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Kilroy Realty (NYSE: KRC) Q1 2026 results, guidance hike and asset sales

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

Rhea-AI Filing Summary

Kilroy Realty Corporation reported first-quarter 2026 results with revenues of $270.1 million, essentially level with $270.8 million a year earlier. The company recorded a net loss available to common stockholders of $19.3 million, or $0.16 per diluted share, driven largely by a $61.8 million impairment on Hollywood residential towers sold in April.

Funds From Operations were $108.8 million, or $0.91 per diluted share, down from $1.02 a year ago, while Same Property Cash Net Operating Income rose 1.8%. The stabilized portfolio was 77.6% occupied and 82.3% leased, with 568,000 square feet of leasing marking the strongest first quarter since 2017.

Kilroy recycled capital by closing $145.5 million of office dispositions in San Diego and a $202.0 million sale of two Hollywood residential towers, and repurchased 2.4 million shares for $72.7 million. Management raised full-year 2026 Nareit FFO guidance to $3.49–$3.63 per diluted share and maintained a quarterly common dividend of $0.54 per share.

Positive

  • None.

Negative

  • None.

Insights

Kilroy pairs strong leasing and asset sales with higher FFO guidance despite an impairment-driven loss.

Kilroy Realty delivered Q1 2026 revenues of $270.1 million with a net loss of $19.3 million, mainly due to a $61.8 million impairment on Hollywood residential assets that were sold for $202.0 million in April. Core performance remained solid, with Same Property Cash NOI up 1.8% and Cash NOI margins above 60%.

Funds From Operations of $108.8 million, or $0.91 per diluted share, were below the prior year’s $1.02, reflecting lower occupancy and higher interest expense of $38.5 million. However, management raised full‑year 2026 Nareit FFO guidance to $3.49–$3.63 per diluted share from $3.25–$3.45, alongside improved assumptions for Same Property Cash NOI growth.

Capital allocation was active: the company completed $145.5 million of office dispositions in San Diego, advanced a land joint venture at 1900 Broadway with expected project costs of $330.0–$350.0 million, and repurchased $72.7 million of stock. Net debt of about $4.43 billion equated to 7.0x the trailing 12‑month Company’s Share of EBITDAre as of March 31 2026, within stated covenant limits but at a relatively elevated leverage level for office REITs.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 revenue $270.1 million Quarter ended March 31, 2026, vs $270.8 million Q1 2025
Q1 2026 net loss $19.3 million (−$0.16/share) Available to common stockholders, quarter ended March 31, 2026
Q1 2026 FFO $108.8 million ($0.91/share) Nareit FFO, quarter ended March 31, 2026, vs $1.02 Q1 2025
2026 FFO guidance $3.49–$3.63 per diluted share Updated full-year 2026 Nareit FFO guidance range
Asset sales $145.5M office + $202.0M residential San Diego office dispositions Q1 2026 and Hollywood towers sale in April 2026
Share repurchases 2.4 million shares for $72.7 million Common stock repurchased in Q1 2026 at $30.80 average price
Stabilized occupancy and leasing 77.6% occupied, 82.3% leased Stabilized portfolio at March 31, 2026
Leverage 7.0x net debt / Company’s Share of EBITDAre Trailing 12 months as of March 31, 2026
Funds From Operations financial
"Funds From Operations (5) | | 108,846 | | 117,158"
Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.
Same Property Cash Net Operating Income financial
"Same Property Net Operating Income Analysis (Cash Basis)"
EBITDAre financial
"EBITDAre (4) | | 156,406 | | 158,139"
EBITDARE is a financial measure that shows a company's earnings before accounting for interest, taxes, depreciation, amortization, and restructuring costs. It helps investors understand how well a business is performing by focusing on its core operations, ignoring one-time or non-operational expenses. Think of it as checking a company's true earning power, similar to assessing a car’s performance by its engine without considering external factors like fuel costs or repairs.
Net Operating Income financial
"Net Operating Income (3) | | 178,403 | | 176,426"
Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.
green bond financial
"Senior Notes due 2032 (6) | | | | 425,000 | | 5.4 % | | 2.50 %"
A green bond is a loan sold to investors where the money is earmarked for projects that benefit the environment, such as renewable energy, clean transportation, or pollution control. Think of it as lending money specifically for a solar farm or a water-treatment upgrade; investors care because these bonds let them support climate goals while earning interest, and their value depends on the borrower’s ability to repay plus the market demand for environmentally labeled investments.
Revenue $270.1 million $270.8 million in Q1 2025
Net income available to common (loss) ($19.3 million), ($0.16 per diluted share) $39.0 million, $0.33 per diluted share in Q1 2025
Funds From Operations $108.8 million, $0.91 per diluted share $122.3 million, $1.02 per diluted share in Q1 2025
Same Property Cash NOI growth 1.8% Based on $168.6M vs $165.7M Same Property Cash NOI
Stabilized occupancy 77.6% occupied, 82.3% leased 81.4% occupied, 83.9% leased at March 31, 2025
2026 Nareit FFO guidance $3.49–$3.63 per diluted share Previously $3.25–$3.45 per diluted share
Guidance

For full-year 2026, Kilroy guides to Nareit FFO of $3.49–$3.63 per diluted share, assumes average occupancy of 76.5%–78.0%, Same Property Cash NOI growth of 0.25%–1.25%, gross interest expense of $208.0–$209.5 million, and operating property dispositions of $347.5–$500.0 million.

Understanding 8-K Material Events →
0001025996false00010259962026-04-272026-04-27
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): April 27, 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 April 27, 2026, Kilroy Realty Corporation issued a press release announcing its earnings for the quarter ended March
31, 2026 and distributed certain supplemental financial information. On April 27, 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
ended March 31, 2026 and distributed certain supplemental information.  On April 27, 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 March 31, 2026
99.2*
Press Release dated April 27, 2026 regarding first quarter 2026 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: April 27, 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
Q1 2026
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Kilroy Oyster Point, South San Francisco, CA
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KILROY REALTY CORPORATION REPORTS
FIRST QUARTER FINANCIAL RESULTS
---------------
LOS ANGELES, April 27, 2026 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial results for the first quarter
ended March 31, 2026.
“I am pleased to report on a remarkably strong quarter of execution across all facets of our business. First-quarter leasing activity, which totaled 568,000
square feet, represented the Company’s strongest first-quarter performance since 2017, as we continued to capitalize on accelerating momentum across the
West Coast,” said Angela Aman, Chief Executive Officer. “In addition, we remained active on the capital allocation front, selling approximately $350 million of
non-core and non-strategic properties year-to-date, while prudently allocating capital to debt repayments, opportunistic share repurchases, and a
substantially pre-leased development project in one of the Company’s best-performing submarkets.”
Financial Results
•Revenues of $270.1 million for the quarter ended March 31, 2026, as compared to $270.8 million for the quarter ended March 31, 2025
•Net loss available to common stockholders of $(19.3) million, or $(0.16) per diluted share, for the quarter ended March 31, 2026, as compared to Net
income available to common stockholders of $39.0 million, or $0.33 per diluted share, for the quarter ended March 31, 2025
•Funds from operations (“FFO”) of $108.8 million, or $0.91 per diluted share, for the quarter ended March 31, 2026, as compared to $122.3 million, or
$1.02 per diluted share, for the quarter ended March 31, 2025
Leasing and Occupancy
•Stabilized Portfolio was 77.6% occupied and 82.3% leased at March 31, 2026, representing 470 basis points of leases signed but not yet
commenced
◦Excluding Kilroy Oyster Point Phase 2 (“KOP 2”), the Stabilized Portfolio was 81.5% occupied and 84.3% leased at March 31, 2026,
representing 280 basis points of leases signed but not yet commenced
•During the quarter, signed approximately 568,000 square feet of leases
◦Leasing activity was comprised of 406,000 square feet of new leasing on previously vacant space, 80,000 square feet of new leasing on
currently occupied space, and 82,000 square feet of renewal leasing
▪New leasing on vacant space included an approximately 145,000-square-foot development lease with Cooley LLP, a global law firm.
See “Joint Venture Formation” section below for additional details
▪Leasing activity during the quarter included approximately 70,000 square feet of short-term leasing
•GAAP and cash rents on leases signed during the quarter decreased (10.6)% and (16.8)%, respectively, from prior levels on Second Generation
leasing, excluding short-term leasing
◦Excluding leases signed on space vacant for more than 12 months, GAAP and cash rents on leases signed during the quarter increased
19.2% and 5.2%, respectively
Capital Recycling Activity
•In January, completed the sale of Kilroy Sabre Springs, an approximately 428,000-square-foot, three-building campus in the I-15 Corridor submarket
of San Diego, for gross sales proceeds of $124.5 million
•In March, completed the sale of Del Mar Tech Center, an approximately 39,000-square-foot office property in the Del Mar submarket of San Diego,
for gross sales proceeds of $21.0 million
•During the first quarter, entered into an agreement to sell the 200-unit Columbia Square Living residential tower and the 193-unit Jardine residential
tower in the Hollywood submarket of Los Angeles and classified the properties as Held for Sale. The sale closed in April for gross sales proceeds of
$202.0 million
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Common Stock Repurchases
•During the quarter, repurchased approximately 2.4 million shares of common stock at a weighted average price of $30.80 per common share for an
aggregate purchase price of $72.7 million
Joint Venture Formation
•In February, acquired an interest in 1900 Broadway, a fully-entitled land site in Downtown Redwood City capable of supporting a 251,000-square-
foot office building. Concurrent with closing, signed a 20-year lease with Cooley LLP for 145,000 square feet, bringing the project to 58% pre-leased.
Total project costs are expected to range from $330.0 million to $350.0 million. Construction is anticipated to commence in 2027, with delivery
scheduled for 2030, at which time the Company’s ownership interest is expected to be 97%
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 April 8, 2026 to stockholders of record on March 31, 2026 (the ex-dividend date)
Recent Developments
•In April, repaid the outstanding $50.0 million of 4.300% Private Placement Senior Notes Series A due July 2026, at par
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Net Income Available to Common Stockholders / FFO Guidance
The Company is updating Nareit-defined FFO per share guidance for the full year 2026 to $3.49 to $3.63 per diluted share, from the previous range of $3.25
to $3.45. The table below reflects key assumptions for 2026 guidance.
Key Assumptions
February 2026 Assumptions
April 2026 Assumptions
Average full year occupancy
76.0% to 78.0%
76.5% to 78.0%
Average full year occupancy excluding KOP 2
80.0% to 81.5%
80.5% to 81.5%
Same Property Cash Net Operating Income (“NOI”) growth (1) (2)
(1.50%) to 0.00%
0.25% to 1.25%
NOI from Development Properties (3)
$(23.5) to $(25.0) million
$(22.5) to $(24.0) million
Non-Cash GAAP NOI adjustments (1) (4)
$12.0 to $14.0 million
$13.0 to $15.0 million
GAAP lease termination fee income
$3.0 to $4.5 million
No change
General and administrative and Leasing costs
$(89.0) to $(91.0) million
$(87.5) to $(89.5) million
Interest income
$2.0 to $3.0 million
No change
Gross interest expense
$(212.0) to $(214.0) million
$(208.0) to $(209.5) million
Capitalized interest (5)
$32.0 to $34.0 million
$48.5 to $49.5 million
Total development spending (6)
$150.0 to $200.0 million
No change
Operating property dispositions
+/- $300.0 million
$347.5 to $500.0 million
Full Year 2026 Range
as of February 2026
Full Year 2026 Range
as of April 2026
Low End
High End
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
$0.08
$0.22
Weighted average common shares outstanding - diluted (7)
120,100
120,100
118,100
118,100
Net income available to common stockholders
$70,800
$95,040
$9,055
$25,743
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership
300
300
300
300
Net income attributable to noncontrolling interests in consolidated property partnerships
17,000
17,000
17,000
17,000
Depreciation and amortization of real estate assets
342,000
342,000
379,400
379,400
Gain on sale of depreciable operating property
(8,200)
(8,200)
(23,525)
(23,525)
Impairment of real estate assets
—
—
61,778
61,778
Funds From Operations attributable to noncontrolling interests in consolidated property
partnerships
(28,000)
(28,000)
(28,000)
(28,000)
Funds From Operations (1)
$393,900
$418,140
$416,008
$432,696
Weighted average common shares/units outstanding – diluted (8)
121,200
121,200
119,200
119,200
Nareit Funds From Operations per common share/unit – diluted (1)
$3.25
$3.45
$3.49
$3.63
________________________
(1)For additional information, please refer to pages 36-38 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
(2)Increase in guidance range includes $5.9 million in settlement income received in Q2 2026.
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(3)NOI from Development Properties is primarily comprised of carry costs associated with Company’s KOP 2 and Flower Mart projects. Guidance now assumes the continued capitalization of the Company’s Flower Mart
project through December 2026, previously assumed to be June 2026.
(4)Non-Cash GAAP NOI adjustments include the following items: Amortization of deferred revenue related to tenant-funded tenant improvements, Straight-line rents, net, Amortization of net below market rents, and Lease
related adjustments and other.
(5)Capitalized interest guidance now assumes the continued capitalization of the Company’s Flower Mart project through December 2026, previously assumed to be June 2026.
(6)Total development spending includes recently stabilized, in-process, and future development projects.
(7)Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently issuable shares.
(8)Calculated based on the weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of contingently issuable shares, and assuming the exchange of
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 first quarter results and the current business environment during the Company’s April 28, 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://events.q4inc.com/analyst/264481752?pwd=Vl5fneFS. Those interested in listening via the Internet can access the
conference call at https://events.q4inc.com/attendee/264481752. 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
12-17
Leases Executed
18
Stabilized Portfolio Capital Expenditures
19
Stabilized Portfolio Lease Expirations
20-21
Top 20 Tenants
22
Tenant Industry Diversification
23
2026 Acquisitions
24
2026 Dispositions, Held for Sale, and Assets Under Contract
25
Consolidated Ventures (Noncontrolling Property Partnerships)
26
Development
Stabilized Development & Redevelopment Projects
28
In-Process Development & Redevelopment Projects
29
Future Development Pipeline
30
Debt & Capitalization Data
Capital Structure
32
Debt Maturities
33
Debt Covenants & Leverage Ratios
34
Non-GAAP Supplemental Measures
36-38
Definitions & Reconciliations
40-46
350 Mission, San Francisco, CA
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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
The Post at Indeed Tower, Austin, TX
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Kilroy Realty Q1 2026 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, manages, develops, and acquires real estate assets consisting
primarily of premier office and life science properties in the San Francisco
Bay Area, Los Angeles, Seattle, San Diego, and Austin.
Stabilized Office & Life Science Portfolio
at March 31, 2026
123
17.1M
buildings
square feet
fsridynmyoja6mjfmmda0zmq3n.gif
77.6%
82.3%
occupied
leased
470 bps
568
leased but not
yet occupied
thousand square feet
of leases executed in
1Q 2026
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
Gary R. Stevenson
Chair
Angela M. Aman
Edward F. Brennan, PhD
Daryl J. Carter
Jolie A. Hunt
David A. Kieske
Cia Buckley Marakovits
Louisa G. Ritter
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 Q1 2026 Supplemental Report | 3
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Financial Highlights
(unaudited, $ in thousands, except per share amounts)
Three Months Ended
 
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
INCOME ITEMS:
Revenues
$270,053
$272,187
$279,744
$289,892
$270,844
Lease Termination Fees
398
1,541
309
10,754
506
Capitalized Interest and Debt Costs
13,991
20,632
22,574
21,333
20,548
Capitalized Internal Overhead Costs (1)
3,977
4,120
4,682
3,807
4,634
Other Capitalized Development Costs (2)
3,190
6,382
7,353
5,505
4,974
Non-Cash Amortization of Share-Based Compensation Awards
4,869
5,145
5,436
4,582
3,927
EARNINGS METRICS:
Net (Loss) Income Available to Common Stockholders
$(19,267)
$12,444
$156,220
$68,449
$39,008
Net Operating Income (3)
178,403
176,426
188,775
190,779
180,239
EBITDAre (4)
156,406
158,139
171,561
181,500
161,999
Company's Share of EBITDAre (4)
148,583
150,555
164,126
167,914
154,719
Company's Share of Adjusted EBITDAre (4)
147,629
148,350
161,007
167,402
153,585
Funds From Operations (5)
108,846
117,158
130,561
135,891
122,310
Funds Available for Distribution (5)
91,106
90,534
100,939
103,889
109,096
PER SHARE INFORMATION (6):
Net (loss) income available to common stockholders per share – diluted
$(0.16)
$0.10
$1.31
$0.57
$0.33
Funds From Operations per common share/unit – diluted (5)
0.91
0.97
1.08
1.13
1.02
Dividends declared per common share
0.54
0.54
0.54
0.54
0.54
RATIOS (7):
Net Operating Income Margin
66.1%
64.8%
67.5%
65.8%
66.5%
Net Debt to Company's Share of EBITDAre Ratio (4)
7.0x
7.0x
6.4x
6.6x
6.6x
Net Debt to Company's Share of Adjusted EBITDAre Ratio (4)
7.1x
7.1x
6.5x
6.7x
6.9x
Fixed Charge Coverage Ratio - Company’s Share of EBITDAre (4)
3.0x
3.0x
3.2x
3.4x
3.2x
FFO / FAD Payout Ratio (5)
58.3% / 69.6%
55.1% / 71.3%
49.4% / 63.9%
47.5% / 62.1%
52.7% / 59.1%
STABILIZED PORTFOLIO INFORMATION:
Period End Occupancy Percentage
77.6%
81.6%
81.0%
80.8%
81.4%
Period End Leased Percentage
82.3%
83.8%
83.3%
83.5%
83.9%
Period End Occupancy Percentage excluding KOP 2
81.5%
N/A
N/A
N/A
N/A
Period End Leased Percentage excluding KOP 2
84.3%
N/A
N/A
N/A
N/A
Average Occupancy
77.4%
80.9%
80.7%
80.8%
81.4%
Average Occupancy excluding KOP 2
81.4%
N/A
N/A
N/A
N/A
Lease Composition (Net / Gross) (8)
52% / 48%
52% / 48%
50% / 50%
51% / 49%
52% / 48%
________________________
Note: Refer to pages 40-43 “Definitions Included in Supplemental” for definitions of commonly used terms included throughout this report. Refer to pages 36-38 “Non-GAAP Supplemental Measures” for management statements on the
Company’s non-GAAP measures presented in this report.
(1)Primarily represents compensation costs capitalized to construction and development projects.
(2)Represents incidental property operating and carry costs capitalized to development projects.
(3)Refer to page 44 for a reconciliation of GAAP Net (Loss) Income Available to Common Stockholders to Net Operating Income.
(4)Refer to pages 10 and 45 for reconciliations of GAAP Net (Loss) Income Available to Common Stockholders to EBITDAre, Company’s Share of EBITDAre, and Company’s Share of Adjusted EBITDAre.
(5)Refer to page 6 for reconciliations of GAAP Net (Loss) Income Available to Common Stockholders to Funds From Operations and Funds Available for Distribution and page 46 for a reconciliation of GAAP Net Cash Provided by
Operating Activities to Funds Available for Distribution.
(6)Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.
(7)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 34 for additional
information. 
(8)Based upon Annualized Base Rent, including 100% of consolidated property partnerships, as of the end of the period presented.
Kilroy Realty Q1 2026 Supplemental Report | 4
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Where Innovation Works
Consolidated Balance Sheets
(unaudited, $ in thousands)
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
ASSETS:
Land
$1,730,514
$1,641,913
$1,661,679
$1,627,754
$1,750,820
Buildings and improvements
9,011,023
8,505,486
8,658,236
8,427,405
8,617,728
Undeveloped land and construction in progress
1,585,042
2,387,742
2,355,181
2,364,938
2,356,330
Total real estate assets held for investment
12,326,579
12,535,141
12,675,096
12,420,097
12,724,878
Accumulated depreciation and amortization
(2,857,265)
(2,843,811)
(2,952,576)
(2,877,165)
(2,900,113)
Total real estate assets held for investment, net
9,469,314
9,691,330
9,722,520
9,542,932
9,824,765
Real estate and other assets held for sale, net
188,771
115,155
—
255,795
—
Cash and cash equivalents
192,904
179,316
372,416
193,129
146,711
Marketable securities
31,417
30,807
33,569
31,629
29,187
Current receivables, net
15,712
12,765
13,191
11,718
11,680
Deferred rent receivables, net
425,420
424,794
436,886
436,964
447,433
Deferred leasing costs and acquisition-related intangible assets, net
271,213
278,232
229,175
208,266
220,051
Right of use ground lease assets, net
127,834
128,116
128,396
128,674
128,949
Prepaid expenses and other assets, net
52,273
54,561
56,046
58,725
69,909
Total Assets
$10,774,858
$10,915,076
$10,992,199
$10,867,832
$10,878,685
LIABILITIES AND EQUITY:
Liabilities:
Secured debt, net
$591,398
$592,685
$593,956
$595,212
$596,806
Unsecured debt, net
3,997,993
3,996,774
3,995,555
4,002,507
4,001,036
Accounts payable, accrued expenses, and other liabilities
303,808
288,963
321,188
273,600
292,354
Ground lease liabilities
127,414
127,628
127,830
128,030
128,227
Accrued dividends and distributions
63,421
65,009
64,996
64,985
64,990
Deferred revenue and acquisition-related intangible liabilities, net
122,272
125,628
127,931
131,606
137,538
Rents received in advance and tenant security deposits
79,638
75,701
74,888
73,561
77,749
Liabilities related to real estate assets held for sale
—
4,945
—
4,887
—
Total liabilities
5,285,944
5,277,333
5,306,344
5,274,388
5,298,700
Equity:
Stockholders’ Equity
Common stock
1,163
1,184
1,183
1,183
1,183
Additional paid-in capital
5,161,140
5,230,747
5,223,369
5,216,320
5,210,415
Retained earnings
102,859
188,876
240,810
148,952
144,867
Total stockholders’ equity
5,265,162
5,420,807
5,465,362
5,366,455
5,356,465
Noncontrolling Interests
Common units of the Operating Partnership
51,328
51,911
53,154
52,192
52,105
Consolidated property partnerships
172,424
165,025
167,339
174,797
171,415
Total noncontrolling interests
223,752
216,936
220,493
226,989
223,520
Total equity
5,488,914
5,637,743
5,685,855
5,593,444
5,579,985
Total Liabilities And Equity
$10,774,858
$10,915,076
$10,992,199
$10,867,832
$10,878,685
Kilroy Realty Q1 2026 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
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Revenues
Rental income
$265,330
$267,363
$274,909
$285,071
$266,244
Other property income
4,723
4,824
4,835
4,821
4,600
Total revenues
270,053
272,187
279,744
289,892
270,844
Expenses
Property expenses
59,283
64,673
61,764
58,575
58,714
Real estate taxes
28,782
26,556
25,878
26,765
28,365
Ground leases
3,187
2,991
3,018
3,019
3,020
General and administrative expenses
20,699
19,485
18,247
18,475
16,901
Leasing costs
3,010
2,592
2,610
2,277
2,873
Depreciation and amortization
94,344
92,623
87,487
87,625
87,119
Total expenses
209,305
208,920
199,004
196,736
196,992
Other Income (Expenses)
Interest income
954
2,205
3,119
512
1,134
Interest expense
(38,511)
(32,148)
(32,152)
(30,844)
(31,148)
Other income (expense)
O
t
h
e
r
i
n
c
o
m
e
(
e
x
p
e
n
s
e
)
389
44
91
190
(157)
Gains on sales of depreciable operating properties
G
a
i
n
s
o
n
s
a
l
e
s
o
f
d
e
p
r
e
c
i
a
b
l
e
o
p
e
r
a
t
i
n
g
p
r
o
p
e
r
t
i
e
s
23,525
—
110,484
16,554
—
Impairment of real estate assets (1)
(61,778)
(16,259)
—
—
—
Total other (expenses) income
(75,421)
(46,158)
81,542
(13,588)
(30,171)
Net (Loss) Income
(14,673)
17,109
162,282
79,568
43,681
Net loss (income) attributable to noncontrolling common units of the Operating Partnership
185
(120)
(1,524)
(663)
(375)
Net income attributable to noncontrolling interests in consolidated property partnerships
(4,779)
(4,545)
(4,538)
(10,456)
(4,298)
Total net income attributable to noncontrolling interests
(4,594)
(4,665)
(6,062)
(11,119)
(4,673)
Net (Loss) Income Available To Common Stockholders
$(19,267)
$12,444
$156,220
$68,449
$39,008
Weighted average common shares outstanding – basic
117,637
118,338
118,296
118,285
118,195
Weighted average common shares outstanding – diluted
117,637
119,153
118,822
118,683
118,664
Net (Loss) Income Available To Common Stockholders Per Share
Net (loss) income available to common stockholders per share – basic
$(0.16)
$0.10
$1.32
$0.58
$0.33
Net (loss) income available to common stockholders per share – diluted
$(0.16)
$0.10
$1.31
$0.57
$0.33
________________________
(1)During the three months ended March 31, 2026, we recognized an impairment charge of approximately $61.8 million to reduce the carrying amount of the Columbia Square Living and Jardine residential towers to their
current fair value less closing costs. The sale of these properties closed in April 2026. During the three months 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. The sale of this property closed in December 2025.
Kilroy Realty Q1 2026 Supplemental Report | 6
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Where Innovation Works
Funds From Operations & Funds Available for Distribution
(unaudited, $ and shares in thousands, except per share amounts)
Three Months Ended
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
FUNDS FROM OPERATIONS:
Net (loss) income available to common stockholders
$(19,267)
$12,444
$156,220
$68,449
$39,008
Adjustments:
Net loss (income) attributable to noncontrolling common units of the Operating Partnership
(185)
120
1,524
663
375
Net income attributable to noncontrolling interests in consolidated property partnerships
4,779
4,545
4,538
10,456
4,298
Depreciation and amortization of real estate assets
92,885
91,213
86,080
86,243
85,735
Gains on sales of depreciable operating properties
(23,525)
—
(110,484)
(16,554)
—
Impairment of real estate assets
61,778
16,259
—
—
—
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships
(7,619)
(7,423)
(7,317)
(13,366)
(7,106)
Funds From Operations
$108,846
$117,158
$130,561
$135,891
$122,310
Weighted average common shares/units outstanding – basic (1)
119,251
119,869
119,870
119,848
119,750
Weighted average common shares/units outstanding – diluted (1)
119,957
120,684
120,397
120,246
120,220
FFO per common share/unit – basic (2)
$0.91
$0.98
$1.09
$1.13
$1.02
FFO per common share/unit – diluted (2)
$0.91
$0.97
$1.08
$1.13
$1.02
FUNDS AVAILABLE FOR DISTRIBUTION:
Funds From Operations
$108,846
$117,158
$130,561
$135,891
$122,310
Adjustments:
Recurring tenant improvements, leasing commissions, and capital expenditures
(18,743)
(31,724)
(36,959)
(34,040)
(17,378)
Amortization of deferred revenue related to tenant-funded tenant improvements
(3,218)
(3,547)
(3,639)
(3,770)
(3,688)
Straight-line rents, net
(701)
2,358
1,303
3,354
4,613
Amortization of net below market rents
(641)
(624)
(764)
(845)
(846)
Amortization of deferred financing costs and net debt discount/premium
1,662
1,162
1,218
1,178
1,219
Non-cash amortization of share-based compensation awards
4,869
5,145
5,436
4,582
3,927
Lease related adjustments and other (3)
(1,380)
(640)
1,877
(2,626)
(1,677)
Adjustments attributable to noncontrolling interests in consolidated property partnerships
412
1,246
1,906
165
616
Funds Available for Distribution
$91,106
$90,534
$100,939
$103,889
$109,096
________________________
(1)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 also include non-
participating share-based awards and the dilutive impact of contingently issuable shares.
(2)Reported per common share/unit amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.
(3)Includes deferred income and lease incentives, net, deferred settlement and restoration fee income, deferred lease termination fee income, and other non-cash items. Includes non-cash ground rent expense beginning
in Q1 2026.
Kilroy Realty Q1 2026 Supplemental Report | 7
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Where Innovation Works
Supplemental Income Statement Detail
(unaudited, $ in thousands)
Three Months Ended
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Revenues
Income Statement Category
*
Base rent
Rental income
$193,622
$197,081
$201,633
$201,955
$202,640
*
Tenant reimbursements
Rental income
46,527
47,779
51,867
48,035
46,313
*
Other revenues (1)
Rental income
18,417
18,442
16,656
19,967
15,630
Deferred income and lease incentives, net (2)
Rental income
1,060
257
707
771
834
Amortization of deferred revenue related to tenant-funded tenant
improvements
Rental income
3,218
3,547
3,639
3,770
3,688
Straight-line rents, net
Rental income
701
(2,358)
(1,303)
(3,354)
(4,613)
Amortization of net below market rents
Rental income
641
624
764
845
846
*
Settlement and restoration fee income
Rental income
746
450
2,663
639
63
Deferred settlement and restoration fee income
Rental income
—
—
(2,026)
1,689
337
Cash lease termination fee income
Rental income
9
1,158
867
10,588
—
Deferred lease termination fee income
Rental income
389
383
(558)
166
506
*
Other property income (3)
Other property income
4,723
4,824
4,835
4,821
4,600
Total Revenues
$270,053
$272,187
$279,744
$289,892
$270,844
________________________
•Represents a component of Cash Net Operating Income.
(1)Primarily comprised of residential income, contractual parking income, and net of 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 Q1 2026 Supplemental Report | 8
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Where Innovation Works
Net Operating Income
(unaudited, $ in thousands)
Three Months Ended
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Cash Operating Revenues:
Base rent
$193,622
$197,081
$201,633
$201,955
$202,640
Tenant reimbursements
46,527
47,779
51,867
48,035
46,313
Other revenues (1)
18,417
18,442
16,656
19,967
15,630
Settlement and restoration fee income
746
450
2,663
639
63
Other property income (2)
4,723
4,824
4,835
4,821
4,600
Total cash operating revenues
264,035
268,576
277,654
275,417
269,246
Cash Operating Expenses:
Property expenses
59,283
64,673
61,764
58,575
58,714
Real estate taxes
28,782
26,556
25,878
26,765
28,365
Ground leases
3,118
2,913
2,940
2,941
2,942
Total cash operating expenses
91,183
94,142
90,582
88,281
90,021
Cash Net Operating Income (3)
172,852
174,434
187,072
187,136
179,225
Deferred income and lease incentives, net (4)
1,060
257
707
771
834
Amortization of deferred revenue related to tenant-funded tenant improvements
3,218
3,547
3,639
3,770
3,688
Straight-line rents, net
701
(2,358)
(1,303)
(3,354)
(4,613)
Amortization of net below market rents
641
624
764
845
846
Deferred settlement and restoration fee income
—
—
(2,026)
1,689
337
Other (5)
(69)
(78)
(78)
(78)
(78)
Net Operating Income (3)
178,403
176,426
188,775
190,779
180,239
Lease termination fees
398
1,541
309
10,754
506
General and administrative expenses
(20,699)
(19,485)
(18,247)
(18,475)
(16,901)
Leasing costs
(3,010)
(2,592)
(2,610)
(2,277)
(2,873)
Other income (expense)
389
44
91
190
(157)
Interest income
954
2,205
3,119
512
1,134
Interest expense
(38,511)
(32,148)
(32,152)
(30,844)
(31,148)
Depreciation and amortization
(94,344)
(92,623)
(87,487)
(87,625)
(87,119)
Gains on sales of depreciable operating properties
23,525
—
110,484
16,554
—
Impairment of real estate assets
(61,778)
(16,259)
—
—
—
Net (Loss) Income
$(14,673)
$17,109
$162,282
$79,568
$43,681
________________________
(1)Primarily comprised of residential income, contractual parking income, and net of revenues deemed uncollectible.
(2)Primarily comprised of transient parking income.
(3)Refer to page 44 for a reconciliation of GAAP Net (Loss) Income Available to Common Stockholders to Cash Net Operating Income and Net Operating Income.
(4)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences.
(5)Includes other non-cash amounts primarily related to ground rent expense.
Kilroy Realty Q1 2026 Supplemental Report | 9
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Where Innovation Works
Same Property Net Operating Income Analysis (Cash Basis)
(unaudited, $ in thousands)
Three Months Ended March 31,
2026
2025
% Contribution
Total Same Property Portfolio
Number of properties
113
Square Feet
15,613,635
Average Occupancy (1)
82.0%
81.8%
Percent of Stabilized Portfolio
91.2%
Cash Operating Revenues:
Base rent
$184,772
$186,758
(1.2)%
Tenant reimbursements
44,377
43,579
0.5%
Other revenues (2)
13,573
10,977
1.6%
Settlement and restoration fee income
746
63
0.4%
Other property income (3)
3,974
3,774
0.1%
Total cash operating revenues
247,442
245,151
1.4%
Cash Operating Expenses:
Property expenses
52,257
52,151
(0.1)%
Real estate taxes
23,425
24,396
0.6%
Ground leases
3,118
2,942
(0.1)%
Total cash operating expenses
78,800
79,489
0.4%
Cash Net Operating Income (4) (5) (6)
$168,642
$165,662
1.8%
________________________
(1)Calculated as the average of the daily ending occupancy percentages.
(2)Primarily comprised of residential income, contractual parking income, and net of revenues deemed uncollectible.
(3)Primarily comprised of transient parking income.
(4)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.
(5)Refer to page 44 for a reconciliation of GAAP Net (Loss) Income Available to Common Stockholders to Same Property Cash Net Operating Income.
(6)For the three months ended March 31, 2026 and 2025, Same Property Cash Net Operating Income from our One Paseo Living residential property represented 2.9% and 2.7% of total Same Property Cash Net
Operating Income, respectively.
Kilroy Realty Q1 2026 Supplemental Report | 10
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Where Innovation Works
EBITDA, EBITDAre, and Adjusted EBITDAre
(unaudited, $ in thousands)
Three Months Ended
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Net (Loss) Income Available to Common Stockholders
$(19,267)
$12,444
$156,220
$68,449
$39,008
Interest expense
38,511
32,148
32,152
30,844
31,148
Depreciation and amortization
94,344
92,623
87,487
87,625
87,119
Taxes
(29)
—
124
17
51
EBITDA
113,559
137,215
275,983
186,935
157,326
Net loss (income) attributable to noncontrolling common units of the Operating Partnership
(185)
120
1,524
663
375
Net income attributable to noncontrolling interests in consolidated property partnerships
4,779
4,545
4,538
10,456
4,298
Gains on sales of depreciable operating properties
(23,525)
—
(110,484)
(16,554)
—
Impairment of real estate assets
61,778
16,259
—
—
—
EBITDAre
156,406
158,139
171,561
181,500
161,999
EBITDAre attributable to noncontrolling interests in consolidated property partnerships
(7,823)
(7,584)
(7,435)
(13,586)
(7,280)
Company's Share of EBITDAre
148,583
150,555
164,126
167,914
154,719
Interest income
(954)
(2,205)
(3,119)
(512)
(1,134)
Company's Share of Adjusted EBITDAre
$147,629
$148,350
$161,007
$167,402
$153,585
a2501112_laxmapleplazaxsha.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
–2026 Acquisitions
–2026 Dispositions, Held for Sale, and Assets Under Contract
–Consolidated Ventures (Noncontrolling Property Partnerships)
Maple Plaza, Beverly Hills, CA
kilroy_logoxredxrgb.jpg
Kilroy Realty Q1 2026 Supplemental Report | 12
kilroy_logoxsupplementalre.jpg
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 %
3/31/2026
12/31/2025
3/31/2026
12/31/2025
SAN FRANCISCO BAY AREA
San Francisco CBD
26.0%
19.9%
3,410,022
82.4%
82.3%
84.3%
83.3%
South San Francisco (3)
7.3%
9.8%
1,677,847
46.9%
91.9%
67.2%
91.9%
Other Peninsula
5.6%
4.2%
726,200
85.3%
86.2%
89.4%
86.2%
Silicon Valley
5.0%
3.6%
622,640
100.0%
100.0%
100.0%
100.0%
Total San Francisco Bay Area
43.9%
37.5%
6,436,709
75.2%
86.2%
81.9%
86.8%
LOS ANGELES
El Segundo
3.2%
6.4%
1,103,595
65.1%
69.9%
66.0%
70.5%
Hollywood / West Hollywood
7.3%
6.2%
1,057,790
85.3%
85.4%
95.2%
94.2%
Long Beach
3.0%
5.6%
957,705
88.1%
88.1%
92.9%
91.7%
West Los Angeles
1.3%
3.8%
650,722
57.8%
55.2%
58.0%
56.4%
Beverly Hills
1.9%
1.8%
306,366
81.6%
77.5%
81.6%
81.6%
Culver City
0.2%
1.0%
166,207
50.8%
43.6%
52.2%
43.6%
Total Los Angeles
16.9%
24.8%
4,242,385
74.8%
75.1%
78.7%
78.8%
SEATTLE
Lake Union / Denny Regrade
11.1%
12.1%
2,078,012
78.5%
76.6%
83.3%
81.2%
Bellevue
5.7%
5.4%
919,295
81.0%
87.8%
81.5%
87.8%
Total Seattle
16.8%
17.5%
2,997,307
79.3%
80.0%
82.7%
83.2%
SAN DIEGO
Del Mar
13.3%
10.8%
1,853,346
90.2%
89.2%
90.4%
89.3%
Little Italy / Point Loma
0.8%
1.9%
320,371
61.9%
59.5%
67.4%
63.0%
University Towne Center
1.8%
1.7%
283,134
81.6%
81.6%
90.3%
90.3%
Torrey Pines
1.6%
1.4%
232,166
75.1%
75.1%
75.1%
75.1%
Total San Diego
17.5%
15.8%
2,689,017
84.6%
83.7%
86.3%
85.1%
AUSTIN
Austin CBD
4.9%
4.4%
758,975
83.2%
82.2%
88.8%
87.9%
Total Austin
4.9%
4.4%
758,975
83.2%
82.2%
88.8%
87.9%
Total Stabilized Portfolio
100.0%
100.0%
17,124,393
77.6%
81.6%
82.3%
83.8%
Total Stabilized Portfolio Excluding KOP 2
81.5%
N/A
84.3%
N/A
Average Occupancy (4)
Quarter-to-Date
Quarter-to-Date (Excluding KOP 2)
77.4%
81.4%
________________________
(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.
(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)KOP 2 stabilized during the three months ended March 31, 2026. The total project was 5% occupied and 44% leased at March 31, 2026.
(4)Calculated as the average of the daily ending occupancy percentages.
Kilroy Realty Q1 2026 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
3/31/2026
12/31/2025
3/31/2026
12/31/2025
SAN FRANCISCO BAY AREA, CALIFORNIA
100 Hooper Street
100 Hooper
San Francisco CBD
417,914
94.4%
97.4%
94.4%
97.4%
100 First Street
100 First Street
San Francisco CBD
480,457
95.2%
95.3%
95.2%
95.3%
201 Third Street
201 Third Street
San Francisco CBD
355,960
62.1%
56.0%
80.2%
58.7%
303 Second Street
303 Second Street
San Francisco CBD
784,658
62.7%
66.1%
62.7%
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
71.3%
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%
363 Oyster Point Boulevard * (2)
Kilroy Oyster Point - Phase 2
South San Francisco
318,935
0.0%
N/A
0.0%
N/A
365 Oyster Point Boulevard * (2)
Kilroy Oyster Point - Phase 2
South San Francisco
272,333
17.1%
N/A
39.2%
N/A
369 Oyster Point Boulevard * (2)
Kilroy Oyster Point - Phase 2
South San Francisco
280,470
0.0%
N/A
100.0%
N/A
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
48.9%
69.4%
48.9%
69.4%
4300 Bohannon Drive
Menlo Corporate Center
Other Peninsula
63,430
38.8%
38.8%
85.3%
38.8%
4400 Bohannon Drive *
Menlo Corporate Center
Other Peninsula
48,414
6.3%
0.0%
6.3%
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
6,436,709
75.2%
86.2%
81.9%
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.
(2)363, 365, and 369 Oyster Point Boulevard comprise our KOP 2 development project that stabilized during the three months ended March 31, 2026. The total project was 5% occupied and 44% leased at March 31, 2026
and 3% occupied and 44% leased at December 31, 2025.
Kilroy Realty Q1 2026 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
3/31/2026
12/31/2025
3/31/2026
12/31/2025
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
65.5%
67.4%
69.7%
70.3%
999 N. Pacific Coast Highway
The Nines
El Segundo
138,389
16.9%
51.9%
16.9%
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
0.0%
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
26,237
93.4%
73.4%
98.2%
73.4%
6121 W. Sunset Boulevard
Columbia Square
Hollywood / West Hollywood
93,418
0.0%
0.0%
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
100.0%
98.9%
100.0%
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
41.0%
0.0%
41.0%
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%
77.5%
87.0%
83.4%
3780 Kilroy Airport Way
Aero
Long Beach
221,452
98.1%
97.4%
98.1%
97.4%
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%
91.3%
91.3%
91.3%
3900 Kilroy Airport Way
Aero
Long Beach
130,935
61.1%
62.3%
83.8%
80.9%
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
47.0%
42.0%
47.8%
42.0%
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
37.7%
32.0%
37.7%
37.0%
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
81.6%
77.5%
81.6%
81.6%
3101-3243 S. La Cienega Boulevard
Blackwelder
Culver City
166,207
50.8%
43.6%
52.2%
43.6%
Total Los Angeles
4,242,385
74.8%
75.1%
78.7%
78.8%
________________________
*      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 Q1 2026 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
3/31/2026
12/31/2025
3/31/2026
12/31/2025
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
142,820
64.0%
64.6%
64.0%
64.6%
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
32.3%
26.0%
44.6%
36.6%
320 Westlake Avenue North
Westlake Terry
Lake Union / Denny Regrade
184,644
100.0%
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
74.4%
87.1%
75.2%
87.1%
10900 NE 4th Street
Skyline Tower
Bellevue
428,557
88.5%
88.6%
88.7%
88.6%
Total Seattle
2,997,307
79.3%
80.0%
82.7%
83.2%
________________________
(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented.
Kilroy Realty Q1 2026 Supplemental Report | 16
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)
3/31/2026
12/31/2025
3/31/2026
12/31/2025
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%
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%
100.0%
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%
100.0%
100.0%
100.0%
3745 Paseo Place
One Paseo
Del Mar
95,871
92.8%
89.0%
96.8%
91.7%
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
48.5%
45.0%
56.9%
50.2%
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%
100.0%
100.0%
100.0%
3535 General Atomics Court *
Nautilus
Torrey Pines
80,543
28.1%
28.1%
28.1%
28.1%
3550 John Hopkins Court *
Nautilus
Torrey Pines
62,739
100.0%
100.0%
100.0%
100.0%
3565 General Atomics Court *
Nautilus
Torrey Pines
43,295
100.0%
100.0%
100.0%
100.0%
Total San Diego
2,689,017
84.6%
83.7%
86.3%
85.1%
________________________
*      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 Q1 2026 Supplemental Report | 17
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Stabilized Portfolio Occupancy Overview by Region, continued (1)
(unaudited)
Rentable
Square Feet
Occupied at
Leased at
Campus
Submarket
3/31/2026
12/31/2025
3/31/2026
12/31/2025
AUSTIN, TEXAS
200 W. 6th Street
Indeed Tower
Austin CBD
758,975
83.2%
82.2%
88.8%
87.9%
Total Austin
758,975
83.2%
82.2%
88.8%
87.9%
Total Stabilized Portfolio
17,124,393
77.6%
81.6%
82.3%
83.8%
Total Stabilized Portfolio Excluding KOP 2
81.5%
N/A
84.3%
N/A
Average Residential Occupancy
Quarter to Date
RESIDENTIAL PROPERTY
Campus
Submarket (2)
Total No. of Units
3/31/2026
12/31/2025
SAN DIEGO, CALIFORNIA
3200 Paseo Village Way
One Paseo Living
Del Mar
608
95.0%
94.0%
________________________
(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented. Excludes properties classified as held for sale.
(2)The Company defines the Del Mar submarket as Del Mar, Del Mar Heights, and Carmel Valley.
Kilroy Realty Q1 2026 Supplemental Report | 18
kilroy_logoxsupplementalre.jpg
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)
New
Renewal
New
Renewal
Total
2nd Gen Leasing
23
11
245,362
44,476
289,838
53
$50.63
$11.06
1st Gen / Major Repositioning /
In-Process Development & Redevelopment Leasing
4
—
208,081
—
208,081
203
$321.52
$19.86
Total
27
11
453,443
44,476
497,919
Quarter to Date
2nd Gen Leasing Change in Rents
Changes in
GAAP Rents (3)
Changes in
Cash Rents (4)
Leases Signed On Space Vacant Less Than or Equal to 12 Months
19.2%
5.2%
All Leases Signed
(10.6)%
(16.8)%
Retention Rate Calculations
Quarter to Date
Retention Rate
18.5%
Retention Rate, including subtenants
33.4%
Leases Signed But Not Yet Commenced (5)
Period of Estimated Lease Commencement (6)
H1 2026
H2 2026
H1 2027
H2 2027
2028 and Beyond
Total
Square Feet
155,049
283,512
84,532
331,917
207,572
1,062,582
Annualized Base Rent (“ABR”)
$8,511
$14,421
$3,662
$24,718
$26,420
$77,732
ABR per Sq. Ft.
$54.89
$50.87
$43.32
$74.47
$127.28
$73.15
Net Leases
86%
Gross Leases
14%
Total ABR
100%
________________________
(1)Includes 100% of consolidated property partnerships. Excludes leases with a lease term of less than one year (i.e. short-term leases). During the three months ended March 31, 2026, the Company signed 70,154
square feet of short-term leases, comprised of 32,537 square feet of new leasing on vacant space and 37,617 square feet of renewal leasing.
(2)Includes tenant improvements and third-party leasing commissions, and excludes tenant-funded tenant improvements and indirect leasing costs.
(3)Calculated as the change between the expiring GAAP rent and the new GAAP rent for the same space. When necessary, lease structures are modified (adjusted for net leases) for comparability. Space that was vacant
when the property was acquired is excluded from these calculations.
(4)Calculated as the change between the expiring cash rent and the new cash rent for the same space. When necessary, lease structures are modified (adjusted for net leases) for comparability. Space that was vacant
when the property was acquired is excluded from these calculations.
(5)Includes 789,462 square feet of new leasing on previously vacant space, 144,798 square feet of non-stabilized development leasing, and 128,322 square feet that has been backfilled or released to a subtenant as of
March 31, 2026, but had not yet commenced.
(6)Represents achievement of revenue recognition for the associated lease agreements.
Kilroy Realty Q1 2026 Supplemental Report | 19
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Stabilized Portfolio Capital Expenditures
($ in thousands)
Quarter to Date
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Second Generation Capital Expenditures: (1)
Capital Improvements
$2,974
$10,068
$9,529
$13,548
$6,635
Tenant Improvements & Leasing Commissions
15,769
21,656
27,430
20,492
10,743
Total
$18,743
$31,724
$36,959
$34,040
$17,378
Average Capital Expenditures to Average NOI Ratio - Trailing Five Quarters
15.2%
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Major Repositioning Capital Expenditures: (2)
Capital Improvements
$—
$60
$39
$702
$93
Total
$—
$60
$39
$702
$93
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
First Generation Capital Expenditures:
Tenant Improvements & Leasing Commissions
$8,980
$5,098
$4,268
$5,834
$3,914
Total
$8,980
$5,098
$4,268
$5,834
$3,914
________________________
(1)Includes 100% of consolidated property partnerships.
(2)Represents significant non-recurring capital expenditures for repositioning space that is expected to result in additional revenue generated when the space is re-leased.
Kilroy Realty Q1 2026 Supplemental Report | 20
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Stabilized Portfolio Lease Expirations (1) (2)
($ in thousands, except for Annualized Base Rent per sq. ft.)
chart-d7a7911f3f5d4924a26.gif
# of Expiring Leases
52
69
73
67
68
68
22
22
17
17
22
% of Total Leased Sq. Ft.
5.6%
8.2%
9.6%
11.1%
13.1%
19.5%
9.7%
9.0%
5.2%
4.8%
4.2%
ABR (3)
$36,656
$40,685
$78,270
$76,254
$104,294
$159,604
$84,641
$70,699
$45,637
$36,991
$34,957
% of Total ABR
4.8%
5.3%
10.2%
9.9%
13.6%
20.8%
11.0%
9.2%
5.9%
4.8%
4.5%
ABR per Sq. Ft.
$49.47
$37.80
$61.71
$52.36
$60.40
$62.61
$66.12
$59.47
$66.78
$57.98
$63.65
________________________
(1)Represents all in-place leases as of March 31, 2026, excluding intercompany leases.
(2)Adjusting for leases that have been backfilled or released to a subtenant as of March 31, 2026 but not yet commenced, the 2026, 2027, and 2028 expirations would be reduced by 14,012, 87,460, and 26,850 square
feet, respectively.
(3)Includes 100% of consolidated property partnerships.
Kilroy Realty Q1 2026 Supplemental Report | 21
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Stabilized Portfolio Lease Expirations by Region
($ 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
San Francisco Bay Area
8
215,972
1.7%
$15,161
2.1%
$70.20
Los Angeles
31
334,062
2.5%
14,192
1.8%
42.48
Seattle
9
163,443
1.2%
6,938
0.9%
42.45
San Diego
4
27,538
0.2%
365
—%
13.26
Austin
—
—
—%
—
—%
—
Total
52
741,015
5.6%
$36,656
4.8%
$49.47
2027
San Francisco Bay Area
6
33,449
0.3%
$1,596
0.2%
$47.71
Los Angeles
46
837,351
6.4%
29,829
3.9%
35.62
Seattle
11
136,180
1.0%
5,676
0.7%
41.68
San Diego
6
69,426
0.5%
3,584
0.5%
51.62
Austin
—
—
—%
—
—%
—
Total
69
1,076,406
8.2%
$40,685
5.3%
$37.80
2028
San Francisco Bay Area
14
825,355
6.3%
$53,027
6.9%
$64.25
Los Angeles
39
188,407
1.4%
11,166
1.5%
59.27
Seattle
7
44,923
0.3%
1,650
0.2%
36.73
San Diego
13
209,596
1.6%
12,427
1.6%
59.29
Austin
—
—
—%
—
—%
—
Total
73
1,268,281
9.6%
$78,270
10.2%
$61.71
2029
San Francisco Bay Area
15
524,111
4.0%
$28,616
3.7%
$54.60
Los Angeles
23
443,419
3.4%
22,955
3.0%
51.77
Seattle
11
232,111
1.8%
10,302
1.3%
44.38
San Diego
17
252,483
1.9%
14,146
1.9%
56.03
Austin
1
4,211
—%
235
—%
—
Total
67
1,456,335
11.1%
$76,254
9.9%
$52.36
2030
San Francisco Bay Area
15
842,110
6.4%
$54,748
7.1%
$65.01
Los Angeles
18
217,533
1.7%
12,907
1.7%
59.33
Seattle
10
461,342
3.5%
21,721
2.8%
47.08
San Diego
24
200,264
1.5%
14,513
1.9%
72.47
Austin
1
5,454
—%
405
0.1%
74.28
Total
68
1,726,703
13.1%
$104,294
13.6%
$60.40
2031
and
Beyond
San Francisco Bay Area
30
2,366,912
18.0%
$184,333
23.9%
$77.88
Los Angeles
49
1,073,695
8.2%
61,626
8.0%
57.40
Seattle
28
1,330,625
10.1%
59,243
7.7%
44.52
San Diego
44
1,502,231
11.4%
98,988
12.9%
65.89
Austin
17
615,179
4.7%
28,339
3.7%
46.07
Total
168
6,888,642
52.4%
$432,529
56.2%
$62.79
________________________
(1)Includes 100% of consolidated property partnerships.
Kilroy Realty Q1 2026 Supplemental Report | 22
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Top 20 Tenants (1)
($ 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
5.8%
5.0%
2032 / 2033 / 2037
7.3
2
Cruise LLC
San Francisco Bay Area
35,449
374,618
4.6%
2.2%
2031
5.7
3
Stripe, Inc.
San Francisco Bay Area
33,110
425,687
4.3%
2.5%
2034
8.3
4
Adobe Systems, Inc.
San Francisco Bay Area / Seattle
27,897
537,368
3.6%
3.1%
2027 (4) / 2031
5.1
5
Salesforce, Inc.
San Francisco Bay Area / Seattle
24,706
472,016
3.2%
2.8%
2029 / 2030 / 2032
4.1
6
Okta, Inc.
San Francisco Bay Area
24,206
293,001
3.2%
1.7%
2028
2.6
7
DoorDash, Inc.
San Francisco Bay Area
23,842
236,759
3.1%
1.4%
2032
5.8
8
Netflix, Inc.
Los Angeles
21,854
361,388
2.8%
2.1%
2032
6.3
9
Cytokinetics, Inc.
San Francisco Bay Area
18,167
234,892
2.4%
1.4%
2033
7.6
10
Box, Inc.
San Francisco Bay Area
16,853
287,680
2.2%
1.7%
2028
2.3
11
DIRECTV, LLC
Los Angeles
16,085
532,956
2.1%
3.1%
2026 / 2027 (5)
1.4
12
Tandem Diabetes Care, Inc.
San Diego 
15,884
181,949
2.1%
1.1%
2035
9.1
13
Synopsys, Inc.
San Francisco Bay Area
15,492
342,891
2.0%
2.0%
2030
4.4
14
Neurocrine Biosciences, Inc.
San Diego 
14,397
273,021
1.9%
1.6%
2029 / 2031
5.0
15
Viacom International, Inc.
Los Angeles
13,718
220,330
1.8%
1.3%
2028
2.8
16
Indeed, Inc.
Austin CBD
13,430
330,394
1.8%
1.9%
2034
8.8
17
Sony Group Corporation
San Francisco Bay Area / Los Angeles
13,397
131,642
1.7%
0.8%
2030
4.0
18
Amazon.com
Seattle
12,921
283,979
1.7%
1.7%
2030
3.9
19
Nektar Therapeutics, Inc.
San Francisco Bay Area
12,297
135,974
1.6%
0.8%
2030
3.8
20
Splunk, Inc.
San Francisco Bay Area
10,323
100,850
1.3%
0.6%
2031
5.7
Total Top 20 Tenants
$408,724
6,607,221
53.2%
38.8%
5.3
 
 
 
 
________________________
(1)Includes subsidiaries of the tenant listed.
(2)The information presented is based upon Annualized Base Rent as of March 31, 2026 and includes 100% of consolidated property partnerships.
(3)Significant lease expirations include those greater than 25,000 rentable square feet.
(4)The 2027 lease expiration represents 31,409 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 lease expiration represents the remaining 483,701 rentable square feet that expires on September
30, 2027.
Kilroy Realty Q1 2026 Supplemental Report | 23
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Where Innovation Works
Tenant Industry Diversification (1)
Annualized Base Rent (2)
Square Feet (2)
           
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________________________
(1)Based on the North American Industry Classification System as of March 31, 2026.
(2)Includes 100% of consolidated property partnerships. Based on occupied square footage in the Stabilized Portfolio as of March 31, 2026, excluding month-to-month and intercompany leases.
Kilroy Realty Q1 2026 Supplemental Report | 24
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Where Innovation Works
2026 Acquisitions
($ in millions)
Submarket
Month of
Acquisition
Acreage
Purchase
Price (1)
1st Quarter
Land
1900 Broadway (2)
Other Peninsula
February
1.1
$36.0
Total
1.1
$36.0
________________________
(1)Excludes acquisition-related costs and purchase price credits.
(2)During the three months ended March 31, 2026, acquired an interest in a fully-entitled land site that can support a 251,000-square-foot office building. Concurrent with closing, signed a 20-year lease with Cooley LLP for
approximately 145,000 square feet, bringing the project to 58% leased. Our joint venture partner contributed $9.0 million toward the purchase of the land.
Kilroy Realty Q1 2026 Supplemental Report | 25
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Where Innovation Works
2026 Dispositions, Held for Sale, and Assets Under Contract
($ in millions)
Operating Property Dispositions
Submarket
Month of
Disposition
Number of
Buildings
Rentable
Square Feet
Sales
Price (1)
1st Quarter
Office
Kilroy Sabre Springs (2)
I-15 Corridor
January
3
427,764
$124.5
12348 High Bluff Drive (Del Mar Tech Center)
Del Mar
March
1
39,192
21.0
Total Office
4
466,956
$145.5
Operating Properties Held for Sale and Development Pipeline Under Contract
Submarket
Units / Acreage
Under Contract
Anticipated
Sales Price (1)
Operating Properties Held for Sale
Hollywood Residential Properties (3)
Hollywood
393 Units
$202.0
Total
$202.0
Development Pipeline - Under Contract (4) (5)
1633 26th Street
West Los Angeles
2 acres
$41.0
Santa Fe Summit - PA1
56 Corridor
5 acres
38.0
Santa Fe Summit - PA2
56 Corridor
17 acres
86.0
Total
$165.0
Total Anticipated Proceeds
$367.0
________________________
(1)Represents actual or anticipated gross sales price before 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.
(3)The Hollywood Residential Properties include the 200-unit Columbia Square Living property located at 1550 N. El Centro Avenue, Los Angeles, CA and the 193-unit Jardine property located at 6390 De Longpre
Avenue, Los Angeles, CA. The sale of these properties closed in April 2026.
(4)Subject to a purchase and sale agreement and non-refundable deposit as of the date of this filing.
(5)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 Q1 2026 Supplemental Report | 26
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Where Innovation Works
Consolidated Ventures (Noncontrolling Property Partnerships)
(unaudited, $ in thousands)
Property
Venture Partner
Submarket
Portfolio
Rentable Square Feet
KRC Ownership % (1)
100 First Street, San Francisco, CA
Norges Bank Investment Management
San Francisco CBD
Stabilized
480,457
56%
303 Second Street, San Francisco, CA
Norges Bank Investment Management
San Francisco CBD
Stabilized
784,658
56%
900 Jefferson Avenue and 900 Middlefield Road,
Redwood City, CA (2)
Local developer
Other Peninsula
Stabilized
347,842
93%
1900 Broadway, Redwood City, CA
Local developer
Other Peninsula
Development
251,000
97%
Stabilized Portfolio Consolidated Venture Net Operating Income Reconciliation
Three Months Ended March 31,
2026
2025
Cash Operating Revenues:
Base rent
$26,289
$27,480
Tenant reimbursements
3,992
3,513
Other revenues (3)
44
(1,083)
Other property income (4)
495
494
Total cash operating revenues
30,820
30,404
Cash Operating Expenses:
Property expenses
6,270
6,210
Real estate taxes
2,287
2,230
Total cash operating expenses
8,557
8,440
Cash Net Operating Income
22,263
21,964
Deferred income and lease incentives, net (5)
371
371
Amortization of deferred revenue related to tenant-funded tenant improvements
441
462
Straight-line rents, net
(793)
(891)
Net Operating Income
22,282
21,906
Lease termination fees
134
134
General and administrative expenses
(9)
—
Leasing costs
(22)
(19)
Other expense
—
(4)
Depreciation and amortization
(7,993)
(8,122)
Net Income
$14,392
$13,895
KRC Share of Cash Net Operating Income (6)
$14,533
$14,679
________________________
(1)Reflects the KRC ownership percentage at time of agreement. For 900 Jefferson Avenue and 900 Middlefield Road, actual percentage may vary depending on cash flows or promote structure. For 1900 Broadway,
reflects expected KRC ownership percentage upon completion of development activities.
(2)For 900 Jefferson Avenue and 900 Middlefield Road, KRC and our partner receive an 8% preferred return on invested capital. Any cash flows received above that amount are shared with our partner as a 10% promote,
with the remaining proceeds distributed according to our respective ownership percentages.
(3)Primarily comprised of contractual parking income and net of revenues deemed uncollectible.
(4)Primarily comprised of transient parking income.
(5)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences.
(6)Reflects KRC share after consolidating elimination entries.
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03
Development
–Stabilized Development & Redevelopment Projects
–In-Process Development & Redevelopment Projects
–Future Development Pipeline
Kilroy Oyster Point Phase 2, South San Francisco, CA
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Kilroy Realty Q1 2026 Supplemental Report | 28
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Where Innovation Works
Stabilized Development & Redevelopment Projects
($ in millions)
% Leased
Location
Construction
Start Date
Stabilization
Date (1)
Rentable
Square Feet
Total
Estimated
Investment
Total Project %
Occupied
As of 3/31/2026
As of Filing
1st Quarter
363, 365, and 369 Oyster Point Boulevard
(Kilroy Oyster Point - Phase 2)
South San Francisco
2Q 2021
1Q 2026
871,738
$1,175
5%
44%
49%
Total
871,738
$1,175
5%
44%
49%
________________________
(1)Represents the earlier of the date the project achieves 95% occupancy or one year from substantial completion of base building components.
Kilroy Realty Q1 2026 Supplemental Report | 29
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In-Process Development & Redevelopment Projects
($ in millions)
% Leased
UNDER CONSTRUCTION
Location
Construction
Start Date
Estimated
Stabilization Date
Estimated
Rentable
Square Feet
Total
Estimated
Investment
Total Cash
Costs
Incurred
As of 3/31/2026
As of Filing
None
—
$—
$—
—%
—%
Total
—
$—
$—
—%
—%
Kilroy Realty Q1 2026 Supplemental Report | 30
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Where Innovation Works
Future Development Pipeline
($ in millions)
Location
Approx. Developable
Square Feet / Resi Units (1)
Total Cash Costs
Incurred as of
3/31/2026 (2)
San Francisco Bay Area
Flower Mart
San Francisco CBD
2,300,000
$673
Kilroy Oyster Point - Phases 3 and 4
South San Francisco
875,000 - 1,000,000
244
1900 Broadway (3)
Other Peninsula
251,000
62
Los Angeles
1633 26th Street (4)
West Los Angeles
190,000
16
Seattle
SIX0
Lake Union / Denny Regrade
925,000 and 650 units
197
San Diego
Santa Fe Summit (4)
56 Corridor
600,000 - 650,000
118
2045 Pacific Highway
Little Italy / Point Loma
275,000
57
Kilroy East Village
East Village
1,100 units
68
Austin
Stadium Tower
Stadium District / Domain
493,000
76
Total
$1,511
________________________
(1)Project scope, including the estimated developable square feet or number of residential units, could change materially from estimates provided due to one or more of the following: significant changes in the economy,
market conditions, tenant requirements and demands, construction costs, new supply, regulatory and entitlement processes, or project design.
(2)Represents costs incurred as of March 31, 2026, net of municipal bonds proceeds received related to public infrastructure improvements, and excluding accrued liabilities recorded in accordance with GAAP.
(3)Owned in a consolidated joint venture. Project is 58% pre-leased and is anticipated to commence construction in 2027, with delivery scheduled for 2030, at which time the Company’s ownership interest is expected to
be 97%.
(4)Subject to signed purchase and sale agreements and non-refundable deposits as of the date of this filing. Refer to page 25 “2026 Dispositions, Held for Sale, and Assets Under Contract” for additional information.
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04
Debt &
Capitalization Data
–Capital Structure
–Debt Maturities
–Debt Covenants & Leverage Ratios
Blackwelder, Culver City, CA
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Where Innovation Works
Capital Structure
As of March 31, 2026
($ 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)
$—
—%
4.88%
4.88%
7/31/2028
Term Loan Facility (4)
200,000
2.5%
4.97%
5.17%
10/3/2027
Private Placement Senior Notes Series A due 2026 (5)
50,000
0.7%
4.30%
4.39%
7/18/2026
Private Placement Senior Notes Series B due 2026
200,000
2.5%
4.35%
4.44%
10/18/2026
Private Placement Senior Notes Series A due 2027
175,000
2.2%
3.35%
3.42%
2/17/2027
Private Placement Senior Notes Series B due 2029
75,000
1.0%
3.45%
3.51%
2/17/2029
Private Placement Senior Notes due 2031
350,000
4.4%
4.27%
4.32%
1/31/2031
Senior Notes due 2028 (6)
400,000
5.0%
4.75%
4.87%
12/15/2028
Senior Notes due 2029
400,000
5.0%
4.25%
4.38%
8/15/2029
Senior Notes due 2030
500,000
6.3%
3.05%
3.17%
2/15/2030
Senior Notes due 2032 (6)
425,000
5.4%
2.50%
2.63%
11/15/2032
Senior Notes due 2033 (6)
450,000
5.7%
2.65%
2.73%
11/15/2033
Senior Notes due 2035
400,000
5.0%
5.88%
6.08%
10/15/2035
Senior Notes due 2036
400,000
5.0%
6.25%
6.41%
1/15/2036
$4,025,000
50.7%
4.14%
4.42%
Secured Debt (7)
100 Hooper St., San Francisco Bay Area
$147,830
1.9%
3.57%
3.80%
12/1/2026
320 Westlake Ave. N. and 321 Terry Ave. N., Seattle
76,012
1.0%
4.48%
4.57%
7/1/2027
One Paseo Mixed-Use Campus, San Diego
375,000
4.7%
5.90%
6.13%
8/10/2034
$598,842
7.6%
5.14%
5.36%
Total Debt
$4,623,842
58.3%
4.27%
4.54%
Equity and Noncontrolling Interest in the Operating Partnership (8)
Common limited partnership units outstanding (9)
1,133,562
$31,978
0.4%
Shares of common stock outstanding
116,278,807
3,280,225
41.3%
Total Equity and Noncontrolling Interest in the Operating
Partnership
$3,312,203
41.7%
Total Market Capitalization
$7,936,045
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 March 31, 2026. 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)In April, repaid the outstanding $50.0 million of 4.300% Private Placement Senior Notes Series A due July 2026, at par.
(6)Green bond.
(7)The mortgage notes are secured by the properties listed.
(8)Value based on closing share price of $28.21 as of March 31, 2026.
(9)Includes common units of the Operating Partnership not owned by the Company. Excludes noncontrolling interests in consolidated property partnerships.
Kilroy Realty Q1 2026 Supplemental Report | 33
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Debt Maturities
As of March 31, 2026
($ in thousands)
chart-cef20f8b78d34b9b807.gif
Total Debt (4)
$399,717
$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%
4.26%
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)In April, repaid the outstanding $50.0 million of 4.300% Private Placement Senior Notes Series A due July 2026, at par.
(2)The maturity of the unsecured term loan facility assumes the exercise of one remaining 12-month extension option, at the Company’s election.
(3)As of March 31, 2026, there was no outstanding balance on the unsecured revolving credit facility maturing on July 31, 2028. The unsecured revolving credit facility has two six-month extension options available, at the
Company's election.
(4)Includes scheduled principal payments for amortizing loans.
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Debt Covenants & Leverage Ratios
($ in thousands)
KEY DEBT COVENANTS (1)
Covenant
Actual Performance
as of March 31, 2026
Unsecured Credit and Term Loan Facilities and Private Placement Notes:
Total debt to total asset value
less than 60%
34%
Fixed charge coverage ratio
greater than 1.5x
3.2x
Unsecured debt ratio
greater than 1.67x
2.79x
Unencumbered asset pool debt service coverage
greater than 1.75x
3.57x
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
5.1x
Secured debt to total asset value
less than 40%
5%
Unencumbered asset pool value to unsecured debt
greater than 150%
298%
NET DEBT TO COMPANY'S SHARE OF EBITDAre RATIOS
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Total principal amount of debt
$4,623,842
$4,625,442
$4,627,026
$4,628,595
$4,630,149
Cash and cash equivalents
(192,904)
(179,316)
(372,416)
(193,129)
(146,711)
Net debt
$4,430,938
$4,446,126
$4,254,610
$4,435,466
$4,483,438
Trailing 12-months Company's Share of EBITDAre (2)(3)
$631,178
$637,314
$660,337
$674,686
$677,632
Trailing 12-months Company's Share of Adjusted EBITDAre (2)(3)
$624,388
$630,344
$650,782
$658,562
$651,936
Net Debt to Company's Share of EBITDAre Ratio
7.0x
7.0x
6.4x
6.6x
6.6x
Net Debt to Company's Share of Adjusted EBITDAre Ratio
7.1x
7.1x
6.5x
6.7x
6.9x
________________________
(1)All covenant ratio titles utilize terms and are calculated as defined in the respective debt and credit agreements.
(2)Calculated as the sum of the Company's Share of EBITDAre and Adjusted EBITDAre for the trailing four quarters.
(3)Refer to page 45 for reconciliations of historical GAAP Net Income Available to Common Stockholders to EBITDAre for the three months ended December 31, 2024, September 30, 2024, and June 30, 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 April 27, 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, the amortization of net below
market rents, and related provision for bad debts).
•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.
The Company excludes 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.
Kilroy Realty Q1 2026 Supplemental Report | 37
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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,
lease related adjustments (including non-cash ground rent expense beginning in Q1 2026), 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
2100 Kettner, San Diego, CA
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Definitions Included in Supplemental
Annualized Base Rent:
Annualized monthly contractual base 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. 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 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.
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 current period EBITDAre divided by gross interest expense (excluding amortization of deferred debt issuance 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.
Gross Lease Types:
Represents leases where the landlord is obligated to pay the tenant's proportionate share of certain operating expenses. 
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Definitions Included in Supplemental, continued
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 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 Rate (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.
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Definitions Included in Supplemental, continued
Retention Rate (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, 2025 and still owned and included in the Stabilized Portfolio as of March 31, 2026. It includes the
residential portfolio, which consists of the 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, 2025
112
15,549,413
Stabilized Acquisition Properties Added (1)
2
103,731
Dispositions and Held for Sale (2)
(1)
(39,192)
Remeasurements
—
(317)
Same Property Portfolio as of March 31, 2026
113
15,613,635
Stabilized Development Property Excluded from Same Property
5
972,226
Stabilized Acquisition Properties Excluded from Same Property
5
538,532
Stabilized Portfolio as of March 31, 2026
123
17,124,393
________________________
(1) One Paseo Junction was added to the Same Property Portfolio in 2026.
(2) Excludes the two residential properties classified as held for sale as of March 31, 2026, measured in units, as well as Kilroy Sabre Springs, which was classified as held for sale as of December 31,
2025 and not included in the Same Property Portfolio.
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.
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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, 2025
121
16,292,164
Stabilized Development Properties
3
871,738
Dispositions (2)
(1)
(39,192)
Remeasurements
—
(317)
Stabilized Portfolio as of March 31, 2026
123
17,124,393
________________________
(1) Excludes our residential property measured in units.
(2) Excludes Kilroy Sabre Springs, which was classified as held for sale as of December 31, 2025 and not included in the Stabilized Portfolio.
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 March 31, 2026. 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
123
17,124,393
Total Portfolio as of March 31, 2026
123
17,124,393
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Reconciliation of Net (Loss) Income Available to Common
Stockholders to Same Property Cash Net Operating Income (1) 
(unaudited, $ in thousands)
 
Three Months Ended
 
3/31/2026
3/31/2025
Net (Loss) Income Available to Common Stockholders
$(19,267)
$39,008
Net loss (income) attributable to noncontrolling common units of the Operating Partnership
(185)
375
Net income attributable to noncontrolling interests in consolidated property partnerships
4,779
4,298
Net (Loss) Income
(14,673)
43,681
Adjustments:
Impairment of real estate assets
61,778
—
Gains on sales of depreciable operating properties
(23,525)
—
Depreciation and amortization
94,344
87,119
Interest expense
38,511
31,148
Interest income
(954)
(1,134)
Other (income) expense
(389)
157
Leasing costs
3,010
2,873
General and administrative expenses
20,699
16,901
Lease termination fees
(398)
(506)
Net Operating Income
178,403
180,239
Other (2)
69
78
Deferred settlement and restoration fee income
—
(337)
Amortization of net below market rents
(641)
(846)
Straight-line rents, net
(701)
4,613
Amortization of deferred revenue related to tenant-funded tenant improvements
(3,218)
(3,688)
Deferred income and lease incentives, net (3)
(1,060)
(834)
Cash Net Operating Income
172,852
179,225
Non-Same Property Cash Net Operating Income
(4,210)
(13,563)
Same Property Cash Net Operating Income
$168,642
$165,662
________________________
(1)Based upon the Same Store Portfolio as of March 31, 2026, which was comprised of 113 properties. 
(2)Includes other non-cash amounts primarily related to ground rent expense.
(3)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences.
Kilroy Realty Q1 2026 Supplemental Report | 45
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Reconciliation of Historical Net Income Available to Common
Stockholders to Company’s Share of Adjusted EBITDAre 
(unaudited, $ in thousands)
 
Three Months Ended
12/31/2024
9/30/2024
6/30/2024
Net Income Available to Common Stockholders
$59,460
$52,378
$49,211
Interest expense
33,245
36,408
36,763
Depreciation and amortization
89,121
91,879
87,151
EBITDA
181,826
180,665
173,125
Net income attributable to noncontrolling common units of the Operating Partnership
593
509
458
Net income attributable to noncontrolling interests in consolidated property partnerships
4,981
4,786
4,878
Gain on sales of long-lived assets
(5,979)
—
—
EBITDAre
181,421
185,960
178,461
EBITDAre attributable to noncontrolling interests in consolidated property partnerships
(7,843)
(7,485)
(7,601)
Company's Share of EBITDAre
173,578
178,475
170,860
Interest income
(4,790)
(9,688)
(10,084)
Company's Share of Adjusted EBITDAre
$168,788
$168,787
$160,776
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Reconciliation of GAAP Net Cash Provided by Operating Activities to
Funds Available for Distribution
(unaudited, $ in thousands)
 
Three Months Ended
 
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
GAAP Net Cash Provided by Operating Activities
$150,695
$109,078
$176,568
$143,746
$136,921
Adjustments:
Recurring tenant improvements, leasing commissions and capital expenditures
(18,743)
(31,724)
(36,959)
(34,040)
(17,378)
Depreciation of non-real estate furniture, fixtures, and equipment
(1,459)
(1,410)
(1,407)
(1,382)
(1,384)
Net changes in operating assets and liabilities (1)
(30,811)
22,819
(31,579)
9,245
(2,308)
Noncontrolling interests in consolidated property partnerships’ share of FFO and FAD
(7,207)
(6,177)
(5,411)
(13,201)
(6,490)
Cash adjustments related to investing and financing activities
(1,369)
(2,052)
(273)
(479)
(265)
Funds Available for Distribution
$91,106
$90,534
$100,939
$103,889
$109,096
________________________
(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.  
This Supplemental Financial Report contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements include, among other things, information
concerning lease expirations, debt maturities, potential investments,
development and redevelopment activity, projected construction costs,
dispositions, and other forward-looking financial data. In some instances,
forward-looking statements can be identified by the use of forward-looking
terminology such as “expect,” “future,” “will,” “would,” “pursue,” or “project”,
and variations of such words and similar expressions that do not relate to
historical matters. Forward-looking statements are based on Kilroy Realty
Corporation’s current expectations, beliefs, and assumptions, and are not
guarantees of future performance. Forward-looking statements are
inherently subject to uncertainties, risks, changes in circumstances, trends,
and factors that are difficult to predict, many of which are outside of Kilroy
Realty Corporation’s control. Accordingly, actual performance, results, and
events may vary materially from those indicated or implied in the forward-
looking statements, and you should not rely on the forward-looking
statements as predictions of future performance, results, or events.
Numerous factors could cause actual future performance, results, and
events to differ materially from those indicated in the forward-looking
statements, including, among others: global market and general economic
conditions, including actual and potential tariffs and periods of heightened
inflation, and their effect on us and our tenants; adverse economic or real
estate conditions generally, and specifically, in the States of California,
Texas, and Washington; risks associated with our investment in real estate
assets, which are illiquid, and with trends in the real estate industry;
defaults on or non-renewal of leases by tenants; any significant downturn
in tenants’ businesses, including bankruptcy, lack of liquidity or lack of
funding, and the impact labor disruptions or strikes, such as episodic
strikes in the media industry, may have on our tenants’ businesses; our
ability to re-lease property at or above current market rates; reduced
demand for office space, including as a result of remote working and
flexible working arrangements that allow work from remote locations other
than an employer's office premises; costs to comply with government
regulations, including environmental remediation; the availability of cash
for distribution and debt service, and exposure to risk of default under debt
obligations; increases in interest rates and our ability to manage interest
rate exposure; changes in interest rates and the availability of financing on
attractive terms or at all, which may adversely impact our future interest
expense and our ability to pursue development, redevelopment, and
acquisition opportunities and refinance existing debt; a decline in real
estate asset valuations, which may limit our ability to dispose of assets at
attractive prices, or obtain or maintain debt financing, and which may result
in write-offs or impairment charges; significant competition, which may
decrease the occupancy and rental rates of properties; potential losses
that may not be covered by insurance; the ability to successfully complete
acquisitions and dispositions on announced terms; the ability to
successfully operate acquired, developed, and Redeveloped properties;
the ability to successfully complete development and Redevelopment
projects on schedule and within budgeted amounts; delays or refusals in
obtaining all necessary zoning, land use, and other required entitlements,
governmental permits and authorizations for our development and
Redevelopment properties; increases in anticipated capital expenditures,
tenant improvement, and/or leasing costs; defaults on leases for land on
which some of our properties are located; adverse changes to, or
enactment or implementations of, tax laws or other applicable laws,
regulations, or legislation, as well as business and consumer reactions to
such changes; risks associated with joint venture investments, including
our lack of sole decision-making authority, our reliance on co-venturers'
financial condition, and disputes between us and our co-venturers;
environmental uncertainties and risks related to natural disasters; risks
associated with climate change and our sustainability strategies, and our
ability to achieve our sustainability goals; and our ability to maintain our
status as a REIT. These factors are not exhaustive and additional factors
could adversely affect our business and financial performance. For a
discussion of additional factors that could materially adversely affect Kilroy
Realty Corporation’s business and financial performance, see the factors
included under the caption “Risk Factors” in Kilroy Realty Corporation’s
annual report on Form 10-K for the year ended December 31, 2025, and
its other filings with the Securities and Exchange Commission. All forward-
looking statements are based on currently available information and speak
only as of the dates on which they are made. Kilroy Realty Corporation
assumes no obligation to update any forward-looking statement made in
this Supplemental Financial Report that becomes untrue because of
subsequent events, new information, or otherwise, except to the extent we
are required to do so in connection with our ongoing requirements under
federal securities laws.
kilroy_logoxredxrgb.jpg
Where Innovation Works
1
Exhibit 99.2
 
kilroylogoa02.jpg
Contact:
FOR RELEASE:
Doug Bettisworth
April 27, 2026
Vice President, Corporate Finance
(310) 481-8585
 
KILROY REALTY CORPORATION REPORTS
FIRST QUARTER FINANCIAL RESULTS
---------------
LOS ANGELES, April 27, 2026 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”)
today reported financial results for the first quarter ended March 31, 2026.
“I am pleased to report on a remarkably strong quarter of execution across all facets of our business. First-
quarter leasing activity, which totaled 568,000 square feet, represented the Company’s strongest first-quarter
performance since 2017, as we continued to capitalize on accelerating momentum across the West Coast,”
said Angela Aman, Chief Executive Officer. “In addition, we remained active on the capital allocation front,
selling approximately $350 million of non-core and non-strategic properties year-to-date, while prudently
allocating capital to debt repayments, opportunistic share repurchases, and a substantially pre-leased
development project in one of the Company’s best-performing submarkets.”
Financial Results
•Revenues of $270.1 million for the quarter ended March 31, 2026, as compared to $270.8 million for
the quarter ended March 31, 2025
•Net loss available to common stockholders of $(19.3) million, or $(0.16) per diluted share, for the
quarter ended March 31, 2026, as compared to Net income available to common stockholders of
$39.0 million, or $0.33 per diluted share, for the quarter ended March 31, 2025
•Funds from operations (“FFO”) of $108.8 million, or $0.91 per diluted share, for the quarter ended
March 31, 2026, as compared to $122.3 million, or $1.02 per diluted share, for the quarter ended
March 31, 2025
Leasing and Occupancy
•Stabilized Portfolio was 77.6% occupied and 82.3% leased at March 31, 2026, representing 470
basis points of leases signed but not yet commenced
◦Excluding Kilroy Oyster Point Phase 2 (“KOP 2”), the Stabilized Portfolio was 81.5%
occupied and 84.3% leased at March 31, 2026, representing 280 basis points of leases signed
but not yet commenced
•During the quarter, signed approximately 568,000 square feet of leases
◦Leasing activity was comprised of 406,000 square feet of new leasing on previously vacant
space, 80,000 square feet of new leasing on currently occupied space, and 82,000 square feet
of renewal leasing
2
▪New leasing on vacant space included an approximately 145,000-square-foot
development lease with Cooley LLP, a global law firm. See “Joint Venture
Formation” section below for additional details
▪Leasing activity during the quarter included approximately 70,000 square feet of
short-term leasing
•GAAP and cash rents on leases signed during the quarter decreased (10.6)% and (16.8)%,
respectively, from prior levels on Second Generation leasing, excluding short-term leasing
◦Excluding leases signed on space vacant for more than 12 months, GAAP and cash rents on
leases signed during the quarter increased 19.2% and 5.2%, respectively
Capital Recycling Activity
•In January, completed the sale of Kilroy Sabre Springs, an approximately 428,000-square-foot,
three-building campus in the I-15 Corridor submarket of San Diego, for gross sales proceeds of
$124.5 million
•In March, completed the sale of Del Mar Tech Center, an approximately 39,000-square-foot office
property in the Del Mar submarket of San Diego, for gross sales proceeds of $21.0 million
•During the first quarter, entered into an agreement to sell the 200-unit Columbia Square Living
residential tower and the 193-unit Jardine residential tower in the Hollywood submarket of Los
Angeles and classified the properties as Held for Sale. The sale closed in April for gross sales
proceeds of $202.0 million
Common Stock Repurchases
•During the quarter, repurchased approximately 2.4 million shares of common stock at a weighted
average price of $30.80 per common share for an aggregate purchase price of $72.7 million
Joint Venture Formation
•In February, acquired an interest in 1900 Broadway, a fully-entitled land site in Downtown Redwood
City capable of supporting a 251,000-square-foot office building. Concurrent with closing, signed a
20-year lease with Cooley LLP for 145,000 square feet, bringing the project to 58% pre-leased. Total
project costs are expected to range from $330.0 million to $350.0 million. Construction is anticipated
to commence in 2027, with delivery scheduled for 2030, at which time the Company’s ownership
interest is expected to be 97%
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 April 8, 2026 to
stockholders of record on March 31, 2026 (the ex-dividend date)
Recent Developments
•In April, repaid the outstanding $50.0 million of 4.300% Private Placement Senior Notes Series A
due July 2026, at par
3
Net Income Available to Common Stockholders / FFO Guidance
The Company is updating Nareit-defined FFO per share guidance for the full year 2026 to $3.49 to $3.63
per diluted share, from the previous range of $3.25 to $3.45. The table below reflects key assumptions for
2026 guidance.
Key Assumptions
February 2026 Assumptions
April 2026 Assumptions
Average full year occupancy
76.0% to 78.0%
76.5% to 78.0%
Average full year occupancy excluding KOP 2
80.0% to 81.5%
80.5% to 81.5%
Same Property Cash Net Operating Income (“NOI”) growth (1) (2)
(1.50%) to 0.00%
0.25% to 1.25%
NOI from Development Properties (3)
$(23.5) to $(25.0) million
$(22.5) to $(24.0) million
Non-Cash GAAP NOI adjustments (1) (4)
$12.0 to $14.0 million
$13.0 to $15.0 million
GAAP lease termination fee income
$3.0 to $4.5 million
No change
General and administrative and Leasing costs
$(89.0) to $(91.0) million
$(87.5) to $(89.5) million
Interest income
$2.0 to $3.0 million
No change
Gross interest expense
$(212.0) to $(214.0) million
$(208.0) to $(209.5) million
Capitalized interest (5)
$32.0 to $34.0 million
$48.5 to $49.5 million
Total development spending (6)
$150.0 to $200.0 million
No change
Operating property dispositions
+/- $300.0 million
$347.5 to $500.0 million
Full Year 2026 Range
as of February 2026
Full Year 2026 Range
as of April 2026
Low End
High End
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
$0.08
$0.22
Weighted average common shares outstanding - diluted (7)
120,100
120,100
118,100
118,100
Net income available to common stockholders
$70,800
$95,040
$9,055
$25,743
Adjustments:
Net income attributable to noncontrolling common units of the
Operating Partnership
300
300
300
300
Net income attributable to noncontrolling interests in consolidated
property partnerships
17,000
17,000
17,000
17,000
Depreciation and amortization of real estate assets
342,000
342,000
379,400
379,400
Gain on sale of depreciable operating property
(8,200)
(8,200)
(23,525)
(23,525)
Impairment of real estate assets
—
—
61,778
61,778
Funds From Operations attributable to noncontrolling interests in
consolidated property partnerships
(28,000)
(28,000)
(28,000)
(28,000)
Funds From Operations (1)
$393,900
$418,140
$416,008
$432,696
Weighted average common shares/units outstanding – diluted (8)
121,200
121,200
119,200
119,200
Nareit Funds From Operations per common share/unit – diluted (1)
$3.25
$3.45
$3.49
$3.63
 ________________________
(1)For additional information, please refer to pages 36-38 “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)Increase in guidance range includes $5.9 million in settlement income received in Q2 2026.
(3)NOI from Development Properties is primarily comprised of carry costs associated with Company’s KOP 2 and Flower Mart projects. Guidance now
assumes the continued capitalization of the Company’s Flower Mart project through December 2026, previously assumed to be June 2026.
(4)Non-Cash GAAP NOI adjustments include the following items: Amortization of deferred revenue related to tenant-funded tenant improvements, Straight-
line rents, net, Amortization of net below market rents, and Lease related adjustments and other.
(5)Capitalized interest guidance now assumes the continued capitalization of the Company’s Flower Mart project through December 2026, previously assumed
to be June 2026.
(6)Total development spending includes recently stabilized, in-process, and future development projects.
(7)Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently
issuable shares.
(8)Calculated based on the weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of
contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding. Reported amounts are attributable to common
stockholders, common unitholders, and restricted stock unitholders.
4
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 first quarter results and the current business environment during
the Company’s April 28, 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://events.q4inc.com/analyst/264481752?pwd=Vl5fneFS. Those interested in listening
via the Internet can access the conference call at https://events.q4inc.com/attendee/264481752. 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 professional 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 managing, developing, and acquiring office, life
science, and mixed-use projects.
As of March 31, 2026, Kilroy’s stabilized portfolio totaled approximately 17.1 million square feet of
primarily office and life science space that was 77.6% occupied and 82.3% leased. The Company also has
608 residential units in San Diego, with a quarterly average occupancy of 95.0%. 
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
5
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.
6
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, 2025, 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.
7
KILROY REALTY CORPORATION
SUMMARY OF QUARTERLY RESULTS
(unaudited; in thousands, except per share data) 
Three Months Ended March 31,
 
2026
2025
Revenues
$270,053
$270,844
Net (loss) income available to common stockholders
$(19,267)
$39,008
Weighted average common shares outstanding – basic
117,637
118,195
Weighted average common shares outstanding – diluted
117,637
118,664
Net (loss) income available to common stockholders per share – basic
$(0.16)
$0.33
Net (loss) income available to common stockholders per share – diluted
$(0.16)
$0.33
Funds From Operations (1)(2)
$108,846
$122,310
Weighted average common shares/units outstanding – basic (3)
119,251
119,750
Weighted average common shares/units outstanding – diluted (4)
119,957
120,220
Funds From Operations per common share/unit – basic (2)
$0.91
$1.02
Funds From Operations per common share/unit – diluted (2)
$0.91
$1.02
Common shares outstanding at end of period
116,279
118,269
Common partnership units outstanding at end of period
1,134
1,151
Total common shares and units outstanding at end of period
117,413
119,420
 
March 31, 2026
March 31, 2025
Stabilized office portfolio occupancy rates: (5)
San Francisco Bay Area
75.2%
86.8%
Los Angeles
74.8%
72.7%
Seattle
79.3%
78.6%
San Diego
84.6%
87.5%
Austin
83.2%
76.4%
Weighted average total
77.6%
81.4%
Total square feet of stabilized office properties owned at end of period: (5)
San Francisco Bay Area
6,437
6,171
Los Angeles
4,242
4,340
Seattle
2,997
2,996
San Diego
2,689
2,870
Austin
759
759
Total
17,124
17,136
________________________
(1)Reconciliation of Net (loss) 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., 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.
8
KILROY REALTY CORPORATION
CONSOLIDATED BALANCE SHEETS
(unaudited; in thousands)
 
March 31, 2026
December 31, 2025
ASSETS
Real Estate Assets
Land
$1,730,514
$1,641,913
Buildings and improvements
9,011,023
8,505,486
Undeveloped land and construction in progress
1,585,042
2,387,742
Total real estate assets held for investment
12,326,579
12,535,141
Accumulated depreciation and amortization
(2,857,265)
(2,843,811)
Total real estate assets held for investment, net
9,469,314
9,691,330
Real estate and other assets held for sale, net
188,771
115,155
Cash and cash equivalents
192,904
179,316
Marketable securities
31,417
30,807
Current receivables, net
15,712
12,765
Deferred rent receivables, net
425,420
424,794
Deferred leasing costs and acquisition-related intangible assets, net
271,213
278,232
Right of use ground lease assets, net
127,834
128,116
Prepaid expenses and other assets, net
52,273
54,561
TOTAL ASSETS
$10,774,858
$10,915,076
LIABILITIES AND EQUITY
Liabilities:
Secured debt, net
$591,398
$592,685
Unsecured debt, net
3,997,993
3,996,774
Accounts payable, accrued expenses, and other liabilities
303,808
288,963
Ground lease liabilities
127,414
127,628
Accrued dividends and distributions
63,421
65,009
Deferred revenue and acquisition-related intangible liabilities, net
122,272
125,628
Rents received in advance and tenant security deposits
79,638
75,701
Liabilities related to real estate assets held for sale
—
4,945
Total liabilities
5,285,944
5,277,333
Equity:
Stockholders’ Equity
Common stock
1,163
1,184
Additional paid-in capital
5,161,140
5,230,747
Retained earnings
102,859
188,876
Total stockholders’ equity
5,265,162
5,420,807
Noncontrolling Interests
Common units of the Operating Partnership
51,328
51,911
Consolidated property partnerships
172,424
165,025
Total noncontrolling interests
223,752
216,936
Total equity
5,488,914
5,637,743
TOTAL LIABILITIES AND EQUITY
$10,774,858
$10,915,076
9
KILROY REALTY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in thousands, except per share data)
Three Months Ended March 31,
2026
2025
Revenues
Rental income
$265,330
$266,244
Other property income
4,723
4,600
Total revenues
270,053
270,844
Expenses
Property expenses
59,283
58,714
Real estate taxes
28,782
28,365
Ground leases
3,187
3,020
General and administrative expenses
20,699
16,901
Leasing costs
3,010
2,873
Depreciation and amortization
94,344
87,119
Total expenses
209,305
196,992
Other Income (Expenses)
Interest income
954
1,134
Interest expense
(38,511)
(31,148)
Other income (expense)
389
(157)
Gains on sales of depreciable operating properties
23,525
—
Impairment of real estate assets
(61,778)
—
Total other expenses
(75,421)
(30,171)
Net (loss) income
(14,673)
43,681
Net loss (income) attributable to noncontrolling common units of the Operating Partnership
185
(375)
Net income attributable to noncontrolling interests in consolidated property partnerships
(4,779)
(4,298)
Total net income attributable to noncontrolling interests
(4,594)
(4,673)
Net (loss) income available to common stockholders
$(19,267)
$39,008
Weighted average shares of common stock outstanding – basic
117,637
118,195
Weighted average shares of common stock outstanding – diluted
117,637
118,664
Net (loss) income available to common stockholders per share – basic
$(0.16)
$0.33
Net (loss) income available to common stockholders per share – diluted
$(0.16)
$0.33
10
KILROY REALTY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands, except per share data)
Three Months Ended March 31,
2026
2025
Cash flows from operating activities:
Net (loss) income
$(14,673)
$43,681
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization of real estate assets and leasing costs
92,885
85,735
Depreciation of non-real estate furniture, fixtures, and equipment
1,459
1,384
Revenues deemed uncollectible
358
621
Non-cash amortization of deferred revenue related to tenant-funded tenant improvements
(3,218)
(3,688)
Straight-line rents, net
(701)
4,613
Non-cash amortization of net below-market rents
(641)
(846)
Non-cash amortization of deferred financing costs and debt discounts
1,662
1,219
Non-cash amortization of share-based compensation awards
4,869
3,927
Amortization of right of use ground lease assets
282
273
Gains on sales of depreciable operating properties
(23,525)
—
Impairment of real estate assets
61,778
—
Net change in other operating assets
131
(21,886)
Net change in other operating liabilities
30,029
21,888
Net cash provided by operating activities
150,695
136,921
Cash flows from investing activities:
Expenditures for development and redevelopment properties and undeveloped land
(102,647)
(55,347)
Expenditures for operating properties and other capital assets
(29,945)
(21,313)
Net proceeds received from dispositions of real estate assets
141,440
—
Non-refundable deposits received for future dispositions
6,200
—
Net cash provided by (used in) investing activities
15,048
(76,660)
Cash flows from financing activities:
Distributions to noncontrolling interests in consolidated property partnerships
(6,380)
(7,226)
Dividends and distributions paid to common stockholders and common unitholders
(64,534)
(64,366)
Taxes paid upon net share settlement of restricted share units
(6,970)
(6,009)
Principal payments and repayments of secured debt
(1,600)
(1,539)
Repurchase of common stock
(72,671)
—
Financing costs
—
(100)
Net cash used in financing activities
(152,155)
(79,240)
Net increase (decrease) in cash and cash equivalents
13,588
(18,979)
Cash and cash equivalents, beginning of period
179,316
165,690
Cash and cash equivalents, end of period
$192,904
$146,711
11
KILROY REALTY CORPORATION
FUNDS FROM OPERATIONS
(unaudited; in thousands, except per share data)
 
Three Months Ended March 31,
2026
2025
Net (loss) income available to common stockholders
$(19,267)
$39,008
Adjustments:
Net loss (income) attributable to noncontrolling common units of the Operating Partnership
(185)
375
Net income attributable to noncontrolling interests in consolidated property partnerships
4,779
4,298
Depreciation and amortization of real estate assets
92,885
85,735
Gains on sales of depreciable operating properties
(23,525)
—
Impairment of real estate assets
61,778
—
Funds From Operations attributable to noncontrolling interests in consolidated property
partnerships
(7,619)
(7,106)
Funds From Operations (1)(2)(3)
$108,846
$122,310
Weighted average common shares/units outstanding – basic (4)
119,251
119,750
Weighted average common shares/units outstanding – diluted (5)
119,957
120,220
Funds From Operations per common share/unit – basic (2)
$0.91
$1.02
Funds From Operations per common share/unit – diluted (2)
$0.91
$1.02
 ________________________
(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 $3.2
million and $3.7 million for the three months ended March 31, 2026 and 2025, 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 Q1 2026?

Kilroy generated revenues of $270.1 million in Q1 2026, nearly flat versus Q1 2025. It reported a net loss of $19.3 million, or $0.16 per diluted share, mainly due to a non-cash real estate impairment, while FFO reached $108.8 million ($0.91 per share).

Why did Kilroy Realty (KRC) report a net loss despite positive FFO?

The net loss largely reflects a $61.8 million impairment charge on the Columbia Square Living and Jardine residential towers. These assets were written down to fair value before their $202.0 million sale in April, depressing GAAP earnings even as FFO remained positive at $108.8 million.

What guidance did Kilroy Realty (KRC) provide for full-year 2026 FFO?

Kilroy increased its Nareit-defined FFO per share guidance to $3.49–$3.63 for 2026, up from $3.25–$3.45. The outlook assumes Same Property Cash NOI growth of 0.25%–1.25%, higher capitalized interest, and operating property dispositions of $347.5–$500.0 million.

How strong was Kilroy Realty’s leasing activity and occupancy in Q1 2026?

The stabilized portfolio was 77.6% occupied and 82.3% leased at March 31, 2026. Kilroy signed about 568,000 square feet of leases, its strongest first-quarter leasing since 2017, including a large development lease with Cooley LLP and approximately 70,000 square feet of short-term leasing.

What asset sales and capital recycling did Kilroy Realty (KRC) complete in early 2026?

Kilroy sold two San Diego office assets for $145.5 million in Q1 2026 and completed the $202.0 million sale of 393 Hollywood residential units in April. The company is also under contract to sell several development sites with anticipated proceeds of $165.0 million.

Did Kilroy Realty (KRC) repurchase shares or change its dividend in Q1 2026?

During Q1 2026, Kilroy repurchased approximately 2.4 million shares at a weighted average price of $30.80, spending $72.7 million. The board maintained a $0.54 quarterly dividend per common share, equivalent to an annual rate of $2.16 per share.

What is Kilroy Realty’s leverage and debt profile as of March 31, 2026?

Total debt principal was about $4.62 billion, with net debt of $4.43 billion after cash. Net debt equaled 7.0x the trailing 12‑month Company’s Share of EBITDAre. Unsecured debt comprised roughly 50.7% of total market capitalization, and key covenant ratios remained comfortably within required limits.

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