Open the filing on EDGARWhere Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works Where Innovation Works
Forward-looking statements notice
Exhibit 99.1 Kilroy Oyster Point Phase 2 The Company’s guidance estimates for the full year 2025, and the reconciliation of Net income available to common stockholders per share - diluted and This Supplemental Financial Report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, among other things, information concerning lease expirations, debt maturities, potential investments, development and redevelopment activity, projected construction costs, dispositions, and other forward-looking financial data. In some instances, forward-looking statements can be identified by the use of forward-looking terminology such as “expect,” “future,” “will,” “would,” “pursue,” or “project”, and variations of such words and similar expressions that do not relate to historical matters. Forward-looking statements are based on Kilroy Realty Corporation’s current expectations, beliefs, and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends, and factors that are difficult to predict, many of which are outside of Kilroy Realty Corporation’s control. Accordingly, actual performance, results, and events may vary materially from those indicated or implied in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results, or events. Numerous factors could cause actual future performance, results, and events to differ materially from those indicated in the forward-looking statements, including, among others: global market and general economic conditions, including actual and potential tariffs and periods of heightened inflation, and their effect on our liquidity and financial conditions and those of our tenants; adverse economic or real estate conditions generally, and specifically, in the States of California, Texas, and Washington; risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or non-renewal of leases by tenants; any significant downturn in tenants’ businesses, including bankruptcy, lack of liquidity or lack of funding, and the impact labor disruptions or strikes, such as episodic strikes in the media industry, may have on our tenants’ businesses; our ability to re-lease property at or above current market rates; reduced demand for office space, including as a result of remote working and flexible working arrangements that allow work from remote locations other than an employer's office premises; costs to comply with government regulations, including environmental remediation; the availability of cash for distribution and debt service, and exposure to risk of default under debt obligations; increases in interest rates and our ability to manage interest rate exposure; changes in interest rates and the availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue development, redevelopment, and acquisition opportunities and refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices, or obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant competition, which may decrease the occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired, developed, and Redeveloped properties; the ability to successfully complete development and Redevelopment projects on schedule and within budgeted amounts; delays or refusals in obtaining all necessary zoning, land use, and other required entitlements, governmental permits and authorizations for our development and Redevelopment properties; increases in anticipated capital expenditures, tenant improvement, and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or enactment or implementations of, tax laws or other applicable laws, regulations, or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers' financial condition, and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; risks associated with climate change and our sustainability strategies, and our ability to achieve our sustainability goals; and our ability to maintain our status as a REIT. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect Kilroy Realty Corporation’s business and financial performance, see the factors included under the caption “Risk Factors” in Kilroy Realty Corporation’s annual report on Form 10-K for the year ended December 31, 2024, and its other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the dates on which they are made. Kilroy Realty Corporation assumes no obligation to update any forward-looking statement made in this Supplemental Financial Report that becomes untrue because of subsequent events, new information, or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.
Financial Highlights(unaudited, $ in thousands, except per share amounts) Net Operating Income (1)(unaudited, $ in thousands) Stabilized Portfolio Occupancy Overview by Region, continued(unaudited) Consolidated Balance Sheets(unaudited, $ in thousands) KILROY REALTY CORPORATION REPORTS •As highlighted above, signed 68,000 square feet during the third quarter and an additional 16,000 square feet subsequent to quarter end, for a total Net Income Available to Common Stockholders / FFO Guidance FFO per share and unit - diluted included within this press release, reflect management’s views on current and future market conditions, including Table of Contents Funds From Operations & Funds Available for Distribution (1)(unaudited, $ in thousands, except per share amounts) Stabilized Portfolio Occupancy Overview by Region (1) (2)(unaudited) Stabilized Portfolio Occupancy Overview by Region, continued(unaudited) Stabilized Portfolio Occupancy Overview by Region, continued(unaudited) Stabilized Portfolio Occupancy Overview by Region, continued(unaudited) Consolidated Ventures (Noncontrolling Property Partnerships)(unaudited, $ in thousands) Capital StructureAs of September 30, 2025 ($ in thousands) Debt MaturitiesAs of September 30, 2025 ($ in thousands) THIRD QUARTER FINANCIAL RESULTS of 84,000 square feet of leases signed at KOP 2 to date, positioning the Company to likely exceed its previously communicated goal of 100,000 The Company is updating Nareit-defined FFO per share guidance for the full year 2025 to a range of $4.18 to $4.24 per diluted share, from the previous assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press release. These guidance Definitions Included in Supplemental, continued Definitions Included in Supplemental, continued Consolidated Statements of Operations(unaudited, $ in thousands, except per share amounts) Supplemental Income Statement Detail(unaudited, $ in thousands) Same Property Net Operating Income Analysis (Cash Basis)(1)(unaudited, $ in thousands) EBITDA, EBITDAre, and Adjusted EBITDAre (1)(unaudited, $ in thousands) Leases Executed (1) Stabilized Portfolio Capital Expenditures($ in thousands) Stabilized Portfolio Lease Expirations (1)(2)($ in thousands, except for Annualized Base Rent per sq. ft.) Stabilized Portfolio Lease Expirations by Region($ in thousands, except for Annualized Base Rent per sq. ft.) Top 20 Tenants (1)($ in thousands) Tenant Industry Diversification (1) 2025 Acquisitions($ in millions) 2025 Dispositions and Assets Under Contract ($ in millions) Stabilized Development & Redevelopment Projects($ in millions) In-Process Development & Redevelopment Projects($ in millions) Future Development Pipeline($ in millions) Debt Covenants & Leverage Ratios (1)($ in thousands) Management Statements on Non-GAAP Supplemental Measures Management Statements on Non-GAAP Supplemental Measures, continued Management Statements on Non-GAAP Supplemental Measures, continued Definitions Included in Supplemental Definitions Included in Supplemental, continued Reconciliation of Net Income Available to Common Stockholders to Same Property Cash Net Operating Income (1) (unaudited, $ in thousands) Reconciliation of Historical Net Income Available to Common Stockholders to Company’s Share of Adjusted EBITDAre (1) (unaudited, $ in thousands) Reconciliation of GAAP Net Cash Provided by Operating Activities to Funds Available for Distribution (unaudited, $ in thousands) Board of DirectorsEdward F. Brennan, PhDChairAngela M. AmanDaryl J. CarterJolie A. HuntLouisa G. RitterGary R. StevensonPeter B. StonebergExecutive and Senior Management TeamAngela M. AmanChief Executive OfficerJustin W. SmartPresidentJeffrey R. KuehlingEVP, Chief Financial Officer and TreasurerA. Robert ParatteEVP, Chief Leasing OfficerHeidi R. RothEVP, Chief Administrative OfficerSherrie S. SchwartzEVP, Chief Human Resources OfficerLauren N. StadlerEVP, General Counsel and SecretaryEliott L. TrencherEVP, Chief Investment OfficerMerryl E. WerberSVP, Chief Accounting Officer and Controller Company Background Company Background Three Months EndedNine Months Ended 9/30/20256/30/20253/31/202512/31/20249/30/20249/30/20259/30/2024INCOME ITEMS:Revenues$279,744$289,892$270,844$286,379$289,938$840,480$849,250Lease Termination Fees (1)30910,7545062,4691,46111,5694,597Capitalized Interest and Debt Costs22,57421,33320,54821,31220,82764,45561,149Capitalized Internal Overhead Costs (2)4,6823,8074,6344,6145,47213,12316,030Other Capitalized Development Costs (3)7,3535,5054,9743,6043,96717,8328,458Non-Cash Amortization of Share-Based Compensation Awards5,4364,5823,9274,4434,57613,94513,271EARNINGS METRICS:Net Income Available to Common Stockholders $156,220$68,449$39,008$59,460$52,378$263,677$151,509Net Operating Income (1)(4)188,775190,779180,239193,645195,230559,793570,811EBITDAre (5)171,561181,500161,999181,421185,960515,060547,023Company's Share of EBITDAre (5)164,126167,914154,719173,578178,475486,759523,277Company's Share of Adjusted EBITDAre (5)161,007167,402153,585168,788168,787481,994490,315Funds From Operations (6)130,561135,891122,310144,875140,448388,762406,758Funds Available for Distribution (6)100,939103,889109,096109,08796,820313,924336,982PER SHARE INFORMATION (7):Net Income Available to Common Stockholders per common share - diluted$1.31$0.57$0.33$0.50$0.44$2.21$1.27Funds From Operations per common share - diluted (6)1.081.131.021.201.173.233.38Dividends declared per common share0.540.540.540.540.542.162.16RATIOS (8):Net Operating Income Margin (1)67.5%65.8%66.5%67.6%67.3%66.6%67.2%Net Debt to Company's Share of EBITDAre Ratio (5)(8)6.4x6.6x6.6x6.4x6.4xN/AN/ANet Debt to Company's Share of Adjusted EBITDAre Ratio (5)(8)6.5x6.7x6.9x6.8x6.9xN/AN/AFixed Charge Coverage Ratio - Net Income3.1x1.6x0.9x1.3x1.1x1.9x1.0xFixed Charge Coverage Ratio - Company’s Share of EBITDAre (5)3.2x3.4x3.2x3.3x3.3x3.2x3.2xNet Income Payout Ratio39.7%81.1%147.6%99.0%111.6%67.8%114.6%FFO / FAD Payout Ratio (6)49.4% / 63.9%47.5% / 62.1%52.7% / 59.1%44.4% / 59.0%45.8% / 66.5%49.8% / 61.6%47.3% / 57.1%STABILIZED PORTFOLIO INFORMATION:Period End Occupancy Percentage81.0%80.8%81.4%82.8%84.3%81.0%84.3%Period End Leased Percentage83.3%83.5%83.9%84.9%85.8%83.3%85.8%Average Occupancy80.7%80.8%81.4%83.3%84.1%81.0%84.1%Lease Composition (Net / Gross) (9)50% / 50%51% / 49%52% / 48%52% / 48%51% / 49%N/AN/A Three Months EndedNine Months Ended9/30/20256/30/20253/31/202512/31/20249/30/20249/30/20259/30/2024Cash Operating Revenues:Base rent$201,633$201,955$202,640$204,705$204,030$606,228$606,441Tenant reimbursements51,86748,03546,31347,62151,846146,215149,577Other revenues (2)16,65619,96715,63018,70717,31452,25349,026Settlement and restoration fee income2,663639636,7093,0023,3654,856Other property income (3)4,8354,8214,6005,0243,98714,25612,490Total cash operating revenues277,654275,417269,246282,766280,179822,317822,390Cash Operating Expenses:Property expenses 61,76458,57558,71463,24563,579179,053180,133Real estate taxes25,87826,76528,36524,02626,67781,00884,925Ground leases2,9402,9412,9422,9022,8918,8238,459Total cash operating expenses90,58288,28190,02190,17393,147268,884273,517Cash Net Operating Income (4)187,072187,136179,225192,593187,032553,433548,873Deferred income and lease incentives, net (5)7077718341,7573,9582,3128,175Amortization of deferred revenue related to tenant-funded tenant improvements3,6393,7703,6884,0654,21311,09715,073Straight-line rents, net(1,303)(3,354)(4,613)(3,667)(2,615)(9,270)(5,517)Amortization of net below market rents7648458468468852,4552,675Deferred settlement and restoration fee income(2,026)1,689337(1,857)1,857 - 1,857Other (6)(78)(78)(78)(92)(100)(234)(325)Net Operating Income (4)188,775190,779180,239193,645195,230559,793570,811Lease termination fees (1)30910,7545062,4691,46111,5694,597General and administrative expenses(18,247)(18,475)(16,901)(16,977)(17,981)(53,623)(54,097)Leasing costs(2,610)(2,277)(2,873)(2,013)(2,353)(7,760)(6,751)Other income (expense) (7)91190(157)(493)(85)124(499)Interest income3,1195121,1344,7909,6884,76532,962Interest expense(32,152)(30,844)(31,148)(33,245)(36,408)(94,144)(112,042)Depreciation and amortization(87,487)(87,625)(87,119)(89,121)(91,879)(262,231)(267,061)Gains on sales of depreciable operating properties110,48416,554 - - - 127,038 - Gain on sale of long-lived assets - - - 5,979 - - - Net Income$162,282$79,568$43,681$65,034$57,673$285,531$167,920 Rentable Square FeetOccupied atLeased atCampusSubmarket9/30/20256/30/2025 (1)9/30/20256/30/2025 (1)LOS ANGELES, CALIFORNIA1350 Ivar AvenueOn VineHollywood / West Hollywood16,448100.0%100.0%100.0%100.0%1355 Vine StreetOn VineHollywood / West Hollywood183,129100.0%100.0%100.0%100.0%1375 Vine StreetOn VineHollywood / West Hollywood159,236100.0%100.0%100.0%100.0%1395 Vine StreetOn VineHollywood / West Hollywood2,575100.0%100.0%100.0%100.0%1500 N. El Centro AvenueColumbia SquareHollywood / West Hollywood113,44763.6%63.6%63.6%63.6%1525 N. Gower StreetColumbia SquareHollywood / West Hollywood9,610100.0%100.0%100.0%100.0%1575 N. Gower StreetColumbia SquareHollywood / West Hollywood264,43098.3%98.3%98.3%98.3%6115 W. Sunset BoulevardColumbia SquareHollywood / West Hollywood26,23871.1%71.1%71.1%71.1%6121 W. Sunset BoulevardColumbia SquareHollywood / West Hollywood93,418100.0%100.0%100.0%100.0%6255 W. Sunset BoulevardSunset Media CenterHollywood / West Hollywood325,77253.2%59.3%53.2%61.2%8560 W. Sunset BoulevardThe SunsetHollywood / West Hollywood76,35998.9%100.0%98.9%100.0%8570 W. Sunset BoulevardThe SunsetHollywood / West Hollywood49,27699.0%99.0%99.0%99.0%8580 W. Sunset BoulevardThe SunsetHollywood / West Hollywood6,8750.0%0.0%0.0%0.0%8590 W. Sunset BoulevardThe SunsetHollywood / West Hollywood56,75099.7%99.7%99.7%99.7%2240 E. Imperial HighwayKilroy Airport CenterEl Segundo122,870100.0%100.0%100.0%100.0%2250 E. Imperial HighwayKilroy Airport CenterEl Segundo298,72837.7%37.7%37.7%37.7%2260 E. Imperial HighwayKilroy Airport CenterEl Segundo298,728100.0%100.0%100.0%100.0%909 N. Pacific Coast Highway909 & 999 N. Pacific Coast HighwayEl Segundo244,88062.7%61.7%70.3%63.6%999 N. Pacific Coast Highway909 & 999 N. Pacific Coast HighwayEl Segundo138,38951.9%56.5%51.9%56.5%3750 Kilroy Airport WayAeroLong Beach10,718100.0%100.0%100.0%100.0%3760 Kilroy Airport WayAeroLong Beach166,76178.7%80.4%78.7%80.4%3780 Kilroy Airport WayAeroLong Beach221,45298.2%96.4%98.2%98.2%3800 Kilroy Airport WayAeroLong Beach192,47693.4%93.4%93.4%93.4%3840 Kilroy Airport WayAeroLong Beach138,441100.0%98.3%100.0%100.0%3880 Kilroy Airport WayAeroLong Beach96,92351.9%51.9%90.8%90.8%3900 Kilroy Airport WayAeroLong Beach130,93557.1%51.9%62.3%62.3%12100 W. Olympic BoulevardWestside Media CenterWest Los Angeles155,67968.7%68.7%68.7%68.7%12200 W. Olympic BoulevardWestside Media CenterWest Los Angeles154,54432.0%32.0%32.0%32.0%12233 W. Olympic BoulevardTribeca WestWest Los Angeles156,74647.3%52.5%47.3%52.5%12312 W. Olympic BoulevardWestside Media CenterWest Los Angeles78,900100.0%100.0%100.0%100.0%2100/2110 Colorado AvenueSanta Monica Media CenterWest Los Angeles104,85355.4%55.4%55.4%55.4%335-345 N. Maple Drive *Maple PlazaBeverly Hills306,36672.3%N/A79.3%N/A3101-3243 La Cienega BoulevardBlackwelderCulver City166,20736.4%30.5%38.4%38.4%Total Los Angeles4,568,15974.0%74.4%75.9%76.4% range of $4.05 to $4.15 per diluted share. --------------- square feet of lease executions by year-end estimates do not include the impact on the Company’s operating results from potential future acquisitions, dispositions (including any associated gains or Rentable Square FeetOccupied atLeased atCampusSubmarket9/30/20256/30/2025 (1)9/30/20256/30/2025 (1)SAN DIEGO, CALIFORNIA12225 El Camino RealCarmel Valley Corporate CenterDel Mar58,401100.0%100.0%100.0%100.0%12235 El Camino RealCarmel Valley Corporate CenterDel Mar53,751100.0%100.0%100.0%100.0%12340 El Camino Real Del Mar Corporate CentreDel Mar110,95025.9%25.9%25.9%25.9%12390 El Camino RealDel Mar Corporate CentreDel Mar73,238100.0%100.0%100.0%100.0%12770 El Camino RealOne PaseoDel Mar75,03565.3%100.0%100.0%100.0%12780 El Camino RealOne PaseoDel Mar140,591100.0%100.0%100.0%100.0%12790 El Camino RealOne PaseoDel Mar87,944100.0%100.0%100.0%100.0%12830 El Camino RealOne PaseoDel Mar196,444100.0%100.0%100.0%100.0%12860 El Camino RealOne PaseoDel Mar92,04292.5%100.0%100.0%100.0%12348 High Bluff DriveDel Mar Tech CenterDel Mar39,19251.5%51.5%51.5%51.5%12400 High Bluff Drive Del Mar Corporate CentreDel Mar216,518100.0%100.0%100.0%100.0%12707 High Bluff Drive *Junction Del MarDel Mar59,24591.2%91.2%91.2%91.2%12777 High Bluff Drive *Junction Del MarDel Mar44,486100.0%100.0%100.0%100.0%3579 Valley Centre Drive Kilroy Centre Del MarDel Mar54,960100.0%100.0%100.0%100.0%3611 Valley Centre Drive Kilroy Centre Del MarDel Mar132,425100.0%100.0%100.0%100.0%3661 Valley Centre DriveKilroy Centre Del MarDel Mar124,75634.2%34.2%34.2%34.2%3721 Valley Centre DriveKilroy Centre Del MarDel Mar117,77794.8%94.8%94.8%94.8%3811 Valley Centre DriveKilroy Centre Del MarDel Mar118,912100.0%100.0%100.0%100.0%3745 Paseo PlaceOne PaseoDel Mar95,87190.0%90.0%95.5%92.8% 13480 Evening Creek Drive NorthKilroy Sabre SpringsI-15 Corridor143,40268.8%62.0%70.7%68.8%13500 Evening Creek Drive NorthKilroy Sabre SpringsI-15 Corridor137,661100.0%100.0%100.0%100.0%13520 Evening Creek Drive NorthKilroy Sabre SpringsI-15 Corridor146,70189.8%87.9%89.8%89.8%2100 Kettner Boulevard 2100 KettnerLittle Italy / Point Loma212,42333.9%33.7%50.1%46.4%2305 Historic Decatur RoadKilroy Liberty StationLittle Italy / Point Loma107,45688.3%88.3%88.3%88.3%4690 Executive Drive * (2)4690 ExecutiveUniversity Towne Center52,0740.0%N/A47.3%N/A9455 Towne Centre Drive9455 Towne Centre DriveUniversity Towne Center160,444100.0%100.0%100.0%100.0%9514 Towne Centre Drive9514 Towne Centre Drive University Towne Center70,616100.0%100.0%100.0%100.0%Total San Diego2,923,31582.8%85.0%86.2%86.5% Rentable Square FeetOccupied atLeased atCampusSubmarket9/30/20256/30/2025 (1)9/30/20256/30/2025 (1)SAN FRANCISCO BAY AREA, CALIFORNIA100 Hooper Street100 HooperSan Francisco CBD417,91497.4%95.5%97.4%100.0%100 First Street100 First StreetSan Francisco CBD480,45794.3%94.3%94.3%94.3%303 Second Street303 Second StreetSan Francisco CBD784,65865.5%65.5%66.6%65.9%201 Third Street201 Third StreetSan Francisco CBD355,96051.9%26.0%60.6%52.9%360 Third Street360 Third StreetSan Francisco CBD436,35766.6%66.6%71.3%66.6%250 Brannan StreetThe BrannansSan Francisco CBD100,850100.0%100.0%100.0%100.0%301 Brannan StreetThe BrannansSan Francisco CBD82,834100.0%100.0%100.0%100.0%333 Brannan StreetThe BrannansSan Francisco CBD185,602100.0%100.0%100.0%100.0%345 Brannan StreetThe BrannansSan Francisco CBD110,05099.7%99.7%99.7%99.7%350 Mission Street350 Mission StreetSan Francisco CBD455,34099.7%99.7%99.7%99.7%1290-1300 Terra Bella Avenue Terra BellaSilicon Valley114,175100.0%100.0%100.0%100.0%680 E. Middlefield Road680 & 690 MiddlefieldSilicon Valley171,676100.0%100.0%100.0%100.0%690 E. Middlefield Road680 & 690 MiddlefieldSilicon Valley171,215100.0%100.0%100.0%100.0%1701 Page Mill RoadPage Mill / PorterSilicon Valley128,688100.0%100.0%100.0%100.0%3150 Porter DrivePage Mill / PorterSilicon Valley36,886100.0%100.0%100.0%100.0%345 Oyster Point BoulevardOyster Point Tech CenterSouth San Francisco40,410100.0%100.0%100.0%100.0%347 Oyster Point BoulevardOyster Point Tech CenterSouth San Francisco39,780100.0%100.0%100.0%100.0%349 Oyster Point BoulevardOyster Point Tech CenterSouth San Francisco65,3400.0%0.0%0.0%0.0%350 Oyster Point BoulevardKilroy Oyster Point - Phase 1South San Francisco234,892100.0%100.0%100.0%100.0%352 Oyster Point BoulevardKilroy Oyster Point - Phase 1South San Francisco232,215100.0%100.0%100.0%100.0%354 Oyster Point BoulevardKilroy Oyster Point - Phase 1South San Francisco193,472100.0%100.0%100.0%100.0%4100 Bohannon DriveMenlo Park Corporate CenterOther Peninsula47,643100.0%100.0%100.0%100.0%4200 Bohannon DriveMenlo Park Corporate CenterOther Peninsula43,60069.4%69.4%69.4%69.4%4300 Bohannon DriveMenlo Park Corporate CenterOther Peninsula63,43038.8%38.8%38.8%38.8%4400 Bohannon Drive * (2)Menlo Park Corporate CenterOther Peninsula48,4140.0%N/A0.0%N/A4500 Bohannon DriveMenlo Park Corporate CenterOther Peninsula63,429100.0%100.0%100.0%100.0%4600 Bohannon DriveMenlo Park Corporate CenterOther Peninsula48,413100.0%100.0%100.0%100.0%4700 Bohannon DriveMenlo Park Corporate CenterOther Peninsula63,429100.0%100.0%100.0%100.0%900 Jefferson AvenueCrossing 900Other Peninsula228,226100.0%100.0%100.0%100.0%900 Middlefield RoadCrossing 900Other Peninsula119,616100.0%100.0%100.0%100.0%Total San Francisco Bay Area5,564,97185.7%84.8%86.8%86.9% Rentable Square FeetOccupied atLeased atCampusSubmarket9/30/20256/30/2025 (1)9/30/20256/30/2025 (1)SEATTLE, WASHINGTON333 Dexter Avenue North333 DexterLake Union / Denny Regrade618,766100.0%100.0%100.0%100.0%701 N. 34th StreetFremont Lake Union CenterLake Union / Denny Regrade141,86044.8%44.8%64.5%64.5%801 N. 34th StreetFremont Lake Union CenterLake Union / Denny Regrade173,615100.0%100.0%100.0%100.0%837 N. 34th StreetFremont Lake Union CenterLake Union / Denny Regrade112,48771.3%56.9%100.0%71.3%320 Westlake Avenue NorthWestlake TerryLake Union / Denny Regrade184,64496.1%96.1%100.0%100.0%321 Terry Avenue NorthWestlake TerryLake Union / Denny Regrade135,755100.0%100.0%100.0%100.0%401 Terry Avenue North401 TerryLake Union / Denny Regrade174,530100.0%100.0%100.0%100.0%2001 8th AvenueWest8Lake Union / Denny Regrade535,39526.0%26.0%32.3%32.3%601 108th Avenue NEKey CenterBellevue490,73887.1%96.6%87.1%96.6%10900 NE 4th StreetSkyline TowerBellevue428,55798.9%77.4%99.9%99.9%Total Seattle2,996,34780.6%78.5%84.1%84.6%AUSTIN, TEXAS200 W. 6th StreetIndeed TowerAustin CBD758,97582.2%79.9%87.9%83.2%Total Austin758,97582.2%79.9%87.9%83.2%Total Stabilized Portfolio16,811,76781.0%80.8%83.3%83.5% Kilroy Realty Corporate Data & Financial HighlightsCompany Background2Financial Highlights3Consolidated Balance Sheets 4Consolidated Statements of Operations5Funds From Operations & Funds Available for Distribution6Supplemental Income Statement Detail7Net Operating Income8Same Property Net Operating Income Analysis (Cash Basis)9EBITDA, EBITDAre, and Adjusted EBITDAre10Portfolio DataStabilized Portfolio Occupancy Overview by Region12-16Leases Executed17Stabilized Portfolio Capital Expenditures18Stabilized Portfolio Lease Expirations19-20Top 20 Tenants21Tenant Industry Diversification222025 Acquisitions232025 Dispositions and Assets Under Contract24Consolidated Ventures (Noncontrolling Property Partnerships)25DevelopmentStabilized Development & Redevelopment Projects27In-Process Development & Redevelopment Projects28Future Development Pipeline 29Debt & Capitalization DataCapital Structure31Debt Maturities32Debt Covenants & Leverage Ratios33Non-GAAP Supplemental Measures35-37Definitions & Reconciliations39-45 Total Rentable Square FeetOccupied atLeased atYTD NOI %Rentable Square Feet %9/30/20256/30/2025 (3)9/30/20256/30/2025 (3)LOS ANGELESHollywood / West Hollywood8.3%8.2%1,383,56384.5%86.0%84.5%86.5%El Segundo2.8%6.6%1,103,59568.8%69.2%70.5%69.6%Long Beach2.6%5.7%957,70683.8%82.7%88.5%88.8%West Los Angeles2.4%3.9%650,72256.5%57.8%56.5%57.8%Beverly Hills0.1%1.8%306,36672.3%N/A79.3%N/ACulver City0.0%1.0%166,20736.4%30.5%38.4%38.4%Total Los Angeles16.2%27.2%4,568,15974.0%74.4%75.9%76.4%SAN DIEGODel Mar12.5%11.3%1,892,53887.5%89.2%89.5%89.4%I-15 Corridor1.6%2.5%427,76486.0%83.1%86.7%86.0%Little Italy / Point Loma0.7%1.9%319,87952.1%52.0%62.9%60.5%University Towne Center1.9%1.7%283,13481.6%100.0%90.3%100.0%Total San Diego16.7%17.4%2,923,31582.8%85.0%86.2%86.5%SAN FRANCISCO BAY AREASan Francisco CBD26.3%20.3%3,410,02281.6%78.8%83.4%82.2%Silicon Valley4.8%3.7%622,640100.0%100.0%100.0%100.0%South San Francisco9.1%4.8%806,10991.9%91.9%91.9%91.9%Other Peninsula5.8%4.3%726,20086.2%92.3%86.2%92.3%Total San Francisco Bay Area46.0%33.1%5,564,97185.7%84.8%86.8%86.9%SEATTLELake Union / Denny Regrade10.5%12.3%2,077,05275.3%74.5%80.1%78.6%Bellevue6.0%5.5%919,29592.6%87.6%93.1%98.1%Total Seattle16.5%17.8%2,996,34780.6%78.5%84.1%84.6%AUSTINAustin CBD4.6%4.5%758,97582.2%79.9%87.9%83.2%Total Austin4.6%4.5%758,97582.2%79.9%87.9%83.2%Total Stabilized Portfolio100.0%100.0%16,811,76781.0%80.8%83.3%83.5% LocationApprox. Developable Square Feet / Resi Units (1)Total Cash Costs Incurred as of 9/30/2025 (2)Los Angeles1633 26th Street (3)West Los Angeles190,000$15San DiegoSanta Fe Summit (3)(4)56 Corridor600,000 - 650,0001172045 Pacific HighwayLittle Italy / Point Loma275,00057Kilroy East VillageEast Village1,100 units68San Francisco Bay AreaKilroy Oyster Point - Phases 3 and 4South San Francisco875,000 - 1,000,000237Flower MartSan Francisco CBD2,300,000653SeattleSIX0Lake Union / Denny Regrade925,000 and 650 units197AustinStadium TowerStadium District / Domain493,00076Total$1,420 Key AssumptionsJuly 2025 AssumptionsOctober 2025 AssumptionsSame Property Cash Net Operating Income (“NOI”) growth (1)(2)(1.0%) to (2.0%)(0.75%) to (1.25%)Average full year occupancy80.50% to 81.50%80.75% to 81.25%GAAP lease termination fee income +/- $13 million +/- $12 millionNon-Cash GAAP NOI adjustments (3)$4 million to $6 million$11 million to $12 millionGeneral and administrative and Leasing costs$83 million to $85 million$83 million to $85 millionInterest income+/- $4.5 million+/- $7 millionCapitalized interest (4)$81 million to $83 million$84 million to $85 millionTotal development spending$100 million to $200 million$150 million to $200 million
- As noted in the Company’s September press release, signed a lease with Color for its new headquarters as part of the Company’s spec losses), capital markets activity, impairment charges, or any events outside of the Company’s control, as the timing and magnitude of any such events are #Tenant NameRegionAnnualized Base Rental Revenue (2)RentableSquare FeetPercentage ofTotal Annualized Base Rental RevenuePercentage ofTotal RentableSquare FeetYear(s) of Significant Lease Expiration(s) (3)Weighted Average Remaining Lease Term (Years)1Global technology companySeattle / San Diego$44,851849,8265.8%5.1%2032 - 2033 / 20377.82Cruise LLCSan Francisco Bay Area35,449374,6184.5%2.2%20316.23Stripe, Inc.San Francisco Bay Area33,110425,6874.2%2.5%2034 8.8 4Adobe Systems, Inc.San Francisco Bay Area / Seattle27,897537,7993.6%3.2%2027 / 2031 5.6 5Salesforce, Inc.San Francisco Bay Area / Seattle24,706472,9883.2%2.8%2029 - 2030 / 2032 4.6 6Okta, Inc.San Francisco Bay Area24,206293,0013.1%1.7%2028 3.1 7DoorDash, Inc.San Francisco Bay Area23,842236,7593.1%1.4%2032 6.3 8Netflix, Inc.Los Angeles21,854361,3882.8%2.1%20326.89Cytokinetics, Inc.San Francisco Bay Area18,167234,8922.3%1.4%20338.110Box, Inc.San Francisco Bay Area16,853287,6802.2%1.7%2028 2.3 11DIRECTV, LLCLos Angeles16,085532,9562.1%3.2%2026 (4) - 2027 1.9 12Tandem Diabetes Care, Inc.San Diego 15,884181,9492.0%1.1%2035 9.6 13Synopsys, Inc.San Francisco Bay Area15,492342,8912.0%2.0%20304.914Neurocrine Biosciences, Inc.San Diego 14,397273,0211.9%1.6%2029 / 20315.515Viacom International, Inc.Los Angeles13,718220,3301.8%1.3%20283.316Indeed, Inc. Austin CBD13,430330,3941.7%2.0%20349.317Sony Group CorporationSan Francisco Bay Area / Los Angeles13,382131,6421.7%0.8%20304.518Amazon.comSeattle12,921284,3071.7%1.7%20304.419Nektar Therapeutics, Inc.San Francisco Bay Area12,297135,9741.6%0.8%20304.320Riot Games, Inc.Los Angeles12,234197,6761.6%1.2%2026 (5) / 20313.0Total Top 20 Tenants$410,7756,705,77852.9%39.8%5.7 Three Months EndedNine Months Ended9/30/20256/30/20253/31/202512/31/20249/30/20249/30/20259/30/2024FUNDS FROM OPERATIONS: Net income available to common stockholders$156,220$68,449$39,008$59,460$52,378$263,677$151,509Adjustments:Net income attributable to noncontrolling common units of the Operating Partnership1,5246633755935092,5621,469Net income attributable to noncontrolling interests in consolidated property partnerships4,53810,4564,2984,9814,78619,29214,942Depreciation and amortization of real estate assets 86,08086,24385,73587,53690,243258,058262,292Gains on sales of depreciable operating properties(110,484)(16,554) - - - (127,038) - Funds From Operations attributable to noncontrolling interests in consolidated property partnerships(7,317)(13,366)(7,106)(7,695)(7,468)(27,789)(23,454)Funds From Operations$130,561$135,891$122,310$144,875$140,448$388,762$406,758Weighted average common shares/units outstanding - basic (2)119,870119,848119,750119,521119,702119,823119,798Weighted average common shares/units outstanding - diluted (2)120,397120,246120,220120,234120,115120,288120,237FFO per common share/unit - basic$1.09$1.13$1.02$1.21$1.17$3.24$3.40FFO per common share/unit - diluted$1.08$1.13$1.02$1.20$1.17$3.23$3.38FUNDS AVAILABLE FOR DISTRIBUTION:Funds From Operations$130,561$135,891$122,310$144,875$140,448$388,762$406,758Adjustments:Recurring tenant improvements, leasing commissions, and capital expenditures(36,959)(34,040)(17,378)(33,089)(25,662)(88,377)(59,494)Amortization of deferred revenue related to tenant-funded tenant improvements(3,639)(3,770)(3,688)(4,065)(4,213)(11,097)(15,073)Straight-line rents, net1,3033,3544,6133,6672,6159,2705,517Amortization of net below market rents(764)(845)(846)(846)(885)(2,455)(2,675)Amortization of deferred financing costs and net debt discount/premium1,2181,1781,2191,6501,9263,6155,243Non-cash amortization of share-based compensation awards and adjustments for executive retirement obligations (3)5,4364,5823,9274,443(12,389)13,945(3,119)Lease related adjustments and other (4)1,877(2,626)(1,677)(2,359)(7,226)(2,426)(5,180)Gain on sale of long-lived assets (5) - - - (5,979) - - - Adjustments attributable to noncontrolling interests in consolidated property partnerships 1,9061656167902,2062,6875,005Funds Available for Distribution$100,939$103,889$109,096$109,087$96,820$313,924$336,982 PropertyVenture PartnerSubmarketRentable Square FeetKRC Ownership % (1)100 First Street, San Francisco, CANorges Bank Investment ManagementSan Francisco CBD480,45756%303 Second Street, San Francisco, CANorges Bank Investment ManagementSan Francisco CBD784,65856%900 Jefferson Avenue and 900 Middlefield Road, Redwood City, CA (1)Local developerOther Peninsula347,84293% 9/30/20256/30/20253/31/202512/31/20249/30/2024ASSETS:Land and improvements$1,661,679$1,627,754$1,750,820$1,750,820$1,750,820Buildings and improvements8,658,2368,427,4058,617,7288,598,7518,573,332Undeveloped land and construction in progress2,355,1812,364,9382,356,3302,309,6242,254,628Total real estate assets held for investment12,675,09612,420,09712,724,87812,659,19512,578,780Accumulated depreciation and amortization(2,952,576)(2,877,165)(2,900,113)(2,824,616)(2,747,494)Total real estate assets held for investment, net9,722,5209,542,9329,824,7659,834,5799,831,286Real estate and other assets held for sale, net - 255,795 - - - Cash and cash equivalents372,416193,129146,711165,690625,395Marketable securities33,56931,62929,18727,96527,144Current receivables, net13,19111,71811,68011,03311,218Deferred rent receivables, net436,886436,964447,433451,996455,613Deferred leasing costs and acquisition-related intangible assets, net229,175208,266220,051225,937226,991Right of use ground lease assets128,396128,674128,949129,222129,492Prepaid expenses and other assets, net56,04658,72569,90951,93573,495Total Assets$10,992,199$10,867,832$10,878,685$10,898,357$11,380,634LIABILITIES AND EQUITY:Liabilities:Secured debt, net$593,956$595,212$596,806$598,199$599,478Unsecured debt, net3,995,5554,002,5074,001,0363,999,5664,401,678Accounts payable, accrued expenses, and other liabilities321,188273,600292,354285,011354,785Ground lease liabilities127,830128,030128,227128,422128,606Accrued dividends and distributions64,99664,98564,99064,85064,844Deferred revenue and acquisition-related intangible liabilities, net127,931131,606137,538142,437151,670Rents received in advance and tenant security deposits74,88873,56177,74971,00371,033 Liabilities related to real estate assets held for sale - 4,887 - - - Total liabilities5,306,3445,274,3885,298,7005,289,4885,772,094Equity:Stockholders’ EquityCommon stock1,1831,1831,1831,1811,181Additional paid-in capital5,223,3695,216,3205,210,4155,209,6535,203,195Retained earnings240,810148,952144,867171,212175,962Total stockholders’ equity5,465,3625,366,4555,356,4655,382,0465,380,338Noncontrolling InterestsCommon units of the Operating Partnership53,15452,19252,10552,47252,441Noncontrolling interests in consolidated property partnerships167,339174,797171,415174,351175,761Total noncontrolling interests220,493226,989223,520226,823228,202Total equity5,685,8555,593,4445,579,9855,608,8695,608,540Total Liabilities And Equity$10,992,199$10,867,832$10,878,685$10,898,357$11,380,634 Three Months EndedNine Months Ended9/30/20256/30/20253/31/202512/31/20249/30/20249/30/20259/30/2024RevenuesRental income$274,909$285,071$266,244$281,355$285,951$826,224$836,760Other property income4,8354,8214,6005,0243,98714,25612,490Total revenues279,744289,892270,844286,379289,938840,480849,250ExpensesProperty expenses61,76458,57558,71463,24963,593179,053180,192Real estate taxes25,87826,76528,36524,02626,67781,00884,925Ground leases3,0183,0193,0202,9902,9779,0578,725General and administrative expenses18,24718,47516,90116,97717,98153,62354,097Leasing costs2,6102,2772,8732,0132,3537,7606,751Depreciation and amortization87,48787,62587,11989,12191,879262,231267,061Total expenses199,004196,736196,992198,376205,460592,732601,751Other Income (Expenses)Interest income3,1195121,1344,7909,6884,76532,962Interest expense(32,152)(30,844)(31,148)(33,245)(36,408)(94,144)(112,042)Other income (expense) (1)91190(157)(493)(85)124(499)Gains on sales of depreciable operating properties110,48416,554 - - - 127,038 - Gain on sale of long-lived assets (2) - - - 5,979 - - - Total other expenses81,542(13,588)(30,171)(22,969)(26,805)37,783(79,579)Net Income162,28279,56843,68165,03457,673285,531167,920Net income attributable to noncontrolling common units of the Operating Partnership(1,524)(663)(375)(593)(509)(2,562)(1,469)Net income attributable to noncontrolling interests in consolidated property partnerships (4,538)(10,456)(4,298)(4,981)(4,786)(19,292)(14,942)Total income attributable to noncontrolling interests(6,062)(11,119)(4,673)(5,574)(5,295)(21,854)(16,411)Net Income Available To Common Stockholders$156,220$68,449$39,008$59,460$52,378$263,677$151,509Weighted average common shares outstanding - basic118,296118,285118,195118,047117,830118,259117,516Weighted average common shares outstanding - diluted118,822118,683118,664118,759118,244118,724117,955Net Income Available To Common Stockholders Per ShareNet income available to common stockholders per share - basic$1.32$0.58$0.33$0.50$0.44$2.22$1.27Net income available to common stockholders per share - diluted$1.31$0.57$0.33$0.50$0.44$2.21$1.27 Three Months Ended September 30,Nine Months Ended September 30,20252024% Contribution20252024% ContributionTotal Same Property PortfolioNumber of properties116116Square Feet16,301,18216,301,182Average Occupancy (2)80.9%83.3%80.8%83.4%Percent of Stabilized Portfolio (3)97.0%97.0%Percent of Total Portfolio (3)97.0%97.0%Cash Operating Revenues:Base rent$191,461$193,835(1.3)%$575,305$576,175(0.2)%Tenant reimbursements50,15149,7640.2%140,645143,203(0.5)%Other revenues (4)16,93317,530(0.3)%52,61149,5220.6%Settlement and restoration fee income2,6633,002(0.2)%3,3654,145(0.1)%Other property income (5)4,5973,8250.3%13,39412,0750.3%Total cash operating revenues265,805267,956(1.3)%785,320785,1200.1%Cash Operating Expenses:Property expenses59,99362,2731.3%173,638175,9180.5%Real estate taxes23,78824,7990.6%74,66379,6120.9%Ground leases2,9402,8910.0%8,8238,459(0.1)%Total cash operating expenses86,72189,9631.9%257,124263,9891.3%Cash Net Operating Income (6)(7)(8)$179,084$177,9930.6%$528,196$521,1311.4% Three Months Ended9/30/20256/30/20253/31/202512/31/20249/30/2024Net Income Available to Common Stockholders$156,220$68,449$39,008$59,460$52,378Interest expense32,15230,84431,14833,24536,408Depreciation and amortization87,48787,62587,11989,12191,879Taxes (2)1241751 - - EBITDA275,983186,935157,326181,826180,665Net income attributable to noncontrolling common units of the Operating Partnership1,524663375593509Net income attributable to noncontrolling interests in consolidated property partnerships4,53810,4564,2984,9814,786Gains on sales of depreciable operating properties(110,484)(16,554) - - - Gain on sales of long-lived assets - - - (5,979) - EBITDAre171,561181,500161,999181,421185,960EBITDAre attributable to noncontrolling interests in consolidated property partnerships(7,435)(13,586)(7,280)(7,843)(7,485)Company's share of EBITDAre164,126167,914154,719173,578178,475Interest income(3,119)(512)(1,134)(4,790)(9,688)Company's share of Adjusted EBITDAre$161,007$167,402$153,585$168,788$168,787 Quarter to DateYear to DateQ3 2025Q2 2025Q1 2025Q4 2024Q3 202420252024Second Generation Capital Expenditures: (1) (2)Capital Improvements$9,529$13,548$6,635$13,935$11,734$29,712$26,725Tenant Improvements & Leasing Commissions 27,43020,49210,74319,15413,92858,66532,769Total$36,959$34,040$17,378$33,089$25,662$88,377$59,494Average Capital Expenditures to Average NOI Ratio - Trailing Five Quarters15.5%Q3 2025Q2 2025Q1 2025Q4 2024Q3 202420252024Major Repositioning Capital Expenditures: (1) (3) Capital Improvements$39$702$93$1,716$4,301$834$21,371Tenant Improvements & Leasing Commissions - - - - - - 89Total $39$702$93$1,716$4,301$834$21,460Q3 2025Q2 2025Q1 2025Q4 2024Q3 202420252024First Generation Capital Expenditures: (1)Tenant Improvements & Leasing Commissions$4,268$5,834$3,914$2,259$1,431$14,016$15,267Total$4,268$5,834$3,914$2,259$1,431$14,016$15,267 Year Region# ofExpiring LeasesTotalSquare Feet% of TotalLeased Sq. Ft.AnnualizedBase Rent (1)% of TotalAnnualizedBase RentAnnualized Base Rent per Sq. Ft. 2025Los Angeles1030,5040.1%$2,0450.3%$67.03San Diego26,8260.1%359 - %52.61San Francisco Bay Area496,0350.7%6,3120.8%65.73Seattle148,4890.4%1,7460.2%36.01Austin - - - % - - % - Total17181,8541.3%$10,4621.3%$57.532026Los Angeles42507,3893.8%$22,0982.8%$43.55San Diego842,7250.3%2,1110.3%49.41San Francisco Bay Area11274,2082.0%17,0862.1%62.31Seattle14293,3482.2%11,3601.5%38.73Austin - - - % - - % - Total751,117,6708.3%$52,6556.7%$47.112027Los Angeles48856,7666.4%$32,3364.1%$37.74San Diego19162,1681.2%7,8031.1%48.12San Francisco Bay Area633,4490.2%1,5960.2%47.70Seattle1090,4840.8%3,4500.5%38.12Austin - - - % - - % - Total831,142,8678.6%$45,1855.9%$39.542028Los Angeles41188,5541.5%$11,2551.4%$59.69San Diego14222,0471.6%12,5781.6%56.65San Francisco Bay Area12818,8346.0%52,5696.8%64.20Seattle744,9230.3%1,6500.2%36.73Austin - - - % - - % - Total741,274,3589.4%$78,05210.0%$61.252029Los Angeles19353,6962.6%$20,7932.7%$58.79San Diego19263,7852.0%13,9381.8%52.84San Francisco Bay Area8432,9953.2%24,9403.1%57.60Seattle9226,8491.7%9,9341.3%43.79Austin14,211 - %235 - %55.91Total561,281,5369.5%$69,8408.9%$54.502030andBeyondLos Angeles651,355,18510.1%$77,94710.0%$57.52San Diego701,708,73712.7%107,19313.8%62.73San Francisco Bay Area403,084,17522.9%232,83129.8%75.49Seattle321,702,46312.6%77,71410.0%45.65Austin17612,5874.6%28,1993.6%46.03Total2248,463,14762.9%$523,88467.2%$61.90 Stabilized Portfolio: suite initiative. Color is expected to commence occupancy early in the second quarter of 2026 LOS ANGELES, October 27, 2025 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial results for the third quarter not known at the time the Company provides guidance. There can be no assurance that the Company’s actual results will not differ materially from these KEY DEBT COVENANTS (2)CovenantActual Performance as of September 30, 2025Unsecured Credit and Term Loan Facilities and Private Placement Notes:Total debt to total asset valueless than 60%33%Fixed charge coverage ratiogreater than 1.5x3.2xUnsecured debt ratiogreater than 1.67x2.93xUnencumbered asset pool debt service coverage greater than 1.75x3.60xUnsecured Senior Notes due 2028, 2029, 2030, 2032, 2033, 2035, and 2036: Total debt to total asset valueless than 60%35%Interest coveragegreater than 1.5x5.6xSecured debt to total asset valueless than 40%4%Unencumbered asset pool value to unsecured debtgreater than 150%304% As of 9/30/2025As of FilingLocationConstruction Start DateEstimated Stabilization Date (2)Estimated Rentable Square FeetTotal Estimated Investment Total Cash Costs Incurred (3) % Occupied% Leased% LeasedTENANT IMPROVEMENT (1)Life ScienceSan Francisco Bay AreaKilroy Oyster Point - Phase 2South San Francisco2Q 20211Q 2026871,738$1,025$860 - %8%10%Total871,738$1,025$860 - %8%10% Annualized Base Rent: Retention Rates (Leases Executed Including Subtenants): Three Months EndedNine Months Ended9/30/20256/30/20253/31/202512/31/20249/30/20249/30/20259/30/2024RevenuesIncome Statement Category*Base rentRental income$201,633$201,955$202,640$204,705$204,030$606,228$606,441*Tenant reimbursementsRental income51,86748,03546,31347,62151,846146,215149,577*Other revenues (1)Rental income16,65619,96715,63018,70717,31452,25349,026Deferred income and lease incentives, net (2)Rental income7077718341,7573,9582,3128,175Amortization of deferred revenue related to tenant-funded tenant improvementsRental income3,6393,7703,6884,0654,21311,09715,073Straight-line rents, netRental income(1,303)(3,354)(4,613)(3,667)(2,615)(9,270)(5,517)Amortization of net below market rentsRental income7648458468468852,4552,675*Settlement and restoration fee incomeRental income2,663639636,7093,0023,3654,856Deferred settlement and restoration fee incomeRental income(2,026)1,689337(1,857)1,857 - 1,857Cash lease termination fee incomeRental income86710,588 - 105011,4556,366Deferred lease termination fee incomeRental income(558)1665062,4591,411114(1,769)*Other property income (3)Other property income4,8354,8214,6005,0243,98714,25612,490Total Revenues$279,744$289,892$270,844$286,379$289,938$840,480$849,250 Shares/UnitsAggregate Principal Amount or $ Value Equivalent % of Total Market CapitalizationStated Rate (1)Effective Rate (2)Maturity DateUnsecured DebtRevolving Credit Facility (3)$ - - %5.44%5.44%7/31/2028Term Loan Facility (4)200,0002.1%5.46%5.77%10/3/2027Private Placement Senior Notes Series A due 202650,0000.5%4.30%4.39%7/18/2026Private Placement Senior Notes Series B due 2026200,0002.1%4.35%4.44%10/18/2026Private Placement Senior Notes Series A due 2027175,0001.8%3.35%3.42%2/17/2027Private Placement Senior Notes Series B due 202975,0000.8%3.45%3.51%2/17/2029Private Placement Senior Notes due 2031350,0003.6%4.27%4.32%1/31/2031Senior Notes due 2028 (5)400,0004.1%4.75%4.87%12/15/2028Senior Notes due 2029400,0004.1%4.25%4.38%8/15/2029Senior Notes due 2030500,0005.2%3.05%3.17%2/15/2030Senior Notes due 2032 (5)425,0004.4%2.50%2.63%11/15/2032Senior Notes due 2033 (5)450,0004.7%2.65%2.73%11/15/2033Senior Notes due 2035400,0004.1%5.88%6.08%10/15/2035Senior Notes due 2036400,0004.1%6.25%6.41%1/15/2036$4,025,00041.6%4.16%4.46%Secured Debt (6)100 Hooper St., San Francisco Bay Area$149,7911.5%3.57%3.80%12/1/2026320 Westlake Ave. N. and 321 Terry Ave. N., Seattle77,2350.8%4.48%4.57%7/1/2027One Paseo Mixed-Use Campus, San Diego375,0003.9%5.90%6.13%8/10/2034$602,0266.2%5.14%5.35%Total Debt$4,627,02647.8%4.29%4.58%Equity and Noncontrolling Interest in the Operating Partnership (7)Common limited partnership units outstanding (8)1,150,574$48,6120.5%Shares of common stock outstanding118,304,0794,998,34751.7%Total Equity and Noncontrolling Interest in the Operating Partnership$5,046,95952.2%Total Market Capitalization$9,673,985100.0% EBITDA, EBITDAre, Company's Share of EBITDAre, and Company's Share of Adjusted EBITDAre: Funds From Operations: Gross Lease Types: ◦MBC BioLabs, the Bay Area’s leading life science incubator that has helped launch more than 500 companies collectively raising over $20 This section includes management’s statements regarding certain non-GAAP financial measures provided in this supplemental financial report and, with ended September 30, 2025. estimates. The Stabilized Portfolio includes all properties with the exception of the development and Redevelopment Properties currently committed for construction, LocationConstruction Start DateStabilization Date (1)Rentable Square FeetTotal Estimated InvestmentTotal Project % Occupied% Leased1st QuarterNone - $ - - % - %2nd QuarterNone - - - % - %3rd QuarterSan Francisco Bay Area4400 Bohannon Drive (2)Other Peninsula4Q 20223Q 202548,41455 - % - %San Diego4690 Executive Drive (2)University Towne Center1Q 20223Q 202552,07430 - %47%Total100,488$85 - %24% Quarter to Date# of LeasesSquare FeetWeightedAverage LeaseTerm (Mo.)TI/LCPer Sq.Ft. (2)TI/LCPer Sq.Ft. /Year (2)Changes inGAAP Rents (3)Changes in Cash Rents (4)NewRenewalNewRenewalTotal2nd Gen Leasing (5)913114,336196,310310,64677$83.74$13.055.0%(9.6)%1st Gen / Major Repositioning / In-Process Development & Redevelopment Leasing (5)4 - 111,941 - 111,941144$431.21$35.93Total1313226,277196,310422,587Year to Date# of LeasesSquare FeetWeightedAverage LeaseTerm (Mo.)TI/LCPer Sq.Ft. (2)TI/LCPer Sq.Ft. /Year (2)Changes inGAAP Rents (3)Changes in Cash Rents (4)NewRenewalNewRenewalTotal2nd Gen Leasing (5)4439390,761404,745795,50666$62.43$11.35(6.3)%(15.2)%1st Gen / Major Repositioning / In-Process Development & Redevelopment Leasing (5)12 - 217,339 - 217,339128$293.09$27.48Total5639608,100404,7451,012,845 Three Months Ended6/30/20243/31/202412/31/2023Net Income Available to Common Stockholders$49,211$49,920$47,284Interest expense36,76338,87132,325Depreciation and amortization87,15188,03186,016EBITDA173,125176,822165,625Net income attributable to noncontrolling common units of the Operating Partnership458502471Net income attributable to noncontrolling interests in consolidated property partnerships4,8785,2785,291EBITDAre178,461182,602171,387EBITDAre attributable to noncontrolling interests in consolidated property partnerships(7,601)(8,660)(8,328)Company's share of EBITDAre170,860173,942163,059Interest income(10,084)(13,190)(10,696)Company's share of Adjusted EBITDAre$160,776$160,752$152,363 Annualized monthly contractual rents from existing tenants including the impact of the straight-lining of rent escalations and the amortization of free rent Retention rate, inclusive of leases with subtenants where the Company does not expect to experience significant downtime in occupancy between leases. billion in capital, is expected to commence occupancy in the fourth quarter of 2026 SubmarketMonth ofAcquisitionNumber of BuildingsRentable Square FeetPurchasePrice (1)1st QuarterNone - - $ - 2nd QuarterNone - - - 3rd Quarter335-345 N. Maple Drive (Maple Plaza)Beverly HillsSeptember1306,366205.3Total1306,366$205.3 Operating Property DispositionsSubmarketMonth ofDispositionNumber of BuildingsRentableSquare FeetSalesPrice (1)1st QuarterNone - - $ - 2nd Quarter501 Santa Monica BoulevardWest Los AngelesJune178,50940.03rd QuarterSilicon Valley CampusSilicon ValleySeptember4663,460365.0Total5741,969$405.0 respect to Funds From Operations available to common stockholders and common unitholders (“FFO”), in the Company’s earnings release on October 27, Represents leases where the landlord is obligated to pay the tenant's proportionate share of certain operating expenses. Three Months EndedNine Months Ended 9/30/20256/30/20253/31/202512/31/20249/30/20249/30/20259/30/2024GAAP Net Cash Provided by Operating Activities $176,568$143,746$136,921$108,237$176,350$457,235$432,912Adjustments:Recurring tenant improvements, leasing commissions and capital expenditures(36,959)(34,040)(17,378)(33,089)(25,662)(88,377)(59,494)Depreciation of non-real estate furniture, fixtures and equipment(1,407)(1,382)(1,384)(1,585)(1,636)(4,173)(4,769)Net changes in operating assets and liabilities (1)(31,579)9,245(2,308)42,445(46,785)(24,642)(12,868)Noncontrolling interests in consolidated property partnerships’ share of FFO and FAD(5,411)(13,201)(6,490)(6,905)(5,262)(25,102)(18,449)Cash adjustments related to investing and financing activities(273)(479)(265)(16)(185)(1,017)(350)Funds Available for Distribution (2)$100,939$103,889$109,096$109,087$96,820$313,924$336,982 under construction, or in the tenant improvement phase, undeveloped land, and properties classified as held for sale. Supplemental Financial ReportQ3 2025 The Company calculates Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) for Real Estate (“EBITDAre”) in accordance with the 2017 White The Company calculates Funds From Operations available to common stockholders and common unitholders (“FFO”) in accordance with the 2018 Restated White periods and excluding the impact of the following: amortization of deferred revenue related to tenant-funded tenant improvements, amortization of above/ Kilroy Realty Corporation (NYSE: KRC) is a publicly traded real estate investment trust and member of the S&P MidCap 400 Index. The Company owns, develops, acquires, and manages real estate assets consisting primarily of premier office and life science properties in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin. Kilroy Realty Corporation (NYSE: KRC) is a publicly traded real estateinvestment trust and member of the S&P MidCap 400 Index. The Companyowns, develops, acquires, and manages real estate assets consistingprimarily of premier office and life science properties in the San FranciscoBay Area, Los Angeles, Seattle, San Diego, and Austin.
- Acadia Pharmaceuticals, a biopharmaceutical company committed to advancing therapies for underserved neurological disorders and rare 2025 and the reasons why management believes that these measures provide useful information to investors about the Company’s financial condition and “Our third quarter results continued to demonstrate the momentum that is building across every component of our business, with strong new leasing activity Conference Call and Audio Webcast Three Months EndedNine Months Ended 9/30/20259/30/20249/30/20259/30/2024Net Income Available to Common Stockholders$156,220$52,378$263,677$151,509Net income attributable to noncontrolling common units of the Operating Partnership1,5245092,5621,469Net income attributable to noncontrolling interests in consolidated property partnerships4,5384,78619,29214,942Net Income162,28257,673285,531167,920Adjustments:Gains on sales of depreciable operating properties(110,484) - (127,038) - Depreciation and amortization87,48791,879262,231267,061Interest expense32,15236,40894,144112,042Interest income(3,119)(9,688)(4,765)(32,962)Other (income) expense(91)85(124)499Leasing costs2,6102,3537,7606,751General and administrative expenses18,24717,98153,62354,097Lease termination fees (2)(309)(1,461)(11,569)(4,597)Net Operating Income (3)188,775195,230559,793570,811Other (4)78100234325Deferred settlement and restoration income2,026(1,857) - (1,857)Amortization of net below market rents(764)(885)(2,455)(2,675)Straight-line rents, net1,3032,6159,2705,517Amortization of deferred revenue related to tenant-funded tenant improvements(3,639)(4,213)(11,097)(15,073)Deferred income and lease incentives, net (5)(707)(3,958)(2,312)(8,175)Cash Net Operating Income (3)187,072187,032553,433548,873Non-Same Property Net Cash Operating Income(7,988)(9,039)(25,237)(27,742)Same Property Cash Net Operating Income (3)$179,084$177,993$528,196$521,131 Paper on EBITDAre approved by the Board of Governors of Nareit. Management believes that consolidated earnings before interest expense, tax expense, 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 Annualized Base Rent (2)Square Feet (3) below market rents, amortization for lease incentives due under existing leases, and expense reimbursement revenue. Additionally, the underlying leases Same Property Portfolio: diseases and an existing tenant in the Company’s San Diego portfolio, is expected to commence occupancy early in the second quarter of results of operations. across both the stabilized and development portfolios, and significant, previously announced capital recycling and capital markets activity,” said Angela The Company’s management will discuss third quarter results and the current business environment during the Company’s October 28, 2025 earnings 01Corporate Data & Financial Highlights - Company Background - Financial Highlights - Consolidated Balance Sheets - Consolidated Statements of Operations - Funds From Operations & Funds Available for Distribution - Supplemental Income Statement Detail - Net Operating Income - Same Property Net Operating Income Analysis (Cash Basis) - EBITDA, EBITDAre, and Adjusted EBITDAre
Interest Coverage Ratio:
Stabilized Portfolio RollforwardNumber of BuildingsSquare FeetStabilized Portfolio as of December 31, 202412317,142,721Stabilized Acquisition Properties1306,366Stabilized Development and Redevelopment Properties2100,488Dispositions(5)(741,969)Remeasurements - 4,161Stabilized Portfolio as of September 30, 202512116,811,767 depreciation and amortization, gain/loss on early extinguishment of debt, gains and losses on the sale of depreciable real estate and non-real estate assets, net depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and contain various expense structures including full service gross, modified gross and triple net. Amounts represent percentage of total portfolio annualized 2026 Aman, CEO. “With 84,000 square feet now executed at Kilroy Oyster Point Phase 2, we are well positioned to exceed our previously communicated goal of conference call. The call will begin at 10:00 a.m. Pacific Time and last approximately one hour. To participate and obtain conference call dial-in details, Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Cash Operating Revenues:Base rent$25,307$25,643$79,637$77,502Tenant reimbursements4,3903,88111,84910,411Other revenues (2)20(2,204)2,221(5,418)Settlement and restoration fee income - - 212459Other property income (3)6254681,8491,853Total cash operating revenues30,34227,78895,76884,807Cash Operating Expenses:Property expenses 6,7766,63120,05918,910Real estate taxes2,2832,2396,7436,631Total cash operating expenses9,0598,87026,80225,541Cash Net Operating Income (4)(5)(6)21,28318,91868,96659,266Deferred income and lease incentives, net3702,5241,1123,475Amortization of tenant-funded improvements4824331,4161,800Straight-line rents, net176(1,035)(1,794)(536)Net Operating Income (4)(5)22,31120,84069,70064,005Lease termination fees (5)13413510,992411Other income (expense) - - (4)(6)General & administrative expenses(1)(6)(10)(14)Leasing costs(39)(11)(91)(57)Depreciation and amortization(8,045)(7,550)(24,599)(23,578)Net Income$14,360$13,408$55,988$40,761 The Same Property Portfolio includes all properties owned and included in the Stabilized Portfolio for two comparable reporting periods, i.e., owned and Calculated as EBITDAre divided by gross interest expense (excluding amortization of deferred debt costs and debt premiums/discounts). income attributable to noncontrolling interests, preferred dividends and distributions, original issuance costs of redeemed preferred stock and preferred units, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable contractual base rental revenue. Net Operating Income: 100,000 square feet of lease executions at the project by year end 2025, as the quality of Kilroy Oyster Point resonates with a growing number of prospects register by using the following link, https://www.netroadshow.com/events/login/LE9zwo3gD9WhaXuZj8Z0xIiTZIzFwtAfoGM. Those interested in listening via included in the Stabilized Portfolio as of January 1, 2024 and still owned and included in the Stabilized Portfolio as of September 30, 2025. It includes the 02Portfolio Data - Stabilized Portfolio Occupancy Overview by Region - Leases Executed - Stabilized Portfolio Capital Expenditures - Stabilized Portfolio Lease Expirations - Top 20 Tenants - Tenant Industry Diversification - 2025 Acquisitions - 2025 Dispositions and Assets Under Contract - Consolidated Ventures (Noncontrolling Property Partnerships) impairment losses (EBITDAre) is a useful supplemental measure of the Company’s operating performance. When considered with other GAAP measures and FFO, real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of Acquisition & Disposition Activity in the market.” the Internet can access the conference call at https://events.q4inc.com/attendee/894416249. It may be necessary to download audio software to hear the residential portfolio, which consists of a 200-unit residential tower and a 193-unit Jardine project in Hollywood, California and 608 residential units at the Major Repositioning: management believes EBITDAre, gives the investment community a more complete understanding of the Company’s consolidated operating results, including the unconsolidated affiliates to FFO. The calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes Capital Expenditures:
- In September, completed the acquisition of Maple Plaza, an approximately 306,000 square foot office property in the Beverly Hills submarket of Los Management believes that Net Operating Income (“NOI”) is a useful supplemental measure of the Company’s operating performance. The Company’s NOI metrics conference call. Company’s One Paseo mixed-use project in Del Mar, California. Excludes undeveloped land, development and Redevelopment Properties currently impact of general and administrative expenses and acquisition-related expenses, before the impact of investing and financing transactions and facilitates the depreciation of the related tenant improvement assets. The Company also adds back net income attributable to noncontrolling common units of the Operating Space for which significant non-recurring capital expenditures are incurred to reposition and is expected to result in additional revenue generated when re- Angeles, for $205.3 million. The building is 72.3% occupied and 79.3% leased to a diverse mix of tenants across private equity, professional are defined as follows: Financial Results Expenditures for capital improvements, tenant improvements costs (excluding tenant-funded tenant improvements), and leasing commissions. committed for construction, under construction, or in the tenant improvement phase, and properties classified as held for sale. comparisons with competitors. Management also believes it is appropriate to present EBITDAre as it is used in several of the Company’s financial covenants for both Partnership because it reports FFO attributable to common stockholders and common unitholders. leased. Capital improvements for this space are not subtracted in the calculation of FAD. Tenant improvement and leasing commissions for this space are services, education, and entertainment •Revenues of $279.7 million for the quarter ended September 30, 2025, as compared to $289.9 million for the quarter ended September 30, 2024 04Debt & Capitalization Data - Capital Structure - Debt Maturities - Debt Covenants & Leverage Ratios its secured and unsecured debt. However, EBITDAre should not be viewed as an alternative measure of the Company’s operating performance since it excludes ________________________ Stabilized Office & Life Science Portfolio Stabilized Office & Life Science Portfolio are included in 2nd Gen Capital Expenditures.
- Net Operating Income - Consolidated operating revenues comprised of rental income and other property income, excluding lease termination fees, less •In September, completed the sale of a four-building, approximately 663,000 square foot campus in Silicon Valley for gross sales proceeds of $365.0 •Net income available to common stockholders of $156.2 million, or $1.31 per diluted share, for the quarter ended September 30, 2025, as compared Effective Rate: Same Property Portfolio RollforwardNumber of BuildingsSquare FeetSame Property Portfolio as of December 31, 202411916,209,399Stabilized Development and Redevelopment Properties Added2829,591Dispositions(5)(741,969)Remeasurements - 4,161Same Property Portfolio as of September 30, 202511616,301,182Stabilized Development and Redevelopment Properties Excluded from Same Property2100,488Stabilized Acquisition Properties Excluded from Same Property3410,097Stabilized Portfolio as of September 30, 202512116,811,767 (1)Represents projects that have reached “cold shell condition” and are ready for tenant improvements, which may require additional major base building construction before being placed in service. financing costs as well as depreciation and amortization costs which are significant economic costs that could materially impact the Company’s results of operations Management believes that FFO is a useful supplemental measure of the Company’s operating performance. The exclusion from FFO of gains and losses from the Full Year 2025 Rangeas of July 2025Full Year 2025 Range as of October 2025Low EndHigh EndLow EndHigh End$ and shares/units in thousands, except per share/unit amountsNet income available to common stockholders per share - diluted$1.44$1.54$2.46$2.52Weighted average common shares outstanding - diluted (5)118,765118,765118,820118,820Net income available to common stockholders$170,874$182,914$292,510$299,734Adjustments:Net income attributable to noncontrolling common units of the Operating Partnership2,8002,8002,9002,900Net income attributable to noncontrolling interests in consolidated property partnerships23,30023,30023,50023,500Depreciation and amortization of real estate assets341,600341,600346,000346,000Gains on sales of depreciable operating properties(16,554)(16,554)(127,038)(127,038)Funds From Operations attributable to noncontrolling interests in consolidated property partnerships(34,400)(34,400)(34,600)(34,600)Funds From Operations (2)$487,620$499,660$503,272$510,496Weighted average common shares/units outstanding - diluted (6)120,400120,400120,400120,400Nareit Funds From Operations per common share/unit - diluted (2)$4.05$4.15$4.18$4.24 at September 30, 2025 at September 30, 2025 03Development - Stabilized Development & Redevelopment Projects - In-Process Development & Redevelopment Projects - Future Development Pipeline consolidated property and related expenses (property expenses, real estate taxes, and ground leases). million (2)For office and retail, represents the earlier of the date the project achieves 95% occupancy or one year from substantial completion of base building components. For multi-phase projects, interest and carry cost to $52.4 million, or $0.44 per diluted share, for the quarter ended September 30, 2024 and liquidity. Other REITs may use different methodologies for calculating EBITDAre and, accordingly, the Company’s EBITDAre calculation may not be comparable sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of the Company’s activity Represents the Stated Rate, including the impact of the unused facility fee and the amortization of any premiums/discounts and debt issuance costs. 05Non-GAAP Supplemental Measures Net Income Payout Ratio: capitalization may cease and recommence driven by various factors, including tenant improvement construction, other tenant related timing, or changes in project scope. For Redevelopment Projects, redevelopment
- Cash Net Operating Income - NOI adjusted for certain non-cash amounts (e.g. straight-line rents, net, amortization of deferred revenue related to tenant- •Funds from operations (“FFO”) of $130.6 million, or $1.08 per diluted share, for the quarter ended September 30, 2025, as compared to $140.4 121 121 16.8 16.8 to other REITs. The Company’s Share of EBITDAre is EBITDAre less amounts attributable to noncontrolling interests in consolidated property partnerships. The and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of may occur in phases based on existing lease expiration dates and timing of the tenant improvement construction. 06Definitions &Reconciliations Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted funded tenant improvements, deferred income and lease incentives, net, deferred settlement and restoration fee income, and the amortization of net below Redevelopment million, or $1.17 per diluted share, for the quarter ended September 30, 2024 (3)Represents costs incurred as of September 30, 2025, excluding accrued liabilities recorded in accordance with GAAP. Stated Rate: Company’s Share of Adjusted EBITDAre is the Company’s share of EBITDAre less interest income. REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, Estimated Stabilization Date (Development): ________________________ ________________________ stock unitholders) divided by net income. market rents), as well as the provision for bad debts related to these certain non-cash adjustments. •Added 4690 Executive Drive, an approximately 52,000 square foot redevelopment project in the University Towne Center submarket of San Diego, buildings buildings million square feet million square feet the Company’s FFO may not be comparable to all other REITs. (1)Excludes acquisition-related costs and purchase price credits. (1)Represents gross sales price before the impact of commissions, closing costs, and purchase price credits. ________________________ The rate at which interest expense is recorded per the respective loan documents. Management’s estimation of the earlier of stabilized occupancy (95%) or one year from the date of the cessation of major base building construction NET DEBT TO COMPANY'S SHARE OF EBITDAre RATIOS9/30/20256/30/20253/31/202512/31/20249/30/2024Total principal amount of debt$4,627,026$4,628,595$4,630,149$4,631,688$5,036,923Cash and cash equivalents(372,416)(193,129)(146,711)(165,690)(625,395)Net debt$4,254,610$4,435,466$4,483,438$4,465,998$4,411,528Trailing 12-months Company's share of EBITDAre (3)(4)$660,337$674,686$677,632$696,855$686,336Trailing 12-months Company's share of Adjusted EBITDAre (3)(4)$650,782$658,562$651,936$659,103$642,678Net debt to Company's share of EBITDAre Ratio6.4x6.6x6.6x6.4x6.4xNet debt to Company's share of Adjusted EBITDAre Ratio6.5x6.7x6.9x6.8x6.9x
- Same Property Cash Net Operating Income - Cash NOI for all of the properties that were owned and included in the Company’s Stabilized Portfolio for to the stabilized portfolio. The property is 47% leased Leasing and Occupancy ________________________ Net Debt to Company's Share of EBITDAre Ratio and Net Debt to Company's Share of Adjusted EBITDAre Ratio: (1)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, rents received activities for office and retail properties, and the date of substantial completion for residential properties. Equity Research CoverageBarclaysBrendan Lynch(212) 526-9428BofA SecuritiesJana Galan(646) 855-5042BMO Capital Markets Corp.John P. Kim(212) 885-4115BTIGThomas Catherwood(212) 738-6140Citigroup Investment ResearchSeth Bergey(212) 816-2066Deutsche Bank Securities, Inc. Omotayo Okusanya(212) 250-9284Evercore ISISteve Sakwa(212) 446-9462Goldman Sachs & Co. LLCCaitlin Burrows(212) 902-4736Green Street AdvisorsDylan Burzinski(949) 640-8780Jefferies LLCJoe Dickstein(212) 778-8771J.P. MorganAnthony Paolone(212) 622-6682Keybanc Capital MarketsUpal Rana(917) 368-2316Mizuho Securities USA LLCVikram Malhotra(212) 282-3827RBC Capital MarketsMike Carroll(440) 715-2649ScotiabankNicholas Yulico(212) 225-6904Wells FargoBlaine Heck(410) 662-2556Wolfe ResearchAlly Yaseen(646) 582-9253Kilroy Realty Corporation is followed by the analysts listed above. Please note that any opinions, estimates, or forecasts regarding Kilroy Realty Corporation’s performance made by these analysts are theirs alone and do not represent opinions, forecasts, or predictions of Kilroy Realty Corporation or its management. Kilroy Realty Corporation does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. Net Leases Types: in advance, and tenant security deposits. (1)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. two comparable reporting periods. •Added 4400 Bohannon Drive, an approximately 48,000 square foot redevelopment project in the Other Peninsula submarket of the San Francisco Development Pipeline Under Contract (2) (3)SubmarketNumber of BuildingsAcreage Under ContractAnticipated SalesPrice (1)1633 26th StreetWest Los AngelesN/A2 acres$41.0Santa Fe Summit (4)56 CorridorN/A5 acres38.0Total$79.0Total Anticipated Proceeds$79.0 •Stabilized Portfolio was 81.0% occupied and 83.3% leased at September 30, 2025, representing 230 basis points of leases signed that have not Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over ________________________ Straight-Line Rents, Net: 81.0% 81.0% 83.3% 83.3% (2)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. ________________________ Bay Area, to the stabilized portfolio. The property is 0% leased commenced time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of Represents leases where the tenant is obligated to pay a share of certain operating expenses. (1)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. Management believes that the ratios of the principal balance of debt, less cash and cash equivalents and certificates of deposit, divided by the Company’s share of Where Innovation Works FAD Payout Ratio: (1)As previously reported, including properties subsequently disposed of. Excludes properties subsequently acquired and redevelopment properties that stabilized during the three months ended September 30, 2025. Represents the straight-line rent income recognized during the period offset by cash received during the period that was applied to deferred rents receivable (2)Commencing in January 1, 2025, the Company began adjusting for taxes, which are included in Other income (expense) on the Company’s Consolidated Statement of Operations. EBITDA, EBITDAre, and Adjusted Commencing January 1, 2025, the Company began excluding lease termination fees from the calculation of rental revenue for the Company’s NOI metrics as it is operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real ◦Occupancy during the quarter benefited from approximately 200,000 square feet of early rent commencements that were originally projected ________________________ EBITDAre as well as the Company's share of Adjusted EBITDAre are useful supplemental measures of the level of borrowed capital being used to increase the occupied occupied leased leased Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. ________________________ EBITDAre for the periods ending December 31, 2024 and September 30, 2024, have not been conformed to our new presentation to maintain consistency with previously reported financial ratios. ________________________ balances for terminated leases and the provision for bad debts recorded for deferred rent receivable balances. Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted non-recurring in nature and its exclusion will provide a measure that the Company believes is more indicative of its operating performance. Other real estate estate assets, management believes that FFO along with the required GAAP presentations provides a more complete measurement of the Company’s performance Balance Sheet to take occupancy in the fourth quarter potential return of the Company’s real estate investments and proxies for a measure management believes is used by many lenders and rating agencies to evaluate Net Operating Income Margin: •Represents a component of Cash Net Operating Income. (1)Represents the earlier of the date the project achieves 95% occupancy or one year from substantial completion of base building components. (1)Project scope, including the estimated developable square feet or number of residential units, could change materially from estimates provided due to one or more of the following: significant changes in the economy, Retention Rate Calculations (5) (6)Quarter to DateYear to DateRetention Rate60.2%35.1%Retention Rate, including subtenants60.2%38.9% (1)Primarily comprised of residential income, contractual parking income, and revenues deemed uncollectible. investment trusts (“REITs”) may use different methodologies for calculating NOI, Cash NOI, and Same Property Cash NOI, and accordingly, the Company’s NOI stock unitholders) divided by FAD. relative to its competitors and a more appropriate basis on which to make decisions involving operating, financing, and investing activities than the required GAAP (2)Redevelopment Project. •In August, completed a public offering of $400.0 million of 5.875% 10-year unsecured senior notes due October 2035 •During the quarter, signed approximately 552,000 square feet of leases the Company’s ability to repay and service its debt obligations. The Company believes the ratios are beneficial disclosure to investors as supplemental means of market conditions, tenant requirements and demands, construction costs, new supply, regulatory and entitlement processes, or project design. Calculated as Net Operating Income divided by total revenues. (2)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences. Tenant Improvement Phase: (2)Represents costs incurred as of September 30, 2025, net of municipal bonds proceeds received related to public infrastructure improvements, and excluding accrued liabilities recorded in accordance with GAAP. metrics may not be comparable to other REITs. presentations alone would provide. •In September, fully redeemed $400.0 million of 4.375% unsecured senior notes due October 2025 evaluating its ability to meet obligations senior to those of the equity holders. Other REITs may use different methodologies for calculating these ratios and, ◦Leasing activity was comprised of 237,000 square feet of new leasing on previously vacant space and 315,000 square feet of renewal Average Residential OccupancyQuarter-to-DateYear-to-DateRESIDENTIAL PROPERTIESCampusSubmarketTotal No. of Units9/30/20256/30/20259/30/2025LOS ANGELES, CALIFORNIA1550 N. El Centro AvenueColumbia Square LivingHollywood20092.9%95.7%95.4%6390 De Longpre AvenueJardineHollywood19391.0%92.9%92.8%SAN DIEGO, CALIFORNIA3200 Paseo Village WayOne Paseo LivingDel Mar60894.1%93.5%94.1%Total Residential Properties1,00193.2%93.8%94.1% (3)Primarily comprised of transient parking income. (3)Subject to a signed agreement and non-refundable deposit as of the date of this filing. Refer to page 24 “2025 Dispositions and Assets Under Contract” for additional information. Residential Portfolio Residential Portfolio First Generation ("1st Gen"): accordingly, the Company’s Net Debt to Company’s Share of EBITDAre Ratio and Net Debt to Company's Share of Adjusted EBITDAre Ratio may not be Represents projects that have reached cold shell condition and are ready for tenant improvements, which may require additional major base building leasing (4)Approximately five acres of the 22-acre future development site is under contract. ________________________ Percentage Leased Second Generation ("2nd Gen"): The Company uses these NOI metrics to evaluate its operating performance on a portfolio basis since the NOI metrics allow the Company to evaluate the impact FFO should not be viewed as an alternative measure of the Company’s operating performance since it does not reflect either depreciation and amortization costs or comparable to other REITs. Dividend modifications before being placed in service. ▪At Kilroy Oyster Point Phase 2 (“KOP 2”), signed 68,000 square feet of new leases, including the previously announced 24,000 (1)Same Property Portfolio is defined as all properties owned and included in the Stabilized Portfolio as of January 1, 2024 and still owned and included in the Stabilized Portfolio as of September 30, 2025. Same Property Space not yet leased at recently completed development and Redevelopment Properties that have been added to the Stabilized Portfolio. Capital # of Expiring Leases1775837456765620171936% of Total Leased Sq. Ft.1.3%8.3%8.6%9.4%9.5%13.5%17.8%8.5%8.0%5.3%9.8%Annualized Base Rent (“ABR”) (3)$10,462$52,655$45,185$78,052$69,840$106,416$152,614$75,435$63,575$47,189$78,655% of Total ABR1.3%6.7%5.9%10.0%8.9%13.6%19.6%9.7%8.1%6.0%10.2%ABR per Sq. Ft.$57.53$47.11$39.54$61.25$54.50$58.29$63.77$65.73$58.99$66.57$60.04 Represents Percentage Occupied, adjusted for leases executed but have not yet achieved revenue recognition. ________________________ that factors such as occupancy levels, lease structure, rental rates, and tenant base have on the Company’s results, margins and returns. In addition, management the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties, which are significant economic Portfolio includes 100% of consolidated property partnerships as well as the Company’s three residential properties. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. Space at properties in the Stabilized Portfolio for which capital expenditures are generally recurring in nature or relate to space previously occupied.
- The Board declared and paid a regular quarterly cash dividend on its common stock of $0.54 per share, equivalent to an annual rate of $2.16 per square foot lease with Color, as well as a 44,000 square foot lease with MBC BioLabs. See “Kilroy Oyster Point Phase 2” section expenditures for first generation space do not include expenditures for in-process development and Redevelopment Projects and these costs are not (2)Calculated as the average of the daily ending occupancy percentages. (1)Includes 100% of consolidated property partnerships. Excludes leases with a lease term of less than one year (i.e. short-term leases). During the three and nine months ended September 30, 2025, the Company signed believes that its NOI metrics provide useful information to the investment community about the Company’s financial and operating performance when compared to costs and could materially impact the Company’s results from operations. 1,001 1,001 93.2% 93.2% Excludes leases with a lease term of less than one year. Tenant improvement and leasing commission capital expenditures for projects classified as Major share. The dividend was paid on October 8, 2025 to stockholders of record on September 30, 2025 (the ex-dividend date) Total Debt below for additional details subtracted in the calculation of FAD. (3)Based on rentable square footage at the end of the period. 129,410 and 210,761 square feet of leases with a lease term of less than one year, respectively. other REITs since NOI, Cash NOI, and Same Property Cash NOI are generally recognized as standard measures of performance in the real estate industry. Percentage Occupied ________________________ Repositioning are captured in 2nd Gen Capital Expenditures. (4)Primarily comprised of residential income, contractual parking income, and revenues deemed uncollectible. (2)Includes tenant improvements and third-party leasing commissions, and excludes tenant-funded tenant improvements and indirect leasing costs. ________________________ ▪Leasing activity during the quarter included 129,000 square feet of short-term leasing, primarily comprised of 119,000 square feet of Represents the gross aggregate principal amount due as of September 30, 2025. Excludes unamortized deferred financing costs for the unsecured revolving (1)Excludes the impact of commissions, closing costs, and purchase price credits. (5)Primarily comprised of transient parking income. (3)Calculated as the change between the expiring GAAP rent and the new GAAP rent for the same space. When necessary, lease structures are modified (adjusted for NNN) for comparability. Space that was vacant when Funds Available for Distribution: (1)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. residential units residential units average occupancy during 3Q25 average occupancy during 3Q25 Represents economic occupancy for space that has achieved revenue recognition for the associated lease agreements. ________________________ short-term renewal leasing Fixed Charge Coverage Ratio - Company’s Share of EBITDAre: (2)Subject to a signed agreement and non-refundable deposit as of the date of this filing. credit and term loan facilities, unsecured senior notes, and secured debt, and unamortized discounts for the unsecured senior notes. (6)For Same Property Cash Net Operating Income, restoration and settlement fee income is recognized in the period in which it is received, which may not correspond with the timing of GAAP revenue recognition. Tenant the property was acquired is excluded from these calculations. (2)All covenant ratio titles utilize terms and are calculated as defined in the respective debt and credit agreements. ________________________ Because the Company’s NOI metrics exclude lease termination fees, leasing costs, general and administrative expenses, interest expense, depreciation and (3)Both development sites are anticipated to close upon receipt of entitlements, which is expected to occur in 2026. prepayments are recognized in the applicable lease billing period. (4)Calculated as the change between the expiring cash rent and the new cash rent for the same space. When necessary, lease structures are modified (adjusted for NNN) for comparability. Space that was vacant when •GAAP rents on leases signed during the quarter increased 5.0% and cash rents decreased 9.6% from prior levels on Second Generation leasing, (1)Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. (3)Calculated as the sum of the Company's share of EBITDAre and Adjusted EBITDAre for the trailing four quarters. Calculated as Company’s Share of EBITDAre divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/ (1)Based on the North American Industry Classification System, as of September 30, 2025. amortization, other income and expenses, and gains and losses, they provide performance measures that, when compared year over year, reflects the consolidated ________________________ (4)Approximately five acres of the 22-acre future development site is under contract. Management believes that Funds Available for Distribution available to common stockholders and common unitholders (“FAD”) is a useful supplemental measure of (7)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. Refer to page 43 for a reconciliation of GAAP Net Income Available to Common the property was acquired is excluded from these calculations. (2)Includes 100% of consolidated property partnerships. (4)Refer to page 44 for reconciliations of GAAP Net Income Available to Common Stockholders to EBITDAre for the three months ended June 30, 2024, March 31, 2024, and December 31, 2023. Redevelopment Properties/Projects: excluding short-term leasing (2)Includes 100% of consolidated property partnerships. Total Portfolio: (1)Commencing January 1, 2025, the Company began excluding lease termination fees from Net Operating Income and Cash Net Operating Income. Lease termination fees are presented here on a GAAP basis and Net Stockholders to Same Property Cash Net Operating Income. premiums) and current year accrued preferred dividends. (5)Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental (3)Represents significant non-recurring capital expenditures for repositioning space that is expected to result in additional revenue generated when the space is re-leased. the Company’s liquidity. The Company computes FAD by adjusting FFO for recurring tenant improvements, leasing commissions, and capital expenditures, ________________________ (3)Based on square footage of all in-place leases in the Stabilized Portfolio as of September 30, 2025, excluding month-to-month and intercompany leases. ________________________ •Subsequent to quarter end, signed a 16,000 square foot lease at KOP 2 with Acadia Pharmaceuticals (“Acadia”). See “Kilroy Oyster Point Phase 2” Operating Income and Cash Net Operating Income as presented have been conformed to the Company’s new definition. (8)Commencing January 1, 2025, the Company began excluding lease termination fees from Same Property Cash Net Operating Income. Same Property Cash Net Operating Income as presented has been conformed to (6)Excludes square footage of short-term leases. Properties for which the Company expects to spend significant development and construction costs pursuant to a formal plan to change its use. Total Debt (3)$1,584$401,317$449,125$400,000$475,000$500,000$350,000$425,000$450,000$375,000$400,000$400,000Weighted Average Stated Rate3.92%4.06%4.48%4.75%4.12%3.05%4.27%2.50%2.65%5.90%5.88%6.25%% of Total0%9%9%9%10%11%8%9%9%8%9%9% ________________________ rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Additionally, because Same Property Cash NOI (1)Based upon the Same Store Portfolio as of September 30, 2025, which was comprised of 116 properties. The Total Portfolio includes all properties, with the exception of the development and Redevelopment Properties currently committed for construction, under amortization of deferred revenue related to tenant-funded tenant improvements, straight-line rents, net, amortization of net above (below) market rents for acquisition (2)Primarily comprised of residential income, contractual parking income, and revenues deemed uncollectible. our new definition. Note: Refer to pages 39-42 “Definitions Included in Supplemental” for definitions of commonly used terms. Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. (1)Reflects the KRC ownership percentage at time of agreement. Actual percentage may vary depending on cash flows or promote structure. section below for additional details (2)Commencing January 1, 2025, the Company began excluding lease termination fees from Net Operating Income, Cash Net Operating Income, and Same Property Cash Net Operating Income. Lease termination fees ________________________ ________________________ excludes the change in Cash NOI from developed, redeveloped, acquired and disposed of and held for sale properties, it highlights operating trends on a cash basis Investor Relations12200 W. Olympic Blvd., Suite 200Los Angeles, CA 90064(310) 481-8400Web: www.kilroyrealty.comE-mail: investorrelations@kilroyrealty.comDoug S. BettisworthVP, Corporate Finance Fixed Charge Coverage Ratio - Net Income: (1)Commencing January 1, 2025, the Company began excluding lease termination fees from Net Operating Income. Lease termination fees are presented here on a GAAP basis and Net Operating Income as presented has been ________________________ (3)Primarily comprised of transient parking income. properties, non-cash amortization of deferred financing costs and net debt discounts and premiums, non-cash amortization of share-based compensation awards construction, or in the tenant improvement phase, and undeveloped land. Average Occupancy (4)Quarter-to-DateYear-to-Date80.7%81.0% ________________________ (2)Primarily comprised of contractual parking income and revenues deemed uncollectible. are presented here on a GAAP basis and Net Operating Income, Cash Net Operating Income, and Same Property Cash Net Operating Income as presented have been conformed to the Company’s new definition. (1)Includes subsidiaries of the tenant listed. (1)The unsecured revolving credit facility and unsecured term loan facility's interest rates were calculated using the Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment of 0.10% and a margin of 1.100% conformed to the Company’s new definition. Rentable Square Feet: (1)Commencing January 1, 2025, the Company began excluding lease termination fee income from NOI and Cash NOI. Same Property Cash NOI growth guidance for 2025 excludes the impact of lease termination fee (4)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. Refer to page 43 for a reconciliation of GAAP Net Income Available to Common such as occupancy levels, rental rates and operating costs on properties. (3)Primarily comprised of transient parking income. and adjustments for executive retirement obligations, lease related adjustments, gains and losses on sales of non-real estate assets, and amounts attributable to * Excluded from the Same Property portfolio. (3)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. ________________________ Calculated as net income, divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/premiums) and current year (2)The information presented is based upon Annualized Base Rent as of September 30, 2025 and includes 100% of consolidated property partnerships. The Company calculates Annualized Base Rent as the annualized and 1.200%, respectively, based on the Company’s credit rating, as of September 30, 2025. All other stated rates represent fixed interest rates. (2)Primarily represents compensation costs capitalized to construction and development projects. ________________________ ________________________ income. Stockholders to Cash Net Operating Income and Net Operating Income. (4)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. (1)As previously reported, including properties subsequently disposed of. Excludes properties subsequently acquired and redevelopment properties that stabilized during the three months ended September 30, 2025. (4)Includes other non-cash amounts primarily related to property expenses and ground rent expense. (1)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. Reported per common share/unit amounts are attributable to common stockholders, monthly contractual rents from existing tenants, including the impact of straight-lined rent escalations and the amortization of free rent periods. Refer to pages 39-42 “Definitions Included in Supplemental” for additional noncontrolling interests in consolidated property partnerships. FAD provides an additional perspective on the Company’s ability to fund cash needs and make Reflects the latest Building Owners and Managers Association (“BOMA”) measurement. All occupied and leased percentages presented throughout this (2)Includes the impact of an unused facility fee, amortization of deferred financing costs, and amortization of premiums/discounts. ________________________ (3)Represents incidental property operating and carry costs capitalized to development projects. (2)For additional information, please refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. (5)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences. * Excluded from the Same Property portfolio. accrued preferred dividends. (1)Represents all in-place leases as of September 30, 2025, excluding intercompany leases. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. (5)Commencing January 1, 2025, the Company began excluding lease termination fees from Net Operating Income and Cash Net Operating Income. Net Operating Income and Cash Net Operating Income as presented Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. (5)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences. Total PortfolioNumber of BuildingsSquare FeetStabilized Portfolio12116,811,767Total Portfolio as of September 30, 202512116,811,767 common unitholders, and restricted stock unitholders. information. (3)The maturity of the unsecured revolving credit facility does not assume the exercise of the Company's two six-month extension options. (4)Refer to page 43 for a reconciliation of GAAP Net Income Available to Common Stockholders to Net Operating Income. The Company’s NOI metrics should not be viewed as alternative measures of the Company’s financial performance since they does not reflect general and (1)Commencing January 1, 2025, the Company began presenting a new line item, Other income (expense), which includes tax expenses, acquisition and disposition expenses, and income or expenses related to (3)Non-Cash GAAP NOI adjustments include the following items: Amortization of deferred revenue related to tenant-funded tenant improvements, Straight-line rents, net, Amortization of net below market rents, and Lease (6)Includes other non-cash amounts primarily related to property expenses and ground rent expense. (1)As previously reported, including properties subsequently disposed of. Excludes properties subsequently acquired and redevelopment properties that stabilized during the three months ended September 30, 2025. distributions to stockholders by adjusting FFO for the impact of certain cash and non-cash items, as well as adjusting FFO for recurring capital expenditures and report are calculated based on rentable square feet at the end of the period(s) presented. (2)Adjusting for leases that have been backfilled or renewed by a subtenant as of September 30, 2025 but not yet commenced, the 2025, 2026, and 2027 expirations would be reduced by 57,530, 1,272, and 5,875 square has been conformed to our new definition. Cash Lease Termination Fees for the nine months ended September 30, 2024 were $2.5 million. (2)Redevelopment property that stabilized during the three months ended September 30, 2025. This property was 0% occupied and 47.3% leased at June 30, 2025. (5)Refer to pages 10 and 44 for reconciliations of GAAP Net Income Available to Common Stockholders to Company’s Share of EBITDAre. (2)Calculated based on weighted average shares outstanding including participating share-based awards and assuming the exchange of all common limited partnership units outstanding. Diluted amounts per share also (3)Significant lease expirations include those greater than 25,000 rentable square feet. (4)During the quarter ended September 30, 2025, the Company elected to extend the maturity date by 12 months. The maturity of the unsecured term loan assumes the exercise of one remaining 12-month extension environmental and sustainability initiatives, all of which were previously included in General and administrative expenses. Historical amounts for General and administrative expenses and Other income (expense) have related adjustments and other. (7)Commencing January 1, 2025, the Company began presenting a new line item, Other income (expense), which includes tax expenses, acquisition and disposition expenses, and income or expenses related to Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. ________________________ administrative expenses, leasing costs, lease termination fees, interest expense, depreciation and amortization costs, other nonproperty income and losses and the feet, respectively. (6)Commencing January 1, 2025, the Company began including additional amounts in Cash Net Operating Income primarily related to revenues deemed uncollectible. The three and nine months ended September 30, leasing costs. Management also believes that FAD provides useful information to the investment community about the Company’s financial position as compared to ________________________ (6)Refer to page 6 for reconciliations of GAAP Net Income Available to Common Stockholders to Funds From Operations and Funds Available for Distribution and page 45 for a reconciliation of GAAP Net Cash Provided by Operating include non-participating share-based awards and the dilutive impact of contingently issuable shares. (4)The 2026 lease expiration represents 49,255 rentable square feet that expires on September 30, 2026. option, at the Company’s election. been revised to conform with the current period presentation. FFO Payout Ratio: (4)Capitalized interest guidance assumes the continued capitalization of the Company’s Flower Mart project through the year-end 2025. environmental and sustainability initiatives, all of which were previously included in General and administrative expenses. Historical amounts for General and administrative expenses and Other income (expense) have (2)Redevelopment property that stabilized during the three months ended September 30, 2025. The property was not occupied or leased at June 30, 2025. (1)Excludes residential properties. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. (3)Includes 100% of consolidated property partnerships. 2024, includes $1.8 million and $1.9 million, respectively, related to these amounts. Activities to Funds Available for Distribution. level of capital expenditures necessary to maintain the operating performance of the Company’s properties, or trends in development and construction activities (1)During the quarter ended September 30, 2025, the Company elected to extend the maturity date of the unsecured term loan by 12 months. The maturity of the unsecured term loan assumes the exercise of one (3)During the three months ended September 30, 2024, the Company incurred $17.1 million of cash retirement payments to the Company’s former CEO. (5)The 2026 lease expiration represents 110,834 rentable square feet that expires on November 30, 2026. Subsequent to quarter end, the Company signed a 78,900 square foot renewal. (5)Green bond. other REITs since FAD is a liquidity measure used by other REITs. However, other REITs may use different methodologies for calculating FAD and, accordingly, the (2)During the three months ended December 31, 2024, the Company sold its corporate aircraft for a sales price of $19.8 million and recognized a gain on sale of approximately $6.0 million. (5)Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently issuable shares. been revised to conform with the current period presentation. Retention Rates (Leases Executed): (2)Occupied and leased percentage calculations presented throughout this report are based on rentable square footage at the end of the period, inclusive of all remeasurements that occurred during the period. (7)Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders. remaining 12-month extension option, at the Company’s election. (4)Includes deferred income and lease incentives, net, deferred settlement and restoration fee income, deferred lease termination fee income, and other non-cash items. Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted (6)The mortgage notes are secured by the properties listed. which are significant economic costs and activities that could materially impact the Company’s results from operations. In addition, Same Property Cash NOI should (6)Calculated based on the weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of contingently issuable shares, and assuming the exchange of ________________________ Company’s FAD may not be comparable to other REITs. (3)As previously reported, including properties subsequently disposed of. Excludes properties subsequently acquired and redevelopment properties that stabilized during the three months ended September 30, 2025, Kilroy Realty Q3 2025 Supplemental Report | 24 (8)Ratios are calculated based on current quarter amounts unless otherwise noted. Net Debt to Company’s Share of EBITDAre and Adjusted EBITDAre are calculated on a trailing-12 month basis. Refer to page 33 for additional ________________________ (2)As of September 30, 2025, there was no outstanding balance on the unsecured revolving credit facility maturing on July 31, 2028. The unsecured revolving credit facility has two six-month extension options available, at (5)During the three months ended December 31, 2024, the Company sold its corporate aircraft for a sales price of $19.8 million and recognized a gain on sale of approximately $6.0 million. (7)Value based on closing share price of $42.25, as of September 30, 2025. Calculated as the percentage of square footage renewed by existing tenants at lease expiration or termination divided by the square footage of space all common limited partnership units outstanding. Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders. * Excluded from the Same Property portfolio. stock unitholders) divided by FFO attributable to common stockholders and unitholders. including Maple Plaza, which was acquired in September 2025, 4690 Executive Drive, which stabilized in August 2025, and 4400 Bohannon Drive, which stabilized in September 2025. not be viewed as an alternative measure of the Company’s financial performance since it does not reflect the operations of the Company's entire portfolio. information. (1)Includes 100% of consolidated property partnerships. The Company calculates Annualized Base Rent as the annualized monthly contractual rents from existing tenants, including the impact of straight-lined rent the Company's election. (8)Includes common units of the Operating Partnership not owned by the Company. Excludes noncontrolling interests in consolidated property partnerships. (1)As previously reported, including properties subsequently disposed of. Excludes properties subsequently acquired and redevelopment properties that stabilized during the three months ended September 30, 2025. renewed by existing tenants and lease expirations during the period. Excludes square footage of short-term leases. (4)Calculated as the average of the daily ending occupancy percentages. (9)Based upon Annualized Base Rent, including 100% of consolidated property partnerships, as of the end of the period. Excludes leases at the Company’s three residential properties. escalations and the amortization of free rent periods. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. (3)Includes scheduled principal payments for amortizing loans. Jardine, Los Angeles, CA 2100 Kettner, San Diego, CA Aero, Long Beach, CA West8, Seattle, WA 201 Third, San Francisco, CA Indeed Tower, Austin, TX The Post at Indeed Tower, Austin, TX Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. Kilroy Realty Q3 2025 Supplemental Report | 2 Kilroy Realty Q3 2025 Supplemental Report | 7 Kilroy Realty Q3 2025 Supplemental Report | 8 i ii iii iv Kilroy Realty Q3 2025 Supplemental Report | 3 Kilroy Realty Q3 2025 Supplemental Report | 4 Kilroy Realty Q3 2025 Supplemental Report | 5 Kilroy Realty Q3 2025 Supplemental Report | 6 Kilroy Realty Q3 2025 Supplemental Report | 9 Kilroy Realty Q3 2025 Supplemental Report | 10 Kilroy Realty Q3 2025 Supplemental Report | 12 Kilroy Realty Q3 2025 Supplemental Report | 13 Kilroy Realty Q3 2025 Supplemental Report | 14 Kilroy Realty Q3 2025 Supplemental Report | 15 Kilroy Realty Q3 2025 Supplemental Report | 16 Kilroy Realty Q3 2025 Supplemental Report | 17 Kilroy Realty Q3 2025 Supplemental Report | 18 Kilroy Realty Q3 2025 Supplemental Report | 19 Kilroy Realty Q3 2025 Supplemental Report | 20 Kilroy Realty Q3 2025 Supplemental Report | 21 Kilroy Realty Q3 2025 Supplemental Report | 22 Kilroy Realty Q3 2025 Supplemental Report | 23 Kilroy Realty Q3 2025 Supplemental Report | 25 Kilroy Realty Q3 2025 Supplemental Report | 27 Kilroy Realty Q3 2025 Supplemental Report | 28 Kilroy Realty Q3 2025 Supplemental Report | 29 Kilroy Realty Q3 2025 Supplemental Report | 31 Kilroy Realty Q3 2025 Supplemental Report | 32 Kilroy Realty Q3 2025 Supplemental Report | 33 Kilroy Realty Q3 2025 Supplemental Report | 35 Kilroy Realty Q3 2025 Supplemental Report | 36 Kilroy Realty Q3 2025 Supplemental Report | 37 Kilroy Realty Q3 2025 Supplemental Report | 39 Kilroy Realty Q3 2025 Supplemental Report | 40 Kilroy Realty Q3 2025 Supplemental Report | 41 Kilroy Realty Q3 2025 Supplemental Report | 42 Kilroy Realty Q3 2025 Supplemental Report | 43 Kilroy Realty Q3 2025 Supplemental Report | 44 Kilroy Realty Q3 2025 Supplemental Report | 45