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Forward-looking statements notice
Exhibit 99.1 Common Stock Repurchases (3)NOI from Development Properties is primarily comprised of carry costs associated with Company’s KOP 2 and Flower Mart projects. Guidance now assumes the continued capitalization of the Company’s Flower Mart 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 us and 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, 2025, 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. project through December 2026, previously assumed to be June 2026. Financial Highlights(unaudited, $ in thousands, except per share amounts) Net Operating Income(unaudited, $ in thousands) Consolidated Ventures (Noncontrolling Property Partnerships)(unaudited, $ in thousands) Consolidated Balance Sheets(unaudited, $ in thousands) KILROY REALTY CORPORATION REPORTS •During the quarter, repurchased approximately 2.4 million shares of common stock at a weighted average price of $30.80 per common share for an Net Income Available to Common Stockholders / FFO Guidance Table of Contents Funds From Operations & Funds Available for Distribution(unaudited, $ and shares in thousands, except per share amounts) Stabilized Portfolio Occupancy Overview by Region (1) (2)(unaudited) Stabilized Portfolio Occupancy Overview by Region, continued (1)(unaudited) Stabilized Portfolio Occupancy Overview by Region, continued (1)(unaudited) Stabilized Portfolio Occupancy Overview by Region, continued (1)(unaudited) Stabilized Portfolio Occupancy Overview by Region, continued (1)(unaudited) Stabilized Portfolio Occupancy Overview by Region, continued (1)(unaudited) Capital StructureAs of March 31, 2026 ($ in thousands) Debt MaturitiesAs of March 31, 2026 ($ in thousands) (4)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 Definitions Included in Supplemental, continued FIRST QUARTER FINANCIAL RESULTS aggregate purchase price of $72.7 million The Company is updating Nareit-defined FFO per share guidance for the full year 2026 to $3.49 to $3.63 per diluted share, from the previous range of $3.25 Definitions Included in Supplemental, continued Consolidated Statements of Operations(unaudited, $ and shares in thousands, except per share amounts) Supplemental Income Statement Detail(unaudited, $ in thousands) Same Property Net Operating Income Analysis (Cash Basis)(unaudited, $ in thousands) EBITDA, EBITDAre, and Adjusted EBITDAre(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) 2026 Acquisitions($ in millions) 2026 Dispositions, Held for Sale, 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($ 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 (Loss) 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 (unaudited, $ in thousands) Reconciliation of GAAP Net Cash Provided by Operating Activities to Funds Available for Distribution (unaudited, $ in thousands) related adjustments and other. Board of DirectorsGary R. StevensonChairAngela M. AmanEdward F. Brennan, PhDDaryl J. CarterJolie A. HuntDavid A. KieskeCia Buckley MarakovitsLouisa G. RitterPeter 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 OfficerChandni JalanSVP, Chief Accounting Officer Company Background Three Months Ended 3/31/202612/31/20259/30/20256/30/20253/31/2025INCOME ITEMS:Revenues$270,053$272,187$279,744$289,892$270,844Lease Termination Fees3981,54130910,754506Capitalized Interest and Debt Costs13,99120,63222,57421,33320,548Capitalized Internal Overhead Costs (1)3,9774,1204,6823,8074,634Other Capitalized Development Costs (2)3,1906,3827,3535,5054,974Non-Cash Amortization of Share-Based Compensation Awards4,8695,1455,4364,5823,927EARNINGS METRICS:Net (Loss) Income Available to Common Stockholders$(19,267)$12,444$156,220$68,449$39,008Net Operating Income (3)178,403176,426188,775190,779180,239EBITDAre (4)156,406158,139171,561181,500161,999Company's Share of EBITDAre (4)148,583150,555164,126167,914154,719Company's Share of Adjusted EBITDAre (4)147,629148,350161,007167,402153,585Funds From Operations (5)108,846117,158130,561135,891122,310Funds Available for Distribution (5)91,10690,534100,939103,889109,096PER SHARE INFORMATION (6):Net (loss) income available to common stockholders per share - diluted$(0.16)$0.10$1.31$0.57$0.33Funds From Operations per common share/unit - diluted (5)0.910.971.081.131.02Dividends declared per common share0.540.540.540.540.54RATIOS (7):Net Operating Income Margin66.1%64.8%67.5%65.8%66.5%Net Debt to Company's Share of EBITDAre Ratio (4)7.0x7.0x6.4x6.6x6.6xNet Debt to Company's Share of Adjusted EBITDAre Ratio (4)7.1x7.1x6.5x6.7x6.9xFixed Charge Coverage Ratio - Company’s Share of EBITDAre (4)3.0x3.0x3.2x3.4x3.2xFFO / FAD Payout Ratio (5)58.3% / 69.6%55.1% / 71.3%49.4% / 63.9%47.5% / 62.1%52.7% / 59.1%STABILIZED PORTFOLIO INFORMATION:Period End Occupancy Percentage77.6%81.6%81.0%80.8%81.4%Period End Leased Percentage82.3%83.8%83.3%83.5%83.9%Period End Occupancy Percentage excluding KOP 281.5%N/AN/AN/AN/APeriod End Leased Percentage excluding KOP 284.3%N/AN/AN/AN/AAverage Occupancy77.4%80.9%80.7%80.8%81.4%Average Occupancy excluding KOP 281.4%N/AN/AN/AN/ALease Composition (Net / Gross) (8)52% / 48%52% / 48%50% / 50%51% / 49%52% / 48% Three Months Ended3/31/202612/31/20259/30/20256/30/20253/31/2025Cash Operating Revenues:Base rent$193,622$197,081$201,633$201,955$202,640Tenant reimbursements46,52747,77951,86748,03546,313Other revenues (1)18,41718,44216,65619,96715,630Settlement and restoration fee income7464502,66363963Other property income (2)4,7234,8244,8354,8214,600Total cash operating revenues264,035268,576277,654275,417269,246Cash Operating Expenses:Property expenses59,28364,67361,76458,57558,714Real estate taxes28,78226,55625,87826,76528,365Ground leases3,1182,9132,9402,9412,942Total cash operating expenses91,18394,14290,58288,28190,021Cash Net Operating Income (3)172,852174,434187,072187,136179,225Deferred income and lease incentives, net (4)1,060257707771834Amortization of deferred revenue related to tenant-funded tenant improvements3,2183,5473,6393,7703,688Straight-line rents, net701(2,358)(1,303)(3,354)(4,613)Amortization of net below market rents641624764845846Deferred settlement and restoration fee income - - (2,026)1,689337Other (5)(69)(78)(78)(78)(78)Net Operating Income (3)178,403176,426188,775190,779180,239Lease termination fees3981,54130910,754506General and administrative expenses(20,699)(19,485)(18,247)(18,475)(16,901)Leasing costs(3,010)(2,592)(2,610)(2,277)(2,873)Other income (expense)3894491190(157)Interest income9542,2053,1195121,134Interest expense(38,511)(32,148)(32,152)(30,844)(31,148)Depreciation and amortization(94,344)(92,623)(87,487)(87,625)(87,119)Gains on sales of depreciable operating properties23,525 - 110,48416,554 - Impairment of real estate assets(61,778)(16,259) - - - Net (Loss) Income$(14,673)$17,109$162,282$79,568$43,681 (5)Capitalized interest guidance now assumes the continued capitalization of the Company’s Flower Mart project through December 2026, previously assumed to be June 2026. to $3.45. The table below reflects key assumptions for 2026 guidance. --------------- Three Months Ended3/31/202612/31/20259/30/20256/30/20253/31/2025FUNDS FROM OPERATIONS: Net (loss) income available to common stockholders$(19,267)$12,444$156,220$68,449$39,008Adjustments:Net loss (income) attributable to noncontrolling common units of the Operating Partnership(185)1201,524663375Net income attributable to noncontrolling interests in consolidated property partnerships4,7794,5454,53810,4564,298Depreciation and amortization of real estate assets92,88591,21386,08086,24385,735Gains on sales of depreciable operating properties(23,525) - (110,484)(16,554) - Impairment of real estate assets61,77816,259 - - - Funds From Operations attributable to noncontrolling interests in consolidated property partnerships(7,619)(7,423)(7,317)(13,366)(7,106)Funds From Operations$108,846$117,158$130,561$135,891$122,310Weighted average common shares/units outstanding - basic (1)119,251119,869119,870119,848119,750Weighted average common shares/units outstanding - diluted (1)119,957120,684120,397120,246120,220FFO per common share/unit - basic (2)$0.91$0.98$1.09$1.13$1.02FFO per common share/unit - diluted (2)$0.91$0.97$1.08$1.13$1.02FUNDS AVAILABLE FOR DISTRIBUTION:Funds From Operations$108,846$117,158$130,561$135,891$122,310Adjustments:Recurring tenant improvements, leasing commissions, and capital expenditures(18,743)(31,724)(36,959)(34,040)(17,378)Amortization of deferred revenue related to tenant-funded tenant improvements(3,218)(3,547)(3,639)(3,770)(3,688)Straight-line rents, net(701)2,3581,3033,3544,613Amortization of net below market rents(641)(624)(764)(845)(846)Amortization of deferred financing costs and net debt discount/premium1,6621,1621,2181,1781,219Non-cash amortization of share-based compensation awards4,8695,1455,4364,5823,927Lease related adjustments and other (3)(1,380)(640)1,877(2,626)(1,677)Adjustments attributable to noncontrolling interests in consolidated property partnerships4121,2461,906165616Funds Available for Distribution$91,106$90,534$100,939$103,889$109,096 (6)Total development spending includes recently stabilized, in-process, and future development projects. 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 Region12-17Leases Executed18Stabilized Portfolio Capital Expenditures19Stabilized Portfolio Lease Expirations20-21Top 20 Tenants22Tenant Industry Diversification232026 Acquisitions242026 Dispositions, Held for Sale, and Assets Under Contract25Consolidated Ventures (Noncontrolling Property Partnerships)26DevelopmentStabilized Development & Redevelopment Projects28In-Process Development & Redevelopment Projects29Future Development Pipeline 30Debt & Capitalization DataCapital Structure32Debt Maturities33Debt Covenants & Leverage Ratios34Non-GAAP Supplemental Measures36-38Definitions & Reconciliations40-46 Total Rentable Square FeetOccupied atLeased atYTD NOI %Rentable Square Feet %3/31/202612/31/20253/31/202612/31/2025SAN FRANCISCO BAY AREASan Francisco CBD26.0%19.9%3,410,02282.4%82.3%84.3%83.3%South San Francisco (3)7.3%9.8%1,677,84746.9%91.9%67.2%91.9%Other Peninsula5.6%4.2%726,20085.3%86.2%89.4%86.2%Silicon Valley5.0%3.6%622,640100.0%100.0%100.0%100.0%Total San Francisco Bay Area43.9%37.5%6,436,70975.2%86.2%81.9%86.8%LOS ANGELESEl Segundo3.2%6.4%1,103,59565.1%69.9%66.0%70.5%Hollywood / West Hollywood7.3%6.2%1,057,79085.3%85.4%95.2%94.2%Long Beach3.0%5.6%957,70588.1%88.1%92.9%91.7%West Los Angeles1.3%3.8%650,72257.8%55.2%58.0%56.4%Beverly Hills1.9%1.8%306,36681.6%77.5%81.6%81.6%Culver City0.2%1.0%166,20750.8%43.6%52.2%43.6%Total Los Angeles16.9%24.8%4,242,38574.8%75.1%78.7%78.8%SEATTLELake Union / Denny Regrade11.1%12.1%2,078,01278.5%76.6%83.3%81.2%Bellevue5.7%5.4%919,29581.0%87.8%81.5%87.8%Total Seattle16.8%17.5%2,997,30779.3%80.0%82.7%83.2%SAN DIEGODel Mar13.3%10.8%1,853,34690.2%89.2%90.4%89.3%Little Italy / Point Loma0.8%1.9%320,37161.9%59.5%67.4%63.0%University Towne Center1.8%1.7%283,13481.6%81.6%90.3%90.3%Torrey Pines1.6%1.4%232,16675.1%75.1%75.1%75.1%Total San Diego17.5%15.8%2,689,01784.6%83.7%86.3%85.1%AUSTINAustin CBD4.9%4.4%758,97583.2%82.2%88.8%87.9%Total Austin4.9%4.4%758,97583.2%82.2%88.8%87.9%Total Stabilized Portfolio100.0%100.0%17,124,39377.6%81.6%82.3%83.8%Total Stabilized Portfolio Excluding KOP 281.5%N/A84.3%N/A PropertyVenture PartnerSubmarketPortfolioRentable Square FeetKRC Ownership % (1)100 First Street, San Francisco, CANorges Bank Investment ManagementSan Francisco CBDStabilized480,45756%303 Second Street, San Francisco, CANorges Bank Investment ManagementSan Francisco CBDStabilized784,65856%900 Jefferson Avenue and 900 Middlefield Road, Redwood City, CA (2)Local developerOther PeninsulaStabilized347,84293%1900 Broadway, Redwood City, CALocal developerOther PeninsulaDevelopment251,00097% LocationApprox. Developable Square Feet / Resi Units (1)Total Cash Costs Incurred as of 3/31/2026 (2)San Francisco Bay AreaFlower MartSan Francisco CBD2,300,000$673Kilroy Oyster Point - Phases 3 and 4South San Francisco875,000 - 1,000,0002441900 Broadway (3)Other Peninsula251,00062Los Angeles1633 26th Street (4)West Los Angeles190,00016SeattleSIX0Lake Union / Denny Regrade925,000 and 650 units197San DiegoSanta Fe Summit (4)56 Corridor600,000 - 650,0001182045 Pacific HighwayLittle Italy / Point Loma275,00057Kilroy East VillageEast Village1,100 units68AustinStadium TowerStadium District / Domain493,00076Total$1,511 Key AssumptionsFebruary 2026 AssumptionsApril 2026 AssumptionsAverage full year occupancy76.0% to 78.0%76.5% to 78.0%Average full year occupancy excluding KOP 280.0% to 81.5%80.5% to 81.5%Same Property Cash Net Operating Income (“NOI”) growth (1) (2)(1.50%) to 0.00%0.25% to 1.25%NOI from Development Properties (3)$(23.5) to $(25.0) million$(22.5) to $(24.0) millionNon-Cash GAAP NOI adjustments (1) (4)$12.0 to $14.0 million$13.0 to $15.0 millionGAAP lease termination fee income$3.0 to $4.5 millionNo changeGeneral and administrative and Leasing costs$(89.0) to $(91.0) million$(87.5) to $(89.5) millionInterest income$2.0 to $3.0 millionNo changeGross interest expense$(212.0) to $(214.0) million$(208.0) to $(209.5) millionCapitalized interest (5)$32.0 to $34.0 million$48.5 to $49.5 millionTotal development spending (6)$150.0 to $200.0 millionNo changeOperating property dispositions+/- $300.0 million$347.5 to $500.0 million Joint Venture Formation #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$44,696849,8265.8%5.0%2032 / 2033 / 20377.32Cruise LLCSan Francisco Bay Area35,449374,6184.6%2.2%20315.73Stripe, Inc.San Francisco Bay Area33,110425,6874.3%2.5%20348.34Adobe Systems, Inc.San Francisco Bay Area / Seattle27,897537,3683.6%3.1%2027 (4) / 20315.15Salesforce, Inc.San Francisco Bay Area / Seattle24,706472,0163.2%2.8%2029 / 2030 / 20324.16Okta, Inc.San Francisco Bay Area24,206293,0013.2%1.7%20282.67DoorDash, Inc.San Francisco Bay Area23,842236,7593.1%1.4%20325.88Netflix, Inc.Los Angeles21,854361,3882.8%2.1%20326.39Cytokinetics, Inc.San Francisco Bay Area18,167234,8922.4%1.4%20337.610Box, Inc.San Francisco Bay Area16,853287,6802.2%1.7%20282.311DIRECTV, LLCLos Angeles16,085532,9562.1%3.1%2026 / 2027 (5)1.412Tandem Diabetes Care, Inc.San Diego 15,884181,9492.1%1.1%20359.113Synopsys, Inc.San Francisco Bay Area15,492342,8912.0%2.0%20304.414Neurocrine Biosciences, Inc.San Diego 14,397273,0211.9%1.6%2029 / 20315.015Viacom International, Inc.Los Angeles13,718220,3301.8%1.3%20282.816Indeed, Inc. Austin CBD13,430330,3941.8%1.9%20348.817Sony Group CorporationSan Francisco Bay Area / Los Angeles13,397131,6421.7%0.8%20304.018Amazon.comSeattle12,921283,9791.7%1.7%20303.919Nektar Therapeutics, Inc.San Francisco Bay Area12,297135,9741.6%0.8%20303.820Splunk, Inc.San Francisco Bay Area10,323100,8501.3%0.6%20315.7Total Top 20 Tenants$408,7246,607,22153.2%38.8%5.3 (7)Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently issuable shares. Rentable Square FeetOccupied atLeased atCampusSubmarket3/31/202612/31/20253/31/202612/31/2025SAN FRANCISCO BAY AREA, CALIFORNIA100 Hooper Street100 HooperSan Francisco CBD417,91494.4%97.4%94.4%97.4%100 First Street100 First StreetSan Francisco CBD480,45795.2%95.3%95.2%95.3%201 Third Street201 Third StreetSan Francisco CBD355,96062.1%56.0%80.2%58.7%303 Second Street303 Second StreetSan Francisco CBD784,65862.7%66.1%62.7%66.6%350 Mission Street350 Mission StreetSan Francisco CBD455,34099.7%99.7%99.7%99.7%360 Third Street360 Third StreetSan Francisco CBD436,35771.3%66.6%71.3%71.3%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 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%363 Oyster Point Boulevard * (2)Kilroy Oyster Point - Phase 2South San Francisco318,9350.0%N/A0.0%N/A365 Oyster Point Boulevard * (2)Kilroy Oyster Point - Phase 2South San Francisco272,33317.1%N/A39.2%N/A369 Oyster Point Boulevard * (2)Kilroy Oyster Point - Phase 2South San Francisco280,4700.0%N/A100.0%N/A345 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%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%4100 Bohannon DriveMenlo Corporate CenterOther Peninsula47,643100.0%100.0%100.0%100.0%4200 Bohannon DriveMenlo Corporate CenterOther Peninsula43,60048.9%69.4%48.9%69.4%4300 Bohannon DriveMenlo Corporate CenterOther Peninsula63,43038.8%38.8%85.3%38.8%4400 Bohannon Drive *Menlo Corporate CenterOther Peninsula48,4146.3%0.0%6.3%0.0%4500 Bohannon DriveMenlo Corporate CenterOther Peninsula63,429100.0%100.0%100.0%100.0%4600 Bohannon DriveMenlo Corporate CenterOther Peninsula48,413100.0%100.0%100.0%100.0%4700 Bohannon DriveMenlo Corporate CenterOther Peninsula63,429100.0%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%1290-1300 Terra Bella Avenue Terra BellaSilicon Valley114,175100.0%100.0%100.0%100.0%Total San Francisco Bay Area6,436,70975.2%86.2%81.9%86.8% Rentable Square FeetOccupied atLeased atCampusSubmarket3/31/202612/31/20253/31/202612/31/2025LOS ANGELES, CALIFORNIA2240 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 HighwayThe NinesEl Segundo244,88065.5%67.4%69.7%70.3%999 N. Pacific Coast HighwayThe NinesEl Segundo138,38916.9%51.9%16.9%51.9%1500 N. El Centro AvenueColumbia SquareHollywood / West Hollywood113,44763.6%63.6%63.6%63.6%1525 N. Gower StreetColumbia SquareHollywood / West Hollywood9,6100.0%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 Hollywood26,23793.4%73.4%98.2%73.4%6121 W. Sunset BoulevardColumbia SquareHollywood / West Hollywood93,4180.0%0.0%100.0%100.0%1350 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%8560 W. Sunset BoulevardThe SunsetHollywood / West Hollywood76,359100.0%98.9%100.0%98.9%8570 W. Sunset BoulevardThe SunsetHollywood / West Hollywood49,27699.0%99.0%99.0%99.0%8580 W. Sunset BoulevardThe SunsetHollywood / West Hollywood6,87541.0%0.0%41.0%0.0%8590 W. Sunset BoulevardThe SunsetHollywood / West Hollywood56,75099.7%99.7%99.7%99.7%3750 Kilroy Airport WayAeroLong Beach10,718100.0%100.0%100.0%100.0%3760 Kilroy Airport WayAeroLong Beach166,76177.5%77.5%87.0%83.4%3780 Kilroy Airport WayAeroLong Beach221,45298.1%97.4%98.1%97.4%3800 Kilroy Airport WayAeroLong Beach192,47693.4%93.4%93.4%93.4%3840 Kilroy Airport WayAeroLong Beach138,441100.0%100.0%100.0%100.0%3880 Kilroy Airport WayAeroLong Beach96,92291.3%91.3%91.3%91.3%3900 Kilroy Airport WayAeroLong Beach130,93561.1%62.3%83.8%80.9%2100/2110 Colorado AvenueSanta Monica Media CenterWest Los Angeles104,85355.4%55.4%55.4%55.4%12233 W. Olympic BoulevardTribeca WestWest Los Angeles156,74647.0%42.0%47.8%42.0%12100 W. Olympic BoulevardWestside Media CenterWest Los Angeles155,67968.7%68.7%68.7%68.7%12200 W. Olympic BoulevardWestside Media CenterWest Los Angeles154,54437.7%32.0%37.7%37.0%12312 W. Olympic BoulevardWestside Media CenterWest Los Angeles78,900100.0%100.0%100.0%100.0%335-345 N. Maple Drive *Maple PlazaBeverly Hills306,36681.6%77.5%81.6%81.6%3101-3243 S. La Cienega BoulevardBlackwelderCulver City166,20750.8%43.6%52.2%43.6%Total Los Angeles4,242,38574.8%75.1%78.7%78.8% Rentable Square FeetOccupied atLeased atCampusSubmarket3/31/202612/31/20253/31/202612/31/2025SEATTLE, WASHINGTON333 Dexter Avenue North333 DexterLake Union / Denny Regrade618,766100.0%100.0%100.0%100.0%401 Terry Avenue North401 TerryLake Union / Denny Regrade174,530100.0%100.0%100.0%100.0%701 N. 34th StreetFremont Lake Union CenterLake Union / Denny Regrade142,82064.0%64.6%64.0%64.6%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%71.3%100.0%100.0%2001 8th AvenueWest8Lake Union / Denny Regrade535,39532.3%26.0%44.6%36.6%320 Westlake Avenue NorthWestlake TerryLake Union / Denny Regrade184,644100.0%96.1%100.0%100.0%321 Terry Avenue NorthWestlake TerryLake Union / Denny Regrade135,755100.0%100.0%100.0%100.0%601 108th Avenue NEKey CenterBellevue490,73874.4%87.1%75.2%87.1%10900 NE 4th StreetSkyline TowerBellevue428,55788.5%88.6%88.7%88.6%Total Seattle2,997,30779.3%80.0%82.7%83.2% Rentable Square FeetOccupied atLeased atCampusSubmarket (2)3/31/202612/31/20253/31/202612/31/2025SAN 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%12400 High Bluff Drive 12400 High Bluff DriveDel Mar216,518100.0%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%12770 El Camino RealOne PaseoDel Mar75,035100.0%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 Mar92,042100.0%100.0%100.0%100.0%3745 Paseo PlaceOne PaseoDel Mar95,87192.8%89.0%96.8%91.7%12707 High Bluff DriveOne Paseo JunctionDel Mar59,24591.2%91.2%91.2%91.2%12777 High Bluff DriveOne Paseo JunctionDel Mar44,486100.0%100.0%100.0%100.0%12340 El Camino Real The CaminosDel Mar110,95025.9%25.9%25.9%25.9%12390 El Camino RealThe CaminosDel Mar73,238100.0%100.0%100.0%100.0%2100 Kettner Boulevard 2100 KettnerLittle Italy / Point Loma212,91548.5%45.0%56.9%50.2%2305 Historic Decatur RoadKilroy Liberty StationLittle Italy / Point Loma107,45688.3%88.3%88.3%88.3%4690 Executive Drive * 4690 ExecutiveUniversity Towne Center52,0740.0%0.0%47.3%47.3%9455 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%3530 John Hopkins Court *NautilusTorrey Pines45,589100.0%100.0%100.0%100.0%3535 General Atomics Court *NautilusTorrey Pines80,54328.1%28.1%28.1%28.1%3550 John Hopkins Court *NautilusTorrey Pines62,739100.0%100.0%100.0%100.0%3565 General Atomics Court *NautilusTorrey Pines43,295100.0%100.0%100.0%100.0%Total San Diego2,689,01784.6%83.7%86.3%85.1% Rentable Square FeetOccupied atLeased atCampusSubmarket3/31/202612/31/20253/31/202612/31/2025AUSTIN, TEXAS200 W. 6th StreetIndeed TowerAustin CBD758,97583.2%82.2%88.8%87.9%Total Austin758,97583.2%82.2%88.8%87.9%Total Stabilized Portfolio17,124,39377.6%81.6%82.3%83.8%Total Stabilized Portfolio Excluding KOP 281.5%N/A84.3%N/A Stabilized Portfolio: 3/31/202612/31/20259/30/20256/30/20253/31/2025ASSETS:Land$1,730,514$1,641,913$1,661,679$1,627,754$1,750,820Buildings and improvements9,011,0238,505,4868,658,2368,427,4058,617,728Undeveloped land and construction in progress1,585,0422,387,7422,355,1812,364,9382,356,330Total real estate assets held for investment12,326,57912,535,14112,675,09612,420,09712,724,878Accumulated depreciation and amortization(2,857,265)(2,843,811)(2,952,576)(2,877,165)(2,900,113)Total real estate assets held for investment, net9,469,3149,691,3309,722,5209,542,9329,824,765Real estate and other assets held for sale, net188,771115,155 - 255,795 - Cash and cash equivalents192,904179,316372,416193,129146,711Marketable securities31,41730,80733,56931,62929,187Current receivables, net15,71212,76513,19111,71811,680Deferred rent receivables, net425,420424,794436,886436,964447,433Deferred leasing costs and acquisition-related intangible assets, net271,213278,232229,175208,266220,051Right of use ground lease assets, net127,834128,116128,396128,674128,949Prepaid expenses and other assets, net52,27354,56156,04658,72569,909Total Assets$10,774,858$10,915,076$10,992,199$10,867,832$10,878,685LIABILITIES AND EQUITY:Liabilities:Secured debt, net$591,398$592,685$593,956$595,212$596,806Unsecured debt, net3,997,9933,996,7743,995,5554,002,5074,001,036Accounts payable, accrued expenses, and other liabilities303,808288,963321,188273,600292,354Ground lease liabilities127,414127,628127,830128,030128,227Accrued dividends and distributions63,42165,00964,99664,98564,990Deferred revenue and acquisition-related intangible liabilities, net122,272125,628127,931131,606137,538Rents received in advance and tenant security deposits79,63875,70174,88873,56177,749Liabilities related to real estate assets held for sale - 4,945 - 4,887 - Total liabilities5,285,9445,277,3335,306,3445,274,3885,298,700Equity:Stockholders’ EquityCommon stock1,1631,1841,1831,1831,183Additional paid-in capital5,161,1405,230,7475,223,3695,216,3205,210,415Retained earnings102,859188,876240,810148,952144,867Total stockholders’ equity5,265,1625,420,8075,465,3625,366,4555,356,465Noncontrolling InterestsCommon units of the Operating Partnership51,32851,91153,15452,19252,105Consolidated property partnerships172,424165,025167,339174,797171,415Total noncontrolling interests223,752216,936220,493226,989223,520Total equity5,488,9145,637,7435,685,8555,593,4445,579,985Total Liabilities And Equity$10,774,858$10,915,076$10,992,199$10,867,832$10,878,685 Three Months Ended3/31/202612/31/20259/30/20256/30/20253/31/2025RevenuesRental income$265,330$267,363$274,909$285,071$266,244Other property income4,7234,8244,8354,8214,600Total revenues270,053272,187279,744289,892270,844ExpensesProperty expenses59,28364,67361,76458,57558,714Real estate taxes28,78226,55625,87826,76528,365Ground leases3,1872,9913,0183,0193,020General and administrative expenses20,69919,48518,24718,47516,901Leasing costs3,0102,5922,6102,2772,873Depreciation and amortization94,34492,62387,48787,62587,119Total expenses209,305208,920199,004196,736196,992Other Income (Expenses)Interest income9542,2053,1195121,134Interest expense(38,511)(32,148)(32,152)(30,844)(31,148)Other income (expense)Other income (expense)3894491190(157)Gains on sales of depreciable operating propertiesGains on sales of depreciable operating properties23,525 - 110,48416,554 - Impairment of real estate assets (1)(61,778)(16,259) - - - Total other (expenses) income(75,421)(46,158)81,542(13,588)(30,171)Net (Loss) Income(14,673)17,109162,28279,56843,681Net loss (income) attributable to noncontrolling common units of the Operating Partnership185(120)(1,524)(663)(375)Net income attributable to noncontrolling interests in consolidated property partnerships(4,779)(4,545)(4,538)(10,456)(4,298)Total net income attributable to noncontrolling interests(4,594)(4,665)(6,062)(11,119)(4,673)Net (Loss) Income Available To Common Stockholders$(19,267)$12,444$156,220$68,449$39,008Weighted average common shares outstanding - basic117,637118,338118,296118,285118,195Weighted average common shares outstanding - diluted117,637119,153118,822118,683118,664Net (Loss) Income Available To Common Stockholders Per ShareNet (loss) income available to common stockholders per share - basic$(0.16)$0.10$1.32$0.58$0.33Net (loss) income available to common stockholders per share - diluted$(0.16)$0.10$1.31$0.57$0.33 Three Months Ended March 31,20262025% ContributionTotal Same Property PortfolioNumber of properties113Square Feet15,613,635Average Occupancy (1)82.0%81.8%Percent of Stabilized Portfolio91.2%Cash Operating Revenues:Base rent$184,772$186,758(1.2)%Tenant reimbursements44,37743,5790.5%Other revenues (2)13,57310,9771.6%Settlement and restoration fee income746630.4%Other property income (3)3,9743,7740.1%Total cash operating revenues247,442245,1511.4%Cash Operating Expenses:Property expenses52,25752,151(0.1)%Real estate taxes23,42524,3960.6%Ground leases3,1182,942(0.1)%Total cash operating expenses78,80079,4890.4%Cash Net Operating Income (4) (5) (6)$168,642$165,6621.8% Three Months Ended3/31/202612/31/20259/30/20256/30/20253/31/2025Net (Loss) Income Available to Common Stockholders$(19,267)$12,444$156,220$68,449$39,008Interest expense38,51132,14832,15230,84431,148Depreciation and amortization94,34492,62387,48787,62587,119Taxes(29) - 1241751EBITDA113,559137,215275,983186,935157,326Net loss (income) attributable to noncontrolling common units of the Operating Partnership(185)1201,524663375Net income attributable to noncontrolling interests in consolidated property partnerships4,7794,5454,53810,4564,298Gains on sales of depreciable operating properties(23,525) - (110,484)(16,554) - Impairment of real estate assets61,77816,259 - - - EBITDAre156,406158,139171,561181,500161,999EBITDAre attributable to noncontrolling interests in consolidated property partnerships(7,823)(7,584)(7,435)(13,586)(7,280)Company's Share of EBITDAre148,583150,555164,126167,914154,719Interest income(954)(2,205)(3,119)(512)(1,134)Company's Share of Adjusted EBITDAre$147,629$148,350$161,007$167,402$153,585 Quarter to DateQ1 2026Q4 2025Q3 2025Q2 2025Q1 2025Second Generation Capital Expenditures: (1)Capital Improvements$2,974$10,068$9,529$13,548$6,635Tenant Improvements & Leasing Commissions 15,76921,65627,43020,49210,743Total$18,743$31,724$36,959$34,040$17,378Average Capital Expenditures to Average NOI Ratio - Trailing Five Quarters15.2%Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Major Repositioning Capital Expenditures: (2)Capital Improvements$ - $60$39$702$93Total $ - $60$39$702$93Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025First Generation Capital Expenditures:Tenant Improvements & Leasing Commissions$8,980$5,098$4,268$5,834$3,914Total$8,980$5,098$4,268$5,834$3,914 Year Region# ofExpiring LeasesTotalSquare Feet% of TotalLeased Sq. Ft.AnnualizedBase Rent (1)% of TotalAnnualizedBase RentAnnualized Base Rent per Sq. Ft. 2026San Francisco Bay Area8215,9721.7%$15,1612.1%$70.20Los Angeles31334,0622.5%14,1921.8%42.48Seattle9163,4431.2%6,9380.9%42.45San Diego427,5380.2%365 - %13.26Austin - - - % - - % - Total52741,0155.6%$36,6564.8%$49.472027San Francisco Bay Area633,4490.3%$1,5960.2%$47.71Los Angeles46837,3516.4%29,8293.9%35.62Seattle11136,1801.0%5,6760.7%41.68San Diego669,4260.5%3,5840.5%51.62Austin - - - % - - % - Total691,076,4068.2%$40,6855.3%$37.802028San Francisco Bay Area14825,3556.3%$53,0276.9%$64.25Los Angeles39188,4071.4%11,1661.5%59.27Seattle744,9230.3%1,6500.2%36.73San Diego13209,5961.6%12,4271.6%59.29Austin - - - % - - % - Total731,268,2819.6%$78,27010.2%$61.712029San Francisco Bay Area15524,1114.0%$28,6163.7%$54.60Los Angeles23443,4193.4%22,9553.0%51.77Seattle11232,1111.8%10,3021.3%44.38San Diego17252,4831.9%14,1461.9%56.03Austin14,211 - %235 - % - Total671,456,33511.1%$76,2549.9%$52.362030San Francisco Bay Area15842,1106.4%$54,7487.1%$65.01Los Angeles18217,5331.7%12,9071.7%59.33Seattle10461,3423.5%21,7212.8%47.08San Diego24200,2641.5%14,5131.9%72.47Austin15,454 - %4050.1%74.28Total681,726,70313.1%$104,29413.6%$60.402031andBeyondSan Francisco Bay Area302,366,91218.0%$184,33323.9%$77.88Los Angeles491,073,6958.2%61,6268.0%57.40Seattle281,330,62510.1%59,2437.7%44.52San Diego441,502,23111.4%98,98812.9%65.89Austin17615,1794.7%28,3393.7%46.07Total1686,888,64252.4%$432,52956.2%$62.79 (8)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 LOS ANGELES, April 27, 2026 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial results for the first quarter •In February, acquired an interest in 1900 Broadway, a fully-entitled land site in Downtown Redwood City capable of supporting a 251,000-square- KEY DEBT COVENANTS (1)CovenantActual Performance as of March 31, 2026Unsecured Credit and Term Loan Facilities and Private Placement Notes:Total debt to total asset valueless than 60%34%Fixed charge coverage ratiogreater than 1.5x3.2xUnsecured debt ratiogreater than 1.67x2.79xUnencumbered asset pool debt service coverage greater than 1.75x3.57xUnsecured Senior Notes due 2028, 2029, 2030, 2032, 2033, 2035, and 2036: Total debt to total asset valueless than 60%35%Interest coveragegreater than 1.5x5.1xSecured debt to total asset valueless than 40%5%Unencumbered asset pool value to unsecured debtgreater than 150%298% % LeasedUNDER CONSTRUCTIONLocationConstruction Start DateEstimated Stabilization DateEstimated Rentable Square FeetTotal Estimated InvestmentTotal Cash Costs IncurredAs of 3/31/2026As of FilingNone - $ - $ - - % - %Total - $ - $ - - % - % Annualized Base Rent: Retention Rate (Leases Executed Including Subtenants): all common limited partnership units outstanding. Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders. Three Months Ended3/31/202612/31/20259/30/20256/30/20253/31/2025RevenuesIncome Statement Category*Base rentRental income$193,622$197,081$201,633$201,955$202,640*Tenant reimbursementsRental income46,52747,77951,86748,03546,313*Other revenues (1)Rental income18,41718,44216,65619,96715,630Deferred income and lease incentives, net (2)Rental income1,060257707771834Amortization of deferred revenue related to tenant-funded tenant improvementsRental income3,2183,5473,6393,7703,688Straight-line rents, netRental income701(2,358)(1,303)(3,354)(4,613)Amortization of net below market rentsRental income641624764845846*Settlement and restoration fee incomeRental income7464502,66363963Deferred settlement and restoration fee incomeRental income - - (2,026)1,689337Cash lease termination fee incomeRental income91,15886710,588 - Deferred lease termination fee incomeRental income389383(558)166506*Other property income (3)Other property income4,7234,8244,8354,8214,600Total Revenues$270,053$272,187$279,744$289,892$270,844 Shares /UnitsAggregate Principal Amount or $ Value Equivalent % of Total Market CapitalizationStated Rate (1)Effective Rate (2)Maturity DateUnsecured DebtRevolving Credit Facility (3)$ - - %4.88%4.88%7/31/2028Term Loan Facility (4)200,0002.5%4.97%5.17%10/3/2027Private Placement Senior Notes Series A due 2026 (5)50,0000.7%4.30%4.39%7/18/2026Private Placement Senior Notes Series B due 2026200,0002.5%4.35%4.44%10/18/2026Private Placement Senior Notes Series A due 2027175,0002.2%3.35%3.42%2/17/2027Private Placement Senior Notes Series B due 202975,0001.0%3.45%3.51%2/17/2029Private Placement Senior Notes due 2031350,0004.4%4.27%4.32%1/31/2031Senior Notes due 2028 (6)400,0005.0%4.75%4.87%12/15/2028Senior Notes due 2029400,0005.0%4.25%4.38%8/15/2029Senior Notes due 2030500,0006.3%3.05%3.17%2/15/2030Senior Notes due 2032 (6)425,0005.4%2.50%2.63%11/15/2032Senior Notes due 2033 (6)450,0005.7%2.65%2.73%11/15/2033Senior Notes due 2035400,0005.0%5.88%6.08%10/15/2035Senior Notes due 2036400,0005.0%6.25%6.41%1/15/2036$4,025,00050.7%4.14%4.42%Secured Debt (7)100 Hooper St., San Francisco Bay Area$147,8301.9%3.57%3.80%12/1/2026320 Westlake Ave. N. and 321 Terry Ave. N., Seattle76,0121.0%4.48%4.57%7/1/2027One Paseo Mixed-Use Campus, San Diego375,0004.7%5.90%6.13%8/10/2034$598,8427.6%5.14%5.36%Total Debt$4,623,84258.3%4.27%4.54%Equity and Noncontrolling Interest in the Operating Partnership (8)Common limited partnership units outstanding (9)1,133,562$31,9780.4%Shares of common stock outstanding116,278,8073,280,22541.3%Total Equity and Noncontrolling Interest in the Operating Partnership$3,312,20341.7%Total Market Capitalization$7,936,045100.0% EBITDA, EBITDAre, Company's Share of EBITDAre, and Company's Share of Adjusted EBITDAre: Funds From Operations: Interest Coverage Ratio: Operating Property DispositionsSubmarketMonth ofDispositionNumber of BuildingsRentableSquare FeetSalesPrice (1)1st QuarterOfficeKilroy Sabre Springs (2)I-15 CorridorJanuary3427,764$124.512348 High Bluff Drive (Del Mar Tech Center)Del MarMarch139,19221.0Total Office4466,956$145.5 The Stabilized Portfolio includes all properties with the exception of the development and Redevelopment Properties currently committed for construction, This section includes management’s statements regarding certain non-GAAP financial measures provided in this supplemental financial report and, with ended March 31, 2026. foot office building. Concurrent with closing, signed a 20-year lease with Cooley LLP for 145,000 square feet, bringing the project to 58% pre-leased. % LeasedLocationConstruction Start DateStabilization Date (1)Rentable Square FeetTotal Estimated InvestmentTotal Project % OccupiedAs of 3/31/2026As of Filing1st Quarter363, 365, and 369 Oyster Point Boulevard(Kilroy Oyster Point - Phase 2)South San Francisco2Q 20211Q 2026871,738$1,1755%44%49%Total871,738$1,1755%44%49% Quarter to Date# of LeasesSquare FeetWeightedAverage LeaseTerm (Mo.)TI/LCPer Sq.Ft. (2)TI/LCPer Sq.Ft. /Year (2)NewRenewalNewRenewalTotal2nd Gen Leasing2311245,36244,476289,83853$50.63$11.061st Gen / Major Repositioning / In-Process Development & Redevelopment Leasing4 - 208,081 - 208,081203$321.52$19.86Total2711453,44344,476497,919 Three Months Ended12/31/20249/30/20246/30/2024Net Income Available to Common Stockholders$59,460$52,378$49,211Interest expense33,24536,40836,763Depreciation and amortization89,12191,87987,151EBITDA181,826180,665173,125Net income attributable to noncontrolling common units of the Operating Partnership593509458Net income attributable to noncontrolling interests in consolidated property partnerships4,9814,7864,878Gain on sales of long-lived assets(5,979) - - EBITDAre181,421185,960178,461EBITDAre attributable to noncontrolling interests in consolidated property partnerships(7,843)(7,485)(7,601)Company's Share of EBITDAre173,578178,475170,860Interest income(4,790)(9,688)(10,084)Company's Share of Adjusted EBITDAre$168,788$168,787$160,776 Annualized monthly contractual base rents from existing tenants in occupancy, including the impact of the straight-lining of rent escalations and the Retention rate, inclusive of leases with subtenants where the Company does not expect to experience downtime in occupancy between leases. under construction, or in the tenant improvement phase, undeveloped land, and properties classified as held for sale. SubmarketMonth ofAcquisitionAcreagePurchasePrice (1)1st QuarterLand1900 Broadway (2)Other PeninsulaFebruary1.1$36.0Total1.1$36.0 respect to Funds From Operations available to common stockholders and common unitholders (“FFO”), in the Company’s earnings release on April 27, 2026 Total project costs are expected to range from $330.0 million to $350.0 million. Construction is anticipated to commence in 2027, with delivery Calculated as EBITDAre divided by gross interest expense (excluding amortization of deferred debt costs and debt premiums/discounts). Three Months Ended 3/31/202612/31/20259/30/20256/30/20253/31/2025GAAP Net Cash Provided by Operating Activities $150,695$109,078$176,568$143,746$136,921Adjustments:Recurring tenant improvements, leasing commissions and capital expenditures(18,743)(31,724)(36,959)(34,040)(17,378)Depreciation of non-real estate furniture, fixtures, and equipment(1,459)(1,410)(1,407)(1,382)(1,384)Net changes in operating assets and liabilities (1)(30,811)22,819(31,579)9,245(2,308)Noncontrolling interests in consolidated property partnerships’ share of FFO and FAD(7,207)(6,177)(5,411)(13,201)(6,490)Cash adjustments related to investing and financing activities(1,369)(2,052)(273)(479)(265)Funds Available for Distribution$91,106$90,534$100,939$103,889$109,096 The Company calculates Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) for Real Estate (“EBITDAre”) in accordance with the 2017 White The Company calculates Funds From Operations available to common stockholders and common unitholders (“FFO”) in accordance with the 2018 Restated White amortization of free rent periods and excluding the impact of the following: amortization of deferred revenue related to tenant-funded tenant improvements, and the reasons why management believes that these measures provide useful information to investors about the Company’s financial condition and results “I am pleased to report on a remarkably strong quarter of execution across all facets of our business. First-quarter leasing activity, which totaled 568,000 scheduled for 2030, at which time the Company’s ownership interest is expected to be 97% The Company’s guidance estimates for the full year 2026, and the reconciliation of Net income available to common stockholders per share - diluted and Stabilized Portfolio Rollforward (1)Number of BuildingsSquare FeetStabilized Portfolio as of December 31, 202512116,292,164Stabilized Development Properties3871,738Dispositions (2)(1)(39,192)Remeasurements - (317)Stabilized Portfolio as of March 31, 202612317,124,393 Three Months Ended 3/31/20263/31/2025Net (Loss) Income Available to Common Stockholders$(19,267)$39,008Net loss (income) attributable to noncontrolling common units of the Operating Partnership(185)375Net income attributable to noncontrolling interests in consolidated property partnerships4,7794,298Net (Loss) Income(14,673)43,681Adjustments:Impairment of real estate assets61,778 - Gains on sales of depreciable operating properties(23,525) - Depreciation and amortization94,34487,119Interest expense38,51131,148Interest income(954)(1,134)Other (income) expense(389)157Leasing costs3,0102,873General and administrative expenses20,69916,901Lease termination fees(398)(506)Net Operating Income178,403180,239Other (2)6978Deferred settlement and restoration fee income - (337)Amortization of net below market rents(641)(846)Straight-line rents, net(701)4,613Amortization of deferred revenue related to tenant-funded tenant improvements(3,218)(3,688)Deferred income and lease incentives, net (3)(1,060)(834)Cash Net Operating Income172,852179,225Non-Same Property Cash Net Operating Income(4,210)(13,563)Same Property Cash Net Operating Income$168,642$165,662 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 (2) amortization of above/below market rents, amortization for lease incentives due under existing leases, and expense reimbursement revenue. Amounts Same Property Portfolio: square feet, represented the Company’s strongest first-quarter performance since 2017, as we continued to capitalize on accelerating momentum across the of operations. 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 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, manages, develops, and acquires 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. Major Repositioning: FFO per share and unit - diluted included within this press release, reflect management’s views on current and future market conditions, including 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 represent percentage of total portfolio annualized contractual base rental revenue. West Coast,” said Angela Aman, Chief Executive Officer. “In addition, we remained active on the capital allocation front, selling approximately $350 million of Dividend The Same Property Portfolio includes all properties owned and included in the Stabilized Portfolio for two comparable reporting periods, i.e., owned and assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press release. These guidance Space for which significant non-recurring capital expenditures are incurred to reposition and is expected to result in additional revenue generated when reincome 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 non-core and non-strategic properties year-to-date, while prudently allocating capital to debt repayments, opportunistic share repurchases, and a Net Operating Income: •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 included in the Stabilized Portfolio as of January 1, 2025 and still owned and included in the Stabilized Portfolio as of March 31, 2026. It includes the estimates do not include the impact on the Company’s operating results from any events outside of the Company’s control, as the timing and magnitude of 02Portfolio Data - Stabilized Portfolio Occupancy Overview by Region - Leases Executed - Stabilized Portfolio Capital Expenditures - Stabilized Portfolio Lease Expirations - Top 20 Tenants - Tenant Industry Diversification - 2026 Acquisitions - 2026 Dispositions, Held for Sale, and Assets Under Contract - Consolidated Ventures (Noncontrolling Property Partnerships) leased. Capital improvements for this space are not subtracted in the calculation of FAD. Tenant improvement and leasing commissions for this space are Stabilized Portfolio Consolidated Venture Net Operating Income ReconciliationThree Months Ended March 31,20262025Cash Operating Revenues:Base rent$26,289$27,480Tenant reimbursements3,9923,513Other revenues (3)44(1,083)Other property income (4)495494Total cash operating revenues30,82030,404Cash Operating Expenses:Property expenses6,2706,210Real estate taxes2,2872,230Total cash operating expenses8,5578,440Cash Net Operating Income22,26321,964Deferred income and lease incentives, net (5)371371Amortization of deferred revenue related to tenant-funded tenant improvements441462Straight-line rents, net(793)(891)Net Operating Income22,28221,906Lease termination fees134134General and administrative expenses(9) - Leasing costs(22)(19)Other expense - (4)Depreciation and amortization(7,993)(8,122)Net Income$14,392$13,895KRC Share of Cash Net Operating Income (6)$14,533$14,679 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 substantially pre-leased development project in one of the Company’s best-performing submarkets.” Capital Expenditures: share. The dividend was paid on April 8, 2026 to stockholders of record on March 31, 2026 (the ex-dividend date) residential portfolio, which consists of the 608 residential units at the Company’s One Paseo mixed-use property in the Del Mar, California submarket. any such events are not known at the time the Company provides guidance. There can be no assurance that the Company’s actual results will not differ included in 2nd Gen Capital Expenditures. 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 Management believes that Net Operating Income (“NOI”) is a useful supplemental measure of the Company’s operating performance. The Company’s NOI metrics Expenditures for capital improvements, tenant improvements costs (excluding tenant-funded tenant improvements), and leasing commissions. Excludes undeveloped land, development and Redevelopment Properties currently committed for construction, under construction, or in the tenant materially from these estimates. 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 Financial Results are defined as follows: Recent Developments improvement phase, and properties classified as held for sale. Average Residential OccupancyQuarter to DateRESIDENTIAL PROPERTYCampusSubmarket (2)Total No. of Units3/31/202612/31/2025SAN DIEGO, CALIFORNIA3200 Paseo Village WayOne Paseo LivingDel Mar60895.0%94.0% Net Leases Types: 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 but notyet occupied thousand square feetof leases executed in 1Q 2026 Second Generation ("2nd Gen"): (5)Refer to page 44 for a reconciliation of GAAP Net (Loss) Income Available to Common Stockholders to Same Property Cash Net Operating Income. ________________________ Total Debt