Kilroy Realty 10-Q 3 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-12675
Entity Registrant Name	KILROY REALTY CORPORATION
Entity Incorporation, State Code	MD
Entity Tax Identification Number	95-4598246
Entity Address, Address Line One	12200 W. Olympic Boulevard
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90064
City Area Code	310
Local Phone Number	481-8400
Title of 12(b) Security	Common Stock, $.01 par value
Security Exchange Name	NYSE
Trading Symbol	KRC
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		117,368,360
Entity Central Index Key	0001025996
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Kilroy Realty L.P.
Entity Information [Line Items]
Entity File Number	000-54005
Entity Registrant Name	KILROY REALTY, L.P.
Entity Incorporation, State Code	DE
Entity Tax Identification Number	95-4612685
Title of 12(g) Security	Common Units Representing Limited Partnership Interests
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001493976
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
REAL ESTATE ASSETS:
Land and improvements	$ 1,743,170	$ 1,743,170
Buildings and improvements	8,479,359	8,463,674
Undeveloped land and construction in progress	2,114,242	2,034,804
Total real estate assets held for investment	12,336,771	12,241,648
Accumulated depreciation and amortization	(2,594,996)	(2,518,304)
Total real estate assets held for investment, net	9,741,775	9,723,344
CASH AND CASH EQUIVALENTS	855,007	510,163
MARKETABLE SECURITIES (Notes 2 and 10)	109,513	284,670
CURRENT RECEIVABLES, NET	13,291	13,609
DEFERRED RENT RECEIVABLES, NET	457,494	460,979
DEFERRED LEASING COSTS AND ACQUISITION-RELATED INTANGIBLE ASSETS, NET	226,506	229,705
RIGHT OF USE GROUND LEASE ASSETS	130,026	125,506
PREPAID EXPENSES AND OTHER ASSETS, NET (Note 3)	65,588	53,069
TOTAL ASSETS	11,599,200	11,401,045
LIABILITIES:
Secured debt, net (Notes 4 and 10)	601,990	603,225
Unsecured debt, net (Notes 4 and 10)	4,518,297	4,325,153
Accounts payable, accrued expenses and other liabilities	401,892	371,179
Ground lease liabilities (Note 9)	128,966	124,353
Accrued dividends and distributions	65,111	64,440
Deferred revenue and acquisition-related intangible liabilities, net	166,436	173,638
Rents received in advance and tenant security deposits	73,777	79,364
Total liabilities	5,956,469	5,741,352
COMMITMENTS AND CONTINGENCIES (Note 9)
Stockholders’ Equity (Note 5):
Common stock, $.01 par value, 280,000,000 shares authorized, 117,366,405 and 117,239,558 shares issued and outstanding	1,174	1,173
Additional paid-in capital	5,208,753	5,205,839
Retained earnings	203,080	221,149
Total stockholders’ equity	5,413,007	5,428,161
Noncontrolling Interests (Notes 1 and 6):
Common units of the Operating Partnership	53,087	53,275
Noncontrolling interests in consolidated property partnerships	176,637	178,257
Total noncontrolling interests	229,724	231,532
Total equity	5,642,731	5,659,693
TOTAL LIABILITIES AND EQUITY (CAPITAL)	$ 11,599,200	$ 11,401,045

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	280,000,000	280,000,000
Common stock, issued (in shares)	117,366,405	117,239,558
Common stock, outstanding (in shares)	117,366,405	117,239,558

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue, Product and Service [Extensible List]	Service [Member]	Service [Member]
REVENUES
Rental income (Note 8)	$ 274,890	$ 290,104
Other property income	3,691	2,698
Total revenues	278,581	292,802
EXPENSES
Property expenses	57,320	53,780
Real estate taxes	29,239	28,228
Ground leases (Note 9)	2,752	2,369
General and administrative expenses (Note 7)	17,579	23,936
Leasing costs	2,279	1,372
Depreciation and amortization	88,031	93,676
Total expenses	197,200	203,361
OTHER INCOME (EXPENSES)
Interest income	13,190	1,460
Interest expense (Note 4)	(38,871)	(25,671)
Total other expenses	(25,681)	(24,211)
NET INCOME	55,700	65,230
Net income attributable to noncontrolling common units of the Operating Partnership	(502)	(560)
Net income attributable to noncontrolling interests in consolidated property partnerships	(5,278)	(8,062)
Total income attributable to noncontrolling interests	(5,780)	(8,622)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS (UNITHOLDERS)	$ 49,920	$ 56,608
Net income available to common stockholders per share – basic (in dollars per share)	$ 0.42	$ 0.48
Net income available to common stockholders per share – diluted (in dollars per share)	$ 0.42	$ 0.48
Weighted average shares of common stock outstanding – basic (in shares)	117,337,666	117,059,329
Weighted average shares of common stock outstanding – diluted (in shares)	117,960,926	117,406,518

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stock- holders’ Equity	Common Stock	Additional Paid-in Capital	Retained Earnings	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022			116,878,031
Beginning balance at Dec. 31, 2022	$ 5,674,961	$ 5,437,047	$ 1,169	$ 5,170,760	$ 265,118	$ 237,914
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	65,230	56,608			56,608	8,622
Issuance of share-based compensation awards	1,365	1,365		1,365
Non-cash amortization of share-based compensation	11,566	11,566		11,566
Settlement of restricted stock units for shares of common stock (in shares)			445,973
Settlement of restricted stock units for shares of common stock	0		$ 4	(4)
Repurchase of common stock and restricted stock units (in shares)			(203,042)
Repurchase of common stock and restricted stock units	(8,363)	(8,363)	$ (2)	(8,361)
Distributions to noncontrolling interests in consolidated property partnerships	(7,068)					(7,068)
Adjustment for noncontrolling interest	0	76		76		(76)
Dividends declared per share of common stock and common unit	(65,269)	(64,647)			(64,647)	(622)
Ending balance (in shares) at Mar. 31, 2023			117,120,962
Ending balance at Mar. 31, 2023	$ 5,672,422	5,433,652	$ 1,171	5,175,402	257,079	238,770
Beginning balance (in shares) at Dec. 31, 2023	117,239,558		117,239,558
Beginning balance at Dec. 31, 2023	$ 5,659,693	5,428,161	$ 1,173	5,205,839	221,149	231,532
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	55,700	49,920			49,920	5,780
Issuance of share-based compensation awards	4,017	4,017		4,017
Non-cash amortization of share-based compensation	4,727	4,727		4,727
Settlement of restricted stock units for shares of common stock (in shares)			217,496
Settlement of restricted stock units for shares of common stock	0	0	$ 2	(2)
Repurchase of common stock and restricted stock units (in shares)			(90,649)
Repurchase of common stock and restricted stock units	(5,898)	(5,898)	$ (1)	(5,897)
Distributions to noncontrolling interests in consolidated property partnerships	(6,898)	0				(6,898)
Adjustment for noncontrolling interest	0	69		69		(69)
Dividends declared per share of common stock and common unit	$ (68,610)	(67,989)			(67,989)	(621)
Ending balance (in shares) at Mar. 31, 2024	117,366,405		117,366,405
Ending balance at Mar. 31, 2024	$ 5,642,731	$ 5,413,007	$ 1,174	$ 5,208,753	$ 203,080	$ 229,724

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared per share of common stock and common unit (in dollars per share)	$ 0.54	$ 0.54

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 55,700	$ 65,230
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of real estate assets and leasing costs	86,460	91,671
Depreciation of non-real estate furniture, fixtures and equipment	1,571	2,005
Revenue reversals for doubtful accounts, net (Note 8)	3,883	2,438
Non-cash amortization of share-based compensation awards	3,381	10,043
Non-cash amortization of deferred financing costs and debt discounts	1,757	1,355
Non-cash amortization of net below market rents	(904)	(3,033)
Non-cash amortization of deferred revenue related to tenant-funded tenant improvements	(4,969)	(4,998)
Straight-line rents	(2,123)	(7,913)
Amortization of right of use ground lease assets	262	253
Net change in other operating assets	(3,594)	2,849
Net change in other operating liabilities	26,445	22,236
Net cash provided by operating activities	167,869	182,136
CASH FLOWS FROM INVESTING ACTIVITIES:
Maturity of certificates of deposit (Note 2)	178,325	0
Expenditures for development and redevelopment properties and undeveloped land	(85,495)	(100,457)
Expenditures for operating properties and other capital assets	(15,981)	(20,891)
Net cash provided by (used in) investing activities	76,849	(121,348)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of common stock and restricted stock units	(5,898)	(8,363)
Distributions to noncontrolling interests in consolidated property partnerships	(6,890)	(7,060)
Dividends and distributions paid to common stockholders and common unitholders	(63,931)	(63,735)
Financing costs	(17,192)	(1,228)
Principal payments and repayments of secured debt	(1,479)	(1,423)
Proceeds from the issuance of unsecured debt (Note 4)	395,516	0
Repayments of unsecured debt (Note 4)	(200,000)	0
Borrowings on unsecured debt (Note 4)	0	150,000
Net cash provided by financing activities	100,126	68,191
Net increase in cash and cash equivalents and restricted cash	344,844	128,979
Cash and cash equivalents and restricted cash, beginning of period	510,163	347,379
Cash and cash equivalents and restricted cash, end of period	$ 855,007	$ 476,358

CONSOLIDATED BALANCE SHEETS (KI

CONSOLIDATED BALANCE SHEETS (KILROY REALTY, L.P.) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
REAL ESTATE ASSETS:
Land and improvements	$ 1,743,170	$ 1,743,170
Buildings and improvements	8,479,359	8,463,674
Undeveloped land and construction in progress	2,114,242	2,034,804
Total real estate assets held for investment	12,336,771	12,241,648
Accumulated depreciation and amortization	(2,594,996)	(2,518,304)
Total real estate assets held for investment, net	9,741,775	9,723,344
CASH AND CASH EQUIVALENTS	855,007	510,163
MARKETABLE SECURITIES (Notes 2 and 10)	109,513	284,670
CURRENT RECEIVABLES, NET	13,291	13,609
DEFERRED RENT RECEIVABLES, NET	457,494	460,979
DEFERRED LEASING COSTS AND ACQUISITION-RELATED INTANGIBLE ASSETS, NET	226,506	229,705
RIGHT OF USE GROUND LEASE ASSETS	130,026	125,506
PREPAID EXPENSES AND OTHER ASSETS, NET (Note 3)	65,588	53,069
TOTAL ASSETS	11,599,200	11,401,045
LIABILITIES:
Secured debt, net (Notes 4 and 10)	601,990	603,225
Unsecured debt, net (Notes 4 and 10)	4,518,297	4,325,153
Accounts payable, accrued expenses and other liabilities	401,892	371,179
Ground lease liabilities (Note 9)	128,966	124,353
Accrued distributions	65,111	64,440
Deferred revenue and acquisition-related intangible liabilities, net	166,436	173,638
Rents received in advance and tenant security deposits	73,777	79,364
Total liabilities	5,956,469	5,741,352
COMMITMENTS AND CONTINGENCIES (Note 9)
CAPITAL:
TOTAL LIABILITIES AND EQUITY (CAPITAL)	11,599,200	11,401,045
Kilroy Realty L.P.
REAL ESTATE ASSETS:
Land and improvements	1,743,170	1,743,170
Buildings and improvements	8,479,359	8,463,674
Undeveloped land and construction in progress	2,114,242	2,034,804
Total real estate assets held for investment	12,336,771	12,241,648
Accumulated depreciation and amortization	(2,594,996)	(2,518,304)
Total real estate assets held for investment, net	9,741,775	9,723,344
CASH AND CASH EQUIVALENTS	855,007	510,163
MARKETABLE SECURITIES (Notes 2 and 10)	109,513	284,670
CURRENT RECEIVABLES, NET	13,291	13,609
DEFERRED RENT RECEIVABLES, NET	457,494	460,979
DEFERRED LEASING COSTS AND ACQUISITION-RELATED INTANGIBLE ASSETS, NET	226,506	229,705
RIGHT OF USE GROUND LEASE ASSETS	130,026	125,506
PREPAID EXPENSES AND OTHER ASSETS, NET (Note 3)	65,588	53,069
TOTAL ASSETS	11,599,200	11,401,045
LIABILITIES:
Secured debt, net (Notes 4 and 10)	601,990	603,225
Unsecured debt, net (Notes 4 and 10)	4,518,297	4,325,153
Accounts payable, accrued expenses and other liabilities	401,892	371,179
Ground lease liabilities (Note 9)	128,966	124,353
Accrued distributions	65,111	64,440
Deferred revenue and acquisition-related intangible liabilities, net	166,436	173,638
Rents received in advance and tenant security deposits	73,777	79,364
Total liabilities	5,956,469	5,741,352
COMMITMENTS AND CONTINGENCIES (Note 9)
CAPITAL:
Partner's Capital - Common units, 117,366,405 and 117,239,558 held by the general partner and 1,150,574 held by common limited partners issued and outstanding	5,466,094	5,481,436
Noncontrolling interests in consolidated property partnerships (Note 1)	176,637	178,257
Total capital	5,642,731	5,659,693
TOTAL LIABILITIES AND EQUITY (CAPITAL)	$ 11,599,200	$ 11,401,045

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (KILROY REALTY, L.P.)(Parenthetical) - Common Units - Kilroy Realty L.P. - shares	Mar. 31, 2024	Dec. 31, 2023
General partner, units issued (in shares)	117,366,405	117,239,558
General partners, units outstanding (in shares)	117,366,405	117,239,558
Limited partners, units issued (in shares)	1,150,574	1,150,574
Limited partners, units outstanding (in shares)	1,150,574	1,150,574

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (KILROY REALTY, L.P.) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue, Product and Service [Extensible List]	Service [Member]	Service [Member]
REVENUES
Rental income (Note 8)	$ 274,890	$ 290,104
Other property income	3,691	2,698
Total revenues	278,581	292,802
EXPENSES
Property expenses	57,320	53,780
Real estate taxes	29,239	28,228
Ground leases (Note 9)	2,752	2,369
General and administrative expenses (Note 7)	17,579	23,936
Leasing costs	2,279	1,372
Depreciation and amortization	88,031	93,676
Total expenses	197,200	203,361
OTHER INCOME (EXPENSES)
Interest income	13,190	1,460
Interest expense (Note 4)	(38,871)	(25,671)
Total other expenses	(25,681)	(24,211)
NET INCOME	55,700	65,230
Total income attributable to noncontrolling interests	(5,780)	(8,622)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS (UNITHOLDERS)	$ 49,920	$ 56,608
Net income available to common unitholders per unit (in dollars per share)	$ 0.42	$ 0.48
Net income available to common unitholders per unit (in dollars per share)	$ 0.42	$ 0.48
Weighted average common units outstanding – basic (in shares)	117,337,666	117,059,329
Weighted average common units outstanding – diluted (in shares)	117,960,926	117,406,518
Kilroy Realty L.P.
Revenue, Product and Service [Extensible List]	Service [Member]	Service [Member]
REVENUES
Rental income (Note 8)	$ 274,890	$ 290,104
Other property income	3,691	2,698
Total revenues	278,581	292,802
EXPENSES
Property expenses	57,320	53,780
Real estate taxes	29,239	28,228
Ground leases (Note 9)	2,752	2,369
General and administrative expenses (Note 7)	17,579	23,936
Leasing costs	2,279	1,372
Depreciation and amortization	88,031	93,676
Total expenses	197,200	203,361
OTHER INCOME (EXPENSES)
Interest income	13,190	1,460
Interest expense (Note 4)	(38,871)	(25,671)
Total other expenses	(25,681)	(24,211)
NET INCOME	55,700	65,230
Total income attributable to noncontrolling interests	(5,278)	(8,062)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS (UNITHOLDERS)	$ 50,422	$ 57,168
Net income available to common unitholders per unit (in dollars per share)	$ 0.42	$ 0.48
Net income available to common unitholders per unit (in dollars per share)	$ 0.42	$ 0.48
Weighted average common units outstanding – basic (in shares)	118,488,240	118,209,903
Weighted average common units outstanding – diluted (in shares)	119,111,500	118,557,092

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL (KILROY REALTY, L.P.) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	$ 55,700	$ 65,230
Non-cash amortization of share-based compensation	4,727	11,566
Distributions to noncontrolling interests in consolidated property partnerships	(6,898)	(7,068)
Noncontrolling Interests in Consolidated Property Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	5,780	8,622
Distributions to noncontrolling interests in consolidated property partnerships	(6,898)	(7,068)
Kilroy Realty L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	5,659,693	5,674,961
Net income	55,700	65,230
Issuance of share-based compensation awards	4,017	1,365
Non-cash amortization of share-based compensation	4,727	11,566
Repurchase of common units and restricted stock units	(5,898)	(8,363)
Distributions to noncontrolling interests in consolidated property partnerships	(6,898)	(7,068)
Distributions declared per common unit	(68,610)	(65,269)
Ending balance	$ 5,642,731	$ 5,672,422
Kilroy Realty L.P. | Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)	118,390,132	118,028,605
Beginning balance	$ 5,481,436	$ 5,490,571
Net income	50,422	57,168
Issuance of share-based compensation awards	4,017	1,365
Non-cash amortization of share-based compensation	$ 4,727	$ 11,566
Settlement of restricted stock units (in shares)	217,496	445,973
Repurchase of common units and restricted stock units (in shares)	(90,649)	(203,042)
Repurchase of common units and restricted stock units	$ (5,898)	$ (8,363)
Distributions declared per common unit	$ (68,610)	$ (65,269)
Ending balance (in shares)	118,516,979	118,271,536
Ending balance	$ 5,466,094	$ 5,487,038
Kilroy Realty L.P. | Noncontrolling Interests in Consolidated Property Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	178,257	184,390
Net income	5,278	8,062
Distributions to noncontrolling interests in consolidated property partnerships	(6,898)	(7,068)
Ending balance	$ 176,637	$ 185,384

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CAPITAL (KILROY REALTY, L.P.) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Kilroy Realty L.P.
Dividends declared per common unit (in dollars per unit)	$ 0.54	$ 0.54

CONSOLIDATED STATEMENTS OF CA_3

CONSOLIDATED STATEMENTS OF CASH FLOWS (KILROY REALTY, L.P.) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 55,700	$ 65,230
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of real estate assets and leasing costs	86,460	91,671
Depreciation of non-real estate furniture, fixtures and equipment	1,571	2,005
Revenue reversals for doubtful accounts, net (Note 8)	3,883	2,438
Non-cash amortization of share-based compensation awards	3,381	10,043
Non-cash amortization of deferred financing costs and debt discounts	1,757	1,355
Non-cash amortization of net below market rents	(904)	(3,033)
Non-cash amortization of deferred revenue related to tenant-funded tenant improvements	(4,969)	(4,998)
Straight-line rents	(2,123)	(7,913)
Amortization of right of use ground lease assets	262	253
Net change in other operating assets	(3,594)	2,849
Net change in other operating liabilities	26,445	22,236
Net cash provided by operating activities	167,869	182,136
CASH FLOWS FROM INVESTING ACTIVITIES:
Maturity of certificates of deposit (Note 2)	178,325	0
Expenditures for development and redevelopment properties and undeveloped land	(85,495)	(100,457)
Expenditures for operating properties and other capital assets	(15,981)	(20,891)
Net cash provided by (used in) investing activities	76,849	(121,348)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of common stock and restricted stock units	(5,898)	(8,363)
Distributions to noncontrolling interests in consolidated property partnerships	(6,890)	(7,060)
Dividends and distributions paid to common stockholders and common unitholders	(63,931)	(63,735)
Financing costs	(17,192)	(1,228)
Principal payments and repayments of secured debt	(1,479)	(1,423)
Proceeds from the issuance of unsecured debt (Note 4)	395,516	0
Repayments of unsecured debt (Note 4)	(200,000)	0
Borrowings on unsecured debt (Note 4)	0	150,000
Net cash provided by financing activities	100,126	68,191
Net increase in cash and cash equivalents and restricted cash	344,844	128,979
Cash and cash equivalents and restricted cash, beginning of period	510,163	347,379
Cash and cash equivalents and restricted cash, end of period	855,007	476,358
Kilroy Realty L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	55,700	65,230
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of real estate assets and leasing costs	86,460	91,671
Depreciation of non-real estate furniture, fixtures and equipment	1,571	2,005
Revenue reversals for doubtful accounts, net (Note 8)	3,883	2,438
Non-cash amortization of share-based compensation awards	3,381	10,043
Non-cash amortization of deferred financing costs and debt discounts	1,757	1,355
Non-cash amortization of net below market rents	(904)	(3,033)
Non-cash amortization of deferred revenue related to tenant-funded tenant improvements	(4,969)	(4,998)
Straight-line rents	(2,123)	(7,913)
Amortization of right of use ground lease assets	262	253
Net change in other operating assets	(3,594)	2,849
Net change in other operating liabilities	26,445	22,236
Net cash provided by operating activities	167,869	182,136
CASH FLOWS FROM INVESTING ACTIVITIES:
Maturity of certificates of deposit (Note 2)	178,325	0
Expenditures for development and redevelopment properties and undeveloped land	(85,495)	(100,457)
Expenditures for operating properties and other capital assets	(15,981)	(20,891)
Net cash provided by (used in) investing activities	76,849	(121,348)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of common stock and restricted stock units	(5,898)	(8,363)
Distributions to noncontrolling interests in consolidated property partnerships	(6,890)	(7,060)
Dividends and distributions paid to common stockholders and common unitholders	(63,931)	(63,735)
Financing costs	(17,192)	(1,228)
Principal payments and repayments of secured debt	(1,479)	(1,423)
Proceeds from the issuance of unsecured debt (Note 4)	395,516	0
Repayments of unsecured debt (Note 4)	(200,000)	0
Borrowings on unsecured debt (Note 4)	0	150,000
Net cash provided by financing activities	100,126	68,191
Net increase in cash and cash equivalents and restricted cash	344,844	128,979
Cash and cash equivalents and restricted cash, beginning of period	510,163	347,379
Cash and cash equivalents and restricted cash, end of period	$ 855,007	$ 476,358

Organization, Ownership and Bas

Organization, Ownership and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Ownership and Basis of Presentation	Organization, Ownership and Basis of Presentation 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 property types in the United States. The Company’s approach to modern business environments is designed to drive creativity and productivity for some of the world’s leading technology, entertainment, life science, and business services companies and we have been consistently recognized for our leadership in sustainability and building operations. The Company owns, develops, acquires, and manages real estate assets, consisting primarily of premier properties in Los Angeles, San Diego, the San Francisco Bay Area, Seattle, and Austin, which we believe have strategic advantages and strong barriers to entry. The Company qualifies 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”) and conduct substantially all of our operations through the Operating Partnership. Unless stated otherwise or the context otherwise requires, the terms “Kilroy Realty Corporation” or the “Company,” “we,” “our,” and “us” refer to Kilroy Realty Corporation and its consolidated subsidiaries, including the Operating Partnership, 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 March 31, 2024: Number of Rentable Number of Percentage Occupied (1) Stabilized Office Properties (2) 121 17,043,497 410 84.2 % ________________________ (1) Represents economic occupancy. (2) Includes stabilized life science and retail space. Number of Number of 2024 Average Occupancy Stabilized Residential Properties 3 1,001 93.1 % Our stabilized portfolio includes all of our properties with the exception of development properties currently committed for construction, under construction, and 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 pursuant to a formal plan to change its use, the intended result of which is a higher economic return on the property. We define properties in the tenant improvement phase as development or redevelopment properties 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 moved into 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 as the projects or phases of projects are placed in service. As of March 31, 2024, the following properties were excluded from our stabilized portfolio: Number of Estimated Rentable Square Feet (1) In-process development projects - under construction 1 875,000 In-process redevelopment projects - under construction 2 100,000 ________________________ (1) Estimated rentable square feet upon completion. We did not have any properties held for sale at March 31, 2024. Our stabilized portfolio also excludes our future development pipeline, which, as of March 31, 2024, was comprised of eight future development sites, representing approximately 64 gross acres of undeveloped land. As of March 31, 2024, all of our properties, development projects, and redevelopment projects and all of our business was conducted in the state of California, with the exception of ten stabilized office properties and one future development project located in the state of Washington, and one stabilized office property and one future development project in Austin, Texas. All of our properties, development projects, and redevelopment projects are 100% owned, excluding four office properties owned by three consolidated property partnerships. Two of the three consolidated property partnerships, 100 First Street Member, LLC (“100 First LLC”) and 303 Second Street Member, LLC (“303 Second LLC”), each owned one office property in San Francisco, California through subsidiary REITs. As of March 31, 2024, the Company owned a 56% common equity interest in both 100 First LLC and 303 Second LLC. The third consolidated property partnership, Redwood City Partners, LLC (“Redwood LLC”), owned two office properties in Redwood City, California. As of March 31, 2024, the Company owned an approximate 93% common equity interest in Redwood LLC. The remaining interests in all three property partnerships were owned by unrelated third parties. Ownership and Basis of Presentation The consolidated financial statements of the Company include the consolidated financial position and results of operations of the Company, the Operating Partnership, 303 Second LLC, 100 First LLC, Redwood LLC, and all of our wholly-owned and controlled subsidiaries. The consolidated financial statements of the Operating Partnership include the consolidated financial position and results of operations of the Operating Partnership, 303 Second LLC, 100 First LLC, Redwood LLC, and all of our wholly-owned and controlled subsidiaries. All intercompany balances and transactions have been eliminated in the consolidated financial statements. As of March 31, 2024, the Company owned an approximate 99.0% common general partnership interest in the Operating Partnership. The remaining approximate 1.0% common limited partnership interest in the Operating Partnership as of March 31, 2024 was owned by non-affiliated investors and one of our directors. Both the general and limited common partnership interests in the Operating Partnership are denominated in common units. Generally, the number of common units held by the Company is equivalent to the number of outstanding shares of the Company’s common stock, and the rights of all the common units to quarterly distributions and payments in liquidation mirror those of the Company’s common stockholders. The common limited partners have certain redemption rights as provided in the Operating Partnership’s Seventh Amended and Restated Agreement of Limited Partnership, as amended (the “Partnership Agreement”). With the exception of the Operating Partnership and our consolidated property partnerships, all of our subsidiaries are wholly-owned. The accompanying interim financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements reflect all adjustments of a normal and recurring nature that are considered necessary for a fair presentation of the results for the interim periods presented. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The interim financial statements for the Company and the Operating Partnership should be read in conjunction with the audited consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023. Variable Interest Entities The Operating Partnership is a variable interest entity (“VIE”) that is consolidated by the Company as the primary beneficiary, as the Operating Partnership is a limited partnership in which the common limited partners do not have substantive kick-out or participating rights. At March 31, 2024, the consolidated financial statements of the Company included two VIEs in addition to the Operating Partnership: 100 First LLC and 303 Second LLC. At March 31, 2024, the Company and the Operating Partnership were determined to be the primary beneficiaries of these two VIEs since we had the ability to control the activities that most significantly impacted each of the VIEs’ economic performance. As of March 31, 2024, the two VIEs’ total assets, liabilities, and noncontrolling interests included on our consolidated balance sheet were approximately $415.2 million (of which $346.0 million related to real estate held for investment), approximately $25.3 million, and approximately $172.3 million , respectively. Revenues, income, and net assets generated by 100 First LLC and 303 Second LLC may only be used to settle their contractual obligations, which primarily consist of operating expenses, capital expenditures, and required distributions. At December 31, 2023, the consolidated financial statements of the Company included two VIEs in addition to the Operating Partnership: 100 First LLC and 303 Second LLC. At December 31, 2023, the Company and the Operating Partnership were determined to be the primary beneficiaries of these two VIEs since we had the ability to control the activities that most significantly impacted each of the VIEs’ economic performance. At December 31, 2023, the impact of consolidating the VIEs increased the Company’s total assets, liabilities, and noncontrolling interests on our consolidated balance sheet by approximately $416.7 million (of which $350.0 million related to real estate held for investment), approximately $23.6 million, and approximately $173.7 million, respectively. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Tax Disclosures.” The ASU is effective for annual periods beginning after December 15, 2024. The Company does not currently anticipate that the guidance will have a material impact on our consolidated financial statements or notes to our consolidated financial statements.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities Marketable securities consisted of the following at March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (in thousands) Deferred compensation plan assets $ 31,257 $ 28,089 Certificates of deposit (1) 78,256 256,581 Total marketable securities $ 109,513 $ 284,670 ________________________ (1) The certificates of deposit have an original issuance term greater than three months but less than 12 months.

Prepaid Expenses and Other Asse

Prepaid Expenses and Other Assets, Net	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Assets, Net	Prepaid Expenses and Other Assets, Net Prepaid expenses and other assets, net consisted of the following at March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (in thousands) Furniture, fixtures and other long-lived assets, net $ 37,028 $ 37,073 Prepaid expenses and deferred financing costs, net 22,253 10,532 Other assets 6,307 5,464 Total prepaid expenses and other assets, net $ 65,588 $ 53,069

Secured and Unsecured Debt of t

Secured and Unsecured Debt of the Operating Partnership	3 Months Ended
	Mar. 31, 2024
Kilroy Realty L.P.
Debt Instrument [Line Items]
Secured and Unsecured Debt of the Operating Partnership	Secured and Unsecured Debt of the Operating Partnership The Company generally guarantees all of the Operating Partnership’s unsecured debt obligations, including the unsecured revolving credit facility, the unsecured term loan facilities, and all of the unsecured senior notes. Unsecured Senior Notes - Registered Public Offering In January 2024, the Operating Partnership issued $400.0 million aggregate principal amount of unsecured senior notes in a registered public offering. The outstanding balance of the unsecured senior notes is included in unsecured debt, net of an initial issuance discount of $4.5 million, on our consolidated balance sheets. The unsecured senior notes, which are scheduled to mature on January 15, 2036, require semi-annual interest payments each January and July based on a stated annual interest rate of 6.250%. The Operating Partnership may redeem the notes at any time, either in whole or in part, subject to the payment of an early redemption premium with respect to redemptions prior to October 15, 2035. On or after October 15, 2035, the Operating Partnership may redeem the notes at any time, either in whole or in part, at par. Unsecured Revolving Credit Facility and Term Loan Facilities In March 2024, the Operating Partnership amended and restated the terms of its unsecured revolving credit facility. The amendment and restatement maintained the $1.1 billion borrowing capacity and extended the maturity date of the unsecured revolving credit facility to July 31, 2028. The following table summarizes the balance and terms of our unsecured revolving credit facility as of March 31, 2024 and December 31, 2023: Unsecured Revolving Credit Facility March 31, 2024 December 31, 2023 (in thousands) Outstanding borrowings $ — $ — Remaining borrowing capacity (1) 1,100,000 1,100,000 Total borrowing capacity (1) $ 1,100,000 $ 1,100,000 Interest rate (2) 6.34 % 6.38 % Facility fee-annual rate (3) 0.200% Maturity date (4) July 31, 2028 July 31, 2025 ________________________ (1) Remaining and total borrowing capacity are further reduced by the amount of our outstanding letters of credit which total approximately $5.2 million as of March 31, 2024 and December 31, 2023. We may elect to borrow, subject to bank approval and obtaining commitments for any additional borrowing capacity, up to an additional $500.0 million under an accordion feature pursuant to the terms of the unsecured revolving credit facility. (2) Our unsecured revolving credit facility interest rate was calculated using the Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment of 0.10% (“Adjusted SOFR”) and a margin of 0.900% based on our credit rating as of March 31, 2024 and December 31, 2023. We may be entitled to a temporary 0.01% reduction in the interest rate provided we meet certain sustainability goals with respect to the ongoing reduction of greenhouse gas emissions. (3) Our facility fee is paid on a quarterly basis and is calculated based on the total borrowing capacity. In addition to the facility fee, we incurred debt origination and legal costs in connection with the amendment and restatement of the unsecured revolving credit facility. As of March 31, 2024 and December 31, 2023, $15.2 million and $3.2 million of unamortized deferred financing costs, respectively, which are included in prepaid expenses and other assets, net on our consolidated balance sheets, remained to be amortized through the maturity date of our unsecured revolving credit facility. (4) The maturity date may be extended by two six-month periods, at the Operating Partnership’s election. The Operating Partnership intends to borrow under the unsecured revolving credit facility from time to time for general corporate purposes, including to finance development and redevelopment expenditures, to fund potential acquisitions, to repay long-term debt, and to supplement cash balances in response to market conditions. In connection with amending and restating the unsecured revolving credit facility, the Operating Partnership repaid $200.0 million of its existing $520.0 million unsecured term loan facility (the “2022 Term Loan Facility”) and extended the maturity date on $200.0 million of the remaining $320.0 million principal balance by 12 months to October 3, 2025 (the “2024 Term Loan Facility”). The following table summarizes the balance and terms of our 2024 Term Loan Facility as of March 31, 2024: 2024 Term Loan Facility March 31, 2024 (in thousands) Outstanding borrowings $ 200,000 Remaining borrowing capacity — Total borrowing capacity (1) $ 200,000 Interest rate (2) 6.37 % Maturity date (3) October 3, 2025 ____________________ (1) We may elect to borrow, subject to bank approval and obtaining commitments for any additional borrowing capacity, up to an additional $130.0 million as of March 31, 2024, under an accordion feature pursuant to the terms of the 2024 Term Loan Facility. (2) Our 2024 Term Loan Facility interest rate was calculated using Adjusted SOFR plus a margin of 0.950% based on our credit rating as of March 31, 2024. Additionally, we incurred debt origination and legal costs in connection with the amendment and restatement of the unsecured revolving credit facility. As of March 31, 2024 $3.0 million of unamortized deferred financing costs, inclusive of unamortized initial issuance costs transferred from the 2022 Term Loan Facility, remained to be amortized through the maturity date of the 2024 Term Loan Facility. (3) The maturity date may be extended by two 12-month periods, at the Operating Partnership’s election. The following table summarizes the balance and terms of our 2022 Term Loan Facility as of March 31, 2024 and December 31, 2023: 2022 Term Loan Facility March 31, 2024 December 31, 2023 (in thousands) Outstanding borrowings $ 120,000 $ 520,000 Remaining borrowing capacity — — Total borrowing capacity $ 120,000 $ 520,000 Interest rate (1) 6.38 % 6.41 % Undrawn facility fee-annual rate (2) 0.200% Maturity date (3) October 3, 2024 ____________________ (1) Our 2022 Term Loan Facility interest rate was calculated using Adjusted SOFR plus a margin of 0.950% based on our credit rating as of March 31, 2024 and December 31, 2023. (2) Our undrawn facility fee is paid on a quarterly basis and is calculated based on the remaining borrowing capacity. In addition to the facility fee, we incurred debt origination and legal costs. As of December 31, 2023, $2.3 million of unamortized deferred financing costs remained to be amortized through the maturity date of our 2022 Term Loan Facility. (3) The maturity date may be extended by two 12-month periods, at the Operating Partnership’s election. Debt Covenants and Restrictions The unsecured revolving credit facility, unsecured term loan facilities, the unsecured senior notes, including the private placement notes, and certain other secured debt arrangements contain covenants and restrictions requiring us to meet certain financial ratios and reporting requirements. Some of the more restrictive financial covenants include a maximum ratio of total debt to total asset value, a minimum fixed-charge coverage ratio, a maximum ratio of secured debt to total asset value, a minimum unsecured debt ratio, and a minimum unencumbered asset pool debt service coverage ratio. Noncompliance with one or more of the covenants and restrictions could result in the full principal balance of the associated debt becoming immediately due and payable. We were in compliance with all of our debt covenants as of March 31, 2024. Debt Maturities The following table summarizes the stated debt maturities and scheduled amortization payments for all outstanding debt as of March 31, 2024: Year (in thousands) Remaining 2024 (1) $ 528,238 2025 (2) 606,246 2026 401,317 2027 249,125 2028 400,000 2029 475,000 Thereafter 2,500,000 Total aggregate principal value (3) $ 5,159,926 ________________________ (1) Includes the $120.0 million outstanding as of March 31, 2024 on the 2022 Term Loan Facility, for which the Company has two 12-month extension options. (2) Includes the $200.0 million outstanding as of March 31, 2024 on the 2024 Term Loan Facility, for which the Company has two 12-month extension options. (3) Includes gross principal balance of outstanding debt before the effect of the following at March 31, 2024: $30.2 million of unamortized deferred financing costs for the unsecured term loan facilities, unsecured senior notes, and secured debt and $9.5 million of unamortized discounts for the unsecured senior notes. Capitalized Interest and Loan Fees The following table sets forth gross interest expense, including debt discount and deferred financing cost amortization, net of capitalized interest, for the three months ended March 31, 2024 and 2023. The interest expense capitalized was recorded as a cost of development and redevelopment and increased the carrying value of undeveloped land and construction in progress. Three Months Ended March 31, 2024 2023 (in thousands) Gross interest expense $ 58,678 $ 43,402 Capitalized interest and deferred financing costs (19,807) (17,731) Interest expense $ 38,871 $ 25,671

Stockholders' Equity of the Com

Stockholders' Equity of the Company	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity of the Company	Stockholders’ Equity of the Company At-The-Market Stock Offering Program In March 2024, the Company terminated its at-the-market (“ATM”) stock offering program (the “2018 ATM Program”) and commenced a new at-the-market stock offering program (the “2024 ATM”), under which we may currently offer and sell shares of our common stock having an aggregate gross sales price up to $500.0 million from time to time in “at-the-market” offerings. In connection with the 2024 ATM Program, the Company may also, at its discretion, enter into forward equity sale agreements. The use of forward equity sale agreements allows the Company to lock in a share price on the sale of shares of our common stock at the time an agreement is executed, but defer settling the forward equity sale agreements and receiving the proceeds from the sale of shares until a later date. The Company did not complete any sales of common stock under either program during the three months ended March 31, 2024. Share Repurchase Program In February 2024, the Company’s Board of Directors approved a new share repurchase program (the “Share Repurchase Program”) that authorizes the repurchase of shares of the Company’s common stock having an aggregate gross purchase price of up to $500.0 million. The Share Repurchase Program supersedes and replaces the Company’s previous share repurchase program. Under the Share Repurchase Program, repurchases may be made from time to time using a variety of methods, which may include open market purchases and privately negotiated transactions. The specific timing, price, and size of purchases will depend on prevailing stock prices, general economic and market conditions, and other considerations. The Share Repurchase Program does not have a termination date and repurchases may be discontinued at any time. The Company did not repurchase any common stock under the Share Repurchase Program during the three months ended March 31, 2024.

Noncontrolling Interests on the

Noncontrolling Interests on the Company's Consolidated Financial Statements	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests on the Company's Consolidated Financial Statements	Noncontrolling Interests on the Company’s Consolidated Financial Statements Common Units of the Operating Partnership The Company owned an approximate 99.0% common general partnership interest in the Operating Partnership as of March 31, 2024 and December 31, 2023. The remaining approximate 1.0% common limited partnership interest as of March 31, 2024 and December 31, 2023 was owned by non-affiliated investors and one of our directors in the form of noncontrolling common units. There were 1,150,574 common units outstanding held by these investors and one of our directors as of March 31, 2024 and December 31, 2023. The noncontrolling common units may be redeemed by unitholders for cash. Except under certain circumstances, we, at our option, may satisfy the cash redemption obligation with shares of the Company’s common stock on a one-for-one basis. If satisfied in cash, the value for each noncontrolling common unit upon redemption is the amount equal to the average of the closing quoted price per share of the Company’s common stock, par value $0.01 per share, as reported on the NYSE for the ten trading days immediately preceding the applicable redemption date. The aggregate value upon redemption of the then-outstanding noncontrolling common units was $41.3 million and $47.0 million as of March 31, 2024 and December 31, 2023, respectively. This redemption value does not necessarily represent the amount that would be distributed with respect to each noncontrolling common unit in the event of our termination or liquidation. In the event of our termination or liquidation, it is generally expected that each common unit would be entitled to a liquidating distribution equal to the liquidating distribution payable in respect of each share of the Company’s common stock.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Stockholder Approved Share-Based Incentive Compensation Plan As of March 31, 2024, we maintained one share-based incentive compensation plan, the Kilroy Realty 2006 Incentive Award Plan, as amended (the “2006 Plan”). The Company has a currently effective registration statement registering 12.6 million shares of our common stock for possible issuance under our 2006 Plan. As of March 31, 2024, approximately 2.1 million shares were available for grant under the 2006 Plan. The calculation of shares available for grant is presented after taking into account a reserve for a sufficient number of shares to cover the vesting and payment of 2006 Plan awards that were outstanding on that date, including performance-based vesting awards at (i) levels actually achieved for the performance conditions (as defined below) for which the performance period has been completed and (ii) at maximum levels for the other performance and market conditions (as defined below) for awards still in a performance period. Executive Transitions On January 21, 2024, John Kilroy retired as the Company's Chief Executive Officer (“CEO”) while remaining Chair of the Board of Directors through the end of his current term. On January 22, 2024, Angela Aman joined the Company as CEO and a member of the Board of Directors and was granted 101,627 Time-Based RSUs with a one-year vesting period. 2024 Share-Based Compensation Grants In February 2024, the Executive Compensation Committee of the Company’s Board of Directors awarded 501,594 restricted stock units to certain officers of the Company under the 2006 Plan, which included 265,205 RSUs (at the target level of performance) that are subject to time, market and/or performance-based vesting requirements (the “2024 Performance-Based RSUs”) and 236,389 RSUs that are subject to time-based vesting requirements (the “2024 Time-Based RSUs”). Each RSU granted is entitled to earn dividend equivalents in the form of RSUs that vest upon vesting of the underlying RSU award. 2024 Performance-Based RSU Grant The 2024 Performance-Based RSUs are scheduled to vest at the end of a three year period (consisting of calendar years 2024-2026). A target number of 2024 Performance-Based RSUs were awarded, and the final number of 2024 Performance-Based RSUs that vest (which may be more or less than the target number) will be based upon (1) during the first calendar year of the three year performance measurement period, the achievement of pre-set FFO per share goals that applies to 100% of the Performance-Based RSUs awarded (the “FFO Performance Condition”) and (2) a performance measure that applies to 50% of the award based upon a measure of the Company’s average net debt to EBITDA ratio for the three year performance period (the “Net Debt to EBITDA Ratio Performance Condition”) and a market measure that applies to the other 50% of the award based upon the relative ranking of the Company’s total stockholder return for the three year performance period compared to the total stockholder returns of an established comparison group of companies over the same period (the “Market Condition”). The 2024 Performance-Based RSUs are also subject to a three year service vesting provision (the “service vesting condition”) and are scheduled to cliff vest on the date the final vesting percentage is determined following the end of the three year performance period under the awards. The number of 2024 Performance-Based RSUs ultimately earned could fluctuate from the target number of 2024 Performance-Based RSUs granted based upon the levels of achievement for the FFO Performance Condition, the Net Debt to EBITDA Ratio Performance Condition, the Market Condition, and the extent to which the service vesting condition is satisfied. The estimate of the number of 2024 Performance-Based RSUs earned is evaluated quarterly during the performance period based on our estimate for each of the performance conditions measured against the applicable goals. Compensation expense for the 2024 Performance-Based RSU grant is recognized on a straight-line basis over the requisite service period for each participant, which is generally the three year service period. During the three months ended March 31, 2024, we recognized $0.4 million of compensation expense for the 2024 Performance-Based RSU grant assuming the target level of achievement for both the FFO Performance Condition and the Net Debt to EBITDA Ratio Performance Condition. In the event we achieve a lower level of performance or fail to meet the FFO Performance Condition, we would reverse a portion or all of the $0.4 million of compensation expense. Each 2024 Performance-Based RSU represents the right to receive one share of our common stock in the future subject to, and as modified by, the Company’s level of achievement of the applicable performance and market conditions. The fair value of the portion of the award subject to the Net Debt to EBITDA Ratio Performance Condition was calculated using the closing price of the Company’s common stock on the valuation date noted below. The fair value of the portion of the award subject to the Market Condition was calculated using a Monte Carlo simulation pricing model based on the assumptions in the table below, which resulted in the following grant date fair value per share. Fair Value Assumptions Valuation date February 1, 2024 Fair value per share on valuation date (1) $36.00 Expected share price volatility 34.0% Risk-free interest rate 3.98% ________________________ (1) For one participant, the fair value per share on the valuation date for their 2024 Performance-Based RSUs is $36.43. The computation of expected volatility was based on a blend of the historical volatility of our shares of common stock over a period of twice the remaining performance period as of the grant date and implied volatility data based on the observed pricing of six month publicly-traded options on shares of our common stock. The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury STRIP securities in effect at February 1, 2024. The fair value of the 2024 Performance-Based RSU grant as of the valuation date noted above, based on a target level of achievement, was $9.5 million. For the three months ended March 31, 2024, we recorded compensation expense based upon the grant date fair value per share for each component multiplied by the estimated number of RSUs to be earned. 2024 Time-Based RSU Grants The 2024 Time-Based RSUs are scheduled to vest in three equal annual installments beginning on January 5, 2025 through January 5, 2027. Compensation expense for the 2024 Time-Based RSUs is recognized on a straight-line basis over the requisite service period, which is generally the explicit service period. Each 2024 Time-Based RSU represents the right to receive one share of our common stock in the future, subject to continued employment through the applicable vesting date, unless accelerated upon separation of employment, provided certain conditions are met. The total grant date fair value of the 2024 Time-Based RSU awards was $8.3 million, which was based on the $35.20 closing share price of the Company’s common stock on the NYSE on the February 1, 2024 grant date. 2023 and 2022 Performance-Based RSUs Consistent with the 2024 Performance-Based RSU grant discussed above, the final number of 2023 and 2022 Performance-Based RSUs that vest will be based upon (1) the FFO Performance Condition that applies to 100% of the Performance-Based RSUs awarded as determined at the end of the first calendar year of the performance measurement period and (2) the Net Debt to EBITDA Ratio Performance Condition that applies to 50% of the award and the Market Condition that applies to the other 50% of the award, both of which are based on the full three-year performance measurement period. The 2023 FFO Performance Condition was achieved at 150% of the target level of achievement. The 2022 FFO Performance Condition was achieved at 150% of the target level of achievement. Compensation cost for the 2023 performance-based RSUs for the three months ended March 31, 2024 assumes the 2023 Net Debt to EBITDA Ratio Performance Condition is met at the target level of achievement. Compensation cost for the 2022 performance-based RSUs for the three months ended March 31, 2024 assumes the 2022 Net Debt to EBITDA Ratio Performance Condition is met at 150% of the target level of achievement. Share-Based Compensation Cost Recorded During the Period The total compensation cost for all share-based compensation programs was $4.7 million and $11.6 million for the three months ended March 31, 2024 and 2023, respectively. Share-based compensation costs for the three months ended March 31, 2023 include $4.5 million of accelerated share-based compensation costs for our former CEO and former President. Of the total share-based compensation costs, $1.3 million and $1.5 million was capitalized as part of real estate assets for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, there was approximately $35.2 million of total unrecognized compensation cost related to nonvested RSUs granted under share-based compensation arrangements. Such amount is based in part upon the estimated future outcome of the performance metrics as of March 31, 2024, and the actual compensation cost ultimately recognized could increase or decrease from this estimate based upon actual performance results. These costs are expected to be recognized over a weighted-average period of 2.0 years. The remaining compensation cost related to these nonvested RSU awards had been recognized in periods prior to March 31, 2024.

Rental Income and Future Minimu

Rental Income and Future Minimum Rent	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Rental Income and Future Minimum Rent	Rental Income and Future Minimum Rent Our rental income is primarily comprised of payments defined under leases and generally are subject to scheduled fixed increases. Additionally, rental income includes variable payments for tenant reimbursements of property-related expenses and payments based on a percentage of tenant sales. The table below sets forth the allocation of rental income between fixed and variable payments and net collectability reversals for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands) Fixed lease payments $ 230,315 $ 245,835 Variable lease payments 48,458 46,707 Net collectability reversals (1) (3,883) (2,438) Total rental income $ 274,890 $ 290,104 _____________________ (1) Represents adjustments to rental income related to our assessment of the collectability of amounts due under leases with our tenants, including recognition of deferred rent balances associated with tenants moved to / restored from a cash basis of revenue recognition and allowances for uncollectible receivables. We have operating leases with tenants that expire at various dates through 2048 and may be subject to scheduled fixed increases and future renewal options. Generally, the leases grant tenants renewal options. Leases also provide for additional rents based on certain operating expenses. Future contractual minimum rent under operating leases, which includes amounts contractually due from leases that are on a cash basis of reporting due to creditworthiness considerations, as of March 31, 2024 for future periods is summarized as follows: Year Ending (in thousands) Remaining 2024 $ 608,984 2025 808,474 2026 765,873 2027 706,957 2028 665,823 2029 579,246 Thereafter 1,501,596 Total (1) $ 5,636,953 _____________________ (1) Excludes residential leases and leases with a term of one year or less.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies General As of March 31, 2024, we had commitments of approximately $293.8 million, excluding our ground lease commitments, for contracts and executed leases directly related to our operating, development, and redevelopment properties. Ground Leases The following table summarizes our properties that are held subject to long-term noncancellable ground lease obligations as of March 31, 2024 and the respective contractual expiration dates: Property Contractual Expiration Date (1) 701, 801 and 837 N. 34th Street, Seattle, WA (2) December 2041 1701 Page Mill Road and 3150 Porter Drive, Palo Alto, CA December 2067 Kilroy Airport Center Phases I, II and III, Long Beach, CA July 2084 3243 S. La Cienega Boulevard, Los Angeles, CA October 2106 200 W. 6th Street, Austin, TX December 2112 ____________________ (1) Reflects the contractual expiration date prior to the impact of any extension or purchase options held by the Company. (2) The Company has three 10-year and one 45-year extension options for this ground lease, which if exercised would extend the expiration date to December 2116. These extension options are not assumed to be exercised in our calculation of the present value of the future minimum lease payments for this lease. To determine the discount rates used to calculate the present value of the minimum future lease payments for our ground leases, we used a hypothetical curve derived from unsecured corporate borrowing rates over the lease term. The weighted average discount rate used to determine the present value of our minimum lease payments was 4.67%. As of March 31, 2024, the weighted average remaining lease term of our ground leases is 63 years. For the three months ended March 31, 2024 and 2023, variable lease costs totaling $1.0 million were recorded to ground leases expense on our consolidated statements of operations. The minimum commitment under our ground leases, as of March 31, 2024, for future periods is as follows: Year Ending (in thousands) Remaining 2024 $ 5,052 2025 6,772 2026 6,809 2027 6,850 2028 6,869 2029 6,869 Thereafter 367,744 Total undiscounted cash flows (1)(2)(3)(4)(5)(6) $ 406,965 Present value discount (277,999) Ground lease liabilities $ 128,966 ________________________ (1) Excludes contingent future rent payments based on gross income or adjusted gross income and reflects the minimum ground lease obligations before the impact of ground lease extension options. (2) One of our ground lease obligations is subject to a fair market value adjustment every five years . The contractual obligations for that lease included above assume the current annual ground lease obligation in effect at March 31, 2024 for the remainder of the lease term, as we cannot predict future adjustments. (3) One of our ground lease obligations is subject to a fair market value adjustment every five years based on a combination of CPI adjustments and third-party appraisals limited to maximum increases annually. The contractual obligations for that lease included above assume the current annual ground lease obligation in effect at March 31, 2024 for the remainder of the lease term, as we cannot predict future adjustments. (4) One of our ground lease obligations includes a component that is based on the percentage of adjusted gross income that exceeds the minimum ground rent. The minimum rent is subject to increases every 10 years by an amount equal to 60% of the average annual percentage rent for the previous three years. The contractual obligations for this lease included above assume the current annual ground lease obligation in effect at March 31, 2024 for the remainder of the lease term, as we cannot predict future adjustments. (5) One of our ground lease obligations is subject to fixed 5% ground rent increases every five years, with the next increase occurring on November 1, 2027. (6) One of our ground lease obligations is subject to fixed 2% ground rent increases every year, with ground rent resets occurring every ten years based on CPI. The contractual obligations for that lease included above assume increases for the remaining current ten-year period based on the current annual ground lease obligation in effect at March 31, 2024 and no subsequent changes for the remainder of the lease term, as we cannot predict future CPI adjustments. Environmental Matters As of March 31, 2024, we had accrued environmental remediation liabilities of approximately $73.7 million

Fair Value Measurements and Dis

Fair Value Measurements and Disclosures	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements and Disclosures	Fair Value Measurements and Disclosures Assets and Liabilities Reported at Fair Value The only assets we record at fair value on our consolidated financial statements are the marketable securities related to our Deferred Compensation Plan. The following table sets forth the fair value of our Deferred Compensation Plan assets as of March 31, 2024 and December 31, 2023: Fair Value (Level 1) (1) March 31, 2024 December 31, 2023 Description (in thousands) Deferred Compensation Plan assets (2) $ 31,257 $ 28,089 ________________________ (1) Based on quoted prices in active markets for identical securities. (2) The Deferred Compensation Plan assets are held in a limited rabbi trust. Financial Instruments Disclosed at Fair Value The following table sets forth the carrying value and the fair value of our other financial instruments as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Carrying Fair (1) Carrying Fair (1) (in thousands) Assets Certificates of deposit (2) $ 78,256 $ 78,256 $ 256,581 $ 256,581 Liabilities Secured debt, net $ 601,990 $ 574,885 $ 603,225 $ 585,826 Unsecured debt, net $ 4,518,297 $ 4,117,905 $ 4,325,153 $ 3,927,104 ________________________ (1) Fair value calculated using Level 2 inputs, which are based on model-derived valuations in which significant inputs and significant value drivers are observable in active markets. (2) The carrying value of the certificates of deposit approximate their fair values due to their short-term maturities. See Note 2 "Marketable Securities" for additional information.

Net Income Available to Common

Net Income Available to Common Stockholders Per Share of the Company	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income Available to Common Stockholders Per Share of the Company	Net Income Available to Common Stockholders Per Share of the Company The following table reconciles the numerator and denominator in computing the Company’s basic and diluted per-share computations for net income available to common stockholders for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands, except share and per share amounts) Numerator: Net income available to common stockholders $ 49,920 $ 56,608 Allocation to participating securities (1) (799) (364) Numerator for basic and diluted net income available to common stockholders $ 49,121 $ 56,244 Denominator: Basic weighted average vested shares outstanding 117,337,666 117,059,329 Effect of dilutive securities 623,260 347,189 Diluted weighted average vested shares and common stock equivalents outstanding 117,960,926 117,406,518 Basic earnings per share: Net income available to common stockholders per share $ 0.42 $ 0.48 Diluted earnings per share: Net income available to common stockholders per share $ 0.42 $ 0.48 ________________________ (1) Participating securities include certain time-based RSUs and vested market measure-based RSUs. Share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are considered participating securities. The impact of potentially dilutive common shares, including stock options and RSUs are considered in our diluted earnings per share calculation for the three months ended March 31, 2024 and 2023. Certain market measure-based RSUs are not included in dilutive securities for the three months ended March 31, 2024 and 2023, as not all performance metrics had been met by the end of the applicable reporting periods. Additionally, certain unvested time-based RSUs are not included in dilutive securities for the three months ended March 31, 2024 and 2023, as they were anti-dilutive.

Net Income Available to Commo_2

Net Income Available to Common Unitholders Per Unit of the Operating Partnership	3 Months Ended
	Mar. 31, 2024
Net Income Available To Common Unitholders [Line Items]
Net Income Available to Common Unitholders Per Unit of the Operating Partnership	Net Income Available to Common Stockholders Per Share of the Company The following table reconciles the numerator and denominator in computing the Company’s basic and diluted per-share computations for net income available to common stockholders for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands, except share and per share amounts) Numerator: Net income available to common stockholders $ 49,920 $ 56,608 Allocation to participating securities (1) (799) (364) Numerator for basic and diluted net income available to common stockholders $ 49,121 $ 56,244 Denominator: Basic weighted average vested shares outstanding 117,337,666 117,059,329 Effect of dilutive securities 623,260 347,189 Diluted weighted average vested shares and common stock equivalents outstanding 117,960,926 117,406,518 Basic earnings per share: Net income available to common stockholders per share $ 0.42 $ 0.48 Diluted earnings per share: Net income available to common stockholders per share $ 0.42 $ 0.48 ________________________ (1) Participating securities include certain time-based RSUs and vested market measure-based RSUs. Share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are considered participating securities. The impact of potentially dilutive common shares, including stock options and RSUs are considered in our diluted earnings per share calculation for the three months ended March 31, 2024 and 2023. Certain market measure-based RSUs are not included in dilutive securities for the three months ended March 31, 2024 and 2023, as not all performance metrics had been met by the end of the applicable reporting periods. Additionally, certain unvested time-based RSUs are not included in dilutive securities for the three months ended March 31, 2024 and 2023, as they were anti-dilutive.
Kilroy Realty L.P.
Net Income Available To Common Unitholders [Line Items]
Net Income Available to Common Unitholders Per Unit of the Operating Partnership	Net Income Available to Common Unitholders Per Unit of the Operating Partnership The following table reconciles the numerator and denominator in computing the Operating Partnership’s basic and diluted per-unit computations for net income available to common unitholders for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands, except unit and per unit amounts) Numerator: Net income available to common unitholders $ 50,422 $ 57,168 Allocation to participating securities (1) (799) (364) Numerator for basic and diluted net income available to common unitholders $ 49,623 $ 56,804 Denominator: Basic weighted average vested units outstanding 118,488,240 118,209,903 Effect of dilutive securities 623,260 347,189 Diluted weighted average vested units and common unit equivalents outstanding 119,111,500 118,557,092 Basic earnings per unit: Net income available to common unitholders per unit $ 0.42 $ 0.48 Diluted earnings per unit: Net income available to common unitholders per unit $ 0.42 $ 0.48 ________________________ (1) Participating securities include certain time-based RSUs and vested market measure-based RSUs.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information of the Company	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information of the Company	Supplemental Cash Flows Information of the Company Supplemental cash flows information as follows (in thousands): Year Ended March 31, 2024 2023 SUPPLEMENTAL CASH FLOWS INFORMATION: Cash paid for interest, net of capitalized interest of $18,697 and $16,467 as of March 31, 2024 and 2023, respectively $ 16,336 $ 8,980 Cash paid for amounts included in the measurement of ground lease liabilities $ 1,560 $ 1,704 NON-CASH INVESTING TRANSACTIONS: Accrual for expenditures for operating properties and development and redevelopment properties $ 57,027 $ 81,706 Tenant improvements funded directly by tenants $ 603 $ 4,329 Remeasurement of ground lease liability and related right of use ground lease asset $ 4,782 $ — NON-CASH FINANCING TRANSACTIONS: Accrual of dividends and distributions payable to common stockholders and common unitholders $ 65,111 $ 64,461 The following is a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the three months ended March 31, 2024 and 2023. Year Ended March 31, 2024 2023 (in thousands) RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Cash and cash equivalents at beginning of period $ 510,163 $ 347,379 Restricted cash at beginning of period — — Cash and cash equivalents and restricted cash at beginning of period $ 510,163 $ 347,379 Cash and cash equivalents at end of period $ 855,007 $ 476,358 Restricted cash at end of period — — Cash and cash equivalents and restricted cash at end of period $ 855,007 $ 476,358

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information of the Operating Partnership	3 Months Ended
	Mar. 31, 2024
Other Significant Noncash Transactions [Line Items]
Supplemental Cash Flow Information of the Operating Partnership	Supplemental Cash Flows Information of the Company Supplemental cash flows information as follows (in thousands): Year Ended March 31, 2024 2023 SUPPLEMENTAL CASH FLOWS INFORMATION: Cash paid for interest, net of capitalized interest of $18,697 and $16,467 as of March 31, 2024 and 2023, respectively $ 16,336 $ 8,980 Cash paid for amounts included in the measurement of ground lease liabilities $ 1,560 $ 1,704 NON-CASH INVESTING TRANSACTIONS: Accrual for expenditures for operating properties and development and redevelopment properties $ 57,027 $ 81,706 Tenant improvements funded directly by tenants $ 603 $ 4,329 Remeasurement of ground lease liability and related right of use ground lease asset $ 4,782 $ — NON-CASH FINANCING TRANSACTIONS: Accrual of dividends and distributions payable to common stockholders and common unitholders $ 65,111 $ 64,461 The following is a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the three months ended March 31, 2024 and 2023. Year Ended March 31, 2024 2023 (in thousands) RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Cash and cash equivalents at beginning of period $ 510,163 $ 347,379 Restricted cash at beginning of period — — Cash and cash equivalents and restricted cash at beginning of period $ 510,163 $ 347,379 Cash and cash equivalents at end of period $ 855,007 $ 476,358 Restricted cash at end of period — — Cash and cash equivalents and restricted cash at end of period $ 855,007 $ 476,358
Kilroy Realty L.P.
Other Significant Noncash Transactions [Line Items]
Supplemental Cash Flow Information of the Operating Partnership	Supplemental Cash Flows Information of the Operating Partnership Supplemental cash flows information as follows (in thousands): Year Ended March 31, 2024 2023 SUPPLEMENTAL CASH FLOWS INFORMATION: Cash paid for interest, net of capitalized interest of $18,697 and $16,467 as of March 31, 2024 and 2023, respectively $ 16,336 $ 8,980 Cash paid for amounts included in the measurement of ground lease liabilities $ 1,560 $ 1,704 NON-CASH INVESTING TRANSACTIONS: Accrual for expenditures for operating properties and development and redevelopment properties $ 57,027 $ 81,706 Tenant improvements funded directly by tenants $ 603 $ 4,329 Remeasurement of ground lease liability and related right of use ground lease asset $ 4,782 $ — NON-CASH FINANCING TRANSACTIONS: Accrual of distributions payable to common unitholders $ 65,111 $ 64,461 The following is a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the three months ended March 31, 2024 and 2023. Year Ended March 31, 2024 2023 (in thousands) RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Cash and cash equivalents at beginning of period $ 510,163 $ 347,379 Restricted cash at beginning of period — — Cash and cash equivalents and restricted cash at beginning of period $ 510,163 $ 347,379 Cash and cash equivalents at end of period $ 855,007 $ 476,358 Restricted cash at end of period — — Cash and cash equivalents and restricted cash at end of period $ 855,007 $ 476,358

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization, Ownership and B_2

Organization, Ownership and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation Policy	The consolidated financial statements of the Company include the consolidated financial position and results of operations of the Company, the Operating Partnership, 303 Second LLC, 100 First LLC, Redwood LLC, and all of our wholly-owned and controlled subsidiaries. The consolidated financial statements of the Operating Partnership include the consolidated financial position and results of operations of the Operating Partnership, 303 Second LLC, 100 First LLC, Redwood LLC, and all of our wholly-owned and controlled subsidiaries. All intercompany balances and transactions have been eliminated in the consolidated financial statements.
Basis of Accounting	The accompanying interim financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements reflect all adjustments of a normal and recurring nature that are considered necessary for a fair presentation of the results for the interim periods presented. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The interim financial statements for the Company and the Operating Partnership should be read in conjunction with the audited consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023.
Variable Interest Entities	Variable Interest Entities
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Tax Disclosures.” The ASU is effective for annual periods beginning after December 15, 2024. The Company does not currently anticipate that the guidance will have a material impact on our consolidated financial statements or notes to our consolidated financial statements.

Organization, Ownership and B_3

Organization, Ownership and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Real Estate Properties	Our stabilized portfolio of operating properties was comprised of the following properties at March 31, 2024: Number of Rentable Number of Percentage Occupied (1) Stabilized Office Properties (2) 121 17,043,497 410 84.2 % ________________________ (1) Represents economic occupancy. (2) Includes stabilized life science and retail space. Number of Number of 2024 Average Occupancy Stabilized Residential Properties 3 1,001 93.1 % As of March 31, 2024, the following properties were excluded from our stabilized portfolio: Number of Estimated Rentable Square Feet (1) In-process development projects - under construction 1 875,000 In-process redevelopment projects - under construction 2 100,000 ________________________ (1) Estimated rentable square feet upon completion.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	Marketable securities consisted of the following at March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (in thousands) Deferred compensation plan assets $ 31,257 $ 28,089 Certificates of deposit (1) 78,256 256,581 Total marketable securities $ 109,513 $ 284,670 ________________________ (1) The certificates of deposit have an original issuance term greater than three months but less than 12 months.

Prepaid Expenses and Other As_2

Prepaid Expenses and Other Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Assets, Net	Prepaid expenses and other assets, net consisted of the following at March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (in thousands) Furniture, fixtures and other long-lived assets, net $ 37,028 $ 37,073 Prepaid expenses and deferred financing costs, net 22,253 10,532 Other assets 6,307 5,464 Total prepaid expenses and other assets, net $ 65,588 $ 53,069

Secured and Unsecured Debt of_2

Secured and Unsecured Debt of the Operating Partnership (Tables) - Kilroy Realty L.P.	3 Months Ended
	Mar. 31, 2024
Debt Instrument [Line Items]
Schedule of Unsecured Revolving Credit Facility	The following table summarizes the balance and terms of our unsecured revolving credit facility as of March 31, 2024 and December 31, 2023: Unsecured Revolving Credit Facility March 31, 2024 December 31, 2023 (in thousands) Outstanding borrowings $ — $ — Remaining borrowing capacity (1) 1,100,000 1,100,000 Total borrowing capacity (1) $ 1,100,000 $ 1,100,000 Interest rate (2) 6.34 % 6.38 % Facility fee-annual rate (3) 0.200% Maturity date (4) July 31, 2028 July 31, 2025 ________________________ (1) Remaining and total borrowing capacity are further reduced by the amount of our outstanding letters of credit which total approximately $5.2 million as of March 31, 2024 and December 31, 2023. We may elect to borrow, subject to bank approval and obtaining commitments for any additional borrowing capacity, up to an additional $500.0 million under an accordion feature pursuant to the terms of the unsecured revolving credit facility. (2) Our unsecured revolving credit facility interest rate was calculated using the Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment of 0.10% (“Adjusted SOFR”) and a margin of 0.900% based on our credit rating as of March 31, 2024 and December 31, 2023. We may be entitled to a temporary 0.01% reduction in the interest rate provided we meet certain sustainability goals with respect to the ongoing reduction of greenhouse gas emissions. (3) Our facility fee is paid on a quarterly basis and is calculated based on the total borrowing capacity. In addition to the facility fee, we incurred debt origination and legal costs in connection with the amendment and restatement of the unsecured revolving credit facility. As of March 31, 2024 and December 31, 2023, $15.2 million and $3.2 million of unamortized deferred financing costs, respectively, which are included in prepaid expenses and other assets, net on our consolidated balance sheets, remained to be amortized through the maturity date of our unsecured revolving credit facility. (4) The maturity date may be extended by two six-month periods, at the Operating Partnership’s election. 2024 Term Loan Facility March 31, 2024 (in thousands) Outstanding borrowings $ 200,000 Remaining borrowing capacity — Total borrowing capacity (1) $ 200,000 Interest rate (2) 6.37 % Maturity date (3) October 3, 2025 ____________________ (1) We may elect to borrow, subject to bank approval and obtaining commitments for any additional borrowing capacity, up to an additional $130.0 million as of March 31, 2024, under an accordion feature pursuant to the terms of the 2024 Term Loan Facility. (2) Our 2024 Term Loan Facility interest rate was calculated using Adjusted SOFR plus a margin of 0.950% based on our credit rating as of March 31, 2024. Additionally, we incurred debt origination and legal costs in connection with the amendment and restatement of the unsecured revolving credit facility. As of March 31, 2024 $3.0 million of unamortized deferred financing costs, inclusive of unamortized initial issuance costs transferred from the 2022 Term Loan Facility, remained to be amortized through the maturity date of the 2024 Term Loan Facility. (3) The maturity date may be extended by two 12-month periods, at the Operating Partnership’s election. The following table summarizes the balance and terms of our 2022 Term Loan Facility as of March 31, 2024 and December 31, 2023: 2022 Term Loan Facility March 31, 2024 December 31, 2023 (in thousands) Outstanding borrowings $ 120,000 $ 520,000 Remaining borrowing capacity — — Total borrowing capacity $ 120,000 $ 520,000 Interest rate (1) 6.38 % 6.41 % Undrawn facility fee-annual rate (2) 0.200% Maturity date (3) October 3, 2024 ____________________ (1) Our 2022 Term Loan Facility interest rate was calculated using Adjusted SOFR plus a margin of 0.950% based on our credit rating as of March 31, 2024 and December 31, 2023. (2) Our undrawn facility fee is paid on a quarterly basis and is calculated based on the remaining borrowing capacity. In addition to the facility fee, we incurred debt origination and legal costs. As of December 31, 2023, $2.3 million of unamortized deferred financing costs remained to be amortized through the maturity date of our 2022 Term Loan Facility. (3) The maturity date may be extended by two 12-month periods, at the Operating Partnership’s election.
Schedule of Debt Maturities	The following table summarizes the stated debt maturities and scheduled amortization payments for all outstanding debt as of March 31, 2024: Year (in thousands) Remaining 2024 (1) $ 528,238 2025 (2) 606,246 2026 401,317 2027 249,125 2028 400,000 2029 475,000 Thereafter 2,500,000 Total aggregate principal value (3) $ 5,159,926 ________________________ (1) Includes the $120.0 million outstanding as of March 31, 2024 on the 2022 Term Loan Facility, for which the Company has two 12-month extension options. (2) Includes the $200.0 million outstanding as of March 31, 2024 on the 2024 Term Loan Facility, for which the Company has two 12-month extension options. (3)
Schedule of Capitalized Interest and Loan Fees	The following table sets forth gross interest expense, including debt discount and deferred financing cost amortization, net of capitalized interest, for the three months ended March 31, 2024 and 2023. The interest expense capitalized was recorded as a cost of development and redevelopment and increased the carrying value of undeveloped land and construction in progress. Three Months Ended March 31, 2024 2023 (in thousands) Gross interest expense $ 58,678 $ 43,402 Capitalized interest and deferred financing costs (19,807) (17,731) Interest expense $ 38,871 $ 25,671

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Payment Award, Restricted Stock Units, Valuation Assumptions	The fair value of the portion of the award subject to the Market Condition was calculated using a Monte Carlo simulation pricing model based on the assumptions in the table below, which resulted in the following grant date fair value per share. Fair Value Assumptions Valuation date February 1, 2024 Fair value per share on valuation date (1) $36.00 Expected share price volatility 34.0% Risk-free interest rate 3.98% ________________________ (1) For one participant, the fair value per share on the valuation date for their 2024 Performance-Based RSUs is $36.43.

Rental Income and Future Mini_2

Rental Income and Future Minimum Rent (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Rental Income	The table below sets forth the allocation of rental income between fixed and variable payments and net collectability reversals for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands) Fixed lease payments $ 230,315 $ 245,835 Variable lease payments 48,458 46,707 Net collectability reversals (1) (3,883) (2,438) Total rental income $ 274,890 $ 290,104 _____________________ (1) Represents adjustments to rental income related to our assessment of the collectability of amounts due under leases with our tenants, including recognition of deferred rent balances associated with tenants moved to / restored from a cash basis of revenue recognition and allowances for uncollectible receivables.
Schedule of Future Contractual Minimum Rent Under Operating Lease	Future contractual minimum rent under operating leases, which includes amounts contractually due from leases that are on a cash basis of reporting due to creditworthiness considerations, as of March 31, 2024 for future periods is summarized as follows: Year Ending (in thousands) Remaining 2024 $ 608,984 2025 808,474 2026 765,873 2027 706,957 2028 665,823 2029 579,246 Thereafter 1,501,596 Total (1) $ 5,636,953 _____________________ (1) Excludes residential leases and leases with a term of one year or less.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Expiration Dates for Ground Leases	The following table summarizes our properties that are held subject to long-term noncancellable ground lease obligations as of March 31, 2024 and the respective contractual expiration dates: Property Contractual Expiration Date (1) 701, 801 and 837 N. 34th Street, Seattle, WA (2) December 2041 1701 Page Mill Road and 3150 Porter Drive, Palo Alto, CA December 2067 Kilroy Airport Center Phases I, II and III, Long Beach, CA July 2084 3243 S. La Cienega Boulevard, Los Angeles, CA October 2106 200 W. 6th Street, Austin, TX December 2112 ____________________ (1) Reflects the contractual expiration date prior to the impact of any extension or purchase options held by the Company.
Schedule of Minimum Commitment Under Ground Leases	The minimum commitment under our ground leases, as of March 31, 2024, for future periods is as follows: Year Ending (in thousands) Remaining 2024 $ 5,052 2025 6,772 2026 6,809 2027 6,850 2028 6,869 2029 6,869 Thereafter 367,744 Total undiscounted cash flows (1)(2)(3)(4)(5)(6) $ 406,965 Present value discount (277,999) Ground lease liabilities $ 128,966 ________________________ (1) Excludes contingent future rent payments based on gross income or adjusted gross income and reflects the minimum ground lease obligations before the impact of ground lease extension options. (2) One of our ground lease obligations is subject to a fair market value adjustment every five years . The contractual obligations for that lease included above assume the current annual ground lease obligation in effect at March 31, 2024 for the remainder of the lease term, as we cannot predict future adjustments. (3) One of our ground lease obligations is subject to a fair market value adjustment every five years based on a combination of CPI adjustments and third-party appraisals limited to maximum increases annually. The contractual obligations for that lease included above assume the current annual ground lease obligation in effect at March 31, 2024 for the remainder of the lease term, as we cannot predict future adjustments. (4) One of our ground lease obligations includes a component that is based on the percentage of adjusted gross income that exceeds the minimum ground rent. The minimum rent is subject to increases every 10 years by an amount equal to 60% of the average annual percentage rent for the previous three years. The contractual obligations for this lease included above assume the current annual ground lease obligation in effect at March 31, 2024 for the remainder of the lease term, as we cannot predict future adjustments. (5) One of our ground lease obligations is subject to fixed 5% ground rent increases every five years, with the next increase occurring on November 1, 2027. (6) One of our ground lease obligations is subject to fixed 2% ground rent increases every year, with ground rent resets occurring every ten years based on CPI. The contractual obligations for that lease included above assume increases for the remaining current ten-year period based on the current annual ground lease obligation in effect at March 31, 2024 and no subsequent changes for the remainder of the lease term, as we cannot predict future CPI adjustments.

Fair Value Measurements and D_2

Fair Value Measurements and Disclosures (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of the Company's Deferred Compensation Plan Assets	The following table sets forth the fair value of our Deferred Compensation Plan assets as of March 31, 2024 and December 31, 2023: Fair Value (Level 1) (1) March 31, 2024 December 31, 2023 Description (in thousands) Deferred Compensation Plan assets (2) $ 31,257 $ 28,089 ________________________ (1) Based on quoted prices in active markets for identical securities. (2) The Deferred Compensation Plan assets are held in a limited rabbi trust.
Schedule of Carrying Value and Fair Value of Other Financial Instruments	The following table sets forth the carrying value and the fair value of our other financial instruments as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Carrying Fair (1) Carrying Fair (1) (in thousands) Assets Certificates of deposit (2) $ 78,256 $ 78,256 $ 256,581 $ 256,581 Liabilities Secured debt, net $ 601,990 $ 574,885 $ 603,225 $ 585,826 Unsecured debt, net $ 4,518,297 $ 4,117,905 $ 4,325,153 $ 3,927,104 ________________________ (1) Fair value calculated using Level 2 inputs, which are based on model-derived valuations in which significant inputs and significant value drivers are observable in active markets. (2) The carrying value of the certificates of deposit approximate their fair values due to their short-term maturities. See Note 2 "Marketable Securities" for additional information.

Net Income Available to Commo_3

Net Income Available to Common Stockholders Per Share of the Company (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Net Income Available to Common Stockholders	The following table reconciles the numerator and denominator in computing the Company’s basic and diluted per-share computations for net income available to common stockholders for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands, except share and per share amounts) Numerator: Net income available to common stockholders $ 49,920 $ 56,608 Allocation to participating securities (1) (799) (364) Numerator for basic and diluted net income available to common stockholders $ 49,121 $ 56,244 Denominator: Basic weighted average vested shares outstanding 117,337,666 117,059,329 Effect of dilutive securities 623,260 347,189 Diluted weighted average vested shares and common stock equivalents outstanding 117,960,926 117,406,518 Basic earnings per share: Net income available to common stockholders per share $ 0.42 $ 0.48 Diluted earnings per share: Net income available to common stockholders per share $ 0.42 $ 0.48 ________________________ (1)

Net Income Available to Commo_4

Net Income Available to Common Unitholders Per Unit of the Operating Partnership (Tables)	3 Months Ended
	Mar. 31, 2024
Net Income Available To Common Unitholders [Line Items]
Schedule of Net Income Available to Common Stockholders	The following table reconciles the numerator and denominator in computing the Company’s basic and diluted per-share computations for net income available to common stockholders for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands, except share and per share amounts) Numerator: Net income available to common stockholders $ 49,920 $ 56,608 Allocation to participating securities (1) (799) (364) Numerator for basic and diluted net income available to common stockholders $ 49,121 $ 56,244 Denominator: Basic weighted average vested shares outstanding 117,337,666 117,059,329 Effect of dilutive securities 623,260 347,189 Diluted weighted average vested shares and common stock equivalents outstanding 117,960,926 117,406,518 Basic earnings per share: Net income available to common stockholders per share $ 0.42 $ 0.48 Diluted earnings per share: Net income available to common stockholders per share $ 0.42 $ 0.48 ________________________ (1)
Kilroy Realty L.P.
Net Income Available To Common Unitholders [Line Items]
Schedule of Net Income Available to Common Stockholders	The following table reconciles the numerator and denominator in computing the Operating Partnership’s basic and diluted per-unit computations for net income available to common unitholders for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands, except unit and per unit amounts) Numerator: Net income available to common unitholders $ 50,422 $ 57,168 Allocation to participating securities (1) (799) (364) Numerator for basic and diluted net income available to common unitholders $ 49,623 $ 56,804 Denominator: Basic weighted average vested units outstanding 118,488,240 118,209,903 Effect of dilutive securities 623,260 347,189 Diluted weighted average vested units and common unit equivalents outstanding 119,111,500 118,557,092 Basic earnings per unit: Net income available to common unitholders per unit $ 0.42 $ 0.48 Diluted earnings per unit: Net income available to common unitholders per unit $ 0.42 $ 0.48 ________________________ (1)

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information of the Company (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flows	Supplemental cash flows information as follows (in thousands): Year Ended March 31, 2024 2023 SUPPLEMENTAL CASH FLOWS INFORMATION: Cash paid for interest, net of capitalized interest of $18,697 and $16,467 as of March 31, 2024 and 2023, respectively $ 16,336 $ 8,980 Cash paid for amounts included in the measurement of ground lease liabilities $ 1,560 $ 1,704 NON-CASH INVESTING TRANSACTIONS: Accrual for expenditures for operating properties and development and redevelopment properties $ 57,027 $ 81,706 Tenant improvements funded directly by tenants $ 603 $ 4,329 Remeasurement of ground lease liability and related right of use ground lease asset $ 4,782 $ — NON-CASH FINANCING TRANSACTIONS: Accrual of dividends and distributions payable to common stockholders and common unitholders $ 65,111 $ 64,461
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash	The following is a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the three months ended March 31, 2024 and 2023. Year Ended March 31, 2024 2023 (in thousands) RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Cash and cash equivalents at beginning of period $ 510,163 $ 347,379 Restricted cash at beginning of period — — Cash and cash equivalents and restricted cash at beginning of period $ 510,163 $ 347,379 Cash and cash equivalents at end of period $ 855,007 $ 476,358 Restricted cash at end of period — — Cash and cash equivalents and restricted cash at end of period $ 855,007 $ 476,358
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash	The following is a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the three months ended March 31, 2024 and 2023. Year Ended March 31, 2024 2023 (in thousands) RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Cash and cash equivalents at beginning of period $ 510,163 $ 347,379 Restricted cash at beginning of period — — Cash and cash equivalents and restricted cash at beginning of period $ 510,163 $ 347,379 Cash and cash equivalents at end of period $ 855,007 $ 476,358 Restricted cash at end of period — — Cash and cash equivalents and restricted cash at end of period $ 855,007 $ 476,358

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information of the Operating Partnership (Tables)	3 Months Ended
	Mar. 31, 2024
Other Significant Noncash Transactions [Line Items]
Schedule of Supplemental Cash Flows	Supplemental cash flows information as follows (in thousands): Year Ended March 31, 2024 2023 SUPPLEMENTAL CASH FLOWS INFORMATION: Cash paid for interest, net of capitalized interest of $18,697 and $16,467 as of March 31, 2024 and 2023, respectively $ 16,336 $ 8,980 Cash paid for amounts included in the measurement of ground lease liabilities $ 1,560 $ 1,704 NON-CASH INVESTING TRANSACTIONS: Accrual for expenditures for operating properties and development and redevelopment properties $ 57,027 $ 81,706 Tenant improvements funded directly by tenants $ 603 $ 4,329 Remeasurement of ground lease liability and related right of use ground lease asset $ 4,782 $ — NON-CASH FINANCING TRANSACTIONS: Accrual of dividends and distributions payable to common stockholders and common unitholders $ 65,111 $ 64,461
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash	The following is a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the three months ended March 31, 2024 and 2023. Year Ended March 31, 2024 2023 (in thousands) RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Cash and cash equivalents at beginning of period $ 510,163 $ 347,379 Restricted cash at beginning of period — — Cash and cash equivalents and restricted cash at beginning of period $ 510,163 $ 347,379 Cash and cash equivalents at end of period $ 855,007 $ 476,358 Restricted cash at end of period — — Cash and cash equivalents and restricted cash at end of period $ 855,007 $ 476,358
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash	The following is a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the three months ended March 31, 2024 and 2023. Year Ended March 31, 2024 2023 (in thousands) RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Cash and cash equivalents at beginning of period $ 510,163 $ 347,379 Restricted cash at beginning of period — — Cash and cash equivalents and restricted cash at beginning of period $ 510,163 $ 347,379 Cash and cash equivalents at end of period $ 855,007 $ 476,358 Restricted cash at end of period — — Cash and cash equivalents and restricted cash at end of period $ 855,007 $ 476,358
Kilroy Realty L.P.
Other Significant Noncash Transactions [Line Items]
Schedule of Supplemental Cash Flows	Supplemental cash flows information as follows (in thousands): Year Ended March 31, 2024 2023 SUPPLEMENTAL CASH FLOWS INFORMATION: Cash paid for interest, net of capitalized interest of $18,697 and $16,467 as of March 31, 2024 and 2023, respectively $ 16,336 $ 8,980 Cash paid for amounts included in the measurement of ground lease liabilities $ 1,560 $ 1,704 NON-CASH INVESTING TRANSACTIONS: Accrual for expenditures for operating properties and development and redevelopment properties $ 57,027 $ 81,706 Tenant improvements funded directly by tenants $ 603 $ 4,329 Remeasurement of ground lease liability and related right of use ground lease asset $ 4,782 $ — NON-CASH FINANCING TRANSACTIONS: Accrual of distributions payable to common unitholders $ 65,111 $ 64,461
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash	The following is a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the three months ended March 31, 2024 and 2023. Year Ended March 31, 2024 2023 (in thousands) RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Cash and cash equivalents at beginning of period $ 510,163 $ 347,379 Restricted cash at beginning of period — — Cash and cash equivalents and restricted cash at beginning of period $ 510,163 $ 347,379 Cash and cash equivalents at end of period $ 855,007 $ 476,358 Restricted cash at end of period — — Cash and cash equivalents and restricted cash at end of period $ 855,007 $ 476,358
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash	The following is a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the three months ended March 31, 2024 and 2023. Year Ended March 31, 2024 2023 (in thousands) RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Cash and cash equivalents at beginning of period $ 510,163 $ 347,379 Restricted cash at beginning of period — — Cash and cash equivalents and restricted cash at beginning of period $ 510,163 $ 347,379 Cash and cash equivalents at end of period $ 855,007 $ 476,358 Restricted cash at end of period — — Cash and cash equivalents and restricted cash at end of period $ 855,007 $ 476,358

Organization, Ownership and B_4

Organization, Ownership and Basis of Presentation - Operating Properties (Details)	3 Months Ended
	Mar. 31, 2024 ft² development_project property tenant building
Stabilized Office Properties
Real Estate Properties [Line Items]
Number of Buildings | building	121
Rentable Square Feet	17,043,497
Number of Tenants | tenant	410
Percentage Occupied	84.20%
Stabilized Residential Properties
Real Estate Properties [Line Items]
Number of Projects | property	3
Number of Units | property	1,001
2024 Average Occupancy	93.10%
In-process development projects - under construction
Real Estate Properties [Line Items]
Rentable Square Feet	875,000
Number of Projects | development_project	1
In-process redevelopment projects - under construction
Real Estate Properties [Line Items]
Rentable Square Feet	100,000
Number of Projects | development_project	2

Organization, Ownership and B_5

Organization, Ownership and Basis of Presentation - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) a property development_site variableInterestEntity director property_partnership	Dec. 31, 2023 USD ($) director variableInterestEntity
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Lease-up properties occupancy percentage	95%
Lease-up properties, period from the date of cessation of major base building construction activities	1 year
Assets	$ 11,599,200	$ 11,401,045
Liabilities	5,956,469	5,741,352
Noncontrolling interest in VIE	$ 176,637	$ 178,257
Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of VIEs | variableInterestEntity	2	2
Assets	$ 415,200	$ 416,700
Liabilities	25,300	23,600
Variable Interest Entity, Primary Beneficiary | Real Estate Investment
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Assets	$ 346,000	350,000
San Francisco, California
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of properties | property	1
101 First LLC and 303 Second LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Company owned general partnership interest	56%
101 First LLC and 303 Second LLC | Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling interest in VIE	$ 172,300	$ 173,700
Redwood LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Company owned general partnership interest	93%
Redwood LLC | Redwood City, California
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of properties | property	2
Operating Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest (percent)	99%	99%
Operating Partnership | Non-Affiliated Investors and Certain Executive Officer and Directors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest (percent)	1%	1%
Number of directors | director	1	1
Future Development Site
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of future development sites | development_site	8
Area of undeveloped land | a	64
Stabilized Office Properties | Washington
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of properties | property	10
Stabilized Office Properties | Texas
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of properties | property	1
Future Development Project | Washington
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of properties | development_site	1
Future Development Project | Texas
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of properties | development_site	1
Properties And Development Projects
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property ownership percentage	100%
Office Properties Owned By Consolidated Property Partnerships
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of properties | property	4
Consolidated Property Partnerships
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of property partnerships | property_partnership	3
Consolidated Property Partnerships Owning Office Properties Through REITs | 101 First LLC and 303 Second LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of property partnerships | property_partnership	2

Marketable Securities (Details)

Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Deferred compensation plan assets	$ 31,257	$ 28,089
Certificates of deposit	78,256	256,581
Total marketable securities	$ 109,513	$ 284,670

Prepaid Expenses and Other As_3

Prepaid Expenses and Other Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Furniture, fixtures and other long-lived assets, net	$ 37,028	$ 37,073
Prepaid expenses and deferred financing costs, net	22,253	10,532
Other assets	6,307	5,464
Total marketable securities	$ 65,588	$ 53,069

Secured and Unsecured Debt of_3

Secured and Unsecured Debt of the Operating Partnership - Additional Information (Details)	1 Months Ended	3 Months Ended
	Mar. 31, 2024 USD ($) debt_covenant	Mar. 31, 2024 USD ($) debt_covenant	Mar. 31, 2023 USD ($)	Jan. 31, 2024 USD ($)
Debt Instrument [Line Items]
Repayments of unsecured debt (Note 4)		$ 200,000,000	$ 0
Kilroy Realty L.P.
Debt Instrument [Line Items]
Long-term debt	$ 5,159,926,000	5,159,926,000
Repayments of unsecured debt (Note 4)		$ 200,000,000	$ 0
Number of noncompliant debt covenants that could require immediate repayment of full principal balance of associated debt | debt_covenant	1	1
6.250% Unsecured Senior Notes Due 2036 | Unsecured debt, net | Kilroy Realty L.P.
Debt Instrument [Line Items]
Long-term debt				$ 400,000,000
Initial issuance discount				$ 4,500,000
Stated interest rate on debt (percent)				6.25%
Unsecured Term Loan Facility | Term Loan Facility | Kilroy Realty L.P.
Debt Instrument [Line Items]
Borrowing facility, maximum borrowing capacity	$ 520,000,000	$ 520,000,000
Repayments of unsecured debt (Note 4)	200,000,000
Unsecured Term Loan Facility | Revolving credit facility | Kilroy Realty L.P.
Debt Instrument [Line Items]
Borrowing facility, maximum borrowing capacity	1,100,000,000	1,100,000,000
Unsecured New Term Loan Facility | Term Loan Facility | Kilroy Realty L.P.
Debt Instrument [Line Items]
Unsecured senior note	200,000,000	200,000,000
Borrowing facility, remaining borrowing capacity	$ 320,000,000	$ 320,000,000

Secured and Unsecured Debt of_4

Secured and Unsecured Debt of the Operating Partnership - Unsecured Senior Notes, Unsecured Revolving Credit Facility and Term Loan Facility (Details) - Kilroy Realty L.P.	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) extension_option	Dec. 31, 2023 USD ($) extension_option
Revolving Credit Facility and Term Loan Facility | Adjusted SOFR | Unsecured Revolving Credit Facility
Terms of the Borrowing Facilities
Variable rate (percent)	0.10%	0.10%
Revolving Credit Facility | Unsecured Revolving Credit Facility
Terms of the Borrowing Facilities
Outstanding borrowings	$ 0	$ 0
Remaining borrowing capacity	1,100,000,000	1,100,000,000
Total borrowing capacity	$ 1,100,000,000	$ 1,100,000,000
Interest rate (percent)	6.34%	6.38%
Facility fee-annual rate (percent)	0.20%	0.20%
Outstanding letters of credit	$ 5,200,000	$ 5,200,000
Contingent additional borrowings	$ 500,000,000	$ 500,000,000
Reduction interest rate	0.01%	0.01%
Unamortized deferred financing costs	$ 15,200,000	$ 3,200,000
Number of extension options | extension_option	2	2
Extension period (in months)	6 months	6 months
Revolving Credit Facility | SOFR | Unsecured Revolving Credit Facility
Terms of the Borrowing Facilities
Variable rate (percent)	0.90%	0.90%
Term Loan Facility | 2022 Term Loan Facility
Terms of the Borrowing Facilities
Outstanding borrowings	$ 120,000,000	$ 520,000,000
Remaining borrowing capacity	0	0
Total borrowing capacity	$ 120,000,000	$ 520,000,000
Interest rate (percent)	6.38%	6.41%
Facility fee-annual rate (percent)	0.20%	0.20%
Unamortized deferred financing costs		$ 2,300,000
Extension period (in months)	12 months	12 months
Term Loan Facility | SOFR | 2024 Term Loan Facility
Terms of the Borrowing Facilities
Variable rate (percent)	0.95%
Term Loan Facility | SOFR | 2022 Term Loan Facility
Terms of the Borrowing Facilities
Variable rate (percent)	0.95%	0.95%
Unsecured debt, net | 2024 Term Loan Facility
Terms of the Borrowing Facilities
Number of extension options | extension_option	2
Extension period (in months)	12 months
Unsecured debt, net | 2022 Term Loan Facility
Terms of the Borrowing Facilities
Number of extension options | extension_option	2
Extension period (in months)	12 months
Line of Credit | 2024 Term Loan Facility
Terms of the Borrowing Facilities
Outstanding borrowings	$ 200,000,000
Remaining borrowing capacity	0
Total borrowing capacity	$ 200,000,000
Interest rate (percent)	6.37%
Contingent additional borrowings	$ 130,000,000
Unamortized deferred financing costs	$ 3,000,000

Secured and Unsecured Debt of_5

Secured and Unsecured Debt of the Operating Partnership - Debt Maturities (Details) - Kilroy Realty L.P. $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) extension_option	Dec. 31, 2023 USD ($)
Stated debt maturities and scheduled amortization payments
Remaining 2024	$ 528,238
2025	606,246
2026	401,317
2027	249,125
2028	400,000
2029	475,000
Thereafter	2,500,000
Total aggregate principal value	5,159,926
Unsecured Debt | 2022 Term Loan Facility
Stated debt maturities and scheduled amortization payments
Long-term debt	$ 120,000
Number of extension options | extension_option	2
Extension period (in months)	12 months
Unsecured Debt | 2024 Term Loan Facility
Stated debt maturities and scheduled amortization payments
Long-term debt	$ 200,000
Number of extension options | extension_option	2
Extension period (in months)	12 months
Unsecured Senior Notes
Stated debt maturities and scheduled amortization payments
Unamortized debt issuance expense	$ 30,200
Senior Notes
Stated debt maturities and scheduled amortization payments
Debt issuance discount	$ 9,500
Term Loan Facility | 2022 Term Loan Facility
Stated debt maturities and scheduled amortization payments
Extension period (in months)	12 months	12 months
Unamortized debt issuance expense		$ 2,300

Secured and Unsecured Debt of_6

Secured and Unsecured Debt of the Operating Partnership - Capitalized Interest and Loan Fees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Capitalized Interest and Loan Fees [Line Items]
Interest expense	$ 38,871	$ 25,671
Kilroy Realty L.P.
Capitalized Interest and Loan Fees [Line Items]
Gross interest expense	58,678	43,402
Capitalized interest and deferred financing costs	(19,807)	(17,731)
Interest expense	$ 38,871	$ 25,671

Stockholders' Equity of the C_2

Stockholders' Equity of the Company (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Feb. 29, 2024
2024 At-The-Market Program
Class of Stock [Line Items]
At the market stock offering aggregate gross sales price of common stock	$ 500,000,000
Share Repurchase Program
Class of Stock [Line Items]
Aggregate gross purchase price		$ 500,000,000
Stock repurchased during period (in shares)	0

Noncontrolling Interests on t_2

Noncontrolling Interests on the Company's Consolidated Financial Statements (Details) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) trading_day director $ / shares shares	Dec. 31, 2023 USD ($) director $ / shares shares
Noncontrolling Interest [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Number of trading days | trading_day	10
Aggregate value upon redemption of outstanding noncontrolling common units | $	$ 41.3	$ 47
Non-Affiliated Investors and Certain Executive Officer and Directors | Common Units
Noncontrolling Interest [Line Items]
Common units outstanding held by common limited partners (in shares)	1,150,574	1,150,574
Kilroy Realty L.P. | Common Units
Noncontrolling Interest [Line Items]
Conversion ratio	1
Kilroy Realty L.P. | Common Units
Noncontrolling Interest [Line Items]
Common units outstanding held by common limited partners (in shares)	1,150,574	1,150,574
Operating Partnership
Noncontrolling Interest [Line Items]
Ownership interest (percent)	99%	99%
Operating Partnership | Non-Affiliated Investors and Certain Executive Officer and Directors
Noncontrolling Interest [Line Items]
Ownership interest (percent)	1%	1%
Number of directors | director	1	1

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended
	Feb. 01, 2024 USD ($) installment $ / shares shares	Jan. 22, 2024 shares	Feb. 29, 2024 shares	Mar. 31, 2024 USD ($) compensation_plan shares	Mar. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based incentive compensation plans | compensation_plan				1
Effective registration shares (in shares) | shares				12,600,000
Number of shares available for grant (in shares) | shares				2,100,000
Share-based compensation expense | $				$ 4.7	$ 11.6
Share-based compensation expense capitalized | $				1.3	1.5
Share-based compensation not yet recognized | $				$ 35.2
Share-based compensation not yet recognized period of recognition				2 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (in shares) | shares			501,594
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Number of shares granted in period (in shares) | shares			265,205
Vesting, achievement of pre-set FFO per share goals, percentage of RSUs				100%
Vesting, Average debt to EBIDTA ratio, percentage of RSUs				50%
Vesting, Market measure, percentage of RSUs				50%
Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (in shares) | shares			236,389
Number of installments | installment	3
Right to receive number of shares (in shares) | shares	1
2024 Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Vesting, achievement of pre-set FFO per share goals, percentage of RSUs			100%
Vesting, Average debt to EBIDTA ratio, percentage of RSUs			50%
Vesting, Market measure, percentage of RSUs			50%
Share-based compensation expense | $				$ 0.4
Number of shares issuable per RSU			1
Publicly-traded options, term	6 months
Fair value RSUs granted | $	$ 9.5
Time-Based Restricted Stock Units (RSUs), Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value RSUs granted | $	$ 8.3
Share price (in dollars per share) | $ / shares	$ 35.20
2023 Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based RSU, achievement target, all other participants, percent				150%
2022 Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based RSU, achievement target, all other participants, percent				150%
2022 Performance Based RSUs, Debt to EBITDA Ratio Performance Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based RSU, achievement target, all other participants, percent				150%
Chief Executive Officer | Kilroy Realty 2006 Incentive Award Plan | Time-Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) | shares		101,627
Vesting period		1 year
Former CEO and Former President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated share-based compensation costs | $					$ 4.5

Share-Based Compensation - Fair

Share-Based Compensation - Fair Value Assumptions (Details) - 2024 Performance-Based RSUs	Feb. 01, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share on valuation date (in dollars per share)	$ 36
Expected share price volatility	34%
Risk-free interest rate	3.98%
One Participant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share on valuation date (in dollars per share)	$ 36.43

Rental Income and Future Mini_3

Rental Income and Future Minimum Rent - Rental income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Fixed lease payments	$ 230,315	$ 245,835
Variable lease payments	48,458	46,707
Net collectability reversals	(3,883)	(2,438)
Total rental income	$ 274,890	$ 290,104

Rental Income and Future Mini_4

Rental Income and Future Minimum Rent - Future Contractual Minimum Rent (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Future contractual minimum rent under operating lease
Remaining 2024	$ 608,984
2025	808,474
2026	765,873
2027	706,957
2028	665,823
2029	579,246
Thereafter	1,501,596
Total	$ 5,636,953

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) ground_lease	Mar. 31, 2023 USD ($)
Other Commitments [Line Items]
Commitments for contracts and executed leases directly related to operating and development properties	$ 293.8
Weighted average discount rate, ground leases	4.67%
Weighted average remaining lease term	63 years
Variable lease, cost	$ 1	$ 1
Ten year ground lease extension option
Other Commitments [Line Items]
Number of extension options | ground_lease	3
Ground lease extension option term	10 years
Forty-five year ground lease extension option
Other Commitments [Line Items]
Number of extension options | ground_lease	1
Ground lease extension option term	45 years
Environmental Matters
Other Commitments [Line Items]
Accrued environmental remediation liabilities	$ 73.7

Commitments and Contingencies_2

Commitments and Contingencies - Minimum Commitment Under Ground Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Minimum commitment under our ground leases
Remaining 2024	$ 5,052
2025	6,772
2026	6,809
2027	6,850
2028	6,869
2029	6,869
Thereafter	367,744
Total undiscounted cash flows	406,965
Present value discount	(277,999)
Ground lease liabilities (Note 9)	$ 128,966	$ 124,353
Period after which ground lease rentals are adjusted based on fair market value and the Consumer Price Index	5 years
Duration of ground lease increase	10 years
Average annual percentage rent for previous ten years (percent)	60%
Previous period included in average annual rent percentage for ten-year increases	3 years
Ground lease fixed ground rent increase, percent	5%
Percentage rent increase every year	2%
Ground lease reset period	10 years
Remaining ground lease obligation period	10 years

Fair Value Measurements and D_3

Fair Value Measurements and Disclosures - Assets and Liabilities Reported at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair value, Measurements, Recurring | Fair Value (Level 1)
Assets and Liabilities Reported at Fair Value
Deferred compensation plan assets	$ 31,257	$ 28,089

Fair Value Measurements and D_4

Fair Value Measurements and Disclosures - Financial Instruments Disclosed at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Value | Certificates of deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, fair value	$ 78,256	$ 256,581
Carrying Value | Secured debt, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt, net	601,990	603,225
Carrying Value | Unsecured debt, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt, net	4,518,297	4,325,153
Fair Value | Certificates of deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, fair value	78,256	256,581
Fair Value | Secured debt, net | Fair value (level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt, net	574,885	585,826
Fair Value | Unsecured debt, net | Fair value (level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt, net	$ 4,117,905	$ 3,927,104

Net Income Available to Commo_5

Net Income Available to Common Stockholders Per Share of the Company (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income available to common stockholders	$ 49,920	$ 56,608
Allocation to participating securities	(799)	(364)
Numerator for basic and diluted net income available to common stockholders	$ 49,121	$ 56,244
Denominator:
Basic weighted average vested shares/ unit outstanding (in shares)	117,337,666	117,059,329
Effect of dilutive securities (in shares)	623,260	347,189
Diluted weighted average vested shares and common stock/ unit equivalents outstanding (in shares)	117,960,926	117,406,518
Basic earnings per share:
Net income available to common stockholders per share (in dollars per share)	$ 0.42	$ 0.48
Diluted earnings per share:
Net income available to common stockholders per share (in dollars per share)	$ 0.42	$ 0.48

Net Income Available to Commo_6

Net Income Available to Common Unitholders Per Unit of the Operating Partnership (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income available to common unitholders	$ 49,920	$ 56,608
Allocation to participating securities	(799)	(364)
Numerator for basic and diluted net income available to common stockholders	$ 49,121	$ 56,244
Denominator:
Basic weighted average vested shares/ unit outstanding (in shares)	117,337,666	117,059,329
Effect of dilutive securities (in shares)	623,260	347,189
Diluted weighted average vested shares and common stock/ unit equivalents outstanding (in shares)	117,960,926	117,406,518
Basic earnings per unit:
Net income available to common unitholders per unit (in dollars per share)	$ 0.42	$ 0.48
Diluted earnings per unit:
Net income available to common unitholders per unit (in dollars per share)	$ 0.42	$ 0.48
Kilroy Realty L.P.
Numerator:
Net income available to common unitholders	$ 50,422	$ 57,168
Allocation to participating securities	(799)	(364)
Numerator for basic and diluted net income available to common stockholders	$ 49,623	$ 56,804
Denominator:
Basic weighted average vested shares/ unit outstanding (in shares)	118,488,240	118,209,903
Effect of dilutive securities (in shares)	623,260	347,189
Diluted weighted average vested shares and common stock/ unit equivalents outstanding (in shares)	119,111,500	118,557,092
Basic earnings per unit:
Net income available to common unitholders per unit (in dollars per share)	$ 0.42	$ 0.48
Diluted earnings per unit:
Net income available to common unitholders per unit (in dollars per share)	$ 0.42	$ 0.48

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information of the Company - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SUPPLEMENTAL CASH FLOWS INFORMATION:
Capitalized interest	$ 18,697	$ 16,467
Cash paid for interest, net of capitalized interest of $18,697 and $16,467 as of March 31, 2024 and 2023, respectively	16,336	8,980
Cash paid for amounts included in the measurement of ground lease liabilities	1,560	1,704
NON-CASH INVESTING TRANSACTIONS:
Accrual for expenditures for operating properties and development and redevelopment properties	57,027	81,706
Tenant improvements funded directly by tenants	603	4,329
Remeasurement of ground lease liability and related right of use ground lease asset	4,782	0
NON-CASH FINANCING TRANSACTIONS:
Accrual of dividends and distributions payable to common stockholders and common unitholders	$ 65,111	$ 64,461

Supplemental Cash Flow Inform_6

Supplemental Cash Flow Information of the Company - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents	$ 855,007	$ 510,163	$ 476,358	$ 347,379
Restricted cash	0	0	0	0
Cash and cash equivalents and restricted cash	$ 855,007	$ 510,163	$ 476,358	$ 347,379

Supplemental Cash Flow Inform_7

Supplemental Cash Flow Information of the Operating Partnership - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SUPPLEMENTAL CASH FLOWS INFORMATION:
Capitalized interest	$ 18,697	$ 16,467
Cash paid for interest, net of capitalized interest of $18,697 and $16,467 as of March 31, 2024 and 2023, respectively	16,336	8,980
Cash paid for amounts included in the measurement of ground lease liabilities	1,560	1,704
NON-CASH INVESTING TRANSACTIONS:
Accrual for expenditures for operating properties and development and redevelopment properties	57,027	81,706
Tenant improvements funded directly by tenants	603	4,329
Remeasurement of ground lease liability and related right of use ground lease asset	4,782	0
NON-CASH FINANCING TRANSACTIONS:
Accrual of distributions payable to common unitholders	65,111	64,461
Kilroy Realty L.P.
SUPPLEMENTAL CASH FLOWS INFORMATION:
Capitalized interest	18,697	16,467
Cash paid for interest, net of capitalized interest of $18,697 and $16,467 as of March 31, 2024 and 2023, respectively	16,336	8,980
Cash paid for amounts included in the measurement of ground lease liabilities	1,560	1,704
NON-CASH INVESTING TRANSACTIONS:
Accrual for expenditures for operating properties and development and redevelopment properties	57,027	81,706
Tenant improvements funded directly by tenants	603	4,329
Remeasurement of ground lease liability and related right of use ground lease asset	4,782	0
NON-CASH FINANCING TRANSACTIONS:
Accrual of distributions payable to common unitholders	$ 65,111	$ 64,461

Supplemental Cash Flow Inform_8

Supplemental Cash Flow Information of the Operating Partnership - Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents	$ 855,007	$ 510,163	$ 476,358	$ 347,379
Restricted cash	0	0	0	0
Cash and cash equivalents and restricted cash	855,007	510,163	476,358	347,379
Kilroy Realty L.P.
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents	855,007	510,163	476,358	347,379
Restricted cash	0	0	0	0
Cash and cash equivalents and restricted cash	$ 855,007	$ 510,163	$ 476,358	$ 347,379