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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: (Date of earliest event reported) October 29, 1997
Kilroy Realty Corporation
(Exact name of registrant as specified in its charter)
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Maryland Commission File: 1-12675 95-4598246
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
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2250 East Imperial Highway, El Segundo, California, 90245
(Address of principal executive offices)
Registrant's telephone number, including area code: (310) 563-5500
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On October 29, 1997, Kilroy Realty L.P., a partnership in which Kilroy
Realty Corporation is the sole general partner, completed the acquisition of
four office buildings for approximately $34,446,000. Two of the buildings were
purchased on September 18, 1997, the third building was purchased on September
29, 1997 and the fourth building was purchased on October 29, 1997. The
properties were individually purchased from a company and three partnerships
controlled by The Hutton Foundation, an unaffiliated entity, based on separate
arms-length negotiations. The acquisitions were financed through working
capital and the assumption of a $13,900,000 mortgage note on one of the
buildings. The mortgage note bears an interest rate of 8.45%, requires monthly
principal and interest payments and matures on December 1, 2005.
Three of the buildings are located in Riverside, California (the "Riverside
Buildings") and contain approximately 177,300 aggregate rentable square feet.
The Riverside Buildings are presently 100% leased with an average monthly rent
per square foot of $1.61. The quoted market rental rate for comparable office
buildings in Riverside is $1.69 per square foot. The fourth building is located
in Brea, California and contains approximately 60,800 aggregate rentable square
feet. The building is presently 100% leased with an average monthly rent per
square foot of $1.36. The quoted market rental rate for comparable office
buildings in Brea is $1.43 per square foot.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
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Description
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(a) Financial statements of properties acquired.
The required financial statements for the acquired property will be filed within 60 days.
(b) Pro forma financial information.
The required financial statements for the acquired property will be filed within 60 days.
(c) Exhibits
None
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized,
KILROY REALTY CORPORATION
Date: November 13, 1997 By /s/ Ann Marie Whitney
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Name: Ann Marie Whitney
Title: Vice-President and Controller
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