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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kilroy Realty Corporation | NYSE:KRC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 34.25 | 0 | 09:05:44 |
Maryland | 1-12675 | 95-4598246 | ||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||
12200 W. Olympic Boulevard, Suite 200, Los Angeles, California | 90064 | |||||
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(a) | Financial statements of businesses acquired: None. | |
(b) | Pro forma financial information: None. | |
(c) | Shell company transactions: None. | |
(d) | Exhibits: |
Exhibit No. | Description | |
99.1** | Supplemental Operating and Financial Data for the quarter ended December 31, 2014 | |
99.2** | Press Release dated January 28, 2015 regarding fourth quarter 2014 earnings |
Kilroy Realty Corporation | ||||||
Date: January 28, 2015 | ||||||
By: | /s/ Heidi R. Roth | |||||
Heidi R. Roth Executive Vice President, Chief Accounting Officer and Controller | ||||||
Page | |
Corporate Data and Financial Highlights | |
1 | |
2 | |
3 | |
4 | |
5 | |
6 | |
7 | |
Portfolio Data | |
8 | |
9-14 | |
15 | |
16 | |
17-19 | |
20 | |
21 | |
22 | |
Development | |
23 | |
24 | |
Debt and Capitalization Data | |
25 | |
26-27 | |
28-30 | |
31-32 | |
33-35 |
Board of Directors | Executive Management Team | Investor Relations | ||||
John Kilroy, Jr. | Chairman | John Kilroy, Jr. | President and CEO | 12200 W. Olympic Blvd., Suite 200 Los Angeles, CA 90064 (310) 481-8400 Web: www.kilroyrealty.com E-mail: investorrelations@kilroyrealty.com | ||
Edward F. Brennan, Ph.D. | Lead Independent | Jeffrey C. Hawken | Executive VP and COO | |||
Scott S. Ingraham | Eli Khouri | Executive VP and CIO | ||||
Gary R. Stevenson | Robert Paratte | Executive VP, Leasing and Business Development | ||||
Peter B. Stoneberg | Tyler H. Rose | Executive VP and CFO | ||||
Mike L. Sanford | Executive VP, Northern California | |||||
David Simon | Executive VP, Southern California | |||||
Justin W. Smart | Executive VP, Development and Construction Services |
Equity Research Coverage | ||||
Bank of America Merrill Lynch | JMP Securities | |||
James Feldman | (646) 855-5808 | Mitch Germain | (212) 906-3546 | |
Cantor Fitzgerald & Company | J.P. Morgan | |||
David Toti | (212) 915-1219 | Anthony Paolone | (212) 622-6682 | |
Citigroup Investment Research | KeyBanc Capital Markets | |||
Michael Bilerman | (212) 816-1383 | Craig Mailman | (917) 368-2316 | |
Cowen and Company | Morgan Stanley | |||
James Sullivan | (646) 562-1380 | Vance Edelson | (212) 761-0078 | |
Credit Suisse | RBC Capital Markets | |||
Ian Weissman | (212) 538-6889 | Richard Moore | (440) 715-2646 | |
D. A. Davidson | Robert W. Baird & Co. | |||
Barry Oxford | (212) 240-9871 | David B. Rodgers | (216) 737-7341 | |
Deutsche Bank Securities, Inc. | Stifel, Nicolaus & Company | |||
Vincent Chao | (212) 250-6799 | John W. Guinee III | (443) 224-1307 | |
Evercore ISI | UBS Investment Research | |||
Steve Sakwa | (212) 446-9462 | Ross T. Nussbaum | (212) 713-2484 | |
Green Street Advisors | Wells Fargo | |||
Jed Reagan | (949) 640-8780 | Brendan Maiorana | (443) 263-6516 |
Quarterly Financial Highlights | Quarterly Operating Highlights | |
• FFO per share of $0.78 • Net income available to common stockholders per share of $0.32; includes gain on sale of discontinued operations of $0.13 per share • Revenues from continuing operations of $141.8 million • Same Store cash net operating income (“NOI”) increased 5.0%; adjusted for significant one-time items cash NOI increased 4.4% • Same Store GAAP NOI increased 9.4%; adjusted for significant one-time items GAAP NOI increased 8.8% | • Stabilized portfolio was 94.4% occupied and 96.3% leased at quarter-end • 1,171,638 square feet of leases commenced; includes the recently stabilized Synopsys Campus • 1,051,939 square feet of leases executed in the stabilized portfolio • In November 2014, executed a 180,000 square foot lease for a 12-year term at the 685,000 square foot, Columbia Square mixed-use campus in Hollywood, CA | |
Capital Markets Highlights | Strategic Highlights | |
• $140.0 million is outstanding on the line of credit as of December 31, 2014 • In November 2014, repaid $135.5 million of the remaining 4.25% Exchangeable Notes upon maturity and issued 1,255,917 net shares of common stock representing the value of the exchange option at maturity • In December 2014, established a new $300.0 million at-the-market offering program • Raised $82.1 million of equity through the at-the-market offering program | • In October 2014, delivered and stabilized 680 and 690 E. Middlefield in Mountain View, CA totaling 341,000 square feet. The complex is 100% leased to Synopsys Inc. • In November 2014, completed the acquisition of Chesapeake Commons, a four building approximately 267,000 square foot office project located in Sunnyvale, CA for a purchase price of $100.5 million • In Q4 2014, completed the acquisition of two adjacent land sites aggregating approximately 5 acres located in the Central SOMA submarket of San Francisco, CA for $71.0 million • In Q4 2014, completed the sale of two office properties, one located in San Rafael, CA for total gross proceeds of $34.9 million and one located in Orange, CA for total gross proceeds of $25.3 million • In January 2015, completed the sale of a land parcel in Irvine, CA for total proceeds of $26.0 million | |
Three Months Ended | ||||||||||||||||||||||
12/31/2014 (1) | 9/30/2014 (1) | 6/30/2014 (1)(2) | 3/31/2014 (1) | 12/31/2013 (1) | ||||||||||||||||||
INCOME ITEMS (Including Discontinued Operations): | ||||||||||||||||||||||
Revenues | $ | 142,628 | $ | 131,082 | $ | 129,194 | $ | 126,318 | $ | 128,041 | ||||||||||||
Lease Termination Fees, net (3) | 459 | 1,737 | 1,844 | 1,464 | 15 | |||||||||||||||||
Net Operating Income | 104,041 | 92,543 | 91,798 | 89,133 | 90,143 | |||||||||||||||||
Acquisition-related Expenses | 211 | 431 | 609 | 228 | 575 | |||||||||||||||||
Capitalized Interest and Debt Costs | 11,229 | 13,328 | 11,750 | 10,783 | 10,067 | |||||||||||||||||
Net Income Available to Common Stockholders | 27,540 | 15,669 | 27,228 | 96,532 | 19,316 | |||||||||||||||||
EBITDA | 91,458 | 80,965 | 83,241 | 78,271 | 80,209 | |||||||||||||||||
Funds From Operations (4)(5) | 69,817 | 60,399 | 63,307 | 57,221 | 58,482 | |||||||||||||||||
Funds Available for Distribution (4)(5) | 26,187 | 37,667 | 37,392 | 38,348 | 25,631 | |||||||||||||||||
Net Income Available to Common Stockholders per common share – diluted | $ | 0.32 | $ | 0.18 | $ | 0.32 | $ | 1.14 | $ | 0.23 | ||||||||||||
Funds From Operations per common share – diluted | $ | 0.78 | $ | 0.69 | $ | 0.72 | $ | 0.66 | $ | 0.67 | ||||||||||||
Dividends per common share | $ | 0.35 | $ | 0.35 | $ | 0.35 | $ | 0.35 | $ | 0.35 | ||||||||||||
RATIOS (Including Discontinued Operations): | ||||||||||||||||||||||
Operating Margins | 72.9 | % | 70.6 | % | 71.1 | % | 70.6 | % | 70.4 | % | ||||||||||||
Interest Coverage Ratio | 3.3x | 3.0x | 3.2x | 3.0x | 3.1x | |||||||||||||||||
Fixed Charge Coverage Ratio | 2.9x | 2.6x | 2.9x | 2.7x | 2.7x | |||||||||||||||||
FFO Payout Ratio | 44.1 | % | 49.4 | % | 46.8 | % | 51.4 | % | 50.2 | % | ||||||||||||
FAD Payout Ratio | 117.7 | % | 79.2 | % | 79.3 | % | 76.7 | % | 114.6 | % | ||||||||||||
ASSETS: | ||||||||||||||||||||||
Real Estate Held for Investment before Depreciation | $ | 6,057,932 | $ | 5,751,097 | $ | 5,667,027 | $ | 5,434,024 | $ | 5,264,947 | ||||||||||||
Total Assets (6) | 5,633,736 | 5,487,464 | 5,273,792 | 5,114,543 | 5,111,028 | |||||||||||||||||
CAPITALIZATION: | ||||||||||||||||||||||
Total Debt | $ | 2,465,022 | $ | 2,424,033 | $ | 2,236,509 | $ | 2,148,954 | $ | 2,196,368 | ||||||||||||
Total Preferred Equity and Noncontrolling Interests | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | |||||||||||||||||
Total Common Equity and Noncontrolling Interests | 6,082,572 | 5,063,838 | 5,276,400 | 4,922,040 | 4,213,070 | |||||||||||||||||
Total Market Capitalization | 8,747,594 | 7,687,871 | 7,712,909 | 7,270,994 | 6,609,438 | |||||||||||||||||
Total Debt / Total Market Capitalization | 28.2 | % | 31.5 | % | 29.0 | % | 29.5 | % | 33.2 | % | ||||||||||||
Total Debt and Preferred / Total Market Capitalization | 30.4 | % | 34.1 | % | 31.6 | % | 32.3 | % | 36.3 | % | ||||||||||||
(1) | Net Income Available to Common Stockholders includes gains on dispositions of discontinued operations of $11.5 million, $5.6 million, $14.7 million, $90.1 million and $11.8 million for the three months ended December 31, 2014, September 30, 2014, June 30, 2014, March 31, 2014 and December 31, 2013, respectively, and a $3.5 million gain on sale of land for the three months ended June 30, 2014. |
(2) | EBITDA for the three months ended June 30, 2014 includes a $3.5 million gain on sale of land. |
(3) | Lease termination fees are presented net of accelerated amortization of deferred rent receivables. |
(4) | Please refer to page 7 for a reconciliation of GAAP Net Income Available to Common Stockholders to Funds From Operations and Funds Available for Distribution. |
(5) | Reported amounts are attributable to common stockholders and common unitholders. |
(6) | Total assets as of December 31, 2014, September 30, 2014, March 31, 2014, and December 31, 2013 include “Real estate assets and other assets held for sale, net.” |
Three Months Ended | |||||||||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | |||||||||||||||||
High Price | $ | 71.47 | $ | 63.96 | $ | 62.88 | $ | 59.53 | $ | 54.04 | |||||||||||
Low Price | $ | 58.73 | $ | 58.03 | $ | 57.29 | $ | 49.72 | $ | 48.89 | |||||||||||
Closing Price | $ | 69.07 | $ | 59.44 | $ | 62.28 | $ | 58.58 | $ | 50.18 | |||||||||||
Dividends per share – annualized | $ | 1.40 | $ | 1.40 | $ | 1.40 | $ | 1.40 | $ | 1.40 | |||||||||||
Closing common shares (in 000’s) (1)(2)(3) | 86,260 | 83,388 | 82,916 | 82,218 | 82,154 | ||||||||||||||||
Closing common partnership units (in 000’s) (1) | 1,804 | 1,804 | 1,804 | 1,804 | 1,805 | ||||||||||||||||
88,064 | 85,192 | 84,720 | 84,022 | 83,959 | |||||||||||||||||
(1) | As of the end of the period. |
(2) | In the fourth quarter of 2014, the Company issued 1,228,423 common shares under its at-the-market stock offering program at a weighted average price of $66.84 per share before selling commissions. |
(3) | In November 2014, in connection with the maturity of the 4.25% Exchangeable Notes, the Company issued 1,255,917 net shares of common stock to the noteholders which represented the value of the exchange option at maturity. |
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | |||||||||||||||||
ASSETS: | |||||||||||||||||||||
Land and improvements | $ | 877,633 | $ | 757,036 | $ | 675,489 | $ | 679,991 | $ | 657,491 | |||||||||||
Buildings and improvements | 4,059,639 | 3,882,015 | 3,720,863 | 3,706,662 | 3,590,699 | ||||||||||||||||
Undeveloped land and construction in progress | 1,120,660 | 1,112,046 | 1,270,675 | 1,047,371 | 1,016,757 | ||||||||||||||||
Total real estate assets held for investment | 6,057,932 | 5,751,097 | 5,667,027 | 5,434,024 | 5,264,947 | ||||||||||||||||
Accumulated depreciation and amortization | (947,664 | ) | (912,623 | ) | (885,580 | ) | (854,977 | ) | (818,957 | ) | |||||||||||
Total real estate assets held for investment, net | 5,110,268 | 4,838,474 | 4,781,447 | 4,579,047 | 4,445,990 | ||||||||||||||||
Real estate assets and other assets held for sale, net | 8,211 | 49,815 | — | 28,272 | 213,100 | ||||||||||||||||
Cash and cash equivalents | 23,781 | 200,431 | 24,571 | 95,534 | 35,377 | ||||||||||||||||
Restricted cash | 75,185 | 17,487 | 93,522 | 33,717 | 49,780 | ||||||||||||||||
Marketable securities | 11,971 | 12,076 | 11,747 | 11,001 | 10,008 | ||||||||||||||||
Current receivables, net | 7,229 | 6,443 | 10,588 | 11,092 | 10,743 | ||||||||||||||||
Deferred rent receivables, net | 156,416 | 139,910 | 134,269 | 130,750 | 127,123 | ||||||||||||||||
Deferred leasing costs and acquisition-related intangible assets, net | 201,926 | 183,057 | 178,841 | 188,466 | 186,622 | ||||||||||||||||
Deferred financing costs, net | 18,374 | 19,373 | 16,978 | 15,195 | 16,502 | ||||||||||||||||
Prepaid expenses and other assets, net | 20,375 | 20,398 | 21,829 | 21,469 | 15,783 | ||||||||||||||||
TOTAL ASSETS | $ | 5,633,736 | $ | 5,487,464 | $ | 5,273,792 | $ | 5,114,543 | $ | 5,111,028 | |||||||||||
LIABILITIES AND EQUITY: | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Secured debt | $ | 546,292 | $ | 549,896 | $ | 553,427 | $ | 556,946 | $ | 560,434 | |||||||||||
Exchangeable senior notes, net | — | 135,049 | 170,704 | 169,528 | 168,372 | ||||||||||||||||
Unsecured debt, net | 1,783,121 | 1,743,962 | 1,431,301 | 1,431,217 | 1,431,132 | ||||||||||||||||
Unsecured line of credit | 140,000 | — | 90,000 | — | 45,000 | ||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 225,830 | 243,602 | 215,535 | 187,631 | 198,467 | ||||||||||||||||
Accrued distributions | 32,899 | 31,897 | 31,730 | 31,456 | 31,490 | ||||||||||||||||
Deferred revenue and acquisition-related intangible liabilities, net | 132,239 | 114,504 | 114,670 | 107,569 | 101,286 | ||||||||||||||||
Rents received in advance and tenant security deposits | 49,363 | 45,086 | 43,085 | 43,952 | 44,240 | ||||||||||||||||
Liabilities of real estate assets held for sale | 56 | 3,099 | — | 634 | 14,447 | ||||||||||||||||
Total liabilities | 2,909,800 | 2,867,095 | 2,650,452 | 2,528,933 | 2,594,868 | ||||||||||||||||
Equity: | |||||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||
6.875% Series G Cumulative Redeemable Preferred stock | 96,155 | 96,155 | 96,155 | 96,155 | 96,155 | ||||||||||||||||
6.375% Series H Cumulative Redeemable Preferred stock | 96,256 | 96,256 | 96,256 | 96,256 | 96,256 | ||||||||||||||||
Common stock | 863 | 834 | 829 | 822 | 822 | ||||||||||||||||
Additional paid-in capital | 2,635,900 | 2,530,282 | 2,519,268 | 2,479,740 | 2,478,975 | ||||||||||||||||
Distributions in excess of earnings | (162,964 | ) | (159,799 | ) | (145,851 | ) | (143,636 | ) | (210,896 | ) | |||||||||||
Total stockholders’ equity | 2,666,210 | 2,563,728 | 2,566,657 | 2,529,337 | 2,461,312 | ||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Common units of the Operating Partnership | 51,864 | 51,419 | 51,798 | 51,388 | 49,963 | ||||||||||||||||
Noncontrolling interest in consolidated subsidiary | 5,862 | 5,222 | 4,885 | 4,885 | 4,885 | ||||||||||||||||
Total noncontrolling interests | 57,726 | 56,641 | 56,683 | 56,273 | 54,848 | ||||||||||||||||
Total equity | 2,723,936 | 2,620,369 | 2,623,340 | 2,585,610 | 2,516,160 | ||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 5,633,736 | $ | 5,487,464 | $ | 5,273,792 | $ | 5,114,543 | $ | 5,111,028 | |||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
REVENUES | ||||||||||||||||||
Rental income | $ | 127,417 | $ | 108,326 | $ | 466,328 | $ | 411,899 | ||||||||||
Tenant reimbursements | 13,318 | 9,697 | 46,717 | 38,047 | ||||||||||||||
Other property income | 1,030 | 581 | 8,680 | 7,165 | ||||||||||||||
Total revenues | 141,765 | 118,604 | 521,725 | 457,111 | ||||||||||||||
EXPENSES | ||||||||||||||||||
Property expenses | 25,066 | 24,220 | 100,514 | 94,115 | ||||||||||||||
Real estate taxes | 12,469 | 10,288 | 45,197 | 39,417 | ||||||||||||||
Provision for bad debts | — | 200 | 58 | 396 | ||||||||||||||
Ground leases | 769 | 839 | 3,075 | 3,504 | ||||||||||||||
General and administrative expenses | 12,346 | 9,910 | 46,152 | 39,660 | ||||||||||||||
Acquisition-related expenses | 211 | 575 | 1,479 | 1,962 | ||||||||||||||
Depreciation and amortization | 53,770 | 50,236 | 202,417 | 188,887 | ||||||||||||||
Total expenses | 104,631 | 96,268 | 398,892 | 367,941 | ||||||||||||||
OTHER (EXPENSES) INCOME | ||||||||||||||||||
Interest income and other net investment (losses) gains | (26 | ) | 551 | 561 | 1,635 | |||||||||||||
Interest expense | (17,691 | ) | (17,849 | ) | (67,571 | ) | (75,870 | ) | ||||||||||
Total other (expenses) income | (17,717 | ) | (17,298 | ) | (67,010 | ) | (74,235 | ) | ||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF LAND | 19,417 | 5,038 | 55,823 | 14,935 | ||||||||||||||
Gain on sale of land | — | — | 3,490 | — | ||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 19,417 | 5,038 | 59,313 | 14,935 | ||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||
Income from discontinued operations | 482 | 6,180 | 2,573 | 17,378 | ||||||||||||||
Gains on dispositions of discontinued operations | 11,531 | 11,829 | 121,922 | 12,252 | ||||||||||||||
Total income from discontinued operations | 12,013 | 18,009 | 124,495 | 29,630 | ||||||||||||||
NET INCOME | 31,430 | 23,047 | 183,808 | 44,565 | ||||||||||||||
Net income attributable to noncontrolling common units of the Operating Partnership | (578 | ) | (419 | ) | (3,589 | ) | (685 | ) | ||||||||||
NET INCOME ATTRIBUTABLE TO KILROY REALTY CORPORATION | 30,852 | 22,628 | 180,219 | 43,880 | ||||||||||||||
Preferred dividends | (3,312 | ) | (3,312 | ) | (13,250 | ) | (13,250 | ) | ||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 27,540 | $ | 19,316 | $ | 166,969 | $ | 30,630 | ||||||||||
Weighted average common shares outstanding – basic | 84,767 | 82,071 | 83,090 | 77,344 | ||||||||||||||
Weighted average common shares outstanding – diluted | 85,956 | 83,761 | 84,968 | 77,344 | ||||||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS PER SHARE | ||||||||||||||||||
Net income available to common stockholders per share – basic | $ | 0.32 | $ | 0.23 | $ | 1.99 | $ | 0.37 | ||||||||||
Net income available to common stockholders per share – diluted | $ | 0.32 | $ | 0.23 | $ | 1.95 | $ | 0.37 | ||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
FUNDS FROM OPERATIONS: (1) | ||||||||||||||||||
Net income available to common stockholders | $ | 27,540 | $ | 19,316 | $ | 166,969 | $ | 30,630 | ||||||||||
Adjustments: | ||||||||||||||||||
Net income attributable to noncontrolling common units of the Operating Partnership | 578 | 419 | 3,589 | 685 | ||||||||||||||
Depreciation and amortization of real estate assets | 53,230 | 50,576 | 202,108 | 199,558 | ||||||||||||||
Gains on dispositions of discontinued operations | (11,531 | ) | (11,829 | ) | (121,922 | ) | (12,252 | ) | ||||||||||
Funds From Operations (2)(3) | $ | 69,817 | $ | 58,482 | $ | 250,744 | $ | 218,621 | ||||||||||
Weighted average common shares/units outstanding – basic (4) | 87,809 | 85,124 | 86,123 | 80,390 | ||||||||||||||
Weighted average common shares/units outstanding – diluted (4) | 88,997 | 86,813 | 88,001 | 82,155 | ||||||||||||||
FFO per common share/unit – basic (2) | $ | 0.80 | $ | 0.69 | $ | 2.91 | $ | 2.72 | ||||||||||
FFO per common share/unit – diluted (2) | $ | 0.78 | $ | 0.67 | $ | 2.85 | $ | 2.66 | ||||||||||
FUNDS AVAILABLE FOR DISTRIBUTION: (1) | ||||||||||||||||||
Funds From Operations (2) | $ | 69,817 | $ | 58,482 | $ | 250,744 | $ | 218,621 | ||||||||||
Adjustments: | ||||||||||||||||||
Tenant improvements, leasing commissions and recurring capital expenditures | (25,432 | ) | (25,228 | ) | (77,679 | ) | (83,391 | ) | ||||||||||
Amortization of deferred revenue related to tenant-funded tenant improvements (3)(5) | (3,284 | ) | (3,128 | ) | (10,979 | ) | (10,713 | ) | ||||||||||
Net effect of straight-line rents | (16,537 | ) | (5,947 | ) | (31,782 | ) | (24,135 | ) | ||||||||||
Amortization of net below market rents (6) | (2,112 | ) | (1,762 | ) | (8,328 | ) | (7,777 | ) | ||||||||||
Noncash effect of exchangeable notes, net (7) | 204 | 662 | 2,505 | 2,786 | ||||||||||||||
Amortization of deferred financing costs and net debt discounts/(premiums) | 144 | 200 | 740 | 890 | ||||||||||||||
Noncash amortization of share-based compensation awards | 3,278 | 2,162 | 12,095 | 8,616 | ||||||||||||||
Other lease related adjustments, net (8) | 109 | 190 | 2,278 | 2,201 | ||||||||||||||
Funds Available for Distribution (1) | $ | 26,187 | $ | 25,631 | $ | 139,594 | $ | 107,098 | ||||||||||
(1) | See pages 29 and 30 for Management Statements on Funds From Operation and Funds Available for Distribution. |
(2) | Reported amounts are attributable to common shareholders and unitholders. |
(3) | FFO includes amortization of deferred revenue related to tenant-funded tenant improvements of $3.3 million and $3.1 million for the three months ended December 31, 2014 and 2013, respectively, and $11.0 million and $10.7 million for the year ended December 31, 2014 and 2013, respectively. These amounts are adjusted out of FFO in our calculation of FAD. |
(4) | Calculated based on weighted average shares outstanding including participating share-based awards (i.e. nonvested stock and certain time based restricted stock units), dilutive impact of stock options and contingently issuable shares and assuming the exchange of all common limited partnership units outstanding. |
(5) | Represents revenue recognized during the period as a result of the amortization of deferred revenue recorded for tenant-funded tenant improvements. |
(6) | Represents the non-cash adjustment related to the acquisition of buildings with above and/or below market rents. |
(7) | Includes the noncash amortization of the debt discount on the Company’s exchangeable senior notes, net of amounts capitalized. For the year ended December 31, 2014, includes the noncash loss incurred on the early redemption of $37.0 million of the exchangeable notes. |
(8) | Includes other non-cash adjustments attributable to lease-related GAAP revenue recognition timing differences. For the year ended December 31, 2014, includes the cash receipt of $5.7 million related to a lease termination fee. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | % Change | 2014 | 2013 | % Change | |||||||||||||||||||
Total Same Store Portfolio | ||||||||||||||||||||||||
Number of properties | 93 | 93 | 93 | 93 | ||||||||||||||||||||
Square Feet | 11,309,444 | 11,309,444 | 11,309,444 | 11,309,444 | ||||||||||||||||||||
Percent of Stabilized Portfolio | 80.2 | % | 88.8 | % | 80.2 | % | 88.8 | % | ||||||||||||||||
Average Occupancy | 93.0 | % | 91.8 | % | 92.7 | % | 91.4 | % | ||||||||||||||||
Operating Revenues: | ||||||||||||||||||||||||
Rental income | $ | 98,860 | $ | 94,154 | 5.0 | % | $ | 386,456 | $ | 370,128 | 4.4 | % | ||||||||||||
Tenant reimbursements | 9,942 | 8,071 | 23.2 | % | 38,264 | 33,704 | 13.5 | % | ||||||||||||||||
Other property income | 1,024 | 578 | 77.2 | % | 8,656 | 7,155 | 21.0 | % | ||||||||||||||||
Total operating revenues (2) | 109,826 | 102,803 | 6.8 | % | 433,376 | 410,987 | 5.4 | % | ||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||
Property expenses (3) | 22,389 | 22,089 | 1.4 | % | 90,468 | 86,844 | 4.2 | % | ||||||||||||||||
Real estate taxes | 8,957 | 8,632 | 3.8 | % | 35,583 | 34,331 | 3.6 | % | ||||||||||||||||
Provision for bad debts | (143 | ) | 155 | (192.3 | )% | (181 | ) | 383 | (147.3 | )% | ||||||||||||||
Ground leases | 733 | 735 | (0.3 | )% | 2,932 | 2,900 | 1.1 | % | ||||||||||||||||
Total operating expenses | 31,936 | 31,611 | 1.0 | % | 128,802 | 124,458 | 3.5 | % | ||||||||||||||||
GAAP Net Operating Income | $ | 77,890 | $ | 71,192 | 9.4 | % | $ | 304,574 | $ | 286,529 | 6.3 | % | ||||||||||||
Same Store Analysis (Cash Basis) (4) | ||||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | % Change | 2014 | 2013 | % Change | |||||||||||||||||||
Total operating revenues | $ | 99,520 | $ | 95,691 | 4.0 | % | $ | 405,059 | $ | 381,254 | 6.2 | % | ||||||||||||
Total operating expenses | 32,079 | 31,456 | 2.0 | % | 128,983 | 124,074 | 4.0 | % | ||||||||||||||||
Cash Net Operating Income | $ | 67,441 | $ | 64,235 | 5.0 | % | $ | 276,076 | $ | 257,180 | 7.3 | % | ||||||||||||
(1) | Same Store is defined as all properties owned and included in our stabilized portfolio as of January 1, 2013 and still owned and included in the stabilized portfolio as of December 31, 2014. |
(2) | Total operating revenues for the year ended December 31, 2014 includes $4.4 million related to a net lease termination fee. Other property income for the three and twelve months ended December 31, 2014 includes a $0.4 million cash payment related to the default of a prior tenant received in October 2014. Other property income for the year ended December 31, 2013 includes a $5.2 million cash receipt related to a property damage settlement. |
(3) | Property expenses for the year ended December 31, 2014 and 2013 include $2.2 million and $1.2 million related to cash paid for nonrecurring legal fees, respectively. |
(4) | Please refer to page 33 for a reconciliation of the Same Store measures on this page to Net Income Available to Common Stockholders. |
Portfolio Breakdown | Occupied at | Leased at | |||||||||||||||||||
Buildings | YTD NOI % | SF % | Total SF | 12/31/2014 | 9/30/2014 | 12/31/2014 | |||||||||||||||
Los Angeles and Ventura Counties | |||||||||||||||||||||
101 Corridor | 4 | 1.6 | % | 2.2 | % | 306,324 | 98.9 | % | 98.1 | % | 100.0 | % | |||||||||
El Segundo | 5 | 7.6 | % | 7.7 | % | 1,090,525 | 99.1 | % | 99.6 | % | 99.1 | % | |||||||||
Hollywood | 1 | 1.7 | % | 2.3 | % | 324,617 | 90.6 | % | 90.2 | % | 91.6 | % | |||||||||
Long Beach | 7 | 4.3 | % | 6.7 | % | 946,934 | 90.1 | % | 91.1 | % | 90.6 | % | |||||||||
West Los Angeles | 10 | 5.0 | % | 5.9 | % | 837,190 | 86.2 | % | 84.5 | % | 95.4 | % | |||||||||
Total Los Angeles and Ventura Counties | 27 | 20.2 | % | 24.8 | % | 3,505,590 | 92.8 | % | 92.7 | % | 95.3 | % | |||||||||
Total Orange County | 1 | 2.0 | % | 1.9 | % | 271,556 | 98.7 | % | 97.8 | % | 98.7 | % | |||||||||
San Diego County | |||||||||||||||||||||
Del Mar | 17 | 15.0 | % | 12.4 | % | 1,743,213 | 96.5 | % | 95.7 | % | 96.7 | % | |||||||||
I-15 Corridor | 5 | 4.5 | % | 3.8 | % | 540,854 | 98.1 | % | 95.0 | % | 98.1 | % | |||||||||
Mission Valley | 4 | 1.6 | % | 2.1 | % | 290,585 | 87.4 | % | 87.4 | % | 87.4 | % | |||||||||
Point Loma | 1 | 1.8 | % | 0.7 | % | 103,900 | 46.3 | % | 45.5 | % | 61.2 | % | |||||||||
Sorrento Mesa | 16 | 6.7 | % | 9.3 | % | 1,303,583 | 88.5 | % | 90.5 | % | 95.8 | % | |||||||||
University Towne Center | 3 | 1.0 | % | 1.9 | % | 261,933 | 71.9 | % | 71.9 | % | 71.9 | % | |||||||||
Total San Diego County | 46 | 30.6 | % | 30.2 | % | 4,244,068 | 90.9 | % | 90.8 | % | 93.6 | % | |||||||||
San Francisco Bay Area | |||||||||||||||||||||
Menlo Park | 7 | 3.6 | % | 2.7 | % | 378,358 | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||
Mountain View | 3 | 1.7 | % | 3.0 | % | 428,060 | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||
San Francisco | 6 | 19.5 | % | 15.3 | % | 2,150,522 | 96.9 | % | 98.1 | % | 98.3 | % | |||||||||
Sunnyvale | 8 | 3.0 | % | 6.6 | % | 930,221 | 95.9 | % | 100.0 | % | 100.0 | % | |||||||||
Total San Francisco Bay Area | 24 | 27.8 | % | 27.6 | % | 3,887,161 | 97.3 | % | 98.8 | % | 99.0 | % | |||||||||
Greater Seattle | |||||||||||||||||||||
Bellevue | 2 | 8.1 | % | 6.4 | % | 905,225 | 98.4 | % | 90.9 | % | 98.4 | % | |||||||||
Kirkland | 4 | 2.0 | % | 2.0 | % | 279,924 | 90.0 | % | 92.2 | % | 90.0 | % | |||||||||
Lake Union | 6 | 8.3 | % | 6.2 | % | 880,990 | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||
Redmond | 1 | 1.0 | % | 0.9 | % | 122,103 | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||
Total Greater Seattle | 13 | 19.4 | % | 15.5 | % | 2,188,242 | 98.1 | % | 95.2 | % | 98.1 | % | |||||||||
TOTAL STABILIZED PORTFOLIO | 111 | 100.0 | % | 100.0 | % | 14,096,617 | 94.4 | % | 94.1 | % | 96.3 | % | |||||||||
Average Occupancy | ||
Quarter-to-Date | Year-to-Date | |
94.2% | 93.5% |
Submarket | Square Feet | Occupied | ||||||||
Los Angeles and Ventura, California | ||||||||||
23925 Park Sorrento | 101 Corridor | 11,789 | 100.0 | % | ||||||
23975 Park Sorrento | 101 Corridor | 104,797 | 100.0 | % | ||||||
24025 Park Sorrento | 101 Corridor | 108,671 | 96.9 | % | ||||||
2829 Townsgate Road | 101 Corridor | 81,067 | 100.0 | % | ||||||
2240 E. Imperial Highway | El Segundo | 122,870 | 100.0 | % | ||||||
2250 E. Imperial Highway | El Segundo | 298,728 | 100.0 | % | ||||||
2260 E. Imperial Highway | El Segundo | 298,728 | 100.0 | % | ||||||
909 N. Sepulveda Boulevard | El Segundo | 241,607 | 100.0 | % | ||||||
999 N. Sepulveda Boulevard | El Segundo | 128,592 | 92.7 | % | ||||||
6255 W. Sunset Boulevard | Hollywood | 324,617 | 90.6 | % | ||||||
3750 Kilroy Airport Way | Long Beach | 10,457 | 86.1 | % | ||||||
3760 Kilroy Airport Way | Long Beach | 165,278 | 75.3 | % | ||||||
3780 Kilroy Airport Way | Long Beach | 219,822 | 83.4 | % | ||||||
3800 Kilroy Airport Way | Long Beach | 192,476 | 98.5 | % | ||||||
3840 Kilroy Airport Way | Long Beach | 136,026 | 100.0 | % | ||||||
3880 Kilroy Airport Way | Long Beach | 96,035 | 100.0 | % | ||||||
3900 Kilroy Airport Way | Long Beach | 126,840 | 90.8 | % | ||||||
12100 W. Olympic Boulevard | West Los Angeles | 150,167 | 94.4 | % | ||||||
12200 W. Olympic Boulevard | West Los Angeles | 150,117 | 97.9 | % | ||||||
12233 W. Olympic Boulevard | West Los Angeles | 151,029 | 94.5 | % | ||||||
12312 W. Olympic Boulevard | West Los Angeles | 76,644 | 0.0 | % | ||||||
1633 26th Street | West Los Angeles | 44,915 | 100.0 | % | ||||||
2100/2110 Colorado Avenue | West Los Angeles | 102,864 | 100.0 | % | ||||||
3130 Wilshire Boulevard | West Los Angeles | 88,339 | 95.7 | % | ||||||
501 Santa Monica Boulevard | West Los Angeles | 73,115 | 78.8 | % | ||||||
Total Los Angeles and Ventura Counties | 3,505,590 | 92.8 | % | |||||||
Orange County, California | ||||||||||
2211 Michelson Drive | Irvine | 271,556 | 98.7 | % | ||||||
Total Orange County | 271,556 | 98.7 | % | |||||||
Submarket | Square Feet | Occupied | ||||||||
San Diego, California | ||||||||||
12225 El Camino Real | Del Mar | 58,401 | 100.0 | % | ||||||
12235 El Camino Real | Del Mar | 54,673 | 82.1 | % | ||||||
12340 El Camino Real | Del Mar | 87,374 | 88.8 | % | ||||||
12390 El Camino Real | Del Mar | 72,332 | 100.0 | % | ||||||
12348 High Bluff Drive | Del Mar | 38,806 | 100.0 | % | ||||||
12400 High Bluff Drive | Del Mar | 209,220 | 100.0 | % | ||||||
3579 Valley Centre Drive | Del Mar | 50,677 | 100.0 | % | ||||||
3611 Valley Centre Drive | Del Mar | 130,349 | 96.3 | % | ||||||
3661 Valley Centre Drive | Del Mar | 129,782 | 89.7 | % | ||||||
3721 Valley Centre Drive | Del Mar | 114,780 | 79.9 | % | ||||||
3811 Valley Centre Drive | Del Mar | 112,067 | 100.0 | % | ||||||
7525 Torrey Santa Fe | Del Mar | 103,979 | 100.0 | % | ||||||
7535 Torrey Santa Fe | Del Mar | 130,243 | 100.0 | % | ||||||
7545 Torrey Santa Fe | Del Mar | 130,354 | 100.0 | % | ||||||
7555 Torrey Santa Fe | Del Mar | 101,236 | 100.0 | % | ||||||
12780 El Camino Real | Del Mar | 140,591 | 100.0 | % | ||||||
12790 El Camino Real | Del Mar | 78,349 | 100.0 | % | ||||||
13280 Evening Creek Drive South | I-15 Corridor | 41,196 | 86.6 | % | ||||||
13290 Evening Creek Drive South | I-15 Corridor | 61,180 | 100.0 | % | ||||||
13480 Evening Creek Drive North | I-15 Corridor | 149,817 | 100.0 | % | ||||||
13500 Evening Creek Drive North | I-15 Corridor | 147,533 | 100.0 | % | ||||||
13520 Evening Creek Drive North | I-15 Corridor | 141,128 | 96.6 | % | ||||||
2355 Northside Drive | Mission Valley | 53,610 | 87.4 | % | ||||||
2365 Northside Drive | Mission Valley | 96,436 | 73.3 | % | ||||||
2375 Northside Drive | Mission Valley | 51,516 | 91.9 | % | ||||||
2385 Northside Drive | Mission Valley | 89,023 | 100.0 | % | ||||||
2305 Historic Decatur Road | Point Loma | 103,900 | 46.3 | % | ||||||
4921 Directors Place | Sorrento Mesa | 56,136 | 84.9 | % | ||||||
4939 Directors Place | Sorrento Mesa | 60,662 | 100.0 | % | ||||||
4955 Directors Place | Sorrento Mesa | 76,246 | 100.0 | % | ||||||
10770 Wateridge Circle | Sorrento Mesa | 174,310 | 70.8 | % | ||||||
6260 Sequence Drive | Sorrento Mesa | 130,536 | 100.0 | % | ||||||
Submarket | Square Feet | Occupied | ||||||||
San Diego, California (Continued) | ||||||||||
6290 Sequence Drive | Sorrento Mesa | 90,000 | 0.0 | % | ||||||
6310 Sequence Drive | Sorrento Mesa | 62,415 | 100.0 | % | ||||||
6340 Sequence Drive | Sorrento Mesa | 66,400 | 100.0 | % | ||||||
6350 Sequence Drive | Sorrento Mesa | 132,600 | 100.0 | % | ||||||
10390 Pacific Center Court | Sorrento Mesa | 68,400 | 100.0 | % | ||||||
10394 Pacific Center Court | Sorrento Mesa | 59,630 | 100.0 | % | ||||||
10398 Pacific Center Court | Sorrento Mesa | 43,645 | 100.0 | % | ||||||
10421 Pacific Center Court | Sorrento Mesa | 75,899 | 100.0 | % | ||||||
10445 Pacific Center Court | Sorrento Mesa | 48,709 | 100.0 | % | ||||||
10455 Pacific Center Court | Sorrento Mesa | 90,000 | 100.0 | % | ||||||
5717 Pacific Center Boulevard | Sorrento Mesa | 67,995 | 100.0 | % | ||||||
4690 Executive Drive | University Towne Center | 47,212 | 100.0 | % | ||||||
6200 Greenwich Drive | University Towne Center | 73,507 | 0.0 | % | ||||||
6220 Greenwich Drive | University Towne Center | 141,214 | 100.0 | % | ||||||
Total San Diego County | 4,244,068 | 90.9 | % | |||||||
Submarket | Square Feet | Occupancy | ||||||||
San Francisco Bay Area, California | ||||||||||
4100 Bohannon Drive | Menlo Park | 47,379 | 100.0 | % | ||||||
4200 Bohannon Drive | Menlo Park | 45,451 | 100.0 | % | ||||||
4300 Bohannon Drive | Menlo Park | 63,079 | 100.0 | % | ||||||
4400 Bohannon Drive | Menlo Park | 48,146 | 100.0 | % | ||||||
4500 Bohannon Drive | Menlo Park | 63,078 | 100.0 | % | ||||||
4600 Bohannon Drive | Menlo Park | 48,147 | 100.0 | % | ||||||
4700 Bohannon Drive | Menlo Park | 63,078 | 100.0 | % | ||||||
331 Fairchild Drive | Mountain View | 87,147 | 100.0 | % | ||||||
680 E. Middlefield Road | Mountain View | 170,090 | 100.0 | % | ||||||
690 E. Middlefield Road | Mountain View | 170,823 | 100.0 | % | ||||||
303 Second Street | San Francisco | 740,047 | 97.9 | % | ||||||
100 First Street | San Francisco | 466,490 | 95.7 | % | ||||||
250 Brannan Street | San Francisco | 95,008 | 100.0 | % | ||||||
201 Third Street | San Francisco | 344,551 | 92.2 | % | ||||||
301 Brannan Street | San Francisco | 74,430 | 100.0 | % | ||||||
360 Third Street | San Francisco | 429,996 | 99.2 | % | ||||||
1310 Chesapeake Terrace | Sunnyvale | 76,244 | 100.0 | % | ||||||
1315 Chesapeake Terrace | Sunnyvale | 55,635 | 100.0 | % | ||||||
1320-1324 Chesapeake Terrace | Sunnyvale | 79,720 | 52.0 | % | ||||||
1325-1327 Chesapeake Terrace | Sunnyvale | 55,383 | 100.0 | % | ||||||
505 Mathilda Avenue | Sunnyvale | 212,322 | 100.0 | % | ||||||
555 Mathilda Avenue | Sunnyvale | 212,322 | 100.0 | % | ||||||
605 Mathilda Avenue | Sunnyvale | 162,785 | 100.0 | % | ||||||
599 Mathilda Avenue | Sunnyvale | 75,810 | 100.0 | % | ||||||
Total San Francisco Bay Area | 3,887,161 | 97.3 | % | |||||||
Submarket | Square Feet | Occupied | ||||||||
Greater Seattle, Washington | ||||||||||
601 108th Avenue NE | Bellevue | 488,470 | 99.3 | % | ||||||
10900 NE 4th Street | Bellevue | 416,755 | 97.4 | % | ||||||
10210 NE Points Drive | Kirkland | 84,641 | 94.4 | % | ||||||
10220 NE Points Drive | Kirkland | 49,851 | 100.0 | % | ||||||
10230 NE Points Drive | Kirkland | 98,982 | 76.4 | % | ||||||
3933 Lake Washington Blvd NE | Kirkland | 46,450 | 100.0 | % | ||||||
837 N. 34th Street | Lake Union | 111,580 | 100.0 | % | ||||||
701 N. 34th Street | Lake Union | 138,995 | 100.0 | % | ||||||
801 N. 34th Street | Lake Union | 169,412 | 100.0 | % | ||||||
320 Westlake Avenue North | Lake Union | 184,643 | 100.0 | % | ||||||
321 Terry Avenue North | Lake Union | 135,755 | 100.0 | % | ||||||
401 Terry Avenue North | Lake Union | 140,605 | 100.0 | % | ||||||
15050 NE 36th Street | Redmond | 122,103 | 100.0 | % | ||||||
Total Greater Seattle | 2,188,242 | 98.1 | % | |||||||
TOTAL | 14,096,617 | 94.4 | % | |||||||
1st & 2nd Generation | 2nd Generation | ||||||||||||||||||||||||||||
# of Leases (1) | Square Feet (1) | TI/LC Per Sq.Ft. | Changes in GAAP Rents | Changes in Cash Rents | Retention Rates | Weighted Average Lease Term (Mo.) | |||||||||||||||||||||||
New | Renewal | New | Renewal | ||||||||||||||||||||||||||
Quarter to Date | 23 | 23 | 216,331 | 614,394 | $ | 34.42 | 31.5 | % | 23.1 | % | 78.0 | % | 64 | ||||||||||||||||
Year to Date | 106 | 81 | 1,045,717 | 1,333,231 | 33.43 | 19.7 | % | 9.4 | % | 58.6 | % | 69 | |||||||||||||||||
1st & 2nd Generation | 2nd Generation | |||||||||||||||||||||||||
# of Leases (2) | Square Feet (2) | TI/LC Per Sq.Ft. | Changes in GAAP Rents | Changes in Cash Rents | Weighted Average Lease Term (Mo.) | |||||||||||||||||||||
New | Renewal | New | Renewal | |||||||||||||||||||||||
Quarter to Date (3) | 26 | 23 | 437,545 | 614,394 | $ | 38.65 | 40.1 | % | 27.2 | % | 69 | |||||||||||||||
Year to Date (4) | 108 | 81 | 1,014,888 | 1,333,231 | 37.14 | 25.4 | % | 13.0 | % | 74 | ||||||||||||||||
(1) | Represents leasing activity for leases that commenced at properties in the stabilized portfolio during the three months and year ended December 31, 2014, including first and second generation space, net of month-to-month leases. |
(2) | Represents leasing activity for leases signed at properties in the stabilized portfolio during the three months and year ended December 31, 2014, including first and second generation space, net of month-to-month leases. |
(3) | During the three months ended December 31, 2014, 19 new leases totaling 364,846 square feet were signed but not commenced as of December 31, 2014. |
(4) | During the year ended December 31, 2014, 25 new leases totaling 489,482 square feet were signed but not commenced as of December 31, 2014. |
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Total 2014 | ||||||||||||||||||
1st Generation (Nonrecurring) Capital Expenditures: | ||||||||||||||||||||||
Capital Improvements | $ | 8,031 | $ | 2,751 | $ | 4,794 | $ | 1,077 | $ | 16,653 | ||||||||||||
Tenant Improvements & Leasing Commissions (1) | 10,936 | 4,223 | 2,398 | 4,852 | 22,409 | |||||||||||||||||
Total | $ | 18,967 | $ | 6,974 | $ | 7,192 | $ | 5,929 | $ | 39,062 | ||||||||||||
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Total 2014 | ||||||||||||||||||
2nd Generation (Recurring) Capital Expenditures: | ||||||||||||||||||||||
Capital Improvements | $ | 1,607 | $ | 2,732 | $ | 3,674 | $ | 2,660 | $ | 10,673 | ||||||||||||
Tenant Improvements & Leasing Commissions (1) | 11,460 | 16,374 | 16,400 | 22,772 | 67,006 | |||||||||||||||||
Total | $ | 13,067 | $ | 19,106 | $ | 20,074 | $ | 25,432 | $ | 77,679 | ||||||||||||
(1) | Represents costs incurred for leasing activity during the period shown. Amounts exclude tenant-funded tenant improvements. |
Year of Expiration | # of Expiring Leases | Total Square Feet | % of Total Leased Sq. Ft. | Annualized Base Rent | % of Total Annualized Base Rent | Annualized Rent per Sq. Ft. | ||||||||||||||||
2015 | 109 | 1,124,952 | 8.7 | % | $ | 34,948 | 7.5 | % | $ | 31.07 | ||||||||||||
2016 | 81 | 780,353 | 6.0 | % | 23,460 | 5.0 | % | 30.06 | ||||||||||||||
2017 | 107 | 1,812,670 | 14.0 | % | 60,573 | 12.8 | % | 33.42 | ||||||||||||||
2018 | 66 | 1,350,180 | 10.4 | % | 54,136 | 11.5 | % | 40.10 | ||||||||||||||
2019 | 80 | 1,486,088 | 11.4 | % | 54,028 | 11.5 | % | 36.36 | ||||||||||||||
2020 | 68 | 1,789,865 | 13.8 | % | 64,617 | 13.8 | % | 36.10 | ||||||||||||||
2021 | 21 | 617,215 | 4.8 | % | 28,770 | 6.1 | % | 46.61 | ||||||||||||||
2022 | 17 | 638,163 | 4.9 | % | 19,682 | 4.2 | % | 30.84 | ||||||||||||||
2023 | 12 | 387,270 | 3.0 | % | 16,835 | 3.6 | % | 43.47 | ||||||||||||||
2024 | 16 | 521,693 | 4.0 | % | 15,716 | 3.3 | % | 30.12 | ||||||||||||||
2025 and beyond | 21 | 2,468,520 | 19.0 | % | 97,159 | 20.7 | % | 39.36 | ||||||||||||||
Total (1) | 598 | 12,976,969 | 100.0 | % | $ | 469,924 | 100.0 | % | $ | 36.21 | ||||||||||||
(1) | For leases that have been renewed early or space that has been re-leased to a new tenant, the expiration date and annualized base rent information presented takes into consideration the renewed or re-leased lease terms. Excludes space leased under month-to-month leases, vacant space and lease renewal options not executed as of December 31, 2014. |
Year | Region | # of Expirations | Total Square Feet | % of Total Leased Sq. Ft. | Annualized Base Rent | % of Total Annualized Base Rent | Annualized Rent per Sq. Ft. | |||||||||||||||||
2015 | Los Angeles | 55 | 289,580 | 2.2 | % | $ | 9,763 | 2.0 | % | $ | 33.71 | |||||||||||||
Orange County | 4 | 24,232 | 0.2 | % | 760 | 0.2 | % | 31.36 | ||||||||||||||||
San Diego | 21 | 418,662 | 3.2 | % | 10,703 | 2.3 | % | 25.56 | ||||||||||||||||
San Francisco Bay Area | 14 | 216,463 | 1.7 | % | 8,695 | 1.9 | % | 40.17 | ||||||||||||||||
Greater Seattle | 15 | 176,015 | 1.4 | % | 5,027 | 1.1 | % | 28.56 | ||||||||||||||||
Total | 109 | 1,124,952 | 8.7 | % | $ | 34,948 | 7.5 | % | $ | 31.07 | ||||||||||||||
2016 | Los Angeles | 41 | 249,793 | 1.9 | % | $ | 8,048 | 1.7 | % | $ | 32.22 | |||||||||||||
Orange County | 3 | 26,914 | 0.2 | % | 943 | 0.2 | % | 35.04 | ||||||||||||||||
San Diego | 18 | 294,317 | 2.3 | % | 6,385 | 1.4 | % | 21.69 | ||||||||||||||||
San Francisco Bay Area | 9 | 118,349 | 0.9 | % | 5,708 | 1.2 | % | 48.23 | ||||||||||||||||
Greater Seattle | 10 | 90,980 | 0.7 | % | 2,376 | 0.5 | % | 26.12 | ||||||||||||||||
Total | 81 | 780,353 | 6.0 | % | $ | 23,460 | 5.0 | % | $ | 30.06 | ||||||||||||||
2017 | Los Angeles | 51 | 444,227 | 3.4 | % | $ | 14,878 | 3.2 | % | $ | 33.49 | |||||||||||||
Orange County | 11 | 94,627 | 0.7 | % | 3,465 | 0.7 | % | 36.62 | ||||||||||||||||
San Diego | 15 | 704,408 | 5.5 | % | 22,319 | 4.7 | % | 31.68 | ||||||||||||||||
San Francisco Bay Area | 17 | 255,590 | 2.0 | % | 10,763 | 2.3 | % | 42.11 | ||||||||||||||||
Greater Seattle | 13 | 313,818 | 2.4 | % | 9,148 | 1.9 | % | 29.15 | ||||||||||||||||
Total | 107 | 1,812,670 | 14.0 | % | $ | 60,573 | 12.8 | % | $ | 33.42 | ||||||||||||||
2018 | Los Angeles | 28 | 154,631 | 1.2 | % | $ | 4,937 | 1.1 | % | $ | 31.93 | |||||||||||||
Orange County | 2 | 17,173 | 0.1 | % | 608 | 0.1 | % | 35.41 | ||||||||||||||||
San Diego | 10 | 503,723 | 3.9 | % | 21,619 | 4.6 | % | 42.92 | ||||||||||||||||
San Francisco Bay Area | 13 | 299,438 | 2.3 | % | 15,110 | 3.2 | % | 50.46 | ||||||||||||||||
Greater Seattle | 13 | 375,215 | 2.9 | % | 11,862 | 2.5 | % | 31.61 | ||||||||||||||||
Total | 66 | 1,350,180 | 10.4 | % | $ | 54,136 | 11.5 | % | $ | 40.10 | ||||||||||||||
2019 | Los Angeles | 27 | 429,251 | 3.3 | % | $ | 13,875 | 3.0 | % | $ | 32.32 | |||||||||||||
Orange County | 6 | 77,922 | 0.6 | % | 3,234 | 0.7 | % | 41.51 | ||||||||||||||||
San Diego | 12 | 209,275 | 1.6 | % | 7,258 | 1.5 | % | 34.68 | ||||||||||||||||
San Francisco Bay Area | 19 | 582,085 | 4.5 | % | 23,827 | 5.1 | % | 40.93 | ||||||||||||||||
Greater Seattle | 16 | 187,555 | 1.4 | % | 5,834 | 1.2 | % | 31.11 | ||||||||||||||||
Total | 80 | 1,486,088 | 11.4 | % | $ | 54,028 | 11.5 | % | $ | 36.36 | ||||||||||||||
2020 and Beyond | Los Angeles | 50 | 1,483,866 | 11.5 | % | $ | 49,903 | 10.6 | % | $ | 33.63 | |||||||||||||
Orange County | 3 | 23,836 | 0.2 | % | 725 | 0.2 | % | 30.43 | ||||||||||||||||
San Diego | 33 | 1,699,636 | 13.1 | % | 58,620 | 12.5 | % | 34.49 | ||||||||||||||||
San Francisco Bay Area | 40 | 2,224,600 | 17.1 | % | 99,702 | 21.2 | % | 44.82 | ||||||||||||||||
Greater Seattle | 29 | 990,788 | 7.6 | % | 33,829 | 7.2 | % | 34.14 | ||||||||||||||||
Total | 155 | 6,422,726 | 49.5 | % | $ | 242,779 | 51.7 | % | $ | 37.80 | ||||||||||||||
# of Expiring Leases | Total Square Feet | % of Total Leased Sq. Ft. | Annualized Base Rent | % of Total Annualized Base Rent | Annualized Rent per Sq. Ft. | |||||||||||||||||
2015: | ||||||||||||||||||||||
Q1 2015 | 21 | 150,904 | 1.2 | % | $ | 6,093 | 1.4 | % | $ | 40.38 | ||||||||||||
Q2 2015 | 25 | 247,497 | 1.9 | % | 5,935 | 1.3 | % | 23.98 | ||||||||||||||
Q3 2015 | 42 | 422,486 | 3.3 | % | 14,084 | 2.9 | % | 33.34 | ||||||||||||||
Q4 2015 | 21 | 304,065 | 2.3 | % | 8,836 | 1.9 | % | 29.06 | ||||||||||||||
Total 2015 | 109 | 1,124,952 | 8.7 | % | $ | 34,948 | 7.5 | % | $ | 31.07 | ||||||||||||
2016: | ||||||||||||||||||||||
Q1 2016 | 17 | 179,888 | 1.4 | % | $ | 4,967 | 1.1 | % | $ | 27.61 | ||||||||||||
Q2 2016 | 13 | 175,667 | 1.4 | % | 3,378 | 0.7 | % | 19.23 | ||||||||||||||
Q3 2016 | 25 | 212,845 | 1.6 | % | 7,032 | 1.5 | % | 33.04 | ||||||||||||||
Q4 2016 | 26 | 211,953 | 1.6 | % | 8,083 | 1.7 | % | 38.14 | ||||||||||||||
Total 2016 | 81 | 780,353 | 6.0 | % | $ | 23,460 | 5.0 | % | $ | 30.06 | ||||||||||||
Tenant Name | Annualized Base Rental Revenue | Rentable Square Feet | Percentage of Total Annualized Base Rental Revenue | Percentage of Total Rentable Square Feet | |||||||||||
LinkedIn Corporation | $ | 28,344 | 663,239 | 6.0 | % | 5.0 | % | ||||||||
DIRECTV, LLC | 22,964 | 667,852 | 4.9 | % | 5.0 | % | |||||||||
Synopsys, Inc. | 15,364 | 340,913 | 3.3 | % | 2.6 | % | |||||||||
Bridgepoint Education, Inc. | 15,066 | 322,342 | 3.2 | % | 2.4 | % | |||||||||
Intuit, Inc. | 13,489 | 465,812 | 2.9 | % | 3.5 | % | |||||||||
Delta Dental of California | 10,718 | 199,229 | 2.3 | % | 1.5 | % | |||||||||
AMN Healthcare, Inc. | 9,001 | 176,075 | 1.9 | % | 1.3 | % | |||||||||
Scan Group (2)(3) | 6,969 | 218,742 | 1.5 | % | 1.6 | % | |||||||||
Concur Technologies | 6,564 | 183,279 | 1.4 | % | 1.4 | % | |||||||||
Group Health Cooperative | 6,372 | 183,422 | 1.4 | % | 1.4 | % | |||||||||
Neurocrine Biosciences, Inc. | 6,366 | 140,591 | 1.4 | % | 1.1 | % | |||||||||
Microsoft Corporation | 6,250 | 215,997 | 1.3 | % | 1.6 | % | |||||||||
Institute for Systems Biology | 6,207 | 140,605 | 1.3 | % | 1.1 | % | |||||||||
Fish & Richardson, P.C. | 6,071 | 139,547 | 1.3 | % | 1.0 | % | |||||||||
Pac-12 Enterprises, LLC | 5,603 | 131,749 | 1.2 | % | 1.0 | % | |||||||||
Total Top Fifteen Tenants | $ | 165,348 | 4,189,394 | 35.3 | % | 31.5 | % | ||||||||
(1) | The information presented is as of December 31, 2014. |
(2) | The Company has entered into leases with various affiliates of the tenant. |
(3) | In December 2013, Scan Group renewed and expanded their lease at Kilroy Airport Center in Long Beach, CA. As of December 31, 2014, revenue recognition had not commenced for the expansion premises. The annualized base rental revenue and rentable square feet presented in this table include the projected annualized base rental revenue of approximately $1.6 million and rentable square feet of approximately 50,000 for the expansion premises. |
COMPLETED OFFICE PROPERTY ACQUISITIONS | Submarket | Month of Acquisition | Number of Buildings | Rentable Square Feet | Purchase Price | |||||||||||
1st Quarter | ||||||||||||||||
401 Terry Ave. N., Seattle, WA | Lake Union | March | 1 | 140,605 | $ | 106.1 | ||||||||||
2nd Quarter | ||||||||||||||||
None | ||||||||||||||||
3rd Quarter | ||||||||||||||||
None | ||||||||||||||||
4th Quarter | ||||||||||||||||
1310, 1315, 1320-1324, 1325-1327 Chesapeake Terrace, Sunnyvale, CA | Sunnyvale | November | 4 | 266,982 | 100.5 | |||||||||||
TOTAL | 5 | 407,587 | $ | 206.6 | ||||||||||||
COMPLETED OFFICE PROPERTY DISPOSITIONS | |||||||||||||||
Property | Submarket | Month of Disposition | No. of Buildings | Rentable Square Feet | Sales Price (1) | ||||||||||
1st Quarter | |||||||||||||||
San Diego Properties, San Diego, CA (2) | I-15 Corridor/Sorrento Mesa | January | 12 | 1,049,035 | $ | 294.7 | |||||||||
2nd Quarter | |||||||||||||||
9785 and 9791 Towne Centre Drive, San Diego, CA | University Towne Center | June | 2 | 126,000 | 29.5 | ||||||||||
3rd Quarter | |||||||||||||||
111 Pacifica, Irvine, CA | Irvine | September | 1 | 67,496 | 15.1 | ||||||||||
4th Quarter | |||||||||||||||
4040 Civic Center Drive, San Rafael, CA | San Rafael | October | 1 | 130,237 | 34.9 | ||||||||||
999 Town & Country Road, Orange, CA | Orange | December | 1 | 98,551 | 25.3 | ||||||||||
TOTAL DISPOSITIONS | 17 | 1,471,319 | $ | 399.5 | |||||||||||
COMPLETED LAND DISPOSITIONS | ||||||||||||
Property | Submarket | Month of Disposition | Gross Site Acreage | Sales Price (1) | ||||||||
2nd Quarter | ||||||||||||
10850 Via Frontera, San Diego, CA | I-15 Corridor/Rancho Bernardo | April | 21.0 | $ | 33.1 | |||||||
LAND HELD FOR SALE | |||||||||||||||||||||||||
Property | Gross Site Acreage | Estimated Rentable Square Feet | Total Costs as of 12/31/2014 (3) | Sales Price (1) | |||||||||||||||||||||
IRVINE, CALIFORNIA | |||||||||||||||||||||||||
17150 Von Karman (4) | 8.5 | N/A | $ | 8.2 | $ | 26.0 | |||||||||||||||||||
(1) | Represents gross sales price before the impact of commissions and closing costs. |
(2) | The San Diego Properties included the following: 10020 Pacific Mesa Boulevard, 6055 Lusk Avenue, 5010 and 5005 Wateridge Vista Drive, 15435 and 15445 Innovation Drive, and 15051, 15073, 15231, 15253, 15333 and 15378 Avenue of Science. |
(3) | Represents cash paid and costs incurred as of December 31, 2014. |
(4) | As of December 31, 2014, the undeveloped land site was held for sale. In January 2015, the Company completed the sale of this land parcel. |
Completed Development Projects | Location | Start Date | Completion Date | Rentable Square Feet | Total Estimated Investment | % Occupied | |||||||||||
1st Quarter | |||||||||||||||||
None | |||||||||||||||||
2nd Quarter | |||||||||||||||||
None | |||||||||||||||||
3rd Quarter | |||||||||||||||||
505, 555 and 605 N. Mathilda Avenue | Sunnyvale | 4Q 2012 | 3Q 2014 | 587,429 | $ | 293.5 | 100.0% | ||||||||||
4th Quarter | |||||||||||||||||
680 and 690 E. Middlefield Road | Mountain View | 2Q 2012 | 4Q 2014 | 340,913 | 185.0 | 100.0% | |||||||||||
TOTAL: | 928,342 | $ | 478.5 | 100.0% | |||||||||||||
Completed Redevelopment Projects | Location | Start Date | Completion Date | Stabilization Date | Rentable Square Feet | Existing Investment (1) | Estimated Redevelopment Costs | Total Estimated Investment | % Occupied | ||||||||||||||||||
1st Quarter | |||||||||||||||||||||||||||
360 Third Street | San Francisco | 4Q 2011 | 1Q 2013 | 1Q 2014 | 429,996 | $ | 88.5 | $ | 99.3 | $ | 188.2 | 99.2% | |||||||||||||||
2nd Quarter | |||||||||||||||||||||||||||
None | |||||||||||||||||||||||||||
3rd Quarter | |||||||||||||||||||||||||||
None | |||||||||||||||||||||||||||
4th Quarter | |||||||||||||||||||||||||||
None | |||||||||||||||||||||||||||
(1) | Represents the depreciated carrying value at the commencement of redevelopment for the space being redeveloped. |
Location | Estimated Construction Period | Estimated Stabilization Date | Estimated Rentable Square Feet | Total Estimated Investment | Total Costs as of 12/31/2014 (1) | Office % Leased | |||||||||||||||||
Start Date | Compl. Date | ||||||||||||||||||||||
UNDER CONSTRUCTION: | |||||||||||||||||||||||
San Francisco Bay Area | |||||||||||||||||||||||
350 Mission Street | San Francisco | 4Q 2012 | 4Q 2015 | 4Q 2015 | 450,000 | $ | 279.3 | $ | 186.2 | 100% | |||||||||||||
333 Brannan Street | San Francisco | 4Q 2013 | 4Q 2015 | 4Q 2015 | 185,000 | 102.1 | 56.3 | 100% | |||||||||||||||
Crossing/900 (2) | Redwood City | 4Q 2013 | 4Q 2015 | 1Q 2017 | 339,000 | 188.4 | 117.2 | 100% | |||||||||||||||
Los Angeles | |||||||||||||||||||||||
Columbia Square Office and Historic (3) | Hollywood | 2Q 2013 – 3Q 2013 | 2Q 2015 – 1Q 2016 | 2Q 2015 – 1Q 2017 | 480,000 | 296.6 | 156.0 | 59% | |||||||||||||||
Columbia Square Residential (3) | Hollywood | 3Q 2013 | 1Q 2016 | 1Q 2017 | 205,000 | 137.2 | 42.8 | —% | |||||||||||||||
San Diego | |||||||||||||||||||||||
The Heights at Del Mar (4) | Del Mar | 4Q 2014 | 4Q 2015 | 4Q 2016 | 73,000 | 43.6 | 16.8 | —% | |||||||||||||||
TOTAL: | 1,732,000 | $ | 1,047.2 | $ | 575.3 | 82% | |||||||||||||||||
FUTURE DEVELOPMENT PIPELINE: | |||||||||||||||||||||||
San Francisco Bay Area | |||||||||||||||||||||||
The Exchange on 16th (5) | San Francisco | TBD | TBD | TBD | 645,000 | TBD | $ | 104.3 | N/A | ||||||||||||||
Flower Mart (6) | San Francisco | TBD | TBD | TBD | TBD | TBD | 84.6 | N/A | |||||||||||||||
Los Angeles | |||||||||||||||||||||||
Academy Project | Hollywood | TBD | TBD | TBD | 475,000 | TBD | 52.3 | N/A | |||||||||||||||
San Diego | |||||||||||||||||||||||
9455 Towne Centre Drive (7) | San Diego | TBD | TBD | TBD | 150,000 | TBD | 4.6 | N/A | |||||||||||||||
Carlsbad Oaks – Lots 4, 5, 7 & 8 | Carlsbad | TBD | TBD | TBD | 288,000 | TBD | 18.5 | N/A | |||||||||||||||
One Paseo (8) | Del Mar | TBD | TBD | TBD | 500,000 | TBD | 162.7 | N/A | |||||||||||||||
Pacific Corporate Center – Lot 8 | Sorrento Mesa | TBD | TBD | TBD | 170,000 | TBD | 13.8 | N/A | |||||||||||||||
Santa Fe Summit – Phase II and III | 56 Corridor | TBD | TBD | TBD | 600,000 | TBD | 78.1 | N/A | |||||||||||||||
Sorrento Gateway – Lot 2 | Sorrento Mesa | TBD | TBD | TBD | 80,000 | TBD | 12.2 | N/A | |||||||||||||||
TOTAL: | TBD | TBD | $ | 531.1 | N/A | ||||||||||||||||||
(1) | Represents cash paid and costs incurred as of December 31, 2014. |
(2) | The Company anticipates the first building, totaling approximately 226,000 square feet, to be completed in the fourth quarter of 2015 and the second building, totaling approximately 113,000 square feet, to be completed in the first quarter of 2017. |
(3) | In the second quarter of 2013, the Company commenced redevelopment of Phase I comprised of the historical buildings encompassing approximately 110,000 rentable square feet. In the fourth quarter of 2013, the Company commenced development of Phase II comprised of approximately 370,000 rentable square feet for the office component and development of Phase III comprised of approximately 205,000 rentable square feet for the residential component. |
(4) | In October 2014, the Company commenced construction on this project, which is adjacent to the One Paseo project. |
(5) | In May 2014, the Company completed the acquisition of this undeveloped land for a total purchase price of $95.0 million plus approximately $2.3 million in accrued liabilities. |
(6) | In the fourth quarter of 2014, the Company closed on two adjacent land sites in the Central SOMA district for a total purchase price of $71.0 million and approximately $13.4 million in transaction costs and accrued liabilities, net. |
(7) | The Company is planning to demolish the existing 2-story 45,195 rentable square foot office building and is currently pursuing entitlements to build a new 5-story 150,000 rentable square foot building. |
(8) | Estimated rentable square feet reflects existing office entitlements. The Company is currently pursuing mixed-use entitlements for this project, which would increase the estimated rentable square feet. |
Shares/Units December 31, 2014 | Aggregate Principal Amount or $ Value Equivalent | % of Total Market Capitalization | |||||||||
DEBT: | |||||||||||
Unsecured Revolving Credit Facility | $ | 140,000 | 1.6 | % | |||||||
Unsecured Term Loan Facility | 150,000 | 1.7 | % | ||||||||
Unsecured Term Loan | 39,000 | 0.5 | % | ||||||||
Unsecured Senior Notes due 2015 (1) | 325,000 | 3.7 | % | ||||||||
Unsecured Senior Notes due 2018 (1) | 325,000 | 3.7 | % | ||||||||
Unsecured Senior Notes due 2020 (1) | 250,000 | 2.9 | % | ||||||||
Unsecured Senior Notes due 2023 (1) | 300,000 | 3.4 | % | ||||||||
Unsecured Senior Notes due 2029 (1) | 400,000 | 4.6 | % | ||||||||
Secured Debt (1) | 536,022 | 6.1 | % | ||||||||
Total Debt | $ | 2,465,022 | 28.2 | % | |||||||
EQUITY AND NONCONTROLLING INTERESTS: | |||||||||||
6.875% Series G Cumulative Redeemable Preferred stock (2) | 4,000,000 | $ | 100,000 | 1.1 | % | ||||||
6.375% Series H Cumulative Redeemable Preferred stock (2) | 4,000,000 | 100,000 | 1.1 | % | |||||||
Common limited partnership units outstanding (3) | 1,804,200 | 124,616 | 1.5 | % | |||||||
Shares of common stock outstanding (3) | 86,259,684 | 5,957,956 | 68.1 | % | |||||||
Total Equity and Noncontrolling Interests | $ | 6,282,572 | 71.8 | % | |||||||
TOTAL MARKET CAPITALIZATION | $ | 8,747,594 | 100.0 | % | |||||||
(1) | Represents gross aggregate principal amount due at maturity before the effect of net unamortized premiums as of December 31, 2014. The aggregate net unamortized premiums totaled approximately $4.4 million as of December 31, 2014. |
(2) | Value based on $25.00 per share liquidation preference. |
(3) | Value based on closing share price of $69.07 as of December 31, 2014. |
TOTAL DEBT COMPOSITION | |||||||||||
Percent of Total Debt | Weighted Average | ||||||||||
Interest Rate | Maturity | ||||||||||
Secured vs. Unsecured Debt | |||||||||||
Unsecured Debt | 78.3 | % | 4.2 | % | 6.5 | ||||||
Secured Debt | 21.7 | % | 5.2 | % | 4.3 | ||||||
Floating vs. Fixed-Rate Debt | |||||||||||
Floating-Rate Debt | 13.4 | % | 1.5 | % | 4.5 | ||||||
Fixed-Rate Debt | 86.6 | % | 4.9 | % | 6.2 | ||||||
Stated Interest Rate | 4.4 | % | 6.0 | ||||||||
GAAP Effective Rate | 4.3 | % | |||||||||
GAAP Effective Rate Including Debt Issuance Costs | 4.5 | % | |||||||||
KEY DEBT COVENANTS | ||||||
Covenant | Actual Performance as of December 31, 2014 | |||||
Unsecured Credit Facility and Term Loan Facility (as defined in the Credit Agreements): | ||||||
Total debt to total asset value | less than 60% | 32% | ||||
Fixed charge coverage ratio | greater than 1.5x | 2.6x | ||||
Unsecured debt ratio | greater than 1.67x | 2.83x | ||||
Unencumbered asset pool debt service coverage | greater than 1.75x | 3.59x | ||||
Unsecured Senior Notes due 2015, 2018, 2020, 2023 and 2029 (as defined in the Indentures): | ||||||
Total debt to total asset value | less than 60% | 40% | ||||
Interest coverage | greater than 1.5x | 5.1x | ||||
Secured debt to total asset value | less than 40% | 9% | ||||
Unencumbered asset pool value to unsecured debt | greater than 150% | 262% | ||||
DEBT MATURITY SCHEDULE | ||||||||||||||||||||||||||||||||||||
Floating/ Fixed Rate | Stated Rate | GAAP Effective Rate | Maturity Date | 2015 | 2016 | 2017 | 2018 | 2019 | After 2019 | Total (1) | ||||||||||||||||||||||||||
Unsecured Debt: | ||||||||||||||||||||||||||||||||||||
Floating (2) | 1.41% | 1.41% | 7/1/2019 | $ | 140,000 | $ | 140,000 | |||||||||||||||||||||||||||||
Floating (3) | 1.56% | 1.56% | 7/1/2019 | 150,000 | 150,000 | |||||||||||||||||||||||||||||||
Floating (3) | 1.56% | 1.56% | 7/1/2019 | 39,000 | 39,000 | |||||||||||||||||||||||||||||||
Fixed | 5.00% | 5.01% | 11/3/2015 | 325,000 | 325,000 | |||||||||||||||||||||||||||||||
Fixed | 4.80% | 4.83% | 7/15/2018 | 325,000 | 325,000 | |||||||||||||||||||||||||||||||
Fixed | 6.63% | 6.74% | 6/1/2020 | 250,000 | 250,000 | |||||||||||||||||||||||||||||||
Fixed | 3.80% | 3.80% | 1/15/2023 | 300,000 | 300,000 | |||||||||||||||||||||||||||||||
Fixed | 4.25% | 4.35% | 8/15/2029 | 400,000 | 400,000 | |||||||||||||||||||||||||||||||
Total unsecured debt | 4.24% | 4.28% | 325,000 | — | — | 325,000 | 329,000 | 950,000 | 1,929,000 | |||||||||||||||||||||||||||
Secured Debt: | ||||||||||||||||||||||||||||||||||||
Fixed (4) | 4.94% | 4.00% | 4/15/2015 | 26,205 | 26,205 | |||||||||||||||||||||||||||||||
Fixed (4) | 5.09% | 3.50% | 8/7/2015 | 34,000 | 34,000 | |||||||||||||||||||||||||||||||
Fixed (4) | 5.23% | 3.50% | 1/1/2016 | 908 | 50,969 | 51,877 | ||||||||||||||||||||||||||||||
Fixed (4) | 5.57% | 3.25% | 2/11/2016 | 645 | 38,694 | 39,339 | ||||||||||||||||||||||||||||||
Fixed | 6.51% | 6.51% | 2/1/2017 | 1,084 | 1,157 | 64,406 | 66,647 | |||||||||||||||||||||||||||||
Fixed | 7.15% | 7.15% | 5/1/2017 | 2,581 | 2,772 | 1,215 | 6,568 | |||||||||||||||||||||||||||||
Fixed | 4.27% | 4.27% | 2/1/2018 | 2,452 | 2,559 | 2,671 | 123,085 | 130,767 | ||||||||||||||||||||||||||||
Fixed (4) | 6.05% | 3.50% | 6/1/2019 | 1,531 | 1,626 | 1,727 | 1,835 | 74,479 | 81,198 | |||||||||||||||||||||||||||
Fixed | 4.48% | 4.48% | 7/1/2027 | 646 | 1,600 | 1,673 | 1,749 | 1,830 | 89,502 | 97,000 | ||||||||||||||||||||||||||
Fixed | Various | Various | Various | 51 | 54 | 56 | 59 | 60 | 2,141 | 2,421 | ||||||||||||||||||||||||||
Total secured debt | 5.17% | 4.29% | 70,103 | 99,431 | 71,748 | 126,728 | 76,369 | 91,643 | 536,022 | |||||||||||||||||||||||||||
Total | 4.44% | 4.28% | $ | 395,103 | $ | 99,431 | $ | 71,748 | $ | 451,728 | $ | 405,369 | $ | 1,041,643 | $ | 2,465,022 | ||||||||||||||||||||
(1) | Amounts presented reflect the gross principal balances before the effect of any unamortized discounts/premiums as of December 31, 2014. The aggregate net unamortized premiums totaled approximately $4.4 million as of December 31, 2014. |
(2) | The interest for this loan is calculated at an annual rate of LIBOR plus 1.250% at December 31, 2014. |
(3) | The interest for this loan is calculated at an annual rate of LIBOR plus 1.400% at December 31, 2014. |
(4) | Represents secured debt assumed in connection with an operating property acquisition. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Adjusted Same Store Cash Net Operating Income | $ | 67,039 | $ | 64,235 | $ | 272,185 | $ | 253,155 | ||||||||||
Adjustments to 2014 and 2013: | ||||||||||||||||||
Other income related to property damage settlement | — | — | — | 5,225 | ||||||||||||||
Other income related to default of prior tenant | 402 | — | 402 | |||||||||||||||
Other property income related to a lease termination fee | — | — | 5,655 | — | ||||||||||||||
Property expenses related to nonrecurring property damage legal fees | — | — | (2,166 | ) | (1,200 | ) | ||||||||||||
Same Store Cash Net Operating Income | $ | 67,441 | $ | 64,235 | $ | 276,076 | $ | 257,180 | ||||||||||
Cash to GAAP Adjustments: | ||||||||||||||||||
GAAP Operating Revenues Adjustments, net | 10,306 | 7,112 | 28,317 | 29,733 | ||||||||||||||
GAAP Operating Expenses Adjustments, net | 143 | (155 | ) | 181 | (384 | ) | ||||||||||||
Same Store GAAP Net Operating Income | 77,890 | 71,192 | 304,574 | 286,529 | ||||||||||||||
Non-Same Store GAAP Net Operating Income | 25,571 | 11,865 | 68,307 | 33,150 | ||||||||||||||
Net Operating Income excluding discontinued operations | 103,461 | 83,057 | 372,881 | 319,679 | ||||||||||||||
Net Operating Income from discontinued operations | 580 | 7,086 | 4,634 | 29,978 | ||||||||||||||
Net Operating Income, as defined (1) | 104,041 | 90,143 | 377,515 | 349,657 | ||||||||||||||
Adjustments: | ||||||||||||||||||
General and administrative expenses | (12,346 | ) | (9,910 | ) | (46,152 | ) | (39,660 | ) | ||||||||||
Acquisition-related expenses | (211 | ) | (575 | ) | (1,479 | ) | (1,962 | ) | ||||||||||
Depreciation and amortization (including discontinued operations) | (53,868 | ) | (51,142 | ) | (204,478 | ) | (201,487 | ) | ||||||||||
Interest income and other net investment (losses)/gains | (26 | ) | 551 | 561 | 1,635 | |||||||||||||
Interest expense | (17,691 | ) | (17,849 | ) | (67,571 | ) | (75,870 | ) | ||||||||||
Gain on sale of land | — | — | 3,490 | — | ||||||||||||||
Gains on dispositions of discontinued operations | 11,531 | 11,829 | 121,922 | 12,252 | ||||||||||||||
Net Income | 31,430 | 23,047 | 183,808 | 44,565 | ||||||||||||||
Net income attributable to noncontrolling common units of the Operating Partnership | (578 | ) | (419 | ) | (3,589 | ) | (685 | ) | ||||||||||
Preferred dividends | (3,312 | ) | (3,312 | ) | (13,250 | ) | (13,250 | ) | ||||||||||
Net Income Available to Common Stockholders | $ | 27,540 | $ | 19,316 | $ | 166,969 | $ | 30,630 | ||||||||||
(1) | Please refer to page 28 for Management Statements on Net Operating Income and Same Store Net Operating Income. |
Three Months Ended December 31, | ||||||||||
2014 | 2013 | |||||||||
Net Income Available to Common Stockholders | $ | 27,540 | $ | 19,316 | ||||||
Interest expense | 17,691 | 17,849 | ||||||||
Depreciation and amortization (including discontinued operations) | 53,868 | 51,142 | ||||||||
Net income attributable to noncontrolling common units of the Operating Partnership | 578 | 419 | ||||||||
Gains on dispositions of discontinued operations | (11,531 | ) | (11,829 | ) | ||||||
Preferred dividends | 3,312 | 3,312 | ||||||||
EBITDA (1) | $ | 91,458 | $ | 80,209 | ||||||
(1) | Please refer to page 29 for a Management Statement on EBITDA. |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Funds Available for Distribution (1) | $ | 26,187 | $ | 25,631 | $ | 139,594 | $ | 107,098 | |||||||||
Adjustments: | |||||||||||||||||
Tenant improvements, leasing commissions and recurring capital expenditures | 25,432 | 25,228 | 77,679 | 83,391 | |||||||||||||
Depreciation for furniture, fixtures and equipment | 639 | 566 | 2,370 | 1,929 | |||||||||||||
Preferred dividends | 3,312 | 3,312 | 13,250 | 13,250 | |||||||||||||
Provision for uncollectible tenant receivables | — | 200 | 58 | 396 | |||||||||||||
Net changes in operating assets and liabilities and other adjustments (2) | (7,581 | ) | (671 | ) | 12,302 | 34,512 | |||||||||||
GAAP Net Cash Provided by Operating Activities | $ | 47,989 | $ | 54,266 | $ | 245,253 | $ | 240,576 | |||||||||
(1) | Please refer to page 30 for a Management Statement on Funds Available for Distribution. |
(2) | Primarily includes changes in the following assets and liabilities: marketable securities; current receivables; prepaid expenses and other assets; accounts payable, accrued expenses and other liabilities; and rents received in advance and tenant security deposits. |
Contact: | FOR RELEASE: |
Tyler H. Rose | January 28, 2015 |
Executive Vice President | |
and Chief Financial Officer | |
(310) 481-8484 or | |
Michelle Ngo | |
Senior Vice President | |
and Treasurer | |
(310) 481-8581 |
• | Funds from operations (FFO) of $0.78 per share |
• | Net income available to common stockholders of $0.32 per share, including a property-disposition gain of $0.13 per share |
• | Revenues from continuing operations of $141.8 million |
• | Stabilized portfolio 94.4% occupied and 96.3% leased at December 31, 2014 |
• | Signed new or renewing leases totaling 1,051,939 square feet |
• | Delivered and stabilized a 341,000 square-foot, two-building office project located in Silicon Valley’s Mountain View submarket |
• | Executed a 12-year, 180,000 square-foot lease with Viacom at Columbia Square, a mixed-use development project, located in Los Angeles’ Hollywood submarket |
• | Commenced development of The Heights at Del Mar, an approximately 73,000 square-foot office project located in San Diego’s Del Mar submarket |
• | Acquired two adjacent land sites totaling approximately five acres in San Francisco’s Central SOMA district for approximately $71.0 million |
• | Acquired a four-building, 17-acre, 267,000 square-foot office campus in Silicon Valley’s Sunnyvale submarket for approximately $100.5 million |
• | Completed the sale of two office buildings located in San Rafael and Orange, California for total gross proceeds of $60.2 million |
• | Repaid $135.5 million remaining principal value of the 4.25% Exchangeable Notes in cash and issued 1,255,917 net shares of common stock representing the value of the exchange option at maturity |
• | Raised $82.1 million of gross equity proceeds under the company’s at-the-market (ATM) offering program; established a new $300.0 million ATM offering program |
• | Awarded National Association of Real Estate Investment Trust’s (NAREIT) Office Leader in the Light Award |
• | In January 2015, completed the sale of a land site in Irvine, California for gross proceeds of $26.0 million |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues from continuing operations | $ | 141,765 | $ | 118,604 | $ | 521,725 | $ | 457,111 | |||||||
Revenues including discontinued operations | $ | 142,628 | $ | 128,041 | $ | 529,222 | $ | 497,819 | |||||||
Net income available to common stockholders (1)(2) | $ | 27,540 | $ | 19,316 | $ | 166,969 | $ | 30,630 | |||||||
Weighted average common shares outstanding – basic | 84,767 | 82,071 | 83,090 | 77,344 | |||||||||||
Weighted average common shares outstanding – diluted | 85,956 | 83,761 | 84,968 | 77,344 | |||||||||||
Net income available to common stockholders per share – basic (1)(2) | $ | 0.32 | $ | 0.23 | $ | 1.99 | $ | 0.37 | |||||||
Net income available to common stockholders per share – diluted (1)(2) | $ | 0.32 | $ | 0.23 | $ | 1.95 | $ | 0.37 | |||||||
Funds From Operations (3)(4) | $ | 69,817 | $ | 58,482 | $ | 250,744 | $ | 218,621 | |||||||
Weighted average common shares/units outstanding – basic (5) | 87,809 | 85,124 | 86,123 | 80,390 | |||||||||||
Weighted average common shares/units outstanding – diluted (5) | 88,997 | 86,813 | 88,001 | 82,155 | |||||||||||
Funds From Operations per common share/unit – basic (5) | $ | 0.80 | $ | 0.69 | $ | 2.91 | $ | 2.72 | |||||||
Funds From Operations per common share/unit – diluted (5) | $ | 0.78 | $ | 0.67 | $ | 2.85 | $ | 2.66 | |||||||
Common shares outstanding at end of period | 86,260 | 82,154 | |||||||||||||
Common partnership units outstanding at end of period | 1,804 | 1,805 | |||||||||||||
Total common shares and units outstanding at end of period | 88,064 | 83,959 | |||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||
Stabilized office portfolio occupancy rates: (6) | |||||||||||||||
Los Angeles and Ventura Counties | 92.8 | % | 93.7 | % | |||||||||||
Orange County | 98.7 | % | 92.8 | % | |||||||||||
San Diego County | 90.9 | % | 90.8 | % | |||||||||||
San Francisco Bay Area | 97.3 | % | 94.8 | % | |||||||||||
Greater Seattle | 98.1 | % | 96.7 | % | |||||||||||
Weighted average total | 94.4 | % | 93.4 | % | |||||||||||
Total square feet of stabilized office properties owned at end of period: (6) | |||||||||||||||
Los Angeles and Ventura Counties | 3,506 | 3,507 | |||||||||||||
Orange County | 272 | 437 | |||||||||||||
San Diego County | 4,244 | 4,368 | |||||||||||||
San Francisco Bay Area | 3,887 | 2,377 | |||||||||||||
Greater Seattle | 2,188 | 2,048 | |||||||||||||
Total | 14,097 | 12,737 |
(1) | Net income available to common stockholders and Funds From Operations for the year ended December 31, 2014 includes $4.4 million related to a net lease termination fee. Net income available to common stockholders and Funds From Operations for the year ended December 31, 2013 includes a $3.7 million net cash payment related to the default of a former tenant and the receipt of a $5.2 million payment related to a property damage settlement. |
(2) | Net income available to common stockholders includes gains on dispositions of discontinued operations of $11.5 million and $121.9 million for the three months and year ended December 31, 2014, respectively, $11.8 million and $12.3 million for the three months and year ended December 31, 2013, respectively, and a $3.5 million gain on sale of land for the year ended December 31, 2014. |
(3) | Reconciliation of Net income available to common stockholders to Funds From Operations and management statement on Funds From Operations are included after the Consolidated Statements of Operations. |
(4) | Reported amounts are attributable to common stockholders and common unitholders. |
(5) | Calculated based on weighted average shares outstanding including participating share-based awards and assuming the exchange of all common limited partnership units outstanding. |
(6) | Occupancy percentages and total square feet reported are based on the company’s stabilized office portfolio for the periods presented. Occupancy percentages and total square feet shown for December 31, 2013 include the office properties that were sold during 2014. |
December 31, 2014 | December 31, 2013 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
REAL ESTATE ASSETS: | |||||||
Land and improvements | $ | 877,633 | $ | 657,491 | |||
Buildings and improvements | 4,059,639 | 3,590,699 | |||||
Undeveloped land and construction in progress | 1,120,660 | 1,016,757 | |||||
Total real estate assets held for investment | 6,057,932 | 5,264,947 | |||||
Accumulated depreciation and amortization | (947,664 | ) | (818,957 | ) | |||
Total real estate assets held for investment, net | 5,110,268 | 4,445,990 | |||||
Real estate assets and other assets held for sale, net | 8,211 | 213,100 | |||||
Cash and cash equivalents | 23,781 | 35,377 | |||||
Restricted cash | 75,185 | 49,780 | |||||
Marketable securities | 11,971 | 10,008 | |||||
Current receivables, net | 7,229 | 10,743 | |||||
Deferred rent receivables, net | 156,416 | 127,123 | |||||
Deferred leasing costs and acquisition-related intangible assets, net | 201,926 | 186,622 | |||||
Deferred financing costs, net | 18,374 | 16,502 | |||||
Prepaid expenses and other assets, net | 20,375 | 15,783 | |||||
TOTAL ASSETS | $ | 5,633,736 | $ | 5,111,028 | |||
LIABILITIES AND EQUITY | |||||||
LIABILITIES: | |||||||
Secured debt | $ | 546,292 | $ | 560,434 | |||
Exchangeable senior notes, net | — | 168,372 | |||||
Unsecured debt, net | 1,783,121 | 1,431,132 | |||||
Unsecured line of credit | 140,000 | 45,000 | |||||
Accounts payable, accrued expenses and other liabilities | 225,830 | 198,467 | |||||
Accrued distributions | 32,899 | 31,490 | |||||
Deferred revenue and acquisition-related intangible liabilities, net | 132,239 | 101,286 | |||||
Rents received in advance and tenant security deposits | 49,363 | 44,240 | |||||
Liabilities of real estate assets held for sale | 56 | 14,447 | |||||
Total liabilities | 2,909,800 | 2,594,868 | |||||
EQUITY: | |||||||
Stockholders’ Equity | |||||||
6.875% Series G Cumulative Redeemable Preferred stock | 96,155 | 96,155 | |||||
6.375% Series H Cumulative Redeemable Preferred stock | 96,256 | 96,256 | |||||
Common stock | 863 | 822 | |||||
Additional paid-in capital | 2,635,900 | 2,478,975 | |||||
Distributions in excess of earnings | (162,964 | ) | (210,896 | ) | |||
Total stockholders’ equity | 2,666,210 | 2,461,312 | |||||
Noncontrolling Interests | |||||||
Common units of the Operating Partnership | 51,864 | 49,963 | |||||
Noncontrolling interest in consolidated subsidiary | 5,862 | 4,885 | |||||
Total noncontrolling interests | 57,726 | 54,848 | |||||
Total equity | 2,723,936 | 2,516,160 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 5,633,736 | $ | 5,111,028 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
REVENUES | |||||||||||||||
Rental income | $ | 127,417 | $ | 108,326 | $ | 466,328 | $ | 411,899 | |||||||
Tenant reimbursements | 13,318 | 9,697 | 46,717 | 38,047 | |||||||||||
Other property income | 1,030 | 581 | 8,680 | 7,165 | |||||||||||
Total revenues | 141,765 | 118,604 | 521,725 | 457,111 | |||||||||||
EXPENSES | |||||||||||||||
Property expenses | 25,066 | 24,220 | 100,514 | 94,115 | |||||||||||
Real estate taxes | 12,469 | 10,288 | 45,197 | 39,417 | |||||||||||
Provision for bad debts | — | 200 | 58 | 396 | |||||||||||
Ground leases | 769 | 839 | 3,075 | 3,504 | |||||||||||
General and administrative expenses | 12,346 | 9,910 | 46,152 | 39,660 | |||||||||||
Acquisition-related expenses | 211 | 575 | 1,479 | 1,962 | |||||||||||
Depreciation and amortization | 53,770 | 50,236 | 202,417 | 188,887 | |||||||||||
Total expenses | 104,631 | 96,268 | 398,892 | 367,941 | |||||||||||
OTHER (EXPENSES) INCOME | |||||||||||||||
Interest income and other net investment (losses) gains | (26 | ) | 551 | 561 | 1,635 | ||||||||||
Interest expense | (17,691 | ) | (17,849 | ) | (67,571 | ) | (75,870 | ) | |||||||
Total other (expenses) income | (17,717 | ) | (17,298 | ) | (67,010 | ) | (74,235 | ) | |||||||
INCOME FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF LAND | 19,417 | 5,038 | 55,823 | 14,935 | |||||||||||
Gain on sale of land | — | — | 3,490 | — | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 19,417 | 5,038 | 59,313 | 14,935 | |||||||||||
DISCONTINUED OPERATIONS: | |||||||||||||||
Income from discontinued operations | 482 | 6,180 | 2,573 | 17,378 | |||||||||||
Gains on dispositions of discontinued operations | 11,531 | 11,829 | 121,922 | 12,252 | |||||||||||
Total income from discontinued operations | 12,013 | 18,009 | 124,495 | 29,630 | |||||||||||
NET INCOME | 31,430 | 23,047 | 183,808 | 44,565 | |||||||||||
Net income attributable to noncontrolling common units of the Operating Partnership | (578 | ) | (419 | ) | (3,589 | ) | (685 | ) | |||||||
NET INCOME ATTRIBUTABLE TO KILROY REALTY CORPORATION | 30,852 | 22,628 | 180,219 | 43,880 | |||||||||||
PREFERRED DIVIDENDS | (3,312 | ) | (3,312 | ) | (13,250 | ) | (13,250 | ) | |||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 27,540 | $ | 19,316 | $ | 166,969 | $ | 30,630 | |||||||
Weighted average common shares outstanding – basic | 84,767 | 82,071 | 83,090 | 77,344 | |||||||||||
Weighted average common shares outstanding – diluted | 85,956 | 83,761 | 84,968 | 77,344 | |||||||||||
Net income available to common stockholders per share – basic | $ | 0.32 | $ | 0.23 | $ | 1.99 | $ | 0.37 | |||||||
Net income available to common stockholders per share – diluted | $ | 0.32 | $ | 0.23 | $ | 1.95 | $ | 0.37 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income available to common stockholders | $ | 27,540 | $ | 19,316 | $ | 166,969 | $ | 30,630 | |||||||
Adjustments: | |||||||||||||||
Net income attributable to noncontrolling common units of the Operating Partnership | 578 | 419 | 3,589 | 685 | |||||||||||
Depreciation and amortization of real estate assets | 53,230 | 50,576 | 202,108 | 199,558 | |||||||||||
Gains on dispositions of discontinued operations | (11,531 | ) | (11,829 | ) | (121,922 | ) | (12,252 | ) | |||||||
Funds From Operations (1)(2)(3) | $ | 69,817 | $ | 58,482 | $ | 250,744 | $ | 218,621 | |||||||
Weighted average common shares/units outstanding – basic | 87,809 | 85,124 | 86,123 | 80,390 | |||||||||||
Weighted average common shares/units outstanding – diluted | 88,997 | 86,813 | 88,001 | 82,155 | |||||||||||
Funds From Operations per common share/unit – basic (3) | $ | 0.80 | $ | 0.69 | $ | 2.91 | $ | 2.72 | |||||||
Funds From Operations per common share/unit – diluted (3) | $ | 0.78 | $ | 0.67 | $ | 2.85 | $ | 2.66 |
(1) | We calculate FFO in accordance with the White Paper on FFO approved by the Board of Governors of NAREIT. The White Paper defines FFO as net income or loss calculated in accordance with GAAP, excluding extraordinary items, as defined by GAAP, gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets) and after adjustment for unconsolidated partnerships and joint ventures. Our calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. |
(2) | FFO includes amortization of deferred revenue related to tenant-funded tenant improvements of $3.3 million and $3.1 million for the three months ended December 31, 2014 and 2013, respectively, and $11.0 million and $10.7 million for the years ended December 31, 2014 and 2013, respectively. |
(3) | Reported amounts are attributable to common stockholders and common unitholders. |
1 Year Kilroy Realty Chart |
1 Month Kilroy Realty Chart |
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