Organization and Ownership Kilroy Realty Corporation (the “Company”) is a self-administered real estate investment trust (“REIT”) active in premier office, life science and mixed-use submarkets in the United States. We own, develop, acquire and manage real estate assets, consisting primarily of Class A properties in Greater Los Angeles, San Diego County, the San Francisco Bay Area, Greater Seattle and Austin, Texas, which we believe have strategic advantages and strong barriers to entry. Class A real estate encompasses attractive and efficient buildings of high quality that are attractive to tenants, are well-designed and constructed with above-average material, workmanship and finishes and are well-maintained and managed. We qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s common stock is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “KRC.”
We own our interests in all of our real estate assets through Kilroy Realty, L.P. (the “Operating Partnership”). We generally conduct substantially all of our operations through the Operating Partnership. Unless stated otherwise or the context indicates otherwise, the terms “Kilroy Realty Corporation” or the “Company,” “we,” “our,” and “us” refer to Kilroy Realty Corporation and its consolidated subsidiaries and the term “Operating Partnership” refers to Kilroy Realty, L.P. and its consolidated subsidiaries. The descriptions of our business, employees, and properties apply to both the Company and the Operating Partnership.
Our stabilized portfolio of operating properties was comprised of the following properties at December 31, 2021:
Number of Buildings Rentable Square Feet (unaudited) Number of Tenants Percentage
Percentage Leased (unaudited) Stabilized Office Properties (2)
120 15,456,528 422 91.9 % 93.9 %
(1) Represents economic occupancy.
(2) Includes stabilized life science and retail space.
Number of Projects Number of Units 2021 Average Occupancy (unaudited) Stabilized Residential Properties 3 1,001 78.0 %
Our stabilized portfolio includes all of our properties with the exception of development properties currently committed for construction, under construction, or in the tenant improvement phase, redevelopment properties under construction, undeveloped land and real estate assets held for sale. We define redevelopment properties as those properties for which we expect to spend significant development and construction costs on the existing or acquired buildings pursuant to a formal plan, the intended result of which is a higher economic return on the property. We define properties in the tenant improvement phase as office and life science properties that we are developing or redeveloping where the project has reached cold shell condition and is ready for tenant improvements, which may require additional major base building construction before being placed in service. Projects in the tenant improvement phase are added to our stabilized portfolio once the project reaches the earlier of 95% occupancy or one year from the date of the cessation of major base building construction activities. Costs capitalized to construction in progress for development and redevelopment properties are transferred to land and improvements, buildings and improvements, and deferred leasing costs on our consolidated balance sheets at the historical cost of the property as the projects or phases of projects are placed in service.
During the year ended December 31, 2021, we added four development projects to our stabilized portfolio consisting of six buildings totaling 1,109,509 square feet of office and life science space in San Diego and South San Francisco, California and 193 residential units in Hollywood, California. We did not have any properties held for sale at December 31, 2021. As of December 31, 2021, the following properties were excluded from
Free historical financial statements for Kilroy Realty Corp..
See how revenue, income, cash flow, and balance sheet financials have changed over 52 quarters since 2011. Compare with KRC stock chart to see long term trends.
Data imported from Kilroy Realty Corp. SEC filings. Check original filings before making any investment decision.