Kilroy Realty Corp was incorporated in the state of Maryland on September 13, 1996 and Kilroy Realty, L.P. was organized in the state of Delaware on October 2, 1996. The Company is a real estate investment trust, or REIT, and the general partner of Kilroy Realty, L.P. The Company owns, develops, acquires and manages real estate assets of Class A properties in the coastal regions of Los Angeles, Orange County, San Diego County, the San Francisco Bay Area and greater Seattle. The Company owns its interests in all of its properties through the Operating Partnership and the Finance Partnership and generally conducts substantially all of its operations through the Operating Partnership. The Company's properties, development and redevelopment projects are owned and all of its business is currently conducted in the state of California with the exception of the ownership and operation of twelve office properties located in the state of Washington. The Company competes with developers, owners, operators and acquirers of office, undeveloped land and other commercial real estate. The Company is subject to governmental regulations that might affect the development, redevelopment and use of its properties.