -397,251 -35,155 -1030.0%
Proceeds From Sale Of Real Estate Heldforinvestment 447,938
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Kilroy Realty L.P. 447,938
Net Cash from Investing -240,025 -225,044 -6.7%
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Kilroy Realty L.P. -240,025 -225,044 -6.7%
Financing Activities
Payments To Minority Shareholders -33,163 -23,829 -39.2%
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Kilroy Realty L.P. -33,163 -23,829 -39.2%
Payments Of Dividends Common Stock -257,861 -256,306 -0.6%
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Kilroy Realty L.P. -257,861 -256,306 -0.6%
Tax Withholding for Share Compensation -6,551 -27,636 +76.3%
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Kilroy Realty L.P. -6,551 -27,636 +76.3%
Payments Of Financing Costs -4,805 -18,605 +74.2%
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Kilroy Realty L.P. -4,805 -18,605 +74.2%
Repayments Of Secured Debt -6,246 -6,006 -4.0%
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Kilroy Realty L.P. -6,246 -6,006 -4.0%
Proceeds From Issuance Of Unsecured Debt 395,964 395,516 +0.1%
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Kilroy Realty L.P. 395,964 395,516 +0.1%
Repayments Of Unsecured Debt -400,000 -723,712 +44.7%
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$400.0 million term loan facility · Kilroy Realty L.P. -200
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Kilroy Realty L.P. -400,000 -723,712 +44.7%
Proceeds From Long Term Lines Of Credit 65,000
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Kilroy Realty L.P. 65,000
Repayments Of Long Term Lines Of Credit -65,000
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Kilroy Realty L.P. -65,000
Net Cash from Financing -312,662 -660,578 +52.7%
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Kilroy Realty L.P. -312,662 -660,578 +52.7%
Supplemental
Interest Paid 115,912 126,668 -8.5%
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Kilroy Realty L.P. 115,912 126,668 -8.5%
Unpaid Capital Expenditures 62,570 54,190 +15.5%
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Kilroy Realty L.P. 62,570 54,190 +15.5%
Other Cash Flow
Net Change in Cash 13,626 -344,473 +104.0%
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Kilroy Realty L.P. 13,626 -344,473 +104.0%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 179,316 165,690 +8.2%
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Kilroy Realty L.P. 179,316 165,690 +8.2%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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