UNITED STATES
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):
June 29, 2015

 
KILROY REALTY CORPORATION
(Exact name of registrant as specified in its charter)
 
Maryland
(State or other jurisdiction
of incorporation)
001-12675
 (Commission File Number)
95-4598246
(IRS Employer
Identification No.)
 
 
12200 W. Olympic Boulevard, Suite 200,
Los Angeles, California
(Address of principal executive offices)
 
90064
(Zip Code)
Registrant’s telephone number, including area code:
(310) 481-8400
N/A
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):
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))




ITEM 8.01 OTHER EVENTS
On July 1, 2015, Kilroy Realty Corporation (the “Company”) issued and sold to an institutional investor 3,773,766 shares of the Company's common stock, par value $0.01, for a purchase price of $66.18971 per share. The shares were offered and sold pursuant to a prospectus supplement dated June 29, 2015 and an accompanying prospectus dated October 2, 2013 under the Company’s shelf registration statement on Form S-3 (File No. 333-191524). There were no placement agents or underwriters used in connection with the offering. The opinion of Ballard Spahr LLP with respect to the validity of the shares in the offering is filed herewith as Exhibit 5.1.

ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

5.1*
Opinion of Ballard Spahr LLP in connection with the offering of shares of common stock.
23.1*
Consent of Ballard Spahr LLP (contained in the opinion filed as Exhibit 5.1 hereto).
_______________
 
*Filed herewith
 



2


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
 
By:
/s/ Heidi R. Roth
 
 
Heidi R. Roth
Executive Vice President, Chief Accounting Officer and Controller
Date: July 1, 2015


3


EXHIBIT INDEX

5.1*
Opinion of Ballard Spahr LLP in connection with the offering of shares of common stock.
23.1*
Consent of Ballard Spahr LLP (contained in the opinion filed as Exhibit 5.1 hereto).
_______________
 
*Filed herewith
 


4


Exhibit 5.1


 


July 1, 2015






Kilroy Realty Corporation
Suite 200
12200 West Olympic Boulevard
Los Angeles, California 90064

Re:
Kilroy Realty Corporation, a Maryland corporation (the “Company”) – issuance and sale of 3,773,766 shares (the “Shares”) of common stock, par value $0.01 per share of the Company (the “Common Stock”), pursuant to a Registration Statement on Form S-3 (Registration Nos. 333-191524 and 333-191524-01) (the “Registration Statement”)                    

Ladies and Gentlemen:

We have acted as Maryland corporate counsel to the Company in connection with the registration of the Shares under the Securities Act of 1933, as amended (the “Act”), by the Company pursuant to the Registration Statement, which was filed with the Securities and Exchange Commission (the “Commission”) on October 2, 2013. You have requested our opinion with respect to the matters set forth below.

In our capacity as Maryland corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the “Documents”):

(i)
The corporate charter of the Company (the “Charter”) represented by Articles of Amendment and Restatement filed with the State Department of Assessments and Taxation of Maryland (the “Department”) on January 21, 1997, Articles Supplementary filed with the Department on February 6, 1998, Articles Supplementary filed with the Department on April 20, 1998, Articles Supplementary filed with the Department on October 15, 1998, Articles Supplementary filed with the Department on November 25, 1998, Certificate of Correction filed with the Department on March 4, 1999, Articles Supplementary filed with the Department on December 10, 1999, Articles Supplementary filed with the Department on December 30, 1999, Articles Supplementary filed with the Department on October 23, 2003, Articles Supplementary filed with the Department on March 11, 2004, Articles Supplementary filed with the Department on March 11, 2004, Articles Supplementary filed with the Department on December 3, 2004, Articles Supplementary filed with the Department on December 3, 2004, Articles Supplementary filed with the


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BALLARD SPAHR LLP

Kilroy Realty Corporation
July 1, 2015
Page 2


Department on October 2, 2008, Articles Supplementary filed with the Department on October 2, 2008, Articles of Amendment filed with the Department on May 27, 2009, Articles of Restatement filed with the Department on February 2, 2010, Articles Supplementary filed with the Department on March 23, 2012, Articles Supplementary filed with the Department on May 23, 2012 and Articles of Restatement filed with the Department on May 23, 2012, Articles Supplementary filed with the Department on August 14, 2012 and Articles Supplementary filed with the Department on December 19, 2012;
(ii)
the Second Amended and Restated Bylaws of the Company, adopted as of December 11, 2008, as amended by the Amendment No. 1 to the Second Amended and Restated Bylaws, adopted as of May 27, 2009, and the Amendment No. 2 to the Second Amended and Restated Bylaws, adopted as of May 22, 2014, and as further amended and restated by the Third Amended and Restated Bylaws of the Company, adopted as of December 9, 2014 (the “Bylaws”);
(iii)
the Written Organizational Action of the Board of Directors (the “Board of Directors”) of the Company, dated as of September 13, 1996 (the “Organizational Minutes”);
(iv)
resolutions adopted by the Board of Directors, or a committee thereof, on October 9, 2014 and June 29, 2015 (the “Directors’ Resolutions”);
(v)
the Registration Statement, including all amendments thereto, filed by the Company with the Commission under the Act, and the related final prospectus supplement, dated June 29, 2015, and the final base prospectus, dated October 2, 2013;
(vi)
a status certificate of the Department, dated as of a recent date, to the effect that the Company is duly incorporated and existing under the laws of the State of Maryland;
(vii)
a certificate of two officers of the Company, dated as of the date hereof (the “Officers’ Certificate”), to the effect that, among other things, the Charter, the Bylaws, the Organizational Minutes, and the Directors’ Resolutions are true, correct and complete, have not been rescinded or modified and are in full force and effect on the date of the Officers’ Certificate and certifying as to the manner of adoption of the Directors’ Resolutions and the authorization of the issuance of the Shares; and
(viii)
such other documents and matters as we have deemed necessary and appropriate to render the opinions set forth in this letter, subject to the limitations, assumptions, and qualifications noted below.
In reaching the opinions set forth below, we have assumed the following:


BALLARD SPAHR LLP

Kilroy Realty Corporation
July 1, 2015
Page 3


(a)
each person executing any of the Documents on behalf of any party (other than the Company) is duly authorized to do so;
(b)
each natural person executing any of the Documents is legally competent to do so;
(c)
any of the Documents submitted to us as originals are authentic; the form and content of any Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such documents as executed and delivered; any of the Documents submitted to us as certified, facsimile or photostatic copies conform to the original document; all signatures on all of the Documents are genuine; all public records reviewed or relied upon by us or on our behalf are true and complete; all statements and information contained in the Documents are true and complete; there has been no modification of, or amendment to, any of the Documents, and there has been no waiver of any provision of any of the Documents by action or omission of the parties or otherwise; and
(d)
none of the Shares will be issued or transferred in violation of the provisions of Article IV, Section E of the Charter relating to restrictions on ownership and transfer of capital stock.
Based on our review of the foregoing and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

(1)
The Company is a corporation duly incorporated and validly existing as a corporation in good standing under the laws of the State of Maryland.
(2)
The issuance of the Shares has been duly authorized by all necessary corporate action on the part of the Company and when such Shares are issued and delivered by the Company in exchange for the consideration therefor as provided in the Directors’ Resolutions, such Shares will be validly issued, fully paid and non-assessable.
The foregoing opinion is limited to the laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.

This opinion letter is issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after the date hereof.


BALLARD SPAHR LLP

Kilroy Realty Corporation
July 1, 2015
Page 4


We consent to the incorporation by reference of this opinion in the Registration Statement and further consent to the filing of this opinion as an exhibit to the applications to securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification of our firm as Maryland counsel to the Company in the section of the Registration Statement entitled “Legal Matters.” In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act.

Very truly yours,

/s/ Ballard Spahr LLP



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