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Kilroy Realty (NYSE: KRC) details 2025 results, leasing, deals and 2026 FFO guidance

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Kilroy Realty Corporation reported mixed fourth quarter and full-year 2025 results while remaining active in leasing, capital recycling, and development. Fourth quarter revenues were $272.2 million, down from $286.4 million a year earlier, and net income available to common stockholders was $12.4 million, or $0.10 per diluted share, versus $59.5 million, or $0.50 per diluted share. Funds from operations were $117.2 million, or $0.97 per diluted share, down from $144.9 million, or $1.20 per diluted share.

For 2025, revenues were $1,112.7 million compared with $1,135.6 million in 2024, while net income available to common stockholders rose to $276.1 million, or $2.32 per diluted share, from $211.0 million, or $1.77 per diluted share. Full-year FFO was $505.9 million, or $4.20 per diluted share, versus $551.6 million, or $4.59 per diluted share. The stabilized portfolio was 81.6% occupied and 83.8% leased at December 31, 2025. During 2025 the company signed about 2.05 million square feet of leases, completed $466.0 million of property sales, acquired $397.3 million of assets including the Nautilus life science campus, and ended the year with roughly $1.3 billion of liquidity. Management initiated 2026 Nareit FFO guidance of $3.25 to $3.45 per diluted share.

Positive

  • None.

Negative

  • None.

Insights

Kilroy shows softer FFO and occupancy but active recycling, development progress, and detailed 2026 FFO guidance.

Kilroy Realty Corporation generated 2025 revenues of $1,112.7 million, slightly below 2024, while net income available to common stockholders increased to $276.1 million. However, Nareit-defined funds from operations declined to $505.9 million, or $4.20 per diluted share, from $4.59 per diluted share.

The stabilized portfolio ended 2025 at 81.6% occupied and 83.8% leased, with Same Property Cash Net Operating Income down 1.0% year over year. Leasing volume was strong at approximately 2,051,000 square feet, but Second Generation leasing showed GAAP and cash rent declines, reflecting re-pricing in several markets.

Capital recycling was significant: operating property sales totaled $466.0 million, and the company added $397.3 million of acquisitions, including the Nautilus campus and Maple Plaza. Development progress at Kilroy Oyster Point Phase 2 and a $400.0 million senior notes issuance, paired with redemption of $400.0 million of 2025 notes, contributed to ending liquidity of about $1.3 billion. For 2026, management guides to Nareit FFO per diluted share between $3.25 and $3.45, assuming average full-year occupancy of 76.0% to 78.0% and Same Property Cash NOI growth between (1.50%) and 0.00%.

0001025996false00010259962026-02-092026-02-09
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 9, 2026
KILROY REALTY CORPORATION
(Exact name of registrant as specified in its charter)
Maryland
001-12675
95-4598246
(State or other jurisdiction of
incorporation or organization)
(Commission File No.)
(I.R.S. Employer
Identification No.)
12200 W. Olympic Boulevard, Suite 200, Los Angeles, California, 90064
(Address of principal executive offices) (Zip Code)
(310) 481-8400
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Registrant
Title of each class
Name of each exchange on which
registered
Ticker Symbol
Kilroy Realty Corporation
Common Stock, $.01 par value
New York Stock Exchange
KRC
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instructions A.2.):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02Results of Operations and Financial Condition.
On February 9, 2026, Kilroy Realty Corporation issued a press release announcing its earnings for the quarter and full year
ended December 31, 2025 and distributed certain supplemental financial information. On February 9, 2026, Kilroy Realty
Corporation also posted the supplemental information on its website located at www.kilroyrealty.com.  The text of the
supplemental information and the related press release are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are
incorporated by reference herein.
Exhibits 99.1 and 99.2 are being furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including
for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject
to the liabilities of that section.  The information in this Current Report on Form 8-K shall not be deemed incorporated by
reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of
any general incorporation language in such filing.   
Item 7.01Regulation FD Disclosure.
As discussed in Item 2.02 above, Kilroy Realty Corporation issued a press release announcing its earnings for the quarter
and full year ended December 31, 2025 and distributed certain supplemental information.  On February 9, 2026, Kilroy Realty
Corporation also posted the supplemental information on its website located at www.kilroyrealty.com.
The information being furnished pursuant to Item 7.01 shall not be deemed “filed” for any purpose, including for the
purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section.  The information in this
Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the
Exchange Act regardless of any general incorporation language in such filing.
Item 9.01Financial Statements and Exhibits.
(a)
Financial statements of businesses acquired: None.
(b)
Pro forma financial information: None.
(c)
Shell company transactions: None.
(d)
Exhibits:
The following exhibits are furnished with this Current Report on Form 8-K:
Exhibit No.
Description
99.1*
Supplemental Operating and Financial Data for the quarter ended December 31, 2025
99.2*
Press Release dated February 9, 2026 regarding fourth quarter 2025 earnings
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
_______________
*Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Kilroy Realty Corporation
Date: February 9, 2026
By:
/s/ Chandni Jalan
Chandni Jalan
Senior Vice President, Chief Accounting Officer
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Exhibit 99.1
Kilroy Realty
Supplemental Financial Report
Q4 2025
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KILROY REALTY CORPORATION REPORTS
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
---------------
LOS ANGELES, February 9, 2026 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial results for the fourth
quarter and full year ended December 31, 2025.
“Our strong performance in the fourth quarter capped off an exceptional year of execution by the entire Kilroy Team,” said Angela Aman, Chief Executive
Officer. “We captured growing tenant demand for high quality, well-amenitized office and life science projects across virtually all of our submarkets, made
substantial progress on leasing our in-process redevelopment and development projects, and capitalized on a resurgence of institutional investor interest in
West Coast commercial real estate assets in order to refine and enhance our portfolio. As we look ahead to 2026, we are encouraged by the continued
momentum we are experiencing across our platform and believe we are well positioned for continued growth and evolution.”
Fourth Quarter Highlights
Financial Results
•Revenues of $272.2 million for the quarter ended December 31, 2025, as compared to $286.4 million for the quarter ended December 31,
2024
•Net income available to common stockholders of $12.4 million, or $0.10 per diluted share, for the quarter ended December 31, 2025, as
compared to $59.5 million, or $0.50 per diluted share, for the quarter ended December 31, 2024
•Funds from operations (“FFO”) of $117.2 million, or $0.97 per diluted share, for the quarter ended December 31, 2025, as compared to
$144.9 million, or $1.20 per diluted share, for the quarter ended December 31, 2024
Leasing and Occupancy
•Stabilized Portfolio was 81.6% occupied and 83.8% leased at December 31, 2025, representing 220 basis points of leases signed that have
not commenced
•During the quarter, signed approximately 827,000 square feet of leases, the Company’s strongest fourth-quarter leasing performance in six
years
◦Leasing activity was comprised of 547,000 square feet of new leasing on previously vacant space, 148,000 square feet of new
leasing on currently occupied space, and 132,000 square feet of renewal leasing
▪At Kilroy Oyster Point Phase 2 (“KOP 2”), signed 316,000 square feet of new leases. See “Kilroy Oyster Point Phase 2”
section below for additional details
▪Leasing activity during the quarter included 60,000 square feet of short-term leasing
•GAAP and cash rents on leases signed during the quarter decreased 16.8% and 27.1%, respectively, from prior levels on Second
Generation leasing, excluding short-term leasing
◦Leasing spreads during the quarter were negatively impacted by:
▪A new lease signed on a space recently vacated due to a tenant bankruptcy
▪A renewal signed to preserve near-term income on a single-tenant building while the Company evaluates alternative uses
◦Excluding these two leases, GAAP and cash rents on leases signed during the quarter would have increased 16.2% and decreased
2.6%, respectively
Capital Recycling Activity
•Dispositions / Held for Sale / Assets Under Contract:
◦In December, completed the sale of Sunset Media Center, an approximately 326,000-square-foot office property in the Hollywood
submarket of Los Angeles, for gross sales proceeds of $61.0 million
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◦In December, entered into an agreement, subject to a non-refundable deposit, to sell Kilroy Sabre Springs, a three-building campus
in the I-15 Corridor submarket of San Diego, and classified the campus as Held for Sale. The campus totals approximately 428,000
square feet, and the sale closed in January for gross sales proceeds of $124.5 million
◦In December, entered into an agreement to sell the remaining portion of the land at Santa Fe Summit for $86.0 million in gross sales
proceeds. The transaction represents approximately 17 acres of the 22-acre site and is expected to close upon receipt of
entitlements for residential development
•Acquisitions:
◦In December, completed the acquisition of the Nautilus Campus, a four-building, approximately 232,000-square-foot life science
campus, in the Torrey Pines submarket of San Diego, for $192.0 million
Dividend
•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 share. The dividend was paid on January 7, 2026 to stockholders of record on December 31, 2025 (the ex-dividend date)
Full Year Highlights
Financial Results
•Revenues of $1,112.7 million for the year ended December 31, 2025, as compared to $1,135.6 million for the year ended December 31,
2024
•Net income available to common stockholders of $276.1 million, or $2.32 per diluted share, for the year ended December 31, 2025, as
compared to $211.0 million, or $1.77 per diluted share, for the year ended December 31, 2024
•Funds from operations (“FFO”) of $505.9 million, or $4.20 per diluted share, for the year ended December 31, 2025, as compared to $551.6
million, or $4.59 per diluted share, for the year ended December 31, 2024
Leasing and Occupancy
•During the year, signed approximately 2,051,000 square feet of leases, the Company’s highest annual leasing volume since 2019
◦Leasing activity was comprised of 1,108,000 square feet of new leasing on previously vacant space, 233,000 square feet of new
leasing on currently occupied space, and 710,000 square feet of renewal leasing
▪Leasing activity during the year included 270,000 square feet of short-term leasing, primarily comprised of 187,000 square
feet of short-term renewal leasing
•GAAP and cash rents on leases signed during the year decreased 9.3% and 18.4%, respectively, from prior levels on Second Generation
leasing, excluding short-term leasing
Kilroy Oyster Point Phase 2
•As highlighted above, signed approximately 316,000 square feet of leases during the fourth quarter for a total of 384,000 square feet of
leases signed at KOP 2 during the year, exceeding the Company’s previously communicated goal of 100,000 square feet of lease
executions. The project is now 3% occupied and 44% leased
◦Leasing activity at KOP 2 during the fourth quarter was comprised of the following transactions:
▪The University of California, San Francisco executed a full-building lease spanning approximately 280,000 square feet and
is expected to commence occupancy in the fourth quarter of 2027
▪A new genomic sequencing foundry signed an approximately 20,000-square-foot lease in a space designed and built as part
of the Company’s spec suite initiative. The company commenced occupancy upon lease execution in the fourth quarter of
2025
▪Acadia Pharmaceuticals executed an approximately 16,000-square-foot lease and is expected to commence occupancy at
KOP 2 in the second quarter of 2026
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Development / Redevelopment
•During the first quarter of 2025, received a temporary certificate of occupancy and progressed KOP 2 from the under construction phase to
the tenant improvement phase
•During the third quarter of 2025, added 4690 Executive Drive, an approximately 52,000-square-foot redevelopment project in the University
Towne Center submarket of San Diego, to the stabilized portfolio. The property is 47% leased
•During the third quarter of 2025, added 4400 Bohannon Drive, an approximately 48,000-square-foot redevelopment project in the Other
Peninsula submarket of the San Francisco Bay Area, to the stabilized portfolio. The property is 0% leased
Capital Recycling Activity
•In addition to the capital recycling activities highlighted above, the following transactions occurred during the year:
◦Dispositions / Assets Under Contract:
▪In April, entered into an agreement, subject to a non-refundable deposit, to sell a portion of the land at Santa Fe Summit for
$38.0 million in gross sales proceeds. The transaction represents approximately five acres of the 22-acre site and is
anticipated to close upon the receipt of entitlements, which is expected to occur in 2026
▪In June, completed the sale of 501 Santa Monica Boulevard, an approximately 79,000-square-foot operating property in
West Los Angeles for gross sales proceeds of $40.0 million
▪In July, entered into an agreement, subject to a non-refundable deposit, for the sale of 1633 26th Street for $41.0 million in
gross sales proceeds. The transaction is anticipated to close upon the receipt of entitlements, which is expected to occur in
2026
▪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 million
◦Acquisitions:
▪In September, completed the acquisition of Maple Plaza, an approximately 306,000-square-foot office property in the
Beverly Hills submarket of Los Angeles, for $205.3 million
Balance Sheet / Liquidity
•In August, completed a public offering of $400.0 million of 5.875% unsecured senior notes due October 2035
•In September, fully redeemed $400.0 million of 4.375% unsecured senior notes due October 2025
•As of December 31, 2025, the Company had approximately $1.3 billion of total liquidity, comprised of approximately $0.2 billion of cash and
cash equivalents and approximately $1.1 billion available under the fully undrawn unsecured revolving credit facility
Sustainability and Corporate Social Responsibility Highlights
•Achieved carbon neutral operations across the portfolio for the sixth consecutive year
•Over six megawatts of installed onsite solar capacity generating clean electricity
•Listed on U.S. EPA’s National Top 100 list of largest green power users
•Earned GRESB 5-Star Designation for Standing Assets
•Earned GRESB Regional Sector Leader in the Americas in Technology/Life Science for Development
•Achieved the most ENERGY STAR NextGen certifications of any building owner since the launch of the new certification program in 2024
•Achieved over 1.6 million square feet of new ENERGY STAR certifications across the portfolio, bringing the total to over 10.9 million square
feet of ENERGY STAR certified space
•Became a Fitwel Champion+ company
•Maintained Green Lease Leader Gold status
Recent Developments
•In January, added KOP 2 to the stabilized portfolio
•In January, completed the sale of Kilroy Sabre Springs
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Net Income Available to Common Stockholders / FFO Guidance
The Company is initiating Nareit-defined FFO per share guidance for 2026 of $3.25 to $3.45 per diluted share. The table below reflects key assumptions for
2026 guidance.
Key Assumptions
2026 Assumptions
Average full year occupancy
76.0% to 78.0%
Average full year occupancy excluding KOP 2
80.0% to 81.5%
Same Property Cash Net Operating Income (“NOI”) growth (1)
(1.50%) to 0.00%
NOI from Development Properties (2)
($23.5) to ($25.0 million)
Non-Cash GAAP NOI adjustments (1) (3)
$12 to $14 million
GAAP lease termination fee income
$3.0 to $4.5 million
General and administrative and Leasing costs
$89 to $91 million
Interest income
$2 to $3 million
Gross interest expense
$212 to $214 million
Capitalized interest (4)
$32 to $34 million
Total development spending (5)
$150 to $200 million
Dispositions
+/- $300 million
Full Year 2026 Range
Low End
High End
$ and shares/units in thousands, except
per share/unit amounts
Net income available to common stockholders per share - diluted
$0.59
$0.79
Weighted average common shares outstanding - diluted (6)
120,100
120,100
Net income available to common stockholders
$70,800
$95,040
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership
300
300
Net income attributable to noncontrolling interests in consolidated property partnerships
17,000
17,000
Depreciation and amortization of real estate assets
342,000
342,000
Gain on sale of depreciable operating property
(8,200)
(8,200)
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships
(28,000)
(28,000)
Funds From Operations (1)
$393,900
$418,140
Weighted average common shares/units outstanding – diluted (7)
121,200
121,200
Nareit Funds From Operations per common share/unit – diluted (1)
$3.25
$3.45
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(1)For additional information, please refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
(2)NOI from Development Properties is primarily comprised of carry costs associated with Company’s KOP 2 and Flower Mart projects. Guidance assumes the continued capitalization of the Company’s Flower Mart project
through June 2026.
(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
related adjustments and other.
(4)Capitalized interest guidance assumes the continued capitalization of the Company’s Flower Mart project through June 2026.
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(5)Total development spending includes recently stabilized, in-process, and future development projects.
(6)Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently issuable shares.
(7)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
all common limited partnership units outstanding. Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.
The Company’s guidance estimates for the full year 2026, and the reconciliation of Net income available to common stockholders per share - diluted and
FFO per share and unit - diluted included within this press release, reflect management’s views on current and future market conditions, including
assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press release.  These guidance
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
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
materially from these estimates.
Conference Call and Audio Webcast
The Company’s management will discuss fourth quarter results and the current business environment during the Company’s February 10, 2026 earnings
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,
register by using the following link, https://www.netroadshow.com/events/login/LE9zwo4AF0rVUaxBU0IDSIu6q6M8vLBYYMS. Those interested in listening
via the Internet can access the conference call at https://events.q4inc.com/attendee/267439370. It may be necessary to download audio software to hear the
conference call.
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Table of Contents
Corporate Data & Financial Highlights
Company Background
2
Financial Highlights
3
Consolidated Balance Sheets
4
Consolidated Statements of Operations
5
Funds From Operations & Funds Available for Distribution
6
Supplemental Income Statement Detail
7
Net Operating Income
8
Same Property Net Operating Income Analysis (Cash Basis)
9
EBITDA, EBITDAre, and Adjusted EBITDAre
10
Portfolio Data
Stabilized Portfolio Occupancy Overview by Region
12-16
Leases Executed
17
Stabilized Portfolio Capital Expenditures
18
Stabilized Portfolio Lease Expirations
19-20
Top 20 Tenants
21
Tenant Industry Diversification
22
2025 Acquisitions
23
2025 Dispositions, Held for Sale, and Assets Under Contract
24
Consolidated Ventures (Noncontrolling Property Partnerships)
25
Development
Stabilized Development & Redevelopment Projects
27
In-Process Development & Redevelopment Projects
28
Future Development Pipeline
29
Debt & Capitalization Data
Capital Structure
31
Debt Maturities
32
Debt Covenants & Leverage Ratios
33
Non-GAAP Supplemental Measures
35-37
Definitions & Reconciliations
39-45
The Post at Indeed Tower, Austin, TX
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01
Corporate 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
Jardine, Los Angeles, CA
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Kilroy Realty Q4 2025 Supplemental Report | 2
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Company
Background
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.
Stabilized Office & Life Science Portfolio
at December 31, 2025
121
16.3
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buildings
million square feet
81.6%
83.8%
occupied
leased
Residential Portfolio
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94.1%
1,001
residential units
average occupancy
during 4Q25
Investor Relations
12200 W. Olympic Blvd., Suite 200
Los Angeles, CA 90064
(310) 481-8400
Web: www.kilroyrealty.com
E-mail: investorrelations@kilroyrealty.com
Doug S. Bettisworth
VP, Corporate Finance
Board of Directors
Edward F. Brennan, PhD
Chair
Angela M. Aman
Daryl J. Carter
Jolie A. Hunt
Louisa G. Ritter
Gary R. Stevenson
Peter B. Stoneberg
Executive and Senior Management Team
Angela M. Aman
Chief Executive Officer
Justin W. Smart
President
Jeffrey R. Kuehling
EVP, Chief Financial Officer and Treasurer
A. Robert Paratte
EVP, Chief Leasing Officer
Heidi R. Roth
EVP, Chief Administrative Officer
Sherrie S. Schwartz
EVP, Chief Human Resources Officer
Lauren N. Stadler
EVP, General Counsel and Secretary
Eliott L. Trencher
EVP, Chief Investment Officer
Chandni Jalan
SVP, Chief Accounting Officer
Equity Research Coverage
Barclays
Brendan Lynch
(212) 526-9428
BofA Securities
Jana Galan
(646) 855-5042
BMO Capital Markets Corp.
John P. Kim
(212) 885-4115
BTIG
Thomas Catherwood
(212) 738-6140
Citigroup Investment Research
Seth Bergey
(212) 816-2066
Deutsche Bank Securities, Inc.
Peter Abramowitz
(212) 250-9504
Evercore ISI
Steve Sakwa
(212) 446-9462
Goldman Sachs & Co. LLC
Caitlin Burrows
(212) 902-4736
Green Street Advisors
Dylan Burzinski
(949) 640-8780
Jefferies LLC
Joe Dickstein
(212) 778-8771
J.P. Morgan
Anthony Paolone
(212) 622-6682
Keybanc Capital Markets
Upal Rana
(917) 368-2316
Mizuho Securities USA LLC
Vikram Malhotra
(212) 282-3827
RBC Capital Markets
Mike Carroll
(440) 715-2649
Scotiabank
Nicholas Yulico
(212) 225-6904
Wells Fargo
Blaine Heck
(410) 662-2556
Wolfe Research
Ally Yaseen
(646) 582-9253
Kilroy 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.
Kilroy Realty Q4 2025 Supplemental Report | 3
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Financial Highlights
(unaudited, $ in thousands, except per share amounts)
Three Months Ended
Year Ended
 
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
12/31/2025
12/31/2024
INCOME ITEMS:
Revenues
$272,187
$279,744
$289,892
$270,844
$286,379
$1,112,667
$1,135,629
Lease Termination Fees (1)
1,541
309
10,754
506
2,469
13,110
7,066
Capitalized Interest and Debt Costs
20,632
22,574
21,333
20,548
21,312
85,087
82,461
Capitalized Internal Overhead Costs (2)
4,120
4,682
3,807
4,634
4,614
17,243
20,644
Other Capitalized Development Costs (3)
6,382
7,353
5,505
4,974
3,604
24,214
12,062
Non-Cash Amortization of Share-Based Compensation Awards
5,145
5,436
4,582
3,927
4,443
19,090
17,714
EARNINGS METRICS:
Net Income Available to Common Stockholders
$12,444
$156,220
$68,449
$39,008
$59,460
$276,121
$210,969
Net Operating Income (1)(4)
176,426
188,775
190,779
180,239
193,645
736,219
764,456
EBITDAre (5)
158,139
171,561
181,500
161,999
181,421
673,199
728,444
Company's Share of EBITDAre (5)
150,555
164,126
167,914
154,719
173,578
637,314
696,855
Company's Share of Adjusted EBITDAre (5)
148,350
161,007
167,402
153,585
168,788
630,344
659,103
Funds From Operations (6)
117,158
130,561
135,891
122,310
144,875
505,920
551,633
Funds Available for Distribution (6)
90,534
100,939
103,889
109,096
109,087
404,458
446,069
PER SHARE INFORMATION (7):
Net Income Available to Common Stockholders per common
share – diluted
$0.10
$1.31
$0.57
$0.33
$0.50
$2.32
$1.77
Funds From Operations per common share – diluted (6)
0.97
1.08
1.13
1.02
1.20
4.20
4.59
Dividends declared per common share
0.54
0.54
0.54
0.54
0.54
2.16
2.16
RATIOS (8):
Net Operating Income Margin (1)
64.8%
67.5%
65.8%
66.5%
67.6%
66.2%
67.3%
Net Debt to Company's Share of EBITDAre Ratio (5)(8)
7.0x
6.4x
6.6x
6.6x
6.4x
N/A
N/A
Net Debt to Company's Share of Adjusted EBITDAre Ratio (5)(8)
7.1x
6.5x
6.7x
6.9x
6.8x
N/A
N/A
Fixed Charge Coverage Ratio - Net Income
0.3x
3.1x
1.6x
0.9x
1.3x
1.5x
1.1x
Fixed Charge Coverage Ratio - Company’s Share of EBITDAre (5)
3.0x
3.2x
3.4x
3.2x
3.3x
3.2x
3.2x
Net Income Payout Ratio
377.2%
39.7%
81.1%
147.6%
99.0%
85.3%
110.2%
FFO / FAD Payout Ratio (6)
55.1% / 71.3%
49.4% / 63.9%
47.5% / 62.1%
52.7% / 59.1%
44.4% / 59.0%
51.0% / 63.8%
46.5% / 57.6%
STABILIZED PORTFOLIO INFORMATION:
Period End Occupancy Percentage
81.6%
81.0%
80.8%
81.4%
82.8%
81.6%
82.8%
Period End Leased Percentage
83.8%
83.3%
83.5%
83.9%
84.9%
83.8%
84.9%
Average Occupancy
80.9%
80.7%
80.8%
81.4%
83.3%
80.9%
83.9%
Lease Composition (Net / Gross) (9)
52% / 48%
50% / 50%
51% / 49%
52% / 48%
52% / 48%
N/A
N/A
________________________
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)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
conformed to the Company’s new definition.
(2)Primarily represents compensation costs capitalized to construction and development projects.
(3)Represents incidental property operating and carry costs capitalized to development projects.
(4)Refer to page 43 for a reconciliation of GAAP Net Income Available to Common Stockholders to Net Operating Income.
(5)Refer to pages 10 and 44 for reconciliations of GAAP Net Income Available to Common Stockholders to EBITDAre, Company’s Share of EBITDAre, and Company’s Share of Adjusted EBITDAre.
(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
Activities to Funds Available for Distribution.
(7)Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.
(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
information. 
(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. 
Kilroy Realty Q4 2025 Supplemental Report | 4
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Where Innovation Works
Consolidated Balance Sheets
(unaudited, $ in thousands)
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
ASSETS:
Land
$1,641,913
$1,661,679
$1,627,754
$1,750,820
$1,750,820
Buildings and improvements
8,505,486
8,658,236
8,427,405
8,617,728
8,598,751
Undeveloped land and construction in progress
2,387,742
2,355,181
2,364,938
2,356,330
2,309,624
Total real estate assets held for investment
12,535,141
12,675,096
12,420,097
12,724,878
12,659,195
Accumulated depreciation and amortization
(2,843,811)
(2,952,576)
(2,877,165)
(2,900,113)
(2,824,616)
Total real estate assets held for investment, net
9,691,330
9,722,520
9,542,932
9,824,765
9,834,579
Real estate and other assets held for sale, net
115,155
—
255,795
—
—
Cash and cash equivalents
179,316
372,416
193,129
146,711
165,690
Marketable securities
30,807
33,569
31,629
29,187
27,965
Current receivables, net
12,765
13,191
11,718
11,680
11,033
Deferred rent receivables, net
424,794
436,886
436,964
447,433
451,996
Deferred leasing costs and acquisition-related intangible assets, net
278,232
229,175
208,266
220,051
225,937
Right of use ground lease assets, net
128,116
128,396
128,674
128,949
129,222
Prepaid expenses and other assets, net
54,561
56,046
58,725
69,909
51,935
Total Assets
$10,915,076
$10,992,199
$10,867,832
$10,878,685
$10,898,357
LIABILITIES AND EQUITY:
Liabilities:
Secured debt, net
$592,685
$593,956
$595,212
$596,806
$598,199
Unsecured debt, net
3,996,774
3,995,555
4,002,507
4,001,036
3,999,566
Accounts payable, accrued expenses, and other liabilities
288,963
321,188
273,600
292,354
285,011
Ground lease liabilities
127,628
127,830
128,030
128,227
128,422
Accrued dividends and distributions
65,009
64,996
64,985
64,990
64,850
Deferred revenue and acquisition-related intangible liabilities, net
125,628
127,931
131,606
137,538
142,437
Rents received in advance and tenant security deposits
75,701
74,888
73,561
77,749
71,003
  Liabilities related to real estate assets held for sale
4,945
—
4,887
—
—
Total liabilities
5,277,333
5,306,344
5,274,388
5,298,700
5,289,488
Equity:
Stockholders’ Equity
Common stock
1,184
1,183
1,183
1,183
1,181
Additional paid-in capital
5,230,747
5,223,369
5,216,320
5,210,415
5,209,653
Retained earnings
188,876
240,810
148,952
144,867
171,212
Total stockholders’ equity
5,420,807
5,465,362
5,366,455
5,356,465
5,382,046
Noncontrolling Interests
Common units of the Operating Partnership
51,911
53,154
52,192
52,105
52,472
Consolidated property partnerships
165,025
167,339
174,797
171,415
174,351
Total noncontrolling interests
216,936
220,493
226,989
223,520
226,823
Total equity
5,637,743
5,685,855
5,593,444
5,579,985
5,608,869
Total Liabilities And Equity
$10,915,076
$10,992,199
$10,867,832
$10,878,685
$10,898,357
Kilroy Realty Q4 2025 Supplemental Report | 5
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Where Innovation Works
Consolidated Statements of Operations
(unaudited, $ and shares in thousands, except per share amounts)
Three Months Ended
Year Ended
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
12/31/2025
12/31/2024
Revenues
Rental income
$267,363
$274,909
$285,071
$266,244
$281,355
$1,093,587
$1,118,115
Other property income
4,824
4,835
4,821
4,600
5,024
19,080
17,514
Total revenues
272,187
279,744
289,892
270,844
286,379
1,112,667
1,135,629
Expenses
Property expenses
64,673
61,764
58,575
58,714
63,249
243,726
243,441
Real estate taxes
26,556
25,878
26,765
28,365
24,026
107,564
108,951
Ground leases
2,991
3,018
3,019
3,020
2,990
12,048
11,715
General and administrative expenses
19,485
18,247
18,475
16,901
16,977
73,108
71,074
Leasing costs
2,592
2,610
2,277
2,873
2,013
10,352
8,764
Depreciation and amortization
92,623
87,487
87,625
87,119
89,121
354,854
356,182
Total expenses
208,920
199,004
196,736
196,992
198,376
801,652
800,127
Other Income (Expenses)
Interest income
2,205
3,119
512
1,134
4,790
6,970
37,752
Interest expense
(32,148)
(32,152)
(30,844)
(31,148)
(33,245)
(126,292)
(145,287)
Other income (expense) (1)
44
91
190
(157)
(493)
168
(992)
Gains on sales of depreciable operating properties
—
110,484
16,554
—
—
127,038
—
Impairment of real estate assets (2)
(16,259)
—
—
—
—
(16,259)
—
Gain on sale of long-lived assets (3)
—
—
—
—
5,979
—
5,979
Total other (expenses) income
(46,158)
81,542
(13,588)
(30,171)
(22,969)
(8,375)
(102,548)
Net Income
17,109
162,282
79,568
43,681
65,034
302,640
232,954
Net income attributable to noncontrolling common units of the Operating
Partnership
(120)
(1,524)
(663)
(375)
(593)
(2,682)
(2,062)
Net income attributable to noncontrolling interests in consolidated property
partnerships
(4,545)
(4,538)
(10,456)
(4,298)
(4,981)
(23,837)
(19,923)
Total net income attributable to noncontrolling interests
(4,665)
(6,062)
(11,119)
(4,673)
(5,574)
(26,519)
(21,985)
Net Income Available To Common Stockholders
$12,444
$156,220
$68,449
$39,008
$59,460
$276,121
$210,969
Weighted average common shares outstanding – basic
118,338
118,296
118,285
118,195
118,047
118,279
117,649
Weighted average common shares outstanding – diluted
119,153
118,822
118,683
118,664
118,759
118,832
118,157
Net Income Available To Common Stockholders Per Share
Net income available to common stockholders per share – basic
$0.10
$1.32
$0.58
$0.33
$0.50
$2.33
$1.78
Net income available to common stockholders per share – diluted
$0.10
$1.31
$0.57
$0.33
$0.50
$2.32
$1.77
________________________
(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
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
been revised to conform with the current period presentation.
(2)During the three months and year ended December 31, 2025, we recognized an impairment charge of approximately $16.3 million to reduce the carrying amount of Sunset Media Center to its current fair value less
closing costs.
(3)During the three months and year 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.
Kilroy Realty Q4 2025 Supplemental Report | 6
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Where Innovation Works
Funds From Operations & Funds Available for Distribution (1)
(unaudited, $ and shares in thousands, except per share amounts)
Three Months Ended
Year Ended
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
12/31/2025
12/31/2024
FUNDS FROM OPERATIONS:
Net income available to common stockholders
$12,444
$156,220
$68,449
$39,008
$59,460
$276,121
$210,969
Adjustments:
Net income attributable to noncontrolling common units of the Operating
Partnership
120
1,524
663
375
593
2,682
2,062
Net income attributable to noncontrolling interests in consolidated property
partnerships
4,545
4,538
10,456
4,298
4,981
23,837
19,923
Depreciation and amortization of real estate assets
91,213
86,080
86,243
85,735
87,536
349,271
349,828
Gains on sales of depreciable operating properties
—
(110,484)
(16,554)
—
—
(127,038)
—
Impairment of real estate assets
16,259
—
—
—
—
16,259
—
Funds From Operations attributable to noncontrolling interests in consolidated
property partnerships
(7,423)
(7,317)
(13,366)
(7,106)
(7,695)
(35,212)
(31,149)
Funds From Operations
$117,158
$130,561
$135,891
$122,310
$144,875
$505,920
$551,633
Weighted average common shares/units outstanding – basic (2)
119,869
119,870
119,848
119,750
119,521
119,835
119,729
Weighted average common shares/units outstanding – diluted (2)
120,684
120,397
120,246
120,220
120,234
120,388
120,236
FFO per common share/unit – basic
$0.98
$1.09
$1.13
$1.02
$1.21
$4.22
$4.61
FFO per common share/unit – diluted
$0.97
$1.08
$1.13
$1.02
$1.20
$4.20
$4.59
FUNDS AVAILABLE FOR DISTRIBUTION:
Funds From Operations
$117,158
$130,561
$135,891
$122,310
$144,875
$505,920
$551,633
Adjustments:
Recurring tenant improvements, leasing commissions, and capital expenditures
(31,724)
(36,959)
(34,040)
(17,378)
(33,089)
(120,101)
(92,583)
Amortization of deferred revenue related to tenant-funded tenant improvements
(3,547)
(3,639)
(3,770)
(3,688)
(4,065)
(14,644)
(19,138)
Straight-line rents, net
2,358
1,303
3,354
4,613
3,667
11,628
9,184
Amortization of net below market rents
(624)
(764)
(845)
(846)
(846)
(3,079)
(3,521)
Amortization of deferred financing costs and net debt discount/premium
1,162
1,218
1,178
1,219
1,650
4,777
6,893
Non-cash amortization of share-based compensation awards and adjustments for
executive retirement obligations (3)
5,145
5,436
4,582
3,927
4,443
19,090
1,324
Lease related adjustments and other (4)
(640)
1,877
(2,626)
(1,677)
(2,359)
(3,066)
(7,539)
Gain on sale of long-lived assets (5)
—
—
—
—
(5,979)
—
(5,979)
Adjustments attributable to noncontrolling interests in consolidated property
partnerships
1,246
1,906
165
616
790
3,933
5,795
Funds Available for Distribution
$90,534
$100,939
$103,889
$109,096
$109,087
$404,458
$446,069
________________________
(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,
common unitholders, and restricted stock unitholders.
(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
include non-participating share-based awards and the dilutive impact of contingently issuable shares.
(3)During the year ended December 31, 2024, the Company incurred $17.1 million of cash retirement payments to the Company’s former CEO.
(4)Includes deferred income and lease incentives, net, deferred settlement and restoration fee income, deferred lease termination fee income, and other non-cash items.
(5)During the year 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.
Kilroy Realty Q4 2025 Supplemental Report | 7
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Where Innovation Works
Supplemental Income Statement Detail
(unaudited, $ in thousands)
Three Months Ended
Year Ended
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
12/31/2025
12/31/2024
Revenues
Income Statement Category
*
Base rent
Rental income
$197,081
$201,633
$201,955
$202,640
$204,705
$803,309
$811,146
*
Tenant reimbursements
Rental income
47,779
51,867
48,035
46,313
47,621
193,994
197,198
*
Other revenues (1)
Rental income
18,442
16,656
19,967
15,630
18,707
70,695
67,733
Deferred income and lease incentives, net (2)
Rental income
257
707
771
834
1,757
2,569
9,932
Amortization of deferred revenue related to
tenant-funded tenant improvements
Rental income
3,547
3,639
3,770
3,688
4,065
14,644
19,138
Straight-line rents, net
Rental income
(2,358)
(1,303)
(3,354)
(4,613)
(3,667)
(11,628)
(9,184)
Amortization of net below market rents
Rental income
624
764
845
846
846
3,079
3,521
*
Settlement and restoration fee income
Rental income
450
2,663
639
63
6,709
3,815
11,565
Deferred settlement and restoration fee income
Rental income
—
(2,026)
1,689
337
(1,857)
—
—
Cash lease termination fee income
Rental income
1,158
867
10,588
—
10
12,613
6,376
Deferred lease termination fee income
Rental income
383
(558)
166
506
2,459
497
690
*
Other property income (3)
Other property income
4,824
4,835
4,821
4,600
5,024
19,080
17,514
Total Revenues
$272,187
$279,744
$289,892
$270,844
$286,379
$1,112,667
$1,135,629
________________________
•Represents a component of Cash Net Operating Income.
(1)Primarily comprised of residential income, contractual parking income, and revenues deemed uncollectible.
(2)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences.
(3)Primarily comprised of transient parking income.
Kilroy Realty Q4 2025 Supplemental Report | 8
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Where Innovation Works
Net Operating Income (1)
(unaudited, $ in thousands)
Three Months Ended
Year Ended
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
12/31/2025
12/31/2024
Cash Operating Revenues:
Base rent
$197,081
$201,633
$201,955
$202,640
$204,705
$803,309
$811,146
Tenant reimbursements
47,779
51,867
48,035
46,313
47,621
193,994
197,198
Other revenues (2)
18,442
16,656
19,967
15,630
18,707
70,695
67,733
Settlement and restoration fee income
450
2,663
639
63
6,709
3,815
11,565
Other property income (3)
4,824
4,835
4,821
4,600
5,024
19,080
17,514
Total cash operating revenues
268,576
277,654
275,417
269,246
282,766
1,090,893
1,105,156
Cash Operating Expenses:
Property expenses
64,673
61,764
58,575
58,714
63,245
243,726
243,378
Real estate taxes
26,556
25,878
26,765
28,365
24,026
107,564
108,951
Ground leases
2,913
2,940
2,941
2,942
2,902
11,736
11,361
Total cash operating expenses
94,142
90,582
88,281
90,021
90,173
363,026
363,690
Cash Net Operating Income (4)
174,434
187,072
187,136
179,225
192,593
727,867
741,466
Deferred income and lease incentives, net (5)
257
707
771
834
1,757
2,569
9,932
Amortization of deferred revenue related to tenant-funded tenant improvements
3,547
3,639
3,770
3,688
4,065
14,644
19,138
Straight-line rents, net
(2,358)
(1,303)
(3,354)
(4,613)
(3,667)
(11,628)
(9,184)
Amortization of net below market rents
624
764
845
846
846
3,079
3,521
Deferred settlement and restoration fee income
—
(2,026)
1,689
337
(1,857)
—
—
Other (6)
(78)
(78)
(78)
(78)
(92)
(312)
(417)
Net Operating Income (4)
176,426
188,775
190,779
180,239
193,645
736,219
764,456
Lease termination fees (1)
1,541
309
10,754
506
2,469
13,110
7,066
General and administrative expenses
(19,485)
(18,247)
(18,475)
(16,901)
(16,977)
(73,108)
(71,074)
Leasing costs
(2,592)
(2,610)
(2,277)
(2,873)
(2,013)
(10,352)
(8,764)
Other income (expense) (7)
44
91
190
(157)
(493)
168
(992)
Interest income
2,205
3,119
512
1,134
4,790
6,970
37,752
Interest expense
(32,148)
(32,152)
(30,844)
(31,148)
(33,245)
(126,292)
(145,287)
Depreciation and amortization
(92,623)
(87,487)
(87,625)
(87,119)
(89,121)
(354,854)
(356,182)
Gains on sales of depreciable operating properties
—
110,484
16,554
—
—
127,038
—
Impairment of real estate assets
(16,259)
—
—
—
—
(16,259)
—
Gain on sale of long-lived assets
—
—
—
—
5,979
—
5,979
Net Income
$17,109
$162,282
$79,568
$43,681
$65,034
$302,640
$232,954
________________________
(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
Operating Income and Cash Net Operating Income as presented have been conformed to the Company’s new definition.
(2)Primarily comprised of residential income, contractual parking income, and revenues deemed uncollectible.
(3)Primarily comprised of transient parking income.
(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
Stockholders to Cash Net Operating Income and Net Operating Income.
(5)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences.
(6)Includes other non-cash amounts primarily related to property expenses and ground rent expense.
(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
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
been revised to conform with the current period presentation.
Kilroy Realty Q4 2025 Supplemental Report | 9
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Same Property Net Operating Income Analysis (Cash Basis)(1)
(unaudited, $ in thousands)
Three Months Ended December 31,
Year Ended December 31, (2)
2025
2024
% Contribution
2025
2024
% Contribution
Total Same Property Portfolio
Number of properties
112
112
Square Feet
15,549,413
15,549,413
Average Occupancy (3)
81.7%
83.5%
81.4%
83.8%
Percent of Stabilized Portfolio
95.4%
95.4%
Percent of Total Portfolio
93.0%
93.0%
Cash Operating Revenues:
Base rent
$184,200
$187,611
(1.9)%
$739,717
$744,780
(0.7)%
Tenant reimbursements
46,275
44,836
0.8%
184,530
185,882
(0.2)%
Other revenues (4)
18,291
18,725
(0.2)%
70,359
67,690
0.4%
Settlement and restoration fee income
450
6,709
(3.5)%
3,815
10,854
(1.0)%
Other property income (5)
4,075
4,544
(0.3)%
16,990
16,122
0.1%
Total cash operating revenues
253,291
262,425
(5.1)%
1,015,411
1,025,328
(1.4)%
Cash Operating Expenses:
Property expenses
59,240
58,552
(0.4)%
224,133
226,067
0.3%
Real estate taxes
24,441
21,357
(1.7)%
97,026
98,603
0.2%
Ground leases
2,914
2,902
0.0%
11,736
11,361
(0.1)%
Total cash operating expenses
86,595
82,811
(2.1)%
332,895
336,031
0.4%
Cash Net Operating Income (6)(7)(8)
$166,696
$179,614
(7.2)%
$682,516
$689,297
(1.0)%
________________________
(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 December 31, 2025. Same Property
Portfolio includes 100% of consolidated property partnerships as well as the Company’s three residential properties. Excludes properties classified as held for sale. Refer to pages 39-42 “Definitions Included in
Supplemental” for additional information.
(2)For the years ended December 31, 2025 and 2024, Same Property Cash Net Operating Income from our residential portfolio represented 4.1% and 3.6% of total Same Property Cash Net Operating Income,
respectively.
(3)Calculated as the average of the daily ending occupancy percentages.
(4)Primarily comprised of residential income, contractual parking income, and revenues deemed uncollectible.
(5)Primarily comprised of transient parking income.
(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
prepayments are recognized in the applicable lease billing period.
(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
Stockholders to Same Property Cash Net Operating Income.
(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
our new definition.
Kilroy Realty Q4 2025 Supplemental Report | 10
kilroy_logoxsupplementalre.jpg
Where Innovation Works
EBITDA, EBITDAre, and Adjusted EBITDAre (1)
(unaudited, $ in thousands)
Three Months Ended
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
Net Income Available to Common Stockholders
$12,444
$156,220
$68,449
$39,008
$59,460
Interest expense
32,148
32,152
30,844
31,148
33,245
Depreciation and amortization
92,623
87,487
87,625
87,119
89,121
Taxes (2)
—
124
17
51
—
EBITDA
137,215
275,983
186,935
157,326
181,826
Net income attributable to noncontrolling common units of the Operating Partnership
120
1,524
663
375
593
Net income attributable to noncontrolling interests in consolidated property partnerships
4,545
4,538
10,456
4,298
4,981
Gains on sales of depreciable operating properties
—
(110,484)
(16,554)
—
—
Impairment of real estate assets
16,259
—
—
—
—
Gain on sales of long-lived assets
—
—
—
—
(5,979)
EBITDAre
158,139
171,561
181,500
161,999
181,421
EBITDAre attributable to noncontrolling interests in consolidated property partnerships
(7,584)
(7,435)
(13,586)
(7,280)
(7,843)
Company's Share of EBITDAre
150,555
164,126
167,914
154,719
173,578
Interest income
(2,205)
(3,119)
(512)
(1,134)
(4,790)
Company's Share of Adjusted EBITDAre
$148,350
$161,007
$167,402
$153,585
$168,788
________________________
(1)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
(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
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.
atx_indeedtowerxandersonx2.jpg
02
Portfolio 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, Held for Sale, and Assets Under Contract
–Consolidated Ventures (Noncontrolling Property Partnerships)
Indeed Tower, Austin, TX
kilroy_logoxredxrgb.jpg
Kilroy Realty Q4 2025 Supplemental Report | 12
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Where Innovation Works
Stabilized Portfolio Occupancy Overview by Region (1) (2)
(unaudited)
 
Total Rentable
Square Feet
Occupied at
Leased at
YTD NOI %
Rentable
Square Feet %
12/31/2025
9/30/2025
12/31/2025
9/30/2025
LOS ANGELES
El Segundo
2.9%
6.8%
1,103,595
69.9%
68.8%
70.5%
70.5%
Hollywood / West Hollywood
7.5%
6.5%
1,057,791
85.4%
84.5%
94.2%
84.5%
Long Beach
2.6%
5.9%
957,705
88.1%
83.8%
91.7%
88.5%
West Los Angeles
2.2%
4.0%
650,722
55.2%
56.5%
56.4%
56.5%
Beverly Hills
0.5%
1.9%
306,366
77.5%
72.3%
81.6%
79.3%
Culver City
0.0%
1.0%
166,207
43.6%
36.4%
43.6%
38.4%
Total Los Angeles
15.7%
26.1%
4,242,386
75.1%
74.0%
78.8%
75.9%
SAN DIEGO
Del Mar
12.8%
11.6%
1,892,538
89.2%
87.5%
89.3%
89.5%
Little Italy / Point Loma
0.7%
2.0%
320,371
59.5%
52.1%
63.0%
62.9%
University Towne Center
1.9%
1.7%
283,134
81.6%
81.6%
90.3%
90.3%
Torrey Pines
0.1%
1.4%
232,166
75.1%
N/A
75.1%
N/A
Total San Diego
15.5%
16.7%
2,728,209
83.7%
82.8%
85.1%
86.2%
SAN FRANCISCO BAY AREA
San Francisco CBD
26.8%
20.9%
3,410,022
82.3%
81.6%
83.3%
83.4%
South San Francisco
9.2%
4.9%
806,109
91.9%
91.9%
91.9%
91.9%
Other Peninsula
5.9%
4.5%
726,200
86.2%
86.2%
86.2%
86.2%
Silicon Valley
5.0%
3.8%
622,640
100.0%
100.0%
100.0%
100.0%
Total San Francisco Bay Area
46.9%
34.1%
5,564,971
86.2%
85.7%
86.8%
86.8%
SEATTLE
Lake Union / Denny Regrade
10.8%
12.8%
2,078,328
76.6%
75.3%
81.2%
80.1%
Bellevue
6.2%
5.6%
919,295
87.8%
92.6%
87.8%
93.1%
Total Seattle
17.0%
18.4%
2,997,623
80.0%
80.6%
83.2%
84.1%
AUSTIN
Austin CBD
4.9%
4.7%
758,975
82.2%
82.2%
87.9%
87.9%
Total Austin
4.9%
4.7%
758,975
82.2%
82.2%
87.9%
87.9%
Total Stabilized Portfolio
100.0%
100.0%
16,292,164
81.6%
81.0%
83.8%
83.3%
Average Occupancy (3)
Quarter-to-Date
Year-to-Date
80.9%
80.9%
________________________
(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented. Excludes residential properties and properties classified as held for sale. Refer to pages 39-42 “Definitions
Included in Supplemental” for additional information.
(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.
(3)Calculated as the average of the daily ending occupancy percentages.
Kilroy Realty Q4 2025 Supplemental Report | 13
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Stabilized Portfolio Occupancy Overview by Region, continued (1)
(unaudited)
 
Rentable
Square Feet
Occupied at
Leased at
Campus
Submarket
12/31/2025
9/30/2025
12/31/2025
9/30/2025
LOS ANGELES, CALIFORNIA
2240 E. Imperial Highway
Kilroy Airport Center
El Segundo
122,870
100.0%
100.0%
100.0%
100.0%
2250 E. Imperial Highway
Kilroy Airport Center
El Segundo
298,728
37.7%
37.7%
37.7%
37.7%
2260 E. Imperial Highway
Kilroy Airport Center
El Segundo
298,728
100.0%
100.0%
100.0%
100.0%
909 N. Pacific Coast Highway
The Nines
El Segundo
244,880
67.4%
62.7%
70.3%
70.3%
999 N. Pacific Coast Highway
The Nines
El Segundo
138,389
51.9%
51.9%
51.9%
51.9%
1500 N. El Centro Avenue
Columbia Square
Hollywood / West Hollywood
113,447
63.6%
63.6%
63.6%
63.6%
1525 N. Gower Street
Columbia Square
Hollywood / West Hollywood
9,610
100.0%
100.0%
100.0%
100.0%
1575 N. Gower Street
Columbia Square
Hollywood / West Hollywood
264,430
98.3%
98.3%
98.3%
98.3%
6115 W. Sunset Boulevard
Columbia Square
Hollywood / West Hollywood
26,238
73.4%
71.1%
73.4%
71.1%
6121 W. Sunset Boulevard
Columbia Square
Hollywood / West Hollywood
93,418
0.0%
100.0%
100.0%
100.0%
1350 Ivar Avenue
On Vine
Hollywood / West Hollywood
16,448
100.0%
100.0%
100.0%
100.0%
1355 Vine Street
On Vine
Hollywood / West Hollywood
183,129
100.0%
100.0%
100.0%
100.0%
1375 Vine Street
On Vine
Hollywood / West Hollywood
159,236
100.0%
100.0%
100.0%
100.0%
1395 Vine Street
On Vine
Hollywood / West Hollywood
2,575
100.0%
100.0%
100.0%
100.0%
8560 W. Sunset Boulevard
The Sunset
Hollywood / West Hollywood
76,359
98.9%
98.9%
98.9%
98.9%
8570 W. Sunset Boulevard
The Sunset
Hollywood / West Hollywood
49,276
99.0%
99.0%
99.0%
99.0%
8580 W. Sunset Boulevard
The Sunset
Hollywood / West Hollywood
6,875
0.0%
0.0%
0.0%
0.0%
8590 W. Sunset Boulevard
The Sunset
Hollywood / West Hollywood
56,750
99.7%
99.7%
99.7%
99.7%
3750 Kilroy Airport Way
Aero
Long Beach
10,718
100.0%
100.0%
100.0%
100.0%
3760 Kilroy Airport Way
Aero
Long Beach
166,761
77.5%
78.7%
83.4%
78.7%
3780 Kilroy Airport Way
Aero
Long Beach
221,452
97.4%
98.2%
97.4%
98.2%
3800 Kilroy Airport Way
Aero
Long Beach
192,476
93.4%
93.4%
93.4%
93.4%
3840 Kilroy Airport Way
Aero
Long Beach
138,441
100.0%
100.0%
100.0%
100.0%
3880 Kilroy Airport Way
Aero
Long Beach
96,922
91.3%
51.9%
91.3%
90.8%
3900 Kilroy Airport Way
Aero
Long Beach
130,935
62.3%
57.1%
80.9%
62.3%
2100/2110 Colorado Avenue
Santa Monica
Media Center
West Los Angeles
104,853
55.4%
55.4%
55.4%
55.4%
12233 W. Olympic Boulevard
Tribeca West
West Los Angeles
156,746
42.0%
47.3%
42.0%
47.3%
12100 W. Olympic Boulevard
Westside Media Center
West Los Angeles
155,679
68.7%
68.7%
68.7%
68.7%
12200 W. Olympic Boulevard
Westside Media Center
West Los Angeles
154,544
32.0%
32.0%
37.0%
32.0%
12312 W. Olympic Boulevard
Westside Media Center
West Los Angeles
78,900
100.0%
100.0%
100.0%
100.0%
335-345 N. Maple Drive *
Maple Plaza
Beverly Hills
306,366
77.5%
72.3%
81.6%
79.3%
3101-3243 S. La Cienega Boulevard
Blackwelder
Culver City
166,207
43.6%
36.4%
43.6%
38.4%
Total Los Angeles
4,242,386
75.1%
74.0%
78.8%
75.9%
________________________
*      Excluded from the Same Property portfolio.
(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented.
Kilroy Realty Q4 2025 Supplemental Report | 14
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Stabilized Portfolio Occupancy Overview by Region, continued (1)
(unaudited)
Rentable
Square Feet
Occupied at
Leased at
Campus
Submarket (2)
12/31/2025
9/30/2025
12/31/2025
9/30/2025
SAN DIEGO, CALIFORNIA
12225 El Camino Real
Carmel Valley
Corporate Center
Del Mar
58,401
100.0%
100.0%
100.0%
100.0%
12235 El Camino Real
Carmel Valley
Corporate Center
Del Mar
53,751
100.0%
100.0%
100.0%
100.0%
12400 High Bluff Drive
12400 High Bluff Drive
Del Mar
216,518
100.0%
100.0%
100.0%
100.0%
12348 High Bluff Drive
Del Mar Tech Center
Del Mar
39,192
51.5%
51.5%
51.5%
51.5%
3579 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
54,960
100.0%
100.0%
100.0%
100.0%
3611 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
132,425
100.0%
100.0%
100.0%
100.0%
3661 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
124,756
34.2%
34.2%
34.2%
34.2%
3721 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
117,777
94.8%
94.8%
94.8%
94.8%
3811 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
118,912
100.0%
100.0%
100.0%
100.0%
12770 El Camino Real
One Paseo
Del Mar
75,035
100.0%
65.3%
100.0%
100.0%
12780 El Camino Real
One Paseo
Del Mar
140,591
100.0%
100.0%
100.0%
100.0%
12790 El Camino Real
One Paseo
Del Mar
87,944
100.0%
100.0%
100.0%
100.0%
12830 El Camino Real
One Paseo
Del Mar
196,444
100.0%
100.0%
100.0%
100.0%
12860 El Camino Real
One Paseo
Del Mar
92,042
100.0%
92.5%
100.0%
100.0%
3745 Paseo Place
One Paseo
Del Mar
95,871
89.0%
90.0%
91.7%
95.5%
12707 High Bluff Drive *
One Paseo Junction
Del Mar
59,245
91.2%
91.2%
91.2%
91.2%
12777 High Bluff Drive *
One Paseo Junction
Del Mar
44,486
100.0%
100.0%
100.0%
100.0%
12340 El Camino Real
The Caminos
Del Mar
110,950
25.9%
25.9%
25.9%
25.9%
12390 El Camino Real
The Caminos
Del Mar
73,238
100.0%
100.0%
100.0%
100.0%
2100 Kettner Boulevard
2100 Kettner
Little Italy / Point Loma
212,915
45.0%
33.9%
50.2%
50.1%
2305 Historic Decatur Road
Kilroy Liberty Station
Little Italy / Point Loma
107,456
88.3%
88.3%
88.3%
88.3%
4690 Executive Drive *
4690 Executive
University Towne Center
52,074
0.0%
0.0%
47.3%
47.3%
9455 Towne Centre Drive
9455 Towne Centre Drive
University Towne Center
160,444
100.0%
100.0%
100.0%
100.0%
9514 Towne Centre Drive
9514 Towne Centre Drive
University Towne Center
70,616
100.0%
100.0%
100.0%
100.0%
3530 John Hopkins Court*
Nautilus
Torrey Pines
45,589
100.0%
N/A
100.0%
N/A
3535 General Atomics Court*
Nautilus
Torrey Pines
80,543
28.1%
N/A
28.1%
N/A
3550 John Hopkins Court*
Nautilus
Torrey Pines
62,739
100.0%
N/A
100.0%
N/A
3565 General Atomics Court*
Nautilus
Torrey Pines
43,295
100.0%
N/A
100.0%
N/A
Total San Diego
2,728,209
83.7%
82.8%
85.1%
86.2%
________________________
*      Excluded from the Same Property portfolio.
(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented.
(2)The Company defines the Del Mar submarket as Del Mar, Del Mar Heights, and Carmel Valley.
Kilroy Realty Q4 2025 Supplemental Report | 15
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Stabilized Portfolio Occupancy Overview by Region, continued (1)
(unaudited)
 
Rentable
Square Feet
Occupied at
Leased at
Campus
Submarket
12/31/2025
9/30/2025
12/31/2025
9/30/2025
SAN FRANCISCO BAY AREA, CALIFORNIA
100 Hooper Street
100 Hooper
San Francisco CBD
417,914
97.4%
97.4%
97.4%
97.4%
100 First Street
100 First Street
San Francisco CBD
480,457
95.3%
94.3%
95.3%
94.3%
201 Third Street
201 Third Street
San Francisco CBD
355,960
56.0%
51.9%
58.7%
60.6%
303 Second Street
303 Second Street
San Francisco CBD
784,658
66.1%
65.5%
66.6%
66.6%
350 Mission Street
350 Mission Street
San Francisco CBD
455,340
99.7%
99.7%
99.7%
99.7%
360 Third Street
360 Third Street
San Francisco CBD
436,357
66.6%
66.6%
71.3%
71.3%
250 Brannan Street
The Brannans
San Francisco CBD
100,850
100.0%
100.0%
100.0%
100.0%
301 Brannan Street
The Brannans
San Francisco CBD
82,834
100.0%
100.0%
100.0%
100.0%
333 Brannan Street
The Brannans
San Francisco CBD
185,602
100.0%
100.0%
100.0%
100.0%
345 Brannan Street
The Brannans
San Francisco CBD
110,050
99.7%
99.7%
99.7%
99.7%
350 Oyster Point Boulevard
Kilroy Oyster Point - Phase 1
South San Francisco
234,892
100.0%
100.0%
100.0%
100.0%
352 Oyster Point Boulevard
Kilroy Oyster Point - Phase 1
South San Francisco
232,215
100.0%
100.0%
100.0%
100.0%
354 Oyster Point Boulevard
Kilroy Oyster Point - Phase 1
South San Francisco
193,472
100.0%
100.0%
100.0%
100.0%
345 Oyster Point Boulevard
Oyster Point Tech Center
South San Francisco
40,410
100.0%
100.0%
100.0%
100.0%
347 Oyster Point Boulevard
Oyster Point Tech Center
South San Francisco
39,780
100.0%
100.0%
100.0%
100.0%
349 Oyster Point Boulevard
Oyster Point Tech Center
South San Francisco
65,340
0.0%
0.0%
0.0%
0.0%
900 Jefferson Avenue
Crossing 900
Other Peninsula
228,226
100.0%
100.0%
100.0%
100.0%
900 Middlefield Road
Crossing 900
Other Peninsula
119,616
100.0%
100.0%
100.0%
100.0%
4100 Bohannon Drive
Menlo Corporate Center
Other Peninsula
47,643
100.0%
100.0%
100.0%
100.0%
4200 Bohannon Drive
Menlo Corporate Center
Other Peninsula
43,600
69.4%
69.4%
69.4%
69.4%
4300 Bohannon Drive
Menlo Corporate Center
Other Peninsula
63,430
38.8%
38.8%
38.8%
38.8%
4400 Bohannon Drive *
Menlo Corporate Center
Other Peninsula
48,414
0.0%
0.0%
0.0%
0.0%
4500 Bohannon Drive
Menlo Corporate Center
Other Peninsula
63,429
100.0%
100.0%
100.0%
100.0%
4600 Bohannon Drive
Menlo Corporate Center
Other Peninsula
48,413
100.0%
100.0%
100.0%
100.0%
4700 Bohannon Drive
Menlo Corporate Center
Other Peninsula
63,429
100.0%
100.0%
100.0%
100.0%
680 E. Middlefield Road
680 & 690 Middlefield
Silicon Valley
171,676
100.0%
100.0%
100.0%
100.0%
690 E. Middlefield Road
680 & 690 Middlefield
Silicon Valley
171,215
100.0%
100.0%
100.0%
100.0%
1701 Page Mill Road
Page Mill / Porter
Silicon Valley
128,688
100.0%
100.0%
100.0%
100.0%
3150 Porter Drive
Page Mill / Porter
Silicon Valley
36,886
100.0%
100.0%
100.0%
100.0%
1290-1300 Terra Bella Avenue
Terra Bella
Silicon Valley
114,175
100.0%
100.0%
100.0%
100.0%
Total San Francisco Bay Area
5,564,971
86.2%
85.7%
86.8%
86.8%
________________________
*      Excluded from the Same Property portfolio.
(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented.
Kilroy Realty Q4 2025 Supplemental Report | 16
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Stabilized Portfolio Occupancy Overview by Region, continued (1)
(unaudited)
Rentable
Square Feet
Occupied at
Leased at
Campus
Submarket
12/31/2025
9/30/2025
12/31/2025
9/30/2025
SEATTLE, WASHINGTON
333 Dexter Avenue North
333 Dexter
Lake Union / Denny Regrade
618,766
100.0%
100.0%
100.0%
100.0%
401 Terry Avenue North
401 Terry
Lake Union / Denny Regrade
174,530
100.0%
100.0%
100.0%
100.0%
701 N. 34th Street
Fremont Lake Union Center
Lake Union / Denny Regrade
143,136
64.6%
44.8%
64.6%
64.5%
801 N. 34th Street
Fremont Lake Union Center
Lake Union / Denny Regrade
173,615
100.0%
100.0%
100.0%
100.0%
837 N. 34th Street
Fremont Lake Union Center
Lake Union / Denny Regrade
112,487
71.3%
71.3%
100.0%
100.0%
2001 8th Avenue
West8
Lake Union / Denny Regrade
535,395
26.0%
26.0%
36.6%
32.3%
320 Westlake Avenue North
Westlake Terry
Lake Union / Denny Regrade
184,644
96.1%
96.1%
100.0%
100.0%
321 Terry Avenue North
Westlake Terry
Lake Union / Denny Regrade
135,755
100.0%
100.0%
100.0%
100.0%
601 108th Avenue NE
Key Center
Bellevue
490,738
87.1%
87.1%
87.1%
87.1%
10900 NE 4th Street
Skyline Tower
Bellevue
428,557
88.6%
98.9%
88.6%
99.9%
Total Seattle
2,997,623
80.0%
80.6%
83.2%
84.1%
AUSTIN, TEXAS
200 W. 6th Street
Indeed Tower
Austin CBD
758,975
82.2%
82.2%
87.9%
87.9%
Total Austin
758,975
82.2%
82.2%
87.9%
87.9%
Total Stabilized Portfolio
16,292,164
81.6%
81.0%
83.8%
83.3%
________________________
(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented.
Average Residential Occupancy
Quarter to Date
Year to Date
RESIDENTIAL PROPERTIES
Campus
Submarket (1)
Total No. of Units
12/31/2025
9/30/2025
12/31/2025
LOS ANGELES, CALIFORNIA
1550 N. El Centro Avenue
Columbia Square Living
Hollywood
200
94.6%
92.9%
95.2%
6390 De Longpre Avenue
Jardine
Hollywood
193
93.7%
91.0%
93.0%
SAN DIEGO, CALIFORNIA
3200 Paseo Village Way
One Paseo Living
Del Mar
608
94.0%
94.1%
94.0%
Total Residential Properties
1,001
94.1%
93.2%
94.1%
________________________
(1)The Company defines the Del Mar submarket as Del Mar, Del Mar Heights, and Carmel Valley.
Kilroy Realty Q4 2025 Supplemental Report | 17
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Where Innovation Works
Leases Executed (1)
Quarter to Date
# of Leases
Square Feet
Weighted
Average Lease
Term (Mo.)
TI/LC
Per Sq.Ft. (2)
TI/LC
Per Sq.Ft. /
Year (2)
Changes in
GAAP Rents (3)
Changes in
Cash Rents (4)
New
Renewal
New
Renewal
Total
2nd Gen Leasing (5)
13
11
254,596
118,551
373,147
78
$43.06
$6.63
(16.8)%
(27.1)%
1st Gen / Major Repositioning /
In-Process Development &
Redevelopment Leasing (5)
8
—
394,399
—
394,399
174
$416.95
$28.76
Total
21
11
648,995
118,551
767,546
Year to Date
# of Leases
Square Feet
Weighted
Average Lease
Term (Mo.)
TI/LC
Per Sq.Ft. (2)
TI/LC
Per Sq.Ft. /
Year (2)
Changes in
GAAP Rents (3)
Changes in
Cash Rents (4)
New
Renewal
New
Renewal
Total
2nd Gen Leasing (5)
57
50
645,357
523,296
1,168,653
70
$59.76
$10.24
(9.3)%
(18.4)%
1st Gen / Major Repositioning /
In-Process Development &
Redevelopment Leasing (5)
20
—
611,726
—
611,726
158
$372.95
$28.33
Total
77
50
1,257,083
523,296
1,780,379
Retention Rate Calculations (5) (6)
Quarter to Date
Year to Date
Retention Rate
30.6%
34.0%
Retention Rate, including subtenants
41.2%
39.6%
________________________
(1)Includes 100% of consolidated property partnerships. Excludes leases with a lease term of less than one year (i.e. short-term leases). During the three months and year ended December 31, 2025, the Company signed
59,670 and 270,431 square feet of short-term leases, respectively.
(2)Includes tenant improvements and third-party leasing commissions, and excludes tenant-funded tenant improvements and indirect leasing costs.
(3)Calculated as the change between the expiring GAAP rent and the new GAAP rent for the same space. When necessary, lease structures are modified (adjusted for NNN) for comparability. Space that was vacant when
the property was acquired is excluded from these calculations.
(4)Calculated as the change between the expiring cash rent and the new cash rent for the same space. When necessary, lease structures are modified (adjusted for NNN) for comparability. Space that was vacant when
the property was acquired is excluded from these calculations.
(5)Refer to pages 39-42 “Definitions Included in Supplemental” for additional information.
(6)Excludes square footage of short-term leases.
Kilroy Realty Q4 2025 Supplemental Report | 18
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Where Innovation Works
Stabilized Portfolio Capital Expenditures
($ in thousands)
Quarter to Date
Year to Date
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
2025
2024
Second Generation Capital Expenditures: (1) (2)
Capital Improvements
$10,068
$9,529
$13,548
$6,635
$13,935
$39,780
$40,660
Tenant Improvements & Leasing Commissions
21,656
27,430
20,492
10,743
19,154
80,321
51,923
Total
$31,724
$36,959
$34,040
$17,378
$33,089
$120,101
$92,583
Average Capital Expenditures to Average NOI Ratio - Trailing Five Quarters
16.5%
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
2025
2024
Major Repositioning Capital Expenditures: (1) (3)
Capital Improvements
$60
$39
$702
$93
$1,716
$894
$23,087
Tenant Improvements & Leasing Commissions
—
—
—
—
—
—
89
Total
$60
$39
$702
$93
$1,716
$894
$23,176
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
2025
2024
First Generation Capital Expenditures: (1)
Tenant Improvements & Leasing Commissions
$5,098
$4,268
$5,834
$3,914
$2,259
$19,114
$17,526
Total
$5,098
$4,268
$5,834
$3,914
$2,259
$19,114
$17,526
________________________
(1)Refer to pages 39-42 “Definitions Included in Supplemental” for additional information.
(2)Includes 100% of consolidated property partnerships.
(3)Represents significant non-recurring capital expenditures for repositioning space that is expected to result in additional revenue generated when the space is re-leased.
Kilroy Realty Q4 2025 Supplemental Report | 19
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Where Innovation Works
Stabilized Portfolio Lease Expirations (1)(2)
($ in thousands, except for Annualized Base Rent per sq. ft.)
chart-3f24060c75494105b03.gif
# of Expiring Leases
69
67
70
60
67
64
19
19
18
17
18
% of Total Leased Sq. Ft.
8.0%
7.7%
9.4%
10.8%
13.1%
18.5%
9.5%
8.9%
5.2%
4.9%
4.0%
Annualized Base Rent (“ABR”) (3)
$49,033
$37,598
$77,264
$74,160
$103,707
$154,798
$83,313
$69,117
$45,643
$36,991
$32,984
% of Total ABR
6.4%
4.9%
10.1%
9.7%
13.6%
20.2%
10.9%
9.0%
6.0%
4.8%
4.4%
ABR per Sq. Ft.
$46.72
$37.19
$62.08
$52.20
$60.34
$63.51
$66.48
$59.38
$66.79
$57.98
$62.73
________________________
(1)Represents all in-place leases as of December 31, 2025, excluding intercompany leases. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information.
(2)Adjusting for leases that have been backfilled or renewed by a subtenant as of December 31, 2025 but not yet commenced, the 2026 and 2027 expirations would be reduced by 139,266 and 5,875 square feet,
respectively.
(3)Includes 100% of consolidated property partnerships.
Kilroy Realty Q4 2025 Supplemental Report | 20
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Where Innovation Works
Stabilized Portfolio Lease Expirations by Region
($ in thousands, except for Annualized Base Rent per sq. ft.)
Year
Region
# of
Expiring Leases
Total
Square Feet
% of Total
Leased Sq. Ft.
Annualized
Base Rent (1)
% of Total
Annualized
Base Rent
Annualized Base
Rent per Sq. Ft.
2026
Los Angeles
39
429,910
3.3%
$18,243
2.4%
$42.43
San Diego
5
31,731
0.2%
957
0.1%
30.16
San Francisco Bay Area
13
298,295
2.3%
18,657
2.4%
62.55
Seattle
12
289,494
2.2%
11,176
1.5%
38.61
Austin
—
—
—%
—
—%
—
Total
69
1,049,430
8.0%
$49,033
6.4%
$46.72
2027
Los Angeles
41
797,531
6.0%
$28,042
3.7%
$35.16
San Diego
10
89,602
0.7%
4,510
0.6%
50.33
San Francisco Bay Area
6
33,449
0.3%
1,596
0.1%
47.71
Seattle
10
90,484
0.7%
3,450
0.5%
38.13
Austin
—
—
—%
—
—%
—
Total
67
1,011,066
7.7%
$37,598
4.9%
$37.19
2028
Los Angeles
38
170,683
1.3%
$10,606
1.4%
$62.14
San Diego
13
209,839
1.6%
12,427
1.6%
59.22
San Francisco Bay Area
12
819,207
6.2%
52,581
6.9%
64.19
Seattle
7
44,923
0.3%
1,650
0.2%
36.73
Austin
—
—
—%
—
—%
—
Total
70
1,244,652
9.4%
$77,264
10.1%
$62.08
2029
Los Angeles
22
437,161
3.3%
$22,604
3.0%
$51.71
San Diego
16
248,028
1.9%
13,866
1.8%
55.90
San Francisco Bay Area
10
498,148
3.8%
27,220
3.6%
54.64
Seattle
11
233,083
1.8%
10,235
1.3%
43.91
Austin
1
4,211
—%
235
—%
—
Total
60
1,420,631
10.8%
$74,160
9.7%
$52.20
2030
Los Angeles
17
208,743
1.6%
$12,434
1.6%
$59.57
San Diego
24
200,264
1.5%
14,498
1.9%
72.39
San Francisco Bay Area
15
842,567
6.5%
54,751
7.3%
64.98
Seattle
10
461,670
3.5%
21,721
2.8%
47.05
Austin
1
5,454
—%
303
—%
55.56
Total
67
1,718,698
13.1%
$103,707
13.6%
$60.34
2031
and
Beyond
Los Angeles
47
1,059,680
8.1%
$60,582
7.9%
$57.17
San Diego
42
1,490,897
11.3%
97,508
12.8%
65.40
San Francisco Bay Area
26
2,272,694
17.3%
179,692
23.5%
79.07
Seattle
24
1,271,680
9.7%
57,159
7.5%
44.95
Austin
16
607,133
4.6%
27,905
3.6%
45.96
Total
155
6,702,084
51.0%
$422,846
55.3%
$63.09
________________________
(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
escalations and the amortization of free rent periods. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information.
Kilroy Realty Q4 2025 Supplemental Report | 21
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Where Innovation Works
 
Top 20 Tenants (1)
($ in thousands)
#
Tenant Name
Region
Annualized
Base Rental
Revenue (2)
Rentable
Square Feet
Percentage of
Total Annualized
 Base Rental
Revenue
Percentage of
Total Rentable
Square Feet
Year(s) of Significant
Lease Expiration(s) (3)
Weighted
Average
Remaining
Lease Term
(Years)
1
Global technology company
Seattle / San Diego
$44,696
849,826
5.9%
5.2%
2032 - 2033 / 2037
7.6
2
Cruise LLC
San Francisco Bay Area
35,449
374,618
4.6%
2.3%
2031
5.9
3
Stripe, Inc.
San Francisco Bay Area
33,110
425,687
4.3%
2.6%
2034
8.5
4
Adobe Systems, Inc.
San Francisco Bay Area /
Seattle
27,897
537,799
3.7%
3.3%
2027 (4) / 2031
5.4
5
Salesforce, Inc.
San Francisco Bay Area /
Seattle
24,706
472,988
3.2%
2.9%
2029 - 2030 / 2032
4.4
6
Okta, Inc.
San Francisco Bay Area
24,206
293,001
3.2%
1.8%
2028
2.8
7
DoorDash, Inc.
San Francisco Bay Area
23,842
236,759
3.1%
1.5%
2032
6.1
8
Netflix, Inc.
Los Angeles
21,854
361,388
2.9%
2.2%
2032
6.6
9
Cytokinetics, Inc.
San Francisco Bay Area
18,167
234,892
2.4%
1.4%
2033
7.8
10
Box, Inc.
San Francisco Bay Area
16,853
287,680
2.2%
1.8%
2028
2.5
11
DIRECTV, LLC
Los Angeles
16,085
532,956
2.1%
3.3%
2026 - 2027 (5)
1.7
12
Tandem Diabetes Care, Inc.
San Diego 
15,884
181,949
2.1%
1.1%
2035
9.3
13
Synopsys, Inc.
San Francisco Bay Area
15,492
342,891
2.0%
2.1%
2030
4.7
14
Neurocrine Biosciences, Inc.
San Diego 
14,397
273,021
1.9%
1.7%
2029 / 2031
5.2
15
Viacom International, Inc.
Los Angeles
13,718
220,330
1.8%
1.4%
2028
3.0
16
Indeed, Inc.
Austin CBD
13,430
330,394
1.8%
2.0%
2034
9.0
17
Sony Group Corporation
San Francisco Bay Area /
Los Angeles
13,382
131,642
1.8%
0.8%
2030
4.2
18
Amazon.com
Seattle
12,921
284,307
1.7%
1.7%
2030
4.1
19
Nektar Therapeutics, Inc.
San Francisco Bay Area
12,297
135,974
1.6%
0.8%
2030
4.1
20
Splunk, Inc.
San Francisco Bay Area
10,323
100,850
1.4%
0.6%
2031
5.9
Total Top 20 Tenants
$408,709
6,608,952
53.7%
40.5%
5.5
 
 
 
 
________________________
(1)Includes subsidiaries of the tenant listed. Excludes tenants at properties classified as held for sale.
(2)The information presented is based upon Annualized Base Rent as of December 31, 2025 and includes 100% of consolidated property partnerships. The Company calculates Annualized Base Rent as the annualized
monthly contractual rents from existing tenants in occupancy, 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 information.
(3)Significant lease expirations include those greater than 25,000 rentable square feet.
(4)The 2027 lease expiration represents 31,840 rentable square feet that expires on June 30, 2027.
(5)The 2026 lease expiration represents 49,255 rentable square feet that expires on September 30, 2026, and the 2027 expiration represents the remaining 483,701 rentable square feet that expires on September 30,
2027.
Kilroy Realty Q4 2025 Supplemental Report | 22
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Where Innovation Works
Tenant Industry Diversification (1)
Annualized Base Rent (2)
Square Feet (3)
           
chart-914e607398c748778c8.gif
chart-3b594a2adcbb4027bd0.gif
________________________
(1)Based on the North American Industry Classification System, as of December 31, 2025.
(2)Includes 100% of consolidated property partnerships.
(3)Based on occupied square footage in the Stabilized Portfolio as of December 31, 2025, excluding month-to-month and intercompany leases.
Kilroy Realty Q4 2025 Supplemental Report | 23
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Where Innovation Works
2025 Acquisitions
($ in millions)
Submarket
Month of
Acquisition
Number of
Buildings
Rentable
Square Feet
Purchase
Price (1)
1st Quarter
None
—
—
$—
2nd Quarter
None
—
—
—
3rd Quarter
335-345 N. Maple Drive (Maple Plaza)
Beverly Hills
September
1
306,366
205.3
4th Quarter
3530 & 3550 John Hopkins Court and
3535 & 3565 General Atomics Court
(Nautilus)
Torrey Pines
December
4
232,166
192.0
Total
5
538,532
$397.3
________________________
(1)Excludes acquisition-related costs and purchase price credits.
Kilroy Realty Q4 2025 Supplemental Report | 24
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Where Innovation Works
2025 Dispositions, Held for Sale, and Assets Under Contract
($ in millions)
Operating Property Dispositions
Submarket
Month of
Disposition
Number of
Buildings
Rentable
Square Feet
Sales
Price (1)
1st Quarter
None
—
—
$—
2nd Quarter
501 Santa Monica Boulevard
West Los Angeles
June
1
78,509
40.0
3rd Quarter
Silicon Valley Campus
Silicon Valley
September
4
663,460
365.0
4th Quarter
6255 W. Sunset Boulevard (Sunset Media Center)
Hollywood /
West Hollywood
December
1
325,772
61.0
Total
6
1,067,741
$466.0
________________________
(1)Represents gross sales price before the impact of commissions, closing costs, and purchase price credits.
Operating Properties Held for Sale and Development Pipeline Under Contract
Submarket
Number of
Buildings
Rentable Square Feet /
Acreage Under
Contract
Anticipated Sales
Price (1)
Operating Properties Held for Sale
Kilroy Sabre Springs (2)
I-15 Corridor
3
427,764
$124.5
Total
$124.5
Development Pipeline - Under Contract (3) (4)
1633 26th Street
West Los Angeles
N/A
2 acres
$41.0
Santa Fe Summit - PA1
56 Corridor
N/A
5 acres
38.0
Santa Fe Summit - PA2
56 Corridor
N/A
17 acres
86.0
Total
$165.0
Total Anticipated Proceeds
$289.5
________________________
(1)Excludes the impact of commissions, closing costs, and purchase price credits.
(2)Kilroy Sabre Springs includes the following buildings: 13480, 13500, and 13520 Evening Creek Drive North, San Diego, CA.The sale of this property closed in January 2026.
(3)Subject to a signed agreement and non-refundable deposit as of the date of this filing.
(4)All development sites are anticipated to close upon receipt of residential entitlements and permits, which is expected to occur beginning in phases in late 2026.
Kilroy Realty Q4 2025 Supplemental Report | 25
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Consolidated Ventures (Noncontrolling Property Partnerships)
(unaudited, $ in thousands)
Property
Venture Partner
Submarket
Rentable
Square Feet
KRC
Ownership % (1)
100 First Street, San Francisco, CA
Norges Bank Investment Management
San Francisco CBD
480,457
56%
303 Second Street, San Francisco, CA
Norges Bank Investment Management
San Francisco CBD
784,658
56%
900 Jefferson Avenue and 900 Middlefield Road, Redwood City, CA (1)
Local developer
Other Peninsula
347,842
93%
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Cash Operating Revenues:
Base rent
$25,767
$26,591
$105,404
$104,093
Tenant reimbursements
3,821
3,845
15,670
14,256
Other revenues (2)
81
247
2,302
(5,171)
Settlement and restoration fee income
—
—
212
459
Other property income (3)
539
677
2,388
2,530
Total cash operating revenues
30,208
31,360
125,976
116,167
Cash Operating Expenses:
Property expenses
7,200
7,097
27,259
26,007
Real estate taxes
2,292
2,223
9,035
8,854
Total cash operating expenses
9,492
9,320
36,294
34,861
Cash Net Operating Income (4)(5)(6)
20,716
22,040
89,682
81,306
Deferred income and lease incentives, net
371
371
1,483
3,846
Amortization of tenant-funded improvements
438
457
1,854
2,257
Straight-line rents, net
(373)
359
(2,167)
(177)
Net Operating Income (4)(5)
21,152
23,227
90,852
87,232
Lease termination fees (5)
134
135
11,126
546
Other expense
—
—
(4)
(6)
General & administrative expenses
—
(9)
(10)
(23)
Leasing costs
(25)
(7)
(116)
(64)
Depreciation and amortization
(7,977)
(7,878)
(32,576)
(31,456)
Net Income
$13,284
$15,468
$69,272
$56,229
________________________
(1)Reflects the KRC ownership percentage at time of agreement. Actual percentage may vary depending on cash flows or promote structure.
(2)Primarily comprised of contractual parking income and revenues deemed uncollectible.
(3)Primarily comprised of transient parking income.
(4)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
(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
has been conformed to our new definition. Cash Lease Termination Fees for the year ended December 31, 2024 were $2.5 million.
(6)Commencing January 1, 2025, the Company began including additional amounts in Cash Net Operating Income primarily related to revenues deemed uncollectible. The three months and year ended December 31,
2024, includes $0.1 million and $2.0 million, respectively, related to these amounts.
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03
Development
–Stabilized Development & Redevelopment Projects
–In-Process Development & Redevelopment Projects
–Future Development Pipeline
2100 Kettner, San Diego, CA
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Stabilized Development & Redevelopment Projects
($ in millions)
Location
Construction
Start Date
Stabilization
Date (1)
Rentable
Square Feet
Total Estimated
Investment
Total Project %
Occupied
% Leased
1st Quarter
None
—
$—
—%
—%
2nd Quarter
None
—
—
—%
—%
3rd Quarter
4400 Bohannon Drive (2)
Other Peninsula -
San Francisco Bay Area
4Q 2022
3Q 2025
48,414
55
—%
—%
4690 Executive Drive (2)
University Towne Center -
San Diego
1Q 2022
3Q 2025
52,074
30
—%
47%
4th Quarter
None
—
—
—%
—%
Total
100,488
$85
—%
24%
________________________
(1)Represents the earlier of the date the project achieves 95% occupancy or one year from substantial completion of base building components.
(2)Redevelopment Project.
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In-Process Development & Redevelopment Projects
($ in millions)
As of 12/31/2025
As of Filing
Location
Construction
Start Date
Estimated
Stabilization Date (2)
Estimated
Rentable
Square Feet
Total
Estimated
Investment
Total Cash
Costs
Incurred (3)
% Occupied
% Leased
% Leased
TENANT IMPROVEMENT (1)
Life Science
Kilroy Oyster Point - Phase 2
South San Francisco
2Q 2021
1Q 2026
871,738
$1,175
$882
3%
44%
44%
Total
871,738
$1,175
$882
3%
44%
44%
________________________
(1)Includes projects that have reached “cold shell condition” and are ready for tenant improvements, which may require additional major base building construction before being placed in service.
(2)Represents the earlier of the date the project achieves 95% occupancy or one year from substantial completion of base building components. For multi-phase projects, interest and carry cost capitalization may cease
and recommence driven by various factors, including tenant improvement construction, other tenant related timing, or changes in project scope. For Redevelopment Projects, redevelopment may occur in phases based
on existing lease expiration dates and timing of the tenant improvement construction.
(3)Represents costs incurred as of December 31, 2025, excluding accrued liabilities recorded in accordance with GAAP.
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Future Development Pipeline
($ in millions)
Location
Approx. Developable
Square Feet / Resi Units (1)
Total Cash Costs
Incurred as of
12/31/2025 (2)
Los Angeles
1633 26th Street (3)
West Los Angeles
190,000
$16
San Diego
Santa Fe Summit (3)
56 Corridor
600,000 - 650,000
117
2045 Pacific Highway
Little Italy / Point Loma
275,000
57
Kilroy East Village
East Village
1,100 units
68
San Francisco Bay Area
Kilroy Oyster Point - Phases 3 and 4
South San Francisco
875,000 - 1,000,000
240
Flower Mart
San Francisco CBD
2,300,000
664
Seattle
SIX0
Lake Union / Denny Regrade
925,000 and 650 units
197
Austin
Stadium Tower
Stadium District / Domain
493,000
76
Total
$1,435
________________________
(1)Project scope, including the estimated developable square feet or number of residential units, could change materially from estimates provided due to one or more of the following: significant changes in the economy,
market conditions, tenant requirements and demands, construction costs, new supply, regulatory and entitlement processes, or project design.
(2)Represents costs incurred as of December 31, 2025, net of municipal bonds proceeds received related to public infrastructure improvements, and excluding accrued liabilities recorded in accordance with GAAP.
(3)Subject to a signed agreements and non-refundable deposits as of the date of this filing. Refer to page 24 “2025 Dispositions, Held for Sale, and Assets Under Contract” for additional information.
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04
Debt &
Capitalization Data
–Capital Structure
–Debt Maturities
–Debt Covenants & Leverage Ratios
Aero, Long Beach, CA
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Capital Structure
As of December 31, 2025
($ in thousands)
Shares/
Units
Aggregate Principal
Amount or $
Value Equivalent
% of Total
Market
Capitalization
Stated
Rate (1)
Effective
Rate (2)
Maturity Date
Unsecured Debt
Revolving Credit Facility (3)
$—
—%
5.07%
5.07%
7/31/2028
Term Loan Facility (4)
200,000
2.2%
5.02%
5.57%
10/3/2027
Private Placement Senior Notes Series A due 2026
50,000
0.5%
4.30%
4.39%
7/18/2026
Private Placement Senior Notes Series B due 2026
200,000
2.2%
4.35%
4.44%
10/18/2026
Private Placement Senior Notes Series A due 2027
175,000
1.9%
3.35%
3.42%
2/17/2027
Private Placement Senior Notes Series B due 2029
75,000
0.8%
3.45%
3.51%
2/17/2029
Private Placement Senior Notes due 2031
350,000
3.9%
4.27%
4.32%
1/31/2031
Senior Notes due 2028 (5)
400,000
4.4%
4.75%
4.87%
12/15/2028
Senior Notes due 2029
400,000
4.4%
4.25%
4.38%
8/15/2029
Senior Notes due 2030
500,000
5.5%
3.05%
3.17%
2/15/2030
Senior Notes due 2032 (5)
425,000
4.7%
2.50%
2.63%
11/15/2032
Senior Notes due 2033 (5)
450,000
5.0%
2.65%
2.73%
11/15/2033
Senior Notes due 2035
400,000
4.4%
5.88%
6.08%
10/15/2035
Senior Notes due 2036
400,000
4.4%
6.25%
6.41%
1/15/2036
$4,025,000
44.3%
4.14%
4.44%
Secured Debt (6)
100 Hooper St., San Francisco Bay Area
$148,815
1.6%
3.57%
3.80%
12/1/2026
320 Westlake Ave. N. and 321 Terry Ave. N., Seattle
76,627
0.8%
4.48%
4.57%
7/1/2027
One Paseo Mixed-Use Campus, San Diego
375,000
4.1%
5.90%
6.13%
8/10/2034
$600,442
6.5%
5.14%
5.35%
Total Debt
$4,625,442
50.8%
4.27%
4.56%
Equity and Noncontrolling Interest in the Operating Partnership (7)
Common limited partnership units outstanding (8)
1,133,562
$42,361
0.5%
Shares of common stock outstanding
118,372,451
4,423,578
48.7%
Total Equity and Noncontrolling Interest in the Operating
Partnership
$4,465,939
49.2%
Total Market Capitalization
$9,091,381
100.0%
________________________
(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%
and 1.200%, respectively, based on the Company’s credit rating, as of December 31, 2025. All other stated rates represent fixed interest rates.
(2)Includes the impact of an unused facility fee, amortization of deferred financing costs, and amortization of premiums/discounts.
(3)The maturity of the unsecured revolving credit facility does not assume the exercise of the Company's two six-month extension options.
(4)The maturity of the unsecured term loan facility assumes the exercise of one remaining 12-month extension option, at the Company’s election.
(5)Green bond.
(6)The mortgage notes are secured by the properties listed.
(7)Value based on closing share price of $37.37 as of December 31, 2025.
(8)Includes common units of the Operating Partnership not owned by the Company. Excludes noncontrolling interests in consolidated property partnerships.
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Debt Maturities
As of December 31, 2025
($ in thousands)
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Total Debt (3)
$401,317
$449,125
$400,000
$475,000
$500,000
$350,000
$425,000
$450,000
$375,000
$400,000
$400,000
Weighted
Average
Stated Rate
4.06%
4.28%
4.75%
4.12%
3.05%
4.27%
2.50%
2.65%
5.90%
5.88%
6.25%
% of Total
9%
9%
9%
10%
11%
8%
9%
9%
8%
9%
9%
________________________
(1)The maturity of the unsecured term loan facility assumes the exercise of one remaining 12-month extension option, at the Company’s election.
(2)As of December 31, 2025, there was no outstanding balance on the unsecured revolving credit facility maturing on July 31, 2028. The unsecured revolving credit facility has two six-month extension options available, at
the Company's election.
(3)Includes scheduled principal payments for amortizing loans.
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Debt Covenants & Leverage Ratios (1)
($ in thousands)
KEY DEBT COVENANTS (2)
Covenant
Actual Performance
as of December 31, 2025
Unsecured Credit and Term Loan Facilities and Private Placement Notes:
Total debt to total asset value
less than 60%
35%
Fixed charge coverage ratio
greater than 1.5x
3.2x
Unsecured debt ratio
greater than 1.67x
2.75x
Unencumbered asset pool debt service coverage
greater than 1.75x
3.56x
Unsecured Senior Notes due 2028, 2029, 2030, 2032, 2033, 2035, and 2036:
Total debt to total asset value
less than 60%
35%
Interest coverage
greater than 1.5x
5.5x
Secured debt to total asset value
less than 40%
5%
Unencumbered asset pool value to unsecured debt
greater than 150%
301%
NET DEBT TO COMPANY'S SHARE OF EBITDAre RATIOS
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
Total principal amount of debt
$4,625,442
$4,627,026
$4,628,595
$4,630,149
$4,631,688
Cash and cash equivalents
(179,316)
(372,416)
(193,129)
(146,711)
(165,690)
Net debt
$4,446,126
$4,254,610
$4,435,466
$4,483,438
$4,465,998
Trailing 12-months Company's share of EBITDAre (3)(4)
$637,314
$660,337
$674,686
$677,632
$696,855
Trailing 12-months Company's share of Adjusted EBITDAre (3)(4)
$630,344
$650,782
$658,562
$651,936
$659,103
Net debt to Company's share of EBITDAre Ratio
7.0x
6.4x
6.6x
6.6x
6.4x
Net debt to Company's share of Adjusted EBITDAre Ratio
7.1x
6.5x
6.7x
6.9x
6.8x
________________________
(1)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
(2)All covenant ratio titles utilize terms and are calculated as defined in the respective debt and credit agreements.
(3)Calculated as the sum of the Company's share of EBITDAre and Adjusted EBITDAre for the trailing four quarters.
(4)Refer to page 44 for reconciliations of GAAP Net Income Available to Common Stockholders to EBITDAre for the three months ended September 30, 2024, June 30, 2024, and March 31, 2024.
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05
Non-GAAP
Supplemental
Measures
West8, Seattle, WA
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Management Statements on Non-GAAP Supplemental Measures
This section includes management’s statements regarding certain non-GAAP financial measures provided in this supplemental financial report and, with
respect to Funds From Operations available to common stockholders and common unitholders (“FFO”), in the Company’s earnings release on February 9,
2026 and the reasons why management believes that these measures provide useful information to investors about the Company’s financial condition and
results of operations.
Net Operating Income:
Management believes that Net Operating Income (“NOI”) is a useful supplemental measure of the Company’s operating performance. The Company’s NOI metrics
are defined as follows:
•Net Operating Income - Consolidated operating revenues comprised of rental income and other property income, excluding lease termination fees, less
consolidated property and related expenses (property expenses, real estate taxes, and ground leases).
•Cash Net Operating Income - NOI adjusted for certain non-cash amounts (e.g. straight-line rents, net, amortization of deferred revenue related to tenant-
funded tenant improvements, deferred income and lease incentives, net, deferred settlement and restoration fee income, and the amortization of net below
market rents), as well as the provision for bad debts related to these certain non-cash adjustments.
•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
two comparable reporting periods.
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
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
investment trusts (“REITs”) may use different methodologies for calculating NOI, Cash NOI, and Same Property Cash NOI, and accordingly, the Company’s NOI
metrics may not be comparable to other REITs.
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
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
believes that its NOI metrics provide useful information to the investment community about the Company’s financial and operating performance when compared to
other REITs since NOI, Cash NOI, and Same Property Cash NOI are generally recognized as standard measures of performance in the real estate industry.
Because the Company’s NOI metrics exclude lease termination fees, leasing costs, general and administrative expenses, interest expense, depreciation and
amortization, other income and expenses, impairment of real estate assets, and gains and losses, they provide performance measures that, when compared year
over year, reflects the consolidated revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from
trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Additionally, because
Same Property Cash NOI 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 such as occupancy levels, rental rates and operating costs on properties.
The Company’s NOI metrics should not be viewed as alternative measures of the Company’s financial performance since they do not reflect general and
administrative expenses, leasing costs, lease termination fees, interest expense, depreciation and amortization costs, other nonproperty income and losses and the
level of capital expenditures necessary to maintain the operating performance of the Company’s properties, or trends in development and construction activities
which are significant economic costs and activities that could materially impact the Company’s results from operations. In addition, Same Property Cash NOI should
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.
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Management Statements on Non-GAAP Supplemental Measures, continued
EBITDA, EBITDAre, Company's Share of EBITDAre, and Company's Share of Adjusted EBITDAre:
The Company calculates Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) for Real Estate (“EBITDAre”) in accordance with the 2017 White
Paper on EBITDAre approved by the Board of Governors of Nareit. Management believes that consolidated earnings before interest expense, tax expense,
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
income attributable to noncontrolling interests, preferred dividends and distributions, original issuance costs of redeemed preferred stock and preferred units, and
impairment losses (EBITDAre) is a useful supplemental measure of the Company’s operating performance. When considered with other GAAP measures and FFO,
management believes EBITDAre gives the investment community a more complete understanding of the Company’s consolidated operating results, including the
impact of general and administrative expenses and acquisition-related expenses, before the impact of investing and financing transactions and facilitates
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
its secured and unsecured debt. However, EBITDAre should not be viewed as an alternative measure of the Company’s operating performance since it excludes
financing costs as well as depreciation and amortization costs which are significant economic costs that could materially impact the Company’s results of operations
and liquidity. Other REITs may use different methodologies for calculating EBITDAre and, accordingly, the Company’s EBITDAre calculation may not be comparable
to other REITs. The Company’s Share of EBITDAre is EBITDAre less amounts attributable to noncontrolling interests in consolidated property partnerships. The
Company’s Share of Adjusted EBITDAre is the Company’s share of EBITDAre less interest income.
Net Debt to Company's Share of EBITDAre Ratio and Net Debt to Company's Share of Adjusted EBITDAre Ratio:
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
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
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
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
evaluating its ability to meet obligations senior to those of the equity holders. Other REITs may use different methodologies for calculating these ratios and,
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
comparable to other REITs.
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Management Statements on Non-GAAP Supplemental Measures, continued
Funds From Operations:
The Company calculates Funds From Operations available to common stockholders and common unitholders (“FFO”) in accordance with the 2018 Restated White
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
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
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
real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of
unconsolidated affiliates to FFO. The calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes
the depreciation of the related tenant improvement assets. The Company also adds back net income attributable to noncontrolling common units of the Operating
Partnership because it reports FFO attributable to common stockholders and common unitholders. 
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
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
and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of
REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly,
the Company’s FFO may not be comparable to all other REITs.
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
time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of
operating results for real estate companies using historical cost accounting alone to be insufficient.  Because FFO excludes depreciation and amortization of real
estate assets, management believes that FFO along with the required GAAP presentations provides a more complete measurement of the Company’s performance
relative to its competitors and a more appropriate basis on which to make decisions involving operating, financing, and investing activities than the required GAAP
presentations alone would provide.
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
the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties, which are significant economic
costs and could materially impact the Company’s results from operations.
Funds Available for Distribution:
Management believes that Funds Available for Distribution available to common stockholders and common unitholders (“FAD”) is a useful supplemental measure of
the Company’s liquidity. The Company computes FAD by adjusting FFO for recurring tenant improvements, leasing commissions, and capital expenditures,
amortization of deferred revenue related to tenant-funded tenant improvements, straight-line rents, net, amortization of net above (below) market rents for acquisition
properties, non-cash amortization of deferred financing costs and net debt discounts and premiums, non-cash amortization of share-based compensation awards
and adjustments for executive retirement obligations, lease related adjustments, gains and losses on sales of non-real estate assets, and amounts attributable to
noncontrolling interests in consolidated property partnerships. FAD provides an additional perspective on the Company’s ability to fund cash needs and make
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
leasing costs. Management also believes that FAD provides useful information to the investment community about the Company’s financial position as compared to
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
Company’s FAD may not be comparable to other REITs.
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06
Definitions &
Reconciliations
201 Third, San Francisco, CA
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Where Innovation Works
Definitions Included in Supplemental
Annualized Base Rent:
Annualized monthly contractual rents from existing tenants in occupancy, including the impact of the straight-lining of rent escalations and the amortization of
free rent periods and excluding the impact of the following: amortization of deferred revenue related to tenant-funded tenant improvements, amortization of
above/below market rents, amortization for lease incentives due under existing leases, and expense reimbursement revenue. Additionally, the underlying
leases contain various expense structures including full service gross, modified gross and triple net.  Amounts represent percentage of total portfolio
annualized contractual base rental revenue.
Capital Expenditures:
Expenditures for capital improvements, tenant improvements costs (excluding tenant-funded tenant improvements), and leasing commissions.
Effective Rate:
Represents the Stated Rate, including the impact of the unused facility fee and the amortization of any premiums/discounts and debt issuance costs.
Estimated Stabilization Date (Development):
Management’s estimation of the earlier of stabilized occupancy (95%) or one year from the date of the cessation of major base building construction
activities for office, life science, and retail properties, and the date of substantial completion for residential properties. 
FAD Payout Ratio:
Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted
stock unitholders) divided by FAD.
First Generation ("1st Gen"):
Vacant space at acquisition properties and space not yet leased at recently completed development and Redevelopment Properties that have been added to
the Stabilized Portfolio. Capital expenditures for first generation space do not include expenditures for in-process development and Redevelopment Projects
and space that was vacant when the property was acquired. These costs are not subtracted in the calculation of FAD.
Fixed Charge Coverage Ratio - Company’s Share of EBITDAre:
Calculated as Company’s Share of EBITDAre divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/
premiums) and current year accrued preferred dividends.
Fixed Charge Coverage Ratio - Net Income:
Calculated as net income, divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/premiums) and current year
accrued preferred dividends.
FFO Payout Ratio:
Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted
stock unitholders) divided by FFO attributable to common stockholders and unitholders.
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Definitions Included in Supplemental, continued
Gross Lease Types:
Represents leases where the landlord is obligated to pay the tenant's proportionate share of certain operating expenses. 
Interest Coverage Ratio:
Calculated as EBITDAre divided by gross interest expense (excluding amortization of deferred debt costs and debt premiums/discounts).
Major Repositioning:
Space for which significant non-recurring capital expenditures are incurred to reposition and is expected to result in additional revenue generated when re-
leased. Capital improvements for this space are not subtracted in the calculation of FAD. Tenant improvement and leasing commissions for this space are
included in 2nd Gen Capital Expenditures.
Net Income Payout Ratio:
Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted
stock unitholders) divided by net income.
Net Leases Types:
Represents leases where the tenant is obligated to pay a share of certain operating expenses. 
Net Operating Income Margin:
Calculated as Net Operating Income divided by total revenues.
Percentage Leased
Represents Percentage Occupied, adjusted for leases executed but have not yet achieved revenue recognition.
Percentage Occupied
Represents economic occupancy for space that has achieved revenue recognition for the associated lease agreements.
Redevelopment Properties/Projects:
Properties or projects for which the Company expects to spend significant development and construction costs pursuant to a formal plan to change its use.
Rentable Square Feet:
Reflects the latest Building Owners and Managers Association (“BOMA”) measurement. All occupied and leased percentages presented throughout this
report are calculated based on rentable square feet at the end of the period(s) presented.
Retention Rates (Leases Executed):
Calculated as the percentage of square footage renewed by existing tenants at lease expiration or termination divided by the square footage of space
renewed by existing tenants and lease expirations during the period. Excludes square footage of short-term leases.
Kilroy Realty Q4 2025 Supplemental Report | 41
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Definitions Included in Supplemental, continued
Retention Rates (Leases Executed Including Subtenants):
Retention rate, inclusive of leases with subtenants where the Company does not expect to experience downtime in occupancy between leases. 
Same Property Portfolio:
The Same Property Portfolio includes all properties owned and included in the Stabilized Portfolio for two comparable reporting periods, i.e., owned and
included in the Stabilized Portfolio as of January 1, 2024 and still owned and included in the Stabilized Portfolio as of December 31, 2025. It includes the
residential portfolio, which consists of the 200-unit Columbia Square Living property and the 193-unit Jardine property in Hollywood, California submarket
and 608 residential units at the Company’s One Paseo mixed-use property in the Del Mar, California submarket. Excludes undeveloped land, development
and Redevelopment Properties currently committed for construction, under construction, or in the tenant improvement phase, and properties classified as
held for sale.
Same Property Portfolio Rollforward
Number of Buildings
Square Feet
Same Property Portfolio as of December 31, 2024
119
16,209,399
Stabilized Development and Redevelopment Properties Added (1)
2
829,591
Dispositions and Properties Held for Sale
(9)
(1,495,505)
Remeasurements
—
5,928
Same Property Portfolio as of December 31, 2025
112
15,549,413
Stabilized Development and Redevelopment Properties Excluded from Same Property
2
100,488
Stabilized Acquisition Properties Excluded from Same Property
7
642,263
Stabilized Portfolio as of December 31, 2025
121
16,292,164
________________________
(1) 9514 Towne Centre Drive and Indeed Tower were added to the Same Property Portfolio in 2025.
Second Generation ("2nd Gen"):
Space at properties in the Stabilized Portfolio for which capital expenditures are generally recurring in nature or relate to space previously occupied.
Excludes leases with a lease term of less than one year. Capital expenditures for space that was vacant when the property was acquired and tenant
improvement and leasing commission capital expenditures for projects classified as Major Repositioning are captured in 2nd Gen Capital Expenditures.
Kilroy Realty Q4 2025 Supplemental Report | 42
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Definitions Included in Supplemental, continued
Stabilized Portfolio:
The Stabilized Portfolio includes all properties with the exception of the development and Redevelopment Properties currently committed for construction,
under construction, or in the tenant improvement phase, undeveloped land, and properties classified as held for sale.
Stabilized Portfolio Rollforward (1)
Number of Buildings
Square Feet
Stabilized Portfolio as of December 31, 2024
123
17,142,721
Stabilized Acquisition Properties
5
538,532
Stabilized Development and Redevelopment Properties
2
100,488
Dispositions and Properties Held for Sale
(9)
(1,495,505)
Remeasurements
—
5,928
Stabilized Portfolio as of December 31, 2025
121
16,292,164
________________________
(1) Excludes our three residential properties measured in units.
Stated Rate:
The rate at which interest expense is recorded per the respective loan documents.
Straight-Line Rents, Net:
Represents the straight-line rent income recognized during the period offset by cash received during the period that was applied to deferred rents receivable
balances for terminated leases and the provision for bad debts recorded for deferred rent receivable balances.
Tenant Improvement Phase:
Represents projects that have reached cold shell condition and are ready for tenant improvements, which may require additional major base building
modifications before being placed in service.
Total Debt
Represents the gross aggregate principal amount due as of December 31, 2025. Excludes unamortized deferred financing costs for the unsecured revolving
credit and term loan facilities, unsecured senior notes, and secured debt, and unamortized discounts for the unsecured senior notes.
Total Portfolio:
The Total Portfolio includes all properties, with the exception of the development and Redevelopment Properties currently committed for construction, under
construction, or in the tenant improvement phase, and undeveloped land.
Total Portfolio
Number of Buildings
Square Feet
Stabilized Portfolio
121
16,292,164
Properties Held for Sale
3
427,764
Total Portfolio as of December 31, 2025
124
16,719,928
Kilroy Realty Q4 2025 Supplemental Report | 43
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Reconciliation of Net Income Available to Common Stockholders to
Same Property Cash Net Operating Income (1) 
(unaudited, $ in thousands)
 
Three Months Ended
Year Ended
 
12/31/2025
12/31/2024
12/31/2025
12/31/2024
Net Income Available to Common Stockholders
$12,444
$59,460
$276,121
$210,969
Net income attributable to noncontrolling common units of the Operating Partnership
120
593
2,682
2,062
Net income attributable to noncontrolling interests in consolidated property partnerships
4,545
4,981
23,837
19,923
Net Income
17,109
65,034
302,640
232,954
Adjustments:
Gain on sale of long-lived assets
—
(5,979)
—
(5,979)
Impairment of real estate assets
16,259
—
16,259
—
Gains on sales of depreciable operating properties
—
—
(127,038)
—
Depreciation and amortization
92,623
89,121
354,854
356,182
Interest expense
32,148
33,245
126,292
145,287
Interest income
(2,205)
(4,790)
(6,970)
(37,752)
Other (income) expense
(44)
493
(168)
992
Leasing costs
2,592
2,013
10,352
8,764
General and administrative expenses
19,485
16,977
73,108
71,074
Lease termination fees (2)
(1,541)
(2,469)
(13,110)
(7,066)
Net Operating Income (3)
176,426
193,645
736,219
764,456
Other (4)
78
92
312
417
Deferred settlement and restoration income
—
1,857
—
—
Amortization of net below market rents
(624)
(846)
(3,079)
(3,521)
Straight-line rents, net
2,358
3,667
11,628
9,184
Amortization of deferred revenue related to tenant-funded tenant improvements
(3,547)
(4,065)
(14,644)
(19,138)
Deferred income and lease incentives, net (5)
(257)
(1,757)
(2,569)
(9,932)
Cash Net Operating Income (3)
174,434
192,593
727,867
741,466
Non-Same Property Net Cash Operating Income
(7,738)
(12,979)
(45,351)
(52,169)
Same Property Cash Net Operating Income (3)
$166,696
$179,614
$682,516
$689,297
________________________
(1)Based upon the Same Store Portfolio as of December 31, 2025, which was comprised of 112 properties. 
(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
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.
(3)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
(4)Includes other non-cash amounts primarily related to property expenses and ground rent expense.
(5)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences.
Kilroy Realty Q4 2025 Supplemental Report | 44
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Where Innovation Works
Reconciliation of Historical Net Income Available to Common
Stockholders to Company’s Share of Adjusted EBITDAre (1) 
(unaudited, $ in thousands)
 
Three Months Ended
9/30/2024
6/30/2024
3/31/2024
Net Income Available to Common Stockholders
$52,378
$49,211
$49,920
Interest expense
36,408
36,763
38,871
Depreciation and amortization
91,879
87,151
88,031
EBITDA
180,665
173,125
176,822
Net income attributable to noncontrolling common units of the Operating Partnership
509
458
502
Net income attributable to noncontrolling interests in consolidated property partnerships
4,786
4,878
5,278
EBITDAre
185,960
178,461
182,602
EBITDAre attributable to noncontrolling interests in consolidated property partnerships
(7,485)
(7,601)
(8,660)
Company's Share of EBITDAre
178,475
170,860
173,942
Interest income
(9,688)
(10,084)
(13,190)
Company's Share of Adjusted EBITDAre
$168,787
$160,776
$160,752
________________________
(1)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
Kilroy Realty Q4 2025 Supplemental Report | 45
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Where Innovation Works
Reconciliation of GAAP Net Cash Provided by Operating Activities to
Funds Available for Distribution
(unaudited, $ in thousands)
 
Three Months Ended
Year Ended December 31,
 
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
12/31/2025
12/31/2024
GAAP Net Cash Provided by Operating Activities
$109,078
$176,568
$143,746
$136,921
$108,237
$566,313
$541,149
Adjustments:
Recurring tenant improvements, leasing commissions and capital
expenditures
(31,724)
(36,959)
(34,040)
(17,378)
(33,089)
(120,101)
(92,583)
Depreciation of non-real estate furniture, fixtures and equipment
(1,410)
(1,407)
(1,382)
(1,384)
(1,585)
(5,583)
(6,354)
Net changes in operating assets and liabilities (1)
22,819
(31,579)
9,245
(2,308)
42,445
(1,823)
29,577
Noncontrolling interests in consolidated property partnerships’ share of
FFO and FAD
(6,177)
(5,411)
(13,201)
(6,490)
(6,905)
(31,279)
(25,354)
Cash adjustments related to investing and financing activities
(2,052)
(273)
(479)
(265)
(16)
(3,069)
(366)
Funds Available for Distribution (2)
$90,534
$100,939
$103,889
$109,096
$109,087
$404,458
$446,069
________________________
(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
in advance, and tenant security deposits.  
(2)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
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, 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.
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1
Exhibit 99.2
 
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Contact:
FOR RELEASE:
Doug Bettisworth
February 9, 2026
Vice President, Corporate Finance
(310) 481-8585
 
KILROY REALTY CORPORATION REPORTS
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
---------------
LOS ANGELES, February 9, 2026 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the
“Company”) today reported financial results for the fourth quarter and full year ended December 31, 2025.
“Our strong performance in the fourth quarter capped off an exceptional year of execution by the entire
Kilroy Team,” said Angela Aman, Chief Executive Officer. “We captured growing tenant demand for high
quality, well-amenitized office and life science projects across virtually all of our submarkets, made
substantial progress on leasing our in-process redevelopment and development projects, and capitalized on a
resurgence of institutional investor interest in West Coast commercial real estate assets in order to refine and
enhance our portfolio. As we look ahead to 2026, we are encouraged by the continued momentum we are
experiencing across our platform and believe we are well positioned for continued growth and evolution.”
Fourth Quarter Highlights
Financial Results
•Revenues of $272.2 million for the quarter ended December 31, 2025, as compared to $286.4
million for the quarter ended December 31, 2024
•Net income available to common stockholders of $12.4 million, or $0.10 per diluted share,
for the quarter ended December 31, 2025, as compared to $59.5 million, or $0.50 per diluted
share, for the quarter ended December 31, 2024
•Funds from operations (“FFO”) of $117.2 million, or $0.97 per diluted share, for the quarter
ended December 31, 2025, as compared to $144.9 million, or $1.20 per diluted share, for the
quarter ended December 31, 2024
Leasing and Occupancy
•Stabilized Portfolio was 81.6% occupied and 83.8% leased at December 31, 2025,
representing 220 basis points of leases signed that have not commenced
•During the quarter, signed approximately 827,000 square feet of leases, the Company’s
strongest fourth-quarter leasing performance in six years
◦Leasing activity was comprised of 547,000 square feet of new leasing on previously
vacant space, 148,000 square feet of new leasing on currently occupied space, and
132,000 square feet of renewal leasing
▪At Kilroy Oyster Point Phase 2 (“KOP 2”), signed 316,000 square feet of new
leases. See “Kilroy Oyster Point Phase 2” section below for additional details
2
▪Leasing activity during the quarter included 60,000 square feet of short-term
leasing
•GAAP and cash rents on leases signed during the quarter decreased 16.8% and 27.1%,
respectively, from prior levels on Second Generation leasing, excluding short-term leasing
◦Leasing spreads during the quarter were negatively impacted by:
▪A new lease signed on a space recently vacated due to a tenant bankruptcy
▪A renewal signed to preserve near-term income on a single-tenant building
while the Company evaluates alternative uses
◦Excluding these two leases, GAAP and cash rents on leases signed during the quarter
would have increased 16.2% and decreased 2.6%, respectively
Capital Recycling Activity
•Dispositions / Held for Sale / Assets Under Contract:
◦In December, completed the sale of Sunset Media Center, an approximately 326,000-
square-foot office property in the Hollywood submarket of Los Angeles, for gross
sales proceeds of $61.0 million
◦In December, entered into an agreement, subject to a non-refundable deposit, to sell
Kilroy Sabre Springs, a three-building campus in the I-15 Corridor submarket of San
Diego, and classified the campus as Held for Sale. The campus totals approximately
428,000 square feet, and the sale closed in January for gross sales proceeds of $124.5
million
◦In December, entered into an agreement to sell the remaining portion of the land at
Santa Fe Summit for $86.0 million in gross sales proceeds. The transaction represents
approximately 17 acres of the 22-acre site and is expected to close upon receipt of
entitlements for residential development
•Acquisitions:
◦In December, completed the acquisition of the Nautilus Campus, a four-building,
approximately 232,000-square-foot life science campus, in the Torrey Pines
submarket of San Diego, for $192.0 million
Dividend
•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 share. The dividend was paid on January
7, 2026 to stockholders of record on December 31, 2025 (the ex-dividend date)
Full Year Highlights
Financial Results
•Revenues of $1,112.7 million for the year ended December 31, 2025, as compared to
$1,135.6 million for the year ended December 31, 2024
•Net income available to common stockholders of $276.1 million, or $2.32 per diluted share,
for the year ended December 31, 2025, as compared to $211.0 million, or $1.77 per diluted
share, for the year ended December 31, 2024
•Funds from operations (“FFO”) of $505.9 million, or $4.20 per diluted share, for the year
ended December 31, 2025, as compared to $551.6 million, or $4.59 per diluted share, for the
year ended December 31, 2024
3
Leasing and Occupancy
•During the year, signed approximately 2,051,000 square feet of leases, the Company’s
highest annual leasing volume since 2019
◦Leasing activity was comprised of 1,108,000 square feet of new leasing on previously
vacant space, 233,000 square feet of new leasing on currently occupied space, and
710,000 square feet of renewal leasing
▪Leasing activity during the year included 270,000 square feet of short-term
leasing, primarily comprised of 187,000 square feet of short-term renewal
leasing
•GAAP and cash rents on leases signed during the year decreased 9.3% and 18.4%,
respectively, from prior levels on Second Generation leasing, excluding short-term leasing
Kilroy Oyster Point Phase 2
•As highlighted above, signed approximately 316,000 square feet of leases during the fourth
quarter for a total of 384,000 square feet of leases signed at KOP 2 during the year,
exceeding the Company’s previously communicated goal of 100,000 square feet of lease
executions. The project is now 3% occupied and 44% leased
◦Leasing activity at KOP 2 during the fourth quarter was comprised of the following
transactions:
▪The University of California, San Francisco executed a full-building lease
spanning approximately 280,000 square feet and is expected to commence
occupancy in the fourth quarter of 2027
▪A new genomic sequencing foundry signed an approximately 20,000-square-
foot lease in a space designed and built as part of the Company’s spec suite
initiative. The company commenced occupancy upon lease execution in the
fourth quarter of 2025
▪Acadia Pharmaceuticals executed an approximately 16,000-square-foot lease
and is expected to commence occupancy at KOP 2 in the second quarter of
2026
Development / Redevelopment
•During the first quarter of 2025, received a temporary certificate of occupancy and
progressed KOP 2 from the under construction phase to the tenant improvement phase
•During the third quarter of 2025, added 4690 Executive Drive, an approximately 52,000-
square-foot redevelopment project in the University Towne Center submarket of San Diego,
to the stabilized portfolio. The property is 47% leased
•During the third quarter of 2025, added 4400 Bohannon Drive, an approximately 48,000-
square-foot redevelopment project in the Other Peninsula submarket of the San Francisco
Bay Area, to the stabilized portfolio. The property is 0% leased
Capital Recycling Activity
•In addition to the capital recycling activities highlighted above, the following transactions
occurred during the year:
◦Dispositions / Assets Under Contract:
▪In April, entered into an agreement, subject to a non-refundable deposit, to sell
a portion of the land at Santa Fe Summit for $38.0 million in gross sales
proceeds. The transaction represents approximately five acres of the 22-acre
4
site and is anticipated to close upon the receipt of entitlements, which is
expected to occur in 2026
▪In June, completed the sale of 501 Santa Monica Boulevard, an approximately
79,000-square-foot operating property in West Los Angeles for gross sales
proceeds of $40.0 million
▪In July, entered into an agreement, subject to a non-refundable deposit, for the
sale of 1633 26th Street for $41.0 million in gross sales proceeds. The
transaction is anticipated to close upon the receipt of entitlements, which is
expected to occur in 2026
▪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
million
◦Acquisitions:
▪In September, completed the acquisition of Maple Plaza, an approximately
306,000-square-foot office property in the Beverly Hills submarket of Los
Angeles, for $205.3 million
Balance Sheet / Liquidity
•In August, completed a public offering of $400.0 million of 5.875% unsecured senior notes
due October 2035
•In September, fully redeemed $400.0 million of 4.375% unsecured senior notes due October
2025
•As of December 31, 2025, the Company had approximately $1.3 billion of total liquidity,
comprised of approximately $0.2 billion of cash and cash equivalents and approximately $1.1
billion available under the fully undrawn unsecured revolving credit facility
Sustainability and Corporate Social Responsibility Highlights
•Achieved carbon neutral operations across the portfolio for the sixth consecutive year
•Over six megawatts of installed onsite solar capacity generating clean electricity
•Listed on U.S. EPA’s National Top 100 list of largest green power users
•Earned GRESB 5-Star Designation for Standing Assets
•Earned GRESB Regional Sector Leader in the Americas in Technology/Life Science for
Development
•Achieved the most ENERGY STAR NextGen certifications of any building owner since the
launch of the new certification program in 2024
•Achieved over 1.6 million square feet of new ENERGY STAR certifications across the
portfolio, bringing the total to over 10.9 million square feet of ENERGY STAR certified
space
•Became a Fitwel Champion+ company
•Maintained Green Lease Leader Gold status
Recent Developments
•In January, added KOP 2 to the stabilized portfolio
•In January, completed the sale of Kilroy Sabre Springs
5
Net Income Available to Common Stockholders / FFO Guidance
The Company is initiating Nareit-defined FFO per share guidance for 2026 of $3.25 to $3.45 per diluted
share. The table below reflects key assumptions for 2026 guidance.
Key Assumptions
2026 Assumptions
Average full year occupancy
76.0% to 78.0%
Average full year occupancy excluding KOP 2
80.0% to 81.5%
Same Property Cash Net Operating Income (“NOI”) growth (1)
(1.50%) to 0.00%
NOI from Development Properties (2)
($23.5) to ($25.0 million)
Non-Cash GAAP NOI adjustments (1) (3)
$12 to $14 million
GAAP lease termination fee income
$3.0 to $4.5 million
General and administrative and Leasing costs
$89 to $91 million
Interest income
$2 to $3 million
Gross interest expense
$212 to $214 million
Capitalized interest (4)
$32 to $34 million
Total development spending (5)
$150 to $200 million
Dispositions
+/- $300 million
Full Year 2026 Range
Low End
High End
$ and shares/units in thousands,
except per share/unit amounts
Net income available to common stockholders per share - diluted
$0.59
$0.79
Weighted average common shares outstanding - diluted (6)
120,100
120,100
Net income available to common stockholders
$70,800
$95,040
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership
300
300
Net income attributable to noncontrolling interests in consolidated property partnerships
17,000
17,000
Depreciation and amortization of real estate assets
342,000
342,000
Gain on sale of depreciable operating property
(8,200)
(8,200)
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships
(28,000)
(28,000)
Funds From Operations (1)
$393,900
$418,140
Weighted average common shares/units outstanding – diluted (7)
121,200
121,200
Nareit Funds From Operations per common share/unit – diluted (1)
$3.25
$3.45
 ________________________
(1)For additional information, please refer to pages 35-37 “Non-GAAP Supplemental Measures” of the Company’s Supplemental Financial Report furnished on
Form 8-K for management statements on the Company’s non-GAAP measures.
(2)NOI from Development Properties is primarily comprised of carry costs associated with Company’s KOP 2 and Flower Mart projects. Guidance assumes the
continued capitalization of the Company’s Flower Mart project through June 2026.
(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 related adjustments and other.
(4)Capitalized interest guidance assumes the continued capitalization of the Company’s Flower Mart project through June 2026.
(5)Total development spending includes recently stabilized, in-process, and future development projects.
(6)Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently
issuable shares.
(7)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 all common limited partnership units outstanding.  Reported amounts are attributable to common
stockholders, common unitholders, and restricted stock unitholders.
The Company’s guidance estimates for the full year 2026, and the reconciliation of Net income available to
common stockholders per share - diluted and FFO per share and unit - diluted included within this press
release, reflect management’s views on current and future market conditions, including assumptions with
respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press
release.  These guidance estimates do not include the impact on the Company’s operating results from any
6
events outside of the Company’s control, as the timing and magnitude of 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 materially from these estimates.
Conference Call and Audio Webcast
The Company’s management will discuss fourth quarter results and the current business environment during
the Company’s February 10, 2026 earnings 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, register by using the
following link, https://www.netroadshow.com/events/login/LE9zwo4AF0rVUaxBU0IDSIu6q6M8vLBYYMS.
Those interested in listening via the Internet can access the conference call at https://events.q4inc.com/
attendee/267439370. It may be necessary to download audio software to hear the conference call.
About Kilroy Realty Corporation
Kilroy is a leading U.S. landlord and developer, with operations in the San Francisco Bay Area, Los
Angeles, Seattle, San Diego, and Austin.  The Company has earned global recognition for sustainability,
building operations, innovation, and design. As a pioneer and innovator in the creation of a more sustainable
real estate industry, the Company’s approach to modern business environments helps drive creativity and
productivity for some of the world’s leading technology, media, life science, and business services
companies.
The Company is a publicly traded real estate investment trust (“REIT”) and member of the S&P MidCap
400 Index with more than seven decades of experience developing, acquiring, and managing office, life
science, and mixed-use projects.
As of December 31, 2025, Kilroy’s stabilized portfolio totaled approximately 16.3 million square feet of
primarily office and life science space that was 81.6% occupied and 83.8% leased.  The Company also had
approximately 1,000 residential units in Hollywood and San Diego, which had a quarterly average
occupancy of 94.1%.  In addition, the Company had one development project in the tenant improvement
phase totaling approximately 872,000 square feet with a total estimated investment of $1.2 billion.
A Leader in Sustainability and Commitment to Corporate Social Responsibility
Kilroy has a longstanding commitment to sustainability and continues to be a recognized leader in our
sector. For over a decade, the Company and its sustainability initiatives have been recognized with
numerous honors, including earning the GRESB five star rating and being named a sector and regional
leader in the Americas.  Other honors have included the Nareit Leader in the Light Award, being listed on
the Dow Jones Sustainability World Index, being named ENERGY STAR Partner of the Year, and receiving
the ENERGY STAR highest honor of Sustained Excellence.
Kilroy is proud to have achieved carbon neutral operations across our portfolio since 2020. The Company
also has a longstanding commitment to maintain high levels of LEED, Fitwell, and ENERGY STAR
certifications across the portfolio. 
Kilroy is committed to cultivating a company culture that makes a positive difference in our employees’
lives by focusing on development, celebrating our unique backgrounds, promoting employee health and
wellness, and dedicating ourselves to being a responsible corporate citizen through our community service
and philanthropic efforts.
More information is available at http://www.kilroyrealty.com.
7
Forward-Looking Statements
This press release 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. Forward-
looking statements are based on our 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 our 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 our
business and financial performance, see the factors included under the caption “Risk Factors” in our annual
report on Form 10-K for the year ended December 31, 2024, and our 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.  We assume no obligation to update any forward-looking
statement made in this press release 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.
8
KILROY REALTY CORPORATION
SUMMARY OF QUARTERLY RESULTS
(unaudited; in thousands, except per share data) 
Three Months Ended December 31,
Year Ended December 31,
 
2025
2024
2025
2024
Revenues
$272,187
$286,379
$1,112,667
$1,135,629
Net income available to common stockholders
$12,444
$59,460
$276,121
$210,969
Weighted average common shares outstanding – basic
118,338
118,047
118,279
117,649
Weighted average common shares outstanding – diluted
119,153
118,759
118,832
118,157
Net income available to common stockholders per share – basic
$0.10
$0.50
$2.33
$1.78
Net income available to common stockholders per share – diluted
$0.10
$0.50
$2.32
$1.77
Funds From Operations (1)(2)
$117,158
$144,875
$505,920
$551,633
Weighted average common shares/units outstanding – basic (3)
119,869
119,521
119,835
119,729
Weighted average common shares/units outstanding – diluted (4)
120,684
120,234
120,388
120,236
Funds From Operations per common share/unit – basic (2)
$0.98
$1.21
$4.22
$4.61
Funds From Operations per common share/unit – diluted (2)
$0.97
$1.20
$4.20
$4.59
Common shares outstanding at end of period
118,372
118,047
Common partnership units outstanding at end of period
1,134
1,151
Total common shares and units outstanding at end of period
119,506
119,198
 
December 31, 2025
December 31, 2024
Stabilized office portfolio occupancy rates: (5)
Los Angeles
75.1%
75.0%
San Diego
83.7%
89.2%
San Francisco Bay Area
86.2%
87.4%
Seattle
80.0%
80.5%
Austin
82.2%
74.7%
Weighted average total
81.6%
82.8%
Total square feet of stabilized office properties owned at end of period: (5)
Los Angeles
4,242
4,340
San Diego
2,728
2,877
San Francisco Bay Area
5,565
6,171
Seattle
2,998
2,996
Austin
759
759
Total
16,292
17,143
________________________
(1)Reconciliation of Net income available to common stockholders to Funds From Operations available to common stockholders and unitholders and
management statement on Funds From Operations are included after the Consolidated Statements of Operations.
(2)Reported amounts are attributable to common stockholders, common unitholders and restricted stock unitholders.
(3)Calculated based on weighted average shares outstanding, including participating share-based awards (i.e., nonvested stock and certain time-based
restricted stock units) and assuming the exchange of all common limited partnership units outstanding.
(4)Calculated based on weighted average shares outstanding, including participating and non-participating share-based awards, dilutive impact of
contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding.
(5)Occupancy percentages and total square feet reported are based on the Company’s stabilized office portfolio for the periods presented.
9
KILROY REALTY CORPORATION
CONSOLIDATED BALANCE SHEETS
(unaudited; in thousands)
 
December 31, 2025
December 31, 2024
ASSETS
Real Estate Assets
Land
$1,641,913
$1,750,820
Buildings and improvements
8,505,486
8,598,751
Undeveloped land and construction in progress
2,387,742
2,309,624
Total real estate assets held for investment
12,535,141
12,659,195
Accumulated depreciation and amortization
(2,843,811)
(2,824,616)
Total real estate assets held for investment, net
9,691,330
9,834,579
Real estate and other assets held for sale, net
115,155
—
Cash and cash equivalents
179,316
165,690
Marketable securities
30,807
27,965
Current receivables, net
12,765
11,033
Deferred rent receivables, net
424,794
451,996
Deferred leasing costs and acquisition-related intangible assets, net
278,232
225,937
Right of use ground lease assets, net
128,116
129,222
Prepaid expenses and other assets, net
54,561
51,935
TOTAL ASSETS
$10,915,076
$10,898,357
LIABILITIES AND EQUITY
Liabilities:
Secured debt, net
$592,685
$598,199
Unsecured debt, net
3,996,774
3,999,566
Accounts payable, accrued expenses, and other liabilities
288,963
285,011
Ground lease liabilities
127,628
128,422
Accrued dividends and distributions
65,009
64,850
Deferred revenue and acquisition-related intangible liabilities, net
125,628
142,437
Rents received in advance and tenant security deposits
75,701
71,003
Liabilities related to real estate assets held for sale
4,945
—
Total liabilities
5,277,333
5,289,488
Equity:
Stockholders’ Equity
Common stock
1,184
1,181
Additional paid-in capital
5,230,747
5,209,653
Retained earnings
188,876
171,212
Total stockholders’ equity
5,420,807
5,382,046
Noncontrolling Interests
Common units of the Operating Partnership
51,911
52,472
Consolidated property partnerships
165,025
174,351
Total noncontrolling interests
216,936
226,823
Total equity
5,637,743
5,608,869
TOTAL LIABILITIES AND EQUITY
$10,915,076
$10,898,357
10
KILROY REALTY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in thousands, except per share data)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Revenues
Rental income
$267,363
$281,355
$1,093,587
$1,118,115
Other property income
4,824
5,024
19,080
17,514
Total revenues
272,187
286,379
1,112,667
1,135,629
Expenses
Property expenses
64,673
63,249
243,726
243,441
Real estate taxes
26,556
24,026
107,564
108,951
Ground leases
2,991
2,990
12,048
11,715
General and administrative expenses
19,485
16,977
73,108
71,074
Leasing costs
2,592
2,013
10,352
8,764
Depreciation and amortization
92,623
89,121
354,854
356,182
Total expenses
208,920
198,376
801,652
800,127
Other Income (Expenses)
Interest income
2,205
4,790
6,970
37,752
Interest expense
(32,148)
(33,245)
(126,292)
(145,287)
Other income (expense) (1)
44
(493)
168
(992)
Gains on sales of depreciable operating properties
—
—
127,038
—
Impairment of real estate assets
(16,259)
—
(16,259)
—
Gain on sale of long-lived assets
—
5,979
—
5,979
Total other expenses
(46,158)
(22,969)
(8,375)
(102,548)
Net income
17,109
65,034
302,640
232,954
Net income attributable to noncontrolling common units of the
Operating Partnership
(120)
(593)
(2,682)
(2,062)
Net income attributable to noncontrolling interests in consolidated
property partnerships
(4,545)
(4,981)
(23,837)
(19,923)
Total net income attributable to noncontrolling interests
(4,665)
(5,574)
(26,519)
(21,985)
Net income available to common stockholders
$12,444
$59,460
$276,121
$210,969
Weighted average shares of common stock outstanding – basic
118,338
118,047
118,279
117,649
Weighted average shares of common stock outstanding – diluted
119,153
118,759
118,832
118,157
Net income available to common stockholders per share – basic
$0.10
$0.50
$2.33
$1.78
Net income available to common stockholders per share – diluted
$0.10
$0.50
$2.32
$1.77
________________________
(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 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 been revised to conform with the current period presentation.
11
KILROY REALTY CORPORATION
FUNDS FROM OPERATIONS
(unaudited; in thousands, except per share data)
 
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Net income available to common stockholders
$12,444
$59,460
$276,121
$210,969
Adjustments:
Net income attributable to noncontrolling common units of the
Operating Partnership
120
593
2,682
2,062
Net income attributable to noncontrolling interests in
consolidated property partnerships
4,545
4,981
23,837
19,923
Depreciation and amortization of real estate assets
91,213
87,536
349,271
349,828
Gains on sales of depreciable operating properties
—
—
(127,038)
—
Impairment of real estate assets
16,259
—
16,259
—
Funds From Operations attributable to noncontrolling interests in
consolidated property partnerships
(7,423)
(7,695)
(35,212)
(31,149)
Funds From Operations (1)(2)(3)
$117,158
$144,875
$505,920
$551,633
Weighted average common shares/units outstanding – basic (4)
119,869
119,521
119,835
119,729
Weighted average common shares/units outstanding – diluted (5)
120,684
120,234
120,388
120,236
Funds From Operations per common share/unit – basic (2)
$0.98
$1.21
$4.22
$4.61
Funds From Operations per common share/unit – diluted (2)
$0.97
$1.20
$4.20
$4.59
 ________________________
(1)The Company calculates Funds From Operations available to common stockholders and common unitholders (“FFO”) in accordance with the 2018
Restated White 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 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 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 real estate held by the entity.  The reconciling items include amounts to adjust earnings from
consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO. Our calculation of FFO includes the amortization of
deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. We also add back
net income attributable to noncontrolling common units of the Operating Partnership because we report FFO attributable to common stockholders and
common unitholders. 
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 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 and assists in comparing those operating results between periods.  Also, because FFO is generally recognized as the industry standard
for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different
methodologies to calculate FFO, and accordingly, the Company’s FFO may not be comparable to all other REITs.
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 time.  Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have
considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient.  Because FFO excludes
depreciation and amortization of real estate assets, management believes that FFO along with the required GAAP presentations provides a more complete
measurement of the Company’s performance relative to its competitors and a more appropriate basis on which to make decisions involving operating,
financing, and investing activities than the required GAAP presentations alone would provide.
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 the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties,
which are significant economic costs and could materially impact the Company’s results from operations.
(2)Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.
(3)FFO available to common stockholders and unitholders includes amortization of deferred revenue related to tenant-funded tenant improvements of $3.5
million and $4.1 million for the three months ended December 31, 2025 and 2024, respectively, and $14.6 million and $19.1 million for the year ended 
December 31, 2025 and 2024, respectively.
(4)Calculated based on weighted average shares outstanding, including participating share-based awards (i.e., certain time-based restricted stock units) and
assuming the exchange of all common limited partnership units outstanding.
(5)Calculated based on weighted average shares outstanding, including participating and non-participating share-based awards, dilutive impact of
contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding.

Source: View Original Filing on SEC EDGAR

FAQ

How did Kilroy Realty (KRC) perform financially in full-year 2025?

Kilroy Realty generated full-year 2025 revenues of $1,112.7 million compared with $1,135.6 million in 2024. Net income available to common stockholders rose to $276.1 million, or $2.32 per diluted share, while funds from operations declined to $505.9 million, or $4.20 per diluted share.

What were Kilroy Realty (KRC) fourth quarter 2025 earnings and FFO?

In fourth quarter 2025, Kilroy Realty reported revenues of $272.2 million and net income available to common stockholders of $12.4 million, or $0.10 per diluted share. Funds from operations were $117.2 million, or $0.97 per diluted share, versus $144.9 million, or $1.20 per diluted share, a year earlier.

What is Kilroy Realty’s 2026 FFO guidance and key assumptions?

Kilroy Realty initiated 2026 Nareit FFO guidance of $3.25 to $3.45 per diluted share. Assumptions include average full-year occupancy of 76.0% to 78.0%, Same Property Cash NOI growth of (1.50%) to 0.00%, gross interest expense of $212 to $214 million, and development spending of $150 to $200 million.

How leased and occupied was Kilroy Realty’s portfolio at year-end 2025?

At December 31, 2025, Kilroy’s stabilized office and life science portfolio totaled 16.3 million square feet across 121 buildings. The portfolio was 81.6% occupied and 83.8% leased, with average stabilized portfolio occupancy of 80.9% during the fourth quarter.

What leasing activity did Kilroy Realty (KRC) achieve in 2025?

During 2025, Kilroy signed approximately 2,051,000 square feet of leases, its highest annual volume since 2019. This included 1,108,000 square feet of new leasing on previously vacant space, 233,000 square feet of new leasing on occupied space, and 710,000 square feet of renewals, plus 270,000 square feet of short-term leasing.

What major acquisitions and dispositions did Kilroy Realty complete in 2025?

In 2025, Kilroy completed acquisitions totaling $397.3 million, including Maple Plaza in Beverly Hills and the Nautilus life science campus in Torrey Pines. It also closed operating property sales of $466.0 million, including 501 Santa Monica Boulevard, a Silicon Valley campus, and Sunset Media Center.

What is Kilroy Realty’s liquidity and debt activity as of year-end 2025?

As of December 31, 2025, Kilroy had about $1.3 billion of total liquidity, including roughly $0.2 billion of cash and $1.1 billion available on an undrawn unsecured revolving credit facility. In 2025 it issued $400.0 million of 5.875% senior notes due 2035 and fully redeemed $400.0 million of 4.375% notes due 2025.

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KRC Rankings

#1659 Ranked by Market Cap
#315 Ranked by Dividends
#1274 52-Week Gainer
#1799 YTD Gainer
#1645 Monthly Gainer
#1695 Ranked by Short %Change

KRC Latest News

Feb 9, 2026
Kilroy Realty Corporation Reports Fourth Quarter and Full Year Financial Results
Jan 27, 2026
Kilroy Realty Corporation Announces 2025 Tax Treatment of Its Dividend Distributions
Jan 7, 2026
Kilroy Realty Corporation Announces Dates for Fourth Quarter 2025 Earnings Release and Conference Call
Jan 5, 2026
Kilroy Realty Corporation Announces 300,000 Square Feet of Additional Leasing Executed at Kilroy Oyster Point Phase 2
Nov 18, 2025
Kilroy Realty Declares Quarterly Dividend

KRC Latest SEC Filings

Feb 17, 2026
[SCHEDULE 13G/A] KILROY REALTY CORP Amended Passive Investment Disclosure
Feb 13, 2026
[SCHEDULE 13G/A] KILROY REALTY CORP Amended Passive Investment Disclosure
Feb 10, 2026
[10-K] KILROY REALTY CORP Files Annual Report
Feb 9, 2026
[Form 4] KILROY REALTY CORP Insider Trading Activity
Feb 9, 2026
[Form 4] KILROY REALTY CORP Insider Trading Activity

KRC Stock Data

3.85B
116.97M
REIT - Office
Real Estate Investment Trusts
Link
United States
LOS ANGELES